# UBS (Lux) Strategy SICAV – Fixed Income (EUR)
| Three-year comparison |  |
| --- | --- |
|  | ISIN | 31.5.2021 |  | 31.5.2020 | 31.5.2019 |
| Net assets in EUR |  | 46 565 668.42 |  | 51 504 345.32 | 60 292 836.90 |
| Class P-acc | LU0042744747 |  |  |  |  |
| Shares outstanding |  | 188 335.1020 |  | 210 065.5140 | 246 933.4080 |
| Net asset value per share in EUR |  | 225.17 |  | 219.79 | 221.34 |
| Issue and redemption price per share in EUR 1 |  | 225.17 |  | 219.79 | 221.34 |
| Class Q-acc | LU0943062561 |  |  |  |  |
| Shares outstanding |  | 37 961.7510 |  | 50 100.4780 | 52 804.2170 |
| Net asset value per share in EUR |  | 109.54 |  | 106.46 | 106.75 |
| Issue and redemption price per share in EUR 1 |  | 109.54 |  | 106.46 | 106.75 |
| 1  See note 1 |  |  |  |  |  |
| Performance |  |  |  |  |  |
|  |  | Currency | 2020/2021 | 2019/2020 | 2018/2019 |
| Class P-acc |  | EUR | 2.4% | -0.7% | 1.3% |
| Class Q-acc |  | EUR | 2.9% | -0.3% | 1.7% |

Historical performance is no indicator of current or future performance.
The performance data does not take account of any commissions and costs charged when subscribing and redeeming shares. The performance data were not audited.
The subfund has no benchmark.

## Report of the Portfolio Manager
The financial year from 1 June 2020 to 31 May 2021 was shaped by the pandemic recovery. Since the peak of the pandemic in the spring, the market narrative has been dominated by the transition to a “new normal,” driven by the forces of technological disruption, deficit spending, and further central bank action, pointing to an accommodative policy and shifting towards more flex- ible inflation targets. After significant spread widening during the first months of the COVID-19 induced lock- downs, a supportive risk-on sentiment caused spreads to tighten over the majority of the financial year while nominal yields stayed anchored to lower levels due to continued policy support. Only later in the financial year, inflation concerns resurrected, spurring a steepening of the yield curve in response to the expectation of rising long-term yields.
Over the financial year, the subfund generated a positive performance. While benefitting from narrowing credit spreads earlier in the financial year, rising inflation con- cerns and subsequent steepening of yield curves reduced gains slightly later on in the financial year.
UBS (Lux) Strategy SICAV – Fixed Income (EUR)
Annual report and audited financial statements as of 31 May 2021

## Structure of the Securities Portfolio
Geographical Breakdown as a % of net assets	
Luxembourg	51.86
| France | 11.11 |
| --- | --- |
| Germany | 10.74 |
| United States | 7.94 |
| The Netherlands | 2.70 |
| Belgium | 1.45 |
| Spain | 1.39 |
| Sweden | 1.38 |
| Venezuela | 1.08 |
| China | 1.06 |
| Australia | 0.95 |
| Norway | 0.93 |
| United Kingdom | 0.82 |
| Japan | 0.65 |
| South Korea | 0.65 |
| Supranationals | 0.65 |
| Canada | 0.61 |
| Switzerland | 0.44 |
| Total | 96.41 |

Economic Breakdown as a % of net assets	
| Investment funds | 49.98 |
| --- | --- |
| Countries & central governments | 26.66 |
| Banks & credit institutions | 11.62 |
| Supranational organisations | 3.04 |
| Finance & holding companies | 1.90 |
| Public, non-profit institutions | 0.93 |
| Computer hardware & network equipment providers | 0.89 |
| Internet, software & IT services | 0.73 |
| Pharmaceuticals, cosmetics & medical products | 0.66 |
| Total | 96.41 |


## Statement of Net Assets
Assets	31.5.2021
EUR
Investments in securities, cost	43 468 382.09
| Investments in securities, unrealized appreciation (depreciation) | 	1 426 695.36	 |
| --- | --- |
| Total investments in securities (Note 1) | 44 895 077.45 |
| Cash at banks, deposits on demand and deposit accounts | 1 315 892.72 |
| Interest receivable on securities | 100 630.19 |
| Other receivables | 50 923.78 |
| Interest receivable on liquid assets | 92.80 |
| Unrealized gain on forward foreign exchange contracts (Note 1) | 276 361.28 |
| Total Assets | 46 638 978.22 |
|  |  |
| Liabilities |  |
| Bank overdraft | -0.57 |
| Provisions for flat fee (Note 2) | -61 147.60 |
| Provisions for taxe d’abonnement (Note 3) | -1 951.66 |
| Provisions for other commissions and fees (Note 2) | 	-10 209.97	 |
| Total provisions | -73 309.23 |
| Total Liabilities | -73 309.80 |
|  |  |
| Net assets at the end of the financial year | 46 565 668.42 |
| Statement of Operations | EUR |
| Income | 1.6.2020-31.5.2021 |
| Interest on liquid assets | 93.26 |
| Interest on securities | 304 977.24 |
| Interest received on swaps (Note 1) | 3 057.41 |
| Dividends | 92 193.04 |
| Income on securities lending (Note 15) | 11 443.12 |
| Other income (Note 4) | 9 661.19 |
| Total income | 421 425.26 |
|  |  |
| Expenses |  |
| Interest paid on swaps (Note 1) | -0.80 |
| Cost on securities lending (Note 15) | -4 577.25 |
| Flat fee (Note 2) | -522 187.74 |
| Taxe d’abonnement (Note 3) | -12 104.74 |
| Other commissions and fees (Note 2) | -10 267.13 |
| Interest on cash and bank overdraft | -1 763.11 |
| Total expenses | -550 900.77 |
|  |  |
| Net income (loss) on investments | -129 475.51 |
|  |  |
| Realized gain (loss) (Note 1) |  |
| Realized gain (loss) on market-priced securities without options | 255 620.86 |
| Realized gain (loss) on yield-evaluated securities and money market instruments | -2 506.48 |
| Realized gain (loss) on financial futures | -55 673.72 |
| Realized gain (loss) on forward foreign exchange contracts | 2 119 555.41 |
| Realized gain (loss) on swaps | 15 850.17 |
| Realized gain (loss) on foreign exchange | -80 739.25 |
| Total realized gain (loss) | 2 252 106.99 |
|  |  |
| Net realized gain (loss) of the financial year | 2 122 631.48 |
|  |  |
| Changes in unrealized appreciation (depreciation) (Note 1) |  |
| Unrealized appreciation (depreciation) on market-priced securities without options | -578 315.84 |
| Unrealized appreciation (depreciation) on yield-evaluated securities and money market instruments | -3 727.96 |
| Unrealized appreciation (depreciation) on financial futures | -1 151.84 |
| Unrealized appreciation (depreciation) on forward foreign exchange contracts | -232 333.20 |
| Unrealized appreciation (depreciation) on swaps | -15 794.67 |
| Total changes in unrealized appreciation (depreciation) | -831 323.51 |
|  |  |
| Net increase (decrease) in net assets as a result of operations | 1 291 307.97 |

UBS (Lux) Strategy SICAV – Fixed Income (EUR) Annual report and audited financial statements as of 31 May 2021
| Statement of Changes in Net Assets |  |
| --- | --- |
|  | EUR |
|  | 1.6.2020-31.5.2021 |
| Net assets at the beginning of the financial year | 51 504 345.32 |
| Subscriptions | 326 691.16 |
| Redemptions | 	-6 556 676.03	 |
| Total net subscriptions (redemptions) | -6 229 984.87 |
| Net income (loss) on investments | -129 475.51 |
| Total realized gain (loss) | 2 252 106.99 |
| Total changes in unrealized appreciation (depreciation) | 	-831 323.51	 |
| Net increase (decrease) in net assets as a result of operations | 1 291 307.97 |
| Net assets at the end of the financial year | 46 565 668.42 |
| Changes in the Number of Shares outstanding |  |
|  | 1.6.2020-31.5.2021 |
| Class | P-acc |
| Number of shares outstanding at the beginning of the financial year | 210 065.5140 |
| Number of shares issued | 1 447.2300 |
| Number of shares redeemed | -23 177.6420 |
| Number of shares outstanding at the end of the financial year | 188 335.1020 |
| Class | Q-acc |
| Number of shares outstanding at the beginning of the financial year | 50 100.4780 |
| Number of shares issued | 0.0000 |
| Number of shares redeemed | -12 138.7270 |
| Number of shares outstanding at the end of the financial year | 37 961.7510 |

