Semi-Annual Report 2015/2016

Transcription

1 Asset management UBS Funds Semi-Annual Report 2015/2016 Investment Fund under Swiss Law with multiple sub-funds (umbrella fund) Unaudited semi-annual report as of 29 February 2016 UBS (CH) Suisse 25 (CHF) UBS (CH) Suisse 45 (CHF) UBS (CH) Suisse 65 (CHF)

2

3 Unaudited semi-annual report as of 29 February 2016 Table of contents Page ISIN Organization 2 UBS (CH) Suisse 25 (CHF) 3 P-dist / CH Q-dist / CH UBS (CH) Suisse 45 (CHF) 9 P-dist / CH Q-dist / CH UBS (CH) Suisse 65 (CHF) 15 P-dist / CH Q-dist / CH Appendix to Supplementary information 22 Sales restrictions Units of these sub-funds may not be offered, sold or distributed within the United States. Units of these sub-funds may not be offered, sold or distributed to US citizens, individuals domiciled in the US and/ or other natural persons or legal entities whose income and/or earnings are subject to US income tax, regardless of source, as well as persons who are considered to be US persons pursuant to regulation S of the US Securities Act of 1933 and/or the US Commodity Exchange Act in its most recent version. Internet address 1

4 Organization Fund Management UBS Fund Management (Switzerland) AG, Aeschenplatz 6, 4002 Basel Board of Directors Karin Oertli Küng, Chairwoman Group Managing Director, UBS AG, Basel and Zurich Reto Ketterer, Vice-chairman Managing Director, UBS AG, Basel and Zurich André Valente, Delegate Michael Kehl (since 2 December 2015) Managing Director, UBS AG, Basel and Zurich Mark Porter (until 22 September 2015) Managing Director, UBS AG, London Thomas Rose Managing Director, UBS AG, Basel and Zurich Martin Tschopp (since 2 December 2015) Managing Director, UBS AG, Basel and Zurich Christian Eibel Executive Director, UBS AG, Basel and Zurich Markus Lesmann Executive Director, UBS AG, Basel and Zurich Executive Board André Valente Managing Director and Delegate of the Board of Directors Karsten Illy Deputy Managing Director and Head of Operations Securities Funds Daniel Brüllmann Head Real Estate Funds André Debrunner Head of Fund Reporting & Information Management Eugène Del Cioppo Head of Business Development & Client Relationship Management Tony Guggenbühler Head of Quality Monitoring & Corporate Governance Sérgio Mestre Head of Finance & Controlling Thomas Portmann Head of ManCo Oversight & Risk Management Thomas Reisser Head of Compliance Beat Schmidlin Head of Legal Services Custodian bank UBS Switzerland AG, Zurich Auditors Ernst & Young Ltd, Basel Delegation of investment decisions UBS Switzerland AG, Zurich UBS Asset Management, a business group of UBS AG, Basel and Zurich Delegation of other duties UBS Fund Management (Switzerland) AG jointly operates and utilises a fund administration platform with UBS Fund Services (Luxembourg) S.A. UBS Fund Services (Luxembourg) S.A. is responsible for the processing of master data under this arrangement. The precise terms of the work carried out are set out in an agreement between the parties dated 16 October In addition, various IT services connected with the maintenance and upkeep of the hardware and software components of the fund administration platform (e.g. technical installations, configurations, system tests, archiving of data) are furnished by UBS Fund Services (Luxembourg) S.A. in Luxembourg. The specific scope of these services is governed by an agreement between the parties dated 8 May All other fund management duties and the monitoring of other delegated duties are carried out in Switzerland. Paying agents UBS Switzerland AG, Zurich and its branches in Switzerland 2 Semi-Annual Report as of 29 February 2016

5 UBS (CH) Suisse 25 (CHF) Category Other Funds for Traditional Investments Most important figures ISIN Net fund assets in CHF Class P-dist CH Net asset value per unit in CHF Issue and redemption price per unit in CHF Number of units outstanding Class Q-dist CH Net asset value per unit in CHF Issue and redemption price per unit in CHF Number of units outstanding see Supplementary information 2 Initial subscription: Structure of the securities portfolio The 10 largest issuers in % of total assets UBS (CH) Institutional Fund Bonds CHF Inland Medium Term UBS (Lux) Medium Term Bond Fund CHF UBS (CH) Institutional Fund Global Bonds UBS (CH) Institutional Fund Bonds CHF Inland 8.20 UBS (CH) Institutional Fund Equities Switzerland Passive Large 7.43 UBS (CH) Institutional Fund Small & Mid Cap Equities Switzerland 5.74 UBS (CH) Property Fund Swiss Mixed Sima 5.64 UBS (Lux) Bond Fund Global CHF 4.94 UBS (CH) Institutional Fund Bonds CHF Ausland 4.38 UBS (CH) Institutional Fund Equities USA Passive 3.96 Others 7.64 Total There may be differences in the way the percentages mentioned above are rounded off. UBS (CH) Suisse 25 (CHF) Semi-Annual Report as of 29 February

