# UBS (Lux) Bond SICAV – Multi Income (USD)
| Most important figures |  |
| --- | --- |
|  | ISIN | 30.11.2019 | 31.5.2019 | 31.5.2018 |
| Net assets in USD |  | 45 975 233.08 | 9 715 432.80 | 9 476 032.62 |
| Class (CHF hedged) I-X-acc 1 | LU2045897803 |  |  |  |
| Shares outstanding |  | 258 295.7460 | - | - |
| Net asset value per share in CHF |  | 99.59 | - | - |
| Issue and redemption price per share in CHF 2 |  | 99.59 | - | - |
| Class (EUR hedged) N-acc 3 | LU1706618268 |  |  |  |
| Shares outstanding |  | - | 14 900.0000 | 14 900.0000 |
| Net asset value per share in EUR |  | - | 100.93 | 97.36 |
| Issue and redemption price per share in EUR 2 |  | - | 100.93 | 97.36 |
| Class P-acc 3 | LU1706617708 |  |  |  |
| Shares outstanding |  | - | 14 900.0000 | 14 900.0000 |
| Net asset value per share in USD |  | - | 105.63 | 98.69 |
| Issue and redemption price per share in USD 2 |  | - | 105.63 | 98.69 |
| Class (EUR hedged) P-acc 3 | LU1706618003 |  |  |  |
| Shares outstanding |  | - | 14 900.0000 | 14 900.0000 |
| Net asset value per share in EUR |  | - | 101.37 | 97.49 |
| Issue and redemption price per share in EUR 2 |  | - | 101.37 | 97.49 |
| Class P-mdist | LU1706617963 |  |  |  |
| Shares outstanding |  | 259.0940 | 15 210.8590 | 14 900.0000 |
| Net asset value per share in USD |  | 98.93 | 98.56 | 96.79 |
| Issue and redemption price per share in USD 2 |  | 98.93 | 98.56 | 96.79 |
| Class Q-acc | LU1706617880 |  |  |  |
| Shares outstanding |  | 50.0000 | 14 900.0000 | 14 900.0000 |
| Net asset value per share in USD |  | 109.89 | 106.49 | 98.95 |
| Issue and redemption price per share in USD 2 |  | 109.89 | 106.49 | 98.95 |
| Class (EUR hedged) Q-acc 3 | LU1706618185 |  |  |  |
| Shares outstanding |  | - | 14 900.0000 | 14 900.0000 |
| Net asset value per share in EUR |  | - | 102.19 | 97.74 |
| Issue and redemption price per share in EUR 2 |  | - | 102.19 | 97.74 |
| Class U-X-acc 4 | LU2028847254 |  |  |  |
| Shares outstanding |  | 2 000.0000 | - | - |
| Net asset value per share in USD |  | 10 101.24 | - | - |
| Issue and redemption price per share in USD 2 |  | 10 101.24 | - | - |
| 1  First NAV: 17.9.2019 2  See note 1 |  |  |  |  |

3 
The share classes (EUR hedged) N-acc, P-acc, (EUR hedged) P-acc and (EUR hedged) Q-acc were in circulation until 7.11.2019
4 
First NAV: 2.8.2019

## Structure of the Securities Portfolio
Geographical Breakdown as a % of net assets	
United States	70.58
Cayman Islands	6.06
Luxembourg	4.69
Canada	2.67
United Kingdom	1.80
Germany	1.70
The Netherlands	1.44
Mongolia	1.19
Mexico	1.14
Indonesia	0.98
Oman	0.98
Nigeria	0.69
Egypt	0.68
Ireland	0.67
Costa Rica	0.57
South Africa	0.55
Israel	0.47
Morocco	0.46
Total	97.76
United Arab Emirates	0.44
Economic Breakdown as a % of net assets	
Mortgage & funding institutions	33.16
Finance & holding companies	14.32
Countries & central governments	9.59
Investment funds	6.27
Telecommunications	5.87
Miscellaneous unclassified companies	5.06
Banks & credit institutions	4.63
Petroleum	4.54
Building industry & materials	1.96
Electrical devices & components	1.88
Chemicals	1.78
Energy & water supply	1.78
Lodging, catering & leisure	1.56
Healthcare & social services	1.40
Real Estate	1.34
Retail trade, department stores	0.89
Forestry, paper & pulp products	0.89
Traffic & transportation	0.55
Miscellaneous services	0.24
Graphic design, publishing & media	0.05
Total	97.76
UBS (Lux) Bond SICAV – Multi Income (USD) Semi-Annual Report as of 30 November 2019

## Statement of Net Assets
Assets	30.11.2019
USD
Investments in securities, cost	44 785 720.21
| Investments in securities, unrealized appreciation (depreciation) | 	159 989.60	 |
| --- | --- |
| Total investments in securities (Note 1) | 44 945 709.81 |
| Cash at banks, deposits on demand and deposit accounts | 660 361.07 |
| Other liquid assets (Margins) | 245 684.69 |
| Interest receivable on securities | 341 516.60 |
| Other receivables | 21 047.78 |
| Unrealized gain (loss) on financial futures (Note 1) | -17 738.17 |
| Unrealized gain (loss) on forward foreign exchange contracts (Note 1) | -207 455.17 |
| Unrealized gain (loss) on swaps (Note 1) | -5 864.25 |
| Total Assets | 45 983 262.36 |
|  |  |
| Liabilities |  |
| Bank overdraft | -546.65 |
| Payable on redemptions | -5 134.05 |
| Provisions for flat fee (Note 2) | -16.87 |
| Provisions for taxe d’abonnement (Note 3) | -716.36 |
| Provisions for other commissions and fees (Note 2) | 	-1 615.35	 |
| Total provisions | -2 348.58 |
| Total Liabilities | -8 029.28 |
|  |  |
| Net assets at the end of the period | 45 975 233.08 |
| Statement of Operations | USD |
| Income | 1.6.2019-30.11.2019 |
| Interest on liquid assets | 5 505.17 |
| Interest on securities | 563 953.28 |
| Interest received on swaps (Note 1) | 5 359.39 |
| Other income (Note 4) | 186 143.95 |
| Total income | 760 961.79 |
|  |  |
| Expenses |  |
| Interest paid on swaps (Note 1) | -10 135.96 |
| Flat fee (Note 2) | -52 937.91 |
| Taxe d’abonnement (Note 3) | -3 086.77 |
| Other commissions and fees (Note 2) | -1 599.51 |
| Interest on cash and bank overdraft | -1.72 |
| Total expenses | -67 761.87 |
|  |  |
| Net income (loss) on investments | 693 199.92 |
|  |  |
| Realized gain (loss) (Note 1) |  |
| Realized gain (loss) on market-priced securities without options | 14 153.32 |
| Realized gain (loss) on options | -16 804.02 |
| Realized gain (loss) on financial futures | -80 925.35 |
| Realized gain (loss) on forward foreign exchange contracts | -187 208.78 |
| Realized gain (loss) on swaps | -3 853.88 |
| Realized gain (loss) on foreign exchange | -91 274.00 |
| Total realized gain (loss) | -365 912.71 |
|  |  |
| Net realized gain (loss) of the period | 327 287.21 |
|  |  |
| Changes in unrealized appreciation (depreciation) (Note 1) |  |
| Unrealized appreciation (depreciation) on market-priced securities without options | -25 920.89 |
| Unrealized appreciation (depreciation) on options | -4 562.48 |
| Unrealized appreciation (depreciation) on financial futures | -10 573.65 |
| Unrealized appreciation (depreciation) on forward foreign exchange contracts | -183 560.75 |
| Unrealized appreciation (depreciation) on swaps | 21 886.19 |
| Total changes in unrealized appreciation (depreciation) | -202 731.58 |
|  |  |
| Net increase (decrease) in net assets as a result of operations | 124 555.63 |

