# UBS (Lux) Emerging Economies Fund – Global Bonds (USD)
| Three-year comparison |  |
| --- | --- |
|  | ISIN | 31.8.2019 | 31.8.2018 | 31.8.2017 |
| Net assets in USD |  | 1 640 619 585.31 | 1 218 347 549.52 | 1 049 297 729.92 |
| Class F-acc | LU0426895057 |  |  |  |
| Units outstanding |  | 60 858.0000 | 40 729.0000 | 16 518.0000 |
| Net asset value per unit in USD |  | 2 018.90 | 1 784.47 | 1 865.52 |
| Issue and redemption price per unit in USD 1 |  | 2 018.90 | 1 784.47 | 1 865.52 |
| Class I-A1-acc | LU0426895305 |  |  |  |
| Units outstanding |  | 232 999.2250 | 121 816.0940 | 275 859.8140 |
| Net asset value per unit in USD |  | 177.68 | 157.18 | 164.44 |
| Issue and redemption price per unit in USD 1 |  | 177.68 | 157.18 | 164.44 |
| Class I-A2-mdist 2 | LU0882768509 |  |  |  |
| Units outstanding |  | - | - | 55 008.3660 |
| Net asset value per unit in USD |  | - | - | 74.70 |
| Issue and redemption price per unit in USD 1 |  | - | - | 74.70 |
| Class I-B-acc | LU0426896022 |  |  |  |
| Units outstanding |  | 10 572.4500 | 50 085.0490 | 59 311.2790 |
| Net asset value per unit in USD |  | 190.11 | 167.06 | 173.65 |
| Issue and redemption price per unit in USD 1 |  | 190.11 | 167.06 | 173.65 |
| Class I-X-acc | LU0426896378 |  |  |  |
| Units outstanding |  | 236 297.5920 | 189 524.4090 | 188 086.8310 |
| Net asset value per unit in USD |  | 191.34 | 168.04 | 174.55 |
| Issue and redemption price per unit in USD 1 |  | 191.34 | 168.04 | 174.55 |
| Class (CHF hedged) I-X-acc | LU0654573939 |  |  |  |
| Units outstanding |  | 349 499.1140 | 296 809.9430 | 195 817.0210 |
| Net asset value per unit in CHF |  | 104.65 | 95.07 | 101.63 |
| Issue and redemption price per unit in CHF 1 |  | 104.65 | 95.07 | 101.63 |
| Class (EUR hedged) I-X-acc | LU0674194641 |  |  |  |
| Units outstanding |  | 758 680.5050 | 792 744.5030 | 746 675.9920 |
| Net asset value per unit in EUR |  | 122.04 | 110.38 | 117.54 |
| Issue and redemption price per unit in EUR 1 |  | 122.04 | 110.38 | 117.54 |
| Class I-X-dist | LU0426896295 |  |  |  |
| Units outstanding |  | 552 311.9330 | 487 962.4520 | 344 130.3370 |
| Net asset value per unit in USD |  | 80.71 | 75.41 | 82.83 |
| Issue and redemption price per unit in USD 1 |  | 80.71 | 75.41 | 82.83 |
| Class K-X-acc | LU1572324363 |  |  |  |
| Units outstanding |  | 29 941.2400 | 29 941.2400 | 29 941.2400 |
| Net asset value per unit in USD |  | 116.95 | 102.75 | 106.77 |
| Issue and redemption price per unit in USD 1 |  | 116.95 | 102.75 | 106.77 |
| Class P-acc | LU0084219863 |  |  |  |
| Units outstanding |  | 51 152.9350 | 63 090.8190 | 61 398.3410 |
| Net asset value per unit in USD |  | 1 872.78 | 1 675.24 | 1 772.67 |
| Issue and redemption price per unit in USD 1 |  | 1 872.78 | 1 675.24 | 1 772.67 |
| Class (CHF hedged) P-acc | LU0776291576 |  |  |  |
| Units outstanding |  | 7 415.8030 | 17 231.5170 | 24 046.6530 |
| Net asset value per unit in CHF |  | 99.52 | 92.07 | 100.26 |
| Issue and redemption price per unit in CHF 1 |  | 99.52 | 92.07 | 100.26 |
| Class (EUR hedged) P-acc | LU0776291659 |  |  |  |
| Units outstanding |  | 5 950.9990 | 9 573.3320 | 10 881.6650 |
| Net asset value per unit in EUR |  | 102.73 | 94.64 | 102.65 |
| Issue and redemption price per unit in EUR 1 |  | 102.73 | 94.64 | 102.65 |
| Class (CHF hedged) P-dist | LU0505553213 |  |  |  |
| Units outstanding |  | 108 756.2940 | 134 978.8130 | 176 144.2510 |
| Net asset value per unit in CHF |  | 74.71 | 72.13 | 81.52 |
| Issue and redemption price per unit in CHF 1 |  | 74.71 | 72.13 | 81.52 |
| Class P-mdist | LU0281209311 |  |  |  |
| Units outstanding |  | 1 716 180.3330 | 1 873 645.2320 | 1 979 352.1580 |
| Net asset value per unit in USD |  | 63.32 | 60.68 | 68.67 |
| Issue and redemption price per unit in USD 1 |  | 63.32 | 60.68 | 68.67 |
| Class Q-acc | LU0358455698 |  |  |  |
| Units outstanding |  | 349 165.9590 | 238 122.8750 | 97 369.6990 |
| Net asset value per unit in USD |  | 114.68 | 101.75 | 106.78 |
| Issue and redemption price per unit in USD 1 |  | 114.68 | 101.75 | 106.78 |
| Class Q-dist | LU0426895131 |  |  |  |
| Units outstanding |  | 10 831.3090 | 5 921.4010 | 6 959.9290 |
| Net asset value per unit in USD |  | 90.85 | 84.83 | 93.19 |
| Issue and redemption price per unit in USD 1 |  | 90.85 | 84.83 | 93.19 |

UBS (Lux) Emerging Economies Fund – Global Bonds (USD) Annual Report as of 31 August 2019
|  | ISIN | 31.8.2019 |  | 31.8.2018 | 31.8.2017 |
| --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |
| Class (CHF hedged) Q-dist | LU1240777703 |  |  |  |  |
| Units outstanding |  | 85 895.4910 |  | 79 103.8080 | 86 000.3060 |
| Net asset value per unit in CHF |  | 97.82 |  | 94.51 | 106.78 |
| Issue and redemption price per unit in CHF 1 |  | 97.82 |  | 94.51 | 106.78 |
| Class U-X-acc | LU0426896535 |  |  |  |  |
| Units outstanding |  | 69 770.0000 |  | 54 216.0000 | 38 893.0000 |
| Net asset value per unit in USD |  | 13 668.66 |  | 12 004.60 | 12 469.81 |
| Issue and redemption price per unit in USD 1 |  | 13 668.66 |  | 12 004.60 | 12 469.81 |
| Class U-X-UKdist-mdist 3 | LU1896727648 |  |  |  |  |
| Units outstanding |  | 2 358.1840 |  | - | - |
| Net asset value per unit in USD |  | 10 534.72 |  | - | - |
| Issue and redemption price per unit in USD 1 |  | 10 534.72 |  | - | - |
| 1  See note 1 2  The unit class I-A2-mdist was in circulation until 10.1.2018. 3  First NAV: 21.2.2019 |  |  |  |  |  |
| Performance |  |  |  |  |  |
|  |  | Currency | 2018/2019 | 2017/2018 | 2016/2017 |
| Class F-acc |  | USD | 13.1% | -4.3% | 5.0% |
| Class I-A1-acc |  | USD | 13.0% | -4.4% | 4.9% |
| Class I-A2-mdist 1 |  | USD | - | - | 5.0% |
| Class I-B-acc |  | USD | 13.8% | -3.8% | 5.6% |
| Class I-X-acc |  | USD | 13.9% | -3.7% | 5.7% |
| Class (CHF hedged) I-X-acc |  | CHF | 10.1% | -6.5% | 3.3% |
| Class (EUR hedged) I-X-acc |  | EUR | 10.6% | -6.1% | 3.8% |
| Class I-X-dist |  | USD | 13.9% | -3.7% | 5.7% |
| Class K-X-acc |  | USD | 13.8% | -3.8% | - |
| Class P-acc |  | USD | 11.8% | -5.5% | 3.8% |
| Class (CHF hedged) P-acc |  | CHF | 8.1% | -8.2% | 1.4% |
| Class (EUR hedged) P-acc |  | EUR | 8.5% | -7.8% | 1.9% |
| Class (CHF hedged) P-dist |  | CHF | 8.1% | -8.2% | 1.4% |
| Class P-mdist |  | USD | 11.8% | -5.5% | 3.8% |
| Class Q-acc |  | USD | 12.7% | -4.7% | 4.6% |
| Class Q-dist |  | USD | 12.7% | -4.7% | 4.6% |
| Class (CHF hedged) Q-dist |  | CHF | 9.0% | -7.4% | 2.3% |
| Class U-X-acc |  | USD | 13.9% | -3.7% | 5.7% |
| Class U-X-UKdist-mdist 2 |  | USD | - | - | - |

1 
The unit class I-A2-mdist was in circulation until 10.1.2018. Due to this fact, there is no data for the calculation of the performance available.
2 
Due to the recent launch, there is no data for the calculation of the performance available.
Historical performance is no indicator of current or future performance.
The performance data does not take account of any commissions and costs charged when subscribing and redeeming units. The performance data were not audited.
The subfund has no benchmark.

### Report of the Portfolio Manager
In the reporting year from 1 September 2018 to 31 August 2019, US Treasury yields declined, particularly later in the period, as global growth slowed, the trade war between the US and China escalated and the Fed signalled a change in monetary policy. After two interest rate increases later in 2018, in 2019 the Fed began to change course and ultimately cut rates at its July meet- ing. Emerging market debt distribution was more re- stricted over the course of the reporting year, shrinking early in the period but then broadening toward its end. Slowing global growth, raised geopolitical risks and es- calating trade tensions contributed to credit distribution changing course.
The subfund generated a positive performance in the reporting year. The decline in US Treasury yields had a positive impact on performance as did the overall re- stricting of credit distribution during the reporting year. The option-adjusted value of the subfund at the end of the reporting year had increased consistently with the fluctuations in the market. The subfund followed a di- versified strategy, investing across a range of emerging market initiators and countries, which was key to its overall performance. Contributions were in particular gained from investments in initiators in Brazil, Indonesia, and Mongolia.
UBS (Lux) Emerging Economies Fund – Global Bonds (USD)
Annual Report as of 31 August 2019

### Structure of the Securities Portfolio
Geographical Breakdown as a % of net assets	
Ireland	9.38
Indonesia	4.76
Mexico	3.66
Panama	3.19
Peru	3.05
Turkey	2.91
Chile	2.85
Ukraine	2.85
Egypt	2.77
Russian Federation (CIS)	2.61
Colombia	2.56
South Africa	2.53
Brazil	2.51
Nigeria	2.32
Saudi Arabia	2.27
Mongolia	2.23
Kazakhstan	2.20
Philippines	2.19
Sri Lanka	2.11
Qatar	2.10
Uruguay	2.05
Dominican Republic	2.03
The Netherlands	1.92
Hong Kong	1.73
Cayman Islands	1.67
Hungary	1.62
Bahrain	1.49
Argentina	1.35
British Virgin Islands	1.29
Ghana	1.11
Oman	1.09
Kenya	1.09
Ecuador	1.05
Croatia	1.02
Romania	0.98
Azerbaijan	0.95
Malaysia	0.80
Angola	0.75
Jamaica	0.75
United Kingdom	0.74
India	0.74
Ivory Coast	0.69
Belarus	0.68
El Salvador	0.65
Poland	0.64
Iraq	0.62
Guatemala	0.61
Costa Rica	0.59
Paraguay	0.57
United Arab Emirates	0.55
Venezuela	0.51
Morocco	0.51
Lebanon	0.50
Greece	0.41
Pakistan	0.36
Zambia	0.34
Jordan	0.33
Austria	0.32
Armenia	0.28
China	0.27
Vietnam	0.26
Gabon	0.26
Ethopia	0.21
Trinidad And Tobago	0.21
Serbia	0.18
United States	0.18
Thailand	0.13
Tajikistan	0.12
Mozambique	0.11
Senegal	0.11
Suriname	0.09
Economic Breakdown as a % of net assets	
Countries & central governments	60.74
Investment funds	8.87
Petroleum	8.64
Finance & holding companies	5.21
Banks & credit institutions	3.10
Chemicals	2.17
Traffic & transportation	1.82
Energy & water supply	1.76
Mining, coal & steel	1.47
Miscellaneous unclassified companies	0.90
Mortgage & funding institutions	0.80
Non-ferrous metals	0.69
Miscellaneous services	0.65
Aerospace industry	0.56
Supranational organisations	0.41
Food & soft drinks	0.32
Forestry, paper & pulp products	0.17
Graphic design, publishing & media	0.14
Telecommunications	0.09
Building industry & materials	0.05
Total	98.56
Total	98.56
UBS (Lux) Emerging Economies Fund – Global Bonds (USD) Annual Report as of 31 August 2019

### Statement of Net Assets
Assets	31.8.2019
USD
Investments in securities, cost	1 557 732 614.45
Investments in securities, unrealized appreciation (depreciation)		59 186 017.18	 Total investments in securities (Note 1)			1 616 918 631.63
Cash at banks, deposits on demand and deposit accounts	28 267 135.75*
Other liquid assets (Margins)	257 864.41
Receivable on subscriptions	890 213.39
Interest receivable on securities	22 265 658.13
Interest receivable on liquid assets	10 643.39
Receivable on dividends	81 605.02
Interest receivable on swaps	1 281.94
Unrealized gain (loss) on financial futures (Note 1)	-92 100.63
Unrealized gain (loss) on forward foreign exchange contracts (Note 1)	-833 050.49
Unrealized gain (loss) on swaps (Note 1)	1 915.55
Bank overdraft	-7 636.96
Interest payable on bank overdraft	-2.71
Payable on securities purchases (Note 1)	-48 139.20
Payable on redemptions	-26 651 606.95
Provisions for flat fee (Note 2)	-223 192.62
Provisions for taxe d’abonnement (Note 3)	-44 906.35
Provisions for other commissions and fees (Note 2)		-174 727.99		 Total provisions			-442 826.96
Net assets at the end of the financial year	1 640 619 585.31

### Statement of Operations
Income	1.9.2018-31.8.2019
USD
Interest on liquid assets	1 434 609.01
Interest on securities	78 028 329.14
Interest received on swaps (Note 1)	2 287 451.58
Dividends	506 037.36
Income on securities lending (Note 11)	1 306 502.23
Total income	86 555 244.59
Expenses
Other income (Note 1)	2 992 315.27
Interest paid on swaps (Note 1)	-1 542 599.82
Flat fee (Note 2)	-5 277 252.77
Taxe d’abonnement (Note 3)	-256 844.51
Cost on securities lending (Note 11)	-522 600.89
Other commissions and fees (Note 2)	-315 079.61
Total expenses	-7 938 989.72
Net income (loss) on investments	78 616 254.87
Realized gain (loss) (Note 1)
Interest on cash and bank overdraft	-24 612.12
Realized gain (loss) on market-priced securities without options	-22 620 474.20
Realized gain (loss) on options	159 870.72
Realized gain (loss) on yield-evaluated securities and money market instruments	676 064.02
Realized gain (loss) on financial futures	-1 450 320.43
Realized gain (loss) on forward foreign exchange contracts	-12 378 762.04
Realized gain (loss) on swaps	-3 237 193.49
Total realized gain (loss)	-37 146 541.86
Net realized gain (loss) of the financial year	41 469 713.01
Changes in unrealized appreciation (depreciation) (Note 1)
Realized gain (loss) on foreign exchange	1 704 273.56
Unrealized appreciation (depreciation) on market-priced securities without options	124 536 572.57
Unrealized appreciation (depreciation) on yield-evaluated securities and money market instruments	388 487.71
Unrealized appreciation (depreciation) on financial futures	58 344.64
Unrealized appreciation (depreciation) on forward foreign exchange contracts	-1 698 601.42
Total changes in unrealized appreciation (depreciation)	124 791 661.28
Net increase (decrease) in net assets as a result of operations	166 261 374.29
Unrealized appreciation (depreciation) on swaps	1 506 857.78
* As at 31 August 2019, cash amounts serve as collateral for the counterparty Westpac Banking Corp for an amount of USD 370 000.00 and Credit Suisse for an amount of USD 280 000.00.
UBS (Lux) Emerging Economies Fund – Global Bonds (USD)
Annual Report as of 31 August 2019
| Statement of Changes in Net Assets |  |
| --- | --- |
|  | USD |
|  | 1.9.2018-31.8.2019 |
| Net assets at the beginning of the financial year | 1 218 347 549.52 |
| Subscriptions | 958 424 082.77 |
| Redemptions | 	-691 250 773.24	 |
| Total net subscriptions (redemptions) | 267 173 309.53 |
| Dividend paid | -11 162 648.03 |
| Net income (loss) on investments | 78 616 254.87 |
| Total realized gain (loss) | -37 146 541.86 |
| Total changes in unrealized appreciation (depreciation) | 	124 791 661.28	 |
| Net increase (decrease) in net assets as a result of operations | 166 261 374.29 |
| Net assets at the end of the financial year | 1 640 619 585.31 |
| Development of the outstanding units |  |
|  | 1.9.2018-31.8.2019 |
| Class | F-acc |
| Number of units outstanding at the beginning of the financial year | 40 729.0000 |
| Number of units issued | 25 117.0000 |
| Number of units redeemed | -4 988.0000 |
| Number of units outstanding at the end of the financial year | 60 858.0000 |
| Class | I-A1-acc |
| Number of units outstanding at the beginning of the financial year | 121 816.0940 |
| Number of units issued | 553 708.0800 |
| Number of units redeemed | -442 524.9490 |
| Number of units outstanding at the end of the financial year | 232 999.2250 |
| Class | I-B-acc |
| Number of units outstanding at the beginning of the financial year | 50 085.0490 |
| Number of units issued | 0.0000 |
| Number of units redeemed | -39 512.5990 |
| Number of units outstanding at the end of the financial year | 10 572.4500 |
| Class | I-X-acc |
| Number of units outstanding at the beginning of the financial year | 189 524.4090 |
| Number of units issued | 86 555.5310 |
| Number of units redeemed | -39 782.3480 |
| Number of units outstanding at the end of the financial year | 236 297.5920 |
| Class | (CHF hedged) I-X-acc |
| Number of units outstanding at the beginning of the financial year | 296 809.9430 |
| Number of units issued | 53 190.6780 |
| Number of units redeemed | -501.5070 |
| Number of units outstanding at the end of the financial year | 349 499.1140 |
| Class | (EUR hedged) I-X-acc |
| Number of units outstanding at the beginning of the financial year | 792 744.5030 |
| Number of units issued | 43 656.7310 |
| Number of units redeemed | -77 720.7290 |
| Number of units outstanding at the end of the financial year | 758 680.5050 |
| Class | I-X-dist |
| Number of units outstanding at the beginning of the financial year | 487 962.4520 |
| Number of units issued | 332 430.0000 |
| Number of units redeemed | -268 080.5190 |
| Number of units outstanding at the end of the financial year | 552 311.9330 |
| Class | K-X-acc |
| Number of units outstanding at the beginning of the financial year | 29 941.2400 |
| Number of units issued | 0.0000 |
| Number of units redeemed | 0.0000 |
| Number of units outstanding at the end of the financial year | 29 941.2400 |
| Class | P-acc |
| Number of units outstanding at the beginning of the financial year | 63 090.8190 |
| Number of units issued | 12 917.8680 |
| Number of units redeemed | -24 855.7520 |
| Number of units outstanding at the end of the financial year | 51 152.9350 |
| Class | (CHF hedged) P-acc |
| Number of units outstanding at the beginning of the financial year | 17 231.5170 |
| Number of units issued | 107.3650 |
| Number of units redeemed | -9 923.0790 |
| Number of units outstanding at the end of the financial year | 7 415.8030 |
| Class | (EUR hedged) P-acc |
| Number of units outstanding at the beginning of the financial year | 9 573.3320 |
| Number of units issued | 1 664.0180 |
| Number of units redeemed | -5 286.3510 |
| Number of units outstanding at the end of the financial year | 5 950.9990 |
| Class | (CHF hedged) P-dist |
| Number of units outstanding at the beginning of the financial year | 134 978.8130 |
| Number of units issued | 2 792.8540 |
| Number of units redeemed | -29 015.3730 |
| Number of units outstanding at the end of the financial year | 108 756.2940 |

