# UBS (Lux) Key Selection SICAV
– China Allocation Opportunity (USD)
| Three-year comparison |  |
| --- | --- |
|  | ISIN | 30.9.2019 | 30.9.2018 | 30.9.2017 |
| Net assets in USD |  | 458 791 165.16 | 441 860 749.57 | 188 636 044.43 |
| Class I-X-acc 1 | LU1946875082 |  |  |  |
| Shares outstanding |  | 10 847.0000 | - | - |
| Net asset value per share in USD |  | 108.23 | - | - |
| Issue and redemption price per share in USD 2 |  | 108.05 | - | - |
| Class P-6%-mdist | LU1226288253 |  |  |  |
| Shares outstanding |  | 1 569 913.2090 | 2 079 309.6510 | 777 652.7310 |
| Net asset value per share in USD |  | 92.16 | 87.82 | 94.81 |
| Issue and redemption price per share in USD 2 |  | 92.00 | 87.82 | 94.98 |
| Class (HKD) P-6%-mdist | LU1226288170 |  |  |  |
| Shares outstanding |  | 1 143 771.9160 | 1 326 696.9600 | 448 813.7390 |
| Net asset value per share in HKD |  | 930.49 | 885.57 | 954.87 |
| Issue and redemption price per share in HKD 2 |  | 928.91 | 885.57 | 956.59 |
| Class (AUD hedged) P-6%-mdist | LU1269690746 |  |  |  |
| Shares outstanding |  | 579 305.5690 | 553 415.9320 | 161 131.3600 |
| Net asset value per share in AUD |  | 106.97 | 103.23 | 111.65 |
| Issue and redemption price per share in AUD 2 |  | 106.79 | 103.23 | 111.85 |
| Class (RMB hedged) P-6%-mdist | LU1226287958 |  |  |  |
| Shares outstanding |  | 60 103.4740 | 69 722.1140 | 34 850.1270 |
| Net asset value per share in CNH |  | 1 001.50 | 951.98 | 1 014.58 |
| Issue and redemption price per share in CNH 2 |  | 999.80 | 951.98 | 1 016.41 |
| Class (SGD hedged) P-6%-mdist 3 | LU1226288097 |  |  |  |
| Shares outstanding |  | 23 720.6760 | 5 440.1590 | - |
| Net asset value per share in SGD |  | 103.95 | 100.06 | - |
| Issue and redemption price per share in SGD 2 |  | 103.77 | 100.06 | - |
| Class P-acc | LU1226287529 |  |  |  |
| Shares outstanding |  | 283 041.3600 | 252 269.2400 | 184 095.5530 |
| Net asset value per share in USD |  | 118.62 | 106.47 | 108.31 |
| Issue and redemption price per share in USD 2 |  | 118.42 | 106.47 | 108.50 |
| Class P-mdist | LU1226287875 |  |  |  |
| Shares outstanding |  | 540 047.1880 | 269 820.3960 | 182 277.2690 |
| Net asset value per share in USD |  | 102.49 | 95.52 | 100.11 |
| Issue and redemption price per share in USD 2 |  | 102.32 | 95.52 | 100.29 |
| Class (HKD) P-mdist 4 | LU1951186391 |  |  |  |
| Shares outstanding |  | 212 446.1110 | - | - |
| Net asset value per share in HKD |  | 1 012.12 | - | - |
| Issue and redemption price per share in HKD 2 |  | 1 010.40 | - | - |
| Class (SGD hedged) P-mdist | LU1226287792 |  |  |  |
| Shares outstanding |  | 103 628.2660 | 73 503.7580 | 33 119.7180 |
| Net asset value per share in SGD |  | 101.04 | 94.43 | 99.19 |
| Issue and redemption price per share in SGD 2 |  | 100.87 | 94.43 | 99.37 |
| Class Q-6%-mdist 5 | LU2037085722 |  |  |  |
| Shares outstanding |  | 12 338.6100 | - | - |
| Net asset value per share in USD |  | 100.31 | - | - |
| Issue and redemption price per share in USD 2 |  | 100.14 | - | - |
| 1  First NAV: 18.2.2019 2  See note 1 |  |  |  |  |

3 
For the period from 9.6.2015 to 6.2.2017 the share class (SGD hedged) P-6%-mdist was in circulation - reactivated 20.8.2018.
4 
First NAV: 15.3.2019
5 
First NAV: 19.8.2019
UBS (Lux) Key Selection SICAV – China Allocation Opportunity (USD) Annual Report as of 30 September 2019
| Performance |  |
| --- | --- |
|  | Currency | 2018/2019 | 2017/2018 | 2016/2017 |
| Class I-X-acc 1 | USD | - | - | - |
| Class P-6%-mdist | USD | 11.2% | -1.9% | 14.6% |
| Class (HKD) P-6%-mdist | HKD | 11.4% | -1.7% | 15.4% |
| Class (AUD hedged) P-6%-mdist | AUD | 9.8% | -2.1% | 15.1% |
| Class (RMB hedged) P-6%-mdist | CNH | 11.6% | -0.6% | 18.2% |
| Class (SGD hedged) P-6%-mdist | SGD | 10.3% | - | - |
| Class P-acc | USD | 11.2% | -1.9% | 14.6% |
| Class P-mdist | USD | 11.2% | -1.9% | 14.6% |
| Class (HKD) P-mdist 1 | HKD | - | - | - |
| Class (SGD hedged) P-mdist | SGD | 10.3% | -2.6% | 13.9% |
| Class Q-6%-mdist 1 1  Due to the recent launch, there is no data for the calculation of the performance available. | USD | - | - | - |

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.

## Report of the Portfolio Manager
The  financial  year,  from  1  October  2018  to
30 September 2019, was characterized by slowing global economic growth across the major economies. The fourth quarter of 2018 saw a sell-off in risky asset classes amidst weaker economic fundamentals and lower inflation numbers. A move to more accommoda- tive central bank policies led by the US Federal Reserve fuelled a rebound in asset prices in the first quarter. International trade tensions and the uncertainty regar- ding monetary policies were among the main reasons for higher volatility and a lack of market trend.
The subfund posted a positive performance in the financial year from 1 October 2018 to 30 September 2019. While the subfund suffered an equity market dri- ven drawdown in the fourth quarter 2018, there was a strong recovery in the first half of 2019. The major driver was a strong equity selection performance throughout the financial year and a strong recovery in Chinese on- and offshore equity markets in the first half of 2019. Furthermore the positive total return of the USD denominated Chinese high yield and invest- ment grade corporate bonds contributed positively. The relatively low Renminbi exposure of the subfund helped to moderate the negative impact of the falling Chinese currency to the USD.

## Structure of the Securities Portfolio
Geographical Breakdown as a % of net assets	
| China | 52.09 |
| --- | --- |
| Hong Kong | 12.35 |
| British Virgin Islands | 10.97 |
| Luxembourg | 5.75 |
| Cayman Islands | 3.83 |
| Ireland | 1.57 |
| Macau | 1.36 |
| United States | 0.36 |
| Bermuda | 0.32 |
| Singapore | 0.30 |
| Total | 88.90 |

Economic Breakdown as a % of net assets	
| Real Estate | 15.90 |
| --- | --- |
| Finance & holding companies | 13.80 |
| Internet, software & IT services | 7.56 |
| Banks & credit institutions | 6.93 |
| Investment funds | 6.47 |
| Miscellaneous services | 6.09 |
| Healthcare & social services | 5.96 |
| Countries & central governments | 4.94 |
| Tobacco & alcohol | 4.10 |
| Insurance | 4.09 |
| Lodging, catering & leisure | 2.90 |
| Building industry & materials | 1.79 |
| Miscellaneous unclassified companies | 1.19 |
| Pharmaceuticals, cosmetics & medical products | 0.99 |
| Chemicals | 0.97 |
| Energy & water supply | 0.91 |
| Mortgage & funding institutions | 0.80 |
| Electronics & semiconductors | 0.77 |
| Traffic & transportation | 0.64 |
| Petroleum | 0.61 |
| Telecommunications | 0.45 |
| Textiles, garments & leather goods | 0.32 |
| Retail trade, department stores | 0.31 |
| Mining, coal & steel | 0.28 |
| Mechanical engineering & industrial equipment | 0.13 |
| Total | 88.90 |

UBS (Lux) Key Selection SICAV – China Allocation Opportunity (USD)
Annual Report as of 30 September 2019

## Statement of Net Assets
Assets	30.9.2019
USD
Investments in securities, cost	390 847 908.41
| Investments in securities, unrealized appreciation (depreciation) | 	17 037 265.42	 |
| --- | --- |
| Total investments in securities (Note 1) | 407 885 173.83 |
| Cash at banks, deposits on demand and deposit accounts | 47 381 026.26 |
| Other liquid assets (Margins) | 329 548.90 |
| Receivable on subscriptions | 3 250 091.23 |
| Interest receivable on securities | 2 638 143.06 |
| Receivable on dividends | 184 979.69 |
| Other receivables | 77 556.90 |
| Unrealized gain (loss) on financial futures (Note 1) | -463 711.62 |
| Unrealized gain (loss) on forward foreign exchange contracts (Note 1) | -172 180.29 |
| Total Assets | 461 110 627.96 |
|  |  |
| Liabilities |  |
| Bank overdraft | -17.72 |
| Payable on redemptions | -1 092 806.46 |
| Other liabilities | -770 724.23 |
| Provisions for flat fee (Note 2) | -337 725.90 |
| Provisions for taxe d’abonnement (Note 3) | -54 426.25 |
| Provisions for other commissions and fees (Note 2) | 	-63 762.24	 |
| Total provisions | -455 914.39 |
| Total Liabilities | -2 319 462.80 |
|  |  |
| Net assets at the end of the financial year | 458 791 165.16 |
| Statement of Operations | USD |
| Income | 1.10.2018-30.9.2019 |
| Interest on liquid assets | 472 758.69 |
| Interest on securities | 9 960 854.58 |
| Dividends (Note 1) | 2 327 936.87 |
| Other income (Note 4) | 298 299.38 |
| Total income | 13 059 849.52 |
|  |  |
| Expenses |  |
| Flat fee (Note 2) | -7 688 839.17 |
| Taxe d’abonnement (Note 3) | -200 246.96 |
| Other commissions and fees (Note 2) | -117 827.33 |
| Interest on cash and bank overdraft | -16 477.54 |
| Total expenses | -8 023 391.00 |
|  |  |
| Net income (loss) on investments | 5 036 458.52 |
|  |  |
| Realized gain (loss) (Note 1) |  |
| Realized gain (loss) on market-priced securities without options | -2 868 717.38 |
| Realized gain (loss) on yield-evaluated securities and money market instruments | 164 982.52 |
| Realized gain (loss) on financial futures | 2 899 183.66 |
| Realized gain (loss) on options, futures-styled | -577 514.43 |
| Realized gain (loss) on forward foreign exchange contracts | -3 359 364.74 |
| Realized gain (loss) on foreign exchange | -91 045.07 |
| Total realized gain (loss) | -3 832 475.44 |
|  |  |
| Net realized gain (loss) of the financial year | 1 203 983.08 |
|  |  |
| Changes in unrealized appreciation (depreciation) (Note 1) |  |
| Unrealized appreciation (depreciation) on market-priced securities without options | 38 103 182.88 |
| Unrealized appreciation (depreciation) on yield-evaluated securities and money market instruments | -73 231.19 |
| Unrealized appreciation (depreciation) on financial futures | -463 711.62 |
| Unrealized appreciation (depreciation) on forward foreign exchange contracts | 83 006.65 |
| Total changes in unrealized appreciation (depreciation) | 37 649 246.72 |
|  |  |
| Net increase (decrease) in net assets as a result of operations | 38 853 229.80 |

UBS (Lux) Key Selection SICAV – China Allocation Opportunity (USD) Annual Report as of 30 September 2019
| Statement of Changes in Net Assets |  |
| --- | --- |
|  | USD |
|  | 1.10.2018-30.9.2019 |
| Net assets at the beginning of the financial year | 441 860 749.57 |
| Subscriptions | 262 320 104.68 |
| Redemptions | 	-261 467 686.93	 |
| Total net subscriptions (redemptions) | 852 417.75 |
| Dividend paid | -22 775 231.96 |
| Net income (loss) on investments | 5 036 458.52 |
| Total realized gain (loss) | -3 832 475.44 |
| Total changes in unrealized appreciation (depreciation) | 	37 649 246.72	 |
| Net increase (decrease) in net assets as a result of operations | 38 853 229.80 |
| Net assets at the end of the financial year | 458 791 165.16 |
| Changes in the Number of Shares outstanding |  |
|  | 1.10.2018-30.9.2019 |
| Class | I-X-acc |
| Number of shares outstanding at the beginning of the financial year | 0.0000 |
| Number of shares issued | 11 397.0000 |
| Number of shares redeemed | -550.0000 |
| Number of shares outstanding at the end of the financial year | 10 847.0000 |
| Class | P-6%-mdist |
| Number of shares outstanding at the beginning of the financial year | 2 079 309.6510 |
| Number of shares issued | 641 112.8210 |
| Number of shares redeemed | -1 150 509.2630 |
| Number of shares outstanding at the end of the financial year | 1 569 913.2090 |
| Class | (HKD) P-6%-mdist |
| Number of shares outstanding at the beginning of the financial year | 1 326 696.9600 |
| Number of shares issued | 492 868.2180 |
| Number of shares redeemed | -675 793.2620 |
| Number of shares outstanding at the end of the financial year | 1 143 771.9160 |
| Class | (AUD hedged) P-6%-mdist |
| Number of shares outstanding at the beginning of the financial year | 553 415.9320 |
| Number of shares issued | 361 147.4160 |
| Number of shares redeemed | -335 257.7790 |
| Number of shares outstanding at the end of the financial year | 579 305.5690 |
| Class | (RMB hedged) P-6%-mdist |
| Number of shares outstanding at the beginning of the financial year | 69 722.1140 |
| Number of shares issued | 12 308.6580 |
| Number of shares redeemed | -21 927.2980 |
| Number of shares outstanding at the end of the financial year | 60 103.4740 |
| Class | (SGD hedged) P-6%-mdist |
| Number of shares outstanding at the beginning of the financial year | 5 440.1590 |
| Number of shares issued | 32 302.8760 |
| Number of shares redeemed | -14 022.3590 |
| Number of shares outstanding at the end of the financial year | 23 720.6760 |
| Class | P-acc |
| Number of shares outstanding at the beginning of the financial year | 252 269.2400 |
| Number of shares issued | 167 586.8970 |
| Number of shares redeemed | -136 814.7770 |
| Number of shares outstanding at the end of the financial year | 283 041.3600 |
| Class | P-mdist |
| Number of shares outstanding at the beginning of the financial year | 269 820.3960 |
| Number of shares issued | 437 336.9430 |
| Number of shares redeemed | -167 110.1510 |
| Number of shares outstanding at the end of the financial year | 540 047.1880 |
| Class | (HKD) P-mdist |
| Number of shares outstanding at the beginning of the financial year | 0.0000 |
| Number of shares issued | 299 763.7500 |
| Number of shares redeemed | -87 317.6390 |
| Number of shares outstanding at the end of the financial year | 212 446.1110 |
| Class | (SGD hedged) P-mdist |
| Number of shares outstanding at the beginning of the financial year | 73 503.7580 |
| Number of shares issued | 76 352.5300 |
| Number of shares redeemed | -46 228.0220 |
| Number of shares outstanding at the end of the financial year | 103 628.2660 |
| Class | Q-6%-mdist |
| Number of shares outstanding at the beginning of the financial year | 0.0000 |
| Number of shares issued | 17 338.6100 |
| Number of shares redeemed | -5 000.0000 |
| Number of shares outstanding at the end of the financial year | 12 338.6100 |

