annual report 2012/2013 - cmvmweb3.cmvm.pt/sdi2004/fundos/docs/orc053551lu0218832474020… ·...

ab Asset managementUBS Funds

Annual Report 2012/2013

Investment Company under Luxembourg Law (SICAV)

R.C.S. Luxembourg N° B 88 580

Audited annual report as of 30 September 2013

UBS (Lux) Key Selection SICAVUBS (Lux) Key Selection SICAV – Absolute Return Medium (CHF)UBS (Lux) Key Selection SICAV – Absolute Return Medium (EUR)UBS (Lux) Key Selection SICAV – Absolute Return Medium (USD)UBS (Lux) Key Selection SICAV – Absolute Return Plus (CHF)UBS (Lux) Key Selection SICAV – Absolute Return Plus (EUR)UBS (Lux) Key Selection SICAV – Active Defense 5 (CHF)UBS (Lux) Key Selection SICAV – Active Defense 5 (EUR)UBS (Lux) Key Selection SICAV – Active Defense 5 (USD)UBS (Lux) Key Selection SICAV – All-Rounder (EUR)UBS (Lux) Key Selection SICAV – Asian Allocation (USD)1

UBS (Lux) Key Selection SICAV – Asian Equities (USD)2

UBS (Lux) Key Selection SICAV – Commodity Strategy (USD)UBS (Lux) Key Selection SICAV – Dynamic Alpha (USD)3

UBS (Lux) Key Selection SICAV – Emerging Markets Allocation (USD)4

UBS (Lux) Key Selection SICAV – Emerging Markets Income (USD)UBS (Lux) Key Selection SICAV – EUR Bonds (EUR)5

UBS (Lux) Key Selection SICAV – European Core Equities (EUR)6

UBS (Lux) Key Selection SICAV – Global Allocation (CHF)UBS (Lux) Key Selection SICAV – Global Allocation (EUR)UBS (Lux) Key Selection SICAV – Global Allocation (USD)UBS (Lux) Key Selection SICAV – Global Allocation Focus Europe (EUR)7

UBS (Lux) Key Selection SICAV – Global Alpha Opportunities (EUR)8

UBS (Lux) Key Selection SICAV – Global Equities (USD)9

UBS (Lux) Key Selection SICAV – Global Real Estate Securities (USD)10

UBS (Lux) Key Selection SICAV – Multi Asset Income (USD)11

UBS (Lux) Key Selection SICAV – Smart Allocator (USD)UBS (Lux) Key Selection SICAV – US Equities (USD)12

1 formerly UBS (Lux) Key Selection SICAV – Asian Allocation 2 formerly UBS (Lux) Key Selection SICAV – Asian Equities 3 formerly UBS (Lux) Key Selection SICAV – Absolute Return Plus (USD) 4 formerly UBS (Lux) Key Selection SICAV – Emerging Markets Allocation 5 formerly UBS (Lux) Key Selection SICAV – EUR Bonds 6 formerly UBS (Lux) Key Selection SICAV – European Core Equities 7 formerly UBS (Lux) Key Selection SICAV – Global Allocation Focus Europe 8 formerly UBS (Lux) Key Selection SICAV – Global Alpha Opportunities 9 formerly UBS (Lux) Key Selection SICAV – Global Equities10 formerly UBS (Lux) Key Selection SICAV – Global Real Estate Securities11 formerly UBS (Lux) Key Selection SICAV – Multi Asset Income12 formerly UBS (Lux) Key Selection SICAV – US Equities

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Audited annual report as of 30 September 2013

Table of contents Page ISIN

Management and Administration 3Features of the Company 5Independent auditor’s report 10

UBS (Lux) Key Selection SICAV 12UBS (Lux) Key Selection SICAV – Absolute Return Medium (CHF) 14 P-acc LU0218832631UBS (Lux) Key Selection SICAV – Absolute Return Medium (EUR) 16 P-acc LU0218832474UBS (Lux) Key Selection SICAV – Absolute Return Medium (USD) 18 P-acc LU0218832128UBS (Lux) Key Selection SICAV – Absolute Return Plus (CHF) 20 P-acc LU0218834090UBS (Lux) Key Selection SICAV – Absolute Return Plus (EUR) 22 P-acc LU0218833795 Q-acc LU0425165544 I-X-acc LU0425166864UBS (Lux) Key Selection SICAV – Active Defense 5 (CHF) 24 P-acc LU0421758110UBS (Lux) Key Selection SICAV – Active Defense 5 (EUR) 30 P-acc LU0353515827 K-1-acc LU0456709376UBS (Lux) Key Selection SICAV – Active Defense 5 (USD) 36 P-acc LU0421758383UBS (Lux) Key Selection SICAV – All-Rounder (EUR) 42 U-X-acc LU0853022563 Q-acc LU0853026986 N-acc LU0853029907UBS (Lux) Key Selection SICAV – Asian Allocation (USD)1 45 P-acc LU0420139866 I-X-acc LU0421761411UBS (Lux) Key Selection SICAV – Asian Equities (USD)2 47 P-acc LU0235996351 (GBP) P-dist LU0246169758 U-X-acc LU0425186540 I-A1-acc LU0794920784UBS (Lux) Key Selection SICAV – Commodity Strategy (USD) 53 U-X-acc LU0851683713UBS (Lux) Key Selection SICAV – Dynamic Alpha (USD)3 57 P-acc LU0218832805 (CAD hedged) P-acc LU0263318627 (SGD hedged) P-acc LU0286926331 I-B-acc LU0425154183 I-X-acc LU0425154852 (CHF hedged) P-acc LU0849400626 (EUR hedged) P-acc LU0849401350 (EUR hedged) I-A2-acc LU0920342325 (CHF hedged) I-X-acc LU0943632256 (EUR hedged) I-B-acc LU0945635695 I-A2-acc LU0946722526UBS (Lux) Key Selection SICAV – Emerging Markets Allocation (USD)4 69 P-acc LU0730958831 (CHF hedged) P-acc LU0730959052 (EUR hedged) P-acc LU0730959219 (EUR hedged) N-acc LU0815299903 UBS (Lux) Key Selection SICAV – Emerging Markets Income (USD) 75 P-mdist LU0878004406 P-dist LU0878005478 P-acc LU0878005551 (EUR hedged) P-dist LU0878005809 (EUR hedged) P-acc LU0878006104 (SGD hedged) P-mdist LU0882747412 (HKD) P-mdist LU0882747503 (AUD hedged) P-mdist LU0937166550 (EUR hedged) Q-acc LU0943632330UBS (Lux) Key Selection SICAV – EUR Bonds (EUR)5 81 P-acc LU0235997086 P-dist LU0236485982UBS (Lux) Key Selection SICAV – European Core Equities (EUR)6 87 P-acc LU0153925689 K-1-acc LU0421769158 I-B-acc LU0421770834 U-X-acc LU0421771568UBS (Lux) Key Selection SICAV – Global Allocation (CHF) 93 P-acc LU0197216715UBS (Lux) Key Selection SICAV – Global Allocation (EUR) 99 P-acc LU0197216558 (CAD hedged) P-acc LU0218832045 (SGD hedged) P-acc LU0287180474 N-acc LU0423397842 Q-acc LU0423398907 I-B-acc LU0423399897 (GBP hedged) P-acc LU0678606244UBS (Lux) Key Selection SICAV – Global Allocation (USD) 111 P-acc LU0197216392 K-1-acc LU0423406858 I-A2-acc LU0423407823 I-X-acc LU0423408631 (JPY) P-acc LU0953722104UBS (Lux) Key Selection SICAV – Global Allocation Focus Europe (EUR)7 118 P-acc LU0263318890 (CHF hedged) P-acc LU0263319278 (USD hedged) P-acc LU0263319435 K-1-acc LU0424172541UBS (Lux) Key Selection SICAV – Global Alpha Opportunities (EUR)8 125 I-X-acc LU0500994404 U-X-acc LU0500994743 P-acc LU0502418741 (CHF hedged) P-acc LU0502419046 (USD hedged) P-acc LU0502419392 I-A1-acc LU0508499026 (USD hedged) I-A1-acc LU0508499885UBS (Lux) Key Selection SICAV – Global Equities (USD)9 130 P-acc LU0161942395 (EUR) P-acc LU0161942635 (EUR) K-1-acc LU0421783811 I-B-acc LU0421789008 I-X-acc LU0421789263 U-X-acc LU0421789420UBS (Lux) Key Selection SICAV 137 (EUR hedged) I-A1-acc LU0456132322 I-A1-acc LU0456132595– Global Real Estate Securities (USD)10 P-acc LU0574507207UBS (Lux) Key Selection SICAV – Multi Asset Income (USD)11 144 U-X-acc LU0611201574 (CHF hedged) P-dist LU0626809114 (EUR hedged) P-dist LU0626809387 P-dist LU0626809460 (CHF hedged) I-X-acc LU0626809544 (EUR hedged) I-X-acc LU0745895374 (GBP hedged) P-UK-dist LU0749797188 (EUR hedged) N-dist LU0815318976 (CHF hedged) P-acc LU0822113493 (EUR hedged) P-acc LU0822114038 P-acc LU0822114202 (GBP hedged) P-acc LU0937166477 1 formerly UBS (Lux) Key Selection SICAV – Asian Allocation 2 formerly UBS (Lux) Key Selection SICAV – Asian Equities 3 formerly UBS (Lux) Key Selection SICAV – Absolute Return Plus (USD) 4 formerly UBS (Lux) Key Selection SICAV – Emerging Markets Allocation 5 formerly UBS (Lux) Key Selection SICAV – EUR Bonds 6 formerly UBS (Lux) Key Selection SICAV – European Core Equities 7 formerly UBS (Lux) Key Selection SICAV – Global Allocation Focus Europe 8 formerly UBS (Lux) Key Selection SICAV – Global Alpha Opportunities 9 formerly UBS (Lux) Key Selection SICAV – Global Equities10 formerly UBS (Lux) Key Selection SICAV – Global Real Estate Securities11 formerly UBS (Lux) Key Selection SICAV – Multi Asset Income

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UBS (Lux) Key Selection SICAV – Smart Allocator (USD) 150 U-X-acc LU0897247838UBS (Lux) Key Selection SICAV – US Equities (USD)12 155 P-acc LU0153925929 (EUR) P-acc LU0155373292 P-dist LU0274146058 I-B-acc LU0421782094

Notes to the Financial Statements 157Appendix 171Global Exposure (unaudited) 173

12 formerly UBS (Lux) Key Selection SICAV – US Equities

Sales restrictions

Shares of this Company may not be offered, sold or distributedwithin the United States of America.

Internet address

http://www.ubs.com/1/e/globalam/funds.html

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UBS (Lux) Key Selection SICAVAnnual Report as of 30 September 2013

Management and Administration

Registered Office

33A, avenue J.F. Kennedy,L-1855 LuxembourgR.C.S. Luxembourg N° B 88 580

Board of Directors

Robert Süttinger, PresidentManaging Director, UBS AG, Basel and Zurich

Aloyse Hemmen, MemberExecutive Director, UBS Fund Management(Luxembourg) S.A., Luxembourg

Thomas Portmann, MemberExecutive Director, UBS AG, Basel and Zurich

Michael Kehl, MemberExecutive Director, UBS AG, Basel and Zurich

Management Company

UBS Fund Management (Luxembourg) S.A.,33A, avenue J.F. Kennedy,L-1855 LuxembourgR.C.S. Luxembourg N° B 154 210

Portfolio Manager

UBS (Lux) Key Selection SICAV– Asian Equities (USD)1

UBS Global Asset Management (Singapore) Ltd., Singapore

UBS (Lux) Key Selection SICAV– Active Defense 5 (CHF)– Active Defense 5 (EUR)– Active Defense 5 (USD)– All-Rounder (EUR)– Emerging Markets Income (USD)– EUR Bonds (EUR)2

– European Core Equities (EUR)3

– Global Allocation (CHF)– Global Allocation (EUR)– Global Allocation (USD)– Global Allocation Focus Europe (EUR)4

– Global Real Estate Securities (USD)5

– Smart Allocator (USD)UBS AG, UBS Global Asset Management,Basel and Zurich

UBS (Lux) Key Selection SICAV– Commodity Strategy (USD)– Dynamic Alpha (USD)6

– Emerging Markets Allocation (USD)7

– Global Equities (USD)8

– Multi Asset Income (USD)9

UBS Global Asset Management (UK) Ltd.,London

UBS (Lux) Key Selection SICAV– Global Alpha Opportunities (EUR)10

UBS Alternative & Quantitative Investments LLC,Stamford

Custodian bank and main paying agent

UBS (Luxembourg) S.A.,33A, avenue J.F. Kennedy,L-1855 Luxembourg

Distributor

UBS AG, Basel and Zurich

Administrative agent

UBS Fund Services (Luxembourg) S.A.,33A, avenue J.F. Kennedy,L-1855 Luxembourg

1 formerly UBS (Lux) Key Selection SICAV – Asian Equities 2 formerly UBS (Lux) Key Selection SICAV – EUR Bonds 3 formerly UBS (Lux) Key Selection SICAV – European Core Equities 4 formerly UBS (Lux) Key Selection SICAV – Global Allocation Focus Europe 5 formerly UBS (Lux) Key Selection SICAV – Global Real Estate Securities 6 formerly UBS (Lux) Key Selection SICAV – Absolute Return Plus (USD) 7 formerly UBS (Lux) Key Selection SICAV – Emerging Markets Allocation 8 formerly UBS (Lux) Key Selection SICAV – Global Equities 9 formerly UBS (Lux) Key Selection SICAV – Multi Asset Income10 formerly UBS (Lux) Key Selection SICAV – Global Alpha Opportunities

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Auditor of the Company and the Management Company

ERNST & YOUNG S.A.,7, rue Gabriel Lippmann, Parc d’Activité Syrdall 2,L-5365 Munsbach

Sale in Switzerland

RepresentativeUBS Fund Management (Switzerland) AG,Brunngässlein 12, CH-4002 Basel

Paying agentsUBS AG, Aeschenvorstadt 1, CH-4002 BaselUBS AG, Bahnhofstrasse 45, CH-8098 Zurichand its offices in Switzerland

The sales prospectus, the KIID, the articles of association of the Company, the annual and semi-annual reports as well as the portfolio movements of the Company mentioned in this publication are available free of charge from UBS AG, P.O. Box, CH-4002 Basel and from UBS Fund Management (Switzerland) AG, P.O. Box, CH-4002 Basel.

Sale in Germany

Sales agency and information agentUBS Deutschland AG,Bockenheimer Landstr. 2-4, D-60306 Frankfurt am Main

The following subfund have not been authorized for public distribution in Germany. Shares of this subfund may not be distributed to investor in Germany:

UBS (Lux) Key Selection SICAV – All-Rounder (EUR)– Commodity Strategy (USD)

The sales prospectus, the KIID, the articles of association of the Company, the annual and semi-annual reports as well as the portfolio movements of the Company mentioned in this publication are available free of charge from UBS Deutschland AG, Bockenheimer Landstr. 2-4, D-60306 Frankfurt am Main.

Sale in Liechtenstein

Paying agentLiechtensteinische Landesbank AG,Städtle 44, FL-9490 Vaduz

Sale in Austria, in Belgium, in Chile, in Finland, in France, in Greece, in Hungary, in Italy, in Japan, in Malta, in the Netherlands, in Norway, in Peru, in Portugal, in Singapore, in South Korea, in Spain, in Sweden, in Taiwan and in the United Kingdom

Shares of this Company may be sold in these countries.

The sales prospectus, the KIID, the articles of association of the Company, the annual and semi-annual reports as well as the portfolio movements of the Company mentioned in this publication are available free of charge at the sales agencies and at the registered office of the Company.

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Features of the Company

UBS (Lux) Key Selection SICAV (hereinafter called the “Company”) was incorporated on 9 August 2002 as an open-end investment fund in the legal form of a “Société d’Investissement à Capital Variable” (SICAV) in accordance with Part I of the Luxembourg law relat-ing to undertakings for collective investment enacted on 30 March 1988 and amended to comply with the require-ments of the Luxembourg law of 20 December 2002 in February 2004, and the Luxembourg law of 2010 since 1 July 2011. Effective 16 May 2011, the Company has appointed UBS Fund Management (Luxembourg) S.A. as its Management Company.

The Articles of Association were published in the “Mémorial, Recueil des Sociétés et Associations” (hereinafter called “Mémorial”) on 23 August 2002, and deposited at the Commercial and Company Register of the District Court in Luxembourg for inspection. The consolidated version of the articles of incorporation is held by the Commercial and Company Register of the District Court in Luxembourg for inspection. Any amendments are published by way of a notice of deposit in the Mémorial, in a Luxembourg daily newspaper and, if necessary, in the official publications of the individual distribution countries. Amendments become legally binding in respect of all shareholders subsequent to their approval by the general meeting of shareholders.

The Company offers investors various subfunds (“Umbrella Structure”) which invest in accordance with the investment policy described in the sales prospectus. The sales prospectus contains specific details on each subfund and will be updated each time a new subfund or additional share class is issued.

As at 30 September 2013, the following subfunds are active:

UBS (Lux) Key Selection SICAV Currency of account of the subfund– Active Defense 5 (CHF) CHF

– Active Defense 5 (EUR) EUR

– Active Defense 5 (USD) USD

– All-Rounder (EUR) EUR

– Asian Equities (USD)1 USD

– Commodity Strategy (USD) USD

– Dynamic Alpha (USD)2 USD

– Emerging Markets Allocation (USD)3 USD

– Emerging Markets Income (USD) USD

– EUR Bonds (EUR)4 EUR

– European Core Equities (EUR)5 EUR

– Global Allocation (CHF) CHF

– Global Allocation (EUR) EUR

– Global Allocation (USD) USD

– Global Allocation Focus Europe (EUR)6 EUR

– Global Alpha Opportunities (EUR)7 EUR

UBS (Lux) Key Selection SICAV Currency of account of the subfund– Global Equities (USD)8 USD

– Global Real Estate Securities (USD)9 USD

– Multi Asset Income (USD)10 USD

– Smart Allocator (USD) USD

1 formerly UBS (Lux) Key Selection SICAV – Asian Equities 2 formerly UBS (Lux) Key Selection SICAV – Absolute Return Plus (USD) 3 formerly UBS (Lux) Key Selection SICAV – Emerging Markets Allocation 4 formerly UBS (Lux) Key Selection SICAV – EUR Bonds 5 formerly UBS (Lux) Key Selection SICAV – European Core Equities 6 formerly UBS (Lux) Key Selection SICAV – Global Allocation Focus Europe 7 formerly UBS (Lux) Key Selection SICAV – Global Alpha Opportunities 8 formerly UBS (Lux) Key Selection SICAV – Global Equities 9 formerly UBS (Lux) Key Selection SICAV – Global Real Estate Securities10 formerly UBS (Lux) Key Selection SICAV – Multi Asset Income

Various share classes can be offered for the subfunds. Information on which share classes are available for which subfund can be obtained from the Administrative Agent or at www.ubs.com/funds.

“P”

Shares in classes with “P” in their name are available to all investors. Their smallest tradable unit is 0.001. Un-less the Management Company decides otherwise, the initial issue price of these shares amounts to AUD 100, CAD 100, CHF 100, CZK 2,000, EUR 100, GBP 100, HKD 1 000, JPY 10 000, PLN 500, RMB 1 000, RUB 3 500, SEK 700, SGD 100 or USD 100.

“N”

Shares in classes with “N” in their name (shares with restrictions on the distribution partners or countries) are issued exclusively through Distributors domiciled in Spain, Italy, Portugal and Germany authorised by UBS AG, as well as, where appropriate, through Distributors in further distribution countries, provided this has been decided by the Company. Their smallest tradable unit is 0.001. Unless the Management Company decides oth-erwise, the initial issue price of these shares amounts to AUD 100, CAD 100, CHF 100, CZK 2 000, EUR 100, GBP 100, HKD 1 000, JPY 10 000, PLN 500, RMB 1 000, RUB 3 500, SEK 700, SGD 100 or USD 100.

“K-1”

Shares in classes with “K-1” in their name are available to all investors. Their smallest tradable unit is 0.1. Un-less the Management Company decides otherwise, the initial issue price of these shares amounts to AUD 5 million, CAD 5 million, CHF 5 million, CZK 100 million, EUR 3 million, GBP 2.5 million, HKD 40 million, JPY 500 million, PLN 25 million, RMB 35 million, RUB 175 million, SEK 35 million, SGD 5 million or USD 5 million.

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“F”

Shares in classes with “F” in their name are exclusively available to UBS AG or one of its affiliated companies. The shares may only be acquired by UBS AG or one of its affiliated companies for their own account or as part of discretionary asset management mandates concluded with UBS AG or one of its affiliated companies. In the latter case, the shares will be returned to the Company at the prevailing net asset value at no charge upon termination of the mandate. The shares’ smallest trad-able unit is 0.001. Unless the Company decides other-wise, the initial issue price of these shares amounts to AUD 100, CAD 100, CHF 100, CZK 2 000, EUR 100, GBP 100, HKD 1 000, JPY 10 000, PLN 500, RMB 1 000, RUB 3 500, SEK 700, SGD 100 or USD 100.

“Q”

Shares in classes with “Q” in their name are available:(i) for distribution from an eligible country as defined by

“List A”; or(ii) to investors domiciled in other countries, if they are

professionals of the financial sector and a written agreement exists with UBS AG; and who make the following investments in their own name and:

(a) on their own behalf; (b) on behalf of their clients within a discretionary

mandate; or (c) on behalf of a collective investment managed by a

professional of the financial sector, in cases (b) and (c), said professional has been duly au-thorised by the supervisory authority to which he/she is subject to carry out such transactions, and is domiciled in an eligible country as defined by ‘List B’ and/or is operat-ing on behalf of another professional of the financial sec-tor who has been authorised in writing by UBS AG and is domiciled in one of the countries covered by “List B”.

Admission of investors in further distribution countries (lists A and B) shall be decided by the Board of Directors at its sole discretion and are disclosed on www.ubs.com/funds.

Their smallest tradable unit is 0.001. Unless the Management Company decides otherwise, the initial issue price of these shares amounts to AUD 100, CAD 100, CHF 100, CZK 2 000, EUR 100, GBP 100, HKD 1 000, JPY 10 000, PLN 500, RMB 1 000, RUB 3 500, SEK 700, SGD 100 or USD 100.

“I-A1”

Shares in classes with “I-A1” in their name are exclusively reserved for institutional investors within the meaning of Article 174 (2) (c) of the Law of 2010. Their smallest trad-able unit is 0.001. Unless the Management Company decides otherwise, the initial issue price of these shares amounts to AUD 100, CAD 100, CHF 100, CZK 2 000, EUR 100, GBP 100, HKD 1 000, JPY 10 000, PLN 500, RMB 1 000, RUB 3 500, SEK 700, SGD 100 or USD 100.

“I-A2”

Shares with classes with “I-A2” in their name are exclusively reserved for institutional investors within the meaning of Article 174 (2) (c) of the Law of 2010. Their smallest tradable unit is 0.001. Unless the Management Company decides otherwise, the initial issue price of these shares amounts to AUD 100, CAD 100, CHF 100, CZK 2 000, EUR 100, GBP 100, HKD 1 000, JPY 10 000, PLN 500, RUB 3 500, SEK 700, SGD 100 or USD 100. The minimum subscription amount for these shares amounts to AUD 10 million, CAD 10 million, CHF 10 million, CZK 200 million, EUR 5 million, GBP 5 million, HKD 80 million, JPY 1 billion, PLN 50 million, RMB 70 million, RUB 350 million, SEK 70 million, SGD 10 million or USD 10 million.

Upon subscription(i) a minimum subscription must be made pursuant to

the list above or(ii) be based on a written agreement of the institutional

investor with UBS AG – or with one of it authorised counterparties – for total assets managed by UBS AG or its portfolio in collective capital investments of UBS must be more than 30 million CHF (or the corresponding currency equivalent).

“I-A3”

Shares with classes with “I-A3” in their name are ex-clusively reserved for institutional investors within the meaning of Article 174 (2) (c) of the Law of 2010. Their smallest tradable unit is 0.001. Unless the Management Company decides otherwise, the initial issue price of these shares amounts to AUD 100, CAD 100, CHF 100, CZK 2 000, EUR 100, GBP 100, HKD 1 000, JPY 10 000, PLN 500, RUB 3 500, SEK 700, SGD 100 or USD 100. The minimum subscription amount for these shares amounts to AUD 30 million, CAD 30 million, CHF 30 million, CZK 600 million, EUR 20 million, GBP 20 million, HKD 240 million, JPY 3 billion, PLN 150 million, RMB 210 million, RUB 1.05 billion, SEK 210 million, SGD 30 million or USD 30 million.

Upon subscription(i) a minimum subscription must be made pursuant to

the list above or(ii) be based on a written agreement of the institutional

investor with UBS AG – or with one of it authorised counterparties – for total assets managed by UBS AG or its portfolio in collective capital investments of UBS must be more than 100 million CHF (or the corre-sponding currency equivalent).

“I-B”

Shares in classes with “I-B” in their name are exclusively reserved for institutional investors within the mean-ing of Article 174 (2) (c) of the Law of 2010 who have signed a written agreement on investing in one more subfunds of this umbrella fund with UBS AG or one of its authorised counterparties. A fee covering the costs

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for Fund administration (comprising the costs of the Company, the administration and the Custodian Bank) is charged directly to the subfund. The costs for asset management and distribution are charged to in-vestors under the aforementioned agreements. Their smallest tradable unit is 0.001. Unless the Management Company decides otherwise, the initial issue price of these shares amounts to AUD 100, CAD 100, CHF 100, CZK 2 000, EUR 100, GBP 100, HKD 1 000, JPY 10 000, PLN 500, RMB 1 000, RUB 3 500, SEK 700, SGD 100 or USD 100.

“I-X”

Shares in classes with “I-X” in their name are exclusively reserved for institutional investors within the mean-ing of Article 174 (2) (c) of the Law of 2010 who have signed a written agreement on investing in one of more subfunds of this umbrella fund with UBS AG or one of its authorised counterparties. The costs for asset management, Fund administration (comprising the costs of the Company, the administration and the Custodian Bank) and distribution are charged to investors under the aforementioned agreements. Their smallest tradable unit is 0.001. Unless the Management Company decides otherwise, the initial issue price of these shares amounts to AUD 100, CAD 100, CHF 100, CZK 2 000, EUR 100, GBP 100, HKD 1 000, JPY 10,000, PLN 500, RMB 1 000, RUB 3 500, SEK 700, SGD 100 or USD 100.

“U-X”

Shares in classes with “U-X” in their name are exclusively reserved for institutional investors within the meaning of Article 174 (2) (c) of the Law of 2010 who have signed a written agreement on investing in one of more subfunds of this umbrella fund with UBS AG or one of its authorised counterparties. The costs for asset management, Fund administration (comprising the costs of the Company, the administration and the Custodian Bank) and distribution are charged to investors under the aforementioned agreements. This share class is exclusively geared towards financial products (i.e. fund of funds or other pooled structures in accordance with different legislation). Their smallest tradable unit is 0.001. Unless the Company decides otherwise, the initial issue price of these shares amounts to AUD 10 000, CAD 10 000, CHF 10 000, CZK 200 000, EUR 10 000, GBP 10 000, HKD 100 000, JPY 1 million, PLN 50 000, RMB 100 000, RUB 350 000, SEK 70 000, SGD 10 000 or USD 10 000.

Additional characteristics:

Currency

The share classes may be denominated in AUD, CAD, CHF, CZK, EUR, GBP, HKD, JPY, PLN, RMB, RUB, SEK, SGD or USD. For share classes issued in the currency of account of the respective subfund, the respective currency will not be included in the class name.

The currency of account features in the name of the rel-evant subfund.

“acc”

For share classes with “-acc” in their name, income is not distributed unless the Company decides otherwise.

“dist”

For share classes with “-dist” in their name, income is distributed unless the Company decides otherwise.

“qdist”

Share class with “-qdist” in their name may make quar-terly distributions, excluding fees and expenses. They may also make distributions out of capital and realised capital gains. Distributions out of capital shall result in the re-duction of an investor’s original capital invested in the subfund. Also, any distributions from the income and/or involving the capital and/or capital gains result in an im-mediate reduction of the net asset value per share of the subfund. Investors in certain countries may be subject to higher tax rates on distributed capital than on any capital gains from the sale of Fund units. Some investors may therefore choose to invest in the accumulating (-acc) in-stead of the distributing (-dist, -qdist) share classes. Inves-tors may be taxed at a later point in time on income and capital arising on accumulating (-acc) share classes com-pared to distributing (-dist) share classes. Investors should seek their own tax advice.

“mdist”

Shares in classes with “-mdist” in their name may make monthly distributions excluding fees and expenses. They may also make distributions out of capital and realised capital gains. Distributions out of capital shall result in the reduction of an investor’s original capital invested in the subfund. Also, any distributions from the income and/or involving the capital and/or capital gains result in an immediate reduction of the net asset value per share of the subfund. Investors in certain countries may be subject to higher tax rates on distributed capital than on any capital gains from the sale of fund units. Some investors may therefore choose to invest in the accumulating (-acc) instead of the distributing (-dist, -mdist) share classes. Investors may be taxed at a later point in time on income and capital arising on accumulating (-acc) share classes compared to distributing (-dist) share classes. Investors should seek their own tax advice.

“hedged”

For share classes whose reference currencies are not identical to the currency of account of the subfund, and which have “hedged” in their name (“share classes in foreign currencies”), the fluctuation risk of the reference currency price for those share classes is hedged against the currency of account of the subfund. Provision is made for the amount of the hedging to be in principle

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between 90% and 110% of the total net assets of the share class in foreign currency. Changes in the market value of the portfolio, as well as in subscriptions and redemptions of share classes in foreign currencies, can result in the hedging temporarily surpassing the afore-mentioned range.

The hedging described has no effect on possible cur-rency risks resulting from investments denominated in a currency other than the subfund’s currency of account.

“UKdist”

For share classes with “UKdist” in their name, the Company intends to distribute a sum which corresponds to 100% of the reportable income within the meaning of the UK reporting fund rules when the share classes are subject to the reporting fund rules. The Company does not intend to prepare tax reporting in other countries in respect of these share classes which are intended for investors who are subject to UK taxation on their invest-ment in the share class.

“RMB hedged”

Investors should note that the renminbi (ISO 4217 currency code: CNY), the official currency of the People’s Republic of China (the “PRC”), is traded on two markets, one in Mainland China being onshore RMB (CNY), and one outside Mainland China being offshore RMB (CNH).

Shares in classes with “RMB hedged” in their name are shares whose net asset value is calculated in offshore RMB (CNH).

Onshore RMB (CNY) is not a freely convertible currency and it is subject to foreign exchange control policies of and repatriation restrictions imposed by the PRC govern-ment. Offshore RMB (CNH), on the other hand, may be traded freely against other currencies, particularly EUR, CHF and USD. This means the exchange rate between offshore RMB (CNH) and other currencies is determined on the basis of supply and demand relating to the respec-tive currency pair.

RMB convertibility between offshore RMB (CNH) and onshore RMB (CNY) is a managed currency process sub-ject to foreign exchange control policies and repatriation restrictions imposed by the PRC government in coordina-tion with offshore regulatory or governmental agencies (e.g. the Hong Kong Monetary Authority).

Prior to investing in RMB classes, investors should bear in mind that the requirements relating to supervisory reporting and fund accounting of offshore RMB (CNH) are not clearly regulated. Furthermore, investors should be aware that offshore RMB (CNH) and onshore RMB (CNY) have different exchange rates against other currencies. The value of offshore RMB (CNH) could poten-tially differ significantly from that of onshore RMB (CNY) due to a number of factors including, without limitation,

foreign exchange control policies and repatriation restric-tions imposed by the PRC government from time to time as well as other external market forces. Any devaluation of offshore RMB (CNH) could adversely affect the value of investors’ investments in the RMB classes. Investors should therefore take care when calculating their invest-ments and the ensuing returns from offshore RMB (CNH) into their target currency.

Prior to investing in RMB classes, investors should also bear in mind that the availability and tradability of RMB classes, and the conditions under which they may be available or traded, depend to a large extent on the political and regulatory developments in the PRC. Thus, no guarantee can be given that offshore RMB (CNH) or the RMB classes will be offered and/or traded in future, nor can there be any guarantee as to the conditions under which offshore RMB (CNH) and/or RMB classes may be made available or traded. In particular, since the base currency of the relevant subfunds offering the RMB classes would be in a currency other than offshore RMB (CNH), the ability of the relevant subfund to make redemption payments in offshore RMB (CNH) would be subject to the subfund’s ability to convert its base cur-rency into offshore RMB (CNH) which may be restricted by the availability of offshore RMB (CNH) or other cir-cumstances beyond the control of the Company.

Potential investors should be aware of the risks of rein-vestment, which could arise if the RMB class has to be liquidated early due to political and/or regulatory circumstances. This does not apply to the reinvestment risk due to the liquidation of a share class and/or the subfund in accordance with the section “Liquidation of the Company and its subfunds; merger of subfunds”.

The entirety of the individual subfunds’ net assets forms the total net assets of the Company, which at any time correspond to the share capital of the Company and consist in fully paid-in and non-par-value shares (the “shares”).

At general meetings, the shareholder has the right to one vote per share held, irrespective of the difference in value of shares in the respective subfunds. Shares of a particular subfund carry the right of one vote per share held when voting at meetings affecting this subfund.

The Company is a single legal entity. With respect to the shareholders, each subfund is regarded as being separate from the others. The assets of a subfund can only be used to offset the liabilities which the subfund concerned has assumed.

The Company is empowered at any time to establish new subfunds and/or to liquidate existing ones, as well as to establish different share classes with specific characteris-tics within these subfunds. The sales prospectus will be updated each time a new subfund or an additional share class is issued.

9


The Company is unlimited with regard to duration and total assets.

The financial year of the Company ends on 30 September.

The ordinary general meeting takes place annually on 20 March at 10 o’clock a.m. at the registered office of the Company. If 20 March is not a business day in Luxembourg the ordinary general meeting will take place on the next business day.

Information on whether a subfund of the Company is listed on the Luxembourg Stock Exchange can be obtained from the Administrative Agent or the Luxembourg Stock Exchange website (www.bourse.lu).

The issue and redemption of shares of the Company are subject to the regulations prevailing in the country concerned.

Only the information contained in the sales prospectus and in one of the documents referred to therein shall be deemed to be valid.

The annual and semi-annual reports are available free of charge to shareholders at the registered office of the Company and of the Custodian Bank.

No subscription may be accepted on the basis of the financial reports. Subscriptions are accepted only on the basis of the current prospectus accompanied by the latest annual report and the latest semi-annual report if available.


10

Independent auditor’s report

To the Shareholders of

UBS (Lux) Key Selection SICAV33A, avenue J.F. Kennedy,L-1855 Luxembourg

We have audited the accompanying financial statements of UBS (Lux) Key Selection SICAV and of each of its subfunds, which comprise the statement of net assets and the statement of investments in securities and other net assets as of 30 September 2013 and the statement of operations and the statement of changes in net assets for the year then ended, and a summary of significant accounting policies and other explanatory notes to the financial statements.

Board of Directors of the SICAV responsibility for the financial statements

The Board of Directors of the SICAV is responsible for the preparation and fair presentation of these financial statements in accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of the financial statements and for such internal control as the Board of Directors of the SICAV determines is necessary to enable the preparation and presentation of financial statements that are free from material misstatement, whether due to fraud or error.

Responsibility of the “réviseur d’entreprises agréé”

Our responsibility is to express an opinion on these financial statements based on our audit. We con-ducted our audit in accordance with International Stan-dards on Auditing as adopted for Luxembourg by the “Commission de Surveillance du Secteur Financier”. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the finan-cial statements. The procedures selected depend on the judgement of the “réviseur d’entreprises agréé”, includ-ing the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the “réviseur d’entreprises agréé” considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes eval-uating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of Directors of the SICAV, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.


11

Opinion

In our opinion, the financial statements give a true and fair view of the financial position of UBS (Lux) Key Selection SICAV and of each of its subfunds as of 30 September 2013, and of the results of their opera-tions and changes in their net assets for the year then ended in accordance with Luxembourg legal and regu-latory requirements relating to the preparation and pre-sentation of the financial statements.

Other matter

Supplementary information included in the annual report has been reviewed in the context of our mandate but has not been subject to specific audit procedures car-ried out in accordance with the standards described above. Consequently, we express no opinion on such information. However, we have no observation to make concerning such information in the context of the financial statements taken as a whole.

Luxembourg, 31 January 2014

ERNST & YOUNGSociété AnonymeCabinet de révision agréé

N. Faber

12 The notes are an integral part of the fi nancial statements.


Consolidated Statement of Net Assets EURAssets 30.9.2013Investments in securities, cost 3 928 885 935.40Investments in securities, unrealized appreciation (depreciation) 318 183 803.53Total investments in securities (Note 1) 4 247 069 738.93Cash at banks, deposits on demand and deposit accounts 231 742 583.27Other liquid assets (Margins) 46 625 049.94Receivable on securities purchases 3 000 000.00Receivable on securities sales (Note 1) 5 173 087.14Receivable on subscriptions 2 819 367.81Interest receivable on securities 8 119 707.26Interest receivable on liquid assets 26 132.49Receivable on dividends 1 771 819.15Other receivables 496 185.06Unrealized gain (loss) on financial futures (Note 1) 3 202 214.04Unrealized gain (loss) on options, futures-styled (Note 1) 87 856.85Unrealized gain (loss) on forward foreign exchange contracts (Note 1) 1 823 548.31Unrealized gain (loss) on swaps (Note 1) 13 669 743.12Total Assets 4 565 627 033.37

LiabilitiesBank overdraft -757 482.73Other short-term liabilities (Margins) -300 450.08Interest payable on bank overdraft -1 199.57Payable on securities purchases (Note 1) -38 958 913.26Payable on redemptions -8 010 729.09Payable on subscriptions -161 505.79Provisions for flat fee (Note 2) -3 099 317.52Provisions for taxe d’abonnement (Note 3) -290 584.70Total provisions -3 389 902.22Total Liabilities -51 580 182.74

Net assets at the end of the financial year 4 514 046 850.63

* As at 30 September 2013, cash amounts serves as collateral for the counterparty BNP London and Citi Bank Londan for an amount of USD 820 000.

*

UBS (Lux) Key Selection SICAV

The notes are an integral part of the fi nancial statements. 13


Consolidated Statement of Operations EURIncome 1.10.2012-30.9.2013Interest on liquid assets 336 304.14Interest on securities 17 096 964.15Dividends (Note 1) 33 389 675.59Interest received on swaps (Note 1) 10 758 204.60Income on securities lending (Note 16) 1 408 009.04Other income 384 158.20Total income 63 373 315.72

ExpensesInterest paid on swaps (Note 1) -859 398.94Flat fee (Note 2) -73 327 858.22Taxe d’abonnement (Note 3) -992 855.14Cost on securities lending (Note 16) -536 613.68Interest on cash liquidity and bank overdraft -70 612.08Other expenses -2 983.34Total expenses -75 790 321.40

Net income (loss) on investments -12 417 005.68

Realized gain (loss) (Note 1)Realized gain (loss) on market-priced securities without options 327 967 630.27Realized gain (loss) on options -15 238 884.53Realized gain (loss) on yield-evaluated securities and money market instruments -319 123.05Realized gain (loss) on financial futures 67 232 627.03Realized gain (loss) on options, futures-styled -123 036.33Realized gain (loss) on forward foreign exchange contracts 40 633 142.15Realized gain (loss) on swaps -1 510 808.91Realized result on subscriptions/redemptions (Note 4) 3 874 067.61Total realized gain (loss) on investments 422 515 614.24Realized gain (loss) on foreign exchange 12 610 469.89Total realized gain (loss) 435 126 084.13

Net realized gain (loss) of the financial year 422 709 078.45

Changes in unrealized appreciation (depreciation) (Note 1)Unrealized appreciation (depreciation) on market-priced securities without options -51 276 893.71Unrealized appreciation (depreciation) on options -2 477 347.49Unrealized appreciation (depreciation) on yield-evaluated securities and money market instruments 73 460.87Unrealized appreciation (depreciation) on financial futures -671 162.06Unrealized appreciation (depreciation) on options, futures-styled 128 918.42Unrealized appreciation (depreciation) on forward foreign exchange contracts -9 701 858.65Unrealized appreciation (depreciation) on swaps -1 112 154.76Total changes in unrealized appreciation (depreciation) -65 037 037.38

Net increase (decrease) in net assets as a result of operations 357 672 041.07


UBS (Lux) Key Selection SICAV – Absolute Return Medium (CHF) Annual Report as of 30 September 2013

UBS (Lux) Key Selection SICAV– Absolute Return Medium (CHF)

Most important figures

ISIN 30.11.2012 30.9.2012 30.9.2011Net assets in CHF 118 687 877.44 150 696 515.61 282 809 442.92Class P-acc LU0218832631Shares outstanding 1 447 062.9770 1 846 482.4370 3 693 862.1560Net asset value per share in CHF 82.02 81.61 76.56Issue and redemption price per share in CHF1 82.02 81.61 76.56

1 See note 1

Structure of the Securities Portfolio

As the subfund UBS (Lux) Key Selection SICAV – Absolute Return Medium (CHF) was merged into UBS (Lux) Key Selection SICAV – Multi Asset Income (USD) as at 30 November 2012, there is no securities portfolio or securities portfolio structure at the end of the reporting period.


UBS (Lux) Key Selection SICAV – Absolute Return Medium (CHF) Annual Report as of 30 September 2013

Statement of Operations CHFIncome 1.10.2012-30.9.2013Interest on liquid assets 4 604.21Interest received on swaps (Note 1) 403 322.76Total income 407 926.97

ExpensesInterest paid on swaps (Note 1) -145 324.22Flat fee (Note 2) -392 891.70Taxe d’abonnement (Note 3) -9 923.70Interest on cash liquidity and bank overdraft -2 171.31Total expenses -550 310.93

Net income (loss) on investments -142 383.96

Realized gain (loss) (Note 1)Realized gain (loss) on market-priced securities without options 1 170 137.65Realized gain (loss) on options -710 216.32Realized gain (loss) on financial futures 1 242 669.59Realized gain (loss) on forward foreign exchange contracts 3 191 855.52Realized gain (loss) on swaps 1 951 488.80Realized result on subscriptions/redemptions (Note 4) 42 722.72Total realized gain (loss) on investments 6 888 657.96Realized gain (loss) on foreign exchange -6 214.29Total realized gain (loss) 6 882 443.67


Changes in unrealized appreciation (depreciation) (Note 1)Unrealized appreciation (depreciation) on market-priced securities without options -2 074 899.34Unrealized appreciation (depreciation) on options 463 045.18Unrealized appreciation (depreciation) on financial futures -433 132.29Unrealized appreciation (depreciation) on forward foreign exchange contracts -1 973 260.11Unrealized appreciation (depreciation) on swaps -2 109 915.35Total changes in unrealized appreciation (depreciation) -6 128 161.91

Net increase (decrease) in net assets as a result of operations 611 897.80

Statement of Changes in Net Assets CHF 1.10.2012-30.9.2013Net assets at the beginning of the financial year 150 696 515.61Subscriptions 36 155.88Redemptions -151 344 569.29Total net subscriptions (redemptions) -151 308 413.41Net income (loss) on investments -142 383.96Total realized gain (loss) 6 882 443.67Total changes in unrealized appreciation (depreciation) -6 128 161.91Net increase (decrease) in net assets as a result of operations 611 897.80Net assets at the end of the financial year 0.00

Changes in the Number of Shares outstanding

1.10.2012-30.9.2013Class P-accNumber of shares outstanding at the beginning of the financial year 1 846 482.4370Number of shares issued 441.7280Number of shares redeemed -1 846 924.1650Number of shares outstanding at the end of the financial year 0.0000


UBS (Lux) Key Selection SICAV – Absolute Return Medium (EUR)Annual Report as of 30 September 2013

UBS (Lux) Key Selection SICAV – Absolute Return Medium (EUR)


ISIN 30.11.2012 30.9.2012 30.9.2011Net assets in EUR 23 012 209.12 27 788 367.63 44 232 021.22Class P-acc LU0218832474Shares outstanding 260 379.5610 316 439.6640 540 264.4220Net asset value per share in EUR 88.38 87.82 81.87Issue and redemption price per share in EUR1 88.38 87.82 81.87

1 See note 1


As the subfund UBS (Lux) Key Selection SICAV – Absolute Return Medium (EUR) was merged into UBS (Lux) Key Selection SICAV – Multi Asset Income (USD) as at 30 November 2012, there is no securities portfolio or securities portfolio structure at the end of the reporting period.


UBS (Lux) Key Selection SICAV – Absolute Return Medium (EUR)Annual Report as of 30 September 2013

Statement of Operations EURIncome 1.10.2012-30.9.2013Interest on liquid assets 801.64Interest received on swaps (Note 1) 75 657.52Total income 76 459.16

ExpensesInterest paid on swaps (Note 1) -26 297.67Flat fee (Note 2) -73 661.59Taxe d’abonnement (Note 3) -1 918.63Interest on cash liquidity and bank overdraft -280.08Total expenses -102 157.97


Realized gain (loss) (Note 1)Realized gain (loss) on market-priced securities without options 2 178 072.92Realized gain (loss) on options -130 180.49Realized gain (loss) on financial futures 254 213.28Realized gain (loss) on forward foreign exchange contracts 763 002.42Realized gain (loss) on swaps 362 499.65Realized result on subscriptions/redemptions (Note 4) 6 509.39Total realized gain (loss) on investments 3 434 117.17Realized gain (loss) on foreign exchange -24 423.87Total realized gain (loss) 3 409 693.30


Changes in unrealized appreciation (depreciation) (Note 1)Unrealized appreciation (depreciation) on market-priced securities without options -2 302 646.90Unrealized appreciation (depreciation) on options 85 542.48Unrealized appreciation (depreciation) on financial futures -66 012.35Unrealized appreciation (depreciation) on forward foreign exchange contracts -561 825.21Unrealized appreciation (depreciation) on swaps -392 408.41Total changes in unrealized appreciation (depreciation) -3 237 350.39


Statement of Changes in Net Assets EUR 1.10.2012-30.9.2013Net assets at the beginning of the financial year 27 788 367.63Subscriptions 10 414.66Redemptions -27 945 426.39Total net subscriptions (redemptions) -27 935 011.73Net income (loss) on investments -25 698.81Total realized gain (loss) 3 409 693.30Total changes in unrealized appreciation (depreciation) -3 237 350.39Net increase (decrease) in net assets as a result of operations 146 644.10Net assets at the end of the financial year 0.00


1.10.2012-30.9.2013Class P-accNumber of shares outstanding at the beginning of the financial year 316 439.6640Number of shares issued 117.9690Number of shares redeemed -316 557.6330Number of shares outstanding at the end of the financial year 0.0000


UBS (Lux) Key Selection SICAV – Absolute Return Medium (USD)Annual Report as of 30 September 2013


ISIN 30.11.2012 30.9.2012 30.9.2011Net assets in USD 17 178 283.67 18 579 357.24 24 566 755.35Class P-acc LU0218832128Shares outstanding 185 227.0690 201 678.6450 284 009.5150Net asset value per share in USD 92.74 92.12 86.50Issue and redemption price per share in USD1 92.74 92.12 86.50

1 See note 1

UBS (Lux) Key Selection SICAV – Absolute Return Medium (USD)


As the subfund UBS (Lux) Key Selection SICAV – Absolute Return Medium (USD) was merged into UBS (Lux) Key Selection SICAV – Multi Asset Income (USD) as at 30 November 2012, there is no securities portfolio or securities portfolio structure at the end of the reporting period.


UBS (Lux) Key Selection SICAV – Absolute Return Medium (USD)Annual Report as of 30 September 2013

Statement of Operations USDIncome 1.10.2012-30.9.2013Interest on liquid assets 524.96Interest received on swaps (Note 1) 65 408.05Total income 65 933.01

ExpensesInterest paid on swaps (Note 1) -18 199.97Flat fee (Note 2) -50 489.36Taxe d’abonnement (Note 3) -1 439.24Interest on cash liquidity and bank overdraft -205.13Total expenses -70 333.70


Realized gain (loss) (Note 1)Realized gain (loss) on market-priced securities without options 1 438 586.66Realized gain (loss) on options -83 189.63Realized gain (loss) on financial futures 186 986.15Realized gain (loss) on forward foreign exchange contracts -48 465.81Realized gain (loss) on swaps 196 134.88Realized result on subscriptions/redemptions (Note 4) 2 173.40Total realized gain (loss) on investments 1 692 225.65Realized gain (loss) on foreign exchange -14 492.94Total realized gain (loss) 1 677 732.71


Changes in unrealized appreciation (depreciation) (Note 1)Unrealized appreciation (depreciation) on market-priced securities without options -1 394 345.61Unrealized appreciation (depreciation) on options 55 857.47Unrealized appreciation (depreciation) on financial futures -58 617.77Unrealized appreciation (depreciation) on forward foreign exchange contracts 73 443.65Unrealized appreciation (depreciation) on swaps -232 719.70Total changes in unrealized appreciation (depreciation) -1 556 381.96


Statement of Changes in Net Assets USD 1.10.2012-30.9.2013Net assets at the beginning of the financial year 18 579 357.24Subscriptions 29 648.56Redemptions -18 725 955.86Total net subscriptions (redemptions) -18 696 307.30Net income (loss) on investments -4 400.69Total realized gain (loss) 1 677 732.71Total changes in unrealized appreciation (depreciation) -1 556 381.96Net increase (decrease) in net assets as a result of operations 116 950.06Net assets at the end of the financial year 0.00




UBS (Lux) Key Selection SICAV – Absolute Return Plus (CHF)Annual Report as of 30 September 2013

UBS (Lux) Key Selection SICAV – Absolute Return Plus (CHF)



1 See note 1


As the subfund UBS (Lux) Key Selection SICAV – Absolute Return Plus (CHF) was merged into UBS (Lux) SICAV 1 – All-Rounder (USD) as at 30 November 2012, there is no securities portfolio or securities portfolio structure at the end of the reporting period.


UBS (Lux) Key Selection SICAV – Absolute Return Plus (CHF)Annual Report as of 30 September 2013

Statement of Operations CHFIncome 1.10.2012-30.9.2013Interest on liquid assets 4 612.22Dividends (Note 1) 12 780.67Interest received on swaps (Note 1) 680 871.20Income on securities lending (Note 16) 2 646.02Total income 700 910.11

ExpensesInterest paid on swaps (Note 1) -240 610.19Flat fee (Note 2) -514 693.22Taxe d’abonnement (Note 3) -11 595.88Cost on securities lending (Note 16) -1 323.01Interest on cash liquidity and bank overdraft -5 580.56Total expenses -773 802.86


Realized gain (loss) (Note 1)Realized gain (loss) on market-priced securities without options -119 383.30Realized gain (loss) on options -1 221 055.98Realized gain (loss) on financial futures 2 277 581.65Realized gain (loss) on forward foreign exchange contracts 4 934 590.14Realized gain (loss) on swaps 3 306 043.10Realized result on subscriptions/redemptions (Note 4) 65 601.11Total realized gain (loss) on investments 9 243 376.72Realized gain (loss) on foreign exchange -100 526.13Total realized gain (loss) 9 142 850.59




Statement of Changes in Net Assets CHF 1.10.2012-30.9.2013Net assets at the beginning of the financial year 166 312 762.76Subscriptions 20 431.16Redemptions -166 906 594.48Total net subscriptions (redemptions) -166 886 163.32Net income (loss) on investments -72 892.75Total realized gain (loss) 9 142 850.59Total changes in unrealized appreciation (depreciation) -8 496 557.28Net increase (decrease) in net assets as a result of operations 573 400.56Net assets at the end of the financial year 0.00


1.10.2012-30.9.2013Class P-accNumber of shares outstanding at the beginning of the financial year 1 627 893.6040Number of shares issued 199.1320Number of shares redeemed -1 628 092.7360Number of shares outstanding at the end of the financial year 0.0000


UBS (Lux) Key Selection SICAV – Absolute Return Plus (EUR)Annual Report as of 30 September 2013


ISIN 30.11.2012 30.9.2012 30.9.2011Net assets in EUR 42 385 687.00 48 619 505.70 71 459 131.34Class I-X-acc LU0425166864Shares outstanding 2 806.2060 2 913.9750 5 830.7860Net asset value per share in EUR 112.05 110.78 97.63Issue and redemption price per share in EUR1 112.05 110.78 97.63Class P-acc LU0218833795Shares outstanding 379 366.0590 439 343.9660 720 660.5910Net asset value per share in EUR 110.30 109.42 98.31Issue and redemption price per share in EUR1 110.30 109.42 98.31Class Q-acc LU0425165544Shares outstanding 2 044.2060 2 044.2060 409.0370Net asset value per share in EUR 110.81 109.76 97.73Issue and redemption price per share in EUR1 110.81 109.76 97.73

1 See note 1

UBS (Lux) Key Selection SICAV – Absolute Return Plus (EUR)


As the subfund UBS (Lux) Key Selection SICAV – Absolute Return Plus (EUR) was merged into UBS (Lux) Sicav 1 – All-Rounder (USD) as at 30 November 2012, there is no securities portfolio or securities portfolio structure at the end of the reporting period.


UBS (Lux) Key Selection SICAV – Absolute Return Plus (EUR)Annual Report as of 30 September 2013

Statement of Operations EURIncome 1.10.2012-30.9.2013Interest on liquid assets 2 113.42Dividends (Note 1) 2 625.50Interest received on swaps (Note 1) 191 231.06Income on securities lending (Note 16) 578.58Total income 196 548.56

ExpensesInterest paid on swaps (Note 1) -25 994.35Flat fee (Note 2) -156 958.18Taxe d’abonnement (Note 3) -3 533.66Cost on securities lending (Note 16) -289.29Interest on cash liquidity and bank overdraft -970.85Total expenses -187 746.33

Net income (loss) on investments 8 802.23

Realized gain (loss) (Note 1)Realized gain (loss) on market-priced securities without options 5 133 961.97Realized gain (loss) on options -349 098.83Realized gain (loss) on financial futures 715 696.54Realized gain (loss) on forward foreign exchange contracts 1 673 818.86Realized gain (loss) on swaps 933 656.75Realized result on subscriptions/redemptions (Note 4) 26 829.36Total realized gain (loss) on investments 8 134 864.65Realized gain (loss) on foreign exchange -44 035.07Total realized gain (loss) 8 090 829.58




Statement of Changes in Net Assets EUR 1.10.2012-30.9.2013Net assets at the beginning of the financial year 48 619 505.70Subscriptions 2 616 405.38Redemptions -51 575 171.09Total net subscriptions (redemptions) -48 958 765.71Net income (loss) on investments 8 802.23Total realized gain (loss) 8 090 829.58Total changes in unrealized appreciation (depreciation) -7 760 371.80Net increase (decrease) in net assets as a result of operations 339 260.01Net assets at the end of the financial year 0.00


1.10.2012-30.9.2013Class I-X-accNumber of shares outstanding at the beginning of the financial year 2 913.9750Number of shares issued 0.0000Number of shares redeemed -2 913.9750Number of shares outstanding at the end of the financial year 0.0000Class P-accNumber of shares outstanding at the beginning of the financial year 439 343.9660Number of shares issued 23 820.4590Number of shares redeemed -463 164.4250Number of shares outstanding at the end of the financial year 0.0000Class Q-accNumber of shares outstanding at the beginning of the financial year 2 044.2060Number of shares issued 0.0000Number of shares redeemed -2 044.2060Number of shares outstanding at the end of the financial year 0.0000


UBS (Lux) Key Selection SICAV – Active Defense 5 (CHF)Annual Report as of 30 September 2013

Three-year comparison

ISIN 30.9.2013 30.9.2012 30.9.2011Net assets in CHF 70 488 438.81 90 182 248.52 115 101 348.28Class P-acc LU0421758110Shares outstanding 715 289.6510 955 687.4620 1 198 044.6890Net asset value per share in CHF 98.55 94.36 96.07Issue and redemption price per share in CHF1 98.25 94.08 96.07

1 See note 1

Performance

Currency 2012/2013 2011/2012 2010/2011Class P-acc1 CHF 4.4% -2.1% -2.8%

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

1 The subfund does not have a benchmark, which means that the performance of the subfund cannot be compared with a benchmark.

UBS (Lux) Key Selection SICAV – Active Defense 5 (CHF)



Report of the Portfolio Manager

In the reporting year from 1 October 2012 to 30 September 2013, the last three months of 2012 were generally benign towards risky assets. The market environment changed in 2013 with performance across emerging markets equity and debt starting to deteriorate and culminating in a May sell-off. At the same time, global government bonds suffered amidst the prospect of better global growth and higher interest rate expectations. High yield bonds were positive over the reporting year but could not recover to the April peaks until the end of Q3. Developed equities presented the most rewarding opportunities despite participating strongly in the May sell-off. Some of the European equities outpaced the US markets. Tail risks like the Middle East conflict, the Eurozone crisis, monetary policy errors, GDP growth disappointments and the China hard landing left markets largely untroubled in the period ending September 2013.

The subfund posted a positive performance in the reporting year. Having had an active low duration allocation for most of 2013 helped to limit the impact of Fed tapering speculations. The focus was on capturing upside in the equity markets and in high yield. Nearing critical events like the year-end fiscal cliff in the US, the critical Federal Reserve announcement, or political elections in Europe, the approach was to cap the downside by using equity options. The equity allocation contributed the most significantly to the positive performance. The subfund follows a risk-focused investment process. The risk budget is invested in asset classes such as equities, interest and currencies to build up a broadly diversified investment in financial markets based on investment opportunities. At the end of the hedging period, we aim to maintain a floor value. The subfund does not have a benchmark.


