Asset management ab UBS Funds Annual Report 2019/2020 Investment Company under Luxembourg Law (SICAV) R.C.S. Luxembourg N° B 56 385 Annual report and audited financial statements as of 31 May 2020 UBS (Lux) Bond SICAV UBS (Lux) Bond SICAV – 2023 (USD) UBS (Lux) Bond SICAV – 2024 (USD) UBS (Lux) Bond SICAV – Asian High Yield (USD) UBS (Lux) Bond SICAV – Asian Investment Grade Bonds (USD) UBS (Lux) Bond SICAV – China Fixed Income (RMB) UBS (Lux) Bond SICAV – Convert Global (EUR) UBS (Lux) Bond SICAV – Emerging Economies Corporates (USD) UBS (Lux) Bond SICAV – Emerging Economies Local Currency Bond (USD) UBS (Lux) Bond SICAV – Emerging Europe (EUR) UBS (Lux) Bond SICAV – Emerging Markets Bonds 2021 (USD) UBS (Lux) Bond SICAV – EUR Corporates (EUR) UBS (Lux) Bond SICAV – Fixed Maturity Series 1 (USD) UBS (Lux) Bond SICAV – Floating Rate Income (USD) UBS (Lux) Bond SICAV – Global Corporates (USD) UBS (Lux) Bond SICAV – Global Dynamic (USD) UBS (Lux) Bond SICAV – Global Inflation-linked (USD) UBS (Lux) Bond SICAV – Global Short Term Flexible (USD) UBS (Lux) Bond SICAV – Multi Income (USD) UBS (Lux) Bond SICAV – Short Duration High Yield Sustainable (USD)* UBS (Lux) Bond SICAV – Short Term EUR Corporates (EUR) UBS (Lux) Bond SICAV – Short Term USD Corporates (USD) UBS (Lux) Bond SICAV – USD Corporates (USD) UBS (Lux) Bond SICAV – USD High Yield (USD) UBS (Lux) Bond SICAV – USD Investment Grade Corporates (USD) * formerly UBS (Lux) Bond SICAV – Short Duration High Yield (USD) Annual report and audited financial statements as of 31 May 2020 Table of contents Page ISIN Management and Administration 6 Features of the Company 8 Audit report 14 UBS (Lux) Bond SICAV 17 UBS (Lux) Bond SICAV – 2023 (USD) 19 I-A1-acc LU1939228059 I-B-dist LU2072099455 K-1-acc LU1914375941 K-1-dist LU1914376089 K-1-qdist LU1914376162 P-acc LU1914375511 P-dist LU1914375602 P-qdist LU1980165606 (HKD) P-qdist LU1980165945 Q-acc LU1914375784 Q-dist LU1914375867 Q-UKdist-qdist LU1939227754 UBS (Lux) Bond SICAV – 2024 (USD) 26 K-1-acc LU2032050580 K-1-dist LU2032050663 K-1-qdist LU2045767261 P-acc LU2032050150 P-dist LU2032050234 P-qdist LU2045766537 (HKD) P-qdist LU2045767428 Q-acc LU2032050317 Q-dist LU2032050408 Q-qdist LU2045766883 Q-UKdist-qdist LU2032050747 UBS (Lux) Bond SICAV – Asian High Yield (USD) 33 F-acc LU0949706286 F-dist LU2073878949 I-A1-acc LU0871581103 I-B-acc LU1739859327 I-X-dist LU0883523861 K-1-acc LU0725271869 K-X-acc LU1957417949 (EUR hedged) K-X-mdist LU1957417865 P-acc LU0626906662 (CHF hedged) P-acc LU0626907470 (EUR hedged) P-acc LU0626907397 P-dist LU0725271786 P-mdist LU0626906746 (SGD hedged) P-mdist LU0626907124 Q-acc LU1240770955 (CHF hedged) Q-acc LU1240770799 (EUR hedged) Q-acc LU1240770872 Q-dist LU1240771094 Q-mdist LU1240771177 U-X-acc LU0626906829 UBS (Lux) Bond SICAV – Asian Investment Grade Bonds (USD) 44 I-B-acc LU1377678567 U-X-acc LU1377216947 UBS (Lux) Bond SICAV – China Fixed Income (RMB) 51 I-A2-acc LU1991149219 I-B-acc LU1698195721 (USD) I-B-acc LU2166137674 (JPY) I-B-mdist LU1839734362 (CHF hedged) I-X-acc LU2008201183 (USD hedged) I-X-acc LU2058912770 (USD) K-X-acc LU1808704073 P-acc LU1717043324 (EUR) P-acc LU1717043837 (USD) P-acc