UBS (Lux) Key Selection SICAV – China Allocation Opportunity (USD)
Annual Report as of 30 September 2019
| Monthly Distribution 1 |  |
| --- | --- |
| UBS (Lux) Key Selection SICAV – China Allocation Opportunity (USD) | Ex-Date | Pay-Date | Currency | Amount per share |
| P-6%-mdist | 10.10.2018 | 15.10.2018 | USD | 0.43 |
| P-6%-mdist | 12.11.2018 | 15.11.2018 | USD | 0.41 |
| P-6%-mdist | 10.12.2018 | 13.12.2018 | USD | 0.42 |
| P-6%-mdist | 10.1.2019 | 15.1.2019 | USD | 0.41 |
| P-6%-mdist | 12.2.2019 | 15.2.2019 | USD | 0.44 |
| P-6%-mdist | 11.3.2019 | 14.3.2019 | USD | 0.46 |
| P-6%-mdist | 10.4.2019 | 15.4.2019 | USD | 0.47 |
| P-6%-mdist | 10.5.2019 | 15.5.2019 | USD | 0.48 |
| P-6%-mdist | 11.6.2019 | 14.6.2019 | USD | 0.45 |
| P-6%-mdist | 10.7.2019 | 15.7.2019 | USD | 0.47 |
| P-6%-mdist | 12.8.2019 | 16.8.2019 | USD | 0.46 |
| P-6%-mdist | 10.9.2019 | 16.9.2019 | USD | 0.46 |
| (HKD) P-6%-mdist | 10.10.2018 | 15.10.2018 | HKD | 4.42 |
| (HKD) P-6%-mdist | 12.11.2018 | 15.11.2018 | HKD | 4.19 |
| (HKD) P-6%-mdist | 10.12.2018 | 13.12.2018 | HKD | 4.30 |
| (HKD) P-6%-mdist | 10.1.2019 | 15.1.2019 | HKD | 4.15 |
| (HKD) P-6%-mdist | 12.2.2019 | 15.2.2019 | HKD | 4.48 |
| (HKD) P-6%-mdist | 11.3.2019 | 14.3.2019 | HKD | 4.65 |
| (HKD) P-6%-mdist | 10.4.2019 | 15.4.2019 | HKD | 4.82 |
| (HKD) P-6%-mdist | 10.5.2019 | 15.5.2019 | HKD | 4.90 |
| (HKD) P-6%-mdist | 11.6.2019 | 14.6.2019 | HKD | 4.59 |
| (HKD) P-6%-mdist | 10.7.2019 | 15.7.2019 | HKD | 4.78 |
| (HKD) P-6%-mdist | 12.8.2019 | 16.8.2019 | HKD | 4.72 |
| (HKD) P-6%-mdist | 10.9.2019 | 16.9.2019 | HKD | 4.70 |
| (AUD hedged) P-6%-mdist | 10.10.2018 | 15.10.2018 | AUD | 0.51 |
| (AUD hedged) P-6%-mdist | 12.11.2018 | 15.11.2018 | AUD | 0.48 |
| (AUD hedged) P-6%-mdist | 10.12.2018 | 13.12.2018 | AUD | 0.50 |
| (AUD hedged) P-6%-mdist | 10.1.2019 | 15.1.2019 | AUD | 0.48 |
| (AUD hedged) P-6%-mdist | 12.2.2019 | 15.2.2019 | AUD | 0.51 |
| (AUD hedged) P-6%-mdist | 11.3.2019 | 14.3.2019 | AUD | 0.53 |
| (AUD hedged) P-6%-mdist | 10.4.2019 | 15.4.2019 | AUD | 0.55 |
| (AUD hedged) P-6%-mdist | 10.5.2019 | 15.5.2019 | AUD | 0.56 |
| (AUD hedged) P-6%-mdist | 11.6.2019 | 14.6.2019 | AUD | 0.53 |
| (AUD hedged) P-6%-mdist | 10.7.2019 | 15.7.2019 | AUD | 0.55 |
| (AUD hedged) P-6%-mdist | 12.8.2019 | 16.8.2019 | AUD | 0.54 |
| (AUD hedged) P-6%-mdist | 10.9.2019 | 16.9.2019 | AUD | 0.54 |
| (RMB hedged) P-6%-mdist | 10.10.2018 | 15.10.2018 | CNH | 4.75 |
| (RMB hedged) P-6%-mdist | 12.11.2018 | 15.11.2018 | CNH | 4.51 |
| (RMB hedged) P-6%-mdist | 10.12.2018 | 13.12.2018 | CNH | 4.63 |
| (RMB hedged) P-6%-mdist | 10.1.2019 | 15.1.2019 | CNH | 4.47 |
| (RMB hedged) P-6%-mdist | 12.2.2019 | 15.2.2019 | CNH | 4.82 |
| (RMB hedged) P-6%-mdist | 11.3.2019 | 14.3.2019 | CNH | 5.00 |
| (RMB hedged) P-6%-mdist | 10.4.2019 | 15.4.2019 | CNH | 5.18 |
| (RMB hedged) P-6%-mdist | 10.5.2019 | 15.5.2019 | CNH | 5.27 |
| (RMB hedged) P-6%-mdist | 11.6.2019 | 14.6.2019 | CNH | 4.94 |
| (RMB hedged) P-6%-mdist | 10.7.2019 | 15.7.2019 | CNH | 5.17 |
| (RMB hedged) P-6%-mdist | 12.8.2019 | 16.8.2019 | CNH | 5.09 |
| (RMB hedged) P-6%-mdist | 10.9.2019 | 16.9.2019 | CNH | 5.06 |
| (SGD hedged) P-6%-mdist | 10.10.2018 | 15.10.2018 | SGD | 0.67 |
| (SGD hedged) P-6%-mdist | 12.11.2018 | 15.11.2018 | SGD | 0.47 |
| (SGD hedged) P-6%-mdist | 10.12.2018 | 13.12.2018 | SGD | 0.48 |
| (SGD hedged) P-6%-mdist | 10.1.2019 | 15.1.2019 | SGD | 0.46 |
| (SGD hedged) P-6%-mdist | 12.2.2019 | 15.2.2019 | SGD | 0.50 |
| (SGD hedged) P-6%-mdist | 11.3.2019 | 14.3.2019 | SGD | 0.52 |
| (SGD hedged) P-6%-mdist | 10.4.2019 | 15.4.2019 | SGD | 0.54 |
| (SGD hedged) P-6%-mdist | 10.5.2019 | 15.5.2019 | SGD | 0.54 |
| (SGD hedged) P-6%-mdist | 11.6.2019 | 14.6.2019 | SGD | 0.51 |
| (SGD hedged) P-6%-mdist | 10.7.2019 | 15.7.2019 | SGD | 0.53 |
| (SGD hedged) P-6%-mdist | 12.8.2019 | 16.8.2019 | SGD | 0.52 |
| (SGD hedged) P-6%-mdist | 10.9.2019 | 16.9.2019 | SGD | 0.52 |
| P-mdist | 15.10.2018 | 18.10.2018 | USD | 0.24 |
| P-mdist | 15.11.2018 | 20.11.2018 | USD | 0.23 |
| P-mdist | 17.12.2018 | 20.12.2018 | USD | 0.23 |
| P-mdist | 15.1.2019 | 18.1.2019 | USD | 0.30 |
| P-mdist | 15.2.2019 | 20.2.2019 | USD | 0.32 |
| P-mdist | 15.3.2019 | 20.3.2019 | USD | 0.34 |
| P-mdist | 15.4.2019 | 18.4.2019 | USD | 0.35 |
| P-mdist | 15.5.2019 | 20.5.2019 | USD | 0.36 |
| P-mdist | 17.6.2019 | 20.6.2019 | USD | 0.34 |
| P-mdist | 15.7.2019 | 18.7.2019 | USD | 0.35 |
| P-mdist | 16.8.2019 | 21.8.2019 | USD | 0.35 |
| P-mdist | 16.9.2019 | 19.9.2019 | USD | 0.35 |
| 1  See note 6 |  |  |  |  |

UBS (Lux) Key Selection SICAV – China Allocation Opportunity (USD) Annual Report as of 30 September 2019
| UBS (Lux) Key Selection SICAV – China Allocation Opportunity (USD) | Ex-Date | Pay-Date | Currency | Amount per share |
| --- | --- | --- | --- | --- |
| (HKD) P-mdist | 15.4.2019 | 18.4.2019 | HKD | 2.04 |
| (HKD) P-mdist | 15.5.2019 | 20.5.2019 | HKD | 2.08 |
| (HKD) P-mdist | 17.6.2019 | 20.6.2019 | HKD | 4.76 |
| (HKD) P-mdist | 15.7.2019 | 18.7.2019 | HKD | 3.45 |
| (HKD) P-mdist | 16.8.2019 | 21.8.2019 | HKD | 3.42 |
| (HKD) P-mdist | 16.9.2019 | 19.9.2019 | HKD | 3.41 |
| (SGD hedged) P-mdist | 15.10.2018 | 18.10.2018 | SGD | 0.20 |
| (SGD hedged) P-mdist | 15.11.2018 | 20.11.2018 | SGD | 0.19 |
| (SGD hedged) P-mdist | 17.12.2018 | 20.12.2018 | SGD | 0.19 |
| (SGD hedged) P-mdist | 15.1.2019 | 18.1.2019 | SGD | 0.25 |
| (SGD hedged) P-mdist | 15.2.2019 | 20.2.2019 | SGD | 0.28 |
| (SGD hedged) P-mdist | 15.3.2019 | 20.3.2019 | SGD | 0.29 |
| (SGD hedged) P-mdist | 15.4.2019 | 18.4.2019 | SGD | 0.30 |
| (SGD hedged) P-mdist | 16.5.2019 | 21.5.2019 | SGD | 0.31 |
| (SGD hedged) P-mdist | 17.6.2019 | 20.6.2019 | SGD | 0.29 |
| (SGD hedged) P-mdist | 15.7.2019 | 18.7.2019 | SGD | 0.30 |
| (SGD hedged) P-mdist | 16.8.2019 | 21.8.2019 | SGD | 0.30 |
| (SGD hedged) P-mdist | 16.9.2019 | 19.9.2019 | SGD | 0.30 |

UBS (Lux) Key Selection SICAV – China Allocation Opportunity (USD)
Annual Report as of 30 September 2019

## Statement of Investments in Securities and other Net Assets as of 30 September 2019
| Description | Quantity/ | Valuation in USD | as a % |
| --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |
| Transferable securities and money market instruments listed on an official stock exchange |  |  |  |
| Bearer shares |  |  |  |
| China |  |  |  |
| HKD	ANHUI GUJING DISTL ‘B’CNY1 | 118 500.00 | 995 687.81 | 0.22 |
| HKD	CHINA MERCHANTS BK ‘H’CNY1 | 1 100 500.00 | 5 236 197.92 | 1.14 |
| HKD	CHINASOFT INTL LTD HKD0.05 (POST B/L CHANGE) | 3 140 000.00 | 1 385 871.37 | 0.30 |
| HKD	KINGSOFT CORP USD0.0005 | 635 000.00 | 1 347 858.25 | 0.30 |
| CNY	KWEICHOW MOUTAI CO LTD-A | 73 479.00 | 11 837 505.60 | 2.58 |
| HKD	PING AN INSURANCE ‘H’CNY1 | 1 297 000.00 | 14 898 442.48 | 3.25 |
| HKD	TENCENT HLDGS LIMI HKD0.00002 | 648 600.00 | 27 319 401.99 | 5.96 |
| CNY	YIBIN WULIANGYE ‘A’CNY1 | 328 000.00 | 5 964 137.62 | 1.30 |
| Total China |  | 68 985 103.04 | 15.05 |
| Hong Kong |  |  |  |
| HKD	AIA GROUP LTD NPV | 407 000.00 | 3 844 471.52 | 0.84 |
| HKD	CHINA DONGXIANG (GROUP) HKD0.01 | 1 811 000.00 | 194 050.57 | 0.04 |
| HKD	CHINA JINMAO HOLDI NPV | 4 908 000.00 | 2 811 046.76 | 0.61 |
| HKD	CHINA O/SEAS LAND HKD0.10 | 628 000.00 | 1 974 666.43 | 0.43 |
| HKD	CHINA RES LAND HKD0.10 | 528 000.00 | 2 212 516.26 | 0.48 |
| HKD	CSPC PHARMACEUTICA HKD0.10 | 1 256 000.00 | 2 521 805.24 | 0.55 |
| HKD	FAR EAST HORIZON L HKD0.01 | 4 563 000.00 | 4 237 395.72 | 0.92 |
| HKD	GUOTAI JUNAN INTL NPV | 4 029 000.00 | 683 543.38 | 0.15 |
| HKD	HAITONG INTL SECS HKD0.10 | 1 445 000.00 | 409 202.23 | 0.09 |
| HKD	HANSOH PHARMACEUTICAL GROUP CO LTD | 92 000.00 | 281 654.21 | 0.06 |
| HKD	HONG KONG EXCHANGE HKD1 | 88 200.00 | 2 587 698.04 | 0.56 |
| HKD	HUA HAN BIO-PHARMA HKD0.1 | 1 796 000.00 | 2.29 | 0.00 |
| HKD	SHN INTL HLDGS HKD1 | 3 783 000.00 | 7 267 390.36 | 1.58 |
| HKD	SSY GROUP LIMITED HKD0.02 | 2 218 847.00 | 1 754 834.73 | 0.38 |
| Total Hong Kong |  | 30 780 277.74 | 6.69 |
| Total Bearer shares |  | 99 765 380.78 | 21.74 |
| Registered shares |  |  |  |
| China |  |  |  |
| HKD	YIHAI INTERNATIONA USD0.00001	1 292 000.00 | 7 680 077.56 | 1.67 |
| Total China | 7 680 077.56 | 1.67 |
| Total Registered shares | 7 680 077.56 | 1.67 |