Geographical Breakdown as a % of net assetsLuxembourg 31.55Switzerland 17.59France 7.13United States 7.04Netherlands 6.61Germany 2.52United Kingdom 0.12Total 72.56

Economic Breakdown as a % of net assetsInvestment funds & pension foundations 46.80Banks & credit institutions 13.41Finance & holding companies 5.74Energy & water supply 4.28Insurance 2.33Total 72.56



Statement of Net Assets CHFAssets 30.9.2013Investments in securities, cost 51 570 598.55Investments in securities, unrealized appreciation (depreciation) -421 164.31Total investments in securities (Note 1) 51 149 434.24Cash at banks, deposits on demand and deposit accounts 19 603 800.66Other liquid assets (Margins) 70 800.03Receivable on subscriptions 4 033.07Interest receivable on securities 259 234.03Interest receivable on liquid assets 398.41Unrealized gain (loss) on financial futures (Note 1) 47 640.50Unrealized gain (loss) on forward foreign exchange contracts (Note 1) 29 005.59Total Assets 71 164 346.53

LiabilitiesInterest payable on bank overdraft -23.74Payable on redemptions -634 525.45Provisions for flat fee (Note 2) -35 121.68Provisions for taxe d’abonnement (Note 3) -6 236.85Total provisions -41 358.53Total Liabilities -675 907.72

Net assets at the end of the financial year 70 488 438.81

Statement of Operations CHFIncome 1.10.2012-30.9.2013Interest on liquid assets 11 025.40Interest on securities 453 966.79Dividends (Note 1) 52 817.69Income on securities lending (Note 16) 3 263.91Total income 521 073.79

ExpensesFlat fee (Note 2) -951 805.96Taxe d’abonnement (Note 3) -27 817.90Cost on securities lending (Note 16) -1 273.71Interest on cash liquidity and bank overdraft -15 719.49Total expenses -996 617.06


Realized gain (loss) (Note 1)Realized gain (loss) on market-priced securities without options 5 985.76Realized gain (loss) on options 3 694 394.91Realized gain (loss) on financial futures -402 635.92Realized gain (loss) on forward foreign exchange contracts -148 684.57Realized result on subscriptions/redemptions (Note 4) 46 238.87Total realized gain (loss) on investments 3 195 299.05Realized gain (loss) on foreign exchange -36 266.31Total realized gain (loss) 3 159 032.74


Changes in unrealized appreciation (depreciation) (Note 1)Unrealized appreciation (depreciation) on market-priced securities without options 683 419.84Unrealized appreciation (depreciation) on options 29 358.80Unrealized appreciation (depreciation) on financial futures 96 050.97Unrealized appreciation (depreciation) on forward foreign exchange contracts 52 407.62Total changes in unrealized appreciation (depreciation) 861 237.23




Statement of Changes in Net Assets CHF 1.10.2012-30.9.2013Net assets at the beginning of the financial year 90 182 248.52Subscriptions 604 519.35Redemptions -23 843 055.76Total net subscriptions (redemptions) -23 238 536.41Net income (loss) on investments -475 543.27Total realized gain (loss) 3 159 032.74Total changes in unrealized appreciation (depreciation) 861 237.23Net increase (decrease) in net assets as a result of operations 3 544 726.70Net assets at the end of the financial year 70 488 438.81


1.10.2012-30.9.2013Class P-accNumber of shares outstanding at the beginning of the financial year 955 687.4620Number of shares issued 6 174.6750Number of shares redeemed -246 572.4860Number of shares outstanding at the end of the financial year 715 289.6510



Statement of Investments in Securities and other Net Assets as of 30 September 2013

Description Quantity/ Valuation in CHF as a % Nominal Unrealized gain of net (loss) on Futures/ assets Options/Forward Exchange Contracts/ Swaps (Note 1)

Transferable securities and money market instruments listed on an official stock exchange

Notes, fixed rate

CHF

CHF ELECTRICITE DE FRANCE 3.37500% 08-18.12.13 3 000 000.00 3 020 100.00 4.28CHF GENERAL ELECTRIC CAPITAL CORP 2.00000% 10-18.02.14 1 600 000.00 1 611 360.00 2.29Total CHF 4 631 460.00 6.57

Total Notes, fixed rate 4 631 460.00 6.57

Medium term notes, fixed rate

CHF

CHF BANK NEDERLANDSE GEMEENTEN NV 2.25000% 05-17.03.14 3 000 000.00 3 030 300.00 4.30CHF CREDIT AGRICOLE SA LONDON BRANCH 2.50000% 06-06.11.13 2 000 000.00 2 004 200.00 2.84CHF J.P.MORGAN CHASE & CO 2.75000% 07-23.01.14 1 000 000.00 1 008 100.00 1.43CHF KREDITANSTALT FUER WIEDERAUFBAU 2.50000% 05-25.08.25 1 600 000.00 1 776 000.00 2.52CHF NESTLE HOLDINGS INC 2.62500% 07-14.02.18 1 600 000.00 1 746 400.00 2.48CHF SWISS RE FINANCE LUXEMBOURG SA 3.25000% 09-20.08.14 1 600 000.00 1 644 160.00 2.33Total CHF 11 209 160.00 15.90

Total Medium term notes, fixed rate 11 209 160.00 15.90

Bonds, fixed rate

CHF

CHF GENERAL ELECTRIC CAPITAL CORP 2.75000% 07-27.12.13 500 000.00 503 050.00 0.71CHF RABOBANK NEDERLAND NV 2.87500% 06-13.06.14 1 600 000.00 1 631 200.00 2.32Total CHF 2 134 250.00 3.03

Total Bonds, fixed rate 2 134 250.00 3.03

Total Transferable securities and money market instruments listed on an official stock exchange 17 974 870.00 25.50

UCITS/Other UCIs in accordance with Article 41 (1) e) of the Luxembourg law of 17 December 2010

Investment certificates, open end

Luxembourg

EUR DB X-TRACKERS II ITRAXX XOVER 5-YEAR TOTAL RET INDEX ETF-1C 11 800.00 2 173 769.10 3.08EUR UBS (LUX) EQUITY FD - EURO COUNTRIES OPTIMIZER (EUR) U-X-ACC 141.00 2 197 504.38 3.12EUR UBS (LUX) EQUITY FUND - EURO COUNTRIES NAVIGATOR (EUR) U-X-ACC 170.00 2 130 626.42 3.02CHF UBS (LUX) MONEY MARKET FUND - CHF U-X-ACC 1 402.91 14 091 960.41 19.99Total Luxembourg 20 593 860.31 29.21

Switzerland

CHF UBS (CH) MONEY MARKET FUND - CHF I-X 12 950.00 12 397 677.71 17.59Total Switzerland 12 397 677.71 17.59

Total Investment certificates, open end 32 991 538.02 46.80

Total UCITS/Other UCIs in accordance with Article 41 (1) e) of the Luxembourg law of 17 December 2010 32 991 538.02 46.80

Derivative instruments listed on an official stock exchange

Options on indices, classic-styled

GBP

GBP FTSE100 C6300 1213 23.00 85 041.69 0.12Total GBP 85 041.69 0.12

USD

USD S&P 500 INDEX CALL 1650.00000 21.12.13 18.00 97 984.53 0.14Total USD 97 984.53 0.14

Total Options on indices, classic-styled 183 026.22 0.26

Total Derivative instruments listed on an official stock exchange 183 026.22 0.26

Total investments in securities 51 149 434.24 72.56



Derivative instruments


Financial Futures on bonds

USD US 10YR TREASURY NOTE FUTURE 19.12.13 30.00 24 584.43 0.04Total Financial Futures on bonds 24 584.43 0.04

Financial Futures on Indices

JPY TOPIX INDEX FUTURE 12.12.13 16.00 30 963.36 0.04EUR EURO STOXX 50 INDEX FUTURE 20.12.13 17.00 -7 907.29 -0.01Total Financial Futures on Indices 23 056.07 0.03


Total Derivative instruments 47 640.50 0.07

Forward Foreign Exchange contracts

Forward Foreign Exchange contracts (Purchase/Sale)

CHF 5 241 576.42 EUR 4 260 000.00 27.11.2013 29 005.59 0.04Total Forward Foreign Exchange contracts (Purchase/Sale) 29 005.59 0.04

Cash at banks, deposits on demand and deposit accounts and other liquid assets 19 674 600.69 27.91Other assets and liabilities -412 242.21 -0.58

Total net assets 70 488 438.81 100.00



UBS (Lux) Key Selection SICAV – Active Defense 5 (EUR)Annual Report as of 30 September 2013


ISIN 30.9.2013 30.9.2012 30.9.2011Net assets in EUR 17 104 794.19 23 970 162.41 40 668 765.50Class K-1-acc1 LU0456709376Shares outstanding - - 1.2000Net asset value per share in EUR - - 2 905 076.13Issue and redemption price per share in EUR2 - - 2 905 076.13Class P-acc LU0353515827Shares outstanding 165 324.7730 244 029.1730 373 818.8180Net asset value per share in EUR 103.46 98.23 99.47Issue and redemption price per share in EUR2 103.46 97.94 99.47

1 The share class K-1-acc was in circulation until 14.9.20122 See note 1

Performance

Currency 2012/2013 2011/2012 2010/2011Class K-1-acc1 EUR - 0.1% -0.6%Class P-acc1 EUR 5.6% -1.5% -1.1%



UBS (Lux) Key Selection SICAV – Active Defense 5 (EUR)







Geographical Breakdown as a % of net assetsGermany 43.68Luxembourg 13.61Netherlands 11.82Denmark 5.92Supranationals 4.74Sweden 4.41Ireland 3.52Austria 2.63United States 2.62Italy 2.38Canada 2.36United Kingdom 0.12Total 97.81

Economic Breakdown as a % of net assetsCantons, federal states 27.75Banks & credit institutions 24.20Mortgage & funding institutions 10.31Finance & holding companies 10.07Investment funds & pension foundations 10.06Countries & central governments 5.92Supranational organisations 4.74Computer hardware & network equipment providers 2.39Petroleum 2.37Total 97.81



Statement of Net Assets EURAssets 30.9.2013Investments in securities, cost 16 921 104.21Investments in securities, unrealized appreciation (depreciation) -190 214.16Total investments in securities (Note 1) 16 730 890.05Cash at banks, deposits on demand and deposit accounts 93 974.22Other liquid assets (Margins) 48 983.86Receivable on subscriptions 14 999.99Interest receivable on securities 353 555.91Interest receivable on liquid assets 9.88Unrealized gain (loss) on financial futures (Note 1) 6 871.44Unrealized gain (loss) on forward foreign exchange contracts (Note 1) -2 419.79Total Assets 17 246 865.56

LiabilitiesBank overdraft -96 623.16Interest payable on bank overdraft -18.71Payable on redemptions -35 010.31Provisions for flat fee (Note 2) -8 496.18Provisions for taxe d’abonnement (Note 3) -1 923.01Total provisions -10 419.19Total Liabilities -142 071.37


Statement of Operations EURIncome 1.10.2012-30.9.2013Interest on liquid assets 1 017.69Interest on securities 566 119.94Income on securities lending (Note 16) 5 072.13Other income 213.01Total income 572 422.77

ExpensesFlat fee (Note 2) -243 084.68Taxe d’abonnement (Note 3) -8 766.13Cost on securities lending (Note 16) -2 240.00Interest on cash liquidity and bank overdraft -216.66Total expenses -254 307.47


Realized gain (loss) (Note 1)Realized gain (loss) on market-priced securities without options -507 655.86Realized gain (loss) on options 1 011 265.63Realized gain (loss) on financial futures -59 711.46Realized gain (loss) on forward foreign exchange contracts 18 691.48Realized result on subscriptions/redemptions (Note 4) 22 067.55Total realized gain (loss) on investments 484 657.34Realized gain (loss) on foreign exchange -24 484.41Total realized gain (loss) 460 172.93

Net realized gain (loss) of the financial year 778 288.23

Changes in unrealized appreciation (depreciation) (Note 1)Unrealized appreciation (depreciation) on market-priced securities without options 270 817.59Unrealized appreciation (depreciation) on options 7 253.75Unrealized appreciation (depreciation) on financial futures 19 741.44Unrealized appreciation (depreciation) on forward foreign exchange contracts 5 477.69Total changes in unrealized appreciation (depreciation) 303 290.47




Statement of Changes in Net Assets EUR 1.10.2012-30.9.2013Net assets at the beginning of the financial year 23 970 162.41Subscriptions 652 408.79Redemptions -8 599 355.71Total net subscriptions (redemptions) -7 946 946.92Net income (loss) on investments 318 115.30Total realized gain (loss) 460 172.93Total changes in unrealized appreciation (depreciation) 303 290.47Net increase (decrease) in net assets as a result of operations 1 081 578.70Net assets at the end of the financial year 17 104 794.19






Description Quantity/ Valuation in EUR as a % Nominal Unrealized gain of net (loss) on Futures/ assets Options/Forward Exchange Contracts/ Swaps (Note 1)



EUR

EUR AUTOBAHNEN- & SCHNELLSTRASSENFINANZ AG 4.12500% 03-21.10.13 450 000.00 450 810.00 2.63EUR BANK NEDERLANDSE GEMEENTEN NV 3.75000% 06-16.12.13 700 000.00 705 180.00 4.12EUR BMW FINANCE NV 4.25000% 07-22.01.14 400 000.00 404 832.00 2.37EUR DENMARK, KINGDOM OF 3.12500% 09-17.03.14 1 000 000.00 1 013 290.00 5.92EUR ENI SPA 5.87500% 08-20.01.14 400 000.00 406 424.00 2.38EUR GE CAPITAL EUROPEAN FUNDING 4.62500% 03-29.10.13 600 000.00 601 878.00 3.52EUR INTERNATIONAL BUSINESS MACHINES CORP 6.62500% 08-30.01.14 400 000.00 408 168.00 2.39EUR LANDESKREDITBANK B-WUERTT FOERDBK 3.25000% 09-29.01.14 800 000.00 808 120.00 4.72EUR NORD/LB G-MTN SA 3.50000% 09-18.02.14 600 000.00 607 362.00 3.55EUR NORDIC INVESTMENT BANK 3.00000% 09-08.04.14 800 000.00 810 736.00 4.74EUR RABOBANK NEDERLAND NV 4.37500% 09-22.01.14 900 000.00 911 259.00 5.33EUR SWEDBANK MORTGAGE AB 2.00000% 10-31.01.14 750 000.00 754 267.50 4.41EUR VOLKSWAGEN FINANCIAL SERVICES AG 6.87500% 09-15.01.14 200 000.00 203 726.00 1.19Total EUR 8 086 052.50 47.27


Bonds, fixed rate

EUR

EUR BADEN-WUERTTEMBERG, STATE OF 3.25000% 09-22.01.14 1 000 000.00 1 009 130.00 5.90EUR BAVARIA, STATE OF 3.12500% 06-16.01.14 800 000.00 806 840.00 4.72EUR BUNDESLAENDER BUNDESREPUBLI DEUTSCHLAND 4.12500% 07-24.01.14 800 000.00 809 464.00 4.73EUR DUESSELDORFER HYPOTHEKENBANK AG 1.87500% 10-13.12.13 400 000.00 401 280.00 2.34EUR HESSEN, STATE OF 2.25000% 10-29.01.14 900 000.00 905 895.00 5.29EUR KREDITANSTALT FUER WIEDERAUFBAU 3.12500% 09-25.02.14 500 000.00 506 000.00 2.96EUR LANDESBANK BADEN-WUERTTEMBERG-REG-S 1.75000% 11-17.01.14 800 000.00 803 640.00 4.70EUR NIEDERSACHSEN, STATE OF 4.12500% 04-20.02.14 800 000.00 811 840.00 4.75EUR NRW BANK 3.37500% 09-18.03.14 400 000.00 405 760.00 2.37EUR ONTARIO, PROVINCE OF 4.25000% 08-11.12.13 400 000.00 403 068.00 2.36Total EUR 6 862 917.00 40.12





Luxembourg

EUR DB X-TRACKERS II ITRAXX XOVER 5-YEAR TOTAL RET INDEX ETF-1C 3 800.00 571 900.00 3.34EUR UBS (LUX) EQUITY FD - EURO COUNTRIES OPTIMIZER (EUR) U-X-ACC 46.00 585 697.76 3.43EUR UBS (LUX) EQUITY FUND - EURO COUNTRIES NAVIGATOR (EUR) U-X-ACC 55.00 563 152.70 3.29Total Luxembourg 1 720 750.46 10.06





GBP


USD












JPY TOPIX INDEX FUTURE 12.12.13 6.00 9 486.03 0.06EUR EURO STOXX 50 INDEX FUTURE 20.12.13 18.00 -8 640.00 -0.05Total Financial Futures on Indices 846.03 0.01





EUR 455 243.04 CHF 560 000.00 27.11.2013 -2 419.79 -0.01Total Forward Foreign Exchange contracts (Purchase/Sale) -2 419.79 -0.01

Cash at banks, deposits on demand and deposit accounts and other liquid assets 142 958.08 0.83Bank overdraft and other short-term liabilities -96 623.16 -0.56Other assets and liabilities 323 117.57 1.89

Total net assets 17 104 794.19 100.00



UBS (Lux) Key Selection SICAV – Active Defense 5 (USD)Annual Report as of 30 September 2013


ISIN 30.9.2013 30.9.2012 30.9.2011Net assets in USD 20 556 655.06 26 992 532.54 33 304 532.85Class P-acc LU0421758383Shares outstanding 202 779.4730 282 306.6020 342 475.5060Net asset value per share in USD 101.37 95.61 97.25Issue and redemption price per share in USD1 101.07 95.61 97.25

1 See note 1

Performance

Currency 2012/2013 2011/2012 2010/2011Class P-acc1 USD 5.7% -1.7% -1.8%



UBS (Lux) Key Selection SICAV – Active Defense 5 (USD)




In the reporting year from 1 October 2012 to 30 September 2013, the last three months of 2012 were generally benign towards risky assets. The market environment changed in 2013 with performance across emerging markets equity and debt starting to deteriorate and culminating in a May sell-off. At the same time, global government bonds suffered amidst the prospect of better global growth and higher interest rate expectations. High yield bonds were positive over the reporting year but could not recover to the April peaks until the end of Q3. Developed equities presented the most rewarding opportunities despite participating strongly in the May sell-off. Some of the European equities outpaced the US markets. Tail risks like the Middle East conflict, the Eurozone crisis, monetary policy errors, GDP growth disappointments and the China hard landing left markets largely untroubled in the reporting year.



Geographical Breakdown as a % of net assetsSupranationals 18.72Germany 18.60Canada 12.75Luxembourg 10.11United States 9.43Netherlands 8.80United Kingdom 4.51Austria 4.39France 2.94Switzerland 0.09Total 90.34

Economic Breakdown as a % of net assetsBanks & credit institutions 38.64Supranational organisations 18.72Finance & holding companies 18.48Investment funds & pension foundations 10.11Cantons, federal states 4.39Total 90.34



Statement of Net Assets USDAssets 30.9.2013Investments in securities, cost 18 616 865.37Investments in securities, unrealized appreciation (depreciation) -46 391.77Total investments in securities (Note 1) 18 570 473.60Cash at banks, deposits on demand and deposit accounts 1 813 745.91Other liquid assets (Margins) 37 472.07Interest receivable on securities 171 375.64Interest receivable on liquid assets 131.86Unrealized gain (loss) on financial futures (Note 1) 12 943.53Unrealized gain (loss) on forward foreign exchange contracts (Note 1) -30 881.72Total Assets 20 575 260.89

LiabilitiesPayable on redemptions -6 000.07Provisions for flat fee (Note 2) -10 295.98Provisions for taxe d’abonnement (Note 3) -2 309.78Total provisions -12 605.76Total Liabilities -18 605.83


Statement of Operations USDIncome 1.10.2012-30.9.2013Interest on liquid assets 5 548.47Interest on securities 297 006.41Income on securities lending (Note 16) 7 140.47Total income 309 695.35



Realized gain (loss) (Note 1)Realized gain (loss) on market-priced securities without options -46 533.59Realized gain (loss) on options 1 383 640.42Realized gain (loss) on financial futures -67 817.52Realized gain (loss) on forward foreign exchange contracts -13 350.57Realized result on subscriptions/redemptions (Note 4) 24 569.53Total realized gain (loss) on investments 1 280 508.27Realized gain (loss) on foreign exchange -93 521.84Total realized gain (loss) 1 186 986.43


Changes in unrealized appreciation (depreciation) (Note 1)Unrealized appreciation (depreciation) on market-priced securities without options 291 288.42Unrealized appreciation (depreciation) on options 18 673.02Unrealized appreciation (depreciation) on financial futures 27 661.09Unrealized appreciation (depreciation) on forward foreign exchange contracts -52 559.24Total changes in unrealized appreciation (depreciation) 285 063.29




Statement of Changes in Net Assets USD 1.10.2012-30.9.2013Net assets at the beginning of the financial year 26 992 532.54Subscriptions 521 315.19Redemptions -8 433 513.05Total net subscriptions (redemptions) -7 912 197.86Net income (loss) on investments 4 270.66Total realized gain (loss) 1 186 986.43Total changes in unrealized appreciation (depreciation) 285 063.29Net increase (decrease) in net assets as a result of operations 1 476 320.38Net assets at the end of the financial year 20 556 655.06






Description Quantity/ Valuation in USD as a % Nominal Unrealized gain of net (loss) on Futures/ assets Options/Forward Exchange Contracts/ Swaps (Note 1)


Notes, fixed rate

USD

USD BANK NEDERLANDSE GEMEENTEN NV-REG-S 1.50000% 11-28.03.14 800 000.00 804 816.00 3.92USD EXPORT DEVELOPMENT CANADA 3.12500% 09-24.04.14 900 000.00 914 589.00 4.45USD GENERAL ELECTRIC CAPITAL CORP 2.10000% 11-07.01.14 700 000.00 703 288.60 3.42USD INTER-AMERICAN DEVELOPMENT BANK 3.00000% 09-22.04.14 900 000.00 913 880.70 4.45USD NOVARTIS CAPITAL CORP 4.12500% 09-10.02.14 400 000.00 405 240.00 1.97USD NRW.BANK-REG-S 1.62500% 11-17.01.14 900 000.00 903 402.00 4.39USD ONTARIO, PROVINCE OF 1.37500% 11-27.01.14 900 000.00 903 321.00 4.40Total USD 5 548 537.30 27.00



USD

USD ASIAN DEVELOPMENT BANK 2.75000% 09-21.05.14 900 000.00 914 373.00 4.45USD COUNCIL OF EUROPE DEVELOPMENT BANK 5.00000% 07-29.01.14 1 000 000.00 1 015 450.00 4.94USD LANDESKREDITBANK B-WUERTT FOERDERBANK 1.75000% 11-18.02.14 900 000.00 903 699.00 4.40USD LANDWIRTSCHAFTLICHE RENTENBANK 4.87500% 07-10.01.14 1 000 000.00 1 012 580.00 4.93USD NESTLE HOLDINGS INC 2.12500% 10-12.03.14 800 000.00 806 416.00 3.92USD RABOBANK NEDERLAND NV 2.50000% 10-12.12.13 1 000 000.00 1 003 720.00 4.88USD ROYAL BANK OF CANADA 1.12500% 10-15.01.14 800 000.00 802 196.80 3.90Total USD 6 458 434.80 31.42


Bonds, fixed rate

USD

USD COMPAGNIE DE FINANCEMENT FONCIER-REG-S 2.25000% 11-07.03.14 600 000.00 604 680.00 2.94USD EUROPEAN INVESTMENT BANK 1.25000% 11-14.02.14 1 000 000.00 1 003 900.00 4.88USD KREDITANSTALT FUER WIEDERAUFBAU 1.37500% 11-13.01.14 1 000 000.00 1 003 660.00 4.88USD NETWORK RAIL INFRASTRUCTURE FIN-REG-S 1.50000% 11-13.01.14 900 000.00 903 042.00 4.39USD OESTERREICHISCHE KONTROLLBANK AG 1.37500% 11-21.01.14 900 000.00 903 264.30 4.40Total USD 4 418 546.30 21.49





Luxembourg

EUR DB X-TRACKERS II ITRAXX XOVER 5-YEAR TOTAL RET INDEX ETF-1C 3 400.00 692 662.70 3.37EUR UBS (LUX) EQUITY FD - EURO COUNTRIES OPTIMIZER (EUR) U-X-ACC 41.00 706 652.62 3.44EUR UBS (LUX) EQUITY FUND - EURO COUNTRIES NAVIGATOR (EUR) U-X-ACC 49.00 679 150.38 3.30Total Luxembourg 2 078 465.70 10.11





CHF

CHF SWISS MARKET INDEX CALL 7550.00000 20.12.13 3.00 17 875.59 0.08Total CHF 17 875.59 0.08

GBP


USD












JPY TOPIX INDEX FUTURE 12.12.13 6.00 12 840.76 0.06EUR EURO STOXX 50 INDEX FUTURE 20.12.13 11.00 -7 147.27 -0.03Total Financial Futures on Indices 5 693.49 0.03





USD 2 276 330.60 EUR 1 700 000.00 27.11.2013 -25 208.67 -0.12USD 535 865.60 EUR 400 000.00 27.11.2013 -5 673.05 -0.03Total Forward Foreign Exchange contracts (Purchase/Sale) -30 881.72 -0.15

Cash at banks, deposits on demand and deposit accounts and other liquid assets 1 851 217.98 9.01Other assets and liabilities 152 901.67 0.74

Total net assets 20 556 655.06 100.00



UBS (Lux) Key Selection SICAV – All-Rounder (EUR)Annual Report as of 30 September 2013

UBS (Lux) Key Selection SICAV – All-Rounder (EUR)


ISIN 30.9.2013Net assets in EUR 4 094 840.00Class N-acc1 LU0853029907Shares outstanding 7 534.0820Net asset value per share in EUR 98.90Issue and redemption price per share in EUR2 98.90Class Q-acc3 LU0853026986Shares outstanding 20 621.5420Net asset value per share in EUR 100.11Issue and redemption price per share in EUR2 100.11Class U-X-acc4 LU0853022563Shares outstanding 125.0000Net asset value per share in EUR 10 281.72Issue and redemption price per share in EUR2 10 281.72

1 Initial subscription: 14.1.20132 See note 13 Initial subscription: 9.1.20134 Initial subscription: 19.11.2012

Performance

Currency 2012/2013Class N-acc1 EUR -Class Q-acc1 EUR -Class U-X-acc1 EUR -

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



In the reporting year from 1 October 2012 to 30 September 2013, the last three months of 2012 were generally benign towards risky assets. The market environment changed in 2013 with performance across emerging markets equity and debt starting to deteriorate and culminating in a May sell-off. At the same time, global government bonds suffered amidst the prospect of better global growth and higher interest rate expectations. High yield bonds were positive over the reporting year but could not recover to the April peaks until the end of Q3. Developed equities presented the most rewarding opportunities despite participating strongly in the May sell-off. Some of the European equities outpaced the US markets. Tail risks like the Middle East conflict, the Eurozone crisis, monetary policy errors, GDP growth disappointments and the China hard landing left markets largely untroubled in the reporting year ending September 2013.

The subfund’s performance was positive in the reporting year. Whereas the upswing as well as the boom portfolio showed a positive performance over the full year, the recession portfolio was flat and the downswing portfolio contributed negatively based on the increasing yields, especially in the months of May and June 2013.


Geographical Breakdown as a % of net assetsLuxembourg 99.81Total 99.81

Economic Breakdown as a % of net assetsInvestment funds & pension foundations 99.81Total 99.81



Statement of Net Assets EURAssets 30.9.2013Investments in securities, cost 4 049 142.76Investments in securities, unrealized appreciation (depreciation) 37 821.68Total investments in securities (Note 1) 4 086 964.44Cash at banks, deposits on demand and deposit accounts 19 107.73Receivable on securities sales (Note 1) 20 217.40Total Assets 4 126 289.57

LiabilitiesPayable on redemptions -30 165.46Provisions for flat fee (Note 2) -1 283.38Provisions for taxe d’abonnement (Note 3) -0.73Total provisions -1 284.11Total Liabilities -31 449.57

Net assets at the end of the period 4 094 840.00

Statement of Operations EURIncome 19.11.2012-30.9.2013Total income 0.00

ExpensesFlat fee (Note 2) -9 907.86Taxe d’abonnement (Note 3) -2.02Total expenses -9 909.88


Realized gain (loss) (Note 1)Realized gain (loss) on market-priced securities without options -330.24Total realized gain (loss) on investments -330.24Total realized gain (loss) -330.24

Net realized gain (loss) of the period -10 240.12

Changes in unrealized appreciation (depreciation) (Note 1)Unrealized appreciation (depreciation) on market-priced securities without options 37 821.68Total changes in unrealized appreciation (depreciation) 37 821.68


Statement of Changes in Net Assets EUR 19.11.2012-30.9.2013Net assets at the beginning of the period 0.00Subscriptions 4 161 308.26Redemptions -94 049.82Total net subscriptions (redemptions) 4 067 258.44Net income (loss) on investments -9 909.88Total realized gain (loss) -330.24Total changes in unrealized appreciation (depreciation) 37 821.68Net increase (decrease) in net assets as a result of operations 27 581.56Net assets at the end of the period 4 094 840.00


19.11.2012-30.9.2013Class N-accNumber of shares outstanding at the beginning of the period 0.0000Number of shares issued 7 888.0590Number of shares redeemed -353.9770Number of shares outstanding at the end of the period 7 534.0820Class Q-accNumber of shares outstanding at the beginning of the period 0.0000Number of shares issued 21 223.1730Number of shares redeemed -601.6310Number of shares outstanding at the end of the period 20 621.5420Class U-X-accNumber of shares outstanding at the beginning of the period 0.0000Number of shares issued 125.0000Number of shares redeemed 0.0000Number of shares outstanding at the end of the period 125.0000







Luxembourg

EUR UBS (LUX) SICAV 1 - ALL-ROUNDER (USD) (EUR HEDGED) I-X-ACC 39 741.00 4 086 964.44 99.81Total Luxembourg 4 086 964.44 99.81




Cash at banks, deposits on demand and deposit accounts and other liquid assets 19 107.73 0.46Other assets and liabilities -11 232.17 -0.27

Total net assets 4 094 840.00 100.00


UBS (Lux) Key Selection SICAV – Asian Allocation (USD)Annual Report as of 30 September 2013


ISIN 26.11.2012 30.9.2012 30.9.2011Net assets in USD 8 000 427.94 10 245 515.69 21 442 346.33Class I-X-acc1 LU0421761411Shares outstanding - - 160 000.0000Net asset value per share in USD - - 101.02Issue and redemption price per share in USD2 - - 101.02Class P-acc LU0420139866Shares outstanding 61 974.4400 79 789.3610 46 558.4750Net asset value per share in USD 129.09 128.41 113.38Issue and redemption price per share in USD2 129.09 128.41 113.38

1 The share class I-X-acc was in circulation until 30.11.20112 See note 1

UBS (Lux) Key Selection SICAV – Asian Allocation (USD)


As the subfund UBS (Lux) Key Selection SICAV – Asian Allocation (USD) was merged into UBS (Lux) Key Selection SICAV – Emerging Markets Allocation (USD) as at 26 November 2012, there is no securities portfolio or securities portfolio structure at the end of the reporting period.


UBS (Lux) Key Selection SICAV – Asian Allocation (USD)Annual Report as of 30 September 2013

Statement of Operations USDIncome 1.10.2012-30.9.2013Interest on liquid assets 1.40Income on securities lending (Note 16) 175.78Other income 39 731.15Total income 39 908.33

ExpensesFlat fee (Note 2) -29 754.04Taxe d’abonnement (Note 3) -354.65Interest on cash liquidity and bank overdraft -1.87Total expenses -30 110.56


Realized gain (loss) (Note 1)Realized gain (loss) on market-priced securities without options 629 017.08Realized gain (loss) on financial futures 23 038.26Realized gain (loss) on options, futures-styled -66 929.74Realized gain (loss) on forward foreign exchange contracts 67 133.21Realized result on subscriptions/redemptions (Note 4) 5 626.78Total realized gain (loss) on investments 657 885.59Realized gain (loss) on foreign exchange 3 573.78Total realized gain (loss) 661 459.37


Changes in unrealized appreciation (depreciation) (Note 1)Unrealized appreciation (depreciation) on market-priced securities without options -598 107.90Unrealized appreciation (depreciation) on financial futures -35 811.46Unrealized appreciation (depreciation) on options, futures-styled 53 236.35Unrealized appreciation (depreciation) on forward foreign exchange contracts -50 525.81Total changes in unrealized appreciation (depreciation) -631 208.82


Statement of Changes in Net Assets USD 1.10.2012-30.9.2013Net assets at the beginning of the financial year 10 245 515.69Subscriptions 89 927.79Redemptions -10 375 491.80Total net subscriptions (redemptions) -10 285 564.01Net income (loss) on investments 9 797.77Total realized gain (loss) 661 459.37Total changes in unrealized appreciation (depreciation) -631 208.82Net increase (decrease) in net assets as a result of operations 40 048.32Net assets at the end of the financial year -0.00




UBS (Lux) Key Selection SICAV – Asian Equities (USD)Annual Report as of 30 September 2013


ISIN 30.9.2013 30.9.2012 30.9.2011Net assets in USD 73 046 770.62 115 263 087.89 107 127 140.39Class (GBP) P-dist LU0246169758Shares outstanding 24 875.6840 31 145.3800 45 252.7030Net asset value per share in GBP 82.88 84.01 73.22Issue and redemption price per share in GBP1 82.88 84.01 73.22Class I-A1-acc2 LU0794920784Shares outstanding - 169 249.8370 -Net asset value per share in USD - 108.92 -Issue and redemption price per share in USD1 - 108.92 -Class P-acc LU0235996351Shares outstanding 506 350.6080 669 001.3810 873 843.3380Net asset value per share in USD 134.92 136.85 114.70Issue and redemption price per share in USD1 134.92 136.85 114.70Class U-X-acc LU0425186540Shares outstanding 135.8980 100.7150 205.5850Net asset value per share in USD 10 298.82 10 230.49 8 399.09Issue and redemption price per share in USD1 10 298.82 10 230.49 8 399.09

1 See note 12 For the period from 11.7.2012 to 24.9.2013 the share class I-A1-acc was in circulation

Performance

Currency 2012/2013 2011/2012 2010/2011Class (GBP) P-dist GBP -1.0% 14.7% -15.8%Class I-A1-acc USD - - -Class P-acc USD -1.4% 19.3% -17.3%Class U-X-acc USD 0.7% 21.8% -

Benchmark:MSCI AC Asia ex Japan (r) GBP 5.0% 15.4% -13.6%MSCI AC Asia ex Japan (r) USD 5.3% 19.6% -14.6%


UBS (Lux) Key Selection SICAV – Asian Equities (USD)




In the reporting year from 1 October 2012 to 30 September 2013, Asia ex Japan markets ended positively despite the macro headwinds and volatility throughout the year. 2H 2013 saw a sell-off in most Asian markets stoked by risks of an imminent tapering of Quantitative Easing (QE). The reversal in capital flows and the slowdown in credit expansion led to slower growth momentum. India and Indonesia underperformed due to current account and currency vulnerabilities. The Cyclical Materials and Energy sectors came under pressure while IT and Consumer Discretionary outperformed.

The subfund underperformed its benchmark, the MSCI AC Asia ex Japan (r), in the reporting year. Stock selection (SS) in Thailand added value but was offset by negative SS in Korea. Overweights (OW) in India and Indonesia further detracted value. At a sector level, SS in Industrials and Consumer Discretionary contributed most negatively. Key contributors were OWs in AIA and Tencent, while key detractors were OWs in Samsung Engineering and Jardine C&C.


Geographical Breakdown as a % of net assetsSouth Korea 21.94Hong Kong 21.64China 12.69India 8.93Singapore 7.23Thailand 6.52Taiwan 6.49Indonesia 3.98Luxembourg 3.56Philippines 2.84Macao 1.74Total 97.56

Economic Breakdown as a % of net assetsElectronics & semiconductors 13.95Banks & credit institutions 11.84Finance & holding companies 8.17Vehicles 7.81Insurance 7.54Telecommunications 6.73Internet, software & IT services 6.63Pharmaceuticals, cosmetics & medical products 5.95Real Estate 5.08Chemicals 4.55Investment funds & pension foundations 3.56Petroleum 3.54Electrical devices & components 2.33Building industry & materials 2.26Tobacco & alcohol 2.25Lodging, catering & leisure 1.74Textiles, garments & leather goods 1.57Mechanical engineering & industrial equipment 0.85Miscellaneous trading companies 0.71Retail trade, department stores 0.50Total 97.56



Statement of Net Assets USDAssets 30.9.2013Investments in securities, cost 59 673 677.58Investments in securities, unrealized appreciation (depreciation) 11 588 675.69Total investments in securities (Note 1) 71 262 353.27Cash at banks, deposits on demand and deposit accounts 1 928 578.26Interest receivable on liquid assets 1.49Receivable on dividends 120 028.09Total Assets 73 310 961.11



Statement of Operations USDIncome 1.10.2012-30.9.2013Interest on liquid assets 31.47Dividends (Note 1) 1 992 611.17Income on securities lending (Note 16) 20 422.55Total income 2 013 065.19

ExpensesFlat fee (Note 2) -1 952 831.05Taxe d’abonnement (Note 3) -43 527.82Cost on securities lending (Note 16) -9 440.18Interest on cash liquidity and bank overdraft -17.56Total expenses -2 005 816.61


Realized gain (loss) (Note 1)Realized gain (loss) on market-priced securities without options 4 744 404.26Realized gain (loss) on forward foreign exchange contracts -1 544.30Realized result on subscriptions/redemptions (Note 4) 115 116.69Total realized gain (loss) on investments 4 857 976.65Realized gain (loss) on foreign exchange -324 810.39Total realized gain (loss) 4 533 166.26


Changes in unrealized appreciation (depreciation) (Note 1)Unrealized appreciation (depreciation) on market-priced securities without options -5 065 884.74Total changes in unrealized appreciation (depreciation) -5 065 884.74

Net increase (decrease) in net assets as a result of operations -525 469.90



Statement of Changes in Net Assets USD 1.10.2012-30.9.2013Net assets at the beginning of the financial year 115 263 087.89Subscriptions 4 843 891.59Redemptions -46 520 504.30Total net subscriptions (redemptions) -41 676 612.71Dividend paid -14 234.66Net income (loss) on investments 7 248.58Total realized gain (loss) 4 533 166.26Total changes in unrealized appreciation (depreciation) -5 065 884.74Net increase (decrease) in net assets as a result of operations -525 469.90Net assets at the end of the financial year 73 046 770.62


1.10.2012-30.9.2013Class (GBP) P-distNumber of shares outstanding at the beginning of the financial year 31 145.3800Number of shares issued 1 563.8950Number of shares redeemed -7 833.5910Number of shares outstanding at the end of the financial year 24 875.6840Class I-A1-accNumber of shares outstanding at the beginning of the financial year 169 249.8370Number of shares issued 0.0000Number of shares redeemed -169 249.8370Number of shares outstanding at the end of the financial year 0.0000Class P-accNumber of shares outstanding at the beginning of the financial year 669 001.3810Number of shares issued 27 046.2190Number of shares redeemed -189 696.9920Number of shares outstanding at the end of the financial year 506 350.6080Class U-X-accNumber of shares outstanding at the beginning of the financial year 100.7150Number of shares issued 74.2410Number of shares redeemed -39.0580Number of shares outstanding at the end of the financial year 135.8980






Bearer shares

China

HKD BELLE INTERNATIONA HKD0.01 791 000.00 1 148 594.35 1.57HKD CHINA CONST BK ‘H’CNY1 1 703 690.00 1 311 646.20 1.80HKD INDUSTRIAL & COM B ‘H’CNY1 3 644 345.00 2 542 544.42 3.48HKD PING AN INSURANCE ‘H’CNY1 222 000.00 1 650 456.52 2.26HKD TENCENT HLDGS LIMI HKD0.0001 49 900.00 2 617 780.87 3.58Total China 9 271 022.36 12.69

Hong Kong

HKD AIA GROUP LTD USD1.00 820 600.00 3 857 277.16 5.28HKD CHINA O/SEAS LAND HKD0.10 610 000.00 1 797 495.62 2.46HKD CHINA RES LAND HKD0.10 624 000.00 1 774 373.26 2.43HKD CNOOC LTD HKD0.02 1 272 000.00 2 588 486.54 3.55HKD HENGAN INTL HKD0.10 117 600.00 1 375 518.42 1.88HKD HUTCHISON WHAMPOA HKD0.25 91 000.00 1 090 206.85 1.49USD JARDINE MATHESON COM USD0.25(BERMUDA REG) 23 672.00 1 304 800.64 1.79HKD SINO BIOPHAMACEUTI HKD0.025 635 900.00 430 526.54 0.59HKD WHARF(HLDGS) HKD1 183 100.00 1 586 753.33 2.17Total Hong Kong 15 805 438.36 21.64

India

INR BAJAJ AUTO LTD INR10 30 874.00 985 027.61 1.35INR ENGINEERS INDIA INR5 51 751.00 140 347.29 0.19INR GRASIM INDUSTRIES INR10 4 900.00 205 997.77 0.28INR HOUSING DEVEL FIN INR2 39 575.00 489 692.09 0.67INR IPCA LABORATORIES INR2 57 070.00 632 699.95 0.87INR SUN PHARMACEUTICAL INR1 101 090.00 962 116.83 1.32INR TATA CONSULTANCY S INR1 32 658.00 1 019 334.92 1.39INR TITAN INDUSTRIES INR1 137 589.00 516 466.32 0.71Total India 4 951 682.78 6.78

Indonesia

IDR AGUNG PODOMORO LAN IDR100 5 692 000.00 137 630.42 0.19IDR BK MANDIRI IDR500 395 794.00 271 723.90 0.37IDR BK RAKYAT IDR250 438 500.00 274 535.88 0.38IDR GLOBAL MEDIACOM IDR100 (POST SUBD) 1 131 000.00 188 500.03 0.26IDR INDOCEMENT TUNGGAL IDR500 109 500.00 173 044.07 0.24IDR P.T. ASTRA INTL IDR50 628 500.00 339 216.38 0.46IDR SEMEN INDONESIA IDR100 529 000.00 598 437.06 0.82IDR TELEKOMUNIKASI IND SER’B’IDR50 1 892 000.00 347 193.49 0.47IDR XL AXIATA TBK PT IDR100 1 574 000.00 577 677.12 0.79Total Indonesia 2 907 958.35 3.98

Macao

HKD SANDS CHINA LTD USD0.01 REG’S’ 206 000.00 1 273 818.74 1.74Total Macao 1 273 818.74 1.74

Philippines

PHP BDO UNIBANK INC PHP10 301 366.00 519 119.20 0.71PHP GT CAPITAL HOLDING PHP10 27 665.00 482 898.48 0.66PHP LT GROUP INC PHP1 1 709 200.00 706 605.42 0.97PHP PHILIPPINE SEVEN PHP1 145 210.00 363 525.26 0.50Total Philippines 2 072 148.36 2.84

Singapore

SGD JARDINE CYCLE & CA SGD1 45 080.00 1 328 205.13 1.82SGD KEPPEL CORP NPV 157 000.00 1 297 706.64 1.78SGD OVERSEA-CHINESE BK SGD0.5 154 000.00 1 268 004.46 1.73SGD SINGAPORE TELECOMM NPV(POST RE-ORG) 463 000.00 1 386 271.70 1.90Total Singapore 5 280 187.93 7.23

South Korea

KRW DAEWOO SHIPBUILDIN KRW5000 10 800.00 347 714.43 0.48KRW HYUNDAI HEAVY INDS KRW5000 1 100.00 270 221.24 0.37KRW HYUNDAI MOBIS KRW5000 5 740.00 1 527 568.84 2.09KRW HYUNDAI MOTOR CO KRW5000 6 531.00 1 525 373.76 2.09KRW KT&G CORPORATION KRW5000 13 112.00 939 469.17 1.29KRW LG CHEMICAL KRW5000 8 395.00 2 402 086.74 3.29KRW LG HOUSEHOLD&HEALT KRW5000 1 860.00 943 261.94 1.29KRW LOTTE CHEMICAL CO KRW5000 4 996.00 922 796.22 1.26KRW SAMSUNG ELECTRONIC KRW5000 3 860.00 4 909 968.26 6.72KRW SAMSUNG ENGINEER KRW5000 7 628.00 586 291.50 0.80KRW SK HYNIX INC KRW5000 42 780.00 1 204 173.39 1.65Total South Korea 15 578 925.49 21.33

Taiwan

TWD MEDIATEK INC TWD10 90 000.00 1 112 557.92 1.52TWD TAIWAN SEMICON MAN TWD10 905 000.00 3 076 149.09 4.21Total Taiwan 4 188 707.01 5.73



Thailand

THB KASIKORNBANK PLC THB10 (ALIEN MKT) 281 500.00 1 610 628.10 2.20Total Thailand 1 610 628.10 2.20

Total Bearer shares 62 940 517.48 86.16

Preference shares

South Korea

KRW SAMSUNG ELECTRONIC PFD KRW5000 551.00 449 136.73 0.62Total South Korea 449 136.73 0.62

Total Preference shares 449 136.73 0.62

Depository receipts

India

USD HDFC BANK LTD ADR REPS 3 SHS 11 600.00 363 660.00 0.50USD INFOSYS LTD SPON ADR EACH REP 1 INR5 24 800.00 1 205 776.00 1.65Total India 1 569 436.00 2.15

Taiwan

USD TAIWAN SEMICON MAN ADS REP 5 ORD TWD10 32 100.00 547 947.00 0.75Total Taiwan 547 947.00 0.75

Thailand

THB ADVANCED INFO SERV THB1(NVDR) 134 400.00 1 099 773.05 1.51THB SHIN CORPORATION THB1(NVDR) 69 400.00 182 456.45 0.25THB SIAM CEMENT CO THB1(NVDR) 53 200.00 738 015.02 1.01THB TOTAL ACCESS COMMU THB2 (NVDR) 332 800.00 1 132 913.54 1.55Total Thailand 3 153 158.06 4.32

Total Depository receipts 5 270 541.06 7.22




Luxembourg

USD UBS (LUX) EQUITY SICAV - ASIAN SMALLER COS (USD)-U-X-ACC 200.00 2 602 158.00 3.56Total Luxembourg 2 602 158.00 3.56





Total net assets 73 046 770.62 100.00



UBS (Lux) Key Selection SICAV – Commodity Strategy (USD)Annual Report as of 30 September 2013


ISIN 30.9.2013Net assets in USD 12 296 113.83Class U-X-acc1 LU0851683713Shares outstanding 1 353.0000Net asset value per share in USD 9 088.04Issue and redemption price per share in USD2 9 088.04

1 Initial subscription: 30.11.20122 See note 1

Performance

Currency 2012/2013Class U-X-acc1 USD -



UBS (Lux) Key Selection SICAV – Commodity Strategy (USD)




In the reporting period from 30 November 2012 (launch date of the subfund) to 30 September 2013, the commodity market as a whole had a challenging period, with the exception of petroleum. Two key themes played out, firstly, whilst demand was modestly positive, increased supply in agriculture, natural gas and base metals meant many markets were in surplus and thus the prices declined. Secondly, indications that Quantitative Easing (QE) would be reduced caused a strengthening of the US dollar for much of the reporting period and this was bad for most commodities, especially precious metals.

The subfund invests in a broadly diversified portfolio of commodities globally. The subfund is actively managed and does not track a specific index. The subfund declined over the reporting period as most broad commodity markets were all down. The neutral weights used by the fund manager are the Dow Jones-UBS Commodity Index and the subfund outperformed this index over the reporting period. The majority of this was achieved by tactically moving active weights of commodities. A small contribution was from investing in indices that are positioned in futures with longer maturities. The major position that helped the subfund outperform the Dow Jones-UBS Commodity Index was our underweight of grains. We did this by analyzing the probabilities of the size of the harvest, comparing this to our valuation models and realizing the likelihood of price declines. We recognized that precious metals would behave badly in an environment of the Federal Reserve looking to normalize monetary policy in the United States and thus we were underweight gold for most of the reporting period. We overweighted petroleum for the majority of the reporting period as the backwardation in the futures curve and tighter supply and demand dynamics meant the market was attractive versus other commodities. Our general preference to overweight industrial metals had a negative impact, our valuation models showed them to be cheap and economic momentum was a positive indicator, but excess supply and the US dollar strength countered this.


Geographical Breakdown as a % of net assetsUnited States 84.80Jersey 8.26United Kingdom 6.41Total 99.47

Economic Breakdown as a % of net assetsCountries & central governments 84.80Finance & holding companies 8.26Banks & credit institutions 6.41Total 99.47



Statement of Net Assets USDAssets 30.9.2013Investments in securities, cost 12 317 805.87Investments in securities, unrealized appreciation (depreciation) -86 832.81Total investments in securities (Note 1) 12 230 973.06Cash at banks, deposits on demand and deposit accounts 237 264.47Unrealized gain (loss) on swaps (Note 1) -171 816.30Total Assets 12 296 421.23

LiabilitiesProvisions for taxe d’abonnement (Note 3) -307.40Total provisions -307.40Total Liabilities -307.40


Statement of Operations USDIncome 30.11.2012-30.9.2013Interest on liquid assets 49.18Income on securities lending (Note 16) 3 653.34Total income 3 702.52

ExpensesInterest paid on swaps (Note 1) -3 336.82Taxe d’abonnement (Note 3) -1 301.94Cost on securities lending (Note 16) -1 392.38Interest on cash liquidity and bank overdraft -48.54Total expenses -6 079.68


Realized gain (loss) (Note 1)Realized gain (loss) on market-priced securities without options 46 944.66Realized gain (loss) on yield-evaluated securities and money market instruments 16 358.65Realized gain (loss) on swaps -880 448.55Realized result on subscriptions/redemptions (Note 4) 15 698.28Total realized gain (loss) on investments -801 446.96Total realized gain (loss) -801 446.96


Changes in unrealized appreciation (depreciation) (Note 1)Unrealized appreciation (depreciation) on market-priced securities without options -90 196.62Unrealized appreciation (depreciation) on yield-evaluated securities and money market instruments 3 363.81Unrealized appreciation (depreciation) on swaps -171 816.30Total changes in unrealized appreciation (depreciation) -258 649.11

Net increase (decrease) in net assets as a result of operations -1 062 473.23

Statement of Changes in Net Assets USD 30.11.2012-30.9.2013Net assets at the beginning of the period 0.00Subscriptions 18 970 108.82Redemptions -5 611 521.76Total net subscriptions (redemptions) 13 358 587.06Net income (loss) on investments -2 377.16Total realized gain (loss) -801 446.96Total changes in unrealized appreciation (depreciation) -258 649.11Net increase (decrease) in net assets as a result of operations -1 062 473.23Net assets at the end of the period 12 296 113.83


30.11.2012-30.9.2013Class U-X-accNumber of shares outstanding at the beginning of the period 0.0000Number of shares issued 1 964.0000Number of shares redeemed -611.0000Number of shares outstanding at the end of the period 1 353.0000






Certificates on commodities

Jersey

USD ETFS COMMODITY SECURITIES LTD/UBS WHEAT SUB INDEX SECURED 345 526.00 527 445.44 4.29USD ETFS COMMODITY/ETC DJ-UBS PLATINUM TR 09-PRP 12 538.00 487 477.44 3.97Total Jersey 1 014 922.88 8.26

United Kingdom

USD UBS AG LONDON/ETC UBS BLBG INDUSTRIAL METAL TOT RET 07-PRP 312.00 294 684.00 2.40USD UBS AG LONDON/ETC UBS BLOOMBERG CMCI NICKEL INDEX 08-PRP 603.00 247 531.50 2.01USD UBS AG LONDON/ETC UBS BLOOMBERG CMCI ZINC INDEX 08-PRP 505.00 246 440.00 2.00Total United Kingdom 788 655.50 6.41

Total Certificates on commodities 1 803 578.38 14.67


Transferable securities and money market instruments traded on another regulated market

Treasury bills, zero coupon

USD

USD AMERICA, UNITED STATES OF TB 0.00000% 07.03.13-06.03.14 1 120 000.00 1 119 521.19 9.10USD AMERICA, UNITED STATES OF TB 0.00000% 04.04.13-03.04.14 2 150 000.00 2 148 811.94 17.48USD AMERICA, UNITED STATES OF TB 0.00000% 02.05.13-01.05.14 2 150 000.00 2 148 434.70 17.47USD AMERICA, UNITED STATES OF TB 0.00000% 30.05.13-29.05.14 2 150 000.00 2 148 156.97 17.47USD AMERICA, UNITED STATES OF TB 0.00000% 27.06.13-26.06.14 2 150 000.00 2 148 071.64 17.47USD AMERICA, UNITED STATES OF TB 0.00000% 25.07.13-24.07.14 715 000.00 714 398.24 5.81Total USD 10 427 394.68 84.80

Total Treasury bills, zero coupon 10 427 394.68 84.80

Total Transferable securities and money market instruments traded on anotherregulated market 10 427 394.68 84.80



Derivative instruments not listed on an official stock exchange and not traded on another regulated market

Swaps and forward swaps on indices

USD BC/DJUBSXNG EQS PAYER PERF 13-02.10.13 -2 500 000.11 43 278.03 0.35USD BC/DJUBDXNG EQS REC 0.15000% -20BPS 13-02.10.13USD BC/DJUBSXIM EQS PAYER PERF 13-02.10.13 -2 499 999.98 62 103.33 0.51USD BC/DJUBSXIM EQS REC 0.15000% -20BPS 13-02.10.13USD CS/DJUBSXGR EQS PAYER 0.15000% 13-02.10.13 -6 769 999.96 -109 177.00 -0.89USD CS/DJUBSXGR EQS REC PERF 13-02.10.13USD CS/CSD0E2 INDEX EQS PAYER 0.35% 13-02.10.13 -9 889 999.89 -168 020.66 -1.37USD CS/CSD0E2 INDEX EQS REC PERF 13-02.10.13Total Swaps and forward swaps on indices -171 816.30 -1.40

Total Derivative instruments not listed on an official stock exchange and not traded on another regulated market -171 816.30 -1.40

Total Derivative instruments -171 816.30 -1.40

Cash at banks, deposits on demand and deposit accounts and other liquid assets 237 264.47 1.93Other assets and liabilities -307.40 0.00

Total net assets 12 296 113.83 100.00


UBS (Lux) Key Selection SICAV – Dynamic Alpha (USD)Annual Report as of 30 September 2013

UBS (Lux) Key Selection SICAV – Dynamic Alpha (USD)


ISIN 30.9.2013 30.9.2012 30.9.2011Net assets in USD 254 143 671.49 153 399 419.63 166 162 926.68Class (CAD hedged) P-acc LU0263318627Shares outstanding 53 166.3450 52 099.7220 53 726.8430Net asset value per share in CAD 105.35 100.97 90.80Issue and redemption price per share in CAD1 105.35 100.74 90.71Class (CHF hedged) I-X-acc2 LU0943632256Shares outstanding 231 778.5490 - -Net asset value per share in CHF 102.22 - -Issue and redemption price per share in CHF1 102.22 - -Class (CHF hedged) P-acc3 LU0849400626Shares outstanding 5 317.8320 - -Net asset value per share in CHF 103.08 - -Issue and redemption price per share in CHF1 103.08 - -Class (EUR hedged) I-A2-acc4 LU0920342325Shares outstanding 110 175.0000 - -Net asset value per share in EUR 97.07 - -Issue and redemption price per share in EUR1 97.07 - -Class (EUR hedged) I-B-acc5 LU0945635695Shares outstanding 54 502.8690 - -Net asset value per share in EUR 101.91 - -Issue and redemption price per share in EUR1 101.91 - -Class (EUR hedged) P-acc3 LU0849401350Shares outstanding 9 109.1060 - -Net asset value per share in EUR 103.03 - -Issue and redemption price per share in EUR1 103.03 - -Class (SGD hedged) P-acc LU0286926331Shares outstanding 69 204.9960 77 653.2640 94 837.6100Net asset value per share in SGD 99.46 96.06 87.18Issue and redemption price per share in SGD1 99.46 95.84 87.09Class I-A2-acc6 LU0946722526 Shares outstanding - - -Net asset value per share in USD - - -Issue and redemption price per share in USD1 - - -Class I-B-acc LU0425154183Shares outstanding 970 014.1640 839 340.0000 906 840.0000Net asset value per share in USD 115.79 109.73 97.54Issue and redemption price per share in USD1 115.79 109.48 97.44Class I-X-acc LU0425154852Shares outstanding 249 272.5930 15 906.3420 19 015.5930Net asset value per share in USD 114.71 108.63 96.50Issue and redemption price per share in USD1 114.71 108.38 96.40Class P-acc LU0218832805Shares outstanding 439 132.5560 419 146.1630 623 493.9650Net asset value per share in USD 118.92 114.85 104.01Issue and redemption price per share in USD1 118.92 114.59 103.91

1 See note 12 Initial subscription: 25.6.20133 Initial subscription: 26.11.20124 Initial subscription: 4.6.20135 Initial subscription: 26.6.20136 For the period from 27.6.13 to 24.9.13 the share class I-A2-acc was in circulation



Performance

Currency 2012/2013 2011/2012 2010/2011Class (CAD hedged) P-acc1 CAD 4.6% 11.1% -3.2%Class (CHF hedged) I-X-acc1 CHF - - -Class (CHF hedged) P-acc1 CHF - - -Class (EUR hedged) I-A2-acc1 EUR - - -Class (EUR hedged) I-B-acc1 EUR - - -Class (EUR hedged) P-acc1 EUR - - -Class (SGD hedged) P-acc1 SGD 3.8% 10.0% -3.9%Class I-A2-acc1 USD - - -Class I-B-acc1 USD 5.5% 12.5% -Class I-X-acc1 USD 5.6% 12.6% -Class P-acc1 USD 3.8% 10.3% -4.0%







The subfund posted a positive return. It is not managed against a market-based benchmark and has the ability to go short across asset classes, currencies and securities. Overall the strategy posted consistently positive monthly results except in May and August 2013. Having lowered the fixed income risks in two lags (end of 2012 and June 2013) helped us to limit the impact of Fed tapering speculations. The focus was on capturing upside in the equity markets and in high yield. Nearing critical events like the year-end fiscal cliff in the US, the critical Federal Reserve announcement, or political elections in Europe, the approach was to cap the downside by using equity options. The equity allocation contributed the most significantly to the positive performance.