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

## Statement of Investments in Securities and other Net Assets as of 31 May 2021
| Description | Quantity/ | Valuation in EUR | as a % |
| --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |
| Transferable securities and money market instruments listed on an official stock exchange |  |  |  |
| Notes, fixed rate |  |  |  |
| EUR |  |  |  |
| EUR	CHINA, PEOPLE’S REPUBLIC OF-REG-S 0.12500% 19-12.11.26 | 150 000.00 | 150 121.87 | 0.32 |
| EUR	CHINA, PEOPLE’S REPUBLIC OF-REG-S 0.25000% 20-25.11.30 | 350 000.00 | 342 300.00 | 0.73 |
| EUR	NESTLE FINANCE INTERNATIONAL LTD-REG-S 0.37500% 20-12.05.32 | 104 000.00 | 102 646.55 | 0.22 |
| EUR	SWISSCOM FINANCE BV-REG-S 0.37500% 20-14.11.28 | 100 000.00 | 100 860.00 | 0.22 |
| Total EUR |  | 695 928.42 | 1.49 |
| Total Notes, fixed rate |  | 695 928.42 | 1.49 |
| Notes, floating rate |  |  |  |
| EUR |  |  |  |
| EUR	SWEDBANK AB-REG-S 0.300%/VAR 21-20.05.27 | 140 000.00 | 139 932.80 | 0.30 |
| EUR	WESTPAC BANKING CORP-REG-SUB 0.766%/VAR 21-13.05.31 | 183 000.00 | 182 525.64 | 0.39 |
| Total EUR |  | 322 458.44 | 0.69 |
| Total Notes, floating rate |  | 322 458.44 | 0.69 |
| Medium term notes, fixed rate |  |  |  |
| EUR |  |  |  |
| EUR	BNG BANK NV-REG-S 1.12500% 14-04.09.24 | 300 000.00 | 315 469.20 | 0.68 |
| EUR	COMMONWEALTH BANK OF AUSTRALIA 3.00000% 12-03.05.22 | 250 000.00 | 257 990.00 | 0.55 |
| EUR	CORPORACION ANDINA DE FOMENTO-REG-S 0.50000% 17-25.01.22 | 200 000.00 | 200 938.00 | 0.43 |
| EUR	CORPORACION ANDINA DE FOMENTO-REG-S 0.62500% 19-20.11.26 | 300 000.00 | 303 752.40 | 0.65 |
| EUR	DEXIA CREDIT LOCAL SA-REG-S 0.25000% 17-02.06.22 | 200 000.00 | 201 542.00 | 0.43 |
| EUR	DNB BANK ASA-REG-S 0.05000% 19-14.11.23 | 325 000.00 | 327 249.00 | 0.70 |
| EUR	DNB BOLIGKREDIT A-REG-S 1.87500% 12-21.11.22 | 100 000.00 | 103 498.60 | 0.22 |
| EUR	EUROPEAN INVESTMENT BANK-REG-S 0.25000% 17-14.10.24 | 200 000.00 | 205 240.13 | 0.44 |
| EUR	EXPORT-IMPORT BANK OF KOREA-REG-S 0.37500% 19-26.03.24 | 300 000.00 | 304 650.00 | 0.66 |
| EUR	INSTITUTO DE CREDITO OFICIAL-REG-S 0.50000% 16-26.10.23 | 244 000.00 | 248 604.91 | 0.53 |
| EUR	KREDITANSTALT FUER WIEDERAUFBAU 4.62500% 07-04.01.23 | 550 000.00 | 596 259.40 | 1.28 |
| EUR	LANDESBANK HESSEN-THUERINGEN GZ-REG-S 0.37500% 20-12.05.25 | 400 000.00 | 407 151.20 | 0.88 |
| EUR	LLOYDS BANK PLC-REG-S 0.25000% 19-25.03.24 | 120 000.00 | 121 968.00 | 0.26 |
| EUR	NATIONWIDE BUILDING SOCIETY 4.37500% 07-28.02.22 | 250 000.00 | 259 058.50 | 0.56 |
| EUR	NESTLE HOLDINGS INC-REG-S 0.87500% 17-18.07.25 | 300 000.00 | 311 633.40 | 0.67 |
| EUR	ORACLE CORP 3.12500% 13-10.07.25 | 300 000.00 | 338 499.00 | 0.73 |
| EUR	SKANDINAVISKA ENSKILDA BANKEN AB-REG-S 0.25000% 20-19.05.23 | 292 000.00 | 295 130.82 | 0.63 |
| EUR	SUMITOMO MITSUI BANKING CORP-REG-S 0.26700% 19-18.06.26 | 300 000.00 | 304 794.69 | 0.66 |
| Total EUR |  | 5 103 429.25 | 10.96 |
| Total Medium term notes, fixed rate |  | 5 103 429.25 | 10.96 |
| Medium term notes, zero coupon |  |  |  |
| EUR |  |  |  |
| EUR	EUROPEAN STABILITY MECHANISM-REG-S 0.00000% 16-18.10.22 | 200 000.00 | 201 606.00 | 0.44 |
| EUR	NESTLE FINANCE INTERNATIONAL-REG-S 0.00000% 20-12.11.24 | 163 000.00 | 163 996.26 | 0.35 |
| Total EUR |  | 365 602.26 | 0.79 |
| Total Medium term notes, zero coupon |  | 365 602.26 | 0.79 |
| Medium term notes, floating rate |  |  |  |
| EUR |  |  |  |
| EUR	BANCO BILBAO VIZCAYA ARGENTARIA-REG-S 0.125%/VAR 21-24.03.27 | 400 000.00 | 398 608.00 | 0.86 |
| Total EUR |  | 398 608.00 | 0.86 |
| Total Medium term notes, floating rate |  | 398 608.00 | 0.86 |
| Bonds, fixed rate |  |  |  |
| EUR |  |  |  |
| EUR	APPLE INC 0.87500% 17-24.05.25 | 400 000.00 | 415 525.60 | 0.89 |
| EUR	BELGIUM, KINGDOM OF-144A-REG-S 0.20000% 16-22.10.23 | 150 000.00 | 153 053.70 | 0.33 |
| EUR	BELGIUM, KINGDOM OF-144A-REG-S 0.80000% 17-22.06.27 | 100 000.00 | 106 843.60 | 0.23 |
| EUR	BELGIUM, KINGDOM OF-144A-REG-S 0.50000% 17-22.10.24 | 400 000.00 | 414 831.20 | 0.89 |
| EUR	CAISSE D’AMOR DE LA DETTE SOCIALE-REG-S 2.37500% 13-25.01.24 | 400 000.00 | 430 576.80 | 0.93 |
| EUR	EUROPEAN FINANCIAL STABILITY FAC-REG-S 0.12500% 17-17.10.23 | 300 000.00 | 304 604.40 | 0.65 |
| EUR	EUROPEAN FINANCIAL STABILITY FAC-REG-S 0.05000% 19-17.10.29 | 100 000.00 | 100 763.00 | 0.22 |
| EUR	EUROPEAN INVESTMENT BANK 0.05000% 20-16.01.30 | 100 000.00 | 100 850.00 | 0.22 |
| EUR	FRANCE, REPUBLIC OF OAT 2.25000% 12-25.10.22 | 100 000.00 | 104 091.00 | 0.22 |
| EUR	FRANCE, REPUBLIC OF-OAT 3.50000% 10-25.04.26 | 300 000.00 | 358 361.40 | 0.77 |
| EUR	FRANCE, REPUBLIC OF-OAT 2.75000% 12-25.10.27 | 250 000.00 | 298 862.50 | 0.64 |
| EUR	FRANCE, REPUBLIC OF-OAT 2.50000% 13-25.05.30 | 400 000.00 | 489 780.80 | 1.05 |
| EUR	FRANCE, REPUBLIC OF-OAT 1.75000% 14-25.11.24 | 550 000.00 | 594 426.14 | 1.28 |
| EUR	FRANCE, REPUBLIC OF-OAT 0.50000% 15-25.05.25 | 1 000 000.00 | 1 040 200.00 | 2.23 |
| EUR	FRANCE, REPUBLIC OF-OAT-REG-S 0.50000% 16-25.05.26 | 300 000.00 | 313 687.20 | 0.67 |
| EUR	FRANCE, REPUBLIC OF-OAT-REG-S 0.75000% 17-25.05.28 | 300 000.00 | 319 801.20 | 0.69 |
| EUR	FRANCE, REPUBLIC OF-OAT-REG-S 0.50000% 19-25.05.29 | 300 000.00 | 313 863.60 | 0.67 |
| EUR	GERMANY, REPUBLIC OF 1.50000% 13-15.05.23 | 300 000.00 | 312 913.20 | 0.67 |

