# UBS (Lux) Institutional Fund – Euro Corporate Bonds
| Three-year comparison |  |
| --- | --- |
|  | ISIN | 31.12.2019 | 31.12.2018 | 31.12.2017 |
| Net assets in EUR |  | 107 167 035.91 | 89 163 986.33 | 94 394 770.39 |
| Class AA | LU0130421521 |  |  |  |
| Units outstanding |  | 13 064.6450 | 12 944.0010 | 81 125.0900 |
| Net asset value per unit in EUR |  | 188.63 | 177.62 | 181.20 |
| Issue and redemption price per unit in EUR 1 |  | 188.63 | 177.62 | 181.20 |
| Class BA | LU0130422412 |  |  |  |
| Units outstanding |  | 301 022.7100 | 304 141.1780 | 281 502.0420 |
| Net asset value per unit in EUR |  | 208.31 | 195.07 | 197.93 |
| Issue and redemption price per unit in EUR 1 |  | 208.31 | 195.07 | 197.93 |
| Class XA | LU0176376811 |  |  |  |
| Units outstanding |  | 243 414.0210 | 170 551.5130 | 146 454.9750 |
| Net asset value per unit in EUR |  | 172.53 | 161.45 | 163.71 |
| Issue and redemption price per unit in EUR 1 |  | 172.53 | 161.45 | 163.71 |
| 1  See note 1 |  |  |  |  |


## Report of the Portfolio Manager
During the financial year, from 1 January 2019 to
31 December 2019, the market produced a positive performance. The decrease in risk-free rates over the financial year and a relevant tightening of corporate over government spreads both had a very positive return effect. Higher beta products (BBB rating and subordi- nated bonds) outperformed lower beta (AA and A senior bonds) issues.
The subfund produced a positive performance during the financial year. Our allocation to financial and non- financial (hybrid) subordinated bonds contributed posi- tively, additionally our allocation to single issuers with lower ratings was beneficial to performance. We held a neutral duration stance over the financial year.
Since the year end we have seen the development of the coronavirus covid-19 outbreak initially in China and now reaching most continents. At present it is not possible to assess the detailed impact of the emerging risk, on the companies in our portfolio but there is growing concern about the impact on the world economy. There has been a significant correction in the financial markets in the last few weeks. The Board and the Manager continue to watch the efforts of governments to contain the spread of the virus and monitor the economic impact, if any, on the companies in our portfolio.

## Structure of the Securities Portfolio
Geographical Breakdown as a % of net assets	
| France | 18.40 |
| --- | --- |
| The Netherlands | 18.04 |
| United States | 15.96 |
| United Kingdom | 12.71 |
| Germany | 7.21 |
| Luxembourg | 5.29 |
| Ireland | 4.18 |
| Spain | 3.68 |
| Australia | 2.65 |
| Switzerland | 1.96 |
| Japan | 1.43 |
| Italy | 1.35 |
| Finland | 1.34 |
| Jersey | 0.99 |
| Guernsey | 0.67 |
| Sweden | 0.63 |
| Denmark | 0.58 |
| Singapore | 0.47 |
| Belgium | 0.42 |
| Total | 97.96 |

Economic Breakdown as a % of net assets	
| Banks & credit institutions | 32.71 |
| --- | --- |
| Finance & holding companies | 30.07 |
| Telecommunications | 7.33 |
| Insurance | 5.88 |
| Energy & water supply | 3.13 |
| Petroleum | 2.36 |
| Food & soft drinks | 2.27 |
| Building industry & materials | 2.18 |
| Tobacco & alcohol | 2.09 |
| Investment funds | 1.65 |
| Mortgage & funding institutions | 1.57 |
| Electrical devices & components | 1.49 |
| Countries & central governments | 1.23 |
| Aerospace industry | 0.99 |
| Pharmaceuticals, cosmetics & medical products | 0.70 |
| Miscellaneous services | 0.70 |
| Electronics & semiconductors | 0.48 |
| Vehicles | 0.39 |
| Internet, software & IT services | 0.21 |
| Traffic & transportation | 0.20 |
| Real Estate | 0.19 |
| Miscellaneous trading companies | 0.14 |
| Total | 97.96 |

UBS (Lux) Institutional Fund – Euro Corporate Bonds Annual Report as of 31 December 2019

## Statement of Net Assets
Assets	31.12.2019
EUR
Investments in securities, cost	101 843 768.14
| Investments in securities, unrealized appreciation (depreciation) | 	3 138 673.37	 |
| --- | --- |
| Total investments in securities (Note 1) | 104 982 441.51 |
| Cash at banks, deposits on demand and deposit accounts | 1 067 892.16 |
| Interest receivable on securities | 1 133 494.29 |
| Total Assets | 107 183 827.96 |
|  |  |
| Liabilities |  |
| Provisions for flat fee (Note 2) | -4 738.39 |
| Provisions for taxe d’abonnement (Note 3) | -2 679.18 |
| Provisions for other commissions and fees (Note 2) | 	-9 374.48	 |
| Total provisions | -16 792.05 |
| Total Liabilities | -16 792.05 |
|  |  |
| Net assets at the end of the financial year | 107 167 035.91 |
| Statement of Operations | EUR |
| Income | 1.1.2019-31.12.2019 |
| Interest on securities | 1 883 368.27 |
| Other income (Note 2, 4) | 88 949.86 |
| Total income | 1 972 318.13 |
|  |  |
| Expenses |  |
| Flat fee (Note 2) | -53 745.99 |
| Taxe d’abonnement (Note 3) | -10 133.37 |
| Other commissions and fees (Note 2) | -10 877.54 |
| Interest on cash and bank overdraft | -6 204.39 |
| Total expenses | -80 961.29 |
|  |  |
| Net income (loss) on investments | 1 891 356.84 |
|  |  |
| Realized gain (loss) (Note 1) |  |
| Realized gain (loss) on market-priced securities without options | 301 334.00 |
| Realized gain (loss) on yield-evaluated securities and money market instruments | -2 665.33 |
| Realized gain (loss) on financial futures | -9 543.00 |
| Total realized gain (loss) | 289 125.67 |
|  |  |
| Net realized gain (loss) of the financial year | 2 180 482.51 |
|  |  |
| Changes in unrealized appreciation (depreciation) (Note 1) |  |
| Unrealized appreciation (depreciation) on market-priced securities without options | 4 090 333.15 |
| Unrealized appreciation (depreciation) on yield-evaluated securities and money market instruments | -1 587.72 |
| Total changes in unrealized appreciation (depreciation) | 4 088 745.43 |
|  |  |
| Net increase (decrease) in net assets as a result of operations | 6 269 227.94 |

UBS (Lux) Institutional Fund – Euro Corporate Bonds Annual Report as of 31 December 2019
| Statement of Changes in Net Assets |  |
| --- | --- |
|  | EUR |
|  | 1.1.2019-31.12.2019 |
| Net assets at the beginning of the financial year | 89 163 986.33 |
| Subscriptions | 30 272 240.03 |
| Redemptions | 	-18 538 418.39	 |
| Total net subscriptions (redemptions) | 11 733 821.64 |
| Net income (loss) on investments | 1 891 356.84 |
| Total realized gain (loss) | 289 125.67 |
| Total changes in unrealized appreciation (depreciation) | 	4 088 745.43	 |
| Net increase (decrease) in net assets as a result of operations | 6 269 227.94 |
| Net assets at the end of the financial year | 107 167 035.91 |
| Development of the outstanding units |  |
|  | 1.1.2019-31.12.2019 |
| Class | AA |
| Number of units outstanding at the beginning of the financial year | 12 944.0010 |
| Number of units issued | 120.6440 |
| Number of units redeemed | 0.0000 |
| Number of units outstanding at the end of the financial year | 13 064.6450 |
| Class | BA |
| Number of units outstanding at the beginning of the financial year | 304 141.1780 |
| Number of units issued | 70 856.4660 |
| Number of units redeemed | -73 974.9340 |
| Number of units outstanding at the end of the financial year | 301 022.7100 |
| Class | XA |
| Number of units outstanding at the beginning of the financial year | 170 551.5130 |
| Number of units issued | 93 407.5140 |
| Number of units redeemed | -20 545.0060 |
| Number of units outstanding at the end of the financial year | 243 414.0210 |

UBS (Lux) Institutional Fund – Euro Corporate Bonds Annual Report as of 31 December 2019