Geographical Breakdown as a % of net assetsUnited States 45.29Italy 8.55United Kingdom 8.01Australia 7.92Netherlands 4.34Luxembourg 2.76France 2.52Canada 2.45Spain 1.22Germany 0.99Cayman Islands 0.80Sweden 0.78Jersey 0.61Supranationals 0.61Japan 0.55Eurozone 0.44Denmark 0.40British Virgin Islands 0.36Finland 0.35Bermuda 0.34Mexico 0.34Norway 0.33Brazil 0.30Ireland 0.26Switzerland 0.25Belgium 0.23Curacao 0.13Hong Kong 0.13South Korea 0.11Portugal 0.10Turkey 0.08Total 91.55

Economic Breakdown as a % of net assetsCountries & central governments 34.61Banks & credit institutions 14.06Finance & holding companies 13.82Telecommunications 4.38Petroleum 3.57Energy & water supply 3.08Insurance 2.20Investment funds & pension foundations 2.11Tobacco & alcohol 2.10Miscellaneous unclassified companies 1.74Pharmaceuticals, cosmetics & medical products 1.37Traffic & transportation 0.99Food & soft drinks 0.84Miscellaneous services 0.70Graphic design, publishing & media 0.66Mortgage & funding institutions 0.64Supranational organisations 0.61Mining, coal & steel 0.60Precious metals & stones 0.55Computer hardware & network equipment providers 0.54Environmental services & recycling 0.47Internet, software & IT services 0.40Retail trade, department stores 0.30Healthcare & social services 0.23Miscellaneous consumer goods 0.21Electrical devices & components 0.20Non-ferrous metals 0.20Electronics & semiconductors 0.10Agriculture & fishery 0.09Chemicals 0.09Biotechnology 0.09Total 91.55



Statement of Net Assets USDAssets 30.9.2013Investments in securities, cost 234 357 627.49Investments in securities, unrealized appreciation (depreciation) -1 689 341.21Total investments in securities (Note 1) 232 668 286.28Cash at banks, deposits on demand and deposit accounts 17 357 390.26Other liquid assets (Margins) 3 877 487.37Receivable on securities sales (Note 1) 3 584 063.99Receivable on subscriptions 1 149.01Interest receivable on securities 2 129 356.23Interest receivable on liquid assets 1 417.78Other receivables 2 578.79Unrealized gain (loss) on financial futures (Note 1) -477 697.87Unrealized gain (loss) on options, futures-styled (Note 1) 118 927.42Unrealized gain (loss) on forward foreign exchange contracts (Note 1) -2 961 652.27Unrealized gain (loss) on swaps (Note 1) 2 651 999.88Total Assets 258 953 306.87

LiabilitiesBank overdraft -894 569.36Other short-term liabilities (Margins) -406 704.25Interest payable on bank overdraft -191.35Payable on securities purchases (Note 1) -3 418 594.53Payable on redemptions -13 162.03Provisions for flat fee (Note 2) -63 828.60Provisions for taxe d’abonnement (Note 3) -12 585.26Total provisions -76 413.86Total Liabilities -4 809 635.38


Statement of Operations USDIncome 1.10.2012-30.9.2013Interest on liquid assets 16 236.81Interest on securities 4 284 206.08Dividends (Note 1) 59 010.29Interest received on swaps (Note 1) 1 365 115.76Income on securities lending (Note 16) 29 785.35Other income 34 617.22Total income 5 788 971.51

ExpensesInterest paid on swaps (Note 1) -148 705.88Flat fee (Note 2) -1 395 124.13Taxe d’abonnement (Note 3) -41 980.53Cost on securities lending (Note 16) -12 623.35Interest on cash liquidity and bank overdraft -6 203.02Total expenses -1 604 636.91

Net income (loss) on investments 4 184 334.60

Realized gain (loss) (Note 1)Realized gain (loss) on market-priced securities without options 6 928 285.00Realized gain (loss) on options 5 080 076.21Realized gain (loss) on yield-evaluated securities and money market instruments 12.15Realized gain (loss) on financial futures 4 607 767.83Realized gain (loss) on options, futures-styled -3 795.06Realized gain (loss) on forward foreign exchange contracts 3 053 255.62Realized gain (loss) on swaps -333 598.58Realized result on subscriptions/redemptions (Note 4) 522 549.84Total realized gain (loss) on investments 19 854 553.01Realized gain (loss) on foreign exchange -302 271.76Total realized gain (loss) 19 552 281.25


Changes in unrealized appreciation (depreciation) (Note 1)Unrealized appreciation (depreciation) on market-priced securities without options -10 923 531.75Unrealized appreciation (depreciation) on options 531 293.38Unrealized appreciation (depreciation) on yield-evaluated securities and money market instruments 11 668.77Unrealized appreciation (depreciation) on financial futures -1 188 716.94Unrealized appreciation (depreciation) on options, futures-styled 118 927.42Unrealized appreciation (depreciation) on forward foreign exchange contracts -3 109 234.25Unrealized appreciation (depreciation) on swaps -257 309.62Total changes in unrealized appreciation (depreciation) -14 816 902.99


* As at 30 September 2013, cash amounts serves as collateral for the counterparty Citibank London for an amount of USD 510 000.

*



Statement of Changes in Net Assets USD 1.10.2012-30.9.2013Net assets at the beginning of the financial year 153 399 419.63Subscriptions 132 367 497.81Redemptions -40 542 958.81Total net subscriptions (redemptions) 91 824 539.00Net income (loss) on investments 4 184 334.60Total realized gain (loss) 19 552 281.25Total changes in unrealized appreciation (depreciation) -14 816 902.99Net increase (decrease) in net assets as a result of operations 8 919 712.86Net assets at the end of the financial year 254 143 671.49


1.10.2012-30.9.2013Class (CAD hedged) P-accNumber of shares outstanding at the beginning of the financial year 52 099.7220Number of shares issued 5 195.5330Number of shares redeemed -4 128.9100Number of shares outstanding at the end of the financial year 53 166.3450Class (CHF hedged) I-X-accNumber of shares outstanding at the beginning of the financial year 0.0000Number of shares issued 231 778.5490Number of shares redeemed 0.0000Number of shares outstanding at the end of the financial year 231 778.5490Class (CHF hedged) P-accNumber of shares outstanding at the beginning of the financial year 0.0000Number of shares issued 48 068.7830Number of shares redeemed -42 750.9510Number of shares outstanding at the end of the financial year 5 317.8320Class (EUR hedged) I-A2-accNumber of shares outstanding at the beginning of the financial year 0.0000Number of shares issued 110 175.0000Number of shares redeemed 0.0000Number of shares outstanding at the end of the financial year 110 175.0000Class (EUR hedged) I-B-accNumber of shares outstanding at the beginning of the financial year 0.0000Number of shares issued 55 820.0000Number of shares redeemed -1 317.1310Number of shares outstanding at the end of the financial year 54 502.8690Class (EUR hedged) P-accNumber of shares outstanding at the beginning of the financial year 0.0000Number of shares issued 19 909.1060Number of shares redeemed -10 800.0000Number of shares outstanding at the end of the financial year 9 109.1060Class (SGD hedged) P-accNumber of shares outstanding at the beginning of the financial year 77 653.2640Number of shares issued 48 618.7810Number of shares redeemed -57 067.0490Number of shares outstanding at the end of the financial year 69 204.9960Class I-A2-accNumber of shares outstanding at the beginning of the financial year 0.0000Number of shares issued 99 800.0000Number of shares redeemed -99 800.0000Number of shares outstanding at the end of the financial year 0.0000Class I-B-accNumber of shares outstanding at the beginning of the financial year 839 340.0000Number of shares issued 130 674.1640Number of shares redeemed 0.0000Number of shares outstanding at the end of the financial year 970 014.1640Class I-X-accNumber of shares outstanding at the beginning of the financial year 15 906.3420Number of shares issued 241 993.3420Number of shares redeemed -8 627.0910Number of shares outstanding at the end of the financial year 249 272.5930Class P-accNumber of shares outstanding at the beginning of the financial year 419 146.1630Number of shares issued 173 263.4500Number of shares redeemed -153 277.0570Number of shares outstanding at the end of the financial year 439 132.5560






Notes, fixed rate

EUR

EUR BACARDI LTD-REG-S 2.75000% 13-03.07.23 390 000.00 522 227.21 0.20EUR MICROSOFT CORP 2.62500% 13-02.05.33 365 000.00 450 880.69 0.18EUR PETROBRAS GLOBAL FINANCE BV 3.25000% 12-01.04.19 300 000.00 406 602.62 0.16Total EUR 1 379 710.52 0.54

GBP

GBP BRITISH TELECOMMUNICATIONS PLC STEP-UP 01-07.12.16 330 000.00 639 892.96 0.25Total GBP 639 892.96 0.25

USD

USD ALCOA INC 6.15000% 10-15.08.20 490 000.00 511 178.29 0.20USD APPLE INC 3.85000% 13-04.05.43 155 000.00 129 882.71 0.05USD ARCELOR MITTAL STEP 09-15.02.15 390 000.00 427 537.50 0.17USD AT&T INC 5.55000% 11-15.08.41 545 000.00 540 991.52 0.21USD BANK OF SCOTLAND PLC 4.87500% 10-16.03.15 100 000.00 105 239.80 0.04USD BHP BILLITON FINANCE USA LTD 5.00000% 13-30.09.43 260 000.00 262 938.00 0.10USD BOSTON SCIENTIFIC CORP 2.65000% 13-01.10.18 90 000.00 90 039.33 0.04USD BOSTON SCIENTIFIC CORP 6.00000% 09-15.01.20 525 000.00 600 421.50 0.24USD BP CAPITAL MARKETS PLC 1.37500% 13-10.05.18 375 000.00 363 778.87 0.14USD BP CAPITAL MARKETS PLC 2.75000% 13-10.05.23 200 000.00 182 667.00 0.07USD BRF SA-144A 3.95000% 13-22.05.23 280 000.00 240 800.00 0.09USD CHEVRON CORP 2.42700% 13-24.06.20 200 000.00 197 698.00 0.08USD CITIGROUP INC 6.00000% 07-15.08.17 1 145 000.00 1 308 619.36 0.51USD CITIGROUP INC-SUB 4.05000% 13-30.07.22 375 000.00 364 205.63 0.14USD CITIGROUP INC-SUB 5.50000% 07-15.02.17 395 000.00 432 491.03 0.17USD CNPC GENERAL CAPITAL LTD-REG-S 3.40000% 13-16.04.23 200 000.00 184 760.00 0.07USD CONOCOPHILLIPS 4.60000% 09-15.01.15 475 000.00 499 094.85 0.20USD DIRECTV HOLDINGS LLC/FINANCING INC 5.00000% 11-01.03.21 790 000.00 808 764.08 0.32USD DNB BANK ASA-REG-S 3.20000% 12-03.04.17 450 000.00 470 178.00 0.20USD ENEL FINANCE INTERNATIONAL SA-REG-S 6.00000% 09-07.10.39 470 000.00 427 986.70 0.17USD GS GALTEX CORP-REG-S 5.50000% 07-24.04.17 250 000.00 273 275.00 0.11USD HARTFORD FINANCIAL SERVICES GROUP 5.50000% 10-30.03.20 255 000.00 287 743.53 0.11USD HEWLETT-PACKARD CO 2.62500% 11-09.12.14 721 000.00 734 960.73 0.29USD HSBC HOLDINGS PLC 5.10000% 11-05.04.21 780 000.00 859 195.74 0.34USD HSBC HOLDINGS PLC-SUB 6.50000% 07-15.09.37 1 010 000.00 1 144 704.71 0.45USD HUTCHISON WHAMPOA INTL LTD-REG-S 7.62500% 09-09.04.19 450 000.00 543 132.00 0.21USD INTERNATIONAL BUSINESS MACHINES CORP 3.37500% 13-01.08.23 520 000.00 513 030.96 0.20USD JPMORGAN CHASE & CO 3.20000% 13-25.01.23 2 270 000.00 2 123 625.86 0.84USD LINCOLN NATIONAL CORP 4.20000% 12-15.03.22 625 000.00 639 859.38 0.25USD MERK & CO 6.55000% 07-15.09.37 287 000.00 363 703.62 0.14USD MONDELEZ INTL 5.37500% 10-10.02.20 380 000.00 429 084.98 0.17USD MOTOROLA SOLUTIONS INC 6.00000% 07-15.11.17 295 000.00 336 512.70 0.13USD NEXEN INC 6.40000% 07-15.05.37 395 000.00 433 231.66 0.17USD NUSTAR LOGISTICS LP 4.80000% 10-01.09.20 130 000.00 121 712.50 0.05USD PETROBRAS GLOBAL FINANCE BV 4.375% 13-20.05.23 60 000.00 54 887.16 0.02USD PETROBRAS GLOBAL FINANCE BV 5.62500% 13-20.05.43 85 000.00 71 186.65 0.03USD QTEL INTERNATIONAL FIN LTD-REG-S 3.87500% 13-31.01.28 400 000.00 348 748.00 0.14USD REYNOLDS AMERICAN INC 6.75000% 07-15.06.17 560 000.00 647 026.80 0.25USD RHODIA SA-144A 6.87500% 10-15.09.20 200 000.00 223 271.80 0.09USD SEMPRA ENERGY 6.00000% 09-15.10.39 390 000.00 429 953.94 0.17USD SINOPEC CAPITAL 2013 LTD-REG-S 3.12500% 13-24.04.23 790 000.00 720 543.20 0.28USD SVENSKA HANDELSBANKEN AB-REG-S 5.12500% 10-30.03.20 520 000.00 585 810.16 0.23USD SWEDBANK MORTGAGE AB-REG-S 2.37500% 12-05.04.17 710 000.00 734 317.50 0.29USD TECK RESOURCES LTD 5.40000% 12-01.02.43 230 000.00 201 017.24 0.08USD TELSTRA CORP LTD-REG-S 4.80000% 11-12.10.21 255 000.00 277 289.55 0.11USD TIME WARNER CABLE INC 5.00000% 09-01.02.20 950 000.00 961 894.95 0.38USD TRANSOCEAN LTD 6.80000% 07-15.03.38 400 000.00 424 660.80 0.17USD UNION BANK NA CALIFORNIA NA 1.50000% 13-26.09.16 250 000.00 251 248.25 0.10USD VALERO ENERGY CORP 6.62500% 07-15.06.37 625 000.00 678 840.00 0.27USD VERIZON COMMUNICATIONS INC 2.50000% 13-15.09.16 725 000.00 747 247.35 0.29USD VIACOM INC 2.50000% 13-01.09.18 90 000.00 89 834.58 0.04USD VIACOM INC 4.25000% 13-01.09.23 150 000.00 149 185.20 0.06USD VIRGINIA ELECTRIC & POWER CO 6.00000% 07-15.05.37 245 000.00 288 107.75 0.11USD WELLPOINT INC 5.10000% 13-15.01.44 180 000.00 175 337.46 0.07Total USD 25 013 453.88 9.85


Notes, floating rate

EUR

EUR ALLIANZ FINANCE BV-SUB 4.37500%/FLR 05-PRP 360 000.00 502 279.42 0.20Total EUR 502 279.42 0.20

GBP

GBP LIVERPOOL VICTORIA FRIENDLY-REG-S-SUB 6.500%/VAR 13-22.05.43 485 000.00 742 847.68 0.29Total GBP 742 847.68 0.29

USD

USD BNP PARIBAS-REG-S-SUB 5.186%/3M LIBOR+168BP 05-PRP 215 000.00 217 171.50 0.09USD ELECTRICITE DE FRANCE SA-144A-SUB 5.250%/VAR 13-PRP 540 000.00 510 786.00 0.20Total USD 727 957.50 0.29

Total Notes, floating rate 1 973 084.60 0.78




EUR

EUR A.P. MOLLER-MAERSK-REG-S 3.37500% 12-28.08.19 410 000.00 588 074.29 0.23EUR ABBEY NATIONAL TREASURY SERVICES PLC 1.75000% 13-15.01.18 495 000.00 669 460.40 0.26EUR AMERICAN HONDA FINANCE CORP 3.87500% 09-16.09.14 250 000.00 349 380.45 0.14EUR ASSICURAZIONI GENERALI SPA 4.87500% 09-11.11.14 210 000.00 296 461.53 0.12EUR AUSTRALIA PACIFIC AIRPORTS MEL-REG-S 3.12500% 13-26.09.23 240 000.00 329 586.70 0.13EUR BANK OF SCOTLAND PLC 5.37500% 09-30.09.19 180 000.00 282 466.69 0.11EUR BARCLAYS BANK PLC-SUB 6.62500% 11-30.03.22 205 000.00 317 893.67 0.13EUR BBVA SENIOR FINANCE SA 3.25000% 13-21.03.16 200 000.00 277 655.27 0.11EUR BRITISH AMERICAN TOBACCO HLDGS-REG-S 2.37500% 12-19.01.23 505 000.00 670 071.77 0.26EUR COCA-COLA HBC FINANCE BV 2.37500% 13-18.06.20 550 000.00 742 586.67 0.29EUR DEUTSCHE TELEKOM INTL FINANCE BV 4.50000% 06-25.10.13 525 000.00 712 471.34 0.28EUR DEXIA CREDIT LOCAL DE FRANCE 5.37500% 09-21.07.14 525 000.00 728 347.63 0.29EUR DVB BANK SE 1.62500% 13-28.05.18 200 000.00 270 248.10 0.11EUR EDP FINANCE BV 3.25000% 10-16.03.15 160 000.00 217 775.21 0.09EUR ELIA SYSTEM OPERATOR SA/NV-REG-S 3.25000% 13-04.04.28 300 000.00 405 420.89 0.16EUR ENBW INTERNATIONAL FINANCE BV 6.00000% 08-20.11.13 500 000.00 681 731.98 0.27EUR GE CAPITAL EUROPEAN FUNDING 6.02500% 08-01.03.38 365 000.00 654 026.56 0.26EUR GOLDMAN SACHS GROUP INC 4.37500% 10-16.03.17 800 000.00 1 179 375.69 0.46EUR GOLDMAN SACHS GROUP INC-REG-S 2.62500% 13-19.08.20 770 000.00 1 044 832.89 0.41EUR HEINEKEN NV-REG-S 2.12500% 12-04.08.20 500 000.00 672 980.64 0.26EUR IMPERIAL TOBACCO FINANCE PLC 4.50000% 11-05.07.18 500 000.00 757 279.19 0.30EUR INTESA SANPAOLO SPA-REG-S 4.37500% 12-15.10.19 300 000.00 418 704.25 0.16EUR LLOYDS BANK PLC-SUB 6.50000% 10-24.03.20 240 000.00 368 776.49 0.14EUR METROPOLITAN LIFE GLOBAL FUNDING-REG-S 2.37500% 12-30.09.19 935 000.00 1 294 380.64 0.51EUR NOMURA EUROPE FINANCE NV-REG-S 1.87500% 13-29.05.18 400 000.00 526 136.68 0.21EUR ORACLE CORP 2.250000% 13-10.01.21 200 000.00 272 321.89 0.11EUR ORIGIN ENERGY FINANCE LTD-REG-S 2.50000% 13-23.10.20 450 000.00 579 513.81 0.23EUR POHJOLA BANK PLC 1.75000% 13-29.08.18 290 000.00 394 018.82 0.15EUR PRINCIPAL FINANCIAL GLOBAL FDG II LLC 4.50000% 07-26.01.17 500 000.00 740 676.67 0.29EUR RENTOKIL INITIAL PLC-REG-S 3.25000% 13-07.10.21 100 000.00 134 227.93 0.05EUR REPSOL INTERNATIONAL FINANCE BV 4.75000% 07-16.02.17 220 000.00 323 187.73 0.13EUR REPSOL INTERNATIONAL FINANCE BV 4.37500% 12-20.02.18 300 000.00 436 604.91 0.17EUR REPSOL SA 4.25000% 11-12.02.16 200 000.00 287 095.62 0.11EUR ROYAL BANK OF SCOTLAND PLC-SUB 6.93400% 08-09.04.18 210 000.00 311 220.65 0.12EUR SABMILLER HOLDINGS INC-REG-S 1.87500% 12-20.01.20 360 000.00 483 459.35 0.19EUR SANTANDER INTERNATIONAL DEBT SA-REG-S 4.62500% 12-21.03.16 800 000.00 1 146 747.31 0.45EUR SNAM SPA 3.87500% 12-19.03.18 440 000.00 631 896.27 0.25EUR SSE PLC 2.00000% 13-17.06.20 270 000.00 365 134.63 0.14EUR TELECOM ITALIA SPA 6.12500% 12-14.12.18 350 000.00 499 356.74 0.20EUR TELECOM ITALIA SPA-REG-S 4.87500% 13-25.09.20 305 000.00 402 157.70 0.16EUR TELEFONICA EMISIONES SA 4.71000% 12-20.01.20 600 000.00 859 735.60 0.34EUR TEOLLISUUDEN VOIMA OY 4.62500% 12-04.02.19 325 000.00 490 687.30 0.19EUR TOTAL CAPITAL CANADA LTD-REG-S 1.87500% 13-09.07.20 200 000.00 270 199.37 0.11EUR UCB SA-REG-S 4.12500% 13-04.01.21 130 000.00 176 708.31 0.07EUR VATTENFALL TREASURY AB 6.75000% 08-31.01.19 150 000.00 253 255.05 0.10EUR VEOLIA ENVIRONNEMENT 6.75000% 09-24.04.19 180 000.00 303 737.94 0.12EUR VOLKSWAGEN INTERNATIONAL FIN NV-REG-S 2.12500% 12-19.01.15 325 000.00 448 215.85 0.18EUR WPP PLC 6.62500% 08-12.05.16 365 000.00 565 274.56 0.22EUR ZIGGO BV-REG-S 3.62500% 13-27.03.20 405 000.00 542 197.73 0.21Total EUR 25 373 757.36 9.98

GBP

GBP AA BOND CO LTD-REG-S 4.72010% 13-31.07.18 165 000.00 274 725.38 0.11GBP ABN AMRO BANK NV 4.87500% 12-16.01.19 300 000.00 531 239.31 0.21GBP ANGLIAN WATER SERVICES FINANCING-REG-S 4.50000% 13-22.02.26 200 000.00 318 610.48 0.12GBP ARQIVA FINANCE PLC-REG-S 4.04000% 13-30.06.20 550 000.00 898 294.13 0.35GBP ARQIVA FINANCING PLC-REG-S 4.88200% 13-31.12.32 150 000.00 245 436.26 0.10GBP ASIA DEVELOPMENT BANK 1.00000% 12-15.12.15 225 000.00 366 853.61 0.14GBP BARCLAYS BANK PLC 5.75000% 09-17.08.21 240 000.00 447 809.44 0.18GBP BG ENERGY CAPITAL PLC 5.12500% 09-07.12.17 200 000.00 364 585.24 0.14GBP DEUTSCHE TELEKOM INTL FINANCE BV 6.50000% 09-08.04.22 150 000.00 293 158.37 0.12GBP DONG ENERGY A/S 4.87500% 12-12.01.32 255 000.00 420 854.94 0.17GBP EUROPEAN INVESTMENT BANK 3.00000% 10-07.12.15 255 000.00 431 930.17 0.17GBP EVERYTHING EVERYWHERE FINANCE PLC 4.37500% 12-28.03.19 310 000.00 519 925.86 0.20GBP GATWICK FUNDING LTD 5.25000% 12-23.01.24 225 000.00 397 627.88 0.16GBP GAZ CAPITAL SA/GAZPROM LPN 6.58000% 07-31.10.13 430 000.00 697 344.74 0.27GBP HEATHROW FUNDING LTD 6.75000% 09-03.12.26 330 000.00 679 150.13 0.27GBP INTER-AMERICAN DEVELOPMENT BANK 0.62500% 13-15.12.15 250 000.00 404 056.49 0.16GBP INTERNATIONAL FINANCE CORP 0.62500% 13-15.12.15 210 000.00 339 356.44 0.13GBP LLOYDS BANK PLC 7.50000% 09-15.04.24 300 000.00 624 900.55 0.25GBP NEW YORK LIFE FUNDING 5.12500% 05-03.02.15 220 000.00 374 900.82 0.15GBP TESCO PLC 6.12500% 09-24.02.22 405 000.00 762 971.57 0.30GBP THAMES WATER UTILITIES FINANCE PLC 5.12500% 06-28.09.37 335 000.00 589 387.19 0.23GBP WALES & WEST UTILITIES FINANCE PLC 5.12500% 09-02.12.16 565 000.00 1 009 604.57 0.40GBP WESTERN POWER DISTRIBUTION WEST MIDLAND 5.75000% 11-16.04.32 125 000.00 233 630.83 0.09GBP WESTPAC BANKING CORP 5.00000% 09-21.10.19 280 000.00 510 251.56 0.20Total GBP 11 736 605.96 4.62

USD

USD AIA GROUP LTD-REG-S 1.75000% 13-13.03.18 330 000.00 322 654.20 0.13USD BNP PARIBAS SA 2.70000% 13-20.08.18 405 000.00 409 631.99 0.16USD GENERAL ELECTRIC CAPITAL CORP 4.37500% 10-16.09.20 810 000.00 861 763.86 0.34USD GENERAL ELECTRIC CAPITAL CORP 6.75000% 02-15.03.32 1 075 000.00 1 282 260.00 0.50USD RABOBANK UTRECHT 3.87500% 12-08.02.22 850 000.00 851 036.15 0.34USD WACHOVIA CORP 5.75000% 08-01.02.18 1 130 000.00 1 305 333.06 0.51Total USD 5 032 679.26 1.98





Medium term notes, floating rate

EUR

EUR BARCLAYS BANK PLC-SUB 4.87500%/3M EURIBOR+105BP 04-PRP 280 000.00 321 694.92 0.13EUR CITIGROUP INC-SUB 4.750%/3M EURIBOR+74BP 07-31.05.17 515 000.00 665 326.69 0.26EUR CRH FINANCE BV 7.37500%/VAR 09-28.05.14 305 000.00 430 199.37 0.17EUR LLOYDS BANK PLC-SUB VAR 04-11.07.16 220 000.00 291 924.36 0.11EUR MUENCHENER RUECKVER 6.000%/3M EURIBOR+350BP 11-26.05.41 200 000.00 309 809.87 0.12EUR MUENCHENER RUECKVER-SUB 6.250%/VAR 12-26.05.42 500 000.00 788 595.88 0.31EUR SANTOS FIN LTD-SUB 8.250%/3M EURIBOR+685.1BP 10-22.09.70 220 000.00 325 349.77 0.13Total EUR 3 132 900.86 1.23

GBP

GBP IMPERIAL TOBACCO FINANCE 9.00000%/RATING LINKED 09-17.02.22 165 000.00 361 367.97 0.14GBP NATIONAL EXPRESS GROUP PLC 6.250%/RATING LINKED 10-13.01.17 205 000.00 366 054.44 0.15GBP SSE PLC-SUB 5.45300%/FLR 10-PRP 100 000.00 167 225.73 0.07GBP UNICREDITO ITALIANO SPA-SUB 6.37500%/VAR 07-16.10.18 225 000.00 364 485.24 0.14Total GBP 1 259 133.38 0.50

USD

USD ROYAL BANK OF SCOT-SUB 3M LIBOR+20BP/3M LIB+70BP 05-09.03.15 355 000.00 344 705.00 0.14USD STANDARD CHARTERED-REG-S-SUB 4.000%/H15T5Y+335BP 12-12.07.22 550 000.00 556 814.50 0.22USD UNICREDIT SPA-REG-S-SUB 6.375%/VAR 13-02.05.23 625 000.00 622 662.50 0.24Total USD 1 524 182.00 0.60

Total Medium term notes, floating rate 5 916 216.24 2.33

Bonds, fixed rate

AUD

AUD AUSTRALIA 4.25000% 11-21.07.17 5 626 000.00 5 506 418.73 2.16AUD AUSTRALIA 4.50000% 09-15.04.20 5 563 000.00 5 509 570.77 2.17AUD AUSTRALIA 4.75000% 10-15.06.16 5 579 000.00 5 491 769.75 2.16Total AUD 16 507 759.25 6.49

EUR

EUR AT&T INC 2.50000% 13-15.03.23 190 000.00 247 937.11 0.10EUR AUTOROUTES DU SUD DE LA FRANCE 5.62500% 07-04.07.22 350 000.00 585 418.43 0.23EUR EI TOWERS SPA 3.87500% 13-26.04.18 100 000.00 137 839.47 0.05EUR GENERALI FINANCE BV 4.75000% 99-12.05.14 50 000.00 69 237.17 0.03EUR GROUPE BPCE-REG-S-SUB 4.62500% 13-18.07.23 200 000.00 269 728.30 0.11EUR ITALY, REPUBLIC OF-BPT 3.75000% 06-01.08.16 3 950 000.00 5 544 806.92 2.18EUR ITALY, REPUBLIC OF-BTP 4.75000% 08-01.08.23 3 939 000.00 5 522 913.93 2.17EUR ITALY, REPUBLIC OF-BTP 3.75000% 08-15.12.13 1 070 000.00 1 457 313.19 0.57EUR ITALY, REPUBLIC OF-BTP 3.50000% 12-01.11.17 4 015 000.00 5 524 308.93 2.17EUR KONINKLIJKE KPN NV 6.50000% 08-15.01.16 520 000.00 788 013.81 0.31EUR LLOYDS BANKING GROUP PLC-SUB 5.87500% 02-08.07.14 210 000.00 293 399.98 0.11EUR ORIGIN ENERGY FINANCE LTD-REG-S 3.50000% 13-04.10.21 200 000.00 269 538.79 0.11EUR PEMEX PROJECT FUNDING MASTER TRUST-REG-S 05-24.02.25 275 000.00 423 256.23 0.17EUR PHILIP MORRIS INTERNATIONAL INC 1.75000% 13-19.03.20 320 000.00 425 587.56 0.17EUR TENNET BV-SUB 6.65500% 10-PRP 140 000.00 205 204.41 0.08Total EUR 21 764 504.23 8.56

GBP

GBP BUPA FINANCE PLC-REG-S-SUB 5.00000% 13-25.04.23 100 000.00 158 934.39 0.06GBP NATIONAL GRID CO PLC 5.87500% 99-02.02.24 55 000.00 104 643.04 0.04GBP NORTHERN GAS NETWORKS FINANCE PLC 5.87500% 09-08.07.19 190 000.00 356 426.54 0.14GBP SCOTTISH WIDOWS PLC-REG-S-SUB 5.50000% 13-16.06.23 285 000.00 453 239.94 0.18GBP TESCO PROPERTY FINANCE 4 PLC 5.80060% 11-13.10.40 125 000.00 218 105.90 0.09Total GBP 1 291 349.81 0.51

USD

USD BARCLAYS PLC-REG-S 2.25000% 12-10.05.17 550 000.00 567 737.50 0.22USD COCA-COLA ICECEK AS-REG-S 4.75000% 13-01.10.18 200 000.00 201 000.00 0.08USD CREDIT SUISSE/GUERNSEY-REG-S 1.62500% 12-06.03.15 200 000.00 202 960.00 0.08USD NEWS AMERICA INC 6.20000% 04-15.12.34 610 000.00 660 439.68 0.26USD PACIFICORP 6.00000% 09-15.01.39 425 000.00 504 649.68 0.20USD SUNCOR ENERGY INC 6.50000% 07-15.06.38 520 000.00 605 983.04 0.24Total USD 2 742 769.90 1.08


Bonds, floating rate

EUR

EUR AMERICA MOVIL SAB DE CV-REG-S-SUB 5.12500% 13-06.09.73 165 000.00 222 805.04 0.09EUR AVIVA PLC-SUB 4.72910%/FLR 04-PRP 420 000.00 566 759.18 0.22EUR AXA SA-SUB 5.250%/3MO EURIBOR+305BP 10-16.04.40 250 000.00 356 815.37 0.14EUR CREDIT LOGEMENT SA-SUB 4.60400%/3M EURIBOR+115BP 06-PRP 150 000.00 156 137.43 0.06EUR GDF SUEZ-SUB 4.750%/VAR 13-PRP 400 000.00 549 219.12 0.22EUR HSBC CAPITAL FUNDING-SUB 5.13/FLR 04-29.03.PRP 150 000.00 209 859.74 0.08EUR HUTCHINSON WHAMPOA-REG-S-SUB 3.750%/VAR 13-PRP 285 000.00 365 015.44 0.14EUR RWE AG-SUB 4.625%/VAR 10-PRP 165 000.00 226 032.48 0.09Total EUR 2 652 643.80 1.04

GBP

GBP BUPA FINANCE PLC 6.125%/VAR 04-PRP 150 000.00 246 553.65 0.10GBP SIEMENS FINANCIERING-SUB 6.125%/3M EURIBOR+225BP 06-14.09.66 160 000.00 280 467.13 0.11Total GBP 527 020.78 0.21




USD

USD ALLSTATE CORP-SUB 5.750%/3M LIBOR+293.8BP 13-15.08.53 250 000.00 243 750.00 0.09Total USD 243 750.00 0.09

Total Bonds, floating rate 3 423 414.58 1.34




USD

USD AMERICA, UNITED STATES OF TB 0.00000% 02.05.13-01.05.14 24 719 000.00 24 705 160.92 9.72USD AMERICA, UNITED STATES OF TB 0.00000% 30.05.13-29.05.14 24 722 000.00 24 705 129.41 9.72USD AMERICA, UNITED STATES TB 0.00000% 22.08.13-21.08.14 4 002 000.00 3 997 727.24 1.58Total USD 53 408 017.57 21.02


Notes, fixed rate

CAD

CAD BANK OF MONTREAL 6.02000% 08-02.05.18 390 000.00 432 352.99 0.17CAD BANK OF NOVA SCOTIA 4.10000% 10-08.06.17 565 000.00 581 559.74 0.23CAD CANADIAN IMPERIAL BANK 3.40000% 11-14.01.16 435 000.00 436 263.83 0.17CAD ROYAL BANK OF CANADA 2.98000% 12-07.05.19 375 000.00 363 787.53 0.15Total CAD 1 813 964.09 0.72

USD

USD ABB FINANCE USA INC 2.87500% 12-08.05.22 380 000.00 366 958.78 0.14USD ABBVIE INC 2.90000% 13-06.11.22 470 000.00 439 548.70 0.17USD ABBVIE INC 4.40000% 13-06.11.42 285 000.00 258 031.59 0.10USD ALLTEL CORP 7.87500% 02-01.07.32 390 000.00 508 247.22 0.20USD ALTRIA GROUP INC 4.25000% 12-09.08.42 1 080 000.00 899 116.20 0.35USD AMERICA MOVIL SAB DE CV 5.00000% 10-30.03.20 600 000.00 645 103.80 0.25USD AMERICAN EXPRESS CREDIT CORP 1.30000% 13-29.07.16 255 000.00 256 526.94 0.10USD AMERICAN INTERNATIONAL GROUP INC 3.37500% 13-15.08.20 515 000.00 515 313.64 0.20USD AMERICAN TOWER CORP 3.40000% 13-15.02.19 145 000.00 143 316.41 0.06USD ANADARKO PETROLEUM CORP 6.37500% 10-15.09.17 915 000.00 1 063 666.45 0.42USD APACHE CORP 4.75000% 12-15.04.43 645 000.00 610 545.39 0.24USD BANK OF AMERICA CORP 1.50000% 12-09.10.15 2 085 000.00 2 096 400.78 0.82USD BARRICK GOLD CORP 2.50000% 13-01.05.18 305 000.00 290 832.45 0.11USD BARRICK GOLD CORP 4.10000% 13-01.05.23 260 000.00 228 955.48 0.09USD BAXTER INTERNATIONAL INC 3.20000% 13-15.06.23 600 000.00 585 415.20 0.23USD BBVA US SENIOR SA UNIPERSONAL 4.66400% 12-09.10.15 250 000.00 260 300.25 0.10USD BERKSHIRE HATHAWAY FINANCE CORP 1.30000% 13-15.05.18 225 000.00 219 648.60 0.09USD CANADIAN IMPERIAL BANK OF COMMERCE 1.35000% 13-18.07.16 390 000.00 393 167.58 0.15USD CAPITAL ONE FINANCIAL CORP 1.00000% 12-06.11.15 725 000.00 721 348.18 0.28USD CELGENE CORP 4.00000% 13-15.08.23 220 000.00 219 149.92 0.09USD CHEVRON CORP 2.35500% 12-05.12.22 210 000.00 193 340.91 0.08USD COCA-COLA CO 1.80000% 11-01.09.16 495 000.00 508 869.41 0.20USD COMCAST CORP 5.70000% 09-01.07.19 930 000.00 1 080 203.37 0.43USD DIAGEO CAPITAL PLC 3.87500% 13-29.04.43 280 000.00 241 206.28 0.09USD DUKE ENERGY CORP 3.05000% 12-15.08.22 460 000.00 435 313.18 0.17USD ELECTRICITE DE FRANCE-REG-S 6.95000% 09-26.01.39 180 000.00 218 496.60 0.09USD ENERGY TRANSFER PARTNERS LP 6.05000% 11-01.06.41 500 000.00 501 830.50 0.20USD ENTERPRISE PRODUCTS OPERATING LLC 5.20000% 10-01.09.20 260 000.00 289 325.40 0.11USD ENTERPRISE PRODUCTS OPERATING LLC 4.85000% 13-15.03.44 380 000.00 354 181.66 0.14USD ERAC USA FINANCE LLC-144A 5.62500% 12-15.03.42 265 000.00 268 887.55 0.11USD FORD MOTOR CREDIT CO LLC 3.00000% 12-12.06.17 750 000.00 770 889.75 0.30USD GENERAL ELECTRIC CO 4.12500% 12-09.10.42 240 000.00 220 329.60 0.09USD GENERAL, ELECTRIC CAPITAL CORP 1.00000% 12-11.12.15 720 000.00 720 859.68 0.28USD GEORGIA POWER CO 5.40000% 10-01.06.40 340 000.00 361 867.78 0.14USD GLAXOSMITHKLINE CAPITAL PLC 1.50000% 12-08.05.17 435 000.00 437 440.79 0.17USD HALLIBURTON CO 4.75000% 13-01.08.43 555 000.00 548 689.65 0.22USD HARTFORD FINANCIAL SERVICES GROUP INC 4.30000% 13-15.04.43 245 000.00 216 202.95 0.09USD INTESA SANPAOLO SPA 3.87500% 13-16.01.18 310 000.00 304 762.55 0.12USD JAPAN TOBACCO INC-REG-S 2.10000% 13-23.07.18 200 000.00 200 120.00 0.08USD JPMORGAN CHASE & CO 1.80000% 13-25.01.18 445 000.00 438 802.93 0.17USD KELLOGG CO 1.87500% 11-17.11.16 351 000.00 357 436.63 0.14USD KINDER MORGAN ENERGY PARTNERS LP 5.00000% 13-01.03.43 500 000.00 452 175.50 0.18USD KINDER MORGAN ENERGY PARTNERS LP 2.65000% 13-01.02.19 90 000.00 89 380.35 0.04USD KRAFT FOODS GROUP INC 5.00000% 13-04.06.42 370 000.00 366 527.55 0.14USD LORILLARD TOBACCO CO 6.87500% 10-01.05.20 100 000.00 115 000.40 0.05USD LYB INTERNATIONAL FINANCE BV 5.25000% 13-15.07.43 235 000.00 231 089.84 0.09USD MAXIM INTEGRATED PRODUCTS 3.37500% 13-15.03.23 260 000.00 242 109.40 0.10USD MICROSOFT CORP 3.50000% 12-15.11.42 365 000.00 295 298.14 0.12USD MORGAN STANLEY 2.12500% 13-25.04.18 265 000.00 258 281.72 0.10USD MORGAN STANLEY 4.75000% 12-22.03.17 950 000.00 1 025 734.95 0.40USD MORGAN STANLEY 6.37500% 12-24.07.42 210 000.00 237 651.33 0.09USD MYLAN INC-144A 2.60000% 13-24.06.18 85 000.00 84 849.64 0.03USD NBC UNIVERSAL INC 5.15000% 11-30.04.20 575 000.00 652 029.30 0.26USD NIPPON TELEGRAPH & TELEPHONE 1.40000% 12-18.07.17 145 000.00 143 515.20 0.06USD PEPSICO INC 1.25000% 12-13.08.17 265 000.00 261 150.87 0.10USD PERRIGO CO 2.95000% 13-15.05.23 120 000.00 116 009.40 0.05USD PNC FUNDING CORP 2.70000% 11-19.09.16 345 000.00 358 562.29 0.14USD PPL CAPITAL FUNDING INC 4.70000% 13-01.06.43 225 000.00 201 153.38 0.08USD PPL ENERGY SUPPLY 4.60000% 11-15.12.21 200 000.00 197 338.60 0.08USD PRUDENTIAL FINANCIAL INC 4.50000% 10-15.11.20 890 000.00 956 213.33 0.38USD QVC INC 4.37500% 13-15.03.23 150 000.00 139 497.90 0.05USD REPUBLIC SERVICES INC 5.25000% 10-15.11.21 795 000.00 872 081.61 0.34USD REYNOLDS AMERICAN INC 6.15000% 13-15.09.43 400 000.00 418 487.20 0.16USD ROGERS COMMUNICATIONS INC 3.00000% 13-15.03.23 140 000.00 129 204.04 0.05




USD SOUTHWESTERN ELECTRIC POWER 6.20000% 10-15.03.40 515 000.00 572 488.42 0.23USD STATOIL ASA 3.12500% 10-17.08.17 345 000.00 366 685.32 0.14USD TELEFON AB LM ERICSSON 4.12500% 12-15.05.22 410 000.00 400 980.00 0.16USD TEVA PHARMACEUTICAL FINANCE IV LLC 3.65000% 11-10.11.21 335 000.00 332 501.23 0.13USD TRAVELERS COMPANIES INC 4.60000% 13-01.08.43 100 000.00 98 842.90 0.04USD VALE SA 5.62500% 12-11.09.42 595 000.00 518 991.13 0.20USD VERIZON COMMUNICATIONS INC 4.50000% 13-15.09.20 385 000.00 409 434.41 0.16USD VERIZON COMMUNICATIONS INC 6.55000% 13-15.09.43 890 000.00 1 004 753.93 0.40USD VIVENDI SA-REG-S 3.45000% 12-12.01.18 600 000.00 606 888.00 0.24USD WASTE MANAGEMENT INC 6.12500% 09-30.11.39 285 000.00 325 924.29 0.13USD WEA FINANCE LLC-REG-S 5.75000% 09-02.09.15 300 000.00 324 969.00 0.13USD XCEL ENERGY INC 4.70000% 10-15.05.20 180 000.00 198 039.60 0.08USD XCEL ENERGY INC 4.80000% 11-15.09.41 235 000.00 230 668.25 0.09USD XSTRATA FINANCE CANADA LTD-144A 2.45000% 12-25.10.17 220 000.00 218 800.12 0.09Total USD 32 843 959.27 12.92



CAD

CAD GREATER TORONTO AIRPORTS AUTHORITY 6.98000% 02-15.10.32 265 000.00 336 266.17 0.13CAD HYDRO ONE INC 5.36000% 05-20.05.36 270 000.00 292 604.86 0.12Total CAD 628 871.03 0.25

EUR

EUR BANCO DE SABADELL SA 3.37500% 13-23.01.18 200 000.00 273 986.88 0.11EUR CAIXA GERAL DE DEPOSITOS SA 3.75000% 13-18.01.18 200 000.00 269 146.23 0.10Total EUR 543 133.11 0.21

GBP

GBP NATIONAL GRID ELECTRICITY TRANSMISSION 4.00000% 12-08.06.27 175 000.00 280 391.01 0.11Total GBP 280 391.01 0.11

USD

USD BANK OF AMERICA CORP 5.87500% 12-07.02.42 265 000.00 294 224.73 0.12USD BANK OF MONTREAL 1.30000% 13-15.07.16 505 000.00 507 290.68 0.20USD BANK OF NEW YORK MELLON CORP 1.35000% 13-06.03.18 980 000.00 956 423.16 0.38USD BB&T CORP 1.60000% 12-15.08.17 250 000.00 248 235.00 0.10USD NATIONAL AUSTRALIA BANK LTD 2.75000% 12-09.03.17 700 000.00 725 445.00 0.28USD ONCOR ELECTRIC DELIVERY CO 7.00000% 02-01.05.32 150 000.00 185 562.90 0.07USD SLM CORP 6.25000% 11-25.01.16 490 000.00 521 850.00 0.20USD US BANCORP 1.65000% 12-15.05.17 480 000.00 482 804.64 0.19Total USD 3 921 836.11 1.54



CAD

CAD TORONTO DOMINION BANK-SUB 3.367%/3M CDOR+125BP 10-02.11.20 520 000.00 518 216.30 0.20Total CAD 518 216.30 0.20

Total Medium term notes, floating rate 518 216.30 0.20

Bonds, fixed rate

USD

USD ANHEUSER-BUSCH INBEV WORLDWIDE INC 2.50000% 12-15.07.22 1 385 000.00 1 281 285.66 0.50USD BURLINGTON NORTHERN SANTA FE CORP 3.45000% 11-15.09.21 645 000.00 648 168.88 0.27USD COMMONWEALTH BANK OF AUSTRALIA-REG-S 2.25000% 12-16.03.17 800 000.00 823 888.00 0.32USD GEORGIA POWER CO 0.75000% 12-10.08.15 265 000.00 265 171.99 0.10USD TOTAL CAPITAL INTERNATIONAL SA 1.55000% 12-28.06.17 985 000.00 990 008.73 0.39Total USD 4 008 523.26 1.58



USD

USD CREDIT AGRICOLE SA-REG-S-SUB 8.125%/VAR 13-19.09.33 270 000.00 269 325.00 0.11Total USD 269 325.00 0.11

Total Bonds, floating rate 269 325.00 0.11


Recently issued transferable securities and money market instruments

Notes, fixed rate

USD

USD FREEPORT-MCMORAN COPPER & GOLD-144A 3.87500% 13-15.03.23 640 000.00 590 050.56 0.23USD FREEPORT-MCMORAN COPPER & GOLD INC-144A 3.10000% 13-15.03.20 315 000.00 296 199.85 0.12USD GLENCORE FUNDING LLC-144A 2.50000% 13-15.01.19 395 000.00 370 262.73 0.15USD IMPERIAL TOBACCO FINANCE PLC-144A 2.05000% 13-11.02.18 330 000.00 321 786.30 0.13USD SES SA-144A 3.60000% 13-04.04.23 110 000.00 103 470.40 0.04USD SWISS RE TREASURY (US) CORP-144A 4.25000% 12-06.12.42 335 000.00 292 822.83 0.11Total USD 1 974 592.67 0.78


Total Recently issued transferable securities and money market instruments 1 974 592.67 0.78






Luxembourg

USD UBS (LUX) MONEY MARKET FUND - USD U-X-ACC 521.33 5 365 450.03 2.11Total Luxembourg 5 365 450.03 2.11





AUD

AUD S&P/ASX 200 INDEX CALL 5400.00000 20.03.14 258.00 234 970.58 0.09Total AUD 234 970.58 0.09

EUR

EUR EUROSTOXX 50 INDEX CALL 3000.00000 21.03.14 965.00 1 120 781.59 0.44EUR DAX INDEX CALL 8750.00000 21.03.14 434.00 927 343.65 0.36Total EUR 2 048 125.24 0.80

GBP

GBP FTSE 100 INDEX CALL 6800.00000 20.12.13 260.00 134 734.08 0.05GBP FTSE 100 INDEX CALL 7000.00000 21.03.14 122.00 92 856.40 0.04Total GBP 227 590.48 0.09

JPY

JPY NIKKEI 225 (OSE) INDEX CALL 16000.00000 14.03.14 -161.00 -566 063.69 -0.22JPY NIKKEI 225 (OSE) INDEX CALL 14500.00000 14.03.14 181.00 1 623 235.67 0.64Total JPY 1 057 171.98 0.42

USD


Total Options on indices, classic-styled 4 296 808.28 1.69

Total Derivative instruments listed on an official stock exchange 4 296 808.28 1.69




Options on indices, futures-styled

HKD HANG SENG INDEX CALL 26000 28.03.14 -154.00 39 715.54 0.02HKD HANG SENG INDEX CALL 23600 28.03.14 173.00 79 211.88 0.03Total Options on indices, futures-styled 118 927.42 0.05


GBP LONG GILT FUTURE 27.12.13 65.00 106 184.06 0.04USD US 5YR TREASURY NOTE FUTURE 31.12.13 -139.00 -202 780.11 -0.08USD US 10YR TREASURY NOTE FUTURE 19.12.13 18.00 59 156.34 0.02EUR EURO-BUND FUTURE 06.12.13 -66.00 -242 519.93 -0.10EUR EURO-BUXL FUTURE 06.12.13 -2 896.81 0.00EUR EURO-BOBL FUTURE 06.12.13 9.00 17 421.48 0.01USD US ULTRA LONG BOND (CBT) FUTURE 19.12.13 -158.00 -309 149.48 -0.12AUD AUSTRALIA 10 Y BOND FUTURE 16.12.13 147.00 302 397.92 0.12Total Financial Futures on bonds -272 186.53 -0.11


EUR FTSE/MIB INDEX FUTURE 20.12.13 66.00 -63 432.04 -0.02USD MINI MSCI EMERGING MARKETS INDEX FUTURE 20.12.13 211.00 -144 155.94 -0.06EUR CAC 40 INDEX FUTURE 18.10.13 -140.00 -947.56 0.00JPY TOPIX INDEX FUTURE 12.12.13 33.00 70 624.20 0.03USD MSCI TAIWAN INDEX FUTURE 30.10.13 130.00 -67 600.00 -0.03Total Financial Futures on Indices -205 511.34 -0.08

Total Derivative instruments listed on an official stock exchange -358 770.45 -0.14


Credit default swaps*

EUR JPM/BAYER CREDIT DEFAULT SWAP PAYER 1.00000% 12-20.03.18 -350 000.00 -11 761.32 0.00EUR CG/IMPERIAL TOBACCO CREDIT DEFAULT SWAP PAYER 1.00000% 12-20.03.18 -465 000.00 -8 158.89 0.00EUR JPM/DB CREDIT DEFAULT SWAP PAYER 1.00000% 12-20.03.20 -190 000.00 4 747.13 0.00EUR JPM/HOLCIM CREDIT DEFAULT SWAP PAYER 1.00000% 13-20.06.18 -380 000.00 7 443.55 0.00EUR GS/GAS NATURAL CAPITAL PAYER 1.00000% 13-20.09.18 -380 000.00 15 936.74 0.01EUR GS/IBERDROLA PAYER 1.00000% 13-20.09.18 -380 000.00 15 255.23 0.01EUR JPM/HSBC CREDIT DEFAULT SWAP PAYER 1.00000% 13-20.09.18 -180 000.00 -984.15 0.00USD CG/CDX.NA.IG.20 JUN18 CDI PAYER 1.00000% 13-20.06.18 -38 400 000.00 -481 646.51 -0.19




EUR GS/SOLVAY CREDIT DEFAULT SWAP PAYER 1.00000% 13-20.09.18 -360 000.00 31.10 0.00EUR JPM/LINDE CREDIT DEFAULT SWAP REC 1.00000% 12-20.03.18 350 000.00 12 188.15 0.00EUR JPM/BARCLAYS CREDIT DEFAULT SWAP REC 1.00000% 12-20.03.20 190 000.00 -8 046.74 0.00EUR JPM/ALSTOM CREDIT DEFAULT SWAP REC 1.00000% 13-20.09.18 380 000.00 -19 954.21 -0.01EUR JPM/STANDARD CHARTERED BANK CREDIT DEFAULT SWAP REC 1.00000% 13-20.09.18 180 000.00 -4 229.70 0.00USD DB/CDX.NA.HY.20 JUN18 CDI REC 5.00000% 13-20.06.18 52 300 000.00 3 131 179.50 1.23Total Credit default swaps 2 651 999.88 1.05

Total Derivative instruments not listed on an official stock exchange and not traded on another regulated market 2 651 999.88 1.05

Total Derivative instruments 2 293 229.43 0.91

* Positive nominal: the subfund is “Receiver” Protection Seller , negative nominal: the subfund is “Payer” Protection Buyer.



SGD 11 415 000.00 USD 9 028 540.15 22.10.2013 69 047.23 0.03SGD 120 000.00 USD 95 214.44 22.10.2013 423.80 0.00USD 95 209.83 SGD 120 000.00 22.10.2013 -428.41 0.00USD 66 634.47 SGD 85 000.00 22.10.2013 -1 109.28 0.00USD 3 592 485.37 SGD 4 590 000.00 22.10.2013 -65 677.23 -0.03JPY 867 700 000.00 USD 8 689 860.99 15.10.2013 153 535.50 0.06USD 18 508 647.52 CAD 19 445 000.00 15.10.2013 -403 422.67 -0.16NOK 64 670 000.00 USD 10 605 499.05 15.10.2013 142 816.88 0.06USD 10 742 594.44 SEK 71 410 000.00 15.10.2013 -372 006.65 -0.15USD 12 141 350.89 CHF 11 400 000.00 15.10.2013 -466 846.01 -0.18USD 16 511 741.55 GBP 10 575 000.00 15.10.2013 -611 829.41 -0.24MXN 70 860 000.00 USD 5 269 767.71 15.10.2013 107 816.91 0.04USD 27 465 393.19 AUD 30 130 000.00 15.10.2013 -686 187.18 -0.27USD 48 335 840.96 EUR 36 605 000.00 15.10.2013 -1 215 790.50 -0.48PLN 17 180 000.00 USD 5 273 123.55 15.10.2013 226 878.46 0.09CAD 5 505 000.00 USD 5 233 058.86 12.12.2013 112 914.22 0.04EUR 16 800 000.00 USD 22 182 232.80 15.10.2013 559 671.54 0.22CHF 21 605 300.00 USD 23 037 740.64 15.10.2013 857 336.25 0.34USD 618 305.66 HKD 4 795 000.00 15.10.2013 -5.73 0.00USD 21 328 720.00 NZD 27 205 000.00 15.10.2013 -1 312 885.41 -0.52PHP 235 800 000.00 USD 5 292 561.01 15.10.2013 132 765.05 0.05CHF 2 114 200.00 USD 2 270 018.62 15.10.2013 68 248.91 0.03USD 3 881 232.25 GBP 2 455 000.00 15.10.2013 -94 027.01 -0.04USD 6 558 186.73 EUR 4 930 000.00 15.10.2013 -115 479.25 -0.05USD 768 595.51 GBP 485 000.00 15.10.2013 -16 740.84 -0.01USD 1 632 336.69 EUR 1 230 000.00 15.10.2013 -32 695.59 -0.01USD 5 279 242.08 AUD 5 600 000.00 15.10.2013 46 953.66 0.02SGD 70 000.00 USD 55 964.05 22.10.2013 -175.08 0.00USD 1 058 541.10 EUR 785 000.00 15.10.2013 -4 101.45 0.00NZD 1 885 000.00 USD 1 576 382.15 15.10.2013 -7 573.98 0.00GBP 1 150 000.00 USD 1 847 523.30 15.10.2013 14 614.44 0.01SEK 32 776 705.20 GBP 3 180 000.00 15.10.2013 -47 693.44 -0.02Total Forward Foreign Exchange contracts (Purchase/Sale) -2 961 652.27 -1.17

Cash at banks, deposits on demand and deposit accounts and other liquid assets 21 234 877.63 8.35Bank overdraft and other short-term liabilities -1 301 273.61 -0.51Other assets and liabilities 2 210 204.03 0.87

Total net assets 254 143 671.49 100.00



UBS (Lux) Key Selection SICAV – Emerging Markets Allocation (USD)Annual Report as of 30 September 2013


ISIN 30.9.2013 30.9.2012Net assets in USD 169 499 088.37 102 055 273.76Class (CHF hedged) P-acc1 LU0730959052Shares outstanding 911 326.3960 203 784.0850Net asset value per share in CHF 89.94 98.50Issue and redemption price per share in CHF2 89.94 98.96Class (EUR hedged) N-acc3 LU0815299903Shares outstanding 1 292.7720 100.0000Net asset value per share in EUR 92.60 102.10Issue and redemption price per share in EUR2 92.60 102.58Class (EUR hedged) P-acc1 LU0730959219Shares outstanding 357 587.4960 339 618.9720Net asset value per share in EUR 90.06 98.60Issue and redemption price per share in EUR2 90.06 99.06Class P-acc1 LU0730958831Shares outstanding 385 108.3120 379 005.1200Net asset value per share in USD 91.14 99.22Issue and redemption price per share in USD2 91.14 99.69

1 Initial subscription: 22.3.20122 See note 13 Initial subscription: 3.9.2012

Performance

Currency 2012/2013 2011/2012Class (CHF hedged) P-acc1 CHF -9.1% -Class (EUR hedged) N-acc1 EUR -9.7% -Class (EUR hedged) P-acc1 EUR -9.1% -Class P-acc1 USD -8.6% -



UBS (Lux) Key Selection SICAV – Emerging Markets Allocation (USD)




In the reporting year from 1 October 2012 to 30 September 2013, the last months of 2012 were generally benign towards risky assets with emerging markets equities rallying towards the end of the year. The market environment changed in 2013 with performance across emerging markets equity and debt starting to deteriorate and culminating in a June sell-off. After a mixed start into Q3 emerging markets equities have seen a solid rebound in September. Also emerging market debt benefited from the FOMC decision to postpone the tapering. Commodities had a hard year losing performance on the decreasing price of gold as well as some industrial metals.

The subfund performance was negative in the reporting year, suffering from the increased risk aversion of investors especially in Q2 of this year. We started to increase the equity exposure with the improving sentiment in Q3 and the subfund benefited nicely from the rebound in emerging market equities as well as emerging market debt.

The subfund was launched in March 2012, in a very difficult economic environment. The market sentiment was deteriorating based on the worsening of the Euro crisis. Everything with any risk was losing value. We consistently reduced the equity exposure to less than half of what the subfund’s long-term average exposure is. Despite having a sizable amount in cash, the exposure in emerging market equities, emerging markets bonds and commodities hit performance. With the improving sentiment towards the end of the second quarter, we started to increase the equity exposure again and the subfund benefited nicely from the rebound in emerging market equities as well as commodities.