UBS (Lux) Emerging Economies Fund – Global Bonds (USD) Annual Report as of 31 August 2019
| Class |  |  | P-mdist |
| --- | --- | --- | --- |
| Number of units outstanding at the beginning of the financial year |  |  | 1 873 645.2320 |
| Number of units issued |  |  | 290 418.2030 |
| Number of units redeemed |  |  | -447 883.1020 |
| Number of units outstanding at the end of the financial year |  |  | 1 716 180.3330 |
| Class |  |  | Q-acc |
| Number of units outstanding at the beginning of the financial year |  |  | 238 122.8750 |
| Number of units issued |  |  | 249 872.5840 |
| Number of units redeemed |  |  | -138 829.5000 |
| Number of units outstanding at the end of the financial year |  |  | 349 165.9590 |
| Class |  |  | Q-dist |
| Number of units outstanding at the beginning of the financial year |  |  | 5 921.4010 |
| Number of units issued |  |  | 7 116.4170 |
| Number of units redeemed |  |  | -2 206.5090 |
| Number of units outstanding at the end of the financial year |  |  | 10 831.3090 |
| Class |  |  | (CHF hedged) Q-dist |
| Number of units outstanding at the beginning of the financial year |  |  | 79 103.8080 |
| Number of units issued |  |  | 17 133.3990 |
| Number of units redeemed |  |  | -10 341.7160 |
| Number of units outstanding at the end of the financial year |  |  | 85 895.4910 |
| Class |  |  | U-X-acc |
| Number of units outstanding at the beginning of the financial year |  |  | 54 216.0000 |
| Number of units issued |  |  | 53 272.0000 |
| Number of units redeemed |  |  | -37 718.0000 |
| Number of units outstanding at the end of the financial year |  |  | 69 770.0000 |
| Class |  |  | U-X-UKdist-mdist |
| Number of units outstanding at the beginning of the financial year |  |  | 0.0000 |
| Number of units issued |  |  | 2 430.1840 |
| Number of units redeemed |  |  | -72.0000 |
| Number of units outstanding at the end of the financial year |  |  | 2 358.1840 |
| Annual Distribution 1 |  |  |  |
| UBS (Lux) Emerging Economies Fund – Global Bonds (USD)	Ex-Date | Pay-Date | Currency | Amount per unit |
| I-X-dist	2.11.2018 | 7.11.2018 | USD | 4.52 |
| (CHF hedged) P-dist	2.11.2018 | 7.11.2018 | CHF | 2.97 |
| Q-dist	2.11.2018 | 7.11.2018 | USD | 4.20 |
| (CHF hedged) Q-dist	2.11.2018 | 7.11.2018 | CHF | 4.70 |
| Monthly Distribution 1 |  |  |  |
| UBS (Lux) Emerging Economies Fund – Global Bonds (USD)	Ex-Date | Pay-Date | Currency | Amount per unit |
| P-mdist	17.9.2018 | 20.9.2018 | USD | 0.35 |
| P-mdist	15.10.2018 | 18.10.2018 | USD | 0.35 |
| P-mdist	15.11.2018 | 20.11.2018 | USD | 0.35 |
| P-mdist	17.12.2018 | 20.12.2018 | USD | 0.35 |
| P-mdist	15.1.2019 | 18.1.2019 | USD | 0.35 |
| P-mdist	15.2.2019 | 20.2.2019 | USD | 0.35 |
| P-mdist	15.3.2019 | 20.3.2019 | USD | 0.35 |
| P-mdist	15.4.2019 | 18.4.2019 | USD | 0.35 |
| P-mdist	15.5.2019 | 20.5.2019 | USD | 0.35 |
| P-mdist	17.6.2019 | 20.6.2019 | USD | 0.35 |
| P-mdist	15.7.2019 | 18.7.2019 | USD | 0.35 |
| P-mdist	16.8.2019 | 21.8.2019 | USD | 0.35 |
| U-X-UKdist-mdist	15.4.2019 | 18.4.2019 | USD | 60.76 |
| U-X-UKdist-mdist	15.5.2019 | 20.5.2019 | USD | 55.03 |
| U-X-UKdist-mdist	17.6.2019 | 20.6.2019 | USD | 47.17 |
| U-X-UKdist-mdist	15.7.2019 | 18.7.2019 | USD | 42.88 |
| U-X-UKdist-mdist	16.8.2019 | 21.8.2019 | USD | 54.16 |
| 1  See Note 4 |  |  |  |

UBS (Lux) Emerging Economies Fund – Global Bonds (USD)
Annual Report as of 31 August 2019

### Statement of Investments in Securities and other Net Assets as of 31 August 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 Treasury bills, zero coupon |  |  |  |
| USD |  |  |  |
| USD	ARGENTINA TREASURY BILL 0.00000% 12.04.19-15.11.19 | 4 500 000.00 | 4 261 140.00 | 0.26 |
| Total USD |  | 4 261 140.00 | 0.26 |
| Total Treasury bills, zero coupon |  | 4 261 140.00 | 0.26 |
| Notes, fixed rate |  |  |  |
| PEN |  |  |  |
| PEN	PERU, REPUBLIC OF-REG-S 5.40000% 19-12.08.34 | 11 441 000.00 | 3 567 716.31 | 0.22 |
| Total PEN |  | 3 567 716.31 | 0.22 |
| USD |  |  |  |
| USD	AEROPUERTO INTERNACIONAL DE TOCU-REG-S 5.37500% 16-11.05.36 | 2 600 000.00 | 3 092 375.00 | 0.19 |
| USD	AEROPUERTO INTERNACIONAL DE TOCU-REG-S 6.00000% 18-18.11.48 | 4 800 000.00 | 6 115 680.00 | 0.37 |
| USD	ANGOLAN GOVT INTERNATIONAL BOND-REG-S 9.37500% 18-08.05.48 | 6 485 000.00 | 6 841 675.00 | 0.42 |
| USD	ARGENTINA, REPUBLIC OF 7.12500% 18-28.06.117 | 2 460 000.00 | 918 810.00 | 0.06 |
| USD	ARGENTINA, REPUBLIC OF 4.62500% 18-11.01.23 | 21 530 000.00 | 8 235 225.00 | 0.50 |
| USD	ARGENTINA, REPUBLIC OF 6.87500% 18-11.01.48 | 12 755 000.00 | 4 700 217.50 | 0.29 |
| USD	BANK OF INDIA/JERSEY-REG-S 3.12500% 15-06.05.20 | 1 419 000.00 | 1 420 163.58 | 0.09 |
| USD	BELARUS INTERNATIONAL BOND-REG-S 7.62500% 17-29.06.27 | 4 450 000.00 | 5 050 750.00 | 0.31 |
| USD	BLACK SEA TRADE & DEVELOPMT BK-REG-S 3.50000% 19-25.06.24 | 6 550 000.00 | 6 747 417.00 | 0.41 |
| USD	BRAZIL LOAN TRUST 1-REG-S 5.47700% 13-24.07.23 | 5 000 000.00 | 2 915 551.18 | 0.18 |
| USD	BRAZIL, FEDERATIVE REPUBLIC OF 4.62500% 17-13.01.28 | 6 400 000.00 | 6 886 000.00 | 0.42 |
| USD	CNAC HK FINBRIDGE CO LTD-REG-S 5.12500% 18-14.03.28 | 9 500 000.00 | 10 803 281.25 | 0.66 |
| USD	CNAC HK FINBRIDGE CO LTD-REG-S 3.87500% 19-19.06.29 | 3 200 000.00 | 3 356 476.48 | 0.20 |
| USD	COLOMBIA, REPUBLIC OF 4.50000% 18-15.03.29 | 4 725 000.00 | 5 367 304.69 | 0.33 |
| USD	CORP FINANCIERA DE DESARROLLO SA-REG-S 4.75000% 15-15.07.25 | 3 945 000.00 | 4 321 007.81 | 0.26 |
| USD	CORP NACIONAL DEL COBRE DE CHILE-REG-S 4.25000% 12-17.07.42 | 2 100 000.00 | 2 353 968.75 | 0.14 |
| USD	CORP NACIONAL DEL COBRE DE CHILE-REG-S 4.37500% 19-05.02.49 | 10 850 000.00 | 12 558 875.00 | 0.77 |
| USD	COSTA RICA, REPUBLIC OF-REG-S 7.00000% 14-04.04.44 | 1 900 000.00 | 1 910 093.75 | 0.12 |
| USD	COSTA RICA, REPUBLIC OF-REG-S 7.15800% 15-12.03.45 | 7 565 000.00 | 7 713 935.94 | 0.47 |
| USD	CROATIA, REPUBLIC OF-REG-S 5.50000% 13-04.04.23 | 2 600 000.00 | 2 892 500.00 | 0.18 |
| USD	DEV BK OF THE REPUBLIC OF BELARUS-REG-S 6.75000% 19-02.05.24 | 3 915 000.00 | 4 095 090.00 | 0.25 |
| USD	DEVELOPMENT BANK OF KAZAKHSTAN-REG-S 4.12500% 12-10.12.22 | 5 110 000.00 | 5 314 400.00 | 0.32 |
| USD	DOMINICAN REPUBLIC-REG-S 6.85000% 15-27.01.45 | 14 375 000.00 | 16 495 312.50 | 1.01 |
| USD	DOMINICAN REPUBLIC-REG-S 6.00000% 18-19.07.28 | 14 300 000.00 | 15 805 968.75 | 0.96 |
| USD	DUBAI, GOVERNMENT OF-REG-S 5.25000% 13-30.01.43 | 500 000.00 | 592 812.50 | 0.04 |
| USD	ECUADOR, REPUBLIC OF-REG-S 9.65000% 16-13.12.26 | 4 820 000.00 | 5 000 750.00 | 0.30 |
| USD	ECUADOR, REPUBLIC OF-REG-S 8.87500% 17-23.10.27 | 9 010 000.00 | 8 908 637.50 | 0.54 |
| USD	ECUADOR, REPUBLIC OF-REG-S 10.75000% 19-31.01.29 | 2 650 000.00 | 2 865 312.50 | 0.17 |
| USD	EGYPT, REPUBLIC OF-REG-S 5.57700% 18-21.02.23 | 5 105 000.00 | 5 255 597.50 | 0.32 |
| USD	EL SALVADOR, REPUBLIC OF-REG-S 8.62500% 17-28.02.29 | 5 897 000.00 | 6 829 463.12 | 0.42 |
| USD	EL SALVADOR, REPUBLIC OF-REG-S 8.25000% 02-10.04.32 | 2 025 000.00 | 2 286 351.56 | 0.14 |
| USD	EMPRESA DE TRANSMISION ELECTRICA-REG-S 5.12500% 19-02.05.49 | 1 950 000.00 | 2 266 875.00 | 0.14 |
| USD	EMPRESA DE TRANSPORTE DE PASA MET-REG-S 4.75000% 14-04.02.24 | 1 665 000.00 | 1 805 484.37 | 0.11 |
| USD	EMPRESA NACIONAL DE TELECOM SA-REG-S 4.87500% 13-30.10.24 | 1 405 000.00 | 1 481 396.88 | 0.09 |
| USD	EMPRESA NACIONAL DEL PETROLEO-REG-S 4.37500% 14-30.10.24 | 2 500 000.00 | 2 677 343.75 | 0.16 |
| USD	EMPRESA NACIONAL DEL PETROLEO-REG-S 4.50000% 17-14.09.47 | 3 300 000.00 | 3 582 047.04 | 0.22 |
| USD	EMPRESA NACIONAL DEL PETROLEO-REG-S 5.25000% 18-06.11.29 | 8 500 000.00 | 9 881 250.00 | 0.60 |
| USD	ESKOM HOLDINGS SOC LTD-144A 7.12500% 15-11.02.25 | 1 580 000.00 | 1 623 450.00 | 0.10 |
| USD	ESKOM HOLDINGS SOC LTD-REG-S 6.75000% 13-06.08.23 | 4 600 000.00 | 4 703 500.00 | 0.29 |
| USD	ESKOM HOLDINGS SOC LTD-REG-S 7.12500% 15-11.02.25 | 3 470 000.00 | 3 565 425.00 | 0.22 |
| USD	EXPORT-IMPORT BANK OF INDIA-REG-S 3.87500% 18-01.02.28 | 5 300 000.00 | 5 646 156.25 | 0.34 |
| USD	GHANA GOVT INTNL BOND-REG-S 7.62500% 18-16.05.29 | 5 505 000.00 | 5 429 306.25 | 0.33 |
| USD	GUATEMALA, REPUBLIC OF-REG-S 4.50000% 16-03.05.26 | 3 775 000.00 | 3 951 953.12 | 0.24 |
| USD	HUNGARY, REPUBLIC OF 7.62500% 11-29.03.41 | 3 092 000.00 | 5 198 425.00 | 0.32 |
| USD	HUNGARY, REPUBLIC OF 5.75000% 13-22.11.23 | 5 350 000.00 | 6 087 296.88 | 0.37 |
| USD	HUNGARY, REPUBLIC OF 5.37500% 14-25.03.24 | 13 464 000.00 | 15 264 810.00 | 0.93 |
| USD	INDONESIA ASAHAN ALUMINIUM TBK PT-REG-S 5.71000% 18-15.11.23 | 2 700 000.00 | 2 993 625.00 | 0.18 |
| USD	INDONESIA ASAHAN ALUMINIUM TBK PT-REG-S 6.53000% 18-15.11.28 | 6 645 000.00 | 8 231 493.75 | 0.50 |
| USD	INDONESIA, REPUBLIC OF-REG-S 7.75000% 08-17.01.38 | 1 905 000.00 | 2 923 579.69 | 0.18 |
| USD	IVORY COAST, REPUBLIC OF-REG-S STEP-UP 10-31.12.32 | 2 841 000.00 | 2 478 204.30 | 0.15 |
| USD	JAMAICA, GOVERNMENT OF 7.87500% 15-28.07.45 | 2 730 000.00 | 3 543 028.13 | 0.22 |
| USD	JBS INVESTMENTS II GMBH-REG-S 5.75000% 19-15.01.28 | 5 050 000.00 | 5 302 500.00 | 0.32 |
| USD	KAZAKHSTAN TEMIR ZHOLY NATIONAL-REG-S 4.85000% 17-17.11.27 | 2 065 000.00 | 2 302 475.00 | 0.14 |
| USD	KAZMUNAYGAS NATIONAL CO-REG-S 4.75000% 17-19.04.27 | 2 000 000.00 | 2 187 500.00 | 0.13 |
| USD	KAZMUNAYGAS NATIONAL CO-REG-S 5.75000% 17-19.04.47 | 2 120 000.00 | 2 522 800.00 | 0.15 |
| USD	KAZMUNAYGAS NATIONAL CO-REG-S 6.37500% 18-24.10.48 | 4 875 000.00 | 6 156 210.94 | 0.38 |
| USD	KAZMUNAYGAS NATIONAL CO-REG-S 5.37500% 18-24.04.30 | 4 975 000.00 | 5 764 781.25 | 0.35 |
| USD	KAZTRANSGAS JSC-REG-S 4.37500% 17-26.09.27 | 4 000 000.00 | 4 202 500.00 | 0.26 |
| USD	KENYA, REPUBLIC OF-REG-S 7.25000% 18-28.02.28 | 17 075 000.00 | 17 843 375.00 | 1.09 |
| USD	LEBANON, REPUBLIC OF-REG-S 6.65000% 15-26.02.30 | 700 000.00 | 464 406.25 | 0.03 |
| USD	LIQUID TELECOMMUNICATIONS FIN-REG-S 8.50000% 17-13.07.22 | 2 880 000.00 | 2 814 300.00 | 0.17 |
| USD	MEXICO, UNITED STATES OF 4.15000% 17-28.03.27 | 14 080 000.00 | 15 065 600.00 | 0.92 |
| USD	MEXICO, UNITED STATES OF 3.75000% 18-11.01.28 | 2 350 000.00 | 2 453 400.00 | 0.15 |
| USD	MEXICO, UNITED STATES OF 4.50000% 19-22.04.29 | 22 500 000.00 | 24 851 250.00 | 1.51 |
| USD	MEXICO, UNITED STATES OF 4.50000% 19-31.01.50 | 3 450 000.00 | 3 694 950.00 | 0.22 |
| USD	MONGOLIA,GOVERNMENT OF-REG-S 5.62500% 17-01.05.23 | 12 950 000.00 | 13 063 312.50 | 0.80 |
| USD	NIGERIA, FEDERAL REPUBLIC OF-REG-S 7.87500% 17-16.02.32 | 9 250 000.00 | 9 504 375.00 | 0.58 |
| USD	NIGERIA, FEDERAL REPUBLIC OF-REG-S 7.14300% 18-23.02.30 | 2 350 000.00 | 2 358 812.50 | 0.14 |
| USD	NIGERIA, FEDERAL REPUBLIC OF-REG-S 7.62500% 18-21.11.25 | 13 170 000.00 | 14 429 381.25 | 0.88 |
| USD	NIGERIA, FEDERAL REPUBLIC OF-REG-S 9.24800% 18-21.01.49 | 3 040 000.00 | 3 342 100.00 | 0.20 |
| USD	OCP SA-REG-S 6.87500% 14-25.04.44 | 6 750 000.00 | 8 393 203.12 | 0.51 |
| USD	OIL AND GAS HOLDING CO BSCC/THE-REG-S 7.62500% 18-07.11.24 | 3 000 000.00 | 3 432 187.50 | 0.21 |
| USD	OIL AND GAS HOLDING CO BSCC/THE-REG-S 8.37500% 18-07.11.28 | 4 800 000.00 | 5 668 500.00 | 0.35 |
| USD	OMAN GOVT INTERNATIONAL BOND-REG-S 6.75000% 18-17.01.48 | 6 400 000.00 | 6 017 999.99 | 0.37 |