## Statement of Investments in Securities and other Net Assets as of 31 December 2019
| 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	ENEL FINANCE INTERNATIONAL NV-REG-S 1.37500% 16-01.06.26 | 1 759 000.00 | 1 867 804.71 | 1.74 |
| EUR	FORD MOTOR CREDIT CO LLC 1.51400% 19-17.02.23 | 200 000.00 | 201 802.00 | 0.19 |
| EUR	PHILIP MORRIS INTERNATIONAL INC 2.75000% 13-19.03.25 | 300 000.00 | 336 034.62 | 0.31 |
| EUR	PHILIP MORRIS INTERNATIONAL INC 0.80000% 19-01.08.31 | 200 000.00 | 189 187.60 | 0.18 |
| Total EUR |  | 2 594 828.93 | 2.42 |
| Total Notes, fixed rate |  | 2 594 828.93 | 2.42 |
| Notes, floating rate |  |  |  |
| EUR |  |  |  |
| EUR	AUSTRALIA & NZ BANKING GRP-REG-S-SUB 1.125%/VAR 19-21.11.29 | 500 000.00 | 501 421.00 | 0.47 |
| Total EUR |  | 501 421.00 | 0.47 |
| Total Notes, floating rate |  | 501 421.00 | 0.47 |
| Medium term notes, fixed rate |  |  |  |
| EUR |  |  |  |
| EUR	ABN AMRO BANK NV-REG-S-SUB 7.12500% 12-06.07.22 | 400 000.00 | 468 194.12 | 0.44 |
| EUR	ACHMEA BANK NV 2.75000% 14-18.02.21 | 770 000.00 | 795 172.84 | 0.74 |
| EUR	AIB GROUP PLC-REG-S 1.25000% 19-28.05.24 | 300 000.00 | 308 360.40 | 0.29 |
| EUR	ALLIANZ FINANCE II BV-REG-S 1.50000% 19-15.01.30 | 100 000.00 | 110 330.60 | 0.10 |
| EUR	ANGLO AMERICAN CAPITAL PLC-REG-S 1.62500% 17-18.09.25 | 400 000.00 | 416 804.00 | 0.39 |
| EUR	ASSICURAZIONI GENERALI SPA-REG-S-SUB 4.12500% 14-04.05.26 | 400 000.00 | 471 000.00 | 0.44 |
| EUR	AUTOSTRADE PER L’ITALIA SPA 4.37500% 10-16.09.25 | 200 000.00 | 219 358.56 | 0.20 |
| EUR	BANCO BILBAO VIZCAYA ARGENTARIA-REG-S 0.37500% 19-02.10.24 | 1 000 000.00 | 993 980.00 | 0.93 |
| EUR	BANK OF AMERICA CORP-REG-S 1.37500% 14-10.09.21 | 400 000.00 | 410 213.60 | 0.38 |
| EUR	BANK OF AMERICA CORP-REG-S 1.37500% 15-26.03.25 | 800 000.00 | 846 038.80 | 0.79 |
| EUR	BANQUE FEDER DU CREDIT MUTUEL-REG-S 1.25000% 15-14.01.25 | 400 000.00 | 419 392.00 | 0.39 |
| EUR	BANQUE FEDER DU CREDIT MUTUEL-REG-S 1.62500% 16-19.01.26 | 800 000.00 | 860 642.96 | 0.80 |
| EUR	BANQUE FEDER DU CREDIT MUTUEL-REG-S-SUB 2.37500% 16-24.03.26 | 600 000.00 | 655 512.00 | 0.61 |
| EUR	BANQUE FEDERATIVE DU CREDIT MUTUEL 2.62500% 14-18.03.24 | 400 000.00 | 440 792.00 | 0.41 |
| EUR	BARCLAYS BANK PLC-SUB 6.62500% 11-30.03.22 | 300 000.00 | 342 614.40 | 0.32 |
| EUR	BARCLAYS PLC-REG-S 1.87500% 16-08.12.23 | 300 000.00 | 317 044.95 | 0.30 |
| EUR	BAT INTERNATIONAL FINANCE PLC-REG-S 0.87500% 15-13.10.23 | 300 000.00 | 305 508.00 | 0.28 |
| EUR	BAT INTERNATIONAL FINANCE PLC-REG-S 2.25000% 17-16.01.30 | 500 000.00 | 521 318.50 | 0.49 |
| EUR	BMW FINANCE NV-REG-S 0.75000% 16-15.04.24 | 200 000.00 | 205 418.00 | 0.19 |
| EUR	BNP PARIBAS SA 2.37500% 14-20.05.24 | 300 000.00 | 329 383.65 | 0.31 |
| EUR	BNP PARIBAS SA-REG-S-SUB 1.62500% 19-02.07.31 | 200 000.00 | 203 696.00 | 0.19 |
| EUR	BNP PARIBAS SA-REG-S 1.50000% 17-17.11.25 | 500 000.00 | 529 259.00 | 0.49 |
| EUR	BNP PARIBAS-REG-S 1.12500% 16-15.01.23 | 300 000.00 | 309 975.00 | 0.29 |
| EUR	BP CAPITAL MARKETS PLC-REG-S 1.57300% 15-16.02.27 | 400 000.00 | 431 639.80 | 0.40 |
| EUR	BP CAPITAL MARKETS PLC-REG-S 1.63700% 17-26.06.29 | 800 000.00 | 868 849.60 | 0.81 |
| EUR	BRITISH TELECOMMUNICATIONS PLC-REG-S 1.75000% 16-10.03.26 | 200 000.00 | 211 251.60 | 0.20 |
| EUR	BRITISH TELECOMMUNICATIONS PLC-REG-S 1.12500% 16-10.03.23 | 200 000.00 | 206 002.80 | 0.19 |
| EUR	CIE DE SAINT-GOBAIN SA-REG-S 1.87500% 19-15.03.31 | 200 000.00 | 218 901.60 | 0.20 |
| EUR	CIE DE SAINT-GOBAIN-REG-S 1.12500% 18-23.03.26 | 1 100 000.00 | 1 141 184.00 | 1.06 |
| EUR	CITIGROUP INC-REG-S 1.50000% 16-26.10.28 | 1 400 000.00 | 1 500 156.00 | 1.40 |
| EUR	CREDIT AGRICOLE SA LONDON 2.37500% 14-20.05.24 | 800 000.00 | 877 302.40 | 0.82 |
| EUR	CREDIT AGRICOLE SA LONDON-REG-S 1.87500% 16-20.12.26 | 1 000 000.00 | 1 090 050.00 | 1.02 |
| EUR	CREDIT SUISSE GRP FDNG GUERNSEY-REG-S 1.25000% 15-14.04.22 | 700 000.00 | 719 481.00 | 0.67 |
| EUR	DANSKE BANK AS-REG-S 0.87500% 18-22.05.23 | 300 000.00 | 303 704.40 | 0.28 |
| EUR	DEUTSCHE BANK AG-REG-S 1.62500% 19-12.02.21 | 500 000.00 | 505 979.00 | 0.47 |
| EUR	DEUTSCHE BANK-REG-S 2.37500% 13-11.01.23 | 600 000.00 | 625 558.80 | 0.58 |
| EUR	DEUTSCHE TELEKOM INTL FINANCE BV-REG-S 1.50000% 16-03.04.28 | 400 000.00 | 428 250.48 | 0.40 |
| EUR	DEUTSCHE TELEKOM INTL FIN BV-REG-S 2.00000% 18-01.12.29 | 900 000.00 | 1 002 184.20 | 0.93 |
| EUR	DIAGEO FINANCE PLC-REG-S 1.75000% 14-23.09.24 | 1 100 000.00 | 1 184 807.80 | 1.11 |
| EUR	EDP FINANCE BV-REG-S 2.62500% 14-18.01.22 | 1 000 000.00 | 1 053 386.00 | 0.98 |
| EUR	ENAGAS FINANCIACIONES SAU-REG-S 1.25000% 15-06.02.25 | 1 000 000.00 | 1 048 424.00 | 0.98 |
| EUR	EUROGRID GMBH-REG-S 1.50000% 16-18.04.28 | 700 000.00 | 746 396.98 | 0.70 |
| EUR	FORD MOTOR CREDIT CO LLC 3.02100% 19-06.03.24 | 300 000.00 | 317 118.00 | 0.30 |
| EUR	GE CAPITAL EUROPEAN FUNDING 4.62500% 07-22.02.27 | 600 000.00 | 746 899.98 | 0.70 |
| EUR	GE CAPITAL EUROPEAN FUNDING-REG-S 0.80000% 15-21.01.22 | 1 000 000.00 | 1 012 820.00 | 0.94 |
| EUR	GENERAL MOTORS FINANCIAL CO INC-REG-S 0.95500% 16-07.09.23 | 500 000.00 | 504 675.00 | 0.47 |
| EUR	GENERAL MOTORS FINANCIAL CO INC-REG-S 1.69400% 18-26.03.25 | 600 000.00 | 616 498.80 | 0.58 |
| EUR	GLENCORE FINANCE EUROPE SA-REG-S 1.62500% 14-18.01.22 | 100 000.00 | 102 157.38 | 0.10 |
| EUR	GLENCORE FINANCE EUROPE SA-REG-S 1.75000% 15-17.03.25 | 1 200 000.00 | 1 243 897.56 | 1.16 |
| EUR	GOLDMAN SACHS GROUP INC 2.87500% 14-03.06.26 | 550 000.00 | 630 626.70 | 0.59 |
| EUR	GOLDMAN SACHS GROUP INC/THE-REG-S 2.12500% 14-30.09.24 | 150 000.00 | 162 286.50 | 0.15 |
| EUR	GOLDMAN SACHS GROUP INC-REG-S 1.62500% 16-27.07.26 | 500 000.00 | 532 759.80 | 0.50 |
| EUR	GOLDMAN SACHS GROUP INC-REG-S 1.25000% 16-01.05.25 | 100 000.00 | 103 496.00 | 0.10 |
| EUR	GOLDMAN SACHS GROUP INC-REG-S 2.00000% 18-22.03.28 | 300 000.00 | 328 264.14 | 0.31 |
| EUR	HEATHROW FUNDING LTD-REG-S 1.50000% 15-11.02.30 | 1 000 000.00 | 1 056 130.30 | 0.99 |
| EUR	HEIDELBERGCEMENT AG-REG-S 1.50000% 16-07.02.25 | 300 000.00 | 312 923.40 | 0.29 |
| EUR	HEIDELBERGCEMENT FIN LUX SA-REG-S 0.50000% 17-18.01.21 | 500 000.00 | 502 558.90 | 0.47 |
| EUR	HOLCIM FINANCE LUXEMBOURG SA-REG-S 2.25000% 16-26.05.28 | 1 100 000.00 | 1 216 160.00 | 1.13 |
| EUR	HSBC HOLDINGS PLC-SUB 3.00000% 15-30.06.25 | 400 000.00 | 448 192.80 | 0.42 |
| EUR	HSBC HOLDINGS PLC-SUB 3.12500% 16-07.06.28 | 1 200 000.00 | 1 404 523.44 | 1.31 |
| EUR	INNOGY FINANCE II BV-REG-S 5.75000% 03-14.02.33 | 500 000.00 | 784 269.90 | 0.73 |
| EUR	JP MORGAN CHASE & CO 2.75000% 13-01.02.23 | 800 000.00 | 866 236.80 | 0.81 |
| EUR	JPMORGAN CHASE & CO-REG-S 1.50000% 15-27.01.25 | 1 000 000.00 | 1 063 410.10 | 0.99 |
| EUR	JPMORGAN CHASE & CO-REG-S 1.50000% 16-29.10.26 | 300 000.00 | 323 331.99 | 0.30 |
| EUR	KONINKLIJKE KPN NV-REG-S 1.12500% 16-11.09.28 | 100 000.00 | 102 893.40 | 0.10 |
| EUR	LANDESBANK BADEN-WUERTTEMBERG-REG-S-SUB 3.62500% 15-16.06.25 | 400 000.00 | 459 254.40 | 0.43 |
| EUR	LLOYDS BANK PLC-SUB 6.50000% 10-24.03.20 | 300 000.00 | 304 281.00 | 0.28 |
| EUR	LOGICOR FINANCING SARL-REG-S 3.25000% 18-13.11.28 | 700 000.00 | 782 670.00 | 0.73 |

