# UBS (Lux) Strategy SICAV – Income (USD)
| Three-year comparison |  |
| --- | --- |
|  | ISIN | 31.5.2021 | 31.5.2020 | 31.5.2019 |
| Net assets in USD |  | 126 960 186.18 | 124 799 844.54 | 137 065 284.80 |
| Class K-1-acc | LU1097765488 |  |  |  |
| Shares outstanding |  | 6.2000 | 6.9000 | 8.4000 |
| Net asset value per share in USD |  | 6 352 319.80 | 5 790 222.48 | 5 635 043.21 |
| Issue and redemption price per share in USD 1 |  | 6 352 319.80 | 5 790 222.48 | 5 635 043.21 |
| Class P-acc | LU0994951548 |  |  |  |
| Shares outstanding |  | 568 236.3420 | 584 895.7420 | 634 957.5850 |
| Net asset value per share in USD |  | 128.27 | 117.41 | 114.74 |
| Issue and redemption price per share in USD 1 |  | 128.27 | 117.41 | 114.74 |
| Class P-dist | LU0994670023 |  |  |  |
| Shares outstanding |  | 34 789.4850 | 65 992.6310 | 71 254.3640 |
| Net asset value per share in USD |  | 118.61 | 110.26 | 109.50 |
| Issue and redemption price per share in USD 1 |  | 118.61 | 110.26 | 109.50 |
| Class Q-acc | LU1240801693 |  |  |  |
| Shares outstanding |  | 79 977.6720 | 73 722.2180 | 77 412.4950 |
| Net asset value per share in USD |  | 127.61 | 116.16 | 112.90 |
| Issue and redemption price per share in USD 1 |  | 127.61 | 116.16 | 112.90 |
| Class Q-dist | LU1240801776 |  |  |  |
| Shares outstanding |  | 3 060.2880 | 3 060.7010 | 3 060.7010 |
| Net asset value per share in USD |  | 116.73 | 108.77 | 108.01 |
| Issue and redemption price per share in USD 1 |  | 116.73 | 108.77 | 108.01 |
| 1  See note 1 |  |  |  |  |
| Performance |  |  |  |  |
|  | Currency | 2020/2021 | 2019/2020 | 2018/2019 |
| Class K-1-acc | USD | 9.7% | 2.8% | 3.2% |
| Class P-acc | USD | 9.2% | 2.3% | 2.8% |
| Class P-dist | USD | 9.2% | 2.3% | 2.8% |
| Class Q-acc | USD | 9.9% | 2.9% | 3.4% |
| Class Q-dist | USD | 9.8% | 2.9% | 3.4% |
| Historical performance is no indicator of current or future performance. |  |  |  |  |

The performance data does not take account of any commissions and costs charged when subscribing and redeeming shares. The performance data were not audited.
The subfund has no benchmark.
UBS (Lux) Strategy SICAV – Income (USD) Annual report and audited financial statements as of 31 May 2021

## Report of the Portfolio Manager
The financial year from 1 June 2020 to 31 May 2021 was shaped by the pandemic recovery. Since the peak of the pandemic in the spring, the market narrative has been dominated by the transition to a “new normal,” driven by the forces of technological disruption, deficit spending, and further central bank action, pointing to an accommodative policy and shifting towards more fle- xible inflation targets. Risk assets, in particular growth equities, posted strong gains earlier in the financial year as a combination of lockdown measures being lifted in major economies, promising news on pharmaceutical developments to combat the coronavirus, and continued monetary and fiscal policy support boosted investor con- fidence. Later in the financial year, the economic reco- very and rising yields favored value over growth stocks.
Within Fixed Income, after significant spread widening during the first months of the COVID-19 induced lock- downs, a supportive risk-on sentiment caused spreads to tighten over the majority of the financial year while nominal yields stayed anchored to lower levels due to continued policy support. Only later in the financial year, inflation concerns resurrected, spurring a steepening of the yield curve in response to the expectation of rising long-term yields.
Over the financial year, the subfund generated a positive performance. While benefitting from narrowing credit spreads earlier in the financial year, rising inflation con- cerns and subsequent steepening of yield curves reduced gains slightly later on in the financial year. However, the subfund’s allocation to equities benefitted from the risk- on sentiment and subsequently also contributed posi- tively to performance.

## Structure of the Securities Portfolio
Geographical Breakdown as a % of net assets	
Luxembourg	66.24
| United States | 14.51 |
| --- | --- |
| Ireland | 6.13 |
| Canada | 1.73 |
| The Netherlands | 1.47 |
| South Korea | 1.13 |
| Philippines | 1.08 |
| Supranationals | 1.03 |
| Qatar | 0.86 |
| Australia | 0.84 |
| Kuwait | 0.70 |
| Germany | 0.63 |
| Singapore | 0.43 |
| United Arab Emirates | 0.34 |
| Japan | 0.33 |
| Norway | 0.30 |
| Cayman Islands | 0.21 |
| New Zealand | 0.16 |
| France | 0.13 |
| Total | 98.25 |

Economic Breakdown as a % of net assets	
| Investment funds | 70.79 |
| --- | --- |
| Countries & central governments | 7.86 |
| Supranational organisations | 4.94 |
| Finance & holding companies | 3.47 |
| Banks & credit institutions | 2.49 |
| Computer hardware & network equipment providers | 1.93 |
| Cantons, federal states | 1.66 |
| Petroleum | 1.36 |
| Internet, software & IT services | 1.23 |
| Miscellaneous services | 0.94 |
| Retail trade, department stores | 0.62 |
| Pharmaceuticals, cosmetics & medical products | 0.36 |
| Biotechnology | 0.22 |
| Traffic & transportation | 0.21 |
| Tobacco & alcohol | 0.17 |
| Total | 98.25 |

UBS (Lux) Strategy SICAV – Income (USD)
Annual report and audited financial statements as of 31 May 2021

## Statement of Net Assets
Assets	31.5.2021
USD
Investments in securities, cost	107 744 894.68
| Investments in securities, unrealized appreciation (depreciation) | 	16 992 250.73	 |
| --- | --- |
| Total investments in securities (Note 1) | 124 737 145.41 |
| Cash at banks, deposits on demand and deposit accounts | 943 408.69 |
| Other liquid assets (Margins) | 1 812 820.91 |
| Interest receivable on securities | 169 894.08 |
| Other receivables | 56 665.52 |
| Total Assets | 127 719 934.61 |
|  |  |
| Liabilities |  |
| Unrealized loss on financial futures (Note 1) | -285 969.47 |
| Unrealized loss on forward foreign exchange contracts (Note 1) | -52 996.05 |
| Bank overdraft | -77 936.10 |
| Payable on redemptions | -134 308.14 |
| Provisions for flat fee (Note 2) | -178 010.93 |
| Provisions for taxe d’abonnement (Note 3) | -3 759.44 |
| Provisions for other commissions and fees (Note 2) | 	-26 768.30	 |
| Total provisions | -208 538.67 |
| Total Liabilities | -759 748.43 |
|  |  |
| Net assets at the end of the financial year | 126 960 186.18 |
| Statement of Operations | USD |
| Income | 1.6.2020-31.5.2021 |
| Interest on liquid assets | 69.51 |
| Interest on securities | 779 951.19 |
| Interest received on swaps (Note 1) | 7 625.00 |
| Dividends | 242 022.33 |
| Income on securities lending (Note 15) | 19 347.37 |
| Other income (Note 4) | 50 600.55 |
| Total income | 1 099 615.95 |
|  |  |
| Expenses |  |
| Interest paid on swaps (Note 1) | -1.99 |
| Cost on securities lending (Note 15) | -7 738.95 |
| Flat fee (Note 2) | -1 442 333.49 |
| Taxe d’abonnement (Note 3) | -22 382.82 |
| Other commissions and fees (Note 2) | -26 146.78 |
| Interest on cash and bank overdraft | -6 857.70 |
| Total expenses | -1 505 461.73 |
|  |  |
| Net income (loss) on investments | -405 845.78 |
|  |  |
| Realized gain (loss) (Note 1) |  |
| Realized gain (loss) on market-priced securities without options | 5 373 632.26 |
| Realized gain (loss) on options | 670 455.39 |
| Realized gain (loss) on financial futures | -1 010 964.89 |
| Realized gain (loss) on forward foreign exchange contracts | 140 279.31 |
| Realized gain (loss) on swaps | 39 574.48 |
| Realized gain (loss) on foreign exchange | 146 372.75 |
| Total realized gain (loss) | 5 359 349.30 |
|  |  |
| Net realized gain (loss) of the financial year | 4 953 503.52 |
|  |  |
| Changes in unrealized appreciation (depreciation) (Note 1) |  |
| Unrealized appreciation (depreciation) on market-priced securities without options | 6 862 291.79 |
| Unrealized appreciation (depreciation) on options | -212 886.22 |
| Unrealized appreciation (depreciation) on yield-evaluated securities and money market instruments | 3 485.61 |
| Unrealized appreciation (depreciation) on financial futures | -142 362.66 |
| Unrealized appreciation (depreciation) on forward foreign exchange contracts | 93 167.20 |
| Unrealized appreciation (depreciation) on swaps | -39 042.67 |
| Total changes in unrealized appreciation (depreciation) | 6 564 653.05 |
|  |  |
| Net increase (decrease) in net assets as a result of operations | 11 518 156.57 |

UBS (Lux) Strategy SICAV – Income (USD) Annual report and audited financial statements as of 31 May 2021
| Statement of Changes in Net Assets |  |
| --- | --- |
|  |  | USD |
|  |  | 1.6.2020-31.5.2021 |
| Net assets at the beginning of the financial year |  | 124 799 844.54 |
| Subscriptions |  | 8 358 037.06 |
| Redemptions |  | 	-17 592 398.43	 |
| Total net subscriptions (redemptions) |  | -9 234 361.37 |
| Dividend paid |  | -123 453.56 |
| Net income (loss) on investments |  | -405 845.78 |
| Total realized gain (loss) |  | 5 359 349.30 |
| Total changes in unrealized appreciation (depreciation) |  | 	6 564 653.05	 |
| Net increase (decrease) in net assets as a result of operations |  | 11 518 156.57 |
| Net assets at the end of the financial year |  | 126 960 186.18 |
| Changes in the Number of Shares outstanding |  |  |
|  |  | 1.6.2020-31.5.2021 |
| Class |  | K-1-acc |
| Number of shares outstanding at the beginning of the financial year |  | 6.9000 |
| Number of shares issued |  | 0.0000 |
| Number of shares redeemed |  | -0.7000 |
| Number of shares outstanding at the end of the financial year |  | 6.2000 |
| Class |  | P-acc |
| Number of shares outstanding at the beginning of the financial year |  | 584 895.7420 |
| Number of shares issued |  | 57 816.7630 |
| Number of shares redeemed |  | -74 476.1630 |
| Number of shares outstanding at the end of the financial year |  | 568 236.3420 |
| Class |  | P-dist |
| Number of shares outstanding at the beginning of the financial year |  | 65 992.6310 |
| Number of shares issued |  | 608.6810 |
| Number of shares redeemed |  | -31 811.8270 |
| Number of shares outstanding at the end of the financial year |  | 34 789.4850 |
| Class |  | Q-acc |
| Number of shares outstanding at the beginning of the financial year |  | 73 722.2180 |
| Number of shares issued |  | 8 750.8080 |
| Number of shares redeemed |  | -2 495.3540 |
| Number of shares outstanding at the end of the financial year |  | 79 977.6720 |
| Class |  | Q-dist |
| Number of shares outstanding at the beginning of the financial year |  | 3 060.7010 |
| Number of shares issued |  | 0.0000 |
| Number of shares redeemed |  | -0.4130 |
| Number of shares outstanding at the end of the financial year |  | 3 060.2880 |
| Annual Distribution 1 |  |  |
| UBS (Lux) Strategy SICAV – Income (USD)	Ex-Date | Pay-Date | Currency	Amount per share |
| P-dist	3.8.2020 | 6.8.2020 | USD	1.75 |
| Q-dist	3.8.2020 | 6.8.2020 | USD	2.60 |
| 1  See note 5 |  |  |