UBS (Lux) Emerging Economies Fund – Global Bonds (USD) Annual Report as of 31 August 2019
|  | Description | Quantity/ | Valuation in USD | as a % |
| --- | --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |
|  |  |  |  |  |
| USD | PAKISTAN, ISLAMIC REPUBLIC OF-REG-S 8.25000% 14-15.04.24 | 3 185 000.00 | 3 463 687.50 | 0.21 |
| USD | PAKISTAN, ISLAMIC REPUBLIC OF-REG-S 6.87500% 17-05.12.27 | 2 420 000.00 | 2 423 025.00 | 0.15 |
| USD | PANAMA, REPUBLIC OF 3.16000% 19-23.01.30 | 21 370 000.00 | 22 672 234.38 | 1.38 |
| USD | PANAMA, REPUBLIC OF 3.87000% 19-23.07.60 | 2 915 000.00 | 3 334 942.19 | 0.20 |
| USD | PERTAMINA PT-REG-S 6.50000% 11-27.05.41 | 3 500 000.00 | 4 566 406.25 | 0.28 |
| USD | PERTAMINA PT-REG-S 6.00000% 12-03.05.42 | 1 620 000.00 | 2 023 481.25 | 0.12 |
| USD | PERU LNG SRL-REG-S 5.37500% 18-22.03.30 | 4 565 000.00 | 4 924 493.75 | 0.30 |
| USD | PERU, REPUBLIC OF 2.84400% 19-20.06.30 | 5 000 000.00 | 5 279 687.50 | 0.32 |
| USD | PERUSAHAAN LISTRIK NEGARA PT-REG-S 4.87500% 19-17.07.49 | 2 500 000.00 | 2 785 937.50 | 0.17 |
| USD | PERUSAHAAN PENERBIT SBSN-REG-S 4.35000% 14-10.09.24 | 6 825 000.00 | 7 332 609.37 | 0.45 |
| USD | PERUSAHAAN PENERBIT SBSN-REG-S 4.40000% 18-01.03.28 | 5 300 000.00 | 5 853 187.50 | 0.36 |
| USD | PETROBRAS GLOBAL FINANCE BV 5.99900% 18-27.01.28 | 11 800 000.00 | 12 923 950.00 | 0.79 |
| USD | PETROBRAS GLOBAL FINANCE BV 6.90000% 19-19.03.49 | 2 700 000.00 | 3 050 662.50 | 0.19 |
| USD | PETROLEOS DE VENEZUE-REG-S *DEFAULTED* 5.50000% 07-12.04.37 | 7 750 000.00 | 968 750.00 | 0.06 |
| USD | PETROLEOS DEL PERU SA-REG-S 5.62500% 17-19.06.47 | 17 150 000.00 | 20 910 995.00 | 1.27 |
| USD | PETROLEOS MEXICANOS 6.50000% 11-02.06.41 | 5 520 000.00 | 5 135 256.00 | 0.31 |
| USD | PETROLEOS MEXICANOS 6.50000% 18-13.03.27 | 3 285 000.00 | 3 355 114.38 | 0.20 |
| USD | PHILIPPINES, REPUBLIC OF THE 9.50000% 05-02.02.30 | 4 650 000.00 | 7 688 484.37 | 0.47 |
| USD | POLAND, REPUBLIC OF 3.25000% 16-06.04.26 | 9 725 000.00 | 10 448 296.88 | 0.64 |
| USD | POWER SECTOR ASST & LIAB MGT CORP-REG-S 7.39000% 09-02.12.24 | 2 150 000.00 | 2 685 484.38 | 0.16 |
| USD | QATAR, STATE OF-REG-S 3.37500% 19-14.03.24 | 9 865 000.00 | 10 447 651.57 | 0.64 |
| USD | QATAR, STATE OF-REG-S 4.00000% 19-14.03.29 | 6 905 000.00 | 7 886 804.68 | 0.48 |
| USD | QATAR, STATE OF-REG-S 4.81700% 19-14.03.49 | 12 500 000.00 | 16 093 749.99 | 0.98 |
| USD | REPUBLIC OF TAJIKISTAN INTER BOND-REG-S 7.12500% 17-14.09.27 | 2 255 000.00 | 2 033 728.13 | 0.12 |
| USD | REPUBLIC OF TURKEY 7.25000% 18-23.12.23 | 12 645 000.00 | 13 095 478.12 | 0.80 |
| USD | ROMANIA-REG-S 5.12500% 18-15.06.48 | 6 280 000.00 | 7 316 200.00 | 0.45 |
| USD | RUSSIA, FEDERATION OF-REG-S 5.00000% 10-29.04.20 | 4 000 000.00 | 4 062 000.00 | 0.25 |
| USD | RUSSIA, FEDERATION OF-REG-S 5.62500% 12-04.04.42 | 3 800 000.00 | 4 700 600.00 | 0.29 |
| USD | SAUDI GOVERNMENT INTERNATIONAL BD-REG-S 4.37500% 19-16.04.29 | 12 700 000.00 | 14 649 450.00 | 0.89 |
| USD | SENEGAL, REPUBLIC OF-REG-S 6.75000% 18-13.03.48 | 1 845 000.00 | 1 761 975.00 | 0.11 |
| USD | SINOCHEM OVERSEAS CAPITAL-REG-S 4.50000% 10-12.11.20 | 1 675 000.00 | 1 714 781.25 | 0.10 |
| USD | SINOPEC GROUP OVERSEA DEVELOPMENT-REG-S 3.50000% 16-03.05.26 | 6 100 000.00 | 6 448 843.74 | 0.39 |
| USD | SINOPEC GROUP OVERSEAS DEVELOPMNT-REG-S 3.25000% 15-28.04.25 | 3 605 000.00 | 3 752 579.69 | 0.23 |
| USD | SINOPEC GRP OVERSEAS DEV LTD-REG-S 4.25000% 18-12.09.28 | 3 150 000.00 | 3 535 875.00 | 0.22 |
| USD | SOUTH AFRICA, REPUBLIC OF 4.87500% 16-14.04.26 | 4 550 000.00 | 4 760 437.50 | 0.29 |
| USD | SOUTH AFRICA, REPUBLIC OF 5.65000% 17-27.09.47 | 3 600 000.00 | 3 784 500.00 | 0.23 |
| USD | SRI LANKA, DEMOCRATIC REP OF-REG-S 6.25000% 10-04.10.20 | 7 245 000.00 | 7 349 146.87 | 0.45 |
| USD | SRI LANKA, DEMOCRATIC REP OF-REG-S 5.87500% 12-25.07.22 | 6 475 000.00 | 6 470 953.12 | 0.39 |
| USD | SRI LANKA, DEMOCRATIC REP OF-REG-S 6.20000% 17-11.05.27 | 2 940 000.00 | 2 756 250.00 | 0.17 |
| USD | SRI LANKA, DEMOCRATIC REP OF-REG-S 6.75000% 18-18.04.28 | 5 550 000.00 | 5 307 354.00 | 0.32 |
| USD | SRI LANKA, DEMOCRATIC REP OF-REG-S 7.55000% 19-28.03.30 | 12 750 000.00 | 12 761 953.12 | 0.78 |
| USD | TURKEY, REPUBLIC OF 7.62500% 19-26.04.29 | 15 145 000.00 | 15 542 556.25 | 0.95 |
| USD | TURKEY, REPUBLIC OF 6.35000% 19-10.08.24 | 13 850 000.00 | 13 780 750.00 | 0.84 |
| USD | UKRAINE RAILWAYS VIA RL CPTL MKTS-REG-S 8.25000% 19-09.07.24 | 3 750 000.00 | 3 821 062.50 | 0.23 |
| USD | UKRAINE, GOVERNMENT OF-144A 7.75000% 15-01.09.22 | 729 000.00 | 771 646.50 | 0.05 |
| USD | UKRAINE, GOVERNMENT OF-144A 7.75000% 15-01.09.23 | 739 000.00 | 785 557.00 | 0.05 |
| USD | UKRAINE, GOVERNMENT OF-REG-S 7.75000% 15-01.09.21 | 8 555 000.00 | 8 914 310.00 | 0.54 |
| USD | UKRAINE, GOVERNMENT OF-REG-S 7.75000% 15-01.09.22 | 2 510 000.00 | 2 656 835.00 | 0.16 |
| USD | UKRAINE, GOVERNMENT OF-REG-S 7.75000% 15-01.09.23 | 2 980 000.00 | 3 167 740.00 | 0.19 |
| USD | UKRAINE, GOVERNMENT OF-REG-S 7.75000% 15-01.09.24 | 6 685 000.00 | 7 152 950.00 | 0.44 |
| USD | UKRAINE, GOVERNMENT OF-REG-S 7.75000% 15-01.09.25 | 9 295 000.00 | 9 875 937.50 | 0.60 |
| USD | UKRAINE, GOVERNMENT OF-REG-S 7.37500% 17-25.09.32 | 2 680 000.00 | 2 756 380.00 | 0.17 |
| USD | UKRAINE, GOVERNMENT OF-REG-S 8.99400% 18-01.02.24 | 4 725 000.00 | 5 223 487.50 | 0.32 |
| USD | UKRAINE, GOVERNMENT OF-REG-S 9.75000% 18-01.11.28 | 1 550 000.00 | 1 827 062.50 | 0.11 |
| USD | VEB FINANCE PLC-REG-S LPN 6.90200% 10-09.07.20 | 5 070 000.00 | 5 230 021.87 | 0.32 |
| USD | VEB FINANCE PLC-REG-S LPN 6.02500% 12-05.07.22 | 1 300 000.00 | 1 387 750.00 | 0.08 |
| USD | VEB FINANCE PLC-REG-S LPN 5.94200% 13-21.11.23 | 1 560 000.00 | 1 692 600.00 | 0.10 |
| USD | VENEZUELA, REP. OF-REG-S *DEFAULTED* 7.75000% 09-13.10.19 | 9 055 000.00 | 1 312 975.00 | 0.08 |
| USD | ZAMBIA, REPUBLIC OF-REG-S 8.97000% 15-30.07.27 | 8 350 000.00 | 5 586 671.88 | 0.34 |
| Total USD |  |  | 796 824 865.55 | 48.57 |
| Total Notes, fixed rate |  | 800 392 581.86 | 48.79 |
| Notes, floating rate |  |  |  |
| USD |  |  |  |
| USD	BANCO DO BRASIL CAYMAN-REG-S-SUB 9.000%/VAR 14-PRP | 3 000 000.00 | 3 291 000.00 | 0.20 |
| USD	CORP FINANCIERA DE DESARROL-REG-S-SUB 5.250%/VAR 14-15.07.29 | 4 520 000.00 | 4 859 000.00 | 0.30 |
| Total USD |  | 8 150 000.00 | 0.50 |
| Total Notes, floating rate |  | 8 150 000.00 | 0.50 |
| Medium term notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	ARGENTINA, REPUBLIC OF 7.50000% 17-22.04.26 | 6 050 000.00 | 2 289 925.00 | 0.14 |
| USD	ARGENTINA, REPUBLIC OF 7.62500% 17-22.04.46 | 4 500 000.00 | 1 692 000.00 | 0.10 |
| USD	BANCO DO BRASIL SA/CAYMAN-REG-S 4.75000% 19-20.03.24 | 6 950 000.00 | 7 267 093.75 | 0.44 |
| USD	CHARMING LIGHT INVESTMENTS LTD-REG-S 4.37500% 17-21.12.27 | 5 635 000.00 | 6 115 735.94 | 0.37 |
| USD	DP WORLD CRESCENT LTD-REG-S 3.87500% 19-18.07.29 | 11 200 000.00 | 11 497 752.00 | 0.70 |
| USD	DP WORLD PLC-REG-S 5.62500% 18-25.09.48 | 7 100 000.00 | 8 449 000.00 | 0.52 |
| USD	EGYPT, REPUBLIC OF-REG-S 6.12500% 17-31.01.22 | 7 995 000.00 | 8 317 298.44 | 0.51 |
| USD	EGYPT, REPUBLIC OF-REG-S 8.50000% 17-31.01.47 | 3 800 000.00 | 4 112 312.50 | 0.25 |
| USD	EGYPT, REPUBLIC OF-REG-S 7.60030% 19-01.03.29 | 20 410 000.00 | 22 055 556.25 | 1.34 |
| USD	EGYPT, REPUBLIC OF-REG-S 8.70020% 19-01.03.49 | 5 240 000.00 | 5 724 700.00 | 0.35 |
| USD	INDONESIA, REPUBLIC OF-REG-S 4.12500% 15-15.01.25 | 7 045 000.00 | 7 544 754.69 | 0.46 |
| USD	INDONESIA, REPUBLIC OF 4.75000% 15-08.01.26 | 15 700 000.00 | 17 485 875.00 | 1.07 |
| USD	INDONESIA, REPUBLIC OF-REG-S 4.75000% 17-18.07.47 | 4 500 000.00 | 5 336 718.75 | 0.33 |
| USD	KAZAKHSTAN, REPUBLIC OF-REG-S 6.50000% 15-21.07.45 | 5 225 000.00 | 7 589 312.50 | 0.46 |
| USD	MONGOLIA,GOVERNMENT OF-REG-S 8.75000% 17-09.03.24 | 9 770 000.00 | 10 896 603.14 | 0.66 |
| USD	NIGERIA, FEDERAL REPUBLIC OF-REG-S 6.50000% 17-28.11.27 | 4 735 000.00 | 4 714 284.38 | 0.29 |
| USD	OMAN GOVT INTERNATIONAL BOND-REG-S 6.00000% 19-01.08.29 | 11 900 000.00 | 11 825 625.00 | 0.72 |
| USD	PANAMA, REPUBLIC OF 9.37500% 99-01.04.29 | 5 135 000.00 | 7 975 296.87 | 0.49 |
| USD	PERUSAHAAN LISTRIK NEGARA PT-REG-S 5.45000% 18-21.05.28 | 3 993 000.00 | 4 666 818.75 | 0.28 |
| USD	PETRONAS CAPITAL LTD-REG-S 4.50000% 15-18.03.45 | 5 715 000.00 | 7 300 912.50 | 0.45 |

UBS (Lux) Emerging Economies Fund – Global Bonds (USD)
Annual Report as of 31 August 2019
|  | Description | Quantity/ | Valuation in USD | as a % |
| --- | --- | --- | --- | --- |
|  |  | Nominal | Unrealized gain | of net |
|  |  |  | (loss) on Futures/ | assets |
|  |  |  | Forward |  |
|  |  |  | Exchange Contracts/ |  |
|  |  |  | Swaps (Note 1) |  |
|  |  |  |  |  |
| USD | ROMANIA-REG-S 4.87500% 14-22.01.24 | 5 400 000.00 | 5 929 875.00 | 0.36 |
| USD | SAUDI ARABIAN OIL CO-REG-S 4.37500% 19-16.04.49 | 6 875 000.00 | 7 832 352.00 | 0.48 |
| USD | STATE GRID OVERSEAS INVESTMENT-REG-S 3.50000% 17-04.05.27 | 1 860 000.00 | 1 986 131.24 | 0.12 |
| USD | TENCENT HOLDINGS LTD-REG-S 3.59500% 18-19.01.28 | 2 100 000.00 | 2 207 310.00 | 0.13 |
| Total USD |  |  | 180 813 243.70 | 11.02 |
| Total Medium term notes, fixed rate |  | 180 813 243.70 | 11.02 |
| Medium term notes, floating rate |  |  |  |
| USD |  |  |  |
| USD	KRUNG THAI BANK-REG-S-SUB 5.200%/VAR 14-26.12.24 | 2 080 000.00 | 2 091 315.20 | 0.13 |
| Total USD |  | 2 091 315.20 | 0.13 |
| Total Medium term notes, floating rate |  | 2 091 315.20 | 0.13 |
| Bonds, fixed rate |  |  |  |
| USD |  |  |  |
| USD	ANGOLAN GOVT INTERNATIONAL BOND-REG-S 8.25000% 18-09.05.28 | 5 300 000.00 | 5 480 531.25 | 0.33 |
| USD	ARMENIA INTERNATIONAL BOND-REG-S 6.00000% 13-30.09.20 | 1 400 000.00 | 1 429 750.00 | 0.09 |
| USD	ARMENIA INTERNATIONAL BOND-REG-S 7.15000% 15-26.03.25 | 2 810 000.00 | 3 234 134.38 | 0.20 |
| USD	AUTORIDAD DEL CANAL DE PANAMA-REG-S 4.95000% 15-29.07.35 | 5 090 000.00 | 5 801 009.37 | 0.35 |
| USD	BAHRAIN GVT INTERNATIONAL BOND-REG-S 7.00000% 16-12.10.28 | 7 750 000.00 | 8 881 015.63 | 0.54 |
| USD	BAHRAIN GVT INTERNATIONAL BOND-REG-S 7.50000% 17-20.09.47 | 5 600 000.00 | 6 480 250.00 | 0.39 |
| USD	BELARUS INTERNATIONAL BOND-REG-S 6.20000% 18-28.02.30 | 1 960 000.00 | 2 083 112.50 | 0.13 |
| USD	BIZ FINANCE PLC FOR UKREXIMBANK-REG-S 9.75000% 15-22.01.25 | 3 300 000.00 | 3 489 750.00 | 0.21 |
| USD	BRAZIL, FEDERATIVE REPUBLIC OF 7.12500% 06-20.01.37 | 4 150 000.00 | 5 384 625.00 | 0.33 |
| USD	BRAZIL, FEDERATIVE REPUBLIC OF 5.00000% 14-27.01.45 | 9 200 000.00 | 9 783 625.00 | 0.60 |
| USD	BRAZIL, FEDERATIVE REPUBLIC OF 5.62500% 16-21.02.47 | 7 475 000.00 | 8 575 226.56 | 0.52 |
| USD	CNAC HK FINBRIDGE CO LTD-REG-S 4.87500% 18-14.03.25 | 11 995 000.00 | 13 067 053.13 | 0.80 |
| USD	COLOMBIA, REPUBLIC OF 7.37500% 06-18.09.37 | 6 050 000.00 | 8 829 218.75 | 0.54 |
| USD	COLOMBIA, REPUBLIC OF 6.12500% 09-18.01.41 | 12 170 000.00 | 16 262 162.50 | 0.99 |
| USD	COLOMBIA, REPUBLIC OF 5.62500% 14-26.02.44 | 3 050 000.00 | 3 933 546.88 | 0.24 |
| USD	COLOMBIA, REPUBLIC OF 5.00000% 15-15.06.45 | 3 100 000.00 | 3 747 900.00 | 0.23 |
| USD	CORP NACIONAL DEL COBRE DE CHILE-REG-S 5.62500% 13-18.10.43 | 2 660 000.00 | 3 566 893.75 | 0.22 |
| USD	CORP NACIONAL DEL COBRE DE CHILE-REG-S 4.87500% 14-04.11.44 | 3 566 000.00 | 4 376 150.62 | 0.27 |
| USD	CROATIA, REPUBLIC OF-REG-S 6.00000% 13-26.01.24 | 11 920 000.00 | 13 789 950.00 | 0.84 |
| USD	DEVELOPMENT BANK OF MONGOLIA LLC-REG-S 7.25000% 18-23.10.23 | 11 705 000.00 | 11 979 335.94 | 0.73 |
| USD	EL SALVADOR, REPUBLIC OF-REG-S 7.65000% 05-15.06.35 | 1 473 000.00 | 1 578 871.87 | 0.10 |
| USD	ETHIOPIA INTERNATIONAL BOND-REG-S 6.62500% 14-11.12.24 | 3 330 000.00 | 3 464 240.63 | 0.21 |
| USD	EXPORT-IMPORT BANK OF INDIA-144A 3.37500% 16-05.08.26 | 4 300 000.00 | 4 431 687.49 | 0.27 |
| USD	EXPORT-IMPORT BANK OF INDIA-REG-S 3.37500% 16-05.08.26 | 600 000.00 | 619 125.00 | 0.04 |
| USD	GABON, REPUBLIC OF-REG-S 6.95000% 15-16.06.25 | 4 330 000.00 | 4 209 571.88 | 0.26 |
| USD	GHANA GOVT INTNL BOND-REG-S 7.87500% 19-26.03.27 | 3 875 000.00 | 3 971 875.00 | 0.24 |
| USD	GHANA GOVT INTNL BOND-REG-S 8.12500% 19-26.03.32 | 6 150 000.00 | 6 005 859.37 | 0.37 |
| USD	GHANA GOVT INTNL BOND-REG-S 8.95000% 19-26.03.51 | 2 790 000.00 | 2 737 687.50 | 0.17 |
| USD	GUATEMALA, REPUBLIC OF-REG-S 8.12500% 04-06.10.34 | 4 650 000.00 | 5 992 687.50 | 0.36 |
| USD	INDONESIA, REPUBLIC OF-REG-S 6.62500% 07-17.02.37 | 435 000.00 | 604 785.93 | 0.04 |
| USD	INDONESIA, REPUBLIC OF-REG-S 3.37500% 13-15.04.23 | 5 550 000.00 | 5 707 828.13 | 0.35 |
| USD	IRAQ INTERNATIONAL BOND-REG-S 5.80000% 06-15.01.28 | 5 550 000.00 | 5 430 328.13 | 0.33 |
| USD	IRAQ INTERNATIONAL BOND-REG-S 6.75200% 17-09.03.23 | 4 645 000.00 | 4 746 609.38 | 0.29 |
| USD	IVORY COAST, REPUBLIC OF-REG-S 6.37500% 15-03.03.28 | 6 430 000.00 | 6 486 262.50 | 0.39 |
| USD	IVORY COAST, REPUBLIC OF-REG-S 6.12500% 17-15.06.33 | 2 470 000.00 | 2 331 062.50 | 0.14 |
| USD	JAMAICA, GOVERNMENT OF 8.00000% 07-15.03.39 | 6 720 000.00 | 8 691 900.00 | 0.53 |
| USD	JORDAN, KINGDOM OF-REG-S 7.37500% 17-10.10.47 | 5 160 000.00 | 5 366 400.00 | 0.33 |
| USD	KAZAKHSTAN TEMIR ZHOLY FINANCE BV-REG-S 6.95000% 12-10.07.42 | 7 070 000.00 | 9 648 340.63 | 0.59 |
| USD	KING POWER CAPITAL LTD-REG-S 5.62500% 14-03.11.24 | 1 050 000.00 | 1 192 311.75 | 0.07 |
| USD	LEBANON, REPUBLIC OF-REG-S 6.20000% 15-26.02.25 | 7 380 000.00 | 5 092 200.00 | 0.31 |
| USD	LEBANON, REPUBLIC OF-REG-S 6.65000% 16-22.04.24 | 3 850 000.00 | 2 717 859.37 | 0.17 |
| USD	LIMA METRO LINE 2 FINANCE LTD-REG-S 5.87500% 15-05.07.34 | 3 020 000.00 | 3 296 518.75 | 0.20 |
| USD	MAF SUKUK LTD-REG-S 4.63800% 19-14.05.29 | 6 600 000.00 | 7 245 562.50 | 0.44 |
| USD	MOZAMBIQUE INT BOND-REG-S *DEFAULT* 10.50000% 16-18.01.23 | 1 747 000.00 | 1 815 788.13 | 0.11 |
| USD	PANAMA, REPUBLIC OF 6.70000% 06-26.01.36 | 150 000.00 | 219 375.00 | 0.01 |
| USD	PANAMA, REPUBLIC OF 4.30000% 13-29.04.53 | 686 000.00 | 842 279.38 | 0.05 |
| USD	PARAGUAY, REPUBLIC OF-REG-S 5.00000% 16-15.04.26 | 1 310 000.00 | 1 445 503.13 | 0.09 |
| USD	PERU, REPUBLIC OF 8.75000% 03-21.11.33 | 1 550 000.00 | 2 647 109.39 | 0.16 |
| USD	PETROLEOS DE VENEZUE-REG-S *DEFAULTED* 6.00000% 14-16.05.24 | 29 400 000.00 | 3 675 000.00 | 0.22 |
| USD	PHILIPPINES, REPUBLIC OF THE 6.37500% 07-15.01.32 | 3 265 000.00 | 4 589 365.63 | 0.28 |
| USD	PHILIPPINES, REPUBLIC OF THE 3.95000% 15-20.01.40 | 3 240 000.00 | 3 893 062.50 | 0.24 |
| USD	PHILIPPINES, REPUBLIC OF THE 3.70000% 16-01.03.41 | 2 035 000.00 | 2 392 396.87 | 0.15 |
| USD	PHILIPPINES, REPUBLIC OF THE 3.70000% 17-02.02.42 | 4 500 000.00 | 5 310 000.00 | 0.32 |
| USD	PROSPEROUS RAY LTD-REG-S 4.62500% 13-12.11.23 | 1 000 000.00 | 1 078 750.00 | 0.07 |
| USD	ROMANIA-REG-S 4.37500% 13-22.08.23 | 2 720 000.00 | 2 900 200.00 | 0.18 |
| USD	RUSSIA, FEDERATION OF-REG-S 5.25000% 17-23.06.47 | 4 800 000.00 | 5 719 500.00 | 0.35 |
| USD	RUSSIA, FEDERATION OF-REG-S 4.37500% 18-21.03.29 | 15 000 000.00 | 16 132 500.00 | 0.98 |
| USD	RUSSIA, FEDERATION OF-REG-S 5.10000% 19-28.03.35 | 10 800 000.00 | 12 204 000.00 | 0.74 |
| USD	SAUDI GOVERNMENT INTERNATIONAL BD-REG-S 5.25000% 19-16.01.50 | 11 425 000.00 | 14 766 812.50 | 0.90 |
| USD	SERBIA INTERNATIONAL BOND-REG-S 4.87500% 13-25.02.20 | 3 000 000.00 | 3 029 400.00 | 0.18 |
| USD	SOUTH AFRICA, REPUBLIC OF 5.87500% 13-16.09.25 | 7 165 000.00 | 7 932 998.44 | 0.48 |
| USD	SOUTH AFRICA, REPUBLIC OF 4.30000% 16-12.10.28 | 12 810 000.00 | 12 741 466.50 | 0.78 |
| USD	SOUTH AFRICA, REPUBLIC OF 6.30000% 18-22.06.48 | 2 100 000.00 | 2 383 500.00 | 0.14 |
| USD	SOUTHERN GAS CORRIDOR CJSC-REG-S 6.87500% 16-24.03.26 | 7 775 000.00 | 9 179 359.37 | 0.56 |
| USD	STATE OIL OF THE AZERBAIJAN REP-REG-S 6.95000% 15-18.03.30 | 5 340 000.00 | 6 428 025.00 | 0.39 |
| USD	TRADE & DEVELOPMENT BANK MONGOLIA-REG-S 9.37500% 15-19.05.20 | 600 000.00 | 617 250.00 | 0.04 |
| USD	TURKEY, REPUBLIC OF 6.12500% 18-24.10.28 | 5 700 000.00 | 5 390 062.50 | 0.33 |
| USD	URUGUAY, REPUBLIC OF 5.10000% 14-18.06.50 | 22 210 000.00 | 27 630 628.13 | 1.68 |
| USD	URUGUAY, REPUBLIC OF 4.37500% 19-23.01.31 | 5 268 968.00 | 5 940 761.42 | 0.36 |
| USD	VENEZUELA, REP. OF-REG-S *DEFAULTED* 7.00000% 07-31.03.38 | 7 055 000.00 | 1 022 975.00 | 0.06 |
| USD	VIETNAM, SOCIALIST REPUBLIC-REG-S 6.75000% 10-29.01.20 | 1 150 000.00 | 1 168 328.12 | 0.07 |
| USD	VIETNAM, SOCIALIST REPUBLIC-REG-S 4.80000% 14-19.11.24 | 2 850 000.00 | 3 092 349.75 | 0.19 |
| Total USD |  | 407 933 563.83 | 24.86 |
| Total Bonds, fixed rate |  | 407 933 563.83 | 24.86 |