LU1717043670 Q-acc LU1717043597 (EUR) Q-acc LU1717043910 (USD) Q-acc LU1717043753 U-X-acc LU1698195994 U-X-UKdist-mdist LU1839734446 (USD hedged) U-X-acc LU2008202314 1 UBS (Lux) Bond SICAV – Convert Global (EUR) 59 F-acc LU0949706013 (CHF hedged) F-acc LU1255921550 (USD hedged) F-acc LU1255922012 I-A1-acc LU0396331836 (CHF hedged) I-A1-acc LU0615763637 (USD hedged) I-A1-dist LU2159007975 I-A2-acc LU0396332131 I-A2-dist LU0396332057 (CHF hedged) I-A2-dist LU1036033238 I-A3-acc LU0396332305 (CHF hedged) I-A3-acc LU0615763801 (USD hedged) I-A3-acc LU1099504323 I-A3-dist LU0396332214 (GBP hedged) I-A3-UKdist LU1103717481 (USD hedged) I-B-acc LU0671330487 I-X-acc LU0396332727 (CHF hedged) I-X-acc LU0615763983 I-X-dist LU0396332644 K-X-acc LU1984560711 P-acc LU0203937692 (CHF hedged) P-acc LU0499399144 (USD hedged) P-acc LU0629154393 P-dist LU0315165794 Q-acc LU0358423738 (CHF hedged) Q-acc LU1240771763 (USD hedged) Q-acc LU0499399060 Q-dist LU1240771847 UBS (Lux) Bond SICAV – Emerging Economies Corporates (USD) 70 F-acc LU1611257178 I-B-acc LU2107555869 I-X-acc LU1564462544 I-X-dist LU1092615647 K-X-acc LU1564462460 (EUR hedged) K-X-acc LU1620846409 (EUR hedged) K-X-mdist LU1957417782 (EUR hedged) P-4%-qdist LU1669357250 P-acc LU0896022034 (CHF hedged) P-acc LU0896022380 (EUR hedged) P-acc LU0896022620 P-dist LU0896022117 (CHF hedged) P-dist LU0896022463 (EUR hedged) P-dist LU0896022893 Q-acc LU1240772738 (CHF hedged) Q-acc LU1240772225 Q-dist LU1240772811 (CHF hedged) Q-dist LU1240772498 UBS (Lux) Bond SICAV – Emerging Economies Local Currency Bond (USD) 81 I-A1-acc LU1390335583 I-B-acc LU1881004227 I-X-acc LU1131112325 K-1-acc LU0775388019 P-acc LU0775387714 (EUR hedged) P-acc LU2064626802 P-dist LU0775387805 (EUR hedged) P-dist LU2064626984 P-mdist LU0775387987 Q-acc LU1240772902 (EUR hedged) Q-acc LU2064627016 (EUR hedged) Q-dist LU2064627107 U-X-acc LU0775388282 U-X-UKdist-mdist LU1957417519 UBS (Lux) Bond SICAV – Emerging Europe (EUR) 93 I-A3-dist LU0396346941 P-4%-qdist LU1669357508 P-acc LU0214905043 P-dist LU0214904665 Q-acc LU1240773116 Q-dist LU1240773207 UBS (Lux) Bond SICAV – Emerging Markets Bonds 2021 (USD) 96 K-1-acc LU1562322385 K-1-dist LU1562322468 K-1-qdist LU1562322542 K-X-acc LU1586331834 P-acc LU1562321817 P-dist LU1562321908 P-qdist LU1562322039 Q-acc LU1562322112 Q-dist LU1562322203 UBS (Lux) Bond SICAV – EUR Corporates (EUR) 102 F-acc LU0981420374 P-acc LU0162626096 (CHF hedged) P-acc LU0776291147 Q-acc LU0396343682 (CHF hedged) Q-acc LU1240773892 U-X-acc LU0396345034 (CHF hedged) U-X-acc LU1383449839 2 UBS (Lux) Bond SICAV – Fixed Maturity Series 1 (USD) 109 P-qdist LU2100412902 (HKD) P-qdist LU2100413033 UBS (Lux) Bond SICAV – Floating Rate Income (USD) 114 I-X-acc LU1776430768 K-1-acc LU1679116258 K-1-mdist LU1692484782 (HKD) K-1-mdist LU1692484865 (EUR hedged) K-X-acc LU1856011025 P-acc LU1679112000 (CHF hedged) P-acc LU1679114808 (EUR hedged) P-acc LU1679113404 (GBP hedged) P-acc LU1685801778 P-dist LU1679112349 (CHF hedged) P-dist LU1679115102 (EUR hedged) P-dist LU1679113743 P-mdist LU1679116506 (HKD) P-mdist LU1692484949 Q-acc LU1679112851 (CHF hedged) Q-acc LU1679115524 (EUR hedged) Q-acc LU1679114121 (GBP hedged) Q-acc