# UBS (Lux) Emerging Economies Fund – Global Bonds (USD)
| Three-year comparison |  |
| --- | --- |
|  | ISIN | 31.8.2020 | 31.8.2019 | 31.8.2018 |
| Net assets in USD |  | 1 599 818 185.60 | 1 640 619 585.31 | 1 218 347 549.52 |
| Class F-acc | LU0426895057 |  |  |  |
| Units outstanding |  | 82 316.0000 | 60 858.0000 | 40 729.0000 |
| Net asset value per unit in USD |  | 2 065.52 | 2 018.90 | 1 784.47 |
| Issue and redemption price per unit in USD 1 |  | 2 065.52 | 2 018.90 | 1 784.47 |
| Class (CHF hedged) F-dist 2 | LU0944429587 |  |  |  |
| Units outstanding |  | 134 990.0000 | - | - |
| Net asset value per unit in CHF |  | 104.88 | - | - |
| Issue and redemption price per unit in CHF 1 |  | 104.88 | - | - |
| Class I-A1-acc | LU0426895305 |  |  |  |
| Units outstanding |  | 308 599.7870 | 232 999.2250 | 121 816.0940 |
| Net asset value per unit in USD |  | 181.66 | 177.68 | 157.18 |
| Issue and redemption price per unit in USD 1 |  | 181.66 | 177.68 | 157.18 |
| Class I-B-acc | LU0426896022 |  |  |  |
| Units outstanding |  | 93 850.8740 | 10 572.4500 | 50 085.0490 |
| Net asset value per unit in USD |  | 195.61 | 190.11 | 167.06 |
| Issue and redemption price per unit in USD 1 |  | 195.61 | 190.11 | 167.06 |
| Class (EUR hedged) I-B-acc 3 | LU2199275095 |  |  |  |
| Units outstanding |  | 71 673.2450 | - | - |
| Net asset value per unit in EUR |  | 102.19 | - | - |
| Issue and redemption price per unit in EUR 1 |  | 102.19 | - | - |
| Class I-X-acc | LU0426896378 |  |  |  |
| Units outstanding |  | 204 561.8900 | 236 297.5920 | 189 524.4090 |
| Net asset value per unit in USD |  | 197.02 | 191.34 | 168.04 |
| Issue and redemption price per unit in USD 1 |  | 197.02 | 191.34 | 168.04 |
| Class (CHF hedged) I-X-acc | LU0654573939 |  |  |  |
| Units outstanding |  | 370 062.5660 | 349 499.1140 | 296 809.9430 |
| Net asset value per unit in CHF |  | 104.92 | 104.65 | 95.07 |
| Issue and redemption price per unit in CHF 1 |  | 104.92 | 104.65 | 95.07 |
| Class (EUR hedged) I-X-acc | LU0674194641 |  |  |  |
| Units outstanding |  | 615 769.6930 | 758 680.5050 | 792 744.5030 |
| Net asset value per unit in EUR |  | 122.88 | 122.04 | 110.38 |
| Issue and redemption price per unit in EUR 1 |  | 122.88 | 122.04 | 110.38 |
| Class I-X-dist | LU0426896295 |  |  |  |
| Units outstanding |  | 451 276.9330 | 552 311.9330 | 487 962.4520 |
| Net asset value per unit in USD |  | 78.68 | 80.71 | 75.41 |
| Issue and redemption price per unit in USD 1 |  | 78.68 | 80.71 | 75.41 |
| Class K-X-acc | LU1572324363 |  |  |  |
| Units outstanding |  | 29 941.2400 | 29 941.2400 | 29 941.2400 |
| Net asset value per unit in USD |  | 120.37 | 116.95 | 102.75 |
| Issue and redemption price per unit in USD 1 |  | 120.37 | 116.95 | 102.75 |
| Class P-acc | LU0084219863 |  |  |  |
| Units outstanding |  | 42 794.9720 | 51 152.9350 | 63 090.8190 |
| Net asset value per unit in USD |  | 1 893.30 | 1 872.78 | 1 675.24 |
| Issue and redemption price per unit in USD 1 |  | 1 893.30 | 1 872.78 | 1 675.24 |
| Class (CHF hedged) P-acc | LU0776291576 |  |  |  |
| Units outstanding |  | 5 809.6350 | 7 415.8030 | 17 231.5170 |
| Net asset value per unit in CHF |  | 98.04 | 99.52 | 92.07 |
| Issue and redemption price per unit in CHF 1 |  | 98.04 | 99.52 | 92.07 |
| Class (EUR hedged) P-acc | LU0776291659 |  |  |  |
| Units outstanding |  | 7 883.6040 | 5 950.9990 | 9 573.3320 |
| Net asset value per unit in EUR |  | 101.50 | 102.73 | 94.64 |
| Issue and redemption price per unit in EUR 1 |  | 101.50 | 102.73 | 94.64 |
| Class (CHF hedged) P-dist | LU0505553213 |  |  |  |
| Units outstanding |  | 87 869.5950 | 108 756.2940 | 134 978.8130 |
| Net asset value per unit in CHF |  | 70.77 | 74.71 | 72.13 |
| Issue and redemption price per unit in CHF 1 |  | 70.77 | 74.71 | 72.13 |
| Class P-mdist | LU0281209311 |  |  |  |
| Units outstanding |  | 1 393 241.9980 | 1 716 180.3330 | 1 873 645.2320 |
| Net asset value per unit in USD |  | 59.83 | 63.32 | 60.68 |
| Issue and redemption price per unit in USD 1 |  | 59.83 | 63.32 | 60.68 |
| Class Q-acc | LU0358455698 |  |  |  |
| Units outstanding |  | 297 397.2710 | 349 165.9590 | 238 122.8750 |
| Net asset value per unit in USD |  | 116.89 | 114.68 | 101.75 |
| Issue and redemption price per unit in USD 1 |  | 116.89 | 114.68 | 101.75 |

UBS (Lux) Emerging Economies Fund – Global Bonds (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 | LU0426895131 |  |  |  |  |
| Units outstanding |  | 12 325.3640 |  | 10 831.3090 | 5 921.4010 |
| Net asset value per unit in USD |  | 88.53 |  | 90.85 | 84.83 |
| Issue and redemption price per unit in USD 1 |  | 88.53 |  | 90.85 | 84.83 |
| Class (CHF hedged) Q-dist | LU1240777703 |  |  |  |  |
| Units outstanding |  | 81 488.4380 |  | 85 895.4910 | 79 103.8080 |
| Net asset value per unit in CHF |  | 92.68 |  | 97.82 | 94.51 |
| Issue and redemption price per unit in CHF 1 |  | 92.68 |  | 97.82 | 94.51 |
| Class U-X-acc | LU0426896535 |  |  |  |  |
| Units outstanding |  | 62 047.0000 |  | 69 770.0000 | 54 216.0000 |
| Net asset value per unit in USD |  | 14 067.82 |  | 13 668.66 | 12 004.60 |
| Issue and redemption price per unit in USD 1 |  | 14 067.82 |  | 13 668.66 | 12 004.60 |
| Class U-X-UKdist-mdist 4 | LU1896727648 |  |  |  |  |
| Units outstanding |  | 2 718.1840 |  | 2 358.1840 | - |
| Net asset value per unit in USD |  | 10 259.70 |  | 10 534.72 | - |
| Issue and redemption price per unit in USD 1 |  | 10 259.70 |  | 10 534.72 | - |
| 1  See note 1 2  First NAV: 5.6.2020 3  First NAV: 16.7.2020 4  First NAV: 21.2.2019 |  |  |  |  |  |
| Performance |  |  |  |  |  |
|  |  | Currency | 2019/2020 | 2018/2019 | 2017/2018 |
| Class F-acc |  | USD | 2.3% | 13.1% | -4.3% |
| Class (CHF hedged) F-dist 1 |  | CHF | - | - | - |
| Class I-A1-acc |  | USD | 2.2% | 13.0% | -4.4% |
| Class I-B-acc |  | USD | 2.9% | 13.8% | -3.8% |
| Class (EUR hedged) I-B-acc 1 |  | EUR | - | - | - |
| Class I-X-acc |  | USD | 3.0% | 13.9% | -3.7% |
| Class (CHF hedged) I-X-acc |  | CHF | 0.3% | 10.1% | -6.5% |
| Class (EUR hedged) I-X-acc |  | EUR | 0.7% | 10.6% | -6.1% |
| Class I-X-dist |  | USD | 3.0% | 13.9% | -3.7% |
| Class K-X-acc |  | USD | 2.9% | 13.8% | -3.8% |
| Class P-acc |  | USD | 1.1% | 11.8% | -5.5% |
| Class (CHF hedged) P-acc |  | CHF | -1.5% | 8.1% | -8.2% |
| Class (EUR hedged) P-acc |  | EUR | -1.2% | 8.5% | -7.8% |
| Class (CHF hedged) P-dist |  | CHF | -1.6% | 8.1% | -8.2% |
| Class P-mdist |  | USD | 1.1% | 11.8% | -5.5% |
| Class Q-acc |  | USD | 1.9% | 12.7% | -4.7% |
| Class Q-dist |  | USD | 1.9% | 12.7% | -4.7% |
| Class (CHF hedged) Q-dist |  | CHF | -0.8% | 9.0% | -7.4% |
| Class U-X-acc |  | USD | 2.9% | 13.9% | -3.7% |
| Class U-X-UKdist-mdist |  | USD | 3.0% | - | - |
| 1  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 Bonds (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, US Treasury yields declined, particularly in the second half of the period as concerns over a slump in global growth brought on by the Covid-19 pandemic caused investors to seek shelter in safe haven assets. The Fed lowered its benchmark interest rate to 0%-0.25% through a series of aggressive cuts in March as the out- break of the virus took a heavy toll on the US economy. Emerging market debt spreads tightened during the first half of the reporting year before widening dramatically as the coronavirus pandemic ravaged developing econo- mies and finally narrowing again as policymakers injected much-needed stimulus into their economies.
The subfund performed well within the reporting year but in some cases fees or currency hedging detracted and led to negative returns (CHF hedged) P-acc, (CHF hedged) P-dist, (CHF hedged) Q-dist and (EUR hedged) P-acc. The decline in US Treasury yields was an impor- tant driver of performance over the reporting year. The option-adjusted value of the subfund at the end of the reporting year increased consistently with the fluctua- tions in the market. The subfund followed a diversified strategy, investing across a range of emerging market initiators and countries. Contributions were in particular gained from investments in initiators in Indonesia, Turkey and Ukraine.
UBS (Lux) Emerging Economies Fund – Global Bonds (USD) Annual report and audited financial statements as of 31 August 2020

### Structure of the Securities Portfolio
Geographical Breakdown as a % of net assets	
Indonesia	5.66
Mexico	4.90
Ireland	4.45
Malaysia	3.43
Brazil	3.26
Peru	3.21
Ukraine	3.15
South Africa	3.11
Egypt	3.01
Philippines	2.88
Qatar	2.79
Chile	2.71
Colombia	2.70
Kazakhstan	2.37
Panama	2.26
Argentina	2.18
Russian Federation (CIS)	2.16
Saudi Arabia	2.13
Cayman Islands	2.06
Uruguay	1.97
Nigeria	1.83
Turkey	1.83
Hong Kong	1.80
Bahrain	1.74
United Arab Emirates	1.71
United Kingdom	1.67
Dominican Republic	1.65
Hungary	1.49
Angola	1.41
Oman	1.39
India	1.35
British Virgin Islands	1.19
Romania	1.11
Ghana	1.10
Ecuador	1.05
Mongolia	0.99
Sri Lanka	0.94
Azerbaijan	0.94
El Salvador	0.83
Croatia	0.81
Kenya	0.73
Trinidad And Tobago	0.71
Paraguay	0.69
Jamaica	0.66
Costa Rica	0.62
Pakistan	0.59
Guatemala	0.59
Iraq	0.58
The Netherlands	0.54
China	0.51
Jordan	0.46
Lebanon	0.43
Israel	0.39
Belarus	0.35
Gabon	0.34
Zambia	0.22
Ivory Coast	0.20
Armenia	0.20
Vietnam	0.20
Greece	0.20
Ethopia	0.18
Honduras	0.18
Morocco	0.17
Serbia	0.16
Venezuela	0.15
United States	0.14
Luxembourg	0.14
Mozambique	0.11
Senegal	0.10
Bermuda	0.06
Suriname	0.05
Economic Breakdown as a % of net assets	
Countries & central governments	58.82
Finance & holding companies	10.46
Petroleum	8.14
Investment funds	4.04
Energy & water supply	3.08
Traffic & transportation	2.32
Banks & credit institutions	2.20
Chemicals	1.83
Mining, coal & steel	1.28
Mortgage & funding institutions	1.12
Non-ferrous metals	1.06
Cantons, federal states	0.99
Miscellaneous services	0.95
Miscellaneous unclassified companies	0.68
Aerospace industry	0.44
Real Estate	0.20
Supranational organisations	0.20
Telecommunications	0.06
Total	97.87
Total	97.87
UBS (Lux) Emerging Economies Fund – Global Bonds (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	1 549 219 529.19
Investments in securities, unrealized appreciation (depreciation)		16 474 108.28	 Total investments in securities (Note 1)			1 565 693 637.47
Cash at banks, deposits on demand and deposit accounts	6 894 652.03*
Other liquid assets (Margins)	1 129 798.68
Receivable on subscriptions	500 203.58
Interest receivable on securities	24 528 050.26
Interest receivable on liquid assets	14 174.23
Receivable on dividends	5 955.30
Interest receivable on swaps	1 263.89
Unrealized gain (loss) on financial futures (Note 1)	210 327.09
Unrealized gain (loss) on forward foreign exchange contracts (Note 1)	1 905 406.73
Total Assets	1 600 881 242.75
Liabilities
Unrealized gain (loss) on swaps (Note 1)	-2 226.51
Bank overdraft	-378 557.14
Interest payable on bank overdraft	-472.77
Payable on redemptions	-178 369.57
Provisions for flat fee (Note 2)	-224 745.39
Provisions for taxe d’abonnement (Note 3)	-41 827.85
Provisions for other commissions and fees (Note 2)		-239 084.43		 Total provisions			-505 657.67
Total Liabilities	-1 063 057.15
Net assets at the end of the financial year	1 599 818 185.60

### Statement of Operations
Income	1.9.2019-31.8.2020
USD
Interest on liquid assets	286 116.05
Interest on securities	75 925 270.30
Interest received on swaps (Note 1)	1 302 065.29
Dividends	1 017 782.05
Income on securities lending	720 010.02
Total income	82 949 265.62
Expenses
Other income (Note 1)	3 698 021.91
Interest paid on swaps (Note 1)	-512 941.94
Flat fee (Note 2)	-5 210 975.99
Taxe d’abonnement (Note 3)	-231 986.76
Cost on securities lending	-288 004.01
Other commissions and fees (Note 2)	-207 855.07
Net income (loss) on investments	76 480 600.50
Total expenses	-6 468 665.12
Interest on cash and bank overdraft	-16 901.35
Realized gain (loss) (Note 1)
Realized gain (loss) on market-priced securities without options	22 347 667.81
Realized gain (loss) on options	661 320.00
Realized gain (loss) on yield-evaluated securities and money market instruments	-1 323 016.29
Realized gain (loss) on financial futures	-1 509 910.81
Realized gain (loss) on forward foreign exchange contracts	2 950 033.23
Realized gain (loss) on swaps	-3 092 821.74
Total realized gain (loss)	22 982 861.77
Net realized gain (loss) of the financial year	99 463 462.27
Changes in unrealized appreciation (depreciation) (Note 1)
Realized gain (loss) on foreign exchange	2 949 589.57
Unrealized appreciation (depreciation) on market-priced securities without options	-42 323 421.19
Unrealized appreciation (depreciation) on yield-evaluated securities and money market instruments	-388 487.71
Unrealized appreciation (depreciation) on financial futures	302 427.72
Unrealized appreciation (depreciation) on forward foreign exchange contracts	2 738 457.22
Total changes in unrealized appreciation (depreciation)	-39 675 166.02
Net increase (decrease) in net assets as a result of operations	59 788 296.25
Unrealized appreciation (depreciation) on swaps	-4 142.06
* As at 31 August 2020, cash amounts serve as collateral for the counterparty Citibank for an amount of USD 260 000.00.
UBS (Lux) Emerging Economies Fund – Global Bonds (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 | 1 640 619 585.31 |
| Subscriptions | 572 394 748.34 |
| Redemptions | 	-662 389 985.30	 |
| Total net subscriptions (redemptions) | -89 995 236.96 |
| Dividend paid | -10 594 459.00 |
| Net income (loss) on investments | 76 480 600.50 |
| Total realized gain (loss) | 22 982 861.77 |
| Total changes in unrealized appreciation (depreciation) | 	-39 675 166.02	 |
| Net increase (decrease) in net assets as a result of operations | 59 788 296.25 |
| Net assets at the end of the financial year | 1 599 818 185.60 |
| Development of the outstanding units |  |
|  | 1.9.2019-31.8.2020 |
| Class | F-acc |
| Number of units outstanding at the beginning of the financial year | 60 858.0000 |
| Number of units issued | 44 649.0000 |
| Number of units redeemed | -23 191.0000 |
| Number of units outstanding at the end of the financial year | 82 316.0000 |
| Class | (CHF hedged) F-dist |
| Number of units outstanding at the beginning of the financial year | 0.0000 |
| Number of units issued | 134 990.0000 |
| Number of units redeemed | 0.0000 |
| Number of units outstanding at the end of the financial year | 134 990.0000 |
| Class | I-A1-acc |
| Number of units outstanding at the beginning of the financial year | 232 999.2250 |
| Number of units issued | 265 976.3720 |
| Number of units redeemed | -190 375.8100 |
| Number of units outstanding at the end of the financial year | 308 599.7870 |
| Class | I-B-acc |
| Number of units outstanding at the beginning of the financial year | 10 572.4500 |
| Number of units issued | 91 726.0000 |
| Number of units redeemed | -8 447.5760 |
| Number of units outstanding at the end of the financial year | 93 850.8740 |
| Class | (EUR hedged) I-B-acc |
| Number of units outstanding at the beginning of the financial year | 0.0000 |
| Number of units issued | 71 673.2450 |
| Number of units redeemed | 0.0000 |
| Number of units outstanding at the end of the financial year | 71 673.2450 |
| Class | I-X-acc |
| Number of units outstanding at the beginning of the financial year | 236 297.5920 |
| Number of units issued | 5 662.1310 |
| Number of units redeemed | -37 397.8330 |
| Number of units outstanding at the end of the financial year | 204 561.8900 |
| Class | (CHF hedged) I-X-acc |
| Number of units outstanding at the beginning of the financial year | 349 499.1140 |
| Number of units issued | 104 335.3380 |
| Number of units redeemed | -83 771.8860 |
| Number of units outstanding at the end of the financial year | 370 062.5660 |
| Class | (EUR hedged) I-X-acc |
| Number of units outstanding at the beginning of the financial year | 758 680.5050 |
| Number of units issued | 62 265.3730 |
| Number of units redeemed | -205 176.1850 |
| Number of units outstanding at the end of the financial year | 615 769.6930 |
| Class | I-X-dist |
| Number of units outstanding at the beginning of the financial year | 552 311.9330 |
| Number of units issued | 151 025.0000 |
| Number of units redeemed | -252 060.0000 |
| Number of units outstanding at the end of the financial year | 451 276.9330 |
| Class | K-X-acc |
| Number of units outstanding at the beginning of the financial year | 29 941.2400 |
| Number of units issued | 0.0000 |
| Number of units redeemed | 0.0000 |
| Number of units outstanding at the end of the financial year | 29 941.2400 |
| Class | P-acc |
| Number of units outstanding at the beginning of the financial year | 51 152.9350 |
| Number of units issued | 7 883.0540 |
| Number of units redeemed | -16 241.0170 |
| Number of units outstanding at the end of the financial year | 42 794.9720 |
| Class | (CHF hedged) P-acc |
| Number of units outstanding at the beginning of the financial year | 7 415.8030 |
| Number of units issued | 456.6510 |
| Number of units redeemed | -2 062.8190 |
| Number of units outstanding at the end of the financial year | 5 809.6350 |