UBS (Lux) Emerging Economies Fund – Global Bonds (USD) Annual Report as of 31 August 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	DIANJIAN HAIXING LTD-REG-S 4.050%/VAR 14-PRP	850 000.00 | 850 000.00 | 0.05 |
| Total USD | 850 000.00 | 0.05 |
| Total Bonds, floating rate | 850 000.00 | 0.05 |
| Total Transferable securities and money market instruments listed on an official stock exchange | 1 404 491 844.59 | 85.61 |
| Transferable securities and money market instruments traded on another regulated market |  |  |
| Treasury bills, zero coupon |  |  |
| NGN |  |  |
| NGN	NIGERIA OMO BILL 0.00000% 07.02.19-06.02.20	1 400 000 000.00 | 3 647 963.47 | 0.22 |
| Total NGN | 3 647 963.47 | 0.22 |
| Total Treasury bills, zero coupon | 3 647 963.47 | 0.22 |
| Notes, fixed rate |  |  |
| USD |  |  |
| USD	BRAZIL MINAS SPE-REG-S 5.33300% 13-15.02.28	3 090 000.00 | 2 953 943.44 | 0.18 |
| USD	DTEK FINANCE PLC (PIK) 10.75000% 16-31.12.24	2 000 000.00 | 2 015 000.00 | 0.12 |
| USD	MV24 CAPITAL BV-REG-S 6.74800% 19-01.06.34	5 755 000.00 | 5 822 909.00 | 0.35 |
| USD	PARAGUAY, REPUBLIC OF-REG-S 6.10000% 14-11.08.44	2 220 000.00 | 2 779 856.26 | 0.17 |
| USD	PETROLEOS DE VENEZUE-REG-S *DEFAULTED* 6.00000% 13-15.11.26	11 700 000.00 | 1 462 500.00 | 0.09 |
| USD	SURINAME, REPUBLIC OF-REG-S 9.25000% 16-26.10.26	1 600 000.00 | 1 426 000.00 | 0.09 |
| USD	TRINIDAD PETROLEUM HOLDINGS LTD-REG-S 9.75000% 19-15.06.26	3 015 000.00 | 3 413 922.18 | 0.21 |
| Total USD | 19 874 130.88 | 1.21 |
| Total Notes, fixed rate | 19 874 130.88 | 1.21 |
| Notes, floating rate |  |  |
| USD |  |  |
| USD	BANCOLOMBIA SA-SUB 4.875%/VAR 17-18.10.27	3 795 000.00 | 3 893 432.81 | 0.24 |
| USD	EP PETROECU NOBLE SOVRGN FD-REG-S 3M LIBOR+563BP 14-24.09.19	5 255 000.00 | 276 984.13 | 0.01 |
| Total USD | 4 170 416.94 | 0.25 |
| Total Notes, floating rate | 4 170 416.94 | 0.25 |
| Medium term notes, fixed rate |  |  |
| USD |  |  |
| USD	PETROLEOS MEXICANOS 6.75000% 17-21.09.47	5 800 000.00 | 5 510 000.00 | 0.34 |
| USD	PETRONAS CAPITAL LTD-REG-S 3.50000% 15-18.03.25	5 530 000.00 | 5 879 081.25 | 0.36 |
| Total USD | 11 389 081.25 | 0.70 |
| Total Medium term notes, fixed rate | 11 389 081.25 | 0.70 |
| Bonds, fixed rate |  |  |
| USD |  |  |
| USD	DOMINICAN REPUBLIC-REG-S 7.45000% 14-30.04.44	875 000.00 | 1 059 843.75 | 0.06 |
| USD	ECUADOR, REPUBLIC OF-144A 9.65000% 16-13.12.26	445 000.00 | 461 687.50 | 0.03 |
| USD	EL FONDO MIVIVIENDA-REG-S 3.50000% 13-31.01.23	3 490 000.00 | 3 568 306.87 | 0.22 |
| USD	POWER SECTOR ASST & LIAB MGT CORP 9.62500% 03-15.05.28	6 385 000.00 | 9 445 809.38 | 0.58 |
| Total USD | 14 535 647.50 | 0.89 |
| Total Bonds, fixed rate | 14 535 647.50 | 0.89 |
| Total Transferable securities and money market instruments traded on another regulated market | 53 617 240.04 | 3.27 |

Transferable securities and money market instruments not listed on an official stock exchange and not traded on another regulated market
Bearer shares
| Mexico |  |
| --- | --- |
| MXN | HIPOTECARIA SU CASITA SA DE CV | 95 505.00 | 0.05 | 0.00 |
| Total Mexico |  | 0.05 | 0.00 |
| Total Bearer shares |  | 0.05 | 0.00 |
| Notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	CELULOSA ARAUCO Y CONSTITUCION SA 3.87500% 18-02.11.27 | 1 875 000.00 | 1 925 800.88 | 0.12 |
| USD	CELULOSA ARAUCO Y CONSTITUCION SA 5.50000% 18-02.11.47 | 810 000.00 | 906 693.75 | 0.05 |
| USD	COLBUN SA-REG-S 3.95000% 17-11.10.27 | 1 670 000.00 | 1 734 712.50 | 0.11 |
| USD	PARAGUAY, REPUBLIC OF-REG-S 5.60000% 18-13.03.48 | 4 250 000.00 | 5 088 046.87 | 0.31 |
| Total USD |  | 9 655 254.00 | 0.59 |
| Total Notes, fixed rate |  | 9 655 254.00 | 0.59 |

UBS (Lux) Emerging Economies Fund – Global Bonds (USD)
Annual Report as of 31 August 2019
| Description	Quantity/ | Valuation in USD | as a % |
| --- | --- | --- |
| Nominal | Unrealized gain | of net |
|  | (loss) on Futures/ | assets |
|  | Forward |  |
|  | Exchange Contracts/ |  |
|  | Swaps (Note 1) |  |

Bonds, fixed rate
UAH
UAH	UKRAINE, GOVERNMENT OF-REG-S 14.64000% 17-10.06.20	94 000 000.00	3 624 812.95	0.22
Total UAH	3 624 812.95	0.22
Total Bonds, fixed rate	3 624 812.95	0.22
Total Transferable securities and money market instruments not listed on an official
stock exchange and not traded on another regulated market	13 280 067.00	0.81
UCITS/Other UCIs in accordance with Article 41 (1) e) of the amended Luxembourg law of 17 December 2010
Investment funds, open end
USD	UBS (IRL) SELECT MONEY MARKET FUND-USD-S-DIST	14 552.95	145 529 480.00	8.87
Ireland
Total Ireland	145 529 480.00	8.87
Total Investment funds, open end	145 529 480.00	8.87
Total UCITS/Other UCIs in accordance with Article 41 (1) e) of the amended Luxembourg law of 17 December 2010	145 529 480.00	8.87
Total investments in securities	1 616 918 631.63	98.56
| Derivative instruments |  |
| --- | --- |
| Derivative instruments listed on an official stock exchange |
| Financial Futures on bonds |
|  |  |  |  |
| USD	US 10YR TREASURY NOTE FUTURE 19.12.19 | -779.00 | 172 312.50 | 0.01 |
| USD	US ULTRA LONG BOND (CBT) FUTURE 19.12.19 | 15.00 | -13 125.00 | 0.00 |
| USD	US 2YR TREASURY NOTE FUTURE 31.12.19 | 239.00 | 0.00 | 0.00 |
| USD	US 5YR TREASURY NOTE FUTURE 31.12.19 | 1 873.00 | -73 163.13 | -0.01 |
| USD	US LONG BOND FUTURE 19.12.19 | 228.00 | -178 125.00 | -0.01 |
| Total Financial Futures on bonds | -92 100.63 | -0.01 |
| Total Derivative instruments listed on an official stock exchange | -92 100.63 | -0.01 |
| Derivative instruments not listed on an official stock exchange and not traded on another regulated market |  |  |
| Credit default swaps* |  |  |
|  |  |  |
| USD	BC/BRAZIL CREDIT DEFAULT SWAP REC 1.00000% 12-20.06.22	650 000.00 | 1 915.55 | 0.00 |
| Total Credit default swaps | 1 915.55 | 0.00 |
| Total Derivative instruments not listed on an official stock exchange and not traded on another regulated market | 1 915.55 | 0.00 |
| Total Derivative instruments | -90 185.08 | -0.01 |
| Forward Foreign Exchange contracts |  |  |
| Forward Foreign Exchange contracts (Purchase/Sale) |  |  |

| USD | 13 539 260.97 | CNY | 93 800 000.00 | 17.9.2019 | 370 139.94 | 0.02 |
| --- | --- | --- | --- | --- | --- | --- |
| BRL | 13 400 000.00 | USD | 3 449 252.23 | 17.9.2019 | -209 224.18 | -0.01 |
| BRL | 13 200 000.00 | USD | 3 404 991.20 | 17.9.2019 | -213 321.78 | -0.01 |
| USD | 6 688 414.39 | MXN | 129 940 000.00 | 17.9.2019 | 228 553.18 | 0.01 |
| USD | 11 313 278.32 | EUR | 10 030 000.00 | 17.9.2019 | 255 992.57 | 0.02 |
| MXN | 129 940 000.00 | USD | 6 712 023.71 | 17.9.2019 | -252 162.50 | -0.02 |
| BRL | 14 000 000.00 | USD | 3 639 672.43 | 17.9.2019 | -254 568.50 | -0.02 |
| USD | 5 296 794.32 | EUR | 4 640 000.00 | 17.9.2019 | 181 559.44 | 0.01 |
| EUR | 4 110 000.00 | USD | 4 711 242.86 | 17.9.2019 | -180 291.27 | -0.01 |
| CNY | 93 800 000.00 | USD | 13 693 430.66 | 17.9.2019 | -524 309.63 | -0.03 |
| BRL | 5 140 000.00 | USD | 1 366 657.80 | 17.9.2019 | -123 841.07 | -0.01 |
| EUR | 3 050 000.00 | USD | 3 416 031.42 | 17.9.2019 | -53 646.42 | 0.00 |
| USD | 4 065 401.03 | TRY | 23 800 000.00 | 17.9.2019 | 3 912.99 | 0.00 |
| USD | 12 236 906.88 | EUR | 10 935 000.00 | 17.9.2019 | 181 929.84 | 0.01 |
| EUR | 7 530 000.00 | USD | 8 416 973.76 | 17.9.2019 | -115 741.29 | -0.01 |
| TRY | 23 800 000.00 | USD | 4 184 752.24 | 17.9.2019 | -123 264.20 | -0.01 |
| USD | 12 479 578.23 | MXN | 242 000 000.00 | 17.9.2019 | 448 745.43 | 0.03 |
| BRL | 3 340 000.00 | USD | 838 248.21 | 17.9.2019 | -30 659.13 | 0.00 |
| USD | 16 575 747.21 | HKD | 130 000 000.00 | 18.6.2020 | 5 018.09 | 0.00 |
| MXN | 242 000 000.00 | USD | 12 308 765.28 | 17.9.2019 | -277 932.48 | -0.02 |
| USD | 16 586 333.99 | CNY | 117 000 000.00 | 17.9.2019 | 160 031.64 | 0.01 |
| USD | 4 169 556.52 | TRY | 23 500 000.00 | 17.9.2019 | 159 263.71 | 0.01 |
| USD | 8 334 625.62 | MXN | 165 000 000.00 | 17.9.2019 | 131 785.07 | 0.01 |
| USD | 8 237 643.53 | BRL | 33 000 000.00 | 17.9.2019 | 258 469.98 | 0.02 |

* Positive nominal: the subfund is “Receiver”, negative nominal: the subfund is “Payer”.
UBS (Lux) Emerging Economies Fund – Global Bonds (USD) Annual Report as of 31 August 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 (Continued)
Forward Foreign Exchange contracts (Purchase/Sale)
| BRL | 33 800 000.00 | USD | 8 376 496.25 | 17.9.2019 | -203 888.19 | -0.01 |
| --- | --- | --- | --- | --- | --- | --- |
| CHF | 52 189 700.00 | USD | 53 053 301.64 | 27.9.2019 | -184 881.32 | -0.01 |
| EUR | 90 720 800.00 | USD | 100 640 665.88 | 27.9.2019 | -536 026.97 | -0.03 |
| USD | 6 085 955.69 | BRL | 24 900 000.00 | 17.9.2019 | 65 306.56 | 0.00 |
| Total Forward Foreign Exchange contracts (Purchase/Sale) | -833 050.49 | -0.05 |
| Cash at banks, deposits on demand and deposit accounts and other liquid assets | 28 525 000.16** | 1.74 |
| Bank overdraft and other short-term liabilities | -7 636.96 | 0.00 |
| Other assets and liabilities | -3 893 173.95 | -0.24 |
| Total net assets | 1 640 619 585.31 | 100.00 |

** As at 31 August 2019, cash amounts serve as collateral for the counterparty Westpac Banking Corp for an amount of USD 370 000.00 and Credit Suisse for an amount of USD 280 000.00.
UBS (Lux) Emerging Economies Fund – Global Bonds (USD)
Annual Report as of 31 August 2019

Translation (ENDE, 2019-08-31):
# UBS (Lux) Emerging Economies Fund – Global Bonds (USD)
| Dreijahresvergleich |  |
| --- | --- |
|  | ISIN | 31.8.2019 | 31.8.2018 | 31.8.2017 |
| Nettovermögen in USD |  | 1 640 619 585.31 | 1 218 347 549.52 | 1 049 297 729.92 |
| Klasse F-acc | LU0426895057 |  |  |  |
| Anteile im Umlauf |  | 60 858.0000 | 40 729.0000 | 16 518.0000 |
| Nettoinventarwert pro Anteil in USD |  | 2 018.90 | 1 784.47 | 1 865.52 |
| Ausgabe- und Rücknahmepreis pro Anteil in USD 1 |  | 2 018.90 | 1 784.47 | 1 865.52 |
| Klasse I-A1-acc | LU0426895305 |  |  |  |
| Anteile im Umlauf |  | 232 999.2250 | 121 816.0940 | 275 859.8140 |
| Nettoinventarwert pro Anteil in USD |  | 177.68 | 157.18 | 164.44 |
| Ausgabe- und Rücknahmepreis pro Anteil in USD 1 |  | 177.68 | 157.18 | 164.44 |
| Klasse I-A2-mdist 2 | LU0882768509 |  |  |  |
| Anteile im Umlauf |  | - | - | 55 008.3660 |
| Nettoinventarwert pro Anteil in USD |  | - | - | 74.70 |
| Ausgabe- und Rücknahmepreis pro Anteil in USD 1 |  | - | - | 74.70 |
| Klasse I-B-acc | LU0426896022 |  |  |  |
| Anteile im Umlauf |  | 10 572.4500 | 50 085.0490 | 59 311.2790 |
| Nettoinventarwert pro Anteil in USD |  | 190.11 | 167.06 | 173.65 |
| Ausgabe- und Rücknahmepreis pro Anteil in USD 1 |  | 190.11 | 167.06 | 173.65 |
| Klasse I-X-acc | LU0426896378 |  |  |  |
| Anteile im Umlauf |  | 236 297.5920 | 189 524.4090 | 188 086.8310 |
| Nettoinventarwert pro Anteil in USD |  | 191.34 | 168.04 | 174.55 |
| Ausgabe- und Rücknahmepreis pro Anteil in USD 1 |  | 191.34 | 168.04 | 174.55 |
| Klasse (CHF hedged) I-X-acc | LU0654573939 |  |  |  |
| Anteile im Umlauf |  | 349 499.1140 | 296 809.9430 | 195 817.0210 |
| Nettoinventarwert pro Anteil in CHF |  | 104.65 | 95.07 | 101.63 |
| Ausgabe- und Rücknahmepreis pro Anteil in CHF 1 |  | 104.65 | 95.07 | 101.63 |
| Klasse (EUR hedged) I-X-acc | LU0674194641 |  |  |  |
| Anteile im Umlauf |  | 758 680.5050 | 792 744.5030 | 746 675.9920 |
| Nettoinventarwert pro Anteil in EUR |  | 122.04 | 110.38 | 117.54 |
| Ausgabe- und Rücknahmepreis pro Anteil in EUR 1 |  | 122.04 | 110.38 | 117.54 |
| Klasse I-X-dist | LU0426896295 |  |  |  |
| Anteile im Umlauf |  | 552 311.9330 | 487 962.4520 | 344 130.3370 |
| Nettoinventarwert pro Anteil in USD |  | 80.71 | 75.41 | 82.83 |
| Ausgabe- und Rücknahmepreis pro Anteil in USD 1 |  | 80.71 | 75.41 | 82.83 |
| Klasse K-X-acc | LU1572324363 |  |  |  |
| Anteile im Umlauf |  | 29 941.2400 | 29 941.2400 | 29 941.2400 |
| Nettoinventarwert pro Anteil in USD |  | 116.95 | 102.75 | 106.77 |
| Ausgabe- und Rücknahmepreis pro Anteil in USD 1 |  | 116.95 | 102.75 | 106.77 |
| Klasse P-acc | LU0084219863 |  |  |  |
| Anteile im Umlauf |  | 51 152.9350 | 63 090.8190 | 61 398.3410 |
| Nettoinventarwert pro Anteil in USD |  | 1 872.78 | 1 675.24 | 1 772.67 |
| Ausgabe- und Rücknahmepreis pro Anteil in USD 1 |  | 1 872.78 | 1 675.24 | 1 772.67 |
| Klasse (CHF hedged) P-acc | LU0776291576 |  |  |  |
| Anteile im Umlauf |  | 7 415.8030 | 17 231.5170 | 24 046.6530 |
| Nettoinventarwert pro Anteil in CHF |  | 99.52 | 92.07 | 100.26 |
| Ausgabe- und Rücknahmepreis pro Anteil in CHF 1 |  | 99.52 | 92.07 | 100.26 |
| Klasse (EUR hedged) P-acc | LU0776291659 |  |  |  |
| Anteile im Umlauf |  | 5 950.9990 | 9 573.3320 | 10 881.6650 |
| Nettoinventarwert pro Anteil in EUR |  | 102.73 | 94.64 | 102.65 |
| Ausgabe- und Rücknahmepreis pro Anteil in EUR 1 |  | 102.73 | 94.64 | 102.65 |
| Klasse (CHF hedged) P-dist | LU0505553213 |  |  |  |
| Anteile im Umlauf |  | 108 756.2940 | 134 978.8130 | 176 144.2510 |
| Nettoinventarwert pro Anteil in CHF |  | 74.71 | 72.13 | 81.52 |
| Ausgabe- und Rücknahmepreis pro Anteil in CHF 1 |  | 74.71 | 72.13 | 81.52 |
| Klasse P-mdist | LU0281209311 |  |  |  |
| Anteile im Umlauf |  | 1 716 180.3330 | 1 873 645.2320 | 1 979 352.1580 |
| Nettoinventarwert pro Anteil in USD |  | 63.32 | 60.68 | 68.67 |
| Ausgabe- und Rücknahmepreis pro Anteil in USD 1 |  | 63.32 | 60.68 | 68.67 |
| Klasse Q-acc | LU0358455698 |  |  |  |
| Anteile im Umlauf |  | 349 165.9590 | 238 122.8750 | 97 369.6990 |
| Nettoinventarwert pro Anteil in USD |  | 114.68 | 101.75 | 106.78 |
| Ausgabe- und Rücknahmepreis pro Anteil in USD 1 |  | 114.68 | 101.75 | 106.78 |
| Klasse Q-dist | LU0426895131 |  |  |  |
| Anteile im Umlauf |  | 10 831.3090 | 5 921.4010 | 6 959.9290 |
| Nettoinventarwert pro Anteil in USD |  | 90.85 | 84.83 | 93.19 |
| Ausgabe- und Rücknahmepreis pro Anteil in USD 1 |  | 90.85 | 84.83 | 93.19 |

