# UBS (Lux) Institutional Fund – Global Convertible Bonds
| Three-year comparison |  |
| --- | --- |
|  | ISIN | 31.12.2019 | 31.12.2018 | 31.12.2017 |
| Net assets in EUR |  | 232 188 217.86 | 303 186 515.64 | 338 359 944.07 |
| Class AA (EUR) | LU0251252234 |  |  |  |
| Units outstanding |  | 41 428.2720 | 134 245.2720 | 212 283.8230 |
| Net asset value per unit in EUR |  | 222.65 | 194.62 | 207.20 |
| Issue and redemption price per unit in EUR 1 |  | 222.65 | 194.62 | 207.20 |
| Class AD-T2 (EUR) | LU0251255765 |  |  |  |
| Units outstanding |  | 5 049.0000 | 415 049.0000 | 415 049.0000 |
| Net asset value per unit in EUR |  | 161.20 | 142.64 | 153.49 |
| Issue and redemption price per unit in EUR 1 |  | 161.20 | 142.64 | 153.49 |
| Class BA (EUR) | LU0251253554 |  |  |  |
| Units outstanding |  | 12 411.1070 | 14 776.8170 | 14 776.8180 |
| Net asset value per unit in EUR |  | 239.75 | 208.32 | 220.44 |
| Issue and redemption price per unit in EUR 1 |  | 239.75 | 208.32 | 220.44 |
| Class CA (CHF) | LU0251472279 |  |  |  |
| Units outstanding |  | 126 844.1980 | 135 352.5520 | 137 633.0850 |
| Net asset value per unit in CHF |  | 313.73 | 275.24 | 294.13 |
| Issue and redemption price per unit in CHF 1 |  | 313.73 | 275.24 | 294.13 |
| Class DA (CHF) | LU0262434755 |  |  |  |
| Units outstanding |  | 64 816.8930 | 66 266.6160 | 78 209.9860 |
| Net asset value per unit in CHF |  | 340.70 | 297.11 | 315.59 |
| Issue and redemption price per unit in CHF 1 |  | 340.70 | 297.11 | 315.59 |
| Class YA (CHF) | LU0251487541 |  |  |  |
| Units outstanding |  | 519 125.7880 | 625 175.5060 | 639 401.7720 |
| Net asset value per unit in CHF |  | 339.72 | 296.07 | 314.28 |
| Issue and redemption price per unit in CHF 1 |  | 339.72 | 296.07 | 314.28 |
| 1  See note 1 |  |  |  |  |

UBS (Lux) Institutional Fund – Global Convertible Bonds Annual Report as of 31 December 2019

## Report of the Portfolio Manager
The financial year, from 1 January to 31 December 2019, saw risky assets around the world bounce back following a challenging final quarter of 2018. While geopolitical risks and the US/China trade war induced some market volatility, global central banks continued their accom- modative policies.
The subfund posted a positive performance in the finan- cial year from 1 January to 31 December 2019. The main drivers of the positive performance were rising underly- ing equities, tightening credit spreads as well as falling interest rates. Convertible bond valuations only had a limited impact on performance.
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	
United States	32.15
| Japan | 12.72 |
| --- | --- |
| China | 9.11 |
| The Netherlands | 4.59 |
| Jersey | 4.41 |
| Cayman Islands | 3.46 |
| Germany | 3.03 |
| France | 2.35 |
| United Kingdom | 2.25 |
| South Korea | 1.99 |
| Luxembourg | 1.84 |
| United Arab Emirates | 1.56 |
| Bermuda | 1.41 |
| Switzerland | 1.35 |
| Singapore | 1.04 |
| Austria | 1.00 |
| Malta | 0.99 |
| Malaysia | 0.99 |
| Belgium | 0.95 |
| Norway | 0.75 |
| Cyprus | 0.72 |
| Monaco | 0.68 |
| Israel | 0.58 |
| Ireland | 0.55 |
| Canada | 0.54 |
| New Zealand | 0.52 |
| Hong Kong | 0.50 |
| Spain | 0.49 |
| Finland | 0.47 |
| British Virgin Islands | 0.46 |
| India | 0.09 |
| Total | 93.54 |

Economic Breakdown as a % of net assets	
Finance & holding companies	22.55
Internet, software & IT services	12.86
Real Estate	7.58
Electronics & semiconductors	7.33
Banks & credit institutions	5.54
Traffic & transportation	4.98
Miscellaneous services	3.31
Pharmaceuticals, cosmetics & medical products	3.23
Petroleum	2.47
Graphic design, publishing & media	2.38
Energy & water supply	2.30
Chemicals	2.08
Biotechnology	1.89
Telecommunications	1.66
Computer hardware & network equipment providers	1.51
Mining, coal & steel	1.46
Vehicles	1.29
Healthcare & social services	1.27
Precious metals & stones	1.22
Electrical devices & components	1.06
Retail trade, department stores	1.04
Lodging, catering & leisure	0.97
Miscellaneous trading companies	0.58
Mechanical engineering & industrial equipment	0.57
Miscellaneous unclassified companies	0.51
Building industry & materials	0.49
Non-ferrous metals	0.47
Food & soft drinks	0.39
Textiles, garments & leather goods	0.28
Miscellaneous consumer goods	0.27
Total	93.54
UBS (Lux) Institutional Fund – Global Convertible Bonds Annual Report as of 31 December 2019

## Statement of Net Assets
Assets	31.12.2019
EUR
Investments in securities, cost	205 944 973.83
| Investments in securities, unrealized appreciation (depreciation) | 	11 253 393.95	 |
| --- | --- |
| Total investments in securities (Note 1) | 217 198 367.78 |
| Cash at banks, deposits on demand and deposit accounts | 11 548 348.11 |
| Interest receivable on securities | 679 832.78 |
| Interest receivable on liquid assets | 105.88 |
| Receivable on dividends | 20 267.26 |
| Unrealized gain (loss) on forward foreign exchange contracts (Note 1) | 2 788 404.17 |
| Total Assets | 232 235 325.98 |
|  |  |
| Liabilities |  |
| Payable on securities purchases (Note 1) | -1 034.13 |
| Provisions for flat fee (Note 2) | -27 281.31 |
| Provisions for taxe d’abonnement (Note 3) | -5 804.71 |
| Provisions for other commissions and fees (Note 2) | 	-12 987.97	 |
| Total provisions | -46 073.99 |
| Total Liabilities | -47 108.12 |
|  |  |
| Net assets at the end of the financial year | 232 188 217.86 |
| Statement of Operations | EUR |
| Income | 1.1.2019-31.12.2019 |
| Interest on liquid assets | 57 719.82 |
| Interest on securities | 3 686 302.64 |
| Dividends | 221 058.67 |
| Income on securities lending (Note 12) | 64 340.40 |
| Other income (Note 2, 4) | 367 969.77 |
| Total income | 4 397 391.30 |
|  |  |
| Expenses |  |
| Flat fee (Note 2) | -597 006.06 |
| Taxe d’abonnement (Note 3) | -26 659.42 |
| Cost on securities lending (Note 12) | -25 736.16 |
| Other commissions and fees (Note 2) | -30 476.01 |
| Interest on cash and bank overdraft | -62 131.36 |
| Total expenses | -742 009.01 |
|  |  |
| Net income (loss) on investments | 3 655 382.29 |
|  |  |
| Realized gain (loss) (Note 1) |  |
| Realized gain (loss) on market-priced securities without options | 18 046 367.61 |
| Realized gain (loss) on yield-evaluated securities and money market instruments | -1 191 829.05 |
| Realized gain (loss) on forward foreign exchange contracts | -2 121 035.84 |
| Realized gain (loss) on foreign exchange | -3 544 812.09 |
| Total realized gain (loss) | 11 188 690.63 |
|  |  |
| Net realized gain (loss) of the financial year | 14 844 072.92 |
|  |  |
| Changes in unrealized appreciation (depreciation) (Note 1) |  |
| Unrealized appreciation (depreciation) on market-priced securities without options | 27 855 352.49 |
| Unrealized appreciation (depreciation) on yield-evaluated securities and money market instruments | 798 347.40 |
| Unrealized appreciation (depreciation) on forward foreign exchange contracts | 1 661 068.53 |
| Total changes in unrealized appreciation (depreciation) | 30 314 768.42 |
|  |  |
| Net increase (decrease) in net assets as a result of operations | 45 158 841.34 |

UBS (Lux) Institutional Fund – Global Convertible 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 |  | 303 186 515.64 |
| Redemptions |  | 	-115 277 235.24	 |
| Total redemptions |  | -115 277 235.24 |
| Dividend paid |  | -879 903.88 |
| Net income (loss) on investments |  | 3 655 382.29 |
| Total realized gain (loss) |  | 11 188 690.63 |
| Total changes in unrealized appreciation (depreciation) |  | 	30 314 768.42	 |
| Net increase (decrease) in net assets as a result of operations |  | 45 158 841.34 |
| Net assets at the end of the financial year |  | 232 188 217.86 |
| Development of the outstanding units |  |  |
|  |  | 1.1.2019-31.12.2019 |
| Class |  | AA (EUR) |
| Number of units outstanding at the beginning of the financial year |  | 134 245.2720 |
| Number of units issued |  | 0.0000 |
| Number of units redeemed |  | -92 817.0000 |
| Number of units outstanding at the end of the financial year |  | 41 428.2720 |
| Class |  | AD-T2 (EUR) |
| Number of units outstanding at the beginning of the financial year |  | 415 049.0000 |
| Number of units issued |  | 0.0000 |
| Number of units redeemed |  | -410 000.0000 |
| Number of units outstanding at the end of the financial year |  | 5 049.0000 |
| Class |  | BA (EUR) |
| Number of units outstanding at the beginning of the financial year |  | 14 776.8170 |
| Number of units issued |  | 0.0000 |
| Number of units redeemed |  | -2 365.7100 |
| Number of units outstanding at the end of the financial year |  | 12 411.1070 |
| Class |  | CA (CHF) |
| Number of units outstanding at the beginning of the financial year |  | 135 352.5520 |
| Number of units issued |  | 0.0000 |
| Number of units redeemed |  | -8 508.3540 |
| Number of units outstanding at the end of the financial year |  | 126 844.1980 |
| Class |  | DA (CHF) |
| Number of units outstanding at the beginning of the financial year |  | 66 266.6160 |
| Number of units issued |  | 0.0000 |
| Number of units redeemed |  | -1 449.7230 |
| Number of units outstanding at the end of the financial year |  | 64 816.8930 |
| Class |  | YA (CHF) |
| Number of units outstanding at the beginning of the financial year |  | 625 175.5060 |
| Number of units issued |  | 0.0000 |
| Number of units redeemed |  | -106 049.7180 |
| Number of units outstanding at the end of the financial year |  | 519 125.7880 |
| Annual Distribution 1 |  |  |
| UBS (Lux) Institutional Fund – Global Convertible Bonds	Ex-Date | Pay-Date | Currency	Amount per unit |
| AD-T2 (EUR)	1.3.2019 | 6.3.2019 | EUR	2.12 |
| 1  See note 5 |  |  |