UBS (Lux) Institutional Fund – Euro Corporate Bonds Annual Report as of 31 December 2019
|  | Description | Quantity/ | Valuation in EUR | as a % |
| --- | --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |
|  |  |  |  |  |
| EUR | LOGICOR FINANCING SARL-REG-S 1.62500% 19-15.07.27 | 500 000.00 | 505 853.00 | 0.47 |
| EUR | MORGAN STANLEY 1.75000% 15-30.01.25 | 400 000.00 | 427 644.00 | 0.40 |
| EUR | MORGAN STANLEY 1.87500% 17-27.04.27 | 300 000.00 | 327 496.08 | 0.31 |
| EUR | NATIONAL GRID NORTH AMERICA INC-REG-S 0.75000% 18-08.08.23 | 300 000.00 | 305 597.34 | 0.28 |
| EUR | NATWEST MARKETS PLC-REG-S 1.00000% 19-28.05.24 | 500 000.00 | 509 456.00 | 0.48 |
| EUR | NORDEA BANK ABP-REG-S 1.12500% 17-27.09.27 | 200 000.00 | 211 761.68 | 0.20 |
| EUR | NORDEA BANK ABP-SUB 4.00000% 10-29.03.21 | 200 000.00 | 209 660.80 | 0.20 |
| EUR | ORANGE 3.00000% 12-15.06.22 | 200 000.00 | 214 830.00 | 0.20 |
| EUR | ORANGE SA 1.12500% 19-15.07.24 | 300 000.00 | 312 160.20 | 0.29 |
| EUR | ORANGE SA-REG-S 1.00000% 18-12.09.25 | 300 000.00 | 311 245.02 | 0.29 |
| EUR | ORANGE SA-REG-S 1.37500% 18-20.03.28 | 1 000 000.00 | 1 063 410.00 | 0.99 |
| EUR | ORIGIN ENERGY FINANCE LTD-REG-S 1.00000% 19-17.09.29 | 600 000.00 | 583 067.70 | 0.54 |
| EUR | PHILIP MORRIS INTERNATIONAL INC 2.87500% 14-03.03.26 | 500 000.00 | 571 725.00 | 0.53 |
| EUR | RABOBANK NEDERLAND NV-REG-S-SUB 4.12500% 12-14.09.22 | 1 300 000.00 | 1 437 826.00 | 1.34 |
| EUR | REPSOL INTERNATIONAL FINANCE BV-REG-S 2.25000% 14-10.12.26 | 200 000.00 | 226 024.40 | 0.21 |
| EUR | SANOFI-REG-S 1.37500% 18-21.03.30 | 400 000.00 | 439 683.20 | 0.41 |
| EUR | SANTANDER CONSUMER FINANCE SA-REG-S 1.12500% 18-09.10.23 | 400 000.00 | 413 021.28 | 0.39 |
| EUR | SCHAEFFLER AG-REG-S 1.87500% 19-26.03.24 | 300 000.00 | 313 447.20 | 0.29 |
| EUR | SCHAEFFLER AG-REG-S 2.87500% 19-26.03.27 | 100 000.00 | 109 538.00 | 0.10 |
| EUR | SHELL INTERNATIONAL FINANCE BV-REG-S 0.75000% 16-15.08.28 | 800 000.00 | 823 495.44 | 0.77 |
| EUR | SKY PLC-REG-S 2.50000% 14-15.09.26 | 400 000.00 | 455 040.80 | 0.42 |
| EUR | SOCIETE GENERALE SA-REG-S 0.75000% 16-26.05.23 | 500 000.00 | 510 983.00 | 0.48 |
| EUR | SOCIETE GENERALE-REG-S 1.25000% 19-15.02.24 | 400 000.00 | 413 526.40 | 0.39 |
| EUR | SOCIETE GENERALE-REG-S 1.00000% 16-01.04.22 | 700 000.00 | 715 341.20 | 0.67 |
| EUR | SUMITOMO MITSUI FIN GP INC-REG-S 0.93400% 17-11.10.24 | 300 000.00 | 307 377.00 | 0.29 |
| EUR | SUMITOMO MITSUI FIN GP INC-REG-S 0.81900% 18-23.07.23 | 1 200 000.00 | 1 223 404.80 | 1.14 |
| EUR | TELEFONICA EMISIONES SA-REG-S 1.46000% 16-13.04.26 | 400 000.00 | 424 912.00 | 0.40 |
| EUR | TELEFONICA EMISIONES SAU-REG-S 1.93000% 16-17.10.31 | 300 000.00 | 330 778.20 | 0.31 |
| EUR | TELEFONICA EMISIONES SA-REG-S 1.49500% 18-11.09.25 | 400 000.00 | 424 044.08 | 0.40 |
| EUR | TELEFONICA EMISIONES SA-REG-S 1.06900% 19-05.02.24 | 300 000.00 | 310 677.60 | 0.29 |
| EUR | TOTAL CAPITAL INTERNATIONAL SA-REG-S 0.69600% 19-31.05.28 | 600 000.00 | 616 143.60 | 0.57 |
| EUR | UBS GROUP AG-REG-S 1.25000% 16-01.09.26 | 800 000.00 | 840 652.80 | 0.78 |
| EUR | UNICREDITO ITALIANO SPA 1.00000% 18-18.01.23 | 750 000.00 | 757 362.00 | 0.71 |
| EUR | VEOLIA ENVIRONNEMENT-REG-S 0.89200% 19-14.01.24 | 900 000.00 | 925 767.00 | 0.86 |
| EUR | VERIZON COMMUNICATIONS INC 3.25000% 14-17.02.26 | 400 000.00 | 470 220.00 | 0.44 |
| EUR | VINCI SA-REG-S 1.62500% 19-18.01.29 | 600 000.00 | 660 390.00 | 0.62 |
| EUR | VODAFONE GROUP PLC-REG-S 1.60000% 16-29.07.31 | 200 000.00 | 208 910.38 | 0.19 |
| EUR | VODAFONE GROUP PLC-REG-S 1.50000% 17-24.07.27 | 400 000.00 | 426 060.00 | 0.40 |
| EUR | VOLKSWAGEN INTERNATIONAL FIN NV-REG-S 1.62500% 15-16.01.30 | 900 000.00 | 926 769.60 | 0.86 |
| EUR | VOLKSWAGEN LEASING GMBH-REG-S 1.12500% 17-04.04.24 | 300 000.00 | 306 364.20 | 0.29 |
| EUR | VONOVIA FINANCE BV-REG-S 0.87500% 18-03.07.23 | 200 000.00 | 204 162.24 | 0.19 |
| EUR | WELLS FARGO & CO-REG-S 2.62500% 12-16.08.22 | 400 000.00 | 427 120.00 | 0.40 |
| Total EUR |  |  | 61 774 805.37 | 57.64 |
| Total Medium term notes, fixed rate |  | 61 774 805.37 | 57.64 |
| Medium term notes, floating rate |  |  |  |
| EUR |  |  |  |
| EUR	ALLIANZ FINANCE II-SUB 5.750%/3M EURIBOR+334.9BP 11-08.07.41 | 200 000.00 | 217 013.52 | 0.20 |
| EUR	ALLIANZ SE-REG-S-SUB 4.750%/3M EURIBOR+360BP 13-PRP | 800 000.00 | 923 479.36 | 0.86 |
| EUR	AVIVA PLC-REG-S-SUB 3.375%/VAR 15-04.12.45 | 800 000.00 | 886 040.00 | 0.83 |
| EUR	AVIVA PLC-SUB 6.125%/VAR 13-05.07.43 | 200 000.00 | 235 248.00 | 0.22 |
| EUR	AXA SA-REG-S-SUB 3.250%/VAR 18-28.05.49 | 200 000.00 | 227 754.84 | 0.21 |
| EUR	AXA SA-REG-S-SUB 3.375%/VAR 16-06.07.47 | 500 000.00 | 572 444.00 | 0.53 |
| EUR	AXA SA-REG-S-SUB 3.941%/VAR 14-PRP | 300 000.00 | 339 519.00 | 0.32 |
| EUR	BANK OF IRELAND GROUP PLC-REG-S 0.750%/VAR 19-08.07.24 | 200 000.00 | 201 351.20 | 0.19 |
| EUR	BARCLAYS PLC-REG-S 1.375%/VAR 18-24.01.26 | 600 000.00 | 618 190.80 | 0.58 |
| EUR	BNP PARIBAS-REG-S 2.125%/VAR 19-23.01.27 | 800 000.00 | 873 014.40 | 0.82 |
| EUR	CITIGROUP INC-SUB 4.250%/FLR 05-25.02.30 | 300 000.00 | 352 604.40 | 0.33 |
| EUR	COMMONWEALTH BK OF AUSTRLIA-REG-S-SUB 1.936%/VAR 17-03.10.29 | 400 000.00 | 415 172.00 | 0.39 |
| EUR	DANONE SA-REG-S-SUB 1.750%/VAR 17-PRP | 700 000.00 | 719 250.00 | 0.67 |
| EUR	DANSKE BANK AS-REG-S-SUB 2.500%/VAR 19-21.06.29 | 300 000.00 | 315 210.30 | 0.29 |
| EUR	DBS GROUP HOLDINGS LTD-REG-S-SUB 1.500%/VAR 18-11.04.28 | 500 000.00 | 507 625.45 | 0.47 |
| EUR	ENBW ENERGIE BADEN-WUERTT-REG-S-SUB 3.625%/VAR 14-02.04.76 | 300 000.00 | 311 916.30 | 0.29 |
| EUR	IBERDROLA INTERNATIONAL BV-REG-S-SUB 2.625%/VAR 18-PRP | 1 500 000.00 | 1 601 100.00 | 1.49 |
| EUR	ING BANK NV-SUB 3.625%/VAR 14-25.02.26 | 1 700 000.00 | 1 767 707.60 | 1.65 |
| EUR	ING GROEP NV-SUB 3.000%/VAR 17-11.04.28 | 300 000.00 | 323 101.17 | 0.30 |
| EUR	LA BANQUE POSTALE-REG-S-SUB-2.750%/VAR 14-23.04.26 | 400 000.00 | 412 832.80 | 0.39 |
| EUR	NORDEA BANK ABP-REG-S-SUB 1.000%/VAR 16-07.09.26 | 1 000 000.00 | 1 011 780.00 | 0.94 |
| EUR	SKANDINAVISKA ENSKILDA BANKEN AB-SUB 2.500%/VAR 14-28.05.26 | 300 000.00 | 308 985.00 | 0.29 |
| EUR	SVENSKA HANDELSBANKEN AB-REG-S-SUB 1.625%/VAR 18-05.03.29 | 350 000.00 | 364 739.90 | 0.34 |
| EUR	TOTAL SA-REG-S-SUB 2.250%/VAR 15-PRP | 600 000.00 | 612 865.20 | 0.57 |
| EUR	TOTAL SA-REG-S-SUB 3.369%/VAR 16-PRP | 900 000.00 | 1 027 819.80 | 0.96 |
| Total EUR |  | 15 146 765.04 | 14.13 |
| Total Medium term notes, floating rate |  | 15 146 765.04 | 14.13 |
| Bonds, fixed rate |  |  |  |
| EUR |  |  |  |
| EUR	ALTRIA GROUP INC 3.12500% 19-15.06.31 | 200 000.00 | 222 982.00 | 0.21 |
| EUR	ARGENTUM NETHERLANDS BV FOR GIV-REG-S 2.00000% 18-17.09.30 | 900 000.00 | 1 015 902.00 | 0.95 |
| EUR	AT&T INC 1.80000% 18-05.09.26 | 200 000.00 | 213 966.00 | 0.20 |
| EUR	AT&T INC 2.60000% 14-17.12.29 | 800 000.00 | 911 651.20 | 0.85 |
| EUR	AT&T INC 3.50000% 13-17.12.25 | 700 000.00 | 820 201.20 | 0.76 |
| EUR	BAYER CAPITAL CORP BV-REG-S 1.50000% 18-26.06.26 | 300 000.00 | 317 334.60 | 0.30 |
| EUR	BAYER CAPITAL CORP BV-REG-S 2.12500% 18-15.12.29 | 200 000.00 | 220 455.94 | 0.21 |
| EUR	BELFIUS BANK SA/NV-REG-S-SUB 3.12500% 16-11.05.26 | 400 000.00 | 451 324.64 | 0.42 |
| EUR	COCA-COLA EUROPEAN PARTNERS PLC-REG-S 1.75000% 16-26.05.28 | 1 100 000.00 | 1 206 275.40 | 1.12 |
| EUR	CREDIT AGRICOLE SA-REG-S-SUB 2.62500% 15-17.03.27 | 550 000.00 | 617 006.50 | 0.58 |
| EUR	CRH FINANCE LTD 3.12500% 13-03.04.23 | 400 000.00 | 438 916.88 | 0.41 |
| EUR	GIE PSA TRESORERIE 6.00000% 03-19.09.33 | 100 000.00 | 145 268.00 | 0.14 |
| EUR	IMPERIAL BRANDS FINANCE PLC-REG-S 1.37500% 17-27.01.25 | 500 000.00 | 512 653.00 | 0.48 |
| EUR	LANDESBANK BADEN-WUERTTEMBERG-REG-S-SUB 2.87500% 16-28.09.26 | 600 000.00 | 667 212.00 | 0.62 |