UBS (Lux) Strategy SICAV – Income (USD)
Annual report and audited financial statements as of 31 May 2021

## Statement of Investments in Securities and other Net Assets as of 31 May 2021
| Description | Quantity/ | Valuation in USD | as a % |
| --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |
| Transferable securities and money market instruments listed on an official stock exchange |  |  |  |
| Notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	ALBERTA, PROVINCE OF 3.30000% 18-15.03.28 | 325 000.00 | 362 034.30 | 0.29 |
| USD	ALPHABET INC 1.10000% 20-15.08.30 | 350 000.00 | 327 054.77 | 0.26 |
| USD	ALPHABET INC 1.99800% 16-15.08.26 | 330 000.00 | 346 116.30 | 0.27 |
| USD	AMERICAN EXPRESS CO 3.40000% 18-27.02.23 | 115 000.00 | 120 869.41 | 0.10 |
| USD	APPLE INC 1.65000% 20-11.05.30 | 371 000.00 | 361 223.43 | 0.28 |
| USD	APPLE INC 2.20000% 19-11.09.29 | 300 000.00 | 307 469.86 | 0.24 |
| USD	APPLE INC 2.45000% 16-04.08.26 | 380 000.00 | 404 910.51 | 0.32 |
| USD	APPLE INC 2.90000% 17-12.09.27 | 350 000.00 | 380 695.31 | 0.30 |
| USD	APPLE INC 3.20000% 17-11.05.27 | 750 000.00 | 828 289.52 | 0.65 |
| USD	APPLE INC 3.25000% 16-23.02.26 | 150 000.00 | 165 301.20 | 0.13 |
| USD	BERKSHIRE HATHAWAY FINANCE CORP 1.85000% 20-12.03.30 | 125 000.00 | 124 573.04 | 0.10 |
| USD	BERKSHIRE HATHAWAY INC 3.12500% 16-15.03.26 | 300 000.00 | 328 931.86 | 0.26 |
| USD	BRITISH COLUMBIA, PROVINCE OF 1.30000% 21-29.01.31 | 150 000.00 | 143 176.36 | 0.11 |
| USD	CHEVRON CORP 2.23600% 20-11.05.30 | 250 000.00 | 254 079.90 | 0.20 |
| USD	CORPORACION ANDINA DE FOMENTO 4.37500% 12-15.06.22 | 225 000.00 | 233 975.25 | 0.18 |
| USD	EQUINOR ASA 2.37500% 20-22.05.30 | 120 000.00 | 122 148.51 | 0.10 |
| USD	EQUINOR ASA 3.62500% 18-10.09.28 | 230 000.00 | 255 868.37 | 0.20 |
| USD	EUROPEAN INVESTMENT BANK 2.37500% 17-24.05.27 | 450 000.00 | 483 561.57 | 0.38 |
| USD	EUROPEAN INVESTMENT BANK 0.87500% 20-17.05.30 | 600 000.00 | 564 800.57 | 0.44 |
| USD	EUROPEAN INVESTMENT BANK 1.25000% 21-14.02.31 | 670 000.00 | 643 442.00 | 0.51 |
| USD	EXXON MOBIL CORP 3.04300% 16-01.03.26 | 200 000.00 | 217 830.40 | 0.17 |
| USD	INTER-AMERICAN DEVELOPMENT BANK 2.25000% 19-18.06.29 | 600 000.00 | 633 803.89 | 0.50 |
| USD	INTERNATIONAL DVPT ASSOCIATION-REG-S 1.00000% 20-03.12.30 | 200 000.00 | 188 015.20 | 0.15 |
| USD	JOHNSON & JOHNSON 1.30000% 20-01.09.30 | 250 000.00 | 239 694.65 | 0.19 |
| USD	JOHNSON & JOHNSON 2.90000% 17-15.01.28 | 200 000.00 | 218 573.66 | 0.17 |
| USD	KOREA HYDRO&NUCLEAR POWER CO LTD-REG-S 3.12500% 17-25.07.27 | 300 000.00 | 327 576.00 | 0.26 |
| USD	KREDITANSTALT FUER WIEDERAUFBAU 2.00000% 15-02.05.25 | 95 000.00 | 100 104.16 | 0.08 |
| USD	KREDITANSTALT FUER WIEDERAUFBAU 2.87500% 18-03.04.28 | 230 000.00 | 254 026.48 | 0.20 |
| USD	KUWAIT INTERNATIONAL GOVT BOND-REG-S 3.50000% 17-20.03.27 | 800 000.00 | 886 650.00 | 0.70 |
| USD	LANDWIRTSCHAFTLICHE RENTENBANK 0.87500% 20-03.09.30 | 200 000.00 | 186 316.19 | 0.15 |
| USD	MICROSOFT CORP 3.30000% 17-06.02.27 | 600 000.00 | 668 512.07 | 0.53 |
| USD	NOVARTIS CAPITAL CORP 3.10000% 17-17.05.27 | 440 000.00 | 483 795.42 | 0.38 |
| USD	QATAR, STATE OF-REG-S 2.37500% 16-02.06.21 | 400 000.00 | 399 960.00 | 0.32 |
| USD	QATAR, STATE OF-REG-S 4.00000% 19-14.03.29 | 600 000.00 | 690 000.00 | 0.54 |
| USD	QUEBEC, PROVINCE OF 1.35000% 20-28.05.30 | 600 000.00 | 578 836.05 | 0.46 |
| USD	ROCHE HOLDINGS INC-REG-S 3.62500% 18-17.09.28 | 250 000.00 | 282 655.64 | 0.22 |
| USD	SHELL INTERNATIONAL FINANCE BV 2.87500% 16-10.05.26 | 250 000.00 | 271 497.82 | 0.21 |
| USD	SHELL INTERNATIONAL FINANCE BV 2.75000% 20-06.04.30 | 150 000.00 | 157 516.35 | 0.12 |
| USD	STATE STREET CORP 2.40000% 20-24.01.30 | 139 000.00 | 143 000.95 | 0.11 |
| USD	TOTAL CAPITAL INTERNATIONAL SA 3.45500% 19-19.02.29 | 150 000.00 | 165 036.04 | 0.13 |
| USD	VISA INC 2.05000% 20-15.04.30 | 150 000.00 | 152 126.05 | 0.12 |
| USD	VISA INC 3.15000% 15-14.12.25 | 150 000.00 | 164 477.74 | 0.13 |
| USD	WALMART INC 3.05000% 19-08.07.26 | 100 000.00 | 109 790.31 | 0.09 |
| USD	WALMART INC 3.70000% 18-26.06.28 | 600 000.00 | 680 904.10 | 0.54 |
| USD	WESTPAC BANKING CORP 2.85000% 16-13.05.26 | 650 000.00 | 702 931.45 | 0.55 |
| Total USD |  | 15 662 152.66 | 12.34 |
| Total Notes, fixed rate |  | 15 662 152.66 | 12.34 |
| Medium term notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	ABU DHABI, EMIRATE OF-REG-S 3.12500% 20-16.04.30 | 400 000.00 | 434 000.00 | 0.34 |
| USD	ASB FINANCE LTD-REG-S 2.12500% 16-01.09.21 | 200 000.00 | 200 852.00 | 0.16 |
| USD	ASIAN DEVELOPMENT BANK 2.62500% 17-12.01.27 | 550 000.00 | 599 294.22 | 0.47 |
| USD	ASIAN DEVELOPMENT BANK 2.75000% 18-19.01.28 | 250 000.00 | 272 831.42 | 0.22 |
| USD	ASIAN DEVELOPMENT BANK 1.75000% 19-19.09.29 | 760 000.00 | 766 581.51 | 0.60 |
| USD	COMMONWEALTH BANK OF AUSTRALIA-REG-S 3.15000% 17-19.09.27 | 175 000.00 | 192 707.69 | 0.15 |
| USD	CPPIB CAPITAL INC-REG-S 2.75000% 17-02.11.27 | 250 000.00 | 272 003.94 | 0.21 |
| USD	INTER-AMERICAN DEVELOPMENT BANK 1.12500% 21-13.01.31 | 475 000.00 | 451 062.69 | 0.36 |
| USD	INTL BK FOR RECONSTR & DEVT WORLD BANK 2.50000% 17-22.11.27 | 500 000.00 | 539 179.60 | 0.42 |
| USD	JAPAN TOBACCO INC-REG-S 2.80000% 16-13.04.26 | 200 000.00 | 213 114.00 | 0.17 |
| USD	KOREA DEVELOPMENT BANK 1.75000% 20-18.02.25 | 225 000.00 | 230 975.84 | 0.18 |
| USD	MDGH - GMTN BV-REG-S 3.00000% 17-19.04.24 | 350 000.00 | 371 175.00 | 0.29 |
| USD	MDGH - GMTN BV-REG-S 2.87500% 20-21.05.30 | 400 000.00 | 416 340.00 | 0.33 |
| USD	MTR CORP CI LTD-REG-S 2.50000% 16-02.11.26 | 250 000.00 | 265 635.20 | 0.21 |
| USD	SP POWERASSETS LTD-REG-S 3.25000% 15-24.11.25 | 500 000.00 | 548 548.75 | 0.43 |
| USD	SUMITOMO MITSUI BANKING CORP-REG-S 2.44000% 19-18.06.24 | 200 000.00 | 211 109.96 | 0.17 |
| USD	TORONTO-DOMINION BANK 0.75000% 20-11.09.25 | 250 000.00 | 248 114.02 | 0.20 |
| USD	TOYOTA MOTOR CREDIT CORP 2.60000% 17-11.01.22 | 500 000.00 | 507 312.96 | 0.40 |
| Total USD |  | 6 740 838.80 | 5.31 |
| Total Medium term notes, fixed rate |  | 6 740 838.80 | 5.31 |
| Bonds, fixed rate |  |  |  |
| USD |  |  |  |
| USD	BNG BANK NV-REG-S 2.37500% 16-16.03.26 | 80 000.00 | 85 662.24 | 0.07 |
| USD	BRITISH COLUMBIA, PROVINCE OF 2.25000% 16-02.06.26 | 200 000.00 | 212 674.39 | 0.17 |
| USD	EUROPEAN INVESTMENT BANK 3.25000% 14-29.01.24 | 150 000.00 | 161 655.75 | 0.13 |
| USD	EUROPEAN INVESTMENT BANK 0.62500% 20-21.10.27 | 160 000.00 | 154 318.19 | 0.12 |
| USD	ING BANK NV-REG-S 2.62500% 12-05.12.22 | 550 000.00 | 569 576.70 | 0.45 |
| USD	INTL BK FOR RECONSTR & DEVT WORLD BANK 0.87500% 20-14.05.30 | 485 000.00 | 453 894.16 | 0.36 |
| USD	KOREA NATIONAL OIL CORP-REG-S 3.25000% 14-10.07.24 | 600 000.00 | 646 369.80 | 0.51 |
| USD	KOREA NATIONAL OIL CORP-REG-S 1.62500% 20-05.10.30 | 250 000.00 | 235 053.40 | 0.18 |