UBS (Lux) Institutional Fund – Global Convertible 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 |  |  |  |
| Preference shares |  |  |  |
| United States |  |  |  |
| USD	FORTIVE CORP 5%MANDTRY CONV PRF SER A | 2 600.00 | 2 253 163.47 | 0.97 |
| Total United States |  | 2 253 163.47 | 0.97 |
| Total Preference shares |  | 2 253 163.47 | 0.97 |
| Convertible bonds, fixed rate |  |  |  |
| CHF |  |  |  |
| CHF	IDORSIA LTD-REG-S 0.75000% 18-17.07.24 | 1 400 000.00 | 1 411 755.56 | 0.61 |
| CHF	SIKA AG-REG-S 0.15000% 18-05.06.25 | 1 620 000.00 | 1 734 799.50 | 0.75 |
| Total CHF |  | 3 146 555.06 | 1.36 |
| EUR |  |  |  |
| EUR	ARCANDOR AG *DEFAULT* 8.87500% 08-11.07.13 | 3 200 000.00 | 0.32 | 0.00 |
| EUR	CA IMMOBILIEN ANLAGEN AG-REG-S 0.75000% 17-04.04.25 | 900 000.00 | 1 178 874.00 | 0.51 |
| EUR	CONSUS REAL ESTATE AG-REG-S 4.00000% 17-29.11.22 | 1 700 000.00 | 1 617 550.00 | 0.70 |
| EUR	DEUTSCHE WOHNEN AG-REG-S 0.60000% 17-05.01.26 | 900 000.00 | 945 540.00 | 0.41 |
| EUR	EUROPEAN TOPSOHO SARL-REG-S 4.00000% 18-21.09.21 | 1 500 000.00 | 1 259 775.00 | 0.54 |
| EUR	NEOEN SA-REG-S 1.87500% 19-07.10.24 | 35 705.00 | 1 274 338.60 | 0.55 |
| EUR	OUTOKUMPU OYJ-REG-S 3.25000% 15-26.02.20 | 1 100 000.00 | 1 101 826.00 | 0.47 |
| EUR	SACYR VALLEHERMOSO SA-REG-S 3.75000% 19-25.04.24 | 1 000 000.00 | 1 129 750.00 | 0.49 |
| EUR	VIC PROPERTIES SA-REG-S 3.00000% 19-28.05.25 | 1 900 000.00 | 1 634 000.00 | 0.70 |
| Total EUR |  | 10 141 653.92 | 4.37 |
| GBP |  |  |  |
| GBP	BRAIT SE-REG-S 6.50000% 19-04.12.24 | 1 900 000.00 | 2 293 688.08 | 0.99 |
| GBP	INTU JERSEY 2 LTD-REG-S 2.87500% 16-01.11.22 | 2 200 000.00 | 1 782 864.48 | 0.77 |
| GBP	PHP FINANCE JERSEY-REG-S 2.87500% 19-15.07.25 | 800 000.00 | 1 085 433.46 | 0.47 |
| GBP	REMGRO JERSEY GBP LTD-REG-S 2.62500% 16-22.03.21 | 1 600 000.00 | 1 876 313.35 | 0.81 |
| Total GBP |  | 7 038 299.37 | 3.04 |
| HKD |  |  |  |
| HKD	REXLOT HOLDINGS-REG-S *DEFAULTED* STEP-UP/DOWN 14-17.04.19 | 16 000 000.00 | 159 269.44 | 0.07 |
| HKD	SMART INSIGHT INTERNATIONAL LTD-REG-S 4.50000% 18-05.12.23 | 16 000 000.00 | 2 328 519.54 | 1.00 |
| Total HKD |  | 2 487 788.98 | 1.07 |
| USD |  |  |  |
| USD	AFRICAN MINERALS *DEFAULT* 8.50000% 12-10.02.17 | 4 400 000.00 | 391.98 | 0.00 |
| USD	BORR DRILLING LTD-REG-S 3.87500% 18-23.05.23 | 2 000 000.00 | 1 327 394.21 | 0.57 |
| USD	DP WORLD PLC-REG-S 1.75000% 14-19.06.24 | 2 600 000.00 | 2 291 543.87 | 0.99 |
| USD	ELM BV FOR SWISS RE LTD 3.25000% 18-13.06.24 | 2 200 000.00 | 2 207 251.67 | 0.95 |
| USD	EVOLENT HEALTH INC 1.50000% 18-15.10.25 | 1 130 000.00 | 663 937.67 | 0.29 |
| USD	HUBSPOT INC 0.25000% 17-01.06.22 | 943 000.00 | 1 448 027.96 | 0.62 |
| USD	HURRICANE ENERGY PLC-REG-S 7.50000% 17-24.07.22 | 1 000 000.00 | 1 054 200.45 | 0.45 |
| USD	INSULET CORP 1.37500% 17-15.11.24 | 708 000.00 | 1 200 831.07 | 0.52 |
| USD	LIGAND PHARMACEUTICALS INC 0.75000% 18-15.05.23 | 2 047 000.00 | 1 567 675.57 | 0.67 |
| USD	MERCADOLIBRE INC 2.00000% 18-15.08.28 | 1 640 000.00 | 2 158 765.97 | 0.93 |
| USD	NMC HEALTH JERSEY LTD-REG-S 1.87500% 18-30.04.25 | 2 600 000.00 | 1 837 835.19 | 0.79 |
| USD	PB ISSUER NO 5 LTD-REG-S 3.00000% 19-10.12.25 | 1 300 000.00 | 1 156 971.05 | 0.50 |
| USD	POLARCUS LTD-144A-REG-S 5.60000% 11-01.07.22 | 799 238.76 | 498 411.70 | 0.21 |
| USD	POLYUS FINANCE PLC-REG-S 1.00000% 18-26.01.21 | 1 200 000.00 | 1 379 192.88 | 0.59 |
| USD	SINTEX INDUSTRIES LTD-REG-S STEP-UP/DOWN 16-25.05.22 | 390 000.00 | 215 412.02 | 0.09 |
| USD	XERO INVESTMENTS LTD-REG-S 2.37500% 18-04.10.23 | 977 000.00 | 1 203 951.23 | 0.52 |
| Total USD |  | 20 211 794.49 | 8.69 |
| Total Convertible bonds, fixed rate |  | 43 026 091.82 | 18.53 |
| Convertible bonds, zero coupon |  |  |  |
| EUR |  |  |  |
| EUR	AMS AG-REG-S 0.00000% 18-05.03.25 | 1 600 000.00 | 1 140 512.00 | 0.49 |
| EUR	CHINA YANGTZE POWER INTERNATIONAL-REG-S 0.00000% 16-09.11.21 | 1 000 000.00 | 1 074 120.00 | 0.46 |
| EUR	JP MORGAN STRUCTURED PRODUCTS BV 0.00000% 19-18.04.22 | 2 600 000.00 | 2 889 640.00 | 1.24 |
| EUR	LG CHEM LTD-REG-S 0.00000% 18-16.04.21 | 900 000.00 | 896 175.00 | 0.39 |
| EUR	RAG-STIFTUNG-REG-S 0.00000% 17-16.03.23 | 2 200 000.00 | 2 278 452.00 | 0.98 |
| EUR	UNICREDIT BANK AG/STXE50 EUR P RCV 0.00000% 17-14.09.20 | 1 900 000.00 | 2 198 680.00 | 0.95 |
| EUR	ZHEJIANG EXPRESSWAY CO LTD-REG-S 0.00000% 17-21.04.22 | 1 700 000.00 | 1 689 936.00 | 0.73 |
| Total EUR |  | 12 167 515.00 | 5.24 |
| GBP |  |  |  |
| GBP	BNP PARIBAS ARBITRAGE ISSUANCE BV-REG-S 0.00000% 17-03.06.20 | 1 745 000.00 | 2 056 939.62 | 0.89 |
| Total GBP |  | 2 056 939.62 | 0.89 |
| HKD |  |  |  |
| HKD	ANGANG STEEL CO LTD-REG-S 0.00000% 18-25.05.23 | 10 000 000.00 | 1 104 753.44 | 0.48 |
| HKD	CHINA CONCH VENTURE HLD INTL LTD-REG-S 0.00000% 18-05.09.23 | 19 000 000.00 | 2 336 360.58 | 1.01 |
| HKD	HARVEST INTERNATIONAL CO-REG-S 0.00000% 17-21.11.22 | 10 000 000.00 | 1 193 362.38 | 0.51 |
| HKD	ZHONGSHENG GROUP HOLDINGS-REG-S 0.00000% 18-23.05.23 | 16 000 000.00 | 2 187 202.57 | 0.94 |
| Total HKD |  | 6 821 678.97 | 2.94 |