Geographical Breakdown as a % of net assetsLuxembourg 68.63Ireland 22.88United States 0.13Total 91.64

Economic Breakdown as a % of net assetsInvestment funds & pension foundations 91.51Finance & holding companies 0.13Total 91.64



Statement of Net Assets USDAssets 30.9.2013Investments in securities, cost 159 992 536.77Investments in securities, unrealized appreciation (depreciation) -4 666 663.43Total investments in securities (Note 1) 155 325 873.34Cash at banks, deposits on demand and deposit accounts 8 061 369.90Other liquid assets (Margins) 2 207 381.39Receivable on subscriptions 146 844.32Receivable on dividends 60 039.00Other receivables 2 566.96Unrealized gain (loss) on financial futures (Note 1) -665 629.18Unrealized gain (loss) on forward foreign exchange contracts (Note 1) 4 469 415.78Unrealized gain (loss) on swaps (Note 1) 511 723.71Total Assets 170 119 585.22



Statement of Operations USDIncome 1.10.2012-30.9.2013Interest on liquid assets 376.21Dividends (Note 1) 999 370.48Income on securities lending (Note 16) 47 227.55Total income 1 046 974.24

ExpensesInterest paid on swaps (Note 1) -1 545.80Flat fee (Note 2) -3 300 693.83Taxe d’abonnement (Note 3) -30 460.13Cost on securities lending (Note 16) -20 696.08Interest on cash liquidity and bank overdraft -898.99Total expenses -3 354 294.83


Realized gain (loss) (Note 1)Realized gain (loss) on market-priced securities without options -4 668 598.16Realized gain (loss) on options -766 807.00Realized gain (loss) on financial futures 605 267.56Realized gain (loss) on forward foreign exchange contracts -8 389 814.10Realized gain (loss) on swaps -453 597.74Realized result on subscriptions/redemptions (Note 4) 459 889.82Total realized gain (loss) on investments -13 213 659.62Realized gain (loss) on foreign exchange 4 151 593.01Total realized gain (loss) -9 062 066.61

Net realized gain (loss) of the financial year -11 369 387.20

Changes in unrealized appreciation (depreciation) (Note 1)Unrealized appreciation (depreciation) on market-priced securities without options -5 846 366.88Unrealized appreciation (depreciation) on options -420 555.00Unrealized appreciation (depreciation) on financial futures -665 629.18Unrealized appreciation (depreciation) on forward foreign exchange contracts 4 646 959.09Unrealized appreciation (depreciation) on swaps 511 723.71Total changes in unrealized appreciation (depreciation) -1 773 868.26




Statement of Changes in Net Assets USD 1.10.2012-30.9.2013Net assets at the beginning of the financial year 102 055 273.76Subscriptions 127 224 383.00Redemptions -46 637 312.93Total net subscriptions (redemptions) 80 587 070.07Net income (loss) on investments -2 307 320.59Total realized gain (loss) -9 062 066.61Total changes in unrealized appreciation (depreciation) -1 773 868.26Net increase (decrease) in net assets as a result of operations -13 143 255.46Net assets at the end of the financial year 169 499 088.37


1.10.2012-30.9.2013Class (CHF hedged) P-accNumber of shares outstanding at the beginning of the financial year 203 784.0850Number of shares issued 774 007.5110Number of shares redeemed -66 465.2000Number of shares outstanding at the end of the financial year 911 326.3960Class (EUR hedged) N-accNumber of shares outstanding at the beginning of the financial year 100.0000Number of shares issued 2 138.1850Number of shares redeemed -945.4130Number of shares outstanding at the end of the financial year 1 292.7720Class (EUR hedged) P-accNumber of shares outstanding at the beginning of the financial year 339 618.9720Number of shares issued 173 148.1880Number of shares redeemed -155 179.6640Number of shares outstanding at the end of the financial year 357 587.4960Class P-accNumber of shares outstanding at the beginning of the financial year 379 005.1200Number of shares issued 224 091.7230Number of shares redeemed -217 988.5310Number of shares outstanding at the end of the financial year 385 108.3120







Ireland

USD ISHARES II PLC - ISHARES JPMORGAN $ EMERGING MARKETS BD FUND 157 500.00 16 968 262.50 10.01USD ISHARES II PLC-ISHARES MSCI LATIN AMERICA-USD 217 900.00 4 763 294.00 2.81USD SPDR MSCI EM ASIA UCITS ETF-USD 174 200.00 8 187 400.00 4.83USD SPDR MSCI EM EUROPE UCITS ETF-USD ACC 420 500.00 8 855 730.00 5.23Total Ireland 38 774 686.50 22.88

Luxembourg

USD DB X-TRACKERS MSCI EM ASIA TRN INDEX ETF 1C-CAP 433 400.00 16 152 818.00 9.53USD UBS (LUX) EMERGING ECONOMIES FUND-GLOBAL BONDS (USD) I-X-ACC 114 600.00 18 026 580.00 10.63USD UBS (LUX) EMERGING ECONOMIES FD-GLOB SHORT TERM (USD) I-X-ACC 167 200.00 16 673 184.00 9.84USD UBS (LUX) EQUITY FUND - EMERGING MARKETS (USD) U-X-ACC 1 324.00 13 789 830.72 8.14USD UBS (LUX) EQUITY SICAV - WESTERN WINNERS (USD)-I-X-ACC 136 750.00 14 176 872.50 8.36USD UBS (LUX) KEY SEL SICAV - COMMODITY STRATEGY (USD)-U-X-ACC 1 353.00 12 296 118.12 7.25USD UBS (LUX) MONEY MARKET FUND - USD U-X-ACC 2 450.00 25 214 983.50 14.88Total Luxembourg 116 330 386.84 68.63




Options on investment funds, classic-styled

USD

USD ISHARES MSCI EMERGING MARKETS CALL 42.50000 21.12.13 2 400.00 220 800.00 0.13Total USD 220 800.00 0.13

Total Options on investment funds, classic-styled 220 800.00 0.13






KRW KOREA KOSPI 200 INDEX FUTURE 12.12.13 48.00 29 753.18 0.02USD MINI MSCI EMERGING MARKETS INDEX FUTURE 20.12.13 111.00 -328 905.21 -0.19USD MSCI TAIWAN INDEX FUTURE 30.10.13 171.00 -94 050.00 -0.06HKD HANG SENG CHINA ENTERPRISES INDEX FUTURE 30.10.13 115.00 -189 809.35 -0.11MXN MEXICO BOLSA INDEX FUTURE 20.12.13 106.00 -82 617.80 -0.05Total Financial Futures on Indices -665 629.18 -0.39

Total Derivative instruments listed on an official stock exchange



USD BNP/IBOV USD INDEX SWAP PAYER 3ML-530BP 13-23.12.13 -4 349 896.93 511 723.71 0.30USD BNP/IBOV USD INDEX SWAP REC PERF 13-23.12.13Total Swaps and forward swaps on indices 511 723.71 0.30







CHF 78 476 784.57 USD 83 629 000.00 23.10.2013 3 172 438.67 1.87EUR 32 566 128.01 USD 42 909 000.00 23.10.2013 1 176 475.37 0.69USD 200 000.00 EUR 150 974.05 23.10.2013 -4 376.85 0.00CHF 1 776 220.70 USD 1 900 000.00 23.10.2013 64 638.50 0.04EUR 603 311.88 USD 800 000.00 23.10.2013 16 716.41 0.01USD 110 000.00 CHF 102 374.58 23.10.2013 -3 234.26 0.00USD 800 000.00 EUR 601 253.31 23.10.2013 -13 929.68 -0.01CHF 1 113 943.20 USD 1 200 000.00 23.10.2013 32 107.98 0.02EUR 450 773.64 USD 600 000.00 23.10.2013 10 222.07 0.00USD 50 000.00 EUR 37 446.45 23.10.2013 -692.07 0.00USD 100 000.00 EUR 74 916.24 23.10.2013 -1 415.74 0.00USD 80 000.00 EUR 59 097.29 23.10.2013 -1.29 0.00CHF 2 366 800.80 USD 2 600 000.00 23.10.2013 17 866.11 0.01EUR 925 329.60 USD 1 250 000.00 23.10.2013 2 638.79 0.00USD 331 000.00 EUR 244 533.64 23.10.2013 -30.50 0.00USD 400 000.00 EUR 295 432.10 23.10.2013 67.14 0.00EUR 295 442.05 USD 400 000.00 2.10.2013 -74.87 0.00Total Forward Foreign Exchange contracts (Purchase/Sale) 4 469 415.78 2.63


Total net assets 169 499 088.37 100.00



UBS (Lux) Key Selection SICAV – Emerging Markets Income (USD)Annual Report as of 30 September 2013


ISIN 30.9.2013Net assets in USD 328 397 851.37Class (AUD hedged) P-mdist1 LU0937166550Shares outstanding 8 046.1020Net asset value per share in AUD 98.21Issue and redemption price per share in AUD2 98.21Class (EUR hedged) P-acc3 LU0878006104Shares outstanding 23 566.8760Net asset value per share in EUR 96.10Issue and redemption price per share in EUR2 96.10Class (EUR hedged) P-dist3 LU0878005809Shares outstanding 22 629.5550Net asset value per share in EUR 96.10Issue and redemption price per share in EUR2 96.10Class (EUR hedged) Q-acc4 LU0943632330Shares outstanding 10 000.0000Net asset value per share in EUR 103.45Issue and redemption price per share in EUR2 103.45Class (HKD) P-mdist3 LU0882747503Shares outstanding 2 467 492.7550Net asset value per share in HKD 93.26Issue and redemption price per share in HKD2 93.26Class (SGD hedged) P-mdist3 LU0882747412Shares outstanding 409 004.6790Net asset value per share in SGD 93.20Issue and redemption price per share in SGD2 93.20Class P-acc3 LU0878005551Shares outstanding 282 974.6740Net asset value per share in USD 96.36Issue and redemption price per share in USD2 96.36Class P-dist3 LU0878005478Shares outstanding 79 046.1200Net asset value per share in USD 96.36Issue and redemption price per share in USD2 96.36Class P-mdist3 LU0878004406Shares outstanding 2 413 987.2350Net asset value per share in USD 93.34Issue and redemption price per share in USD2 93.34

1 Initial subscription: 17.6.20132 See note 13 Initial subscription: 15.3.20134 Initial subscription: 27.6.2013

Performance

Currency 2013Class (AUD hedged) P-mdist1 AUD -Class (EUR hedged) P-acc1 EUR -Class (EUR hedged) P-dist1 EUR -Class (EUR hedged) Q-acc1 EUR -Class (HKD) P-mdist1 HKD -Class (SGD hedged) P-mdist1 SGD -Class P-acc1 USD -Class P-dist1 USD -Class P-mdist1 USD -



UBS (Lux) Key Selection SICAV – Emerging Markets Income (USD)




In the reporting period from 15 March 2013 (launch date of the fund) to 30 September 2013, markets were mixed and largely driven by the monetary stance of the US Fed. In particular, emerging markets underperformed their developed market peers. Within emerging market equities, Latin America was the largest negative performing region while Asia was the largest positive performing region. Within emerging market debt, local currencies, especially the Indian Rupee and Indonesian Rupiah, underperformed hard currencies.

The subfund has met the expected income target for the reporting period. For this subfund, no benchmark is available. The return of the fund was negative but its underlying emerging market equity and emerging market debt components have performed in line with the respective markets. The negative performance of the subfund was largely driven by the emerging market debt component, especially in local currencies, while the subfund’s opportunistic exposure to developed markets and overweight in equities helped performance.


Geographical Breakdown as a % of net assetsLuxembourg 69.03Ireland 18.47Germany 10.30Total 97.80




Statement of Net Assets USDAssets 30.9.2013Investments in securities, cost 339 527 505.87Investments in securities, unrealized appreciation (depreciation) -18 337 172.80Total investments in securities (Note 1) 321 190 333.07Cash at banks, deposits on demand and deposit accounts 3 923 127.29Other liquid assets (Margins) 1 021 947.30Receivable on subscriptions 15 939.37Receivable on dividends 62 383.38Unrealized gain (loss) on financial futures (Note 1) 208 560.00Unrealized gain (loss) on forward foreign exchange contracts (Note 1) 652 754.93Unrealized gain (loss) on swaps (Note 1) 2 631 802.70Total Assets 329 706 848.04

LiabilitiesPayable on redemptions -1 011 214.02Provisions for flat fee (Note 2) -285 071.48Provisions for taxe d’abonnement (Note 3) -12 711.17Total provisions -297 782.65Total Liabilities -1 308 996.67


Statement of Operations USDIncome 26.2.2013-30.9.2013Interest on liquid assets 4 853.78Dividends (Note 1) 5 356 841.00Interest received on swaps (Note 1) 645 277.77Income on securities lending (Note 16) 43 791.22Total income 6 050 763.77



Realized gain (loss) (Note 1)Realized gain (loss) on market-priced securities without options -1 529 521.03Realized gain (loss) on options -1 715 490.11Realized gain (loss) on financial futures -1 488 569.88Realized gain (loss) on options, futures-styled -87 813.14Realized gain (loss) on forward foreign exchange contracts -880 088.68Realized gain (loss) on swaps -763 495.82Realized result on subscriptions/redemptions (Note 4) 1 328 891.23Total realized gain (loss) on investments -5 136 087.43Realized gain (loss) on foreign exchange 114 597.47Total realized gain (loss) -5 021 489.96

Net realized gain (loss) of the period -2 413 954.79

Changes in unrealized appreciation (depreciation) (Note 1)Unrealized appreciation (depreciation) on market-priced securities without options -18 362 264.68Unrealized appreciation (depreciation) on options 25 091.88Unrealized appreciation (depreciation) on financial futures 208 560.00Unrealized appreciation (depreciation) on forward foreign exchange contracts 652 754.93Unrealized appreciation (depreciation) on swaps 2 631 802.70Total changes in unrealized appreciation (depreciation) -14 844 055.17


* As at 30 September 2013, cash amounts serves as collateral for the counterparty BNP London for an amount of USD 310 000.

*



Statement of Changes in Net Assets USD 26.2.2013-30.9.2013Net assets at the beginning of the period 0.00Subscriptions 401 363 911.93Redemptions -46 774 725.88Total net subscriptions (redemptions) 354 589 186.05Dividend paid -8 933 324.72Net income (loss) on investments 2 607 535.17Total realized gain (loss) -5 021 489.96Total changes in unrealized appreciation (depreciation) -14 844 055.17Net increase (decrease) in net assets as a result of operations -17 258 009.96Net assets at the end of the period 328 397 851.37


26.2.2013-30.9.2013Class (AUD hedged) P-mdistNumber of shares outstanding at the beginning of the period 0.0000Number of shares issued 10 784.7010Number of shares redeemed -2 738.5990Number of shares outstanding at the end of the period 8 046.1020Class (EUR hedged) P-accNumber of shares outstanding at the beginning of the period 0.0000Number of shares issued 25 219.4220Number of shares redeemed -1 652.5460Number of shares outstanding at the end of the period 23 566.8760Class (EUR hedged) P-distNumber of shares outstanding at the beginning of the period 0.0000Number of shares issued 23 309.5550Number of shares redeemed -680.0000Number of shares outstanding at the end of the period 22 629.5550Class (EUR hedged) Q-accNumber of shares outstanding at the beginning of the period 0.0000Number of shares issued 10 000.0000Number of shares redeemed 0.0000Number of shares outstanding at the end of the period 10 000.0000Class (HKD) P-mdistNumber of shares outstanding at the beginning of the period 0.0000Number of shares issued 2 650 155.8920Number of shares redeemed -182 663.1370Number of shares outstanding at the end of the period 2 467 492.7550Class (SGD hedged) P-mdistNumber of shares outstanding at the beginning of the period 0.0000Number of shares issued 451 341.1360Number of shares redeemed -42 336.4570Number of shares outstanding at the end of the period 409 004.6790Class P-accNumber of shares outstanding at the beginning of the period 0.0000Number of shares issued 385 280.6420Number of shares redeemed -102 305.9680Number of shares outstanding at the end of the period 282 974.6740Class P-distNumber of shares outstanding at the beginning of the period 0.0000Number of shares issued 99 972.4870Number of shares redeemed -20 926.3670Number of shares outstanding at the end of the period 79 046.1200Class P-mdistNumber of shares outstanding at the beginning of the period 0.0000Number of shares issued 2 728 343.6340Number of shares redeemed -314 356.3990Number of shares outstanding at the end of the period 2 413 987.2350

Distribution

UBS (Lux) Key Selection SICAV Ex-Date Pay-Date Currency Amount per share– Emerging Markets Income (USD) (EUR hedged) P-dist 2.12.2013 5.12.2013 EUR 0.61– Emerging Markets Income (USD) P-dist 2.12.2013 5.12.2013 USD 0.62







Germany

EUR ISHARES DOW JONES ASIA PACIFIC SELECT DIVIDEND 30 DE 856 450.00 33 823 556.10 10.29Total Germany 33 823 556.10 10.29

Ireland

USD ISHARES II PLC - ISHARES JPMORGAN $ EMERGING MARKETS BD FUND 163 650.00 17 630 832.75 5.37USD ISHARES III PLC - ISHARES CAP EM MKT LOC GOV BD USD UCITS ET 96 200.00 8 222 695.00 2.50USD ISHARES V PLC DOW JONES EMERGING MARKETS SELECT DIVIDEND-USD 1 265 950.00 34 813 625.00 10.60Total Ireland 60 667 152.75 18.47

Luxembourg

USD UBS (LUX) BOND SICAV - ASIAN HIGH YIELD (USD) I-X-DIST 320 700.00 30 540 261.00 9.30USD UBS (LUX) EMERGING ECONOMIES FUND-GLOBAL BONDS (USD) I-X-DIS 549 800.00 50 356 182.00 15.33USD UBS (LUX) EQUITY SICAV - EM HI DIV (USD)-I-X-DIST 666 050.00 64 280 485.50 19.58USD UBS (LUX) EQUITY SICAV - ASIA HI DIV (USD)-I-X-DIST 638 142.00 63 118 625.22 19.22USD UBS (LUX) EQUITY SICAV - GL HI DIV (USD)-I-X-DIST 175 750.00 18 413 327.50 5.61Total Luxembourg 226 708 881.22 69.04





AUD

AUD S&P/ASX 200 INDEX CALL 5450.00000 17.10.13 -330.00 -9 257.00 0.00Total AUD -9 257.00 0.00

Total Options on indices, classic-styled -9 257.00 0.00

Total Derivative instruments listed on an official stock exchange -9 257.00 0.00





USD MINI MSCI EMERGING MARKETS INDEX FUTURE 20.12.13 -128.00 42 240.00 0.01USD S&P500 EMINI FUTURE 20.12.13 -77.00 166 320.00 0.05Total Financial Futures on Indices 208 560.00 0.06




USD BNP/IBOV USD INDEX SWAP PAYER 3ML-530BP 13-23.12.13 -13 719 941.40 1 614 019.68 0.49USD BNP/IBOV USD INDEX SWAP REC PERF 13-23.12.13Total Swaps and forward swaps on indices 1 614 019.68 0.49


USD BC/CDX.NA.HY.20 JUN18 CDI REC 5.00000% 13-20.06.18 13 000 000.00 778 304.66 0.24USD BC/CDX.NA.HY.20 JUN18 CDI REC 5.00000% 13-20.06.18 4 000 000.00 239 478.36 0.07Total Credit default swaps 1 017 783.02 0.31



* Positive nominal: the subfund is “Receiver” Protection Seller, negative nominal: the subfund is “Payer” Protection Buyer.





EUR 5 222 921.14 USD 6 881 700.00 23.10.2013 188 681.88 0.06SGD 37 542 885.64 USD 29 483 000.00 23.10.2013 438 237.45 0.13AUD 754 030.81 USD 692 100.00 23.10.2013 11 895.95 0.01EUR 113 120.98 USD 150 000.00 23.10.2013 3 134.33 0.00SGD 634 277.50 USD 500 000.00 23.10.2013 5 511.69 0.00AUD 15 107.86 USD 14 000.00 23.10.2013 105.36 0.00USD 110 000.00 SGD 139 444.58 23.10.2013 -1 135.69 0.00EUR 82 641.83 USD 110 000.00 23.10.2013 1 874.04 0.00SGD 569 832.30 USD 450 000.00 23.10.2013 4 149.63 0.00AUD 10 806.24 USD 10 000.00 23.10.2013 89.18 0.00USD 10 000.00 EUR 7 387.16 23.10.2013 -0.16 0.00USD 100 000.00 SGD 124 664.00 23.10.2013 644.26 0.00EUR 155 455.37 USD 210 000.00 23.10.2013 443.31 0.00SGD 1 152 338.64 USD 920 000.00 23.10.2013 -1 599.68 0.00AUD 23 415.76 USD 22 000.00 23.10.2013 -138.03 0.00USD 697 000.00 SGD 873 461.58 23.10.2013 861.41 0.00Total Forward Foreign Exchange contracts (Purchase/Sale) 652 754.93 0.20

Cash at banks, deposits on demand and deposit accounts and other liquid assets 4 945 074.59 1.51Other assets and liabilities -1 230 673.92 -0.37

Total net assets 328 397 851.37 100.00



UBS (Lux) Key Selection SICAV – EUR Bonds (EUR)Annual Report as of 30 September 2013

UBS (Lux) Key Selection SICAV – EUR Bonds (EUR)


ISIN 30.9.2013 30.9.2012 30.9.2011Net assets in EUR 12 723 860.78 15 827 999.99 16 711 959.90Class P-acc LU0235997086Shares outstanding 66 989.0130 88 656.3490 106 895.8490Net asset value per share in EUR 127.39 121.73 109.97Issue and redemption price per share in EUR1 127.39 121.73 109.97Class P-dist LU0236485982Shares outstanding 40 124.5160 49 152.2460 52 115.1810Net asset value per share in EUR 104.42 102.45 95.10Issue and redemption price per share in EUR1 104.42 102.45 95.10

1 See note 1

Performance

Currency 2012/2013 2011/2012 2010/2011Class P-acc EUR 4.6% 10.7% -3.8%Class P-dist EUR 4.6% 10.7% -3.8%

Benchmark:Barclays Capital Euro Aggregate 500mio+ EUR 4.0% 8.1% 0.4%



In the reporting year from 1 October 2012 to 30 September 2013, central bank intervention and politics remained the overriding drivers of markets. After six consecutive quarters of negative growth, the Eurozone finally began to show signs that it was emerging from its deep and prolonged recession. There has been progress on fiscal policy in terms of narrowing deficits and implementing structural reforms. The risk going forward is the ability of governments to implement credible reforms which kick start growth, as opposed to reliance on monetary policy. A further challenge for policy makers is to manage the exit from the very loose monetary policy in a smooth fashion without derailing the economic recovery.

The subfund posted a strong return in the reporting year and outperformed its benchmark, the Barclays Capital Euro Aggregate 500mio+. The yield curve strategy detracted, however this was more than offset by tactical positioning in peripheral sovereign, collateralized and corporate bonds.


Geographical Breakdown as a % of net assetsItaly 16.25Germany 15.27France 12.94Spain 12.52Belgium 5.86Netherlands 5.66Supranationals 4.91Ireland 4.13United States 3.29Sweden 2.73Australia 2.67Norway 2.30Austria 2.20Luxembourg 1.40United Kingdom 1.39Canada 1.26Switzerland 0.94Belarus 0.56Total 96.28

Economic Breakdown as a % of net assetsCountries & central governments 55.10Banks & credit institutions 17.21Mortgage & funding institutions 5.78Supranational organisations 4.91Finance & holding companies 3.26Energy & water supply 2.00Cantons, federal states 1.54Food & soft drinks 1.43Tobacco & alcohol 1.28Petroleum 1.27Mechanical engineering & industrial equipment 1.26Insurance 1.24Total 96.28



Statement of Net Assets EURAssets 30.9.2013Investments in securities, cost 11 879 782.04Investments in securities, unrealized appreciation (depreciation) 370 505.57Total investments in securities (Note 1) 12 250 287.61Cash at banks, deposits on demand and deposit accounts 233 183.38Other liquid assets (Margins) 3 180.00Receivable on securities sales (Note 1) 229 924.15Interest receivable on securities 169 385.43Interest receivable on liquid assets 77.11Unrealized gain (loss) on financial futures (Note 1) 860.00Unrealized gain (loss) on forward foreign exchange contracts (Note 1) 1 045.78Unrealized gain (loss) on swaps (Note 1) -2 503.87Total Assets 12 885 439.59

LiabilitiesInterest payable on bank overdraft -17.86Payable on securities purchases (Note 1) -149 955.00Payable on redemptions -4 696.20Provisions for flat fee (Note 2) -5 319.26Provisions for taxe d’abonnement (Note 3) -1 590.49Total provisions -6 909.75Total Liabilities -161 578.81


Statement of Operations EURIncome 1.10.2012-30.9.2013Interest on liquid assets 956.39Interest on securities 456 472.04Interest received on swaps (Note 1) 78 761.26Income on securities lending (Note 16) 6 544.74Total income 542 734.43

ExpensesInterest paid on swaps (Note 1) -13 257.19Flat fee (Note 2) -150 562.28Taxe d’abonnement (Note 3) -7 101.14Cost on securities lending (Note 16) -3 088.88Interest on cash liquidity and bank overdraft -134.71Other expenses -2 883.34Total expenses -177 027.54


Realized gain (loss) (Note 1)Realized gain (loss) on market-priced securities without options 98 034.63Realized gain (loss) on options -7 651.80Realized gain (loss) on yield-evaluated securities and money market instruments -355 564.03Realized gain (loss) on financial futures -39 254.32Realized gain (loss) on options, futures-styled -3 738.00Realized gain (loss) on forward foreign exchange contracts 183 736.82Realized gain (loss) on swaps -103 796.18Realized result on subscriptions/redemptions (Note 4) 5 581.47Total realized gain (loss) on investments -222 651.41Realized gain (loss) on foreign exchange -40 143.61Total realized gain (loss) -262 795.02


Changes in unrealized appreciation (depreciation) (Note 1)Unrealized appreciation (depreciation) on market-priced securities without options 511 765.88Unrealized appreciation (depreciation) on financial futures 9 483.20Unrealized appreciation (depreciation) on forward foreign exchange contracts -82 139.62Unrealized appreciation (depreciation) on swaps 158 345.05Total changes in unrealized appreciation (depreciation) 597 454.51




Statement of Changes in Net Assets EUR 1.10.2012-30.9.2013Net assets at the beginning of the financial year 15 827 999.99Subscriptions 1 703 617.51Redemptions -5 373 529.24Total net subscriptions (redemptions) -3 669 911.73Dividend paid -134 593.86Net income (loss) on investments 365 706.89Total realized gain (loss) -262 795.02Total changes in unrealized appreciation (depreciation) 597 454.51Net increase (decrease) in net assets as a result of operations 700 366.38Net assets at the end of the financial year 12 723 860.78


1.10.2012-30.9.2013Class P-accNumber of shares outstanding at the beginning of the financial year 88 656.3490Number of shares issued 8 279.0860Number of shares redeemed -29 946.4220Number of shares outstanding at the end of the financial year 66 989.0130Class P-distNumber of shares outstanding at the beginning of the financial year 49 152.2460Number of shares issued 6 355.4700Number of shares redeemed -15 383.2000Number of shares outstanding at the end of the financial year 40 124.5160

Distribution

UBS (Lux) Key Selection SICAV Ex-Date Pay-Date Currency Amount per share– EUR Bonds (EUR) P-dist 2.12.2013 5.12.2013 EUR 0.11






Asset Backed Securities, floating rate

EUR

EUR GSC EUROPEAN CDO SA-REG-S 3M EURIBOR+340BP 06-15.12.22 200 000.00 93 671.77 0.73EUR PULS CDO PLC-REG-S-SUB 3M EURIBOR+100BP 07-24.07.16 100 000.00 1 000.00 0.01Total EUR 94 671.77 0.74

Total Asset Backed Securities, floating rate 94 671.77 0.74

Mortgage Backed Securities, floating rate

EUR

EUR CRUSADE EURO TRUST-REG-S-SUB 3M EURIBOR+9BP 06-16.02.38 250 000.00 44 095.17 0.35Total EUR 44 095.17 0.35

USD

USD HOLMES MASTER ISSUER PLC-REG-S 3M LIBOR+140BP 10-15.10.54 200 000.00 74 149.89 0.58USD PUMA FINANCE LTD-REG-S-SUB 3M LIBOR+7BP 06-21.02.38 600 000.00 66 960.93 0.53USD SWAN TRUST 3M LIBOR+7BP 07-12.09.38 300 000.00 34 307.78 0.27Total USD 175 418.60 1.38

Total Mortgage Backed Securities, floating rate 219 513.77 1.73

Notes, fixed rate

EUR

EUR BARRY CALLEBAUT SERVICES NV 5.37500% 11-15.06.21 100 000.00 108 449.00 0.85EUR ITALY, REPUBLIC OF 4.50000% 10-01.03.26 70 000.00 69 765.50 0.55Total EUR 178 214.50 1.40

USD

USD DNB BANK ASA-REG-S 3.20000% 12-03.04.17 250 000.00 192 967.16 1.52USD HOLCIM US FINANCE SARL & CIE-REG-S 6.00000% 09-30.12.19 100 000.00 83 980.34 0.66USD SVENSKA HANDELSBANKEN-REG-S 4.87500% 09-10.06.14 100 000.00 76 128.98 0.60Total USD 353 076.48 2.78

Total Notes, fixed rate 531 290.98 4.18


EUR

EUR AUSTRIA, REPUBLIC OF-REG-S-144A 3.50000% 05-15.09.21 200 000.00 225 310.00 1.77EUR AUSTRIA, REPUBLIC OF-144A 4.00000% 05-15.09.16 50 000.00 55 062.50 0.43EUR BANK NEDERLANDSE GEMEENTEN NV 1.87500% 12-06.06.19 125 000.00 127 531.25 1.00EUR BANK OF IRELAND MORTGAGE BANK 3.62500% 13-02.10.20 150 000.00 150 909.00 1.19EUR BOMBARDIER INC-REG S 6.12500% 10-15.05.21 150 000.00 160 219.50 1.26EUR COMPAGNIE DE FINANCEMENT FONCIER 2.37500% 12-21.11.22 200 000.00 201 874.00 1.59EUR ENI SPA 3.75000% 12-27.06.19 150 000.00 161 985.00 1.27EUR EUROPEAN FINANCIAL STABILITY FAC-REG-S 1.12500% 12-30.11.17 300 000.00 300 780.00 2.36EUR EUROPEAN INVESTMENT BANK 2.75000% 11-15.09.21 230 000.00 243 754.00 1.92EUR EUROPEAN UNION 2.75000% 11-21.09.21 75 000.00 80 085.00 0.63EUR INSTITUTO DE CREDITO OFICIAL 6.00000% 11-08.03.21 250 000.00 281 500.00 2.21EUR KBC BANK NV-REG-S 1.25000% 13-28.05.20 100 000.00 96 584.00 0.76EUR KREDITANSTALT FUER WIEDERAUFBAU 1.87500% 12-20.03.19 125 000.00 129 637.50 1.02EUR NORDRHEIN-WESTFALEN, STATE OF 1.87500% 12-15.09.22 100 000.00 98 640.00 0.77EUR SSE PLC 5.02500% 10-PRP 100 000.00 102 800.00 0.81EUR UBS AG LONDON BRANCH 6.00000% 08-18.04.18 100 000.00 119 500.00 0.94EUR WESTPAC BANKING CORP-REG-S 1.37500% 13-17.04.20 200 000.00 194 820.00 1.53Total EUR 2 730 991.75 21.46

USD

USD BELARUS, REPUBLIC OF 8.75000% 10-03.08.15 100 000.00 71 104.05 0.56USD LINDE FINANCE BV 3.62500% 09-13.11.14 50 000.00 38 150.19 0.30Total USD 109 254.24 0.86



EUR

EUR DEUTSCHE CAPITAL TRUST IV-SUB 3M EURIBOR+199BP 03-PRP 100 000.00 92 933.00 0.73EUR DNB BANK ASA-REG-S-SUB 3.000%/12M EUSA5+177BP 13-26.09.23 100 000.00 100 050.00 0.79Total EUR 192 983.00 1.52

Total Medium term notes, floating rate 192 983.00 1.52

Bonds, fixed rate

EUR

EUR BANCO SANTANDER SA 4.37500% 11-16.03.15 100 000.00 104 551.00 0.82EUR BARRY CALLEBAUT SERVICES NV 6.00000% 07-13.07.17 65 000.00 72 709.00 0.57EUR BELGIUM, KINGDOM OF 5.50000% 97-28.03.28 100 000.00 127 851.00 1.00EUR BELGIUM, KINGDOM OF OLO 4.00000% 08-28.03.18 200 000.00 224 656.00 1.77



EUR BELGIUM, KINGDOM OF 4.25000% 11-28.09.21 100 000.00 115 385.00 0.91EUR FRANCE, REPUBLIC OF-OAT 4.00000% 06-25.10.38 500 000.00 556 125.00 4.37EUR FRANCE, REPUBLIC OF-OAT 4.00000% 08-25.04.18 500 000.00 566 650.00 4.45EUR GERMANY, REPUBLIC OF 1.50000% 13-15.05.23 200 000.00 196 000.00 1.54EUR GERMANY, REPUBLIC OF 6.50000% 97-04.07.27 150 000.00 227 209.50 1.79EUR GERMANY, REPUBLIC OF 4.00000% 05-04.01.37 150 000.00 186 835.50 1.47EUR GERMANY, REPUBLIC OF 2.25000% 10-04.09.20 100 000.00 107 470.00 0.84EUR GERMANY, REPUBLIC OF 2.25000% 11-04.09.21 100 000.00 106 865.00 0.84EUR GERMANY, REPUBLIC OF 2.00000% 11-04.01.22 300 000.00 313 440.00 2.46EUR HESSEN, STATE OF 1.75000% 13-20.01.23 100 000.00 97 756.00 0.77EUR IRELAND, REPUBLIC OF 4.50000% 04-18.04.20 150 000.00 158 077.50 1.24EUR IRELAND, REPUBLIC OF 4.50000% 07-18.10.18 200 000.00 215 330.00 1.69EUR ITALY, REPUBLIC OF BTP 3.00000% 10-15.06.15 400 000.00 407 960.00 3.21EUR ITALY, REPUBLIC OF BTP 3.75000% 10-01.03.21 150 000.00 149 820.00 1.18EUR ITALY, REPUBLIC OF-BTP 4.25000% 03-01.02.19 500 000.00 518 910.00 4.08EUR ITALY, REPUBLIC OF-BPT 3.75000% 06-01.08.16 350 000.00 362 953.50 2.85EUR ITALY, REPUBLIC OF-BTP 5.00000% 09-01.09.40 400 000.00 396 860.00 3.12EUR KREDITANSTALT FUER WIEDERAUFBAU 3.37500% 11-18.01.21 200 000.00 224 580.00 1.77EUR NETHERLANDS, KINGDOM OF THE 3.25000% 11-15.07.21 400 000.00 442 821.20 3.48EUR PERNOD RICARD 4.87500% 10-18.03.16 150 000.00 163 144.50 1.28EUR SANTANDER CONSUMER FINANCE SA 3.25000% 12-20.06.14 100 000.00 101 452.00 0.80EUR SPAIN, KINGDOM OF 3.75000% 12-31.10.15 400 000.00 415 060.00 3.26EUR SPAIN, KINGDOM OF 5.85000% 11-31.01.22 240 000.00 269 364.00 2.12EUR SPAIN, KINGDOM OF 5.75000% 01-30.07.32 200 000.00 222 548.00 1.75EUR SPAIN, KINGDOM OF 5.50000% 02-30.07.17 180 000.00 198 540.00 1.56EUR SWEDBANK MORTGAGE AB 3.37500% 10-22.03.17 250 000.00 271 300.00 2.13Total EUR 7 522 223.70 59.12

USD

USD HARLEY DAVIDSON FUNDING CORP-REG-S 5.75000% 09-15.12.14 100 000.00 77 888.75 0.61Total USD 77 888.75 0.61



EUR

EUR AXA SA-SUB 5.250%/3MO EURIBOR+305BP 10-16.04.40 150 000.00 158 157.00 1.24EUR GERMANY, REPUBLIC OF 0.100%/CPI LINKED 12-15.04.23 100 000.00 102 448.65 0.81EUR GOLDMAN SACHS GROUP INC 3M EURIBOR+35BP 06-23.05.16 250 000.00 247 280.00 1.94EUR LINDE FINANCE BV 7.37500%/3M EURIBOR+412.5BP 06-14.07.66 100 000.00 111 784.00 0.88EUR RWE AG-SUB 4.625%/VAR 10-PRP 150 000.00 151 800.00 1.19Total EUR 771 469.65 6.06

Total Bonds, floating rate 771 469.65 6.06






EUR EURO-BUND FUTURE 06.12.13 2.00 860.00 0.01Total Financial Futures on bonds 860.00 0.01

Total Derivative instruments listed on an official stock exchange 860.00 0.01


Swaps and forward swaps on interest rates

CHF UBS/INTEREST RATE SWAP PAYER -0.03750% 12-09.01.15 -2 000 000.00 1 997.88 0.02CHF UBS/INTEREST RATE SWAP REC 3ML 12-09.01.15USD DB/INTEREST RATE SWAP PAYER 3ML 11-22.11.13 1 000 000.00 2 413.27 0.02USD DB/INTEREST RATE SWAP REC 0.78750% 11-22.11.13Total Swaps and forward swaps on interest rates 4 411.15 0.04





EUR UBS/USA CREDIT DEFAULT SWAP PAYER 0.25000% 10-20.03.16 -1 000 000.00 1 814.56 0.01USD DB/JAPAN PAYER 1.00000% 13-20.06.14 -2 000 000.00 -10 204.38 -0.08USD UBS/HOLCIM FINANCE CREDIT DEFAULT SWAP REC 1.00000% 11-20.03.16 250 000.00 1 474.80 0.01Total Credit default swaps -6 915.02 -0.06






EUR 739 746.00 USD 1 000 000.00 25.10.2013 1 045.78 0.01Total Forward Foreign Exchange contracts (Purchase/Sale) 1 045.78 0.01

Cash at banks, deposits on demand and deposit accounts and other liquid assets 236 363.38 1.85Other assets and liabilities 237 807.88 1.87

Total net assets 12 723 860.78 100.00



UBS (Lux) Key Selection SICAV – European Core Equities (EUR)Annual Report as of 30 September 2013


ISIN 30.9.2013 30.9.2012 30.9.2011Net assets in EUR 343 647 112.22 424 050 842.21 178 093 391.51Class I-B-acc1 LU0421770834Shares outstanding - - 292 843.6530Net asset value per share in EUR - - 91.23Issue and redemption price per share in EUR2 - - 91.23Class K-1-acc LU0421769158Shares outstanding 19.1000 20.0000 20.2000Net asset value per share in EUR 3 444 301.51 3 007 416.93 2 378 022.84Issue and redemption price per share in EUR2 3 444 301.51 3 007 416.93 2 378 022.84Class P-acc LU0153925689Shares outstanding 4 019 537.4780 5 445 214.4640 8 168 095.0400Net asset value per share in EUR 15.60 13.76 10.98Issue and redemption price per share in EUR2 15.60 13.76 10.98Class U-X-acc LU0421771568Shares outstanding 17 244.7370 26 829.4950 1 620.0000Net asset value per share in EUR 12 475.73 10 771.59 8 423.34Issue and redemption price per share in EUR2 12 475.73 10 771.59 8 423.34

1 The share class I-B-acc was in circulation until 15.2.20122 See note 1

Performance

Currency 2012/2013 2011/2012 2010/2011Class I-B-acc EUR - - -15.9%Class K-1-acc EUR 14.5% 26.5% -Class P-acc EUR 13.4% 25.3% -17.5%Class U-X-acc EUR 15.8% 27.9% -

Benchmark:MSCI Europe (r) EUR 18.1% 22.3% -10.3%


UBS (Lux) Key Selection SICAV– European Core Equities (EUR)




European equities generated strong returns in the reporting year from 1 October 2012 to 30 September 2013. A statement from Mario Draghi, European Central Bank (ECB) President, to do “whatever it takes” to save the Euro in July 2012 has gone a long way to support the Euro and investor sentiment more generally. Despite this rally, the market is attractively valued and offers wide stock selection opportunities.

The subfund underperformed its benchmark, the MSCI Europe (r). Overweights in PGS and Saipem detracted value but we retain confidence in their long-term fundamentals. Positions in Imperial Tobacco and SAP cost performance, however both companies offer a strong product range and cash flows. Our positions in Lloyds and chipmaker Infineon added value after shares rose strongly in the reporting year.


Geographical Breakdown as a % of net assetsUnited Kingdom 35.88Switzerland 17.67Germany 12.24France 9.33Ireland 5.66Sweden 5.64Norway 5.44Netherlands 3.75Finland 1.62Italy 1.03Belgium 0.74Luxembourg 0.52Total 99.52

Economic Breakdown as a % of net assetsBanks & credit institutions 13.14Petroleum 11.75Pharmaceuticals, cosmetics & medical products 9.10Tobacco & alcohol 8.41Insurance 6.77Vehicles 4.95Food & soft drinks 4.57Textiles, garments & leather goods 3.94Chemicals 3.66Internet, software & IT services 3.54Energy & water supply 3.50Investment funds & pension foundations 3.25Mechanical engineering & industrial equipment 3.13Telecommunications 3.11Biotechnology 2.93Finance & holding companies 2.35Watches & jewellery 2.23Lodging, catering & leisure 2.19Electronics & semiconductors 1.92Non-ferrous metals 1.73Miscellaneous trading companies 1.18Aerospace industry 1.18Electrical devices & components 0.99Total 99.52



Statement of Net Assets EURAssets 30.9.2013Investments in securities, cost 299 299 881.01Investments in securities, unrealized appreciation (depreciation) 42 718 754.68Total investments in securities (Note 1) 342 018 635.69Cash at banks, deposits on demand and deposit accounts 1 361 850.11Receivable on securities sales (Note 1) 540 589.21Receivable on subscriptions 79.86Receivable on dividends 466 031.57Other receivables 68 577.15Total Assets 344 455 763.59

LiabilitiesPayable on securities purchases (Note 1) -460 733.81Payable on redemptions -243 754.19Provisions for flat fee (Note 2) -82 833.46Provisions for taxe d’abonnement (Note 3) -21 329.91Total provisions -104 163.37Total Liabilities -808 651.37


Statement of Operations EURIncome 1.10.2012-30.9.2013Interest on liquid assets 1 472.96Dividends (Note 1) 10 499 273.92Income on securities lending (Note 16) 513 185.55Other income 2.37Total income 11 013 934.80



Realized gain (loss) (Note 1)Realized gain (loss) on market-priced securities without options 34 250 414.57Realized gain (loss) on financial futures 55 770.00Realized gain (loss) on forward foreign exchange contracts -179 101.38Realized result on subscriptions/redemptions (Note 4) 140 059.46Total realized gain (loss) on investments 34 267 142.65Realized gain (loss) on foreign exchange 227 745.62Total realized gain (loss) 34 494 888.27


Changes in unrealized appreciation (depreciation) (Note 1)Unrealized appreciation (depreciation) on market-priced securities without options 13 759 515.60Total changes in unrealized appreciation (depreciation) 13 759 515.60




Statement of Changes in Net Assets EUR 1.10.2012-30.9.2013Net assets at the beginning of the financial year 424 050 842.21Subscriptions 8 885 929.63Redemptions -146 174 673.97Total net subscriptions (redemptions) -137 288 744.34Net income (loss) on investments 8 630 610.48Total realized gain (loss) 34 494 888.27Total changes in unrealized appreciation (depreciation) 13 759 515.60Net increase (decrease) in net assets as a result of operations 56 885 014.35Net assets at the end of the financial year 343 647 112.22


1.10.2012-30.9.2013Class K-1-accNumber of shares outstanding at the beginning of the financial year 20.0000Number of shares issued 0.0000Number of shares redeemed -0.9000Number of shares outstanding at the end of the financial year 19.1000Class P-accNumber of shares outstanding at the beginning of the financial year 5 445 214.4640Number of shares issued 93 552.7030Number of shares redeemed -1 519 229.6890Number of shares outstanding at the end of the financial year 4 019 537.4780Class U-X-accNumber of shares outstanding at the beginning of the financial year 26 829.4950Number of shares issued 615.0000Number of shares redeemed -10 199.7580Number of shares outstanding at the end of the financial year 17 244.7370






Bearer shares

Belgium

EUR UCB NPV 56 267.00 2 531 452.33 0.74Total Belgium 2 531 452.33 0.74

Finland

EUR SAMPO OYJ SER’A’NPV 175 073.00 5 560 318.48 1.62Total Finland 5 560 318.48 1.62

France

EUR BUREAU VERITAS EUR0.12 173 497.00 4 042 480.10 1.18EUR CGG EUR0.40 189 854.00 3 234 162.90 0.94EUR EDENRED EUR2 141 635.00 3 399 240.00 0.99EUR GDF SUEZ EUR1 366 950.00 6 814 261.50 1.98EUR LVMH MOET HENNESSY EUR0.30 65 432.00 9 526 899.20 2.77EUR REMY COINTREAU EUR1.60 20 887.00 1 645 268.99 0.48EUR SCHNEIDER ELECTRIC EUR8 54 275.00 3 392 730.25 0.99Total France 32 055 042.94 9.33

Germany

EUR BAYERISCHE MOTOREN WERKE AG EUR1 70 865.00 5 631 641.55 1.64EUR FRESENIUS MED CARE NPV 63 131.00 3 035 969.79 0.88EUR LINDE AG NPV 50 816.00 7 439 462.40 2.17EUR SAP AG ORD NPV 145 853.00 7 973 783.51 2.32Total Germany 24 080 857.25 7.01

Ireland

GBP SHIRE ORD GBP0.05 340 347.00 10 089 530.94 2.94Total Ireland 10 089 530.94 2.94

Italy

EUR SAIPEM EUR1 220 446.00 3 540 362.76 1.03Total Italy 3 540 362.76 1.03

Netherlands

EUR KONINKLIJKE DSM NV EUR1.5 91 928.00 5 127 743.84 1.49GBP ROYAL DUTCH SHELL PLC ‘A’SHS EUR0.07 317 950.00 7 759 553.72 2.26Total Netherlands 12 887 297.56 3.75

Norway

NOK GJENSIDIGE FORSIKR NOK2 283 150.00 3 158 017.63 0.92NOK PETROLEUM GEO SVS NOK8 529 877.00 4 835 885.60 1.41NOK TELENOR ASA ORD NOK6 634 321.00 10 705 524.70 3.11Total Norway 18 699 427.93 5.44

Sweden

SEK ALFA LAVAL AB NPV 162 579.00 2 900 181.48 0.84SEK ATLAS COPCO AB SER’A’NPV 269 096.00 5 824 729.88 1.69SEK LUNDIN PETROLEUM A NPV 194 234.00 3 096 259.94 0.90SEK NORDEA BANK AB ORD NPV(SEK QUOTE) 850 403.00 7 580 108.38 2.20Total Sweden 19 401 279.68 5.63

Switzerland

GBP GLENCORE XSTRATA PLC USD0.01 1 004 130.00 4 044 648.70 1.18Total Switzerland 4 044 648.70 1.18

United Kingdom

GBP ABERDEEN ASSET MGT ORD GBP0.10 1 031 971.00 4 674 076.87 1.36GBP AVIVA ORD GBP0.25 1 192 095.00 5 658 877.30 1.65GBP BG GROUP ORD GBP0.10 677 220.00 9 564 086.92 2.78GBP CENTRICA ORD GBP0.061728395 1 181 688.00 5 226 368.45 1.52GBP COMPASS GROUP ORD GBP0.10 739 558.00 7 520 364.88 2.19GBP DIAGEO ORD GBX28.935185 464 540.00 10 920 271.04 3.18GBP DIRECT LINE INSURA ORD GBP0.10 967 242.00 2 467 005.36 0.72GBP HSBC HLDGS ORD USD0.50(UK REG) 1 556 942.00 12 468 261.14 3.63GBP IMPERIAL TOBACCO ORD GBP0.10 410 347.00 11 227 037.54 3.27GBP INTERTEK GROUP ORD GBP0.01 101 209.00 4 001 643.04 1.16GBP LLOYDS BANKING GROUP PLC ORD GBP0.25 12 174 663.00 10 716 784.05 3.12GBP PREMIER OIL ORD GBP0.125 860 668.00 3 351 462.75 0.98GBP PRUDENTIAL ORD GBP0.05 465 520.00 6 410 049.97 1.87GBP RIO TINTO ORD GBP0.10 164 869.00 5 962 452.04 1.73GBP SABMILLER ORD USD0.10 135 965.00 5 113 147.72 1.49GBP SAGE GROUP GBP0.01051948 1 063 196.00 4 194 804.56 1.22GBP STANDARD CHARTERED ORD USD0.50 383 075.00 6 787 137.01 1.97GBP TULLOW OIL ORD GBP0.10 408 138.00 4 999 824.22 1.45GBP WEIR GROUP ORD GBP0.125 72 800.00 2 029 247.63 0.59Total United Kingdom 123 292 902.49 35.88


Other shares

Switzerland

CHF ROCHE HLDGS AG GENUSSCHEINE NPV 61 670.00 12 288 272.79 3.57Total Switzerland 12 288 272.79 3.57

Total Other shares 12 288 272.79 3.57



Preference shares

Germany

EUR VOLKSWAGEN AG NON VTG PRF NPV 65 351.00 11 387 411.75 3.31Total Germany 11 387 411.75 3.31

Total Preference shares 11 387 411.75 3.31

Registered shares

Germany

EUR INFINEON TECHNOLOG AG NPV (REGD) 892 401.00 6 599 305.40 1.92Total Germany 6 599 305.40 1.92

Switzerland

CHF CREDIT SUISSE GRP CHF0.04(REGD) 337 690.00 7 619 859.60 2.22CHF NESTLE SA CHF0.10(REGD) 303 999.00 15 708 610.81 4.57CHF NOVARTIS AG CHF0.50(REGD) 236 176.00 13 409 903.80 3.90CHF RICHEMONT(CIE FIN) CHF1.00 (REG) SER ‘A’ 103 400.00 7 653 389.77 2.23Total Switzerland 44 391 763.98 12.92

Total Registered shares 50 991 069.38 14.84




Ireland

EUR UBS (IRL) INVESTOR SEL PLC-EUROPEAN EQUITY L/S-I-B EUR 96 985.00 9 374 570.10 2.73Total Ireland 9 374 570.10 2.73

Luxembourg

EUR UBS(LUX)KEY SEL SICAV 2-EUR EQ UNCONSTR (EUR)U-X-ACC 156.88 1 794 190.61 0.52Total Luxembourg 1 794 190.61 0.52




Cash at banks, deposits on demand and deposit accounts and other liquid assets 1 361 850.11 0.40Other assets and liabilities 266 626.42 0.08

Total net assets 343 647 112.22 100.00



UBS (Lux) Key Selection SICAV – Global Allocation (CHF)Annual Report as of 30 September 2013



1 See note 1

Performance

Currency 2012/2013 2011/2012 2010/2011Class P-acc CHF 11.1% 11.1% -6.9%

Benchmark:UBS Cust. Benchmark – Global Allocation (CHF)1 CHF 12.1% 14.0% -3.8%


1 Please see the Appendix for the composition of the Customized Benchmark.

UBS (Lux) Key Selection SICAV– Global Allocation (CHF)



The subfund posted positive returns. It benefits from its neutral to overweight stance in developed equities and a short to neutral approach to duration. This allowed us to navigate well through the difficult second quarter and to finish the reporting year with a strong result.


Geographical Breakdown as a % of net assetsLuxembourg 68.30Italy 6.13Germany 5.45Ireland 5.41Australia 2.27Japan 1.38United States 0.92Supranationals 0.64United Kingdom 0.60Canada 0.36Total 91.46

Economic Breakdown as a % of net assetsInvestment funds & pension foundations 73.72Countries & central governments 14.32Public, non-profit institutions 1.47Cantons, federal states 0.69Supranational organisations 0.64Banks & credit institutions 0.29Finance & holding companies 0.23Miscellaneous services 0.10Total 91.46



Statement of Net Assets CHFAssets 30.9.2013Investments in securities, cost 349 350 048.19Investments in securities, unrealized appreciation (depreciation) 38 670 085.65Total investments in securities (Note 1) 388 020 133.84Cash at banks, deposits on demand and deposit accounts 24 709 373.86Other liquid assets (Margins) 6 612 345.49Receivable on subscriptions 77 794.33Interest receivable on securities 727 082.74Other receivables 38 704.05Unrealized gain (loss) on financial futures (Note 1) 591 358.53Unrealized gain (loss) on forward foreign exchange contracts (Note 1) 3 805 618.87Unrealized gain (loss) on swaps (Note 1) 1 227 817.12Total Assets 425 810 228.83

LiabilitiesPayable on redemptions -1 235 472.59Provisions for flat fee (Note 2) -359 575.25Provisions for taxe d’abonnement (Note 3) -16 805.37Total provisions -376 380.62Total Liabilities -1 611 853.21


Statement of Operations CHFIncome 1.10.2012-30.9.2013Interest on liquid assets 52 092.94Interest on securities 1 670 328.51Dividends (Note 1) 36 998.55Interest received on swaps (Note 1) 1 052 462.88Income on securities lending (Note 16) 25 873.31Other income 32 493.88Total income 2 870 250.07



Realized gain (loss) (Note 1)Realized gain (loss) on market-priced securities without options 22 644 422.50Realized gain (loss) on options -3 329 473.73Realized gain (loss) on financial futures 11 318 881.56Realized gain (loss) on forward foreign exchange contracts 10 613 789.65Realized gain (loss) on swaps -618 960.83Realized result on subscriptions/redemptions (Note 4) 47 348.33Total realized gain (loss) on investments 40 676 007.48Realized gain (loss) on foreign exchange 2 975 426.50Total realized gain (loss) 43 651 433.98


Changes in unrealized appreciation (depreciation) (Note 1)Unrealized appreciation (depreciation) on market-priced securities without options 5 975 262.86Unrealized appreciation (depreciation) on options -702 609.09Unrealized appreciation (depreciation) on yield-evaluated securities and money market instruments 1 677.85Unrealized appreciation (depreciation) on financial futures 221 302.32Unrealized appreciation (depreciation) on forward foreign exchange contracts 3 331 069.66Unrealized appreciation (depreciation) on swaps 215 982.89Total changes in unrealized appreciation (depreciation) 9 042 686.49




Statement of Changes in Net Assets CHF 1.10.2012-30.9.2013Net assets at the beginning of the financial year 447 761 777.99Subscriptions 18 871 113.26Redemptions -88 856 379.53Total net subscriptions (redemptions) -69 985 266.27Net income (loss) on investments -6 272 256.57Total realized gain (loss) 43 651 433.98Total changes in unrealized appreciation (depreciation) 9 042 686.49Net increase (decrease) in net assets as a result of operations 46 421 863.90Net assets at the end of the financial year 424 198 375.62


1.10.2012-30.9.2013Class P-accNumber of shares outstanding at the beginning of the financial year 44 669 869.0990Number of shares issued 1 747 642.2650Number of shares redeemed -8 305 120.6990Number of shares outstanding at the end of the financial year 38 112 390.6650







EUR

EUR KREDITANSTALT FUER WIEDERAUFBAU 4.62500% 07-04.01.23 500 000.00 751 926.55 0.18Total EUR 751 926.55 0.18

GBP

GBP EUROPEAN INVESTMENT BANK 3.25000% 11-07.12.16 1 000 000.00 1 555 014.54 0.36Total GBP 1 555 014.54 0.36


Bonds, fixed rate

AUD

AUD QUEENSLAND TREASURY CORP 6.00000% 11-21.07.22 900 000.00 837 626.89 0.20AUD QUEENSLAND TREASURY CORP-REG-S 4.25000% 12-21.07.23 2 600 000.00 2 106 172.52 0.50AUD TREASURY CORP OF VICTORIA 6.00000% 03-17.10.22 2 200 000.00 2 083 563.34 0.49AUD WESTERN AUSTRALIAN TREASURY CORP 7.000000% 01-15.10.19 2 100 000.00 2 057 873.09 0.49Total AUD 7 085 235.84 1.68

CAD

CAD CANADA, GOVERNMENT 3.25000% 10-01.06.21 730 000.00 685 754.18 0.16CAD CANADA, GOVERNMENT 4.00000% 05-01.06.16 600 000.00 564 880.49 0.12CAD CANADA, GOVERNMENT 4.25000% 07-01.06.18 270 000.00 263 384.86 0.06Total CAD 1 514 019.53 0.34

EUR

EUR GERMANY, REPUBLIC OF 4.75000% 98-04.07.28 1 000 000.00 1 601 776.14 0.38EUR GERMANY, REPUBLIC OF 3.75000% 04-04.01.15 1 500 000.00 1 920 423.84 0.45EUR GERMANY, REPUBLIC OF 4.00000% 05-04.01.37 2 300 000.00 3 506 637.56 0.83EUR GERMANY, REPUBLIC OF 3.00000% 10-04.07.20 4 000 000.00 5 508 122.09 1.30EUR GERMANY, REPUBLIC OF 2.25000% 11-04.09.21 5 650 000.00 7 390 585.46 1.74EUR ITALY, REPUBLIC OF BTP 3.75000% 10-01.03.21 2 150 000.00 2 628 523.71 0.62EUR ITALY, REPUBLIC OF BTP 4.50000% 13-01.05.23 3 400 000.00 4 198 768.63 0.99EUR ITALY, REPUBLIC OF-BTP 4.00000% 05-01.02.37 1 250 000.00 1 356 540.13 0.32EUR ITALY, REPUBLIC OF-BPT 3.75000% 06-01.08.16 3 600 000.00 4 569 622.77 1.08EUR ITALY, REPUBLIC OF-BTP 4.00000% 06-01.02.17 3 600 000.00 4 587 733.64 1.08EUR ITALY, REPUBLIC OF-BTP 4.75000% 08-01.08.23 3 400 000.00 4 310 719.15 1.01EUR ITALY, REPUBLIC OF-BTP 3.50000% 12-01.11.17 3 500 000.00 4 354 607.03 1.03Total EUR 45 934 060.15 10.83

GBP

GBP UNITED KINGDOM OF GREAT BRITAIN & N IRL 4.50000% 08-07.03.19 150 000.00 252 115.84 0.06GBP UNITED KINGDOM OF GREAT BRITAIN & N IRL 4.25000% 10-07.12.40 1 150 000.00 1 919 752.95 0.45Total GBP 2 171 868.79 0.51

JPY

JPY EUROPEAN INVESTMENT BANK 1.40000% 05-20.06.17 120 000 000.00 1 153 380.85 0.27JPY JAPAN 1.70000% 06-20.12.16 240 000 000.00 2 321 694.89 0.55JPY JAPAN 1.80000% 12-20.12.31 60 000 000.00 580 880.98 0.14JPY JAPAN 2.10000% 06-20.12.26 230 000 000.00 2 419 698.73 0.57JPY JAPAN FINANCE ORG FOR MUNI 2.00000% 06-09.05.16 50 000 000.00 483 629.30 0.11Total JPY 6 959 284.75 1.64


Bonds, zero coupon

EUR

EUR GERMANY, REPUBLIC OF 0.00000% 12-12.12.14 2 000 000.00 2 445 015.93 0.58Total EUR 2 445 015.93 0.58

Total Bonds, zero coupon 2 445 015.93 0.58

Notes, fixed rate

AUD

AUD NEW SOUTH WALES TREASURY CORP 4.00000% 13-20.04.23 2 600 000.00 2 108 766.57 0.50AUD TASMANIAN PUBLIC FINANCE 5.50000% 10-23.06.14 500 000.00 431 535.97 0.10Total AUD 2 540 302.54 0.60


Treasury notes, fixed rate

USD

USD AMERICA, UNITED STATES OF 3.87500% 10-15.08.40 300 000.00 282 676.96 0.07USD AMERICA, UNITED STATES OF 2.62500% 10-15.08.20 400 000.00 377 496.16 0.09USD AMERICA, UNITED STATES OF 1.25000% 10-30.09.15 1 400 000.00 1 289 291.59 0.30USD AMERICA, UNITED STATES OF 1.87500% 10-30.09.17 1 500 000.00 1 399 609.45 0.33Total USD 3 349 074.16 0.79

Total Treasury notes, fixed rate 3 349 074.16 0.79






Ireland

USD UBS (IRL) INVESTOR SELECTION PLC - UBS GLOB EMER MKT OPP-I-B USD 37 665.00 5 428 255.88 1.28USD UBS (IRL) INVESTOR SELECTION PLC - UBS (IRL) FIXED INC GL OPP-I-B USD 175 200.00 17 534 434.73 4.13Total Ireland 22 962 690.61 5.41

Luxembourg

USD UBS (LUX) BOND SICAV - GLOBAL CORPORATES (USD) U-X-DIST 855.00 8 386 429.19 1.98USD UBS (LUX) BOND SICAV - USD HIGH YIELD (USD) U-X-ACC 1 486.81 18 769 337.00 4.42EUR UBS (LUX) EQUITY FD - EURO COUNTRIES OPTIMIZER (EUR) U-X-ACC 75.00 1 168 885.31 0.28AUD UBS (LUX) EQUITY FUND - AUSTRALIA (AUD) U-X-ACC 2 989.00 35 113 545.72 8.28USD UBS (LUX) EQUITY SICAV - USA GRWTH (USD)-U-X-ACC 1 380.55 23 209 044.58 5.47USD UBS (LUX) EQUITY SICAV - EM GROWTH (USD)-U-X-ACC 615.00 10 244 922.14 2.42USD UBS (LUX) INST FUND - EMERGING MARKETS EQUITY FA 886.00 15 247 156.89 3.59USD UBS (LUX) INST FUND-KEY SEL. GLOBAL EQUITY FA-USD 4 154.00 59 909 855.28 14.12EUR UBS (LUX) INST FUND-KEY SEL. EUROPEAN EQUITY FA-EUR 4 032.00 65 462 249.34 15.43EUR UBS (LUX) KEY SEL SICAV-EUROPEAN CORE EQUITIES (EUR) U-X-ACC 900.00 13 743 690.98 3.24CHF UBS (LUX) MONEY MARKET FUND - CHF U-X-ACC 1 282.00 12 877 433.60 3.04USD UBS (LUX) SICAV 1 - US FUNDAMENTAL EQUITY MKT NEUTRAL (USD) UX-ACC 2 571.00 25 623 264.01 6.04Total Luxembourg 289 755 814.04 68.31