UBS (Lux) Strategy SICAV – Income (USD) Annual report and audited financial statements as of 31 May 2021
|  | Description | Quantity/ | Valuation in USD | as a % |
| --- | --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |
|  |  |  |  |  |
| USD | KREDITANSTALT FUER WIEDERAUFBAU 0.75000% 20-30.09.30 | 280 000.00 | 259 073.48 | 0.20 |
| USD | MICROSOFT CORP 2.40000% 16-08.08.26 | 200 000.00 | 213 475.74 | 0.17 |
| USD | NOVARTIS CAPITAL CORP 3.40000% 14-06.05.24 | 200 000.00 | 217 724.15 | 0.17 |
| USD | ONTARIO, PROVINCE OF 1.12500% 20-07.10.30 | 400 000.00 | 374 870.85 | 0.29 |
| Total USD |  |  | 3 584 348.85 | 2.82 |
| Total Bonds, fixed rate |  | 3 584 348.85 | 2.82 |
| Treasury notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	AMERICA, UNITED STATES OF 5.37500% 01-15.02.31 | 163 000.00 | 219 527.89 | 0.17 |
| USD	AMERICA, UNITED STATES OF 2.25000% 17-15.08.27 | 225 000.00 | 240 539.06 | 0.19 |
| USD	AMERICA, UNITED STATES OF 2.25000% 17-15.11.27 | 230 000.00 | 245 731.64 | 0.19 |
| USD	AMERICA, UNITED STATES OF 2.87500% 18-31.05.25 | 25 000.00 | 27 289.06 | 0.02 |
| USD	AMERICA, UNITED STATES OF 2.62500% 19-15.02.29 | 312 000.00 | 340 604.07 | 0.27 |
| USD	AMERICA, UNITED STATES OF 2.75000% 14-15.02.24 | 50 000.00 | 53 371.09 | 0.04 |
| USD	AMERICA, UNITED STATES OF 1.50000% 15-31.01.22 | 1 000.00 | 1 009.57 | 0.00 |
| USD	AMERICA, UNITED STATES OF 1.12500% 16-31.07.21 | 65 000.00 | 65 118.71 | 0.05 |
| USD	AMERICA, UNITED STATES OF 1.75000% 12-15.05.22 | 50 000.00 | 50 800.78 | 0.04 |
| USD	AMERICA, UNITED STATES OF 1.37500% 16-30.09.23 | 25 000.00 | 25 686.53 | 0.02 |
| USD	AMERICA, UNITED STATES OF 2.25000% 17-15.02.27 | 11 000.00 | 11 772.58 | 0.01 |
| USD	AMERICA, UNITED STATES OF 2.50000% 13-15.08.23 | 1 000.00 | 1 050.98 | 0.00 |
| USD	AMERICA, UNITED STATES OF 2.12500% 15-15.05.25 | 140 000.00 | 148 613.28 | 0.12 |
| USD	AMERICA, UNITED STATES OF 1.75000% 19-15.11.29 | 95 000.00 | 97 245.12 | 0.08 |
| USD	AMERICA, UNITED STATES OF 0.62500% 20-15.05.30 | 260 000.00 | 240 124.22 | 0.19 |
| USD	AMERICA, UNITED STATES OF 0.25000% 20-31.07.25 | 40 000.00 | 39 412.50 | 0.03 |
| USD	AMERICA, UNITED STATES OF 1.12500% 21-15.02.31 | 1 120 000.00 | 1 072 225.00 | 0.85 |
| Total USD |  | 2 880 122.08 | 2.27 |
| Total Treasury notes, fixed rate |  | 2 880 122.08 | 2.27 |
| Treasury notes, floating rate |  |  |  |
| USD |  |  |  |
| USD	AMERICA, UNITED STATES OF 3.875%/CPI LINKED 99-15.04.29 | 225 000.00 | 513 182.80 | 0.40 |
| USD	AMERICA, UNITED STATES OF 2.375%/CPI LINKED 04-15.01.25 | 395 000.00 | 652 421.51 | 0.51 |
| USD	AMERICA, UNITED STATES OF 0.625%/CPI LINKED 16-15.01.26 | 472 000.00 | 591 056.15 | 0.47 |
| USD	AMERICA, UNITED STATES OF 0.375%/CPI LINKED 17-15.01.27 | 425 000.00 | 521 070.62 | 0.41 |
| USD	AMERICA, UNITED STATES OF 0.375%/CPI INDEX 13-15.07.23 | 453 000.00 | 552 655.38 | 0.44 |
| USD	AMERICA, UNITED STATES OF 0.375%/CPI LINKED 15-15.07.25 | 560 000.00 | 694 953.21 | 0.55 |
| USD	AMERICA, UNITED STATES OF 0.750%/CPI LINKED 18-15.07.28 | 430 000.00 | 523 969.10 | 0.41 |
| USD	AMERICA, UNITED STATES OF 0.125%/CPI LINKED 20-15.01.30 | 520 000.00 | 588 840.38 | 0.46 |
| Total USD |  | 4 638 149.15 | 3.65 |
| Total Treasury notes, floating rate |  | 4 638 149.15 | 3.65 |
| Total Transferable securities and money market instruments listed on an official stock exchange |  | 33 505 611.54 | 26.39 |
| Transferable securities and money market instruments traded on another regulated market |  |  |  |
| Notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	NESTLE HOLDINGS INC-144A 3.62500% 18-24.09.28 | 300 000.00 | 336 828.70 | 0.27 |
| USD	SCENTRE GROUP TRUST 1 / 2-REG-S 3.75000% 17-23.03.27 | 150 000.00 | 164 805.28 | 0.13 |
| Total USD |  | 501 633.98 | 0.40 |
| Total Notes, fixed rate |  | 501 633.98 | 0.40 |
| Medium term notes, zero coupon |  |  |  |
| USD |  |  |  |
| USD	INTL BK FOR RECONSTR & DEVT WORLD BANK 0.00000% 00-01.05.30 | 150 000.00 | 124 670.39 | 0.10 |
| Total USD |  | 124 670.39 | 0.10 |
| Total Medium term notes, zero coupon |  | 124 670.39 | 0.10 |
| Treasury notes, floating rate |  |  |  |
| USD |  |  |  |
| USD	AMERICA, UNITED STATES OF 0.125%/CPI LINKED 12-15.07.22 | 400 000.00 | 480 083.97 | 0.38 |
| Total USD |  | 480 083.97 | 0.38 |
| Total Treasury notes, floating rate | 480 083.97 | 0.38 |
| Total Transferable securities and money market instruments traded on another regulated market | 1 106 388.34 | 0.88 |
| UCITS/Other UCIs in accordance with Article 41 (1) e) of the amended Luxembourg law of 17 December 2010 |  |  |
| Investment funds, open end |  |  |
| Ireland |  |  |
| USD	ISHARES MSCI USA ESG SCREENED UCITS ETF UNHEGDED USD-CAP	333 276.00 | 2 726 864.23 | 2.15 |
| USD	ISHRS III PLC-MSCI WORLD SML CAP UCITS ETF-UNHDG USD-ACC	343 778.00 | 2 521 611.63 | 1.98 |
| USD	XTRACKERS MSCI WORLD ENERGY UCITS ETF-1C-ACCUM	88 985.00 | 2 536 072.50 | 2.00 |
| Total Ireland | 7 784 548.36 | 6.13 |

UBS (Lux) Strategy SICAV – Income (USD)
Annual report and audited financial statements as of 31 May 2021
| Description | Quantity/ | Valuation in USD | as a % |
| --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |
| Luxembourg |  |  |  |
| USD	LYXOR ETF WORLD FINANCIALS TR USD-C | 11 360.00 | 2 775 475.20 | 2.19 |
| EUR	UBS (LUX) BOND FUND - EURO HIGH YIELD (EUR) I-X-ACC | 14 639.00 | 2 543 179.87 | 2.00 |
| USD	UBS (LUX) BOND SICAV - SHORT TERM USD CORPORATES (USD) U-X-A | 1 337.00 | 15 320 415.60 | 12.07 |
| USD	UBS (LUX) BOND SICAV - USD CORPORATES U-X-ACC | 589.00 | 7 599 760.98 | 5.99 |
| USD	UBS (LUX) BOND SICAV - USD HIGH YIELD U-X-ACC | 293.00 | 6 346 303.82 | 5.00 |
| USD	UBS (LUX) BOND SICAV - EMERGING ECONOMIES CORP (USD)-I-X-DIS | 35 734.00 | 4 050 448.90 | 3.19 |
| USD	UBS (LUX) BOND SICAV - USD INVEST GRADE CORP USD U X ACC | 1 455.00 | 17 825 248.65 | 14.04 |
| USD	UBS (LUX) EMERGING ECONOMIES FUND-GLOBAL BONDS (USD)-U-X ACC | 419.00 | 6 127 787.01 | 4.83 |
| USD	UBS (LUX) EQUITY FUND - GLOBAL SUSTAINABLE (USD) U-X-ACC | 267.00 | 4 056 266.67 | 3.19 |
| USD	UBS (LUX) EQUITY SICAV - GLB EM OPP(USD)-U-X-ACC | 13.00 | 522 545.14 | 0.41 |
| USD	UBS (LUX) EQUITY SICAV-GLOBAL QUANTITATIVE (USD) U-X-ACC | 224.00 | 4 432 312.64 | 3.49 |
| USD	UBS (LUX) EQUITY SICAV - GLOBAL OPPORTUNITY (USD) U-X-ACC | 338.00 | 4 123 079.48 | 3.25 |
| USD	UBS (LUX) INST FUND-KEY SEL. GLOBAL EQUITY FA-USD | 117.00 | 4 106 443.77 | 3.23 |
| USD	UBS (LUX) INSTITUTION SICAV-EQUITIES GLB (EX USA) PASSIVE XA | 13 638.00 | 1 725 479.76 | 1.36 |
| USD	UBS (LUX) MONEY MARKET FUND - USD U-X-ACC | 48.00 | 538 927.68 | 0.42 |
| Total Luxembourg |  | 82 093 675.17 | 64.66 |
| Total Investment funds, open end |  | 89 878 223.53 | 70.79 |
| Total UCITS/Other UCIs in accordance with Article 41 (1) e) of the amended Luxembourg law of 17 December 2010 |  | 89 878 223.53 | 70.79 |
| Derivative instruments listed on an official stock exchange |  |  |  |
| Warrants on currencies |  |  |  |
| United States |  |  |  |
| USD	GOLDMAN SACHS FIN/EUR/USD PUT WARRANT 1.110000 21-17.09.21 | 31 300.00 | 84 510.00 | 0.07 |
| Total United States |  | 84 510.00 | 0.07 |
| Total Warrants on currencies |  | 84 510.00 | 0.07 |
| Options on indices, classic-styled |  |  |  |
| USD |  |  |  |
| USD	S&P 500 INDEX PUT 3400.00000 18.06.21 | -6.00 | -750.00 | 0.00 |
| USD	S&P 500 INDEX CALL 4375.00000 18.06.21 | -6.00 | -1 050.00 | 0.00 |
| USD	S&P 500 INDEX CALL 4000.00000 18.06.21 | 6.00 | 132 102.00 | 0.10 |
| USD	MSCI EM INDEX CALL 1375.00000 17.09.21 | 19.00 | 69 730.00 | 0.05 |
| USD	MSCI EM INDEX PUT 1200.00000 17.09.21 | -19.00 | -26 220.00 | -0.02 |
| USD	MSCI EM INDEX CALL 1500.00000 17.09.21 | -19.00 | -11 400.00 | -0.01 |
| Total USD |  | 162 412.00 | 0.12 |
| Total Options on indices, classic-styled |  | 162 412.00 | 0.12 |
| Total Derivative instruments listed on an official stock exchange |  | 246 922.00 | 0.19 |
| Total investments in securities |  | 124 737 145.41 | 98.25 |

| Derivative instruments |  |
| --- | --- |
| Derivative instruments listed on an official stock exchange Financial Futures on bonds |
|  |  |  |  |
| USD	US 5YR TREASURY NOTE FUTURE 30.09.21 | -41.00 | -3 843.75 | 0.00 |
| Total Financial Futures on bonds |  | -3 843.75 | 0.00 |
| Financial Futures on Indices |  |  |  |
|  |  |  |  |
| EUR	EURO STOXX 50 INDEX FUTURE 18.06.21 | -86.00 | -261 292.53 | -0.21 |
| CHF	SWISS MARKET INDEX FUTURE 18.06.21 | 16.00 | 112 848.17 | 0.09 |
| GBP	FTSE 100 INDEX FUTURE 18.06.21 | 31.00 | 120 372.62 | 0.09 |
| SEK	OMX 30 INDEX FUTURE 18.06.21 | -11.00 | -132.65 | 0.00 |
| USD	S&P500 EMINI FUTURE 18.06.21 | -30.00 | -216 627.50 | -0.17 |
| AUD	SPI 200 INDEX FUTURES 17.06.21 | -3.00 | -23 685.93 | -0.02 |
| HKD	HANG SENG INDEX FUTURE 29.06.21 | -2.00 | -1 887.57 | 0.00 |
| JPY	NIKKEI 225 (OSE) INDEX FUTURE 10.06.21 | 4.00 | 20 750.49 | 0.02 |
| CAD	S&P/TSX 60 INDEX FUTURE 17.06.21 | -3.00 | -32 470.82 | -0.03 |
| Total Financial Futures on Indices |  | -282 125.72 | -0.23 |
| Total Derivative instruments listed on an official stock exchange |  | -285 969.47 | -0.23 |
| Total Derivative instruments |  | -285 969.47 | -0.23 |
| Forward Foreign Exchange contracts Currency purchased/Amount purchased/Currency sold/Amount sold/Maturity date |  |  |  |