Depository receipts
| China |  |
| --- | --- |
| USD | ALIBABA GROUP HLDG SPON ADS EACH REP ONE ORD-ADR | 163 977.00 | 27 421 873.71 | 5.98 |
| USD | NETEASE INC ADR REP 25 COM USD0.0001 | 17 400.00 | 4 631 532.00 | 1.01 |
| USD | NEW ORIENTAL ED & TECH GRP INC SPON ADR | 40 280.00 | 4 461 412.80 | 0.97 |
| USD | TAL EDUCATION GRP ADS EA REPR 2 CL A ORD SHS | 798 491.00 | 27 340 331.84 | 5.96 |
| Total China |  | 63 855 150.35 | 13.92 |
| Total Depository receipts |  | 63 855 150.35 | 13.92 |
| Notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	AGILE GROUP HOLDINGS LTD-REG-S 5.12500% 17-14.08.22 | 525 000.00 | 517 289.06 | 0.11 |
| USD	AGILE GROUP HOLDINGS LTD-REG-S 9.50000% 18-23.11.20 | 1 750 000.00 | 1 835 312.50 | 0.40 |
| USD	CAR INC-REG-S 8.87500% 19-10.05.22 | 850 000.00 | 816 000.00 | 0.18 |
| USD	CENTRAL CHINA REAL ESTATE-REG-S 7.25000% 19-24.04.23 | 1 825 000.00 | 1 761 125.00 | 0.38 |
| USD	CGNPC INTERNATIONAL LTD-REG-S 4.00000% 15-19.05.25 | 250 000.00 | 265 625.00 | 0.06 |
| USD	CHINA EVERGRANDE GROUP-REG-S 10.00000% 19-11.04.23 | 2 000 000.00 | 1 805 000.00 | 0.39 |
| USD	CNAC HK FINBRIDGE CO LTD-REG-S 5.12500% 18-14.03.28 | 3 975 000.00 | 4 465 664.06 | 0.97 |
| USD	CNPC GENERAL CAPITAL LTD-REG-S 3.40000% 13-16.04.23 | 1 000 000.00 | 1 030 000.00 | 0.22 |
| USD	COUNTRY GARDEN HOLDINGS CO LTD-REG-S 8.00000% 18-27.01.24 | 3 422 000.00 | 3 708 592.50 | 0.81 |
| USD	EASY TACTIC LTD-REG-S 5.75000% 17-13.01.22 | 2 300 000.00 | 2 189 312.50 | 0.48 |
| USD	FRANSHION BRILLIANT LTD-REG-S 4.25000% 19-23.07.29 | 1 750 000.00 | 1 732 755.33 | 0.38 |
| USD	GOLDEN EAGLE RETAIL GROUP-REG-S 4.62500% 13-21.05.23 | 1 500 000.00 | 1 417 500.00 | 0.31 |
| USD	GREENTOWN CHINA HOLDINGS LTD-REG-S 5.87500% 15-11.08.20 | 2 000 000.00 | 2 016 500.00 | 0.44 |
| USD	JINGRUI HOLDINGS LTD-REG-S 7.75000% 17-12.04.20 | 900 000.00 | 868 781.25 | 0.19 |
| USD	LOGAN PROPERTY HOLDINGS CO LTD-REG-S 5.25000% 17-23.02.23 | 3 000 000.00 | 2 885 625.00 | 0.63 |
| USD	REDCO PROPERTIES GROUP LTD-REG-S 11.00000% 18-29.08.20 | 1 400 000.00 | 1 400 000.00 | 0.30 |
| USD	SANDS CHINA LTD 5.40000% 19-08.08.28 | 5 000 000.00 | 5 631 100.00 | 1.23 |
| USD	SINOPEC GROUP OVERSEA DEVELOPMENT-REG-S 3.50000% 16-03.05.26 | 1 000 000.00 | 1 048 125.00 | 0.23 |
| USD	SINOPEC GROUP OVERSEA DEVELOPMENT-REG-S 2.75000% 16-29.09.26 | 1 500 000.00 | 1 498 125.00 | 0.33 |
| USD	STATE GRID OVERSEAS INV-REG-S 4.12500% 14-07.05.24 | 250 000.00 | 268 281.25 | 0.06 |
| USD	SUNAC CHINA HOLDINGS LTD-REG-S 8.35000% 18-19.04.23 | 1 000 000.00 | 990 937.50 | 0.22 |
| USD	SUNAC CHINA HOLDINGS LTD-REG-S 8.62500% 18-27.07.20 | 725 000.00 | 738 593.75 | 0.16 |
| USD	YANKUANG GROUP CAYMAN LTD-REG-S 4.75000% 17-30.11.20 | 1 000 000.00 | 1 005 100.00 | 0.22 |
| Total USD |  | 39 895 344.70 | 8.70 |
| Total Notes, fixed rate |  | 39 895 344.70 | 8.70 |
| Notes, floating rate |  |  |  |
| USD |  |  |  |
| USD	IND & COM BK CHINA MACAU-REG-S-SUB 2.875%/VAR 19-12.09.29 | 600 000.00 | 594 116.16 | 0.13 |
| Total USD |  | 594 116.16 | 0.13 |
| Total Notes, floating rate |  | 594 116.16 | 0.13 |

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

Medium term notes, fixed rate
| USD |  |
| --- | --- |
| USD | BANK OF CHINA LTD-REG-S-SUB 5.00000% 14-13.11.24 | 400 000.00 | 435 625.00 | 0.09 |
| USD | BOC AVIATION LTD-REG-S 3.50000% 19-10.10.24 | 1 325 000.00 | 1 359 556.40 | 0.30 |
| USD | BOCOM LEASING MGT HONG KONG-REG-S 4.37500% 19-22.01.24 | 2 050 000.00 | 2 165 953.13 | 0.47 |
| USD | CHARMING LIGHT INVESTMENTS LTD-REG-S 4.37500% 17-21.12.27 | 1 125 000.00 | 1 205 507.81 | 0.26 |
| USD | CHINA CINDA FINANCE 2015 I LTD-REG-S 4.25000% 15-23.04.25 | 900 000.00 | 951 114.42 | 0.21 |
| USD | CITIC LTD-REG-S 4.00000% 18-11.01.28 | 2 500 000.00 | 2 646 093.75 | 0.58 |
| USD | HUARONG FINANCE II CO LTD-REG-S 5.50000% 15-16.01.25 | 500 000.00 | 547 031.25 | 0.12 |
| USD | HUARONG FINANCE-REG-S 3.75000% 19-29.05.24 | 7 000 000.00 | 7 148 750.00 | 1.56 |
| USD | ICBCIL FINANCE CO LTD-REG-S 2.75000% 16-19.05.21 | 800 000.00 | 798 500.00 | 0.17 |
| USD | NAN FUNG TREASURY LTD-REG-S 3.87500% 17-03.10.27 | 1 000 000.00 | 991 026.29 | 0.22 |
| USD | STATE ELITE GLOBAL LTD-REG-S 2.25000% 16-20.10.21 | 800 000.00 | 795 000.00 | 0.17 |
| USD | STATE GRID OVERSEAS INVESTMENT-REG-S 3.50000% 17-04.05.27 | 1 200 000.00 | 1 265 250.00 | 0.28 |
| Total USD |  |  | 20 309 408.05 | 4.43 |
| Total Medium term notes, fixed rate |  | 20 309 408.05 | 4.43 |
| Medium term notes, floating rate |  |  |  |
| USD |  |  |  |
| USD	BANK OF CHINA LTD/HONG KONG-REG-S 3M LIBOR+88BP 17-11.07.22 | 500 000.00 | 501 767.50 | 0.11 |
| USD	WING LUNG BANK LTD-REG-S-SUB 3.750%/H15T5Y+175BP 17-22.11.27 | 600 000.00 | 600 363.78 | 0.13 |
| Total USD |  | 1 102 131.28 | 0.24 |
| Total Medium term notes, floating rate |  | 1 102 131.28 | 0.24 |
| Bonds, fixed rate |  |  |  |
| CNY |  |  |  |
| CNY	CHINA DEVELOPMENT BANK CORP 3.65000% 19-21.05.29 | 60 000 000.00 | 8 437 932.87 | 1.84 |
| CNY	CHINA DEVELOPMENT BANK CORP 3.42000% 19-02.07.24 | 50 000 000.00 | 7 017 146.70 | 1.53 |
| CNY	CHINA, PEOPLE’S REPUBLIC OF 3.19000% 19-11.04.24 | 50 000 000.00 | 7 072 404.18 | 1.54 |
| CNY	CHINA, PEOPLE’S REPUBLIC OF 3.29000% 19-23.05.29 | 100 000 000.00 | 14 184 705.25 | 3.09 |
| CNY	CHINA, PEOPLE’S REPUBLIC OF 2.74000% 19-11.07.21 | 10 000 000.00 | 1 401 965.42 | 0.31 |
| Total CNY |  | 38 114 154.42 | 8.31 |
| USD |  |  |  |
| USD	BLUESTAR FINANCE HOLDINGS LTD-REG-S 3.50000% 16-30.09.21 | 250 000.00 | 252 890.63 | 0.05 |
| USD	CENTRAL CHINA REAL ESTATE-REG-S 6.50000% 18-05.03.21 | 2 500 000.00 | 2 473 175.00 | 0.54 |
| USD	CENTRAL PLAZA DEVELOPMENT LTD-REG-S 3.87500% 17-30.01.21 | 575 000.00 | 577 047.00 | 0.13 |
| USD	CHINA AOYUAN PROPERTY GROUP LTD-REG-S 5.37500% 17-13.09.22 | 2 525 000.00 | 2 455 310.00 | 0.54 |
| USD	CHINA CONSTRUCTION BANK CORP-REG-S-SUB 4.25000% 19-27.02.29 | 1 475 000.00 | 1 546 445.32 | 0.34 |
| USD	CHINA EVERGRANDE GROUP-REG-S 8.25000% 17-23.03.22 | 2 625 000.00 | 2 349 375.00 | 0.51 |
| USD	CHINA EVERGRANDE GROUP-REG-S 7.50000% 17-28.06.23 | 2 125 000.00 | 1 759 765.62 | 0.38 |
| USD	CHINA HUADIAN OVERSEAS DEVP18 LTD-REG-S 3.87500% 18-17.05.23 | 1 250 000.00 | 1 302 187.50 | 0.28 |
| USD	CHINA OVERSEAS FINANCE CAYMAN-REG-S 5.95000% 14-08.05.24 | 300 000.00 | 339 375.00 | 0.07 |
| USD	CHINA SCE PROPERTY HOLDINGS LTD-REG-S 7.45000% 18-17.04.21 | 1 000 000.00 | 1 013 860.00 | 0.22 |
| USD	CHINA SCE PROPERTY HOLDINGS LTD-REG-S 8.75000% 19-15.01.21 | 375 000.00 | 385 781.25 | 0.08 |
| USD	CHINA SOUTH CITY HOLDINGS LTD-REG-S 7.25000% 18-25.01.21 | 3 000 000.00 | 2 691 562.50 | 0.59 |
| USD	CHINALCO CAPITAL HOLDINGS LTD-REG-S 4.00000% 16-25.08.21 | 2 950 000.00 | 2 970 281.25 | 0.65 |
| USD	CIFI HOLDINGS GROUP CO LTD-REG-S 5.50000% 18-23.01.23 | 3 650 000.00 | 3 572 620.00 | 0.78 |
| USD	CMHI FINANCE BVI CO LTD-REG-S 5.00000% 18-06.08.28 | 3 450 000.00 | 3 910 057.50 | 0.85 |
| USD	CONCORD NEW ENERGY GROUP LTD-REG-S 7.90000% 18-23.01.21 | 1 465 000.00 | 1 471 123.70 | 0.32 |
| USD	COUNTRY GARDEN HOLDINGS CO LTD-REG-S 6.15000% 19-17.09.25 | 900 000.00 | 918 000.00 | 0.20 |
| USD	DR PENG HOLDING HONGKONG LTD-REG-S 5.05000% 17-01.06.20 | 400 000.00 | 280 036.85 | 0.06 |
| USD	EHI CAR SERVICES LTD-REG-S 5.87500% 17-14.08.22 | 2 300 000.00 | 2 117 437.50 | 0.46 |
| USD	FANTASIA HOLDINGS GROUP CO LTD-REG-S 7.37500% 16-04.10.21 | 2 000 000.00 | 1 782 120.00 | 0.39 |
| USD	FANTASIA HOLDINGS GROUP CO LTD-REG-S 8.37500% 18-08.03.21 | 2 250 000.00 | 2 096 718.75 | 0.46 |
| USD	FORTUNE STAR BVI LTD-REG-S 5.25000% 17-23.03.22 | 3 700 000.00 | 3 676 875.00 | 0.80 |
| USD	GOLDEN WHEEL TIANDI HLDGS CO LTD-REG-S 7.00000% 18-18.01.21 | 600 000.00 | 540 937.50 | 0.12 |
| USD	HKT CAPITAL NO 5 LTD-REG-S 3.25000% 19-30.09.29 | 2 100 000.00 | 2 075 486.95 | 0.45 |
| USD	JINGRUI HOLDINGS LTD-REG-S 9.45000% 18-23.04.21 | 1 000 000.00 | 920 937.50 | 0.20 |
| USD	KAISA GROUP HOLDINGS LTD-REG-S 8.50000% 17-30.06.22 | 2 500 000.00 | 2 262 437.50 | 0.49 |
| USD	KWG PROPERTY HOLDING LTD-REG-S 5.20000% 17-21.09.22 | 3 104 000.00 | 2 964 692.48 | 0.65 |
| USD	LAI FUNG BONDS-REG-S 5.65000% 18-18.01.23 | 2 330 000.00 | 2 229 111.00 | 0.49 |
| USD	LONGFOR GROUP HOLDINGS LTD-REG-S 3.95000% 19-16.09.29 | 1 850 000.00 | 1 812 421.87 | 0.39 |
| USD	LONGFOR PROPERTIES CO LTD-REG-S 4.50000% 18-16.01.28 | 1 700 000.00 | 1 758 437.50 | 0.38 |
| USD	NEW METRO GLOBAL LTD-REG-S 5.00000% 17-08.08.22 | 1 500 000.00 | 1 264 218.75 | 0.28 |
| USD	NEW METRO GLOBAL LTD-REG-S 6.50000% 18-23.04.21 | 1 000 000.00 | 938 940.00 | 0.20 |
| USD	NWD MTN LTD-REG-S 4.12500% 19-18.07.29 | 5 850 000.00 | 5 783 923.84 | 1.26 |
| USD	POWERLONG REAL ESTATE HOLDINGS-REG-S 4.87500% 16-15.09.21 | 1 000 000.00 | 944 600.00 | 0.21 |
| USD	POWERLONG REAL ESTATE HOLDINGS LTD 6.95000% 18-17.04.21 | 1 700 000.00 | 1 693 727.00 | 0.37 |
| USD	PRIME BLOOM HOLDINGS LTD-REG-S 6.95000% 17-05.07.22 | 1 900 000.00 | 1 263 851.50 | 0.28 |
| USD	RKI OVERSEAS FINANCE 2017 A LTD-REG-S 7.00000% 17-PRP | 1 000 000.00 | 835 560.00 | 0.18 |
| USD	SPIC LUX LATAM RE ENERGY INV CO-REG-S 4.65000% 18-30.10.23 | 3 675 000.00 | 3 892 715.08 | 0.85 |
| USD	SUNAC CHINA HOLDINGS LTD-REG-S 7.95000% 17-08.08.22 | 750 000.00 | 742 265.63 | 0.16 |
| USD	SUNAC CHINA HOLDINGS LTD-REG-S 7.95000% 19-11.10.23 | 1 650 000.00 | 1 612 874.99 | 0.35 |
| USD	TIMES CHINA HOLDINGS LTD-REG-S 6.60000% 17-02.03.23 | 2 000 000.00 | 1 966 875.00 | 0.43 |
| USD	TIMES CHINA HOLDINGS LTD-REG-S 6.25000% 18-17.01.21 | 645 000.00 | 648 057.30 | 0.14 |
| USD	TIMES CHINA HOLDINGS LTD-REG-S 7.85000% 18-04.06.21 | 1 325 000.00 | 1 355 395.50 | 0.30 |
| USD	TSINGHUA UNIC LTD-REG-S 5.37500% 18-31.01.23 | 2 475 000.00 | 2 249 838.38 | 0.49 |
| USD	XIN JIANG GUANG HUI IND INV GRP-REG-S 7.87500% 17-30.03.20 | 1 650 000.00 | 1 554 609.38 | 0.34 |
| USD	YANLORD LAND HK CO LTD-REG-S 6.75000% 18-23.04.23 | 800 000.00 | 826 414.80 | 0.18 |
| USD	YUZHOU PROPERTIES CO LTD-REG-S 6.00000% 17-25.01.22 | 4 050 000.00 | 3 951 281.25 | 0.86 |
| USD	ZOOMLION HK SPV CO LTD-REG-S 6.12500% 12-20.12.22 | 500 000.00 | 503 365.00 | 0.11 |
| Total USD |  | 86 535 021.07 | 18.86 |
| Total Bonds, fixed rate |  | 124 649 175.49 | 27.17 |