UBS (Lux) Emerging Economies Fund – Global Bonds (USD)
Annual report and audited financial statements as of 31 August 2020
| Class |  |  | (EUR hedged) P-acc |
| --- | --- | --- | --- |
| Number of units outstanding at the beginning of the financial year |  |  | 5 950.9990 |
| Number of units issued |  |  | 4 148.8130 |
| Number of units redeemed |  |  | -2 216.2080 |
| Number of units outstanding at the end of the financial year |  |  | 7 883.6040 |
| Class |  |  | (CHF hedged) P-dist |
| Number of units outstanding at the beginning of the financial year |  |  | 108 756.2940 |
| Number of units issued |  |  | 3 230.6170 |
| Number of units redeemed |  |  | -24 117.3160 |
| Number of units outstanding at the end of the financial year |  |  | 87 869.5950 |
| Class |  |  | P-mdist |
| Number of units outstanding at the beginning of the financial year |  |  | 1 716 180.3330 |
| Number of units issued |  |  | 280 715.8990 |
| Number of units redeemed |  |  | -603 654.2340 |
| Number of units outstanding at the end of the financial year |  |  | 1 393 241.9980 |
| Class |  |  | Q-acc |
| Number of units outstanding at the beginning of the financial year |  |  | 349 165.9590 |
| Number of units issued |  |  | 99 494.0190 |
| Number of units redeemed |  |  | -151 262.7070 |
| Number of units outstanding at the end of the financial year |  |  | 297 397.2710 |
| Class |  |  | Q-dist |
| Number of units outstanding at the beginning of the financial year |  |  | 10 831.3090 |
| Number of units issued |  |  | 2 519.0550 |
| Number of units redeemed |  |  | -1 025.0000 |
| Number of units outstanding at the end of the financial year |  |  | 12 325.3640 |
| Class |  |  | (CHF hedged) Q-dist |
| Number of units outstanding at the beginning of the financial year |  |  | 85 895.4910 |
| Number of units issued |  |  | 8 315.8850 |
| Number of units redeemed |  |  | -12 722.9380 |
| Number of units outstanding at the end of the financial year |  |  | 81 488.4380 |
| Class |  |  | U-X-acc |
| Number of units outstanding at the beginning of the financial year |  |  | 69 770.0000 |
| Number of units issued |  |  | 23 647.0000 |
| Number of units redeemed |  |  | -31 370.0000 |
| Number of units outstanding at the end of the financial year |  |  | 62 047.0000 |
| Class |  |  | U-X-UKdist-mdist |
| Number of units outstanding at the beginning of the financial year |  |  | 2 358.1840 |
| Number of units issued |  |  | 1 266.0000 |
| Number of units redeemed |  |  | -906.0000 |
| Number of units outstanding at the end of the financial year |  |  | 2 718.1840 |
| Annual Distribution 1 |  |  |  |
| UBS (Lux) Emerging Economies Fund – Global Bonds (USD)	Ex-Date | Pay-Date | Currency | Amount per unit |
| I-X-dist	4.11.2019 | 7.11.2019 | USD | 4.30 |
| (CHF hedged) P-dist	4.11.2019 | 7.11.2019 | CHF | 2.76 |
| Q-dist	4.11.2019 | 7.11.2019 | USD | 3.99 |
| (CHF hedged) Q-dist	4.11.2019 | 7.11.2019 | CHF | 4.36 |
| Monthly Distribution 1 |  |  |  |
| UBS (Lux) Emerging Economies Fund – Global Bonds (USD)	Ex-Date | Pay-Date | Currency | Amount per unit |
| P-mdist	16.9.2019 | 19.9.2019 | USD | 0.35 |
| P-mdist	15.10.2019 | 18.10.2019 | USD | 0.35 |
| P-mdist	15.11.2019 | 20.11.2019 | USD | 0.35 |
| P-mdist	16.12.2019 | 19.12.2019 | USD | 0.35 |
| P-mdist	15.1.2020 | 21.1.2020 | USD | 0.35 |
| P-mdist	17.2.2020 | 20.2.2020 | USD | 0.35 |
| P-mdist	16.3.2020 | 19.3.2020 | USD | 0.35 |
| P-mdist	15.4.2020 | 20.4.2020 | USD | 0.30 |
| P-mdist	15.5.2020 | 20.5.2020 | USD | 0.32 |
| P-mdist	15.6.2020 | 18.6.2020 | USD | 0.32 |
| P-mdist	15.7.2020 | 20.7.2020 | USD | 0.32 |
| P-mdist	17.8.2020 | 20.8.2020 | USD | 0.30 |
| U-X-UKdist-mdist	16.9.2019 | 19.9.2019 | USD | 45.31 |
| U-X-UKdist-mdist	15.10.2019 | 18.10.2019 | USD | 37.15 |
| U-X-UKdist-mdist	15.11.2019 | 20.11.2019 | USD | 49.14 |
| U-X-UKdist-mdist	16.12.2019 | 19.12.2019 | USD | 56.85 |
| U-X-UKdist-mdist	15.1.2020 | 21.1.2020 | USD | 45.86 |
| U-X-UKdist-mdist	17.2.2020 | 20.2.2020 | USD | 50.53 |
| U-X-UKdist-mdist	16.3.2020 | 19.3.2020 | USD | 44.88 |
| U-X-UKdist-mdist	15.4.2020 | 20.4.2020 | USD | 51.64 |
| U-X-UKdist-mdist	15.5.2020 | 20.5.2020 | USD | 47.56 |
| U-X-UKdist-mdist	15.6.2020 | 18.6.2020 | USD | 37.37 |
| U-X-UKdist-mdist	15.7.2020 | 20.7.2020 | USD | 46.63 |
| U-X-UKdist-mdist	17.8.2020 | 20.8.2020 | USD | 43.98 |
| 1  See note 4 |  |  |  |

UBS (Lux) Emerging Economies Fund – Global Bonds (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 Notes, fixed rate |  |  |  |
| EUR |  |  |  |
| EUR	SERBIA INTERNATIONAL BOND-REG-S 3.12500% 20-15.05.27 | 2 000 000.00 | 2 559 333.00 | 0.16 |
| EUR	UKRAINE, GOVERNMENT OF-REG-S 4.37500% 20-27.01.30 | 10 100 000.00 | 10 414 444.72 | 0.65 |
| EUR	UKRAINE, GOVERNMENT OF-REG-S 6.75000% 19-20.06.26 | 2 700 000.00 | 3 266 199.24 | 0.20 |
| Total EUR |  | 16 239 976.96 | 1.01 |
| USD |  |  |  |
| USD	ADANI PORTS & SPECIAL ECO ZONE-REG-S 4.20000% 20-04.08.27 | 4 790 000.00 | 4 849 875.00 | 0.30 |
| USD	AEROPUERTO INTERNACIONAL DE TOCU-REG-S 5.37500% 16-11.05.36 | 2 150 000.00 | 2 390 531.25 | 0.15 |
| USD	AEROPUERTO INTERNACIONAL DE TOCU-REG-S 6.00000% 18-18.11.48 | 4 250 000.00 | 4 715 157.82 | 0.29 |
| USD	AES PANAMA GENERATION HOLDING SRL-REG-S 4.37500% 20-31.05.30 | 1 560 000.00 | 1 623 258.00 | 0.10 |
| USD	ARGENTINA, REPUBLIC OF 7.12500% 18-28.06.117 | 2 460 000.00 | 1 058 568.75 | 0.07 |
| USD	ARGENTINA, REPUBLIC OF 4.62500% 18-11.01.23 | 13 200 000.00 | 6 047 250.00 | 0.38 |
| USD	ARGENTINA, REPUBLIC OF 5.87500% 18-11.01.28 | 16 000 000.00 | 7 000 000.00 | 0.44 |
| USD	ARGENTINA, REPUBLIC OF 6.87500% 18-11.01.48 | 20 505 000.00 | 8 695 401.56 | 0.54 |
| USD	BELARUS INTERNATIONAL BOND-REG-S 7.62500% 17-29.06.27 | 2 350 000.00 | 2 330 025.00 | 0.15 |
| USD	BLACK SEA TRADE & DEVELOPMT BK-REG-S 3.50000% 19-25.06.24 | 3 000 000.00 | 3 155 088.00 | 0.20 |
| USD	BRAZIL LOAN TRUST 1-REG-S 5.47700% 13-24.07.23 | 5 000 000.00 | 2 207 817.62 | 0.14 |
| USD	BRAZIL, FEDERAL REPUBLIC OF 3.87500% 20-12.06.30 | 14 050 000.00 | 14 422 325.00 | 0.90 |
| USD	BRAZIL, FEDERATIVE REPUBLIC OF 4.75000% 19-14.01.50 | 7 960 000.00 | 7 987 362.50 | 0.50 |
| USD	CENTRAIS ELETRICAS BRASILEIRAS SA-REG-S 3.62500% 20-04.02.25 | 3 390 000.00 | 3 397 415.62 | 0.21 |
| USD	CENTRAIS ELETRICAS BRASILEIRAS SA-REG-S 4.62500% 20-04.02.30 | 4 845 000.00 | 4 899 506.25 | 0.31 |
| USD	CHILE, REPUBLIC OF 2.55000% 20-27.01.32 | 3 745 000.00 | 3 962 678.12 | 0.25 |
| USD	CNAC HK FINBRIDGE CO LTD-REG-S 5.12500% 18-14.03.28 | 6 200 000.00 | 7 331 500.00 | 0.46 |
| USD	CNAC HK FINBRIDGE CO LTD-REG-S 3.87500% 19-19.06.29 | 5 200 000.00 | 5 759 000.00 | 0.36 |
| USD	COLOMBIA, REPUBLIC OF 3.12500% 20-15.04.31 | 12 200 000.00 | 12 608 700.00 | 0.79 |
| USD	COLOMBIA, REPUBLIC OF 4.12500% 20-15.05.51 | 3 800 000.00 | 4 066 000.00 | 0.25 |
| USD	CORP FINANCIERA DE DESARROLLO SA-REG-S 4.75000% 15-15.07.25 | 3 945 000.00 | 4 433 193.75 | 0.28 |
| USD	CORP NACIONAL DEL COBRE DE CHILE-REG-S 4.25000% 12-17.07.42 | 950 000.00 | 1 081 515.62 | 0.07 |
| USD	CORP NACIONAL DEL COBRE DE CHILE-REG-S 4.37500% 19-05.02.49 | 5 150 000.00 | 6 146 203.13 | 0.38 |
| USD	COSTA RICA, REPUBLIC OF-REG-S 7.00000% 14-04.04.44 | 4 615 000.00 | 4 240 031.25 | 0.27 |
| USD	COSTA RICA, REPUBLIC OF-REG-S 7.15800% 15-12.03.45 | 3 900 000.00 | 3 618 468.75 | 0.23 |
| USD	COSTA RICA, REPUBLIC OF-REG-S 6.12500% 19-19.02.31 | 2 250 000.00 | 2 098 125.00 | 0.13 |
| USD	DEV BK OF THE REPUBLIC OF BELARUS-REG-S 6.75000% 19-02.05.24 | 1 700 000.00 | 1 598 000.00 | 0.10 |
| USD	DEVELOPMENT BANK OF KAZAKHSTAN-REG-S 4.12500% 12-10.12.22 | 5 110 000.00 | 5 392 646.87 | 0.34 |
| USD	DOMINICAN REPUBLIC-REG-S 6.85000% 15-27.01.45 | 12 600 000.00 | 13 356 000.00 | 0.83 |
| USD	DOMINICAN REPUBLIC-REG-S 6.00000% 18-19.07.28 | 4 600 000.00 | 4 943 562.50 | 0.31 |
| USD	DOMINICAN REPUBLIC-REG-S 5.87500% 20-30.01.60 | 8 500 000.00 | 8 122 812.50 | 0.51 |
| USD	DUBAI, GOVERNMENT OF-REG-S 5.25000% 13-30.01.43 | 4 300 000.00 | 4 979 937.50 | 0.31 |
| USD	ECOPETROL SA 6.87500% 20-29.04.30 | 3 500 000.00 | 4 218 165.00 | 0.26 |
| USD	ECUADOR, REPUBLIC OF-REG-S 9.65000% 16-13.12.26 | 4 820 000.00 | 2 450 873.60 | 0.15 |
| USD	ECUADOR, REPUBLIC OF-REG-S 8.87500% 17-23.10.27 | 11 000 000.00 | 5 601 310.00 | 0.35 |
| USD	ECUADOR, REPUBLIC OF-REG-S 10.75000% 19-31.01.29 | 17 150 000.00 | 8 716 144.50 | 0.54 |
| USD	EGYPT, REPUBLIC OF-REG-S 5.57700% 18-21.02.23 | 5 105 000.00 | 5 272 852.40 | 0.33 |
| USD	EGYPT, REPUBLIC OF-REG-S 5.75000% 20-29.05.24 | 5 950 000.00 | 6 132 218.75 | 0.38 |
| USD	EGYPT, REPUBLIC OF-REG-S 7.62500% 20-29.05.32 | 3 400 000.00 | 3 459 500.00 | 0.22 |
| USD	EGYPT, REPUBLIC OF-REG-S 8.87500% 20-29.05.50 | 5 600 000.00 | 5 811 750.00 | 0.36 |
| USD	EL SALVADOR, REPUBLIC OF-REG-S 8.62500% 17-28.02.29 | 6 997 000.00 | 7 167 551.87 | 0.45 |
| USD	EL SALVADOR, REPUBLIC OF-REG-S 8.25000% 02-10.04.32 | 3 825 000.00 | 3 732 960.94 | 0.23 |
| USD	EMPRESA DE L FERROCARRILE DEL EST-REG-S 3.06800% 20-18.08.50 | 4 200 000.00 | 4 210 500.00 | 0.26 |
| USD	EMPRESA DE TRANSMISION ELECTRICA-REG-S 5.12500% 19-02.05.49 | 1 700 000.00 | 2 000 156.25 | 0.13 |
| USD	EMPRESA DE TRANSPORTE DE PASA MET-REG-S 3.65000% 20-07.05.30 | 2 900 000.00 | 3 222 625.00 | 0.20 |
| USD	EMPRESA DE TRANSPORTE DE PASA MET-REG-S 4.70000% 20-07.05.50 | 4 150 000.00 | 5 166 750.00 | 0.32 |
| USD	EMPRESA NACIONAL DEL PETROLEO-REG-S 4.37500% 14-30.10.24 | 2 500 000.00 | 2 715 625.00 | 0.17 |
| USD	EMPRESA NACIONAL DEL PETROLEO-REG-S 4.50000% 17-14.09.47 | 2 850 000.00 | 3 137 671.88 | 0.20 |
| USD	EMPRESA NACIONAL DEL PETROLEO-REG-S 5.25000% 18-06.11.29 | 4 750 000.00 | 5 547 109.38 | 0.35 |
| USD	ESKOM HOLDINGS SOC LTD-144A 7.12500% 15-11.02.25 | 1 330 000.00 | 1 250 200.00 | 0.08 |
| USD	ESKOM HOLDINGS SOC LTD-REG-S 6.75000% 13-06.08.23 | 4 700 000.00 | 4 482 625.00 | 0.28 |
| USD	ESKOM HOLDINGS SOC LTD-REG-S 7.12500% 15-11.02.25 | 3 470 000.00 | 3 261 800.00 | 0.20 |
| USD	EXPORT-IMPORT BANK OF INDIA-REG-S 3.87500% 18-01.02.28 | 3 600 000.00 | 3 825 000.00 | 0.24 |
| USD	GABON, REPUBLIC OF-REG-S 6.62500% 20-06.02.31 | 2 300 000.00 | 2 213 031.25 | 0.14 |
| USD	GHANA GOVT INTNL BOND-REG-S 7.62500% 18-16.05.29 | 4 125 000.00 | 3 931 640.63 | 0.25 |
| USD	GTLK EUROPE CAPITAL DAC-REG-S 4.65000% 20-10.03.27 | 8 735 000.00 | 8 767 756.25 | 0.55 |
| USD	GUATEMALA, REPUBLIC OF-REG-S 4.50000% 16-03.05.26 | 2 750 000.00 | 2 978 593.75 | 0.19 |
| USD	HONDURAS, REPUBLIC OF-REG-S 5.62500% 20-24.06.30 | 2 600 000.00 | 2 842 937.50 | 0.18 |
| USD	HUNGARY, REPUBLIC OF 7.62500% 11-29.03.41 | 2 692 000.00 | 4 767 316.64 | 0.30 |
| USD	HUNGARY, REPUBLIC OF 5.75000% 13-22.11.23 | 3 150 000.00 | 3 613 640.63 | 0.23 |
| USD	HUNGARY, REPUBLIC OF 5.37500% 14-25.03.24 | 13 464 000.00 | 15 470 977.50 | 0.97 |
| USD	INDONESIA ASAHAN ALUMINIUM TBK PT-REG-S 4.75000% 20-15.05.25 | 4 560 000.00 | 5 027 400.00 | 0.31 |
| USD	INDONESIA ASAHAN ALUMINIUM TBK PT-REG-S 5.45000% 20-15.05.30 | 7 590 000.00 | 8 937 224.99 | 0.56 |
| USD	INDONESIA ASAHAN ALUMINIUM TBK PT-REG-S 5.80000% 20-15.05.50 | 2 400 000.00 | 2 934 000.00 | 0.18 |
| USD	INDONESIA, REPUBLIC OF 2.85000% 20-14.02.30 | 5 650 000.00 | 5 960 750.00 | 0.37 |
| USD	INDONESIA, REPUBLIC OF-REG-S 7.75000% 08-17.01.38 | 2 705 000.00 | 4 267 137.50 | 0.27 |
| USD	JAMAICA, GOVERNMENT OF 7.87500% 15-28.07.45 | 2 255 000.00 | 2 959 687.50 | 0.19 |
| USD	JORDAN, KINGDOM OF-REG-S 5.85000% 20-07.07.30 | 7 300 000.00 | 7 373 000.00 | 0.46 |
| USD	KAZMUNAYGAS NATIONAL CO-REG-S 5.75000% 17-19.04.47 | 2 120 000.00 | 2 651 325.00 | 0.17 |
| USD	KAZMUNAYGAS NATIONAL CO-REG-S 6.37500% 18-24.10.48 | 3 825 000.00 | 5 154 187.50 | 0.32 |
| USD	KAZMUNAYGAS NATIONAL CO-REG-S 5.37500% 18-24.04.30 | 5 175 000.00 | 6 210 000.00 | 0.39 |
| USD	KAZTRANSGAS JSC-REG-S 4.37500% 17-26.09.27 | 3 250 000.00 | 3 581 093.75 | 0.22 |
| USD	KENYA, REPUBLIC OF-REG-S 7.25000% 18-28.02.28 | 10 635 000.00 | 10 741 350.00 | 0.67 |
| USD	KENYA, REPUBLIC OF-REG-S 8.00000% 19-22.05.32 | 900 000.00 | 922 500.00 | 0.06 |
| USD	KUWAIT PROJECTS CO SPC LTD-REG-S 4.22900% 19-29.10.26 | 1 900 000.00 | 1 857 250.00 | 0.12 |
| USD	LEVIATHAN BOND LTD-144A-REG-S 6.75000% 20-30.06.30 | 5 960 000.00 | 6 210 320.00 | 0.39 |
| USD	LIQUID TELECOMMUNICATIONS FIN-REG-S 8.50000% 17-13.07.22 | 1 440 000.00 | 1 468 800.00 | 0.09 |
| USD	MEXICO, UNITED STATES OF 4.50000% 19-22.04.29 | 4 300 000.00 | 4 828 093.75 | 0.30 |
| USD	MEXICO, UNITED STATES OF 4.50000% 19-31.01.50 | 3 450 000.00 | 3 765 890.63 | 0.24 |
| USD	MEXICO, UNITED STATES OF 3.25000% 20-16.04.30 | 6 400 000.00 | 6 617 600.00 | 0.41 |
| USD	MEXICO, UNITED STATES OF 3.90000% 20-27.04.25 | 2 180 000.00 | 2 404 540.00 | 0.15 |
| USD	MEXICO, UNITED STATES OF 4.75000% 20-27.04.32 | 8 270 000.00 | 9 466 565.62 | 0.59 |