| AUD | 649 876.66 | USD | 502 694.54 | 4.6.2021 | 344.65 | 0.00 |
| --- | --- | --- | --- | --- | --- | --- |
| USD | 267 313.09 | CHF | 246 971.10 | 4.6.2021 | -7 305.21 | -0.01 |
| USD | 1 383 365.23 | JPY | 150 761 910.00 | 4.6.2021 | 5 211.92 | 0.00 |
| USD | 166 817.34 | DKK | 1 040 000.00 | 4.6.2021 | -4 155.01 | 0.00 |
| GBP | 973 941.42 | USD | 1 354 245.09 | 4.6.2021 | 30 214.26 | 0.02 |
| SGD | 540 000.00 | USD | 401 077.86 | 4.6.2021 | 7 717.29 | 0.01 |
| CAD | 521 118.20 | USD | 418 197.66 | 4.6.2021 | 13 154.68 | 0.01 |
| NOK | 2 647 018.25 | USD | 312 200.58 | 4.6.2021 | 5 980.35 | 0.01 |
| USD | 105 569.74 | SEK | 897 396.45 | 4.6.2021 | -2 653.08 | 0.00 |
| USD | 218 913.62 | HKD | 1 700 000.00 | 4.6.2021 | -122.37 | 0.00 |

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

Forward Foreign Exchange contracts (Continued)
Currency purchased/Amount purchased/Currency sold/Amount sold/Maturity date
| USD | 2 509 882.47 | EUR | 2 104 114.51 | 4.6.2021 | -62 769.24 | -0.05 |
| --- | --- | --- | --- | --- | --- | --- |
| EUR | 80 000.00 | USD | 95 424.96 | 4.6.2021 | 2 389.17 | 0.00 |
| JPY | 74 000 000.00 | USD | 680 264.60 | 4.6.2021 | -3 811.61 | 0.00 |
| USD | 362 770.95 | NOK | 3 100 000.00 | 4.6.2021 | -9 859.99 | -0.01 |
| USD | 364 130.15 | AUD | 470 000.00 | 4.6.2021 | 325.08 | 0.00 |
| USD | 187 843.71 | CAD | 235 000.00 | 4.6.2021 | -6 676.07 | -0.01 |
| IDR | 12 926 780 000.00 | USD | 889 110.67 | 11.6.2021 | 17 574.01 | 0.01 |
| INR | 65 670 000.00 | USD | 895 418.60 | 11.6.2021 | 8 466.46 | 0.01 |
| USD | 911 378.05 | TWD | 25 720 000.00 | 11.6.2021 | -22 803.20 | -0.02 |
| USD | 100 647.65 | EUR | 85 000.00 | 4.6.2021 | -3 279.87 | 0.00 |
| USD | 65 018.97 | EUR | 55 000.00 | 4.6.2021 | -2 228.25 | 0.00 |
| GBP | 5 000.00 | USD | 6 845.16 | 4.6.2021 | 262.35 | 0.00 |
| GBP | 65 000.00 | USD | 89 356.09 | 4.6.2021 | 3 041.52 | 0.00 |
| CHF | 20 000.00 | USD | 21 573.30 | 4.6.2021 | 665.60 | 0.00 |
| EUR | 50 000.00 | USD | 59 469.70 | 4.6.2021 | 1 664.13 | 0.00 |
| USD | 11 626.61 | SEK | 100 000.00 | 4.6.2021 | -433.03 | 0.00 |
| GBP | 8 000.00 | USD | 11 012.83 | 4.6.2021 | 359.18 | 0.00 |
| USD | 34 357.23 | AUD | 45 000.00 | 4.6.2021 | -475.17 | 0.00 |
| GBP | 24 000.00 | USD | 32 970.14 | 4.6.2021 | 1 145.90 | 0.00 |
| CHF | 16 000.00 | USD | 17 337.22 | 4.6.2021 | 453.90 | 0.00 |
| EUR | 12 000.00 | USD | 14 303.54 | 4.6.2021 | 368.58 | 0.00 |
| USD | 72 323.52 | EUR | 60 000.00 | 4.6.2021 | -1 037.08 | 0.00 |
| TWD | 25 720 000.00 | USD | 919 951.36 | 11.6.2021 | 14 229.89 | 0.01 |
| USD | 869 053.13 | INR | 65 670 000.00 | 11.6.2021 | -34 831.93 | -0.03 |
| USD | 884 850.43 | IDR | 12 926 780 000.00 | 11.6.2021 | -21 834.25 | -0.02 |
| AUD | 530 000.00 | USD | 409 969.84 | 4.6.2021 | 278.43 | 0.00 |
| DKK | 390 000.00 | USD | 63 290.47 | 4.6.2021 | 824.16 | 0.00 |
| USD | 414 191.87 | SGD | 550 000.00 | 4.6.2021 | -2 173.56 | 0.00 |
| USD | 130 290.07 | GBP | 94 000.00 | 4.6.2021 | -3 331.09 | 0.00 |
| EUR | 60 000.00 | USD | 72 427.86 | 4.6.2021 | 932.74 | 0.00 |
| USD | 217 623.18 | HKD | 1 690 000.00 | 14.7.2021 | -143.82 | 0.00 |
| GBP | 617 432.41 | USD | 868 518.71 | 14.7.2021 | 9 202.09 | 0.01 |
| NZD | 5 000.00 | USD | 3 636.39 | 14.7.2021 | 3.26 | 0.00 |
| USD | 120 396.46 | SEK | 1 002 697.98 | 14.7.2021 | -565.72 | 0.00 |
| USD | 627 135.94 | CAD | 759 617.78 | 14.7.2021 | -1 593.38 | 0.00 |
| USD | 697 665.34 | JPY | 75 988 802.00 | 14.7.2021 | 2 815.13 | 0.00 |
| USD | 121 771.08 | DKK | 745 000.00 | 14.7.2021 | -783.73 | 0.00 |
| USD | 324 563.93 | CHF | 292 025.42 | 14.7.2021 | -490.59 | 0.00 |
| USD | 56 651.41 | NOK | 464 521.10 | 14.7.2021 | 810.16 | 0.00 |
| USD | 2 642 832.19 | EUR | 2 173 008.25 | 14.7.2021 | -16 144.24 | -0.01 |
| USD | 818 849.57 | AUD | 1 042 460.47 | 14.7.2021 | 11 784.08 | 0.01 |
| JPY | 2 750 000.00 | USD | 25 341.96 | 14.7.2021 | -195.65 | 0.00 |
| EUR | 76 000.00 | USD | 92 574.00 | 14.7.2021 | 422.52 | 0.00 |
| EUR | 90 000.00 | USD | 109 537.65 | 4.6.2021 | 503.25 | 0.00 |
| JPY | 2 750 000.00 | USD | 25 332.92 | 4.6.2021 | -194.46 | 0.00 |
| SGD | 1 690 000.00 | USD | 1 270 839.13 | 4.6.2021 | 8 538.29 | 0.01 |
| SGD | 1 680 000.00 | USD | 1 263 152.20 | 14.7.2021 | 8 505.10 | 0.01 |
| USD | 114 707.35 | GBP | 81 000.00 | 14.7.2021 | -439.48 | 0.00 |
| USD | 114 700.32 | GBP | 81 000.00 | 4.6.2021 | -441.32 | 0.00 |
| USD | 67 094.17 | EUR | 55 000.00 | 14.7.2021 | -205.94 | 0.00 |
| USD | 67 041.21 | EUR | 55 000.00 | 4.6.2021 | -206.01 | 0.00 |
| USD | 10 952.85 | HKD | 85 000.00 | 14.7.2021 | 0.07 | 0.00 |
| USD | 10 951.90 | HKD | 85 000.00 | 4.6.2021 | 0.10 | 0.00 |
| Total Forward Foreign Exchange contracts | -52 996.05 | -0.04 |
|  |  |  |
| Cash at banks, deposits on demand and deposit accounts and other liquid assets | 2 756 229.60 | 2.17 |
| Bank overdraft and other short-term liabilities | -77 936.10 | -0.06 |
| Other assets and liabilities | -116 287.21 | -0.09 |
| Total net assets | 126 960 186.18 | 100.00 |

UBS (Lux) Strategy SICAV – Income (USD)
Annual report and audited financial statements as of 31 May 2021

Translation (ENDE, 2021-05-31):
# UBS (Lux) Strategy SICAV – Income (USD)
| Dreijahresvergleich |  |
| --- | --- |
|  | ISIN | 31.5.2021 | 31.5.2020 | 31.5.2019 |
| Nettovermögen in USD |  | 126 960 186.18 | 124 799 844.54 | 137 065 284.80 |
| Klasse K-1-acc | LU1097765488 |  |  |  |
| Aktien im Umlauf |  | 6.2000 | 6.9000 | 8.4000 |
| Nettoinventarwert pro Aktie in USD |  | 6 352 319.80 | 5 790 222.48 | 5 635 043.21 |
| Ausgabe- und Rücknahmepreis pro Aktie in USD 1 |  | 6 352 319.80 | 5 790 222.48 | 5 635 043.21 |
| Klasse P-acc | LU0994951548 |  |  |  |
| Aktien im Umlauf |  | 568 236.3420 | 584 895.7420 | 634 957.5850 |
| Nettoinventarwert pro Aktie in USD |  | 128.27 | 117.41 | 114.74 |
| Ausgabe- und Rücknahmepreis pro Aktie in USD 1 |  | 128.27 | 117.41 | 114.74 |
| Klasse P-dist | LU0994670023 |  |  |  |
| Aktien im Umlauf |  | 34 789.4850 | 65 992.6310 | 71 254.3640 |
| Nettoinventarwert pro Aktie in USD |  | 118.61 | 110.26 | 109.50 |
| Ausgabe- und Rücknahmepreis pro Aktie in USD 1 |  | 118.61 | 110.26 | 109.50 |
| Klasse Q-acc | LU1240801693 |  |  |  |
| Aktien im Umlauf |  | 79 977.6720 | 73 722.2180 | 77 412.4950 |
| Nettoinventarwert pro Aktie in USD |  | 127.61 | 116.16 | 112.90 |
| Ausgabe- und Rücknahmepreis pro Aktie in USD 1 |  | 127.61 | 116.16 | 112.90 |
| Klasse Q-dist | LU1240801776 |  |  |  |
| Aktien im Umlauf |  | 3 060.2880 | 3 060.7010 | 3 060.7010 |
| Nettoinventarwert pro Aktie in USD |  | 116.73 | 108.77 | 108.01 |
| Ausgabe- und Rücknahmepreis pro Aktie in USD 1 |  | 116.73 | 108.77 | 108.01 |
| 1  Siehe Erläuterung 1 |  |  |  |  |
| Performance |  |  |  |  |
|  | Währung | 2020/2021 | 2019/2020 | 2018/2019 |
| Klasse K-1-acc | USD | 9.7% | 2.8% | 3.2% |
| Klasse P-acc | USD | 9.2% | 2.3% | 2.8% |
| Klasse P-dist | USD | 9.2% | 2.3% | 2.8% |
| Klasse Q-acc | USD | 9.9% | 2.9% | 3.4% |
| Klasse Q-dist | USD | 9.8% | 2.9% | 3.4% |
| Die historische Performance stellt keinen Indikator für die laufende oder zukünftige Performance dar. |  |  |  |  |