UBS (Lux) Emerging Economies Fund – Global Bonds (USD)
Jahresbericht per 31. August 2019
|  | ISIN | 31.8.2019 |  | 31.8.2018 | 31.8.2017 |
| --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |
| Klasse (CHF hedged) Q-dist | LU1240777703 |  |  |  |  |
| Anteile im Umlauf |  | 85 895.4910 |  | 79 103.8080 | 86 000.3060 |
| Nettoinventarwert pro Anteil in CHF |  | 97.82 |  | 94.51 | 106.78 |
| Ausgabe- und Rücknahmepreis pro Anteil in CHF 1 |  | 97.82 |  | 94.51 | 106.78 |
| Klasse U-X-acc | LU0426896535 |  |  |  |  |
| Anteile im Umlauf |  | 69 770.0000 |  | 54 216.0000 | 38 893.0000 |
| Nettoinventarwert pro Anteil in USD |  | 13 668.66 |  | 12 004.60 | 12 469.81 |
| Ausgabe- und Rücknahmepreis pro Anteil in USD 1 |  | 13 668.66 |  | 12 004.60 | 12 469.81 |
| Klasse U-X-UKdist-mdist 3 | LU1896727648 |  |  |  |  |
| Anteile im Umlauf |  | 2 358.1840 |  | - | - |
| Nettoinventarwert pro Anteil in USD |  | 10 534.72 |  | - | - |
| Ausgabe- und Rücknahmepreis pro Anteil in USD 1 |  | 10 534.72 |  | - | - |
| 1  Siehe Erläuterung 1 2  Die Anteilsklasse I-A2-mdist war bis zum 10.1.2018 im Umlauf. 3  Erste NAV 21.2.2019 |  |  |  |  |  |
| Performance |  |  |  |  |  |
|  |  | Währung | 2018/2019 | 2017/2018 | 2016/2017 |
| Klasse F-acc |  | USD | 13.1% | -4.3% | 5.0% |
| Klasse I-A1-acc |  | USD | 13.0% | -4.4% | 4.9% |
| Klasse I-A2-mdist 1 |  | USD | - | - | 5.0% |
| Klasse I-B-acc |  | USD | 13.8% | -3.8% | 5.6% |
| Klasse I-X-acc |  | USD | 13.9% | -3.7% | 5.7% |
| Klasse (CHF hedged) I-X-acc |  | CHF | 10.1% | -6.5% | 3.3% |
| Klasse (EUR hedged) I-X-acc |  | EUR | 10.6% | -6.1% | 3.8% |
| Klasse I-X-dist |  | USD | 13.9% | -3.7% | 5.7% |
| Klasse K-X-acc |  | USD | 13.8% | -3.8% | - |
| Klasse P-acc |  | USD | 11.8% | -5.5% | 3.8% |
| Klasse (CHF hedged) P-acc |  | CHF | 8.1% | -8.2% | 1.4% |
| Klasse (EUR hedged) P-acc |  | EUR | 8.5% | -7.8% | 1.9% |
| Klasse (CHF hedged) P-dist |  | CHF | 8.1% | -8.2% | 1.4% |
| Klasse P-mdist |  | USD | 11.8% | -5.5% | 3.8% |
| Klasse Q-acc |  | USD | 12.7% | -4.7% | 4.6% |
| Klasse Q-dist |  | USD | 12.7% | -4.7% | 4.6% |
| Klasse (CHF hedged) Q-dist |  | CHF | 9.0% | -7.4% | 2.3% |
| Klasse U-X-acc |  | USD | 13.9% | -3.7% | 5.7% |
| Klasse U-X-UKdist-mdist 2 |  | USD | - | - | - |

1 
Die Anteilsklasse I-A2-mdist war bis zum 10.1.2018 im Umlauf. Auf Grund dessen liegen keine Daten für die Berechnung der Performance vor.
2 
Auf Grund der Neulancierung liegen keine Daten für die Berechnung der Performance vor.
Die historische Performance stellt keinen Indikator für die laufende oder zukünftige Performance dar.
Die Performancedaten lassen die bei der Ausgabe und Rücknahme der Anteile erhobenen Kommissionen und Kosten unberücksichtigt. Die Performancedaten sind ungeprüft.
Der Subfonds verfügt über keine Benchmark.

### Bericht des Portfolio Managers
Im Berichtsjahr vom 1. September 2018 bis zum 31. August 2019 sanken die Renditen von US-Treasuries, vor allem gegen Ende des Zeitraums, da sich das Wachstum der Weltwirtschaft verlangsamte, während der Handelskon- flikt zwischen den USA und China eskalierte und die US-Notenbank (Fed) eine Änderung der Geldpolitik si- gnalisierte. Nach zwei Zinserhöhungen gegen Ende des Jahres 2018 begann die Fed 2019, ihren Kurs zu ändern und beschloss schliesslich an ihrer Sitzung im Juli eine Zinssenkung. Der Umfang der Emissionen von Schwellen- länderanleihen war im Berichtszeitraum etwas begrenz- ter: Nachdem das Volumen zu Beginn des Zeitraums zurückgegangen war, weitete es sich gegen dessen Ende wieder aus. Die Verlangsamung des globalen Wachs- tums, erhöhte geopolitische Risiken und die Eskalation der Handelsspannungen trugen zu dieser Änderung der Anleihenemissionen bei.
Der Subfonds erzielte im Berichtsjahr eine positive Wert- entwicklung. Der Rückgang der US-Treasury-Renditen kam der Performance zugute, ebenso wie der begrenzte Umfang der Anleihenemissionen im Berichtszeitraum. Im Einklang mit den Marktbewegungen war der optionsbe- reinigte Wert des Subfonds am Ende des Berichtsjahres gestiegen. Der Subfonds verfolgte eine diversifizierte Strategie und investierte in unterschiedliche Emittenten aus einem breiten Spektrum von Schwellenländern, was für die Gesamtperformance entscheidend war. Vor allem Anlagen in Emittenten aus Brasilien, Indonesien und der Mongolei leisteten positive Beiträge.
UBS (Lux) Emerging Economies Fund – Global Bonds (USD) Jahresbericht per 31. August 2019

### Struktur des Wertpapierbestandes
Geographische Aufteilung in % des Nettovermögens	
Irland	9.38
Indonesien	4.76
Mexiko	3.66
Panama	3.19
Peru	3.05
Türkei	2.91
Chile	2.85
Ukraine	2.85
Ägypten	2.77
Russische Föderation (GUS)	2.61
Kolumbien	2.56
Südafrika	2.53
Brasilien	2.51
Nigeria	2.32
Saudiarabia	2.27
Mongolei	2.23
Kasachstan	2.20
Philippinen	2.19
Sri Lanka	2.11
Katar	2.10
Uruguay	2.05
Dominikanische Republik	2.03
Niederlande	1.92
Hongkong	1.73
Cayman-Inseln	1.67
Ungarn	1.62
Bahrain	1.49
Argentinien	1.35
Britische Jungferninseln	1.29
Ghana	1.11
Oman	1.09
Kenia	1.09
Ecuador	1.05
Kroatien	1.02
Rumänien	0.98
Aserbaidschan	0.95
Malaysia	0.80
Angola	0.75
Jamaika	0.75
Grossbritannien	0.74
Indien	0.74
Elfenbeinküste	0.69
Belarus	0.68
El Salvador	0.65
Polen	0.64
Irak	0.62
Guatemala	0.61
Costa Rica	0.59
Paraguay	0.57
Vereinigte Arabische Emirate	0.55
Venezuela	0.51
Marokko	0.51
Libanon	0.50
Griechenland	0.41
Pakistan	0.36
Sambia	0.34
Jordanien	0.33
Österreich	0.32
Armenien	0.28
China	0.27
Vietnam	0.26
Gabun	0.26
Äthiopien	0.21
Trinidad und Tobago	0.21
Serbien	0.18
Vereinigte Staaten	0.18
Thailand	0.13
Tajikistan	0.12
Mosambik	0.11
Senegal	0.11
Suriname	0.09
Wirtschaftliche Aufteilung in % des Nettovermögens	
Länder- & Zentralregierungen	60.74
Anlagefonds	8.87
Erdöl	8.64
Finanz- & Beteiligungsgesellschaften	5.21
Banken & Kreditinstitute	3.10
Chemie	2.17
Verkehr & Transport	1.82
Energie- & Wasserversorgung	1.76
Bergbau, Kohle & Stahl	1.47
Diverse nicht klassierte Gesellschaften	0.90
Pfandbriefinstitute & Refinanzierungsgesellschaften	0.80
Nichteisenmetalle	0.69
Diverse Dienstleistungen	0.65
Flugzeug- & Raumfahrtindustrie	0.56
Supranationale Organisationen	0.41
Nahrungsmittel & Softdrinks	0.32
Forstwirtschaft, Holz & Papier	0.17
Grafisches Gewerbe, Verlage & Medien	0.14
Telekommunikation	0.09
Baugewerbe & Baumaterial	0.05
Total	98.56
Total	98.56
UBS (Lux) Emerging Economies Fund – Global Bonds (USD)
Jahresbericht per 31. August 2019

### Nettovermögensaufstellung
Aktiva	31.8.2019
USD
Wertpapierbestand, Einstandswert	1 557 732 614.45
Wertpapierbestand, nicht realisierte Werterhöhung (-minderung)		59 186 017.18	
Total Wertpapierbestand (Erläuterung 1)	1 616 918 631.63
Bankguthaben, Sicht- und Fristgelder	28 267 135.75*
Andere liquide Mittel (Margins)	257 864.41
Forderungen aus Zeichnungen	890 213.39
Zinsforderungen aus Wertpapieren	22 265 658.13
Zinsforderungen aus liquiden Mitteln	10 643.39
Forderungen aus Dividenden	81 605.02
Zinsforderungen aus Swaps	1 281.94
Nicht realisierter Kursgewinn (-verlust) aus Finanzterminkontrakten (Erläuterung 1)	-92 100.63
Nicht realisierter Kursgewinn (-verlust) aus Devisenterminkontrakten (Erläuterung 1)	-833 050.49 Nicht realisierter Kursgewinn (-verlust) aus Swaps (Erläuterung 1)		1 915.55
Kontokorrentkredit	-7 636.96
Zinsverbindlichkeiten aus Kontokorrentkredit	-2.71
Verbindlichkeiten aus Wertpapierkäufen (Erläuterung 1)	-48 139.20
Verbindlichkeiten aus Rücknahmen	-26 651 606.95
Rückstellungen für pauschale Verwaltungskommission (Erläuterung 2)	-223 192.62
Rückstellungen für Abonnementsabgabe (Erläuterung 3)	-44 906.35
Rückstellungen für sonstige Kommissionen und Gebühren (Erläuterung 2)		-174 727.99		 Total Rückstellungen für Aufwendungen			-442 826.96
Nettovermögen am Ende des Geschäftsjahres	1 640 619 585.31

### Ertrags- und Aufwandsrechnung
Erträge	1.9.2018-31.8.2019
USD
Zinsertrag auf liquide Mittel	1 434 609.01
Zinsen auf Wertpapiere	78 028 329.14
Zinsertrag auf Swaps (Erläuterung 1)	2 287 451.58
Dividenden	506 037.36
Erträge aus Securities Lending (Erläuterung 11)	1 306 502.23
Total Erträge	86 555 244.59
Aufwendungen
Andere Erträge (Erläuterung 1)	2 992 315.27
Zinsaufwand auf Swaps (Erläuterung 1)	-1 542 599.82
Pauschale Verwaltungskommission (Erläuterung 2)	-5 277 252.77
Abonnementsabgabe (Erläuterung 3)	-256 844.51
Kosten aus Securities Lending (Erläuterung 11)	-522 600.89
Sonstige Kommissionen und Gebühren (Erläuterung 2)	-315 079.61
Nettoerträge (-verluste) aus Anlagen	78 616 254.87
Total Aufwendungen	-7 938 989.72
Zinsaufwand auf liquide Mittel und Kontokorrentkredit	-24 612.12
Realisierte Gewinne (Verluste) (Erläuterung 1)
Realisierter Kursgewinn (-verlust) aus marktbewerteten Wertpapieren ausser Optionen	-22 620 474.20 Realisierter Kursgewinn (-verlust) aus Optionen		159 870.72
Realisierter Kursgewinn (-verlust) aus renditebewerteten Wertpapieren und Geldmarktinstrumenten	676 064.02
Realisierter Kursgewinn (-verlust) aus Finanzterminkontrakten	-1 450 320.43
Realisierter Kursgewinn (-verlust) aus Devisenterminkontrakten	-12 378 762.04
Realisierter Kursgewinn (-verlust) aus Swaps	-3 237 193.49
Total der realisierten Gewinne (Verluste)	-37 146 541.86
Realisierter Nettogewinn (-verlust) des Geschäftsjahres	41 469 713.01
Veränderungen der nicht realisierten Werterhöhung (-minderung) (Erläuterung 1)
Realisierter Währungsgewinn (-verlust)	1 704 273.56
Nicht realisierte Werterhöhung (-minderung) marktbewerteter Wertpapiere ausser Optionen	124 536 572.57
Nicht realisierte Werterhöhung (-minderung) renditebewerteter Wertpapiere und Geldmarktinstrumente	388 487.71
Nicht realisierte Werterhöhung (-minderung) von Finanzterminkontrakten	58 344.64
Nicht realisierte Werterhöhung (-minderung) von Devisenterminkontrakten	-1 698 601.42
Total der Veränderungen der nicht realisierten Werterhöhung (-minderung)	124 791 661.28
Nettoerhöhung (-minderung) des Nettovermögens infolge Geschäftstätigkeit	166 261 374.29
Nicht realisierte Werterhöhung (-minderung) von Swaps	1 506 857.78
* Zum 31. August 2019 wurden gegenüber Westpac Banking Corp Bankguthaben in Höhe von USD 370 000.00 und Credit Suisse Bankguthaben in Höhe von USD 280 000.00 als Sicherheit eingesetzt.
UBS (Lux) Emerging Economies Fund – Global Bonds (USD) Jahresbericht per 31. August 2019
| Veränderungen des Nettovermögens |  |
| --- | --- |
|  | USD |
|  | 1.9.2018-31.8.2019 |
| Nettovermögen zu Beginn des Geschäftsjahres | 1 218 347 549.52 |
| Zeichnungen | 958 424 082.77 |
| Rücknahmen | 	-691 250 773.24	 |
| Total Mittelzufluss (-abfluss) | 267 173 309.53 |
| Ausbezahlte Dividende | -11 162 648.03 |
| Nettoerträge (-verluste) aus Anlagen | 78 616 254.87 |
| Total der realisierten Gewinne (Verluste) | -37 146 541.86 |
| Total der Veränderungen der nicht realisierten Werterhöhung (-minderung) | 	124 791 661.28	 |
| Nettoerhöhung (-minderung) des Nettovermögens infolge Geschäftstätigkeit | 166 261 374.29 |
| Nettovermögen am Ende des Geschäftsjahres | 1 640 619 585.31 |
| Entwicklung der Anteile im Umlauf |  |
|  | 1.9.2018-31.8.2019 |
| Klasse | F-acc |
| Anzahl der Anteile im Umlauf zu Beginn des Geschäftsjahres | 40 729.0000 |
| Anzahl der ausgegebenen Anteile | 25 117.0000 |
| Anzahl der zurückgegebenen Anteile | -4 988.0000 |
| Anzahl der Anteile im Umlauf am Ende des Geschäftsjahres | 60 858.0000 |
| Klasse | I-A1-acc |
| Anzahl der Anteile im Umlauf zu Beginn des Geschäftsjahres | 121 816.0940 |
| Anzahl der ausgegebenen Anteile | 553 708.0800 |
| Anzahl der zurückgegebenen Anteile | -442 524.9490 |
| Anzahl der Anteile im Umlauf am Ende des Geschäftsjahres | 232 999.2250 |
| Klasse | I-B-acc |
| Anzahl der Anteile im Umlauf zu Beginn des Geschäftsjahres | 50 085.0490 |
| Anzahl der ausgegebenen Anteile | 0.0000 |
| Anzahl der zurückgegebenen Anteile | -39 512.5990 |
| Anzahl der Anteile im Umlauf am Ende des Geschäftsjahres | 10 572.4500 |
| Klasse | I-X-acc |
| Anzahl der Anteile im Umlauf zu Beginn des Geschäftsjahres | 189 524.4090 |
| Anzahl der ausgegebenen Anteile | 86 555.5310 |
| Anzahl der zurückgegebenen Anteile | -39 782.3480 |
| Anzahl der Anteile im Umlauf am Ende des Geschäftsjahres | 236 297.5920 |
| Klasse | (CHF hedged) I-X-acc |
| Anzahl der Anteile im Umlauf zu Beginn des Geschäftsjahres | 296 809.9430 |
| Anzahl der ausgegebenen Anteile | 53 190.6780 |
| Anzahl der zurückgegebenen Anteile | -501.5070 |
| Anzahl der Anteile im Umlauf am Ende des Geschäftsjahres | 349 499.1140 |
| Klasse | (EUR hedged) I-X-acc |
| Anzahl der Anteile im Umlauf zu Beginn des Geschäftsjahres | 792 744.5030 |
| Anzahl der ausgegebenen Anteile | 43 656.7310 |
| Anzahl der zurückgegebenen Anteile | -77 720.7290 |
| Anzahl der Anteile im Umlauf am Ende des Geschäftsjahres | 758 680.5050 |
| Klasse | I-X-dist |
| Anzahl der Anteile im Umlauf zu Beginn des Geschäftsjahres | 487 962.4520 |
| Anzahl der ausgegebenen Anteile | 332 430.0000 |
| Anzahl der zurückgegebenen Anteile | -268 080.5190 |
| Anzahl der Anteile im Umlauf am Ende des Geschäftsjahres | 552 311.9330 |
| Klasse | K-X-acc |
| Anzahl der Anteile im Umlauf zu Beginn des Geschäftsjahres | 29 941.2400 |
| Anzahl der ausgegebenen Anteile | 0.0000 |
| Anzahl der zurückgegebenen Anteile | 0.0000 |
| Anzahl der Anteile im Umlauf am Ende des Geschäftsjahres | 29 941.2400 |
| Klasse | P-acc |
| Anzahl der Anteile im Umlauf zu Beginn des Geschäftsjahres | 63 090.8190 |
| Anzahl der ausgegebenen Anteile | 12 917.8680 |
| Anzahl der zurückgegebenen Anteile | -24 855.7520 |
| Anzahl der Anteile im Umlauf am Ende des Geschäftsjahres | 51 152.9350 |
| Klasse | (CHF hedged) P-acc |
| Anzahl der Anteile im Umlauf zu Beginn des Geschäftsjahres | 17 231.5170 |
| Anzahl der ausgegebenen Anteile | 107.3650 |
| Anzahl der zurückgegebenen Anteile | -9 923.0790 |
| Anzahl der Anteile im Umlauf am Ende des Geschäftsjahres | 7 415.8030 |
| Klasse | (EUR hedged) P-acc |
| Anzahl der Anteile im Umlauf zu Beginn des Geschäftsjahres | 9 573.3320 |
| Anzahl der ausgegebenen Anteile | 1 664.0180 |
| Anzahl der zurückgegebenen Anteile | -5 286.3510 |
| Anzahl der Anteile im Umlauf am Ende des Geschäftsjahres | 5 950.9990 |
| Klasse | (CHF hedged) P-dist |
| Anzahl der Anteile im Umlauf zu Beginn des Geschäftsjahres | 134 978.8130 |
| Anzahl der ausgegebenen Anteile | 2 792.8540 |
| Anzahl der zurückgegebenen Anteile | -29 015.3730 |
| Anzahl der Anteile im Umlauf am Ende des Geschäftsjahres | 108 756.2940 |