UBS (Lux) Key Selection SICAV – China Allocation Opportunity (USD)
Annual Report as of 30 September 2019
| Description | Quantity/ | Valuation in USD | as a % |
| --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |
| Bonds, floating rate |  |  |  |
| USD |  |  |  |
| USD	BANK OF CHINA HONG KONG LTD-REG-S-SUB 5.900%/VAR 18-PRP | 1 000 000.00 | 1 066 250.00 | 0.23 |
| USD	BANK OF EAST ASIA LTD/THE-REG-S-SUB 5.875%/VAR 19-PRP | 750 000.00 | 763 875.30 | 0.17 |
| USD	BAOXIN AUTO FINANCE I LTD-REG-S 8.750%/VAR 16-PRP | 500 000.00 | 480 781.25 | 0.10 |
| USD	BAOXIN AUTO FINANCE I LTD-REG-S 5.625%/VAR 17-PRP | 500 000.00 | 405 937.50 | 0.09 |
| USD	CHINA MINMETALS CORP-REG-S 3.750%/VAR 17-PRP | 1 300 000.00 | 1 300 000.00 | 0.28 |
| USD	CIFI HOLDINGS GROUP CO LTD-REG-S 5.375%/VAR 17-PRP | 500 000.00 | 465 385.00 | 0.10 |
| USD	ESTATE SKY LTD-REG-S 5.750%/VAR 17-PRP | 1 150 000.00 | 1 057 543.55 | 0.23 |
| USD	FRANSHION BRILLIANT LTD-REG-S-SUB 5.750%/VAR 17-PRP | 2 750 000.00 | 2 658 906.25 | 0.58 |
| USD	HUANENG HONG KONG CAPITAL LTD-REG-S 3.600%/VAR 17-PRP | 2 450 000.00 | 2 436 984.38 | 0.53 |
| USD	INDUST&COMMER BK CHINA/HK-REG-SUB 4.250%/VAR 16-PRP | 1 000 000.00 | 1 000 949.30 | 0.22 |
| USD	KING TALENT MANAGEMENT LTD-REG-S-SUB 5.600%/VAR 17-PRP | 2 000 000.00 | 1 748 125.00 | 0.38 |
| USD	POSTAL SAVINGS BANK OF CHINA-REG-S-SUB 4.500%/VAR 17-PRP | 350 000.00 | 350 218.75 | 0.08 |
| USD	SINO OCEAN LAND TREASURE-REG-S-SUB 4.900%/VAR 17-PRP | 2 475 000.00 | 2 107 617.18 | 0.46 |
| Total USD |  | 15 842 573.46 | 3.45 |
| Total Bonds, floating rate |  | 15 842 573.46 | 3.45 |
| Total Transferable securities and money market instruments listed on an official stock exchange |  | 373 693 357.83 | 81.45 |
| Transferable securities and money market instruments traded on another regulated market |  |  |  |
| Notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	INDUSTRIAL & COMMERCIAL BANK OF CN/NY 2.45200% 16-20.10.21 | 600 000.00 | 598 500.00 | 0.13 |
| USD	INDUSTRIAL & COMMERCIAL BANK OF CN/NY 3.53800% 17-08.11.27 | 1 000 000.00 | 1 046 875.00 | 0.23 |
| USD	YINGDE GASES INVESTMENT LTD-REG-S 6.25000% 18-19.01.23 | 1 300 000.00 | 1 319 500.00 | 0.29 |
| Total USD |  | 2 964 875.00 | 0.65 |
| Total Notes, fixed rate |  | 2 964 875.00 | 0.65 |
| Bonds, fixed rate |  |  |  |
| USD |  |  |  |
| USD	CNOOC FINANCE 2013 LTD 3.00000% 13-09.05.23 | 1 500 000.00 | 1 526 250.00 | 0.33 |
| Total USD |  | 1 526 250.00 | 0.33 |
| Total Bonds, fixed rate | 1 526 250.00 | 0.33 |
| Total Transferable securities and money market instruments traded on another regulated market | 4 491 125.00 | 0.98 |
| 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	HSBC ETFS PLC MSCI CHINA UCITS ETF USD	960 000.00 | 7 210 800.00 | 1.57 |
| Total Ireland | 7 210 800.00 | 1.57 |
| Luxembourg |  |  |
| USD	X-TRACKERS HARVEST CSI300 INDEX UCITS ETF-EUR-1D-DISTR	2 115 700.00 | 22 489 891.00 | 4.90 |
| Total Luxembourg | 22 489 891.00 | 4.90 |
| Total Investment funds, open end | 29 700 691.00 | 6.47 |
| Total UCITS/Other UCIs in accordance with Article 41 (1) e) of the amended Luxembourg law of 17 December 2010 | 29 700 691.00 | 6.47 |
| Total investments in securities | 407 885 173.83 | 88.90 |

| Derivative instruments |  |
| --- | --- |
| Derivative instruments listed on an official stock exchange |
| Financial Futures on Indices |
|  |  |  |  |
| USD	FTSE XINHUA CHINA A 50 INDEX FUTURE 30.10.19 | 1 547.00 | -342 273.75 | -0.07 |
| HKD	HANG SENG CHINA ENTERPRISES INDEX FUTURE 30.10.19 | 140.00 | -121 437.87 | -0.03 |
| Total Financial Futures on Indices |  | -463 711.62 | -0.10 |
| Total Derivative instruments listed on an official stock exchange |  | -463 711.62 | -0.10 |
| Total Derivative instruments |  | -463 711.62 | -0.10 |

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

Forward Foreign Exchange contracts
Forward Foreign Exchange contracts (Purchase/Sale)
| AUD | 61 266 400.00 | USD | 41 579 974.02 | 25.10.2019 | -222 137.85 | -0.05 |
| --- | --- | --- | --- | --- | --- | --- |
| SGD | 12 579 300.00 | USD | 9 136 747.24 | 25.10.2019 | -37 890.50 | -0.01 |
| USD | 45 244 784.57 | CNH | 322 565 000.00 | 25.10.2019 | 107 866.37 | 0.02 |
| CNH | 59 724 500.00 | USD | 8 377 294.92 | 25.10.2019 | -19 971.99 | 0.00 |
| SGD | 70 100.00 | USD | 50 753.08 | 25.10.2019 | -48.36 | 0.00 |
| SGD | 208 400.00 | USD | 150 737.81 | 25.10.2019 | 2.04 | 0.00 |
| Total Forward Foreign Exchange contracts (Purchase/Sale) | -172 180.29 | -0.04 |
|  |  |  |
| Cash at banks, deposits on demand and deposit accounts and other liquid assets | 47 710 575.16 | 10.40 |
| Bank overdraft and other short-term liabilities | -17.72 | 0.00 |
| Other assets and liabilities | 3 831 325.80 | 0.84 |
| Total net assets | 458 791 165.16 | 100.00 |

UBS (Lux) Key Selection SICAV – China Allocation Opportunity (USD)
Annual Report as of 30 September 2019

Translation (ENDE, 2019-09-30):
# UBS (Lux) Key Selection SICAV
– China Allocation Opportunity (USD)
| Dreijahresvergleich |  |
| --- | --- |
|  | ISIN | 30.9.2019 | 30.9.2018 | 30.9.2017 |
| Nettovermögen in USD |  | 458 791 165.16 | 441 860 749.57 | 188 636 044.43 |
| Klasse I-X-acc 1 | LU1946875082 |  |  |  |
| Aktien im Umlauf |  | 10 847.0000 | - | - |
| Nettoinventarwert pro Aktie in USD |  | 108.23 | - | - |
| Ausgabe- und Rücknahmepreis pro Aktie in USD 2 |  | 108.05 | - | - |
| Klasse P-6%-mdist | LU1226288253 |  |  |  |
| Aktien im Umlauf |  | 1 569 913.2090 | 2 079 309.6510 | 777 652.7310 |
| Nettoinventarwert pro Aktie in USD |  | 92.16 | 87.82 | 94.81 |
| Ausgabe- und Rücknahmepreis pro Aktie in USD 2 |  | 92.00 | 87.82 | 94.98 |
| Klasse (HKD) P-6%-mdist | LU1226288170 |  |  |  |
| Aktien im Umlauf |  | 1 143 771.9160 | 1 326 696.9600 | 448 813.7390 |
| Nettoinventarwert pro Aktie in HKD |  | 930.49 | 885.57 | 954.87 |
| Ausgabe- und Rücknahmepreis pro Aktie in HKD 2 |  | 928.91 | 885.57 | 956.59 |
| Klasse (AUD hedged) P-6%-mdist | LU1269690746 |  |  |  |
| Aktien im Umlauf |  | 579 305.5690 | 553 415.9320 | 161 131.3600 |
| Nettoinventarwert pro Aktie in AUD |  | 106.97 | 103.23 | 111.65 |
| Ausgabe- und Rücknahmepreis pro Aktie in AUD 2 |  | 106.79 | 103.23 | 111.85 |
| Klasse (RMB hedged) P-6%-mdist | LU1226287958 |  |  |  |
| Aktien im Umlauf |  | 60 103.4740 | 69 722.1140 | 34 850.1270 |
| Nettoinventarwert pro Aktie in CNH |  | 1 001.50 | 951.98 | 1 014.58 |
| Ausgabe- und Rücknahmepreis pro Aktie in CNH 2 |  | 999.80 | 951.98 | 1 016.41 |
| Klasse (SGD hedged) P-6%-mdist 3 | LU1226288097 |  |  |  |
| Aktien im Umlauf |  | 23 720.6760 | 5 440.1590 | - |
| Nettoinventarwert pro Aktie in SGD |  | 103.95 | 100.06 | - |
| Ausgabe- und Rücknahmepreis pro Aktie in SGD 2 |  | 103.77 | 100.06 | - |
| Klasse P-acc | LU1226287529 |  |  |  |
| Aktien im Umlauf |  | 283 041.3600 | 252 269.2400 | 184 095.5530 |
| Nettoinventarwert pro Aktie in USD |  | 118.62 | 106.47 | 108.31 |
| Ausgabe- und Rücknahmepreis pro Aktie in USD 2 |  | 118.42 | 106.47 | 108.50 |
| Klasse P-mdist | LU1226287875 |  |  |  |
| Aktien im Umlauf |  | 540 047.1880 | 269 820.3960 | 182 277.2690 |
| Nettoinventarwert pro Aktie in USD |  | 102.49 | 95.52 | 100.11 |
| Ausgabe- und Rücknahmepreis pro Aktie in USD 2 |  | 102.32 | 95.52 | 100.29 |
| Klasse (HKD) P-mdist 4 | LU1951186391 |  |  |  |
| Aktien im Umlauf |  | 212 446.1110 | - | - |
| Nettoinventarwert pro Aktie in HKD |  | 1 012.12 | - | - |
| Ausgabe- und Rücknahmepreis pro Aktie in HKD 2 |  | 1 010.40 | - | - |
| Klasse (SGD hedged) P-mdist | LU1226287792 |  |  |  |
| Aktien im Umlauf |  | 103 628.2660 | 73 503.7580 | 33 119.7180 |
| Nettoinventarwert pro Aktie in SGD |  | 101.04 | 94.43 | 99.19 |
| Ausgabe- und Rücknahmepreis pro Aktie in SGD 2 |  | 100.87 | 94.43 | 99.37 |
| Klasse Q-6%-mdist 5 | LU2037085722 |  |  |  |
| Aktien im Umlauf |  | 12 338.6100 | - | - |
| Nettoinventarwert pro Aktie in USD |  | 100.31 | - | - |
| Ausgabe- und Rücknahmepreis pro Aktie in USD 2 |  | 100.14 | - | - |
| 1  Erste NAV 18.2.2019 2  Siehe Erläuterung 1 |  |  |  |  |