UBS (Lux) Emerging Economies Fund – Global Bonds (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) |  |
|  |  |  |  |  |
| USD | MEXICO, UNITED STATES OF 5.00000% 20-27.04.51 | 4 960 000.00 | 5 718 880.00 | 0.36 |
| USD | NAK NAFTOGAZ UKRAINE VIA KONDOR-REG-S 7.62500% 19-08.11.26 | 8 000 000.00 | 7 800 000.00 | 0.49 |
| USD | NIGERIA, FEDERAL REPUBLIC OF-REG-S 7.87500% 17-16.02.32 | 7 200 000.00 | 7 272 000.00 | 0.45 |
| USD | NIGERIA, FEDERAL REPUBLIC OF-REG-S 7.14300% 18-23.02.30 | 625 000.00 | 628 320.32 | 0.04 |
| USD | NIGERIA, FEDERAL REPUBLIC OF-REG-S 7.62500% 18-21.11.25 | 14 570 000.00 | 15 412 328.12 | 0.96 |
| USD | NIGERIA, FEDERAL REPUBLIC OF-REG-S 8.74700% 18-21.01.31 | 900 000.00 | 968 343.75 | 0.06 |
| USD | NIGERIA, FEDERAL REPUBLIC OF-REG-S 9.24800% 18-21.01.49 | 1 100 000.00 | 1 174 937.50 | 0.07 |
| USD | OCP SA-REG-S 6.87500% 14-25.04.44 | 2 150 000.00 | 2 747 968.75 | 0.17 |
| USD | OIL AND GAS HOLDING CO BSCC/THE-REG-S 7.62500% 18-07.11.24 | 3 800 000.00 | 4 168 125.00 | 0.26 |
| USD | OIL AND GAS HOLDING CO BSCC/THE-REG-S 8.37500% 18-07.11.28 | 3 900 000.00 | 4 470 375.00 | 0.28 |
| USD | OMAN GOVT INTERNATIONAL BOND-REG-S 6.75000% 18-17.01.48 | 15 100 000.00 | 13 490 906.25 | 0.84 |
| USD | OOREDOO INTERNATIONAL FINANCE LTD-REG-S 4.50000% 13-31.01.43 | 700 000.00 | 911 968.75 | 0.06 |
| USD | PAKISTAN, ISLAMIC REPUBLIC OF-REG-S 8.25000% 14-15.04.24 | 3 985 000.00 | 4 348 631.25 | 0.27 |
| USD | PAKISTAN, ISLAMIC REPUBLIC OF-REG-S 6.87500% 17-05.12.27 | 4 905 000.00 | 5 101 200.00 | 0.32 |
| USD | PANAMA, REPUBLIC OF 3.16000% 19-23.01.30 | 1 000 000.00 | 1 089 375.00 | 0.07 |
| USD | PANAMA, REPUBLIC OF 3.87000% 19-23.07.60 | 1 315 000.00 | 1 556 631.25 | 0.10 |
| USD | PANAMA, REPUBLIC OF 4.50000% 20-01.04.56 | 4 600 000.00 | 5 980 000.00 | 0.37 |
| USD | PARAGUAY, REPUBLIC OF-REG-S 6.10000% 14-11.08.44 | 1 920 000.00 | 2 565 600.00 | 0.16 |
| USD | PARAGUAY, REPUBLIC OF-REG-S 5.60000% 18-13.03.48 | 5 600 000.00 | 7 159 250.00 | 0.45 |
| USD | PERTAMINA PT-REG-S 6.50000% 11-27.05.41 | 3 500 000.00 | 4 567 500.00 | 0.29 |
| USD | PERTAMINA PT-REG-S 6.00000% 12-03.05.42 | 1 620 000.00 | 2 016 900.00 | 0.13 |
| USD | PERU, REPUBLIC OF 2.84400% 19-20.06.30 | 4 400 000.00 | 4 830 375.00 | 0.30 |
| USD | PERUSAHAAN LISTRIK NEGARA PT-REG-S 4.87500% 19-17.07.49 | 1 350 000.00 | 1 512 000.00 | 0.09 |
| USD | PERUSAHAAN PENERBIT SBSN-REG-S 4.35000% 14-10.09.24 | 7 925 000.00 | 8 836 375.00 | 0.55 |
| USD | PERUSAHAAN PENERBIT SBSN-REG-S 4.40000% 18-01.03.28 | 3 650 000.00 | 4 202 062.50 | 0.26 |
| USD | PETROLEOS DE VENEZUE-REG-S *DEFAULTED* 5.50000% 07-12.04.37 | 7 750 000.00 | 213 125.00 | 0.01 |
| USD | PETROLEOS DEL PERU SA-REG-S 5.62500% 17-19.06.47 | 8 300 000.00 | 10 136 375.00 | 0.63 |
| USD | PETROLEOS MEXICANOS 6.50000% 18-13.03.27 | 3 285 000.00 | 3 237 367.50 | 0.20 |
| USD | PETROLEOS MEXICANOS-REG-S 6.49000% 19-23.01.27 | 4 265 000.00 | 4 201 451.50 | 0.26 |
| USD | PETROLEOS MEXICANOS-REG-S 7.69000% 19-23.01.50 | 25 400 000.00 | 22 649 657.52 | 1.42 |
| USD | PETROLEOS MEXICANOS-REG-S 5.95000% 20-28.01.31 | 11 100 000.00 | 9 986 115.00 | 0.62 |
| USD | PHILIPPINES, REPUBLIC OF THE 9.50000% 05-02.02.30 | 4 650 000.00 | 7 643 437.50 | 0.48 |
| USD | PHILIPPINES, REPUBLIC OF THE 2.95000% 20-05.05.45 | 3 500 000.00 | 3 705 625.00 | 0.23 |
| USD | PHILIPPINES, REPUBLIC OF THE 2.45700% 20-05.05.30 | 8 050 000.00 | 8 593 375.00 | 0.54 |
| USD | POWER SECTOR ASST & LIAB MGT CORP-REG-S 7.39000% 09-02.12.24 | 2 150 000.00 | 2 687 500.00 | 0.17 |
| USD | QATAR, STATE OF-REG-S 4.00000% 19-14.03.29 | 5 955 000.00 | 6 965 861.25 | 0.44 |
| USD | QATAR, STATE OF-REG-S 4.81700% 19-14.03.49 | 12 500 000.00 | 17 140 625.00 | 1.07 |
| USD | QATAR, STATE OF-REG-S 3.75000% 20-16.04.30 | 9 250 000.00 | 10 740 984.38 | 0.67 |
| USD | QATAR, STATE OF-REG-S 4.40000% 20-16.04.50 | 7 500 000.00 | 9 731 250.00 | 0.61 |
| USD | REC LTD-REG-S 4.75000% 20-19.05.23 | 1 100 000.00 | 1 160 514.19 | 0.07 |
| USD | ROMANIA-REG-S 3.00000% 20-14.02.31 | 6 980 000.00 | 6 997 450.00 | 0.44 |
| USD | ROMANIA-REG-S 4.00000% 20-14.02.51 | 5 900 000.00 | 5 959 000.00 | 0.37 |
| USD | ROMANIA-REG-S 5.12500% 18-15.06.48 | 1 500 000.00 | 1 777 968.74 | 0.11 |
| USD | RUSSIA, FEDERATION OF-REG-S 5.62500% 12-04.04.42 | 5 600 000.00 | 7 612 500.00 | 0.48 |
| USD | SENEGAL, REPUBLIC OF-REG-S 6.75000% 18-13.03.48 | 1 595 000.00 | 1 585 031.25 | 0.10 |
| USD | SINOCHEM OVERSEAS CAPITAL-REG-S 4.50000% 10-12.11.20 | 1 675 000.00 | 1 686 217.14 | 0.11 |
| USD | SINOPEC GROUP OVERSEA DEVELOPMENT-REG-S 3.50000% 16-03.05.26 | 4 500 000.00 | 4 993 755.30 | 0.31 |
| USD | SINOPEC GROUP OVERSEAS DEVELOPMNT-REG-S 3.25000% 15-28.04.25 | 3 605 000.00 | 3 917 237.34 | 0.24 |
| USD | SINOPEC GRP OVERSEAS DEV LTD-REG-S 4.25000% 18-12.09.28 | 4 150 000.00 | 4 855 155.97 | 0.30 |
| USD | SOUTH AFRICA, REPUBLIC OF 5.65000% 17-27.09.47 | 4 150 000.00 | 3 735 000.00 | 0.23 |
| USD | SOUTH AFRICA, REPUBLIC OF 4.85000% 19-30.09.29 | 13 800 000.00 | 13 467 937.50 | 0.84 |
| USD | SOUTH AFRICA, REPUBLIC OF 5.75000% 19-30.09.49 | 3 775 000.00 | 3 375 085.94 | 0.21 |
| USD | SRI LANKA, DEMOCRATIC REP OF-REG-S 6.20000% 17-11.05.27 | 2 940 000.00 | 2 403 450.00 | 0.15 |
| USD | SRI LANKA, DEMOCRATIC REP OF-REG-S 6.75000% 18-18.04.28 | 2 000 000.00 | 1 640 000.00 | 0.10 |
| USD | SRI LANKA, DEMOCRATIC REP OF-REG-S 7.55000% 19-28.03.30 | 13 550 000.00 | 11 043 250.00 | 0.69 |
| USD | TRINIDAD & TOBAGO, REPUBLIC OF-REG-S 4.50000% 20-26.06.30 | 3 600 000.00 | 3 596 625.00 | 0.22 |
| USD | TRINIDAD PETROLEUM HOLDINGS LTD-REG-S 9.75000% 19-15.06.26 | 7 161 000.00 | 7 760 733.75 | 0.49 |
| USD | TRUST FIBRA UNO-REG-S 4.86900% 20-15.01.30 | 2 425 000.00 | 2 437 125.00 | 0.15 |
| USD | TURKEY, REPUBLIC OF 7.62500% 19-26.04.29 | 3 550 000.00 | 3 689 781.25 | 0.23 |
| USD | TURKEY, REPUBLIC OF 5.25000% 20-13.03.30 | 28 510 000.00 | 25 605 543.75 | 1.60 |
| USD | UKRAINE RAILWAYS VIA RL CPTL MKTS-REG-S 8.25000% 19-09.07.24 | 3 750 000.00 | 3 814 453.12 | 0.24 |
| USD | UKRAINE, GOVERNMENT OF-144A 7.75000% 15-01.09.23 | 739 000.00 | 785 695.56 | 0.05 |
| USD | UKRAINE, GOVERNMENT OF-REG-S 7.75000% 15-01.09.23 | 2 980 000.00 | 3 168 298.75 | 0.20 |
| USD | UKRAINE, GOVERNMENT OF-REG-S 7.75000% 15-01.09.24 | 6 685 000.00 | 7 084 010.94 | 0.44 |
| USD | UKRAINE, GOVERNMENT OF-REG-S 7.75000% 15-01.09.25 | 5 000 000.00 | 5 275 937.50 | 0.33 |
| USD | UKRAINE, GOVERNMENT OF-REG-S 8.99400% 18-01.02.24 | 4 725 000.00 | 5 148 773.44 | 0.32 |
| USD | UKRAINE, GOVERNMENT OF-REG-S 7.25300% 20-15.03.33 | 12 780 000.00 | 12 776 006.25 | 0.80 |
| USD | VALE OVERSEAS LTD 3.75000% 20-08.07.30 | 2 230 000.00 | 2 338 712.50 | 0.15 |
| USD | VEB FINANCE PLC-REG-S LPN 6.02500% 12-05.07.22 | 1 300 000.00 | 1 391 000.00 | 0.09 |
| USD | VEB FINANCE PLC-REG-S LPN 5.94200% 13-21.11.23 | 1 160 000.00 | 1 293 400.00 | 0.08 |
| USD | VEDANTA RESOURCES PLC-REG-S 6.12500% 17-09.08.24 | 3 825 000.00 | 2 943 375.75 | 0.18 |
| USD | VENEZUELA, REP. OF-REG-S *DEFAULTED* 7.75000% 09-13.10.19 | 9 055 000.00 | 633 850.00 | 0.04 |
| USD | YPF SA-REG-S 6.95000% 17-21.07.27 | 5 600 000.00 | 4 116 000.00 | 0.26 |
| USD | YPF SA-REG-S 8.50000% 19-27.06.29 | 4 500 000.00 | 3 436 875.00 | 0.21 |
| USD | ZAMBIA, REPUBLIC OF-REG-S 8.97000% 15-30.07.27 | 6 800 000.00 | 3 538 125.00 | 0.22 |
| Total USD |  |  | 821 032 636.34 | 51.32 |
| Total Notes, fixed rate |  | 837 272 613.30 | 52.33 |
| Notes, floating rate |  |  |  |
| USD |  |  |  |
| USD	BRASKEM NETHERLANDS FINANCE-REG-S-SUB 8.500%/VAR 20-23.01.81 | 4 250 000.00 | 4 455 833.03 | 0.28 |
| USD	CORP FINANCIERA DE DESARROL-REG-S-SUB 5.250%/VAR 14-15.07.29 | 4 120 000.00 | 4 383 937.50 | 0.27 |
| Total USD |  | 8 839 770.53 | 0.55 |
| Total Notes, floating rate |  | 8 839 770.53 | 0.55 |
| Medium term notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	ABU DHABI, EMIRATE OF-REG-S 3.12500% 20-16.04.30 | 7 760 000.00 | 8 700 900.00 | 0.54 |
| USD	ABU DHABI, EMIRATE OF-REG-S 3.87500% 20-16.04.50 | 5 820 000.00 | 7 107 675.00 | 0.44 |
| USD	ANGOLAN GOVT INTERNATIONAL BOND-REG-S 8.00000% 19-26.11.29 | 6 860 000.00 | 5 650 925.00 | 0.35 |
| USD	ANGOLAN GOVT INTERNATIONAL BOND-REG-S 9.12500% 19-26.11.49 | 17 800 000.00 | 14 373 500.00 | 0.90 |
| USD	ARGENTINA, REPUBLIC OF 7.50000% 17-22.04.26 | 6 050 000.00 | 2 758 421.88 | 0.17 |
| USD	ARGENTINA, REPUBLIC OF 5.62500% 17-26.01.22 | 3 900 000.00 | 1 833 000.00 | 0.12 |

UBS (Lux) Emerging Economies Fund – Global Bonds (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) |  |
|  |  |  |  |  |
| USD | AXIATA SPV5 LABUAN LTD-REG-S 3.06400% 20-19.08.50 | 7 810 000.00 | 7 630 124.76 | 0.48 |
| USD | BANCO DO BRASIL SA/CAYMAN-REG-S 4.75000% 19-20.03.24 | 6 800 000.00 | 7 242 000.00 | 0.45 |
| USD | CHARMING LIGHT INVESTMENTS LTD-REG-S 4.37500% 17-21.12.27 | 4 885 000.00 | 5 537 126.98 | 0.35 |
| USD | DP WORLD CRESCENT LTD-REG-S 3.87500% 19-18.07.29 | 9 650 000.00 | 10 105 359.38 | 0.63 |
| USD | DP WORLD PLC-REG-S 5.62500% 18-25.09.48 | 3 200 000.00 | 3 749 000.00 | 0.24 |
| USD | EGYPT, REPUBLIC OF-REG-S 6.12500% 17-31.01.22 | 7 995 000.00 | 8 199 871.88 | 0.51 |
| USD | EGYPT, REPUBLIC OF-REG-S 8.50000% 17-31.01.47 | 3 800 000.00 | 3 896 187.50 | 0.24 |
| USD | EGYPT, REPUBLIC OF-REG-S 7.60030% 19-01.03.29 | 12 300 000.00 | 12 918 843.75 | 0.81 |
| USD | EGYPT, REPUBLIC OF-REG-S 7.05290% 19-15.01.32 | 2 500 000.00 | 2 484 375.00 | 0.16 |
| USD | ESKOM HOLDINGS SOC LTD-REG-S 8.45000% 18-10.08.28 | 14 000 000.00 | 13 422 500.00 | 0.84 |
| USD | EXPORT-IMPORT BANK OF INDIA-REG-S 3.25000% 20-15.01.30 | 3 920 000.00 | 3 992 114.28 | 0.25 |
| USD | INDONESIA, REPUBLIC OF-REG-S 4.12500% 15-15.01.25 | 7 045 000.00 | 7 855 175.00 | 0.49 |
| USD | INDONESIA, REPUBLIC OF 4.75000% 15-08.01.26 | 12 800 000.00 | 14 848 000.00 | 0.93 |
| USD | INDONESIA, REPUBLIC OF-REG-S 4.75000% 17-18.07.47 | 4 500 000.00 | 5 630 625.00 | 0.35 |
| USD | KAZAKHSTAN, REPUBLIC OF-REG-S 6.50000% 15-21.07.45 | 5 525 000.00 | 8 777 843.75 | 0.55 |
| USD | LEBANON, REPUBLIC OF *DEFAULT* 6.37500% 10-09.03.20 | 4 150 000.00 | 757 375.00 | 0.05 |
| USD | MAF SUKUK LTD-REG-S 3.93250% 19-28.02.30 | 3 600 000.00 | 3 731 625.00 | 0.23 |
| USD | MONGOLIA,GOVERNMENT OF-REG-S 8.75000% 17-09.03.24 | 8 420 000.00 | 9 472 500.00 | 0.59 |
| USD | NIGERIA, FEDERAL REPUBLIC OF-REG-S 6.50000% 17-28.11.27 | 3 935 000.00 | 3 890 731.25 | 0.24 |
| USD | OMAN GOVT INTERNATIONAL BOND-REG-S 6.00000% 19-01.08.29 | 8 900 000.00 | 8 722 000.00 | 0.55 |
| USD | PERUSAHAAN LISTRIK NEGARA PT-REG-S 5.45000% 18-21.05.28 | 4 793 000.00 | 5 655 740.00 | 0.35 |
| USD | PETRONAS CAPITAL LTD-REG-S 3.50000% 20-21.04.30 | 19 400 000.00 | 21 998 459.28 | 1.38 |
| USD | PETRONAS CAPITAL LTD-REG-S 4.80000% 20-21.04.60 | 4 400 000.00 | 6 264 500.00 | 0.39 |
| USD | POWER FINANCE CORP LTD-REG-S 3.95000% 20-23.04.30 | 5 650 000.00 | 5 581 830.49 | 0.35 |
| USD | ROMANIA-REG-S 4.87500% 14-22.01.24 | 2 750 000.00 | 3 025 859.38 | 0.19 |
| USD | SAUDI GOVERNMENT INTER-REG-S 4.50000% 20-22.04.60 | 23 600 000.00 | 29 417 400.00 | 1.84 |
| USD | STATE GRID OVERSEAS INVESTMENT-REG-S 3.50000% 17-04.05.27 | 1 610 000.00 | 1 800 366.56 | 0.11 |
| Total USD |  |  | 257 031 956.12 | 16.07 |
| Total Medium term notes, fixed rate |  | 257 031 956.12 | 16.07 |
| Bonds, fixed rate |  |  |  |
| USD |  |  |  |
| USD	ANGOLAN GOVT INTERNATIONAL BOND-REG-S 8.25000% 18-09.05.28 | 3 000 000.00 | 2 550 000.00 | 0.16 |
| USD	ARMENIA INTERNATIONAL BOND-REG-S 7.15000% 15-26.03.25 | 2 810 000.00 | 3 224 475.00 | 0.20 |
| USD	AUTORIDAD DEL CANAL DE PANAMA-REG-S 4.95000% 15-29.07.35 | 4 340 000.00 | 5 251 400.00 | 0.33 |
| USD	BAHRAIN GVT INTERNATIONAL BOND-REG-S 7.00000% 16-12.10.28 | 6 700 000.00 | 7 627 531.25 | 0.48 |
| USD	BAHRAIN GVT INTERNATIONAL BOND-REG-S 7.50000% 17-20.09.47 | 8 750 000.00 | 9 961 328.12 | 0.62 |
| USD	BAHRAIN, KINGDOM OF-REG-S 7.37500% 20-14.05.30 | 1 400 000.00 | 1 630 125.00 | 0.10 |
| USD	BELARUS INTERNATIONAL BOND-REG-S 6.20000% 18-28.02.30 | 1 710 000.00 | 1 587 735.00 | 0.10 |
| USD	BRAZIL, FEDERATIVE REPUBLIC OF 5.00000% 14-27.01.45 | 4 500 000.00 | 4 670 156.25 | 0.29 |
| USD	BRAZIL, FEDERATIVE REPUBLIC OF 4.50000% 19-30.05.29 | 6 700 000.00 | 7 244 375.00 | 0.45 |
| USD	CNAC HK FINBRIDGE CO LTD-REG-S 4.87500% 18-14.03.25 | 11 995 000.00 | 13 496 132.27 | 0.84 |
| USD	COLOMBIA, REPUBLIC OF 7.37500% 06-18.09.37 | 5 050 000.00 | 7 224 656.25 | 0.45 |
| USD	COLOMBIA, REPUBLIC OF 6.12500% 09-18.01.41 | 11 470 000.00 | 15 007 778.13 | 0.94 |
| USD	CORP NACIONAL DEL COBRE DE CHILE-REG-S 5.62500% 13-18.10.43 | 2 660 000.00 | 3 615 937.50 | 0.23 |
| USD	CORP NACIONAL DEL COBRE DE CHILE-REG-S 4.87500% 14-04.11.44 | 3 566 000.00 | 4 482 016.25 | 0.28 |
| USD	COUNTRY GARDEN HOLDINGS CO LTD-REG-S 6.15000% 19-17.09.25 | 3 000 000.00 | 3 266 250.00 | 0.20 |
| USD	CROATIA, REPUBLIC OF-REG-S 6.00000% 13-26.01.24 | 11 120 000.00 | 12 899 200.00 | 0.81 |
| USD	DAR AL-ARKAN SUKUK CO LTD-REG-S 6.75000% 19-15.02.25 | 5 218 000.00 | 4 650 542.50 | 0.29 |
| USD	DEVELOPMENT BANK OF MONGOLIA LLC-REG-S 7.25000% 18-23.10.23 | 6 155 000.00 | 6 401 200.00 | 0.40 |
| USD	EL FONDO MIVIVIENDA-REG-S 3.50000% 13-31.01.23 | 3 490 000.00 | 3 623 056.25 | 0.23 |
| USD	EL SALVADOR, REPUBLIC OF-REG-S 7.65000% 05-15.06.35 | 2 550 000.00 | 2 386 640.62 | 0.15 |
| USD	ETHIOPIA INTERNATIONAL BOND-REG-S 6.62500% 14-11.12.24 | 2 880 000.00 | 2 908 800.00 | 0.18 |
| USD	EXPORT-IMPORT BANK OF INDIA-144A 3.37500% 16-05.08.26 | 2 000 000.00 | 2 109 885.00 | 0.13 |
| USD	GABON, REPUBLIC OF-REG-S 6.95000% 15-16.06.25 | 3 300 000.00 | 3 295 875.00 | 0.21 |
| USD	GAZPROM PJSC-REG-S 3.00000% 20-29.06.27 | 9 200 000.00 | 9 275 624.00 | 0.58 |
| USD	GHANA GOVT INTNL BOND-REG-S 7.87500% 19-26.03.27 | 3 875 000.00 | 3 830 195.31 | 0.24 |
| USD	GHANA GOVT INTNL BOND-REG-S 8.12500% 19-26.03.32 | 5 000 000.00 | 4 748 437.50 | 0.30 |
| USD	GHANA GOVT INTNL BOND-REG-S 8.95000% 19-26.03.51 | 5 500 000.00 | 5 106 406.25 | 0.32 |
| USD	GUATEMALA, REPUBLIC OF-REG-S 8.12500% 04-06.10.34 | 4 650 000.00 | 6 464 953.13 | 0.40 |
| USD	INDONESIA, REPUBLIC OF-REG-S 6.62500% 07-17.02.37 | 435 000.00 | 621 506.25 | 0.04 |
| USD	INDONESIA, REPUBLIC OF-REG-S 3.37500% 13-15.04.23 | 2 550 000.00 | 2 690 250.00 | 0.17 |
| USD	IRAQ INTERNATIONAL BOND-REG-S 5.80000% 06-15.01.28 | 5 550 000.00 | 4 878 450.52 | 0.30 |
| USD	IRAQ INTERNATIONAL BOND-REG-S 6.75200% 17-09.03.23 | 4 495 000.00 | 4 393 862.50 | 0.27 |
| USD	IVORY COAST, REPUBLIC OF-REG-S 6.37500% 15-03.03.28 | 2 000 000.00 | 2 075 000.00 | 0.13 |
| USD	IVORY COAST, REPUBLIC OF-REG-S 6.12500% 17-15.06.33 | 1 170 000.00 | 1 178 775.00 | 0.07 |
| USD	JAMAICA, GOVERNMENT OF 8.00000% 07-15.03.39 | 5 770 000.00 | 7 641 643.75 | 0.48 |
| USD	KAZAKHSTAN TEMIR ZHOLY FINANCE BV-REG-S 6.95000% 12-10.07.42 | 3 000 000.00 | 4 185 000.00 | 0.26 |
| USD	KING POWER CAPITAL LTD-REG-S 5.62500% 14-03.11.24 | 1 950 000.00 | 2 241 889.26 | 0.14 |
| USD	LEBANON, REPUBLIC OF-REG-S *DEFAULTED* 6.00000% 12-27.01.23 | 15 000 000.00 | 2 437 500.00 | 0.15 |
| USD	LEBANON, REPUBLIC OF-REG-S *DEFAULTED* 6.20000% 15-26.02.25 | 11 330 000.00 | 1 756 150.00 | 0.11 |
| USD	LEBANON, REPUBLIC OF-REG-S *DEFAULTED* 7.05000% 15-02.11.35 | 5 675 000.00 | 893 812.50 | 0.06 |
| USD	LEBANON, REPUBLIC OF-REG-S *DEFAULTED* 6.65000% 15-03.11.28 | 2 150 000.00 | 335 937.50 | 0.02 |
| USD	LEBANON, REPUBLIC OF-REG-S *DEFAULTED* 6.65000% 16-22.04.24 | 3 850 000.00 | 620 812.50 | 0.04 |
| USD	MAF SUKUK LTD-REG-S 4.63800% 19-14.05.29 | 5 700 000.00 | 6 205 875.00 | 0.39 |
| USD	PANAMA, REPUBLIC OF 4.30000% 13-29.04.53 | 9 161 000.00 | 11 551 448.43 | 0.72 |
| USD	PARAGUAY, REPUBLIC OF-REG-S 5.00000% 16-15.04.26 | 1 110 000.00 | 1 277 540.63 | 0.08 |
| USD	PERU, REPUBLIC OF 2.78300% 20-23.01.31 | 19 948 000.00 | 21 753 294.00 | 1.36 |
| USD	PERU, REPUBLIC OF 8.75000% 03-21.11.33 | 1 300 000.00 | 2 214 550.00 | 0.14 |
| USD	PERUSAHAAN PENERBIT SBSN-REG-S 2.80000% 20-23.06.30 | 4 760 000.00 | 4 950 400.00 | 0.31 |
| USD	PETROLEOS DE VENEZUE-REG-S *DEFAULTED* 6.00000% 14-16.05.24 | 29 400 000.00 | 808 500.00 | 0.05 |
| USD	PHILIPPINES, REPUBLIC OF THE 6.37500% 07-15.01.32 | 2 065 000.00 | 2 911 650.00 | 0.18 |
| USD	PHILIPPINES, REPUBLIC OF THE 3.95000% 15-20.01.40 | 2 740 000.00 | 3 229 775.00 | 0.20 |
| USD	PHILIPPINES, REPUBLIC OF THE 3.70000% 16-01.03.41 | 2 035 000.00 | 2 347 245.31 | 0.15 |
| USD	PHILIPPINES, REPUBLIC OF THE 3.70000% 17-02.02.42 | 4 750 000.00 | 5 510 000.00 | 0.34 |
| USD	PROSPEROUS RAY LTD-REG-S 4.62500% 13-12.11.23 | 1 000 000.00 | 1 081 250.00 | 0.07 |
| USD	RUSSIA, FEDERATION OF-REG-S 4.37500% 18-21.03.29 | 15 000 000.00 | 17 230 312.50 | 1.08 |
| USD	RUSSIA, FEDERATION OF-REG-S 5.10000% 19-28.03.35 | 7 800 000.00 | 9 711 000.00 | 0.61 |
| USD	SHARJAH SUKUK PROGRAM LTD 2.94200% 20-10.06.27 | 10 090 000.00 | 10 450 086.87 | 0.65 |
| USD	SOUTH AFRICA, REPUBLIC OF 4.30000% 16-12.10.28 | 7 145 000.00 | 6 814 543.75 | 0.43 |
| USD	SOUTHERN GAS CORRIDOR CJSC-REG-S 6.87500% 16-24.03.26 | 6 725 000.00 | 8 015 359.37 | 0.50 |
| USD	STATE OIL OF THE AZERBAIJAN REP-REG-S 6.95000% 15-18.03.30 | 5 600 000.00 | 6 959 750.00 | 0.44 |