UBS (Lux) Strategy SICAV – Fixed Income (EUR) Annual report and audited financial statements as of 31 May 2021
|  | Description | Quantity/ | Valuation in EUR | as a % |
| --- | --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |
|  |  |  |  |  |
| EUR | GERMANY, REPUBLIC OF 1.00000% 14-15.08.24 | 400 000.00 | 421 712.00 | 0.91 |
| EUR | GERMANY, REPUBLIC OF-REG-S 0.50000% 16-15.02.26 | 300 000.00 | 315 693.00 | 0.68 |
| EUR | GERMANY, REPUBLIC OF-REG-S 0.25000% 17-15.02.27 | 250 000.00 | 261 112.50 | 0.56 |
| EUR | GERMANY, REPUBLIC OF-REG-S 0.25000% 19-15.02.29 | 600 000.00 | 628 638.00 | 1.35 |
| EUR | GERMANY, REPUBLIC OF 4.75000% 98-04.07.28 | 500 000.00 | 687 750.00 | 1.48 |
| EUR | GERMANY, REPUBLIC OF 5.50000% 00-04.01.31 | 350 000.00 | 547 059.80 | 1.18 |
| EUR | JOHNSON & JOHNSON 0.65000% 16-20.05.24 | 300 000.00 | 307 599.00 | 0.66 |
| EUR | KREDITANSTALT FUER WIEDERAUFBAU 0.37500% 16-09.03.26 | 150 000.00 | 155 662.50 | 0.33 |
| EUR | NETHERLANDS, KINGDOM OF THE 3.75000% 06-15.01.23 | 350 000.00 | 375 487.00 | 0.81 |
| EUR | NETHERLANDS, KINGDOM OF THE 2.00000% 14-15.07.24 | 150 000.00 | 162 540.00 | 0.35 |
| EUR | RABOBANK NEDERLAND NV-REG-S 0.25000% 19-30.10.26 | 300 000.00 | 302 646.00 | 0.65 |
| EUR | STADSHYPOTEK AB-REG-S 0.50000% 18-11.07.25 | 200 000.00 | 206 861.60 | 0.44 |
| Total EUR |  |  | 10 545 796.74 | 22.65 |
| Total Bonds, fixed rate |  | 10 545 796.74 | 22.65 |
| Bonds, zero coupon |  |  |  |
| EUR |  |  |  |
| EUR	FRANCE, REPUBLIC OF-OAT-REG-S 0.00000% 16-25.05.22 | 50 000.00 | 50 307.50 | 0.11 |
| EUR	FRANCE, REPUBLIC OF-OAT-REG-S 0.00000% 17-25.03.23 | 450 000.00 | 455 283.00 | 0.98 |
| EUR	FRANCE, REPUBLIC OF-OAT-REG-S 0.00000% 19-25.03.25 | 200 000.00 | 203 892.00 | 0.44 |
| EUR	GERMANY, REPUBLIC OF 0.00000% 19-18.10.24 | 350 000.00 | 357 846.13 | 0.77 |
| EUR	GERMANY, REPUBLIC OF-REG-S 0.00000% 16-15.08.26 | 300 000.00 | 308 743.20 | 0.66 |
| EUR	TORONTO DOMINION BANK-REG-S 0.00000% 19-09.02.24 | 280 000.00 | 282 870.00 | 0.60 |
| Total EUR |  | 1 658 941.83 | 3.56 |
| Total Bonds, zero coupon |  | 1 658 941.83 | 3.56 |
| Bonds, floating rate |  |  |  |
| EUR |  |  |  |
| EUR	UBS GROUP AG-REG-S 1.250%/VAR 18-17.04.25 | 200 000.00 | 206 654.00 | 0.44 |
| Total EUR |  | 206 654.00 | 0.44 |
| Total Bonds, floating rate |  | 206 654.00 | 0.44 |
| Treasury notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	AMERICA, UNITED STATES OF 5.37500% 01-15.02.31 | 90 000.00 | 99 138.53 | 0.21 |
| USD	AMERICA, UNITED STATES OF 2.25000% 17-15.08.27 | 140 000.00 | 122 413.41 | 0.26 |
| USD	AMERICA, UNITED STATES OF 2.25000% 17-15.11.27 | 135 000.00 | 117 968.17 | 0.25 |
| USD	AMERICA, UNITED STATES OF 2.87500% 18-31.05.25 | 55 000.00 | 49 103.13 | 0.11 |
| USD	AMERICA, UNITED STATES OF 2.75000% 14-15.02.24 | 90 000.00 | 78 573.58 | 0.17 |
| USD	AMERICA, UNITED STATES OF 1.12500% 16-31.07.21 | 150 000.00 | 122 908.40 | 0.26 |
| USD	AMERICA, UNITED STATES OF 1.75000% 12-15.05.22 | 120 000.00 | 99 719.37 | 0.21 |
| USD	AMERICA, UNITED STATES OF 1.37500% 16-30.09.23 | 60 000.00 | 50 421.35 | 0.11 |
| USD	AMERICA, UNITED STATES OF 2.12500% 15-15.05.25 | 85 000.00 | 73 798.29 | 0.16 |
| USD	AMERICA, UNITED STATES OF 1.75000% 19-15.11.29 | 55 000.00 | 46 047.36 | 0.10 |
| USD	AMERICA, UNITED STATES OF 0.25000% 20-31.07.25 | 90 000.00 | 72 529.44 | 0.16 |
| Total USD |  | 932 621.03 | 2.00 |
| Total Treasury notes, fixed rate |  | 932 621.03 | 2.00 |
| Treasury notes, floating rate |  |  |  |
| USD |  |  |  |
| USD	AMERICA, UNITED STATES OF 3.875%/CPI LINKED 99-15.04.29 | 80 000.00 | 149 237.32 | 0.32 |
| USD	AMERICA, UNITED STATES OF 2.375%/CPI LINKED 04-15.01.25 | 145 000.00 | 195 883.12 | 0.42 |
| USD	AMERICA, UNITED STATES OF 0.625%/CPI LINKED 16-15.01.26 | 150 000.00 | 153 629.94 | 0.33 |
| USD	AMERICA, UNITED STATES OF 0.375%/CPI LINKED 17-15.01.27 | 155 000.00 | 155 430.84 | 0.34 |
| USD	AMERICA, UNITED STATES OF 0.375%/CPI INDEX 13-15.07.23 | 155 000.00 | 154 662.76 | 0.33 |
| USD	AMERICA, UNITED STATES OF 0.375%/CPI LINKED 15-15.07.25 | 115 000.00 | 116 724.82 | 0.25 |
| USD	AMERICA, UNITED STATES OF 0.750%/CPI LINKED 18-15.07.28 | 150 000.00 | 149 494.89 | 0.32 |
| USD	AMERICA, UNITED STATES OF 0.125%/CPI LINKED 20-15.01.30 | 175 000.00 | 162 080.27 | 0.35 |
| Total USD |  | 1 237 143.96 | 2.66 |
| Total Treasury notes, floating rate |  | 1 237 143.96 | 2.66 |
| Total Transferable securities and money market instruments listed on an official stock exchange |  | 21 467 183.93 | 46.10 |
| Transferable securities and money market instruments traded on another regulated market |  |  |  |
| Treasury notes, floating rate |  |  |  |
| USD |  |  |  |
| USD	AMERICA, UNITED STATES OF 0.125%/CPI LINKED 12-15.07.22 | 157 000.00 | 154 118.48 | 0.33 |
| Total USD |  | 154 118.48 | 0.33 |
| Total Treasury notes, floating rate |  | 154 118.48 | 0.33 |
| Total Transferable securities and money market instruments traded on another regulated market |  | 154 118.48 | 0.33 |