GBP

GBP FTSE 100 INDEX CALL 6700.00000 20.12.13 469.00 370 859.37 0.09Total GBP 370 859.37 0.09

JPY

JPY NIKK225 C17000 1213 160.00 61 926.73 0.01Total JPY 61 926.73 0.01

USD

USD S&P500 C1700.0 1213 191.00 563 040.31 0.13Total USD 563 040.31 0.13







GBP LONG GILT FUTURE 27.12.13 65.00 158 954.37 0.04USD US 10YR TREASURY NOTE FUTURE 19.12.13 150.00 317 901.07 0.07EUR EURO-BUND FUTURE 06.12.13 12.00 34 811.64 0.01USD US 2YR TREASURY NOTE FUTURE 31.12.13 -132.00 -67 141.28 -0.02USD US ULTRA LONG BOND (CBT) FUTURE 19.12.13 45.00 122 073.75 0.03Total Financial Futures on bonds 566 599.55 0.13


CHF SWISS MARKET INDEX FUTURE 20.12.13 -34.00 -10 200.00 0.00EUR AMSTERDAM EXCHANGE INDEX FUTURE 18.10.13 29.00 -31 592.42 -0.01EUR DAX INDEX FUTURE 20.12.13 6.00 -2 019.66 0.00USD MINI MSCI EMERGING MARKETS INDEX FUTURE 20.12.13 177.00 -446 449.75 -0.11CAD S&P/TSX 60 INDEX FUTURE 19.12.13 66.00 32 513.94 0.01EUR CAC 40 INDEX FUTURE 18.10.13 -93.00 -13 091.09 0.00USD NASDAQ 100 E-MINI FUTURE 20.12.13 -78.00 -67 851.30 -0.02GBP FTSE 100 INDEX FUTURE 20.12.13 -168.00 333 815.00 0.08SGD MSCI SINGAPORE INDEX FUTURE 30.10.13 23.00 -16 243.71 0.00AUD SPI 200 INDEX FUTURE 19.12.13 -254.00 61 290.87 0.01JPY NIKKEI 225 (SGX) INDEX FUTURE 12.12.13 425.00 493 638.79 0.12USD S&P500 EMINI FUTURE 20.12.13 413.00 -315 569.69 -0.07EUR EURO STOXX 50 INDEX FUTURE 20.12.13 213.00 6 518.00 0.00Total Financial Futures on Indices 24 758.98 0.01







USD DB/CDX.NA.HY.20 JUN18 CDI REC 5.00000% 13-20.06.18 8 000 000.00 433 096.61 0.10USD JPM/CDX.NA.HY.20 JUN18 CDI REC 5.00000% 13-20.06.18 3 300 000.00 178 652.35 0.04USD BC/CDX.EM.19 JUN18 CDI REC 5.00000% 13-20.06.18 8 400 000.00 616 068.16 0.15Total Credit default swaps 1 227 817.12 0.29






CHF 107 637 444.00 USD 116 000 000.00 10.10.2013 2 750 571.98 0.65CHF 22 791 564.00 AUD 27 000 000.00 10.10.2013 -23 798.39 -0.01CHF 57 951 329.00 EUR 47 000 000.00 10.10.2013 423 896.36 0.10CHF 293 423.20 SGD 400 000.00 10.10.2013 5 173.95 0.00CHF 3 612 051.07 HKD 30 200 000.00 10.10.2013 90 890.13 0.02CHF 31 544 920.00 GBP 22 000 000.00 10.10.2013 -666 569.51 -0.16PLN 8 500 000.00 CHF 2 494 614.00 10.10.2013 -33 623.72 -0.01CHF 11 595 486.20 NZD 15 700 000.00 10.10.2013 -221 900.82 -0.05CHF 3 101 826.69 JPY 326 910 000.00 10.10.2013 89 289.51 0.02CHF 8 167 604.90 CAD 9 100 000.00 10.10.2013 164 311.90 0.04CHF 6 921 786.52 SEK 48 700 000.00 10.10.2013 67 523.52 0.02CHF 423 520.37 HUF 103 100 000.00 10.10.2013 -500.51 0.00NOK 9 550 000.00 CHF 1 508 865.91 10.10.2013 -73 511.63 -0.02MXN 12 230 000.00 CHF 888 398.70 10.10.2013 -48 946.28 -0.01USD 388 689.50 NZD 500 000.00 10.10.2013 -24 912.85 -0.01MXN 12 000 000.00 USD 920 182.17 10.10.2013 -8 360.94 0.00USD 388 450.00 NZD 500 000.00 10.10.2013 -25 129.53 -0.01USD 3 309 589.39 CAD 3 500 000.00 10.10.2013 -85 690.02 -0.02USD 388 714.50 NZD 500 000.00 10.10.2013 -24 890.23 -0.01USD 388 654.50 NZD 500 000.00 10.10.2013 -24 944.51 -0.01JPY 100 000 000.00 USD 1 011 443.47 10.10.2013 6 974.92 0.00USD 7 572 307.42 CHF 7 000 000.00 10.10.2013 -153 141.04 -0.04USD 4 394 966.80 AUD 4 900 000.00 10.10.2013 -166 748.97 -0.04PLN 3 500 000.00 USD 1 102 842.59 10.10.2013 16 162.85 0.00USD 616 822.67 MYR 2 000 000.00 10.10.2013 3 195.99 0.00PHP 240 000 000.00 USD 5 540 204.57 10.10.2013 -17 545.52 0.00USD 3 174 996.27 INR 200 000 000.00 10.10.2013 -9 063.36 0.00USD 2 340 021.97 BRL 5 300 000.00 10.10.2013 -32 602.85 -0.01USD 3 868 576.00 KRW 4 200 000 000.00 10.10.2013 -32 634.37 -0.01USD 3 038 959.15 TWD 90 000 000.00 11.10.2013 -4 462.21 0.00CHF 24 117 522.00 EUR 19 500 000.00 27.11.2013 257 162.55 0.06CHF 13 494 456.60 GBP 9 150 000.00 27.11.2013 108 092.24 0.03PLN 10 500 000.00 CHF 3 065 685.00 27.11.2013 -35 905.53 -0.01JPY 100 000 000.00 CHF 933 394.00 27.11.2013 -11 953.04 0.00CHF 2 331 500.00 ZAR 25 000 000.00 27.11.2013 105 600.01 0.03CHF 1 467 802.00 SGD 2 000 000.00 27.11.2013 27 114.26 0.01CHF 548 059.82 NOK 3 500 000.00 27.11.2013 23 234.21 0.01CHF 2 466 508.75 THB 85 000 000.00 27.11.2013 19 004.02 0.01CHF 12 820 822.00 NZD 17 000 000.00 27.11.2013 74 753.77 0.02CHF 32 429 930.25 AUD 37 750 000.00 27.11.2013 647 791.24 0.15CHF 4 311 337.89 SEK 30 217 316.95 27.11.2013 65 121.07 0.02CHF 13 423 452.36 USD 14 491 098.54 27.11.2013 326 380.73 0.08CHF 3 106 030.46 HKD 26 000 000.00 27.11.2013 75 574.39 0.02CHF 11 171 021.54 CAD 12 468 646.00 27.11.2013 223 218.33 0.05MXN 24 000 000.00 CHF 1 708 581.84 27.11.2013 -68 502.38 -0.02CHF 584 744.00 GBP 400 000.00 10.10.2013 -919.45 0.00CHF 429 343.50 AUD 500 000.00 10.10.2013 6 836.79 0.00USD 3 570 818.20 AUD 3 800 000.00 10.10.2013 17 683.24 0.00USD 3 559 665.20 AUD 3 800 000.00 27.11.2013 18 043.11 0.01CHF 4 560 420.00 USD 5 000 000.00 10.10.2013 39 434.14 0.01NOK 21 250 000.00 SEK 22 730 891.25 10.10.2013 -5 400.84 0.00NOK 21 250 000.00 SEK 22 716 547.50 27.11.2013 -5 756.34 0.00SEK 22 750 000.00 GBP 2 199 700.30 10.10.2013 -18 772.35 0.00SEK 22 750 000.00 GBP 2 199 672.86 27.11.2013 -21 229.15 -0.01Total Forward Foreign Exchange contracts (Purchase/Sale) 3 805 618.87 0.90


Total net assets 424 198 375.62 100.00



UBS (Lux) Key Selection SICAV – Global Allocation (EUR)Annual Report as of 30 September 2013

UBS (Lux) Key Selection SICAV– Global Allocation (EUR)


ISIN 30.9.2013 30.9.2012 30.9.2011Net assets in EUR 844 137 815.91 821 157 640.27 825 780 061.76Class (CAD hedged) P-acc LU0218832045Shares outstanding 2 237 975.8260 2 237 111.0890 2 889 655.1420Net asset value per share in CAD 10.96 9.74 8.65Issue and redemption price per share in CAD1 10.96 9.74 8.65Class (GBP hedged) P-acc2 LU0678606244Shares outstanding 4 099 918.1250 4 611 613.4690 -Net asset value per share in GBP 12.29 10.97 -Issue and redemption price per share in GBP1 12.29 10.97 -Class (SGD hedged) P-acc LU0287180474Shares outstanding 2 869 201.5240 3 826 763.9680 4 672 949.4050Net asset value per share in SGD 9.35 8.37 7.48Issue and redemption price per share in SGD1 9.35 8.37 7.48Class I-B-acc3 LU0423399897Shares outstanding 463 908.9150 - -Net asset value per share in EUR 99.98 - -Issue and redemption price per share in EUR1 99.98 - -Class N-acc4 LU0423397842Shares outstanding 34 657.0450 2 326.2100 -Net asset value per share in EUR 118.94 107.30 -Issue and redemption price per share in EUR1 118.94 107.30 -Class P-acc LU0197216558Shares outstanding 57 984 834.9870 66 541 520.5550 81 337 961.2630Net asset value per share in EUR 12.05 10.82 9.69Issue and redemption price per share in EUR1 12.05 10.82 9.69Class Q-acc LU0423398907Shares outstanding 9 660.3740 0.0150 5.7070Net asset value per share in EUR 127.60 112.00 100.04Issue and redemption price per share in EUR1 127.60 112.00 100.04

1 See note 12 Initial subscription: 14.12.20113 Initial subscription: 6.8.20134 Initial subscription: 10.11.2011

Performance

Currency 2012/2013 2011/2012 2010/2011Class (CAD hedged) P-acc CAD 12.5% 12.6% -6.2%Class (GBP hedged) P-acc GBP 12.0% - -Class (SGD hedged) P-acc SGD 11.7% 11.9% -6.6%Class I-B-acc EUR - - -Class N-acc EUR 10.8% - -Class P-acc EUR 11.4% 11.7% -5.9%Class Q-acc EUR 13.9% 12.0% -5.0%

Benchmark:UBS Cust. Benchmark Global Allocation (CAD)1 CAD - - -2.6%UBS Cust. Benchmark Global Allocation (GBP)1 GBP - - -UBS Cust. Benchmark Global Allocation (SGD)1 SGD - - -3.3%UBS Cust. Benchmark Global Allocation (EUR)1 EUR 12.1% 14.6% -2.8%








.


Geographical Breakdown as a % of net assetsUnited States 28.33United Kingdom 10.17Italy 8.25Germany 8.23Luxembourg 6.23France 4.37Australia 4.14Japan 3.70Switzerland 3.61Netherlands 2.98Ireland 2.70Belgium 2.47Canada 1.89Norway 1.36Sweden 0.91Hong Kong 0.87Supranationals 0.77Finland 0.72Spain 0.37Cayman Islands 0.35Israel 0.20Singapore 0.17Mexico 0.16United Arab Emirates 0.08Total 93.03

Economic Breakdown as a % of net assetsCountries & central governments 21.07Banks & credit institutions 12.23Investment funds & pension foundations 7.17Finance & holding companies 5.19Internet, software & IT services 4.60Petroleum 3.82Pharmaceuticals, cosmetics & medical products 3.30Telecommunications 3.22Insurance 2.32Food & soft drinks 2.20Retail trade, department stores 2.11Tobacco & alcohol 1.87Mortgage & funding institutions 1.77Textiles, garments & leather goods 1.61Mechanical engineering & industrial equipment 1.52Electronics & semiconductors 1.46Vehicles 1.42Biotechnology 1.37Public, non-profit institutions 1.33Energy & water supply 1.10Chemicals 0.94Computer hardware & network equipment providers 0.92Cantons, federal states 0.92Healthcare & social services 0.92Aerospace industry 0.89Miscellaneous consumer goods 0.87Lodging, catering & leisure 0.86Supranational organisations 0.77Miscellaneous unclassified companies 0.70Building industry & materials 0.65Miscellaneous trading companies 0.65Electrical devices & components 0.64Miscellaneous services 0.55Mining, coal & steel 0.48Non-ferrous metals 0.46Traffic & transportation 0.46Watches & jewellery 0.33Various capital goods 0.20Real Estate 0.14Total 93.03



Statement of Net Assets EURAssets 30.9.2013Investments in securities, cost 765 020 122.70Investments in securities, unrealized appreciation (depreciation) 20 300 437.04Total investments in securities (Note 1) 785 320 559.74Cash at banks, deposits on demand and deposit accounts 42 098 491.19Other liquid assets (Margins) 8 675 023.60Receivable on securities sales (Note 1) 301 991.30Receivable on subscriptions 1 182 392.23Interest receivable on securities 2 206 217.96Interest receivable on liquid assets 11 087.27Receivable on dividends 506 356.09Other receivables 109 118.90Unrealized gain (loss) on financial futures (Note 1) 1 080 803.27Unrealized gain (loss) on forward foreign exchange contracts (Note 1) 821 793.00Unrealized gain (loss) on swaps (Note 1) 3 993 361.64Total Assets 846 307 196.19

LiabilitiesInterest payable on bank overdraft -688.33Payable on securities purchases (Note 1) -151 417.53Payable on redemptions -1 247 626.23Provisions for flat fee (Note 2) -674 795.64Provisions for taxe d’abonnement (Note 3) -94 852.55Total provisions -769 648.19Total Liabilities -2 169 380.28


Statement of Operations EURIncome 1.10.2012-30.9.2013Interest on liquid assets 97 574.63Interest on securities 4 270 180.11Dividends (Note 1) 3 244 364.71Interest received on swaps (Note 1) 3 295 633.05Income on securities lending (Note 16) 208 256.63Other income 94 009.85Total income 11 210 018.98



Realized gain (loss) (Note 1)Realized gain (loss) on market-priced securities without options 134 845 234.49Realized gain (loss) on options -5 930 467.24Realized gain (loss) on yield-evaluated securities and money market instruments 23 694.49Realized gain (loss) on financial futures 15 418 379.62Realized gain (loss) on forward foreign exchange contracts 27 282 762.18Realized gain (loss) on swaps -2 574 956.34Realized result on subscriptions/redemptions (Note 4) 238 682.46Total realized gain (loss) on investments 169 303 329.66Realized gain (loss) on foreign exchange 2 159 150.58Total realized gain (loss) 171 462 480.24


Changes in unrealized appreciation (depreciation) (Note 1)Unrealized appreciation (depreciation) on market-priced securities without options -84 967 095.96Unrealized appreciation (depreciation) on options -1 353 375.19Unrealized appreciation (depreciation) on yield-evaluated securities and money market instruments 57 333.01Unrealized appreciation (depreciation) on financial futures 402 298.44Unrealized appreciation (depreciation) on forward foreign exchange contracts -804 461.48Unrealized appreciation (depreciation) on swaps 1 975 999.90Total changes in unrealized appreciation (depreciation) -84 689 301.28




Statement of Changes in Net Assets EUR 1.10.2012-30.9.2013Net assets at the beginning of the financial year 821 157 640.27Subscriptions 148 023 753.57Redemptions -206 076 588.82Total net subscriptions (redemptions) -58 052 835.25Net income (loss) on investments -5 740 168.07Total realized gain (loss) 171 462 480.24Total changes in unrealized appreciation (depreciation) -84 689 301.28Net increase (decrease) in net assets as a result of operations 81 033 010.89Net assets at the end of the financial year 844 137 815.91


1.10.2012-30.9.2013Class (CAD hedged) P-accNumber of shares outstanding at the beginning of the financial year 2 237 111.0890Number of shares issued 1 159 180.8390Number of shares redeemed -1 158 316.1020Number of shares outstanding at the end of the financial year 2 237 975.8260Class (GBP hedged) P-accNumber of shares outstanding at the beginning of the financial year 4 611 613.4690Number of shares issued 536 740.6820Number of shares redeemed -1 048 436.0260Number of shares outstanding at the end of the financial year 4 099 918.1250Class (SGD hedged) P-accNumber of shares outstanding at the beginning of the financial year 3 826 763.9680Number of shares issued 502 714.8410Number of shares redeemed -1 460 277.2850Number of shares outstanding at the end of the financial year 2 869 201.5240Class I-B-accNumber of shares outstanding at the beginning of the financial year 0.0000Number of shares issued 463 908.9160Number of shares redeemed -0.0010Number of shares outstanding at the end of the financial year 463 908.9150Class N-accNumber of shares outstanding at the beginning of the financial year 2 326.2100Number of shares issued 32 629.4810Number of shares redeemed -298.6460Number of shares outstanding at the end of the financial year 34 657.0450Class P-accNumber of shares outstanding at the beginning of the financial year 66 541 520.5550Number of shares issued 6 562 959.5430Number of shares redeemed -15 119 645.1110Number of shares outstanding at the end of the financial year 57 984 834.9870Class Q-accNumber of shares outstanding at the beginning of the financial year 0.0150Number of shares issued 12 904.9760Number of shares redeemed -3 244.6170Number of shares outstanding at the end of the financial year 9 660.3740






Bearer shares

Australia

AUD WESTFIELD GROUP NPV STAPLED UNITS 149 700.00 1 138 511.88 0.13Total Australia 1 138 511.88 0.13

Belgium

EUR UCB NPV 19 858.00 893 411.42 0.11Total Belgium 893 411.42 0.11

Canada

CAD CANADIAN OIL SANDS COM NPV 108 900.00 1 562 180.32 0.19USD CATAMARAN CORP COM NPV 56 500.00 1 917 907.14 0.23CAD LIGHTSTREAM RES LT COM NPV 144 789.00 772 115.41 0.09USD LULULEMON ATHLETIC COM STK USD0.01 43 600.00 2 354 171.31 0.28CAD PETROMINERALES LTD COM NPV 82 900.00 697 080.83 0.08CAD SUNCOR ENERGY INC COM NPV ‘NEW’ 74 000.00 1 958 737.26 0.23Total Canada 9 262 192.27 1.10

Finland

EUR SAMPO OYJ SER’A’NPV 127 773.00 4 058 070.48 0.48Total Finland 4 058 070.48 0.48

France

EUR BUREAU VERITAS EUR0.12 60 958.00 1 420 321.40 0.17EUR CARREFOUR EUR2.50 111 440.00 2 827 790.00 0.33EUR CGG EUR0.40 69 605.00 1 185 721.18 0.14EUR EDENRED EUR2 51 921.00 1 246 104.00 0.15EUR GDF SUEZ EUR1 134 607.00 2 499 651.99 0.30EUR LVMH MOET HENNESSY EUR0.30 21 438.00 3 121 372.80 0.37EUR PEUGEOT SA EUR1 120 137.00 1 459 664.55 0.17EUR REMY COINTREAU EUR1.60 7 069.00 556 825.13 0.06EUR SCHNEIDER ELECTRIC EUR8 52 447.00 3 278 461.97 0.39Total France 17 595 913.02 2.08

Germany

EUR BAYERISCHE MOTOREN WERKE AG EUR1 23 217.00 1 845 054.99 0.22EUR FRESENIUS MED CARE NPV 23 126.00 1 112 129.34 0.13EUR LINDE AG NPV 17 906.00 2 621 438.40 0.31EUR SAP AG ORD NPV 49 366.00 2 698 839.22 0.32Total Germany 8 277 461.95 0.98

Hong Kong

HKD AIA GROUP LTD USD1.00 794 800.00 2 759 680.48 0.33USD JARDINE MATHESON COM USD0.25(BERMUDA REG) 34 400.00 1 395 161.23 0.16USD MICHAEL KORS HOLDI COM NPV 57 600.00 3 170 946.70 0.38Total Hong Kong 7 325 788.41 0.87

Ireland

USD ACCENTURE PLC SHS CL A ‘NEW’ 24 300.00 1 321 945.85 0.16USD COVIDIEN PLC USD0.20(POST CONSOLIDATION) 42 100.00 1 895 300.85 0.22USD INGERSOLL-RAND PLC SHS USD1 49 200.00 2 360 320.61 0.28GBP SHIRE ORD GBP0.05 120 274.00 3 565 502.98 0.42Total Ireland 9 143 070.29 1.08

Israel

USD CHECK POINT SFTWRE ORD ILS0.01 40 600.00 1 696 403.06 0.20Total Israel 1 696 403.06 0.20

Italy

EUR SAIPEM EUR1 80 822.00 1 298 001.32 0.15Total Italy 1 298 001.32 0.15

Japan

JPY ITOCHU CORP NPV 252 600.00 2 285 871.20 0.27JPY JAPAN AIRLINES CO NPV 41 400.00 1 851 402.00 0.22JPY KDDI CORP NPV 57 100.00 2 166 609.21 0.26JPY MITSUBISHI UFJ FIN NPV 417 100.00 1 968 890.99 0.23JPY ORIX CORP NPV 215 000.00 2 581 743.47 0.31JPY PANASONIC CORP NPV 239 700.00 1 710 764.82 0.20JPY SANKYO CO LTD NPV 38 800.00 1 400 665.00 0.17JPY SHISEIDO CO LTD NPV 197 500.00 2 622 887.25 0.31JPY TOKYO GAS CO NPV 274 000.00 1 109 805.26 0.13JPY TOYOTA MOTOR CORP NPV 74 900.00 3 535 601.42 0.42Total Japan 21 234 240.62 2.52

Netherlands

EUR CNH INDUSTRIAL NV COM EUR0.01 207 125.00 1 963 545.00 0.23EUR HEINEKEN NV EUR1.60 36 077.00 1 890 074.03 0.23EUR KONINKLIJKE DSM NV EUR1.5 58 951.00 3 288 286.78 0.39USD LYONDELLBASELL IND COM USD0.01 45 100.00 2 439 827.87 0.29GBP ROYAL DUTCH SHELL PLC ‘A’SHS EUR0.07 108 171.00 2 639 907.80 0.31Total Netherlands 12 221 641.48 1.45



Norway

NOK GJENSIDIGE FORSIKR NOK2 101 647.00 1 133 685.39 0.13NOK PETROLEUM GEO SVS NOK8 187 182.00 1 708 303.51 0.20NOK TELENOR ASA ORD NOK6 384 129.00 6 482 999.14 0.77Total Norway 9 324 988.04 1.10

Sweden

SEK ALFA LAVAL AB NPV 55 460.00 989 328.66 0.12SEK ATLAS COPCO AB SER’A’NPV 91 796.00 1 986 974.55 0.24SEK LUNDIN PETROLEUM A NPV 134 048.00 2 136 842.43 0.25SEK NORDEA BANK AB ORD NPV(SEK QUOTE) 287 906.00 2 566 264.09 0.30Total Sweden 7 679 409.73 0.91

Switzerland

GBP GLENCORE XSTRATA PLC USD0.01 786 353.00 3 167 440.11 0.38Total Switzerland 3 167 440.11 0.38

United Kingdom

GBP ABERDEEN ASSET MGT ORD GBP0.10 361 361.00 1 636 702.09 0.19GBP ASSOCD BRIT FOODS ORD GBP0.0568 47 447.00 1 064 852.22 0.13GBP AVIVA ORD GBP0.25 815 878.00 3 872 974.46 0.46GBP BARCLAYS ORD GBP0.25 469 169.00 1 490 189.79 0.18GBP BG GROUP ORD GBP0.10 230 399.00 3 253 826.03 0.39GBP BP ORD USD0.25 558 670.00 2 894 618.16 0.34GBP BURBERRY GROUP ORD GBP0.0005 101 454.00 1 983 211.24 0.23GBP CENTRICA ORD GBP0.061728395 433 422.00 1 916 938.36 0.23GBP COMPASS GROUP ORD GBP0.10 242 303.00 2 463 913.54 0.29GBP DIAGEO ORD GBX28.935185 163 276.00 3 838 244.66 0.45GBP DIRECT LINE INSURA ORD GBP0.10 354 393.00 903 899.37 0.11GBP HSBC HLDGS ORD USD0.50(UK REG) 971 092.00 7 776 672.89 0.92GBP IMPERIAL TOBACCO ORD GBP0.10 232 508.00 6 361 386.93 0.75GBP INTERTEK GROUP ORD GBP0.01 35 558.00 1 405 906.82 0.17GBP LLOYDS BANKING GROUP PLC ORD GBP0.25 4 281 133.00 3 768 480.31 0.45GBP PREMIER OIL ORD GBP0.125 292 811.00 1 140 213.37 0.14GBP PRUDENTIAL ORD GBP0.05 170 771.00 2 351 457.82 0.28GBP RIO TINTO ORD GBP0.10 107 876.00 3 901 312.41 0.46GBP SABMILLER ORD USD0.10 84 083.00 3 162 054.94 0.37GBP SAGE GROUP GBP0.01051948 389 889.00 1 538 294.12 0.18GBP STANDARD CHARTERED ORD USD0.50 129 657.00 2 297 199.83 0.27GBP TULLOW OIL ORD GBP0.10 149 687.00 1 833 714.79 0.22GBP WEIR GROUP ORD GBP0.125 24 800.00 691 282.16 0.08Total United Kingdom 61 547 346.31 7.29

United States

USD ABBVIE INC COM USD0.01 78 100.00 2 580 735.79 0.31USD ALLERGAN INC COM USD0.01 30 000.00 2 004 580.21 0.24USD AMAZON COM INC COM USD0.01 14 200.00 3 279 642.45 0.39USD AMETEK INC COM USD0.01 63 100.00 2 145 208.88 0.25USD APOLLO GROUP INC CLASS’A’COM NPV 93 900.00 1 443 548.18 0.17USD APPLE INC COM NPV 18 600.00 6 550 844.01 0.78USD BANKUNITED INC COM USD0.01 61 300.00 1 412 438.22 0.17USD BIOGEN IDEC INC COM STK USD0.0005 14 500.00 2 578 967.98 0.31USD BOEING CO COM USD5 36 800.00 3 194 326.45 0.38USD CARDINAL HEALTH INC COM 43 700.00 1 683 562.96 0.20USD CELGENE CORP COM USD0.01 16 700.00 1 899 036.68 0.22USD CHUBB CORP COM 25 400.00 1 674 881.99 0.20USD COLGATE-PALMOLIVE COM USD1 30 900.00 1 353 651.24 0.16USD CONCHO RES INC COM STK USD0.001 28 000.00 2 250 714.73 0.27USD CROWN CASTLE INTL CORP COM 44 500.00 2 400 794.15 0.28USD CUMMINS INC COM 20 100.00 1 972 952.39 0.23USD DANAHER CORP COM USD0.01 48 100.00 2 463 186.20 0.29USD DISCOVER FINL SVCS COM STK USD0.01 53 400.00 1 993 747.28 0.24USD DOLLAR GENERAL CP COM USD0.875 58 400.00 2 435 832.01 0.29USD EBAY INC COM USD0.001 95 600.00 3 940 105.64 0.47USD EOG RESOURCES INC COM USD0.01 8 900.00 1 112 984.89 0.13USD ESTEE LAUDER COS CLASS’A’COM USD0.01 51 900.00 2 680 020.68 0.32USD FACEBOOK INC COM USD0.000006 CL ‘A’ 150 700.00 5 593 150.37 0.66USD FMC TECHNOLOGIES INC COM 27 100.00 1 109 505.41 0.13USD GEN ELEC CO COM USD0.06 136 500.00 2 409 031.14 0.29USD GILEAD SCIENCES COM USD0.001 76 700.00 3 560 616.11 0.42USD GOOGLE INC COM USD0.001 CL’A’ 14 770.00 9 557 264.21 1.13USD HAIN CELESTIAL GROUP INC COM 22 600.00 1 287 564.73 0.15USD HESS CORPORATION COM USD1 37 200.00 2 125 400.21 0.25USD HORMEL FOODS CORP COM 70 900.00 2 206 115.32 0.26USD INTUITIVE SURGICAL COM USD0.001 4 800.00 1 334 241.50 0.16USD KELLOGG CO COM USD0.25 62 700.00 2 720 327.26 0.32USD LAS VEGAS SANDS CORP COM 55 800.00 2 737 957.37 0.32USD LIBERTY GLOBAL INC USD0.01 A 23 600.00 1 383 415.21 0.16USD LOWE’S COS INC COM USD0.50 48 200.00 1 695 269.83 0.20USD MASTERCARD INC COM USD0.0001 CLASS ‘A’ 5 200.00 2 584 461.27 0.31USD MDU RES GROUP INC COM USD1 63 200.00 1 305 879.66 0.15USD MICRON TECHNOLOGY COM USD0.10 127 700.00 1 648 076.68 0.20USD MOHAWK INDS COM USD0.01 17 200.00 1 655 006.83 0.20USD MONSTER BEV CORP COM USD0.005 44 800.00 1 729 250.54 0.20USD MORGAN STANLEY COM STK USD0.01 131 400.00 2 616 060.28 0.31USD NETAPP INC COM USD0.001 39 800.00 1 253 112.70 0.15USD NIKE INC CLASS’B’COM NPV 60 500.00 3 246 570.38 0.38USD OCCIDENTAL PETRLM COM USD0.20 24 900.00 1 720 641.23 0.20USD OWENS CORNING COM STK USD0.01 74 000.00 2 076 253.09 0.25USD PNC FINL SVCS GROUP INC COM 32 700.00 1 750 168.06 0.21USD PRECISION CASTPART COM NPV 20 100.00 3 374 228.20 0.40USD PRICELINE.COM INC COM USD0.008 5 600.00 4 182 262.77 0.50USD PRINCIPAL FINL GP COM USD0.01 60 500.00 1 913 796.03 0.23USD PROCTER & GAMBLE COM NPV 48 400.00 2 702 734.09 0.32




USD PROGRESSIVE CP(OH) COM USD1 44 200.00 889 126.44 0.11USD PRUDENTIAL FINL INC COM 29 800.00 1 716 694.86 0.20USD QUALCOMM INC COM USD0.0001 66 200.00 3 294 228.20 0.39USD RALPH LAUREN CORP CLASS ‘A’ COM USD0.01 11 900.00 1 448 149.08 0.17USD REALOGY HLDGS CORP COM USD0.01 51 400.00 1 633 530.09 0.19USD ROYAL CARIBBEAN COM USD0.01 74 200.00 2 098 309.02 0.25USD SALESFORCE.COM INC COM USD0.001 86 800.00 3 328 621.14 0.39USD SCHLUMBERGER COM USD0.01 30 700.00 2 003 953.75 0.24USD SERVICENOW INC COM USD0.001 35 400.00 1 358 571.27 0.16USD SHERWIN-WILLIAMS COM USD1 17 300.00 2 328 307.91 0.28USD ST JUDE MED INC COM 44 400.00 1 759 403.10 0.21USD SYMANTEC CORP COM 113 100.00 2 067 908.99 0.24USD TERADATA CORP COM STK USD0.01 ‘WI’ 58 800.00 2 408 208.92 0.29USD THERMO FISHER SCIE COM USD1 44 900.00 3 056 576.66 0.36USD TIME WARNER CABLE USD0.01 27 400.00 2 258 959.11 0.27USD TIMKEN CO COM NPV 27 400.00 1 222 590.77 0.14USD UNION PACIFIC CORP COM USD2.50 17 600.00 2 019 712.63 0.24USD UNITEDHEALTH GRP COM USD0.01 82 900.00 4 385 527.28 0.52USD UTD TECHNOLOGIES COM USD1 36 400.00 2 899 307.80 0.34USD VIACOM INC NEW CL’B’ NON-VTG USD0.001 34 900.00 2 154 871.64 0.26USD VISA INC COM STK USD0.0001 22 100.00 3 119 942.38 0.37USD VMWARE INC COM STK USD0.01 CLASS ‘A’ 42 200.00 2 522 055.18 0.30USD WELLS FARGO & CO COM USD1 2/3 89 700.00 2 738 081.48 0.32USD WHIRLPOOL CORP COM 17 200.00 1 860 723.23 0.22USD XILINX INC COM USD0.01 44 600.00 1 543 941.20 0.18Total United States 180 647 425.62 21.40


Other shares

Switzerland

CHF ROCHE HLDGS AG GENUSSCHEINE NPV 21 217.00 4 227 667.97 0.50Total Switzerland 4 227 667.97 0.50

Total Other shares 4 227 667.97 0.50

Preference shares

Germany

EUR VOLKSWAGEN AG NON VTG PRF NPV 23 982.00 4 178 863.50 0.50Total Germany 4 178 863.50 0.50

Total Preference shares 4 178 863.50 0.50

Registered shares

Germany

EUR BAYER AG NPV (REGD) 23 283.00 2 029 346.28 0.24EUR DEUTSCHE BANK AG NPV(REGD) 48 941.00 1 661 057.54 0.20EUR E.ON SE NPV 79 621.00 1 047 016.15 0.12EUR INFINEON TECHNOLOG AG NPV (REGD) 591 456.00 4 373 817.12 0.52Total Germany 9 111 237.09 1.08

Switzerland

CHF CREDIT SUISSE GRP CHF0.04(REGD) 198 891.00 4 487 907.54 0.53CHF NESTLE SA CHF0.10(REGD) 154 696.00 7 993 642.27 0.95CHF NOVARTIS AG CHF0.50(REGD) 137 550.00 7 809 990.30 0.93CHF RICHEMONT(CIE FIN) CHF1.00 (REG) SER ‘A’ 37 936.00 2 807 920.64 0.33Total Switzerland 23 099 460.75 2.74


Rights

United Kingdom

GBP BARCLAYS PLC NIL PAID RIGHTS 02.10.13 117 292.00 113 307.50 0.01Total United Kingdom 113 307.50 0.01

Italy

EUR FIAT INDUSTRIAL SPA RIGHTS 10.09.13 207 125.00 164.30 0.00Total Italy 164.30 0.00

Total Rights 113 471.80 0.01


EUR

EUR BELGIUM, KINGDOM OF TB 0.00000% 15.11.12-14.11.13 20 000 000.00 19 998 475.12 2.37EUR ITALY, REPUBLIC OF TB 0.00000% 30.08.13-28.02.14 15 000 000.00 14 952 460.31 1.77Total EUR 34 950 935.43 4.14


Notes, fixed rate

GBP

GBP BRITISH TELECOMMUNICATIONS PLC 5.75000% 99-07.12.28 1 000 000.00 1 368 435.77 0.16Total GBP 1 368 435.77 0.16

USD

USD ENEL FINANCE INTERNATIONAL SA-REG-S 5.12500% 09-07.10.19 1 000 000.00 770 737.63 0.09USD GDF SUEZ-REG-S 1.62500% 12-10.10.17 1 000 000.00 735 670.22 0.09USD GOLDMAN SACHS GROUP INC 3.62500% 13-22.01.23 2 000 000.00 1 412 858.57 0.17USD HSBC HOLDINGS PLC 4.00000% 12-30.03.22 2 000 000.00 1 503 354.63 0.18




USD MONDELEZ INTL 5.37500% 10-10.02.20 1 000 000.00 834 167.62 0.10USD PETROLEOS MEXICANOS 3.50000% 13-30.01.23 1 000 000.00 671 497.07 0.08USD TAQA ABU DHABI NATIONAL ENERGY CO-REG-S 3.62500% 12-12.01.23 1 000 000.00 690 355.70 0.08USD TEVA PHARMACEUTICAL FINANCE IV LLC 2.25000% 12-18.03.20 1 000 000.00 700 689.25 0.08USD TOTAL CAPITAL CANADA LTD 2.75000% 13-15.07.23 2 000 000.00 1 385 464.47 0.16USD VALE OVERSEAS LTD 4.37500% 12-11.01.22 1 000 000.00 711 737.89 0.08USD VEB FINANCE PLC-REG-S LPN 5.37500% 12-13.02.17 2 000 000.00 1 560 595.42 0.19USD WAL-MART STORES INC 6.50000% 07-15.08.37 500 000.00 458 482.99 0.06Total USD 11 435 611.46 1.36



EUR

EUR ABBEY NATIONAL TREASURY SERVICES-REG-S 2.62500% 13-16.07.20 2 000 000.00 2 010 900.00 0.24EUR BMW US CAPITAL LLC 1.00000% 13-18.07.17 2 000 000.00 1 981 720.00 0.23EUR E.ON INTERNATIONAL FINANCE BV 5.75000% 08-07.05.20 1 000 000.00 1 238 250.00 0.15EUR EDP FINANCE BV 3.75000% 05-22.06.15 1 000 000.00 1 015 240.00 0.12EUR GAS NATURAL CAPITAL MARKETS SA 6.00000% 12-27.01.20 1 000 000.00 1 151 080.00 0.14EUR GE CAPITAL EUROPEAN FUNDING-REG-S 2.00000% 12-27.02.15 2 000 000.00 2 035 600.00 0.24EUR ORANGE-REG-S 1.87500% 13-02.10.19 1 000 000.00 983 490.00 0.12EUR POHJOLA BANK PLC 1.75000% 13-29.08.18 2 000 000.00 2 007 440.00 0.24EUR RENAULT SA 3.62500% 13-19.09.18 1 000 000.00 1 002 930.00 0.12EUR TELECOM ITALIA SPA 4.62500% 12-15.06.15 2 000 000.00 2 079 180.00 0.24EUR TELEFONICA EMISIONES SAU 2.73600% 13-29.05.19 2 000 000.00 1 955 940.00 0.23EUR UNICREDIT SPA 3.37500% 12-11.01.18 2 000 000.00 2 000 500.00 0.24Total EUR 19 462 270.00 2.31

GBP

GBP EUROPEAN INVESTMENT BANK 3.25000% 11-07.12.16 3 150 000.00 4 001 751.36 0.48GBP ROYAL BANK OF SCOTLAND PLC 6.87500% 10-17.05.25 1 000 000.00 1 449 857.38 0.17Total GBP 5 451 608.74 0.65

JPY

JPY CAISSE FRANCAISE DE FINANCEMENT LOCAL 1.55000% 06-31.10.13 60 000 000.00 452 064.43 0.05Total JPY 452 064.43 0.05

USD

USD NESTLE HOLDINGS INC-REG-S 2.25000% 13-12.03.19 2 000 000.00 1 489 749.94 0.17USD ROYAL BANK OF CANADA 1.45000% 13-09.09.16 2 000 000.00 1 491 778.52 0.18USD SUN HUNG KAI PROPERTIES LTD-REG-S 4.50000% 12-14.02.22 2 000 000.00 1 494 463.11 0.18Total USD 4 475 991.57 0.53



EUR

EUR DNB BANK ASA-REG-S-SUB 4.750%/12M EUSA5+325BP 12-08.03.22 2 000 000.00 2 141 100.00 0.26EUR PACCAR FINANCIAL CORP-REG-S 3M EURIBOR+38BP 13-24.06.16 1 700 000.00 1 699 847.00 0.20Total EUR 3 840 947.00 0.46

GBP

GBP BARCLAYS BANK PLC-SUB 6.750%/3M LIBOR+249BP 07-16.01.23 1 000 000.00 1 303 188.42 0.15GBP IMPERIAL TOBACCO FINANCE 9.00000%/RATING LINKED 09-17.02.22 500 000.00 808 964.27 0.10Total GBP 2 112 152.69 0.25

USD

USD UNITED OVERSEAS BANK LTD-REG-S-SUB 2.875%/VAR 12-17.10.22 2 000 000.00 1 471 547.30 0.17Total USD 1 471 547.30 0.17

Total Medium term notes, floating rate 7 424 646.99 0.88

Bonds, fixed rate

AUD

AUD QUEENSLAND TREASURY CORP 6.00000% 11-21.07.22 3 900 000.00 2 965 362.58 0.35AUD QUEENSLAND TREASURY CORP-REG-S 4.25000% 12-21.07.23 5 700 000.00 3 772 250.67 0.45AUD TREASURY CORP OF VICTORIA 6.00000% 03-17.10.22 4 900 000.00 3 791 274.25 0.45Total AUD 10 528 887.50 1.25

CAD

CAD CANADA, GOVERNMENT 3.25000% 10-01.06.21 1 740 000.00 1 335 364.86 0.16CAD CANADA, GOVERNMENT 4.25000% 07-01.06.18 610 000.00 486 140.68 0.05Total CAD 1 821 505.54 0.21

EUR

EUR GERMANY, REPUBLIC OF 4.75000% 98-04.07.28 6 250 000.00 8 178 750.00 0.97EUR GERMANY, REPUBLIC OF 4.00000% 05-04.01.37 2 850 000.00 3 549 874.50 0.42EUR GERMANY, REPUBLIC OF 3.75000% 08-04.01.19 800 000.00 922 088.00 0.11EUR GERMANY, REPUBLIC OF 3.00000% 10-04.07.20 5 800 000.00 6 524 942.00 0.77EUR GERMANY, REPUBLIC OF 2.25000% 11-04.09.21 3 200 000.00 3 419 680.00 0.41EUR GERMANY, REPUBLIC OF 2.50000% 10-27.02.15 10 000 000.00 10 333 000.00 1.22EUR ITALY, REPUBLIC OF BTP 3.75000% 10-01.03.21 5 000 000.00 4 994 000.00 0.59EUR ITALY, REPUBLIC OF BTP 4.50000% 13-01.05.23 8 100 000.00 8 172 090.00 0.97EUR ITALY, REPUBLIC OF-BTP 4.00000% 05-01.02.37 2 950 000.00 2 615 470.00 0.31EUR ITALY, REPUBLIC OF-BPT 3.75000% 06-01.08.16 8 100 000.00 8 399 781.00 0.99EUR ITALY, REPUBLIC OF-BTP 4.00000% 06-01.02.17 8 100 000.00 8 433 072.00 1.00EUR ITALY, REPUBLIC OF-BTP 4.75000% 08-01.08.23 8 100 000.00 8 389 980.00 0.99EUR ITALY, REPUBLIC OF-BTP 3.50000% 12-01.11.17 8 200 000.00 8 334 890.00 0.99EUR NETHERLANDS, KINGDOM OF THE 3.25000% 05-15.07.15 8 300 000.00 8 742 722.00 1.04EUR ONTARIO, PROVINCE OF 4.25000% 08-11.12.13 1 000 000.00 1 007 670.00 0.12Total EUR 92 018 009.50 10.90





GBP

GBP UNITED KINGDOM OF GREAT BRITAIN & N IRL 4.50000% 08-07.03.19 550 000.00 755 225.52 0.09GBP UNITED KINGDOM OF GREAT BRITAIN & N IRL 4.25000% 10-07.12.40 2 600 000.00 3 545 895.61 0.42Total GBP 4 301 121.13 0.51

JPY

JPY EUROPEAN INVESTMENT BANK 1.40000% 05-20.06.17 320 000 000.00 2 512 734.26 0.30JPY JAPAN 1.70000% 06-20.12.16 250 000 000.00 1 975 781.92 0.23JPY JAPAN 1.80000% 12-20.12.31 100 000 000.00 790 935.38 0.09JPY JAPAN 2.10000% 06-20.12.26 500 000 000.00 4 297 427.48 0.51JPY JAPAN FINANCE ORG FOR MUNI 1.35000% 03-26.11.13 20 000 000.00 150 835.26 0.02JPY JAPAN FINANCE ORG FOR MUNI 2.00000% 06-09.05.16 230 000 000.00 1 817 504.64 0.21JPY JAPAN FINANCE ORG FOR MUNI 1.90000% 08-22.06.18 100 000 000.00 813 107.09 0.10Total JPY 12 358 326.03 1.46

USD

USD BP CAPITAL MARKETS PLC 1.37500% 12-06.11.17 1 000 000.00 727 570.64 0.09USD CHINA OVERSEAS FINANCE CAYMAN II-REG-S 5.50000% 10-10.11.20 1 000 000.00 763 882.84 0.09USD GAZ CAPITAL SA/GAZPROM-REG-S LPN 9.25000% 09-23.04.19 1 500 000.00 1 358 216.67 0.16USD PFIZER INC 7.20000% 09-15.03.39 1 000 000.00 1 001 412.48 0.12Total USD 3 851 082.63 0.46



EUR

EUR LAFARGE SA-REG-S 5.000%/RATING LINKED 10-13.04.18 1 000 000.00 1 087 750.00 0.13Total EUR 1 087 750.00 0.13

USD

USD DEUTSCHE TELEKOM INTL FIN 8.750%/RATING LINKED 00-15.06.30 1 000 000.00 1 023 667.87 0.12Total USD 1 023 667.87 0.12




Notes, fixed rate

AUD

AUD NEW SOUTH WALES TREASURY CORP 4.00000% 13-20.04.23 5 600 000.00 3 710 635.39 0.44AUD TASMANIAN PUBLIC FINANCE 5.50000% 10-23.06.14 1 100 000.00 775 612.46 0.09Total AUD 4 486 247.85 0.53

USD

USD CITIGROUP INC 3.37500% 13-01.03.23 2 000 000.00 1 405 929.15 0.17USD E.ON INTERNATIONAL FINANCE BV-REG-S 6.65000% 08-30.04.38 1 000 000.00 905 016.06 0.11USD JPMORGAN CHASE & CO 1.80000% 13-25.01.18 2 000 000.00 1 456 911.32 0.17USD KRAFT FOODS GROUP INC 3.50000% 12-06.06.22 1 000 000.00 729 608.09 0.09USD MORGAN STANLEY 4.75000% 12-22.03.17 2 000 000.00 1 595 273.52 0.19USD NEWS AMERICA INC 3.00000% 13-15.09.22 1 000 000.00 692 255.75 0.08USD TIME WARNER CABLE INC 4.00000% 11-01.09.21 1 000 000.00 689 224.69 0.08Total USD 7 474 218.58 0.89



USD

USD BANK OF AMERICA CORP 3.30000% 13-11.01.23 2 000 000.00 1 384 050.52 0.17USD GENERAL ELECTRIC CAPITAL CORP 3.10000% 13-09.01.23 2 000 000.00 1 382 160.82 0.16Total USD 2 766 211.34 0.33


Bonds, fixed rate

AUD

AUD WESTERN AUSTRALIAN TREASURY CORP 7.000000% 01-15.10.19 4 700 000.00 3 762 722.99 0.44Total AUD 3 762 722.99 0.44

CAD

CAD CANADA, GOVERNMENT 1.50000% 12-01.06.23 500 000.00 327 549.22 0.04CAD CANADA, GOVERNMENT 4.00000% 05-01.06.16 800 000.00 615 319.12 0.07Total CAD 942 868.34 0.11

USD

USD AMERICA MOVIL SAB DE CV 3.12500% 12-16.07.22 1 000 000.00 679 982.27 0.08USD UNILEVER CAPITAL CORP 2.20000% 13-06.03.19 1 000 000.00 744 035.76 0.09Total USD 1 424 018.03 0.17



USD

USD AMERICA, UNITED STATES OF 3.87500% 10-15.08.40 850 000.00 654 324.49 0.08USD AMERICA, UNITED STATES OF 2.62500% 10-15.08.20 550 000.00 424 053.19 0.05




USD AMERICA, UNITED STATES OF 1.25000% 10-30.09.15 20 880 000.00 15 709 367.59 1.86USD AMERICA, UNITED STATES OF 1.87500% 10-30.09.17 2 700 000.00 2 058 185.28 0.24USD AMERICA, UNITED STATES OF 0.62500% 12-31.08.17 26 000 000.00 18 908 712.00 2.24Total USD 37 754 642.55 4.47



Other money market instruments in accordance with Article 41 (1) h)

Euro Commercial Papers, zero coupon

EUR

EUR BPCE ECP 0.00000% 13.05.13-15.10.13 15 000 000.00 14 998 968.82 1.78EUR CREDIT AGRICOLE CIB LONDON ECP 0.00000% 12.04.13-15.10.13 10 000 000.00 9 999 104.25 1.18EUR DEUTSCHE BANK AUSTRAL-REG-S ECP 0.00000% 13.05.13-13.11.13 15 000 000.00 14 996 334.23 1.78EUR MUENCHENER HYPOTHEKENBANK EG ECP 0.00000% 14.05.13-14.02.14 15 000 000.00 14 982 040.28 1.77Total EUR 54 976 447.58 6.51

Total Euro Commercial Papers, zero coupon 54 976 447.58 6.51

Total Other money market instruments in accordance with Article 41 (1) h) 54 976 447.58 6.51



Ireland

USD UBS (IRL) INVESTOR SELECTION PLC - UBS GLOB EMER MKT OPP-I-B USD 85 579.00 10 076 150.42 1.19Total Ireland 10 076 150.42 1.19

Luxembourg

USD UBS (LUX) EQUITY SICAV - EM GROWTH (USD)-U-X-ACC 1 531.00 20 835 975.22 2.47USD UBS (LUX) INST FUND - EMERGING MARKETS EQUITY FA 2 105.00 29 594 591.00 3.51Total Luxembourg 50 430 566.22 5.98





GBP

GBP FTSE 100 INDEX CALL 6700.00000 20.12.13 1 124.00 726 119.03 0.09Total GBP 726 119.03 0.09

JPY


USD

USD S&P500 C1700.0 1213 467.00 1 124 677.72 0.13Total USD 1 124 677.72 0.13







GBP LONG GILT FUTURE 27.12.13 145.00 289 689.14 0.03USD US 10YR TREASURY NOTE FUTURE 19.12.13 365.00 631 973.24 0.08EUR EURO-BUND FUTURE 06.12.13 28.00 66 360.00 0.01USD US 2YR TREASURY NOTE FUTURE 31.12.13 -181.00 -75 214.12 -0.01Total Financial Futures on bonds 912 808.26 0.11


CHF SWISS MARKET INDEX FUTURE 20.12.13 -64.00 -15 685.79 0.00EUR AMSTERDAM EXCHANGE INDEX FUTURE 18.10.13 78.00 -69 420.00 -0.01EUR DAX INDEX FUTURE 20.12.13 19.00 -5 225.00 0.00USD MINI MSCI EMERGING MARKETS INDEX FUTURE 20.12.13 435.00 -896 383.11 -0.12CAD S&P/TSX 60 INDEX FUTURE 19.12.13 138.00 55 540.51 0.01EUR CAC 40 INDEX FUTURE 18.10.13 -167.00 -19 205.00 0.00USD NASDAQ 100 E-MINI FUTURE 20.12.13 -531.00 -377 366.38 -0.04GBP FTSE 100 INDEX FUTURE 20.12.13 -327.00 530 822.62 0.06




SGD MSCI SINGAPORE INDEX FUTURE 30.10.13 50.00 -28 849.11 0.00AUD SPI 200 INDEX FUTURE 19.12.13 129.00 -31 187.90 0.00JPY NIKKEI 225 (SGX) INDEX FUTURE 12.12.13 966.00 916 647.93 0.11USD S&P500 EMINI FUTURE 20.12.13 -144.00 90 156.24 0.01EUR EURO STOXX 50 INDEX FUTURE 20.12.13 726.00 18 150.00 0.00Total Financial Futures on Indices 167 995.01 0.02




USD DB/CDX.NA.IG.20 JUN18 CDI PAYER 1.00000% 13-20.06.18 -35 000 000.00 -324 308.88 -0.04EUR DB/ITRAXX EUROPE 19 JUN 18 CDI PAYER 1.00000% 13-20.06.18 -23 000 000.00 -60 126.09 -0.01USD DB/CDX.NA.HY.20 JUN18 CDI REC 5.00000% 13-20.06.18 18 000 000.00 796 108.74 0.09USD JPM/CDX.NA.HY.20 JUN18 CDI REC 5.00000% 13-20.06.18 32 300 000.00 1 428 572.91 0.17USD BC/CDX.EM.19 JUN18 CDI REC 5.00000% 13-20.06.18 19 400 000.00 1 162 401.86 0.14USD DB/CDX.NA.HY.20 JUN18 CDI REC 5.00000% 13-20.06.18 3 400 000.00 150 376.09 0.02USD DB/CDX.NA.HY.20 JUN18 CDI REC 5.00000% 13-20.06.18 19 000 000.00 840 337.01 0.10Total Credit default swaps 3 993 361.64 0.47






EUR 11 296 780.49 SEK 98 000 000.00 10.10.2013 27 900.71 0.00EUR 7 738 411.81 HKD 79 780 000.00 10.10.2013 138 722.62 0.02EUR 1 458 644.47 HUF 437 750 000.00 10.10.2013 -12 236.92 0.00EUR 20 676 651.20 NZD 34 520 000.00 10.10.2013 -551 660.87 -0.08PLN 18 450 000.00 EUR 4 392 089.57 10.10.2013 -27 833.62 0.00EUR 25 327 078.69 AUD 37 000 000.00 10.10.2013 -216 879.86 -0.03EUR 25 141 787.52 CHF 31 000 000.00 10.10.2013 -185 259.62 -0.02EUR 13 071 361.79 JPY 1 698 630 000.00 10.10.2013 282 677.25 0.03EUR 14 561 424.46 CAD 20 000 000.00 10.10.2013 190 649.58 0.02NOK 2 000 000.00 EUR 256 453.43 10.10.2013 -10 864.61 0.00EUR 171 541 298.57 USD 228 000 000.00 10.10.2013 3 110 752.45 0.37EUR 56 969 987.28 GBP 49 000 000.00 10.10.2013 -1 644 783.75 -0.19MXN 40 000 000.00 EUR 2 350 906.95 10.10.2013 -107 787.03 -0.01USD 1 622 637.30 CHF 1 500 000.00 10.10.2013 -26 809.58 0.00JPY 800 000 000.00 USD 8 091 547.77 10.10.2013 45 586.31 0.01MXN 35 000 000.00 USD 2 683 864.67 10.10.2013 -19 922.63 0.00USD 1 749 102.75 NZD 2 250 000.00 10.10.2013 -91 588.52 -0.01USD 1 748 945.25 NZD 2 250 000.00 10.10.2013 -91 704.93 -0.01USD 12 670 999.39 CAD 13 400 000.00 10.10.2013 -268 023.02 -0.03USD 1 748 025.00 NZD 2 250 000.00 10.10.2013 -92 385.13 -0.01PLN 9 000 000.00 USD 2 835 880.95 10.10.2013 33 954.50 0.00USD 1 749 215.25 NZD 2 250 000.00 10.10.2013 -91 505.36 -0.01CAD 24 000 189.58 EUR 17 525 000.00 23.10.2013 -286 232.46 -0.03SGD 26 380 804.63 EUR 15 729 000.00 23.10.2013 -197 602.50 -0.02GBP 47 447 530.92 EUR 56 370 000.00 23.10.2013 379 421.56 0.04CAD 508 574.99 EUR 370 000.00 23.10.2013 -4 702.63 0.00SGD 286 517.32 EUR 170 000.00 23.10.2013 -1 316.20 0.00GBP 1 009 401.60 EUR 1 200 000.00 23.10.2013 7 290.58 0.00PHP 660 000 000.00 USD 15 235 562.57 10.10.2013 -39 418.88 0.00USD 1 542 056.67 MYR 5 000 000.00 10.10.2013 6 527.55 0.00USD 7 619 991.05 INR 480 000 000.00 10.10.2013 -17 770.74 0.00USD 7 726 487.64 BRL 17 500 000.00 10.10.2013 -87 947.36 -0.01USD 9 210 895.24 KRW 10 000 000 000.00 10.10.2013 -63 479.14 -0.01USD 7 428 566.82 TWD 220 000 000.00 11.10.2013 -8 911.18 0.00EUR 22 648 876.41 AUD 32 600 000.00 27.11.2013 218 241.18 0.03EUR 9 778 661.44 SEK 84 775 352.39 27.11.2013 42 818.34 0.00NOK 16 500 000.00 EUR 2 088 366.77 27.11.2013 -66 331.83 -0.01EUR 26 167 620.04 CHF 32 364 007.80 27.11.2013 -282 028.64 -0.03EUR 4 692 852.79 THB 200 000 000.00 27.11.2013 -13 585.81 0.00EUR 31 241 764.75 GBP 26 200 000.00 27.11.2013 -83 914.24 -0.01EUR 7 394 747.47 JPY 980 000 000.00 27.11.2013 14 835.15 0.00EUR 24 453 119.82 CAD 33 752 788.00 27.11.2013 233 069.29 0.03EUR 25 311 993.19 NZD 41 500 000.00 27.11.2013 -117 238.36 -0.01EUR 7 728 118.60 HKD 80 000 000.00 27.11.2013 107 639.75 0.01EUR 4 373 711.31 ZAR 58 000 000.00 27.11.2013 153 330.12 0.02PLN 25 000 000.00 EUR 5 904 713.05 27.11.2013 -9 228.34 0.00EUR 50 546 348.93 USD 67 503 840.25 27.11.2013 685 575.65 0.08EUR 136 490.34 SGD 230 000.00 27.11.2013 1 088.26 0.00MXN 74 000 000.00 EUR 4 263 139.64 27.11.2013 -130 350.89 -0.02GBP 421 627.50 EUR 500 000.00 23.10.2013 4 285.81 0.00EUR 5 177 158.67 USD 7 000 000.00 10.10.2013 6 045.41 0.00EUR 949 647.32 GBP 800 000.00 10.10.2013 -7 328.53 0.00AUD 2 000 000.00 EUR 1 394 446.34 10.10.2013 -13 691.82 0.00USD 8 430 786.00 AUD 9 000 000.00 27.11.2013 34 912.07 0.00USD 8 457 201.00 AUD 9 000 000.00 10.10.2013 34 215.74 0.00EUR 10 364 305.33 USD 14 000 000.00 10.10.2013 22 078.81 0.00NOK 51 550 000.00 SEK 55 142 467.95 10.10.2013 -10 703.76 0.00NOK 51 550 000.00 SEK 55 107 671.70 27.11.2013 -11 408.32 0.00



GBP 1 347 875.20 EUR 1 600 000.00 23.10.2013 12 120.51 0.00SEK 55 350 000.00 GBP 5 351 731.56 27.11.2013 -42 196.25 -0.01SEK 55 350 000.00 GBP 5 351 798.31 10.10.2013 -37 312.98 0.00EUR 41 000.00 CAD 57 251.05 23.10.2013 -122.07 0.00CAD 57 218.10 EUR 41 000.00 02.10.2013 122.18 0.00Total Forward Foreign Exchange contracts (Purchase/Sale) 821 793.00 0.10

Cash at banks, deposits on demand and deposit accounts and other liquid assets 50 773 514.79 6.01Other assets and liabilities 2 147 783.47 0.26

Total net assets 844 137 815.91 100.00



UBS (Lux) Key Selection SICAV – Global Allocation (USD)Annual Report as of 30 September 2013

UBS (Lux) Key Selection SICAV – Global Allocation (USD)