UBS (Lux) Bond SICAV – Multi Income (USD) Semi-Annual Report as of 30 November 2019
| Statement of Changes in Net Assets |  |
| --- | --- |
|  |  | USD |
|  |  | 1.6.2019-30.11.2019 |
| Net assets at the beginning of the period |  | 9 715 432.80 |
| Subscriptions |  | 45 977 533.62 |
| Redemptions |  | 	-9 810 675.05	 |
| Total net subscriptions (redemptions) |  | 36 166 858.57 |
| Dividend paid |  | -31 613.92 |
| Net income (loss) on investments |  | 693 199.92 |
| Total realized gain (loss) |  | -365 912.71 |
| Total changes in unrealized appreciation (depreciation) |  | 	-202 731.58	 |
| Net increase (decrease) in net assets as a result of operations |  | 124 555.63 |
| Net assets at the end of the period |  | 45 975 233.08 |
| Changes in the Number of Shares outstanding |  |  |
|  |  | 1.6.2019-30.11.2019 |
| Class |  | (CHF hedged) I-X-acc |
| Number of shares outstanding at the beginning of the period |  | 0.0000 |
| Number of shares issued |  | 258 295.7460 |
| Number of shares redeemed |  | 0.0000 |
| Number of shares outstanding at the end of the period |  | 258 295.7460 |
| Class |  | (EUR hedged) N-acc |
| Number of shares outstanding at the beginning of the period |  | 14 900.0000 |
| Number of shares issued |  | 0.0000 |
| Number of shares redeemed |  | -14 900.0000 |
| Number of shares outstanding at the end of the period |  | 0.0000 |
| Class |  | P-acc |
| Number of shares outstanding at the beginning of the period |  | 14 900.0000 |
| Number of shares issued |  | 0.0000 |
| Number of shares redeemed |  | -14 900.0000 |
| Number of shares outstanding at the end of the period |  | 0.0000 |
| Class |  | (EUR hedged) P-acc |
| Number of shares outstanding at the beginning of the period |  | 14 900.0000 |
| Number of shares issued |  | 0.0000 |
| Number of shares redeemed |  | -14 900.0000 |
| Number of shares outstanding at the end of the period |  | 0.0000 |
| Class |  | P-mdist |
| Number of shares outstanding at the beginning of the period |  | 15 210.8590 |
| Number of shares issued |  | 0.0000 |
| Number of shares redeemed |  | -14 951.7650 |
| Number of shares outstanding at the end of the period |  | 259.0940 |
| Class |  | Q-acc |
| Number of shares outstanding at the beginning of the period |  | 14 900.0000 |
| Number of shares issued |  | 50.0000 |
| Number of shares redeemed |  | -14 900.0000 |
| Number of shares outstanding at the end of the period |  | 50.0000 |
| Class |  | (EUR hedged) Q-acc |
| Number of shares outstanding at the beginning of the period |  | 14 900.0000 |
| Number of shares issued |  | 0.0000 |
| Number of shares redeemed |  | -14 900.0000 |
| Number of shares outstanding at the end of the period |  | 0.0000 |
| Class |  | U-X-acc |
| Number of shares outstanding at the beginning of the period |  | 0.0000 |
| Number of shares issued |  | 2 000.0000 |
| Number of shares redeemed |  | 0.0000 |
| Number of shares outstanding at the end of the period |  | 2 000.0000 |
| Monthly Distribution 1 |  |  |
| UBS (Lux) Bond SICAV – Multi Income (USD)	Ex-Date | Pay-Date | Currency	Amount per share |
| P-mdist	17.6.2019 | 20.6.2019 | USD	0.41 |
| P-mdist	15.7.2019 | 18.7.2019 | USD	0.41 |
| P-mdist	16.8.2019 | 21.8.2019 | USD	0.41 |
| P-mdist	16.9.2019 | 19.9.2019 | USD	0.42 |
| P-mdist	15.10.2019 | 18.10.2019 | USD	0.42 |
| P-mdist	15.11.2019 | 20.11.2019 | USD	0.41 |
| 1  See note 5 |  |  |

UBS (Lux) Bond SICAV – Multi Income (USD) Semi-Annual Report as of 30 November 2019