UBS (Lux) Emerging Economies Fund – Global Bonds (USD)
Jahresbericht per 31. August 2019
| Klasse |  |  | P-mdist |
| --- | --- | --- | --- |
| Anzahl der Anteile im Umlauf zu Beginn des Geschäftsjahres |  |  | 1 873 645.2320 |
| Anzahl der ausgegebenen Anteile |  |  | 290 418.2030 |
| Anzahl der zurückgegebenen Anteile |  |  | -447 883.1020 |
| Anzahl der Anteile im Umlauf am Ende des Geschäftsjahres |  |  | 1 716 180.3330 |
| Klasse |  |  | Q-acc |
| Anzahl der Anteile im Umlauf zu Beginn des Geschäftsjahres |  |  | 238 122.8750 |
| Anzahl der ausgegebenen Anteile |  |  | 249 872.5840 |
| Anzahl der zurückgegebenen Anteile |  |  | -138 829.5000 |
| Anzahl der Anteile im Umlauf am Ende des Geschäftsjahres |  |  | 349 165.9590 |
| Klasse |  |  | Q-dist |
| Anzahl der Anteile im Umlauf zu Beginn des Geschäftsjahres |  |  | 5 921.4010 |
| Anzahl der ausgegebenen Anteile |  |  | 7 116.4170 |
| Anzahl der zurückgegebenen Anteile |  |  | -2 206.5090 |
| Anzahl der Anteile im Umlauf am Ende des Geschäftsjahres |  |  | 10 831.3090 |
| Klasse |  |  | (CHF hedged) Q-dist |
| Anzahl der Anteile im Umlauf zu Beginn des Geschäftsjahres |  |  | 79 103.8080 |
| Anzahl der ausgegebenen Anteile |  |  | 17 133.3990 |
| Anzahl der zurückgegebenen Anteile |  |  | -10 341.7160 |
| Anzahl der Anteile im Umlauf am Ende des Geschäftsjahres |  |  | 85 895.4910 |
| Klasse |  |  | U-X-acc |
| Anzahl der Anteile im Umlauf zu Beginn des Geschäftsjahres |  |  | 54 216.0000 |
| Anzahl der ausgegebenen Anteile |  |  | 53 272.0000 |
| Anzahl der zurückgegebenen Anteile |  |  | -37 718.0000 |
| Anzahl der Anteile im Umlauf am Ende des Geschäftsjahres |  |  | 69 770.0000 |
| Klasse |  |  | U-X-UKdist-mdist |
| Anzahl der Anteile im Umlauf zu Beginn des Geschäftsjahres |  |  | 0.0000 |
| Anzahl der ausgegebenen Anteile |  |  | 2 430.1840 |
| Anzahl der zurückgegebenen Anteile |  |  | -72.0000 |
| Anzahl der Anteile im Umlauf am Ende des Geschäftsjahres |  |  | 2 358.1840 |
| Jährliche Ausschüttung 1 |  |  |  |
| UBS (Lux) Emerging Economies Fund – Global Bonds (USD)	Ex-Date | Pay-Date | Währung | Betrag pro Anteil |
| I-X-dist	2.11.2018 | 7.11.2018 | USD | 4.52 |
| (CHF hedged) P-dist	2.11.2018 | 7.11.2018 | CHF | 2.97 |
| Q-dist	2.11.2018 | 7.11.2018 | USD | 4.20 |
| (CHF hedged) Q-dist	2.11.2018 | 7.11.2018 | CHF | 4.70 |
| Monatliche Ausschüttung 1 |  |  |  |
| UBS (Lux) Emerging Economies Fund – Global Bonds (USD)	Ex-Date | Pay-Date | Währung | Betrag pro Anteil |
| P-mdist	17.9.2018 | 20.9.2018 | USD | 0.35 |
| P-mdist	15.10.2018 | 18.10.2018 | USD | 0.35 |
| P-mdist	15.11.2018 | 20.11.2018 | USD | 0.35 |
| P-mdist	17.12.2018 | 20.12.2018 | USD | 0.35 |
| P-mdist	15.1.2019 | 18.1.2019 | USD | 0.35 |
| P-mdist	15.2.2019 | 20.2.2019 | USD | 0.35 |
| P-mdist	15.3.2019 | 20.3.2019 | USD | 0.35 |
| P-mdist	15.4.2019 | 18.4.2019 | USD | 0.35 |
| P-mdist	15.5.2019 | 20.5.2019 | USD | 0.35 |
| P-mdist	17.6.2019 | 20.6.2019 | USD | 0.35 |
| P-mdist	15.7.2019 | 18.7.2019 | USD | 0.35 |
| P-mdist	16.8.2019 | 21.8.2019 | USD | 0.35 |
| U-X-UKdist-mdist	15.4.2019 | 18.4.2019 | USD | 60.76 |
| U-X-UKdist-mdist	15.5.2019 | 20.5.2019 | USD | 55.03 |
| U-X-UKdist-mdist	17.6.2019 | 20.6.2019 | USD | 47.17 |
| U-X-UKdist-mdist	15.7.2019 | 18.7.2019 | USD | 42.88 |
| U-X-UKdist-mdist	16.8.2019 | 21.8.2019 | USD | 54.16 |
| 1  Siehe Erläuterung 4 |  |  |  |

UBS (Lux) Emerging Economies Fund – Global Bonds (USD) Jahresbericht per 31. August 2019

### Aufstellung der Wertpapierbestände und anderer Nettovermögenswerte per 31. August 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 Treasury-Bills, Nullcoupon |  |  |  |
| USD |  |  |  |
| USD	ARGENTINA TREASURY BILL 0.00000% 12.04.19-15.11.19 | 4 500 000.00 | 4 261 140.00 | 0.26 |
| Total USD |  | 4 261 140.00 | 0.26 |
| Total Treasury-Bills, Nullcoupon |  | 4 261 140.00 | 0.26 |
| Notes, fester Zins |  |  |  |
| PEN |  |  |  |
| PEN	PERU, REPUBLIC OF-REG-S 5.40000% 19-12.08.34 | 11 441 000.00 | 3 567 716.31 | 0.22 |
| Total PEN |  | 3 567 716.31 | 0.22 |
| USD |  |  |  |
| USD	AEROPUERTO INTERNACIONAL DE TOCU-REG-S 5.37500% 16-11.05.36 | 2 600 000.00 | 3 092 375.00 | 0.19 |
| USD	AEROPUERTO INTERNACIONAL DE TOCU-REG-S 6.00000% 18-18.11.48 | 4 800 000.00 | 6 115 680.00 | 0.37 |
| USD	ANGOLAN GOVT INTERNATIONAL BOND-REG-S 9.37500% 18-08.05.48 | 6 485 000.00 | 6 841 675.00 | 0.42 |
| USD	ARGENTINA, REPUBLIC OF 7.12500% 18-28.06.117 | 2 460 000.00 | 918 810.00 | 0.06 |
| USD	ARGENTINA, REPUBLIC OF 4.62500% 18-11.01.23 | 21 530 000.00 | 8 235 225.00 | 0.50 |
| USD	ARGENTINA, REPUBLIC OF 6.87500% 18-11.01.48 | 12 755 000.00 | 4 700 217.50 | 0.29 |
| USD	BANK OF INDIA/JERSEY-REG-S 3.12500% 15-06.05.20 | 1 419 000.00 | 1 420 163.58 | 0.09 |
| USD	BELARUS INTERNATIONAL BOND-REG-S 7.62500% 17-29.06.27 | 4 450 000.00 | 5 050 750.00 | 0.31 |
| USD	BLACK SEA TRADE & DEVELOPMT BK-REG-S 3.50000% 19-25.06.24 | 6 550 000.00 | 6 747 417.00 | 0.41 |
| USD	BRAZIL LOAN TRUST 1-REG-S 5.47700% 13-24.07.23 | 5 000 000.00 | 2 915 551.18 | 0.18 |
| USD	BRAZIL, FEDERATIVE REPUBLIC OF 4.62500% 17-13.01.28 | 6 400 000.00 | 6 886 000.00 | 0.42 |
| USD	CNAC HK FINBRIDGE CO LTD-REG-S 5.12500% 18-14.03.28 | 9 500 000.00 | 10 803 281.25 | 0.66 |
| USD	CNAC HK FINBRIDGE CO LTD-REG-S 3.87500% 19-19.06.29 | 3 200 000.00 | 3 356 476.48 | 0.20 |
| USD	COLOMBIA, REPUBLIC OF 4.50000% 18-15.03.29 | 4 725 000.00 | 5 367 304.69 | 0.33 |
| USD	CORP FINANCIERA DE DESARROLLO SA-REG-S 4.75000% 15-15.07.25 | 3 945 000.00 | 4 321 007.81 | 0.26 |
| USD	CORP NACIONAL DEL COBRE DE CHILE-REG-S 4.25000% 12-17.07.42 | 2 100 000.00 | 2 353 968.75 | 0.14 |
| USD	CORP NACIONAL DEL COBRE DE CHILE-REG-S 4.37500% 19-05.02.49 | 10 850 000.00 | 12 558 875.00 | 0.77 |
| USD	COSTA RICA, REPUBLIC OF-REG-S 7.00000% 14-04.04.44 | 1 900 000.00 | 1 910 093.75 | 0.12 |
| USD	COSTA RICA, REPUBLIC OF-REG-S 7.15800% 15-12.03.45 | 7 565 000.00 | 7 713 935.94 | 0.47 |
| USD	CROATIA, REPUBLIC OF-REG-S 5.50000% 13-04.04.23 | 2 600 000.00 | 2 892 500.00 | 0.18 |
| USD	DEV BK OF THE REPUBLIC OF BELARUS-REG-S 6.75000% 19-02.05.24 | 3 915 000.00 | 4 095 090.00 | 0.25 |
| USD	DEVELOPMENT BANK OF KAZAKHSTAN-REG-S 4.12500% 12-10.12.22 | 5 110 000.00 | 5 314 400.00 | 0.32 |
| USD	DOMINICAN REPUBLIC-REG-S 6.85000% 15-27.01.45 | 14 375 000.00 | 16 495 312.50 | 1.01 |
| USD	DOMINICAN REPUBLIC-REG-S 6.00000% 18-19.07.28 | 14 300 000.00 | 15 805 968.75 | 0.96 |
| USD	DUBAI, GOVERNMENT OF-REG-S 5.25000% 13-30.01.43 | 500 000.00 | 592 812.50 | 0.04 |
| USD	ECUADOR, REPUBLIC OF-REG-S 9.65000% 16-13.12.26 | 4 820 000.00 | 5 000 750.00 | 0.30 |
| USD	ECUADOR, REPUBLIC OF-REG-S 8.87500% 17-23.10.27 | 9 010 000.00 | 8 908 637.50 | 0.54 |
| USD	ECUADOR, REPUBLIC OF-REG-S 10.75000% 19-31.01.29 | 2 650 000.00 | 2 865 312.50 | 0.17 |
| USD	EGYPT, REPUBLIC OF-REG-S 5.57700% 18-21.02.23 | 5 105 000.00 | 5 255 597.50 | 0.32 |
| USD	EL SALVADOR, REPUBLIC OF-REG-S 8.62500% 17-28.02.29 | 5 897 000.00 | 6 829 463.12 | 0.42 |
| USD	EL SALVADOR, REPUBLIC OF-REG-S 8.25000% 02-10.04.32 | 2 025 000.00 | 2 286 351.56 | 0.14 |
| USD	EMPRESA DE TRANSMISION ELECTRICA-REG-S 5.12500% 19-02.05.49 | 1 950 000.00 | 2 266 875.00 | 0.14 |
| USD	EMPRESA DE TRANSPORTE DE PASA MET-REG-S 4.75000% 14-04.02.24 | 1 665 000.00 | 1 805 484.37 | 0.11 |
| USD	EMPRESA NACIONAL DE TELECOM SA-REG-S 4.87500% 13-30.10.24 | 1 405 000.00 | 1 481 396.88 | 0.09 |
| USD	EMPRESA NACIONAL DEL PETROLEO-REG-S 4.37500% 14-30.10.24 | 2 500 000.00 | 2 677 343.75 | 0.16 |
| USD	EMPRESA NACIONAL DEL PETROLEO-REG-S 4.50000% 17-14.09.47 | 3 300 000.00 | 3 582 047.04 | 0.22 |
| USD	EMPRESA NACIONAL DEL PETROLEO-REG-S 5.25000% 18-06.11.29 | 8 500 000.00 | 9 881 250.00 | 0.60 |
| USD	ESKOM HOLDINGS SOC LTD-144A 7.12500% 15-11.02.25 | 1 580 000.00 | 1 623 450.00 | 0.10 |
| USD	ESKOM HOLDINGS SOC LTD-REG-S 6.75000% 13-06.08.23 | 4 600 000.00 | 4 703 500.00 | 0.29 |
| USD	ESKOM HOLDINGS SOC LTD-REG-S 7.12500% 15-11.02.25 | 3 470 000.00 | 3 565 425.00 | 0.22 |
| USD	EXPORT-IMPORT BANK OF INDIA-REG-S 3.87500% 18-01.02.28 | 5 300 000.00 | 5 646 156.25 | 0.34 |
| USD	GHANA GOVT INTNL BOND-REG-S 7.62500% 18-16.05.29 | 5 505 000.00 | 5 429 306.25 | 0.33 |
| USD	GUATEMALA, REPUBLIC OF-REG-S 4.50000% 16-03.05.26 | 3 775 000.00 | 3 951 953.12 | 0.24 |
| USD	HUNGARY, REPUBLIC OF 7.62500% 11-29.03.41 | 3 092 000.00 | 5 198 425.00 | 0.32 |
| USD	HUNGARY, REPUBLIC OF 5.75000% 13-22.11.23 | 5 350 000.00 | 6 087 296.88 | 0.37 |
| USD	HUNGARY, REPUBLIC OF 5.37500% 14-25.03.24 | 13 464 000.00 | 15 264 810.00 | 0.93 |
| USD	INDONESIA ASAHAN ALUMINIUM TBK PT-REG-S 5.71000% 18-15.11.23 | 2 700 000.00 | 2 993 625.00 | 0.18 |
| USD	INDONESIA ASAHAN ALUMINIUM TBK PT-REG-S 6.53000% 18-15.11.28 | 6 645 000.00 | 8 231 493.75 | 0.50 |
| USD	INDONESIA, REPUBLIC OF-REG-S 7.75000% 08-17.01.38 | 1 905 000.00 | 2 923 579.69 | 0.18 |
| USD	IVORY COAST, REPUBLIC OF-REG-S STEP-UP 10-31.12.32 | 2 841 000.00 | 2 478 204.30 | 0.15 |
| USD	JAMAICA, GOVERNMENT OF 7.87500% 15-28.07.45 | 2 730 000.00 | 3 543 028.13 | 0.22 |
| USD	JBS INVESTMENTS II GMBH-REG-S 5.75000% 19-15.01.28 | 5 050 000.00 | 5 302 500.00 | 0.32 |
| USD	KAZAKHSTAN TEMIR ZHOLY NATIONAL-REG-S 4.85000% 17-17.11.27 | 2 065 000.00 | 2 302 475.00 | 0.14 |
| USD	KAZMUNAYGAS NATIONAL CO-REG-S 4.75000% 17-19.04.27 | 2 000 000.00 | 2 187 500.00 | 0.13 |
| USD	KAZMUNAYGAS NATIONAL CO-REG-S 5.75000% 17-19.04.47 | 2 120 000.00 | 2 522 800.00 | 0.15 |
| USD	KAZMUNAYGAS NATIONAL CO-REG-S 6.37500% 18-24.10.48 | 4 875 000.00 | 6 156 210.94 | 0.38 |
| USD	KAZMUNAYGAS NATIONAL CO-REG-S 5.37500% 18-24.04.30 | 4 975 000.00 | 5 764 781.25 | 0.35 |
| USD	KAZTRANSGAS JSC-REG-S 4.37500% 17-26.09.27 | 4 000 000.00 | 4 202 500.00 | 0.26 |
| USD	KENYA, REPUBLIC OF-REG-S 7.25000% 18-28.02.28 | 17 075 000.00 | 17 843 375.00 | 1.09 |
| USD	LEBANON, REPUBLIC OF-REG-S 6.65000% 15-26.02.30 | 700 000.00 | 464 406.25 | 0.03 |
| USD	LIQUID TELECOMMUNICATIONS FIN-REG-S 8.50000% 17-13.07.22 | 2 880 000.00 | 2 814 300.00 | 0.17 |
| USD	MEXICO, UNITED STATES OF 4.15000% 17-28.03.27 | 14 080 000.00 | 15 065 600.00 | 0.92 |
| USD	MEXICO, UNITED STATES OF 3.75000% 18-11.01.28 | 2 350 000.00 | 2 453 400.00 | 0.15 |
| USD	MEXICO, UNITED STATES OF 4.50000% 19-22.04.29 | 22 500 000.00 | 24 851 250.00 | 1.51 |
| USD	MEXICO, UNITED STATES OF 4.50000% 19-31.01.50 | 3 450 000.00 | 3 694 950.00 | 0.22 |
| USD	MONGOLIA,GOVERNMENT OF-REG-S 5.62500% 17-01.05.23 | 12 950 000.00 | 13 063 312.50 | 0.80 |
| USD	NIGERIA, FEDERAL REPUBLIC OF-REG-S 7.87500% 17-16.02.32 | 9 250 000.00 | 9 504 375.00 | 0.58 |
| USD	NIGERIA, FEDERAL REPUBLIC OF-REG-S 7.14300% 18-23.02.30 | 2 350 000.00 | 2 358 812.50 | 0.14 |
| USD	NIGERIA, FEDERAL REPUBLIC OF-REG-S 7.62500% 18-21.11.25 | 13 170 000.00 | 14 429 381.25 | 0.88 |
| USD	NIGERIA, FEDERAL REPUBLIC OF-REG-S 9.24800% 18-21.01.49 | 3 040 000.00 | 3 342 100.00 | 0.20 |
| USD	OCP SA-REG-S 6.87500% 14-25.04.44 | 6 750 000.00 | 8 393 203.12 | 0.51 |
| USD	OIL AND GAS HOLDING CO BSCC/THE-REG-S 7.62500% 18-07.11.24 | 3 000 000.00 | 3 432 187.50 | 0.21 |
| USD	OIL AND GAS HOLDING CO BSCC/THE-REG-S 8.37500% 18-07.11.28 | 4 800 000.00 | 5 668 500.00 | 0.35 |
| USD	OMAN GOVT INTERNATIONAL BOND-REG-S 6.75000% 18-17.01.48 | 6 400 000.00 | 6 017 999.99 | 0.37 |