UBS (Lux) Emerging Economies Fund – Global Bonds (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) |  |
|  |  |  |  |  |
| USD | URUGUAY, REPUBLIC OF 5.10000% 14-18.06.50 | 20 860 000.00 | 28 858 506.25 | 1.80 |
| USD | URUGUAY, REPUBLIC OF 4.37500% 19-23.01.31 | 2 250 000.00 | 2 698 593.75 | 0.17 |
| USD | VENEZUELA, REP. OF-REG-S *DEFAULTED* 7.00000% 07-31.03.38 | 7 055 000.00 | 493 850.00 | 0.03 |
| USD | VIETNAM, SOCIALIST REPUBLIC-REG-S 4.80000% 14-19.11.24 | 2 850 000.00 | 3 187 107.41 | 0.20 |
| Total USD |  |  | 352 751 939.63 | 22.05 |
| Total Bonds, fixed rate |  | 352 751 939.63 | 22.05 |
| Bonds, zero coupon |  |  |  |
| USD |  |  |  |
| USD	ECUADOR SOCIAL BOND SARL-REG-S 0.00000% 20-30.01.35 | 3 475 000.00 | 2 179 295.10 | 0.14 |
| Total USD |  | 2 179 295.10 | 0.14 |
| Total Bonds, zero coupon |  | 2 179 295.10 | 0.14 |
| Bonds, floating rate |  |  |  |
| USD |  |  |  |
| USD	NBK TIER 1 FINANCING 2 LTD-REG-S-SUB 4.500%/VAR 19-PRP | 1 050 000.00 | 1 036 546.88 | 0.07 |
| USD	UKRAINE, GOVERNMENT OF-REG-S VAR 15-31.05.40 | 2 600 000.00 | 2 474 062.50 | 0.15 |
| USD	UKREXIMBANK BIZ FINANCE PLC-REG-S-SUB 9.950%/VAR 19-14.11.29 | 1 400 000.00 | 1 389 500.00 | 0.09 |
| Total USD |  | 4 900 109.38 | 0.31 |
| Total Bonds, floating rate |  | 4 900 109.38 | 0.31 |
| Total Transferable securities and money market instruments listed on an official stock exchange |  | 1 462 975 684.06 | 91.45 |
| Transferable securities and money market instruments traded on another regulated market |  |  |  |
| Notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	BRAZIL MINAS SPE-REG-S 5.33300% 13-15.02.28 | 3 090 000.00 | 2 514 493.68 | 0.16 |
| USD	PETROLEOS DE VENEZUE-REG-S *DEFAULTED* 6.00000% 13-15.11.26 | 11 700 000.00 | 321 750.00 | 0.02 |
| USD	SURINAME, REPUBLIC OF-REG-S 9.25000% 16-26.10.26 | 1 400 000.00 | 780 062.50 | 0.05 |
| USD	TRUST FIBRA UNO-REG-S 6.39000% 20-15.01.50 | 2 425 000.00 | 2 461 375.00 | 0.15 |
| Total USD |  | 6 077 681.18 | 0.38 |
| Total Notes, fixed rate |  | 6 077 681.18 | 0.38 |
| Bonds, fixed rate |  |  |  |
| USD |  |  |  |
| USD	1MDB GLOBAL INV-REG-S 4.40000% 13-09.03.23 | 18 800 000.00 | 18 917 500.00 | 1.18 |
| USD	POWER SECTOR ASST & LIAB MGT CORP 9.62500% 03-15.05.28 | 6 385 000.00 | 9 503 673.44 | 0.60 |
| Total USD |  | 28 421 173.44 | 1.78 |
| Total Bonds, fixed rate |  | 28 421 173.44 | 1.78 |
| Total Transferable securities and money market instruments traded on another regulated market |  | 34 498 854.62 | 2.16 |

Transferable securities and money market instruments not listed on an official stock exchange and not traded on another regulated market
Bearer shares
| Mexico |  |
| --- | --- |
| MXN | HIPOTECARIA SU CASITA SA DE CV | 95 505.00 | 0.04 | 0.00 |
| Total Mexico |  | 0.04 | 0.00 |
| Total Bearer shares |  | 0.04 | 0.00 |
| Notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	AEROVIAS DE MEXICO SA-REG-S *DEFAULTED* 7.00000% 20-05.02.25 | 2 360 000.00 | 565 662.50 | 0.04 |
| USD	MOZAMBIQUE INT BOND-REG-S 5.00000% 19-15.09.31 | 2 164 000.00 | 1 828 580.00 | 0.11 |
| USD	TENGIZCHEVROIL FINANCE CO INTL-REG-S 3.25000% 20-15.08.30 | 1 900 000.00 | 1 952 155.00 | 0.12 |
| USD	TENGIZCHEVROIL FINANCE CO INTL-REG-S 2.62500% 20-15.08.25 | 4 100 000.00 | 4 162 781.25 | 0.26 |
| Total USD |  | 8 509 178.75 | 0.53 |

Total Notes, fixed rate	8 509 178.75	0.53
Total Transferable securities and money market instruments not listed on an official
stock exchange and not traded on another regulated market	8 509 178.79	0.53
UCITS/Other UCIs in accordance with Article 41 (1) e) of the amended Luxembourg law of 17 December 2010
Investment funds, open end
USD	UBS (IRL) SELECT MONEY MARKET FUND-USD-S-DIST	5 970.99	59 709 920.00	3.73
Ireland
Total Ireland	59 709 920.00	3.73
Total Investment funds, open end	59 709 920.00	3.73
Total UCITS/Other UCIs in accordance with Article 41 (1) e) of the amended Luxembourg law of 17 December 2010	59 709 920.00	3.73
Total investments in securities	1 565 693 637.47	97.87
UBS (Lux) Emerging Economies Fund – Global Bonds (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) |  |
| Derivative instruments |  |  |  |
| Derivative instruments listed on an official stock exchange |  |  |  |
| Financial Futures on bonds |  |  |  |
|  |  |  |  |
| USD	US 10YR ULTRA NOTE FUTURE 21.12.20 | -782.00 | -158 843.75 | -0.01 |
| USD	US 5YR TREASURY NOTE FUTURE 31.12.20 | 1 252.00 | 303 218.12 | 0.02 |
| USD	US LONG BOND FUTURE 21.12.20 | 365.00 | -162 515.81 | -0.01 |
| USD	US 2YR TREASURY NOTE FUTURE 31.12.20 | 144.00 | 16 874.78 | 0.00 |
| USD	US ULTRA LONG BOND (CBT) FUTURE 21.12.20 | -122.00 | 211 593.75 | 0.01 |
| Total Financial Futures on bonds | 210 327.09 | 0.01 |
| Total Derivative instruments listed on an official stock exchange | 210 327.09 | 0.01 |
| Derivative instruments not listed on an official stock exchange and not traded on another regulated market |  |  |
| Credit default swaps* |  |  |
|  |  |  |
| USD	BC/BRAZIL CREDIT DEFAULT SWAP REC 1.00000% 12-20.06.22	650 000.00 | -2 226.51 | 0.00 |
| Total Credit default swaps | -2 226.51 | 0.00 |
| Total Derivative instruments not listed on an official stock exchange and not traded on another regulated market | -2 226.51 | 0.00 |
| Total Derivative instruments | 208 100.58 | 0.01 |
| Forward Foreign Exchange contracts |  |  |
| Forward Foreign Exchange contracts (Purchase/Sale) |  |  |

| USD | 5 879 616.58 | CNY | 41 710 000.00 | 17.9.2020 | -201 290.62 | -0.01 |
| --- | --- | --- | --- | --- | --- | --- |
| USD | 728 066.47 | CNY | 5 170 000.00 | 17.9.2020 | -25 668.61 | 0.00 |
| USD | 3 116 006.75 | BRL | 15 700 000.00 | 17.9.2020 | 255 473.40 | 0.02 |
| BRL | 15 700 000.00 | USD | 3 107 803.16 | 17.9.2020 | -247 269.81 | -0.02 |
| USD | 25 250 931.53 | EUR | 22 225 000.00 | 17.9.2020 | -1 337 703.97 | -0.08 |
| USD | 12 687 573.66 | HKD | 98 400 000.00 | 17.9.2020 | -7 223.47 | 0.00 |
| EUR | 5 310 000.00 | USD | 6 018 571.71 | 17.9.2020 | 333 988.67 | 0.02 |
| EUR | 1 575 000.00 | USD | 1 784 527.13 | 17.9.2020 | 99 706.88 | 0.01 |
| USD | 745 592.60 | HKD | 5 780 000.00 | 17.9.2020 | -97.72 | 0.00 |
| EUR | 2 455 000.00 | USD | 2 787 625.74 | 17.9.2020 | 149 386.64 | 0.01 |
| USD | 6 974 605.13 | TRY | 50 600 000.00 | 30.10.2020 | 244 778.91 | 0.01 |
| USD | 565 154.02 | HKD | 4 380 000.00 | 17.9.2020 | 80.73 | 0.00 |
| MXN | 77 400 000.00 | USD | 3 501 320.16 | 17.9.2020 | 28 672.47 | 0.00 |
| RUB | 255 000 000.00 | USD | 3 497 222.79 | 17.9.2020 | -59 481.88 | 0.00 |
| PLN | 13 200 000.00 | USD | 3 509 730.06 | 17.9.2020 | 88 737.40 | 0.01 |
| HUF | 1 040 000 000.00 | USD | 3 515 679.93 | 17.9.2020 | -11 352.13 | 0.00 |
| INR | 527 000 000.00 | USD | 7 004 718.55 | 17.9.2020 | 172 541.58 | 0.01 |
| EUR | 23 800 000.00 | USD | 28 092 315.72 | 17.9.2020 | 380 553.79 | 0.02 |
| RUB | 270 000 000.00 | USD | 3 652 103.34 | 17.9.2020 | -12 142.38 | 0.00 |
| ZAR | 63 700 000.00 | USD | 3 612 627.80 | 17.9.2020 | 140 545.06 | 0.01 |
| USD | 622 906.62 | TRY | 4 710 000.00 | 30.10.2020 | -3 525.82 | 0.00 |
| BRL | 19 800 000.00 | USD | 3 633 227.52 | 17.9.2020 | -25 675.90 | 0.00 |
| EUR | 81 991 200.00 | USD | 96 918 107.92 | 18.9.2020 | 1 173 412.34 | 0.07 |
| CHF | 51 125 100.00 | USD | 56 130 300.65 | 18.9.2020 | 673 115.81 | 0.04 |
| CHF | 7 300 000.00 | USD | 8 065 473.97 | 18.9.2020 | 45 315.84 | 0.00 |
| USD | 584 503.84 | HKD | 4 530 000.00 | 17.9.2020 | 78.73 | 0.00 |
| USD | 6 979 062.81 | RUB | 525 000 000.00 | 17.9.2020 | -98 639.06 | -0.01 |
| MXN | 10 700 000.00 | USD | 484 662.80 | 17.9.2020 | 3 333.60 | 0.00 |
| USD | 1 242 471.87 | HKD | 9 630 000.00 | 17.9.2020 | 84.71 | 0.00 |
| USD | 591 381.22 | TRY | 4 360 000.00 | 17.9.2020 | 1 297.30 | 0.00 |
| INR | 68 800 000.00 | USD | 915 831.37 | 17.9.2020 | 21 161.98 | 0.00 |
| USD | 1 146 073.90 | CNY | 7 940 000.00 | 17.9.2020 | -11 499.90 | 0.00 |
| CHF | 6 981 000.00 | USD | 7 662 230.53 | 18.9.2020 | 94 128.88 | 0.01 |
| USD | 3 746 122.51 | ZAR | 63 700 000.00 | 17.9.2020 | -7 050.35 | 0.00 |
| CHF | 911 900.00 | USD | 1 002 427.75 | 18.9.2020 | 10 754.34 | 0.00 |
| MXN | 86 900 000.00 | USD | 3 938 553.13 | 17.9.2020 | 24 707.33 | 0.00 |
| EUR | 2 135 000.00 | USD | 2 542 011.92 | 17.9.2020 | 12 171.96 | 0.00 |
| Total Forward Foreign Exchange contracts (Purchase/Sale) | 1 905 406.73 | 0.12 |
| Cash at banks, deposits on demand and deposit accounts and other liquid assets | 8 024 450.71** | 0.50 |
| Bank overdraft and other short-term liabilities | -378 557.14 | -0.02 |
| Other assets and liabilities | 24 365 147.25 | 1.52 |
| Total net assets | 1 599 818 185.60 | 100.00 |
| * Positive nominal: the subfund is “Receiver”, negative nominal: the subfund is “Payer”. ** As at 31 August 2020, cash amounts serve as collateral for the counterparty Citibank for an amount of USD 260 000.00. |  |  |