## Statement of Investments in Securities and other Net Assets as of 30 November 2019
| Description | Quantity/ | Valuation in USD | as a % |
| --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |
| Transferable securities and money market instruments listed on an official stock exchange |  |  |  |
| Asset Backed Securities, floating rate |  |  |  |
| USD |  |  |  |
| USD	BLUEMOUNT FUJI US CLO I LTD-144A 3M LIBOR+235BP 17-20.07.29 | 250 000.00 | 245 441.23 | 0.54 |
| USD	GALAXY XVII CLO LTD-144A 3M LIBOR+300BP 18-15.07.31 | 500 000.00 | 465 299.15 | 1.01 |
| Total USD |  | 710 740.38 | 1.55 |
| Total Asset Backed Securities, floating rate |  | 710 740.38 | 1.55 |
| Notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	CABLEVISION SYSTEMS CORP 5.87500% 12-15.09.22 | 800 000.00 | 862 000.00 | 1.88 |
| USD	CALPINE CORP 5.37500% 14-15.01.23 | 400 000.00 | 405 500.00 | 0.88 |
| USD	CANADIAN NATURAL RESOURCES LTD 3.85000% 17-01.06.27 | 200 000.00 | 211 783.60 | 0.46 |
| USD	CAPITAL ONE FINANCIAL CORP-SUB 3.75000% 16-28.07.26 | 500 000.00 | 524 146.05 | 1.14 |
| USD	CENTURYLINK INC 5.80000% 12-15.03.22 | 1 000 000.00 | 1 053 750.00 | 2.29 |
| USD	DEUTSCHE BANK AG/NEW YORK NY 5.00000% 19-14.02.22 | 750 000.00 | 780 239.03 | 1.70 |
| USD	FORD MOTOR CREDIT CO LLC 5.59600% 19-07.01.22 | 750 000.00 | 788 736.90 | 1.72 |
| USD	KB HOME 7.62500% 15-15.05.23 | 800 000.00 | 903 000.00 | 1.96 |
| USD	KROGER CO 2.65000% 16-15.10.26 | 410 000.00 | 410 755.68 | 0.89 |
| USD	LEVEL 3 FINANCING INC 5.37500% 16-01.05.25 | 800 000.00 | 828 000.00 | 1.80 |
| USD	OCP SA-REG-S 4.50000% 15-22.10.25 | 200 000.00 | 212 312.50 | 0.46 |
| USD	OMAN GOVT INTERNATIONAL BOND-REG-S 3.87500% 17-08.03.22 | 450 000.00 | 451 125.00 | 0.98 |
| USD	PETROBRAS GLOBAL FINANCE BV 7.37500% 17-17.01.27 | 550 000.00 | 660 401.50 | 1.44 |
| USD	SPRINT NEXTEL CORP 6.00000% 12-15.11.22 | 720 000.00 | 757 800.00 | 1.65 |
| USD	TENET HEALTHCARE CORP 4.62500% 17-15.07.24 | 620 000.00 | 641 700.00 | 1.40 |
| USD	TRANSNET SOC LTD-REG-S 4.00000% 12-26.07.22 | 250 000.00 | 254 062.50 | 0.55 |
| USD	WYNDHAM WORLDWIDE CORP 4.25000% 12-01.03.22 | 700 000.00 | 718 209.80 | 1.56 |
| Total USD |  | 10 463 522.56 | 22.76 |
| Total Notes, fixed rate |  | 10 463 522.56 | 22.76 |
| Medium term notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	ABU DHABI NATIONAL ENERGY CO PJSC-REG-S 3.62500% 16-22.06.21 | 200 000.00 | 203 312.50 | 0.44 |
| USD	EGYPT, REPUBLIC OF-REG-S 6.12500% 17-31.01.22 | 300 000.00 | 311 156.25 | 0.68 |
| USD	INDONESIA, REPUBLIC OF-REG-S 5.87500% 14-15.01.24 | 400 000.00 | 452 000.00 | 0.98 |
| USD	MONGOLIA,GOVERNMENT OF-REG-S 10.87500% 16-06.04.21 | 500 000.00 | 546 250.00 | 1.19 |
| Total USD |  | 1 512 718.75 | 3.29 |
| Total Medium term notes, fixed rate |  | 1 512 718.75 | 3.29 |
| Bonds, fixed rate |  |  |  |
| USD |  |  |  |
| USD	COSTA RICA, REPUBLIC OF-REG-S 9.99500% 00-01.08.20 | 250 000.00 | 259 765.62 | 0.57 |
| USD	ISRAEL, STATE OF 3.25000% 18-17.01.28 | 200 000.00 | 215 750.00 | 0.47 |
| USD	ISTAR INC 6.00000% 17-01.04.22 | 600 000.00 | 613 500.00 | 1.33 |
| USD	NIGERIA, REPUBLIC OF-REG-S 6.37500% 13-12.07.23 | 300 000.00 | 316 312.50 | 0.69 |
| USD	QNB FINANCE LTD-REG-S 2.87500% 13-29.04.20 | 470 000.00 | 471 175.00 | 1.02 |
| USD	ROSNEFT OIL/ROSNEFT INTL FIN-REG-S LPN 4.19900% 12-06.03.22 | 300 000.00 | 308 625.00 | 0.67 |
| Total USD |  | 2 185 128.12 | 4.75 |
| Total Bonds, fixed rate |  | 2 185 128.12 | 4.75 |
| Treasury notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	AMERICA, UNITED STATES OF 1.62500% 19-15.08.29 | 180 000.00 | 177 328.12 | 0.39 |
| USD	AMERICA, UNITED STATES OF 1.50000% 19-31.10.24 | 1 690 000.00 | 1 679 437.50 | 3.65 |
| Total USD |  | 1 856 765.62 | 4.04 |
| Total Treasury notes, fixed rate |  | 1 856 765.62 | 4.04 |
| Total Transferable securities and money market instruments listed on an official stock exchange |  | 16 728 875.43 | 36.39 |
| Transferable securities and money market instruments traded on another regulated market |  |  |  |
| Asset Backed Securities, floating rate |  |  |  |
| USD |  |  |  |
| USD	CATAMARAN CLO LTD-144A 3M LIBOR+250BP 18-25.10.31 | 500 000.00 | 480 437.30 | 1.05 |
| USD	GOLDENTREE LOAN OPP XII LTD-144A 3M LIBOR+290BP 18-21.07.30 | 500 000.00 | 466 383.80 | 1.01 |
| USD	LCM XX LP-144A 3M LIBOR+195BP 18-20.10.27 | 250 000.00 | 247 725.00 | 0.54 |
| Total USD |  | 1 194 546.10 | 2.60 |
| Total Asset Backed Securities, floating rate |  | 1 194 546.10 | 2.60 |
| Mortgage Backed Securities, fixed rate |  |  |  |
| USD |  |  |  |
| USD	BANK BNK-144A 3.00000% 18-01.11.61 | 1 000 000.00 | 899 997.70 | 1.96 |
| USD	BENCHMARK MORTGAGE TRUST-SUB 3.75000% 19-01.03.62 | 200 000.00 | 203 099.42 | 0.44 |
| USD	BENCHMARK MORTGAGE TRUST-144A 3.00000% 19-01.03.62 | 800 000.00 | 722 733.92 | 1.57 |
| USD	CITIGROUP COMMERCIAL MORTGAGE TRST-144A 3.00000% 17-01.10.50 | 1 150 000.00 | 1 045 428.09 | 2.27 |
| USD	CITIGRP COM MORT TRUST-144A-SUB 3.00000% 17-01.09.50 | 250 000.00 | 207 685.30 | 0.45 |
| USD	COMM 2015-CCRE24 MORTGAGE TRUST-SUB 3.46300% 15-01.08.48 | 375 000.00 | 351 963.56 | 0.77 |