UBS (Lux) Institutional Fund – Euro Corporate Bonds Annual Report as of 31 December 2019
|  | Description | Quantity/ | Valuation in EUR | as a % |
| --- | --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |
|  |  |  |  |  |
| EUR | MOLSON COORS BREWING CO 1.25000% 16-15.07.24 | 900 000.00 | 923 598.00 | 0.86 |
| EUR | MONDELEZ INTL 1.00000% 15-07.03.22 | 500 000.00 | 510 695.00 | 0.48 |
| EUR | MORGAN STANLEY 1.87500% 14-30.03.23 | 400 000.00 | 422 696.00 | 0.39 |
| EUR | SAP SE-REG-S 1.62500% 18-10.03.31 | 200 000.00 | 221 849.54 | 0.21 |
| EUR | THERMO FISHER SCIENTIFIC INC 0.75000% 16-12.09.24 | 500 000.00 | 511 534.00 | 0.48 |
| EUR | UBS GROUP AG-REG-S 1.75000% 15-16.11.22 | 500 000.00 | 524 212.00 | 0.49 |
| EUR | UBS GROUP AG-REG-S 1.50000% 16-30.11.24 | 300 000.00 | 315 090.00 | 0.29 |
| EUR | VERIZON COMMUNICATIONS INC 1.87500% 17-26.10.29 | 400 000.00 | 442 924.00 | 0.41 |
| EUR | WINTERSHALL DEA FINANCE-REG-S 1.82300% 19-25.09.31 | 1 000 000.00 | 1 043 405.60 | 0.97 |
| Total EUR |  |  | 12 677 153.50 | 11.83 |
| Total Bonds, fixed rate |  | 12 677 153.50 | 11.83 |
| Bonds, zero coupon |  |  |  |
| EUR |  |  |  |
| EUR	GERMANY, REPUBLIC OF-REG-S 0.00000% 19-15.08.29 | 1 300 000.00 | 1 323 440.82 | 1.24 |
| Total EUR |  | 1 323 440.82 | 1.24 |
| Total Bonds, zero coupon |  | 1 323 440.82 | 1.24 |
| Bonds, floating rate |  |  |  |
| EUR |  |  |  |
| EUR	ALLIANZ SE-REG-S-SUB 1.301%/3M EURIBOR+235BP 19-25.09.49 | 600 000.00 | 594 118.80 | 0.56 |
| EUR	AXA SA-SUB 5.250%/3MO EURIBOR+305BP 10-16.04.40 | 400 000.00 | 405 760.80 | 0.38 |
| EUR	BHP BILLITON FINANCE LTD-REG-S-SUB 5.625%/VAR 15-22.10.79 | 1 100 000.00 | 1 342 297.00 | 1.25 |
| EUR	ENGIE SA-REG-S-SUB 1.375%/VAR 18-PRP | 500 000.00 | 504 835.00 | 0.47 |
| EUR	ENGIE SA-REG-S-SUB 3.87500%/VAR 14-PRP | 500 000.00 | 558 683.75 | 0.52 |
| EUR	MERCK KGAA-REG-S-SUB 2.625%/VAR 14-12.12.74 | 300 000.00 | 310 017.00 | 0.29 |
| EUR	MORGAN STANLEY 1.342%/3M EURIBOR+83.4BP 17-23.10.26 | 300 000.00 | 314 203.71 | 0.29 |
| EUR	NGG FINANCE PLC-REG-S-SUB 2.125%/VAR 19-05.09.82 | 500 000.00 | 507 785.00 | 0.47 |
| EUR	RABOBANK NEDERLAND NV-REG-S-SUB 2.500%/VAR 14-26.05.26 | 600 000.00 | 619 026.00 | 0.58 |
| EUR	SWISS RE FINANCE LUX SA-REG-S-SUB 2.534%/VAR 19-30.04.50 | 1 200 000.00 | 1 315 128.60 | 1.23 |
| EUR	UBS GROUP AG-REG-S 1.250%/VAR 18-17.04.25 | 400 000.00 | 415 864.00 | 0.39 |
| EUR	VOLKSWAGEN INTERNATIONAL FIN NV-REG-S-SUB 2.500%/VAR 15-PRP | 900 000.00 | 923 985.00 | 0.86 |
| EUR	VOLKSWAGEN INTL FIN NV-REG-S-SUB 2.700%/VAR 17-PRP | 200 000.00 | 207 300.00 | 0.19 |
| EUR	VOLKSWAGEN INTL FINANCE NV-REG-S-SUB 3.375%/VAR 18-PRP | 600 000.00 | 640 320.00 | 0.60 |
| Total EUR |  | 8 659 324.66 | 8.08 |
| Total Bonds, floating rate |  | 8 659 324.66 | 8.08 |
| Total Transferable securities and money market instruments listed on an official stock exchange |  | 102 677 739.32 | 95.81 |

Transferable securities and money market instruments not listed on an official stock exchange and not traded on another regulated market
Medium term notes, fixed rate
| EUR |  |
| --- | --- |
| EUR | BNP PARIBAS SA-REG-S 1.50000% 17-23.05.28 | 500 000.00 | 534 919.00 | 0.50 |
| Total EUR |  |  | 534 919.00 | 0.50 |
| Total Medium term notes, fixed rate | 534 919.00 | 0.50 |
| Total Transferable securities and money market instruments not listed on an official stock exchange and not traded on another regulated market | 534 919.00 | 0.50 |
| UCITS/Other UCIs in accordance with Article 41 (1) e) of the amended Luxembourg law of 17 December 2010 |  |  |
| Investment funds, open end |  |  |
| Ireland |  |  |
| EUR	UBS (IRL) SELECT MONEY MARKET FUND-EUR-S-DIST	177.77 | 1 769 783.19 | 1.65 |
| Total Ireland | 1 769 783.19 | 1.65 |
| Total Investment funds, open end | 1 769 783.19 | 1.65 |
| Total UCITS/Other UCIs in accordance with Article 41 (1) e) of the amended Luxembourg law of 17 December 2010 | 1 769 783.19 | 1.65 |
| Total investments in securities | 104 982 441.51 | 97.96 |
|  |  |  |
| Cash at banks, deposits on demand and deposit accounts and other liquid assets | 1 067 892.16 | 1.00 |
| Other assets and liabilities | 1 116 702.24 | 1.04 |
| Total net assets | 107 167 035.91 | 100.00 |

UBS (Lux) Institutional Fund – Euro Corporate Bonds Annual Report as of 31 December 2019

Translation (ENDE, 2019-12-31):
# UBS (Lux) Institutional Fund – Euro Corporate Bonds
| Dreijahresvergleich |  |
| --- | --- |
|  | ISIN | 31.12.2019 | 31.12.2018 | 31.12.2017 |
| Nettovermögen in EUR |  | 107 167 035.91 | 89 163 986.33 | 94 394 770.39 |
| Klasse AA | LU0130421521 |  |  |  |
| Anteile im Umlauf |  | 13 064.6450 | 12 944.0010 | 81 125.0900 |
| Nettoinventarwert pro Anteil in EUR |  | 188.63 | 177.62 | 181.20 |
| Ausgabe- und Rücknahmepreis pro Anteil in EUR 1 |  | 188.63 | 177.62 | 181.20 |
| Klasse BA | LU0130422412 |  |  |  |
| Anteile im Umlauf |  | 301 022.7100 | 304 141.1780 | 281 502.0420 |
| Nettoinventarwert pro Anteil in EUR |  | 208.31 | 195.07 | 197.93 |
| Ausgabe- und Rücknahmepreis pro Anteil in EUR 1 |  | 208.31 | 195.07 | 197.93 |
| Klasse XA | LU0176376811 |  |  |  |
| Anteile im Umlauf |  | 243 414.0210 | 170 551.5130 | 146 454.9750 |
| Nettoinventarwert pro Anteil in EUR |  | 172.53 | 161.45 | 163.71 |
| Ausgabe- und Rücknahmepreis pro Anteil in EUR 1 |  | 172.53 | 161.45 | 163.71 |
| 1  Siehe Erläuterung 1 |  |  |  |  |


## Bericht des Portfolio Managers
Im Rechnungsjahr vom 1. Januar 2019 bis zum
31. Dezember 2019 entwickelte sich der Markt positiv. Der Rückgang der risikolosen Zinsen im Rechnungsjahr und die signifikante Verengung der Risikoprämien von Unternehmensanleihen gegenüber Staatspapieren wirk- ten sich sehr vorteilhaft auf die Gesamterträge aus. Pro- dukte mit höherem Beta (Anleihen mit Rating von BBB und nachrangige Papiere) übertrafen Emissionen mit tieferem Beta (vorrangige Anleihen der Ratingkategorien AA und A).
Der Subfonds erzielte im Rechnungsjahr eine positive Wertentwicklung. Unsere Allokation in nachrangigen Anleihen von Finanz- und Nichtfinanzunternehmen (Hyb- ridanleihen) leistete positive Beiträge, ebenso wie Alloka- tionen in einzelnen Emittenten mit tieferen Ratings. Wir hielten im Rechnungsjahr eine neutrale Duration.
Die bedeutendste Entwicklung seit dem Jahresende war der Ausbruch des Coronavirus Covid-19, der zunächst in China auftrat, aber mittlerweile die meisten Kontinente erfasst hat. Derzeit lässt sich nicht abschätzen, wie die- ses neu entstehende Risiko die Unternehmen in unserem Portfolio genau beeinflussen wird. Doch die Besorgnis über die Auswirkungen auf die Weltwirtschaft nimmt zu. An den Finanzmärkten ist es in den letzten Wochen zu bedeutenden Korrekturen gekommen. Der Verwal- tungsrat und die Manager behalten die Bemühungen der Regierungen zur Eindämmung der Virusausbreitung aufmerksam im Auge und beobachten die möglichen wirtschaftlichen Auswirkungen auf die Unternehmen in unserem Portfolio.