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

UCITS/Other UCIs in accordance with Article 41 (1) e) of the amended Luxembourg law of 17 December 2010
Investment funds, open end
Luxembourg
| EUR | UBS (LUX) BOND FUND - EURO HIGH YIELD (EUR) I-X-ACC | 6 691.00 | 950 724.19 | 2.04 |
| --- | --- | --- | --- | --- |
| EUR | UBS (LUX) BOND SICAV - EUR CORP SUSTAINABLE (EUR) U-X-ACC | 552.00 | 6 988 949.28 | 15.01 |
| USD | UBS (LUX) BOND SICAV - SHORT TERM USD CORPORATES (USD) U-X-A | 61.00 | 571 698.20 | 1.23 |
| USD | UBS (LUX) BOND SICAV - USD CORPORATES U-X-ACC | 36.00 | 379 913.73 | 0.82 |
| USD | UBS (LUX) BOND SICAV - USD HIGH YIELD U-X-ACC | 183.00 | 3 241 919.13 | 6.96 |
| USD | UBS (LUX) BOND SICAV - EMERGING ECONOMIES CORP (USD)-I-X-DIS | 16 099.00 | 1 492 513.52 | 3.20 |
| USD | UBS (LUX) BOND SICAV - USD INVEST GRADE CORP USD U X ACC | 738.45 | 7 399 285.45 | 15.89 |
| USD | UBS (LUX) EMERGING ECONOMIES FUND-GLOBAL BONDS (USD)-U-X ACC | 188.00 | 2 248 771.54 | 4.83 |
| Total Luxembourg | 23 273 775.04 | 49.98 |
| Total Investment funds, open end | 23 273 775.04 | 49.98 |
| Total UCITS/Other UCIs in accordance with Article 41 (1) e) of the amended Luxembourg law of 17 December 2010 | 23 273 775.04 | 49.98 |
| Total investments in securities | 44 895 077.45 | 96.41 |
| Forward Foreign Exchange contracts |  |  |
| Currency purchased/Amount purchased/Currency sold/Amount sold/Maturity date |  |  |

| CAD | 134 000.00 | EUR | 90 121.84 | 4.6.2021 | 595.25 | 0.00 |
| --- | --- | --- | --- | --- | --- | --- |
| EUR | 26 961.23 | GBP | 23 134.22 | 4.6.2021 | 65.05 | 0.00 |
| SGD | 283 000.00 | EUR | 176 167.36 | 4.6.2021 | -946.10 | 0.00 |
| EUR | 27 227.80 | AUD | 42 000.00 | 4.6.2021 | 638.40 | 0.00 |
| NOK | 1 616 000.00 | EUR | 159 743.37 | 4.6.2021 | -871.52 | 0.00 |
| EUR | 246 723.19 | JPY | 32 084 180.00 | 4.6.2021 | 6 848.06 | 0.01 |
| EUR | 9 762 143.19 | USD | 11 646 627.31 | 4.6.2021 | 236 626.24 | 0.51 |
| USD | 72 000.00 | EUR | 60 364.30 | 4.6.2021 | -1 477.10 | 0.00 |
| USD | 468 000.00 | EUR | 392 018.90 | 4.6.2021 | -9 252.13 | -0.02 |
| EUR | 158 440.68 | NOK | 1 615 000.00 | 4.6.2021 | -332.86 | 0.00 |
| USD | 236 000.00 | EUR | 197 851.80 | 4.6.2021 | -4 832.66 | -0.01 |
| JPY | 31 400 000.00 | EUR | 241 993.15 | 4.6.2021 | -7 233.24 | -0.02 |
| EUR | 127 627.98 | AUD | 196 500.00 | 4.6.2021 | 3 227.57 | 0.01 |
| EUR | 102 861.84 | CAD | 153 500.00 | 4.6.2021 | -1 056.61 | 0.00 |
| INR | 31 079 000.00 | USD | 423 766.02 | 11.6.2021 | 3 277.55 | 0.01 |
| IDR | 6 117 932 000.00 | USD | 420 794.55 | 11.6.2021 | 6 803.60 | 0.01 |
| USD | 431 380.89 | TWD | 12 174 000.00 | 11.6.2021 | -8 804.57 | -0.02 |
| USD | 54 000.00 | EUR | 45 604.64 | 4.6.2021 | -1 439.24 | 0.00 |
| TWD | 12 174 000.00 | USD | 435 438.87 | 11.6.2021 | 5 509.17 | 0.01 |
| USD | 411 288.29 | INR | 31 079 000.00 | 11.6.2021 | -13 488.33 | -0.03 |
| USD | 418 778.29 | IDR | 6 117 932 000.00 | 11.6.2021 | -8 438.32 | -0.02 |
| EUR | 176 864.50 | SGD | 283 500.00 | 4.6.2021 | 1 333.67 | 0.00 |
| AUD | 238 000.00 | EUR | 152 511.89 | 4.6.2021 | -1 838.62 | 0.00 |
| EUR | 100 651.88 | USD | 121 500.00 | 4.6.2021 | 1 279.74 | 0.00 |
| EUR | 4 516.11 | JPY | 598 021.00 | 14.7.2021 | 47.17 | 0.00 |
| EUR | 13 924.80 | CAD | 20 500.00 | 14.7.2021 | 58.22 | 0.00 |
| SGD | 500.00 | EUR | 309.96 | 14.7.2021 | -0.66 | 0.00 |
| NOK | 1 000.00 | EUR | 100.32 | 14.7.2021 | -2.08 | 0.00 |
| AUD | 500.00 | EUR | 322.93 | 14.7.2021 | -6.58 | 0.00 |
| EUR | 26 033.37 | GBP | 22 500.00 | 14.7.2021 | -106.07 | 0.00 |
| EUR | 9 040 220.36 | USD | 10 991 285.24 | 14.7.2021 | 57 760.79 | 0.12 |
| EUR | 465 732.19 | JPY | 61 900 000.00 | 4.6.2021 | 2 941.17 | 0.00 |
| EUR | 465 513.99 | JPY | 61 900 000.00 | 14.7.2021 | 2 942.27 | 0.01 |
| SGD | 757 000.00 | EUR | 465 073.42 | 14.7.2021 | 3 204.27 | 0.01 |
| SGD | 758 000.00 | EUR | 466 117.33 | 4.6.2021 | 3 203.21 | 0.01 |
| EUR | 22 945.78 | USD | 28 000.00 | 14.7.2021 | 63.21 | 0.00 |
| EUR | 22 963.94 | USD | 28 000.00 | 4.6.2021 | 63.36 | 0.00 |
| Total Forward Foreign Exchange contracts | 276 361.28 | 0.59 |
|  |  |  |
| Cash at banks, deposits on demand and deposit accounts and other liquid assets | 1 315 892.72 | 2.83 |
| Bank overdraft and other short-term liabilities | -0.57 | 0.00 |
| Other assets and liabilities | 78 337.54 | 0.17 |
| Total net assets | 46 565 668.42 | 100.00 |

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

Translation (ENDE, 2021-05-31):
# UBS (Lux) Strategy SICAV – Fixed Income (EUR)
| Dreijahresvergleich |  |
| --- | --- |
|  | ISIN | 31.5.2021 |  | 31.5.2020 | 31.5.2019 |
| Nettovermögen in EUR |  | 46 565 668.42 |  | 51 504 345.32 | 60 292 836.90 |
| Klasse P-acc | LU0042744747 |  |  |  |  |
| Aktien im Umlauf |  | 188 335.1020 |  | 210 065.5140 | 246 933.4080 |
| Nettoinventarwert pro Aktie in EUR |  | 225.17 |  | 219.79 | 221.34 |
| Ausgabe- und Rücknahmepreis pro Aktie in EUR 1 |  | 225.17 |  | 219.79 | 221.34 |
| Klasse Q-acc | LU0943062561 |  |  |  |  |
| Aktien im Umlauf |  | 37 961.7510 |  | 50 100.4780 | 52 804.2170 |
| Nettoinventarwert pro Aktie in EUR |  | 109.54 |  | 106.46 | 106.75 |
| Ausgabe- und Rücknahmepreis pro Aktie in EUR 1 |  | 109.54 |  | 106.46 | 106.75 |
| 1  Siehe Erläuterung 1 |  |  |  |  |  |
| Performance |  |  |  |  |  |
|  |  | Währung | 2020/2021 | 2019/2020 | 2018/2019 |
| Klasse P-acc |  | EUR | 2.4% | -0.7% | 1.3% |
| Klasse Q-acc |  | EUR | 2.9% | -0.3% | 1.7% |

Die historische Performance stellt keinen Indikator für die laufende oder zukünftige Performance dar.
Die Performancedaten lassen die bei der Ausgabe und Rücknahme der Aktien erhobenen Kommissionen und Kosten unberücksichtigt. Die Performancedaten sind ungeprüft.
Der Subfonds verfügt über keine Benchmark.