UBS (Lux) Bond SICAV – Multi Income (USD) Semi-Annual Report as of 30 November 2019
|  | Description | Quantity/ | Valuation in USD | as a % |
| --- | --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |
|  |  |  |  |  |
| USD | CSAIL COMMERCIAL MORTGAGE TRST-144A-SUB 4.47007% 17-01.06.50 | 244 000.00 | 238 137.14 | 0.52 |
| USD | GS MORTGAGE SECURITIES-144A 2.70000% 17-01.11.50 | 950 000.00 | 864 736.08 | 1.88 |
| USD | JPMDB COMM MRTG SEC TRST-144A-SUB 3.00000% 17-01.10.50 | 236 000.00 | 211 551.95 | 0.46 |
| USD | MORGAN STANLEY CAPITAL I INC-SUB 2.73000% 17-01.12.50 | 360 000.00 | 326 979.54 | 0.71 |
| USD | MSCG TRUST SNR-144A-SUB 5.20500% 16-01.11.34 | 120 000.00 | 104 284.19 | 0.23 |
| USD | WELLS FRGO COM MRTGAGE TRST-144A-SUB 3.00000% 18-01.08.51 | 650 000.00 | 595 599.29 | 1.29 |
| Total USD |  |  | 5 772 196.18 | 12.55 |
| Total Mortgage Backed Securities, fixed rate |  | 5 772 196.18 | 12.55 |
| Mortgage Backed Securities, floating rate |  |  |  |
| USD |  |  |  |
| USD	ANGEL OAK MORTGAGE TRUST I LLC-144A VAR 18-01.09.48 | 150 000.00 | 96 736.70 | 0.21 |
| USD	ASHFORD HOSPITALITY TRT-144A 1M LIBOR+310BP 18-15.04.35 | 600 000.00 | 599 995.32 | 1.30 |
| USD	BANK-BNK14-144A-SUB VAR 18-01.09.60 | 100 000.00 | 86 090.58 | 0.19 |
| USD	BANK-SUB FLR 18-01.02.61 | 700 000.00 | 738 238.90 | 1.61 |
| USD	BBCMS TRUST 2015-SRCH-144A FLR 15-06.08.35 | 600 000.00 | 656 721.90 | 1.43 |
| USD	BENCHMARK MORTGAGE TRUST-144A-SUB FLR 18-01.02.51 | 825 000.00 | 736 473.95 | 1.60 |
| USD	CD MORTGAGE TRUST-144A VAR 18-01.08.51 | 1 000 000.00 | 904 549.30 | 1.97 |
| USD	CD MORTGAGE TRUST-144A-SUB FLR 16-01.08.49 | 775 000.00 | 681 966.60 | 1.48 |
| USD	COLT MORTGAGE LOAN TRUST-144A FLR 18-01.02.48 | 2 395 000.00 | 580 643.77 | 1.26 |
| USD	COMM 2015-DC1 MORTGAGE TRUST-SUB FLR 15-01.02.48 | 50 000.00 | 51 526.98 | 0.11 |
| USD	COMM 2016-COR1 MORTGAGE TRUST-SUB VAR 16-01.10.49 | 300 000.00 | 313 496.82 | 0.68 |
| USD	COMM COR2 MORTGAGE TRUST-SUB VAR 17-01.09.50 | 200 000.00 | 214 224.64 | 0.47 |
| USD	DEEPHAVEN RESIDENTIAL MORTGAGE TRUST-144A VAR 18-01.08.58 | 350 000.00 | 184 281.85 | 0.40 |
| USD	GS MORTGAGE SECURITIES TRUST-144A-SUB VAR 17-01.10.32 | 1 000 000.00 | 1 011 059.40 | 2.20 |
| USD	JP MRGN CHSE CMRCIAL MRTG SCURITES TRST-SUB VAR 12-01.05.45 | 300 000.00 | 304 656.57 | 0.66 |
| USD	JPMBB COMMERCIAL MORTGA SEC TRUST VAR 15-01.12.48 | 600 000.00 | 628 791.66 | 1.37 |
| USD	JPMBB COMMERCIAL MTG SEC TRUST FLR 15-01.05.48 | 300 000.00 | 258 929.43 | 0.56 |
| USD	JPMDB COMRCIAL MOTGE SECURTIES TRST FLR 17-01.10.50 | 300 000.00 | 312 161.64 | 0.68 |
| USD	MORGAN STANLEY BANK OF AMER MERRIL LYNCH-SUB FLR 17-01.11.52 | 540 000.00 | 567 918.54 | 1.23 |
| USD	NEW RESIDENTIAL MORTGAGE LOAN-144A VAR 18-01.11.48 | 240 000.00 | 174 776.32 | 0.38 |
| USD	SHOPS AT CRYSTALS TRUST CSTL-144A-SUB VAR 16-01.07.36 | 325 000.00 | 310 545.95 | 0.68 |
| Total USD |  | 9 413 786.82 | 20.47 |
| Total Mortgage Backed Securities, floating rate |  | 9 413 786.82 | 20.47 |
| Notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	ANTERO RESOURCES FIN CORP 5.12500% 14-01.12.22 | 320 000.00 | 260 000.00 | 0.57 |
| USD	APX GROUP INC 7.87500% 16-01.12.22 | 110 000.00 | 109 312.50 | 0.24 |
| USD	CASCADES INC-144A 5.75000% 15-15.07.23 | 400 000.00 | 410 000.00 | 0.89 |
| USD	DISH DBS CORP 5.87500% 14-15.11.24 | 60 000.00 | 59 925.00 | 0.13 |
| USD	GRAY ESCROW INC-144A 7.00000% 18-15.05.27 | 600 000.00 | 664 500.00 | 1.44 |
| USD	GRUPO AVAL LTD-REG-S 4.75000% 12-26.09.22 | 400 000.00 | 410 500.00 | 0.89 |
| USD	LADDER CAPITAL FIN HLDG LLLP/CORP-144A 5.25000% 17-15.03.22 | 700 000.00 | 726 250.00 | 1.58 |
| USD	MARATHON OIL CORP 4.40000% 17-15.07.27 | 400 000.00 | 430 637.16 | 0.94 |
| USD	NABORS INDUSTRIES INC 4.62500% 12-15.09.21 | 435 000.00 | 413 250.00 | 0.90 |
| USD	NIELSEN FINANCE LLC/CO-144A 5.00000% 14-15.04.22 | 800 000.00 | 805 000.00 | 1.75 |
| USD	NOVA CHEMICALS CORP-144A 5.25000% 17-01.06.27 | 600 000.00 | 606 000.00 | 1.32 |
| USD	PETROLEOS MEXICANOS-144A 6.49000% 19-23.01.27 | 500 000.00 | 526 250.00 | 1.14 |
| USD	PROVIDENT FUNDING ASSOC/ PFG FIN-144A 6.37500% 17-15.06.25 | 110 000.00 | 108 317.00 | 0.24 |
| USD	QUICKEN LOANS INC -144A 5.75000% 15-01.05.25 | 800 000.00 | 830 900.00 | 1.81 |
| USD	REALOGY GROUP/CO ISSUER-144A 5.25000% 14-01.12.21 | 600 000.00 | 604 500.00 | 1.31 |
| USD	RR DONNELLEY & SONS CO 7.87500% 13-15.03.21 | 22 000.00 | 22 770.00 | 0.05 |
| USD	SANTANDER UK PLC-144A-SUB 5.00000% 13-07.11.23 | 500 000.00 | 536 515.00 | 1.17 |
| USD	SPRINGLEAF FINANCE CORP 6.12500% 17-15.05.22 | 800 000.00 | 860 000.00 | 1.87 |
| Total USD |  | 8 384 626.66 | 18.24 |
| Total Notes, fixed rate |  | 8 384 626.66 | 18.24 |
| Notes, floating rate |  |  |  |
| USD |  |  |  |
| USD	PRUDENTIAL FINANCIAL INC-SUB 5.375%/VAR 15-15.05.45 | 280 000.00 | 305 870.04 | 0.67 |
| Total USD |  | 305 870.04 | 0.67 |
| Total Notes, floating rate |  | 305 870.04 | 0.67 |
| Bonds, fixed rate |  |  |  |
| USD |  |  |  |
| USD	EL PASO NATURAL GAS CO 8.37500% 03-15.06.32 | 150 000.00 | 207 442.54 | 0.45 |
| USD	LLOYDS BANK PLC 6.37500% 11-21.01.21 | 275 000.00 | 288 617.81 | 0.63 |
| Total USD |  | 496 060.35 | 1.08 |
| Total Bonds, fixed rate |  | 496 060.35 | 1.08 |
| Total Transferable securities and money market instruments traded on another regulated market |  | 25 567 086.15 | 55.61 |

Transferable securities and money market instruments not listed on an official stock exchange and not traded on another regulated market
| USD |  |
| --- | --- |
| USD | BENCHMARK MORTGAGE TRUST-144A 2.75000% 18-01.01.51 | 425 000.00 | 371 182.67 | 0.81 |
| Total USD |  |  | 371 182.67 | 0.81 |

Mortgage Backed Securities, fixed rate
Total Mortgage Backed Securities, fixed rate	371 182.67	0.81
UBS (Lux) Bond SICAV – Multi Income (USD) Semi-Annual Report as of 30 November 2019
| Description	Quantity/ | Valuation in USD | as a % |
| --- | --- | --- |
| Nominal | Unrealized gain | of net |
|  | (loss) on Futures/ | assets |
|  | Forward |  |
|  | Exchange Contracts/ |  |
|  | Swaps (Note 1) |  |

Bonds, fixed rate
USD
| USD | ENERGY TRANSFER OPERATING LP 5.87500% 19-15.01.24 | 110 000.00 | 121 164.01 | 0.26 |
| --- | --- | --- | --- | --- |
| Total USD | 121 164.01 | 0.26 |
| Total Bonds, fixed rate | 121 164.01 | 0.26 |
| Total Transferable securities and money market instruments not listed on an official stock exchange and not traded on another regulated market | 492 346.68 | 1.07 |
| UCITS/Other UCIs in accordance with Article 41 (1) e) of the amended Luxembourg law of 17 December 2010 |  |  |
| Investment funds, open end |  |  |
| Luxembourg |  |  |
| USD	UBS (LUX) BOND SICAV - ASIAN HIGH YIELD (USD) U-X-ACC	185.00 | 2 157 401.55 | 4.69 |
| Total Luxembourg | 2 157 401.55 | 4.69 |
| Total Investment funds, open end | 2 157 401.55 | 4.69 |
| Total UCITS/Other UCIs in accordance with Article 41 (1) e) of the amended Luxembourg law of 17 December 2010 | 2 157 401.55 | 4.69 |
| Total investments in securities | 44 945 709.81 | 97.76 |