UBS (Lux) Institutional Fund – Global Convertible 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) |  |
| JPY |  |  |  |  |
| JPY | ALL NIPPON AIRWAYS CO LTD-REG-S 0.00000% 17-19.09.24 | 270 000 000.00 | 2 199 504.76 | 0.95 |
| JPY | CHUGOKU ELECTRIC POWER CO INC-REG-S 0.00000% 17-25.01.22 | 250 000 000.00 | 2 231 003.84 | 0.96 |
| JPY | COSMO ENERGY HOLDINGS CO LTD-REG-S 0.00000% 18-05.12.22 | 270 000 000.00 | 2 297 157.24 | 0.99 |
| JPY | DAINIPPON SCREEN MFG CO LTD-REG-S 0.00000% 18-11.06.25 | 110 000 000.00 | 950 081.13 | 0.41 |
| JPY | IWATANI CORP 0.00000% 15-22.10.20 | 160 000 000.00 | 1 338 653.13 | 0.58 |
| JPY | KYUSHU ELECTRIC POWER CO INC-REG-S 0.00000% 17-31.03.22 | 250 000 000.00 | 2 026 331.54 | 0.87 |
| JPY | LINE CORP-REG-S 0.00000% 18-19.09.25 | 270 000 000.00 | 2 236 843.77 | 0.96 |
| JPY | MINEBEA MITSUMI INC-REG-S 0.00000% 15-03.08.22 | 120 000 000.00 | 1 225 569.58 | 0.53 |
| JPY | MITSUBISHI CHEMICAL HOLDINGS CORP 0.00000% 17-29.03.24 | 260 000 000.00 | 2 178 508.38 | 0.94 |
| JPY | SONY CORP-REG-S 0.00000% 15-30.09.22 | 196 000 000.00 | 2 397 321.94 | 1.03 |
| JPY | TORAY INDUSTRIES INC-REG-S 0.00000% 14-31.08.21 | 250 000 000.00 | 2 203 603.53 | 0.95 |
| JPY | UNICHARM CORP-REG-S 0.00000% 15-25.09.20 | 50 000 000.00 | 629 530.74 | 0.27 |
| Total JPY |  |  | 21 914 109.58 | 9.44 |
| KRW |  |  |  |  |
| KRW | KAKAO CORP 0.00000% 16-11.05.21 | 1 400 000 000.00 | 1 319 614.85 | 0.57 |
| KRW | LOTTE SHOPPING-REG-S 0.00000% 18-04.04.23 | 3 200 000 000.00 | 2 410 559.70 | 1.04 |
| Total KRW |  |  | 3 730 174.55 | 1.61 |
| USD |  |  |  |  |
| USD | ABIGROVE LTD-REG-S 0.00000% 17-16.02.22 | 1 600 000.00 | 1 679 821.83 | 0.72 |
| USD | CERAH CAPITAL-REG-S 0.00000% 19-08.08.24 | 2 625 000.00 | 2 288 368.60 | 0.99 |
| USD | CHINA MENGNIU DAIRY CO LTD-REG-S 0.00000% 17-05.06.22 | 1 000 000.00 | 897 550.11 | 0.39 |
| USD | CHINA OVERSEAS FIN INV CAYMAN V-REG-S 0.00000% 16-05.01.23 | 2 000 000.00 | 1 984 552.34 | 0.85 |
| USD | JP MORGAN STRUCTURED PRODUCTS BV-REG-S 0.00000% 17-06.03.20 | 2 600 000.00 | 3 492 454.34 | 1.50 |
| USD | JPMORGAN CHASE BANK NA-REG-S 0.00000% 18-30.12.20 | 2 000 000.00 | 2 060 489.98 | 0.89 |
| USD | JPMORGAN CHASE BANK NA-REG-S 0.00000% 19-07.08.22 | 2 400 000.00 | 2 287 750.56 | 0.98 |
| USD | SOCIETE GENERALE SA/MARSH RCV 0.00000% 18-03.08.21 | 2 400 000.00 | 2 933 024.50 | 1.26 |
| USD | WUXI APPTEC CO LTD-REG-S 0.00000% 19-17.09.24 | 1 100 000.00 | 1 111 632.07 | 0.48 |
| Total USD |  |  | 18 735 644.33 | 8.06 |
| Total Convertible bonds, zero coupon |  | 65 426 062.05 | 28.18 |
| Convertible bonds, floating rate |  |  |  |
| EUR |  |  |  |
| EUR	AGEASFINLUX SA-REG-S-SUB 3M EURIBOR+135BP 02-PRP | 2 250 000.00 | 1 369 687.50 | 0.59 |
| EUR	BNP PARIBAS FORTIS SA-SUB 3M EURIBOR+200BP 07-PRP | 2 750 000.00 | 2 210 312.50 | 0.95 |
| EUR	QUADIENT SAS-REG-S 3.375/VAR 15-PRP | 21 924.00 | 1 245 657.94 | 0.54 |
| Total EUR |  | 4 825 657.94 | 2.08 |
| USD |  |  |  |
| USD	SHIZUOKA BANK LTD-REG-S 3M LIBOR+50BP 18-25.01.23 | 1 400 000.00 | 1 185 890.43 | 0.51 |
| USD	YAMAGUCHI FINANCIAL GROUP-REG-S 3M LIBOR-50BP 15-26.03.20 | 1 500 000.00 | 1 327 109.13 | 0.57 |
| Total USD |  | 2 512 999.56 | 1.08 |
| Total Convertible bonds, floating rate |  | 7 338 657.50 | 3.16 |
| Total Transferable securities and money market instruments listed on an official stock exchange |  | 118 043 974.84 | 50.84 |
| Transferable securities and money market instruments traded on another regulated market |  |  |  |
| Convertible bonds, fixed rate |  |  |  |
| EUR |  |  |  |
| EUR	COSMO PHARMACEUTICALS NV-REG-S 2.50000% 18-05.12.23 | 1 500 000.00 | 1 280 850.00 | 0.55 |
| Total EUR |  | 1 280 850.00 | 0.55 |
| USD |  |  |  |
| USD	ALTERYX INC 0.50000% 19-01.06.23 | 561 000.00 | 1 169 343.90 | 0.50 |
| USD	ANTHEM INC 2.75000% 12-15.10.42 | 613 000.00 | 2 297 889.89 | 0.99 |
| USD	ATLASSIAN INC 0.62500% 18-01.05.23 | 794 000.00 | 1 122 422.45 | 0.48 |
| USD	BILIBILI INC-144A 1.37500% 19-01.04.26 | 1 580 000.00 | 1 411 274.29 | 0.61 |
| USD	BLACKSTONE MORTGAGE TRUST INC 4.37500% 17-05.05.22 | 1 337 000.00 | 1 266 153.89 | 0.55 |
| USD	BOOKING HOLDINGS INC 0.35000% 13-15.06.20 | 1 795 000.00 | 2 492 387.48 | 1.07 |
| USD	CARDTRONICS INC 1.00000% 14-01.12.20 | 1 394 000.00 | 1 310 459.35 | 0.56 |
| USD	CTRIP.COM INTERNATIONAL LTD 1.99000% 15-01.07.25 | 2 400 000.00 | 2 247 554.57 | 0.97 |
| USD	ENDEAVOUR MINING CORP-144A 3.00000% 18-15.02.23 | 1 667 000.00 | 1 575 266.73 | 0.68 |
| USD	ENSCO JERSEY FINANCE LTD 3.00000% 16-31.01.24 | 3 950 000.00 | 2 485 589.84 | 1.07 |
| USD	EXTRA SPACE STORAGE LP-144A 3.12500% 15-01.10.35 | 1 279 000.00 | 1 332 792.06 | 0.57 |
| USD	GOLAR LNG LTD 2.75000% 17-15.02.22 | 1 699 000.00 | 1 344 875.42 | 0.58 |
| USD	HALOZYME THERAPEUTICS INC-144A 1.25000% 19-01.12.24 | 1 957 000.00 | 1 740 746.71 | 0.75 |
| USD	HERCULES CAPITAL INC 4.37500% 17-01.02.22 | 1 198 000.00 | 1 090 729.64 | 0.47 |
| USD	IAC FINANCECO INC-144A 0.87500% 17-01.10.22 | 1 608 000.00 | 2 451 652.06 | 1.06 |
| USD	ICONIX BRAND GROUP INC 5.75000% 18-15.08.23 | 1 000 000.00 | 441 453.90 | 0.19 |
| USD	IH MERGER SUB LLC-144A 3.50000% 17-15.01.22 | 1 472 000.00 | 1 752 630.73 | 0.75 |
| USD	INTERCEPT PHARMACEUTICALS INC 3.25000% 16-01.07.23 | 1 576 000.00 | 1 413 219.21 | 0.61 |
| USD	J2 GLOBAL INC-144A 1.75000% 19-01.11.26 | 2 549 000.00 | 2 298 459.98 | 0.99 |
| USD	LENDINGTREE INC 0.62500% 17-01.06.22 | 813 000.00 | 1 134 462.73 | 0.49 |
| USD	LEXICON PHARMACEUTICALS INC 5.25000% 14-01.12.21 | 862 000.00 | 623 942.09 | 0.27 |
| USD	LIBERTY MEDIA CORP 1.37500% 13-15.10.23 | 2 608 000.00 | 3 096 375.59 | 1.33 |
| USD	LIBERTY MEDIA CORP 4.00000% 99-15.11.29 | 1 209 000.00 | 754 265.21 | 0.32 |
| USD	LIBERTY MEDIA CORP-144A 2.12500% 18-31.03.48 | 2 153 000.00 | 2 017 241.12 | 0.87 |
| USD	MICROCHIP TECHNOLOGY INC-SUB 1.62500% 15-15.02.25 | 2 474 000.00 | 4 725 395.11 | 2.04 |
| USD	MICRON TECHNOLOGY INC 2.12500% 13-15.02.33 | 732 000.00 | 3 195 673.98 | 1.38 |
| USD	NEUROCRINE BIOSCIENCES INC 2.25000% 17-15.05.24 | 663 000.00 | 903 186.15 | 0.39 |
| USD	NIO INC-144A 19-01.02.24 | 1 700 000.00 | 807 518.93 | 0.35 |
| USD	PALO ALTO NETWORKS INC 0.75000% 19-01.07.23 | 2 238 000.00 | 2 202 251.82 | 0.95 |
| USD	PROOFPOINT INC-144A 0.25000% 19-15.08.24 | 2 368 000.00 | 2 175 986.32 | 0.94 |
| USD	SHIP FINANCE INTERNATIONA LTD 4.87500% 18-01.05.23 | 600 000.00 | 602 351.89 | 0.26 |
| USD	SHIP FINANCE INTERNATIONAL LTD 5.75000% 16-15.10.21 | 1 200 000.00 | 1 139 812.91 | 0.49 |