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

Translation (ENFR, 2020-08-31):
# UBS (Lux) Emerging Economies Fund – Global Bonds (USD)
| Comparaison sur trois ans |  |
| --- | --- |
|  | ISIN | 31.8.2020 | 31.8.2019 | 31.8.2018 |
| Actif net en USD |  | 1 599 818 185.60 | 1 640 619 585.31 | 1 218 347 549.52 |
| Catégorie F-acc | LU0426895057 |  |  |  |
| Parts en circulation |  | 82 316.0000 | 60 858.0000 | 40 729.0000 |
| Valeur nette d’inventaire par part en USD |  | 2 065.52 | 2 018.90 | 1 784.47 |
| Prix d’émission et de rachat par part en USD 1 |  | 2 065.52 | 2 018.90 | 1 784.47 |
| Catégorie (CHF hedged) F-dist 2 | LU0944429587 |  |  |  |
| Parts en circulation |  | 134 990.0000 | - | - |
| Valeur nette d’inventaire par part en CHF |  | 104.88 | - | - |
| Prix d’émission et de rachat par part en CHF 1 |  | 104.88 | - | - |
| Catégorie I-A1-acc | LU0426895305 |  |  |  |
| Parts en circulation |  | 308 599.7870 | 232 999.2250 | 121 816.0940 |
| Valeur nette d’inventaire par part en USD |  | 181.66 | 177.68 | 157.18 |
| Prix d’émission et de rachat par part en USD 1 |  | 181.66 | 177.68 | 157.18 |
| Catégorie I-B-acc | LU0426896022 |  |  |  |
| Parts en circulation |  | 93 850.8740 | 10 572.4500 | 50 085.0490 |
| Valeur nette d’inventaire par part en USD |  | 195.61 | 190.11 | 167.06 |
| Prix d’émission et de rachat par part en USD 1 |  | 195.61 | 190.11 | 167.06 |
| Catégorie (EUR hedged) I-B-acc 3 | LU2199275095 |  |  |  |
| Parts en circulation |  | 71 673.2450 | - | - |
| Valeur nette d’inventaire par part en EUR |  | 102.19 | - | - |
| Prix d’émission et de rachat par part en EUR 1 |  | 102.19 | - | - |
| Catégorie I-X-acc | LU0426896378 |  |  |  |
| Parts en circulation |  | 204 561.8900 | 236 297.5920 | 189 524.4090 |
| Valeur nette d’inventaire par part en USD |  | 197.02 | 191.34 | 168.04 |
| Prix d’émission et de rachat par part en USD 1 |  | 197.02 | 191.34 | 168.04 |
| Catégorie (CHF hedged) I-X-acc | LU0654573939 |  |  |  |
| Parts en circulation |  | 370 062.5660 | 349 499.1140 | 296 809.9430 |
| Valeur nette d’inventaire par part en CHF |  | 104.92 | 104.65 | 95.07 |
| Prix d’émission et de rachat par part en CHF 1 |  | 104.92 | 104.65 | 95.07 |
| Catégorie (EUR hedged) I-X-acc | LU0674194641 |  |  |  |
| Parts en circulation |  | 615 769.6930 | 758 680.5050 | 792 744.5030 |
| Valeur nette d’inventaire par part en EUR |  | 122.88 | 122.04 | 110.38 |
| Prix d’émission et de rachat par part en EUR 1 |  | 122.88 | 122.04 | 110.38 |
| Catégorie I-X-dist | LU0426896295 |  |  |  |
| Parts en circulation |  | 451 276.9330 | 552 311.9330 | 487 962.4520 |
| Valeur nette d’inventaire par part en USD |  | 78.68 | 80.71 | 75.41 |
| Prix d’émission et de rachat par part en USD 1 |  | 78.68 | 80.71 | 75.41 |
| Catégorie K-X-acc | LU1572324363 |  |  |  |
| Parts en circulation |  | 29 941.2400 | 29 941.2400 | 29 941.2400 |
| Valeur nette d’inventaire par part en USD |  | 120.37 | 116.95 | 102.75 |
| Prix d’émission et de rachat par part en USD 1 |  | 120.37 | 116.95 | 102.75 |
| Catégorie P-acc | LU0084219863 |  |  |  |
| Parts en circulation |  | 42 794.9720 | 51 152.9350 | 63 090.8190 |
| Valeur nette d’inventaire par part en USD |  | 1 893.30 | 1 872.78 | 1 675.24 |
| Prix d’émission et de rachat par part en USD 1 |  | 1 893.30 | 1 872.78 | 1 675.24 |
| Catégorie (CHF hedged) P-acc | LU0776291576 |  |  |  |
| Parts en circulation |  | 5 809.6350 | 7 415.8030 | 17 231.5170 |
| Valeur nette d’inventaire par part en CHF |  | 98.04 | 99.52 | 92.07 |
| Prix d’émission et de rachat par part en CHF 1 |  | 98.04 | 99.52 | 92.07 |
| Catégorie (EUR hedged) P-acc | LU0776291659 |  |  |  |
| Parts en circulation |  | 7 883.6040 | 5 950.9990 | 9 573.3320 |
| Valeur nette d’inventaire par part en EUR |  | 101.50 | 102.73 | 94.64 |
| Prix d’émission et de rachat par part en EUR 1 |  | 101.50 | 102.73 | 94.64 |
| Catégorie (CHF hedged) P-dist | LU0505553213 |  |  |  |
| Parts en circulation |  | 87 869.5950 | 108 756.2940 | 134 978.8130 |
| Valeur nette d’inventaire par part en CHF |  | 70.77 | 74.71 | 72.13 |
| Prix d’émission et de rachat par part en CHF 1 |  | 70.77 | 74.71 | 72.13 |
| Catégorie P-mdist | LU0281209311 |  |  |  |
| Parts en circulation |  | 1 393 241.9980 | 1 716 180.3330 | 1 873 645.2320 |
| Valeur nette d’inventaire par part en USD |  | 59.83 | 63.32 | 60.68 |
| Prix d’émission et de rachat par part en USD 1 |  | 59.83 | 63.32 | 60.68 |
| Catégorie Q-acc | LU0358455698 |  |  |  |
| Parts en circulation |  | 297 397.2710 | 349 165.9590 | 238 122.8750 |
| Valeur nette d’inventaire par part en USD |  | 116.89 | 114.68 | 101.75 |
| Prix d’émission et de rachat par part en USD 1 |  | 116.89 | 114.68 | 101.75 |

UBS (Lux) Emerging Economies Fund – Global Bonds (USD) Rapport annuel et états financiers révisés au 31 août 2020
|  | ISIN | 31.8.2020 |  | 31.8.2019 | 31.8.2018 |
| --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |
| Catégorie Q-dist | LU0426895131 |  |  |  |  |
| Parts en circulation |  | 12 325.3640 |  | 10 831.3090 | 5 921.4010 |
| Valeur nette d’inventaire par part en USD |  | 88.53 |  | 90.85 | 84.83 |
| Prix d’émission et de rachat par part en USD 1 |  | 88.53 |  | 90.85 | 84.83 |
| Catégorie (CHF hedged) Q-dist | LU1240777703 |  |  |  |  |
| Parts en circulation |  | 81 488.4380 |  | 85 895.4910 | 79 103.8080 |
| Valeur nette d’inventaire par part en CHF |  | 92.68 |  | 97.82 | 94.51 |
| Prix d’émission et de rachat par part en CHF 1 |  | 92.68 |  | 97.82 | 94.51 |
| Catégorie U-X-acc | LU0426896535 |  |  |  |  |
| Parts en circulation |  | 62 047.0000 |  | 69 770.0000 | 54 216.0000 |
| Valeur nette d’inventaire par part en USD |  | 14 067.82 |  | 13 668.66 | 12 004.60 |
| Prix d’émission et de rachat par part en USD 1 |  | 14 067.82 |  | 13 668.66 | 12 004.60 |
| Catégorie U-X-UKdist-mdist 4 | LU1896727648 |  |  |  |  |
| Parts en circulation |  | 2 718.1840 |  | 2 358.1840 | - |
| Valeur nette d’inventaire par part en USD |  | 10 259.70 |  | 10 534.72 | - |
| Prix d’émission et de rachat par part en USD 1 |  | 10 259.70 |  | 10 534.72 | - |
| 1  Voir note 1 2  Première VNI 5.6.2020 3  Première VNI 16.7.2020 4  Première VNI 21.2.2019 |  |  |  |  |  |
| Performance |  |  |  |  |  |
|  |  | Devise | 2019/2020 | 2018/2019 | 2017/2018 |
| Catégorie F-acc |  | USD | 2.3% | 13.1% | -4.3% |
| Catégorie (CHF hedged) F-dist 1 |  | CHF | - | - | - |
| Catégorie I-A1-acc |  | USD | 2.2% | 13.0% | -4.4% |
| Catégorie I-B-acc |  | USD | 2.9% | 13.8% | -3.8% |
| Catégorie (EUR hedged) I-B-acc 1 |  | EUR | - | - | - |
| Catégorie I-X-acc |  | USD | 3.0% | 13.9% | -3.7% |
| Catégorie (CHF hedged) I-X-acc |  | CHF | 0.3% | 10.1% | -6.5% |
| Catégorie (EUR hedged) I-X-acc |  | EUR | 0.7% | 10.6% | -6.1% |
| Catégorie I-X-dist |  | USD | 3.0% | 13.9% | -3.7% |
| Catégorie K-X-acc |  | USD | 2.9% | 13.8% | -3.8% |
| Catégorie P-acc |  | USD | 1.1% | 11.8% | -5.5% |
| Catégorie (CHF hedged) P-acc |  | CHF | -1.5% | 8.1% | -8.2% |
| Catégorie (EUR hedged) P-acc |  | EUR | -1.2% | 8.5% | -7.8% |
| Catégorie (CHF hedged) P-dist |  | CHF | -1.6% | 8.1% | -8.2% |
| Catégorie P-mdist |  | USD | 1.1% | 11.8% | -5.5% |
| Catégorie Q-acc |  | USD | 1.9% | 12.7% | -4.7% |
| Catégorie Q-dist |  | USD | 1.9% | 12.7% | -4.7% |
| Catégorie (CHF hedged) Q-dist |  | CHF | -0.8% | 9.0% | -7.4% |
| Catégorie U-X-acc |  | USD | 2.9% | 13.9% | -3.7% |
| Catégorie U-X-UKdist-mdist |  | USD | 3.0% | - | - |
| 1  Aucune donnée n’est disponible pour calculer la performance du | fonds vu son lancement récent. |  |  |  |  |

La performance historique n’est pas un indicateur de la performance actuelle ou future.
Les données de performance ne tiennent pas compte des commissions et des frais prélevés lors de l’émission et du rachat des parts. Les données de performance ne sont pas auditées.
Le compartiment n’a pas d’indice de référence.
UBS (Lux) Emerging Economies Fund – Global Bonds (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 bons du Trésor amé- ricain ont diminué, en particulier au cours de la seconde moitié de la période, les inquiétudes concernant un ra- lentissement de la croissance mondiale provoqué par la pandémie de Covid-19 ayant poussé les investisseurs à chercher refuge dans des actifs sûrs. La Fed a abaissé son taux d’intérêt de référence à 0%-0.25% moyennant une série de coupes agressives en mars alors que l’épidémie du virus faisait des ravages dans l’économie américaine. Les écarts de taux des marchés émergents se sont resser- rés au cours du premier semestre de l’exercice avant de se creuser de façon spectaculaire alors que la pandémie de coronavirus ravageait les économies en développe- ment et de se rétrécir à nouveau lorsque les décideurs politiques ont injecté les stimulants indispensables dans leurs économies.
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) P-acc, (CHF hedged) P-dist, (CHF hedged) Q-dist et (EUR hedged) P-acc. La baisse des rendements des bons du Trésor américain a constitué un important moteur de performance au cours de l’exercice. La valeur ajustée en options du comparti- ment a constamment progressé au cours de l’exercice, à l’image de l’évolution du marché. Le compartiment a adopté une stratégie diversifiée en investissant dans divers initiateurs et pays des marchés émergents. Les contributions ont notamment correspondu à des inves- tissements dans des initiateurs en Indonésie, en Turquie et en Ukraine.
UBS (Lux) Emerging Economies Fund – Global Bonds (USD) Rapport annuel et états financiers révisés au 31 août 2020

### Structure du portefeuille-titres
Répartition géographique en % de l’actif net	
Indonésie	5.66
Mexique	4.90
Irlande	4.45
Malaisie	3.43
Brésil	3.26
Pérou	3.21
Ukraine	3.15
Afrique du Sud	3.11
Egypte	3.01
Philippines	2.88
Qatar	2.79
Chili	2.71
Colombie	2.70
Kazakhstan	2.37
Panama	2.26
Argentine	2.18
Fédération russe (CEI)	2.16
Arabie saoudite	2.13
Iles Caïmans	2.06
Uruguay	1.97
Nigéria	1.83
Turquie	1.83
Hong Kong	1.80
Bahreïn	1.74
Emirats arabes unis	1.71
Grande-Bretagne	1.67
République dominicaine	1.65
Hongrie	1.49
Angola	1.41
Oman	1.39
Inde	1.35
Iles Vierges britanniques	1.19
Roumanie	1.11
Ghana	1.10
Equateur	1.05
Mongolie	0.99
Sri Lanka	0.94
Azerbaïdjan	0.94
El Salvador	0.83
Croatie	0.81
Kenya	0.73
Trinité-et-Tobago	0.71
Paraguay	0.69
Jamaïque	0.66
Costa Rica	0.62
Pakistan	0.59
Guatemala	0.59
Iraq	0.58
Pays-Bas	0.54
Chine	0.51
Jordanie	0.46
Liban	0.43
Israël	0.39
Biélorussie	0.35
Gabon	0.34
Zambie	0.22
Côte d’Ivoire	0.20
Arménie	0.20
Vietnam	0.20
Grèce	0.20
Ethiopie	0.18
Honduras	0.18
Maroc	0.17
Serbie	0.16
Venezuela	0.15
Etats-Unis	0.14
Luxembourg	0.14
Mozambique	0.11
Sénégal	0.10
Bermudes	0.06
Suriname	0.05
Répartition économique en % de l’actif net	
Gouvernements nationaux et centraux	58.82
Etablissements financiers et sociétés de participation	10.46
Pétrole	8.14
Fonds de placement	4.04
Distribution d’énergie & d’eau	3.08
Trafic et transport	2.32
Banques & instituts de crédit	2.20
Chimie	1.83
Industrie minière, charbon et acier	1.28
Emetteurs d’obligations sécurisées (Pfandbriefe) et
sociétés de refinancement	1.12
Métaux non ferreux	1.06
Cantons, Etats fédéraux	0.99
Services divers	0.95
Diverses sociétés non classées	0.68
Industrie aéronautique et spatiale	0.44
Immobilier	0.20
Organisations supranationales	0.20
Télécommunications	0.06
Total	97.87
Total	97.87
UBS (Lux) Emerging Economies Fund – Global Bonds (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	1 549 219 529.19
Portefeuille-titres, plus-/(moins)-value non réalisée		16 474 108.28	
Total du Portefeuille-titres (note 1)	1 565 693 637.47
Avoirs en banque, dépôts à vue et à terme	6 894 652.03*
Autres liquidités (marges)	1 129 798.68
Créances sur souscriptions	500 203.58
Intérêts à recevoir sur titres	24 528 050.26
Intérêts à recevoir sur liquidités	14 174.23
Créances sur dividendes	5 955.30
Intérêts à recevoir sur swaps	1 263.89
Bénéfice/(perte) non réalisé(e) sur contrats financiers à terme (note 1)	210 327.09
Bénéfice/(perte) non réalisé(e) sur contrats de change à terme (note 1)	1 905 406.73
Total de l’Actif	1 600 881 242.75
Passif
Bénéfice/(perte) non réalisé(e) sur swaps (note 1)	-2 226.51
Crédit en compte courant	-378 557.14
Intérêts à payer sur crédit en compte courant	-472.77
Engagements sur rachats	-178 369.57
Provisions pour commission de gestion forfaitaire (note 2)	-224 745.39
Provisions pour taxe d’abonnement (note 3)	-41 827.85
Provisions pour autres commissions et frais (note 2)		-239 084.43		 Total des Provisions pour frais			-505 657.67
Total du Passif	-1 063 057.15
Actif net à la fin de l’exercice	1 599 818 185.60

### Etat des opérations
Revenus	1.9.2019-31.8.2020
USD
Revenus d’intérêts sur liquidités	286 116.05
Intérêts sur titres	75 925 270.30
Revenus d’intérêts sur swaps (note 1)	1 302 065.29
Dividendes	1 017 782.05
Revenus sur prêts de titres	720 010.02
Total des Revenus	82 949 265.62
Charges
Autres revenus (note 1)	3 698 021.91
Charges d’intérêts sur swaps (note 1)	-512 941.94
Commission de gestion forfaitaire (note 2)	-5 210 975.99
Taxe d’abonnement (note 3)	-231 986.76
Frais sur prêts de titres	-288 004.01
Autres commissions et frais (note 2)	-207 855.07
Revenus/pertes net(te)s de placements	76 480 600.50
Total des Charges	-6 468 665.12
Charges d’intérêts sur liquidités et crédit en compte courant	-16 901.35
Bénéfices/(pertes) réalisé(e)s (note 1)
Bénéfice/(perte) réalisé(e) sur titres évalués à la valeur de marché hors options	22 347 667.81
Bénéfice/perte réalisé(e) sur options	661 320.00
Bénéfice/(perte) réalisé(e) sur instruments du marché monétaire et titres évalués en fonction des rendements	-1 323 016.29
Bénéfice/perte réalisé(e) sur contrats financiers à terme	-1 509 910.81
Bénéfice/(perte) réalisé(e) sur contrats de change à terme	2 950 033.23
Bénéfice/(perte) réalisé(e) sur swaps	-3 092 821.74
Total des Bénéfices/(pertes) réalisé(e)s	22 982 861.77
Bénéfice/(perte) net(te) réalisé(e) au cours de l’exercice	99 463 462.27
Fluctuations de la plus-/(moins)-value non réalisée (note 1)
Bénéfice/(perte) de change réalisé(e)	2 949 589.57
Plus-/(moins)-value non réalisée sur titres évalués à la valeur de marché hors options	-42 323 421.19
Plus-/(moins)-value non réalisée sur instruments du marché monétaire et titres évalués en fonction des rendements	-388 487.71
Plus-/(moins)-value non réalisée sur contrats financiers à terme	302 427.72
Plus-/(moins)-value non réalisée sur contrats de change à terme	2 738 457.22
Total des Fluctuations de la plus-/(moins)-value non réalisée	-39 675 166.02
Augmentation/(diminution) nette de l’actif net issue de l’activité	59 788 296.25
Plus-/(moins)-value non réalisée sur swaps	-4 142.06
* Au 31 août 2020, des avoirs en banque ont été utilisés à titre de garanties à hauteur de 260 000.00 USD en faveur de Citibank.
UBS (Lux) Emerging Economies Fund – Global Bonds (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 | 1 640 619 585.31 |
| Souscriptions | 572 394 748.34 |
| Rachats | 	-662 389 985.30	 |
| Total des Entrées/(sorties) de capitaux | -89 995 236.96 |
| Dividendes versés | -10 594 459.00 |
| Revenus/pertes net(te)s de placements | 76 480 600.50 |
| Total des Bénéfices/(pertes) réalisé(e)s | 22 982 861.77 |
| Total des Fluctuations de la plus-/(moins)-value non réalisée | 	-39 675 166.02	 |
| Augmentation/(diminution) nette de l’actif net issue de l’activité | 59 788 296.25 |
| Actif net à la fin de l’exercice | 1 599 818 185.60 |
| Evolution des parts en circulation |  |
|  | 1.9.2019-31.8.2020 |
| Catégorie | F-acc |
| Nombre de parts en circulation au début de l’exercice | 60 858.0000 |
| Nombre de parts émises | 44 649.0000 |
| Nombre de parts rachetées | -23 191.0000 |
| Nombre de parts en circulation à la fin de l’exercice | 82 316.0000 |
| Catégorie | (CHF hedged) F-dist |
| Nombre de parts en circulation au début de l’exercice | 0.0000 |
| Nombre de parts émises | 134 990.0000 |
| Nombre de parts rachetées | 0.0000 |
| Nombre de parts en circulation à la fin de l’exercice | 134 990.0000 |
| Catégorie | I-A1-acc |
| Nombre de parts en circulation au début de l’exercice | 232 999.2250 |
| Nombre de parts émises | 265 976.3720 |
| Nombre de parts rachetées | -190 375.8100 |
| Nombre de parts en circulation à la fin de l’exercice | 308 599.7870 |
| Catégorie | I-B-acc |
| Nombre de parts en circulation au début de l’exercice | 10 572.4500 |
| Nombre de parts émises | 91 726.0000 |
| Nombre de parts rachetées | -8 447.5760 |
| Nombre de parts en circulation à la fin de l’exercice | 93 850.8740 |
| Catégorie | (EUR hedged) I-B-acc |
| Nombre de parts en circulation au début de l’exercice | 0.0000 |
| Nombre de parts émises | 71 673.2450 |
| Nombre de parts rachetées | 0.0000 |
| Nombre de parts en circulation à la fin de l’exercice | 71 673.2450 |
| Catégorie | I-X-acc |
| Nombre de parts en circulation au début de l’exercice | 236 297.5920 |
| Nombre de parts émises | 5 662.1310 |
| Nombre de parts rachetées | -37 397.8330 |
| Nombre de parts en circulation à la fin de l’exercice | 204 561.8900 |
| Catégorie | (CHF hedged) I-X-acc |
| Nombre de parts en circulation au début de l’exercice | 349 499.1140 |
| Nombre de parts émises | 104 335.3380 |
| Nombre de parts rachetées | -83 771.8860 |
| Nombre de parts en circulation à la fin de l’exercice | 370 062.5660 |
| Catégorie | (EUR hedged) I-X-acc |
| Nombre de parts en circulation au début de l’exercice | 758 680.5050 |
| Nombre de parts émises | 62 265.3730 |
| Nombre de parts rachetées | -205 176.1850 |
| Nombre de parts en circulation à la fin de l’exercice | 615 769.6930 |
| Catégorie | I-X-dist |
| Nombre de parts en circulation au début de l’exercice | 552 311.9330 |
| Nombre de parts émises | 151 025.0000 |
| Nombre de parts rachetées | -252 060.0000 |
| Nombre de parts en circulation à la fin de l’exercice | 451 276.9330 |
| Catégorie | K-X-acc |
| Nombre de parts en circulation au début de l’exercice | 29 941.2400 |
| Nombre de parts émises | 0.0000 |
| Nombre de parts rachetées | 0.0000 |
| Nombre de parts en circulation à la fin de l’exercice | 29 941.2400 |
| Catégorie | P-acc |
| Nombre de parts en circulation au début de l’exercice | 51 152.9350 |
| Nombre de parts émises | 7 883.0540 |
| Nombre de parts rachetées | -16 241.0170 |
| Nombre de parts en circulation à la fin de l’exercice | 42 794.9720 |
| Catégorie | (CHF hedged) P-acc |
| Nombre de parts en circulation au début de l’exercice | 7 415.8030 |
| Nombre de parts émises | 456.6510 |
| Nombre de parts rachetées | -2 062.8190 |
| Nombre de parts en circulation à la fin de l’exercice | 5 809.6350 |