| Derivative instruments |  |
| --- | --- |
| Derivative instruments listed on an official stock exchange |
| Financial Futures on bonds |
|  |  |  |  |
| EUR	EURO-BUND FUTURE 06.12.19 | -7.00 | 18 347.26 | 0.04 |
| GBP	LONG GILT FUTURE 27.03.20 | -5.00 | -517.40 | 0.00 |
| AUD	AUSTRALIAN 3YR BOND FUTURE 16.12.19 | -105.00 | -18 185.16 | -0.04 |
| USD	US 10YR ULTRA NOTE FUTURE 20.03.20 | 15.00 | -6 484.38 | -0.02 |
| USD	US 5YR TREASURY NOTE FUTURE 31.03.20 | 25.00 | -3 710.95 | -0.01 |
| USD	US 2YR TREASURY NOTE FUTURE 31.03.20 | 54.00 | -6 328.15 | -0.01 |
| USD	US 10YR TREASURY NOTE FUTURE 20.03.20 | 22.00 | -859.39 | 0.00 |
| Total Financial Futures on bonds | -17 738.17 | -0.04 |
| Total Derivative instruments listed on an official stock exchange | -17 738.17 | -0.04 |
| Derivative instruments not listed on an official stock exchange and not traded on another regulated market |  |  |
| Swaps and forward swaps on interest rates |  |  |
|  |  |  |
| MXN	CME/INTEREST RATE SWAP REC 6.78250% 19-10.10.29	11 000 000.00 | -5 864.25 | -0.01 |
| MXN	CME/INTEREST RATE SWAP PAYER MXI 19-10.10.29 |  |  |
| Total Swaps and forward swaps on interest rates | -5 864.25 | -0.01 |
| Total Derivative instruments not listed on an official stock exchange and not traded on another regulated market | -5 864.25 | -0.01 |
| Total Derivative instruments | -23 602.42 | -0.05 |
| Forward Foreign Exchange contracts |  |  |
| Forward Foreign Exchange contracts (Purchase/Sale) |  |  |

| MXN | 5 500 000.00 | USD | 278 782.03 | 18.12.2019 | 2 535.63 | 0.01 |
| --- | --- | --- | --- | --- | --- | --- |
| ZAR | 4 000 000.00 | USD | 262 306.71 | 18.12.2019 | 9 999.76 | 0.02 |
| TRY | 1 800 000.00 | USD | 309 403.76 | 18.12.2019 | 2 532.20 | 0.01 |
| USD | 305 772.89 | TRY | 1 800 000.00 | 18.12.2019 | -6 163.07 | -0.01 |
| BRL | 1 800 000.00 | USD | 448 262.98 | 18.12.2019 | -22 949.64 | -0.05 |
| USD | 450 168.81 | BRL | 1 800 000.00 | 18.12.2019 | 24 855.47 | 0.05 |
| USD | 265 010.05 | ZAR | 4 000 000.00 | 18.12.2019 | -7 296.42 | -0.02 |
| ZAR | 4 000 000.00 | USD | 268 510.67 | 18.12.2019 | 3 795.80 | 0.01 |
| CHF | 25 218 400.00 | USD | 25 543 828.37 | 14.1.2020 | -214 764.90 | -0.47 |
| Total Forward Foreign Exchange contracts (Purchase/Sale) | -207 455.17 | -0.45 |
|  |  |  |
| Cash at banks, deposits on demand and deposit accounts and other liquid assets | 906 045.76 | 1.97 |
| Bank overdraft and other short-term liabilities | -546.65 | 0.00 |
| Other assets and liabilities | 355 081.75 | 0.77 |
| Total net assets | 45 975 233.08 | 100.00 |

UBS (Lux) Bond SICAV – Multi Income (USD) Semi-Annual Report as of 30 November 2019

Translation (ENDE, 2019-11-30):
# UBS (Lux) Bond SICAV – Multi Income (USD)
| Wichtigste Daten |  |
| --- | --- |
|  | ISIN | 30.11.2019 | 31.5.2019 | 31.5.2018 |
| Nettovermögen in USD |  | 45 975 233.08 | 9 715 432.80 | 9 476 032.62 |
| Klasse (CHF hedged) I-X-acc 1 | LU2045897803 |  |  |  |
| Aktien im Umlauf |  | 258 295.7460 | - | - |
| Nettoinventarwert pro Aktie in CHF |  | 99.59 | - | - |
| Ausgabe- und Rücknahmepreis pro Aktie in CHF 2 |  | 99.59 | - | - |
| Klasse (EUR hedged) N-acc 3 | LU1706618268 |  |  |  |
| Aktien im Umlauf |  | - | 14 900.0000 | 14 900.0000 |
| Nettoinventarwert pro Aktie in EUR |  | - | 100.93 | 97.36 |
| Ausgabe- und Rücknahmepreis pro Aktie in EUR 2 |  | - | 100.93 | 97.36 |
| Klasse P-acc 3 | LU1706617708 |  |  |  |
| Aktien im Umlauf |  | - | 14 900.0000 | 14 900.0000 |
| Nettoinventarwert pro Aktie in USD |  | - | 105.63 | 98.69 |
| Ausgabe- und Rücknahmepreis pro Aktie in USD 2 |  | - | 105.63 | 98.69 |
| Klasse (EUR hedged) P-acc 3 | LU1706618003 |  |  |  |
| Aktien im Umlauf |  | - | 14 900.0000 | 14 900.0000 |
| Nettoinventarwert pro Aktie in EUR |  | - | 101.37 | 97.49 |
| Ausgabe- und Rücknahmepreis pro Aktie in EUR 2 |  | - | 101.37 | 97.49 |
| Klasse P-mdist | LU1706617963 |  |  |  |
| Aktien im Umlauf |  | 259.0940 | 15 210.8590 | 14 900.0000 |
| Nettoinventarwert pro Aktie in USD |  | 98.93 | 98.56 | 96.79 |
| Ausgabe- und Rücknahmepreis pro Aktie in USD 2 |  | 98.93 | 98.56 | 96.79 |
| Klasse Q-acc | LU1706617880 |  |  |  |
| Aktien im Umlauf |  | 50.0000 | 14 900.0000 | 14 900.0000 |
| Nettoinventarwert pro Aktie in USD |  | 109.89 | 106.49 | 98.95 |
| Ausgabe- und Rücknahmepreis pro Aktie in USD 2 |  | 109.89 | 106.49 | 98.95 |
| Klasse (EUR hedged) Q-acc 3 | LU1706618185 |  |  |  |
| Aktien im Umlauf |  | - | 14 900.0000 | 14 900.0000 |
| Nettoinventarwert pro Aktie in EUR |  | - | 102.19 | 97.74 |
| Ausgabe- und Rücknahmepreis pro Aktie in EUR 2 |  | - | 102.19 | 97.74 |
| Klasse U-X-acc 4 | LU2028847254 |  |  |  |
| Aktien im Umlauf |  | 2 000.0000 | - | - |
| Nettoinventarwert pro Aktie in USD |  | 10 101.24 | - | - |
| Ausgabe- und Rücknahmepreis pro Aktie in USD 2 |  | 10 101.24 | - | - |
| 1  Erste NAV 17.9.2019 2  Siehe Erläuterung 1 |  |  |  |  |

3 
Die Aktienklassen (EUR hedged) N-acc, P-acc, (EUR hedged) P-acc und (EUR hedged) Q-acc waren bis zum 7.11.2019 im Umlauf
4 
Erste NAV 2.8.2019