LU1685808278 Q-dist LU1679113156 (CHF hedged) Q-dist LU1679115953 (EUR hedged) Q-dist LU1679114550 (GBP hedged) Q-dist LU1685817428 Q-mdist LU1891428382 U-X-UKdist-mdist LU1839734529 UBS (Lux) Bond SICAV – Global Corporates (USD) 125 (CHF hedged) I-A1-acc LU0390863529 I-A2-acc LU0390870227 I-B-acc LU0390870730 (CHF hedged) I-B-acc LU0390864253 I-X-acc LU0390870904 (CHF hedged) I-X-acc LU0390864410 (EUR hedged) I-X-acc LU0390868080 I-X-UKdist LU1336832081 (CHF hedged) U-X-acc LU0390864766 U-X-dist LU0390871035 UBS (Lux) Bond SICAV – Global Dynamic (USD) 137 (EUR hedged) F-acc LU1287054065 (EUR hedged) I-A1-acc LU1240811650 (EUR hedged) I-A3-acc LU2134544555 (EUR hedged) I-B-acc LU1193130314 I-X-acc LU1138686867 (CHF hedged) I-X-acc LU1557225098 (EUR hedged) I-X-acc LU1822788151 K-X-acc LU1860987145 K-X-dist LU1917356179 P-4%-mdist LU2051222904 P-acc LU0891671751 (CHF hedged) P-acc LU0891672213 (EUR hedged) P-acc LU0891672056 P-dist LU0891671835 (CHF hedged) P-dist LU0891672304 (EUR hedged) P-dist LU0891672130 Q-4%-mdist LU2038039314 Q-acc LU1240774783 (CHF hedged) Q-acc LU1240774437 (EUR hedged) Q-acc LU1240774601 Q-dist LU1240774866 (CHF hedged) Q-dist LU1240774510 (EUR hedged) Q-dist LU1109640307 UBS (Lux) Bond SICAV – Global Inflation-linked (USD) 155 (CHF hedged) I-A1-acc LU0455555184 (CHF hedged) I-A1-dist LU0455555267 I-A2-acc LU0455552322 I-A3-acc LU0455552678 (CHF hedged) I-A3-acc LU0455555697 (EUR hedged) I-A3-acc LU0455558790 (CHF hedged) I-B-acc LU0455555853 (EUR hedged) I-X-acc LU2069292600 (EUR hedged) K-1-acc LU0455557396 P-acc LU0455550201 (CHF hedged) P-acc LU0455553486 (EUR hedged) P-acc LU0455556406 Q-acc LU1240775160 (CHF hedged) Q-acc LU1240774940 (EUR hedged) Q-acc LU1240775087 UBS (Lux) Bond SICAV – Global Short Term Flexible (USD) 167 (AUD hedged) F-acc LU1991162741 (EUR hedged) I-X-acc LU2073878865 (EUR hedged) K-1-acc LU0719382987 P-acc LU0659916679 (AUD hedged) P-acc LU1991167542 (CHF hedged) P-acc LU0726085425 (EUR hedged) P-acc LU0706127809 P-dist LU0659904402 (AUD hedged) Q-acc LU1991167898 (EUR hedged) Q-acc LU0718864688 3 UBS (Lux) Bond SICAV – Multi Income (USD) 177 (CHF hedged) I-X-acc LU2045897803 (EUR hedged) N-acc LU1706618268 P-acc LU1706617708 (EUR hedged) P-acc LU1706618003 P-mdist LU1706617963 Q-acc LU1706617880 (EUR hedged) Q-acc LU1706618185 U-X-acc LU2028847254 UBS (Lux) Bond SICAV – Short Duration High Yield Sustainable (USD)* 184 (CHF hedged) F-acc LU0949706443 (EUR hedged) F-acc LU0949593064 I-A1-acc LU0849031918 (CHF hedged) I-A1-acc LU0913264692 I-A2-acc LU0838526746 (EUR hedged) I-A2-acc LU0612440262 (EUR hedged) I-A3-qdist LU2095324419 I-B-acc LU0913264429 (EUR hedged) I-B-acc LU0965046831 I-X-acc LU0912930210 (EUR hedged) I-X-acc LU1822788235 I-X-UKdist LU1336831943 (EUR hedged) K-1-acc LU0599212312 K-1-dist LU0784638487 K-X-acc LU1525457625 (EUR hedged) K-X-acc LU1856010993 (EUR hedged) N-dist LU0843236083 P-acc LU0577855355 (CHF hedged) P-acc LU0577855785 (EUR hedged) P-acc LU0577855942 P-mdist LU0590765581 (AUD hedged) P-mdist LU0784638644 (SGD hedged) P-mdist LU0590766043 (EUR hedged) P-qdist LU1669357847 Q-acc LU1240776721 (CHF hedged) Q-acc LU1240776218 (EUR hedged) Q-acc LU0577855512