UBS (Lux) Emerging Economies Fund – Global Bonds (USD) Rapport annuel et états financiers révisés au 31 août 2020
| Catégorie |  |  | (EUR hedged) P-acc |
| --- | --- | --- | --- |
| Nombre de parts en circulation au début de l’exercice |  |  | 5 950.9990 |
| Nombre de parts émises |  |  | 4 148.8130 |
| Nombre de parts rachetées |  |  | -2 216.2080 |
| Nombre de parts en circulation à la fin de l’exercice |  |  | 7 883.6040 |
| Catégorie |  |  | (CHF hedged) P-dist |
| Nombre de parts en circulation au début de l’exercice |  |  | 108 756.2940 |
| Nombre de parts émises |  |  | 3 230.6170 |
| Nombre de parts rachetées |  |  | -24 117.3160 |
| Nombre de parts en circulation à la fin de l’exercice |  |  | 87 869.5950 |
| Catégorie |  |  | P-mdist |
| Nombre de parts en circulation au début de l’exercice |  |  | 1 716 180.3330 |
| Nombre de parts émises |  |  | 280 715.8990 |
| Nombre de parts rachetées |  |  | -603 654.2340 |
| Nombre de parts en circulation à la fin de l’exercice |  |  | 1 393 241.9980 |
| Catégorie |  |  | Q-acc |
| Nombre de parts en circulation au début de l’exercice |  |  | 349 165.9590 |
| Nombre de parts émises |  |  | 99 494.0190 |
| Nombre de parts rachetées |  |  | -151 262.7070 |
| Nombre de parts en circulation à la fin de l’exercice |  |  | 297 397.2710 |
| Catégorie |  |  | Q-dist |
| Nombre de parts en circulation au début de l’exercice |  |  | 10 831.3090 |
| Nombre de parts émises |  |  | 2 519.0550 |
| Nombre de parts rachetées |  |  | -1 025.0000 |
| Nombre de parts en circulation à la fin de l’exercice |  |  | 12 325.3640 |
| Catégorie |  |  | (CHF hedged) Q-dist |
| Nombre de parts en circulation au début de l’exercice |  |  | 85 895.4910 |
| Nombre de parts émises |  |  | 8 315.8850 |
| Nombre de parts rachetées |  |  | -12 722.9380 |
| Nombre de parts en circulation à la fin de l’exercice |  |  | 81 488.4380 |
| Catégorie |  |  | U-X-acc |
| Nombre de parts en circulation au début de l’exercice |  |  | 69 770.0000 |
| Nombre de parts émises |  |  | 23 647.0000 |
| Nombre de parts rachetées |  |  | -31 370.0000 |
| Nombre de parts en circulation à la fin de l’exercice |  |  | 62 047.0000 |
| Catégorie |  |  | U-X-UKdist-mdist |
| Nombre de parts en circulation au début de l’exercice |  |  | 2 358.1840 |
| Nombre de parts émises |  |  | 1 266.0000 |
| Nombre de parts rachetées |  |  | -906.0000 |
| Nombre de parts en circulation à la fin de l’exercice |  |  | 2 718.1840 |
| Distribution annuelle 1 |  |  |  |
| UBS (Lux) Emerging Economies Fund		Date de – Global Bonds (USD)	détachement | Date de versement | Devise | Montant par part |
| I-X-dist	4.11.2019 | 7.11.2019 | USD | 4.30 |
| (CHF hedged) P-dist	4.11.2019 | 7.11.2019 | CHF | 2.76 |
| Q-dist	4.11.2019 | 7.11.2019 | USD | 3.99 |
| (CHF hedged) Q-dist	4.11.2019 | 7.11.2019 | CHF | 4.36 |
| Distribution mensuelle 1 |  |  |  |
| UBS (Lux) Emerging Economies Fund		Date de – Global Bonds (USD)	détachement | Date de versement | Devise | Montant par part |
| P-mdist	16.9.2019 | 19.9.2019 | USD | 0.35 |
| P-mdist	15.10.2019 | 18.10.2019 | USD | 0.35 |
| P-mdist	15.11.2019 | 20.11.2019 | USD | 0.35 |
| P-mdist	16.12.2019 | 19.12.2019 | USD | 0.35 |
| P-mdist	15.1.2020 | 21.1.2020 | USD | 0.35 |
| P-mdist	17.2.2020 | 20.2.2020 | USD | 0.35 |
| P-mdist	16.3.2020 | 19.3.2020 | USD | 0.35 |
| P-mdist	15.4.2020 | 20.4.2020 | USD | 0.30 |
| P-mdist	15.5.2020 | 20.5.2020 | USD | 0.32 |
| P-mdist	15.6.2020 | 18.6.2020 | USD | 0.32 |
| P-mdist	15.7.2020 | 20.7.2020 | USD | 0.32 |
| P-mdist	17.8.2020 | 20.8.2020 | USD | 0.30 |
| U-X-UKdist-mdist	16.9.2019 | 19.9.2019 | USD | 45.31 |
| U-X-UKdist-mdist	15.10.2019 | 18.10.2019 | USD | 37.15 |
| U-X-UKdist-mdist	15.11.2019 | 20.11.2019 | USD | 49.14 |
| U-X-UKdist-mdist	16.12.2019 | 19.12.2019 | USD | 56.85 |
| U-X-UKdist-mdist	15.1.2020 | 21.1.2020 | USD | 45.86 |
| U-X-UKdist-mdist	17.2.2020 | 20.2.2020 | USD | 50.53 |
| U-X-UKdist-mdist	16.3.2020 | 19.3.2020 | USD | 44.88 |
| U-X-UKdist-mdist	15.4.2020 | 20.4.2020 | USD | 51.64 |
| U-X-UKdist-mdist	15.5.2020 | 20.5.2020 | USD | 47.56 |
| U-X-UKdist-mdist	15.6.2020 | 18.6.2020 | USD | 37.37 |
| U-X-UKdist-mdist	15.7.2020 | 20.7.2020 | USD | 46.63 |
| U-X-UKdist-mdist	17.8.2020 | 20.8.2020 | USD | 43.98 |
| 1  Voir note 4 |  |  |  |

UBS (Lux) Emerging Economies Fund – Global Bonds (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 Billets, taux fixe |  |  |  |
| EUR |  |  |  |
| EUR	SERBIA INTERNATIONAL BOND-REG-S 3.12500% 20-15.05.27 | 2 000 000.00 | 2 559 333.00 | 0.16 |
| EUR	UKRAINE, GOVERNMENT OF-REG-S 4.37500% 20-27.01.30 | 10 100 000.00 | 10 414 444.72 | 0.65 |
| EUR	UKRAINE, GOVERNMENT OF-REG-S 6.75000% 19-20.06.26 | 2 700 000.00 | 3 266 199.24 | 0.20 |
| Total EUR |  | 16 239 976.96 | 1.01 |
| USD |  |  |  |
| USD	ADANI PORTS & SPECIAL ECO ZONE-REG-S 4.20000% 20-04.08.27 | 4 790 000.00 | 4 849 875.00 | 0.30 |
| USD	AEROPUERTO INTERNACIONAL DE TOCU-REG-S 5.37500% 16-11.05.36 | 2 150 000.00 | 2 390 531.25 | 0.15 |
| USD	AEROPUERTO INTERNACIONAL DE TOCU-REG-S 6.00000% 18-18.11.48 | 4 250 000.00 | 4 715 157.82 | 0.29 |
| USD	AES PANAMA GENERATION HOLDING SRL-REG-S 4.37500% 20-31.05.30 | 1 560 000.00 | 1 623 258.00 | 0.10 |
| USD	ARGENTINA, REPUBLIC OF 7.12500% 18-28.06.117 | 2 460 000.00 | 1 058 568.75 | 0.07 |
| USD	ARGENTINA, REPUBLIC OF 4.62500% 18-11.01.23 | 13 200 000.00 | 6 047 250.00 | 0.38 |
| USD	ARGENTINA, REPUBLIC OF 5.87500% 18-11.01.28 | 16 000 000.00 | 7 000 000.00 | 0.44 |
| USD	ARGENTINA, REPUBLIC OF 6.87500% 18-11.01.48 | 20 505 000.00 | 8 695 401.56 | 0.54 |
| USD	BELARUS INTERNATIONAL BOND-REG-S 7.62500% 17-29.06.27 | 2 350 000.00 | 2 330 025.00 | 0.15 |
| USD	BLACK SEA TRADE & DEVELOPMT BK-REG-S 3.50000% 19-25.06.24 | 3 000 000.00 | 3 155 088.00 | 0.20 |
| USD	BRAZIL LOAN TRUST 1-REG-S 5.47700% 13-24.07.23 | 5 000 000.00 | 2 207 817.62 | 0.14 |
| USD	BRAZIL, FEDERAL REPUBLIC OF 3.87500% 20-12.06.30 | 14 050 000.00 | 14 422 325.00 | 0.90 |
| USD	BRAZIL, FEDERATIVE REPUBLIC OF 4.75000% 19-14.01.50 | 7 960 000.00 | 7 987 362.50 | 0.50 |
| USD	CENTRAIS ELETRICAS BRASILEIRAS SA-REG-S 3.62500% 20-04.02.25 | 3 390 000.00 | 3 397 415.62 | 0.21 |
| USD	CENTRAIS ELETRICAS BRASILEIRAS SA-REG-S 4.62500% 20-04.02.30 | 4 845 000.00 | 4 899 506.25 | 0.31 |
| USD	CHILE, REPUBLIC OF 2.55000% 20-27.01.32 | 3 745 000.00 | 3 962 678.12 | 0.25 |
| USD	CNAC HK FINBRIDGE CO LTD-REG-S 5.12500% 18-14.03.28 | 6 200 000.00 | 7 331 500.00 | 0.46 |
| USD	CNAC HK FINBRIDGE CO LTD-REG-S 3.87500% 19-19.06.29 | 5 200 000.00 | 5 759 000.00 | 0.36 |
| USD	COLOMBIA, REPUBLIC OF 3.12500% 20-15.04.31 | 12 200 000.00 | 12 608 700.00 | 0.79 |
| USD	COLOMBIA, REPUBLIC OF 4.12500% 20-15.05.51 | 3 800 000.00 | 4 066 000.00 | 0.25 |
| USD	CORP FINANCIERA DE DESARROLLO SA-REG-S 4.75000% 15-15.07.25 | 3 945 000.00 | 4 433 193.75 | 0.28 |
| USD	CORP NACIONAL DEL COBRE DE CHILE-REG-S 4.25000% 12-17.07.42 | 950 000.00 | 1 081 515.62 | 0.07 |
| USD	CORP NACIONAL DEL COBRE DE CHILE-REG-S 4.37500% 19-05.02.49 | 5 150 000.00 | 6 146 203.13 | 0.38 |
| USD	COSTA RICA, REPUBLIC OF-REG-S 7.00000% 14-04.04.44 | 4 615 000.00 | 4 240 031.25 | 0.27 |
| USD	COSTA RICA, REPUBLIC OF-REG-S 7.15800% 15-12.03.45 | 3 900 000.00 | 3 618 468.75 | 0.23 |
| USD	COSTA RICA, REPUBLIC OF-REG-S 6.12500% 19-19.02.31 | 2 250 000.00 | 2 098 125.00 | 0.13 |
| USD	DEV BK OF THE REPUBLIC OF BELARUS-REG-S 6.75000% 19-02.05.24 | 1 700 000.00 | 1 598 000.00 | 0.10 |
| USD	DEVELOPMENT BANK OF KAZAKHSTAN-REG-S 4.12500% 12-10.12.22 | 5 110 000.00 | 5 392 646.87 | 0.34 |
| USD	DOMINICAN REPUBLIC-REG-S 6.85000% 15-27.01.45 | 12 600 000.00 | 13 356 000.00 | 0.83 |
| USD	DOMINICAN REPUBLIC-REG-S 6.00000% 18-19.07.28 | 4 600 000.00 | 4 943 562.50 | 0.31 |
| USD	DOMINICAN REPUBLIC-REG-S 5.87500% 20-30.01.60 | 8 500 000.00 | 8 122 812.50 | 0.51 |
| USD	DUBAI, GOVERNMENT OF-REG-S 5.25000% 13-30.01.43 | 4 300 000.00 | 4 979 937.50 | 0.31 |
| USD	ECOPETROL SA 6.87500% 20-29.04.30 | 3 500 000.00 | 4 218 165.00 | 0.26 |
| USD	ECUADOR, REPUBLIC OF-REG-S 9.65000% 16-13.12.26 | 4 820 000.00 | 2 450 873.60 | 0.15 |
| USD	ECUADOR, REPUBLIC OF-REG-S 8.87500% 17-23.10.27 | 11 000 000.00 | 5 601 310.00 | 0.35 |
| USD	ECUADOR, REPUBLIC OF-REG-S 10.75000% 19-31.01.29 | 17 150 000.00 | 8 716 144.50 | 0.54 |
| USD	EGYPT, REPUBLIC OF-REG-S 5.57700% 18-21.02.23 | 5 105 000.00 | 5 272 852.40 | 0.33 |
| USD	EGYPT, REPUBLIC OF-REG-S 5.75000% 20-29.05.24 | 5 950 000.00 | 6 132 218.75 | 0.38 |
| USD	EGYPT, REPUBLIC OF-REG-S 7.62500% 20-29.05.32 | 3 400 000.00 | 3 459 500.00 | 0.22 |
| USD	EGYPT, REPUBLIC OF-REG-S 8.87500% 20-29.05.50 | 5 600 000.00 | 5 811 750.00 | 0.36 |
| USD	EL SALVADOR, REPUBLIC OF-REG-S 8.62500% 17-28.02.29 | 6 997 000.00 | 7 167 551.87 | 0.45 |
| USD	EL SALVADOR, REPUBLIC OF-REG-S 8.25000% 02-10.04.32 | 3 825 000.00 | 3 732 960.94 | 0.23 |
| USD	EMPRESA DE L FERROCARRILE DEL EST-REG-S 3.06800% 20-18.08.50 | 4 200 000.00 | 4 210 500.00 | 0.26 |
| USD	EMPRESA DE TRANSMISION ELECTRICA-REG-S 5.12500% 19-02.05.49 | 1 700 000.00 | 2 000 156.25 | 0.13 |
| USD	EMPRESA DE TRANSPORTE DE PASA MET-REG-S 3.65000% 20-07.05.30 | 2 900 000.00 | 3 222 625.00 | 0.20 |
| USD	EMPRESA DE TRANSPORTE DE PASA MET-REG-S 4.70000% 20-07.05.50 | 4 150 000.00 | 5 166 750.00 | 0.32 |
| USD	EMPRESA NACIONAL DEL PETROLEO-REG-S 4.37500% 14-30.10.24 | 2 500 000.00 | 2 715 625.00 | 0.17 |
| USD	EMPRESA NACIONAL DEL PETROLEO-REG-S 4.50000% 17-14.09.47 | 2 850 000.00 | 3 137 671.88 | 0.20 |
| USD	EMPRESA NACIONAL DEL PETROLEO-REG-S 5.25000% 18-06.11.29 | 4 750 000.00 | 5 547 109.38 | 0.35 |
| USD	ESKOM HOLDINGS SOC LTD-144A 7.12500% 15-11.02.25 | 1 330 000.00 | 1 250 200.00 | 0.08 |
| USD	ESKOM HOLDINGS SOC LTD-REG-S 6.75000% 13-06.08.23 | 4 700 000.00 | 4 482 625.00 | 0.28 |
| USD	ESKOM HOLDINGS SOC LTD-REG-S 7.12500% 15-11.02.25 | 3 470 000.00 | 3 261 800.00 | 0.20 |
| USD	EXPORT-IMPORT BANK OF INDIA-REG-S 3.87500% 18-01.02.28 | 3 600 000.00 | 3 825 000.00 | 0.24 |
| USD	GABON, REPUBLIC OF-REG-S 6.62500% 20-06.02.31 | 2 300 000.00 | 2 213 031.25 | 0.14 |
| USD	GHANA GOVT INTNL BOND-REG-S 7.62500% 18-16.05.29 | 4 125 000.00 | 3 931 640.63 | 0.25 |
| USD	GTLK EUROPE CAPITAL DAC-REG-S 4.65000% 20-10.03.27 | 8 735 000.00 | 8 767 756.25 | 0.55 |
| USD	GUATEMALA, REPUBLIC OF-REG-S 4.50000% 16-03.05.26 | 2 750 000.00 | 2 978 593.75 | 0.19 |
| USD	HONDURAS, REPUBLIC OF-REG-S 5.62500% 20-24.06.30 | 2 600 000.00 | 2 842 937.50 | 0.18 |
| USD	HUNGARY, REPUBLIC OF 7.62500% 11-29.03.41 | 2 692 000.00 | 4 767 316.64 | 0.30 |
| USD	HUNGARY, REPUBLIC OF 5.75000% 13-22.11.23 | 3 150 000.00 | 3 613 640.63 | 0.23 |
| USD	HUNGARY, REPUBLIC OF 5.37500% 14-25.03.24 | 13 464 000.00 | 15 470 977.50 | 0.97 |
| USD	INDONESIA ASAHAN ALUMINIUM TBK PT-REG-S 4.75000% 20-15.05.25 | 4 560 000.00 | 5 027 400.00 | 0.31 |
| USD	INDONESIA ASAHAN ALUMINIUM TBK PT-REG-S 5.45000% 20-15.05.30 | 7 590 000.00 | 8 937 224.99 | 0.56 |
| USD	INDONESIA ASAHAN ALUMINIUM TBK PT-REG-S 5.80000% 20-15.05.50 | 2 400 000.00 | 2 934 000.00 | 0.18 |
| USD	INDONESIA, REPUBLIC OF 2.85000% 20-14.02.30 | 5 650 000.00 | 5 960 750.00 | 0.37 |
| USD	INDONESIA, REPUBLIC OF-REG-S 7.75000% 08-17.01.38 | 2 705 000.00 | 4 267 137.50 | 0.27 |
| USD	JAMAICA, GOVERNMENT OF 7.87500% 15-28.07.45 | 2 255 000.00 | 2 959 687.50 | 0.19 |
| USD	JORDAN, KINGDOM OF-REG-S 5.85000% 20-07.07.30 | 7 300 000.00 | 7 373 000.00 | 0.46 |
| USD	KAZMUNAYGAS NATIONAL CO-REG-S 5.75000% 17-19.04.47 | 2 120 000.00 | 2 651 325.00 | 0.17 |
| USD	KAZMUNAYGAS NATIONAL CO-REG-S 6.37500% 18-24.10.48 | 3 825 000.00 | 5 154 187.50 | 0.32 |
| USD	KAZMUNAYGAS NATIONAL CO-REG-S 5.37500% 18-24.04.30 | 5 175 000.00 | 6 210 000.00 | 0.39 |
| USD	KAZTRANSGAS JSC-REG-S 4.37500% 17-26.09.27 | 3 250 000.00 | 3 581 093.75 | 0.22 |
| USD	KENYA, REPUBLIC OF-REG-S 7.25000% 18-28.02.28 | 10 635 000.00 | 10 741 350.00 | 0.67 |
| USD	KENYA, REPUBLIC OF-REG-S 8.00000% 19-22.05.32 | 900 000.00 | 922 500.00 | 0.06 |
| USD	KUWAIT PROJECTS CO SPC LTD-REG-S 4.22900% 19-29.10.26 | 1 900 000.00 | 1 857 250.00 | 0.12 |
| USD	LEVIATHAN BOND LTD-144A-REG-S 6.75000% 20-30.06.30 | 5 960 000.00 | 6 210 320.00 | 0.39 |
| USD	LIQUID TELECOMMUNICATIONS FIN-REG-S 8.50000% 17-13.07.22 | 1 440 000.00 | 1 468 800.00 | 0.09 |
| USD	MEXICO, UNITED STATES OF 4.50000% 19-22.04.29 | 4 300 000.00 | 4 828 093.75 | 0.30 |
| USD	MEXICO, UNITED STATES OF 4.50000% 19-31.01.50 | 3 450 000.00 | 3 765 890.63 | 0.24 |
| USD	MEXICO, UNITED STATES OF 3.25000% 20-16.04.30 | 6 400 000.00 | 6 617 600.00 | 0.41 |
| USD	MEXICO, UNITED STATES OF 3.90000% 20-27.04.25 | 2 180 000.00 | 2 404 540.00 | 0.15 |
| USD	MEXICO, UNITED STATES OF 4.75000% 20-27.04.32 | 8 270 000.00 | 9 466 565.62 | 0.59 |