6 Statement of assets Market values CHF CHF Bank deposits at sight Securities Shares and other equity instruments Units of other collective investment schemes Derivative financial instruments Other assets Total fund assets Loans Other liabilities Net fund assets Statement of income Income CHF CHF Income from bank assets Negative Interest Retrocessions Income from securities from units of other collective investment schemes Commission income from securities lending Purchase of current net income on issue of units Total income Expenses Interest payable Audit expenses Commission remuneration of the Fund Management in accordance with the fund contract Class P-dist Commission remuneration of the Fund Management in accordance with the fund contract Class Q-dist Other expenses Payment of current net income on redemption of units Total expenses Net income Realized capital gains and losses Realized result Unrealized capital gains and losses Total result Changes in net fund assets CHF CHF Net fund assets at the beginning of the financial year Ord. annual distribution Balance of unit movements Total result Net fund assets at the end of the reporting period Development of the outstanding units Class P-dist Number Number Situation at the beginning of the financial year Units issued Units redeemed Situation at the end of the period Difference between units issued and units redeemed Class Q-dist Number Situation at the beginning of the financial year Units issued Units redeemed Situation at the end of the period Difference between units issued and units redeemed Realized capital gains and losses may include income and expenses which were received from Swinging Single Pricing. 4 UBS (CH) Suisse 25 (CHF) Semi-Annual Report as of 29 February 2016

7 Inventory of Fund assets Security Purchases 1 Sales Market value 3 in % 3 Securities traded on an exchange Investment certificates, open end Quantity/ Quantity/ in CHF Nominal Nominal Eurozone UBS ETF SICAV - UBS ETF MSCI EMU-A EUR Total Eurozone Switzerland CREDIT SUISSE REAL ESTATE FUND INTERSWISS CHF CREDIT SUISSE REAL ESTATE FUND SIAT CHF CREDIT SUISSE REAL ESTATE FUND LIVINGPLUS CHF UBS (CH) PROPERTY FUND - SWISS RESIDENTIAL ANFOS CHF UBS (CH) PROPERTY FUND - LEMAN RESIDENTIAL FONCIPARS CHF UBS (CH) PROPERTY FUND - SWISS MIXED SIMA CHF UBS (CH) PROPERTY FUND - SWISS COMMERCIAL SWISSREAL CHF Total Switzerland United Kingdom UBS ETF MSCI UNITED KINGDOM UCITS ETF (GBP)-A GBP Total United Kingdom Total Investment certificates, open end Rights Switzerland CREDIT SUISSE REAL ESTATE FUND SIAT RIGHTS CHF Total Switzerland 0.00 Total Rights 0.00 Total Securities traded on an exchange Securities traded neither on an exchange nor on a regulated market Investment certificates, open end Asia ex Japan UBS (CH) INSTITUTIONAL FUND - EQUITIES PACIFIC (EX JAPAN) PASS-I-X CHF Total Asia ex Japan Canada UBS (CH) INSTITUTIONAL FUND- EQUITIES CANADA PASSIVE I-X CHF Total Canada Europe UBS (CH) INSTITUTIONAL FUND - EQUITIES EUROPE PASSIVE I-X CHF Total Europe 0.00 Global UBS (CH) INSTITUTIONAL FUND - GLOBAL BONDS 3 I-X CHF UBS (CH) INSTITUTIONAL FUND - GLOBAL BONDS 3 U-X CHF UBS (CH) MONEY MARKET FUND - CHF I-X CHF UBS (IRL) INVESTOR SELECTION PLC - GLOB EMER MKT OPP-I-X USD USD UBS (LUX) BOND FUND - GLOBAL (CHF) U-X-ACC CHF UBS (LUX) EQUITY SICAV - EM GROWTH (USD)-U-X-ACC USD UBS (LUX) MEDIUM TERM BOND FUND - CHF U-X-ACC CHF UBS (LUX) MONEY MARKET FUND - CHF U-X-ACC CHF Total Global Global Ex-Switzerland UBS (CH) INSTITUTIONAL FUND - BONDS CHF AUSLAND I-X CHF Total Global Ex-Switzerland Japan UBS (CH) INSTITUTIONAL FUND - EQUITIES JAPAN PASSIVE I-X CHF Total Japan Switzerland UBS (CH) INSTITUTIONAL FUND - EQUITIES SWITZERLAND PASSIVE LARGE I-X CHF UBS (CH) INSTITUTIONAL FUND - BONDS CHF INLAND I-X CHF UBS (CH) INSTITUTIONAL FUND - SMALL & MID CAP EQUITIES SWITZERLD I-X CHF UBS (CH) INSTITUTIONAL FUND - BONDS CHF INLAND MEDIUM TERM U-X CHF Total Switzerland United States UBS (CH) INSTITUTIONAL FUND - EQUITIES USA PASSIVE I-X CHF Total United States Total Investment certificates, open end Total Securities traded neither on an exchange nor on a regulated market UBS (CH) Suisse 25 (CHF) Semi-Annual Report as of 29 February