UBS (Lux) Institutional Fund – Global Convertible 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) |  |
|  |  |  |  |  |
| USD | SPIRIT REALTY CAPITAL INC 3.75000% 14-15.05.21 | 2 250 000.00 | 2 066 853.00 | 0.89 |
| USD | SQUARE INC 0.37500% 17-01.03.22 | 547 000.00 | 1 336 146.79 | 0.58 |
| USD | SSR MINING INC-144A 2.50000% 19-01.04.39 | 1 100 000.00 | 1 261 330.07 | 0.54 |
| USD | TABULA RASA HEALTHCARE INC-144A-SUB 1.75000% 19-15.02.26 | 1 452 000.00 | 1 288 198.88 | 0.55 |
| USD | TERADYNE INC 1.25000% 16-15.12.23 | 1 164 000.00 | 2 276 773.63 | 0.98 |
| USD | TULLOW OIL JERSEY-REG-S 6.62500% 16-12.07.21 | 1 400 000.00 | 1 160 534.52 | 0.50 |
| USD | VEREIT INC 3.75000% 13-15.12.20 | 1 500 000.00 | 1 355 532.30 | 0.58 |
| USD | WESTERN DIGITAL CORP 1.50000% 19-01.02.24 | 2 500 000.00 | 2 185 685.97 | 0.94 |
| USD | WHITING PETROLEUM CORP 1.25000% 16-01.04.20 | 712 000.00 | 620 071.13 | 0.27 |
| USD | YY INC-144A 1.37500% 19-15.06.26 | 2 782 000.00 | 2 245 997.20 | 0.97 |
| Total USD |  |  | 70 420 489.44 | 30.33 |
| Total Convertible bonds, fixed rate |  | 71 701 339.44 | 30.88 |
| Convertible bonds, zero coupon |  |  |  |
| JPY |  |  |  |
| JPY	CYBERAGENT INC-REG-S 0.00000% 18-19.02.25 | 170 000 000.00 | 1 440 268.30 | 0.62 |
| JPY	DIGITAL GARAGE INC-REG-S 0.00000% 18-14.09.23 | 140 000 000.00 | 1 295 268.42 | 0.56 |
| JPY	HIS CO LTD-REG-S 0.00000% 17-15.11.24 | 140 000 000.00 | 1 150 812.86 | 0.50 |
| JPY	MEDIPAL HOLDINGS CORP-REG-S 0.00000% 17-07.10.22 | 130 000 000.00 | 1 217 274.49 | 0.52 |
| Total JPY |  | 5 103 624.07 | 2.20 |
| USD |  |  |  |
| USD	POSEIDON FINANCE 1 LTD-REG-S 0.00000% 18-01.02.25 | 3 100 000.00 | 2 847 995.55 | 1.23 |
| USD	SERVICENOW INC 0.00000% 17-01.06.22 | 1 239 000.00 | 2 325 191.84 | 1.00 |
| Total USD |  | 5 173 187.39 | 2.23 |
| Total Convertible bonds, zero coupon |  | 10 276 811.46 | 4.43 |
| Total Transferable securities and money market instruments traded on another regulated market |  | 81 978 150.90 | 35.31 |

Transferable securities and money market instruments not listed on an official stock exchange and not traded on another regulated market
Convertible bonds, fixed rate
| HKD |  |
| --- | --- |
| HKD | CHINA EVERGRANDE GROUP-REG-S 4.25000% 18-14.02.23 | 21 000 000.00 | 2 176 521.48 | 0.94 |
| Total HKD |  |  | 2 176 521.48 | 0.94 |
| USD |  |  |  |  |
| USD | BW OFFSHORE LTD-REG-S 2.50000% 19-12.11.24 | 2 000 000.00 | 1 769 710.46 | 0.76 |
| USD | DEUTSCHE BANK AG/LONDON/VOYA FINANCIAL 1.00000% 18-01.05.23 | 3 000 000.00 | 2 798 939.87 | 1.21 |
| USD | IQIYI INC 3.75000% 18-01.12.23 | 2 150 000.00 | 2 110 581.74 | 0.91 |
| USD | MEDICINES CO 3.50000% 18-15.01.24 | 700 000.00 | 2 125 237.42 | 0.91 |
| USD | SEA LTD 2.25000% 18-01.07.23 | 1 280 000.00 | 2 413 355.90 | 1.04 |
| USD | SEACOR HOLDINGS INC 3.25000% 18-15.05.30 | 1 451 000.00 | 1 170 704.28 | 0.50 |
| USD | SUNEDISON INC-144A *ESCROW* 0.25000% 14-15.01.20 | 3 739 000.00 | 70 782.85 | 0.03 |
| Total USD |  |  | 12 459 312.52 | 5.36 |
| Total Convertible bonds, fixed rate |  | 14 635 834.00 | 6.30 |
| Convertible bonds, zero coupon |  |  |  |
| USD |  |  |  |
| USD	WIX.COM LTD 0.00000% 19-01.07.23 | 1 335 000.00 | 1 357 121.16 | 0.58 |
| Total USD |  | 1 357 121.16 | 0.58 |
| Total Convertible bonds, zero coupon |  | 1 357 121.16 | 0.58 |
| Total Transferable securities and money market instruments not listed on an official stock exchange and not traded on another regulated market |  | 15 992 955.16 | 6.88 |
| Recently issued transferable securities and money market instruments |  |  |  |
| Convertible bonds, fixed rate |  |  |  |
| USD |  |  |  |
| USD	IRONWOOD PHARMACEUTICALS INC-144A 1.50000% 19-15.06.26 | 1 112 000.00 | 1 183 286.88 | 0.51 |
| Total USD |  | 1 183 286.88 | 0.51 |
| Total Convertible bonds, fixed rate |  | 1 183 286.88 | 0.51 |
| Total Recently issued transferable securities and money market instruments |  | 1 183 286.88 | 0.51 |
| Total investments in securities |  | 217 198 367.78 | 93.54 |
| Forward Foreign Exchange contracts |  |  |  |
| Forward Foreign Exchange contracts (Purchase/Sale) |  |  |  |

| EUR | 104 008 530.00 | USD | 115 000 000.00 | 17.1.2020 | 1 654 688.26 | 0.71 |
| --- | --- | --- | --- | --- | --- | --- |
| EUR | 15 641 501.44 | HKD | 136 000 000.00 | 21.2.2020 | 147 510.89 | 0.06 |
| USD | 6 000 000.00 | EUR | 5 424 000.00 | 17.1.2020 | -83 799.56 | -0.04 |
| SEK | 14 500 000.00 | EUR | 1 358 524.00 | 21.2.2020 | 20 422.48 | 0.01 |
| HKD | 25 000 000.00 | EUR | 2 882 365.03 | 21.2.2020 | -34 205.00 | 0.00 |
| EUR | 4 951 398.36 | CHF | 5 400 000.00 | 20.3.2020 | -19 607.92 | -0.01 |
| EUR | 1 829 160.48 | CAD | 2 700 000.00 | 20.3.2020 | -17 219.65 | -0.01 |
| EUR | 613 162.14 | AUD | 1 000 000.00 | 20.3.2020 | -11 203.69 | 0.00 |

UBS (Lux) Institutional Fund – Global Convertible 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) |  |

Forward Foreign Exchange contracts (Continued)
Forward Foreign Exchange contracts (Purchase/Sale)
| EUR | 8 746 100.01 | GBP | 7 400 000.00 | 20.3.2020 | 36 719.58 | 0.02 |
| --- | --- | --- | --- | --- | --- | --- |
| NOK | 6 400 000.00 | EUR | 626 131.50 | 20.3.2020 | 19 688.09 | 0.01 |
| EUR | 645 230.67 | MYR | 3 000 000.00 | 20.3.2020 | -5 725.85 | 0.00 |
| EUR | 3 423 433.02 | KRW | 4 500 000 000.00 | 20.3.2020 | -38 232.59 | -0.02 |
| EUR | 1 254 535.26 | USD | 1 400 000.00 | 17.1.2020 | 8 488.49 | 0.00 |
| CHF | 232 303 300.00 | EUR | 212 996 254.51 | 17.1.2020 | 739 313.79 | 0.32 |
| NOK | 5 000 000.00 | EUR | 495 420.29 | 20.3.2020 | 9 126.26 | 0.00 |
| EUR | 26 021 318.27 | JPY | 3 170 000 000.00 | 17.1.2020 | 37 399.71 | 0.02 |
| EUR | 35 735 428.86 | USD | 39 900 000.00 | 21.2.2020 | 300 973.36 | 0.13 |
| EUR | 764 904.23 | SEK | 8 000 000.00 | 21.2.2020 | 4 106.17 | 0.00 |
| CHF | 2 043 300.00 | EUR | 1 872 931.59 | 17.1.2020 | 7 049.83 | 0.00 |
| EUR | 313 836.33 | USD | 350 000.00 | 17.1.2020 | 2 324.64 | 0.00 |
| EUR | 897 582.27 | USD | 1 000 000.00 | 17.1.2020 | 7 548.86 | 0.00 |
| EUR | 1 293 576.93 | USD | 1 450 000.00 | 17.1.2020 | 3 028.49 | 0.00 |
| CHF | 2 469 900.00 | EUR | 2 272 474.25 | 17.1.2020 | 9.53 | 0.00 |
| Total Forward Foreign Exchange contracts (Purchase/Sale) | 2 788 404.17 | 1.20 |
|  |  |  |
| Cash at banks, deposits on demand and deposit accounts and other liquid assets | 11 548 348.11 | 4.97 |
| Other assets and liabilities | 653 097.80 | 0.29 |
| Total net assets | 232 188 217.86 | 100.00 |

UBS (Lux) Institutional Fund – Global Convertible Bonds Annual Report as of 31 December 2019

Translation (ENDE, 2019-12-31):
# UBS (Lux) Institutional Fund – Global Convertible Bonds
| Dreijahresvergleich |  |
| --- | --- |
|  | ISIN | 31.12.2019 | 31.12.2018 | 31.12.2017 |
| Nettovermögen in EUR |  | 232 188 217.86 | 303 186 515.64 | 338 359 944.07 |
| Klasse AA (EUR) | LU0251252234 |  |  |  |
| Anteile im Umlauf |  | 41 428.2720 | 134 245.2720 | 212 283.8230 |
| Nettoinventarwert pro Anteil in EUR |  | 222.65 | 194.62 | 207.20 |
| Ausgabe- und Rücknahmepreis pro Anteil in EUR 1 |  | 222.65 | 194.62 | 207.20 |
| Klasse AD-T2 (EUR) | LU0251255765 |  |  |  |
| Anteile im Umlauf |  | 5 049.0000 | 415 049.0000 | 415 049.0000 |
| Nettoinventarwert pro Anteil in EUR |  | 161.20 | 142.64 | 153.49 |
| Ausgabe- und Rücknahmepreis pro Anteil in EUR 1 |  | 161.20 | 142.64 | 153.49 |
| Klasse BA (EUR) | LU0251253554 |  |  |  |
| Anteile im Umlauf |  | 12 411.1070 | 14 776.8170 | 14 776.8180 |
| Nettoinventarwert pro Anteil in EUR |  | 239.75 | 208.32 | 220.44 |
| Ausgabe- und Rücknahmepreis pro Anteil in EUR 1 |  | 239.75 | 208.32 | 220.44 |
| Klasse CA (CHF) | LU0251472279 |  |  |  |
| Anteile im Umlauf |  | 126 844.1980 | 135 352.5520 | 137 633.0850 |
| Nettoinventarwert pro Anteil in CHF |  | 313.73 | 275.24 | 294.13 |
| Ausgabe- und Rücknahmepreis pro Anteil in CHF 1 |  | 313.73 | 275.24 | 294.13 |
| Klasse DA (CHF) | LU0262434755 |  |  |  |
| Anteile im Umlauf |  | 64 816.8930 | 66 266.6160 | 78 209.9860 |
| Nettoinventarwert pro Anteil in CHF |  | 340.70 | 297.11 | 315.59 |
| Ausgabe- und Rücknahmepreis pro Anteil in CHF 1 |  | 340.70 | 297.11 | 315.59 |
| Klasse YA (CHF) | LU0251487541 |  |  |  |
| Anteile im Umlauf |  | 519 125.7880 | 625 175.5060 | 639 401.7720 |
| Nettoinventarwert pro Anteil in CHF |  | 339.72 | 296.07 | 314.28 |
| Ausgabe- und Rücknahmepreis pro Anteil in CHF 1 |  | 339.72 | 296.07 | 314.28 |
| 1  Siehe Erläuterung 1 |  |  |  |  |