Die Performancedaten lassen die bei der Ausgabe und Rücknahme der Aktien erhobenen Kommissionen und Kosten unberücksichtigt. Die Performancedaten sind ungeprüft.
Der Subfonds verfügt über keine Benchmark.
UBS (Lux) Strategy SICAV – Income (USD)
Jahresbericht und geprüfter Jahresabschluss per 31. Mai 2021

## Bericht des Portfolio Managers
Das Rechnungsjahr vom 1. Juni 2020 bis zum 31. Mai 2021 war von der Erholung von der Pandemie geprägt. Seit dem Höhepunkt der Pandemie im Frühjahr wurde das Marktnarrativ vom Übergang hin zu einer «neuen Normalität» dominiert, der von den Kräften der tech- nologischen Disruption, der Defizitfinanzierung und weiteren Zentralbankmassnahmen vorangetrieben wird. Die Zentralbanken deuteten eine Fortsetzung der akkommodierenden Geldpolitik und den Umstieg auf flexible Inflationsziele hin. Zu Beginn des Finanzjahres legten Risikoanlagen, insbesondere Wachstumsaktien, kräftig zu. Die Kombination aus der Aufhebung von Lockdown-Massnahmen in grossen Volkswirtschaften, vielversprechenden Meldungen über pharmazeutische Entwicklungen bei der Bekämpfung des Coronavirus und der fortgesetzten geld- und fiskalpolitischen Unterstüt- zung stärkte das Vertrauen der Anleger. Später im Rech- nungsjahr kamen die Konjunkturerholung und steigende Renditen Substanzwerten stärker zugute als Wachstums- aktien.
Im festverzinslichen Bereich führte die zunehmende Risikobereitschaft, die auf die signifikante Ausweitung der Risikoprämien (Spreads) in den ersten Monaten nach den Lockdowns wegen Covid-19 folgte, zu einer Verengung der Spreads im Grossteil des restlichen Finanz- jahres, während die nominalen Renditen aufgrund der fortgesetzten geldpolitischen Unterstützung auf tieferen Niveaus verankert waren. Erst später im Rechnungsjahr kamen allmählich Bedenken über die Inflation auf. Dies führte zur Versteilerung der Renditekurve in Erwartung steigender langfristiger Renditen.
Im Rechnungsjahr erwirtschaftete der Subfonds eine positive Performance. Während er zu Beginn des Rechnungsjahres von der Verengung der Kreditspreads profitiert hatte, wurden die Gewinne später im Rech- nungsjahr durch die zunehmenden Inflationsbedenken und die anschliessende Versteilerung der Renditekurven etwas gemindert. Die Aktienallokation des Subfonds pro- fitierte von der Risikobereitschaft und trug anschliessend ebenfalls positiv zur Wertentwicklung bei.

## Struktur des Wertpapierbestandes
Geographische Aufteilung in % des Nettovermögens	
Luxemburg	66.24
| Vereinigte Staaten | 14.51 |
| --- | --- |
| Irland | 6.13 |
| Kanada | 1.73 |
| Niederlande | 1.47 |
| Südkorea | 1.13 |
| Philippinen | 1.08 |
| Supranational | 1.03 |
| Katar | 0.86 |
| Australien | 0.84 |
| Kuwait | 0.70 |
| Deutschland | 0.63 |
| Singapur | 0.43 |
| Vereinigte Arabische Emirate | 0.34 |
| Japan | 0.33 |
| Norwegen | 0.30 |
| Cayman-Inseln | 0.21 |
| Neuseeland | 0.16 |
| Frankreich | 0.13 |
| Total | 98.25 |

Wirtschaftliche Aufteilung in % des Nettovermögens	
| Anlagefonds | 70.79 |
| --- | --- |
| Länder- & Zentralregierungen | 7.86 |
| Supranationale Organisationen | 4.94 |
| Finanz- & Beteiligungsgesellschaften | 3.47 |
| Banken & Kreditinstitute | 2.49 |
| Computer & Netzwerkausrüster | 1.93 |
| Kantone, Bundesstaaten | 1.66 |
| Erdöl | 1.36 |
| Internet, Software & IT-Dienste | 1.23 |
| Diverse Dienstleistungen | 0.94 |
| Detailhandel, Warenhäuser | 0.62 |
| Pharmazeutik, Kosmetik & medizinische Produkte | 0.36 |
| Biotechnologie | 0.22 |
| Verkehr & Transport | 0.21 |
| Tabak & alkoholische Getränke | 0.17 |
| Total | 98.25 |

UBS (Lux) Strategy SICAV – Income (USD) Jahresbericht und geprüfter Jahresabschluss per 31. Mai 2021

## Nettovermögensaufstellung
Aktiva	31.5.2021
USD
Wertpapierbestand, Einstandswert	107 744 894.68
| Wertpapierbestand, nicht realisierte Werterhöhung (-minderung) | 	16 992 250.73	 |
| --- | --- |
| Total Wertpapierbestand (Erläuterung 1) | 124 737 145.41 |
| Bankguthaben, Sicht- und Fristgelder | 943 408.69 |
| Andere liquide Mittel (Margins) | 1 812 820.91 |
| Zinsforderungen aus Wertpapieren | 169 894.08 |
| Sonstige Forderungen | 56 665.52 |
| Total Aktiva | 127 719 934.61 |
|  |  |
| Passiva |  |
| Nicht realisierter Kursverlust aus Finanzterminkontrakten (Erläuterung 1) | -285 969.47 |
| Nicht realisierter Kursverlust aus Devisenterminkontrakten (Erläuterung 1) | -52 996.05 |
| Kontokorrentkredit | -77 936.10 |
| Verbindlichkeiten aus Rücknahmen | -134 308.14 |
| Rückstellungen für pauschale Verwaltungskommission (Erläuterung 2) | -178 010.93 |
| Rückstellungen für Abonnementsabgabe (Erläuterung 3) | -3 759.44 |
| Rückstellungen für sonstige Kommissionen und Gebühren (Erläuterung 2) | 	-26 768.30	 |
| Total Rückstellungen für Aufwendungen | -208 538.67 |
| Total Passiva | -759 748.43 |
|  |  |
| Nettovermögen am Ende des Geschäftsjahres | 126 960 186.18 |
| Ertrags- und Aufwandsrechnung | USD |
| Erträge | 1.6.2020-31.5.2021 |
| Zinsertrag auf liquide Mittel | 69.51 |
| Zinsen auf Wertpapiere | 779 951.19 |
| Zinsertrag auf Swaps (Erläuterung 1) | 7 625.00 |
| Dividenden | 242 022.33 |
| Erträge aus Securities Lending (Erläuterung 15) | 19 347.37 |
| Sonstige Erträge (Erläuterung 4) | 50 600.55 |
| Total Erträge | 1 099 615.95 |
|  |  |
| Aufwendungen |  |
| Zinsaufwand auf Swaps (Erläuterung 1) | -1.99 |
| Kosten aus Securities Lending (Erläuterung 15) | -7 738.95 |
| Pauschale Verwaltungskommission (Erläuterung 2) | -1 442 333.49 |
| Abonnementsabgabe (Erläuterung 3) | -22 382.82 |
| Sonstige Kommissionen und Gebühren (Erläuterung 2) | -26 146.78 |
| Zinsaufwand auf liquide Mittel und Kontokorrentkredit | -6 857.70 |
| Total Aufwendungen | -1 505 461.73 |
|  |  |
| Nettoerträge (-verluste) aus Anlagen | -405 845.78 |
|  |  |
| Realisierte Gewinne (Verluste) (Erläuterung 1) |  |
| Realisierter Kursgewinn (-verlust) aus marktbewerteten Wertpapieren ausser Optionen | 5 373 632.26 |
| Realisierter Kursgewinn (-verlust) aus Optionen | 670 455.39 |
| Realisierter Kursgewinn (-verlust) aus Finanzterminkontrakten | -1 010 964.89 |
| Realisierter Kursgewinn (-verlust) aus Devisenterminkontrakten | 140 279.31 |
| Realisierter Kursgewinn (-verlust) aus Swaps | 39 574.48 |
| Realisierter Währungsgewinn (-verlust) | 146 372.75 |
| Total der realisierten Gewinne (Verluste) | 5 359 349.30 |
|  |  |
| Realisierter Nettogewinn (-verlust) des Geschäftsjahres | 4 953 503.52 |
|  |  |
| Veränderungen der nicht realisierten Werterhöhung (-minderung) (Erläuterung 1) |  |
| Nicht realisierte Werterhöhung (-minderung) marktbewerteter Wertpapiere ausser Optionen | 6 862 291.79 |
| Nicht realisierte Werterhöhung (-minderung) von Optionen | -212 886.22 |
| Nicht realisierte Werterhöhung (-minderung) renditebewerteter Wertpapiere und Geldmarktinstrumente | 3 485.61 |
| Nicht realisierte Werterhöhung (-minderung) von Finanzterminkontrakten | -142 362.66 |
| Nicht realisierte Werterhöhung (-minderung) von Devisenterminkontrakten | 93 167.20 |
| Nicht realisierte Werterhöhung (-minderung) von Swaps | -39 042.67 |
| Total der Veränderungen der nicht realisierten Werterhöhung (-minderung) | 6 564 653.05 |
|  |  |
| Nettoerhöhung (-minderung) des Nettovermögens infolge Geschäftstätigkeit | 11 518 156.57 |

UBS (Lux) Strategy SICAV – Income (USD)
Jahresbericht und geprüfter Jahresabschluss per 31. Mai 2021
| Veränderung des Nettovermögens |  |
| --- | --- |
|  |  | USD |
|  |  | 1.6.2020-31.5.2021 |
| Nettovermögen zu Beginn des Geschäftsjahres |  | 124 799 844.54 |
| Zeichnungen |  | 8 358 037.06 |
| Rücknahmen |  | 	-17 592 398.43	 |
| Total Mittelzufluss (-abfluss) |  | -9 234 361.37 |
| Ausbezahlte Dividende |  | -123 453.56 |
| Nettoerträge (-verluste) aus Anlagen |  | -405 845.78 |
| Total der realisierten Gewinne (Verluste) |  | 5 359 349.30 |
| Total der Veränderungen der nicht realisierten Werterhöhung (-minderung) |  | 	6 564 653.05	 |
| Nettoerhöhung (-minderung) des Nettovermögens infolge Geschäftstätigkeit |  | 11 518 156.57 |
| Nettovermögen am Ende des Geschäftsjahres |  | 126 960 186.18 |
| Entwicklung der Aktien im Umlauf |  |  |
|  |  | 1.6.2020-31.5.2021 |
| Klasse |  | K-1-acc |
| Anzahl der Aktien im Umlauf zu Beginn des Geschäftsjahres |  | 6.9000 |
| Anzahl der ausgegebenen Aktien |  | 0.0000 |
| Anzahl der zurückgegebenen Aktien |  | -0.7000 |
| Anzahl der Aktien im Umlauf am Ende des Geschäftsjahres |  | 6.2000 |
| Klasse |  | P-acc |
| Anzahl der Aktien im Umlauf zu Beginn des Geschäftsjahres |  | 584 895.7420 |
| Anzahl der ausgegebenen Aktien |  | 57 816.7630 |
| Anzahl der zurückgegebenen Aktien |  | -74 476.1630 |
| Anzahl der Aktien im Umlauf am Ende des Geschäftsjahres |  | 568 236.3420 |
| Klasse |  | P-dist |
| Anzahl der Aktien im Umlauf zu Beginn des Geschäftsjahres |  | 65 992.6310 |
| Anzahl der ausgegebenen Aktien |  | 608.6810 |
| Anzahl der zurückgegebenen Aktien |  | -31 811.8270 |
| Anzahl der Aktien im Umlauf am Ende des Geschäftsjahres |  | 34 789.4850 |
| Klasse |  | Q-acc |
| Anzahl der Aktien im Umlauf zu Beginn des Geschäftsjahres |  | 73 722.2180 |
| Anzahl der ausgegebenen Aktien |  | 8 750.8080 |
| Anzahl der zurückgegebenen Aktien |  | -2 495.3540 |
| Anzahl der Aktien im Umlauf am Ende des Geschäftsjahres |  | 79 977.6720 |
| Klasse |  | Q-dist |
| Anzahl der Aktien im Umlauf zu Beginn des Geschäftsjahres |  | 3 060.7010 |
| Anzahl der ausgegebenen Aktien |  | 0.0000 |
| Anzahl der zurückgegebenen Aktien |  | -0.4130 |
| Anzahl der Aktien im Umlauf am Ende des Geschäftsjahres |  | 3 060.2880 |
| Jährliche Ausschüttung 1 |  |  |
| UBS (Lux) Strategy SICAV – Income (USD)	Ex-Date | Pay-Date | Währung	Betrag pro Aktie |
| P-dist	3.8.2020 | 6.8.2020 | USD	1.75 |
| Q-dist	3.8.2020 | 6.8.2020 | USD	2.60 |
| 1  Siehe Erläuterung 5 |  |  |