8 Security Purchases 1 Sales Market value 3 in % 3 Quantity/ Quantity/ in CHF Nominal Nominal Total securities and similar instruments (thereof in lending ) Bank deposits at sight Derivative financial instruments Other assets Total fund assets Short-term bank liabilities Other liabilities Net fund assets Purchases include the following transactions: allotment from subscription / allotment from option rights / option rights / allotment of subscription rights from underlying stocks / bonus securities / change of corporate names / conversions / purchases / share exchange between companies / stock splits / stock dividends / optional dividends / transfers / transfer due to redenomination in euro / subscriptions in kind 2 Sales include the following transactions: cancellation as a result of expiry / draws by lot / exercise of rights / options / repayments / reverse-splits / sales / share exchange between companies / transfers / transfer due to redenomination in euro / redemptions in kind 3 Divergences in the totals may be attributed to rounding differences 4 Securities entirely or partly lent out (securities lending) Derivative financial instruments CISO-FINMA Art. 23 Exposure-increasing derivatives open at the end of the period under review Instrument Number Currency Coverage Variation margin in % of of contracts in CHF in CHF total assets Futures on indices/commodities/currencies SWISS MARKET INDEX FUTURE CHF Derivatives on currencies open at the end of the period under review Sale Sale Purchase Purchase Maturity Replacement in % of Currency Amount Currency Amount value in CHF total assets Forward exchange transactions EUR CHF JPY CHF USD CHF HKD CHF AUD CHF GBP CHF CAD CHF NOK CHF SEK CHF GBP CHF There may be differences in the way the figures mentioned above are rounded off Transactions in exposure-increasing derivatives during the period under review Instrument Currency Purchase/ Sale/ Contracts Contracts Futures on indices/commodities/currencies SWISS MARKET INDEX FUTURE CHF SWISS MARKET INDEX FUTURE CHF SWISS MARKET INDEX FUTURE CHF Transactions in derivatives on currencies during the period under review Sale Sale Purchase Purchase Maturity Currency Amount Currency Amount Forward exchange transactions CAD CHF HKD CHF JPY CHF SEK CHF NOK CHF AUD CHF GBP CHF USD CHF EUR CHF EUR CHF EUR CHF CHF GBP CHF EUR USD CHF EUR CHF JPY CHF GBP CHF CAD CHF HKD CHF AUD CHF SEK CHF NOK CHF UBS (CH) Suisse 25 (CHF) Semi-Annual Report as of 29 February 2016

9 Sale Sale Purchase Purchase Maturity Currency Amount Currency Amount CHF USD CHF JPY CHF GBP USD CHF USD CHF EUR CHF JPY CHF GBP CHF CAD CHF NOK CHF SEK CHF AUD CHF HKD CHF CHF JPY EUR CHF CHF EUR CHF JPY CHF EUR CHF JPY CHF USD CHF HKD CHF AUD CHF GBP CHF CAD CHF NOK CHF SEK EUR CHF JPY CHF USD CHF HKD CHF AUD CHF GBP CHF CAD CHF NOK CHF SEK CHF GBP CHF UBS (CH) Suisse 25 (CHF) Semi-Annual Report as of 29 February