## Bericht des Portfolio Managers
Das Rechnungsjahr vom 1. Juni 2020 bis zum 31. Mai 2021 war von der Erholung von der Pandemie geprägt. Seit dem Höhepunkt der Pandemie im Frühjahr wurde das Marktnarrativ vom Übergang hin zu einer «neuen Normalität» dominiert, der von den Kräften der techno- logischen Disruption, der Defizitfinanzierung und weite- ren Zentralbankmassnahmen vorangetrieben wird. Die Zentralbanken deuteten eine Fortsetzung der akkom- modierenden Geldpolitik und den Umstieg auf flexible Inflationsziele hin. Nach einer signifikanten Ausweitung der Risikoprämien (Spreads) in den ersten Monaten nach den Lockdowns wegen Covid-19 führte die zunehmende Risikobereitschaft zu einer Verengung der Spreads im Grossteil des restlichen Finanzjahres, während die nomi- nalen Renditen aufgrund der fortgesetzten geldpoliti- schen Unterstützung auf tiefen Niveaus verankert waren. Erst später im Rechnungsjahr kamen allmählich Beden- ken über die Inflation auf. Dies führte zur Versteilerung der Renditekurve in Erwartung steigender langfristiger Renditen.
Im Rechnungsjahr erwirtschaftete der Subfonds eine positive Performance. Während er zu Beginn des Rechnungsjahres von der Verengung der Kreditspreads profitiert hatte, wurden die Gewinne später im Rech- nungsjahr durch die zunehmenden Inflationsbedenken und die anschliessende Versteilerung der Renditekurven etwas gemindert.

## Struktur des Wertpapierbestandes
Geographische Aufteilung in % des Nettovermögens	
Luxemburg	51.86
| Frankreich | 11.11 |
| --- | --- |
| Deutschland | 10.74 |
| Vereinigte Staaten | 7.94 |
| Niederlande | 2.70 |
| Belgien | 1.45 |
| Spanien | 1.39 |
| Schweden | 1.38 |
| Venezuela | 1.08 |
| China | 1.06 |
| Australien | 0.95 |
| Norwegen | 0.93 |
| Grossbritannien | 0.82 |
| Japan | 0.65 |
| Südkorea | 0.65 |
| Supranational | 0.65 |
| Kanada | 0.61 |
| Schweiz | 0.44 |
| Total | 96.41 |

Wirtschaftliche Aufteilung in % des Nettovermögens	
Anlagefonds	49.98
| Länder- & Zentralregierungen | 26.66 |
| --- | --- |
| Banken & Kreditinstitute | 11.62 |
| Supranationale Organisationen | 3.04 |
| Finanz- & Beteiligungsgesellschaften | 1.90 |
| Öffentlich-rechtliche Körperschaften | 0.93 |
| Computer & Netzwerkausrüster | 0.89 |
| Internet, Software & IT-Dienste | 0.73 |
| Pharmazeutik, Kosmetik & medizinische Produkte | 0.66 |
| Total | 96.41 |

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

## Nettovermögensaufstellung
Aktiva	31.5.2021
EUR
Wertpapierbestand, Einstandswert	43 468 382.09
| Wertpapierbestand, nicht realisierte Werterhöhung (-minderung) | 	1 426 695.36	 |
| --- | --- |
| Total Wertpapierbestand (Erläuterung 1) | 44 895 077.45 |
| Bankguthaben, Sicht- und Fristgelder | 1 315 892.72 |
| Zinsforderungen aus Wertpapieren | 100 630.19 |
| Sonstige Forderungen | 50 923.78 |
| Zinsforderungen aus liquiden Mitteln | 92.80 |
| Nicht realisierter Kursgewinn aus Devisenterminkontrakten (Erläuterung 1) | 276 361.28 |
| Total Aktiva | 46 638 978.22 |
|  |  |
| Passiva |  |
| Kontokorrentkredit | -0.57 |
| Rückstellungen für pauschale Verwaltungskommission (Erläuterung 2) | -61 147.60 |
| Rückstellungen für Abonnementsabgabe (Erläuterung 3) | -1 951.66 |
| Rückstellungen für sonstige Kommissionen und Gebühren (Erläuterung 2) | 	-10 209.97	 |
| Total Rückstellungen für Aufwendungen | -73 309.23 |
| Total Passiva | -73 309.80 |
|  |  |
| Nettovermögen am Ende des Geschäftsjahres | 46 565 668.42 |
| Ertrags- und Aufwandsrechnung | EUR |
| Erträge | 1.6.2020-31.5.2021 |
| Zinsertrag auf liquide Mittel | 93.26 |
| Zinsen auf Wertpapiere | 304 977.24 |
| Zinsertrag auf Swaps (Erläuterung 1) | 3 057.41 |
| Dividenden | 92 193.04 |
| Erträge aus Securities Lending (Erläuterung 15) | 11 443.12 |
| Sonstige Erträge (Erläuterung 4) | 9 661.19 |
| Total Erträge | 421 425.26 |
|  |  |
| Aufwendungen |  |
| Zinsaufwand auf Swaps (Erläuterung 1) | -0.80 |
| Kosten aus Securities Lending (Erläuterung 15) | -4 577.25 |
| Pauschale Verwaltungskommission (Erläuterung 2) | -522 187.74 |
| Abonnementsabgabe (Erläuterung 3) | -12 104.74 |
| Sonstige Kommissionen und Gebühren (Erläuterung 2) | -10 267.13 |
| Zinsaufwand auf liquide Mittel und Kontokorrentkredit | -1 763.11 |
| Total Aufwendungen | -550 900.77 |
|  |  |
| Nettoerträge (-verluste) aus Anlagen | -129 475.51 |
|  |  |
| Realisierte Gewinne (Verluste) (Erläuterung 1) |  |
| Realisierter Kursgewinn (-verlust) aus marktbewerteten Wertpapieren ausser Optionen | 255 620.86 |
| Realisierter Kursgewinn (-verlust) aus renditebewerteten Wertpapieren und Geldmarktinstrumenten | -2 506.48 |
| Realisierter Kursgewinn (-verlust) aus Finanzterminkontrakten | -55 673.72 |
| Realisierter Kursgewinn (-verlust) aus Devisenterminkontrakten | 2 119 555.41 |
| Realisierter Kursgewinn (-verlust) aus Swaps | 15 850.17 |
| Realisierter Währungsgewinn (-verlust) | -80 739.25 |
| Total der realisierten Gewinne (Verluste) | 2 252 106.99 |
|  |  |
| Realisierter Nettogewinn (-verlust) des Geschäftsjahres | 2 122 631.48 |
|  |  |
| Veränderungen der nicht realisierten Werterhöhung (-minderung) (Erläuterung 1) |  |
| Nicht realisierte Werterhöhung (-minderung) marktbewerteter Wertpapiere ausser Optionen | -578 315.84 |
| Nicht realisierte Werterhöhung (-minderung) renditebewerteter Wertpapiere und Geldmarktinstrumente | -3 727.96 |
| Nicht realisierte Werterhöhung (-minderung) von Finanzterminkontrakten | -1 151.84 |
| Nicht realisierte Werterhöhung (-minderung) von Devisenterminkontrakten | -232 333.20 |
| Nicht realisierte Werterhöhung (-minderung) von Swaps | -15 794.67 |
| Total der Veränderungen der nicht realisierten Werterhöhung (-minderung) | -831 323.51 |
|  |  |
| Nettoerhöhung (-minderung) des Nettovermögens infolge Geschäftstätigkeit | 1 291 307.97 |

UBS (Lux) Strategy SICAV – Fixed Income (EUR)
Jahresbericht und geprüfter Jahresabschluss per 31. Mai 2021
| Veränderung des Nettovermögens |  |
| --- | --- |
|  | EUR |
|  | 1.6.2020-31.5.2021 |
| Nettovermögen zu Beginn des Geschäftsjahres | 51 504 345.32 |
| Zeichnungen | 326 691.16 |
| Rücknahmen | 	-6 556 676.03	 |
| Total Mittelzufluss (-abfluss) | -6 229 984.87 |
| Nettoerträge (-verluste) aus Anlagen | -129 475.51 |
| Total der realisierten Gewinne (Verluste) | 2 252 106.99 |
| Total der Veränderungen der nicht realisierten Werterhöhung (-minderung) | 	-831 323.51	 |
| Nettoerhöhung (-minderung) des Nettovermögens infolge Geschäftstätigkeit | 1 291 307.97 |
| Nettovermögen am Ende des Geschäftsjahres | 46 565 668.42 |
| Entwicklung der Aktien im Umlauf |  |
|  | 1.6.2020-31.5.2021 |
| Klasse | P-acc |
| Anzahl der Aktien im Umlauf zu Beginn des Geschäftsjahres | 210 065.5140 |
| Anzahl der ausgegebenen Aktien | 1 447.2300 |
| Anzahl der zurückgegebenen Aktien | -23 177.6420 |
| Anzahl der Aktien im Umlauf am Ende des Geschäftsjahres | 188 335.1020 |
| Klasse | Q-acc |
| Anzahl der Aktien im Umlauf zu Beginn des Geschäftsjahres | 50 100.4780 |
| Anzahl der ausgegebenen Aktien | 0.0000 |
| Anzahl der zurückgegebenen Aktien | -12 138.7270 |
| Anzahl der Aktien im Umlauf am Ende des Geschäftsjahres | 37 961.7510 |