## Struktur des Wertpapierbestandes
Geographische Aufteilung in % des Nettovermögens	
Vereinigte Staaten	70.58
Cayman-Inseln	6.06
Luxemburg	4.69
Kanada	2.67
Grossbritannien	1.80
Deutschland	1.70
Niederlande	1.44
Mongolei	1.19
Mexiko	1.14
Indonesien	0.98
Oman	0.98
Nigeria	0.69
Ägypten	0.68
Irland	0.67
Costa Rica	0.57
Südafrika	0.55
Israel	0.47
Marokko	0.46
Total	97.76
Vereinigte Arabische Emirate	0.44
Wirtschaftliche Aufteilung in % des Nettovermögens	
Pfandbriefinstitute & Refinanzierungsgesellschaften	33.16
Finanz- & Beteiligungsgesellschaften	14.32
Länder- & Zentralregierungen	9.59
Anlagefonds	6.27
Telekommunikation	5.87
Diverse nicht klassierte Gesellschaften	5.06
Banken & Kreditinstitute	4.63
Erdöl	4.54
Baugewerbe & Baumaterial	1.96
Elektrische Geräte & Komponenten	1.88
Chemie	1.78
Energie- & Wasserversorgung	1.78
Gastgewerbe & Freizeit	1.56
Gesundheits- & Sozialwesen	1.40
Immobilien	1.34
Detailhandel, Warenhäuser	0.89
Forstwirtschaft, Holz & Papier	0.89
Verkehr & Transport	0.55
Diverse Dienstleistungen	0.24
Grafisches Gewerbe, Verlage & Medien	0.05
Total	97.76
UBS (Lux) Bond SICAV – Multi Income (USD) Halbjahresbericht per 30. November 2019

## Nettovermögensaufstellung
Aktiva	30.11.2019
USD
Wertpapierbestand, Einstandswert	44 785 720.21
| Wertpapierbestand, nicht realisierte Werterhöhung (-minderung) | 	159 989.60	 |
| --- | --- |
| Total Wertpapierbestand (Erläuterung 1) | 44 945 709.81 |
| Bankguthaben, Sicht- und Fristgelder | 660 361.07 |
| Andere liquide Mittel (Margins) | 245 684.69 |
| Zinsforderungen aus Wertpapieren | 341 516.60 |
| Sonstige Forderungen | 21 047.78 |
| Nicht realisierter Kursgewinn (-verlust) aus Finanzterminkontrakten (Erläuterung 1) | -17 738.17 |
| Nicht realisierter Kursgewinn (-verlust) aus Devisenterminkontrakten (Erläuterung 1) | -207 455.17 |
| Nicht realisierter Kursgewinn (-verlust) aus Swaps (Erläuterung 1) | -5 864.25 |
| Total Aktiva | 45 983 262.36 |
|  |  |
| Passiva |  |
| Kontokorrentkredit | -546.65 |
| Verbindlichkeiten aus Rücknahmen | -5 134.05 |
| Rückstellungen für pauschale Verwaltungskommission (Erläuterung 2) | -16.87 |
| Rückstellungen für Abonnementsabgabe (Erläuterung 3) | -716.36 |
| Rückstellungen für sonstige Kommissionen und Gebühren (Erläuterung 2) | 	-1 615.35	 |
| Total Rückstellungen für Aufwendungen | -2 348.58 |
| Total Passiva | -8 029.28 |
|  |  |
| Nettovermögen am Ende der Berichtsperiode | 45 975 233.08 |
| Ertrags- und Aufwandsrechnung | USD |
| Erträge | 1.6.2019-30.11.2019 |
| Zinsertrag auf liquide Mittel | 5 505.17 |
| Zinsen auf Wertpapiere | 563 953.28 |
| Zinsertrag auf Swaps (Erläuterung 1) | 5 359.39 |
| Sonstige Erträge (Erläuterung 4) | 186 143.95 |
| Total Erträge | 760 961.79 |
|  |  |
| Aufwendungen |  |
| Zinsaufwand auf Swaps (Erläuterung 1) | -10 135.96 |
| Pauschale Verwaltungskommission (Erläuterung 2) | -52 937.91 |
| Abonnementsabgabe (Erläuterung 3) | -3 086.77 |
| Sonstige Kommissionen und Gebühren (Erläuterung 2) | -1 599.51 |
| Zinsaufwand auf liquide Mittel und Kontokorrentkredit | -1.72 |
| Total Aufwendungen | -67 761.87 |
|  |  |
| Nettoerträge (-verluste) aus Anlagen | 693 199.92 |
|  |  |
| Realisierte Gewinne (Verluste) (Erläuterung 1) |  |
| Realisierter Kursgewinn (-verlust) aus marktbewerteten Wertpapieren ausser Optionen | 14 153.32 |
| Realisierter Kursgewinn (-verlust) aus Optionen | -16 804.02 |
| Realisierter Kursgewinn (-verlust) aus Finanzterminkontrakten | -80 925.35 |
| Realisierter Kursgewinn (-verlust) aus Devisenterminkontrakten | -187 208.78 |
| Realisierter Kursgewinn (-verlust) aus Swaps | -3 853.88 |
| Realisierter Währungsgewinn (-verlust) | -91 274.00 |
| Total der realisierten Gewinne (Verluste) | -365 912.71 |
|  |  |
| Realisierter Nettogewinn (-verlust) der Berichtsperiode | 327 287.21 |
|  |  |
| Veränderungen der nicht realisierten Werterhöhung (-minderung) (Erläuterung 1) |  |
| Nicht realisierte Werterhöhung (-minderung) marktbewerteter Wertpapiere ausser Optionen | -25 920.89 |
| Nicht realisierte Werterhöhung (-minderung) von Optionen | -4 562.48 |
| Nicht realisierte Werterhöhung (-minderung) von Finanzterminkontrakten | -10 573.65 |
| Nicht realisierte Werterhöhung (-minderung) von Devisenterminkontrakten | -183 560.75 |
| Nicht realisierte Werterhöhung (-minderung) von Swaps | 21 886.19 |
| Total der Veränderungen der nicht realisierten Werterhöhung (-minderung) | -202 731.58 |
|  |  |
| Nettoerhöhung (-minderung) des Nettovermögens infolge Geschäftstätigkeit | 124 555.63 |