10 Supplementary information Derivative financial instruments (Risk assessment process: Commitment approach II [Art. 35 CISO-FINMA]) Repurchase agreements No securities were used in repurchase agreements at balance sheet date. Remuneration of the Fund Management Flat fee Actual flat fee: Class P-dist: 1.13%* p.a.; Class Q-dist**: 0.68%* p.a.; Maximum flat fee as specified in the fund contract: Class P-dist: 2.16% p.a.; Class Q-dist: 1.19% p.a.; based on the average net fund assets. Any management commission charged by the target funds in which sub-fund assets are invested may not exceed 3% p.a., factoring in any reimbursements which may be due. Soft Commission Arrangements The fund management company has not concluded any arrangements in the form of soft commission arrangements. * The actual flat fee has been adjusted by 0.12 percentage points for class P-dist and 0.07 percentage point for class Q-dist by reducing the portfolio management fee for the investment certificates UBS (CH) PROPERTY FUND (see the statement on the inventory of the fund s assets) in order to avoid a double charge. If this adjustment is not applied, the actual flat fee represents 1.25% for class P-dist and 0.75% for class Q-dist. ** Flat fee change Until 31 December 2015 = 0.60% Since 1 January 2016 = 0.75% Total Expense Ratio (TER) This ratio was calculated in accordance with the SFAMA s Guidelines on the calculation and disclosure of the Total Expense Ratio (TER) of collective investment schemes 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 retrospectively as a percentage of the net assets. Composed TER for the last 12 months: Class P-dist: 1.24% Composed TER annualized: Class Q-dist: 0.76% Issue and redemption price If, on any one order day, the sum of subscriptions and redemptions of units in the sub-fund result in a net inflow or outflow, the sub-fund s valuation net asset value will be increased or reduced accordingly (swinging single pricing). The maximum adjustment level amounts to 2% of the valuation net asset value. Incorporated into this are the incidental costs (bid/ask spread, brokerage at standard market rates, commissions, duties, etc.) that accrue to the sub-fund on average from the investment of a net inflow or from the sale of a portion of investments corresponding to the net outflow. The adjustment results in an increase of the valuation net asset value if net movements lead to an increase in the number of units in the sub-fund. Conversely, the adjustment results in a reduction of the valuation net asset value if net movements lead to a reduction in the number of units. The net asset value calculated on the basis of swinging single pricing is thus a modified net asset value. Exchange rates EUR 1 = CHF GBP 1 = CHF USD 1 = CHF UBS (CH) Suisse 25 (CHF) Semi-Annual Report as of 29 February 2016

11 UBS (CH) Suisse 45 (CHF) Category Other Funds for Traditional Investments Most important figures ISIN Net fund assets in CHF Class P-dist CH Net asset value per unit in CHF Issue and redemption price per unit in CHF Number of units outstanding Class Q-dist CH Net asset value per unit in CHF Issue and redemption price per unit in CHF Number of units outstanding see Supplementary information 2 Initial subscription: Structure of the securities portfolio The 10 largest issuers in % of total assets UBS (CH) Institutional Fund Equities Switzerland Passive Large UBS (CH) Institutional Fund Global Bonds UBS (CH) Institutional Fund Small & Mid Cap Equities Switzerland UBS (CH) Institutional Fund Bonds CHF Inland UBS (CH) Institutional Fund Bonds CHF Inland Medium Term 8.00 UBS (Lux) Medium Term Bond Fund CHF 7.05 UBS (CH) Institutional Fund Equities USA Passive 7.02 UBS (CH) Property Fund Swiss Mixed Sima 5.57 UBS (CH) Institutional Fund Bonds CHF Ausland 5.09 UBS ETF SICAV UBS ETF MSCI EMU-A 2.41 Others 8.47 Total There may be differences in the way the percentages mentioned above are rounded off. UBS (CH) Suisse 45 (CHF) Semi-Annual Report as of 29 February

12 Statement of assets Market values CHF CHF Bank deposits at sight Securities Shares and other equity instruments Units of other collective investment schemes Derivative financial instruments Other assets Total fund assets Loans Other liabilities Net fund assets Statement of income Income CHF CHF Income from bank assets Negative Interest Retrocessions Income from securities from units of other collective investment schemes Purchase of current net income on issue of units Total income Expenses Interest payable Audit expenses Commission remuneration of the Fund Management in accordance with the fund contract Class P-dist Commission remuneration of the Fund Management in accordance with the fund contract Class Q-dist Other expenses Payment of current net income on redemption of units Total expenses Net income Realized capital gains and losses Realized result Unrealized capital gains and losses Total result Changes in net fund assets CHF CHF Net fund assets at the beginning of the financial year Ord. annual distribution Balance of unit movements Total result Net fund assets at the end of the reporting period Development of the outstanding units Class P-dist Number Number Situation at the beginning of the financial year Units issued Units redeemed Situation at the end of the period Difference between units issued and units redeemed Class Q-dist Number Situation at the beginning of the financial year Units issued Units redeemed Situation at the end of the period Difference between units issued and units redeemed Realized capital gains and losses may include income and expenses which were received from Swinging Single Pricing. 10 UBS (CH) Suisse 45 (CHF) Semi-Annual Report as of 29 February 2016