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

## Aufstellung der Wertpapierbestände und anderer Nettovermögenswerte per 31. Mai 2021
| Bezeichnung | Anzahl/ | Bewertung in EUR | in % des |
| --- | --- | --- | --- |
|  | Nominal | NR Kursgewinn | Netto- |
|  |  | (-verlust) auf Futures/ | vermögens |
|  |  | Devisentermin- |  |
|  |  | kontrakten/ |  |
|  |  | Swaps (Erl. 1) |  |
| Wertpapiere und Geldmarktinstrumente, die an einer offiziellen Börse gehandelt werden |  |  |  |
| Notes, fester Zins |  |  |  |
| EUR |  |  |  |
| EUR	CHINA, PEOPLE’S REPUBLIC OF-REG-S 0.12500% 19-12.11.26 | 150 000.00 | 150 121.87 | 0.32 |
| EUR	CHINA, PEOPLE’S REPUBLIC OF-REG-S 0.25000% 20-25.11.30 | 350 000.00 | 342 300.00 | 0.73 |
| EUR	NESTLE FINANCE INTERNATIONAL LTD-REG-S 0.37500% 20-12.05.32 | 104 000.00 | 102 646.55 | 0.22 |
| EUR	SWISSCOM FINANCE BV-REG-S 0.37500% 20-14.11.28 | 100 000.00 | 100 860.00 | 0.22 |
| Total EUR |  | 695 928.42 | 1.49 |
| Total Notes, fester Zins |  | 695 928.42 | 1.49 |
| Notes, variabler Zins |  |  |  |
| EUR |  |  |  |
| EUR	SWEDBANK AB-REG-S 0.300%/VAR 21-20.05.27 | 140 000.00 | 139 932.80 | 0.30 |
| EUR	WESTPAC BANKING CORP-REG-SUB 0.766%/VAR 21-13.05.31 | 183 000.00 | 182 525.64 | 0.39 |
| Total EUR |  | 322 458.44 | 0.69 |
| Total Notes, variabler Zins |  | 322 458.44 | 0.69 |
| Medium-Term Notes, fester Zins |  |  |  |
| EUR |  |  |  |
| EUR	BNG BANK NV-REG-S 1.12500% 14-04.09.24 | 300 000.00 | 315 469.20 | 0.68 |
| EUR	COMMONWEALTH BANK OF AUSTRALIA 3.00000% 12-03.05.22 | 250 000.00 | 257 990.00 | 0.55 |
| EUR	CORPORACION ANDINA DE FOMENTO-REG-S 0.50000% 17-25.01.22 | 200 000.00 | 200 938.00 | 0.43 |
| EUR	CORPORACION ANDINA DE FOMENTO-REG-S 0.62500% 19-20.11.26 | 300 000.00 | 303 752.40 | 0.65 |
| EUR	DEXIA CREDIT LOCAL SA-REG-S 0.25000% 17-02.06.22 | 200 000.00 | 201 542.00 | 0.43 |
| EUR	DNB BANK ASA-REG-S 0.05000% 19-14.11.23 | 325 000.00 | 327 249.00 | 0.70 |
| EUR	DNB BOLIGKREDIT A-REG-S 1.87500% 12-21.11.22 | 100 000.00 | 103 498.60 | 0.22 |
| EUR	EUROPEAN INVESTMENT BANK-REG-S 0.25000% 17-14.10.24 | 200 000.00 | 205 240.13 | 0.44 |
| EUR	EXPORT-IMPORT BANK OF KOREA-REG-S 0.37500% 19-26.03.24 | 300 000.00 | 304 650.00 | 0.66 |
| EUR	INSTITUTO DE CREDITO OFICIAL-REG-S 0.50000% 16-26.10.23 | 244 000.00 | 248 604.91 | 0.53 |
| EUR	KREDITANSTALT FUER WIEDERAUFBAU 4.62500% 07-04.01.23 | 550 000.00 | 596 259.40 | 1.28 |
| EUR	LANDESBANK HESSEN-THUERINGEN GZ-REG-S 0.37500% 20-12.05.25 | 400 000.00 | 407 151.20 | 0.88 |
| EUR	LLOYDS BANK PLC-REG-S 0.25000% 19-25.03.24 | 120 000.00 | 121 968.00 | 0.26 |
| EUR	NATIONWIDE BUILDING SOCIETY 4.37500% 07-28.02.22 | 250 000.00 | 259 058.50 | 0.56 |
| EUR	NESTLE HOLDINGS INC-REG-S 0.87500% 17-18.07.25 | 300 000.00 | 311 633.40 | 0.67 |
| EUR	ORACLE CORP 3.12500% 13-10.07.25 | 300 000.00 | 338 499.00 | 0.73 |
| EUR	SKANDINAVISKA ENSKILDA BANKEN AB-REG-S 0.25000% 20-19.05.23 | 292 000.00 | 295 130.82 | 0.63 |
| EUR	SUMITOMO MITSUI BANKING CORP-REG-S 0.26700% 19-18.06.26 | 300 000.00 | 304 794.69 | 0.66 |
| Total EUR |  | 5 103 429.25 | 10.96 |
| Total Medium-Term Notes, fester Zins |  | 5 103 429.25 | 10.96 |
| Medium-Term Notes, Nullcoupon |  |  |  |
| EUR |  |  |  |
| EUR	EUROPEAN STABILITY MECHANISM-REG-S 0.00000% 16-18.10.22 | 200 000.00 | 201 606.00 | 0.44 |
| EUR	NESTLE FINANCE INTERNATIONAL-REG-S 0.00000% 20-12.11.24 | 163 000.00 | 163 996.26 | 0.35 |
| Total EUR |  | 365 602.26 | 0.79 |
| Total Medium-Term Notes, Nullcoupon |  | 365 602.26 | 0.79 |
| Medium-Term Notes, variabler Zins |  |  |  |
| EUR |  |  |  |
| EUR	BANCO BILBAO VIZCAYA ARGENTARIA-REG-S 0.125%/VAR 21-24.03.27 | 400 000.00 | 398 608.00 | 0.86 |
| Total EUR |  | 398 608.00 | 0.86 |
| Total Medium-Term Notes, variabler Zins |  | 398 608.00 | 0.86 |
| Anleihen, fester Zins |  |  |  |
| EUR |  |  |  |
| EUR	APPLE INC 0.87500% 17-24.05.25 | 400 000.00 | 415 525.60 | 0.89 |
| EUR	BELGIUM, KINGDOM OF-144A-REG-S 0.20000% 16-22.10.23 | 150 000.00 | 153 053.70 | 0.33 |
| EUR	BELGIUM, KINGDOM OF-144A-REG-S 0.80000% 17-22.06.27 | 100 000.00 | 106 843.60 | 0.23 |
| EUR	BELGIUM, KINGDOM OF-144A-REG-S 0.50000% 17-22.10.24 | 400 000.00 | 414 831.20 | 0.89 |
| EUR	CAISSE D’AMOR DE LA DETTE SOCIALE-REG-S 2.37500% 13-25.01.24 | 400 000.00 | 430 576.80 | 0.93 |
| EUR	EUROPEAN FINANCIAL STABILITY FAC-REG-S 0.12500% 17-17.10.23 | 300 000.00 | 304 604.40 | 0.65 |
| EUR	EUROPEAN FINANCIAL STABILITY FAC-REG-S 0.05000% 19-17.10.29 | 100 000.00 | 100 763.00 | 0.22 |
| EUR	EUROPEAN INVESTMENT BANK 0.05000% 20-16.01.30 | 100 000.00 | 100 850.00 | 0.22 |
| EUR	FRANCE, REPUBLIC OF OAT 2.25000% 12-25.10.22 | 100 000.00 | 104 091.00 | 0.22 |
| EUR	FRANCE, REPUBLIC OF-OAT 3.50000% 10-25.04.26 | 300 000.00 | 358 361.40 | 0.77 |
| EUR	FRANCE, REPUBLIC OF-OAT 2.75000% 12-25.10.27 | 250 000.00 | 298 862.50 | 0.64 |
| EUR	FRANCE, REPUBLIC OF-OAT 2.50000% 13-25.05.30 | 400 000.00 | 489 780.80 | 1.05 |
| EUR	FRANCE, REPUBLIC OF-OAT 1.75000% 14-25.11.24 | 550 000.00 | 594 426.14 | 1.28 |
| EUR	FRANCE, REPUBLIC OF-OAT 0.50000% 15-25.05.25 | 1 000 000.00 | 1 040 200.00 | 2.23 |
| EUR	FRANCE, REPUBLIC OF-OAT-REG-S 0.50000% 16-25.05.26 | 300 000.00 | 313 687.20 | 0.67 |
| EUR	FRANCE, REPUBLIC OF-OAT-REG-S 0.75000% 17-25.05.28 | 300 000.00 | 319 801.20 | 0.69 |
| EUR	FRANCE, REPUBLIC OF-OAT-REG-S 0.50000% 19-25.05.29 | 300 000.00 | 313 863.60 | 0.67 |
| EUR	GERMANY, REPUBLIC OF 1.50000% 13-15.05.23 | 300 000.00 | 312 913.20 | 0.67 |