UBS (Lux) Strategy SICAV – Income (USD) Jahresbericht und geprüfter Jahresabschluss per 31. Mai 2021

## Aufstellung der Wertpapierbestände und anderer Nettovermögenswerte per 31. Mai 2021
| Bezeichnung | Anzahl/ | Bewertung in USD | in % des |
| --- | --- | --- | --- |
|  | Nominal | NR Kursgewinn | Netto- |
|  |  | (-verlust) auf Futures/ | vermögens |
|  |  | Devisentermin- |  |
|  |  | kontrakten/ |  |
|  |  | Swaps (Erl. 1) |  |
| Wertpapiere und Geldmarktinstrumente, die an einer offiziellen Börse gehandelt werden |  |  |  |
| Notes, fester Zins |  |  |  |
| USD |  |  |  |
| USD	ALBERTA, PROVINCE OF 3.30000% 18-15.03.28 | 325 000.00 | 362 034.30 | 0.29 |
| USD	ALPHABET INC 1.10000% 20-15.08.30 | 350 000.00 | 327 054.77 | 0.26 |
| USD	ALPHABET INC 1.99800% 16-15.08.26 | 330 000.00 | 346 116.30 | 0.27 |
| USD	AMERICAN EXPRESS CO 3.40000% 18-27.02.23 | 115 000.00 | 120 869.41 | 0.10 |
| USD	APPLE INC 1.65000% 20-11.05.30 | 371 000.00 | 361 223.43 | 0.28 |
| USD	APPLE INC 2.20000% 19-11.09.29 | 300 000.00 | 307 469.86 | 0.24 |
| USD	APPLE INC 2.45000% 16-04.08.26 | 380 000.00 | 404 910.51 | 0.32 |
| USD	APPLE INC 2.90000% 17-12.09.27 | 350 000.00 | 380 695.31 | 0.30 |
| USD	APPLE INC 3.20000% 17-11.05.27 | 750 000.00 | 828 289.52 | 0.65 |
| USD	APPLE INC 3.25000% 16-23.02.26 | 150 000.00 | 165 301.20 | 0.13 |
| USD	BERKSHIRE HATHAWAY FINANCE CORP 1.85000% 20-12.03.30 | 125 000.00 | 124 573.04 | 0.10 |
| USD	BERKSHIRE HATHAWAY INC 3.12500% 16-15.03.26 | 300 000.00 | 328 931.86 | 0.26 |
| USD	BRITISH COLUMBIA, PROVINCE OF 1.30000% 21-29.01.31 | 150 000.00 | 143 176.36 | 0.11 |
| USD	CHEVRON CORP 2.23600% 20-11.05.30 | 250 000.00 | 254 079.90 | 0.20 |
| USD	CORPORACION ANDINA DE FOMENTO 4.37500% 12-15.06.22 | 225 000.00 | 233 975.25 | 0.18 |
| USD	EQUINOR ASA 2.37500% 20-22.05.30 | 120 000.00 | 122 148.51 | 0.10 |
| USD	EQUINOR ASA 3.62500% 18-10.09.28 | 230 000.00 | 255 868.37 | 0.20 |
| USD	EUROPEAN INVESTMENT BANK 2.37500% 17-24.05.27 | 450 000.00 | 483 561.57 | 0.38 |
| USD	EUROPEAN INVESTMENT BANK 0.87500% 20-17.05.30 | 600 000.00 | 564 800.57 | 0.44 |
| USD	EUROPEAN INVESTMENT BANK 1.25000% 21-14.02.31 | 670 000.00 | 643 442.00 | 0.51 |
| USD	EXXON MOBIL CORP 3.04300% 16-01.03.26 | 200 000.00 | 217 830.40 | 0.17 |
| USD	INTER-AMERICAN DEVELOPMENT BANK 2.25000% 19-18.06.29 | 600 000.00 | 633 803.89 | 0.50 |
| USD	INTERNATIONAL DVPT ASSOCIATION-REG-S 1.00000% 20-03.12.30 | 200 000.00 | 188 015.20 | 0.15 |
| USD	JOHNSON & JOHNSON 1.30000% 20-01.09.30 | 250 000.00 | 239 694.65 | 0.19 |
| USD	JOHNSON & JOHNSON 2.90000% 17-15.01.28 | 200 000.00 | 218 573.66 | 0.17 |
| USD	KOREA HYDRO&NUCLEAR POWER CO LTD-REG-S 3.12500% 17-25.07.27 | 300 000.00 | 327 576.00 | 0.26 |
| USD	KREDITANSTALT FUER WIEDERAUFBAU 2.00000% 15-02.05.25 | 95 000.00 | 100 104.16 | 0.08 |
| USD	KREDITANSTALT FUER WIEDERAUFBAU 2.87500% 18-03.04.28 | 230 000.00 | 254 026.48 | 0.20 |
| USD	KUWAIT INTERNATIONAL GOVT BOND-REG-S 3.50000% 17-20.03.27 | 800 000.00 | 886 650.00 | 0.70 |
| USD	LANDWIRTSCHAFTLICHE RENTENBANK 0.87500% 20-03.09.30 | 200 000.00 | 186 316.19 | 0.15 |
| USD	MICROSOFT CORP 3.30000% 17-06.02.27 | 600 000.00 | 668 512.07 | 0.53 |
| USD	NOVARTIS CAPITAL CORP 3.10000% 17-17.05.27 | 440 000.00 | 483 795.42 | 0.38 |
| USD	QATAR, STATE OF-REG-S 2.37500% 16-02.06.21 | 400 000.00 | 399 960.00 | 0.32 |
| USD	QATAR, STATE OF-REG-S 4.00000% 19-14.03.29 | 600 000.00 | 690 000.00 | 0.54 |
| USD	QUEBEC, PROVINCE OF 1.35000% 20-28.05.30 | 600 000.00 | 578 836.05 | 0.46 |
| USD	ROCHE HOLDINGS INC-REG-S 3.62500% 18-17.09.28 | 250 000.00 | 282 655.64 | 0.22 |
| USD	SHELL INTERNATIONAL FINANCE BV 2.87500% 16-10.05.26 | 250 000.00 | 271 497.82 | 0.21 |
| USD	SHELL INTERNATIONAL FINANCE BV 2.75000% 20-06.04.30 | 150 000.00 | 157 516.35 | 0.12 |
| USD	STATE STREET CORP 2.40000% 20-24.01.30 | 139 000.00 | 143 000.95 | 0.11 |
| USD	TOTAL CAPITAL INTERNATIONAL SA 3.45500% 19-19.02.29 | 150 000.00 | 165 036.04 | 0.13 |
| USD	VISA INC 2.05000% 20-15.04.30 | 150 000.00 | 152 126.05 | 0.12 |
| USD	VISA INC 3.15000% 15-14.12.25 | 150 000.00 | 164 477.74 | 0.13 |
| USD	WALMART INC 3.05000% 19-08.07.26 | 100 000.00 | 109 790.31 | 0.09 |
| USD	WALMART INC 3.70000% 18-26.06.28 | 600 000.00 | 680 904.10 | 0.54 |
| USD	WESTPAC BANKING CORP 2.85000% 16-13.05.26 | 650 000.00 | 702 931.45 | 0.55 |
| Total USD |  | 15 662 152.66 | 12.34 |
| Total Notes, fester Zins |  | 15 662 152.66 | 12.34 |
| Medium-Term Notes, fester Zins |  |  |  |
| USD |  |  |  |
| USD	ABU DHABI, EMIRATE OF-REG-S 3.12500% 20-16.04.30 | 400 000.00 | 434 000.00 | 0.34 |
| USD	ASB FINANCE LTD-REG-S 2.12500% 16-01.09.21 | 200 000.00 | 200 852.00 | 0.16 |
| USD	ASIAN DEVELOPMENT BANK 2.62500% 17-12.01.27 | 550 000.00 | 599 294.22 | 0.47 |
| USD	ASIAN DEVELOPMENT BANK 2.75000% 18-19.01.28 | 250 000.00 | 272 831.42 | 0.22 |
| USD	ASIAN DEVELOPMENT BANK 1.75000% 19-19.09.29 | 760 000.00 | 766 581.51 | 0.60 |
| USD	COMMONWEALTH BANK OF AUSTRALIA-REG-S 3.15000% 17-19.09.27 | 175 000.00 | 192 707.69 | 0.15 |
| USD	CPPIB CAPITAL INC-REG-S 2.75000% 17-02.11.27 | 250 000.00 | 272 003.94 | 0.21 |
| USD	INTER-AMERICAN DEVELOPMENT BANK 1.12500% 21-13.01.31 | 475 000.00 | 451 062.69 | 0.36 |
| USD	INTL BK FOR RECONSTR & DEVT WORLD BANK 2.50000% 17-22.11.27 | 500 000.00 | 539 179.60 | 0.42 |
| USD	JAPAN TOBACCO INC-REG-S 2.80000% 16-13.04.26 | 200 000.00 | 213 114.00 | 0.17 |
| USD	KOREA DEVELOPMENT BANK 1.75000% 20-18.02.25 | 225 000.00 | 230 975.84 | 0.18 |
| USD	MDGH - GMTN BV-REG-S 3.00000% 17-19.04.24 | 350 000.00 | 371 175.00 | 0.29 |
| USD	MDGH - GMTN BV-REG-S 2.87500% 20-21.05.30 | 400 000.00 | 416 340.00 | 0.33 |
| USD	MTR CORP CI LTD-REG-S 2.50000% 16-02.11.26 | 250 000.00 | 265 635.20 | 0.21 |
| USD	SP POWERASSETS LTD-REG-S 3.25000% 15-24.11.25 | 500 000.00 | 548 548.75 | 0.43 |
| USD	SUMITOMO MITSUI BANKING CORP-REG-S 2.44000% 19-18.06.24 | 200 000.00 | 211 109.96 | 0.17 |
| USD	TORONTO-DOMINION BANK 0.75000% 20-11.09.25 | 250 000.00 | 248 114.02 | 0.20 |
| USD	TOYOTA MOTOR CREDIT CORP 2.60000% 17-11.01.22 | 500 000.00 | 507 312.96 | 0.40 |
| Total USD |  | 6 740 838.80 | 5.31 |
| Total Medium-Term Notes, fester Zins |  | 6 740 838.80 | 5.31 |
| Anleihen, fester Zins |  |  |  |
| USD |  |  |  |
| USD	BNG BANK NV-REG-S 2.37500% 16-16.03.26 | 80 000.00 | 85 662.24 | 0.07 |
| USD	BRITISH COLUMBIA, PROVINCE OF 2.25000% 16-02.06.26 | 200 000.00 | 212 674.39 | 0.17 |
| USD	EUROPEAN INVESTMENT BANK 3.25000% 14-29.01.24 | 150 000.00 | 161 655.75 | 0.13 |
| USD	EUROPEAN INVESTMENT BANK 0.62500% 20-21.10.27 | 160 000.00 | 154 318.19 | 0.12 |
| USD	ING BANK NV-REG-S 2.62500% 12-05.12.22 | 550 000.00 | 569 576.70 | 0.45 |
| USD	INTL BK FOR RECONSTR & DEVT WORLD BANK 0.87500% 20-14.05.30 | 485 000.00 | 453 894.16 | 0.36 |
| USD	KOREA NATIONAL OIL CORP-REG-S 3.25000% 14-10.07.24 | 600 000.00 | 646 369.80 | 0.51 |
| USD	KOREA NATIONAL OIL CORP-REG-S 1.62500% 20-05.10.30 | 250 000.00 | 235 053.40 | 0.18 |