## Struktur des Wertpapierbestandes
Geographische Aufteilung in % des Nettovermögens	
| Frankreich | 18.40 |
| --- | --- |
| Niederlande | 18.04 |
| Vereinigte Staaten | 15.96 |
| Grossbritannien | 12.71 |
| Deutschland | 7.21 |
| Luxemburg | 5.29 |
| Irland | 4.18 |
| Spanien | 3.68 |
| Australien | 2.65 |
| Schweiz | 1.96 |
| Japan | 1.43 |
| Italien | 1.35 |
| Finnland | 1.34 |
| Jersey | 0.99 |
| Guernsey | 0.67 |
| Schweden | 0.63 |
| Dänemark | 0.58 |
| Singapur | 0.47 |
| Belgien | 0.42 |
| Total | 97.96 |

Wirtschaftliche Aufteilung in % des Nettovermögens	
| Banken & Kreditinstitute | 32.71 |
| --- | --- |
| Finanz- & Beteiligungsgesellschaften | 30.07 |
| Telekommunikation | 7.33 |
| Versicherungen | 5.88 |
| Energie- & Wasserversorgung | 3.13 |
| Erdöl | 2.36 |
| Nahrungsmittel & Softdrinks | 2.27 |
| Baugewerbe & Baumaterial | 2.18 |
| Tabak & alkoholische Getränke | 2.09 |
| Anlagefonds | 1.65 |
| Pfandbriefinstitute & Refinanzierungsgesellschaften | 1.57 |
| Elektrische Geräte & Komponenten | 1.49 |
| Länder- & Zentralregierungen | 1.23 |
| Flugzeug- & Raumfahrtindustrie | 0.99 |
| Pharmazeutik, Kosmetik & medizinische Produkte | 0.70 |
| Diverse Dienstleistungen | 0.70 |
| Elektronik & Halbleiter | 0.48 |
| Fahrzeuge | 0.39 |
| Internet, Software & IT-Dienste | 0.21 |
| Verkehr & Transport | 0.20 |
| Immobilien | 0.19 |
| Diverse Handelsfirmen | 0.14 |
| Total | 97.96 |

UBS (Lux) Institutional Fund – Euro Corporate Bonds Jahresbericht per 31. Dezember 2019

## Nettovermögensaufstellung
Aktiva	31.12.2019
EUR
Wertpapierbestand, Einstandswert	101 843 768.14
| Wertpapierbestand, nicht realisierte Werterhöhung (-minderung) | 	3 138 673.37	 |
| --- | --- |
| Total Wertpapierbestand (Erläuterung 1) | 104 982 441.51 |
| Bankguthaben, Sicht- und Fristgelder | 1 067 892.16 |
| Zinsforderungen aus Wertpapieren | 1 133 494.29 |
| Total Aktiva | 107 183 827.96 |
|  |  |
| Passiva |  |
| Rückstellungen für pauschale Verwaltungskommission (Erläuterung 2) | -4 738.39 |
| Rückstellungen für Abonnementsabgabe (Erläuterung 3) | -2 679.18 |
| Rückstellungen für sonstige Kommissionen und Gebühren (Erläuterung 2) | 	-9 374.48	 |
| Total Rückstellungen für Aufwendungen | -16 792.05 |
| Total Passiva | -16 792.05 |
|  |  |
| Nettovermögen am Ende des Geschäftsjahres | 107 167 035.91 |
| Ertrags- und Aufwandsrechnung | EUR |
| Erträge | 1.1.2019-31.12.2019 |
| Zinsen auf Wertpapiere | 1 883 368.27 |
| Sonstige Erträge (Erläuterung 2, 4) | 88 949.86 |
| Total Erträge | 1 972 318.13 |
|  |  |
| Aufwendungen |  |
| Pauschale Verwaltungskommission (Erläuterung 2) | -53 745.99 |
| Abonnementsabgabe (Erläuterung 3) | -10 133.37 |
| Sonstige Kommissionen und Gebühren (Erläuterung 2) | -10 877.54 |
| Zinsaufwand auf liquide Mittel und Kontokorrentkredit | -6 204.39 |
| Total Aufwendungen | -80 961.29 |
|  |  |
| Nettoerträge (-verluste) aus Anlagen | 1 891 356.84 |
|  |  |
| Realisierte Gewinne (Verluste) (Erläuterung 1) |  |
| Realisierter Kursgewinn (-verlust) aus marktbewerteten Wertpapieren ausser Optionen | 301 334.00 |
| Realisierter Kursgewinn (-verlust) aus renditebewerteten Wertpapieren und Geldmarktinstrumenten | -2 665.33 |
| Realisierter Kursgewinn (-verlust) aus Finanzterminkontrakten | -9 543.00 |
| Total der realisierten Gewinne (Verluste) | 289 125.67 |
|  |  |
| Realisierter Nettogewinn (-verlust) des Geschäftsjahres | 2 180 482.51 |
|  |  |
| Veränderungen der nicht realisierten Werterhöhung (-minderung) (Erläuterung 1) |  |
| Nicht realisierte Werterhöhung (-minderung) marktbewerteter Wertpapiere ausser Optionen | 4 090 333.15 |
| Nicht realisierte Werterhöhung (-minderung) renditebewerteter Wertpapiere und Geldmarktinstrumente | -1 587.72 |
| Total der Veränderungen der nicht realisierten Werterhöhung (-minderung) | 4 088 745.43 |
|  |  |
| Nettoerhöhung (-minderung) des Nettovermögens infolge Geschäftstätigkeit | 6 269 227.94 |

UBS (Lux) Institutional Fund – Euro Corporate Bonds Jahresbericht per 31. Dezember 2019
| Veränderungen des Nettovermögens |  |
| --- | --- |
|  | EUR |
|  | 1.1.2019-31.12.2019 |
| Nettovermögen zu Beginn des Geschäftsjahres | 89 163 986.33 |
| Zeichnungen | 30 272 240.03 |
| Rücknahmen | 	-18 538 418.39	 |
| Total Mittelzufluss (-abfluss) | 11 733 821.64 |
| Nettoerträge (-verluste) aus Anlagen | 1 891 356.84 |
| Total der realisierten Gewinne (Verluste) | 289 125.67 |
| Total der Veränderungen der nicht realisierten Werterhöhung (-minderung) | 	4 088 745.43	 |
| Nettoerhöhung (-minderung) des Nettovermögens infolge Geschäftstätigkeit | 6 269 227.94 |
| Nettovermögen am Ende des Geschäftsjahres | 107 167 035.91 |
| Entwicklung der Anteile im Umlauf |  |
|  | 1.1.2019-31.12.2019 |
| Klasse | AA |
| Anzahl der Anteile im Umlauf zu Beginn des Geschäftsjahres | 12 944.0010 |
| Anzahl der ausgegebenen Anteile | 120.6440 |
| Anzahl der zurückgegebenen Anteile | 0.0000 |
| Anzahl der Anteile im Umlauf am Ende des Geschäftsjahres | 13 064.6450 |
| Klasse | BA |
| Anzahl der Anteile im Umlauf zu Beginn des Geschäftsjahres | 304 141.1780 |
| Anzahl der ausgegebenen Anteile | 70 856.4660 |
| Anzahl der zurückgegebenen Anteile | -73 974.9340 |
| Anzahl der Anteile im Umlauf am Ende des Geschäftsjahres | 301 022.7100 |
| Klasse | XA |
| Anzahl der Anteile im Umlauf zu Beginn des Geschäftsjahres | 170 551.5130 |
| Anzahl der ausgegebenen Anteile | 93 407.5140 |
| Anzahl der zurückgegebenen Anteile | -20 545.0060 |
| Anzahl der Anteile im Umlauf am Ende des Geschäftsjahres | 243 414.0210 |

UBS (Lux) Institutional Fund – Euro Corporate Bonds Jahresbericht per 31. Dezember 2019