UBS (Lux) Bond SICAV – Multi Income (USD) Halbjahresbericht per 30. November 2019
| Veränderungen des Nettovermögens |  |
| --- | --- |
|  |  | USD |
|  |  | 1.6.2019-30.11.2019 |
| Nettovermögen zu Beginn der Berichtsperiode |  | 9 715 432.80 |
| Zeichnungen |  | 45 977 533.62 |
| Rücknahmen |  | 	-9 810 675.05	 |
| Total Mittelzufluss (-abfluss) |  | 36 166 858.57 |
| Ausbezahlte Dividende |  | -31 613.92 |
| Nettoerträge (-verluste) aus Anlagen |  | 693 199.92 |
| Total der realisierten Gewinne (Verluste) |  | -365 912.71 |
| Total der Veränderungen der nicht realisierten Werterhöhung (-minderung) |  | 	-202 731.58	 |
| Nettoerhöhung (-minderung) des Nettovermögens infolge Geschäftstätigkeit |  | 124 555.63 |
| Nettovermögen am Ende der Berichtsperiode |  | 45 975 233.08 |
| Entwicklung der Aktien im Umlauf |  |  |
|  |  | 1.6.2019-30.11.2019 |
| Klasse |  | (CHF hedged) I-X-acc |
| Anzahl der Aktien im Umlauf zu Beginn der Berichtsperiode |  | 0.0000 |
| Anzahl der ausgegebenen Aktien |  | 258 295.7460 |
| Anzahl der zurückgegebenen Aktien |  | 0.0000 |
| Anzahl der Aktien im Umlauf am Ende der Berichtsperiode |  | 258 295.7460 |
| Klasse |  | (EUR hedged) N-acc |
| Anzahl der Aktien im Umlauf zu Beginn der Berichtsperiode |  | 14 900.0000 |
| Anzahl der ausgegebenen Aktien |  | 0.0000 |
| Anzahl der zurückgegebenen Aktien |  | -14 900.0000 |
| Anzahl der Aktien im Umlauf am Ende der Berichtsperiode |  | 0.0000 |
| Klasse |  | P-acc |
| Anzahl der Aktien im Umlauf zu Beginn der Berichtsperiode |  | 14 900.0000 |
| Anzahl der ausgegebenen Aktien |  | 0.0000 |
| Anzahl der zurückgegebenen Aktien |  | -14 900.0000 |
| Anzahl der Aktien im Umlauf am Ende der Berichtsperiode |  | 0.0000 |
| Klasse |  | (EUR hedged) P-acc |
| Anzahl der Aktien im Umlauf zu Beginn der Berichtsperiode |  | 14 900.0000 |
| Anzahl der ausgegebenen Aktien |  | 0.0000 |
| Anzahl der zurückgegebenen Aktien |  | -14 900.0000 |
| Anzahl der Aktien im Umlauf am Ende der Berichtsperiode |  | 0.0000 |
| Klasse |  | P-mdist |
| Anzahl der Aktien im Umlauf zu Beginn der Berichtsperiode |  | 15 210.8590 |
| Anzahl der ausgegebenen Aktien |  | 0.0000 |
| Anzahl der zurückgegebenen Aktien |  | -14 951.7650 |
| Anzahl der Aktien im Umlauf am Ende der Berichtsperiode |  | 259.0940 |
| Klasse |  | Q-acc |
| Anzahl der Aktien im Umlauf zu Beginn der Berichtsperiode |  | 14 900.0000 |
| Anzahl der ausgegebenen Aktien |  | 50.0000 |
| Anzahl der zurückgegebenen Aktien |  | -14 900.0000 |
| Anzahl der Aktien im Umlauf am Ende der Berichtsperiode |  | 50.0000 |
| Klasse |  | (EUR hedged) Q-acc |
| Anzahl der Aktien im Umlauf zu Beginn der Berichtsperiode |  | 14 900.0000 |
| Anzahl der ausgegebenen Aktien |  | 0.0000 |
| Anzahl der zurückgegebenen Aktien |  | -14 900.0000 |
| Anzahl der Aktien im Umlauf am Ende der Berichtsperiode |  | 0.0000 |
| Klasse |  | U-X-acc |
| Anzahl der Aktien im Umlauf zu Beginn der Berichtsperiode |  | 0.0000 |
| Anzahl der ausgegebenen Aktien |  | 2 000.0000 |
| Anzahl der zurückgegebenen Aktien |  | 0.0000 |
| Anzahl der Aktien im Umlauf am Ende der Berichtsperiode |  | 2 000.0000 |
| Monatliche Ausschüttung 1 |  |  |
| UBS (Lux) Bond SICAV – Multi Income (USD)	Ex-Date | Pay-Date | Währung	Betrag pro Aktie |
| P-mdist	17.6.2019 | 20.6.2019 | USD	0.41 |
| P-mdist	15.7.2019 | 18.7.2019 | USD	0.41 |
| P-mdist	16.8.2019 | 21.8.2019 | USD	0.41 |
| P-mdist	16.9.2019 | 19.9.2019 | USD	0.42 |
| P-mdist	15.10.2019 | 18.10.2019 | USD	0.42 |
| P-mdist	15.11.2019 | 20.11.2019 | USD	0.41 |
| 1  Siehe Erläuterung 5 |  |  |

UBS (Lux) Bond SICAV – Multi Income (USD) Halbjahresbericht per 30. November 2019