3 
Für die Periode vom 9.6.2015 bis zum 6.2.2017 war die Aktienklasse (SGD hedged) P-6%-mdist im Umlauf - reaktiviert 20.8.2018.
4 
Erste NAV 15.3.2019
5 
Erste NAV 19.8.2019
UBS (Lux) Key Selection SICAV – China Allocation Opportunity (USD) Jahresbericht per 30. September 2019
| Performance |  |
| --- | --- |
|  | Währung | 2018/2019 | 2017/2018 | 2016/2017 |
| Klasse I-X-acc 1 | USD | - | - | - |
| Klasse P-6%-mdist | USD | 11.2% | -1.9% | 14.6% |
| Klasse (HKD) P-6%-mdist | HKD | 11.4% | -1.7% | 15.4% |
| Klasse (AUD hedged) P-6%-mdist | AUD | 9.8% | -2.1% | 15.1% |
| Klasse (RMB hedged) P-6%-mdist | CNH | 11.6% | -0.6% | 18.2% |
| Klasse (SGD hedged) P-6%-mdist | SGD | 10.3% | - | - |
| Klasse P-acc | USD | 11.2% | -1.9% | 14.6% |
| Klasse P-mdist | USD | 11.2% | -1.9% | 14.6% |
| Klasse (HKD) P-mdist 1 | HKD | - | - | - |
| Klasse (SGD hedged) P-mdist | SGD | 10.3% | -2.6% | 13.9% |
| Klasse Q-6%-mdist 1 1  Auf Grund der Neulancierung liegen keine Daten für die Berechnung der Performance vor. | USD | - | - | - |

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.

## Bericht des Portfolio Managers
Das Berichtsjahr vom 1. Oktober 2018 bis zum
30. September 2019 war durch eine Verlangsamung des weltweiten Wirtschaftswachstums der führen- den Volkswirtschaften gekennzeichnet. Aufgrund von schwächeren wirtschaftlichen Fundamentaldaten und niedrigeren Inflationszahlen kam es im 4. Quartal 2018 zu einer Verkaufswelle bei den riskanterer Anlageklas- sen. Als die US-Notenbank Fed zu einer akkommodie- renderen Zentralbankpolitik überging, löste dies im
1. Quartal eine Erholung der Vermögenswertpreise aus. Die internationalen Handelsspannungen und die Unsicherheit über die Geldpolitik waren die Haupt- gründe für eine höhere Volatilität und einen fehlenden Markttrend.
Der Subfonds wies im Berichtsjahr vom 1. Oktober 2018 bis zum 30. September 2019 eine positive Wertentwick- lung aus. Im 4. Quartal 2018 erlitt der Subfonds zwar einen Rückgang aufgrund der Entwicklung am Akti- enmarkt, im 1. Halbjahr 2019 kam es dann jedoch zu einer starken Erholung. Der bedeutendste Impuls war eine gute Entwicklung der Titelauswahl im Berichtsjahr sowie eine starke Erholung der chinesischen On- und Offshore-Aktienmärkte im 1. Halbjahr 2019. Darüber hinaus trugen die positive Gesamtrendite von chine- sischen, auf USD lautenden Hochzinsanleihen sowie Investment-Grade-Unternehmensanleihen zur Wertent- wicklung bei. Durch das recht niedrige Engagement des Subfonds im Renminbi wurde die negative Auswirkung der gegenüber dem USD abwertenden chinesischen Währung verringert.

## Struktur des Wertpapierbestandes
Geographische Aufteilung in % des Nettovermögens	
| China | 52.09 |
| --- | --- |
| Hongkong | 12.35 |
| Britische Jungferninseln | 10.97 |
| Luxemburg | 5.75 |
| Cayman-Inseln | 3.83 |
| Irland | 1.57 |
| Macau | 1.36 |
| Vereinigte Staaten | 0.36 |
| Bermuda | 0.32 |
| Singapur | 0.30 |
| Total | 88.90 |

Wirtschaftliche Aufteilung in % des Nettovermögens	
Immobilien	15.90
Finanz- & Beteiligungsgesellschaften	13.80
Internet, Software & IT-Dienste	7.56
Banken & Kreditinstitute	6.93
Anlagefonds	6.47
Diverse Dienstleistungen	6.09
Gesundheits- & Sozialwesen	5.96
Länder- & Zentralregierungen	4.94
Tabak & alkoholische Getränke	4.10
Versicherungen	4.09
Gastgewerbe & Freizeit	2.90
Baugewerbe & Baumaterial	1.79
Diverse nicht klassierte Gesellschaften	1.19
Pharmazeutik, Kosmetik & medizinische Produkte	0.99
Chemie	0.97
Energie- & Wasserversorgung	0.91
Pfandbriefinstitute & Refinanzierungsgesellschaften	0.80
Elektronik & Halbleiter	0.77
Verkehr & Transport	0.64
Erdöl	0.61
Telekommunikation	0.45
Textilien, Kleidung & Lederwaren	0.32
Detailhandel, Warenhäuser	0.31
Bergbau, Kohle & Stahl	0.28
Maschinen & Apparate	0.13
Total	88.90
UBS (Lux) Key Selection SICAV – China Allocation Opportunity (USD)
Jahresbericht per 30. September 2019

## Nettovermögensaufstellung
Aktiva	30.9.2019
USD
Wertpapierbestand, Einstandswert	390 847 908.41
| Wertpapierbestand, nicht realisierte Werterhöhung (-minderung) | 	17 037 265.42	 |
| --- | --- |
| Total Wertpapierbestand (Erläuterung 1) | 407 885 173.83 |
| Bankguthaben, Sicht- und Fristgelder | 47 381 026.26 |
| Andere liquide Mittel (Margins) | 329 548.90 |
| Forderungen aus Zeichnungen | 3 250 091.23 |
| Zinsforderungen aus Wertpapieren | 2 638 143.06 |
| Forderungen aus Dividenden | 184 979.69 |
| Sonstige Forderungen | 77 556.90 |
| Nicht realisierter Kursgewinn (-verlust) aus Finanzterminkontrakten (Erläuterung 1) | -463 711.62 |
| Nicht realisierter Kursgewinn (-verlust) aus Devisenterminkontrakten (Erläuterung 1) | -172 180.29 |
| Total Aktiva | 461 110 627.96 |
|  |  |
| Passiva |  |
| Kontokorrentkredit | -17.72 |
| Verbindlichkeiten aus Rücknahmen | -1 092 806.46 |
| Sonstige Verbindlichkeiten | -770 724.23 |
| Rückstellungen für pauschale Verwaltungskommission (Erläuterung 2) | -337 725.90 |
| Rückstellungen für Abonnementsabgabe (Erläuterung 3) | -54 426.25 |
| Rückstellungen für sonstige Kommissionen und Gebühren (Erläuterung 2) | 	-63 762.24	 |
| Total Rückstellungen für Aufwendungen | -455 914.39 |
| Total Passiva | -2 319 462.80 |
|  |  |
| Nettovermögen am Ende des Geschäftsjahres | 458 791 165.16 |
| Ertrags- und Aufwandsrechnung | USD |
| Erträge | 1.10.2018-30.9.2019 |
| Zinsertrag auf liquide Mittel | 472 758.69 |
| Zinsen auf Wertpapiere | 9 960 854.58 |
| Dividenden (Erläuterung 1) | 2 327 936.87 |
| Sonstige Erträge (Erläuterung 4) | 298 299.38 |
| Total Erträge | 13 059 849.52 |
|  |  |
| Aufwendungen |  |
| Pauschale Verwaltungskommission (Erläuterung 2) | -7 688 839.17 |
| Abonnementsabgabe (Erläuterung 3) | -200 246.96 |
| Sonstige Kommissionen und Gebühren (Erläuterung 2) | -117 827.33 |
| Zinsaufwand auf liquide Mittel und Kontokorrentkredit | -16 477.54 |
| Total Aufwendungen | -8 023 391.00 |
|  |  |
| Nettoerträge (-verluste) aus Anlagen | 5 036 458.52 |
|  |  |
| Realisierte Gewinne (Verluste) (Erläuterung 1) |  |
| Realisierter Kursgewinn (-verlust) aus marktbewerteten Wertpapieren ausser Optionen | -2 868 717.38 |
| Realisierter Kursgewinn (-verlust) aus renditebewerteten Wertpapieren und Geldmarktinstrumenten | 164 982.52 |
| Realisierter Kursgewinn (-verlust) aus Finanzterminkontrakten | 2 899 183.66 |
| Realisierter Kursgewinn (-verlust) aus Optionen, futures-styled | -577 514.43 |
| Realisierter Kursgewinn (-verlust) aus Devisenterminkontrakten | -3 359 364.74 |
| Realisierter Währungsgewinn (-verlust) | -91 045.07 |
| Total der realisierten Gewinne (Verluste) | -3 832 475.44 |
|  |  |
| Realisierter Nettogewinn (-verlust) des Geschäftsjahres | 1 203 983.08 |
|  |  |
| Veränderungen der nicht realisierten Werterhöhung (-minderung) (Erläuterung 1) |  |
| Nicht realisierte Werterhöhung (-minderung) marktbewerteter Wertpapiere ausser Optionen | 38 103 182.88 |
| Nicht realisierte Werterhöhung (-minderung) renditebewerteter Wertpapiere und Geldmarktinstrumente | -73 231.19 |
| Nicht realisierte Werterhöhung (-minderung) von Finanzterminkontrakten | -463 711.62 |
| Nicht realisierte Werterhöhung (-minderung) von Devisenterminkontrakten | 83 006.65 |
| Total der Veränderungen der nicht realisierten Werterhöhung (-minderung) | 37 649 246.72 |
|  |  |
| Nettoerhöhung (-minderung) des Nettovermögens infolge Geschäftstätigkeit | 38 853 229.80 |

UBS (Lux) Key Selection SICAV – China Allocation Opportunity (USD) Jahresbericht per 30. September 2019
| Veränderungen des Nettovermögens |  |
| --- | --- |
|  | USD |
|  | 1.10.2018-30.9.2019 |
| Nettovermögen zu Beginn des Geschäftsjahres | 441 860 749.57 |
| Zeichnungen | 262 320 104.68 |
| Rücknahmen | 	-261 467 686.93	 |
| Total Mittelzufluss (-abfluss) | 852 417.75 |
| Ausbezahlte Dividende | -22 775 231.96 |
| Nettoerträge (-verluste) aus Anlagen | 5 036 458.52 |
| Total der realisierten Gewinne (Verluste) | -3 832 475.44 |
| Total der Veränderungen der nicht realisierten Werterhöhung (-minderung) | 	37 649 246.72	 |
| Nettoerhöhung (-minderung) des Nettovermögens infolge Geschäftstätigkeit | 38 853 229.80 |
| Nettovermögen am Ende des Geschäftsjahres | 458 791 165.16 |
| Entwicklung der Aktien im Umlauf |  |
|  | 1.10.2018-30.9.2019 |
| Klasse | I-X-acc |
| Anzahl der Aktien im Umlauf zu Beginn des Geschäftsjahres | 0.0000 |
| Anzahl der ausgegebenen Aktien | 11 397.0000 |
| Anzahl der zurückgegebenen Aktien | -550.0000 |
| Anzahl der Aktien im Umlauf am Ende des Geschäftsjahres | 10 847.0000 |
| Klasse | P-6%-mdist |
| Anzahl der Aktien im Umlauf zu Beginn des Geschäftsjahres | 2 079 309.6510 |
| Anzahl der ausgegebenen Aktien | 641 112.8210 |
| Anzahl der zurückgegebenen Aktien | -1 150 509.2630 |
| Anzahl der Aktien im Umlauf am Ende des Geschäftsjahres | 1 569 913.2090 |
| Klasse | (HKD) P-6%-mdist |
| Anzahl der Aktien im Umlauf zu Beginn des Geschäftsjahres | 1 326 696.9600 |
| Anzahl der ausgegebenen Aktien | 492 868.2180 |
| Anzahl der zurückgegebenen Aktien | -675 793.2620 |
| Anzahl der Aktien im Umlauf am Ende des Geschäftsjahres | 1 143 771.9160 |
| Klasse | (AUD hedged) P-6%-mdist |
| Anzahl der Aktien im Umlauf zu Beginn des Geschäftsjahres | 553 415.9320 |
| Anzahl der ausgegebenen Aktien | 361 147.4160 |
| Anzahl der zurückgegebenen Aktien | -335 257.7790 |
| Anzahl der Aktien im Umlauf am Ende des Geschäftsjahres | 579 305.5690 |
| Klasse | (RMB hedged) P-6%-mdist |
| Anzahl der Aktien im Umlauf zu Beginn des Geschäftsjahres | 69 722.1140 |
| Anzahl der ausgegebenen Aktien | 12 308.6580 |
| Anzahl der zurückgegebenen Aktien | -21 927.2980 |
| Anzahl der Aktien im Umlauf am Ende des Geschäftsjahres | 60 103.4740 |
| Klasse | (SGD hedged) P-6%-mdist |
| Anzahl der Aktien im Umlauf zu Beginn des Geschäftsjahres | 5 440.1590 |
| Anzahl der ausgegebenen Aktien | 32 302.8760 |
| Anzahl der zurückgegebenen Aktien | -14 022.3590 |
| Anzahl der Aktien im Umlauf am Ende des Geschäftsjahres | 23 720.6760 |
| Klasse | P-acc |
| Anzahl der Aktien im Umlauf zu Beginn des Geschäftsjahres | 252 269.2400 |
| Anzahl der ausgegebenen Aktien | 167 586.8970 |
| Anzahl der zurückgegebenen Aktien | -136 814.7770 |
| Anzahl der Aktien im Umlauf am Ende des Geschäftsjahres | 283 041.3600 |
| Klasse | P-mdist |
| Anzahl der Aktien im Umlauf zu Beginn des Geschäftsjahres | 269 820.3960 |
| Anzahl der ausgegebenen Aktien | 437 336.9430 |
| Anzahl der zurückgegebenen Aktien | -167 110.1510 |
| Anzahl der Aktien im Umlauf am Ende des Geschäftsjahres | 540 047.1880 |
| Klasse | (HKD) P-mdist |
| Anzahl der Aktien im Umlauf zu Beginn des Geschäftsjahres | 0.0000 |
| Anzahl der ausgegebenen Aktien | 299 763.7500 |
| Anzahl der zurückgegebenen Aktien | -87 317.6390 |
| Anzahl der Aktien im Umlauf am Ende des Geschäftsjahres | 212 446.1110 |
| Klasse | (SGD hedged) P-mdist |
| Anzahl der Aktien im Umlauf zu Beginn des Geschäftsjahres | 73 503.7580 |
| Anzahl der ausgegebenen Aktien | 76 352.5300 |
| Anzahl der zurückgegebenen Aktien | -46 228.0220 |
| Anzahl der Aktien im Umlauf am Ende des Geschäftsjahres | 103 628.2660 |
| Klasse | Q-6%-mdist |
| Anzahl der Aktien im Umlauf zu Beginn des Geschäftsjahres | 0.0000 |
| Anzahl der ausgegebenen Aktien | 17 338.6100 |
| Anzahl der zurückgegebenen Aktien | -5 000.0000 |
| Anzahl der Aktien im Umlauf am Ende des Geschäftsjahres | 12 338.6100 |