UBS (Lux) Institutional Fund – Global Convertible Bonds
Jahresbericht per 31. Dezember 2019

## Bericht des Portfolio Managers
Im Rechnungsjahr vom 1. Januar bis zum 31. Dezember 2019 erholten sich Risikoanlagen in aller Welt vom schwie- rigen letzten Quartal des Jahres 2018. Während die geo- politischen Risiken und der Handelsstreit zwischen den USA und China für gewisse Marktschwankungen sorgten, setzten die globalen Zentralbanken ihre akkommodie- rende Geldpolitik fort.
Im Rechnungsjahr vom 1. Januar bis zum 31. Dezember 2019 entwickelte sich der Subfonds positiv. Die wich- tigsten Faktoren für die positive Performance waren der Anstieg der zugrunde liegenden Aktien, die Verengung der Kreditrisikoprämien und der Rückgang der Zins- sätze. Die Bewertungen von Wandelanleihen hatten nur begrenzten Einfluss auf das Ergebnis.
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.
UBS (Lux) Institutional Fund – Global Convertible Bonds Jahresbericht per 31. Dezember 2019

## Struktur des Wertpapierbestandes
Geographische Aufteilung in % des Nettovermögens	
Vereinigte Staaten	32.15
| Japan | 12.72 |
| --- | --- |
| China | 9.11 |
| Niederlande | 4.59 |
| Jersey | 4.41 |
| Cayman-Inseln | 3.46 |
| Deutschland | 3.03 |
| Frankreich | 2.35 |
| Grossbritannien | 2.25 |
| Südkorea | 1.99 |
| Luxemburg | 1.84 |
| Vereinigte Arabische Emirate | 1.56 |
| Bermuda | 1.41 |
| Schweiz | 1.35 |
| Singapur | 1.04 |
| Österreich | 1.00 |
| Malta | 0.99 |
| Malaysia | 0.99 |
| Belgien | 0.95 |
| Norwegen | 0.75 |
| Zypern | 0.72 |
| Monaco | 0.68 |
| Israel | 0.58 |
| Irland | 0.55 |
| Kanada | 0.54 |
| Neuseeland | 0.52 |
| Hongkong | 0.50 |
| Spanien | 0.49 |
| Finnland | 0.47 |
| Britische Jungferninseln | 0.46 |
| Indien | 0.09 |
| Total | 93.54 |

Wirtschaftliche Aufteilung in % des Nettovermögens	
| Finanz- & Beteiligungsgesellschaften | 22.55 |
| --- | --- |
| Internet, Software & IT-Dienste | 12.86 |
| Immobilien | 7.58 |
| Elektronik & Halbleiter | 7.33 |
| Banken & Kreditinstitute | 5.54 |
| Verkehr & Transport | 4.98 |
| Diverse Dienstleistungen | 3.31 |
| Pharmazeutik, Kosmetik & medizinische Produkte | 3.23 |
| Erdöl | 2.47 |
| Grafisches Gewerbe, Verlage & Medien | 2.38 |
| Energie- & Wasserversorgung | 2.30 |
| Chemie | 2.08 |
| Biotechnologie | 1.89 |
| Telekommunikation | 1.66 |
| Computer & Netzwerkausrüster | 1.51 |
| Bergbau, Kohle & Stahl | 1.46 |
| Fahrzeuge | 1.29 |
| Gesundheits- & Sozialwesen | 1.27 |
| Edelmetalle und -steine | 1.22 |
| Elektrische Geräte & Komponenten | 1.06 |
| Detailhandel, Warenhäuser | 1.04 |
| Gastgewerbe & Freizeit | 0.97 |
| Diverse Handelsfirmen | 0.58 |
| Maschinen & Apparate | 0.57 |
| Diverse nicht klassierte Gesellschaften | 0.51 |
| Baugewerbe & Baumaterial | 0.49 |
| Nichteisenmetalle | 0.47 |
| Nahrungsmittel & Softdrinks | 0.39 |
| Textilien, Kleidung & Lederwaren | 0.28 |
| Diverse Konsumgüter | 0.27 |
| Total | 93.54 |


## Nettovermögensaufstellung
Aktiva	31.12.2019
EUR
Wertpapierbestand, Einstandswert	205 944 973.83
| Wertpapierbestand, nicht realisierte Werterhöhung (-minderung) | 	11 253 393.95	 |
| --- | --- |
| Total Wertpapierbestand (Erläuterung 1) | 217 198 367.78 |
| Bankguthaben, Sicht- und Fristgelder | 11 548 348.11 |
| Zinsforderungen aus Wertpapieren | 679 832.78 |
| Zinsforderungen aus liquiden Mitteln | 105.88 |
| Forderungen aus Dividenden | 20 267.26 |
| Nicht realisierter Kursgewinn (-verlust) aus Devisenterminkontrakten (Erläuterung 1) | 2 788 404.17 |
| Total Aktiva | 232 235 325.98 |
|  |  |
| Passiva |  |
| Verbindlichkeiten aus Wertpapierkäufen (Erläuterung 1) | -1 034.13 |
| Rückstellungen für pauschale Verwaltungskommission (Erläuterung 2) | -27 281.31 |
| Rückstellungen für Abonnementsabgabe (Erläuterung 3) | -5 804.71 |
| Rückstellungen für sonstige Kommissionen und Gebühren (Erläuterung 2) | 	-12 987.97	 |
| Total Rückstellungen für Aufwendungen | -46 073.99 |
| Total Passiva | -47 108.12 |
|  |  |
| Nettovermögen am Ende des Geschäftsjahres | 232 188 217.86 |
| Ertrags- und Aufwandsrechnung | EUR |
| Erträge | 1.1.2019-31.12.2019 |
| Zinsertrag auf liquide Mittel | 57 719.82 |
| Zinsen auf Wertpapiere | 3 686 302.64 |
| Dividenden | 221 058.67 |
| Erträge aus Securities Lending (Erläuterung 12) | 64 340.40 |
| Sonstige Erträge (Erläuterung 2, 4) | 367 969.77 |
| Total Erträge | 4 397 391.30 |
|  |  |
| Aufwendungen |  |
| Pauschale Verwaltungskommission (Erläuterung 2) | -597 006.06 |
| Abonnementsabgabe (Erläuterung 3) | -26 659.42 |
| Kosten aus Securities Lending (Erläuterung 12) | -25 736.16 |
| Sonstige Kommissionen und Gebühren (Erläuterung 2) | -30 476.01 |
| Zinsaufwand auf liquide Mittel und Kontokorrentkredit | -62 131.36 |
| Total Aufwendungen | -742 009.01 |
|  |  |
| Nettoerträge (-verluste) aus Anlagen | 3 655 382.29 |
|  |  |
| Realisierte Gewinne (Verluste) (Erläuterung 1) |  |
| Realisierter Kursgewinn (-verlust) aus marktbewerteten Wertpapieren ausser Optionen | 18 046 367.61 |
| Realisierter Kursgewinn (-verlust) aus renditebewerteten Wertpapieren und Geldmarktinstrumenten | -1 191 829.05 |
| Realisierter Kursgewinn (-verlust) aus Devisenterminkontrakten | -2 121 035.84 |
| Realisierter Währungsgewinn (-verlust) | -3 544 812.09 |
| Total der realisierten Gewinne (Verluste) | 11 188 690.63 |
|  |  |
| Realisierter Nettogewinn (-verlust) des Geschäftsjahres | 14 844 072.92 |
|  |  |
| Veränderungen der nicht realisierten Werterhöhung (-minderung) (Erläuterung 1) |  |
| Nicht realisierte Werterhöhung (-minderung) marktbewerteter Wertpapiere ausser Optionen | 27 855 352.49 |
| Nicht realisierte Werterhöhung (-minderung) renditebewerteter Wertpapiere und Geldmarktinstrumente | 798 347.40 |
| Nicht realisierte Werterhöhung (-minderung) von Devisenterminkontrakten | 1 661 068.53 |
| Total der Veränderungen der nicht realisierten Werterhöhung (-minderung) | 30 314 768.42 |
|  |  |
| Nettoerhöhung (-minderung) des Nettovermögens infolge Geschäftstätigkeit | 45 158 841.34 |