ISIN 30.9.2013 30.9.2012 30.9.2011Net assets in USD 1 759 979 848.52 1 808 425 701.60 1 960 306 010.19Class (JPY) P-acc1 LU0953722104Shares outstanding 57 040.0000 - -Net asset value per share in JPY 9 961.00 - -Issue and redemption price per share in JPY2 9 961.00 - -Class I-A2-acc LU0423407823Shares outstanding 215 187.0300 110 757.0300 110 917.0300Net asset value per share in USD 108.81 98.49 86.21Issue and redemption price per share in USD2 108.81 98.49 86.21Class I-X-acc LU0423408631Shares outstanding 26 516.7380 35 791.3920 27 400.4090Net asset value per share in USD 131.00 117.74 102.35Issue and redemption price per share in USD2 131.00 117.74 102.35Class K-1-acc LU0423406858Shares outstanding 20.4000 18.0000 13.8000Net asset value per share in USD 7 226 655.94 6 568 056.60 5 779 433.20Issue and redemption price per share in USD2 7 226 655.94 6 568 056.60 5 779 433.20Class P-acc LU0197216392Shares outstanding 117 846 504.1020 136 184 845.1630 171 203 320.4080Net asset value per share in USD 13.41 12.30 10.91Issue and redemption price per share in USD2 13.41 12.30 10.91


Performance

Currency 2012/2013 2011/2012 2010/2011Class (JPY) P-acc JPY - - -Class I-A2-acc USD 10.5% 14.2% -Class I-X-acc USD 11.3% 15.0% -4.0%Class K-1-acc USD 10.0% 13.6% -5.1%Class P-acc USD 9.0% 12.7% -5.8%

Benchmark:UBS Cust. Global Securities Market Index (GSMI)1 JPY - - -UBS Cust. Global Securities Market Index (GSMI)1 USD 10.1% 15.6% -2.2%









Geographical Breakdown as a % of net assetsLuxembourg 71.67Italy 6.14Ireland 5.51Germany 4.54Australia 2.22United States 2.15Japan 1.34Netherlands 0.85United Kingdom 0.83Canada 0.33Supranationals 0.19Total 95.77

Economic Breakdown as a % of net assetsInvestment funds & pension foundations 77.18Countries & central governments 15.80Public, non-profit institutions 1.45Cantons, federal states 0.66Finance & holding companies 0.24Supranational organisations 0.19Banks & credit institutions 0.15Miscellaneous services 0.10Total 95.77



Statement of Net Assets USDAssets 30.9.2013Investments in securities, cost 1 445 510 145.41Investments in securities, unrealized appreciation (depreciation) 240 081 245.68Total investments in securities (Note 1) 1 685 591 391.09Cash at banks, deposits on demand and deposit accounts 50 142 500.47Other liquid assets (Margins) 28 468 042.80Receivable on subscriptions 1 390 908.68Interest receivable on securities 3 145 055.80Interest receivable on liquid assets 17 974.29Other receivables 187 664.35Unrealized gain (loss) on financial futures (Note 1) 2 524 911.70Unrealized gain (loss) on forward foreign exchange contracts (Note 1) -13 875 779.47Unrealized gain (loss) on swaps (Note 1) 5 238 581.13Total Assets 1 762 831 250.84

LiabilitiesInterest payable on bank overdraft -424.93Payable on redemptions -1 378 500.11Provisions for flat fee (Note 2) -1 410 918.48Provisions for taxe d’abonnement (Note 3) -61 558.80Total provisions -1 472 477.28Total Liabilities -2 851 402.32

Net assets at the end of the financial year 1 759 979 848.52

Statement of Operations USDIncome 1.10.2012-30.9.2013Interest on liquid assets 164 955.33Interest on securities 6 864 672.54Dividends (Note 1) 153 873.54Interest received on swaps (Note 1) 4 353 186.10Income on securities lending (Note 16) 114 302.87Other income 129 872.50Total income 11 780 862.88



Realized gain (loss) (Note 1)Realized gain (loss) on market-priced securities without options 125 360 475.55Realized gain (loss) on options -13 163 205.02Realized gain (loss) on financial futures 41 318 572.81Realized gain (loss) on forward foreign exchange contracts -11 128 084.84Realized gain (loss) on swaps -2 378 468.41Realized result on subscriptions/redemptions (Note 4) 304 563.49Total realized gain (loss) on investments 140 313 853.58Realized gain (loss) on foreign exchange 4 877 316.97Total realized gain (loss) 145 191 170.55


Changes in unrealized appreciation (depreciation) (Note 1)Unrealized appreciation (depreciation) on market-priced securities without options 50 587 400.07Unrealized appreciation (depreciation) on options -2 543 603.30Unrealized appreciation (depreciation) on yield-evaluated securities and money market instruments 2 783.28Unrealized appreciation (depreciation) on financial futures 1 053 579.89Unrealized appreciation (depreciation) on forward foreign exchange contracts -17 220 075.85Unrealized appreciation (depreciation) on swaps 1 037 115.02Total changes in unrealized appreciation (depreciation) 32 917 199.11




Statement of Changes in Net Assets USD 1.10.2012-30.9.2013Net assets at the beginning of the financial year 1 808 425 701.60Subscriptions 172 955 105.70Redemptions -376 069 546.24Total net subscriptions (redemptions) -203 114 440.54Net income (loss) on investments -23 439 782.20Total realized gain (loss) 145 191 170.55Total changes in unrealized appreciation (depreciation) 32 917 199.11Net increase (decrease) in net assets as a result of operations 154 668 587.46Net assets at the end of the financial year 1 759 979 848.52


1.10.2012-30.9.2013Class (JPY) P-accNumber of shares outstanding at the beginning of the financial year 0.0000Number of shares issued 57 040.0000Number of shares redeemed 0.0000Number of shares outstanding at the end of the financial year 57 040.0000Class I-A2-accNumber of shares outstanding at the beginning of the financial year 110 757.0300Number of shares issued 104 600.0000Number of shares redeemed -170.0000Number of shares outstanding at the end of the financial year 215 187.0300Class I-X-accNumber of shares outstanding at the beginning of the financial year 35 791.3920Number of shares issued 10 936.6710Number of shares redeemed -20 211.3250Number of shares outstanding at the end of the financial year 26 516.7380Class K-1-accNumber of shares outstanding at the beginning of the financial year 18.0000Number of shares issued 5.0000Number of shares redeemed -2.6000Number of shares outstanding at the end of the financial year 20.4000Class P-accNumber of shares outstanding at the beginning of the financial year 136 184 845.1630Number of shares issued 9 330 653.8890Number of shares redeemed -27 668 994.9500Number of shares outstanding at the end of the financial year 117 846 504.1020







GBP

GBP EUROPEAN INVESTMENT BANK 3.25000% 11-07.12.16 1 900 000.00 3 267 379.18 0.18Total GBP 3 267 379.18 0.18


Bonds, fixed rate

AUD

AUD QUEENSLAND TREASURY CORP 6.00000% 11-21.07.22 3 300 000.00 3 396 514.89 0.20AUD QUEENSLAND TREASURY CORP-REG-S 4.25000% 12-21.07.23 9 250 000.00 8 286 551.02 0.47AUD TREASURY CORP OF VICTORIA 6.00000% 03-17.10.22 8 100 000.00 8 483 606.73 0.48AUD WESTERN AUSTRALIAN TREASURY CORP 7.000000% 01-15.10.19 7 900 000.00 8 561 263.57 0.49Total AUD 28 727 936.21 1.64

CAD

CAD CANADA, GOVERNMENT 2.25000% 11-01.08.14 1 000 000.00 982 578.66 0.05CAD CANADA, GOVERNMENT 3.25000% 10-01.06.21 2 900 000.00 3 012 694.41 0.17CAD CANADA, GOVERNMENT 4.25000% 07-01.06.18 1 600 000.00 1 726 070.40 0.10Total CAD 5 721 343.47 0.32

EUR

EUR GERMANY, REPUBLIC OF 4.75000% 98-04.07.28 5 000 000.00 8 856 931.96 0.50EUR GERMANY, REPUBLIC OF 4.00000% 05-04.01.37 8 600 000.00 14 500 166.14 0.82EUR GERMANY, REPUBLIC OF 3.75000% 08-04.01.19 14 000 000.00 21 843 227.37 1.24EUR GERMANY, REPUBLIC OF 2.25000% 11-04.09.21 21 200 000.00 30 667 455.13 1.74EUR ITALY, REPUBLIC OF BTP 3.75000% 10-01.03.21 7 950 000.00 10 748 603.68 0.61EUR ITALY, REPUBLIC OF BTP 4.50000% 13-01.05.23 13 000 000.00 17 754 067.31 1.01EUR ITALY, REPUBLIC OF-BTP 4.00000% 05-01.02.37 4 650 000.00 5 580 679.32 0.32EUR ITALY, REPUBLIC OF-BPT 3.75000% 06-01.08.16 13 000 000.00 18 248 731.62 1.04EUR ITALY, REPUBLIC OF-BTP 4.00000% 06-01.02.17 13 000 000.00 18 321 057.14 1.04EUR ITALY, REPUBLIC OF-BTP 4.75000% 08-01.08.23 13 000 000.00 18 227 438.71 1.04EUR ITALY, REPUBLIC OF-BTP 3.50000% 12-01.11.17 14 000 000.00 19 262 845.60 1.10EUR NETHERLANDS, KINGDOM OF THE 3.25000% 05-15.07.15 10 500 000.00 14 971 463.76 0.85Total EUR 198 982 667.74 11.31

GBP

GBP UNITED KINGDOM OF GREAT BRITAIN & N IRL 4.75000% 07-07.12.30 200 000.00 389 400.92 0.02GBP UNITED KINGDOM OF GREAT BRITAIN & N IRL 4.50000% 08-07.03.19 2 000 000.00 3 717 494.64 0.21GBP UNITED KINGDOM OF GREAT BRITAIN & N IRL 3.75000% 11-07.09.21 800 000.00 1 435 695.26 0.08GBP UNITED KINGDOM OF GREAT BRITAIN & N IRL 4.25000% 10-07.12.40 4 100 000.00 7 569 075.60 0.43Total GBP 13 111 666.42 0.74

JPY

JPY JAPAN 1.30000% 05-20.12.14 900 000 000.00 9 305 793.63 0.53JPY JAPAN 1.80000% 12-20.12.31 100 000 000.00 1 070 649.68 0.06JPY JAPAN 2.10000% 06-20.12.26 900 000 000.00 10 470 982.93 0.59JPY JAPAN FINANCE ORG FOR MUNI 2.00000% 06-09.05.16 240 000 000.00 2 567 233.23 0.15Total JPY 23 414 659.47 1.33


Bonds, zero coupon

EUR

EUR GERMANY, REPUBLIC OF 0.00000% 12-12.12.14 3 000 000.00 4 055 873.81 0.23Total EUR 4 055 873.81 0.23

Total Bonds, zero coupon 4 055 873.81 0.23


USD

USD AMERICA, UNITED STATES OF 0.75000% 10-15.12.13 20 000 000.00 20 028 900.00 1.14USD AMERICA, UNITED STATES OF 1.25000% 10-30.09.15 6 400 000.00 6 518 003.20 0.37USD AMERICA, UNITED STATES OF 1.87500% 10-30.09.17 6 400 000.00 6 604 000.00 0.38USD AMERICA, UNITED STATES OF 2.62500% 10-15.08.20 1 100 000.00 1 148 039.20 0.07USD AMERICA, UNITED STATES OF 3.87500% 10-15.08.40 1 100 000.00 1 146 234.10 0.06Total USD 35 445 176.50 2.02


Notes, fixed rate

AUD

AUD NEW SOUTH WALES TREASURY CORP 4.00000% 13-20.04.23 9 500 000.00 8 520 993.77 0.48AUD TASMANIAN PUBLIC FINANCE 5.50000% 10-23.06.14 2 000 000.00 1 908 923.27 0.11Total AUD 10 429 917.04 0.59







Ireland


Luxembourg

USD UBS (LUX) BOND SICAV - GLOBAL CORPORATES (USD) U-X-DIST 3 237.00 35 112 774.84 2.00USD UBS (LUX) BOND SICAV - USD HIGH YIELD (USD) U-X-ACC 5 645.70 78 817 330.88 4.48EUR UBS (LUX) EQUITY FD - EURO COUNTRIES OPTIMIZER (EUR) U-X-ACC 301.00 5 187 864.38 0.29AUD UBS (LUX) EQUITY FUND - AUSTRALIA (AUD) U-X-ACC 11 822.00 153 585 851.07 8.73USD UBS (LUX) EQUITY SICAV - USA GRWTH (USD)-U-X-ACC 5 145.84 95 669 557.64 5.44USD UBS (LUX) EQUITY SICAV - EM GROWTH (USD)-U-X-ACC 2 421.00 44 600 509.35 2.53USD UBS (LUX) INST FUND - EMERGING MARKETS EQUITY FA 3 366.00 64 059 086.52 3.64USD UBS (LUX) INST FUND-KEY SEL. GLOBAL EQUITY FA-USD 15 780.00 251 680 900.80 14.30EUR UBS (LUX) INST FUND-KEY SEL. EUROPEAN EQUITY FA-EUR 14 763.00 265 067 512.68 15.06EUR UBS (LUX) KEY SEL SICAV-EUROPEAN CORE EQUITIES (EUR) U-X-ACC 3 663.00 61 859 908.52 3.51USD UBS (LUX) MONEY MARKET FUND - USD U-X-ACC 9 664.00 99 460 245.12 5.65USD UBS (LUX) SICAV 1 - US FUNDAMENTAL EQUITY MKT NEUTRAL (USD) UX-ACC 9 646.00 106 314 160.68 6.04Total Luxembourg 1 261 415 702.48 71.67

Total Investment certificates, open end 1 358 330 078.00 77.18

Total UCITS/Other UCIs in accordance with Article 41 (1) e) of the Luxembourg law of 17 December 2010 1 358 330 078.00 77.18



GBP

GBP FTSE 100 INDEX CALL 6700.00000 20.12.13 1 731.00 1 513 717.96 0.09Total GBP 1 513 717.96 0.09

JPY


USD

USD S&P500 C1700.0 1213 716.00 2 334 160.00 0.13Total USD 2 334 160.00 0.13



Total investments in securities 1 685 591 391.09 95.77




GBP LONG GILT FUTURE 27.12.13 246.00 665 281.91 0.04USD US 10YR TREASURY NOTE FUTURE 19.12.13 570.00 1 335 940.35 0.08EUR EURO-BUND FUTURE 06.12.13 54.00 173 240.13 0.01USD US 2YR TREASURY NOTE FUTURE 31.12.13 -488.00 -274 502.93 -0.03USD US ULTRA LONG BOND (CBT) FUTURE 19.12.13 211.00 633 000.00 0.04Total Financial Futures on bonds 2 532 959.46 0.14


CHF SWISS MARKET INDEX FUTURE 20.12.13 -120.00 -39 812.00 0.00EUR AMSTERDAM EXCHANGE INDEX FUTURE 18.10.13 115.00 -138 546.08 -0.01EUR DAX INDEX FUTURE 20.12.13 26.00 -9 678.60 0.00USD MINI MSCI EMERGING MARKETS INDEX FUTURE 20.12.13 676.00 -1 885 634.40 -0.11CAD S&P/TSX 60 INDEX FUTURE 19.12.13 253.00 137 834.42 0.01EUR CAC 40 INDEX FUTURE 18.10.13 -357.00 -55 574.10 0.00USD NASDAQ 100 E-MINI FUTURE 20.12.13 -283.00 -272 246.00 -0.02GBP FTSE 100 INDEX FUTURE 20.12.13 -626.00 1 375 569.03 0.08SGD MSCI SINGAPORE INDEX FUTURE 30.10.13 89.00 -69 511.85 0.00AUD SPI 200 INDEX FUTURE 19.12.13 -1 049.00 279 929.76 0.02JPY NIKKEI 225 (SGX) INDEX FUTURE 12.12.13 1 549.00 1 989 680.04 0.11USD S&P500 EMINI FUTURE 20.12.13 1 596.00 -1 348 620.00 -0.08EUR EURO STOXX 50 INDEX FUTURE 20.12.13 844.00 28 562.02 0.00Total Financial Futures on Indices -8 047.76 0.00







USD DB/CDX.NA.HY.20 JUN18 CDI REC 5.00000% 13-20.06.18 29 700 000.00 1 778 126.79 0.10USD JPM/CDX.NA.HY.20 JUN18 CDI REC 5.00000% 13-20.06.18 13 500 000.00 808 239.45 0.05USD BC/CDX.EM.19 JUN18 CDI REC 5.00000% 13-20.06.18 32 700 000.00 2 652 214.89 0.15Total Credit default swaps 5 238 581.13 0.30






USD 24 508 625.04 SEK 160 000 000.00 10.10.2013 -396 495.24 -0.02USD 932 046.28 HUF 210 550 000.00 10.10.2013 -25 634.42 0.00USD 42 532 032.00 EUR 32 000 000.00 10.10.2013 -785 526.28 -0.04USD 91 947 168.00 AUD 101 000 000.00 10.10.2013 -2 441 931.47 -0.14NOK 53 000 000.00 USD 9 025 355.29 10.10.2013 -215 506.28 -0.01JPY 8 230 000 000.00 USD 84 233 237.02 10.10.2013 -356 619.23 -0.02USD 4 352 767.63 CAD 4 500 000.00 10.10.2013 -24 233.87 0.00USD 43 348 570.65 NZD 54 450 000.00 10.10.2013 -1 978 385.17 -0.11USD 43 257 648.00 GBP 28 000 000.00 10.10.2013 -2 082 508.46 -0.12SGD 4 270 000.00 USD 3 377 248.10 10.10.2013 25 837.93 0.00USD 37 072 600.87 CHF 34 400 000.00 10.10.2013 -972 198.40 -0.06PLN 37 000 000.00 USD 11 706 626.87 10.10.2013 140 950.62 0.01MXN 109 220 000.00 USD 8 532 087.94 10.10.2013 -241 054.54 -0.01USD 15 129 551.51 CAD 16 000 000.00 10.10.2013 -433 120.48 -0.02USD 2 136 475.00 NZD 2 750 000.00 10.10.2013 -152 765.19 -0.01USD 2 137 792.25 NZD 2 750 000.00 10.10.2013 -151 447.94 -0.01PLN 12 000 000.00 USD 3 781 174.60 10.10.2013 61 282.96 0.00MXN 45 000 000.00 USD 3 450 683.14 10.10.2013 -34 674.14 0.00USD 2 137 599.75 NZD 2 750 000.00 10.10.2013 -151 640.44 -0.01USD 2 137 929.75 NZD 2 750 000.00 10.10.2013 -151 310.44 -0.01USD 16 772 628.40 AUD 18 700 000.00 10.10.2013 -703 373.18 -0.04PHP 960 000 000.00 USD 22 160 818.29 10.10.2013 -77 615.97 0.00USD 4 127 495.15 INR 260 000 000.00 10.10.2013 -12 990.65 0.00MYR 12 000 000.00 USD 3 700 936.00 10.10.2013 -21 196.03 0.00TWD 100 000 000.00 USD 3 376 621.28 11.10.2013 5 482.94 0.00SGD 700 000.00 USD 554 611.84 27.11.2013 3 299.27 0.00JPY 9 840 000 000.00 USD 99 155 565.41 27.11.2013 1 164 934.57 0.07ZAR 7 000 000.00 USD 704 449.37 27.11.2013 -14 858.74 0.00USD 20 791 145.51 CAD 21 498 190.00 27.11.2013 -93 965.49 -0.01USD 35 325 378.16 CHF 32 722 745.60 27.11.2013 -880 310.06 -0.05USD 55 459 031.16 EUR 41 527 289.85 27.11.2013 -762 550.30 -0.04USD 845 007.11 NOK 5 000 000.00 27.11.2013 15 453.94 0.00USD 7 206 123.32 THB 230 000 000.00 27.11.2013 -121 443.16 -0.01USD 8 049 661.34 SEK 52 265 211.43 27.11.2013 -76 513.61 0.00USD 25 072 362.00 GBP 15 750 000.00 27.11.2013 -422 298.85 -0.02USD 113 846 819.75 AUD 122 750 000.00 27.11.2013 -497 608.70 -0.03PLN 48 000 000.00 USD 15 131 793.19 27.11.2013 192 846.60 0.01DKK 35 000 000.00 USD 6 270 485.45 27.11.2013 85 571.01 -0.01HKD 55 000 000.00 USD 7 093 863.42 27.11.2013 -953.68 0.00USD 52 920 400.00 NZD 65 000 000.00 27.11.2013 -1 001 854.06 -0.06MXN 149 000 000.00 USD 11 463 668.94 27.11.2013 -197 732.32 -0.01USD 2 407 467.00 GBP 1 500 000.00 10.10.2013 -21 469.95 0.00AUD 1 000 000.00 USD 942 581.00 10.10.2013 -8 035.46 0.00USD 13 114 556.00 AUD 14 000 000.00 27.11.2013 73 236.26 0.00USD 13 155 646.00 AUD 14 000 000.00 10.10.2013 72 008.45 0.00EUR 2 000 000.00 USD 2 701 620.00 10.10.2013 5 727.39 0.00NOK 79 800 000.00 SEK 85 361 182.20 10.10.2013 -22 429.36 0.00NOK 79 800 000.00 SEK 85 307 317.20 27.11.2013 -23 905.75 0.00SEK 85 500 000.00 GBP 8 267 005.52 10.10.2013 -78 021.58 0.00SEK 85 500 000.00 GBP 8 266 902.41 27.11.2013 -88 232.52 -0.01Total Forward Foreign Exchange contracts (Purchase/Sale) -13 875 779.47 -0.79

Cash at banks, deposits on demand and deposit accounts and other liquid assets 78 610 543.27 4.47Other assets and liabilities 1 890 200.80 0.11

Total net assets 1 759 979 848.52 100.00



UBS (Lux) Key Selection SICAV – Global Allocation Focus Europe (EUR)Annual Report as of 30 September 2013


ISIN 30.9.2013 30.9.2012 30.9.2011Net assets in EUR 184 390 059.38 218 502 042.68 244 116 945.36Class (CHF hedged) P-acc LU0263319278Shares outstanding 7 002 561.9860 8 977 053.1150 11 840 992.1430Net asset value per share in CHF 10.28 9.21 8.25Issue and redemption price per share in CHF1 10.28 9.21 8.25Class (USD hedged) P-acc LU0263319435Shares outstanding 967 078.9390 1 171 004.5180 1 797 178.7530Net asset value per share in USD 10.88 9.72 8.63Issue and redemption price per share in USD1 10.88 9.72 8.63Class K-1-acc2 LU0424172541Shares outstanding 3.4000 6.0000 -Net asset value per share in EUR 3 385 275.10 3 005 450.84 -Issue and redemption price per share in EUR1 3 385 275.10 3 005 450.84 -Class P-acc LU0263318890Shares outstanding 9 936 903.1410 12 854 004.0110 17 823 970.2850Net asset value per share in EUR 10.70 9.59 8.55Issue and redemption price per share in EUR1 10.70 9.59 8.55

1 See note 12 Initial subscription: 2.4.2012

Performance

Currency 2012/2013 2011/2012 2010/2011Class (CHF hedged) P-acc CHF 11.6% 11.6% -7.6%Class (USD hedged) P-acc USD 11.9% 12.6% -7.0%Class K-1-acc EUR 12.6% - -Class P-acc EUR 11.6% 12.2% -7.0%

Benchmark:UBS Cust. Benchmark Global Allocation Focus Europe1 CHF - - -5.1%UBS Cust. Benchmark Global Allocation Focus Europe1 EUR 13.0% 14.9% -4.1%UBS Cust. Benchmark Global Allocation Focus Europe1 USD - - -4.3%



UBS (Lux) Key Selection SICAV – Global Allocation Focus Europe (EUR)







Geographical Breakdown as a % of net assetsLuxembourg 71.52Italy 8.01Germany 6.41Ireland 6.19Australia 2.03United States 0.13United Kingdom 0.09Japan 0.01Total 94.39

Economic Breakdown as a % of net assetsInvestment funds & pension foundations 77.70Countries & central governments 14.43Public, non-profit institutions 1.53Cantons, federal states 0.50Finance & holding companies 0.13Miscellaneous services 0.10Total 94.39



Statement of Net Assets EURAssets 30.9.2013Investments in securities, cost 151 411 780.35Investments in securities, unrealized appreciation (depreciation) 22 632 660.72Total investments in securities (Note 1) 174 044 441.07Cash at banks, deposits on demand and deposit accounts 6 517 987.34Other liquid assets (Margins) 2 739 061.84Receivable on subscriptions 45 853.30Interest receivable on securities 280 126.31Other receivables 64 459.24Unrealized gain (loss) on financial futures (Note 1) 290 733.51Unrealized gain (loss) on forward foreign exchange contracts (Note 1) 522 458.02Unrealized gain (loss) on swaps (Note 1) 576 129.67Total Assets 185 081 250.30



Statement of Operations EURIncome 1.10.2012-30.9.2013Interest on liquid assets 27 057.07Interest on securities 654 613.60Dividends (Note 1) 100 537.00Interest received on swaps (Note 1) 528 698.31Income on securities lending (Note 16) 8 286.97Other income 15 045.78Total income 1 334 238.73



Realized gain (loss) (Note 1)Realized gain (loss) on market-priced securities without options 13 014 742.49Realized gain (loss) on options -1 590 602.79Realized gain (loss) on yield-evaluated securities and money market instruments 343.84Realized gain (loss) on financial futures 5 096 140.85Realized gain (loss) on forward foreign exchange contracts 5 768 787.97Realized gain (loss) on swaps -413 050.47Realized result on subscriptions/redemptions (Note 4) 85 640.84Total realized gain (loss) on investments 21 962 002.73Realized gain (loss) on foreign exchange 1 788 359.54Total realized gain (loss) 23 750 362.27


Changes in unrealized appreciation (depreciation) (Note 1)Unrealized appreciation (depreciation) on market-priced securities without options 688 555.25Unrealized appreciation (depreciation) on options -247 977.45Unrealized appreciation (depreciation) on yield-evaluated securities and money market instruments -526.67Unrealized appreciation (depreciation) on financial futures 423 350.68Unrealized appreciation (depreciation) on forward foreign exchange contracts 376 955.41Unrealized appreciation (depreciation) on swaps 67 245.36Total changes in unrealized appreciation (depreciation) 1 307 602.58




Statement of Changes in Net Assets EUR 1.10.2012-30.9.2013Net assets at the beginning of the financial year 218 502 042.68Subscriptions 8 937 997.55Redemptions -65 312 372.83Total net subscriptions (redemptions) -56 374 375.28Net income (loss) on investments -2 795 572.87Total realized gain (loss) 23 750 362.27Total changes in unrealized appreciation (depreciation) 1 307 602.58Net increase (decrease) in net assets as a result of operations 22 262 391.98Net assets at the end of the financial year 184 390 059.38


1.10.2012-30.9.2013Class (CHF hedged) P-accNumber of shares outstanding at the beginning of the financial year 8 977 053.1150Number of shares issued 106 860.0620Number of shares redeemed -2 081 351.1910Number of shares outstanding at the end of the financial year 7 002 561.9860Class (USD hedged) P-accNumber of shares outstanding at the beginning of the financial year 1 171 004.5180Number of shares issued 72 919.5110Number of shares redeemed -276 845.0900Number of shares outstanding at the end of the financial year 967 078.9390Class K-1-accNumber of shares outstanding at the beginning of the financial year 6.0000Number of shares issued 0.0000Number of shares redeemed -2.6000Number of shares outstanding at the end of the financial year 3.4000Class P-accNumber of shares outstanding at the beginning of the financial year 12 854 004.0110Number of shares issued 719 600.1810Number of shares redeemed -3 636 701.0510Number of shares outstanding at the end of the financial year 9 936 903.1410






Bonds, fixed rate

AUD

AUD QUEENSLAND TREASURY CORP-REG-S 4.25000% 12-21.07.23 1 400 000.00 926 517.71 0.50AUD TREASURY CORP OF VICTORIA 6.00000% 03-17.10.22 1 200 000.00 928 475.32 0.51AUD WESTERN AUSTRALIAN TREASURY CORP 7.000000% 01-15.10.19 1 200 000.00 960 695.23 0.52Total AUD 2 815 688.26 1.53

EUR

EUR GERMANY, REPUBLIC OF 4.00000% 05-04.01.37 2 250 000.00 2 802 532.50 1.52EUR GERMANY, REPUBLIC OF 3.00000% 10-04.07.20 2 700 000.00 3 037 473.00 1.65EUR GERMANY, REPUBLIC OF 2.25000% 11-04.09.21 5 600 000.00 5 984 440.00 3.25EUR ITALY, REPUBLIC OF BTP 3.75000% 10-01.03.21 3 370 000.00 3 365 956.00 1.83EUR ITALY, REPUBLIC OF BTP 4.50000% 13-01.05.23 1 910 000.00 1 926 999.00 1.04EUR ITALY, REPUBLIC OF-BTP 4.00000% 05-01.02.37 1 250 000.00 1 108 250.00 0.60EUR ITALY, REPUBLIC OF-BPT 3.75000% 06-01.08.16 2 000 000.00 2 074 020.00 1.12EUR ITALY, REPUBLIC OF-BTP 4.00000% 06-01.02.17 2 000 000.00 2 082 240.00 1.13EUR ITALY, REPUBLIC OF-BTP 4.75000% 08-01.08.23 1 910 000.00 1 978 378.00 1.07EUR ITALY, REPUBLIC OF-BTP 3.50000% 12-01.11.17 2 200 000.00 2 236 190.00 1.21Total EUR 26 596 478.50 14.42


Notes, fixed rate

AUD

AUD NEW SOUTH WALES TREASURY CORP 4.00000% 13-20.04.23 1 400 000.00 927 658.84 0.50Total AUD 927 658.84 0.50





Ireland


Luxembourg

USD UBS (LUX) BOND SICAV - GLOBAL CORPORATES (USD) U-X-DIST 464.00 3 718 211.12 2.02USD UBS (LUX) BOND SICAV - USD HIGH YIELD (USD) U-X-ACC 803.86 8 290 423.64 4.50EUR UBS (LUX) EQUITY FD - EURO COUNTRIES OPTIMIZER (EUR) U-X-ACC 43.00 547 500.08 0.30AUD UBS (LUX) EQUITY FUND - AUSTRALIA (AUD) U-X-ACC 1 662.00 15 950 888.73 8.65USD UBS (LUX) EQUITY SICAV - USA GRWTH (USD)-U-X-ACC 862.00 11 839 084.28 6.42USD UBS (LUX) EQUITY SICAV - EM GROWTH (USD)-U-X-ACC 245.00 3 334 300.41 1.81USD UBS (LUX) INST FUND - EMERGING MARKETS EQUITY FA 348.00 4 892 597.47 2.65USD UBS (LUX) INST FUND-KEY SEL. GLOBAL EQUITY FA-USD 2 540.00 29 927 510.36 16.23EUR UBS (LUX) INST FUND-KEY SEL. EUROPEAN EQUITY FA-EUR 2 227.00 29 538 994.81 16.02EUR UBS (LUX) KEY SEL SICAV-EUROPEAN CORE EQUITIES (EUR) U-X-ACC 480.00 5 988 350.40 3.25EUR UBS (LUX) MONEY MARKET FUND - EUR U-X-ACC 632.00 6 553 549.28 3.55USD UBS (LUX) SICAV 1 - US FUNDAMENTAL EQUITY MKT NEUTRAL (USD) UX-ACC 1 386.00 11 284 977.56 6.12Total Luxembourg 131 866 388.14 71.52





GBP

GBP FTSE 100 INDEX CALL 6700.00000 20.12.13 250.00 161 503.34 0.09Total GBP 161 503.34 0.09

JPY


USD

USD S&P500 C1700.0 1213 102.00 245 646.95 0.13Total USD 245 646.95 0.13









GBP LONG GILT FUTURE 27.12.13 56.00 111 879.95 0.06USD US 10YR TREASURY NOTE FUTURE 19.12.13 80.00 138 514.68 0.08EUR EURO-BUND FUTURE 06.12.13 24.00 56 880.00 0.03USD US 2YR TREASURY NOTE FUTURE 31.12.13 -78.00 -32 412.71 -0.02USD US ULTRA LONG BOND (CBT) FUTURE 19.12.13 12.00 26 594.76 0.01Total Financial Futures on bonds 301 456.68 0.16


CHF SWISS MARKET INDEX FUTURE 20.12.13 26.00 849.65 0.00SEK OMX 30 INDEX FUTURE 18.10.13 42.00 -8 453.49 0.00EUR AMSTERDAM EXCHANGE INDEX FUTURE 18.10.13 25.00 -22 250.00 -0.01EUR DAX INDEX FUTURE 20.12.13 9.00 -2 475.00 0.00USD MINI MSCI EMERGING MARKETS INDEX FUTURE 20.12.13 95.00 -195 761.83 -0.11CAD S&P/TSX 60 INDEX FUTURE 19.12.13 24.00 9 659.22 0.01USD NASDAQ 100 E-MINI FUTURE 20.12.13 -45.00 -31 980.20 -0.02GBP FTSE 100 INDEX FUTURE 20.12.13 -2.00 3 246.62 0.00AUD SPI 200 INDEX FUTURE 19.12.13 -153.00 30 161.90 0.02JPY NIKKEI 225 (SGX) INDEX FUTURE 12.12.13 179.00 169 855.05 0.09USD S&P500 EMINI FUTURE 20.12.13 -46.00 28 799.91 0.02EUR EURO STOXX 50 INDEX FUTURE 20.12.13 305.00 7 625.00 0.00Total Financial Futures on Indices -10 723.17 -0.00




USD DB/CDX.NA.HY.20 JUN18 CDI REC 5.00000% 13-20.06.18 6 000 000.00 265 369.58 0.14USD JPM/CDX.NA.HY.20 JUN18 CDI REC 5.00000% 13-20.06.18 500 000.00 23 155.50 0.01USD BC/CDX.EM.19 JUN18 CDI REC 5.00000% 13-20.06.18 4 800 000.00 287 604.59 0.16Total Credit default swaps 576 129.67 0.31

Total Derivative instruments not listed on an official stock exchange and not traded on another regulated market 576 129.67 0.31





EUR 14 242 496.82 GBP 12 250 000.00 10.10.2013 -411 195.94 -0.22PLN 5 150 000.00 EUR 1 225 976.22 10.10.2013 -7 769.28 0.00EUR 2 639 757.89 SEK 22 900 000.00 10.10.2013 6 519.66 0.00EUR 3 057 899.14 CAD 4 200 000.00 10.10.2013 40 036.41 0.02EUR 5 378 804.40 NZD 8 980 000.00 10.10.2013 -143 508.53 -0.08EUR 10 267 734.60 AUD 15 000 000.00 10.10.2013 -87 924.27 -0.05EUR 250 042.09 NOK 1 950 000.00 10.10.2013 10 592.99 0.01EUR 321 316.88 SGD 540 000.00 10.10.2013 3 391.78 0.00EUR 6 244 895.61 CHF 7 700 000.00 10.10.2013 -46 016.10 -0.02EUR 60 189 929.32 USD 80 000 000.00 10.10.2013 1 091 492.09 0.59EUR 1 663 496.65 HKD 17 150 000.00 10.10.2013 29 820.67 0.02EUR 84 647.62 JPY 11 000 000.00 10.10.2013 1 830.57 0.00EUR 330 548.33 HUF 99 200 000.00 10.10.2013 -2 773.05 0.00MXN 8 610 000.00 EUR 506 032.72 10.10.2013 -23 201.16 -0.01USD 1 891 193.94 CAD 2 000 000.00 10.10.2013 -40 003.44 -0.02USD 2 242 330.00 AUD 2 500 000.00 10.10.2013 -69 504.38 -0.04USD 194 327.25 NZD 250 000.00 10.10.2013 -10 189.43 -0.01PLN 1 000 000.00 USD 315 097.88 10.10.2013 3 772.72 0.00JPY 120 000 000.00 USD 1 213 732.17 10.10.2013 6 837.94 0.00USD 194 225.00 NZD 250 000.00 10.10.2013 -10 265.01 -0.01USD 194 357.25 NZD 250 000.00 10.10.2013 -10 167.26 -0.01NOK 3 500 000.00 SEK 3 763 100.97 10.10.2013 -2 933.78 0.00USD 194 344.75 NZD 250 000.00 10.10.2013 -10 176.50 -0.01MXN 5 000 000.00 USD 383 409.24 10.10.2013 -2 846.09 0.00CHF 71 708 476.45 EUR 58 033 000.00 23.10.2013 557 447.70 0.30USD 9 963 234.02 EUR 7 563 800.00 23.10.2013 -203 916.70 -0.11CHF 370 578.00 EUR 300 000.00 23.10.2013 2 786.11 0.00USD 133 115.50 EUR 100 000.00 23.10.2013 -1 667.01 0.00USD 1 428 748.32 INR 90 000 000.00 10.10.2013 -3 332.01 0.00PHP 133 000 000.00 USD 3 070 196.70 10.10.2013 -7 943.50 0.00USD 277 570.20 MYR 900 000.00 10.10.2013 1 174.96 0.00USD 971 141.51 BRL 2 200 000.00 10.10.2013 -11 195.68 -0.01USD 1 750 070.09 KRW 1 900 000 000.00 10.10.2013 -12 061.04 -0.01USD 1 283 116.09 TWD 38 000 000.00 11.10.2013 -1 539.20 0.00EUR 882 283.14 ZAR 11 700 000.00 27.11.2013 30 930.38 0.02USD 20 723 689.03 EUR 15 517 736.66 27.11.2013 -210 471.82 -0.11EUR 5 489 347.92 NZD 9 000 000.00 27.11.2013 -25 425.19 -0.01EUR 4 469 304.63 CAD 6 169 008.00 27.11.2013 42 598.15 0.02EUR 772 811.86 HKD 8 000 000.00 27.11.2013 10 763.98 0.01NOK 1 000 000.00 EUR 126 567.68 27.11.2013 -4 020.11 0.00PLN 5 900 000.00 EUR 1 393 512.28 27.11.2013 -2 177.89 0.00EUR 4 173 518.19 GBP 3 500 000.00 27.11.2013 -11 209.92 -0.01




EUR 1 880 405.21 SEK 16 302 028.19 27.11.2013 8 233.83 0.01JPY 220 000 000.00 EUR 1 660 045.35 27.11.2013 -3 330.34 0.00EUR 938 570.56 THB 40 000 000.00 27.11.2013 -2 717.16 0.00EUR 14 450 816.85 AUD 20 800 000.00 27.11.2013 139 245.90 0.08EUR 6 168 571.70 CHF 7 629 264.80 27.11.2013 -66 483.45 -0.04MXN 13 500 000.00 EUR 777 734.94 27.11.2013 -23 780.24 -0.01USD 338 270.00 EUR 250 000.00 23.10.2013 -118.51 0.00EUR 6 656 346.86 USD 9 000 000.00 10.10.2013 7 772.67 0.00USD 1 873 508.00 AUD 2 000 000.00 27.11.2013 7 758.23 0.00USD 1 879 378.00 AUD 2 000 000.00 10.10.2013 7 603.50 0.00EUR 1 850 768.81 USD 2 500 000.00 10.10.2013 3 942.65 0.00NOK 11 300 000.00 SEK 12 087 485.70 10.10.2013 -2 346.32 0.00NOK 11 300 000.00 SEK 12 079 858.20 27.11.2013 -2 500.76 0.00EUR 65 000.00 CHF 79 791.60 23.10.2013 -194.88 0.00CHF 79 798.10 EUR 65 000.00 1.10.2013 192.50 0.00SEK 12 100 000.00 GBP 1 169 935.90 27.11.2013 -9 224.47 -0.01SEK 12 100 000.00 GBP 1 169 950.49 10.10.2013 -8 156.95 0.00Total Forward Foreign Exchange contracts (Purchase/Sale) 522 458.02 0.28


Total net assets 184 390 059.38 100.00



UBS (Lux) Key Selection SICAV – Global Alpha Opportunities (EUR)Annual Report as of 30 September 2013

UBS (Lux) Key Selection SICAV – Global Alpha Opportunities (EUR)


ISIN 30.9.2013 30.9.2012 30.9.2011Net assets in EUR 115 236 731.13 114 523 636.95 113 702 997.42Class (CHF hedged) P-acc LU0502419046Shares outstanding 113 594.2280 118 156.8680 115 662.8470Net asset value per share in CHF 105.93 98.62 96.26Issue and redemption price per share in CHF1 105.93 98.62 96.26Class (USD hedged) I-A1-acc LU0508499885Shares outstanding 51 705.6960 53 646.4000 29 319.0580Net asset value per share in USD 108.86 99.82 95.64Issue and redemption price per share in USD1 108.86 99.82 95.64Class (USD hedged) P-acc LU0502419392Shares outstanding 102 944.9860 96 476.9700 150 953.2140Net asset value per share in USD 107.80 99.96 96.84Issue and redemption price per share in USD1 107.80 99.96 96.84Class I-A1-acc LU0508499026Shares outstanding 113 369.4980 118 356.0400 127 513.0800Net asset value per share in EUR 107.66 98.98 95.05Issue and redemption price per share in EUR1 107.66 98.98 95.05Class I-X-acc LU0500994404Shares outstanding 3 770.0000 3 770.0000 3 770.0000Net asset value per share in EUR 114.87 104.45 99.21Issue and redemption price per share in EUR1 114.87 104.45 99.21Class P-acc LU0502418741Shares outstanding 253 548.1700 292 226.0800 336 915.6180Net asset value per share in EUR 107.68 100.11 97.21Issue and redemption price per share in EUR1 107.68 100.11 97.21Class U-X-acc LU0500994743Shares outstanding 4 623.1320 4 965.2640 4 670.5910Net asset value per share in EUR 11 487.40 10 445.07 9 921.00Issue and redemption price per share in EUR1 11 487.40 10 445.07 9 921.00

1 See note 1

Performance

Currency 2012/2013 2011/2012 2010/2011Class (CHF hedged) P-acc1 CHF 7.4% 1.8% -3.5%Class (USD hedged) I-A1-acc1 USD 9.1% 3.7% -Class (USD hedged) P-acc1 USD 7.8% 2.6% -3.3%Class I-A1-acc1 EUR 8.8% 3.4% -Class I-X-acc1 EUR 10.0% 4.6% -0.7%Class P-acc1 EUR 7.6% 2.3% -2.8%Class U-X-acc1 EUR 10.0% 4.6% -0.6%






During most of the reporting year from 1 October 2012 to 30 September 2013, equity markets generated strong performance. Having already discounted the size and timing of a potential taper, markets were surprised by the Fed’s September decision, and volatility trended higher. However, company fundamentals continued to drive performance, and dispersion remained favorable.

No benchmark is available for this subfund. The subfund’s performance was positive in the reporting year. The Equity Hedged strategies, both fundamental conservative and fundamental aggressive, generated positive results. Macro and systematic trading strategies produced mixed performance.


Geographical Breakdown as a % of net assetsLuxembourg 64.73Ireland 29.15Total 93.88




Statement of Net Assets EURAssets 30.9.2013Investments in securities, cost 98 498 911.76Investments in securities, unrealized appreciation (depreciation) 9 685 216.26Total investments in securities (Note 1) 108 184 128.02Cash at banks, deposits on demand and deposit accounts 7 319 032.70Receivable on securities purchases 3 000 000.00Unrealized gain (loss) on forward foreign exchange contracts (Note 1) -34 530.21Total Assets 118 468 630.51

LiabilitiesBank overdraft -2.36Payable on securities purchases (Note 1) -3 000 000.00Payable on redemptions -6 845.16Payable on subscriptions -161 505.79Provisions for flat fee (Note 2) -60 929.89Provisions for taxe d’abonnement (Note 3) -2 616.18Total provisions -63 546.07Total Liabilities -3 231 899.38


Statement of Operations EURIncome 1.10.2012-30.9.2013Interest on liquid assets 17.78Other income 66 931.01Total income 66 948.79

ExpensesFlat fee (Note 2) -1 125 053.82Taxe d’abonnement (Note 3) -8 148.34Interest on cash liquidity and bank overdraft -146.28Other expenses -100.00Total expenses -1 133 448.44


Realized gain (loss) (Note 1)Realized gain (loss) on market-priced securities without options 4 619 965.33Realized gain (loss) on forward foreign exchange contracts -601 742.16Total realized gain (loss) on investments 4 018 223.17Realized gain (loss) on foreign exchange -96 431.76Total realized gain (loss) 3 921 791.41


Changes in unrealized appreciation (depreciation) (Note 1)Unrealized appreciation (depreciation) on market-priced securities without options 5 990 339.93Unrealized appreciation (depreciation) on forward foreign exchange contracts -23 049.51Total changes in unrealized appreciation (depreciation) 5 967 290.42




Statement of Changes in Net Assets EUR 1.10.2012-30.9.2013Net assets at the beginning of the financial year 114 523 636.95Subscriptions 14 369 041.46Redemptions -22 478 529.46Total net subscriptions (redemptions) -8 109 488.00Net income (loss) on investments -1 066 499.65Total realized gain (loss) 3 921 791.41Total changes in unrealized appreciation (depreciation) 5 967 290.42Net increase (decrease) in net assets as a result of operations 8 822 582.18Net assets at the end of the financial year 115 236 731.13


1.10.2012-30.9.2013Class (CHF hedged) P-accNumber of shares outstanding at the beginning of the financial year 118 156.8680Number of shares issued 23 596.9210Number of shares redeemed -28 159.5610Number of shares outstanding at the end of the financial year 113 594.2280Class (USD hedged) I-A1-accNumber of shares outstanding at the beginning of the financial year 53 646.4000Number of shares issued 12 457.4970Number of shares redeemed -14 398.2010Number of shares outstanding at the end of the financial year 51 705.6960Class (USD hedged) P-accNumber of shares outstanding at the beginning of the financial year 96 476.9700Number of shares issued 62 012.5550Number of shares redeemed -55 544.5390Number of shares outstanding at the end of the financial year 102 944.9860Class I-A1-accNumber of shares outstanding at the beginning of the financial year 118 356.0400Number of shares issued 13 043.8330Number of shares redeemed -18 030.3750Number of shares outstanding at the end of the financial year 113 369.4980Class I-X-accNumber of shares outstanding at the beginning of the financial year 3 770.0000Number of shares issued 0.0000Number of shares redeemed 0.0000Number of shares outstanding at the end of the financial year 3 770.0000Class P-accNumber of shares outstanding at the beginning of the financial year 292 226.0800Number of shares issued 47 441.5290Number of shares redeemed -86 119.4390Number of shares outstanding at the end of the financial year 253 548.1700Class U-X-accNumber of shares outstanding at the beginning of the financial year 4 965.2640Number of shares issued 9.5880Number of shares redeemed -351.7200Number of shares outstanding at the end of the financial year 4 623.1320







Ireland

EUR FUNDLOGIC ALTERNATIVES PLC-INDUS PACIFICHOICE ASIA FD-I EUR 7 533.30 7 486 892.88 6.50EUR GAM STAR FUND PLC - GLOBAL RATES EUR 740 585.00 8 710 612.65 7.56EUR MARSHALL WACE UCITS FUND - MW DEVELOPED EUROPE TOPS FUND-F 91 636.04 9 654 773.28 8.38EUR MS PSAM GLOBAL EVENT UCITS FUND-I 879.04 1 016 262.31 0.88EUR MS PSAM GLOBAL EVENT UCITS FUND-B 5 687.68 6 725 794.17 5.84Total Ireland 33 594 335.29 29.16

Luxembourg

EUR BLACKROCK STRATEGIC FUNDS-EUROPEAN CREDIT STRATEGICS FUND-I2 51 913.44 5 880 754.48 5.10EUR BREVAN HOWARD INVEST FUND - EMERGING MKTS LOC FIX EUR HGD-B 57 341.12 5 980 678.82 5.19EUR HENDERSON GARTMORE UK FD-I HEDGED 1 574 733.20 9 599 416.08 8.33EUR MERRILL LYNCH INVEST SOLUTIONS-CCI HEALTHCARE LS UCITS-EU B 67 220.12 8 733 237.60 7.58EUR MERRILL LYNCH INVEST SOLU-OCH-ZIFF EU MULTI-STRATEGY FUND-B 48 773.80 5 366 093.15 4.66EUR RWC FUND - US ABSOLUTE ALPHA-B 74 711.29 8 989 261.93 7.80EUR RWC FUNDS SICAV - RWC EUROPE ABSOLUTE ALPHA FUND-B 67 231.29 8 369 220.03 7.26EUR SCHRODER GAIA EGERTON EQUITY-E 98 806.76 14 175 805.86 12.30EUR SERVICED PLATFORM SIC-SELECT EQUITY L/S UCITS SUB-FUND I EUR 63 838.90 7 495 324.78 6.50Total Luxembourg 74 589 792.73 64.72






USD 16 747 461.31 EUR 12 432 694.64 31.10.2013 -61 544.00 -0.05CHF 12 059 209.63 EUR 9 826 604.98 31.10.2013 27 013.79 0.02Total Forward Foreign Exchange contracts (Purchase/Sale) -34 530.21 -0.03

Cash at banks, deposits on demand and deposit accounts and other liquid assets 7 319 032.70 6.21Bank overdraft and other short-term liabilities -2.36 0.00Other assets and liabilities -231 897.02 -0.06

Total net assets 115 236 731.13 100.00


UBS (Lux) Key Selection SICAV – Global Equities (USD)Annual Report as of 30 September 2013


ISIN 30.9.2013 30.9.2012 30.9.2011Net assets in USD 177 918 972.41 184 179 707.96 114 328 388.53Class (EUR) K-1-acc LU0421783811Shares outstanding 2.8000 2.8000 2.8000Net asset value per share in EUR 3 421 671.27 2 930 981.72 2 305 158.59Issue and redemption price per share in EUR1 3 421 671.27 2 930 981.72 2 305 158.59Class (EUR) P-acc LU0161942635Shares outstanding 2 329 545.0300 2 021 866.9430 2 739 308.2490Net asset value per share in EUR 14.74 12.75 10.12Issue and redemption price per share in EUR1 14.74 12.75 10.12Class I-B-acc2 LU0421789008Shares outstanding - - 214 059.7910Net asset value per share in USD - - 90.86Issue and redemption price per share in USD1 - - 90.86Class I-X-acc LU0421789263Shares outstanding 148 336.6370 212 373.6120 223 388.7690Net asset value per share in USD 139.04 111.92 90.78Issue and redemption price per share in USD1 139.04 111.92 90.78Class P-acc LU0161942395Shares outstanding 1 646 164.4670 2 039 357.9180 2 326 168.7170Net asset value per share in USD 18.14 14.91 12.35Issue and redemption price per share in USD1 18.14 14.91 12.35Class U-X-acc3 LU0421789420Shares outstanding 5 573.0000 8 787.0000 -Net asset value per share in USD 12 196.68 9 818.11 -Issue and redemption price per share in USD1 12 196.68 9 818.11 -

1 See note 12 The share class I-B-acc was in circulation until 15.2.20123 Initial subscription: 28.2.2012

Performance

Currency 2012/2013 2011/2012 2010/2011Class (EUR) K-1-acc EUR 16.7% 27.1% -Class (EUR) P-acc EUR 15.6% 26.0% -13.8%Class I-B-acc USD - - -13.6%Class I-X-acc USD 24.2% 23.3% -13.6%Class P-acc USD 21.7% 20.7% -15.2%Class U-X-acc USD 24.2% - -

Benchmark:MSCI World (r) EUR 14.2% 26.8% -2.7%MSCI World (r) USD 20.2% 21.6% -4.3%


UBS (Lux) Key Selection SICAV – Global Equities (USD)




In the reporting year from 1 October 2012 to 30 September 2013, markets experienced a gradual recovery, with Japan taking the spotlight following an aggressive Quantitative Easing (QE) initiative from the Bank of Japan, a surge in public infrastructure spending and the depreciation of the yen. This change in the Japanese economic landscape has captured investor attention for the majority of the year so far. Chairman Bernanke’s statement in early June that the Fed was likely to start tapering (QE) later in the reporting year disrupted the equity markets initially, but has had little further traction, and at present, tapering does not look likely until December at the earliest. The initial market weakness following this announcement recovered on greater realization that future interest rate rises might be for the right reason i.e. that the economy was recovering. Purchasing market indices started turning up in the US, Eurozone and the UK, however those in many of the emerging markets started to slow down. Despite the moderate improvement in the economic outlook, the European Central Bank and the Bank of England remained cautious, due to concerns that higher bond yields may have the potential to derail the current recovery.

In the reporting year the subfund posted a strongly positive return and outperformed its benchmark, the MSCI World (r) Index. Some of the notable outperformers included Naspers (the multinational electronic media company), Toyota Motor (the world’s largest automobile manufacturer, based in Japan) and Bridgestone (Japanese tire manufacturer). Elsewhere, top positive contributors also included Facebook (the world’s largest social networking website), which saw its share price spike significantly following its positive earnings release in July, and Orix Corp (the leading non-bank financial company in Japan, specializing in leasing, real estate and investment banking), which benefited from the improvement in the Japanese economy. Detractors over the reporting year included the likes of Verifone (global company engaged in electronic payments), which we sold as our thesis began to deteriorate. Also, Lightstream Resources, the oil exploration and production company, which was oversold following a reduction in guidance. We believe this to be an overreaction and as the Brent WTI spread narrows, the price Lightstream Resources is able to charge will increase and it will see higher margins, subsequently boosting the future share price. Elsewhere, other notable underperformers over the reporting year included Hon Hai Precision (Taiwanese multinational electronics manufacturer), Rio Tinto (Australian mining company) and China Construction Bank.