UBS (Lux) Key Selection SICAV – China Allocation Opportunity (USD)
Jahresbericht per 30. September 2019
| Monatliche Ausschüttung 1 |  |
| --- | --- |
| UBS (Lux) Key Selection SICAV – China Allocation Opportunity (USD) | Ex-Date | Pay-Date | Währung | Betrag pro Aktie |
| P-6%-mdist | 10.10.2018 | 15.10.2018 | USD | 0.43 |
| P-6%-mdist | 12.11.2018 | 15.11.2018 | USD | 0.41 |
| P-6%-mdist | 10.12.2018 | 13.12.2018 | USD | 0.42 |
| P-6%-mdist | 10.1.2019 | 15.1.2019 | USD | 0.41 |
| P-6%-mdist | 12.2.2019 | 15.2.2019 | USD | 0.44 |
| P-6%-mdist | 11.3.2019 | 14.3.2019 | USD | 0.46 |
| P-6%-mdist | 10.4.2019 | 15.4.2019 | USD | 0.47 |
| P-6%-mdist | 10.5.2019 | 15.5.2019 | USD | 0.48 |
| P-6%-mdist | 11.6.2019 | 14.6.2019 | USD | 0.45 |
| P-6%-mdist | 10.7.2019 | 15.7.2019 | USD | 0.47 |
| P-6%-mdist | 12.8.2019 | 16.8.2019 | USD | 0.46 |
| P-6%-mdist | 10.9.2019 | 16.9.2019 | USD | 0.46 |
| (HKD) P-6%-mdist | 10.10.2018 | 15.10.2018 | HKD | 4.42 |
| (HKD) P-6%-mdist | 12.11.2018 | 15.11.2018 | HKD | 4.19 |
| (HKD) P-6%-mdist | 10.12.2018 | 13.12.2018 | HKD | 4.30 |
| (HKD) P-6%-mdist | 10.1.2019 | 15.1.2019 | HKD | 4.15 |
| (HKD) P-6%-mdist | 12.2.2019 | 15.2.2019 | HKD | 4.48 |
| (HKD) P-6%-mdist | 11.3.2019 | 14.3.2019 | HKD | 4.65 |
| (HKD) P-6%-mdist | 10.4.2019 | 15.4.2019 | HKD | 4.82 |
| (HKD) P-6%-mdist | 10.5.2019 | 15.5.2019 | HKD | 4.90 |
| (HKD) P-6%-mdist | 11.6.2019 | 14.6.2019 | HKD | 4.59 |
| (HKD) P-6%-mdist | 10.7.2019 | 15.7.2019 | HKD | 4.78 |
| (HKD) P-6%-mdist | 12.8.2019 | 16.8.2019 | HKD | 4.72 |
| (HKD) P-6%-mdist | 10.9.2019 | 16.9.2019 | HKD | 4.70 |
| (AUD hedged) P-6%-mdist | 10.10.2018 | 15.10.2018 | AUD | 0.51 |
| (AUD hedged) P-6%-mdist | 12.11.2018 | 15.11.2018 | AUD | 0.48 |
| (AUD hedged) P-6%-mdist | 10.12.2018 | 13.12.2018 | AUD | 0.50 |
| (AUD hedged) P-6%-mdist | 10.1.2019 | 15.1.2019 | AUD | 0.48 |
| (AUD hedged) P-6%-mdist | 12.2.2019 | 15.2.2019 | AUD | 0.51 |
| (AUD hedged) P-6%-mdist | 11.3.2019 | 14.3.2019 | AUD | 0.53 |
| (AUD hedged) P-6%-mdist | 10.4.2019 | 15.4.2019 | AUD | 0.55 |
| (AUD hedged) P-6%-mdist | 10.5.2019 | 15.5.2019 | AUD | 0.56 |
| (AUD hedged) P-6%-mdist | 11.6.2019 | 14.6.2019 | AUD | 0.53 |
| (AUD hedged) P-6%-mdist | 10.7.2019 | 15.7.2019 | AUD | 0.55 |
| (AUD hedged) P-6%-mdist | 12.8.2019 | 16.8.2019 | AUD | 0.54 |
| (AUD hedged) P-6%-mdist | 10.9.2019 | 16.9.2019 | AUD | 0.54 |
| (RMB hedged) P-6%-mdist | 10.10.2018 | 15.10.2018 | CNH | 4.75 |
| (RMB hedged) P-6%-mdist | 12.11.2018 | 15.11.2018 | CNH | 4.51 |
| (RMB hedged) P-6%-mdist | 10.12.2018 | 13.12.2018 | CNH | 4.63 |
| (RMB hedged) P-6%-mdist | 10.1.2019 | 15.1.2019 | CNH | 4.47 |
| (RMB hedged) P-6%-mdist | 12.2.2019 | 15.2.2019 | CNH | 4.82 |
| (RMB hedged) P-6%-mdist | 11.3.2019 | 14.3.2019 | CNH | 5.00 |
| (RMB hedged) P-6%-mdist | 10.4.2019 | 15.4.2019 | CNH | 5.18 |
| (RMB hedged) P-6%-mdist | 10.5.2019 | 15.5.2019 | CNH | 5.27 |
| (RMB hedged) P-6%-mdist | 11.6.2019 | 14.6.2019 | CNH | 4.94 |
| (RMB hedged) P-6%-mdist | 10.7.2019 | 15.7.2019 | CNH | 5.17 |
| (RMB hedged) P-6%-mdist | 12.8.2019 | 16.8.2019 | CNH | 5.09 |
| (RMB hedged) P-6%-mdist | 10.9.2019 | 16.9.2019 | CNH | 5.06 |
| (SGD hedged) P-6%-mdist | 10.10.2018 | 15.10.2018 | SGD | 0.67 |
| (SGD hedged) P-6%-mdist | 12.11.2018 | 15.11.2018 | SGD | 0.47 |
| (SGD hedged) P-6%-mdist | 10.12.2018 | 13.12.2018 | SGD | 0.48 |
| (SGD hedged) P-6%-mdist | 10.1.2019 | 15.1.2019 | SGD | 0.46 |
| (SGD hedged) P-6%-mdist | 12.2.2019 | 15.2.2019 | SGD | 0.50 |
| (SGD hedged) P-6%-mdist | 11.3.2019 | 14.3.2019 | SGD | 0.52 |
| (SGD hedged) P-6%-mdist | 10.4.2019 | 15.4.2019 | SGD | 0.54 |
| (SGD hedged) P-6%-mdist | 10.5.2019 | 15.5.2019 | SGD | 0.54 |
| (SGD hedged) P-6%-mdist | 11.6.2019 | 14.6.2019 | SGD | 0.51 |
| (SGD hedged) P-6%-mdist | 10.7.2019 | 15.7.2019 | SGD | 0.53 |
| (SGD hedged) P-6%-mdist | 12.8.2019 | 16.8.2019 | SGD | 0.52 |
| (SGD hedged) P-6%-mdist | 10.9.2019 | 16.9.2019 | SGD | 0.52 |
| P-mdist | 15.10.2018 | 18.10.2018 | USD | 0.24 |
| P-mdist | 15.11.2018 | 20.11.2018 | USD | 0.23 |
| P-mdist | 17.12.2018 | 20.12.2018 | USD | 0.23 |
| P-mdist | 15.1.2019 | 18.1.2019 | USD | 0.30 |
| P-mdist | 15.2.2019 | 20.2.2019 | USD | 0.32 |
| P-mdist | 15.3.2019 | 20.3.2019 | USD | 0.34 |
| P-mdist | 15.4.2019 | 18.4.2019 | USD | 0.35 |
| P-mdist | 15.5.2019 | 20.5.2019 | USD | 0.36 |
| P-mdist | 17.6.2019 | 20.6.2019 | USD | 0.34 |
| P-mdist | 15.7.2019 | 18.7.2019 | USD | 0.35 |
| P-mdist | 16.8.2019 | 21.8.2019 | USD | 0.35 |
| P-mdist | 16.9.2019 | 19.9.2019 | USD | 0.35 |
| 1  Siehe Erläuterung 6 |  |  |  |  |

UBS (Lux) Key Selection SICAV – China Allocation Opportunity (USD) Jahresbericht per 30. September 2019
| UBS (Lux) Key Selection SICAV – China Allocation Opportunity (USD) | Ex-Date | Pay-Date | Währung | Betrag pro Aktie |
| --- | --- | --- | --- | --- |
| (HKD) P-mdist | 15.4.2019 | 18.4.2019 | HKD | 2.04 |
| (HKD) P-mdist | 15.5.2019 | 20.5.2019 | HKD | 2.08 |
| (HKD) P-mdist | 17.6.2019 | 20.6.2019 | HKD | 4.76 |
| (HKD) P-mdist | 15.7.2019 | 18.7.2019 | HKD | 3.45 |
| (HKD) P-mdist | 16.8.2019 | 21.8.2019 | HKD | 3.42 |
| (HKD) P-mdist | 16.9.2019 | 19.9.2019 | HKD | 3.41 |
| (SGD hedged) P-mdist | 15.10.2018 | 18.10.2018 | SGD | 0.20 |
| (SGD hedged) P-mdist | 15.11.2018 | 20.11.2018 | SGD | 0.19 |
| (SGD hedged) P-mdist | 17.12.2018 | 20.12.2018 | SGD | 0.19 |
| (SGD hedged) P-mdist | 15.1.2019 | 18.1.2019 | SGD | 0.25 |
| (SGD hedged) P-mdist | 15.2.2019 | 20.2.2019 | SGD | 0.28 |
| (SGD hedged) P-mdist | 15.3.2019 | 20.3.2019 | SGD | 0.29 |
| (SGD hedged) P-mdist | 15.4.2019 | 18.4.2019 | SGD | 0.30 |
| (SGD hedged) P-mdist | 16.5.2019 | 21.5.2019 | SGD | 0.31 |
| (SGD hedged) P-mdist | 17.6.2019 | 20.6.2019 | SGD | 0.29 |
| (SGD hedged) P-mdist | 15.7.2019 | 18.7.2019 | SGD | 0.30 |
| (SGD hedged) P-mdist | 16.8.2019 | 21.8.2019 | SGD | 0.30 |
| (SGD hedged) P-mdist | 16.9.2019 | 19.9.2019 | SGD | 0.30 |

UBS (Lux) Key Selection SICAV – China Allocation Opportunity (USD)
Jahresbericht per 30. September 2019