## Aufstellung der Wertpapierbestände und anderer Nettovermögenswerte per 31. Dezember 2019
| 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	ENEL FINANCE INTERNATIONAL NV-REG-S 1.37500% 16-01.06.26 | 1 759 000.00 | 1 867 804.71 | 1.74 |
| EUR	FORD MOTOR CREDIT CO LLC 1.51400% 19-17.02.23 | 200 000.00 | 201 802.00 | 0.19 |
| EUR	PHILIP MORRIS INTERNATIONAL INC 2.75000% 13-19.03.25 | 300 000.00 | 336 034.62 | 0.31 |
| EUR	PHILIP MORRIS INTERNATIONAL INC 0.80000% 19-01.08.31 | 200 000.00 | 189 187.60 | 0.18 |
| Total EUR |  | 2 594 828.93 | 2.42 |
| Total Notes, fester Zins |  | 2 594 828.93 | 2.42 |
| Notes, variabler Zins |  |  |  |
| EUR |  |  |  |
| EUR	AUSTRALIA & NZ BANKING GRP-REG-S-SUB 1.125%/VAR 19-21.11.29 | 500 000.00 | 501 421.00 | 0.47 |
| Total EUR |  | 501 421.00 | 0.47 |
| Total Notes, variabler Zins |  | 501 421.00 | 0.47 |
| Medium-Term Notes, fester Zins |  |  |  |
| EUR |  |  |  |
| EUR	ABN AMRO BANK NV-REG-S-SUB 7.12500% 12-06.07.22 | 400 000.00 | 468 194.12 | 0.44 |
| EUR	ACHMEA BANK NV 2.75000% 14-18.02.21 | 770 000.00 | 795 172.84 | 0.74 |
| EUR	AIB GROUP PLC-REG-S 1.25000% 19-28.05.24 | 300 000.00 | 308 360.40 | 0.29 |
| EUR	ALLIANZ FINANCE II BV-REG-S 1.50000% 19-15.01.30 | 100 000.00 | 110 330.60 | 0.10 |
| EUR	ANGLO AMERICAN CAPITAL PLC-REG-S 1.62500% 17-18.09.25 | 400 000.00 | 416 804.00 | 0.39 |
| EUR	ASSICURAZIONI GENERALI SPA-REG-S-SUB 4.12500% 14-04.05.26 | 400 000.00 | 471 000.00 | 0.44 |
| EUR	AUTOSTRADE PER L’ITALIA SPA 4.37500% 10-16.09.25 | 200 000.00 | 219 358.56 | 0.20 |
| EUR	BANCO BILBAO VIZCAYA ARGENTARIA-REG-S 0.37500% 19-02.10.24 | 1 000 000.00 | 993 980.00 | 0.93 |
| EUR	BANK OF AMERICA CORP-REG-S 1.37500% 14-10.09.21 | 400 000.00 | 410 213.60 | 0.38 |
| EUR	BANK OF AMERICA CORP-REG-S 1.37500% 15-26.03.25 | 800 000.00 | 846 038.80 | 0.79 |
| EUR	BANQUE FEDER DU CREDIT MUTUEL-REG-S 1.25000% 15-14.01.25 | 400 000.00 | 419 392.00 | 0.39 |
| EUR	BANQUE FEDER DU CREDIT MUTUEL-REG-S 1.62500% 16-19.01.26 | 800 000.00 | 860 642.96 | 0.80 |
| EUR	BANQUE FEDER DU CREDIT MUTUEL-REG-S-SUB 2.37500% 16-24.03.26 | 600 000.00 | 655 512.00 | 0.61 |
| EUR	BANQUE FEDERATIVE DU CREDIT MUTUEL 2.62500% 14-18.03.24 | 400 000.00 | 440 792.00 | 0.41 |
| EUR	BARCLAYS BANK PLC-SUB 6.62500% 11-30.03.22 | 300 000.00 | 342 614.40 | 0.32 |
| EUR	BARCLAYS PLC-REG-S 1.87500% 16-08.12.23 | 300 000.00 | 317 044.95 | 0.30 |
| EUR	BAT INTERNATIONAL FINANCE PLC-REG-S 0.87500% 15-13.10.23 | 300 000.00 | 305 508.00 | 0.28 |
| EUR	BAT INTERNATIONAL FINANCE PLC-REG-S 2.25000% 17-16.01.30 | 500 000.00 | 521 318.50 | 0.49 |
| EUR	BMW FINANCE NV-REG-S 0.75000% 16-15.04.24 | 200 000.00 | 205 418.00 | 0.19 |
| EUR	BNP PARIBAS SA 2.37500% 14-20.05.24 | 300 000.00 | 329 383.65 | 0.31 |
| EUR	BNP PARIBAS SA-REG-S-SUB 1.62500% 19-02.07.31 | 200 000.00 | 203 696.00 | 0.19 |
| EUR	BNP PARIBAS SA-REG-S 1.50000% 17-17.11.25 | 500 000.00 | 529 259.00 | 0.49 |
| EUR	BNP PARIBAS-REG-S 1.12500% 16-15.01.23 | 300 000.00 | 309 975.00 | 0.29 |
| EUR	BP CAPITAL MARKETS PLC-REG-S 1.57300% 15-16.02.27 | 400 000.00 | 431 639.80 | 0.40 |
| EUR	BP CAPITAL MARKETS PLC-REG-S 1.63700% 17-26.06.29 | 800 000.00 | 868 849.60 | 0.81 |
| EUR	BRITISH TELECOMMUNICATIONS PLC-REG-S 1.75000% 16-10.03.26 | 200 000.00 | 211 251.60 | 0.20 |
| EUR	BRITISH TELECOMMUNICATIONS PLC-REG-S 1.12500% 16-10.03.23 | 200 000.00 | 206 002.80 | 0.19 |
| EUR	CIE DE SAINT-GOBAIN SA-REG-S 1.87500% 19-15.03.31 | 200 000.00 | 218 901.60 | 0.20 |
| EUR	CIE DE SAINT-GOBAIN-REG-S 1.12500% 18-23.03.26 | 1 100 000.00 | 1 141 184.00 | 1.06 |
| EUR	CITIGROUP INC-REG-S 1.50000% 16-26.10.28 | 1 400 000.00 | 1 500 156.00 | 1.40 |
| EUR	CREDIT AGRICOLE SA LONDON 2.37500% 14-20.05.24 | 800 000.00 | 877 302.40 | 0.82 |
| EUR	CREDIT AGRICOLE SA LONDON-REG-S 1.87500% 16-20.12.26 | 1 000 000.00 | 1 090 050.00 | 1.02 |
| EUR	CREDIT SUISSE GRP FDNG GUERNSEY-REG-S 1.25000% 15-14.04.22 | 700 000.00 | 719 481.00 | 0.67 |
| EUR	DANSKE BANK AS-REG-S 0.87500% 18-22.05.23 | 300 000.00 | 303 704.40 | 0.28 |
| EUR	DEUTSCHE BANK AG-REG-S 1.62500% 19-12.02.21 | 500 000.00 | 505 979.00 | 0.47 |
| EUR	DEUTSCHE BANK-REG-S 2.37500% 13-11.01.23 | 600 000.00 | 625 558.80 | 0.58 |
| EUR	DEUTSCHE TELEKOM INTL FINANCE BV-REG-S 1.50000% 16-03.04.28 | 400 000.00 | 428 250.48 | 0.40 |
| EUR	DEUTSCHE TELEKOM INTL FIN BV-REG-S 2.00000% 18-01.12.29 | 900 000.00 | 1 002 184.20 | 0.93 |
| EUR	DIAGEO FINANCE PLC-REG-S 1.75000% 14-23.09.24 | 1 100 000.00 | 1 184 807.80 | 1.11 |
| EUR	EDP FINANCE BV-REG-S 2.62500% 14-18.01.22 | 1 000 000.00 | 1 053 386.00 | 0.98 |
| EUR	ENAGAS FINANCIACIONES SAU-REG-S 1.25000% 15-06.02.25 | 1 000 000.00 | 1 048 424.00 | 0.98 |
| EUR	EUROGRID GMBH-REG-S 1.50000% 16-18.04.28 | 700 000.00 | 746 396.98 | 0.70 |
| EUR	FORD MOTOR CREDIT CO LLC 3.02100% 19-06.03.24 | 300 000.00 | 317 118.00 | 0.30 |
| EUR	GE CAPITAL EUROPEAN FUNDING 4.62500% 07-22.02.27 | 600 000.00 | 746 899.98 | 0.70 |
| EUR	GE CAPITAL EUROPEAN FUNDING-REG-S 0.80000% 15-21.01.22 | 1 000 000.00 | 1 012 820.00 | 0.94 |
| EUR	GENERAL MOTORS FINANCIAL CO INC-REG-S 0.95500% 16-07.09.23 | 500 000.00 | 504 675.00 | 0.47 |
| EUR	GENERAL MOTORS FINANCIAL CO INC-REG-S 1.69400% 18-26.03.25 | 600 000.00 | 616 498.80 | 0.58 |
| EUR	GLENCORE FINANCE EUROPE SA-REG-S 1.62500% 14-18.01.22 | 100 000.00 | 102 157.38 | 0.10 |
| EUR	GLENCORE FINANCE EUROPE SA-REG-S 1.75000% 15-17.03.25 | 1 200 000.00 | 1 243 897.56 | 1.16 |
| EUR	GOLDMAN SACHS GROUP INC 2.87500% 14-03.06.26 | 550 000.00 | 630 626.70 | 0.59 |
| EUR	GOLDMAN SACHS GROUP INC/THE-REG-S 2.12500% 14-30.09.24 | 150 000.00 | 162 286.50 | 0.15 |
| EUR	GOLDMAN SACHS GROUP INC-REG-S 1.62500% 16-27.07.26 | 500 000.00 | 532 759.80 | 0.50 |
| EUR	GOLDMAN SACHS GROUP INC-REG-S 1.25000% 16-01.05.25 | 100 000.00 | 103 496.00 | 0.10 |
| EUR	GOLDMAN SACHS GROUP INC-REG-S 2.00000% 18-22.03.28 | 300 000.00 | 328 264.14 | 0.31 |
| EUR	HEATHROW FUNDING LTD-REG-S 1.50000% 15-11.02.30 | 1 000 000.00 | 1 056 130.30 | 0.99 |
| EUR	HEIDELBERGCEMENT AG-REG-S 1.50000% 16-07.02.25 | 300 000.00 | 312 923.40 | 0.29 |
| EUR	HEIDELBERGCEMENT FIN LUX SA-REG-S 0.50000% 17-18.01.21 | 500 000.00 | 502 558.90 | 0.47 |
| EUR	HOLCIM FINANCE LUXEMBOURG SA-REG-S 2.25000% 16-26.05.28 | 1 100 000.00 | 1 216 160.00 | 1.13 |
| EUR	HSBC HOLDINGS PLC-SUB 3.00000% 15-30.06.25 | 400 000.00 | 448 192.80 | 0.42 |
| EUR	HSBC HOLDINGS PLC-SUB 3.12500% 16-07.06.28 | 1 200 000.00 | 1 404 523.44 | 1.31 |
| EUR	INNOGY FINANCE II BV-REG-S 5.75000% 03-14.02.33 | 500 000.00 | 784 269.90 | 0.73 |
| EUR	JP MORGAN CHASE & CO 2.75000% 13-01.02.23 | 800 000.00 | 866 236.80 | 0.81 |
| EUR	JPMORGAN CHASE & CO-REG-S 1.50000% 15-27.01.25 | 1 000 000.00 | 1 063 410.10 | 0.99 |
| EUR	JPMORGAN CHASE & CO-REG-S 1.50000% 16-29.10.26 | 300 000.00 | 323 331.99 | 0.30 |
| EUR	KONINKLIJKE KPN NV-REG-S 1.12500% 16-11.09.28 | 100 000.00 | 102 893.40 | 0.10 |
| EUR	LANDESBANK BADEN-WUERTTEMBERG-REG-S-SUB 3.62500% 15-16.06.25 | 400 000.00 | 459 254.40 | 0.43 |
| EUR	LLOYDS BANK PLC-SUB 6.50000% 10-24.03.20 | 300 000.00 | 304 281.00 | 0.28 |
| EUR	LOGICOR FINANCING SARL-REG-S 3.25000% 18-13.11.28 | 700 000.00 | 782 670.00 | 0.73 |