UBS (Lux) Emerging Economies Fund – Global Bonds (USD)
Jahresbericht per 31. August 2019
|  | Bezeichnung | Anzahl/ | Bewertung in USD | in % des |
| --- | --- | --- | --- | --- |
|  | Nominal | NR Kursgewinn | Netto- |
|  |  | (-verlust) auf Futures/ | vermögens |
|  |  | Devisentermin- |  |
|  |  | kontrakten/ |  |
|  |  | Swaps (Erl. 1) |  |
|  |  |  |  |  |
| USD | PAKISTAN, ISLAMIC REPUBLIC OF-REG-S 8.25000% 14-15.04.24 | 3 185 000.00 | 3 463 687.50 | 0.21 |
| USD | PAKISTAN, ISLAMIC REPUBLIC OF-REG-S 6.87500% 17-05.12.27 | 2 420 000.00 | 2 423 025.00 | 0.15 |
| USD | PANAMA, REPUBLIC OF 3.16000% 19-23.01.30 | 21 370 000.00 | 22 672 234.38 | 1.38 |
| USD | PANAMA, REPUBLIC OF 3.87000% 19-23.07.60 | 2 915 000.00 | 3 334 942.19 | 0.20 |
| USD | PERTAMINA PT-REG-S 6.50000% 11-27.05.41 | 3 500 000.00 | 4 566 406.25 | 0.28 |
| USD | PERTAMINA PT-REG-S 6.00000% 12-03.05.42 | 1 620 000.00 | 2 023 481.25 | 0.12 |
| USD | PERU LNG SRL-REG-S 5.37500% 18-22.03.30 | 4 565 000.00 | 4 924 493.75 | 0.30 |
| USD | PERU, REPUBLIC OF 2.84400% 19-20.06.30 | 5 000 000.00 | 5 279 687.50 | 0.32 |
| USD | PERUSAHAAN LISTRIK NEGARA PT-REG-S 4.87500% 19-17.07.49 | 2 500 000.00 | 2 785 937.50 | 0.17 |
| USD | PERUSAHAAN PENERBIT SBSN-REG-S 4.35000% 14-10.09.24 | 6 825 000.00 | 7 332 609.37 | 0.45 |
| USD | PERUSAHAAN PENERBIT SBSN-REG-S 4.40000% 18-01.03.28 | 5 300 000.00 | 5 853 187.50 | 0.36 |
| USD | PETROBRAS GLOBAL FINANCE BV 5.99900% 18-27.01.28 | 11 800 000.00 | 12 923 950.00 | 0.79 |
| USD | PETROBRAS GLOBAL FINANCE BV 6.90000% 19-19.03.49 | 2 700 000.00 | 3 050 662.50 | 0.19 |
| USD | PETROLEOS DE VENEZUE-REG-S *DEFAULTED* 5.50000% 07-12.04.37 | 7 750 000.00 | 968 750.00 | 0.06 |
| USD | PETROLEOS DEL PERU SA-REG-S 5.62500% 17-19.06.47 | 17 150 000.00 | 20 910 995.00 | 1.27 |
| USD | PETROLEOS MEXICANOS 6.50000% 11-02.06.41 | 5 520 000.00 | 5 135 256.00 | 0.31 |
| USD | PETROLEOS MEXICANOS 6.50000% 18-13.03.27 | 3 285 000.00 | 3 355 114.38 | 0.20 |
| USD | PHILIPPINES, REPUBLIC OF THE 9.50000% 05-02.02.30 | 4 650 000.00 | 7 688 484.37 | 0.47 |
| USD | POLAND, REPUBLIC OF 3.25000% 16-06.04.26 | 9 725 000.00 | 10 448 296.88 | 0.64 |
| USD | POWER SECTOR ASST & LIAB MGT CORP-REG-S 7.39000% 09-02.12.24 | 2 150 000.00 | 2 685 484.38 | 0.16 |
| USD | QATAR, STATE OF-REG-S 3.37500% 19-14.03.24 | 9 865 000.00 | 10 447 651.57 | 0.64 |
| USD | QATAR, STATE OF-REG-S 4.00000% 19-14.03.29 | 6 905 000.00 | 7 886 804.68 | 0.48 |
| USD | QATAR, STATE OF-REG-S 4.81700% 19-14.03.49 | 12 500 000.00 | 16 093 749.99 | 0.98 |
| USD | REPUBLIC OF TAJIKISTAN INTER BOND-REG-S 7.12500% 17-14.09.27 | 2 255 000.00 | 2 033 728.13 | 0.12 |
| USD | REPUBLIC OF TURKEY 7.25000% 18-23.12.23 | 12 645 000.00 | 13 095 478.12 | 0.80 |
| USD | ROMANIA-REG-S 5.12500% 18-15.06.48 | 6 280 000.00 | 7 316 200.00 | 0.45 |
| USD | RUSSIA, FEDERATION OF-REG-S 5.00000% 10-29.04.20 | 4 000 000.00 | 4 062 000.00 | 0.25 |
| USD | RUSSIA, FEDERATION OF-REG-S 5.62500% 12-04.04.42 | 3 800 000.00 | 4 700 600.00 | 0.29 |
| USD | SAUDI GOVERNMENT INTERNATIONAL BD-REG-S 4.37500% 19-16.04.29 | 12 700 000.00 | 14 649 450.00 | 0.89 |
| USD | SENEGAL, REPUBLIC OF-REG-S 6.75000% 18-13.03.48 | 1 845 000.00 | 1 761 975.00 | 0.11 |
| USD | SINOCHEM OVERSEAS CAPITAL-REG-S 4.50000% 10-12.11.20 | 1 675 000.00 | 1 714 781.25 | 0.10 |
| USD | SINOPEC GROUP OVERSEA DEVELOPMENT-REG-S 3.50000% 16-03.05.26 | 6 100 000.00 | 6 448 843.74 | 0.39 |
| USD | SINOPEC GROUP OVERSEAS DEVELOPMNT-REG-S 3.25000% 15-28.04.25 | 3 605 000.00 | 3 752 579.69 | 0.23 |
| USD | SINOPEC GRP OVERSEAS DEV LTD-REG-S 4.25000% 18-12.09.28 | 3 150 000.00 | 3 535 875.00 | 0.22 |
| USD | SOUTH AFRICA, REPUBLIC OF 4.87500% 16-14.04.26 | 4 550 000.00 | 4 760 437.50 | 0.29 |
| USD | SOUTH AFRICA, REPUBLIC OF 5.65000% 17-27.09.47 | 3 600 000.00 | 3 784 500.00 | 0.23 |
| USD | SRI LANKA, DEMOCRATIC REP OF-REG-S 6.25000% 10-04.10.20 | 7 245 000.00 | 7 349 146.87 | 0.45 |
| USD | SRI LANKA, DEMOCRATIC REP OF-REG-S 5.87500% 12-25.07.22 | 6 475 000.00 | 6 470 953.12 | 0.39 |
| USD | SRI LANKA, DEMOCRATIC REP OF-REG-S 6.20000% 17-11.05.27 | 2 940 000.00 | 2 756 250.00 | 0.17 |
| USD | SRI LANKA, DEMOCRATIC REP OF-REG-S 6.75000% 18-18.04.28 | 5 550 000.00 | 5 307 354.00 | 0.32 |
| USD | SRI LANKA, DEMOCRATIC REP OF-REG-S 7.55000% 19-28.03.30 | 12 750 000.00 | 12 761 953.12 | 0.78 |
| USD | TURKEY, REPUBLIC OF 7.62500% 19-26.04.29 | 15 145 000.00 | 15 542 556.25 | 0.95 |
| USD | TURKEY, REPUBLIC OF 6.35000% 19-10.08.24 | 13 850 000.00 | 13 780 750.00 | 0.84 |
| USD | UKRAINE RAILWAYS VIA RL CPTL MKTS-REG-S 8.25000% 19-09.07.24 | 3 750 000.00 | 3 821 062.50 | 0.23 |
| USD | UKRAINE, GOVERNMENT OF-144A 7.75000% 15-01.09.22 | 729 000.00 | 771 646.50 | 0.05 |
| USD | UKRAINE, GOVERNMENT OF-144A 7.75000% 15-01.09.23 | 739 000.00 | 785 557.00 | 0.05 |
| USD | UKRAINE, GOVERNMENT OF-REG-S 7.75000% 15-01.09.21 | 8 555 000.00 | 8 914 310.00 | 0.54 |
| USD | UKRAINE, GOVERNMENT OF-REG-S 7.75000% 15-01.09.22 | 2 510 000.00 | 2 656 835.00 | 0.16 |
| USD | UKRAINE, GOVERNMENT OF-REG-S 7.75000% 15-01.09.23 | 2 980 000.00 | 3 167 740.00 | 0.19 |
| USD | UKRAINE, GOVERNMENT OF-REG-S 7.75000% 15-01.09.24 | 6 685 000.00 | 7 152 950.00 | 0.44 |
| USD | UKRAINE, GOVERNMENT OF-REG-S 7.75000% 15-01.09.25 | 9 295 000.00 | 9 875 937.50 | 0.60 |
| USD | UKRAINE, GOVERNMENT OF-REG-S 7.37500% 17-25.09.32 | 2 680 000.00 | 2 756 380.00 | 0.17 |
| USD | UKRAINE, GOVERNMENT OF-REG-S 8.99400% 18-01.02.24 | 4 725 000.00 | 5 223 487.50 | 0.32 |
| USD | UKRAINE, GOVERNMENT OF-REG-S 9.75000% 18-01.11.28 | 1 550 000.00 | 1 827 062.50 | 0.11 |
| USD | VEB FINANCE PLC-REG-S LPN 6.90200% 10-09.07.20 | 5 070 000.00 | 5 230 021.87 | 0.32 |
| USD | VEB FINANCE PLC-REG-S LPN 6.02500% 12-05.07.22 | 1 300 000.00 | 1 387 750.00 | 0.08 |
| USD | VEB FINANCE PLC-REG-S LPN 5.94200% 13-21.11.23 | 1 560 000.00 | 1 692 600.00 | 0.10 |
| USD | VENEZUELA, REP. OF-REG-S *DEFAULTED* 7.75000% 09-13.10.19 | 9 055 000.00 | 1 312 975.00 | 0.08 |
| USD | ZAMBIA, REPUBLIC OF-REG-S 8.97000% 15-30.07.27 | 8 350 000.00 | 5 586 671.88 | 0.34 |
| Total USD |  |  | 796 824 865.55 | 48.57 |
| Total Notes, fester Zins |  | 800 392 581.86 | 48.79 |
| Notes, variabler Zins |  |  |  |
| USD |  |  |  |
| USD	BANCO DO BRASIL CAYMAN-REG-S-SUB 9.000%/VAR 14-PRP | 3 000 000.00 | 3 291 000.00 | 0.20 |
| USD	CORP FINANCIERA DE DESARROL-REG-S-SUB 5.250%/VAR 14-15.07.29 | 4 520 000.00 | 4 859 000.00 | 0.30 |
| Total USD |  | 8 150 000.00 | 0.50 |
| Total Notes, variabler Zins |  | 8 150 000.00 | 0.50 |
| Medium-Term Notes, fester Zins |  |  |  |
| USD |  |  |  |
| USD	ARGENTINA, REPUBLIC OF 7.50000% 17-22.04.26 | 6 050 000.00 | 2 289 925.00 | 0.14 |
| USD	ARGENTINA, REPUBLIC OF 7.62500% 17-22.04.46 | 4 500 000.00 | 1 692 000.00 | 0.10 |
| USD	BANCO DO BRASIL SA/CAYMAN-REG-S 4.75000% 19-20.03.24 | 6 950 000.00 | 7 267 093.75 | 0.44 |
| USD	CHARMING LIGHT INVESTMENTS LTD-REG-S 4.37500% 17-21.12.27 | 5 635 000.00 | 6 115 735.94 | 0.37 |
| USD	DP WORLD CRESCENT LTD-REG-S 3.87500% 19-18.07.29 | 11 200 000.00 | 11 497 752.00 | 0.70 |
| USD	DP WORLD PLC-REG-S 5.62500% 18-25.09.48 | 7 100 000.00 | 8 449 000.00 | 0.52 |
| USD	EGYPT, REPUBLIC OF-REG-S 6.12500% 17-31.01.22 | 7 995 000.00 | 8 317 298.44 | 0.51 |
| USD	EGYPT, REPUBLIC OF-REG-S 8.50000% 17-31.01.47 | 3 800 000.00 | 4 112 312.50 | 0.25 |
| USD	EGYPT, REPUBLIC OF-REG-S 7.60030% 19-01.03.29 | 20 410 000.00 | 22 055 556.25 | 1.34 |
| USD	EGYPT, REPUBLIC OF-REG-S 8.70020% 19-01.03.49 | 5 240 000.00 | 5 724 700.00 | 0.35 |
| USD	INDONESIA, REPUBLIC OF-REG-S 4.12500% 15-15.01.25 | 7 045 000.00 | 7 544 754.69 | 0.46 |
| USD	INDONESIA, REPUBLIC OF 4.75000% 15-08.01.26 | 15 700 000.00 | 17 485 875.00 | 1.07 |
| USD	INDONESIA, REPUBLIC OF-REG-S 4.75000% 17-18.07.47 | 4 500 000.00 | 5 336 718.75 | 0.33 |
| USD	KAZAKHSTAN, REPUBLIC OF-REG-S 6.50000% 15-21.07.45 | 5 225 000.00 | 7 589 312.50 | 0.46 |
| USD	MONGOLIA,GOVERNMENT OF-REG-S 8.75000% 17-09.03.24 | 9 770 000.00 | 10 896 603.14 | 0.66 |
| USD	NIGERIA, FEDERAL REPUBLIC OF-REG-S 6.50000% 17-28.11.27 | 4 735 000.00 | 4 714 284.38 | 0.29 |
| USD	OMAN GOVT INTERNATIONAL BOND-REG-S 6.00000% 19-01.08.29 | 11 900 000.00 | 11 825 625.00 | 0.72 |
| USD	PANAMA, REPUBLIC OF 9.37500% 99-01.04.29 | 5 135 000.00 | 7 975 296.87 | 0.49 |
| USD	PERUSAHAAN LISTRIK NEGARA PT-REG-S 5.45000% 18-21.05.28 | 3 993 000.00 | 4 666 818.75 | 0.28 |
| USD	PETRONAS CAPITAL LTD-REG-S 4.50000% 15-18.03.45 | 5 715 000.00 | 7 300 912.50 | 0.45 |

UBS (Lux) Emerging Economies Fund – Global Bonds (USD) Jahresbericht per 31. August 2019
|  | Bezeichnung | Anzahl/ | Bewertung in USD | in % des |
| --- | --- | --- | --- | --- |
|  |  | Nominal | NR Kursgewinn | Netto- |
|  |  |  | (-verlust) auf Futures/ | vermögens |
|  |  |  | Devisentermin- |  |
|  |  |  | kontrakten/ |  |
|  |  |  | Swaps (Erl. 1) |  |
|  |  |  |  |  |
| USD | ROMANIA-REG-S 4.87500% 14-22.01.24 | 5 400 000.00 | 5 929 875.00 | 0.36 |
| USD | SAUDI ARABIAN OIL CO-REG-S 4.37500% 19-16.04.49 | 6 875 000.00 | 7 832 352.00 | 0.48 |
| USD | STATE GRID OVERSEAS INVESTMENT-REG-S 3.50000% 17-04.05.27 | 1 860 000.00 | 1 986 131.24 | 0.12 |
| USD | TENCENT HOLDINGS LTD-REG-S 3.59500% 18-19.01.28 | 2 100 000.00 | 2 207 310.00 | 0.13 |
| Total USD |  |  | 180 813 243.70 | 11.02 |
| Total Medium-Term Notes, fester Zins |  | 180 813 243.70 | 11.02 |
| Medium-Term Notes, variabler Zins |  |  |  |
| USD |  |  |  |
| USD	KRUNG THAI BANK-REG-S-SUB 5.200%/VAR 14-26.12.24 | 2 080 000.00 | 2 091 315.20 | 0.13 |
| Total USD |  | 2 091 315.20 | 0.13 |
| Total Medium-Term Notes, variabler Zins |  | 2 091 315.20 | 0.13 |
| Anleihen, fester Zins |  |  |  |
| USD |  |  |  |
| USD	ANGOLAN GOVT INTERNATIONAL BOND-REG-S 8.25000% 18-09.05.28 | 5 300 000.00 | 5 480 531.25 | 0.33 |
| USD	ARMENIA INTERNATIONAL BOND-REG-S 6.00000% 13-30.09.20 | 1 400 000.00 | 1 429 750.00 | 0.09 |
| USD	ARMENIA INTERNATIONAL BOND-REG-S 7.15000% 15-26.03.25 | 2 810 000.00 | 3 234 134.38 | 0.20 |
| USD	AUTORIDAD DEL CANAL DE PANAMA-REG-S 4.95000% 15-29.07.35 | 5 090 000.00 | 5 801 009.37 | 0.35 |
| USD	BAHRAIN GVT INTERNATIONAL BOND-REG-S 7.00000% 16-12.10.28 | 7 750 000.00 | 8 881 015.63 | 0.54 |
| USD	BAHRAIN GVT INTERNATIONAL BOND-REG-S 7.50000% 17-20.09.47 | 5 600 000.00 | 6 480 250.00 | 0.39 |
| USD	BELARUS INTERNATIONAL BOND-REG-S 6.20000% 18-28.02.30 | 1 960 000.00 | 2 083 112.50 | 0.13 |
| USD	BIZ FINANCE PLC FOR UKREXIMBANK-REG-S 9.75000% 15-22.01.25 | 3 300 000.00 | 3 489 750.00 | 0.21 |
| USD	BRAZIL, FEDERATIVE REPUBLIC OF 7.12500% 06-20.01.37 | 4 150 000.00 | 5 384 625.00 | 0.33 |
| USD	BRAZIL, FEDERATIVE REPUBLIC OF 5.00000% 14-27.01.45 | 9 200 000.00 | 9 783 625.00 | 0.60 |
| USD	BRAZIL, FEDERATIVE REPUBLIC OF 5.62500% 16-21.02.47 | 7 475 000.00 | 8 575 226.56 | 0.52 |
| USD	CNAC HK FINBRIDGE CO LTD-REG-S 4.87500% 18-14.03.25 | 11 995 000.00 | 13 067 053.13 | 0.80 |
| USD	COLOMBIA, REPUBLIC OF 7.37500% 06-18.09.37 | 6 050 000.00 | 8 829 218.75 | 0.54 |
| USD	COLOMBIA, REPUBLIC OF 6.12500% 09-18.01.41 | 12 170 000.00 | 16 262 162.50 | 0.99 |
| USD	COLOMBIA, REPUBLIC OF 5.62500% 14-26.02.44 | 3 050 000.00 | 3 933 546.88 | 0.24 |
| USD	COLOMBIA, REPUBLIC OF 5.00000% 15-15.06.45 | 3 100 000.00 | 3 747 900.00 | 0.23 |
| USD	CORP NACIONAL DEL COBRE DE CHILE-REG-S 5.62500% 13-18.10.43 | 2 660 000.00 | 3 566 893.75 | 0.22 |
| USD	CORP NACIONAL DEL COBRE DE CHILE-REG-S 4.87500% 14-04.11.44 | 3 566 000.00 | 4 376 150.62 | 0.27 |
| USD	CROATIA, REPUBLIC OF-REG-S 6.00000% 13-26.01.24 | 11 920 000.00 | 13 789 950.00 | 0.84 |
| USD	DEVELOPMENT BANK OF MONGOLIA LLC-REG-S 7.25000% 18-23.10.23 | 11 705 000.00 | 11 979 335.94 | 0.73 |
| USD	EL SALVADOR, REPUBLIC OF-REG-S 7.65000% 05-15.06.35 | 1 473 000.00 | 1 578 871.87 | 0.10 |
| USD	ETHIOPIA INTERNATIONAL BOND-REG-S 6.62500% 14-11.12.24 | 3 330 000.00 | 3 464 240.63 | 0.21 |
| USD	EXPORT-IMPORT BANK OF INDIA-144A 3.37500% 16-05.08.26 | 4 300 000.00 | 4 431 687.49 | 0.27 |
| USD	EXPORT-IMPORT BANK OF INDIA-REG-S 3.37500% 16-05.08.26 | 600 000.00 | 619 125.00 | 0.04 |
| USD	GABON, REPUBLIC OF-REG-S 6.95000% 15-16.06.25 | 4 330 000.00 | 4 209 571.88 | 0.26 |
| USD	GHANA GOVT INTNL BOND-REG-S 7.87500% 19-26.03.27 | 3 875 000.00 | 3 971 875.00 | 0.24 |
| USD	GHANA GOVT INTNL BOND-REG-S 8.12500% 19-26.03.32 | 6 150 000.00 | 6 005 859.37 | 0.37 |
| USD	GHANA GOVT INTNL BOND-REG-S 8.95000% 19-26.03.51 | 2 790 000.00 | 2 737 687.50 | 0.17 |
| USD	GUATEMALA, REPUBLIC OF-REG-S 8.12500% 04-06.10.34 | 4 650 000.00 | 5 992 687.50 | 0.36 |
| USD	INDONESIA, REPUBLIC OF-REG-S 6.62500% 07-17.02.37 | 435 000.00 | 604 785.93 | 0.04 |
| USD	INDONESIA, REPUBLIC OF-REG-S 3.37500% 13-15.04.23 | 5 550 000.00 | 5 707 828.13 | 0.35 |
| USD	IRAQ INTERNATIONAL BOND-REG-S 5.80000% 06-15.01.28 | 5 550 000.00 | 5 430 328.13 | 0.33 |
| USD	IRAQ INTERNATIONAL BOND-REG-S 6.75200% 17-09.03.23 | 4 645 000.00 | 4 746 609.38 | 0.29 |
| USD	IVORY COAST, REPUBLIC OF-REG-S 6.37500% 15-03.03.28 | 6 430 000.00 | 6 486 262.50 | 0.39 |
| USD	IVORY COAST, REPUBLIC OF-REG-S 6.12500% 17-15.06.33 | 2 470 000.00 | 2 331 062.50 | 0.14 |
| USD	JAMAICA, GOVERNMENT OF 8.00000% 07-15.03.39 | 6 720 000.00 | 8 691 900.00 | 0.53 |
| USD	JORDAN, KINGDOM OF-REG-S 7.37500% 17-10.10.47 | 5 160 000.00 | 5 366 400.00 | 0.33 |
| USD	KAZAKHSTAN TEMIR ZHOLY FINANCE BV-REG-S 6.95000% 12-10.07.42 | 7 070 000.00 | 9 648 340.63 | 0.59 |
| USD	KING POWER CAPITAL LTD-REG-S 5.62500% 14-03.11.24 | 1 050 000.00 | 1 192 311.75 | 0.07 |
| USD	LEBANON, REPUBLIC OF-REG-S 6.20000% 15-26.02.25 | 7 380 000.00 | 5 092 200.00 | 0.31 |
| USD	LEBANON, REPUBLIC OF-REG-S 6.65000% 16-22.04.24 | 3 850 000.00 | 2 717 859.37 | 0.17 |
| USD	LIMA METRO LINE 2 FINANCE LTD-REG-S 5.87500% 15-05.07.34 | 3 020 000.00 | 3 296 518.75 | 0.20 |
| USD	MAF SUKUK LTD-REG-S 4.63800% 19-14.05.29 | 6 600 000.00 | 7 245 562.50 | 0.44 |
| USD	MOZAMBIQUE INT BOND-REG-S *DEFAULT* 10.50000% 16-18.01.23 | 1 747 000.00 | 1 815 788.13 | 0.11 |
| USD	PANAMA, REPUBLIC OF 6.70000% 06-26.01.36 | 150 000.00 | 219 375.00 | 0.01 |
| USD	PANAMA, REPUBLIC OF 4.30000% 13-29.04.53 | 686 000.00 | 842 279.38 | 0.05 |
| USD	PARAGUAY, REPUBLIC OF-REG-S 5.00000% 16-15.04.26 | 1 310 000.00 | 1 445 503.13 | 0.09 |
| USD	PERU, REPUBLIC OF 8.75000% 03-21.11.33 | 1 550 000.00 | 2 647 109.39 | 0.16 |
| USD	PETROLEOS DE VENEZUE-REG-S *DEFAULTED* 6.00000% 14-16.05.24 | 29 400 000.00 | 3 675 000.00 | 0.22 |
| USD	PHILIPPINES, REPUBLIC OF THE 6.37500% 07-15.01.32 | 3 265 000.00 | 4 589 365.63 | 0.28 |
| USD	PHILIPPINES, REPUBLIC OF THE 3.95000% 15-20.01.40 | 3 240 000.00 | 3 893 062.50 | 0.24 |
| USD	PHILIPPINES, REPUBLIC OF THE 3.70000% 16-01.03.41 | 2 035 000.00 | 2 392 396.87 | 0.15 |
| USD	PHILIPPINES, REPUBLIC OF THE 3.70000% 17-02.02.42 | 4 500 000.00 | 5 310 000.00 | 0.32 |
| USD	PROSPEROUS RAY LTD-REG-S 4.62500% 13-12.11.23 | 1 000 000.00 | 1 078 750.00 | 0.07 |
| USD	ROMANIA-REG-S 4.37500% 13-22.08.23 | 2 720 000.00 | 2 900 200.00 | 0.18 |
| USD	RUSSIA, FEDERATION OF-REG-S 5.25000% 17-23.06.47 | 4 800 000.00 | 5 719 500.00 | 0.35 |
| USD	RUSSIA, FEDERATION OF-REG-S 4.37500% 18-21.03.29 | 15 000 000.00 | 16 132 500.00 | 0.98 |
| USD	RUSSIA, FEDERATION OF-REG-S 5.10000% 19-28.03.35 | 10 800 000.00 | 12 204 000.00 | 0.74 |
| USD	SAUDI GOVERNMENT INTERNATIONAL BD-REG-S 5.25000% 19-16.01.50 | 11 425 000.00 | 14 766 812.50 | 0.90 |
| USD	SERBIA INTERNATIONAL BOND-REG-S 4.87500% 13-25.02.20 | 3 000 000.00 | 3 029 400.00 | 0.18 |
| USD	SOUTH AFRICA, REPUBLIC OF 5.87500% 13-16.09.25 | 7 165 000.00 | 7 932 998.44 | 0.48 |
| USD	SOUTH AFRICA, REPUBLIC OF 4.30000% 16-12.10.28 | 12 810 000.00 | 12 741 466.50 | 0.78 |
| USD	SOUTH AFRICA, REPUBLIC OF 6.30000% 18-22.06.48 | 2 100 000.00 | 2 383 500.00 | 0.14 |
| USD	SOUTHERN GAS CORRIDOR CJSC-REG-S 6.87500% 16-24.03.26 | 7 775 000.00 | 9 179 359.37 | 0.56 |
| USD	STATE OIL OF THE AZERBAIJAN REP-REG-S 6.95000% 15-18.03.30 | 5 340 000.00 | 6 428 025.00 | 0.39 |
| USD	TRADE & DEVELOPMENT BANK MONGOLIA-REG-S 9.37500% 15-19.05.20 | 600 000.00 | 617 250.00 | 0.04 |
| USD	TURKEY, REPUBLIC OF 6.12500% 18-24.10.28 | 5 700 000.00 | 5 390 062.50 | 0.33 |
| USD	URUGUAY, REPUBLIC OF 5.10000% 14-18.06.50 | 22 210 000.00 | 27 630 628.13 | 1.68 |
| USD	URUGUAY, REPUBLIC OF 4.37500% 19-23.01.31 | 5 268 968.00 | 5 940 761.42 | 0.36 |
| USD	VENEZUELA, REP. OF-REG-S *DEFAULTED* 7.00000% 07-31.03.38 | 7 055 000.00 | 1 022 975.00 | 0.06 |
| USD	VIETNAM, SOCIALIST REPUBLIC-REG-S 6.75000% 10-29.01.20 | 1 150 000.00 | 1 168 328.12 | 0.07 |
| USD	VIETNAM, SOCIALIST REPUBLIC-REG-S 4.80000% 14-19.11.24 | 2 850 000.00 | 3 092 349.75 | 0.19 |
| Total USD |  | 407 933 563.83 | 24.86 |
| Total Anleihen, fester Zins |  | 407 933 563.83 | 24.86 |