Geographical Breakdown as a % of net assetsUnited States 36.04Japan 12.21United Kingdom 10.93Switzerland 5.36Netherlands 4.89Canada 4.13France 3.77Ireland 2.98Germany 2.88China 2.66Hong Kong 2.39Brazil 1.75South Africa 1.47Norway 1.21Spain 1.07Taiwan 0.82Israel 0.75Russian Federation (CIS) 0.71Australia 0.64Thailand 0.63Austria 0.62Indonesia 0.60Sweden 0.58Total 99.09

Economic Breakdown as a % of net assetsBanks & credit institutions 11.25Finance & holding companies 7.48Petroleum 7.21Electronics & semiconductors 5.56Internet, software & IT services 5.09Insurance 4.48Miscellaneous consumer goods 4.43Pharmaceuticals, cosmetics & medical products 4.17Food & soft drinks 3.53Healthcare & social services 3.41Telecommunications 3.24Tobacco & alcohol 3.20Mechanical engineering & industrial equipment 3.00Vehicles 2.72Retail trade, department stores 2.70Miscellaneous unclassified companies 2.62Miscellaneous services 2.39Chemicals 2.33Miscellaneous trading companies 2.26Building industry & materials 2.21Traffic & transportation 2.13Real Estate 2.10Electrical devices & components 1.97Energy & water supply 1.50Graphic design, publishing & media 1.47Computer hardware & network equipment providers 1.32Textiles, garments & leather goods 1.22Lodging, catering & leisure 1.11Biotechnology 1.05Non-ferrous metals 0.99Mining, coal & steel 0.95Total 99.09



Statement of Net Assets USDAssets 30.9.2013Investments in securities, cost 150 083 330.60Investments in securities, unrealized appreciation (depreciation) 26 222 455.49Total investments in securities (Note 1) 176 305 786.09Cash at banks, deposits on demand and deposit accounts 2 169 253.09Receivable on securities sales (Note 1) 866 335.99Receivable on subscriptions 1 311.52Interest receivable on liquid assets 277.09Receivable on dividends 297 945.66Other receivables 108 254.93Total Assets 179 749 164.37

LiabilitiesPayable on securities purchases (Note 1) -866 278.40Payable on redemptions -879 893.87Provisions for flat fee (Note 2) -70 639.52Provisions for taxe d’abonnement (Note 3) -13 380.17Total provisions -84 019.69Total Liabilities -1 830 191.96


Statement of Operations USDIncome 1.10.2012-30.9.2013Interest on liquid assets 2 158.65Dividends (Note 1) 3 411 889.42Income on securities lending (Note 16) 112 420.11Other income 77.05Total income 3 526 545.23



Realized gain (loss) (Note 1)Realized gain (loss) on market-priced securities without options 7 267 996.26Realized gain (loss) on forward foreign exchange contracts 33 301.80Realized result on subscriptions/redemptions (Note 4) 122 035.05Total realized gain (loss) on investments 7 423 333.11Realized gain (loss) on foreign exchange -124 146.99Total realized gain (loss) 7 299 186.12


Changes in unrealized appreciation (depreciation) (Note 1)Unrealized appreciation (depreciation) on market-priced securities without options 26 141 723.55Total changes in unrealized appreciation (depreciation) 26 141 723.55




Statement of Changes in Net Assets USD 1.10.2012-30.9.2013Net assets at the beginning of the financial year 184 179 707.96Subscriptions 26 601 460.59Redemptions -68 327 686.77Total net subscriptions (redemptions) -41 726 226.18Net income (loss) on investments 2 024 580.96Total realized gain (loss) 7 299 186.12Total changes in unrealized appreciation (depreciation) 26 141 723.55Net increase (decrease) in net assets as a result of operations 35 465 490.63Net assets at the end of the financial year 177 918 972.41


1.10.2012-30.9.2013Class (EUR) K-1-accNumber of shares outstanding at the beginning of the financial year 2.8000Number of shares issued 0.0000Number of shares redeemed 0.0000Number of shares outstanding at the end of the financial year 2.8000Class (EUR) P-accNumber of shares outstanding at the beginning of the financial year 2 021 866.9430Number of shares issued 923 740.3530Number of shares redeemed -616 062.2660Number of shares outstanding at the end of the financial year 2 329 545.0300Class I-X-accNumber of shares outstanding at the beginning of the financial year 212 373.6120Number of shares issued 51 676.1720Number of shares redeemed -115 713.1470Number of shares outstanding at the end of the financial year 148 336.6370Class P-accNumber of shares outstanding at the beginning of the financial year 2 039 357.9180Number of shares issued 144 992.5240Number of shares redeemed -538 185.9750Number of shares outstanding at the end of the financial year 1 646 164.4670Class U-X-accNumber of shares outstanding at the beginning of the financial year 8 787.0000Number of shares issued 0.0000Number of shares redeemed -3 214.0000Number of shares outstanding at the end of the financial year 5 573.0000






Bearer shares

Australia

AUD WESTFIELD GROUP NPV STAPLED UNITS 110 516.00 1 137 751.22 0.64Total Australia 1 137 751.22 0.64

Austria

EUR IMMOFINANZ AG 254 067.00 1 109 822.72 0.62Total Austria 1 109 822.72 0.62

Brazil

BRL BB SEGURIDADE PART COM NPV 190 504.00 1 866 486.49 1.05BRL CIELO SA COM NPV 46 460.00 1 251 010.71 0.70Total Brazil 3 117 497.20 1.75

Canada

CAD CANADIAN OIL SANDS COM NPV 58 200.00 1 130 141.06 0.63CAD LIGHTSTREAM RES LT COM NPV 110 328.00 796 413.81 0.45CAD PETROBANK ENERGY & COM NPV 119 100.00 48 084.93 0.03CAD PETROMINERALES LTD COM NPV 87 600.00 997 100.89 0.56CAD SHAMARAN PETROL CO COM NPV 1 856 500.00 695 352.17 0.39CAD SUNCOR ENERGY INC COM NPV ‘NEW’ 50 900.00 1 823 763.98 1.02CAD WESTJET AIRLINES LTD VAR VTG SHS 77 300.00 1 861 246.23 1.05Total Canada 7 352 103.07 4.13

China

HKD CHINA CONST BK ‘H’CNY1 3 637 170.00 2 799 933.58 1.57USD HOLLYSYS AUTOMATIO COM STK USD0.0001 129 700.00 1 939 015.00 1.09Total China 4 738 948.58 2.66

France

EUR CARREFOUR EUR2.50 91 050.00 3 127 464.50 1.76EUR PEUGEOT SA EUR1 92 238.00 1 517 024.32 0.85EUR SCHNEIDER ELECTRIC EUR8 24 336.00 2 059 231.07 1.16Total France 6 703 719.89 3.77

Hong Kong

HKD AIA GROUP LTD USD1.00 585 600.00 2 752 380.03 1.55HKD CHINA MOBILE LTD HKD0.10 133 500.00 1 491 624.92 0.84Total Hong Kong 4 244 004.95 2.39

Indonesia

IDR BK RAKYAT IDR250 1 707 300.00 1 068 905.62 0.60Total Indonesia 1 068 905.62 0.60

Ireland

USD ACCENTURE PLC SHS CL A ‘NEW’ 19 700.00 1 450 708.00 0.82USD COVIDIEN PLC USD0.20(POST CONSOLIDATION) 24 895.00 1 517 101.30 0.85USD INGERSOLL-RAND PLC SHS USD1 36 000.00 2 337 840.00 1.31Total Ireland 5 305 649.30 2.98

Israel

USD CHECK POINT SFTWRE ORD ILS0.01 23 500.00 1 329 160.00 0.75Total Israel 1 329 160.00 0.75

Japan

JPY BENESSE HOLDINGS INC NPV 34 100.00 1 240 631.85 0.70JPY ITOCHU CORP NPV 170 400.00 2 087 345.74 1.17JPY JAPAN AIRLINES CO NPV 31 900.00 1 931 067.52 1.09JPY MITSUBISHI UFJ FIN NPV 357 400.00 2 283 717.71 1.28JPY ORIX CORP NPV 173 000.00 2 812 076.43 1.58JPY PANASONIC CORP NPV 213 300.00 2 060 722.55 1.16JPY SANKYO CO LTD NPV 34 000.00 1 661 452.23 0.93JPY SHISEIDO CO LTD NPV 151 300.00 2 719 930.70 1.53JPY THK CO LTD NPV 72 900.00 1 615 129.68 0.91JPY TOYOTA MOTOR CORP NPV 51 900.00 3 316 310.83 1.86Total Japan 21 728 385.24 12.21

Netherlands

EUR CNH INDUSTRIAL NV COM EUR0.01 171 793.00 2 204 551.20 1.24EUR HEINEKEN NV EUR1.60 28 013.00 1 986 618.19 1.12EUR KONINKLIJKE DSM NV EUR1.5 22 603.00 1 706 675.61 0.96USD LYONDELLBASELL IND COM USD0.01 38 254.00 2 801 340.42 1.57Total Netherlands 8 699 185.42 4.89

Norway

NOK TELENOR ASA ORD NOK6 94 506.00 2 159 059.63 1.21Total Norway 2 159 059.63 1.21

South Africa

ZAR NASPERS ‘N’ ZAR0.02 28 289.00 2 609 826.27 1.47Total South Africa 2 609 826.27 1.47

Spain

EUR OBRASCON HUAR LAIN EUR0.6 50 054.00 1 899 528.18 1.07Total Spain 1 899 528.18 1.07



Sweden

SEK LUNDIN PETROLEUM A NPV 47 539.00 1 025 813.92 0.58Total Sweden 1 025 813.92 0.58

Switzerland

GBP GLENCORE XSTRATA PLC USD0.01 355 136.00 1 936 386.07 1.09Total Switzerland 1 936 386.07 1.09

Thailand

THB KASIKORNBANK PLC THB10 (ALIEN MKT) 199 800.00 1 127 388.11 0.63Total Thailand 1 127 388.11 0.63

United Kingdom

GBP ABERDEEN ASSET MGT ORD GBP0.10 289 815.00 1 776 869.79 1.00GBP ASSOCD BRIT FOODS ORD GBP0.0568 38 657.00 1 174 397.50 0.66GBP BIG YELLOW GROUP PLC 208 886.00 1 488 387.95 0.84GBP BP ORD USD0.25 426 555.00 2 991 695.28 1.68GBP BURBERRY GROUP ORD GBP0.0005 82 223.00 2 175 702.47 1.22GBP DIRECT LINE INSURA ORD GBP0.10 364 933.00 1 259 953.38 0.71GBP HSBC HLDGS ORD USD0.50(UK REG) 286 402.00 3 104 673.18 1.75GBP IMPERIAL TOBACCO ORD GBP0.10 64 486.00 2 388 282.73 1.34GBP RIO TINTO ORD GBP0.10 36 080.00 1 766 276.99 0.99GBP SABMILLER ORD USD0.10 25 968.00 1 321 922.83 0.74Total United Kingdom 19 448 162.10 10.93

United States

USD ABBVIE INC COM USD0.01 54 800.00 2 451 204.00 1.38USD APOLLO GROUP INC CLASS’A’COM NPV 76 300.00 1 587 803.00 0.89USD BANKUNITED INC COM USD0.01 50 100.00 1 562 619.00 0.88USD CELGENE CORP COM USD0.01 12 100.00 1 862 553.00 1.05USD COLGATE-PALMOLIVE COM USD1 26 700.00 1 583 310.00 0.89USD FACEBOOK INC COM USD0.000006 CL ‘A’ 41 176.00 2 068 682.24 1.16USD GOOGLE INC COM USD0.001 CL’A’ 4 680.00 4 099 258.80 2.30CAD GRAN TIERRA ENERGY COM USD0.01 180 500.00 1 283 641.40 0.72USD HESS CORPORATION COM USD1 26 800.00 2 072 712.00 1.17USD HORMEL FOODS CORP COM 55 400.00 2 333 448.00 1.31USD LOWE’S COS INC COM USD0.50 35 300.00 1 680 633.00 0.94USD MDU RES GROUP INC COM USD1 52 100.00 1 457 237.00 0.82USD MICRON TECHNOLOGY COM USD0.10 100 600.00 1 757 482.00 0.99USD MILLER(HERMAN)INC COM USD0.20 80 500.00 2 348 990.00 1.32USD MORGAN STANLEY COM STK USD0.01 99 600.00 2 684 220.00 1.51USD OCCIDENTAL PETRLM COM USD0.20 17 800.00 1 665 012.00 0.94USD OWENS CORNING COM STK USD0.01 53 500.00 2 031 930.00 1.14USD PNC FINL SVCS GROUP INC COM 26 700.00 1 934 415.00 1.09USD PRINCIPAL FINL GP COM USD0.01 49 000.00 2 098 180.00 1.18USD PROCTER & GAMBLE COM NPV 35 200.00 2 660 768.00 1.50USD PRUDENTIAL FINL INC COM 23 300.00 1 816 934.00 1.02USD ROYAL CARIBBEAN COM USD0.01 51 600.00 1 975 248.00 1.11USD ST JUDE MED INC COM 35 500.00 1 904 220.00 1.07USD SYMANTEC CORP COM 62 800.00 1 554 300.00 0.87USD THERMO FISHER SCIE COM USD1 34 600.00 3 188 390.00 1.79USD TIMKEN CO COM NPV 23 000.00 1 389 200.00 0.78USD UNITEDHEALTH GRP COM USD0.01 41 300.00 2 957 493.00 1.66USD VIACOM INC NEW CL’B’ NON-VTG USD0.001 25 200.00 2 106 216.00 1.18USD WELLS FARGO & CO COM USD1 2/3 63 200.00 2 611 424.00 1.47USD WHIRLPOOL CORP COM 13 500.00 1 976 940.00 1.11USD XILINX INC COM USD0.01 30 300.00 1 419 858.00 0.80Total United States 64 124 321.44 36.04


Registered shares

Germany

EUR BAYER AG NPV (REGD) 20 665.00 2 438 142.13 1.37EUR E.ON SE NPV 68 388.00 1 217 340.42 0.68EUR INFINEON TECHNOLOG AG NPV (REGD) 147 085.00 1 472 356.41 0.83Total Germany 5 127 838.96 2.88

Switzerland

CHF CREDIT SUISSE GRP CHF0.04(REGD) 66 572.00 2 033 418.46 1.14CHF NESTLE SA CHF0.10(REGD) 39 670.00 2 774 816.15 1.56CHF NOVARTIS AG CHF0.50(REGD) 36 283.00 2 788 685.10 1.57Total Switzerland 7 596 919.71 4.27


Depository receipts

Russian Federation (CIS)

USD SBERBANK OF RUSSIA SPON ADR EACH REPR ORD SHS 94 673.00 1 138 916.19 0.64EUR SBERBANK OF RUSSIA SPON ADR EACH REPR ORD SHS 10 588.00 127 845.42 0.07Total Russian Federation (CIS) 1 266 761.61 0.71




Taiwan

USD CATCHER TECHNOLOGY GDR EACH REPR 5 ORD TWD10 54 700.00 1 448 456.00 0.82Total Taiwan 1 448 456.00 0.82

Total Depository receipts 2 715 217.61 1.53


Transferable securities and money market instruments not listed on an official stock exchange and not traded on another regulated market

Rights

Italy

EUR FIAT INDUSTRIAL SPA RIGHTS 10.09.13 177 768.00 190.88 0.00Total Italy 190.88 0.00

Total Rights 190.88 0.00

Total Transferable securities and money market instruments not listed on an official stock exchange and not traded on another regulated market 190.88 0.00



Total net assets 177 918 972.41 100.00



UBS (Lux) Key Selection SICAV – Global Real Estate Securities (USD)Annual Report as of 30 September 2013


ISIN 30.9.2013 30.9.2012 30.9.2011Net assets in USD 14 440 030.74 7 519 644.63 3 820 641.42Class (EUR hedged) I-A1-acc1 LU0456132322Shares outstanding - 9 143.6110 9 143.6110Net asset value per share in EUR - 135.52 104.54Issue and redemption price per share in EUR2 - 135.52 104.54Class I-A1-acc3 LU0456132595Shares outstanding - 200.0000 200.0000Net asset value per share in USD - 136.90 104.71Issue and redemption price per share in USD2 - 136.90 104.71Class P-acc LU0574507207Shares outstanding 118 030.5240 53 733.7980 29 666.3590Net asset value per share in USD 122.34 109.77 84.85Issue and redemption price per share in USD2 122.34 109.77 84.85

1 The share class (EUR hedged) I-A1-acc was in circulation until 2.7.20132 See note 13 The share class I-A1-acc was in circulation until 28.8.2013

Performance

Currency 2012/2013 2011/2012 2010/2011Class (EUR hedged) I-A1-acc EUR - 29.6% -11.5%Class I-A1-acc USD - 30.7% -11.4%Class P-acc USD 11.5% 29.4% -

Benchmark:FTSE EPRA NAREIT Global Index (hedged EUR) EUR 11.9% 26.6% -9.8%FTSE EPRA NAREIT Global Index (hedged USD) USD 12.7% 28.2% -9.1%


UBS (Lux) Key Selection SICAV – Global Real Estate Securities (USD)




In the reporting year from 1 October 2012 to 30 September 2013, markets experienced a gradual recovery, with property stocks up as a whole, despite some weakness during the summer of 2013. Property stocks had a strong start to the reporting year, but fizzled out when Fed comments about tapering of Quantitative Easing (QE) sent bond yields up. Higher bond yields put downward pressure on property valuations and increased the debt funding costs for property companies. Property stocks remained weak in the summer amid the rising bond yields, geo-political tensions and talk of a possible emerging markets crisis. In August, property stocks were especially weak in ASEAN and South American countries, where the selling of currencies and bonds by global investors had exposed the risk of a funding crisis. Despite this, property stocks were strong in Japan and China. Japanese property stocks were particularly strong because inflation picked up and housing starts were strong, whilst Chinese property stocks rose because of strong economic data and reduced fears of property price cooling measures by the Chinese government. By September 2013, as a result of the announcement on the surprise delay in the tapering of US QE, bond yields fell and property stocks began to rise as high-yielding investments came back into favor.

In the reporting year the subfund posted a positive return and underperformed the FTSE EPRA NAREIT Global Index (hedged USD). Among the top detractors over the period were Avalonbay Communities (US Residential REIT), Simon Property Group (US Retail REIT) and Sunac China Holdings (real estate holding and development company). Not holding Mitsubishi Estate, a Japanese real estate developer, detracted from performance. Some of the notable positive contributors in the reporting year included holdings in Japanese property stocks Sumitomo Realty and Development, Tokyu Land, and Mitsui Fudosan (real estate holding and development company).


Geographical Breakdown as a % of net assetsUnited States 42.15Japan 14.74Hong Kong 9.23United Kingdom 7.74France 5.43Australia 5.29Singapore 2.42Canada 2.38Brazil 1.99Austria 1.92China 1.77Malaysia 1.39Thailand 1.06Indonesia 0.92South Africa 0.90Philippines 0.62Total 99.95

Economic Breakdown as a % of net assetsReal Estate 95.51Lodging, catering & leisure 1.96Building industry & materials 1.79Miscellaneous services 0.41Investment funds & pension foundations 0.28Total 99.95



Statement of Net Assets USDAssets 30.9.2013Investments in securities, cost 14 023 523.03Investments in securities, unrealized appreciation (depreciation) 408 959.56Total investments in securities (Note 1) 14 432 482.59Cash at banks, deposits on demand and deposit accounts 172 009.57Receivable on subscriptions 20 157.99Interest receivable on liquid assets 5.10Receivable on dividends 26 269.50Unrealized gain (loss) on forward foreign exchange contracts (Note 1) -172 941.94Total Assets 14 477 982.81



Statement of Operations USDIncome 1.10.2012-30.9.2013Interest on liquid assets 392.33Dividends (Note 1) 416 168.25Income on securities lending (Note 16) 3 670.12Total income 420 230.70



Realized gain (loss) (Note 1)Realized gain (loss) on market-priced securities without options 114 292.95Realized gain (loss) on forward foreign exchange contracts 723 536.56Realized result on subscriptions/redemptions (Note 4) 73 614.99Total realized gain (loss) on investments 911 444.50Realized gain (loss) on foreign exchange -15 464.90Total realized gain (loss) 895 979.60


Changes in unrealized appreciation (depreciation) (Note 1)Unrealized appreciation (depreciation) on market-priced securities without options 134 127.64Unrealized appreciation (depreciation) on forward foreign exchange contracts -184 062.40Total changes in unrealized appreciation (depreciation) -49 934.76




Statement of Changes in Net Assets USD 1.10.2012-30.9.2013Net assets at the beginning of the financial year 7 519 644.63Subscriptions 21 758 727.54Redemptions -15 834 843.36Total net subscriptions (redemptions) 5 923 884.18Net income (loss) on investments 150 457.09Total realized gain (loss) 895 979.60Total changes in unrealized appreciation (depreciation) -49 934.76Net increase (decrease) in net assets as a result of operations 996 501.93Net assets at the end of the financial year 14 440 030.74


1.10.2012-30.9.2013Class (EUR hedged) I-A1-accNumber of shares outstanding at the beginning of the financial year 9 143.6110Number of shares issued 0.0000Number of shares redeemed -9 143.6110Number of shares outstanding at the end of the financial year 0.0000Class I-A1-accNumber of shares outstanding at the beginning of the financial year 200.0000Number of shares issued 28 810.0000Number of shares redeemed -29 010.0000Number of shares outstanding at the end of the financial year 0.0000Class P-accNumber of shares outstanding at the beginning of the financial year 53 733.7980Number of shares issued 145 562.6890Number of shares redeemed -81 265.9630Number of shares outstanding at the end of the financial year 118 030.5240






Bearer shares

Australia

AUD STOCKLAND NPV (STAPLED) 87 361.00 313 677.71 2.17AUD WESTFIELD GROUP NPV STAPLED UNITS 43 428.00 449 523.38 3.12Total Australia 763 201.09 5.29

Austria

EUR IMMOFINANZ AG 63 408.00 276 980.64 1.92Total Austria 276 980.64 1.92

Brazil

BRL ALIANSCE SHOPPING COM NPV 6 700.00 59 895.33 0.42BRL BR MALLS PARTICIPA COM NPV 11 400.00 102 935.69 0.71BRL DIRECIONAL ENGENHA COM NPV 23 000.00 124 296.40 0.86Total Brazil 287 127.42 1.99

China

HKD GUANGZHOU R&F PROP ‘H’CNY0.25(POST SUBD) 92 000.00 143 780.58 1.00HKD SUNAC CHINA HLDGS HKD0.10 ‘REG S’ 172 000.00 111 559.42 0.77Total China 255 340.00 1.77

France

EUR FONCIERE DES REGIO EUR3 839.00 69 630.52 0.48EUR ICADE NPV 697.00 63 695.28 0.44EUR KLEPIERRE EUR1.40 996.00 43 210.94 0.30EUR UNIBAIL-RODAMCO EUR5 2 445.00 606 994.26 4.21Total France 783 531.00 5.43

Hong Kong

HKD CHINA O/SEAS LAND HKD0.10 92 000.00 271 071.48 1.88HKD COUNTRY GARDEN HLD HKD0.10 364 991.00 233 439.12 1.62USD HONG KONG LAND HLD ORD USD0.10(BERMUDA REG) 27 000.00 180 360.00 1.25HKD SUN HUNG KAI PROP HKD0.50 22 767.00 309 719.15 2.14HKD THE LINK REAL ESTATE INVESTMENT TRUST 69 000.00 338 542.77 2.34Total Hong Kong 1 333 132.52 9.23

Indonesia

IDR PT BUMI SERPONG DA IDR100 1 052 000.00 133 544.06 0.92Total Indonesia 133 544.06 0.92

Japan

JPY ACTIVIA PROPERTIES REIT 20.00 166 318.47 1.15JPY DAIWA OFFICE INVES REIT 31.00 141 849.68 0.98JPY GLP J-REIT REIT 230.00 247 989.81 1.72JPY JAPAN RETAIL FUND INVESTMENT CORP 25.00 51 388.54 0.36JPY MITSUI FUDOSAN CO NPV 16 169.00 547 892.23 3.79JPY SUMITOMO RLTY&DEV NPV 10 000.00 469 808.92 3.25JPY TOKYU LAND CORP NPV 27 000.00 280 937.58 1.95Total Japan 1 906 185.23 13.20

Malaysia

MYR IJM LAND HOLDINGS MYR1 245 400.00 201 017.95 1.39Total Malaysia 201 017.95 1.39

Philippines

PHP AYALA LAND INC PHP1 142 300.00 89 713.71 0.62Total Philippines 89 713.71 0.62

Singapore

SGD ASCENDAS INDIA TRUST 83 000.00 41 012.15 0.28Total Singapore 41 012.15 0.28

South Africa

ZAR GROWTHPOINT PROPS NPV (POST DELINKING) 53 277.00 130 495.89 0.90Total South Africa 130 495.89 0.90

United Kingdom

GBP BIG YELLOW GROUP PLC 54 917.00 391 303.40 2.71GBP BRITISH LAND CO PLC REIT 17 503.00 163 688.68 1.13GBP DERWENT LONDON PLC REIT 4 245.00 162 853.42 1.13GBP HAMMERSON PLC REIT 22 896.00 185 759.69 1.29GBP UNITE GROUP ORD GBP0.25 33 588.00 214 795.61 1.49Total United Kingdom 1 118 400.80 7.75

United States

USD AVALONBAY COMMUNI COM USD0.01 3 680.00 467 691.20 3.24USD BOSTON PPTYS INC COM USD0.01 3 835.00 409 961.50 2.84USD BRANDYWINE REALTY TRUST - SBI 11 600.00 152 888.00 1.06USD BRE PROPERTIES INC-A 3 480.00 176 644.80 1.22CAD BROOKFIELD OFFICE COM NPV 10 194.00 195 767.65 1.36USD CUBESMART COM USD0.01 10 150.00 181 076.00 1.25USD EQUITY LIFESTYLE PPTYS INC 2 600.00 88 842.00 0.62USD EQUITY RESIDENTIAL-SBI 5 000.00 267 850.00 1.85



USD FEDERAL REALTY INVT TR SH BEN INT NEW 900.00 91 305.00 0.63USD GEN GROWTH PPTYS COM USD0.01 NEW 19 400.00 374 226.00 2.59USD HOST HOTELS & RESO COM STK USD0.01 22 538.00 398 246.46 2.76USD MID-AMER APARTMENT COM STK USD0.01 2 900.00 181 250.00 1.25USD NATIONAL RETAIL PROPERTIES INC 7 400.00 235 468.00 1.63USD PLUM CREEK TIMBER COMPANY INC REIT 2 200.00 103 026.00 0.71USD PROLOGIS INC COM USD0.01 8 081.00 304 007.22 2.11USD PUBLIC STORAGE COM USD0.10 1 100.00 176 605.00 1.22USD SIMON PROP GROUP COM USD0.0001 5 795.00 858 992.85 5.95USD STARWOOD HTLS WRLD COM STK USD0.01 4 250.00 282 412.50 1.96USD TANGER FACTORY OUTLET CENTERS INC 4 100.00 133 865.00 0.93USD VENTAS INC COM USD0.25 7 584.00 466 416.00 3.23Total United States 5 546 541.18 38.41


Depository receipts

Thailand

THB LPN DEVELOPMENT THB1 (NVDR) 228 500.00 152 674.23 1.06Total Thailand 152 674.23 1.06

Total Depository receipts 152 674.23 1.06

Investment certificates, closed end

Canada

CAD ALLIED PROPERTIES REIT 5 200.00 164 210.53 1.14CAD BOARDWALK REAL ESTATE INVESTMENT TRUST 3 200.00 179 348.19 1.24Total Canada 343 558.72 2.38

Japan

JPY NIPPON BUILDING FD REIT 18.00 221 961.78 1.54Total Japan 221 961.78 1.54

Singapore

SGD CAPITACOMMERCIAL TRUST 265 000.00 308 348.28 2.13Total Singapore 308 348.28 2.13

United States

USD CBL & ASSOC PPTYS INC COM 5 900.00 112 690.00 0.78USD HEALTH CARE REIT INC 2 400.00 149 712.00 1.04USD VORNADO REALTY TRUST-SBI 3 299.00 277 313.94 1.92Total United States 539 715.94 3.74

Total Investment certificates, closed end 1 413 584.72 9.79





USD 1 040 458.29 GBP 672 800.00 9.10.2013 -49 010.11 -0.34USD 133 198.19 ZAR 1 371 700.00 9.10.2013 -2 972.99 -0.02USD 942 387.65 AUD 1 060 600.00 9.10.2013 -48 865.02 -0.34USD 1 018 862.39 EUR 772 600.00 9.10.2013 -26 983.05 -0.19USD 482 460.38 CAD 509 400.00 9.10.2013 -13 028.76 -0.09USD 1 737 635.65 JPY 170 463 100.00 9.10.2013 360.34 0.00USD 318 146.07 SGD 406 200.00 9.10.2013 -5 585.05 -0.04USD 1 653 376.58 HKD 12 819 700.00 9.10.2013 301.03 0.00USD 237 065.34 BRL 568 500.00 9.10.2013 -17 861.68 -0.12USD 212 614.84 MYR 697 500.00 9.10.2013 -1 283.16 -0.01USD 49 030.84 PHP 2 178 700.00 9.10.2013 -1 083.02 -0.01USD 88 291.56 IDR 1 016 996 900.00 9.10.2013 -296.68 0.00USD 101 416.44 THB 3 263 500.00 9.10.2013 -2 870.72 -0.02USD 77 098.86 JPY 7 672 300.00 9.10.2013 -1 093.41 -0.01EUR 33 400.00 USD 44 300.59 9.10.2013 911.99 0.01HKD 558 700.00 USD 72 053.84 9.10.2013 -10.55 0.00GBP 35 000.00 USD 55 007.93 9.10.2013 1 667.75 0.01ZAR 331 300.00 USD 33 009.99 9.10.2013 -121.23 0.00AUD 99 200.00 USD 92 106.01 9.10.2013 607.80 0.00USD 50 410.26 GBP 31 700.00 9.10.2013 -921.71 -0.01USD 15 776.21 ZAR 155 600.00 9.10.2013 329.51 0.00USD 50 570.05 EUR 37 900.00 9.10.2013 -734.04 0.00USD 27 439.28 AUD 29 400.00 9.10.2013 -38.40 0.00USD 28 914.16 CAD 29 800.00 9.10.2013 -72.05 0.00USD 63 093.09 JPY 6 269 100.00 9.10.2013 -798.47 0.00USD 28 864.22 SGD 36 400.00 9.10.2013 -145.66 0.00USD 30 601.34 IDR 344 588 800.00 9.10.2013 585.01 0.00USD 14 482.71 PHP 629 100.00 9.10.2013 12.32 0.00USD 27 380.59 BRL 62 100.00 9.10.2013 -466.32 0.00AUD 204 200.00 USD 192 622.06 9.10.2013 -1 773.68 -0.01USD 263 789.08 JPY 26 021 500.00 9.10.2013 -1 409.13 -0.01MYR 697 500.00 USD 213 893.74 9.10.2013 4.26 0.00IDR 1 361 585 700.00 USD 118 817.51 9.10.2013 -212.94 0.00USD 213 494.70 MYR 697 500.00 7.11.2013 -30.60 0.00USD 64 673.20 PHP 2 807 800.00 7.11.2013 -24.73 0.00USD 117 220.94 IDR 1 361 585 700.00 7.11.2013 35.24 0.00PHP 2 807 800.00 USD 64 604.31 9.10.2013 -20.07 0.00BRL 630 600.00 USD 282 317.17 9.10.2013 456.76 0.00




USD 280 308.40 BRL 630 600.00 7.11.2013 -414.48 0.00USD 1 083 880.33 GBP 669 500.00 7.11.2013 10.00 0.00JPY 210 426 000.00 USD 2 144 571.51 9.10.2013 -14.15 0.00THB 3 263 500.00 USD 104 333.18 9.10.2013 -46.02 0.00CAD 539 200.00 USD 524 467.19 9.10.2013 8.16 0.00USD 118 223.47 ZAR 1 196 000.00 7.11.2013 48.07 0.00GBP 669 500.00 USD 1 084 131.39 9.10.2013 -6.69 0.00USD 104 124.79 THB 3 263 500.00 7.11.2013 36.11 0.00SGD 442 600.00 USD 352 746.34 9.10.2013 -5.34 0.00HKD 12 261 000.00 USD 1 581 051.01 9.10.2013 -18.75 0.00EUR 777 100.00 USD 1 051 942.40 9.10.2013 -5.44 0.00USD 733 760.93 AUD 786 600.00 7.11.2013 119.50 0.00USD 1 052 001.46 EUR 777 100.00 7.11.2013 -17.98 0.00AUD 786 600.00 USD 735 178.38 9.10.2013 -10.22 0.00ZAR 1 196 000.00 USD 118 730.97 9.10.2013 -1.85 0.00USD 524 085.38 CAD 539 200.00 7.11.2013 -4.13 0.00USD 2 144 873.17 JPY 210 426 000.00 7.11.2013 -107.72 0.00USD 352 741.56 SGD 442 600.00 7.11.2013 -11.21 0.00USD 1 581 074.25 HKD 12 261 000.00 7.11.2013 -58.58 0.00Total Forward Foreign Exchange contracts (Purchase/Sale) -172 941.94 -1.20


Total net assets 14 440 030.74 100.00



UBS (Lux) Key Selection SICAV – Multi Asset Income (USD)Annual Report as of 30 September 2013


ISIN 30.9.2013 30.9.2012 30.9.2011Net assets in USD 683 735 381.02 182 430 981.27 70 270 198.65Class (CHF hedged) I-X-acc LU0626809544Shares outstanding 701 725.9450 331 493.9620 329 165.4220Net asset value per share in CHF 109.55 106.59 94.35Issue and redemption price per share in CHF1 109.55 106.23 94.35Class (CHF hedged) P-acc2 LU0822113493Shares outstanding 1 241 044.5210 - -Net asset value per share in CHF 99.50 - -Issue and redemption price per share in CHF1 99.50 - -Class (CHF hedged) P-dist LU0626809114Shares outstanding 1 235 525.6760 325 193.9060 95 767.8290Net asset value per share in CHF 103.44 104.44 93.86Issue and redemption price per share in CHF1 103.44 104.08 93.86Class (EUR hedged) I-X-acc3 LU0745895374Shares outstanding 106 444.0150 5 286.6600 -Net asset value per share in EUR 107.21 104.18 -Issue and redemption price per share in EUR1 107.21 103.83 -Class (EUR hedged) N-dist4 LU0815318976Shares outstanding 95 373.4310 100.0000 -Net asset value per share in EUR 100.37 99.59 -Issue and redemption price per share in EUR1 100.37 99.25 -Class (EUR hedged) P-acc5 LU0822114038Shares outstanding 612 074.6850 - -Net asset value per share in EUR 100.79 - -Issue and redemption price per share in EUR1 100.79 - -Class (EUR hedged) P-dist LU0626809387Shares outstanding 552 513.8250 387 139.6770 110 638.6710Net asset value per share in EUR 104.70 105.43 94.35Issue and redemption price per share in EUR1 104.70 105.07 94.35Class (GBP hedged) P-acc6 LU0937166477Shares outstanding 17 108.2250 - -Net asset value per share in GBP 99.13 - -Issue and redemption price per share in GBP1 99.13 - -Class (GBP hedged) P-UK-dist7 LU0749797188Shares outstanding 253 530.7990 186 156.3820 -Net asset value per share in GBP 105.45 104.27 -Issue and redemption price per share in GBP1 105.45 103.92 -Class P-acc2 LU0822114202Shares outstanding 391 283.9480 - -Net asset value per share in USD 99.88 - -Issue and redemption price per share in USD1 99.88 - -Class P-dist LU0626809460Shares outstanding 432 855.8960 228 586.5120 67 861.6570Net asset value per share in USD 105.08 105.53 94.23Issue and redemption price per share in USD1 105.08 105.17 94.23Class U-X-acc8 LU0611201574Shares outstanding - - 595.0000Net asset value per share in USD - - 9 717.06Issue and redemption price per share in USD1 - - 9 717.06

1 See note 12 Initial subscription: 30.11.20123 Initial subscription: 29.2.20124 Initial subscription: 3.9.20125 Initial subscription: 2.10.20126 Initial subscription: 5.6.20137 Initial subscription: 16.3.20128 For the period from 7.4.2011 to 16.3.2012 the unit class U-X-acc was in circulation

UBS (Lux) Key Selection SICAV – Multi Asset Income (USD)




In the reporting year from 1 October 2012 to 30 September 2013, the last three months of 2012 were generally benign towards risky assets. The market environment changed in 2013 with performance across emerging markets equity and debt starting to deteriorate and culminating in a May sell-off. At the same time, global government bonds suffered amidst the prospect of better global growth and higher interest rate expectations. High yield bonds were positive over the reporting year but could not recover to the April peaks until the end of Q3. Developed equities presented the most rewarding opportunities despite participating strongly in the May sell-off. Some of the European equities outpaced the US markets. Tail risks like the Middle East conflict, the Eurozone crisis, monetary policy errors, GDP growth disappointments and the China hard landing left markets largely untroubled in the reporting year.

The main goal of the subfund’s strategy is to manage investments in different asset classes in such a way that the subfund generates its target income in a risk-aware fashion. The subfund succeeded to maintain its targeted income level throughout the reporting year. In the fourth quarter of 2012 positive return contributions were registered across asset classes, most notably from REITs, High Yield and Equity. The most challenging period was May and June 2013. Amidst fears of US Federal Reserve tapering, government and corporate bonds sold off globally. In addition, an unexpected high interest rate sensitivity of REITs impacted the portfolio severely. In the subsequent months, Multi Asset Income managed to recoup some losses and finished the fiscal year in positive territory. Currencies did not have an impact as the subfund strives to be hedged to its reference currency. The subfund has no benchmark.


Geographical Breakdown as a % of net assetsIreland 65.14United States 7.92United Kingdom 5.04Italy 3.86Luxembourg 3.27Guernsey 2.99France 1.55Eurozone -0.01Total 89.76

Economic Breakdown as a % of net assetsInvestment funds & pension foundations 73.52Countries & central governments 16.25Finance & holding companies -0.01Total 89.76

Performance

Currency 2012/2013 2011/2012 2011Class (CHF hedged) I-X-acc1 CHF 2.8% 13.0% -Class (CHF hedged) P-acc1 CHF - - -Class (CHF hedged) P-dist1 CHF 1.6% 10.9% -Class (EUR hedged) I-X-acc1 EUR 2.9% - -Class (EUR hedged) N-dist1 EUR 1.1% - -Class (EUR hedged) P-acc1 EUR - - -Class (EUR hedged) P-dist1 EUR 1.7% 11.4% -Class (GBP hedged) P-acc1 GBP - - -Class (GBP hedged) P-UK-dist1 GBP 2.3% - -Class P-acc1 USD - - -Class P-dist1 USD 2.1% 11.6% -Class U-X-acc1 USD - - -





Statement of Net Assets USDAssets 30.9.2013Investments in securities, cost 608 134 810.88Investments in securities, unrealized appreciation (depreciation) 5 602 815.24Total investments in securities (Note 1) 613 737 626.12Cash at banks, deposits on demand and deposit accounts 100 402 370.12Other liquid assets (Margins) 4 463 108.30Receivable on securities sales (Note 1) 1 072 986.21Receivable on subscriptions 466 606.93Interest receivable on securities 375 783.43Receivable on dividends 515 484.81Unrealized gain (loss) on financial futures (Note 1) 79 240.85Unrealized gain (loss) on forward foreign exchange contracts (Note 1) 8 375 818.75Total Assets 729 489 025.52

LiabilitiesPayable on securities purchases (Note 1) -43 358 764.72Payable on redemptions -1 961 908.78Provisions for flat fee (Note 2) -359 783.66Provisions for taxe d’abonnement (Note 3) -73 187.34Total provisions -432 971.00Total Liabilities -45 753 644.50


Statement of Operations USDIncome 1.10.2012-30.9.2013Interest on liquid assets 2 577.30Interest on securities 1 276 257.36Dividends (Note 1) 13 512 372.95Income on securities lending (Note 16) 475 162.46Other income 39 516.01Total income 15 305 886.08

ExpensesFlat fee (Note 2) -6 555 435.59Taxe d’abonnement (Note 3) -237 162.33Cost on securities lending (Note 16) -216 016.40Interest on cash liquidity and bank overdraft -15 899.46Total expenses -7 024 513.78


Realized gain (loss) (Note 1)Realized gain (loss) on market-priced securities without options -2 409 180.78Realized gain (loss) on options -122 439.39Realized gain (loss) on financial futures 774 144.86Realized gain (loss) on forward foreign exchange contracts 3 627 213.52Realized gain (loss) on swaps -482.47Realized result on subscriptions/redemptions (Note 4) 1 327 693.57Total realized gain (loss) on investments 3 196 949.31Realized gain (loss) on foreign exchange 380 494.54Total realized gain (loss) 3 577 443.85


Changes in unrealized appreciation (depreciation) (Note 1)Unrealized appreciation (depreciation) on market-priced securities without options -1 096 613.24Unrealized appreciation (depreciation) on options 43 345.36Unrealized appreciation (depreciation) on financial futures 79 240.85Unrealized appreciation (depreciation) on forward foreign exchange contracts 7 180 156.15Total changes in unrealized appreciation (depreciation) 6 206 129.12




Statement of Changes in Net Assets USD 1.10.2012-30.9.2013Net assets at the beginning of the financial year 182 430 981.27Subscriptions 626 182 668.22Redemptions -139 635 448.30Total net subscriptions (redemptions) 486 547 219.92Dividend paid -3 307 765.44Net income (loss) on investments 8 281 372.30Total realized gain (loss) 3 577 443.85Total changes in unrealized appreciation (depreciation) 6 206 129.12Net increase (decrease) in net assets as a result of operations 18 064 945.27Net assets at the end of the financial year 683 735 381.02


1.10.2012-30.9.2013Class (CHF hedged) I-X-accNumber of shares outstanding at the beginning of the financial year 331 493.9620Number of shares issued 420 142.1450Number of shares redeemed -49 910.1620Number of shares outstanding at the end of the financial year 701 725.9450Class (CHF hedged) P-accNumber of shares outstanding at the beginning of the financial year 0.0000Number of shares issued 1 450 399.5190Number of shares redeemed -209 354.9980Number of shares outstanding at the end of the financial year 1 241 044.5210Class (CHF hedged) P-distNumber of shares outstanding at the beginning of the financial year 325 193.9060Number of shares issued 1 005 064.8630Number of shares redeemed -94 733.0930Number of shares outstanding at the end of the financial year 1 235 525.6760Class (EUR hedged) I-X-accNumber of shares outstanding at the beginning of the financial year 5 286.6600Number of shares issued 250 704.3980Number of shares redeemed -149 547.0430Number of shares outstanding at the end of the financial year 106 444.0150Class (EUR hedged) N-distNumber of shares outstanding at the beginning of the financial year 100.0000Number of shares issued 103 125.6640Number of shares redeemed -7 852.2330Number of shares outstanding at the end of the financial year 95 373.4310Class (EUR hedged) P-accNumber of shares outstanding at the beginning of the financial year 0.0000Number of shares issued 795 733.9400Number of shares redeemed -183 659.2550Number of shares outstanding at the end of the financial year 612 074.6850Class (EUR hedged) P-distNumber of shares outstanding at the beginning of the financial year 387 139.6770Number of shares issued 365 244.6030Number of shares redeemed -199 870.4550Number of shares outstanding at the end of the financial year 552 513.8250Class (GBP hedged) P-accNumber of shares outstanding at the beginning of the financial year 0.0000Number of shares issued 17 128.2250Number of shares redeemed -20.0000Number of shares outstanding at the end of the financial year 17 108.2250Class (GBP hedged) P-UK-distNumber of shares outstanding at the beginning of the financial year 186 156.3820Number of shares issued 146 230.8410Number of shares redeemed -78 856.4240Number of shares outstanding at the end of the financial year 253 530.7990Class P-accNumber of shares outstanding at the beginning of the financial year 0.0000Number of shares issued 440 153.3870Number of shares redeemed -48 869.4390Number of shares outstanding at the end of the financial year 391 283.9480Class P-distNumber of shares outstanding at the beginning of the financial year 228 586.5120Number of shares issued 295 625.9310Number of shares redeemed -91 356.5470Number of shares outstanding at the end of the financial year 432 855.8960

Distribution

UBS (Lux) Key Selection SICAV Ex-Date Pay-Date Currency Amount per share– Multi Asset Income (USD) (CHF hedged) P-dist 2.12.2013 5.12.2013 CHF 1.54– Multi Asset Income (USD) (EUR hedged) N-dist 2.12.2013 5.12.2013 EUR 0.88– Multi Asset Income (USD) (EUR hedged) P-dist 2.12.2013 5.12.2013 EUR 1.56– Multi Asset Income (USD) (GBP hedged) P-UK-dist 2.12.2013 5.12.2013 GBP 1.54– Multi Asset Income (USD) P-dist 2.12.2013 5.12.2013 USD 1.62






Investment certificates, closed end

Guernsey

GBP HICL INFRASTRUCTUR ORD GBP0.0001 4 898 988.00 10 305 514.09 1.51GBP JOHN LAING INFRASTRUCTURE FUND LTD-GBP 5 558 217.00 10 081 093.80 1.47Total Guernsey 20 386 607.89 2.98

Luxembourg

GBP BILFINGER BERGER GLOBAL INFRASTRUCTURE SICAV S.A. 1 119 482.00 2 107 483.65 0.31Total Luxembourg 2 107 483.65 0.31

Total Investment certificates, closed end 22 494 091.54 3.29


EUR

EUR FRANCE, REPUBLIC OF-OAT 1.600%/INFLATION IDX LKD 04-25.07.15 6 272 000.00 10 581 243.35 1.55EUR ITALY, REPUBLIC OF-BTP 2.100%/CPI LINKED 06-15.09.17 16 781 000.00 26 388 793.45 3.86Total EUR 36 970 036.80 5.41

GBP

GBP UNITED KINGDOM OF GB & NI 1.250%/RPI LINKED 06-22.11.17 8 508 733.00 19 987 507.66 2.92Total GBP 19 987 507.66 2.92




Treasury notes, floating rate

USD

USD AMERICA, UNITED STATES OF 3.875%/CPI LINKED 99-15.04.29 6 185 000.00 12 597 967.11 1.84USD AMERICA, UNITED STATES OF 1.125%/CPI LINKED 11-15.01.21 36 159 000.00 41 574 691.96 6.08Total USD 54 172 659.07 7.92

Total Treasury notes, floating rate 54 172 659.07 7.92


Transferable securities and money market instruments not listed on an official stock exchange and not traded on another regulated market

Rights

Guernsey

GBP JOHN LAING INFRASTRUCTURE FUND LTD RIGHTS 02.10.13 2 223 286.00 36 003.89 0.01Total Guernsey 36 003.89 0.01

Total Rights 36 003.89 0.01

Total Transferable securities and money market instruments not listed on an official stock exchange and not traded on another regulated market 36 003.89 0.01



Ireland

EUR ISHARES EURO STOXX 50 522 850.00 20 613 390.67 3.02USD ISHARES DEVELOPED MARKETS PROPERTY YIELD UCITS ETF USD 1 269 703.00 27 831 889.76 4.07EUR ISHARES EURO CORPORATE BOND LARGE CAP UCITS ETF-EUR 460 646.00 79 187 423.11 11.58USD ISHARES II PLC - ISHARES JPMORGAN $ EMERGING MARKETS BD FUND 120 328.00 12 963 537.08 1.90USD ISHARES MARKIT IBOXX USD CORPORATE BOND 809 915.00 87 203 548.05 12.75USD ISHARES MARKIT IBOXX USD HIGH YIELD CAPPED BOND-ETF USD 430 689.00 47 965 833.93 7.02EUR ISHARES MARKIT IBOXX EURO HIGH YIELD BOND EUR 206 858.00 29 841 020.76 4.36GBP ISHARES PLC - GBP CORPORATE BOND FUND 269 687.00 54 884 000.84 8.03USD ISHARES PLC S&P INDEX FUND 500 UCITS ETF INC 1 519 201.00 25 461 808.76 3.72GBP ISHARES PLC-FTSE 100 UCITS ETF INC 2 651 621.00 27 683 643.96 4.05USD PIMCO SHORT-TERM HIGH YIELD CORPORATE BOND INDEX SOURCE ETF 301 301.00 31 749 592.88 4.64Total Ireland 445 385 689.80 65.14

Luxembourg

USD UBS (LUX) BOND SICAV-SHORT DURATION HIGH YIELD (USD) U-X-DIS 2 018.11 20 288 564.21 2.97Total Luxembourg 20 288 564.21 2.97

United Kingdom

GBP UBS INVESTMENT FUNDS ICVC II - EM EQUITY INC FD-K (NET) 89 706.62 14 465 088.74 2.11Total United Kingdom 14 465 088.74 2.11







EUR

EUR DJEURST C3000.0 1013 -525.00 -40 507.98 -0.01Total EUR -40 507.98 -0.01

GBP

GBP FTSE100 C6900.0 1013 -264.00 -2 137.61 0.00Total GBP -2 137.61 0.00

USD

USD S&P500 C1750.0 1013 -149.00 -19 370.00 0.00Total USD -19 370.00 0.00

Total Options on indices, classic-styled -62 015.59 -0.01

Total Derivative instruments listed on an official stock exchange -62 015.59 -0.01





USD US 5YR TREASURY NOTE FUTURE 31.12.13 -554.00 -775 431.03 -0.11USD US 10YR TREASURY NOTE FUTURE 19.12.13 393.00 865 828.13 0.12USD US ULTRA LONG BOND (CBT) FUTURE 19.12.13 -119.00 -11 156.25 0.00Total Financial Futures on bonds 79 240.85 0.01





USD 135 569 497.57 GBP 85 735 000.00 21.10.2013 -3 249 873.35 -0.48USD 865 356.53 ZAR 8 640 000.00 21.10.2013 9 055.24 0.00CHF 307 315 000.00 USD 330 084 917.80 21.10.2013 9 817 649.25 1.44GBP 28 015 000.00 USD 44 299 054.93 21.10.2013 1 061 937.39 0.16USD 158 461 764.95 EUR 119 235 000.00 21.10.2013 -2 947 483.80 -0.43EUR 143 825 000.00 USD 191 141 555.28 21.10.2013 3 555 347.49 0.52USD 2 860 547.07 JPY 284 500 000.00 21.10.2013 -39 123.23 -0.01USD 1 581 123.05 SGD 2 005 000.00 21.10.2013 -16 830.57 0.00USD 2 156 879.34 EUR 1 620 000.00 21.10.2013 -36 125.93 -0.01USD 1 061 827.12 TWD 31 400 000.00 21.10.2013 -528.54 0.00GBP 290 000.00 USD 461 143.50 21.10.2013 8 415.23 0.00USD 481 012.20 GBP 300 000.00 21.10.2013 -4 738.21 0.00USD 7 425 739.69 EUR 5 495 000.00 21.10.2013 -12 880.03 0.00GBP 7 160 000.00 USD 11 470 183.96 21.10.2013 123 059.12 0.02USD 1 119 937.26 EUR 830 000.00 21.10.2013 -3 639.51 0.00USD 1 962 656.78 EUR 1 455 000.00 21.10.2013 -6 986.84 0.00CHF 18 680 000.00 USD 20 542 213.26 21.10.2013 118 606.92 0.02USD 859 562.04 EUR 635 000.00 21.10.2013 -41.88 0.00Total Forward Foreign Exchange contracts (Purchase/Sale) 8 375 818.75 1.23

Cash at banks, deposits on demand and deposit accounts and other liquid assets 104 865 478.42 15.34Other assets and liabilities -43 322 783.12 -6.34

Total net assets 683 735 381.02 100.00



UBS (Lux) Key Selection SICAV – Smart Allocator (USD)Annual Report as of 30 September 2013


ISIN 30.9.2013Net assets in USD 10 001 087.58Class U-X-acc1 LU0897247838Shares outstanding 1 000.0000Net asset value per share in USD 10 001.09Issue and redemption price per share in USD2 10 001.09


Performance

Currency 2013Class U-X-acc1 USD -



UBS (Lux) Key Selection SICAV – Smart Allocator (USD)


In the reporting period from 28 March 2013 to 30 September 2013, the first month was generally benign towards risky assets. The market environment changed thereafter with performance across emerging markets equity and debt starting to deteriorate and culminating in a May sell-off. At the same time, global government bonds suffered amidst the prospect of better global growth and higher interest rate expectations. Global commodities, as measured by the DJ UBS Commodity Index, experienced a difficult period; at the beginning declines were concentrated on precious metals but then spread more broadly in June before they partly recovered in August. Developed equities presented the most rewarding opportunities despite participating strongly in the May sell-off.

The subfund showed a flat performance over the reporting period. For this subfund there is no benchmark available. The underlying strategy benefited from its investment in global equity markets. The contribution from fixed income has been slightly positive, whereas commodities investments detracted from the subfund’s value. Overall having a smart allocation focusing on risk contributions to the different asset classes and controlling the overall risk level helped to reduce the drawdown in May and June and therefore deliver a smoother return path than without risk control.


Geographical Breakdown as a % of net assetsUnited States 60.18Supranationals 24.03Germany 8.11Total 92.32

Economic Breakdown as a % of net assetsCountries & central governments 60.18Supranational organisations 24.03Banks & credit institutions 8.11Total 92.32



Statement of Net Assets USDAssets 30.9.2013Investments in securities, cost 9 249 118.11Investments in securities, unrealized appreciation (depreciation) -15 571.77Total investments in securities (Note 1) 9 233 546.34Cash at banks, deposits on demand and deposit accounts 455 997.28Other liquid assets (Margins) 126 455.09Interest receivable on securities 5 394.44Unrealized gain (loss) on financial futures (Note 1) 78 639.67Unrealized gain (loss) on swaps (Note 1) 101 824.83Total Assets 10 001 857.65

LiabilitiesPayable on securities purchases (Note 1) -520.04Provisions for taxe d’abonnement (Note 3) -250.03Total provisions -250.03Total Liabilities -770.07


Statement of Operations USDIncome 28.3.2013-30.9.2013Interest on liquid assets 10.60Interest on securities 21 249.99Interest received on swaps (Note 1) 104 519.32Income on securities lending (Note 16) 915.70Total income 126 695.61

ExpensesInterest paid on swaps (Note 1) -616.73Taxe d’abonnement (Note 3) -491.39Cost on securities lending (Note 16) -223.74Interest on cash liquidity and bank overdraft -213.31Total expenses -1 545.17


Realized gain (loss) (Note 1)Realized gain (loss) on yield-evaluated securities and money market instruments 418.05Realized gain (loss) on financial futures -9 588.93Realized gain (loss) on swaps -230 685.90Total realized gain (loss) on investments -239 856.78Realized gain (loss) on foreign exchange -49 098.81Total realized gain (loss) -288 955.59


Changes in unrealized appreciation (depreciation) (Note 1)Unrealized appreciation (depreciation) on market-priced securities without options -18 444.80Unrealized appreciation (depreciation) on yield-evaluated securities and money market instruments 2 873.03Unrealized appreciation (depreciation) on financial futures 78 639.67Unrealized appreciation (depreciation) on swaps 101 824.83Total changes in unrealized appreciation (depreciation) 164 892.73




Statement of Changes in Net Assets USD 28.3.2013-30.9.2013Net assets at the beginning of the period 0.00Subscriptions 10 000 000.00Total net subscriptions (redemptions) 10 000 000.00Net income (loss) on investments 125 150.44Total realized gain (loss) -288 955.59Total changes in unrealized appreciation (depreciation) 164 892.73Net increase (decrease) in net assets as a result of operations 1 087.58Net assets at the end of the period 10 001 087.58


28.3.2013-30.9.2013Class U-X-accNumber of shares outstanding at the beginning of the period 0.0000Number of shares issued 1 000.0000Number of shares redeemed 0.0000Number of shares outstanding at the end of the period 1 000.0000






Notes, fixed rate

USD

USD INTL BK FOR RECONSTR & DEVT WORLD BANK 0.50000% 11-26.11.13 800 000.00 800 403.20 8.00Total USD 800 403.20 8.00


Bonds, fixed rate

USD

USD EUROPEAN INVESTMENT BANK 1.25000% 11-14.02.14 800 000.00 803 120.00 8.03USD KREDITANSTALT FUER WIEDERAUFBAU 3.50000% 09-10.03.14 800 000.00 811 472.00 8.11Total USD 1 614 592.00 16.14





USD

USD AMERICA, UNITED STATES OF TB 0.00000% 18.10.12-17.10.13 860 000.00 859 960.79 8.60USD AMERICA, UNITED STATES OF TB 0.00000% 15.11.12-14.11.13 860 000.00 859 879.53 8.60USD AMERICA, UNITED STATES OF TB 0.00000% 13.12.12-12.12.13 860 000.00 859 816.79 8.60USD AMERICA, UNITED STATES OF TB 0.00000% 10.01.13-09.01.14 860 000.00 859 729.61 8.60USD AMERICA, UNITED STATES OF TB 0.00000% 07.02.13-06.02.14 860 000.00 859 620.72 8.59USD AMERICA, UNITED STATES OF TB 0.00000% 07.03.13-06.03.14 860 000.00 859 538.40 8.59USD AMERICA, UNITED STATES OF TB 0.00000% 04.04.13-03.04.14 860 000.00 859 845.30 8.60Total USD 6 018 391.14 60.18


Notes, fixed rate

USD

USD INTER-AMERICAN DEVELOPMENT BANK 0.37500% 11-08.11.13 800 000.00 800 160.00 8.00Total USD 800 160.00 8.00







GBP LONG GILT FUTURE 27.12.13 6.00 11 044.31 0.11USD US 5YR TREASURY NOTE FUTURE 31.12.13 19.00 27 265.72 0.27EUR EURO-BOBL FUTURE 06.12.13 14.00 21 333.52 0.22JPY JAPANESE GOVERNMENT 10Y BOND MINI (SGX) FUTURE 10.12.13 10.00 6 970.70 0.07Total Financial Futures on bonds 66 614.25 0.67


USD MINI MSCI EMERGING MARKETS INDEX FUTURE 20.12.13 17.00 -3 830.00 -0.04JPY TOPIX INDEX FUTURE 12.12.13 6.00 28 086.62 0.28USD S&P500 EMINI FUTURE 20.12.13 10.00 -9 375.00 -0.09EUR EURO STOXX 50 INDEX FUTURE 20.12.13 22.00 -2 856.20 -0.03Total Financial Futures on Indices 12 025.42 0.12




USD UBS/DJUBSF3 EQS PAYER PERF 13-30.09.13 -919 999.86 2 373.37 0.02USD UBS/DJUBSF3 EQS REC 0.23% 13-30.09.13USD UBS/DJUBSF3 EQS PAYER 0.23000% 13-31.05.14 -2 498 809.72 -49 091.62 -0.49USD UBS/DJUBSF3 EQS REC PERF 13-31.05.14USD UBS/DJUBSF3 EQS PAYER 0.23% 13-30.09.13 -659 999.94 -7 771.50 -0.08USD UBS/DJUBSF3 EQS REC PERF 13-30.09.13USD UBS/DJUBSF3 EQS PAYER 0.23% 13-30.09.13 -920 000.07 -1 855.64 -0.02USD UBS/DJUBSF3 EQS REC PERF 13-30.09.13Total Swaps and forward swaps on indices -56 345.39 -0.57




USD BC/CDX.NA.IG.20 JUN18 CDI REC 1.00000% 13-20.06.18 450 000.00 5 644.30 0.06USD BC/CDX.NA.HY.20 JUN18 CDI REC 5.00000% 13-20.06.18 280 000.00 16 763.49 0.17EUR BC/ITRAXX EUROPE 19 JUN 18 CDI REC 1.00000% 13-20.06.18 350 000.00 1 238.54 0.01EUR BC/ITRX EUR XOVER 19 JUN18 CDI REC 5.00000% 13-20.06.18 210 000.00 14 246.53 0.14USD BC/CDX.NA.IG.20 JUN18 CDI REC 1.00000% 13-20.06.18 340 000.00 4 264.57 0.04USD BC/CDX.NA.HY.20 JUN18 CDI REC 5.00000% 13-20.06.18 100 000.00 5 986.96 0.06EUR BC/ITRX EUR XOVER 19 JUN18 CDI REC 5.00000% 13-20.06.18 80 000.00 5 427.25 0.05EUR BC/ITRAXX EUROPE 19 JUN 18 CDI REC 1.00000% 13-20.06.18 260 000.00 920.05 0.01USD BC/CDX.NA.IG.20 JUN18 CDI REC 1.00000% 13-20.06.18 230 000.00 2 884.86 0.03USD BC/CDX.NA.HY.20 JUN18 CDI REC 5.00000% 13-20.06.18 110 000.00 6 585.66 0.07EUR BC/ITRAXX EUROPE 19 JUN 18 CDI REC 1.00000% 13-20.06.18 170 000.00 601.57 0.01EUR BC/ITRX EUR XOVER 19 JUN18 CDI REC 5.00000% 13-20.06.18 80 000.00 5 427.25 0.05USD BC/CDX.NA.IG.20 JUN18 CDI REC 1.00000% 13-20.06.18 440 000.00 5 518.86 0.06USD BC/CDX.NA.HY.20 JUN18 CDI REC 5.00000% 13-20.06.18 210 000.00 12 572.62 0.13EUR BC/ITRX EUR XOVER 19 JUN18 CDI REC 5.00000% 13-20.06.18 160 000.00 10 854.49 0.11EUR BC/ITRAXX EUROPE 19 JUN 18 CDI REC 1.00000% 13-20.06.18 330 000.00 1 167.77 0.01USD BC/CDX.NA.IG.20 JUN18 CDI REC 1.00000% 13-20.06.18 370 000.00 4 640.87 0.05USD BC/CDX.NA.HY.20 JUN18 CDI REC 5.00000% 13-20.06.18 180 000.00 10 776.53 0.11EUR BC/ITRAXX EUROPE 19 JUN 18 CDI REC 1.00000% 13-20.06.18 280 000.00 990.83 0.01EUR BC/ITRX EUR XOVER 19 JUN18 CDI REC 5.00000% 13-20.06.18 140 000.00 9 497.68 0.09USD BC/CDX.NA.IG.20 JUN18 CDI REC 1.00000% 13-20.06.18 490 000.00 6 146.01 0.06USD BC/CDX.NA.HY.20 JUN18 CDI REC 5.00000% 13-20.06.18 220 000.00 13 171.31 0.13EUR BC/ITRX EUR XOVER 19 JUN18 CDI REC 5.00000% 13-20.06.18 170 000.00 11 532.90 0.12EUR BC/ITRAXX EUROPE 19 JUN 18 CDI REC 1.00000% 13-20.06.18 370 000.00 1 309.32 0.01Total Credit default swaps 158 170.22 1.59

Total Derivative instruments not listed on an official stock exchange and not traded on another regulated market 101 824.83 1.02



Total net assets 10 001 087.58 100.00




UBS (Lux) Key Selection SICAV – US Equities (USD)Annual Report as of 30 September 2013


ISIN 15.3.2013 30.9.2012 30.9.2011Net assets in USD 79 428 836.70 83 432 816.96 89 023 047.67Class (EUR) P-acc LU0155373292Shares outstanding 205 836.7840 229 659.5170 319 774.1630Net asset value per share in EUR 13.07 12.05 9.27Issue and redemption price per share in EUR1 13.07 12.04 9.27Class I-B-acc LU0421782094Shares outstanding 29 043.0640 28 251.6820 33 343.6910Net asset value per share in USD 138.58 124.68 98.06Issue and redemption price per share in USD1 138.58 124.58 98.06Class P-acc LU0153925929Shares outstanding 4 018 135.8290 4 659 716.9650 6 339 619.9680Net asset value per share in USD 16.72 15.18 12.18Issue and redemption price per share in USD1 16.72 15.17 12.18Class P-dist LU0274146058Shares outstanding 278 632.8760 365 144.3790 369 041.7530Net asset value per share in USD 16.93 15.37 12.33Issue and redemption price per share in USD1 16.93 15.36 12.33

1 See note 1

UBS (Lux) Key Selection SICAV – US Equities (USD)


As the subfund UBS (Lux) Key Selection SICAV – US Equities (USD) was merged into UBS (Lux) Equity SICAV – US Opportunity as at 15 March 2013, there is no securities portfolio or securities portfolio structure at the end of the reporting period.