UBS (Lux) Institutional Fund – Global Convertible Bonds
Jahresbericht per 31. Dezember 2019
| Veränderungen des Nettovermögens |  |
| --- | --- |
|  |  | EUR |
|  |  | 1.1.2019-31.12.2019 |
| Nettovermögen zu Beginn des Geschäftsjahres |  | 303 186 515.64 |
| Rücknahmen |  | 	-115 277 235.24	 |
| Total Rücknahmen |  | -115 277 235.24 |
| Ausbezahlte Dividende |  | -879 903.88 |
| Nettoerträge (-verluste) aus Anlagen |  | 3 655 382.29 |
| Total der realisierten Gewinne (Verluste) |  | 11 188 690.63 |
| Total der Veränderungen der nicht realisierten Werterhöhung (-minderung) |  | 	30 314 768.42	 |
| Nettoerhöhung (-minderung) des Nettovermögens infolge Geschäftstätigkeit |  | 45 158 841.34 |
| Nettovermögen am Ende des Geschäftsjahres |  | 232 188 217.86 |
| Entwicklung der Anteile im Umlauf |  |  |
|  |  | 1.1.2019-31.12.2019 |
| Klasse |  | AA (EUR) |
| Anzahl der Anteile im Umlauf zu Beginn des Geschäftsjahres |  | 134 245.2720 |
| Anzahl der ausgegebenen Anteile |  | 0.0000 |
| Anzahl der zurückgegebenen Anteile |  | -92 817.0000 |
| Anzahl der Anteile im Umlauf am Ende des Geschäftsjahres |  | 41 428.2720 |
| Klasse |  | AD-T2 (EUR) |
| Anzahl der Anteile im Umlauf zu Beginn des Geschäftsjahres |  | 415 049.0000 |
| Anzahl der ausgegebenen Anteile |  | 0.0000 |
| Anzahl der zurückgegebenen Anteile |  | -410 000.0000 |
| Anzahl der Anteile im Umlauf am Ende des Geschäftsjahres |  | 5 049.0000 |
| Klasse |  | BA (EUR) |
| Anzahl der Anteile im Umlauf zu Beginn des Geschäftsjahres |  | 14 776.8170 |
| Anzahl der ausgegebenen Anteile |  | 0.0000 |
| Anzahl der zurückgegebenen Anteile |  | -2 365.7100 |
| Anzahl der Anteile im Umlauf am Ende des Geschäftsjahres |  | 12 411.1070 |
| Klasse |  | CA (CHF) |
| Anzahl der Anteile im Umlauf zu Beginn des Geschäftsjahres |  | 135 352.5520 |
| Anzahl der ausgegebenen Anteile |  | 0.0000 |
| Anzahl der zurückgegebenen Anteile |  | -8 508.3540 |
| Anzahl der Anteile im Umlauf am Ende des Geschäftsjahres |  | 126 844.1980 |
| Klasse |  | DA (CHF) |
| Anzahl der Anteile im Umlauf zu Beginn des Geschäftsjahres |  | 66 266.6160 |
| Anzahl der ausgegebenen Anteile |  | 0.0000 |
| Anzahl der zurückgegebenen Anteile |  | -1 449.7230 |
| Anzahl der Anteile im Umlauf am Ende des Geschäftsjahres |  | 64 816.8930 |
| Klasse |  | YA (CHF) |
| Anzahl der Anteile im Umlauf zu Beginn des Geschäftsjahres |  | 625 175.5060 |
| Anzahl der ausgegebenen Anteile |  | 0.0000 |
| Anzahl der zurückgegebenen Anteile |  | -106 049.7180 |
| Anzahl der Anteile im Umlauf am Ende des Geschäftsjahres |  | 519 125.7880 |
| Jährliche Ausschüttung 1 |  |  |
| UBS (Lux) Institutional Fund – Global Convertible Bonds	Ex-Date | Pay-Date | Währung	Betrag pro Anteil |
| AD-T2 (EUR)	1.3.2019 | 6.3.2019 | EUR	2.12 |
| 1  Siehe Erläuterung 5 |  |  |

UBS (Lux) Institutional Fund – Global Convertible 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 |  |  |  |
| Vorzugsaktien |  |  |  |
| Vereinigte Staaten |  |  |  |
| USD	FORTIVE CORP 5%MANDTRY CONV PRF SER A | 2 600.00 | 2 253 163.47 | 0.97 |
| Total Vereinigte Staaten |  | 2 253 163.47 | 0.97 |
| Total Vorzugsaktien |  | 2 253 163.47 | 0.97 |
| Wandelanleihen, fester Zins |  |  |  |
| CHF |  |  |  |
| CHF	IDORSIA LTD-REG-S 0.75000% 18-17.07.24 | 1 400 000.00 | 1 411 755.56 | 0.61 |
| CHF	SIKA AG-REG-S 0.15000% 18-05.06.25 | 1 620 000.00 | 1 734 799.50 | 0.75 |
| Total CHF |  | 3 146 555.06 | 1.36 |
| EUR |  |  |  |
| EUR	ARCANDOR AG *DEFAULT* 8.87500% 08-11.07.13 | 3 200 000.00 | 0.32 | 0.00 |
| EUR	CA IMMOBILIEN ANLAGEN AG-REG-S 0.75000% 17-04.04.25 | 900 000.00 | 1 178 874.00 | 0.51 |
| EUR	CONSUS REAL ESTATE AG-REG-S 4.00000% 17-29.11.22 | 1 700 000.00 | 1 617 550.00 | 0.70 |
| EUR	DEUTSCHE WOHNEN AG-REG-S 0.60000% 17-05.01.26 | 900 000.00 | 945 540.00 | 0.41 |
| EUR	EUROPEAN TOPSOHO SARL-REG-S 4.00000% 18-21.09.21 | 1 500 000.00 | 1 259 775.00 | 0.54 |
| EUR	NEOEN SA-REG-S 1.87500% 19-07.10.24 | 35 705.00 | 1 274 338.60 | 0.55 |
| EUR	OUTOKUMPU OYJ-REG-S 3.25000% 15-26.02.20 | 1 100 000.00 | 1 101 826.00 | 0.47 |
| EUR	SACYR VALLEHERMOSO SA-REG-S 3.75000% 19-25.04.24 | 1 000 000.00 | 1 129 750.00 | 0.49 |
| EUR	VIC PROPERTIES SA-REG-S 3.00000% 19-28.05.25 | 1 900 000.00 | 1 634 000.00 | 0.70 |
| Total EUR |  | 10 141 653.92 | 4.37 |
| GBP |  |  |  |
| GBP	BRAIT SE-REG-S 6.50000% 19-04.12.24 | 1 900 000.00 | 2 293 688.08 | 0.99 |
| GBP	INTU JERSEY 2 LTD-REG-S 2.87500% 16-01.11.22 | 2 200 000.00 | 1 782 864.48 | 0.77 |
| GBP	PHP FINANCE JERSEY-REG-S 2.87500% 19-15.07.25 | 800 000.00 | 1 085 433.46 | 0.47 |
| GBP	REMGRO JERSEY GBP LTD-REG-S 2.62500% 16-22.03.21 | 1 600 000.00 | 1 876 313.35 | 0.81 |
| Total GBP |  | 7 038 299.37 | 3.04 |
| HKD |  |  |  |
| HKD	REXLOT HOLDINGS-REG-S *DEFAULTED* STEP-UP/DOWN 14-17.04.19 | 16 000 000.00 | 159 269.44 | 0.07 |
| HKD	SMART INSIGHT INTERNATIONAL LTD-REG-S 4.50000% 18-05.12.23 | 16 000 000.00 | 2 328 519.54 | 1.00 |
| Total HKD |  | 2 487 788.98 | 1.07 |
| USD |  |  |  |
| USD	AFRICAN MINERALS *DEFAULT* 8.50000% 12-10.02.17 | 4 400 000.00 | 391.98 | 0.00 |
| USD	BORR DRILLING LTD-REG-S 3.87500% 18-23.05.23 | 2 000 000.00 | 1 327 394.21 | 0.57 |
| USD	DP WORLD PLC-REG-S 1.75000% 14-19.06.24 | 2 600 000.00 | 2 291 543.87 | 0.99 |
| USD	ELM BV FOR SWISS RE LTD 3.25000% 18-13.06.24 | 2 200 000.00 | 2 207 251.67 | 0.95 |
| USD	EVOLENT HEALTH INC 1.50000% 18-15.10.25 | 1 130 000.00 | 663 937.67 | 0.29 |
| USD	HUBSPOT INC 0.25000% 17-01.06.22 | 943 000.00 | 1 448 027.96 | 0.62 |
| USD	HURRICANE ENERGY PLC-REG-S 7.50000% 17-24.07.22 | 1 000 000.00 | 1 054 200.45 | 0.45 |
| USD	INSULET CORP 1.37500% 17-15.11.24 | 708 000.00 | 1 200 831.07 | 0.52 |
| USD	LIGAND PHARMACEUTICALS INC 0.75000% 18-15.05.23 | 2 047 000.00 | 1 567 675.57 | 0.67 |
| USD	MERCADOLIBRE INC 2.00000% 18-15.08.28 | 1 640 000.00 | 2 158 765.97 | 0.93 |
| USD	NMC HEALTH JERSEY LTD-REG-S 1.87500% 18-30.04.25 | 2 600 000.00 | 1 837 835.19 | 0.79 |
| USD	PB ISSUER NO 5 LTD-REG-S 3.00000% 19-10.12.25 | 1 300 000.00 | 1 156 971.05 | 0.50 |
| USD	POLARCUS LTD-144A-REG-S 5.60000% 11-01.07.22 | 799 238.76 | 498 411.70 | 0.21 |
| USD	POLYUS FINANCE PLC-REG-S 1.00000% 18-26.01.21 | 1 200 000.00 | 1 379 192.88 | 0.59 |
| USD	SINTEX INDUSTRIES LTD-REG-S STEP-UP/DOWN 16-25.05.22 | 390 000.00 | 215 412.02 | 0.09 |
| USD	XERO INVESTMENTS LTD-REG-S 2.37500% 18-04.10.23 | 977 000.00 | 1 203 951.23 | 0.52 |
| Total USD |  | 20 211 794.49 | 8.69 |
| Total Wandelanleihen, fester Zins |  | 43 026 091.82 | 18.53 |
| Wandelanleihen, Nullcoupon |  |  |  |
| EUR |  |  |  |
| EUR	AMS AG-REG-S 0.00000% 18-05.03.25 | 1 600 000.00 | 1 140 512.00 | 0.49 |
| EUR	CHINA YANGTZE POWER INTERNATIONAL-REG-S 0.00000% 16-09.11.21 | 1 000 000.00 | 1 074 120.00 | 0.46 |
| EUR	JP MORGAN STRUCTURED PRODUCTS BV 0.00000% 19-18.04.22 | 2 600 000.00 | 2 889 640.00 | 1.24 |
| EUR	LG CHEM LTD-REG-S 0.00000% 18-16.04.21 | 900 000.00 | 896 175.00 | 0.39 |
| EUR	RAG-STIFTUNG-REG-S 0.00000% 17-16.03.23 | 2 200 000.00 | 2 278 452.00 | 0.98 |
| EUR	UNICREDIT BANK AG/STXE50 EUR P RCV 0.00000% 17-14.09.20 | 1 900 000.00 | 2 198 680.00 | 0.95 |
| EUR	ZHEJIANG EXPRESSWAY CO LTD-REG-S 0.00000% 17-21.04.22 | 1 700 000.00 | 1 689 936.00 | 0.73 |
| Total EUR |  | 12 167 515.00 | 5.24 |
| GBP |  |  |  |
| GBP	BNP PARIBAS ARBITRAGE ISSUANCE BV-REG-S 0.00000% 17-03.06.20 | 1 745 000.00 | 2 056 939.62 | 0.89 |
| Total GBP |  | 2 056 939.62 | 0.89 |
| HKD |  |  |  |
| HKD	ANGANG STEEL CO LTD-REG-S 0.00000% 18-25.05.23 | 10 000 000.00 | 1 104 753.44 | 0.48 |
| HKD	CHINA CONCH VENTURE HLD INTL LTD-REG-S 0.00000% 18-05.09.23 | 19 000 000.00 | 2 336 360.58 | 1.01 |
| HKD	HARVEST INTERNATIONAL CO-REG-S 0.00000% 17-21.11.22 | 10 000 000.00 | 1 193 362.38 | 0.51 |
| HKD	ZHONGSHENG GROUP HOLDINGS-REG-S 0.00000% 18-23.05.23 | 16 000 000.00 | 2 187 202.57 | 0.94 |
| Total HKD |  | 6 821 678.97 | 2.94 |