UBS (Lux) Strategy SICAV – Income (USD)
Jahresbericht und geprüfter Jahresabschluss per 31. Mai 2021
|  | Bezeichnung | Anzahl/ | Bewertung in USD | in % des |
| --- | --- | --- | --- | --- |
|  | Nominal | NR Kursgewinn | Netto- |
|  |  | (-verlust) auf Futures/ | vermögens |
|  |  | Devisentermin- |  |
|  |  | kontrakten/ |  |
|  |  | Swaps (Erl. 1) |  |
|  |  |  |  |  |
| USD | KREDITANSTALT FUER WIEDERAUFBAU 0.75000% 20-30.09.30 | 280 000.00 | 259 073.48 | 0.20 |
| USD | MICROSOFT CORP 2.40000% 16-08.08.26 | 200 000.00 | 213 475.74 | 0.17 |
| USD | NOVARTIS CAPITAL CORP 3.40000% 14-06.05.24 | 200 000.00 | 217 724.15 | 0.17 |
| USD | ONTARIO, PROVINCE OF 1.12500% 20-07.10.30 | 400 000.00 | 374 870.85 | 0.29 |
| Total USD |  |  | 3 584 348.85 | 2.82 |
| Total Anleihen, fester Zins |  | 3 584 348.85 | 2.82 |
| Treasury-Notes, fester Zins |  |  |  |
| USD |  |  |  |
| USD	AMERICA, UNITED STATES OF 5.37500% 01-15.02.31 | 163 000.00 | 219 527.89 | 0.17 |
| USD	AMERICA, UNITED STATES OF 2.25000% 17-15.08.27 | 225 000.00 | 240 539.06 | 0.19 |
| USD	AMERICA, UNITED STATES OF 2.25000% 17-15.11.27 | 230 000.00 | 245 731.64 | 0.19 |
| USD	AMERICA, UNITED STATES OF 2.87500% 18-31.05.25 | 25 000.00 | 27 289.06 | 0.02 |
| USD	AMERICA, UNITED STATES OF 2.62500% 19-15.02.29 | 312 000.00 | 340 604.07 | 0.27 |
| USD	AMERICA, UNITED STATES OF 2.75000% 14-15.02.24 | 50 000.00 | 53 371.09 | 0.04 |
| USD	AMERICA, UNITED STATES OF 1.50000% 15-31.01.22 | 1 000.00 | 1 009.57 | 0.00 |
| USD	AMERICA, UNITED STATES OF 1.12500% 16-31.07.21 | 65 000.00 | 65 118.71 | 0.05 |
| USD	AMERICA, UNITED STATES OF 1.75000% 12-15.05.22 | 50 000.00 | 50 800.78 | 0.04 |
| USD	AMERICA, UNITED STATES OF 1.37500% 16-30.09.23 | 25 000.00 | 25 686.53 | 0.02 |
| USD	AMERICA, UNITED STATES OF 2.25000% 17-15.02.27 | 11 000.00 | 11 772.58 | 0.01 |
| USD	AMERICA, UNITED STATES OF 2.50000% 13-15.08.23 | 1 000.00 | 1 050.98 | 0.00 |
| USD	AMERICA, UNITED STATES OF 2.12500% 15-15.05.25 | 140 000.00 | 148 613.28 | 0.12 |
| USD	AMERICA, UNITED STATES OF 1.75000% 19-15.11.29 | 95 000.00 | 97 245.12 | 0.08 |
| USD	AMERICA, UNITED STATES OF 0.62500% 20-15.05.30 | 260 000.00 | 240 124.22 | 0.19 |
| USD	AMERICA, UNITED STATES OF 0.25000% 20-31.07.25 | 40 000.00 | 39 412.50 | 0.03 |
| USD	AMERICA, UNITED STATES OF 1.12500% 21-15.02.31 | 1 120 000.00 | 1 072 225.00 | 0.85 |
| Total USD |  | 2 880 122.08 | 2.27 |
| Total Treasury-Notes, fester Zins |  | 2 880 122.08 | 2.27 |
| Treasury-Notes, variabler Zins |  |  |  |
| USD |  |  |  |
| USD	AMERICA, UNITED STATES OF 3.875%/CPI LINKED 99-15.04.29 | 225 000.00 | 513 182.80 | 0.40 |
| USD	AMERICA, UNITED STATES OF 2.375%/CPI LINKED 04-15.01.25 | 395 000.00 | 652 421.51 | 0.51 |
| USD	AMERICA, UNITED STATES OF 0.625%/CPI LINKED 16-15.01.26 | 472 000.00 | 591 056.15 | 0.47 |
| USD	AMERICA, UNITED STATES OF 0.375%/CPI LINKED 17-15.01.27 | 425 000.00 | 521 070.62 | 0.41 |
| USD	AMERICA, UNITED STATES OF 0.375%/CPI INDEX 13-15.07.23 | 453 000.00 | 552 655.38 | 0.44 |
| USD	AMERICA, UNITED STATES OF 0.375%/CPI LINKED 15-15.07.25 | 560 000.00 | 694 953.21 | 0.55 |
| USD	AMERICA, UNITED STATES OF 0.750%/CPI LINKED 18-15.07.28 | 430 000.00 | 523 969.10 | 0.41 |
| USD	AMERICA, UNITED STATES OF 0.125%/CPI LINKED 20-15.01.30 | 520 000.00 | 588 840.38 | 0.46 |
| Total USD |  | 4 638 149.15 | 3.65 |
| Total Treasury-Notes, variabler Zins | 4 638 149.15 | 3.65 |
| Total Wertpapiere und Geldmarktinstrumente, die an einer offiziellen Börse gehandelt werden | 33 505 611.54 | 26.39 |
| Wertpapiere und Geldmarktinstrumente, die an einem anderen geregelten Markt gehandelt werden |  |  |
| Notes, fester Zins |  |  |
| USD |  |  |
| USD	NESTLE HOLDINGS INC-144A 3.62500% 18-24.09.28	300 000.00 | 336 828.70 | 0.27 |
| USD	SCENTRE GROUP TRUST 1 / 2-REG-S 3.75000% 17-23.03.27	150 000.00 | 164 805.28 | 0.13 |
| Total USD | 501 633.98 | 0.40 |
| Total Notes, fester Zins | 501 633.98 | 0.40 |
| Medium-Term Notes, Nullcoupon |  |  |
| USD |  |  |
| USD	INTL BK FOR RECONSTR & DEVT WORLD BANK 0.00000% 00-01.05.30	150 000.00 | 124 670.39 | 0.10 |
| Total USD | 124 670.39 | 0.10 |
| Total Medium-Term Notes, Nullcoupon | 124 670.39 | 0.10 |
| Treasury-Notes, variabler Zins |  |  |
| USD |  |  |
| USD	AMERICA, UNITED STATES OF 0.125%/CPI LINKED 12-15.07.22	400 000.00 | 480 083.97 | 0.38 |
| Total USD | 480 083.97 | 0.38 |
| Total Treasury-Notes, variabler Zins | 480 083.97 | 0.38 |
| Total Wertpapiere und Geldmarktinstrumente, die an einem anderen geregelten Markt gehandelt werden | 1 106 388.34 | 0.88 |

OGAW/Andere OGA im Sinne des Artikels 41 (1) e) des abgeänderten luxemburgischen Gesetzes vom 17. Dezember 2010
Investment Fonds, open end
| Irland |  |
| --- | --- |
| USD | ISHARES MSCI USA ESG SCREENED UCITS ETF UNHEGDED USD-CAP | 333 276.00 | 2 726 864.23 | 2.15 |
| USD | ISHRS III PLC-MSCI WORLD SML CAP UCITS ETF-UNHDG USD-ACC | 343 778.00 | 2 521 611.63 | 1.98 |
| USD | XTRACKERS MSCI WORLD ENERGY UCITS ETF-1C-ACCUM | 88 985.00 | 2 536 072.50 | 2.00 |
| Total Irland | 7 784 548.36 | 6.13 |

UBS (Lux) Strategy SICAV – Income (USD) Jahresbericht und geprüfter Jahresabschluss per 31. Mai 2021
| Bezeichnung | Anzahl/ | Bewertung in USD | in % des |
| --- | --- | --- | --- |
|  | Nominal | NR Kursgewinn | Netto- |
|  |  | (-verlust) auf Futures/ | vermögens |
|  |  | Devisentermin- |  |
|  |  | kontrakten/ |  |
|  |  | Swaps (Erl. 1) |  |
| Luxemburg |  |  |  |
| USD	LYXOR ETF WORLD FINANCIALS TR USD-C | 11 360.00 | 2 775 475.20 | 2.19 |
| EUR	UBS (LUX) BOND FUND - EURO HIGH YIELD (EUR) I-X-ACC | 14 639.00 | 2 543 179.87 | 2.00 |
| USD	UBS (LUX) BOND SICAV - SHORT TERM USD CORPORATES (USD) U-X-A | 1 337.00 | 15 320 415.60 | 12.07 |
| USD	UBS (LUX) BOND SICAV - USD CORPORATES U-X-ACC | 589.00 | 7 599 760.98 | 5.99 |
| USD	UBS (LUX) BOND SICAV - USD HIGH YIELD U-X-ACC | 293.00 | 6 346 303.82 | 5.00 |
| USD	UBS (LUX) BOND SICAV - EMERGING ECONOMIES CORP (USD)-I-X-DIS | 35 734.00 | 4 050 448.90 | 3.19 |
| USD	UBS (LUX) BOND SICAV - USD INVEST GRADE CORP USD U X ACC | 1 455.00 | 17 825 248.65 | 14.04 |
| USD	UBS (LUX) EMERGING ECONOMIES FUND-GLOBAL BONDS (USD)-U-X ACC | 419.00 | 6 127 787.01 | 4.83 |
| USD	UBS (LUX) EQUITY FUND - GLOBAL SUSTAINABLE (USD) U-X-ACC | 267.00 | 4 056 266.67 | 3.19 |
| USD	UBS (LUX) EQUITY SICAV - GLB EM OPP(USD)-U-X-ACC | 13.00 | 522 545.14 | 0.41 |
| USD	UBS (LUX) EQUITY SICAV-GLOBAL QUANTITATIVE (USD) U-X-ACC | 224.00 | 4 432 312.64 | 3.49 |
| USD	UBS (LUX) EQUITY SICAV - GLOBAL OPPORTUNITY (USD) U-X-ACC | 338.00 | 4 123 079.48 | 3.25 |
| USD	UBS (LUX) INST FUND-KEY SEL. GLOBAL EQUITY FA-USD | 117.00 | 4 106 443.77 | 3.23 |
| USD	UBS (LUX) INSTITUTION SICAV-EQUITIES GLB (EX USA) PASSIVE XA | 13 638.00 | 1 725 479.76 | 1.36 |
| USD	UBS (LUX) MONEY MARKET FUND - USD U-X-ACC | 48.00 | 538 927.68 | 0.42 |
| Total Luxemburg |  | 82 093 675.17 | 64.66 |
| Total Investment Fonds, open end |  | 89 878 223.53 | 70.79 |
| Total OGAW/Andere OGA im Sinne des Artikels 41 (1) e) des abgeänderten luxemburgischen Gesetzes vom 17. Dezember | 2010 | 89 878 223.53 | 70.79 |
| Derivative Instrumente, die an einer offiziellen Börse gehandelt werden |  |  |  |
| Optionsscheine auf Devisen |  |  |  |
| Vereinigte Staaten |  |  |  |
| USD	GOLDMAN SACHS FIN/EUR/USD PUT WARRANT 1.110000 21-17.09.21 | 31 300.00 | 84 510.00 | 0.07 |
| Total Vereinigte Staaten |  | 84 510.00 | 0.07 |
| Total Optionsscheine auf Devisen |  | 84 510.00 | 0.07 |
| Optionen auf Indizes, klassisch |  |  |  |
| USD |  |  |  |
| USD	S&P 500 INDEX PUT 3400.00000 18.06.21 | -6.00 | -750.00 | 0.00 |
| USD	S&P 500 INDEX CALL 4375.00000 18.06.21 | -6.00 | -1 050.00 | 0.00 |
| USD	S&P 500 INDEX CALL 4000.00000 18.06.21 | 6.00 | 132 102.00 | 0.10 |
| USD	MSCI EM INDEX CALL 1375.00000 17.09.21 | 19.00 | 69 730.00 | 0.05 |
| USD	MSCI EM INDEX PUT 1200.00000 17.09.21 | -19.00 | -26 220.00 | -0.02 |
| USD	MSCI EM INDEX CALL 1500.00000 17.09.21 | -19.00 | -11 400.00 | -0.01 |
| Total USD |  | 162 412.00 | 0.12 |
| Total Optionen auf Indizes, klassisch |  | 162 412.00 | 0.12 |
| Total Derivative Instrumente, die an einer offiziellen Börse gehandelt werden |  | 246 922.00 | 0.19 |
| Total des Wertpapierbestandes |  | 124 737 145.41 | 98.25 |