UBS (Lux) Institutional Fund – Euro Corporate Bonds Jahresbericht per 31. Dezember 2019
|  | Bezeichnung | Anzahl/ | Bewertung in EUR | in % des |
| --- | --- | --- | --- | --- |
|  | Nominal | NR Kursgewinn | Netto- |
|  |  | (-verlust) auf Futures/ | vermögens |
|  |  | Devisentermin- |  |
|  |  | kontrakten/ |  |
|  |  | Swaps (Erl. 1) |  |
|  |  |  |  |  |
| EUR | LOGICOR FINANCING SARL-REG-S 1.62500% 19-15.07.27 | 500 000.00 | 505 853.00 | 0.47 |
| EUR | MORGAN STANLEY 1.75000% 15-30.01.25 | 400 000.00 | 427 644.00 | 0.40 |
| EUR | MORGAN STANLEY 1.87500% 17-27.04.27 | 300 000.00 | 327 496.08 | 0.31 |
| EUR | NATIONAL GRID NORTH AMERICA INC-REG-S 0.75000% 18-08.08.23 | 300 000.00 | 305 597.34 | 0.28 |
| EUR | NATWEST MARKETS PLC-REG-S 1.00000% 19-28.05.24 | 500 000.00 | 509 456.00 | 0.48 |
| EUR | NORDEA BANK ABP-REG-S 1.12500% 17-27.09.27 | 200 000.00 | 211 761.68 | 0.20 |
| EUR | NORDEA BANK ABP-SUB 4.00000% 10-29.03.21 | 200 000.00 | 209 660.80 | 0.20 |
| EUR | ORANGE 3.00000% 12-15.06.22 | 200 000.00 | 214 830.00 | 0.20 |
| EUR | ORANGE SA 1.12500% 19-15.07.24 | 300 000.00 | 312 160.20 | 0.29 |
| EUR | ORANGE SA-REG-S 1.00000% 18-12.09.25 | 300 000.00 | 311 245.02 | 0.29 |
| EUR | ORANGE SA-REG-S 1.37500% 18-20.03.28 | 1 000 000.00 | 1 063 410.00 | 0.99 |
| EUR | ORIGIN ENERGY FINANCE LTD-REG-S 1.00000% 19-17.09.29 | 600 000.00 | 583 067.70 | 0.54 |
| EUR | PHILIP MORRIS INTERNATIONAL INC 2.87500% 14-03.03.26 | 500 000.00 | 571 725.00 | 0.53 |
| EUR | RABOBANK NEDERLAND NV-REG-S-SUB 4.12500% 12-14.09.22 | 1 300 000.00 | 1 437 826.00 | 1.34 |
| EUR | REPSOL INTERNATIONAL FINANCE BV-REG-S 2.25000% 14-10.12.26 | 200 000.00 | 226 024.40 | 0.21 |
| EUR | SANOFI-REG-S 1.37500% 18-21.03.30 | 400 000.00 | 439 683.20 | 0.41 |
| EUR | SANTANDER CONSUMER FINANCE SA-REG-S 1.12500% 18-09.10.23 | 400 000.00 | 413 021.28 | 0.39 |
| EUR | SCHAEFFLER AG-REG-S 1.87500% 19-26.03.24 | 300 000.00 | 313 447.20 | 0.29 |
| EUR | SCHAEFFLER AG-REG-S 2.87500% 19-26.03.27 | 100 000.00 | 109 538.00 | 0.10 |
| EUR | SHELL INTERNATIONAL FINANCE BV-REG-S 0.75000% 16-15.08.28 | 800 000.00 | 823 495.44 | 0.77 |
| EUR | SKY PLC-REG-S 2.50000% 14-15.09.26 | 400 000.00 | 455 040.80 | 0.42 |
| EUR | SOCIETE GENERALE SA-REG-S 0.75000% 16-26.05.23 | 500 000.00 | 510 983.00 | 0.48 |
| EUR | SOCIETE GENERALE-REG-S 1.25000% 19-15.02.24 | 400 000.00 | 413 526.40 | 0.39 |
| EUR | SOCIETE GENERALE-REG-S 1.00000% 16-01.04.22 | 700 000.00 | 715 341.20 | 0.67 |
| EUR | SUMITOMO MITSUI FIN GP INC-REG-S 0.93400% 17-11.10.24 | 300 000.00 | 307 377.00 | 0.29 |
| EUR | SUMITOMO MITSUI FIN GP INC-REG-S 0.81900% 18-23.07.23 | 1 200 000.00 | 1 223 404.80 | 1.14 |
| EUR | TELEFONICA EMISIONES SA-REG-S 1.46000% 16-13.04.26 | 400 000.00 | 424 912.00 | 0.40 |
| EUR | TELEFONICA EMISIONES SAU-REG-S 1.93000% 16-17.10.31 | 300 000.00 | 330 778.20 | 0.31 |
| EUR | TELEFONICA EMISIONES SA-REG-S 1.49500% 18-11.09.25 | 400 000.00 | 424 044.08 | 0.40 |
| EUR | TELEFONICA EMISIONES SA-REG-S 1.06900% 19-05.02.24 | 300 000.00 | 310 677.60 | 0.29 |
| EUR | TOTAL CAPITAL INTERNATIONAL SA-REG-S 0.69600% 19-31.05.28 | 600 000.00 | 616 143.60 | 0.57 |
| EUR | UBS GROUP AG-REG-S 1.25000% 16-01.09.26 | 800 000.00 | 840 652.80 | 0.78 |
| EUR | UNICREDITO ITALIANO SPA 1.00000% 18-18.01.23 | 750 000.00 | 757 362.00 | 0.71 |
| EUR | VEOLIA ENVIRONNEMENT-REG-S 0.89200% 19-14.01.24 | 900 000.00 | 925 767.00 | 0.86 |
| EUR | VERIZON COMMUNICATIONS INC 3.25000% 14-17.02.26 | 400 000.00 | 470 220.00 | 0.44 |
| EUR | VINCI SA-REG-S 1.62500% 19-18.01.29 | 600 000.00 | 660 390.00 | 0.62 |
| EUR | VODAFONE GROUP PLC-REG-S 1.60000% 16-29.07.31 | 200 000.00 | 208 910.38 | 0.19 |
| EUR | VODAFONE GROUP PLC-REG-S 1.50000% 17-24.07.27 | 400 000.00 | 426 060.00 | 0.40 |
| EUR | VOLKSWAGEN INTERNATIONAL FIN NV-REG-S 1.62500% 15-16.01.30 | 900 000.00 | 926 769.60 | 0.86 |
| EUR | VOLKSWAGEN LEASING GMBH-REG-S 1.12500% 17-04.04.24 | 300 000.00 | 306 364.20 | 0.29 |
| EUR | VONOVIA FINANCE BV-REG-S 0.87500% 18-03.07.23 | 200 000.00 | 204 162.24 | 0.19 |
| EUR | WELLS FARGO & CO-REG-S 2.62500% 12-16.08.22 | 400 000.00 | 427 120.00 | 0.40 |
| Total EUR |  |  | 61 774 805.37 | 57.64 |
| Total Medium-Term Notes, fester Zins |  | 61 774 805.37 | 57.64 |
| Medium-Term Notes, variabler Zins |  |  |  |
| EUR |  |  |  |
| EUR	ALLIANZ FINANCE II-SUB 5.750%/3M EURIBOR+334.9BP 11-08.07.41 | 200 000.00 | 217 013.52 | 0.20 |
| EUR	ALLIANZ SE-REG-S-SUB 4.750%/3M EURIBOR+360BP 13-PRP | 800 000.00 | 923 479.36 | 0.86 |
| EUR	AVIVA PLC-REG-S-SUB 3.375%/VAR 15-04.12.45 | 800 000.00 | 886 040.00 | 0.83 |
| EUR	AVIVA PLC-SUB 6.125%/VAR 13-05.07.43 | 200 000.00 | 235 248.00 | 0.22 |
| EUR	AXA SA-REG-S-SUB 3.250%/VAR 18-28.05.49 | 200 000.00 | 227 754.84 | 0.21 |
| EUR	AXA SA-REG-S-SUB 3.375%/VAR 16-06.07.47 | 500 000.00 | 572 444.00 | 0.53 |
| EUR	AXA SA-REG-S-SUB 3.941%/VAR 14-PRP | 300 000.00 | 339 519.00 | 0.32 |
| EUR	BANK OF IRELAND GROUP PLC-REG-S 0.750%/VAR 19-08.07.24 | 200 000.00 | 201 351.20 | 0.19 |
| EUR	BARCLAYS PLC-REG-S 1.375%/VAR 18-24.01.26 | 600 000.00 | 618 190.80 | 0.58 |
| EUR	BNP PARIBAS-REG-S 2.125%/VAR 19-23.01.27 | 800 000.00 | 873 014.40 | 0.82 |
| EUR	CITIGROUP INC-SUB 4.250%/FLR 05-25.02.30 | 300 000.00 | 352 604.40 | 0.33 |
| EUR	COMMONWEALTH BK OF AUSTRLIA-REG-S-SUB 1.936%/VAR 17-03.10.29 | 400 000.00 | 415 172.00 | 0.39 |
| EUR	DANONE SA-REG-S-SUB 1.750%/VAR 17-PRP | 700 000.00 | 719 250.00 | 0.67 |
| EUR	DANSKE BANK AS-REG-S-SUB 2.500%/VAR 19-21.06.29 | 300 000.00 | 315 210.30 | 0.29 |
| EUR	DBS GROUP HOLDINGS LTD-REG-S-SUB 1.500%/VAR 18-11.04.28 | 500 000.00 | 507 625.45 | 0.47 |
| EUR	ENBW ENERGIE BADEN-WUERTT-REG-S-SUB 3.625%/VAR 14-02.04.76 | 300 000.00 | 311 916.30 | 0.29 |
| EUR	IBERDROLA INTERNATIONAL BV-REG-S-SUB 2.625%/VAR 18-PRP | 1 500 000.00 | 1 601 100.00 | 1.49 |
| EUR	ING BANK NV-SUB 3.625%/VAR 14-25.02.26 | 1 700 000.00 | 1 767 707.60 | 1.65 |
| EUR	ING GROEP NV-SUB 3.000%/VAR 17-11.04.28 | 300 000.00 | 323 101.17 | 0.30 |
| EUR	LA BANQUE POSTALE-REG-S-SUB-2.750%/VAR 14-23.04.26 | 400 000.00 | 412 832.80 | 0.39 |
| EUR	NORDEA BANK ABP-REG-S-SUB 1.000%/VAR 16-07.09.26 | 1 000 000.00 | 1 011 780.00 | 0.94 |
| EUR	SKANDINAVISKA ENSKILDA BANKEN AB-SUB 2.500%/VAR 14-28.05.26 | 300 000.00 | 308 985.00 | 0.29 |
| EUR	SVENSKA HANDELSBANKEN AB-REG-S-SUB 1.625%/VAR 18-05.03.29 | 350 000.00 | 364 739.90 | 0.34 |
| EUR	TOTAL SA-REG-S-SUB 2.250%/VAR 15-PRP | 600 000.00 | 612 865.20 | 0.57 |
| EUR	TOTAL SA-REG-S-SUB 3.369%/VAR 16-PRP | 900 000.00 | 1 027 819.80 | 0.96 |
| Total EUR |  | 15 146 765.04 | 14.13 |
| Total Medium-Term Notes, variabler Zins |  | 15 146 765.04 | 14.13 |
| Anleihen, fester Zins |  |  |  |
| EUR |  |  |  |
| EUR	ALTRIA GROUP INC 3.12500% 19-15.06.31 | 200 000.00 | 222 982.00 | 0.21 |
| EUR	ARGENTUM NETHERLANDS BV FOR GIV-REG-S 2.00000% 18-17.09.30 | 900 000.00 | 1 015 902.00 | 0.95 |
| EUR	AT&T INC 1.80000% 18-05.09.26 | 200 000.00 | 213 966.00 | 0.20 |
| EUR	AT&T INC 2.60000% 14-17.12.29 | 800 000.00 | 911 651.20 | 0.85 |
| EUR	AT&T INC 3.50000% 13-17.12.25 | 700 000.00 | 820 201.20 | 0.76 |
| EUR	BAYER CAPITAL CORP BV-REG-S 1.50000% 18-26.06.26 | 300 000.00 | 317 334.60 | 0.30 |
| EUR	BAYER CAPITAL CORP BV-REG-S 2.12500% 18-15.12.29 | 200 000.00 | 220 455.94 | 0.21 |
| EUR	BELFIUS BANK SA/NV-REG-S-SUB 3.12500% 16-11.05.26 | 400 000.00 | 451 324.64 | 0.42 |
| EUR	COCA-COLA EUROPEAN PARTNERS PLC-REG-S 1.75000% 16-26.05.28 | 1 100 000.00 | 1 206 275.40 | 1.12 |
| EUR	CREDIT AGRICOLE SA-REG-S-SUB 2.62500% 15-17.03.27 | 550 000.00 | 617 006.50 | 0.58 |
| EUR	CRH FINANCE LTD 3.12500% 13-03.04.23 | 400 000.00 | 438 916.88 | 0.41 |
| EUR	GIE PSA TRESORERIE 6.00000% 03-19.09.33 | 100 000.00 | 145 268.00 | 0.14 |
| EUR	IMPERIAL BRANDS FINANCE PLC-REG-S 1.37500% 17-27.01.25 | 500 000.00 | 512 653.00 | 0.48 |
| EUR	LANDESBANK BADEN-WUERTTEMBERG-REG-S-SUB 2.87500% 16-28.09.26 | 600 000.00 | 667 212.00 | 0.62 |