UBS (Lux) Emerging Economies Fund – Global Bonds (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) |  |
|  |  |  |  |  |
| USD | MEXICO, UNITED STATES OF 5.00000% 20-27.04.51 | 4 960 000.00 | 5 718 880.00 | 0.36 |
| USD | NAK NAFTOGAZ UKRAINE VIA KONDOR-REG-S 7.62500% 19-08.11.26 | 8 000 000.00 | 7 800 000.00 | 0.49 |
| USD | NIGERIA, FEDERAL REPUBLIC OF-REG-S 7.87500% 17-16.02.32 | 7 200 000.00 | 7 272 000.00 | 0.45 |
| USD | NIGERIA, FEDERAL REPUBLIC OF-REG-S 7.14300% 18-23.02.30 | 625 000.00 | 628 320.32 | 0.04 |
| USD | NIGERIA, FEDERAL REPUBLIC OF-REG-S 7.62500% 18-21.11.25 | 14 570 000.00 | 15 412 328.12 | 0.96 |
| USD | NIGERIA, FEDERAL REPUBLIC OF-REG-S 8.74700% 18-21.01.31 | 900 000.00 | 968 343.75 | 0.06 |
| USD | NIGERIA, FEDERAL REPUBLIC OF-REG-S 9.24800% 18-21.01.49 | 1 100 000.00 | 1 174 937.50 | 0.07 |
| USD | OCP SA-REG-S 6.87500% 14-25.04.44 | 2 150 000.00 | 2 747 968.75 | 0.17 |
| USD | OIL AND GAS HOLDING CO BSCC/THE-REG-S 7.62500% 18-07.11.24 | 3 800 000.00 | 4 168 125.00 | 0.26 |
| USD | OIL AND GAS HOLDING CO BSCC/THE-REG-S 8.37500% 18-07.11.28 | 3 900 000.00 | 4 470 375.00 | 0.28 |
| USD | OMAN GOVT INTERNATIONAL BOND-REG-S 6.75000% 18-17.01.48 | 15 100 000.00 | 13 490 906.25 | 0.84 |
| USD | OOREDOO INTERNATIONAL FINANCE LTD-REG-S 4.50000% 13-31.01.43 | 700 000.00 | 911 968.75 | 0.06 |
| USD | PAKISTAN, ISLAMIC REPUBLIC OF-REG-S 8.25000% 14-15.04.24 | 3 985 000.00 | 4 348 631.25 | 0.27 |
| USD | PAKISTAN, ISLAMIC REPUBLIC OF-REG-S 6.87500% 17-05.12.27 | 4 905 000.00 | 5 101 200.00 | 0.32 |
| USD | PANAMA, REPUBLIC OF 3.16000% 19-23.01.30 | 1 000 000.00 | 1 089 375.00 | 0.07 |
| USD | PANAMA, REPUBLIC OF 3.87000% 19-23.07.60 | 1 315 000.00 | 1 556 631.25 | 0.10 |
| USD | PANAMA, REPUBLIC OF 4.50000% 20-01.04.56 | 4 600 000.00 | 5 980 000.00 | 0.37 |
| USD | PARAGUAY, REPUBLIC OF-REG-S 6.10000% 14-11.08.44 | 1 920 000.00 | 2 565 600.00 | 0.16 |
| USD | PARAGUAY, REPUBLIC OF-REG-S 5.60000% 18-13.03.48 | 5 600 000.00 | 7 159 250.00 | 0.45 |
| USD | PERTAMINA PT-REG-S 6.50000% 11-27.05.41 | 3 500 000.00 | 4 567 500.00 | 0.29 |
| USD | PERTAMINA PT-REG-S 6.00000% 12-03.05.42 | 1 620 000.00 | 2 016 900.00 | 0.13 |
| USD | PERU, REPUBLIC OF 2.84400% 19-20.06.30 | 4 400 000.00 | 4 830 375.00 | 0.30 |
| USD | PERUSAHAAN LISTRIK NEGARA PT-REG-S 4.87500% 19-17.07.49 | 1 350 000.00 | 1 512 000.00 | 0.09 |
| USD | PERUSAHAAN PENERBIT SBSN-REG-S 4.35000% 14-10.09.24 | 7 925 000.00 | 8 836 375.00 | 0.55 |
| USD | PERUSAHAAN PENERBIT SBSN-REG-S 4.40000% 18-01.03.28 | 3 650 000.00 | 4 202 062.50 | 0.26 |
| USD | PETROLEOS DE VENEZUE-REG-S *DEFAULTED* 5.50000% 07-12.04.37 | 7 750 000.00 | 213 125.00 | 0.01 |
| USD | PETROLEOS DEL PERU SA-REG-S 5.62500% 17-19.06.47 | 8 300 000.00 | 10 136 375.00 | 0.63 |
| USD | PETROLEOS MEXICANOS 6.50000% 18-13.03.27 | 3 285 000.00 | 3 237 367.50 | 0.20 |
| USD | PETROLEOS MEXICANOS-REG-S 6.49000% 19-23.01.27 | 4 265 000.00 | 4 201 451.50 | 0.26 |
| USD | PETROLEOS MEXICANOS-REG-S 7.69000% 19-23.01.50 | 25 400 000.00 | 22 649 657.52 | 1.42 |
| USD | PETROLEOS MEXICANOS-REG-S 5.95000% 20-28.01.31 | 11 100 000.00 | 9 986 115.00 | 0.62 |
| USD | PHILIPPINES, REPUBLIC OF THE 9.50000% 05-02.02.30 | 4 650 000.00 | 7 643 437.50 | 0.48 |
| USD | PHILIPPINES, REPUBLIC OF THE 2.95000% 20-05.05.45 | 3 500 000.00 | 3 705 625.00 | 0.23 |
| USD | PHILIPPINES, REPUBLIC OF THE 2.45700% 20-05.05.30 | 8 050 000.00 | 8 593 375.00 | 0.54 |
| USD | POWER SECTOR ASST & LIAB MGT CORP-REG-S 7.39000% 09-02.12.24 | 2 150 000.00 | 2 687 500.00 | 0.17 |
| USD | QATAR, STATE OF-REG-S 4.00000% 19-14.03.29 | 5 955 000.00 | 6 965 861.25 | 0.44 |
| USD | QATAR, STATE OF-REG-S 4.81700% 19-14.03.49 | 12 500 000.00 | 17 140 625.00 | 1.07 |
| USD | QATAR, STATE OF-REG-S 3.75000% 20-16.04.30 | 9 250 000.00 | 10 740 984.38 | 0.67 |
| USD | QATAR, STATE OF-REG-S 4.40000% 20-16.04.50 | 7 500 000.00 | 9 731 250.00 | 0.61 |
| USD | REC LTD-REG-S 4.75000% 20-19.05.23 | 1 100 000.00 | 1 160 514.19 | 0.07 |
| USD | ROMANIA-REG-S 3.00000% 20-14.02.31 | 6 980 000.00 | 6 997 450.00 | 0.44 |
| USD | ROMANIA-REG-S 4.00000% 20-14.02.51 | 5 900 000.00 | 5 959 000.00 | 0.37 |
| USD | ROMANIA-REG-S 5.12500% 18-15.06.48 | 1 500 000.00 | 1 777 968.74 | 0.11 |
| USD | RUSSIA, FEDERATION OF-REG-S 5.62500% 12-04.04.42 | 5 600 000.00 | 7 612 500.00 | 0.48 |
| USD | SENEGAL, REPUBLIC OF-REG-S 6.75000% 18-13.03.48 | 1 595 000.00 | 1 585 031.25 | 0.10 |
| USD | SINOCHEM OVERSEAS CAPITAL-REG-S 4.50000% 10-12.11.20 | 1 675 000.00 | 1 686 217.14 | 0.11 |
| USD | SINOPEC GROUP OVERSEA DEVELOPMENT-REG-S 3.50000% 16-03.05.26 | 4 500 000.00 | 4 993 755.30 | 0.31 |
| USD | SINOPEC GROUP OVERSEAS DEVELOPMNT-REG-S 3.25000% 15-28.04.25 | 3 605 000.00 | 3 917 237.34 | 0.24 |
| USD | SINOPEC GRP OVERSEAS DEV LTD-REG-S 4.25000% 18-12.09.28 | 4 150 000.00 | 4 855 155.97 | 0.30 |
| USD | SOUTH AFRICA, REPUBLIC OF 5.65000% 17-27.09.47 | 4 150 000.00 | 3 735 000.00 | 0.23 |
| USD | SOUTH AFRICA, REPUBLIC OF 4.85000% 19-30.09.29 | 13 800 000.00 | 13 467 937.50 | 0.84 |
| USD | SOUTH AFRICA, REPUBLIC OF 5.75000% 19-30.09.49 | 3 775 000.00 | 3 375 085.94 | 0.21 |
| USD | SRI LANKA, DEMOCRATIC REP OF-REG-S 6.20000% 17-11.05.27 | 2 940 000.00 | 2 403 450.00 | 0.15 |
| USD | SRI LANKA, DEMOCRATIC REP OF-REG-S 6.75000% 18-18.04.28 | 2 000 000.00 | 1 640 000.00 | 0.10 |
| USD | SRI LANKA, DEMOCRATIC REP OF-REG-S 7.55000% 19-28.03.30 | 13 550 000.00 | 11 043 250.00 | 0.69 |
| USD | TRINIDAD & TOBAGO, REPUBLIC OF-REG-S 4.50000% 20-26.06.30 | 3 600 000.00 | 3 596 625.00 | 0.22 |
| USD | TRINIDAD PETROLEUM HOLDINGS LTD-REG-S 9.75000% 19-15.06.26 | 7 161 000.00 | 7 760 733.75 | 0.49 |
| USD | TRUST FIBRA UNO-REG-S 4.86900% 20-15.01.30 | 2 425 000.00 | 2 437 125.00 | 0.15 |
| USD | TURKEY, REPUBLIC OF 7.62500% 19-26.04.29 | 3 550 000.00 | 3 689 781.25 | 0.23 |
| USD | TURKEY, REPUBLIC OF 5.25000% 20-13.03.30 | 28 510 000.00 | 25 605 543.75 | 1.60 |
| USD | UKRAINE RAILWAYS VIA RL CPTL MKTS-REG-S 8.25000% 19-09.07.24 | 3 750 000.00 | 3 814 453.12 | 0.24 |
| USD | UKRAINE, GOVERNMENT OF-144A 7.75000% 15-01.09.23 | 739 000.00 | 785 695.56 | 0.05 |
| USD | UKRAINE, GOVERNMENT OF-REG-S 7.75000% 15-01.09.23 | 2 980 000.00 | 3 168 298.75 | 0.20 |
| USD | UKRAINE, GOVERNMENT OF-REG-S 7.75000% 15-01.09.24 | 6 685 000.00 | 7 084 010.94 | 0.44 |
| USD | UKRAINE, GOVERNMENT OF-REG-S 7.75000% 15-01.09.25 | 5 000 000.00 | 5 275 937.50 | 0.33 |
| USD | UKRAINE, GOVERNMENT OF-REG-S 8.99400% 18-01.02.24 | 4 725 000.00 | 5 148 773.44 | 0.32 |
| USD | UKRAINE, GOVERNMENT OF-REG-S 7.25300% 20-15.03.33 | 12 780 000.00 | 12 776 006.25 | 0.80 |
| USD | VALE OVERSEAS LTD 3.75000% 20-08.07.30 | 2 230 000.00 | 2 338 712.50 | 0.15 |
| USD | VEB FINANCE PLC-REG-S LPN 6.02500% 12-05.07.22 | 1 300 000.00 | 1 391 000.00 | 0.09 |
| USD | VEB FINANCE PLC-REG-S LPN 5.94200% 13-21.11.23 | 1 160 000.00 | 1 293 400.00 | 0.08 |
| USD | VEDANTA RESOURCES PLC-REG-S 6.12500% 17-09.08.24 | 3 825 000.00 | 2 943 375.75 | 0.18 |
| USD | VENEZUELA, REP. OF-REG-S *DEFAULTED* 7.75000% 09-13.10.19 | 9 055 000.00 | 633 850.00 | 0.04 |
| USD | YPF SA-REG-S 6.95000% 17-21.07.27 | 5 600 000.00 | 4 116 000.00 | 0.26 |
| USD | YPF SA-REG-S 8.50000% 19-27.06.29 | 4 500 000.00 | 3 436 875.00 | 0.21 |
| USD | ZAMBIA, REPUBLIC OF-REG-S 8.97000% 15-30.07.27 | 6 800 000.00 | 3 538 125.00 | 0.22 |
| Total USD |  |  | 821 032 636.34 | 51.32 |
| Total des Billets, taux fixe |  | 837 272 613.30 | 52.33 |
| Billets, taux variable |  |  |  |
| USD |  |  |  |
| USD	BRASKEM NETHERLANDS FINANCE-REG-S-SUB 8.500%/VAR 20-23.01.81 | 4 250 000.00 | 4 455 833.03 | 0.28 |
| USD	CORP FINANCIERA DE DESARROL-REG-S-SUB 5.250%/VAR 14-15.07.29 | 4 120 000.00 | 4 383 937.50 | 0.27 |
| Total USD |  | 8 839 770.53 | 0.55 |
| Total des Billets, taux variable |  | 8 839 770.53 | 0.55 |
| Medium-Term Notes, taux fixe |  |  |  |
| USD |  |  |  |
| USD	ABU DHABI, EMIRATE OF-REG-S 3.12500% 20-16.04.30 | 7 760 000.00 | 8 700 900.00 | 0.54 |
| USD	ABU DHABI, EMIRATE OF-REG-S 3.87500% 20-16.04.50 | 5 820 000.00 | 7 107 675.00 | 0.44 |
| USD	ANGOLAN GOVT INTERNATIONAL BOND-REG-S 8.00000% 19-26.11.29 | 6 860 000.00 | 5 650 925.00 | 0.35 |
| USD	ANGOLAN GOVT INTERNATIONAL BOND-REG-S 9.12500% 19-26.11.49 | 17 800 000.00 | 14 373 500.00 | 0.90 |
| USD	ARGENTINA, REPUBLIC OF 7.50000% 17-22.04.26 | 6 050 000.00 | 2 758 421.88 | 0.17 |
| USD	ARGENTINA, REPUBLIC OF 5.62500% 17-26.01.22 | 3 900 000.00 | 1 833 000.00 | 0.12 |