13 Inventory of Fund assets Security Purchases 1 Sales Market value 3 in % 3 Securities traded on an exchange Investment certificates, open end Quantity/ Quantity/ in CHF Nominal Nominal Eurozone UBS ETF SICAV - UBS ETF MSCI EMU-A EUR Total Eurozone Switzerland CREDIT SUISSE REAL ESTATE FUND INTERSWISS CHF CREDIT SUISSE REAL ESTATE FUND SIAT CHF CREDIT SUISSE REAL ESTATE FUND LIVINGPLUS CHF UBS (CH) PROPERTY FUND - SWISS RESIDENTIAL ANFOS CHF UBS (CH) PROPERTY FUND - LEMAN RESIDENTIAL FONCIPARS CHF UBS (CH) PROPERTY FUND - SWISS MIXED SIMA CHF UBS (CH) PROPERTY FUND - SWISS COMMERCIAL SWISSREAL CHF Total Switzerland United Kingdom UBS ETF MSCI UNITED KINGDOM UCITS ETF (GBP)-A GBP Total United Kingdom Total Investment certificates, open end Rights Switzerland CREDIT SUISSE REAL ESTATE FUND SIAT RIGHTS CHF Total Switzerland 0.00 Total Rights 0.00 Total Securities traded on an exchange Securities traded neither on an exchange nor on a regulated market Investment certificates, open end Asia ex Japan UBS (CH) INSTITUTIONAL FUND - EQUITIES PACIFIC (EX JAPAN) PASS-I-X CHF Total Asia ex Japan Canada UBS (CH) INSTITUTIONAL FUND - EQUITIES CANADA PASSIVE I-X CHF Total Canada Europe UBS (CH) INSTITUTIONAL FUND - EQUITIES EUROPE PASSIVE I-X CHF Total Europe 0.00 Global UBS (CH) INSTITUTIONAL FUND - GLOBAL BONDS 3 I-X CHF UBS (CH) MONEY MARKET FUND - CHF I-X CHF UBS (IRL) INVESTOR SELECTION PLC - GLOB EMER MKT OPP-I-X USD USD UBS (LUX) EQUITY SICAV - EM GROWTH (USD)-U-X-ACC USD UBS (LUX) MEDIUM TERM BOND FUND - CHF U-X-ACC CHF UBS (LUX) MONEY MARKET FUND - CHF U-X-ACC CHF Total Global Global Ex-Switzerland UBS (CH) INSTITUTIONAL FUND - BONDS CHF AUSLAND I-X CHF Total Global Ex-Switzerland Japan UBS (CH) INSTITUTIONAL FUND - EQUITIES JAPAN PASSIVE I-X CHF Total Japan Switzerland UBS (CH) INSTITUTIONAL FUND - EQUITIES SWITZERLAND PASSIVE LARGE I-X CHF UBS (CH) INSTITUTIONAL FUND - BONDS CHF INLAND I-X CHF UBS (CH) INSTITUTIONAL FUND - SMALL & MID CAP EQUITIES SWITZERLD I-X CHF UBS (CH) INSTITUTIONAL FUND - BONDS CHF INLAND MEDIUM TERM I-X CHF UBS (CH) INSTITUTIONAL FUND EQUITIES SWITZERLAND PASSIVE LARGE II I-X CHF Total Switzerland United States UBS (CH) INSTITUTIONAL FUND - EQUITIES USA PASSIVE I-X CHF Total United States Total Investment certificates, open end Total Securities traded neither on an exchange nor on a regulated market UBS (CH) Suisse 45 (CHF) Semi-Annual Report as of 29 February

14 Security Purchases 1 Sales Market value 3 in % 3 Quantity/ Quantity/ in CHF Nominal Nominal Total securities and similar instruments (thereof in lending 0.00) Bank deposits at sight Derivative financial instruments Other assets Total fund assets Short-term bank liabilities Other liabilities Net fund assets Purchases include the following transactions: allotment from subscription / allotment from option rights / option rights / allotment of subscription rights from underlying stocks / bonus securities / change of corporate names / conversions / purchases / share exchange between companies / stock splits / stock dividends / optional dividends / transfers / transfer due to redenomination in euro / subscriptions in kind 2 Sales include the following transactions: cancellation as a result of expiry / draws by lot / exercise of rights / options / repayments / reverse-splits / sales / share exchange between companies / transfers / transfer due to redenomination in euro / redemptions in kind 3 Divergences in the totals may be attributed to rounding differences Derivative financial instruments CISO-FINMA Art. 23 Exposure-increasing derivatives open at the end of the period under review Instrument Number Currency Coverage Variation margin in % of of contracts in CHF in CHF total assets Futures on indices/commodities/currencies SWISS MARKET INDEX FUTURE CHF Derivatives on currencies open at the end of the period under review Sale Sale Purchase Purchase Maturity Replacement in % of Currency Amount Currency Amount value in CHF total assets Forward exchange transactions EUR CHF JPY CHF USD CHF HKD CHF AUD CHF GBP CHF CAD CHF NOK CHF SEK CHF EUR CHF GBP CHF There may be differences in the way the figures mentioned above are rounded off. Transactions in exposure-increasing derivatives during the period under review Instrument Currency Purchase/ Sale/ Contracts Contracts Futures on indices/commodities/currencies SWISS MARKET INDEX FUTURE CHF SWISS MARKET INDEX FUTURE CHF SWISS MARKET INDEX FUTURE CHF Transactions in derivatives on currencies during the period under review Sale Sale Purchase Purchase Maturity Currency Amount Currency Amount Forward exchange transactions CAD CHF HKD CHF JPY CHF SEK CHF NOK CHF AUD CHF GBP CHF USD CHF EUR CHF EUR CHF EUR CHF CHF GBP CHF EUR USD CHF USD CHF EUR CHF JPY CHF GBP CHF CAD CHF HKD CHF AUD CHF SEK CHF NOK CHF UBS (CH) Suisse 45 (CHF) Semi-Annual Report as of 29 February 2016