UBS (Lux) Emerging Economies Fund – Global Bonds (USD)
Jahresbericht per 31. August 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 | DIANJIAN HAIXING LTD-REG-S 4.050%/VAR 14-PRP | 850 000.00 | 850 000.00 | 0.05 |
| Total USD |  |  | 850 000.00 | 0.05 |
| Total Anleihen, variabler Zins | 850 000.00 | 0.05 |
| Total Wertpapiere und Geldmarktinstrumente, die an einer offiziellen Börse gehandelt werden | 1 404 491 844.59 | 85.61 |
| Wertpapiere und Geldmarktinstrumente, die an einem anderen geregelten Markt gehandelt werden |  |  |
| Treasury-Bills, Nullcoupon |  |  |
| NGN |  |  |
| NGN	NIGERIA OMO BILL 0.00000% 07.02.19-06.02.20	1 400 000 000.00 | 3 647 963.47 | 0.22 |
| Total NGN | 3 647 963.47 | 0.22 |
| Total Treasury-Bills, Nullcoupon | 3 647 963.47 | 0.22 |
| Notes, fester Zins |  |  |
| USD |  |  |
| USD	BRAZIL MINAS SPE-REG-S 5.33300% 13-15.02.28	3 090 000.00 | 2 953 943.44 | 0.18 |
| USD	DTEK FINANCE PLC (PIK) 10.75000% 16-31.12.24	2 000 000.00 | 2 015 000.00 | 0.12 |
| USD	MV24 CAPITAL BV-REG-S 6.74800% 19-01.06.34	5 755 000.00 | 5 822 909.00 | 0.35 |
| USD	PARAGUAY, REPUBLIC OF-REG-S 6.10000% 14-11.08.44	2 220 000.00 | 2 779 856.26 | 0.17 |
| USD	PETROLEOS DE VENEZUE-REG-S *DEFAULTED* 6.00000% 13-15.11.26	11 700 000.00 | 1 462 500.00 | 0.09 |
| USD	SURINAME, REPUBLIC OF-REG-S 9.25000% 16-26.10.26	1 600 000.00 | 1 426 000.00 | 0.09 |
| USD	TRINIDAD PETROLEUM HOLDINGS LTD-REG-S 9.75000% 19-15.06.26	3 015 000.00 | 3 413 922.18 | 0.21 |
| Total USD | 19 874 130.88 | 1.21 |
| Total Notes, fester Zins | 19 874 130.88 | 1.21 |
| Notes, variabler Zins |  |  |
| USD |  |  |
| USD	BANCOLOMBIA SA-SUB 4.875%/VAR 17-18.10.27	3 795 000.00 | 3 893 432.81 | 0.24 |
| USD	EP PETROECU NOBLE SOVRGN FD-REG-S 3M LIBOR+563BP 14-24.09.19	5 255 000.00 | 276 984.13 | 0.01 |
| Total USD | 4 170 416.94 | 0.25 |
| Total Notes, variabler Zins | 4 170 416.94 | 0.25 |
| Medium-Term Notes, fester Zins |  |  |
| USD |  |  |
| USD	PETROLEOS MEXICANOS 6.75000% 17-21.09.47	5 800 000.00 | 5 510 000.00 | 0.34 |
| USD	PETRONAS CAPITAL LTD-REG-S 3.50000% 15-18.03.25	5 530 000.00 | 5 879 081.25 | 0.36 |
| Total USD | 11 389 081.25 | 0.70 |
| Total Medium-Term Notes, fester Zins | 11 389 081.25 | 0.70 |
| Anleihen, fester Zins |  |  |
| USD |  |  |
| USD	DOMINICAN REPUBLIC-REG-S 7.45000% 14-30.04.44	875 000.00 | 1 059 843.75 | 0.06 |
| USD	ECUADOR, REPUBLIC OF-144A 9.65000% 16-13.12.26	445 000.00 | 461 687.50 | 0.03 |
| USD	EL FONDO MIVIVIENDA-REG-S 3.50000% 13-31.01.23	3 490 000.00 | 3 568 306.87 | 0.22 |
| USD	POWER SECTOR ASST & LIAB MGT CORP 9.62500% 03-15.05.28	6 385 000.00 | 9 445 809.38 | 0.58 |
| Total USD | 14 535 647.50 | 0.89 |
| Total Anleihen, fester Zins | 14 535 647.50 | 0.89 |
| Total Wertpapiere und Geldmarktinstrumente, die an einem anderen geregelten Markt gehandelt werden | 53 617 240.04 | 3.27 |

Wertpapiere und Geldmarktinstrumente, die nicht an einer offiziellen Börse oder einem anderen geregelten Markt gehandelt werden
Inhaberaktien
| Mexiko |  |
| --- | --- |
| MXN | HIPOTECARIA SU CASITA SA DE CV | 95 505.00 | 0.05 | 0.00 |
| Total Mexiko |  | 0.05 | 0.00 |
| Total Inhaberaktien |  | 0.05 | 0.00 |
| Notes, fester Zins |  |  |  |
| USD |  |  |  |
| USD	CELULOSA ARAUCO Y CONSTITUCION SA 3.87500% 18-02.11.27 | 1 875 000.00 | 1 925 800.88 | 0.12 |
| USD	CELULOSA ARAUCO Y CONSTITUCION SA 5.50000% 18-02.11.47 | 810 000.00 | 906 693.75 | 0.05 |
| USD	COLBUN SA-REG-S 3.95000% 17-11.10.27 | 1 670 000.00 | 1 734 712.50 | 0.11 |
| USD	PARAGUAY, REPUBLIC OF-REG-S 5.60000% 18-13.03.48 | 4 250 000.00 | 5 088 046.87 | 0.31 |
| Total USD |  | 9 655 254.00 | 0.59 |
| Total Notes, fester Zins |  | 9 655 254.00 | 0.59 |

UBS (Lux) Emerging Economies Fund – Global Bonds (USD) Jahresbericht per 31. August 2019
| Bezeichnung | Anzahl/ | Bewertung in USD | in % des |
| --- | --- | --- | --- |
|  | Nominal | NR Kursgewinn | Netto- |
|  |  | (-verlust) auf Futures/ | vermögens |
|  |  | Devisentermin- |  |
|  |  | kontrakten/ |  |
|  |  | Swaps (Erl. 1) |  |
| Anleihen, fester Zins |  |  |  |
| UAH |  |  |  |
| UAH	UKRAINE, GOVERNMENT OF-REG-S 14.64000% 17-10.06.20 | 94 000 000.00 | 3 624 812.95 | 0.22 |
| Total UAH |  | 3 624 812.95 | 0.22 |
| Total Anleihen, fester Zins |  | 3 624 812.95 | 0.22 |
| Total Wertpapiere und Geldmarktinstrumente, die nicht an einer offiziellen Börse oder einem anderen geregelten Markt gehandelt werden |  | 13 280 067.00 | 0.81 |

OGAW/Andere OGA im Sinne des Artikels 41 (1) e) des abgeänderten luxemburgischen Gesetzes vom 17. Dezember 2010
Investment Fonds, open end
Irland
| USD | UBS (IRL) SELECT MONEY MARKET FUND-USD-S-DIST | 14 552.95 | 145 529 480.00 | 8.87 |
| --- | --- | --- | --- | --- |
| Total Irland | 145 529 480.00 | 8.87 |
| Total Investment Fonds, open end | 145 529 480.00 | 8.87 |
| Total OGAW/Andere OGA im Sinne des Artikels 41 (1) e) des abgeänderten luxemburgischen Gesetzes vom 17. Dezember 2010 | 145 529 480.00 | 8.87 |
| Total des Wertpapierbestandes | 1 616 918 631.63 | 98.56 |

| Derivative Instrumente |  |
| --- | --- |
| Derivative Instrumente, die an einer offiziellen Börse gehandelt werden Finanzterminkontrakte auf Anleihen |
|  |  |  |  |
| USD	US 10YR TREASURY NOTE FUTURE 19.12.19 | -779.00 | 172 312.50 | 0.01 |
| USD	US ULTRA LONG BOND (CBT) FUTURE 19.12.19 | 15.00 | -13 125.00 | 0.00 |
| USD	US 2YR TREASURY NOTE FUTURE 31.12.19 | 239.00 | 0.00 | 0.00 |
| USD	US 5YR TREASURY NOTE FUTURE 31.12.19 | 1 873.00 | -73 163.13 | -0.01 |
| USD	US LONG BOND FUTURE 19.12.19 | 228.00 | -178 125.00 | -0.01 |
| Total Finanzterminkontrakte auf Anleihen |  | -92 100.63 | -0.01 |
| Total Derivative Instrumente, die an einer offiziellen Börse gehandelt werden |  | -92 100.63 | -0.01 |

Derivative Instrumente, die nicht an einer offiziellen Börse oder einem anderen geregelten Markt gehandelt werden
Credit-Default-Swaps*
| USD | BC/BRAZIL CREDIT DEFAULT SWAP REC 1.00000% 12-20.06.22 | 650 000.00 | 1 915.55 | 0.00 |
| --- | --- | --- | --- | --- |
| Total Credit-Default-Swaps | 1 915.55 | 0.00 |
| Total Derivative Instrumente, die nicht an einer offiziellen Börse oder einem anderen geregelten Markt gehandelt werden | 1 915.55 | 0.00 |
| Total Derivative Instrumente | -90 185.08 | -0.01 |
| Devisenterminkontrakte |  |  |
| Devisenterminkontrakte (Kauf/Verkauf) |  |  |

| USD | 13 539 260.97 | CNY | 93 800 000.00 | 17.9.2019 | 370 139.94 | 0.02 |
| --- | --- | --- | --- | --- | --- | --- |
| BRL | 13 400 000.00 | USD | 3 449 252.23 | 17.9.2019 | -209 224.18 | -0.01 |
| BRL | 13 200 000.00 | USD | 3 404 991.20 | 17.9.2019 | -213 321.78 | -0.01 |
| USD | 6 688 414.39 | MXN | 129 940 000.00 | 17.9.2019 | 228 553.18 | 0.01 |
| USD | 11 313 278.32 | EUR | 10 030 000.00 | 17.9.2019 | 255 992.57 | 0.02 |
| MXN | 129 940 000.00 | USD | 6 712 023.71 | 17.9.2019 | -252 162.50 | -0.02 |
| BRL | 14 000 000.00 | USD | 3 639 672.43 | 17.9.2019 | -254 568.50 | -0.02 |
| USD | 5 296 794.32 | EUR | 4 640 000.00 | 17.9.2019 | 181 559.44 | 0.01 |
| EUR | 4 110 000.00 | USD | 4 711 242.86 | 17.9.2019 | -180 291.27 | -0.01 |
| CNY | 93 800 000.00 | USD | 13 693 430.66 | 17.9.2019 | -524 309.63 | -0.03 |
| BRL | 5 140 000.00 | USD | 1 366 657.80 | 17.9.2019 | -123 841.07 | -0.01 |
| EUR | 3 050 000.00 | USD | 3 416 031.42 | 17.9.2019 | -53 646.42 | 0.00 |
| USD | 4 065 401.03 | TRY | 23 800 000.00 | 17.9.2019 | 3 912.99 | 0.00 |
| USD | 12 236 906.88 | EUR | 10 935 000.00 | 17.9.2019 | 181 929.84 | 0.01 |
| EUR | 7 530 000.00 | USD | 8 416 973.76 | 17.9.2019 | -115 741.29 | -0.01 |
| TRY | 23 800 000.00 | USD | 4 184 752.24 | 17.9.2019 | -123 264.20 | -0.01 |
| USD | 12 479 578.23 | MXN | 242 000 000.00 | 17.9.2019 | 448 745.43 | 0.03 |
| BRL | 3 340 000.00 | USD | 838 248.21 | 17.9.2019 | -30 659.13 | 0.00 |
| USD | 16 575 747.21 | HKD | 130 000 000.00 | 18.6.2020 | 5 018.09 | 0.00 |
| MXN | 242 000 000.00 | USD | 12 308 765.28 | 17.9.2019 | -277 932.48 | -0.02 |
| USD | 16 586 333.99 | CNY | 117 000 000.00 | 17.9.2019 | 160 031.64 | 0.01 |
| USD | 4 169 556.52 | TRY | 23 500 000.00 | 17.9.2019 | 159 263.71 | 0.01 |
| USD | 8 334 625.62 | MXN | 165 000 000.00 | 17.9.2019 | 131 785.07 | 0.01 |
| USD | 8 237 643.53 | BRL | 33 000 000.00 | 17.9.2019 | 258 469.98 | 0.02 |

* Nominal positiv: der Subfonds ist “Receiver”, Nominal negativ: der Subfonds ist “Payer”.
UBS (Lux) Emerging Economies Fund – Global Bonds (USD)
Jahresbericht per 31. August 2019
| Bezeichnung	Anzahl/ | Bewertung in USD | in % des |
| --- | --- | --- |
| Nominal | NR Kursgewinn | Netto- |
|  | (-verlust) auf Futures/ | vermögens |
|  | Devisentermin- |  |
|  | kontrakten/ |  |
|  | Swaps (Erl. 1) |  |

Devisenterminkontrakte (Fortsetzung)
Devisenterminkontrakte (Kauf/Verkauf)
| BRL | 33 800 000.00 | USD | 8 376 496.25 | 17.9.2019 | -203 888.19 | -0.01 |
| --- | --- | --- | --- | --- | --- | --- |
| CHF | 52 189 700.00 | USD | 53 053 301.64 | 27.9.2019 | -184 881.32 | -0.01 |
| EUR | 90 720 800.00 | USD | 100 640 665.88 | 27.9.2019 | -536 026.97 | -0.03 |
| USD | 6 085 955.69 | BRL | 24 900 000.00 | 17.9.2019 | 65 306.56 | 0.00 |
| Total Devisenterminkontrakte (Kauf/Verkauf) | -833 050.49 | -0.05 |
| Bankguthaben, Sicht- und Fristgelder und andere liquide Mittel | 28 525 000.16 ** | 1.74 |
| Kontokorrentkredit und andere kurzfristige Verbindlichkeiten | -7 636.96 | 0.00 |
| Andere Aktiva und Passiva | -3 893 173.95 | -0.24 |
| Total des Nettovermögens | 1 640 619 585.31 | 100.00 |

** Zum 31. August 2019 wurden gegenüber Westpac Banking Corp Bankguthaben in Höhe von USD 370 000.00 und Credit Suisse Bankguthaben in Höhe von USD 280 000.00 als Sicherheit eingesetzt.
UBS (Lux) Emerging Economies Fund – Global Bonds (USD) Jahresbericht per 31. August 2019