UBS (Lux) Institutional Fund – Global Convertible 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) |  |
| JPY |  |  |  |  |
| JPY | ALL NIPPON AIRWAYS CO LTD-REG-S 0.00000% 17-19.09.24 | 270 000 000.00 | 2 199 504.76 | 0.95 |
| JPY | CHUGOKU ELECTRIC POWER CO INC-REG-S 0.00000% 17-25.01.22 | 250 000 000.00 | 2 231 003.84 | 0.96 |
| JPY | COSMO ENERGY HOLDINGS CO LTD-REG-S 0.00000% 18-05.12.22 | 270 000 000.00 | 2 297 157.24 | 0.99 |
| JPY | DAINIPPON SCREEN MFG CO LTD-REG-S 0.00000% 18-11.06.25 | 110 000 000.00 | 950 081.13 | 0.41 |
| JPY | IWATANI CORP 0.00000% 15-22.10.20 | 160 000 000.00 | 1 338 653.13 | 0.58 |
| JPY | KYUSHU ELECTRIC POWER CO INC-REG-S 0.00000% 17-31.03.22 | 250 000 000.00 | 2 026 331.54 | 0.87 |
| JPY | LINE CORP-REG-S 0.00000% 18-19.09.25 | 270 000 000.00 | 2 236 843.77 | 0.96 |
| JPY | MINEBEA MITSUMI INC-REG-S 0.00000% 15-03.08.22 | 120 000 000.00 | 1 225 569.58 | 0.53 |
| JPY | MITSUBISHI CHEMICAL HOLDINGS CORP 0.00000% 17-29.03.24 | 260 000 000.00 | 2 178 508.38 | 0.94 |
| JPY | SONY CORP-REG-S 0.00000% 15-30.09.22 | 196 000 000.00 | 2 397 321.94 | 1.03 |
| JPY | TORAY INDUSTRIES INC-REG-S 0.00000% 14-31.08.21 | 250 000 000.00 | 2 203 603.53 | 0.95 |
| JPY | UNICHARM CORP-REG-S 0.00000% 15-25.09.20 | 50 000 000.00 | 629 530.74 | 0.27 |
| Total JPY |  |  | 21 914 109.58 | 9.44 |
| KRW |  |  |  |  |
| KRW | KAKAO CORP 0.00000% 16-11.05.21 | 1 400 000 000.00 | 1 319 614.85 | 0.57 |
| KRW | LOTTE SHOPPING-REG-S 0.00000% 18-04.04.23 | 3 200 000 000.00 | 2 410 559.70 | 1.04 |
| Total KRW |  |  | 3 730 174.55 | 1.61 |
| USD |  |  |  |  |
| USD | ABIGROVE LTD-REG-S 0.00000% 17-16.02.22 | 1 600 000.00 | 1 679 821.83 | 0.72 |
| USD | CERAH CAPITAL-REG-S 0.00000% 19-08.08.24 | 2 625 000.00 | 2 288 368.60 | 0.99 |
| USD | CHINA MENGNIU DAIRY CO LTD-REG-S 0.00000% 17-05.06.22 | 1 000 000.00 | 897 550.11 | 0.39 |
| USD | CHINA OVERSEAS FIN INV CAYMAN V-REG-S 0.00000% 16-05.01.23 | 2 000 000.00 | 1 984 552.34 | 0.85 |
| USD | JP MORGAN STRUCTURED PRODUCTS BV-REG-S 0.00000% 17-06.03.20 | 2 600 000.00 | 3 492 454.34 | 1.50 |
| USD | JPMORGAN CHASE BANK NA-REG-S 0.00000% 18-30.12.20 | 2 000 000.00 | 2 060 489.98 | 0.89 |
| USD | JPMORGAN CHASE BANK NA-REG-S 0.00000% 19-07.08.22 | 2 400 000.00 | 2 287 750.56 | 0.98 |
| USD | SOCIETE GENERALE SA/MARSH RCV 0.00000% 18-03.08.21 | 2 400 000.00 | 2 933 024.50 | 1.26 |
| USD | WUXI APPTEC CO LTD-REG-S 0.00000% 19-17.09.24 | 1 100 000.00 | 1 111 632.07 | 0.48 |
| Total USD |  |  | 18 735 644.33 | 8.06 |
| Total Wandelanleihen, Nullcoupon |  | 65 426 062.05 | 28.18 |
| Wandelanleihen, variabler Zins |  |  |  |
| EUR |  |  |  |
| EUR	AGEASFINLUX SA-REG-S-SUB 3M EURIBOR+135BP 02-PRP | 2 250 000.00 | 1 369 687.50 | 0.59 |
| EUR	BNP PARIBAS FORTIS SA-SUB 3M EURIBOR+200BP 07-PRP | 2 750 000.00 | 2 210 312.50 | 0.95 |
| EUR	QUADIENT SAS-REG-S 3.375/VAR 15-PRP | 21 924.00 | 1 245 657.94 | 0.54 |
| Total EUR |  | 4 825 657.94 | 2.08 |
| USD |  |  |  |
| USD	SHIZUOKA BANK LTD-REG-S 3M LIBOR+50BP 18-25.01.23 | 1 400 000.00 | 1 185 890.43 | 0.51 |
| USD	YAMAGUCHI FINANCIAL GROUP-REG-S 3M LIBOR-50BP 15-26.03.20 | 1 500 000.00 | 1 327 109.13 | 0.57 |
| Total USD |  | 2 512 999.56 | 1.08 |
| Total Wandelanleihen, variabler Zins | 7 338 657.50 | 3.16 |
| Total Wertpapiere und Geldmarktinstrumente, die an einer offiziellen Börse gehandelt werden | 118 043 974.84 | 50.84 |
| Wertpapiere und Geldmarktinstrumente, die an einem anderen geregelten Markt gehandelt werden |  |  |
| Wandelanleihen, fester Zins |  |  |
| EUR |  |  |
| EUR	COSMO PHARMACEUTICALS NV-REG-S 2.50000% 18-05.12.23	1 500 000.00 | 1 280 850.00 | 0.55 |
| Total EUR | 1 280 850.00 | 0.55 |
| USD |  |  |
| USD	ALTERYX INC 0.50000% 19-01.06.23	561 000.00 | 1 169 343.90 | 0.50 |
| USD	ANTHEM INC 2.75000% 12-15.10.42	613 000.00 | 2 297 889.89 | 0.99 |
| USD	ATLASSIAN INC 0.62500% 18-01.05.23	794 000.00 | 1 122 422.45 | 0.48 |
| USD	BILIBILI INC-144A 1.37500% 19-01.04.26	1 580 000.00 | 1 411 274.29 | 0.61 |
| USD	BLACKSTONE MORTGAGE TRUST INC 4.37500% 17-05.05.22	1 337 000.00 | 1 266 153.89 | 0.55 |
| USD	BOOKING HOLDINGS INC 0.35000% 13-15.06.20	1 795 000.00 | 2 492 387.48 | 1.07 |
| USD	CARDTRONICS INC 1.00000% 14-01.12.20	1 394 000.00 | 1 310 459.35 | 0.56 |
| USD	CTRIP.COM INTERNATIONAL LTD 1.99000% 15-01.07.25	2 400 000.00 | 2 247 554.57 | 0.97 |
| USD	ENDEAVOUR MINING CORP-144A 3.00000% 18-15.02.23	1 667 000.00 | 1 575 266.73 | 0.68 |
| USD	ENSCO JERSEY FINANCE LTD 3.00000% 16-31.01.24	3 950 000.00 | 2 485 589.84 | 1.07 |
| USD	EXTRA SPACE STORAGE LP-144A 3.12500% 15-01.10.35	1 279 000.00 | 1 332 792.06 | 0.57 |
| USD	GOLAR LNG LTD 2.75000% 17-15.02.22	1 699 000.00 | 1 344 875.42 | 0.58 |
| USD	HALOZYME THERAPEUTICS INC-144A 1.25000% 19-01.12.24	1 957 000.00 | 1 740 746.71 | 0.75 |
| USD	HERCULES CAPITAL INC 4.37500% 17-01.02.22	1 198 000.00 | 1 090 729.64 | 0.47 |
| USD	IAC FINANCECO INC-144A 0.87500% 17-01.10.22	1 608 000.00 | 2 451 652.06 | 1.06 |
| USD	ICONIX BRAND GROUP INC 5.75000% 18-15.08.23	1 000 000.00 | 441 453.90 | 0.19 |
| USD	IH MERGER SUB LLC-144A 3.50000% 17-15.01.22	1 472 000.00 | 1 752 630.73 | 0.75 |
| USD	INTERCEPT PHARMACEUTICALS INC 3.25000% 16-01.07.23	1 576 000.00 | 1 413 219.21 | 0.61 |
| USD	J2 GLOBAL INC-144A 1.75000% 19-01.11.26	2 549 000.00 | 2 298 459.98 | 0.99 |
| USD	LENDINGTREE INC 0.62500% 17-01.06.22	813 000.00 | 1 134 462.73 | 0.49 |
| USD	LEXICON PHARMACEUTICALS INC 5.25000% 14-01.12.21	862 000.00 | 623 942.09 | 0.27 |
| USD	LIBERTY MEDIA CORP 1.37500% 13-15.10.23	2 608 000.00 | 3 096 375.59 | 1.33 |
| USD	LIBERTY MEDIA CORP 4.00000% 99-15.11.29	1 209 000.00 | 754 265.21 | 0.32 |
| USD	LIBERTY MEDIA CORP-144A 2.12500% 18-31.03.48	2 153 000.00 | 2 017 241.12 | 0.87 |
| USD	MICROCHIP TECHNOLOGY INC-SUB 1.62500% 15-15.02.25	2 474 000.00 | 4 725 395.11 | 2.04 |
| USD	MICRON TECHNOLOGY INC 2.12500% 13-15.02.33	732 000.00 | 3 195 673.98 | 1.38 |
| USD	NEUROCRINE BIOSCIENCES INC 2.25000% 17-15.05.24	663 000.00 | 903 186.15 | 0.39 |
| USD	NIO INC-144A 19-01.02.24	1 700 000.00 | 807 518.93 | 0.35 |
| USD	PALO ALTO NETWORKS INC 0.75000% 19-01.07.23	2 238 000.00 | 2 202 251.82 | 0.95 |
| USD	PROOFPOINT INC-144A 0.25000% 19-15.08.24	2 368 000.00 | 2 175 986.32 | 0.94 |
| USD	SHIP FINANCE INTERNATIONA LTD 4.87500% 18-01.05.23	600 000.00 | 602 351.89 | 0.26 |
| USD	SHIP FINANCE INTERNATIONAL LTD 5.75000% 16-15.10.21	1 200 000.00 | 1 139 812.91 | 0.49 |