15 Sale Sale Purchase Purchase Maturity Currency Amount Currency Amount CHF USD EUR CHF CHF JPY CHF GBP USD CHF USD CHF EUR CHF JPY CHF GBP CHF CAD CHF NOK CHF SEK CHF AUD CHF HKD CHF CHF JPY EUR CHF CHF EUR CHF JPY CHF EUR CHF JPY CHF USD CHF HKD CHF AUD CHF GBP CHF CAD CHF NOK CHF SEK EUR CHF JPY CHF USD CHF HKD CHF AUD CHF GBP CHF CAD CHF NOK CHF SEK CHF EUR CHF GBP CHF UBS (CH) Suisse 45 (CHF) Semi-Annual Report as of 29 February

16 Supplementary information Derivative financial instruments (Risk assessment process: Commitment approach II [Art. 35 CISO-FINMA]) Repurchase agreements No securities were used in repurchase agreements at balance sheet date. Remuneration of the Fund Management Flat fee Actual flat fee: Class P-dist: 1.28%* p.a.; Class Q-dist**: 0.78%* p.a.; Maximum flat fee as specified in the fund contract: Class P-dist: 2.16% p.a.; Class Q-dist: 1.31% p.a.; based on the average net fund assets. Any management commission charged by the target funds in which sub-fund assets are invested may not exceed 3% p.a., factoring in any reimbursements which may be due. Soft Commission Arrangements The fund management company has not concluded any arrangements in the form of soft commission arrangements. * The actual flat fee has been adjusted by 0.12 percentage points for class P-dist and 0.07 percentage point for class Q-dist by reducing the portfolio management fee for the investment certificates UBS (CH) PROPERTY FUND (see the statement on the inventory of the fund s assets) in order to avoid a double charge. If this adjustment is not applied, the actual flat fee represents 1.40% for class P-dist and 0.85% for class Q-dist. ** Flat fee change Until 31 December 2015 = 0.70% Since 1 January 2016 = 0.85% Total Expense Ratio (TER) This ratio was calculated in accordance with the SFAMA s Guidelines on the calculation and disclosure of the Total Expense Ratio (TER) of collective investment schemes 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 retrospectively as a percentage of the net assets. Composed TER for the last 12 months: Class P-dist: 1.39% Composed TER annualized: Class Q-dist: 0.88% Issue and redemption price If, on any one order day, the sum of subscriptions and redemptions of units in the sub-fund result in a net inflow or outflow, the sub-fund s valuation net asset value will be increased or reduced accordingly (swinging single pricing). The maximum adjustment level amounts to 2% of the valuation net asset value. Incorporated into this are the incidental costs (bid/ask spread, brokerage at standard market rates, commissions, duties, etc.) that accrue to the sub-fund on average from the investment of a net inflow or from the sale of a portion of investments corresponding to the net outflow. The adjustment results in an increase of the valuation net asset value if net movements lead to an increase in the number of units in the sub-fund. Conversely, the adjustment results in a reduction of the valuation net asset value if net movements lead to a reduction in the number of units. The net asset value calculated on the basis of swinging single pricing is thus a modified net asset value. Exchange rates EUR 1 = CHF GBP 1 = CHF HKD 1 = CHF USD 1 = CHF UBS (CH) Suisse 45 (CHF) Semi-Annual Report as of 29 February 2016