| Derivative Instrumente |  |
| --- | --- |
| Derivative Instrumente, die an einer offiziellen Börse gehandelt werden Finanzterminkontrakte auf Anleihen |
|  |  |  |  |
| USD	US 5YR TREASURY NOTE FUTURE 30.09.21 | -41.00 | -3 843.75 | 0.00 |
| Total Finanzterminkontrakte auf Anleihen |  | -3 843.75 | 0.00 |
| Finanzterminkontrakte auf Indizes |  |  |  |
|  |  |  |  |
| EUR	EURO STOXX 50 INDEX FUTURE 18.06.21 | -86.00 | -261 292.53 | -0.21 |
| CHF	SWISS MARKET INDEX FUTURE 18.06.21 | 16.00 | 112 848.17 | 0.09 |
| GBP	FTSE 100 INDEX FUTURE 18.06.21 | 31.00 | 120 372.62 | 0.09 |
| SEK	OMX 30 INDEX FUTURE 18.06.21 | -11.00 | -132.65 | 0.00 |
| USD	S&P500 EMINI FUTURE 18.06.21 | -30.00 | -216 627.50 | -0.17 |
| AUD	SPI 200 INDEX FUTURES 17.06.21 | -3.00 | -23 685.93 | -0.02 |
| HKD	HANG SENG INDEX FUTURE 29.06.21 | -2.00 | -1 887.57 | 0.00 |
| JPY	NIKKEI 225 (OSE) INDEX FUTURE 10.06.21 | 4.00 | 20 750.49 | 0.02 |
| CAD	S&P/TSX 60 INDEX FUTURE 17.06.21 | -3.00 | -32 470.82 | -0.03 |
| Total Finanzterminkontrakte auf Indizes |  | -282 125.72 | -0.23 |
| Total Derivative Instrumente, die an einer offiziellen Börse gehandelt werden |  | -285 969.47 | -0.23 |
| Total Derivative Instrumente |  | -285 969.47 | -0.23 |
| Devisenterminkontrakte Gekaufte Währung/ Gekaufter Betrag/Verkaufte Währung/Verkaufter Betrag/Fälligkeitsdatum |  |  |  |

| AUD | 649 876.66 | USD | 502 694.54 | 4.6.2021 | 344.65 | 0.00 |
| --- | --- | --- | --- | --- | --- | --- |
| USD | 267 313.09 | CHF | 246 971.10 | 4.6.2021 | -7 305.21 | -0.01 |
| USD | 1 383 365.23 | JPY | 150 761 910.00 | 4.6.2021 | 5 211.92 | 0.00 |
| USD | 166 817.34 | DKK | 1 040 000.00 | 4.6.2021 | -4 155.01 | 0.00 |
| GBP | 973 941.42 | USD | 1 354 245.09 | 4.6.2021 | 30 214.26 | 0.02 |
| SGD | 540 000.00 | USD | 401 077.86 | 4.6.2021 | 7 717.29 | 0.01 |
| CAD | 521 118.20 | USD | 418 197.66 | 4.6.2021 | 13 154.68 | 0.01 |
| NOK | 2 647 018.25 | USD | 312 200.58 | 4.6.2021 | 5 980.35 | 0.01 |
| USD | 105 569.74 | SEK | 897 396.45 | 4.6.2021 | -2 653.08 | 0.00 |
| USD | 218 913.62 | HKD | 1 700 000.00 | 4.6.2021 | -122.37 | 0.00 |

UBS (Lux) Strategy SICAV – Income (USD)
Jahresbericht und geprüfter Jahresabschluss per 31. Mai 2021
| Bezeichnung	Anzahl/ | Bewertung in USD | in % des |
| --- | --- | --- |
| Nominal | NR Kursgewinn | Netto- |
|  | (-verlust) auf Futures/ | vermögens |
|  | Devisentermin- |  |
|  | kontrakten/ |  |
|  | Swaps (Erl. 1) |  |

Devisenterminkontrakte (Fortsetzung)
Gekaufte Währung/ Gekaufter Betrag/Verkaufte Währung/Verkaufter Betrag/Fälligkeitsdatum
| USD | 2 509 882.47 | EUR | 2 104 114.51 | 4.6.2021 | -62 769.24 | -0.05 |
| --- | --- | --- | --- | --- | --- | --- |
| EUR | 80 000.00 | USD | 95 424.96 | 4.6.2021 | 2 389.17 | 0.00 |
| JPY | 74 000 000.00 | USD | 680 264.60 | 4.6.2021 | -3 811.61 | 0.00 |
| USD | 362 770.95 | NOK | 3 100 000.00 | 4.6.2021 | -9 859.99 | -0.01 |
| USD | 364 130.15 | AUD | 470 000.00 | 4.6.2021 | 325.08 | 0.00 |
| USD | 187 843.71 | CAD | 235 000.00 | 4.6.2021 | -6 676.07 | -0.01 |
| IDR | 12 926 780 000.00 | USD | 889 110.67 | 11.6.2021 | 17 574.01 | 0.01 |
| INR | 65 670 000.00 | USD | 895 418.60 | 11.6.2021 | 8 466.46 | 0.01 |
| USD | 911 378.05 | TWD | 25 720 000.00 | 11.6.2021 | -22 803.20 | -0.02 |
| USD | 100 647.65 | EUR | 85 000.00 | 4.6.2021 | -3 279.87 | 0.00 |
| USD | 65 018.97 | EUR | 55 000.00 | 4.6.2021 | -2 228.25 | 0.00 |
| GBP | 5 000.00 | USD | 6 845.16 | 4.6.2021 | 262.35 | 0.00 |
| GBP | 65 000.00 | USD | 89 356.09 | 4.6.2021 | 3 041.52 | 0.00 |
| CHF | 20 000.00 | USD | 21 573.30 | 4.6.2021 | 665.60 | 0.00 |
| EUR | 50 000.00 | USD | 59 469.70 | 4.6.2021 | 1 664.13 | 0.00 |
| USD | 11 626.61 | SEK | 100 000.00 | 4.6.2021 | -433.03 | 0.00 |
| GBP | 8 000.00 | USD | 11 012.83 | 4.6.2021 | 359.18 | 0.00 |
| USD | 34 357.23 | AUD | 45 000.00 | 4.6.2021 | -475.17 | 0.00 |
| GBP | 24 000.00 | USD | 32 970.14 | 4.6.2021 | 1 145.90 | 0.00 |
| CHF | 16 000.00 | USD | 17 337.22 | 4.6.2021 | 453.90 | 0.00 |
| EUR | 12 000.00 | USD | 14 303.54 | 4.6.2021 | 368.58 | 0.00 |
| USD | 72 323.52 | EUR | 60 000.00 | 4.6.2021 | -1 037.08 | 0.00 |
| TWD | 25 720 000.00 | USD | 919 951.36 | 11.6.2021 | 14 229.89 | 0.01 |
| USD | 869 053.13 | INR | 65 670 000.00 | 11.6.2021 | -34 831.93 | -0.03 |
| USD | 884 850.43 | IDR | 12 926 780 000.00 | 11.6.2021 | -21 834.25 | -0.02 |
| AUD | 530 000.00 | USD | 409 969.84 | 4.6.2021 | 278.43 | 0.00 |
| DKK | 390 000.00 | USD | 63 290.47 | 4.6.2021 | 824.16 | 0.00 |
| USD | 414 191.87 | SGD | 550 000.00 | 4.6.2021 | -2 173.56 | 0.00 |
| USD | 130 290.07 | GBP | 94 000.00 | 4.6.2021 | -3 331.09 | 0.00 |
| EUR | 60 000.00 | USD | 72 427.86 | 4.6.2021 | 932.74 | 0.00 |
| USD | 217 623.18 | HKD | 1 690 000.00 | 14.7.2021 | -143.82 | 0.00 |
| GBP | 617 432.41 | USD | 868 518.71 | 14.7.2021 | 9 202.09 | 0.01 |
| NZD | 5 000.00 | USD | 3 636.39 | 14.7.2021 | 3.26 | 0.00 |
| USD | 120 396.46 | SEK | 1 002 697.98 | 14.7.2021 | -565.72 | 0.00 |
| USD | 627 135.94 | CAD | 759 617.78 | 14.7.2021 | -1 593.38 | 0.00 |
| USD | 697 665.34 | JPY | 75 988 802.00 | 14.7.2021 | 2 815.13 | 0.00 |
| USD | 121 771.08 | DKK | 745 000.00 | 14.7.2021 | -783.73 | 0.00 |
| USD | 324 563.93 | CHF | 292 025.42 | 14.7.2021 | -490.59 | 0.00 |
| USD | 56 651.41 | NOK | 464 521.10 | 14.7.2021 | 810.16 | 0.00 |
| USD | 2 642 832.19 | EUR | 2 173 008.25 | 14.7.2021 | -16 144.24 | -0.01 |
| USD | 818 849.57 | AUD | 1 042 460.47 | 14.7.2021 | 11 784.08 | 0.01 |
| JPY | 2 750 000.00 | USD | 25 341.96 | 14.7.2021 | -195.65 | 0.00 |
| EUR | 76 000.00 | USD | 92 574.00 | 14.7.2021 | 422.52 | 0.00 |
| EUR | 90 000.00 | USD | 109 537.65 | 4.6.2021 | 503.25 | 0.00 |
| JPY | 2 750 000.00 | USD | 25 332.92 | 4.6.2021 | -194.46 | 0.00 |
| SGD | 1 690 000.00 | USD | 1 270 839.13 | 4.6.2021 | 8 538.29 | 0.01 |
| SGD | 1 680 000.00 | USD | 1 263 152.20 | 14.7.2021 | 8 505.10 | 0.01 |
| USD | 114 707.35 | GBP | 81 000.00 | 14.7.2021 | -439.48 | 0.00 |
| USD | 114 700.32 | GBP | 81 000.00 | 4.6.2021 | -441.32 | 0.00 |
| USD | 67 094.17 | EUR | 55 000.00 | 14.7.2021 | -205.94 | 0.00 |
| USD | 67 041.21 | EUR | 55 000.00 | 4.6.2021 | -206.01 | 0.00 |
| USD | 10 952.85 | HKD | 85 000.00 | 14.7.2021 | 0.07 | 0.00 |
| USD | 10 951.90 | HKD | 85 000.00 | 4.6.2021 | 0.10 | 0.00 |
| Total Devisenterminkontrakte | -52 996.05 | -0.04 |
|  |  |  |
| Bankguthaben, Sicht- und Fristgelder und andere liquide Mittel | 2 756 229.60 | 2.17 |
| Kontokorrentkredit und andere kurzfristige Verbindlichkeiten | -77 936.10 | -0.06 |
| Andere Aktiva und Passiva | -116 287.21 | -0.09 |
| Total des Nettovermögens | 126 960 186.18 | 100.00 |

UBS (Lux) Strategy SICAV – Income (USD) Jahresbericht und geprüfter Jahresabschluss per 31. Mai 2021