UBS (Lux) Key Selection SICAV – US Equities (USD)Annual Report as of 30 September 2013

Statement of Operations USDIncome 1.10.2012-30.9.2013Dividends (Note 1) 423 151.87Income on securities lending (Note 16) 7 504.42Total income 430 656.29

ExpensesFlat fee (Note 2) -717 238.44Taxe d’abonnement (Note 3) -17 912.10Cost on securities lending (Note 16) -3 752.21Total expenses -738 902.75


Realized gain (loss) (Note 1)Realized gain (loss) on market-priced securities without options 17 037 414.98Realized result on subscriptions/redemptions (Note 4) 4 834.03Total realized gain (loss) on investments 17 042 249.01Realized gain (loss) on foreign exchange -4 616.74Total realized gain (loss) 17 037 632.27


Changes in unrealized appreciation (depreciation) (Note 1)Unrealized appreciation (depreciation) on market-priced securities without options -9 076 448.27Total changes in unrealized appreciation (depreciation) -9 076 448.27


Statement of Changes in Net Assets USD 1.10.2012-30.9.2013Net assets at the beginning of the financial year 83 432 816.96Subscriptions 1 370 815.14Redemptions -92 456 569.64Total net subscriptions (redemptions) -91 085 754.50Net income (loss) on investments -308 246.46Total realized gain (loss) 17 037 632.27Total changes in unrealized appreciation (depreciation) -9 076 448.27Net increase (decrease) in net assets as a result of operations 7 652 937.54Net assets at the end of the financial year 0.00


1.10.2012-30.9.2013Class (EUR) P-accNumber of shares outstanding at the beginning of the financial year 229 659.5170Number of shares issued 9 705.0300Number of shares redeemed -239 364.5470Number of shares outstanding at the end of the financial year 0.0000Class I-B-accNumber of shares outstanding at the beginning of the financial year 28 251.6820Number of shares issued 3 751.3820Number of shares redeemed -32 003.0640Number of shares outstanding at the end of the financial year 0.0000Class P-accNumber of shares outstanding at the beginning of the financial year 4 659 716.9650Number of shares issued 44 358.7060Number of shares redeemed -4 704 075.6710Number of shares outstanding at the end of the financial year 0.0000Class P-distNumber of shares outstanding at the beginning of the financial year 365 144.3790Number of shares issued 4 800.0010Number of shares redeemed -369 944.3800Number of shares outstanding at the end of the financial year 0.0000



Note 1 – Summary of significant accounting policies

The financial statements have been prepared in accor-dance with the generally accepted accounting principles for investment funds in Luxembourg. The significant accounting policies are summarised as follows:

a) Calculation of the net asset valueThe net asset value and the issue and redemption price per share of any subfund or of any share class are expressed in the currencies of account of the subfund or share classes concerned and are calculated every business day by dividing the overall net assets of the subfund, into which each share class is to be allocated, by the number of shares in circulation in the respective share class of this subfund.

The net asset value calculated for a GAO business day of the UBS (Lux) Key Selection SICAV – Global Alpha Opportunities (EUR) subfund will be published no later than on the third banking day after the corresponding GAO business day.

In this context, “business day” refers to normal bank business days in Luxembourg (i.e. each day on which the banks are open during normal business hours) with the exception of individual non-statutory rest days in Luxembourg and days on which exchanges in the main countries in which the subfund invests are closed or 50% or more subfund investments cannot be adequately valued.

For the subfund UBS (Lux) Key Selection SICAV – Global Alpha Opportunities (EUR), “GAO business day” is defined as Wednesday of each week, provided that day is a bank-ing day in Luxembourg. If that Wednesday is not a bank-ing day in Luxembourg, the GAO business day is the next banking day in Luxembourg.

If the total subscriptions or redemptions affecting all the unit classes of a subfund on a single trading day come to a net capital inflow or outflow, the net asset value of the subfund may be increased or reduced respectively. The maximum adjustment amounted to 2% of the net asset value. Estimated transaction costs and tax charges that may be incurred by the subfund as well as the estimated bid/offer spread of the assets in which the Fund invests may be taken into account. The adjustment leads to an increase in net asset value if the net movements result in a rise in all units of the affected subfund. It results in a

reduction of net asset value if the net movements bring about a fall in the number of units. On 26 November 2010, the Board of Directors set a threshold value of 0.3% of the net asset value for each subfund applica-ble as from 1 December 2010. This may consist in the net movement on a trading day in relation to the net fund assets of the subfund concerned. The net asset value would be adjusted only if this threshold were to be passed on a trading day.

The percentage of the net asset value, which is attribut-able to each respective share class of a subfund, is deter-mined by the ratio of the shares in circulation in each share class to the total number of shares in circulation in the subfund, and will change when shares are issued or redeemed.

b) Valuation principles – Liquid funds – whether in the form of cash, bank deposits, bills of exchange and sight securities and receivables, prepaid expenses, cash dividends and declared or accrued interest that has not yet been received – are valued at their full value unless it is unlikely that this value will be fully paid or received, in which case their value is determined by taking into consideration a deduction that seems appropriate in order to portray their true value.

– Securities, derivatives and other investments listed on a stock exchange are valued at the last-known market prices. If these securities, derivatives or other invest-ments are listed on several stock exchanges, the latest available price on the stock exchange that represents the major market for these investments will apply.

In the case of securities, derivatives and other invest-ments infrequently traded on a stock exchange and for which a secondary market among securities trad-ers exists with pricing in line with the market, the Company may value these securities, derivatives and other investments based on these prices. Securities, derivatives and other investments not listed on a stock exchange but which are traded on another regulated market which operates regularly and is recognised and open to the public are valued at the last available price on this market.

– Securities and other investments that are not listed on a stock exchange or traded on another regulated market, and for which no appropriate price can be obtained, are valued by the Company according to other principles chosen by it in good faith on the basis of the likely sales prices.

Notes to the Financial Statements



– Derivatives not listed at a stock exchange (OTC deriva-tives) are valued on the basis of independent pricing sources. In case only one independent pricing source of a derivative is available, the plausibility of the valu-ation obtained will be verified by means of calculation methods recognised by the Company and its auditors, based on the market value of the underlying instru-ment from which the derivative originates.

– Units of other undertakings for collective investment in transferable securities (UCITS) and/or undertak-ings for collective investment (UCI) are valued at their last-known net asset value. For the subfund UBS (Lux) Key Selection SICAV – Global Alpha Opportunities (EUR), the units of other undertakings for collective investment in transferable securities (UCITS) and/or undertakings for collective investment (UCI) may also be valued on the basis of the estimated net asset value for such shares or units available prior to the time of calculation of the net asset value of the subfund in case the estimated net asset value provides a more accurate value of these shares or units.

– (i) If the subfund is a money market fund, – money market instruments not traded on a stock

exchange or on another regulated market open to the public will be valued on the basis of the relevant curves. The valuation based on the curves refers to the interest rate and credit spread components. The fol-lowing principles are applied in this process: for each money market instrument, interest rates nearest the residual maturity are interpolated. The interest rate calculated in this way is converted into a market price by adding a credit spread that reflects the underlying borrower. This credit spread is adjusted if there is a significant change in the credit rating of the borrower.

– interest income earned by subfunds between the order date concerned and the valuation date con-cerned is included in the valuation of the assets of the subfund concerned. The asset value per share on a given valuation date therefore includes projected interest earnings.

(ii) For the other subfunds that do not fall under the regulation in subsection (i), the following regulation shall apply: For money market instruments, the valua-tion price will be gradually adjusted to the redemption price, based on the net acquisition price and retaining the ensuing yield. In the event of a significant change in market conditions, the basis for the valuation of the individual investments is brought into line with the new market yields.

– Securities, money market instruments, derivatives and other investments denominated in a currency other than the currency of account of the relevant subfund and which are not hedged by means of currency trans-actions are valued at the middle currency rate known in Luxembourg or, if not available, on the most repre-sentative market for this currency.

– Fixed-term deposits and fiduciary investments are val-ued at their nominal value plus accumulated interest.

– The value of swaps is calculated by an external ser-vice provider and a second independent valuation is provided by another external service provider. The

calculation is based on the net present value of all cash flows, both inflows and outflows. In some spe-cific cases, internal calculations (based on models and market data made available from Bloomberg), and/or broker statement valuations may be used. The valua-tion methods depend on the respective security and are determined pursuant to the UBS Global Valuation Policy.

The Company is authorised to apply other generally recognised and auditable valuation criteria in good faith in order to achieve an appropriate valuation of the net assets if, due to extraordinary circumstances, a valua-tion in accordance with the aforementioned regulations proves to be unfeasible or inaccurate.

In extraordinary circumstances, additional valuations can be carried out over the course of the day. These new val-uations will then be authoritative for subsequent issues and redemptions of shares.

c) Net realized gain (loss) on sales of securitiesThe realized gains or losses on the sales of securities are calculated on the basis of the average cost of the securities sold.

d) Valuation of forward foreign exchange contractsThe unrealized gain (loss) of outstanding forward foreign exchange contracts is valued on the basis of the forward exchange rates prevailing at valuation date.

e) Valuation of financial futures contractsFinancial futures contracts are valued based on the lat-est available published price applicable on the valuation date. Realized gains and losses and the changes in unre-alized gains and losses are recorded in the statement of operations. The realized gains and losses are calcu-lated in accordance with the FIFO method, i.e. the first contracts acquired are regarded as the first to be sold.

f) Conversion of foreign currenciesBank accounts, other net assets and the valuation of the investments in securities held denominated in curren-cies other than the reference currency of the different subfunds are converted at the mid closing spot rates on the valuation date. Income and expenses denominated in currencies other than the currency of the different subfunds are converted at the mid closing spot rates at payment date. Gain or loss on foreign exchange is included in the statement of operations.

The cost of securities denominated in currencies other than the reference currency of the different subfunds is converted at the mid closing spot rate prevailing on the day of acquisition.

g) Accounting of securities’ portfolio transactionsThe securities’ portfolio transactions are accounted for the bank business day following the transaction dates.



h) Consolidated financial statementsThe consolidated financial statements of the Company are expressed in EUR. The various items of the consolidated statement of net assets and the consolidated statement of operations as of 30 September 2013 of the Company are equal to the sum of the corresponding items in the financial statements of each subfund converted into EUR at the following exchange rates.

The following exchange rates were used for the conversion of the consolidated financial statements as at 30 September 2013:

Exchange rates

EUR 1 = CHF 1.224038

EUR 1 = USD 1.353650

i) Income recognitionDividends, net of withholding taxes, are recognized as income on the “ex-dividend” date. Interest income is accrued on a daily basis.

j) Receivable on securities sales,Payable on securities purchasesThe account “Receivable on securities sales” can also include receivables from foreign currency transactions. The account “Payable on securities purchases” can also include payables from foreign currency transactions.

k) SwapsThe Company may enter into interest rate swap contracts, forward rate agreements on interest rates swaptions and credit default swaps, if they are executed with first-class financial institutions that specialize in transactions of this kind.

The value of swap transactions is calculated by an exter-nal service provider and a second independent valuation is made available by another external service provider. The calculation is based on the net present value of all cash flows, both inflows and outflows.

In some specific cases, internal calculations based on models and market data available from Bloomberg and/or broker statement valuations may be used.

The valuation methods depend on the respective security and are determined pursuant to the UBS Global Valuation Policy.

This valuation method is approved by the Board of Directors.

Changes in unrealized gains and losses are reflected in the statement of operations under the changes in “Unrealized appreciation (depreciation) on swaps”.

Gains or losses on swaps incurred when closed-out or matured are recorded as “Realized gain (loss) on swaps” in the statement of operations.

Note 2 – Flat fee

The Company pays a monthly flat fee for the various subfunds and/or share classes calculated on the average net asset value of the subfunds and/or share classes indi-cated in the table below:

UBS (Lux) Key Selection SICAV – Active Defense 5 (CHF)UBS (Lux) Key Selection SICAV – Active Defense 5 (EUR)UBS (Lux) Key Selection SICAV – Active Defense 5 (USD)

Flat fee

Share classes with “P” in their name 1.200%

Share classes with “K-1” in their name 0.700%


Flat fee


Share classes with “N” in their name 2.000%


Share classes with “F” in their name 0.500%

Share classes with “Q” in their name 0.780%

Share classes with “I-A1” in their name 0.640%



Share classes with “I-B” in their name 0.065%

Share classes with “I-X” in their name 0.000%

Share classes with “U-X” in their name 0.000%

UBS (Lux) Key Selection SICAV – Asian Equities (USD)

Flat fee













Flat fee











Flat fee




UBS (Lux) Key Selection SICAV – Dynamic Alpha (USD)

Flat fee












UBS (Lux) Key Selection SICAV – Emerging Markets Allocation (USD)

Flat fee













Flat fee












UBS (Lux) Key Selection SICAV – EUR Bonds (EUR)

Flat fee





Flat fee








UBS (Lux) Key Selection SICAV – European Core Equities (EUR)

Flat fee












UBS (Lux) Key Selection SICAV – Global Allocation (EUR) UBS (Lux) Key Selection SICAV – Global Allocation (USD)UBS (Lux) Key Selection SICAV – Global Allocation (CHF)

Flat fee












UBS (Lux) Key Selection SICAV – Global Allocation Focus Europe (EUR)

Flat fee














UBS (Lux) Key Selection SICAV – Global Alpha Opportunities (EUR)

Flat fee












UBS (Lux) Key Selection SICAV – Global Equities (USD)

Flat fee












UBS (Lux) Key Selection SICAV – Global Real Estate Securities (USD)

Flat fee












UBS (Lux) Key Selection SICAV – Multi Asset Income (USD)

Flat fee










Flat fee




Flat fee












For share class “I-B”, a fee will be charged to cover the costs of Fund administration (comprising the costs of the Company, administration and Custodian Bank). The costs for asset management and distribution are charged directly outside of the Company under a separate contract between the investor and UBS Global Asset Management or one of its authorised representatives.

Costs in connection with the services to be performed for share classes “I-X” and “U-X” pertaining to asset management, Fund administration (comprising the costs of the Company, Administrative Agent and Custodian Bank) and distribution will be settled via the compensa-tion to which UBS AG is entitled under a separate con-tract with the investor.

Out of the above mentioned monthly flat fee, the Company pays for all the costs incurred in connection with administration, portfolio management and safe-keeping of the Company’s assets as well as their sale, including: – annual charges and costs of approvals and supervision of the Company in Luxembourg and abroad;

– other charges made by supervisory authorities; – printing of Articles of Association and prospectuses, the annual and semi-annual reports;

– price publications and the publication of notices to investors;

– preparation of the KIID or of corresponding document of a distribution country of the Company;

– fees charged in connection with listing the Company and with sales in Luxembourg and abroad;

– commission charges and costs of the custodian bank for safekeeping the Company’s assets, dealing with payments and other expenses payable in accordance with the fund law dated 17 December 2010;

– fees and other costs for the payment of dividends to shareholders and

– audit fees.



Out of the management commission sales fees are paid to distributors and asset managers of the Company.

The custodian bank, administrative agent and Company nevertheless all have a claim to be reimbursed the costs for special arrangements that they may make on behalf of shareholders or such costs will be charged direct to the Company.

The Company will additionally bear all costs of transac-tions (broker’s normal commission, fees, taxes, etc.) connected with administration of the Company assets.

The Company will also pay all taxes levied on the assets and income of the Company, particularly the “taxe d’abonnement”.

All costs which can be allocated accurately to individual subfunds and/or individual share classes will be charged to these subfunds. If costs pertain to several or all subfunds, however, these costs will be charged to the subfunds concerned in proportion to their relative net asset values.

In the subfunds that may invest in other UCIs or UCITS under the terms of their investment policies, fees may be incurred both at the level of the relevant investment fund as well as at the level of the subfund. The total flat fees chargeable at the level of the subfunds or share classes and Company shall amount to not more than 1.00% plus the respective flat fee for the share class of the subfund mak-ing the investment. The above restriction does not apply to the subfund UBS (Lux) Key Selection SICAV – Global Alpha Opportunities (EUR) and may be exceeded.

In the case of investments in units of funds managed directly or indirectly by the Management Company or another company related to it by common management or control, or by a substantial direct or indirect holding, the subfund making the investment may not be charged with any of the target fund’s issue or redemption commissions.

Note 3 – Taxe d’abonnement

In accordance with the law and the regulations currently in force, the Company is subject to a subscription tax at the annual rate of 0.05%, for institutional share classes only a reduced “taxe d’abonnement” of 0.01% p.a., payable quarterly and calculated on the basis of the net assets of each subfund at the end of each quarter.

The “taxe d’abonnement” is waived for that part of the net assets invested in units or shares of other undertak-ings for collective investment that have already paid the “taxe d’abonnement” in accordance with the statutory provisions of Luxembourg law.

Note 4 – Realized result on subscriptions/redemptions

The average fees (brokerage commission, stock exchange fees/duties, etc.) incurred by the subfund in connection with the related transactions may be charged to the investor on a net asset value basis. This income is in favour of the subfund and mentioned in the Statement of Operations as ”Realized result on subscriptions/redemptions”.

Note 5 – Income distribution

The general meeting of shareholders shall decide, upon the proposal of the Board of Directors and after closing the annual accounts per subfund, whether and to what extent distributions are to be paid by each subfund and/or share class. The payment of distributions must not result in the net assets of the Company falling below the mini-mum volume of assets prescribed by law. If a distribu-tion is made, payment will be effected no later than four months after the end of the financial year.

The Board of Directors is authorized to pay interim divi-dends and to suspend the payment of distributions.

The details of the distributions are unaudited.

Note 6 – Soft commission arrangements

During the period from 1 October 2012 until 30 September 2013, no ”soft commission arrange-ments” were entered into on behalf of UBS (Lux) Key Selection SICAV and “soft commissions“ amount to nil.

Note 7 – Commitments on Financial Futures and Options

Commitments on financial futures and options per subfund and respective currency as of 30 September 2013 can be summarised as follows:

a) Financial Futures

UBS (Lux) Financial Futures Financial FuturesKey Selection SICAV on indices on indices (purchased) (sold)

– Active Defense 5 (CHF) 2 363 255.39 CHF - CHF

– Active Defense 5 (EUR) 1 058 697.84 EUR - EUR

– Active Defense 5 (USD) 1 160 305.25 USD - USD

– Dynamic Alpha (USD)1 25 904 382.07 USD 7 857 126.06 USD

– Emerging Markets Allocation (USD)2 27 140 052.69 USD - USD

– Emerging Markets Income (USD) - USD 12 735 335.00 USD

– Global Allocation (CHF) 89 000 014.23 CHF 55 832 839.99 CHF

– Global Allocation (EUR) 127 696 148.43 EUR 70 350 750.85 EUR

1 formerly UBS (Lux) Key Selection SICAV – Absolute Return Plus (USD)2 formerly UBS (Lux) Key Selection SICAV – Emerging Markets Allocation



UBS (Lux) Financial Futures Financial FuturesKey Selection SICAV on indices on indices (purchased) (sold)

– Global Allocation (USD) 374 691 681.03 USD 242 097 149.30 USD

– Global Allocation Focus Europe (EUR)3 30 656 714.91 EUR 18 932 245.53 EUR

– Smart Allocator (USD) 3 261 437.67 USD - USD

3 formerly UBS (Lux) Key Selection SICAV – Global Allocation Focus Europe

UBS (Lux) Financial Futures Financial FuturesKey Selection SICAV on bonds on bonds (purchased) (sold)

– Active Defense 5 (CHF) 3 428 661.68 CHF - CHF

– Active Defense 5 (EUR) 840 332.16 EUR - EUR

– Active Defense 5 (USD) 1 011 125.00 USD - USD


– EUR Bonds (EUR)2 281 000.00 EUR - EUR





– Multi Asset Income (USD)4 49 671 515.63 USD 83 969 125.00 USD

– Smart Allocator (USD) 7 198 817.61 USD - USD

1 formerly UBS (Lux) Key Selection SICAV – Absolute Return Plus (USD)2 formerly UBS (Lux) Key Selection SICAV – EUR Bonds3 formerly UBS (Lux) Key Selection SICAV – Global Allocation Focus Europe4 formerly UBS (Lux) Key Selection SICAV – Multi Asset Income

b) Options

UBS (Lux) Key Selection SICAV Options on indices (Sold)

– Dynamic Alpha (USD)1 9 442 962.26 USD

– Emerging Markets Income (USD) 1 272 213.28 USD

– Multi Asset Income (USD)2 4 691 792.18 USD

1 formerly UBS (Lux) Key Selection SICAV – Absolute Return Plus (USD)2 formerly UBS (Lux) Key Selection SICAV – Multi Asset Income

Note 8 – Total Expense Ratio (TER)

This ratio was calculated in accordance with the Swiss Funds & Asset Management Association (SFAMA) “Guidelines on the calculation and disclosure of the TER and PTR” in the current version and expresses the sum of all costs and commissions charged on an ongoing basis to the net assets (operating expenses) taken retrospec-tively as a percentage of the net assets.

TER for the last 12 months:

UBS (Lux) Key Selection SICAV Total Expense Ratio (TER)

– Active Defense 5 (CHF) P-acc 1.31%

– Active Defense 5 (EUR) P-acc 1.29%

– Active Defense 5 (USD) P-acc 1.28%

– All-Rounder (EUR) N-acc 2.12%

– All-Rounder (EUR) Q-acc 0.92%

– All-Rounder (EUR) U-X-acc 0.15%

– Asian Equities (USD) (GBP) P-dist 2.10%

– Asian Equities (USD) P-acc 2.10%

– Asian Equities (USD) U-X-acc 0.01%

– Commodity Strategy (USD) U-X-acc 0.01%

– Dynamic Alpha (USD) (CAD hedged) P-acc 1.98%

– Dynamic Alpha (USD) (CHF hedged) I-X-acc 0.01%


– Dynamic Alpha (USD) (CHF hedged) P-acc 1.89%

– Dynamic Alpha (USD) (EUR hedged) I-A2-acc 1.06%

– Dynamic Alpha (USD) (EUR hedged) I-B-acc 0.07%

– Dynamic Alpha (USD) (EUR hedged) P-acc 1.98%

– Dynamic Alpha (USD) (SGD hedged) P-acc 1.97%

– Dynamic Alpha (USD) I-B-acc 0.07%

– Dynamic Alpha (USD) I-X-acc 0.02%

– Dynamic Alpha (USD) P-acc 1.98%

– Emerging Markets Allocation (USD) (CHF hedged) P-acc 2.28%

– Emerging Markets Allocation (USD) (EUR hedged) N-acc 2.95%

– Emerging Markets Allocation (USD) (EUR hedged) P-acc 2.28%

– Emerging Markets Allocation (USD) P-acc 2.28%

– Emerging Markets Income (USD) (AUD hedged) P-mdist 2.29%

– Emerging Markets Income (USD) (EUR hedged) P-acc 2.29%

– Emerging Markets Income (USD) (EUR hedged) P-dist 2.29%

– Emerging Markets Income (USD) (EUR hedged) Q-acc 1.34%

– Emerging Markets Income (USD) (HKD) P-mdist 2.29%

– Emerging Markets Income (USD) (SGD hedged) P-mdist 2.30%

– Emerging Markets Income (USD) P-acc 2.30%

– Emerging Markets Income (USD) P-dist 2.29%

– Emerging Markets Income (USD) P-mdist 2.29%

– EUR Bonds (EUR) P-acc 1.07%

– EUR Bonds (EUR) P-dist 1.07%

– European Core Equities (EUR) K-1-acc 1.13%

– European Core Equities (EUR) P-acc 2.10%

– European Core Equities (EUR) U-X-acc 0.01%

– Global Allocation (CHF) P-acc 2.09%

– Global Allocation (EUR) (CAD hedged) P-acc 2.08%

– Global Allocation (EUR) (GBP hedged) P-acc 2.08%

– Global Allocation (EUR) (SGD hedged) P-acc 2.08%

– Global Allocation (EUR) I-B-acc 0.07%

– Global Allocation (EUR) N-acc 2.55%

– Global Allocation (EUR) P-acc 2.08%

– Global Allocation (EUR) Q-acc 1.08%

– Global Allocation (USD) (JPY) P-acc 2.08%

– Global Allocation (USD) I-A2-acc 0.74%

– Global Allocation (USD) I-X-acc 0.03%

– Global Allocation (USD) K-1-acc 1.15%

– Global Allocation (USD) P-acc 2.09%

– Global Allocation Focus Europe (EUR) (CHF hedged) P-acc 2.10%

– Global Allocation Focus Europe (EUR) (USD hedged) P-acc 2.10%

– Global Allocation Focus Europe (EUR) K-1-acc 1.15%

– Global Allocation Focus Europe (EUR) P-acc 2.10%

– Global Alpha Opportunities (EUR) (CHF hedged) P-acc 3.76%

– Global Alpha Opportunities (EUR) (USD hedged) I-A1-acc 2.65%

– Global Alpha Opportunities (EUR) (USD hedged) P-acc 3.76%

– Global Alpha Opportunities (EUR) I-A1-acc 2.65%

– Global Alpha Opportunities (EUR) I-X-acc 1.55%

– Global Alpha Opportunities (EUR) P-acc 3.76%

– Global Alpha Opportunities (EUR) U-X-acc 1.55%

– Global Equities (USD) (EUR) K-1-acc 1.14%

– Global Equities (USD) (EUR) P-acc 2.10%

– Global Equities (USD) I-X-acc 0.01%

– Global Equities (USD) P-acc 2.10%

– Global Equities (USD) U-X-acc 0.01%

– Global Real Estate Securities (USD) P-acc 1.98%

– Multi Asset Income (USD) (CHF hedged) I-X-acc 0.27%

– Multi Asset Income (USD) (CHF hedged) P-acc 1.78%

– Multi Asset Income (USD) (CHF hedged) P-dist 1.80%

– Multi Asset Income (USD) (EUR hedged) I-X-acc 0.27%

– Multi Asset Income (USD) (EUR hedged) N-dist 2.31%




– Multi Asset Income (USD) (EUR hedged) P-acc 1.80%

– Multi Asset Income (USD) (EUR hedged) P-dist 1.80%

– Multi Asset Income (USD) (GBP hedged) P-acc 1.79%

– Multi Asset Income (USD) (GBP hedged) P-UK-dist 1.79%

– Multi Asset Income (USD) P-acc 1.78%

– Multi Asset Income (USD) P-dist 1.80%

– Smart Allocator (USD) U-X-acc 0.01%

The TER for classes of shares which were active less than a 12 month period are annualised.

Transaction costs and any other costs incurred in connec-tion with currency hedging are not included in the TER.

Note 9 – Portfolio Turnover Rate (PTR)

This ratio was calculated in accordance with the Swiss Funds & Asset Management Association (SFAMA) “Guidelines on the calculation and disclosure of the TER and PTR” in the current version. The PTR is considered an indicator of the relevance of the additional costs incurred when buying and selling investments. It shows how many security transactions occurred as a result of voluntary investment shifts in relation to the average net assets. Transactions that resulted from uncontrollable subscrip-tions and redemptions are not included in this rate.

PTR:

UBS (Lux) Key Selection SICAV Portfolio Turnover Rate (PTR)

– Active Defense 5 (CHF) 7.75%

– Active Defense 5 (EUR) 75.36%

– Active Defense 5 (USD) 64.43%

– All-Rounder (EUR) -2.72%

– Asian Equities (USD)1 60.33%

– Commodity Strategy (USD) 169.70%

– Dynamic Alpha (USD)2 271.25%

– Emerging Markets Allocation (USD)3 70.58%

– Emerging Markets Income (USD) -1.89%

– EUR Bonds (EUR)4 31.70%

– European Core Equities (EUR)5 99.70%

– Global Allocation (CHF) 47.84%

– Global Allocation (EUR) 144.37%

– Global Allocation (USD) 39.71%

– Global Allocation Focus Europe (EUR)6 49.64%

– Global Alpha Opportunities (EUR)7 99.24%

– Global Equities (USD)8 48.56%

– Global Real Estate Securities (USD)9 59.70%

– Multi Asset Income (USD)10 37.59%

– Smart Allocator (USD) 1.09%


Note 10 – Investment in other UBS UCITS and/or UCIs

As at 30 September 2013 UBS (Lux) Key Selection SICAV has investments in other UCITS and/or UCIs that are managed by UBS. The maximum proportion of management fees charged to the UCITS and/or other UCIs are 0% as at 30 September 2013.

Note 11 – Transaction costs

Transaction costs include brokerage fees, stamp duty, local taxes and other foreign charges if incurred during the fiscal year. Transaction fees are included in the cost of securities purchased and sold.

For the financial year ended on 30 September 2013, the fund incurred transaction costs relating to purchase or sale of investments in securities and similar transactions as follows:

UBS (Lux) Key Selection SICAV Transaction costs

– Absolute Return Medium (CHF) - CHF

– Absolute Return Medium (EUR) - EUR

– Absolute Return Medium (USD) - USD

– Absolute Return Plus (CHF) 14 268.13 CHF

– Absolute Return Plus (EUR) 3 170.87 EUR

– Active Defense 5 (CHF) 45 409.78 CHF

– Active Defense 5 (EUR) 12 959.28 EUR

– Active Defense 5 (USD) 15 028.10 USD

– All-Rounder (EUR) - EUR

– Asian Allocation (USD)1 1 906.15 USD

– Asian Equities (USD)2 337 900.13 USD

– Commodity Strategy (USD) 8 289.69 USD

– Dynamic Alpha (USD)3 295 913.36 USD

– Emerging Markets Allocation (USD)4 201 998.42 USD

– Emerging Markets Income (USD) 137 012.86 USD

– EUR Bonds (EUR)5 1 302.99 EUR

– European Core Equities (EUR)6 952 930.68 EUR

– Global Allocation (CHF) 111 618.42 CHF

– Global Allocation (EUR) 775 476.42 EUR

– Global Allocation (USD) 449 511.68 USD

– Global Allocation Focus Europe (EUR)7 60 099.45 EUR

– Global Alpha Opportunities (EUR)8 30.41 EUR

– Global Equities (USD)9 229 316.23 USD

– Global Real Estate Securities (USD)10 52 160.50 USD

– Multi Asset Income (USD)11 950 966.89 USD

– Smart Allocator (USD) 3 059.93 USD

– US Equities (USD)12 123 384.55 USD

1 formerly UBS (Lux) Key Selection SICAV – Asian Allocation 2 formerly UBS (Lux) Key Selection SICAV – Asian Equities 3 formerly UBS (Lux) Key Selection SICAV – Absolute Return Plus (USD) 4 formerly UBS (Lux) Key Selection SICAV – Emerging Markets Allocation 5 formerly UBS (Lux) Key Selection SICAV – EUR Bonds 6 formerly UBS (Lux) Key Selection SICAV – European Core Equities 7 formerly UBS (Lux) Key Selection SICAV – Global Allocation Focus Europe 8 formerly UBS (Lux) Key Selection SICAV – Global Alpha Opportunities 9 formerly UBS (Lux) Key Selection SICAV – Global Equities10 formerly UBS (Lux) Key Selection SICAV – Global Real Estate Securities11 formerly UBS (Lux) Key Selection SICAV – Multi Asset Income12 formerly UBS (Lux) Key Selection SICAV – US Equities



Not all transaction costs are separately identifiable. For fixed income investments, forward currency contracts and other derivative contracts, transaction costs will be included in the purchase and sale price of the investment. Whilst not separately identifiable these transaction costs will be captured within the performance of each fund.

Note 12 – Subsequent Event

The Board of Directors of the Company has decided on 20 December 2013 to liquidate the following subfunds:

UBS (Lux) Key Selection SICAV – Active Defense 5 (EUR)UBS (Lux) Key Selection SICAV – Active Defense 5 (USD)UBS (Lux) Key Selection SICAV – Active Defense 5 (CHF)

Note 13 – Name change/Merger

The Board of Directors of the Company has decided to rename the following share classes with effect 25 October 2012:

Old name New nameUBS (Lux) Key Selection SICAV – UBS (Lux) Key Selection SICAV – Absolute Return Plus (USD) (CAD hedged) P-acc Dynamic Alpha (USD) (CAD hedged) P-acc

UBS (Lux) Key Selection SICAV – UBS (Lux) Key Selection SICAV – Absolute Return Plus (USD) (SGD hedged) P-acc Dynamic Alpha (USD) (SGD hedged) P-acc

UBS (Lux) Key Selection SICAV – UBS (Lux) Key Selection SICAV – Absolute Return Plus (USD) I-B-acc Dynamic Alpha (USD) I-B-acc

UBS (Lux) Key Selection SICAV – UBS (Lux) Key Selection SICAV – Absolute Return Plus (USD) I-X-acc Dynamic Alpha (USD) I-X-acc

UBS (Lux) Key Selection SICAV – UBS (Lux) Key Selection SICAV – Absolute Return Plus (USD) P-acc Dynamic Alpha (USD) P-acc

UBS (Lux) Key Selection SICAV – UBS (Lux) Key Selection SICAV –Asian Equities (GBP) P-dist Asian Equities (USD) (GBP) P-dist

UBS (Lux) Key Selection SICAV – Emerging Markets UBS (Lux) Key Selection SICAV – EmergingAllocation (CHF hedged) P-acc Markets Allocation (USD) (CHF hedged) P-acc

UBS (Lux) Key Selection SICAV – Emerging Markets Allocation UBS (Lux) Key Selection SICAV – Emerging(EUR hedged) N-acc Markets Allocation (USD) (EUR hedged) N-acc

UBS (Lux) Key Selection SICAV – Emerging Markets UBS (Lux) Key Selection SICAV – Emerging MarketsAllocation (EUR hedged) P-acc Allocation (USD) (EUR hedged) P-acc

UBS (Lux) Key Selection SICAV – EUR Bonds P-acc UBS (Lux) Key Selection SICAV – EUR Bonds (EUR) P-acc

UBS (Lux) Key Selection SICAV – EUR Bonds P-dist UBS (Lux) Key Selection SICAV – EUR Bonds (EUR) P-dist

UBS (Lux) Key Selection SICAV – Global Allocation UBS (Lux) Key Selection SICAV – Global Allocation FocusFocus Europe (CHF hedged) P-acc Europe (EUR) (CHF hedged) P-acc

UBS (Lux) Key Selection SICAV – Global Allocation UBS (Lux) Key Selection SICAV – Global AllocationFocus Europe (USD hedged) P-acc Focus Europe (EUR) (USD hedged) P-acc

UBS (Lux) Key Selection SICAV – Global Alpha UBS (Lux) Key Selection SICAV – Global AlphaOpportunities (CHF hedged) P-acc Opportunities (EUR) (CHF hedged) P-acc

UBS (Lux) Key Selection SICAV – Global Alpha UBS (Lux) Key Selection SICAV – Global AlphaOpportunities (USD hedged) I-A1-acc Opportunities (EUR) (USD hedged) I-A1-acc

UBS (Lux) Key Selection SICAV – Global Alpha UBS (Lux) Key Selection SICAV – Global AlphaOpportunities (USD hedged) P-acc Opportunities (EUR) (USD hedged) P-acc

UBS (Lux) Key Selection SICAV – Global Equities UBS (Lux) Key Selection SICAV – Global Equities(EUR) K-1-acc (USD) (EUR) K-1-acc

UBS (Lux) Key Selection SICAV – Global Equities UBS (Lux) Key Selection SICAV – Global Equities (EUR) P-acc (USD) (EUR) P-acc

UBS (Lux) Key Selection SICAV – Global Real Estate UBS (Lux) Key Selection SICAV – Global Real EstateSecurities (EUR hedged) I-A1-acc Securities (USD) (EUR hedged) I-A1-acc

UBS (Lux) Key Selection SICAV – Multi Asset Income UBS (Lux) Key Selection SICAV – Multi Asset Income(CHF hedged) I-X-acc (USD) (CHF hedged) I-X-acc

UBS (Lux) Key Selection SICAV – Multi Asset Income UBS (Lux) Key Selection SICAV – Multi Asset Income(CHF hedged) P-dist (USD) (CHF hedged) P-dist

UBS (Lux) Key Selection SICAV – Multi Asset Income UBS (Lux) Key Selection SICAV – Multi Asset Income(EUR hedged) I-X-acc (USD) (EUR hedged) I-X-acc

UBS (Lux) Key Selection SICAV – Multi Asset Income UBS (Lux) Key Selection SICAV – Multi Asset Income(EUR hedged) N-dist (USD) (EUR hedged) N-dist

UBS (Lux) Key Selection SICAV – Multi Asset Income UBS (Lux) Key Selection SICAV – Multi Asset Income(EUR hedged) P-acc (USD) (EUR hedged) P-acc

UBS (Lux) Key Selection SICAV – Multi Asset Income UBS (Lux) Key Selection SICAV – Multi Asset Income(EUR hedged) P-dist (USD) (EUR hedged) P-dist

Old name New nameUBS (Lux) Key Selection SICAV – Multi Asset Income UBS (Lux) Key Selection SICAV – Multi Asset Income(GBP hedged) P-UK-dist (USD) (GBP hedged) P-UK-dist

UBS (Lux) Key Selection SICAV – US Equities UBS (Lux) Key Selection SICAV – US Equities (USD) (EUR) P-acc (EUR) P-acc

The Board of Directors of the Company has decided to merge the following subfunds with effect 26 November 2012:

Absorbed subfund Absorbing subfundUBS (Lux) Key Selection SICAV UBS (Lux) Key Selection SICAV– Asian Allocation (USD) P-acc – Emerging Markets Allocation (USD) P-acc

The Board of Directors of the Company has decided to merge the following subfunds with effect 30 November 2012:

Absorbed subfund Absorbing subfundUBS (Lux) Key Selection SICAV UBS (Lux) SICAV 1– Absolute Return Plus (EUR) Q-acc – All Rounder (USD) (EUR hedged) Q-acc

UBS (Lux) Key Selection SICAV UBS (Lux) SICAV 1– Absolute Return Plus (EUR) I-X-acc – All Rounder (USD) (EUR hedged) I-X-acc

UBS (Lux) Key Selection SICAV UBS (Lux) SICAV 1– Absolute Return Plus (EUR) P-acc – All Rounder (USD) (EUR hedged) P-acc

UBS (Lux) Key Selection SICAV UBS (Lux) SICAV 1– Absolute Return Plus (CHF) P-acc – All Rounder (USD) (CHF hedged) P-acc

UBS (Lux) Key Selection SICAV UBS (Lux) Key Selection SICAV– Absolute Return Medium (USD) P-acc – Multi Asset Income (USD) P-acc

UBS (Lux) Key Selection SICAV UBS (Lux) Key Selection SICAV– Absolute Return Medium (EUR) P-acc – Multi Asset Income (USD) (EUR hedged) P-acc

UBS (Lux) Key Selection SICAV UBS (Lux) Key Selection SICAV– Absolute Return Medium (CHF) P-acc – Multi Asset Income (USD) (CHF hedged) P-acc

The Board of Directors of the Company has decided to merge the following subfunds with effect 15 March 2013:

UBS (Lux) Key Selection SICAV UBS (Lux) Equity SICAV – US Equities (USD) (EUR) P-acc – US Opportunity (USD) (EUR hedged) P-acc

UBS (Lux) Key Selection SICAV UBS (Lux) Equity SICAV– US Equities (USD) I-B-acc – US Opportunity (USD) I-B-acc

UBS (Lux) Key Selection SICAV UBS (Lux) Equity SICAV– US Equities (USD) P-acc – US Opportunity (USD) P-acc

UBS (Lux) Key Selection SICAV UBS (Lux) Equity SICAV– US Equities (USD) P-dist – US Opportunity (USD) P-dist

Note 14 – Master Feeder Structure


The subfund is a feeder structure following Art. 77 of the Law of 2010. It invests at least 85% of its net assets in shares of the UBS (Lux) SICAV 1 – All-Rounder (USD) (“the Master UCITS”). The subfund may hold up to 15% of its net assets in: a) ancillary liquid assets in accordance with Article 41, paragraph (2), second sub-paragraph of the Law of 2010; b) financial derivative instruments, which may be used only for hedging purposes, in accordance with Article 41 paragraph (1), point g) and Article 42, paragraphs (2) and (3) of the Law of 2010. The Master UCITS is the subfund of an undertaking for collective investment in accordance with Part I of the Law of 2010, which is managed by the same management company as the feeder UCITS.



The sum of the costs of the Feeder UCITS and the proportional costs of the Master UCITS are stated in Note 8 – Total Expense Ratio.

The sales prospectus, the KIID, the articles of association of the Company, the annual and semi-annual reports as well as the portfolio movements of the Master UCITS are available free of charge from UBS Fund Management (Luxembourg) S.A., 33A, avenue J.F. Kennedy, L-1855 Luxembourg.

Note 15 – Applicable law, place of performance and authoritative language

The Luxembourg District Court is the place of perfor-mance for all legal disputes between the shareholders, the Management Company and the custodian bank. Luxembourg law applies. However, in matters concern-ing the claims of investors from other countries, the Management Company and/or the custodian bank can elect to make themselves and the fund subject to the jurisdiction of the countries in which the fund units were bought and sold.

The German version of these financial statements is the authoritative version and only this version was audited by the auditor. However, in the case of Company shares sold to investors from the other countries in which Company shares can be bought and sold, the Company and the Custodian Bank may recognize approved translations (i.e. approved by the Company and the Custodian Bank) into the languages concerned as binding upon itself.



Note 16 – OTC Derivatives and Securities Lending

If the Company enters into OTC transactions, it may be exposed to risks related to the creditworthiness of the OTC counterparties: when the Company enters into futures contracts, options and swap transactions or uses other derivative techniques it is subject to the risk that an OTC counterparty may not meet (or cannot meet) its obligations under a specific or multiple contracts. Counterparty risk can be reduced by depositing a security. If the Company is owed a security pursuant to an applicable agreement, such security shall be held in custody by the Custodian bank/Custodian in favour of the Company or transferred to the OTC counterparty as agreed between the Company and the OTC counterparty. Bankruptcy and insolvency events or other credit events with the OTC counterparty, the Custodian Bank or within their subcustodian/correspondent bank network may result in the rights or recognition of the Company in connection with the security to be delayed, restricted or even eliminated, which would force the Company to fulfil its obligations in the framework of the OTC transaction, in spite of any security that had previously been made available to cover any such obligation.

The Company may lend portions of its securities portfolio to third parties. In general, lendings may only be effected via recognized clearing houses such as Clearstream International or Euroclear, or through the intermediary of prime financial institutions that specialise in such activities and in the modus specified by them. Securities lending income and costs are shown separately in the Statement of Operations. Collateral is received in relation to securities lent. Collateral is composed of high quality securities in an amount typically at least equal to the market value of the secu-rities loaned.

Received Collateral on Swaps

Subfund Type 30.9.2013

UBS (Lux) Key Selection SICAV – Dynamic Alpha (USD)1 Cash received re-invested 3 280 000.00 USD

UBS (Lux) Key Selection SICAV – Emerging Markets Income (USD) Cash received re-invested 759 000.00 EUR

UBS (Lux) Key Selection SICAV – Global Allocation (CHF) Cash received re-invested 1 055 000.00 EUR

UBS (Lux) Key Selection SICAV – Global Allocation (EUR) Cash received re-invested 4 920 000.00 EUR

UBS (Lux) Key Selection SICAV – Global Allocation (USD) Cash received re-invested 6 012 650.99 USD

UBS (Lux) Key Selection SICAV – Global Allocation Focus Europe (EUR)2 Cash received re-invested 830 000.00 EUR

UBS (Lux) Key Selection SICAV – Smart Allocator (USD) Cash received re-invested 10 000.00 EUR

Received and re-invested collateral is not included in the net assets.

OTC-Derivatives*

SubfundCounterparty Exposure Collateral

UBS (Lux) Key Selection SICAV – Active Defense 5 (CHF)

UBS AG 29 005.59 CHF - CHF

UBS (Lux) Key Selection SICAV – Active Defense 5 (EUR)

UBS AG -2 419.79 EUR - EUR

UBS (Lux) Key Selection SICAV – Active Defense 5 (USD)

UBS AG -30 881.72 USD - USD


Barclays 105 381.36 USD - USD

Credit Suisse -277 197.66 USD - USD

UBS (Lux) Key Selection SICAV – Dynamic Alpha (USD)1

Barclays -997 717.84 USD - USD

Canadian Imperial Bank -1 312 885.41 USD - USD

Citibank -489 805.40 USD - USD

Credit Suisse -7 573.98 USD - USD

Deutsche Bank 3 131 179.50 USD 3 280 000.00 USD

Goldman Sachs 31 223.07 USD - USD

* Derivatives traded on an official exchange market are not included in this table as they are guaranteed by a clearing house. In the event of a counterparty default, the clearing house assumes the risk of loss.

1 formerly UBS (Lux) Key Selection SICAV – Absolute Return Plus (USD)2 formerly UBS (Lux) Key Selection SICAV – Global Allocation Focus Europe



SubfundCounterparty Exposure Collateral

JP Morgan -20 597.29 USD - USD

Morgan Stanley 46 953.66 USD - USD

RBS -611 829.41 USD - USD


UBS (Lux) Key Selection SICAV – Emerging Markets Allocation (USD)1

BNP Paribas 511 723.71 USD - USD

UBS AG 4 469 415.78 USD - USD


Barclays 1 017 783.02 USD 1 027 420.34 USD

BNP Paribas 1 614 019.68 USD - USD

UBS AG 652 754.93 USD - USD

UBS (Lux) Key Selection SICAV – EUR Bonds (EUR)2

Deutsche Bank -7 791.11 EUR - EUR

UBS AG 6 333.02 EUR - EUR

UBS (Lux) Key Selection SICAV – Global Allocation (CHF)

Barclays 616 068.16 CHF 905 788.12 CHF

Deutsche Bank 433 096.61 CHF 385 571.97 CHF

JP Morgan 178 652.35 CHF - CHF

UBS AG 3 805 618.87 CHF - CHF

UBS (Lux) Key Selection Sicav – Global Allocation (EUR)

Barclays 1 162 401.86 EUR 1 600 000.00 EUR

Deutsche Bank 1 402 386.87 EUR 1 630 000.00 EUR

JP Morgan 1 428 572.91 EUR 1 690 000.00 EUR



Barclays 2 652 214.89 USD 3 164 833.70 USD

Deutsche Bank 1 778 126.79 USD 1 897 817.29 USD

JP Morgan 808 239.45 USD 950 000.00 USD

UBS AG -13 875 779.47 USD - USD

UBS (Lux) Key Selection SICAV – Global Allocation Focus Europe (EUR)3

Barclays 287 604.59 EUR 450 000.00 EUR

Deutsche Bank 265 369.58 EUR 380 000.00 EUR

JP Morgan 23 155.50 EUR - EUR


UBS (Lux) Key Selection SICAV – Global Alpha Opportunities (EUR)4

UBS AG -34 530.21 EUR - EUR

UBS (Lux) Key Selection SICAV – Global Real Estate Securities (USD)5

UBS AG -172 941.94 USD - USD

UBS (Lux) Key Selection SICAV – Multi Asset Income (USD)6

UBS AG 8 375 818.75 USD - USD


Barclays 158 170.22 USD 13 536.50 USD


* Derivatives traded on an official exchange market are not included in this table as they are guaranteed by a clearing house. In the event of a counterparty default, the clearing house assumes the risk of loss.

1 formerly UBS (Lux) Key Selection SICAV – Emerging Markets Allocation2 formerly UBS (Lux) Key Selection SICAV – EUR Bonds3 formerly UBS (Lux) Key Selection SICAV – Global Allocation Focus Europe4 formerly UBS (Lux) Key Selection SICAV – Global Alpha Opportunities5 formerly UBS (Lux) Key Selection SICAV – Global Real Estate Securities6 formerly UBS (Lux) Key Selection SICAV – Multi Asset Income



Collateral breakdown Weight %

UBS (Lux) Key Selection SICAV – Dynamic Alpha (USD)1

Deutsche Bank

Cash 100.00

Bonds 0.00

Equity 0.00


Barclays

Cash 100.00

Bonds 0.00

Equity 0.00

UBS (Lux) Key Selection SICAV – Global Allocation (CHF)

Barclays

Cash 100.00

Bonds 0.00

Equity 0.00

Deutsche Bank

Cash 100.00

Bonds 0.00

Equity 0.00

UBS (Lux) Key Selection SICAV – Global Allocation (EUR)

Barclays

Cash 100.00

Bonds 0.00

Equity 0.00

Deutsche Bank

Cash 100.00

Bonds 0.00

Equity 0.00

JP Morgan

Cash 100.00

Bonds 0.00

Equity 0.00


Barclays

Cash 100.00

Bonds 0.00

Equity 0.00

Deutsche Bank

Cash 100.00

Bonds 0.00

Equity 0.00

JP Morgan

Cash 100.00

Bonds 0.00

Equity 0.00

UBS (Lux) Key Selection SICAV – Global Allocation Focus Europe (EUR)2

Barclays

Cash 100.00

Bonds 0.00

Equity 0.00

Deutsche Bank

Cash 100.00

Bonds 0.00

Equity 0.00


Barclays

Cash 100.00

Bonds 0.00

Equity 0.00

1 formerly UBS (Lux) Key Selection SICAV – Absolute Return Plus (USD)2 formerly UBS (Lux) Key Selection SICAV – Global Allocation Focus Europe



Securities Lending

Subfunds Exposure Collateral

– Active Defense 5 (CHF) 6 331 060.00 CHF 7 065 285.37 CHF

– Active Defense 5 (USD) 6 159 305.00 USD 6 873 611.61 USD

– Active Defense 5 (EUR) 3 663 760.50 EUR 4 088 653.95 EUR

– All-Rounder (EUR) - EUR - EUR

– Asian Equities (USD)1 4 023 763.16 USD 4 490 406.82 USD

– Commodity Strategy (USD) 8 448 023.10 USD 9 427 756.81 USD


– Emerging Markets Allocation (USD)3 - USD - USD

– Emerging Markets Income (USD) 2 322 661.26 USD 2 592 024.81 USD

– EUR Bonds (EUR)4 4 255 409.97 EUR 4 748 918.16 EUR

– European Core Equities (EUR)5 30 872 810.73 EUR 34 453 190.77 EUR





– Global Alpha Opportunities (EUR)7 - EUR - EUR

– Global Equities (USD)8 23 807 880.35 USD 26 568 926.64 USD

– Global Real Estate Securities (USD)9 1 630 650.74 USD 1 819 760.48 USD

– Multi Asset Income (USD)10 98 192 408.35 USD 109 579 973.35 USD

– Smart Allocator (USD) 6 095 184.08 USD 6 802 054.46 USD


Collateral breakdown Weight %

UBS AG

Cash 0.00%

Bonds 39.10%

Equity 60.90%

171


The appendix data were not audited:

Customized BenchmarkUBS (Lux) Key Selection SICAV– Global Allocation (CHF) GSMI Customized in CHF

MSCI All Country World (net) hedged in CHF 65.0%

Citigroup U.S. GBI hedged in CHF 15.0%

Citigroup WGBI ex. US hedged in CHF 15.0%

JPM EMBI Global hedged in CHF 2.0%

ML US High Yield Cash Pay Constrained hedged in CHF 3.0%

Total 100.0%

Customized BenchmarkUBS (Lux) Key Selection SICAV– Global Allocation (EUR)GSMI Customized in EUR

MSCI All Country World (net) hedged in EUR 65.0%

Citigroup U.S. GBI hedged in EUR 15.0%

Citigroup WGBI ex. US hedged in EUR 15.0%

JPM EMBI Global hedged in EUR 2.0%

ML US High Yield Cash Pay Constrained hedged in EUR 3.0%

Total 100.0%

Customized BenchmarkUBS (Lux) Key Selection SICAV– Global Allocation (EUR)GSMI Customized hedged in CAD

MSCI All Country World (net) hedged in CAD 65.0%

Citigroup U.S. GBI hedged in CAD 15.0%

Citigroup WGBI ex. US hedged in CAD 15.0%

JPM EMBI Global hedged in CAD 2.0%

ML US High Yield Cash Pay Constrained hedged in CAD 3.0%

Total 100.0%

Customized BenchmarkUBS (Lux) Key Selection SICAV– Global Allocation (EUR)GSMI Customized hedged in SGD

MSCI All Country World (net) hedged in SGD 65.0%

Citigroup U.S. GBI hedged in SGD 15.0%

Citigroup WGBI ex. US hedged in SGD 15.0%

JPM EMBI Global hedged in SGD 2.0%

ML US High Yield Cash Pay Constrained hedged in SGD 3.0%

Total 100.0%

Customized BenchmarkUBS (Lux) Key Selection SICAV– Global Allocation (EUR)GSMI Customized hedged in GBP

MSCI All Country World (net) hedged in GBP 65.0%

Citigroup U.S. GBI hedged in GBP 15.0%

Citigroup WGBI ex. US hedged in GBP 15.0%

JPM EMBI Global hedged in GBP 2.0%

ML US High Yield Cash Pay Constrained hedged in GBP 3.0%

Total 100.0%

Customized BenchmarkUBS (Lux) Key Selection SICAV– Global Allocation (USD)GSMI Customized in USD

MSCI All Country World (net) in USD 65.0%

Citigroup U.S. GBI in USD 15.0%

Citigroup WGBI ex. US in USD 15.0%

JPM EMBI Global in USD 2.0%

ML US High Yield Cash Pay Constrained in USD 3.0%

Total 100.0%

Customized BenchmarkUBS (Lux) Key Selection SICAV– Global Allocation Focus Europe (EUR)GAF Europe hedged in CHF

MSCI All Country World (net) hedged in CHF 50.0%

MSCI Europe (net) hedged in CHF 15.0%

Citigroup WGBI hedged in CHF 20.0%

Citigroup EMU GBI hedged in CHF 10.0%

JPM EMBI Global hedged in CHF 2.0%

ML US High Yield Cash Pay Constrained hedged in CHF 3.0%

Total 100.0%

Customized BenchmarkUBS (Lux) Key Selection SICAV– Global Allocation Focus Europe (EUR) GAF Europe in EUR

MSCI All Country World (net) hedged in EUR 50.0%

MSCI Europe (net) hedged in EUR 15.0%

Citigroup WGBI hedged in EUR 20.0%

Citigroup EMU GBI in EUR 10.0%

JPM EMBI Global hedged in EUR 2.0%

ML US High Yield Cash Pay Constrained hedged in EUR 3.0%

Total 100.0%

Appendix

172


Customized BenchmarkUBS (Lux) Key Selection SICAV– Global Allocation Focus Europe (EUR)GAF Europe hedged in USD

MSCI All Country World (net) hedged in USD 50.0%

MSCI Europe (net) hedged in USD 15.0%

Citigroup WGBI hedged in USD 20.0%

Citigroup EMU GBI hedged in USD 10.0%

JPM EMBI Global hedged in USD 2.0%

ML US High Yield Cash Pay Constrained hedged in USD 3.0%

Total 100.0%

173


Global Exposure (unaudited)

Risk managementRisk management in accordance with the commitment approach and the value-at-risk approach is applied pursuant to the applicable laws and regulatory provisions.

LeverageLeverage is defined pursuant to the applicable CESR directives as the total of the notional values of the derivatives used by the respective subfund. According to this definition, leverage may result in artificially increased leverage amounts, as some derivatives that can be used for hedging purposes may be included in the calculation. Conse-quently, this information does not necessarily reflect the precise actual leverage risk that the investor is exposed to.

Subfund Global risk Model Min Max Avg Leverage Reference calculation used VaR (%) VaR (%) VaR (%) portfolio method (benchmark)

UBS (Lux) Key Selection SICAV – Active Defense 5 (CHF) Absolute VaR approach Historical VaR 20.0% 111.0% 57.0% 31.0% n/a

UBS (Lux) Key Selection SICAV – Active Defense 5 (EUR) Absolute VaR approach Historical VaR 23.0% 126.0% 64.0% 30.0% n/a

UBS (Lux) Key Selection SICAV – Active Defense 5 (USD) Absolute VaR approach Historical VaR 22.0% 124.0% 63.0% 37.0% n/a

The reference portfolio reflects the properties of a broadly diversified portfolio that combines international shares UBS (Lux) Key Selection SICAV with international – All-Rounder (EUR) Relative VaR approach Historical VaR 40.0% 87.0% 59.0% 0.0% government bonds.

UBS (Lux) Key Selection SICAV – Asian Equities (USD) Commitment approach - - - - - -

The reference portfolio reflects the properties of a broadly diversified UBS (Lux) Key Selection SICAV portfolio of – Commodity Strategy (USD) Relative VaR approach Historical VaR 46.0% 85.0% 69.0% 94.0% commodities.

UBS (Lux) Key Selection SICAV – Dynamic Alpha (USD) Absolute VaR approach Historical VaR 8.0% 41.0% 19.0% 234.0% n/a

The reference portfolio reflects the properties of a broadly diversified portfolio of emergingUBS (Lux) Key Selection SICAV market shares and– Emerging Markets bonds as well

Allocation (USD) Relative VaR approach Historical VaR 18.0% 76.0% 51.0% 52.0% as commodities.

The reference portfolio reflects the properties of a broadly diversified portfolio, which combines investment grade and non-UBS (Lux) Key Selection SICAV investment grade– Emerging Markets bonds and shares from

Income (USD) Relative VaR approach Historical VaR 21.0% 61.0% 43.0% 15.0% emerging markets.

UBS (Lux) Key Selection SICAV – EUR Bonds (EUR) Commitment approach - - - - - -

174


Subfund Global risk Model Min Max Avg Leverage Reference calculation used VaR (%) VaR (%) VaR (%) portfolio method (benchmark)

UBS (Lux) Key Selection SICAV – European Core Equities (EUR) Commitment approach - - - - - -

The reference portfolio reflects the properties of a broadly diversified portfolio of international shares and government bonds, US bonds below investment grade level and UBS (Lux) Key Selection SICAV emerging market– Global Allocation (CHF) Relative VaR approach Historical VaR 27.0% 75.0% 41.0% 163.0% bonds.

The reference portfolio reflects the properties of a broadly diversified portfolio of international shares and government bonds, US bonds below investment grade levelUBS (Lux) Key Selection SICAV and emerging market– Global Allocation (EUR) Relative VaR approach Historical VaR 50.0% 71.0% 61.0% 137.0% bonds.

The reference portfolio reflects the properties of a broadly diversified portfolio of international shares and government bonds, US bonds below investment grade levelUBS (Lux) Key Selection SICAV and emerging– Global Allocation (USD) Relative VaR approach Historical VaR 50.0% 79.0% 62.0% 108.0% market bonds.

The reference porfolio reflects the properties of a well diversified composite index including stocks and government, high yieldUBS (Lux) Key Selection SICAV and emerging markets– Global Allocation Focus bonds with a specific

Europe (EUR) Relative VaR approach Historical VaR 49.0% 70.0% 59.0% 148.0% focus on Europe.

UBS (Lux) Key Selection SICAV – Global Alpha

Opportunities (EUR) Absolute VaR approach Historical VaR 1.0% 50.0% 40.0% 0.0% n/a

UBS (Lux) Key Selection SICAV – Global Equities (USD) Commitment approach - - - - - -

UBS (Lux) Key Selection SICAV – Global Real Estate

Securities (USD) Commitment approach - - - - - -

UBS (Lux) Key Selection SICAV – Multi Asset Income (USD) Absolute VaR approach Historical VaR 48.0% 67.0% 57.0% 71.0% n/a

UBS (Lux) Key Selection SICAV – Smart Allocator (USD) Absolute VaR approach Historical VaR 19.0% 78.0% 46.0% 110.0% n/a

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