17 UBS (CH) Suisse 65 (CHF) Category Other Funds for Traditional Investments Most important figures ISIN Net fund assets in CHF Class P-dist CH Net asset value per unit in CHF Issue and redemption price per unit in CHF Number of units outstanding Class Q-dist CH Net asset value per unit in CHF Issue and redemption price per unit in CHF Number of units outstanding see Supplementary information 2 Initial subscription: Structure of the securities portfolio The 10 largest issuers in % of total assets UBS (CH) Institutional Fund Equities Switzerland Passive Large UBS (CH) Institutional Fund Small & Mid Cap Equities Switzerland UBS (CH) Institutional Fund Equities Switzerland Passive Large II UBS (CH) Institutional Fund Equities USA Passive UBS (CH) Institutional Fund Bonds CHF Inland 8.65 UBS (CH) Institutional Fund Global Bonds UBS (CH) Property Fund Swiss Mixed Sima 5.59 UBS (CH) Institutional Fund Bonds CHF Ausland 4.98 UBS ETF SICAV UBS ETF MSCI EMU-A 3.04 UBS Property Fund - Swiss Residential 1.82 Others Total There may be differences in the way the percentages mentioned above are rounded off. UBS (CH) Suisse 65 (CHF) Semi-Annual Report as of 29 February

18 Statement of assets Market values CHF CHF Bank deposits at sight Securities Shares and other equity instruments Units of other collective investment schemes Derivative financial instruments Other assets Total fund assets Loans Other liabilities Net fund assets Statement of income Income CHF CHF Income from bank assets Retrocessions Income from securities from units of other collective investment schemes Commission income from securities lending Purchase of current net income on issue of units Total income Expenses Interest payable Audit expenses Commission remuneration of the Fund Management in accordance with the fund contract Class P-dist Commission remuneration of the Fund Management in accordance with the fund contract Class Q-dist Partial transfer of the commission remuneration of the Fund Management in accordance with the fund contract on realized capital gains and losses Class P-dist Partial transfer of the commission remuneration of the Fund Management in accordance with the fund contract on realized capital gains and losses Class Q-dist Other expenses Payment of current net income on redemption of units Total expenses Net income Realized capital gains and losses Partial transfer of the commission remuneration of the Fund Management in accordance with the fund contract on realized capital gains and losses Class P-dist Partial transfer of the commission remuneration of the Fund Management in accordance with the fund contract on realized capital gains and losses Class Q-dist Realized result Unrealized capital gains and losses Total result according to notification of the Federal Tax Administration as of 1 January Realized capital gains and losses may include income and expenses which were received from Swinging Single Pricing. 16 UBS (CH) Suisse 65 (CHF) Semi-Annual Report as of 29 February 2016

19 Changes in net fund assets CHF CHF Net fund assets at the beginning of the financial year Ord. annual distribution Balance of unit movements Total result Net fund assets at the end of the reporting period Development of the outstanding units Class P-dist Number Number Situation at the beginning of the financial year Units issued Units redeemed Situation at the end of the period Difference between units issued and units redeemed Class Q-dist Number Situation at the beginning of the financial year Units issued Units redeemed Situation at the end of the period Difference between units issued and units redeemed UBS (CH) Suisse 65 (CHF) Semi-Annual Report as of 29 February

20 Inventory of Fund assets Security Purchases 1 Sales Market value 3 in % 3 Securities traded on an exchange Investment certificates, open end Quantity/ Quantity/ in CHF Nominal Nominal Eurozone UBS ETF SICAV - UBS ETF MSCI EMU-A EUR Total Eurozone Switzerland CREDIT SUISSE REAL ESTATE FUND INTERSWISS CHF CREDIT SUISSE REAL ESTATE FUND SIAT CHF CREDIT SUISSE REAL ESTATE FUND LIVINGPLUS CHF UBS (CH) PROPERTY FUND - SWISS RESIDENTIAL ANFOS CHF UBS (CH) PROPERTY FUND - LEMAN RESIDENTIAL FONCIPARS CHF UBS (CH) PROPERTY FUND - SWISS MIXED SIMA CHF UBS (CH) PROPERTY FUND - SWISS COMMERCIAL SWISSREAL CHF Total Switzerland United Kingdom UBS ETF MSCI UNITED KINGDOM UCITS ETF (GBP)-A GBP Total United Kingdom Total Investment certificates, open end Rights Switzerland CREDIT SUISSE REAL ESTATE FUND SIAT RIGHTS CHF Total Switzerland 0.00 Total Rights 0.00 Total Securities traded on an exchange Securities traded neither on an exchange nor on a regulated market Investment certificates, open end Asia ex Japan UBS (CH) INSTITUTIONAL FUND - EQUITIES PACIFIC (EX JAPAN) PASS-I-X CHF Total Asia ex Japan Canada UBS (CH) INSTITUTIONAL FUND - EQUITIES CANADA PASSIVE I-X CHF Total Canada Europe UBS (CH) INSTITUTIONAL FUND - EQUITIES EUROPE PASSIVE I-X CHF Total Europe 0.00 Global UBS (CH) INSTITUTIONAL FUND - GLOBAL BONDS 3 I-X CHF UBS (CH) MONEY MARKET FUND - CHF I-X CHF UBS (IRL) INVESTOR SELECTION PLC - GLOB EMER MKT OPP-I-X USD USD UBS (LUX) EQUITY SICAV - EM GROWTH (USD)-U-X-ACC USD UBS (LUX) MEDIUM TERM BOND FUND - CHF U-X-ACC CHF Total Global Global Ex-Switzerland UBS (CH) INSTITUTIONAL FUND - BONDS CHF AUSLAND I-X CHF Total Global Ex-Switzerland Japan UBS (CH) INSTITUTIONAL FUND - EQUITIES JAPAN PASSIVE I-X CHF Total Japan Switzerland UBS (CH) INSTITUTIONAL FUND - EQUITIES SWITZERLAND PASSIVE LARGE I-X CHF UBS (CH) INSTITUTIONAL FUND - BONDS CHF INLAND I-X CHF UBS (CH) INSTITUTIONAL FUND - SMALL & MID CAP EQUITIES SWITZERLD I-X CHF UBS (CH) INSTITUTIONAL FUND - BONDS CHF INLAND MEDIUM TERM I-X CHF UBS (CH) INSTITUTIONAL FUND EQUITIES SWITZERLAND PASSIVE LARGE II I-X CHF Total Switzerland United States UBS (CH) INSTITUTIONAL FUND - EQUITIES USA PASSIVE I-X CHF Total United States Total Investment certificates, open end Total Securities traded neither on an exchange nor on a regulated market UBS (CH) Suisse 65 (CHF) Semi-Annual Report as of 29 February 2016