## Aufstellung der Wertpapierbestände und anderer Nettovermögenswerte per 30. September 2019
| 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 |  |  |  |
| Inhaberaktien |  |  |  |
| China |  |  |  |
| HKD	ANHUI GUJING DISTL ‘B’CNY1 | 118 500.00 | 995 687.81 | 0.22 |
| HKD	CHINA MERCHANTS BK ‘H’CNY1 | 1 100 500.00 | 5 236 197.92 | 1.14 |
| HKD	CHINASOFT INTL LTD HKD0.05 (POST B/L CHANGE) | 3 140 000.00 | 1 385 871.37 | 0.30 |
| HKD	KINGSOFT CORP USD0.0005 | 635 000.00 | 1 347 858.25 | 0.30 |
| CNY	KWEICHOW MOUTAI CO LTD-A | 73 479.00 | 11 837 505.60 | 2.58 |
| HKD	PING AN INSURANCE ‘H’CNY1 | 1 297 000.00 | 14 898 442.48 | 3.25 |
| HKD	TENCENT HLDGS LIMI HKD0.00002 | 648 600.00 | 27 319 401.99 | 5.96 |
| CNY	YIBIN WULIANGYE ‘A’CNY1 | 328 000.00 | 5 964 137.62 | 1.30 |
| Total China |  | 68 985 103.04 | 15.05 |
| Hongkong |  |  |  |
| HKD	AIA GROUP LTD NPV | 407 000.00 | 3 844 471.52 | 0.84 |
| HKD	CHINA DONGXIANG (GROUP) HKD0.01 | 1 811 000.00 | 194 050.57 | 0.04 |
| HKD	CHINA JINMAO HOLDI NPV | 4 908 000.00 | 2 811 046.76 | 0.61 |
| HKD	CHINA O/SEAS LAND HKD0.10 | 628 000.00 | 1 974 666.43 | 0.43 |
| HKD	CHINA RES LAND HKD0.10 | 528 000.00 | 2 212 516.26 | 0.48 |
| HKD	CSPC PHARMACEUTICA HKD0.10 | 1 256 000.00 | 2 521 805.24 | 0.55 |
| HKD	FAR EAST HORIZON L HKD0.01 | 4 563 000.00 | 4 237 395.72 | 0.92 |
| HKD	GUOTAI JUNAN INTL NPV | 4 029 000.00 | 683 543.38 | 0.15 |
| HKD	HAITONG INTL SECS HKD0.10 | 1 445 000.00 | 409 202.23 | 0.09 |
| HKD	HANSOH PHARMACEUTICAL GROUP CO LTD | 92 000.00 | 281 654.21 | 0.06 |
| HKD	HONG KONG EXCHANGE HKD1 | 88 200.00 | 2 587 698.04 | 0.56 |
| HKD	HUA HAN BIO-PHARMA HKD0.1 | 1 796 000.00 | 2.29 | 0.00 |
| HKD	SHN INTL HLDGS HKD1 | 3 783 000.00 | 7 267 390.36 | 1.58 |
| HKD	SSY GROUP LIMITED HKD0.02 | 2 218 847.00 | 1 754 834.73 | 0.38 |
| Total Hongkong |  | 30 780 277.74 | 6.69 |
| Total Inhaberaktien |  | 99 765 380.78 | 21.74 |
| Namensaktien |  |  |  |
| China |  |  |  |
| HKD	YIHAI INTERNATIONA USD0.00001	1 292 000.00 | 7 680 077.56 | 1.67 |
| Total China | 7 680 077.56 | 1.67 |
| Total Namensaktien | 7 680 077.56 | 1.67 |

Depository Receipts
| China |  |
| --- | --- |
| USD | ALIBABA GROUP HLDG SPON ADS EACH REP ONE ORD-ADR | 163 977.00 | 27 421 873.71 | 5.98 |
| USD | NETEASE INC ADR REP 25 COM USD0.0001 | 17 400.00 | 4 631 532.00 | 1.01 |
| USD | NEW ORIENTAL ED & TECH GRP INC SPON ADR | 40 280.00 | 4 461 412.80 | 0.97 |
| USD | TAL EDUCATION GRP ADS EA REPR 2 CL A ORD SHS | 798 491.00 | 27 340 331.84 | 5.96 |
| Total China |  | 63 855 150.35 | 13.92 |
| Total Depository Receipts |  | 63 855 150.35 | 13.92 |
| Notes, fester Zins |  |  |  |
| USD |  |  |  |
| USD	AGILE GROUP HOLDINGS LTD-REG-S 5.12500% 17-14.08.22 | 525 000.00 | 517 289.06 | 0.11 |
| USD	AGILE GROUP HOLDINGS LTD-REG-S 9.50000% 18-23.11.20 | 1 750 000.00 | 1 835 312.50 | 0.40 |
| USD	CAR INC-REG-S 8.87500% 19-10.05.22 | 850 000.00 | 816 000.00 | 0.18 |
| USD	CENTRAL CHINA REAL ESTATE-REG-S 7.25000% 19-24.04.23 | 1 825 000.00 | 1 761 125.00 | 0.38 |
| USD	CGNPC INTERNATIONAL LTD-REG-S 4.00000% 15-19.05.25 | 250 000.00 | 265 625.00 | 0.06 |
| USD	CHINA EVERGRANDE GROUP-REG-S 10.00000% 19-11.04.23 | 2 000 000.00 | 1 805 000.00 | 0.39 |
| USD	CNAC HK FINBRIDGE CO LTD-REG-S 5.12500% 18-14.03.28 | 3 975 000.00 | 4 465 664.06 | 0.97 |
| USD	CNPC GENERAL CAPITAL LTD-REG-S 3.40000% 13-16.04.23 | 1 000 000.00 | 1 030 000.00 | 0.22 |
| USD	COUNTRY GARDEN HOLDINGS CO LTD-REG-S 8.00000% 18-27.01.24 | 3 422 000.00 | 3 708 592.50 | 0.81 |
| USD	EASY TACTIC LTD-REG-S 5.75000% 17-13.01.22 | 2 300 000.00 | 2 189 312.50 | 0.48 |
| USD	FRANSHION BRILLIANT LTD-REG-S 4.25000% 19-23.07.29 | 1 750 000.00 | 1 732 755.33 | 0.38 |
| USD	GOLDEN EAGLE RETAIL GROUP-REG-S 4.62500% 13-21.05.23 | 1 500 000.00 | 1 417 500.00 | 0.31 |
| USD	GREENTOWN CHINA HOLDINGS LTD-REG-S 5.87500% 15-11.08.20 | 2 000 000.00 | 2 016 500.00 | 0.44 |
| USD	JINGRUI HOLDINGS LTD-REG-S 7.75000% 17-12.04.20 | 900 000.00 | 868 781.25 | 0.19 |
| USD	LOGAN PROPERTY HOLDINGS CO LTD-REG-S 5.25000% 17-23.02.23 | 3 000 000.00 | 2 885 625.00 | 0.63 |
| USD	REDCO PROPERTIES GROUP LTD-REG-S 11.00000% 18-29.08.20 | 1 400 000.00 | 1 400 000.00 | 0.30 |
| USD	SANDS CHINA LTD 5.40000% 19-08.08.28 | 5 000 000.00 | 5 631 100.00 | 1.23 |
| USD	SINOPEC GROUP OVERSEA DEVELOPMENT-REG-S 3.50000% 16-03.05.26 | 1 000 000.00 | 1 048 125.00 | 0.23 |
| USD	SINOPEC GROUP OVERSEA DEVELOPMENT-REG-S 2.75000% 16-29.09.26 | 1 500 000.00 | 1 498 125.00 | 0.33 |
| USD	STATE GRID OVERSEAS INV-REG-S 4.12500% 14-07.05.24 | 250 000.00 | 268 281.25 | 0.06 |
| USD	SUNAC CHINA HOLDINGS LTD-REG-S 8.35000% 18-19.04.23 | 1 000 000.00 | 990 937.50 | 0.22 |
| USD	SUNAC CHINA HOLDINGS LTD-REG-S 8.62500% 18-27.07.20 | 725 000.00 | 738 593.75 | 0.16 |
| USD	YANKUANG GROUP CAYMAN LTD-REG-S 4.75000% 17-30.11.20 | 1 000 000.00 | 1 005 100.00 | 0.22 |
| Total USD |  | 39 895 344.70 | 8.70 |
| Total Notes, fester Zins |  | 39 895 344.70 | 8.70 |
| Notes, variabler Zins |  |  |  |
| USD |  |  |  |
| USD	IND & COM BK CHINA MACAU-REG-S-SUB 2.875%/VAR 19-12.09.29 | 600 000.00 | 594 116.16 | 0.13 |
| Total USD |  | 594 116.16 | 0.13 |
| Total Notes, variabler Zins |  | 594 116.16 | 0.13 |

UBS (Lux) Key Selection SICAV – China Allocation Opportunity (USD) Jahresbericht per 30. September 2019
| Bezeichnung | Anzahl/ | Bewertung in USD | in % des |
| --- | --- | --- | --- |
|  | Nominal | NR Kursgewinn | Netto- |
|  |  | (-verlust) auf Futures/ | vermögens |
|  |  | Devisentermin- |  |
|  |  | kontrakten/ |  |
|  |  | Swaps (Erl. 1) |  |

Medium-Term Notes, fester Zins
| USD |  |
| --- | --- |
| USD | BANK OF CHINA LTD-REG-S-SUB 5.00000% 14-13.11.24 | 400 000.00 | 435 625.00 | 0.09 |
| USD | BOC AVIATION LTD-REG-S 3.50000% 19-10.10.24 | 1 325 000.00 | 1 359 556.40 | 0.30 |
| USD | BOCOM LEASING MGT HONG KONG-REG-S 4.37500% 19-22.01.24 | 2 050 000.00 | 2 165 953.13 | 0.47 |
| USD | CHARMING LIGHT INVESTMENTS LTD-REG-S 4.37500% 17-21.12.27 | 1 125 000.00 | 1 205 507.81 | 0.26 |
| USD | CHINA CINDA FINANCE 2015 I LTD-REG-S 4.25000% 15-23.04.25 | 900 000.00 | 951 114.42 | 0.21 |
| USD | CITIC LTD-REG-S 4.00000% 18-11.01.28 | 2 500 000.00 | 2 646 093.75 | 0.58 |
| USD | HUARONG FINANCE II CO LTD-REG-S 5.50000% 15-16.01.25 | 500 000.00 | 547 031.25 | 0.12 |
| USD | HUARONG FINANCE-REG-S 3.75000% 19-29.05.24 | 7 000 000.00 | 7 148 750.00 | 1.56 |
| USD | ICBCIL FINANCE CO LTD-REG-S 2.75000% 16-19.05.21 | 800 000.00 | 798 500.00 | 0.17 |
| USD | NAN FUNG TREASURY LTD-REG-S 3.87500% 17-03.10.27 | 1 000 000.00 | 991 026.29 | 0.22 |
| USD | STATE ELITE GLOBAL LTD-REG-S 2.25000% 16-20.10.21 | 800 000.00 | 795 000.00 | 0.17 |
| USD | STATE GRID OVERSEAS INVESTMENT-REG-S 3.50000% 17-04.05.27 | 1 200 000.00 | 1 265 250.00 | 0.28 |
| Total USD |  |  | 20 309 408.05 | 4.43 |
| Total Medium-Term Notes, fester Zins |  | 20 309 408.05 | 4.43 |
| Medium-Term Notes, variabler Zins |  |  |  |
| USD |  |  |  |
| USD	BANK OF CHINA LTD/HONG KONG-REG-S 3M LIBOR+88BP 17-11.07.22 | 500 000.00 | 501 767.50 | 0.11 |
| USD	WING LUNG BANK LTD-REG-S-SUB 3.750%/H15T5Y+175BP 17-22.11.27 | 600 000.00 | 600 363.78 | 0.13 |
| Total USD |  | 1 102 131.28 | 0.24 |
| Total Medium-Term Notes, variabler Zins |  | 1 102 131.28 | 0.24 |
| Anleihen, fester Zins |  |  |  |
| CNY |  |  |  |
| CNY	CHINA DEVELOPMENT BANK CORP 3.65000% 19-21.05.29 | 60 000 000.00 | 8 437 932.87 | 1.84 |
| CNY	CHINA DEVELOPMENT BANK CORP 3.42000% 19-02.07.24 | 50 000 000.00 | 7 017 146.70 | 1.53 |
| CNY	CHINA, PEOPLE’S REPUBLIC OF 3.19000% 19-11.04.24 | 50 000 000.00 | 7 072 404.18 | 1.54 |
| CNY	CHINA, PEOPLE’S REPUBLIC OF 3.29000% 19-23.05.29 | 100 000 000.00 | 14 184 705.25 | 3.09 |
| CNY	CHINA, PEOPLE’S REPUBLIC OF 2.74000% 19-11.07.21 | 10 000 000.00 | 1 401 965.42 | 0.31 |
| Total CNY |  | 38 114 154.42 | 8.31 |
| USD |  |  |  |
| USD	BLUESTAR FINANCE HOLDINGS LTD-REG-S 3.50000% 16-30.09.21 | 250 000.00 | 252 890.63 | 0.05 |
| USD	CENTRAL CHINA REAL ESTATE-REG-S 6.50000% 18-05.03.21 | 2 500 000.00 | 2 473 175.00 | 0.54 |
| USD	CENTRAL PLAZA DEVELOPMENT LTD-REG-S 3.87500% 17-30.01.21 | 575 000.00 | 577 047.00 | 0.13 |
| USD	CHINA AOYUAN PROPERTY GROUP LTD-REG-S 5.37500% 17-13.09.22 | 2 525 000.00 | 2 455 310.00 | 0.54 |
| USD	CHINA CONSTRUCTION BANK CORP-REG-S-SUB 4.25000% 19-27.02.29 | 1 475 000.00 | 1 546 445.32 | 0.34 |
| USD	CHINA EVERGRANDE GROUP-REG-S 8.25000% 17-23.03.22 | 2 625 000.00 | 2 349 375.00 | 0.51 |
| USD	CHINA EVERGRANDE GROUP-REG-S 7.50000% 17-28.06.23 | 2 125 000.00 | 1 759 765.62 | 0.38 |
| USD	CHINA HUADIAN OVERSEAS DEVP18 LTD-REG-S 3.87500% 18-17.05.23 | 1 250 000.00 | 1 302 187.50 | 0.28 |
| USD	CHINA OVERSEAS FINANCE CAYMAN-REG-S 5.95000% 14-08.05.24 | 300 000.00 | 339 375.00 | 0.07 |
| USD	CHINA SCE PROPERTY HOLDINGS LTD-REG-S 7.45000% 18-17.04.21 | 1 000 000.00 | 1 013 860.00 | 0.22 |
| USD	CHINA SCE PROPERTY HOLDINGS LTD-REG-S 8.75000% 19-15.01.21 | 375 000.00 | 385 781.25 | 0.08 |
| USD	CHINA SOUTH CITY HOLDINGS LTD-REG-S 7.25000% 18-25.01.21 | 3 000 000.00 | 2 691 562.50 | 0.59 |
| USD	CHINALCO CAPITAL HOLDINGS LTD-REG-S 4.00000% 16-25.08.21 | 2 950 000.00 | 2 970 281.25 | 0.65 |
| USD	CIFI HOLDINGS GROUP CO LTD-REG-S 5.50000% 18-23.01.23 | 3 650 000.00 | 3 572 620.00 | 0.78 |
| USD	CMHI FINANCE BVI CO LTD-REG-S 5.00000% 18-06.08.28 | 3 450 000.00 | 3 910 057.50 | 0.85 |
| USD	CONCORD NEW ENERGY GROUP LTD-REG-S 7.90000% 18-23.01.21 | 1 465 000.00 | 1 471 123.70 | 0.32 |
| USD	COUNTRY GARDEN HOLDINGS CO LTD-REG-S 6.15000% 19-17.09.25 | 900 000.00 | 918 000.00 | 0.20 |
| USD	DR PENG HOLDING HONGKONG LTD-REG-S 5.05000% 17-01.06.20 | 400 000.00 | 280 036.85 | 0.06 |
| USD	EHI CAR SERVICES LTD-REG-S 5.87500% 17-14.08.22 | 2 300 000.00 | 2 117 437.50 | 0.46 |
| USD	FANTASIA HOLDINGS GROUP CO LTD-REG-S 7.37500% 16-04.10.21 | 2 000 000.00 | 1 782 120.00 | 0.39 |
| USD	FANTASIA HOLDINGS GROUP CO LTD-REG-S 8.37500% 18-08.03.21 | 2 250 000.00 | 2 096 718.75 | 0.46 |
| USD	FORTUNE STAR BVI LTD-REG-S 5.25000% 17-23.03.22 | 3 700 000.00 | 3 676 875.00 | 0.80 |
| USD	GOLDEN WHEEL TIANDI HLDGS CO LTD-REG-S 7.00000% 18-18.01.21 | 600 000.00 | 540 937.50 | 0.12 |
| USD	HKT CAPITAL NO 5 LTD-REG-S 3.25000% 19-30.09.29 | 2 100 000.00 | 2 075 486.95 | 0.45 |
| USD	JINGRUI HOLDINGS LTD-REG-S 9.45000% 18-23.04.21 | 1 000 000.00 | 920 937.50 | 0.20 |
| USD	KAISA GROUP HOLDINGS LTD-REG-S 8.50000% 17-30.06.22 | 2 500 000.00 | 2 262 437.50 | 0.49 |
| USD	KWG PROPERTY HOLDING LTD-REG-S 5.20000% 17-21.09.22 | 3 104 000.00 | 2 964 692.48 | 0.65 |
| USD	LAI FUNG BONDS-REG-S 5.65000% 18-18.01.23 | 2 330 000.00 | 2 229 111.00 | 0.49 |
| USD	LONGFOR GROUP HOLDINGS LTD-REG-S 3.95000% 19-16.09.29 | 1 850 000.00 | 1 812 421.87 | 0.39 |
| USD	LONGFOR PROPERTIES CO LTD-REG-S 4.50000% 18-16.01.28 | 1 700 000.00 | 1 758 437.50 | 0.38 |
| USD	NEW METRO GLOBAL LTD-REG-S 5.00000% 17-08.08.22 | 1 500 000.00 | 1 264 218.75 | 0.28 |
| USD	NEW METRO GLOBAL LTD-REG-S 6.50000% 18-23.04.21 | 1 000 000.00 | 938 940.00 | 0.20 |
| USD	NWD MTN LTD-REG-S 4.12500% 19-18.07.29 | 5 850 000.00 | 5 783 923.84 | 1.26 |
| USD	POWERLONG REAL ESTATE HOLDINGS-REG-S 4.87500% 16-15.09.21 | 1 000 000.00 | 944 600.00 | 0.21 |
| USD	POWERLONG REAL ESTATE HOLDINGS LTD 6.95000% 18-17.04.21 | 1 700 000.00 | 1 693 727.00 | 0.37 |
| USD	PRIME BLOOM HOLDINGS LTD-REG-S 6.95000% 17-05.07.22 | 1 900 000.00 | 1 263 851.50 | 0.28 |
| USD	RKI OVERSEAS FINANCE 2017 A LTD-REG-S 7.00000% 17-PRP | 1 000 000.00 | 835 560.00 | 0.18 |
| USD	SPIC LUX LATAM RE ENERGY INV CO-REG-S 4.65000% 18-30.10.23 | 3 675 000.00 | 3 892 715.08 | 0.85 |
| USD	SUNAC CHINA HOLDINGS LTD-REG-S 7.95000% 17-08.08.22 | 750 000.00 | 742 265.63 | 0.16 |
| USD	SUNAC CHINA HOLDINGS LTD-REG-S 7.95000% 19-11.10.23 | 1 650 000.00 | 1 612 874.99 | 0.35 |
| USD	TIMES CHINA HOLDINGS LTD-REG-S 6.60000% 17-02.03.23 | 2 000 000.00 | 1 966 875.00 | 0.43 |
| USD	TIMES CHINA HOLDINGS LTD-REG-S 6.25000% 18-17.01.21 | 645 000.00 | 648 057.30 | 0.14 |
| USD	TIMES CHINA HOLDINGS LTD-REG-S 7.85000% 18-04.06.21 | 1 325 000.00 | 1 355 395.50 | 0.30 |
| USD	TSINGHUA UNIC LTD-REG-S 5.37500% 18-31.01.23 | 2 475 000.00 | 2 249 838.38 | 0.49 |
| USD	XIN JIANG GUANG HUI IND INV GRP-REG-S 7.87500% 17-30.03.20 | 1 650 000.00 | 1 554 609.38 | 0.34 |
| USD	YANLORD LAND HK CO LTD-REG-S 6.75000% 18-23.04.23 | 800 000.00 | 826 414.80 | 0.18 |
| USD	YUZHOU PROPERTIES CO LTD-REG-S 6.00000% 17-25.01.22 | 4 050 000.00 | 3 951 281.25 | 0.86 |
| USD	ZOOMLION HK SPV CO LTD-REG-S 6.12500% 12-20.12.22 | 500 000.00 | 503 365.00 | 0.11 |
| Total USD |  | 86 535 021.07 | 18.86 |
| Total Anleihen, fester Zins |  | 124 649 175.49 | 27.17 |