UBS (Lux) Strategy SICAV – Fixed Income (EUR)
Jahresbericht und geprüfter Jahresabschluss per 31. Mai 2021
|  | Bezeichnung | Anzahl/ | Bewertung in EUR | in % des |
| --- | --- | --- | --- | --- |
|  | Nominal | NR Kursgewinn | Netto- |
|  |  | (-verlust) auf Futures/ | vermögens |
|  |  | Devisentermin- |  |
|  |  | kontrakten/ |  |
|  |  | Swaps (Erl. 1) |  |
|  |  |  |  |  |
| EUR | GERMANY, REPUBLIC OF 1.00000% 14-15.08.24 | 400 000.00 | 421 712.00 | 0.91 |
| EUR | GERMANY, REPUBLIC OF-REG-S 0.50000% 16-15.02.26 | 300 000.00 | 315 693.00 | 0.68 |
| EUR | GERMANY, REPUBLIC OF-REG-S 0.25000% 17-15.02.27 | 250 000.00 | 261 112.50 | 0.56 |
| EUR | GERMANY, REPUBLIC OF-REG-S 0.25000% 19-15.02.29 | 600 000.00 | 628 638.00 | 1.35 |
| EUR | GERMANY, REPUBLIC OF 4.75000% 98-04.07.28 | 500 000.00 | 687 750.00 | 1.48 |
| EUR | GERMANY, REPUBLIC OF 5.50000% 00-04.01.31 | 350 000.00 | 547 059.80 | 1.18 |
| EUR | JOHNSON & JOHNSON 0.65000% 16-20.05.24 | 300 000.00 | 307 599.00 | 0.66 |
| EUR | KREDITANSTALT FUER WIEDERAUFBAU 0.37500% 16-09.03.26 | 150 000.00 | 155 662.50 | 0.33 |
| EUR | NETHERLANDS, KINGDOM OF THE 3.75000% 06-15.01.23 | 350 000.00 | 375 487.00 | 0.81 |
| EUR | NETHERLANDS, KINGDOM OF THE 2.00000% 14-15.07.24 | 150 000.00 | 162 540.00 | 0.35 |
| EUR | RABOBANK NEDERLAND NV-REG-S 0.25000% 19-30.10.26 | 300 000.00 | 302 646.00 | 0.65 |
| EUR | STADSHYPOTEK AB-REG-S 0.50000% 18-11.07.25 | 200 000.00 | 206 861.60 | 0.44 |
| Total EUR |  |  | 10 545 796.74 | 22.65 |
| Total Anleihen, fester Zins |  | 10 545 796.74 | 22.65 |
| Anleihen, Nullcoupon |  |  |  |
| EUR |  |  |  |
| EUR	FRANCE, REPUBLIC OF-OAT-REG-S 0.00000% 16-25.05.22 | 50 000.00 | 50 307.50 | 0.11 |
| EUR	FRANCE, REPUBLIC OF-OAT-REG-S 0.00000% 17-25.03.23 | 450 000.00 | 455 283.00 | 0.98 |
| EUR	FRANCE, REPUBLIC OF-OAT-REG-S 0.00000% 19-25.03.25 | 200 000.00 | 203 892.00 | 0.44 |
| EUR	GERMANY, REPUBLIC OF 0.00000% 19-18.10.24 | 350 000.00 | 357 846.13 | 0.77 |
| EUR	GERMANY, REPUBLIC OF-REG-S 0.00000% 16-15.08.26 | 300 000.00 | 308 743.20 | 0.66 |
| EUR	TORONTO DOMINION BANK-REG-S 0.00000% 19-09.02.24 | 280 000.00 | 282 870.00 | 0.60 |
| Total EUR |  | 1 658 941.83 | 3.56 |
| Total Anleihen, Nullcoupon |  | 1 658 941.83 | 3.56 |
| Anleihen, variabler Zins |  |  |  |
| EUR |  |  |  |
| EUR	UBS GROUP AG-REG-S 1.250%/VAR 18-17.04.25 | 200 000.00 | 206 654.00 | 0.44 |
| Total EUR |  | 206 654.00 | 0.44 |
| Total Anleihen, variabler Zins |  | 206 654.00 | 0.44 |
| Treasury-Notes, fester Zins |  |  |  |
| USD |  |  |  |
| USD	AMERICA, UNITED STATES OF 5.37500% 01-15.02.31 | 90 000.00 | 99 138.53 | 0.21 |
| USD	AMERICA, UNITED STATES OF 2.25000% 17-15.08.27 | 140 000.00 | 122 413.41 | 0.26 |
| USD	AMERICA, UNITED STATES OF 2.25000% 17-15.11.27 | 135 000.00 | 117 968.17 | 0.25 |
| USD	AMERICA, UNITED STATES OF 2.87500% 18-31.05.25 | 55 000.00 | 49 103.13 | 0.11 |
| USD	AMERICA, UNITED STATES OF 2.75000% 14-15.02.24 | 90 000.00 | 78 573.58 | 0.17 |
| USD	AMERICA, UNITED STATES OF 1.12500% 16-31.07.21 | 150 000.00 | 122 908.40 | 0.26 |
| USD	AMERICA, UNITED STATES OF 1.75000% 12-15.05.22 | 120 000.00 | 99 719.37 | 0.21 |
| USD	AMERICA, UNITED STATES OF 1.37500% 16-30.09.23 | 60 000.00 | 50 421.35 | 0.11 |
| USD	AMERICA, UNITED STATES OF 2.12500% 15-15.05.25 | 85 000.00 | 73 798.29 | 0.16 |
| USD	AMERICA, UNITED STATES OF 1.75000% 19-15.11.29 | 55 000.00 | 46 047.36 | 0.10 |
| USD	AMERICA, UNITED STATES OF 0.25000% 20-31.07.25 | 90 000.00 | 72 529.44 | 0.16 |
| Total USD |  | 932 621.03 | 2.00 |
| Total Treasury-Notes, fester Zins |  | 932 621.03 | 2.00 |
| Treasury-Notes, variabler Zins |  |  |  |
| USD |  |  |  |
| USD	AMERICA, UNITED STATES OF 3.875%/CPI LINKED 99-15.04.29 | 80 000.00 | 149 237.32 | 0.32 |
| USD	AMERICA, UNITED STATES OF 2.375%/CPI LINKED 04-15.01.25 | 145 000.00 | 195 883.12 | 0.42 |
| USD	AMERICA, UNITED STATES OF 0.625%/CPI LINKED 16-15.01.26 | 150 000.00 | 153 629.94 | 0.33 |
| USD	AMERICA, UNITED STATES OF 0.375%/CPI LINKED 17-15.01.27 | 155 000.00 | 155 430.84 | 0.34 |
| USD	AMERICA, UNITED STATES OF 0.375%/CPI INDEX 13-15.07.23 | 155 000.00 | 154 662.76 | 0.33 |
| USD	AMERICA, UNITED STATES OF 0.375%/CPI LINKED 15-15.07.25 | 115 000.00 | 116 724.82 | 0.25 |
| USD	AMERICA, UNITED STATES OF 0.750%/CPI LINKED 18-15.07.28 | 150 000.00 | 149 494.89 | 0.32 |
| USD	AMERICA, UNITED STATES OF 0.125%/CPI LINKED 20-15.01.30 | 175 000.00 | 162 080.27 | 0.35 |
| Total USD |  | 1 237 143.96 | 2.66 |
| Total Treasury-Notes, variabler Zins | 1 237 143.96 | 2.66 |
| Total Wertpapiere und Geldmarktinstrumente, die an einer offiziellen Börse gehandelt werden | 21 467 183.93 | 46.10 |
| Wertpapiere und Geldmarktinstrumente, die an einem anderen geregelten Markt gehandelt werden |  |  |
| Treasury-Notes, variabler Zins |  |  |
| USD |  |  |
| USD	AMERICA, UNITED STATES OF 0.125%/CPI LINKED 12-15.07.22	157 000.00 | 154 118.48 | 0.33 |
| Total USD | 154 118.48 | 0.33 |
| Total Treasury-Notes, variabler Zins | 154 118.48 | 0.33 |
| Total Wertpapiere und Geldmarktinstrumente, die an einem anderen geregelten Markt gehandelt werden | 154 118.48 | 0.33 |