UBS (Lux) Institutional Fund – Global Convertible 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) |  |
|  |  |  |  |  |
| USD | SPIRIT REALTY CAPITAL INC 3.75000% 14-15.05.21 | 2 250 000.00 | 2 066 853.00 | 0.89 |
| USD | SQUARE INC 0.37500% 17-01.03.22 | 547 000.00 | 1 336 146.79 | 0.58 |
| USD | SSR MINING INC-144A 2.50000% 19-01.04.39 | 1 100 000.00 | 1 261 330.07 | 0.54 |
| USD | TABULA RASA HEALTHCARE INC-144A-SUB 1.75000% 19-15.02.26 | 1 452 000.00 | 1 288 198.88 | 0.55 |
| USD | TERADYNE INC 1.25000% 16-15.12.23 | 1 164 000.00 | 2 276 773.63 | 0.98 |
| USD | TULLOW OIL JERSEY-REG-S 6.62500% 16-12.07.21 | 1 400 000.00 | 1 160 534.52 | 0.50 |
| USD | VEREIT INC 3.75000% 13-15.12.20 | 1 500 000.00 | 1 355 532.30 | 0.58 |
| USD | WESTERN DIGITAL CORP 1.50000% 19-01.02.24 | 2 500 000.00 | 2 185 685.97 | 0.94 |
| USD | WHITING PETROLEUM CORP 1.25000% 16-01.04.20 | 712 000.00 | 620 071.13 | 0.27 |
| USD | YY INC-144A 1.37500% 19-15.06.26 | 2 782 000.00 | 2 245 997.20 | 0.97 |
| Total USD |  |  | 70 420 489.44 | 30.33 |
| Total Wandelanleihen, fester Zins |  | 71 701 339.44 | 30.88 |
| Wandelanleihen, Nullcoupon |  |  |  |
| JPY |  |  |  |
| JPY	CYBERAGENT INC-REG-S 0.00000% 18-19.02.25 | 170 000 000.00 | 1 440 268.30 | 0.62 |
| JPY	DIGITAL GARAGE INC-REG-S 0.00000% 18-14.09.23 | 140 000 000.00 | 1 295 268.42 | 0.56 |
| JPY	HIS CO LTD-REG-S 0.00000% 17-15.11.24 | 140 000 000.00 | 1 150 812.86 | 0.50 |
| JPY	MEDIPAL HOLDINGS CORP-REG-S 0.00000% 17-07.10.22 | 130 000 000.00 | 1 217 274.49 | 0.52 |
| Total JPY |  | 5 103 624.07 | 2.20 |
| USD |  |  |  |
| USD	POSEIDON FINANCE 1 LTD-REG-S 0.00000% 18-01.02.25 | 3 100 000.00 | 2 847 995.55 | 1.23 |
| USD	SERVICENOW INC 0.00000% 17-01.06.22 | 1 239 000.00 | 2 325 191.84 | 1.00 |
| Total USD |  | 5 173 187.39 | 2.23 |
| Total Wandelanleihen, Nullcoupon |  | 10 276 811.46 | 4.43 |
| Total Wertpapiere und Geldmarktinstrumente, die an einem anderen geregelten Markt gehandelt werden |  | 81 978 150.90 | 35.31 |

Wertpapiere und Geldmarktinstrumente, die nicht an einer offiziellen Börse oder einem anderen geregelten Markt gehandelt werden
Wandelanleihen, fester Zins
| HKD |  |
| --- | --- |
| HKD | CHINA EVERGRANDE GROUP-REG-S 4.25000% 18-14.02.23 | 21 000 000.00 | 2 176 521.48 | 0.94 |
| Total HKD |  |  | 2 176 521.48 | 0.94 |
| USD |  |  |  |  |
| USD | BW OFFSHORE LTD-REG-S 2.50000% 19-12.11.24 | 2 000 000.00 | 1 769 710.46 | 0.76 |
| USD | DEUTSCHE BANK AG/LONDON/VOYA FINANCIAL 1.00000% 18-01.05.23 | 3 000 000.00 | 2 798 939.87 | 1.21 |
| USD | IQIYI INC 3.75000% 18-01.12.23 | 2 150 000.00 | 2 110 581.74 | 0.91 |
| USD | MEDICINES CO 3.50000% 18-15.01.24 | 700 000.00 | 2 125 237.42 | 0.91 |
| USD | SEA LTD 2.25000% 18-01.07.23 | 1 280 000.00 | 2 413 355.90 | 1.04 |
| USD | SEACOR HOLDINGS INC 3.25000% 18-15.05.30 | 1 451 000.00 | 1 170 704.28 | 0.50 |
| USD | SUNEDISON INC-144A *ESCROW* 0.25000% 14-15.01.20 | 3 739 000.00 | 70 782.85 | 0.03 |
| Total USD |  |  | 12 459 312.52 | 5.36 |
| Total Wandelanleihen, fester Zins |  | 14 635 834.00 | 6.30 |
| Wandelanleihen, Nullcoupon |  |  |  |
| USD |  |  |  |
| USD	WIX.COM LTD 0.00000% 19-01.07.23 | 1 335 000.00 | 1 357 121.16 | 0.58 |
| Total USD |  | 1 357 121.16 | 0.58 |
| Total Wandelanleihen, Nullcoupon |  | 1 357 121.16 | 0.58 |
| Total Wertpapiere und Geldmarktinstrumente, die nicht an einer offiziellen Börse oder einem anderen geregelten Markt gehandelt werden |  | 15 992 955.16 | 6.88 |
| Neuemittierte Wertpapiere und Geldmarktinstrumente |  |  |  |
| Wandelanleihen, fester Zins |  |  |  |
| USD |  |  |  |
| USD	IRONWOOD PHARMACEUTICALS INC-144A 1.50000% 19-15.06.26 | 1 112 000.00 | 1 183 286.88 | 0.51 |
| Total USD |  | 1 183 286.88 | 0.51 |
| Total Wandelanleihen, fester Zins |  | 1 183 286.88 | 0.51 |
| Total Neuemittierte Wertpapiere und Geldmarktinstrumente |  | 1 183 286.88 | 0.51 |
| Total des Wertpapierbestandes |  | 217 198 367.78 | 93.54 |
| Devisenterminkontrakte |  |  |  |
| Devisenterminkontrakte (Kauf/Verkauf) |  |  |  |

| EUR | 104 008 530.00 | USD | 115 000 000.00 | 17.1.2020 | 1 654 688.26 | 0.71 |
| --- | --- | --- | --- | --- | --- | --- |
| EUR | 15 641 501.44 | HKD | 136 000 000.00 | 21.2.2020 | 147 510.89 | 0.06 |
| USD | 6 000 000.00 | EUR | 5 424 000.00 | 17.1.2020 | -83 799.56 | -0.04 |
| SEK | 14 500 000.00 | EUR | 1 358 524.00 | 21.2.2020 | 20 422.48 | 0.01 |
| HKD | 25 000 000.00 | EUR | 2 882 365.03 | 21.2.2020 | -34 205.00 | 0.00 |
| EUR | 4 951 398.36 | CHF | 5 400 000.00 | 20.3.2020 | -19 607.92 | -0.01 |
| EUR | 1 829 160.48 | CAD | 2 700 000.00 | 20.3.2020 | -17 219.65 | -0.01 |
| EUR | 613 162.14 | AUD | 1 000 000.00 | 20.3.2020 | -11 203.69 | 0.00 |

UBS (Lux) Institutional Fund – Global Convertible 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) |  |

Devisenterminkontrakte (Fortsetzung)
Devisenterminkontrakte (Kauf/Verkauf)
| EUR | 8 746 100.01 | GBP | 7 400 000.00 | 20.3.2020 | 36 719.58 | 0.02 |
| --- | --- | --- | --- | --- | --- | --- |
| NOK | 6 400 000.00 | EUR | 626 131.50 | 20.3.2020 | 19 688.09 | 0.01 |
| EUR | 645 230.67 | MYR | 3 000 000.00 | 20.3.2020 | -5 725.85 | 0.00 |
| EUR | 3 423 433.02 | KRW | 4 500 000 000.00 | 20.3.2020 | -38 232.59 | -0.02 |
| EUR | 1 254 535.26 | USD | 1 400 000.00 | 17.1.2020 | 8 488.49 | 0.00 |
| CHF | 232 303 300.00 | EUR | 212 996 254.51 | 17.1.2020 | 739 313.79 | 0.32 |
| NOK | 5 000 000.00 | EUR | 495 420.29 | 20.3.2020 | 9 126.26 | 0.00 |
| EUR | 26 021 318.27 | JPY | 3 170 000 000.00 | 17.1.2020 | 37 399.71 | 0.02 |
| EUR | 35 735 428.86 | USD | 39 900 000.00 | 21.2.2020 | 300 973.36 | 0.13 |
| EUR | 764 904.23 | SEK | 8 000 000.00 | 21.2.2020 | 4 106.17 | 0.00 |
| CHF | 2 043 300.00 | EUR | 1 872 931.59 | 17.1.2020 | 7 049.83 | 0.00 |
| EUR | 313 836.33 | USD | 350 000.00 | 17.1.2020 | 2 324.64 | 0.00 |
| EUR | 897 582.27 | USD | 1 000 000.00 | 17.1.2020 | 7 548.86 | 0.00 |
| EUR | 1 293 576.93 | USD | 1 450 000.00 | 17.1.2020 | 3 028.49 | 0.00 |
| CHF | 2 469 900.00 | EUR | 2 272 474.25 | 17.1.2020 | 9.53 | 0.00 |
| Total Devisenterminkontrakte (Kauf/Verkauf) | 2 788 404.17 | 1.20 |
|  |  |  |
| Bankguthaben, Sicht- und Fristgelder und andere liquide Mittel | 11 548 348.11 | 4.97 |
| Andere Aktiva und Passiva | 653 097.80 | 0.29 |
| Total des Nettovermögens | 232 188 217.86 | 100.00 |

UBS (Lux) Institutional Fund – Global Convertible Bonds Jahresbericht per 31. Dezember 2019