21 Security Purchases 1 Sales Market value 3 in % 3 Quantity/ Quantity/ in CHF Nominal Nominal Total securities and similar instruments (thereof in lending ) Bank deposits at sight Derivative financial instruments Other assets Total fund assets Short-term bank liabilities Other liabilities Net fund assets Purchases include the following transactions: allotment from subscription / allotment from option rights / option rights / allotment of subscription rights from underlying stocks / bonus securities / change of corporate names / conversions / purchases / share exchange between companies / stock splits / stock dividends / optional dividends / transfers / transfer due to redenomination in euro / subscriptions in kind 2 Sales include the following transactions: cancellation as a result of expiry / draws by lot / exercise of rights / options / repayments / reverse-splits / sales / share exchange between companies / transfers / transfer due to redenomination in euro / redemptions in kind 3 Divergences in the totals may be attributed to rounding differences 4 Securities entirely or partly lent out (securities lending) Derivative financial instruments CISO-FINMA Art. 23 Exposure-increasing derivatives open at the end of the period under review Instrument Number Currency Coverage Variation margin in % of of contracts in CHF in CHF total assets Futures on indices/commodities/currencies SWISS MARKET INDEX FUTURE CHF Derivatives on currencies open at the end of the period under review Sale Sale Purchase Purchase Maturity Replacement in % of Currency Amount Currency Amount value in CHF total assets Forward exchange transactions EUR CHF JPY CHF USD CHF HKD CHF AUD CHF GBP CHF CAD CHF NOK CHF SEK CHF GBP CHF There may be differences in the way the figures mentioned above are rounded off. Transactions in exposure-increasing derivatives during the period under review Instrument Currency Purchase/ Sale/ Contracts Contracts Futures on indices/commodities/currencies SWISS MARKET INDEX FUTURE CHF 0 65 SWISS MARKET INDEX FUTURE CHF SWISS MARKET INDEX FUTURE CHF Transactions in derivatives on currencies during the period under review Sale Sale Purchase Purchase Maturity Currency Amount Currency Amount Forward exchange transactions CAD CHF HKD CHF JPY CHF SEK CHF NOK CHF AUD CHF GBP CHF USD CHF EUR CHF EUR CHF EUR CHF CHF GBP CHF EUR USD CHF HKD CHF USD CHF EUR CHF JPY CHF GBP CHF CAD CHF HKD CHF AUD CHF SEK CHF NOK CHF CHF USD EUR CHF CHF GBP UBS (CH) Suisse 65 (CHF) Semi-Annual Report as of 29 February

22 Sale Sale Purchase Purchase Maturity Currency Amount Currency Amount USD CHF USD CHF EUR CHF JPY CHF GBP CHF CAD CHF NOK CHF SEK CHF AUD CHF HKD CHF CHF JPY EUR CHF GBP CHF CHF EUR CHF JPY CHF EUR CHF JPY CHF USD CHF HKD CHF AUD CHF GBP CHF CAD CHF NOK CHF SEK EUR CHF JPY CHF USD CHF HKD CHF AUD CHF GBP CHF CAD CHF NOK CHF SEK CHF GBP CHF UBS (CH) Suisse 65 (CHF) Semi-Annual Report as of 29 February 2016