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

OGAW/Andere OGA im Sinne des Artikels 41 (1) e) des abgeänderten luxemburgischen Gesetzes vom 17. Dezember 2010
Investment Fonds, open end
Luxemburg
| EUR | UBS (LUX) BOND FUND - EURO HIGH YIELD (EUR) I-X-ACC | 6 691.00 | 950 724.19 | 2.04 |
| --- | --- | --- | --- | --- |
| EUR | UBS (LUX) BOND SICAV - EUR CORP SUSTAINABLE (EUR) U-X-ACC | 552.00 | 6 988 949.28 | 15.01 |
| USD | UBS (LUX) BOND SICAV - SHORT TERM USD CORPORATES (USD) U-X-A | 61.00 | 571 698.20 | 1.23 |
| USD | UBS (LUX) BOND SICAV - USD CORPORATES U-X-ACC | 36.00 | 379 913.73 | 0.82 |
| USD | UBS (LUX) BOND SICAV - USD HIGH YIELD U-X-ACC | 183.00 | 3 241 919.13 | 6.96 |
| USD | UBS (LUX) BOND SICAV - EMERGING ECONOMIES CORP (USD)-I-X-DIS | 16 099.00 | 1 492 513.52 | 3.20 |
| USD | UBS (LUX) BOND SICAV - USD INVEST GRADE CORP USD U X ACC | 738.45 | 7 399 285.45 | 15.89 |
| USD | UBS (LUX) EMERGING ECONOMIES FUND-GLOBAL BONDS (USD)-U-X ACC | 188.00 | 2 248 771.54 | 4.83 |
| Total Luxemburg | 23 273 775.04 | 49.98 |
| Total Investment Fonds, open end | 23 273 775.04 | 49.98 |
| Total OGAW/Andere OGA im Sinne des Artikels 41 (1) e) des abgeänderten luxemburgischen Gesetzes vom 17. Dezember 2010 | 23 273 775.04 | 49.98 |
| Total des Wertpapierbestandes | 44 895 077.45 | 96.41 |
| Devisenterminkontrakte |  |  |
| Gekaufte Währung/ Gekaufter Betrag/Verkaufte Währung/Verkaufter Betrag/Fälligkeitsdatum |  |  |

| CAD | 134 000.00 | EUR | 90 121.84 | 4.6.2021 | 595.25 | 0.00 |
| --- | --- | --- | --- | --- | --- | --- |
| EUR | 26 961.23 | GBP | 23 134.22 | 4.6.2021 | 65.05 | 0.00 |
| SGD | 283 000.00 | EUR | 176 167.36 | 4.6.2021 | -946.10 | 0.00 |
| EUR | 27 227.80 | AUD | 42 000.00 | 4.6.2021 | 638.40 | 0.00 |
| NOK | 1 616 000.00 | EUR | 159 743.37 | 4.6.2021 | -871.52 | 0.00 |
| EUR | 246 723.19 | JPY | 32 084 180.00 | 4.6.2021 | 6 848.06 | 0.01 |
| EUR | 9 762 143.19 | USD | 11 646 627.31 | 4.6.2021 | 236 626.24 | 0.51 |
| USD | 72 000.00 | EUR | 60 364.30 | 4.6.2021 | -1 477.10 | 0.00 |
| USD | 468 000.00 | EUR | 392 018.90 | 4.6.2021 | -9 252.13 | -0.02 |
| EUR | 158 440.68 | NOK | 1 615 000.00 | 4.6.2021 | -332.86 | 0.00 |
| USD | 236 000.00 | EUR | 197 851.80 | 4.6.2021 | -4 832.66 | -0.01 |
| JPY | 31 400 000.00 | EUR | 241 993.15 | 4.6.2021 | -7 233.24 | -0.02 |
| EUR | 127 627.98 | AUD | 196 500.00 | 4.6.2021 | 3 227.57 | 0.01 |
| EUR | 102 861.84 | CAD | 153 500.00 | 4.6.2021 | -1 056.61 | 0.00 |
| INR | 31 079 000.00 | USD | 423 766.02 | 11.6.2021 | 3 277.55 | 0.01 |
| IDR | 6 117 932 000.00 | USD | 420 794.55 | 11.6.2021 | 6 803.60 | 0.01 |
| USD | 431 380.89 | TWD | 12 174 000.00 | 11.6.2021 | -8 804.57 | -0.02 |
| USD | 54 000.00 | EUR | 45 604.64 | 4.6.2021 | -1 439.24 | 0.00 |
| TWD | 12 174 000.00 | USD | 435 438.87 | 11.6.2021 | 5 509.17 | 0.01 |
| USD | 411 288.29 | INR | 31 079 000.00 | 11.6.2021 | -13 488.33 | -0.03 |
| USD | 418 778.29 | IDR | 6 117 932 000.00 | 11.6.2021 | -8 438.32 | -0.02 |
| EUR | 176 864.50 | SGD | 283 500.00 | 4.6.2021 | 1 333.67 | 0.00 |
| AUD | 238 000.00 | EUR | 152 511.89 | 4.6.2021 | -1 838.62 | 0.00 |
| EUR | 100 651.88 | USD | 121 500.00 | 4.6.2021 | 1 279.74 | 0.00 |
| EUR | 4 516.11 | JPY | 598 021.00 | 14.7.2021 | 47.17 | 0.00 |
| EUR | 13 924.80 | CAD | 20 500.00 | 14.7.2021 | 58.22 | 0.00 |
| SGD | 500.00 | EUR | 309.96 | 14.7.2021 | -0.66 | 0.00 |
| NOK | 1 000.00 | EUR | 100.32 | 14.7.2021 | -2.08 | 0.00 |
| AUD | 500.00 | EUR | 322.93 | 14.7.2021 | -6.58 | 0.00 |
| EUR | 26 033.37 | GBP | 22 500.00 | 14.7.2021 | -106.07 | 0.00 |
| EUR | 9 040 220.36 | USD | 10 991 285.24 | 14.7.2021 | 57 760.79 | 0.12 |
| EUR | 465 732.19 | JPY | 61 900 000.00 | 4.6.2021 | 2 941.17 | 0.00 |
| EUR | 465 513.99 | JPY | 61 900 000.00 | 14.7.2021 | 2 942.27 | 0.01 |
| SGD | 757 000.00 | EUR | 465 073.42 | 14.7.2021 | 3 204.27 | 0.01 |
| SGD | 758 000.00 | EUR | 466 117.33 | 4.6.2021 | 3 203.21 | 0.01 |
| EUR | 22 945.78 | USD | 28 000.00 | 14.7.2021 | 63.21 | 0.00 |
| EUR | 22 963.94 | USD | 28 000.00 | 4.6.2021 | 63.36 | 0.00 |
| Total Devisenterminkontrakte | 276 361.28 | 0.59 |
|  |  |  |
| Bankguthaben, Sicht- und Fristgelder und andere liquide Mittel | 1 315 892.72 | 2.83 |
| Kontokorrentkredit und andere kurzfristige Verbindlichkeiten | -0.57 | 0.00 |
| Andere Aktiva und Passiva | 78 337.54 | 0.17 |
| Total des Nettovermögens | 46 565 668.42 | 100.00 |

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