UBS (Lux) Emerging Economies Fund – Global Bonds (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) |  |
|  |  |  |  |  |
| USD | AXIATA SPV5 LABUAN LTD-REG-S 3.06400% 20-19.08.50 | 7 810 000.00 | 7 630 124.76 | 0.48 |
| USD | BANCO DO BRASIL SA/CAYMAN-REG-S 4.75000% 19-20.03.24 | 6 800 000.00 | 7 242 000.00 | 0.45 |
| USD | CHARMING LIGHT INVESTMENTS LTD-REG-S 4.37500% 17-21.12.27 | 4 885 000.00 | 5 537 126.98 | 0.35 |
| USD | DP WORLD CRESCENT LTD-REG-S 3.87500% 19-18.07.29 | 9 650 000.00 | 10 105 359.38 | 0.63 |
| USD | DP WORLD PLC-REG-S 5.62500% 18-25.09.48 | 3 200 000.00 | 3 749 000.00 | 0.24 |
| USD | EGYPT, REPUBLIC OF-REG-S 6.12500% 17-31.01.22 | 7 995 000.00 | 8 199 871.88 | 0.51 |
| USD | EGYPT, REPUBLIC OF-REG-S 8.50000% 17-31.01.47 | 3 800 000.00 | 3 896 187.50 | 0.24 |
| USD | EGYPT, REPUBLIC OF-REG-S 7.60030% 19-01.03.29 | 12 300 000.00 | 12 918 843.75 | 0.81 |
| USD | EGYPT, REPUBLIC OF-REG-S 7.05290% 19-15.01.32 | 2 500 000.00 | 2 484 375.00 | 0.16 |
| USD | ESKOM HOLDINGS SOC LTD-REG-S 8.45000% 18-10.08.28 | 14 000 000.00 | 13 422 500.00 | 0.84 |
| USD | EXPORT-IMPORT BANK OF INDIA-REG-S 3.25000% 20-15.01.30 | 3 920 000.00 | 3 992 114.28 | 0.25 |
| USD | INDONESIA, REPUBLIC OF-REG-S 4.12500% 15-15.01.25 | 7 045 000.00 | 7 855 175.00 | 0.49 |
| USD | INDONESIA, REPUBLIC OF 4.75000% 15-08.01.26 | 12 800 000.00 | 14 848 000.00 | 0.93 |
| USD | INDONESIA, REPUBLIC OF-REG-S 4.75000% 17-18.07.47 | 4 500 000.00 | 5 630 625.00 | 0.35 |
| USD | KAZAKHSTAN, REPUBLIC OF-REG-S 6.50000% 15-21.07.45 | 5 525 000.00 | 8 777 843.75 | 0.55 |
| USD | LEBANON, REPUBLIC OF *DEFAULT* 6.37500% 10-09.03.20 | 4 150 000.00 | 757 375.00 | 0.05 |
| USD | MAF SUKUK LTD-REG-S 3.93250% 19-28.02.30 | 3 600 000.00 | 3 731 625.00 | 0.23 |
| USD | MONGOLIA,GOVERNMENT OF-REG-S 8.75000% 17-09.03.24 | 8 420 000.00 | 9 472 500.00 | 0.59 |
| USD | NIGERIA, FEDERAL REPUBLIC OF-REG-S 6.50000% 17-28.11.27 | 3 935 000.00 | 3 890 731.25 | 0.24 |
| USD | OMAN GOVT INTERNATIONAL BOND-REG-S 6.00000% 19-01.08.29 | 8 900 000.00 | 8 722 000.00 | 0.55 |
| USD | PERUSAHAAN LISTRIK NEGARA PT-REG-S 5.45000% 18-21.05.28 | 4 793 000.00 | 5 655 740.00 | 0.35 |
| USD | PETRONAS CAPITAL LTD-REG-S 3.50000% 20-21.04.30 | 19 400 000.00 | 21 998 459.28 | 1.38 |
| USD | PETRONAS CAPITAL LTD-REG-S 4.80000% 20-21.04.60 | 4 400 000.00 | 6 264 500.00 | 0.39 |
| USD | POWER FINANCE CORP LTD-REG-S 3.95000% 20-23.04.30 | 5 650 000.00 | 5 581 830.49 | 0.35 |
| USD | ROMANIA-REG-S 4.87500% 14-22.01.24 | 2 750 000.00 | 3 025 859.38 | 0.19 |
| USD | SAUDI GOVERNMENT INTER-REG-S 4.50000% 20-22.04.60 | 23 600 000.00 | 29 417 400.00 | 1.84 |
| USD | STATE GRID OVERSEAS INVESTMENT-REG-S 3.50000% 17-04.05.27 | 1 610 000.00 | 1 800 366.56 | 0.11 |
| Total USD |  |  | 257 031 956.12 | 16.07 |
| Total des Medium-Term Notes, taux fixe |  | 257 031 956.12 | 16.07 |
| Obligations, taux fixe |  |  |  |
| USD |  |  |  |
| USD	ANGOLAN GOVT INTERNATIONAL BOND-REG-S 8.25000% 18-09.05.28 | 3 000 000.00 | 2 550 000.00 | 0.16 |
| USD	ARMENIA INTERNATIONAL BOND-REG-S 7.15000% 15-26.03.25 | 2 810 000.00 | 3 224 475.00 | 0.20 |
| USD	AUTORIDAD DEL CANAL DE PANAMA-REG-S 4.95000% 15-29.07.35 | 4 340 000.00 | 5 251 400.00 | 0.33 |
| USD	BAHRAIN GVT INTERNATIONAL BOND-REG-S 7.00000% 16-12.10.28 | 6 700 000.00 | 7 627 531.25 | 0.48 |
| USD	BAHRAIN GVT INTERNATIONAL BOND-REG-S 7.50000% 17-20.09.47 | 8 750 000.00 | 9 961 328.12 | 0.62 |
| USD	BAHRAIN, KINGDOM OF-REG-S 7.37500% 20-14.05.30 | 1 400 000.00 | 1 630 125.00 | 0.10 |
| USD	BELARUS INTERNATIONAL BOND-REG-S 6.20000% 18-28.02.30 | 1 710 000.00 | 1 587 735.00 | 0.10 |
| USD	BRAZIL, FEDERATIVE REPUBLIC OF 5.00000% 14-27.01.45 | 4 500 000.00 | 4 670 156.25 | 0.29 |
| USD	BRAZIL, FEDERATIVE REPUBLIC OF 4.50000% 19-30.05.29 | 6 700 000.00 | 7 244 375.00 | 0.45 |
| USD	CNAC HK FINBRIDGE CO LTD-REG-S 4.87500% 18-14.03.25 | 11 995 000.00 | 13 496 132.27 | 0.84 |
| USD	COLOMBIA, REPUBLIC OF 7.37500% 06-18.09.37 | 5 050 000.00 | 7 224 656.25 | 0.45 |
| USD	COLOMBIA, REPUBLIC OF 6.12500% 09-18.01.41 | 11 470 000.00 | 15 007 778.13 | 0.94 |
| USD	CORP NACIONAL DEL COBRE DE CHILE-REG-S 5.62500% 13-18.10.43 | 2 660 000.00 | 3 615 937.50 | 0.23 |
| USD	CORP NACIONAL DEL COBRE DE CHILE-REG-S 4.87500% 14-04.11.44 | 3 566 000.00 | 4 482 016.25 | 0.28 |
| USD	COUNTRY GARDEN HOLDINGS CO LTD-REG-S 6.15000% 19-17.09.25 | 3 000 000.00 | 3 266 250.00 | 0.20 |
| USD	CROATIA, REPUBLIC OF-REG-S 6.00000% 13-26.01.24 | 11 120 000.00 | 12 899 200.00 | 0.81 |
| USD	DAR AL-ARKAN SUKUK CO LTD-REG-S 6.75000% 19-15.02.25 | 5 218 000.00 | 4 650 542.50 | 0.29 |
| USD	DEVELOPMENT BANK OF MONGOLIA LLC-REG-S 7.25000% 18-23.10.23 | 6 155 000.00 | 6 401 200.00 | 0.40 |
| USD	EL FONDO MIVIVIENDA-REG-S 3.50000% 13-31.01.23 | 3 490 000.00 | 3 623 056.25 | 0.23 |
| USD	EL SALVADOR, REPUBLIC OF-REG-S 7.65000% 05-15.06.35 | 2 550 000.00 | 2 386 640.62 | 0.15 |
| USD	ETHIOPIA INTERNATIONAL BOND-REG-S 6.62500% 14-11.12.24 | 2 880 000.00 | 2 908 800.00 | 0.18 |
| USD	EXPORT-IMPORT BANK OF INDIA-144A 3.37500% 16-05.08.26 | 2 000 000.00 | 2 109 885.00 | 0.13 |
| USD	GABON, REPUBLIC OF-REG-S 6.95000% 15-16.06.25 | 3 300 000.00 | 3 295 875.00 | 0.21 |
| USD	GAZPROM PJSC-REG-S 3.00000% 20-29.06.27 | 9 200 000.00 | 9 275 624.00 | 0.58 |
| USD	GHANA GOVT INTNL BOND-REG-S 7.87500% 19-26.03.27 | 3 875 000.00 | 3 830 195.31 | 0.24 |
| USD	GHANA GOVT INTNL BOND-REG-S 8.12500% 19-26.03.32 | 5 000 000.00 | 4 748 437.50 | 0.30 |
| USD	GHANA GOVT INTNL BOND-REG-S 8.95000% 19-26.03.51 | 5 500 000.00 | 5 106 406.25 | 0.32 |
| USD	GUATEMALA, REPUBLIC OF-REG-S 8.12500% 04-06.10.34 | 4 650 000.00 | 6 464 953.13 | 0.40 |
| USD	INDONESIA, REPUBLIC OF-REG-S 6.62500% 07-17.02.37 | 435 000.00 | 621 506.25 | 0.04 |
| USD	INDONESIA, REPUBLIC OF-REG-S 3.37500% 13-15.04.23 | 2 550 000.00 | 2 690 250.00 | 0.17 |
| USD	IRAQ INTERNATIONAL BOND-REG-S 5.80000% 06-15.01.28 | 5 550 000.00 | 4 878 450.52 | 0.30 |
| USD	IRAQ INTERNATIONAL BOND-REG-S 6.75200% 17-09.03.23 | 4 495 000.00 | 4 393 862.50 | 0.27 |
| USD	IVORY COAST, REPUBLIC OF-REG-S 6.37500% 15-03.03.28 | 2 000 000.00 | 2 075 000.00 | 0.13 |
| USD	IVORY COAST, REPUBLIC OF-REG-S 6.12500% 17-15.06.33 | 1 170 000.00 | 1 178 775.00 | 0.07 |
| USD	JAMAICA, GOVERNMENT OF 8.00000% 07-15.03.39 | 5 770 000.00 | 7 641 643.75 | 0.48 |
| USD	KAZAKHSTAN TEMIR ZHOLY FINANCE BV-REG-S 6.95000% 12-10.07.42 | 3 000 000.00 | 4 185 000.00 | 0.26 |
| USD	KING POWER CAPITAL LTD-REG-S 5.62500% 14-03.11.24 | 1 950 000.00 | 2 241 889.26 | 0.14 |
| USD	LEBANON, REPUBLIC OF-REG-S *DEFAULTED* 6.00000% 12-27.01.23 | 15 000 000.00 | 2 437 500.00 | 0.15 |
| USD	LEBANON, REPUBLIC OF-REG-S *DEFAULTED* 6.20000% 15-26.02.25 | 11 330 000.00 | 1 756 150.00 | 0.11 |
| USD	LEBANON, REPUBLIC OF-REG-S *DEFAULTED* 7.05000% 15-02.11.35 | 5 675 000.00 | 893 812.50 | 0.06 |
| USD	LEBANON, REPUBLIC OF-REG-S *DEFAULTED* 6.65000% 15-03.11.28 | 2 150 000.00 | 335 937.50 | 0.02 |
| USD	LEBANON, REPUBLIC OF-REG-S *DEFAULTED* 6.65000% 16-22.04.24 | 3 850 000.00 | 620 812.50 | 0.04 |
| USD	MAF SUKUK LTD-REG-S 4.63800% 19-14.05.29 | 5 700 000.00 | 6 205 875.00 | 0.39 |
| USD	PANAMA, REPUBLIC OF 4.30000% 13-29.04.53 | 9 161 000.00 | 11 551 448.43 | 0.72 |
| USD	PARAGUAY, REPUBLIC OF-REG-S 5.00000% 16-15.04.26 | 1 110 000.00 | 1 277 540.63 | 0.08 |
| USD	PERU, REPUBLIC OF 2.78300% 20-23.01.31 | 19 948 000.00 | 21 753 294.00 | 1.36 |
| USD	PERU, REPUBLIC OF 8.75000% 03-21.11.33 | 1 300 000.00 | 2 214 550.00 | 0.14 |
| USD	PERUSAHAAN PENERBIT SBSN-REG-S 2.80000% 20-23.06.30 | 4 760 000.00 | 4 950 400.00 | 0.31 |
| USD	PETROLEOS DE VENEZUE-REG-S *DEFAULTED* 6.00000% 14-16.05.24 | 29 400 000.00 | 808 500.00 | 0.05 |
| USD	PHILIPPINES, REPUBLIC OF THE 6.37500% 07-15.01.32 | 2 065 000.00 | 2 911 650.00 | 0.18 |
| USD	PHILIPPINES, REPUBLIC OF THE 3.95000% 15-20.01.40 | 2 740 000.00 | 3 229 775.00 | 0.20 |
| USD	PHILIPPINES, REPUBLIC OF THE 3.70000% 16-01.03.41 | 2 035 000.00 | 2 347 245.31 | 0.15 |
| USD	PHILIPPINES, REPUBLIC OF THE 3.70000% 17-02.02.42 | 4 750 000.00 | 5 510 000.00 | 0.34 |
| USD	PROSPEROUS RAY LTD-REG-S 4.62500% 13-12.11.23 | 1 000 000.00 | 1 081 250.00 | 0.07 |
| USD	RUSSIA, FEDERATION OF-REG-S 4.37500% 18-21.03.29 | 15 000 000.00 | 17 230 312.50 | 1.08 |
| USD	RUSSIA, FEDERATION OF-REG-S 5.10000% 19-28.03.35 | 7 800 000.00 | 9 711 000.00 | 0.61 |
| USD	SHARJAH SUKUK PROGRAM LTD 2.94200% 20-10.06.27 | 10 090 000.00 | 10 450 086.87 | 0.65 |
| USD	SOUTH AFRICA, REPUBLIC OF 4.30000% 16-12.10.28 | 7 145 000.00 | 6 814 543.75 | 0.43 |
| USD	SOUTHERN GAS CORRIDOR CJSC-REG-S 6.87500% 16-24.03.26 | 6 725 000.00 | 8 015 359.37 | 0.50 |
| USD	STATE OIL OF THE AZERBAIJAN REP-REG-S 6.95000% 15-18.03.30 | 5 600 000.00 | 6 959 750.00 | 0.44 |

UBS (Lux) Emerging Economies Fund – Global Bonds (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) |  |
|  |  |  |  |  |
| USD | URUGUAY, REPUBLIC OF 5.10000% 14-18.06.50 | 20 860 000.00 | 28 858 506.25 | 1.80 |
| USD | URUGUAY, REPUBLIC OF 4.37500% 19-23.01.31 | 2 250 000.00 | 2 698 593.75 | 0.17 |
| USD | VENEZUELA, REP. OF-REG-S *DEFAULTED* 7.00000% 07-31.03.38 | 7 055 000.00 | 493 850.00 | 0.03 |
| USD | VIETNAM, SOCIALIST REPUBLIC-REG-S 4.80000% 14-19.11.24 | 2 850 000.00 | 3 187 107.41 | 0.20 |
| Total USD |  |  | 352 751 939.63 | 22.05 |
| Total des Obligations, taux fixe |  | 352 751 939.63 | 22.05 |
| Obligations, coupon zéro |  |  |  |
| USD |  |  |  |
| USD	ECUADOR SOCIAL BOND SARL-REG-S 0.00000% 20-30.01.35 | 3 475 000.00 | 2 179 295.10 | 0.14 |
| Total USD |  | 2 179 295.10 | 0.14 |
| Total des Obligations, coupon zéro |  | 2 179 295.10 | 0.14 |
| Obligations, taux variable |  |  |  |
| USD |  |  |  |
| USD	NBK TIER 1 FINANCING 2 LTD-REG-S-SUB 4.500%/VAR 19-PRP | 1 050 000.00 | 1 036 546.88 | 0.07 |
| USD	UKRAINE, GOVERNMENT OF-REG-S VAR 15-31.05.40 | 2 600 000.00 | 2 474 062.50 | 0.15 |
| USD	UKREXIMBANK BIZ FINANCE PLC-REG-S-SUB 9.950%/VAR 19-14.11.29 | 1 400 000.00 | 1 389 500.00 | 0.09 |
| Total USD |  | 4 900 109.38 | 0.31 |
| Total des Obligations, taux variable |  | 4 900 109.38 | 0.31 |
| Total des Titres et instruments du marché monétaire négociés sur une bourse officielle |  | 1 462 975 684.06 | 91.45 |
| Titres et instruments du marché monétaire négociés sur un autre marché réglementé |  |  |  |
| Billets, taux fixe |  |  |  |
| USD |  |  |  |
| USD	BRAZIL MINAS SPE-REG-S 5.33300% 13-15.02.28 | 3 090 000.00 | 2 514 493.68 | 0.16 |
| USD	PETROLEOS DE VENEZUE-REG-S *DEFAULTED* 6.00000% 13-15.11.26 | 11 700 000.00 | 321 750.00 | 0.02 |
| USD	SURINAME, REPUBLIC OF-REG-S 9.25000% 16-26.10.26 | 1 400 000.00 | 780 062.50 | 0.05 |
| USD	TRUST FIBRA UNO-REG-S 6.39000% 20-15.01.50 | 2 425 000.00 | 2 461 375.00 | 0.15 |
| Total USD |  | 6 077 681.18 | 0.38 |
| Total des Billets, taux fixe |  | 6 077 681.18 | 0.38 |
| Obligations, taux fixe |  |  |  |
| USD |  |  |  |
| USD	1MDB GLOBAL INV-REG-S 4.40000% 13-09.03.23 | 18 800 000.00 | 18 917 500.00 | 1.18 |
| USD	POWER SECTOR ASST & LIAB MGT CORP 9.62500% 03-15.05.28 | 6 385 000.00 | 9 503 673.44 | 0.60 |
| Total USD |  | 28 421 173.44 | 1.78 |
| Total des Obligations, taux fixe |  | 28 421 173.44 | 1.78 |
| Total des Titres et instruments du marché monétaire négociés sur un autre marché réglementé |  | 34 498 854.62 | 2.16 |

Titres et instruments du marché monétaire non négociés sur une bourse officielle ou un autre marché réglementé
Actions au porteur
| Mexique |  |
| --- | --- |
| MXN | HIPOTECARIA SU CASITA SA DE CV | 95 505.00 | 0.04 | 0.00 |
| Total Mexique |  | 0.04 | 0.00 |
| Total des Actions au porteur |  | 0.04 | 0.00 |
| Billets, taux fixe |  |  |  |
| USD |  |  |  |
| USD	AEROVIAS DE MEXICO SA-REG-S *DEFAULTED* 7.00000% 20-05.02.25 | 2 360 000.00 | 565 662.50 | 0.04 |
| USD	MOZAMBIQUE INT BOND-REG-S 5.00000% 19-15.09.31 | 2 164 000.00 | 1 828 580.00 | 0.11 |
| USD	TENGIZCHEVROIL FINANCE CO INTL-REG-S 3.25000% 20-15.08.30 | 1 900 000.00 | 1 952 155.00 | 0.12 |
| USD	TENGIZCHEVROIL FINANCE CO INTL-REG-S 2.62500% 20-15.08.25 | 4 100 000.00 | 4 162 781.25 | 0.26 |
| Total USD |  | 8 509 178.75 | 0.53 |
| Total des Billets, taux fixe |  | 8 509 178.75 | 0.53 |
| Total des Titres et instruments du marché monétaire non négociés sur une bourse officielle ou un autre marché réglementé |  | 8 509 178.79 | 0.53 |

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 | UBS (IRL) SELECT MONEY MARKET FUND-USD-S-DIST | 5 970.99 | 59 709 920.00 | 3.73 |
| Total Irlande | 59 709 920.00 | 3.73 |
| Total des Fonds d’investissement, ouvert | 59 709 920.00 | 3.73 |
| Total des OPCVM/Autres OPC au sens de l’article 41 (1) e) de la loi luxembourgeoise du 17 décembre 2010, telle que modifiée | 59 709 920.00 | 3.73 |
| Total du Portefeuille-titres | 1 565 693 637.47 | 97.87 |

UBS (Lux) Emerging Economies Fund – Global Bonds (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) |  |
| Instruments dérivés |  |  |
| Instruments dérivés négociés sur une bourse officielle Contrats financiers à terme sur obligations |  |  |
|  |  |  |
| USD	US 10YR ULTRA NOTE FUTURE 21.12.20	-782.00 | -158 843.75 | -0.01 |
| USD	US 5YR TREASURY NOTE FUTURE 31.12.20	1 252.00 | 303 218.12 | 0.02 |
| USD	US LONG BOND FUTURE 21.12.20	365.00 | -162 515.81 | -0.01 |
| USD	US 2YR TREASURY NOTE FUTURE 31.12.20	144.00 | 16 874.78 | 0.00 |
| USD	US ULTRA LONG BOND (CBT) FUTURE 21.12.20	-122.00 | 211 593.75 | 0.01 |
| Total des Contrats financiers à terme sur obligations | 210 327.09 | 0.01 |
| Total des Instruments dérivés négociés sur une bourse officielle | 210 327.09 | 0.01 |
| Instruments dérivés non négociés sur une bourse officielle ou sur un autre marché réglementé Credit Default Swaps* |  |  |
|  |  |  |
| USD	BC/BRAZIL CREDIT DEFAULT SWAP REC 1.00000% 12-20.06.22	650 000.00 | -2 226.51 | 0.00 |
| Total des Credit Default Swaps | -2 226.51 | 0.00 |
| Total des Instruments dérivés non négociés sur une bourse officielle ou sur un autre marché réglementé | -2 226.51 | 0.00 |
| Total des Instruments dérivés | 208 100.58 | 0.01 |
| Contrats de change à terme Contrats de change à terme (achat/vente) |  |  |

| USD | 5 879 616.58 | CNY | 41 710 000.00 | 17.9.2020 | -201 290.62 | -0.01 |
| --- | --- | --- | --- | --- | --- | --- |
| USD | 728 066.47 | CNY | 5 170 000.00 | 17.9.2020 | -25 668.61 | 0.00 |
| USD | 3 116 006.75 | BRL | 15 700 000.00 | 17.9.2020 | 255 473.40 | 0.02 |
| BRL | 15 700 000.00 | USD | 3 107 803.16 | 17.9.2020 | -247 269.81 | -0.02 |
| USD | 25 250 931.53 | EUR | 22 225 000.00 | 17.9.2020 | -1 337 703.97 | -0.08 |
| USD | 12 687 573.66 | HKD | 98 400 000.00 | 17.9.2020 | -7 223.47 | 0.00 |
| EUR | 5 310 000.00 | USD | 6 018 571.71 | 17.9.2020 | 333 988.67 | 0.02 |
| EUR | 1 575 000.00 | USD | 1 784 527.13 | 17.9.2020 | 99 706.88 | 0.01 |
| USD | 745 592.60 | HKD | 5 780 000.00 | 17.9.2020 | -97.72 | 0.00 |
| EUR | 2 455 000.00 | USD | 2 787 625.74 | 17.9.2020 | 149 386.64 | 0.01 |
| USD | 6 974 605.13 | TRY | 50 600 000.00 | 30.10.2020 | 244 778.91 | 0.01 |
| USD | 565 154.02 | HKD | 4 380 000.00 | 17.9.2020 | 80.73 | 0.00 |
| MXN | 77 400 000.00 | USD | 3 501 320.16 | 17.9.2020 | 28 672.47 | 0.00 |
| RUB | 255 000 000.00 | USD | 3 497 222.79 | 17.9.2020 | -59 481.88 | 0.00 |
| PLN | 13 200 000.00 | USD | 3 509 730.06 | 17.9.2020 | 88 737.40 | 0.01 |
| HUF | 1 040 000 000.00 | USD | 3 515 679.93 | 17.9.2020 | -11 352.13 | 0.00 |
| INR | 527 000 000.00 | USD | 7 004 718.55 | 17.9.2020 | 172 541.58 | 0.01 |
| EUR | 23 800 000.00 | USD | 28 092 315.72 | 17.9.2020 | 380 553.79 | 0.02 |
| RUB | 270 000 000.00 | USD | 3 652 103.34 | 17.9.2020 | -12 142.38 | 0.00 |
| ZAR | 63 700 000.00 | USD | 3 612 627.80 | 17.9.2020 | 140 545.06 | 0.01 |
| USD | 622 906.62 | TRY | 4 710 000.00 | 30.10.2020 | -3 525.82 | 0.00 |
| BRL | 19 800 000.00 | USD | 3 633 227.52 | 17.9.2020 | -25 675.90 | 0.00 |
| EUR | 81 991 200.00 | USD | 96 918 107.92 | 18.9.2020 | 1 173 412.34 | 0.07 |
| CHF | 51 125 100.00 | USD | 56 130 300.65 | 18.9.2020 | 673 115.81 | 0.04 |
| CHF | 7 300 000.00 | USD | 8 065 473.97 | 18.9.2020 | 45 315.84 | 0.00 |
| USD | 584 503.84 | HKD | 4 530 000.00 | 17.9.2020 | 78.73 | 0.00 |
| USD | 6 979 062.81 | RUB | 525 000 000.00 | 17.9.2020 | -98 639.06 | -0.01 |
| MXN | 10 700 000.00 | USD | 484 662.80 | 17.9.2020 | 3 333.60 | 0.00 |
| USD | 1 242 471.87 | HKD | 9 630 000.00 | 17.9.2020 | 84.71 | 0.00 |
| USD | 591 381.22 | TRY | 4 360 000.00 | 17.9.2020 | 1 297.30 | 0.00 |
| INR | 68 800 000.00 | USD | 915 831.37 | 17.9.2020 | 21 161.98 | 0.00 |
| USD | 1 146 073.90 | CNY | 7 940 000.00 | 17.9.2020 | -11 499.90 | 0.00 |
| CHF | 6 981 000.00 | USD | 7 662 230.53 | 18.9.2020 | 94 128.88 | 0.01 |
| USD | 3 746 122.51 | ZAR | 63 700 000.00 | 17.9.2020 | -7 050.35 | 0.00 |
| CHF | 911 900.00 | USD | 1 002 427.75 | 18.9.2020 | 10 754.34 | 0.00 |
| MXN | 86 900 000.00 | USD | 3 938 553.13 | 17.9.2020 | 24 707.33 | 0.00 |
| EUR | 2 135 000.00 | USD | 2 542 011.92 | 17.9.2020 | 12 171.96 | 0.00 |
| Total des Contrats de change à terme (achat/vente) | 1 905 406.73 | 0.12 |
| Avoirs en banque, dépôts à vue et à terme et autres liquidités | 8 024 450.71** | 0.50 |
| Crédit en compte courant et autres engagements à court terme | -378 557.14 | -0.02 |
| Autres actifs et passifs | 24 365 147.25 | 1.52 |
| Total de l’Actif net | 1 599 818 185.60 | 100.00 |
| * Nominal positif: le compartiment est «receveur», nominal négatif: le compartiment est «payeur». ** Au 31 août 2020, des avoirs en banque ont été utilisés à titre de garanties à hauteur de 260 000.00 USD en faveur de Citibank. |  |  |

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