UBS (Lux) Key Selection SICAV – China Allocation Opportunity (USD)
Jahresbericht per 30. September 2019
| Bezeichnung | Anzahl/ | Bewertung in USD | in % des |
| --- | --- | --- | --- |
|  | Nominal | NR Kursgewinn | Netto- |
|  |  | (-verlust) auf Futures/ | vermögens |
|  |  | Devisentermin- |  |
|  |  | kontrakten/ |  |
|  |  | Swaps (Erl. 1) |  |

Anleihen, variabler Zins
| USD |  |
| --- | --- |
| USD | BANK OF CHINA HONG KONG LTD-REG-S-SUB 5.900%/VAR 18-PRP | 1 000 000.00 | 1 066 250.00 | 0.23 |
| USD | BANK OF EAST ASIA LTD/THE-REG-S-SUB 5.875%/VAR 19-PRP | 750 000.00 | 763 875.30 | 0.17 |
| USD | BAOXIN AUTO FINANCE I LTD-REG-S 8.750%/VAR 16-PRP | 500 000.00 | 480 781.25 | 0.10 |
| USD | BAOXIN AUTO FINANCE I LTD-REG-S 5.625%/VAR 17-PRP | 500 000.00 | 405 937.50 | 0.09 |
| USD | CHINA MINMETALS CORP-REG-S 3.750%/VAR 17-PRP | 1 300 000.00 | 1 300 000.00 | 0.28 |
| USD | CIFI HOLDINGS GROUP CO LTD-REG-S 5.375%/VAR 17-PRP | 500 000.00 | 465 385.00 | 0.10 |
| USD | ESTATE SKY LTD-REG-S 5.750%/VAR 17-PRP | 1 150 000.00 | 1 057 543.55 | 0.23 |
| USD | FRANSHION BRILLIANT LTD-REG-S-SUB 5.750%/VAR 17-PRP | 2 750 000.00 | 2 658 906.25 | 0.58 |
| USD | HUANENG HONG KONG CAPITAL LTD-REG-S 3.600%/VAR 17-PRP | 2 450 000.00 | 2 436 984.38 | 0.53 |
| USD | INDUST&COMMER BK CHINA/HK-REG-SUB 4.250%/VAR 16-PRP | 1 000 000.00 | 1 000 949.30 | 0.22 |
| USD | KING TALENT MANAGEMENT LTD-REG-S-SUB 5.600%/VAR 17-PRP | 2 000 000.00 | 1 748 125.00 | 0.38 |
| USD | POSTAL SAVINGS BANK OF CHINA-REG-S-SUB 4.500%/VAR 17-PRP | 350 000.00 | 350 218.75 | 0.08 |
| USD | SINO OCEAN LAND TREASURE-REG-S-SUB 4.900%/VAR 17-PRP | 2 475 000.00 | 2 107 617.18 | 0.46 |
| Total USD |  |  | 15 842 573.46 | 3.45 |
| Total Anleihen, variabler Zins | 15 842 573.46 | 3.45 |
| Total Wertpapiere und Geldmarktinstrumente, die an einer offiziellen Börse gehandelt werden | 373 693 357.83 | 81.45 |
| Wertpapiere und Geldmarktinstrumente, die an einem anderen geregelten Markt gehandelt werden |  |  |
| Notes, fester Zins |  |  |
| USD |  |  |
| USD	INDUSTRIAL & COMMERCIAL BANK OF CN/NY 2.45200% 16-20.10.21	600 000.00 | 598 500.00 | 0.13 |
| USD	INDUSTRIAL & COMMERCIAL BANK OF CN/NY 3.53800% 17-08.11.27	1 000 000.00 | 1 046 875.00 | 0.23 |
| USD	YINGDE GASES INVESTMENT LTD-REG-S 6.25000% 18-19.01.23	1 300 000.00 | 1 319 500.00 | 0.29 |
| Total USD | 2 964 875.00 | 0.65 |
| Total Notes, fester Zins | 2 964 875.00 | 0.65 |
| Anleihen, fester Zins |  |  |
| USD |  |  |
| USD	CNOOC FINANCE 2013 LTD 3.00000% 13-09.05.23	1 500 000.00 | 1 526 250.00 | 0.33 |
| Total USD | 1 526 250.00 | 0.33 |
| Total Anleihen, fester Zins | 1 526 250.00 | 0.33 |
| Total Wertpapiere und Geldmarktinstrumente, die an einem anderen geregelten Markt gehandelt werden | 4 491 125.00 | 0.98 |

OGAW/Andere OGA im Sinne des Artikels 41 (1) e) des abgeänderten luxemburgischen Gesetzes vom 17. Dezember 2010
Investment Fonds, open end
| Irland |  |
| --- | --- |
| USD | HSBC ETFS PLC MSCI CHINA UCITS ETF USD | 960 000.00 | 7 210 800.00 | 1.57 |
| Total Irland |  | 7 210 800.00 | 1.57 |
| Luxemburg |  |  |  |
| USD	X-TRACKERS HARVEST CSI300 INDEX UCITS ETF-EUR-1D-DISTR | 2 115 700.00 | 22 489 891.00 | 4.90 |
| Total Luxemburg | 22 489 891.00 | 4.90 |
| Total Investment Fonds, open end | 29 700 691.00 | 6.47 |
| Total OGAW/Andere OGA im Sinne des Artikels 41 (1) e) des abgeänderten luxemburgischen Gesetzes vom 17. Dezember 2010 | 29 700 691.00 | 6.47 |
| Total des Wertpapierbestandes | 407 885 173.83 | 88.90 |

| Derivative Instrumente |  |
| --- | --- |
| Derivative Instrumente, die an einer offiziellen Börse gehandelt werden |
| Finanzterminkontrakte auf Indizes |
|  |  |  |  |
| USD	FTSE XINHUA CHINA A 50 INDEX FUTURE 30.10.19 | 1 547.00 | -342 273.75 | -0.07 |
| HKD	HANG SENG CHINA ENTERPRISES INDEX FUTURE 30.10.19 | 140.00 | -121 437.87 | -0.03 |
| Total Finanzterminkontrakte auf Indizes |  | -463 711.62 | -0.10 |
| Total Derivative Instrumente, die an einer offiziellen Börse gehandelt werden |  | -463 711.62 | -0.10 |
| Total Derivative Instrumente |  | -463 711.62 | -0.10 |

UBS (Lux) Key Selection SICAV – China Allocation Opportunity (USD) Jahresbericht per 30. September 2019
| Bezeichnung	Anzahl/ | Bewertung in USD | in % des |
| --- | --- | --- |
| Nominal | NR Kursgewinn | Netto- |
|  | (-verlust) auf Futures/ | vermögens |
|  | Devisentermin- |  |
|  | kontrakten/ |  |
|  | Swaps (Erl. 1) |  |

Devisenterminkontrakte
Devisenterminkontrakte (Kauf/Verkauf)
| AUD | 61 266 400.00 | USD | 41 579 974.02 | 25.10.2019 | -222 137.85 | -0.05 |
| --- | --- | --- | --- | --- | --- | --- |
| SGD | 12 579 300.00 | USD | 9 136 747.24 | 25.10.2019 | -37 890.50 | -0.01 |
| USD | 45 244 784.57 | CNH | 322 565 000.00 | 25.10.2019 | 107 866.37 | 0.02 |
| CNH | 59 724 500.00 | USD | 8 377 294.92 | 25.10.2019 | -19 971.99 | 0.00 |
| SGD | 70 100.00 | USD | 50 753.08 | 25.10.2019 | -48.36 | 0.00 |
| SGD | 208 400.00 | USD | 150 737.81 | 25.10.2019 | 2.04 | 0.00 |
| Total Devisenterminkontrakte (Kauf/Verkauf) | -172 180.29 | -0.04 |
|  |  |  |
| Bankguthaben, Sicht- und Fristgelder und andere liquide Mittel | 47 710 575.16 | 10.40 |
| Kontokorrentkredit und andere kurzfristige Verbindlichkeiten | -17.72 | 0.00 |
| Andere Aktiva und Passiva | 3 831 325.80 | 0.84 |
| Total des Nettovermögens | 458 791 165.16 | 100.00 |

UBS (Lux) Key Selection SICAV – China Allocation Opportunity (USD)
Jahresbericht per 30. September 2019