UBS (Lux) Institutional Fund – Euro Corporate Bonds Jahresbericht per 31. Dezember 2019
|  | Bezeichnung | Anzahl/ | Bewertung in EUR | in % des |
| --- | --- | --- | --- | --- |
|  | Nominal | NR Kursgewinn | Netto- |
|  |  | (-verlust) auf Futures/ | vermögens |
|  |  | Devisentermin- |  |
|  |  | kontrakten/ |  |
|  |  | Swaps (Erl. 1) |  |
|  |  |  |  |  |
| EUR | MOLSON COORS BREWING CO 1.25000% 16-15.07.24 | 900 000.00 | 923 598.00 | 0.86 |
| EUR | MONDELEZ INTL 1.00000% 15-07.03.22 | 500 000.00 | 510 695.00 | 0.48 |
| EUR | MORGAN STANLEY 1.87500% 14-30.03.23 | 400 000.00 | 422 696.00 | 0.39 |
| EUR | SAP SE-REG-S 1.62500% 18-10.03.31 | 200 000.00 | 221 849.54 | 0.21 |
| EUR | THERMO FISHER SCIENTIFIC INC 0.75000% 16-12.09.24 | 500 000.00 | 511 534.00 | 0.48 |
| EUR | UBS GROUP AG-REG-S 1.75000% 15-16.11.22 | 500 000.00 | 524 212.00 | 0.49 |
| EUR | UBS GROUP AG-REG-S 1.50000% 16-30.11.24 | 300 000.00 | 315 090.00 | 0.29 |
| EUR | VERIZON COMMUNICATIONS INC 1.87500% 17-26.10.29 | 400 000.00 | 442 924.00 | 0.41 |
| EUR | WINTERSHALL DEA FINANCE-REG-S 1.82300% 19-25.09.31 | 1 000 000.00 | 1 043 405.60 | 0.97 |
| Total EUR |  |  | 12 677 153.50 | 11.83 |
| Total Anleihen, fester Zins |  | 12 677 153.50 | 11.83 |
| Anleihen, Nullcoupon |  |  |  |
| EUR |  |  |  |
| EUR	GERMANY, REPUBLIC OF-REG-S 0.00000% 19-15.08.29 | 1 300 000.00 | 1 323 440.82 | 1.24 |
| Total EUR |  | 1 323 440.82 | 1.24 |
| Total Anleihen, Nullcoupon |  | 1 323 440.82 | 1.24 |
| Anleihen, variabler Zins |  |  |  |
| EUR |  |  |  |
| EUR	ALLIANZ SE-REG-S-SUB 1.301%/3M EURIBOR+235BP 19-25.09.49 | 600 000.00 | 594 118.80 | 0.56 |
| EUR	AXA SA-SUB 5.250%/3MO EURIBOR+305BP 10-16.04.40 | 400 000.00 | 405 760.80 | 0.38 |
| EUR	BHP BILLITON FINANCE LTD-REG-S-SUB 5.625%/VAR 15-22.10.79 | 1 100 000.00 | 1 342 297.00 | 1.25 |
| EUR	ENGIE SA-REG-S-SUB 1.375%/VAR 18-PRP | 500 000.00 | 504 835.00 | 0.47 |
| EUR	ENGIE SA-REG-S-SUB 3.87500%/VAR 14-PRP | 500 000.00 | 558 683.75 | 0.52 |
| EUR	MERCK KGAA-REG-S-SUB 2.625%/VAR 14-12.12.74 | 300 000.00 | 310 017.00 | 0.29 |
| EUR	MORGAN STANLEY 1.342%/3M EURIBOR+83.4BP 17-23.10.26 | 300 000.00 | 314 203.71 | 0.29 |
| EUR	NGG FINANCE PLC-REG-S-SUB 2.125%/VAR 19-05.09.82 | 500 000.00 | 507 785.00 | 0.47 |
| EUR	RABOBANK NEDERLAND NV-REG-S-SUB 2.500%/VAR 14-26.05.26 | 600 000.00 | 619 026.00 | 0.58 |
| EUR	SWISS RE FINANCE LUX SA-REG-S-SUB 2.534%/VAR 19-30.04.50 | 1 200 000.00 | 1 315 128.60 | 1.23 |
| EUR	UBS GROUP AG-REG-S 1.250%/VAR 18-17.04.25 | 400 000.00 | 415 864.00 | 0.39 |
| EUR	VOLKSWAGEN INTERNATIONAL FIN NV-REG-S-SUB 2.500%/VAR 15-PRP | 900 000.00 | 923 985.00 | 0.86 |
| EUR	VOLKSWAGEN INTL FIN NV-REG-S-SUB 2.700%/VAR 17-PRP | 200 000.00 | 207 300.00 | 0.19 |
| EUR	VOLKSWAGEN INTL FINANCE NV-REG-S-SUB 3.375%/VAR 18-PRP | 600 000.00 | 640 320.00 | 0.60 |
| Total EUR |  | 8 659 324.66 | 8.08 |
| Total Anleihen, variabler Zins |  | 8 659 324.66 | 8.08 |
| Total Wertpapiere und Geldmarktinstrumente, die an einer offiziellen Börse gehandelt werden |  | 102 677 739.32 | 95.81 |

Wertpapiere und Geldmarktinstrumente, die nicht an einer offiziellen Börse oder einem anderen geregelten Markt gehandelt werden
Medium-Term Notes, fester Zins
| EUR |  |
| --- | --- |
| EUR | BNP PARIBAS SA-REG-S 1.50000% 17-23.05.28 | 500 000.00 | 534 919.00 | 0.50 |
| Total EUR |  |  | 534 919.00 | 0.50 |
| Total Medium-Term Notes, fester Zins | 534 919.00 | 0.50 |
| Total Wertpapiere und Geldmarktinstrumente, die nicht an einer offiziellen Börse oder einem anderen geregelten Markt gehandelt werden | 534 919.00 | 0.50 |

OGAW/Andere OGA im Sinne des Artikels 41 (1) e) des abgeänderten luxemburgischen Gesetzes vom 17. Dezember 2010
Investment Fonds, open end
| Irland |  |
| --- | --- |
| EUR | UBS (IRL) SELECT MONEY MARKET FUND-EUR-S-DIST | 177.77 | 1 769 783.19 | 1.65 |
| Total Irland | 1 769 783.19 | 1.65 |
| Total Investment Fonds, open end | 1 769 783.19 | 1.65 |
| Total OGAW/Andere OGA im Sinne des Artikels 41 (1) e) des abgeänderten luxemburgischen Gesetzes vom 17. Dezember 2010 | 1 769 783.19 | 1.65 |
| Total des Wertpapierbestandes | 104 982 441.51 | 97.96 |
|  |  |  |
| Bankguthaben, Sicht- und Fristgelder und andere liquide Mittel | 1 067 892.16 | 1.00 |
| Andere Aktiva und Passiva | 1 116 702.24 | 1.04 |
| Total des Nettovermögens | 107 167 035.91 | 100.00 |

UBS (Lux) Institutional Fund – Euro Corporate Bonds Jahresbericht per 31. Dezember 2019