## Aufstellung der Wertpapierbestände und anderer Nettovermögenswerte per 30. November 2019
| Bezeichnung | Anzahl/ | Bewertung in USD | in % des |
| --- | --- | --- | --- |
|  | Nominal | NR Kursgewinn | Netto- |
|  |  | (-verlust) auf Futures/ | vermögens |
|  |  | Devisentermin- |  |
|  |  | kontrakten/ |  |
|  |  | Swaps (Erl. 1) |  |
| Wertpapiere und Geldmarktinstrumente, die an einer offiziellen Börse gehandelt werden |  |  |  |
| Asset Backed Securities, variabler Zins |  |  |  |
| USD |  |  |  |
| USD	BLUEMOUNT FUJI US CLO I LTD-144A 3M LIBOR+235BP 17-20.07.29 | 250 000.00 | 245 441.23 | 0.54 |
| USD	GALAXY XVII CLO LTD-144A 3M LIBOR+300BP 18-15.07.31 | 500 000.00 | 465 299.15 | 1.01 |
| Total USD |  | 710 740.38 | 1.55 |
| Total Asset Backed Securities, variabler Zins |  | 710 740.38 | 1.55 |
| Notes, fester Zins |  |  |  |
| USD |  |  |  |
| USD	CABLEVISION SYSTEMS CORP 5.87500% 12-15.09.22 | 800 000.00 | 862 000.00 | 1.88 |
| USD	CALPINE CORP 5.37500% 14-15.01.23 | 400 000.00 | 405 500.00 | 0.88 |
| USD	CANADIAN NATURAL RESOURCES LTD 3.85000% 17-01.06.27 | 200 000.00 | 211 783.60 | 0.46 |
| USD	CAPITAL ONE FINANCIAL CORP-SUB 3.75000% 16-28.07.26 | 500 000.00 | 524 146.05 | 1.14 |
| USD	CENTURYLINK INC 5.80000% 12-15.03.22 | 1 000 000.00 | 1 053 750.00 | 2.29 |
| USD	DEUTSCHE BANK AG/NEW YORK NY 5.00000% 19-14.02.22 | 750 000.00 | 780 239.03 | 1.70 |
| USD	FORD MOTOR CREDIT CO LLC 5.59600% 19-07.01.22 | 750 000.00 | 788 736.90 | 1.72 |
| USD	KB HOME 7.62500% 15-15.05.23 | 800 000.00 | 903 000.00 | 1.96 |
| USD	KROGER CO 2.65000% 16-15.10.26 | 410 000.00 | 410 755.68 | 0.89 |
| USD	LEVEL 3 FINANCING INC 5.37500% 16-01.05.25 | 800 000.00 | 828 000.00 | 1.80 |
| USD	OCP SA-REG-S 4.50000% 15-22.10.25 | 200 000.00 | 212 312.50 | 0.46 |
| USD	OMAN GOVT INTERNATIONAL BOND-REG-S 3.87500% 17-08.03.22 | 450 000.00 | 451 125.00 | 0.98 |
| USD	PETROBRAS GLOBAL FINANCE BV 7.37500% 17-17.01.27 | 550 000.00 | 660 401.50 | 1.44 |
| USD	SPRINT NEXTEL CORP 6.00000% 12-15.11.22 | 720 000.00 | 757 800.00 | 1.65 |
| USD	TENET HEALTHCARE CORP 4.62500% 17-15.07.24 | 620 000.00 | 641 700.00 | 1.40 |
| USD	TRANSNET SOC LTD-REG-S 4.00000% 12-26.07.22 | 250 000.00 | 254 062.50 | 0.55 |
| USD	WYNDHAM WORLDWIDE CORP 4.25000% 12-01.03.22 | 700 000.00 | 718 209.80 | 1.56 |
| Total USD |  | 10 463 522.56 | 22.76 |
| Total Notes, fester Zins |  | 10 463 522.56 | 22.76 |
| Medium-Term Notes, fester Zins |  |  |  |
| USD |  |  |  |
| USD	ABU DHABI NATIONAL ENERGY CO PJSC-REG-S 3.62500% 16-22.06.21 | 200 000.00 | 203 312.50 | 0.44 |
| USD	EGYPT, REPUBLIC OF-REG-S 6.12500% 17-31.01.22 | 300 000.00 | 311 156.25 | 0.68 |
| USD	INDONESIA, REPUBLIC OF-REG-S 5.87500% 14-15.01.24 | 400 000.00 | 452 000.00 | 0.98 |
| USD	MONGOLIA,GOVERNMENT OF-REG-S 10.87500% 16-06.04.21 | 500 000.00 | 546 250.00 | 1.19 |
| Total USD |  | 1 512 718.75 | 3.29 |
| Total Medium-Term Notes, fester Zins |  | 1 512 718.75 | 3.29 |
| Anleihen, fester Zins |  |  |  |
| USD |  |  |  |
| USD	COSTA RICA, REPUBLIC OF-REG-S 9.99500% 00-01.08.20 | 250 000.00 | 259 765.62 | 0.57 |
| USD	ISRAEL, STATE OF 3.25000% 18-17.01.28 | 200 000.00 | 215 750.00 | 0.47 |
| USD	ISTAR INC 6.00000% 17-01.04.22 | 600 000.00 | 613 500.00 | 1.33 |
| USD	NIGERIA, REPUBLIC OF-REG-S 6.37500% 13-12.07.23 | 300 000.00 | 316 312.50 | 0.69 |
| USD	QNB FINANCE LTD-REG-S 2.87500% 13-29.04.20 | 470 000.00 | 471 175.00 | 1.02 |
| USD	ROSNEFT OIL/ROSNEFT INTL FIN-REG-S LPN 4.19900% 12-06.03.22 | 300 000.00 | 308 625.00 | 0.67 |
| Total USD |  | 2 185 128.12 | 4.75 |
| Total Anleihen, fester Zins |  | 2 185 128.12 | 4.75 |
| Treasury-Notes, fester Zins |  |  |  |
| USD |  |  |  |
| USD	AMERICA, UNITED STATES OF 1.62500% 19-15.08.29 | 180 000.00 | 177 328.12 | 0.39 |
| USD	AMERICA, UNITED STATES OF 1.50000% 19-31.10.24 | 1 690 000.00 | 1 679 437.50 | 3.65 |
| Total USD |  | 1 856 765.62 | 4.04 |
| Total Treasury-Notes, fester Zins | 1 856 765.62 | 4.04 |
| Total Wertpapiere und Geldmarktinstrumente, die an einer offiziellen Börse gehandelt werden | 16 728 875.43 | 36.39 |
| Wertpapiere und Geldmarktinstrumente, die an einem anderen geregelten Markt gehandelt werden |  |  |
| Asset Backed Securities, variabler Zins |  |  |
| USD |  |  |
| USD	CATAMARAN CLO LTD-144A 3M LIBOR+250BP 18-25.10.31	500 000.00 | 480 437.30 | 1.05 |
| USD	GOLDENTREE LOAN OPP XII LTD-144A 3M LIBOR+290BP 18-21.07.30	500 000.00 | 466 383.80 | 1.01 |
| USD	LCM XX LP-144A 3M LIBOR+195BP 18-20.10.27	250 000.00 | 247 725.00 | 0.54 |
| Total USD | 1 194 546.10 | 2.60 |
| Total Asset Backed Securities, variabler Zins | 1 194 546.10 | 2.60 |
| Mortgage Backed Securities, fester Zins |  |  |
| USD |  |  |
| USD	BANK BNK-144A 3.00000% 18-01.11.61	1 000 000.00 | 899 997.70 | 1.96 |
| USD	BENCHMARK MORTGAGE TRUST-SUB 3.75000% 19-01.03.62	200 000.00 | 203 099.42 | 0.44 |
| USD	BENCHMARK MORTGAGE TRUST-144A 3.00000% 19-01.03.62	800 000.00 | 722 733.92 | 1.57 |
| USD	CITIGROUP COMMERCIAL MORTGAGE TRST-144A 3.00000% 17-01.10.50	1 150 000.00 | 1 045 428.09 | 2.27 |
| USD	CITIGRP COM MORT TRUST-144A-SUB 3.00000% 17-01.09.50	250 000.00 | 207 685.30 | 0.45 |
| USD	COMM 2015-CCRE24 MORTGAGE TRUST-SUB 3.46300% 15-01.08.48	375 000.00 | 351 963.56 | 0.77 |

UBS (Lux) Bond SICAV – Multi Income (USD) Halbjahresbericht per 30. November 2019
|  | Bezeichnung | Anzahl/ | Bewertung in USD | in % des |
| --- | --- | --- | --- | --- |
|  | Nominal | NR Kursgewinn | Netto- |
|  |  | (-verlust) auf Futures/ | vermögens |
|  |  | Devisentermin- |  |
|  |  | kontrakten/ |  |
|  |  | Swaps (Erl. 1) |  |
|  |  |  |  |  |
| USD | CSAIL COMMERCIAL MORTGAGE TRST-144A-SUB 4.47007% 17-01.06.50 | 244 000.00 | 238 137.14 | 0.52 |
| USD | GS MORTGAGE SECURITIES-144A 2.70000% 17-01.11.50 | 950 000.00 | 864 736.08 | 1.88 |
| USD | JPMDB COMM MRTG SEC TRST-144A-SUB 3.00000% 17-01.10.50 | 236 000.00 | 211 551.95 | 0.46 |
| USD | MORGAN STANLEY CAPITAL I INC-SUB 2.73000% 17-01.12.50 | 360 000.00 | 326 979.54 | 0.71 |
| USD | MSCG TRUST SNR-144A-SUB 5.20500% 16-01.11.34 | 120 000.00 | 104 284.19 | 0.23 |
| USD | WELLS FRGO COM MRTGAGE TRST-144A-SUB 3.00000% 18-01.08.51 | 650 000.00 | 595 599.29 | 1.29 |
| Total USD |  |  | 5 772 196.18 | 12.55 |
| Total Mortgage Backed Securities, fester Zins |  | 5 772 196.18 | 12.55 |
| Mortgage Backed Securities, variabler Zins |  |  |  |
| USD |  |  |  |
| USD	ANGEL OAK MORTGAGE TRUST I LLC-144A VAR 18-01.09.48 | 150 000.00 | 96 736.70 | 0.21 |
| USD	ASHFORD HOSPITALITY TRT-144A 1M LIBOR+310BP 18-15.04.35 | 600 000.00 | 599 995.32 | 1.30 |
| USD	BANK-BNK14-144A-SUB VAR 18-01.09.60 | 100 000.00 | 86 090.58 | 0.19 |
| USD	BANK-SUB FLR 18-01.02.61 | 700 000.00 | 738 238.90 | 1.61 |
| USD	BBCMS TRUST 2015-SRCH-144A FLR 15-06.08.35 | 600 000.00 | 656 721.90 | 1.43 |
| USD	BENCHMARK MORTGAGE TRUST-144A-SUB FLR 18-01.02.51 | 825 000.00 | 736 473.95 | 1.60 |
| USD	CD MORTGAGE TRUST-144A VAR 18-01.08.51 | 1 000 000.00 | 904 549.30 | 1.97 |
| USD	CD MORTGAGE TRUST-144A-SUB FLR 16-01.08.49 | 775 000.00 | 681 966.60 | 1.48 |
| USD	COLT MORTGAGE LOAN TRUST-144A FLR 18-01.02.48 | 2 395 000.00 | 580 643.77 | 1.26 |
| USD	COMM 2015-DC1 MORTGAGE TRUST-SUB FLR 15-01.02.48 | 50 000.00 | 51 526.98 | 0.11 |
| USD	COMM 2016-COR1 MORTGAGE TRUST-SUB VAR 16-01.10.49 | 300 000.00 | 313 496.82 | 0.68 |
| USD	COMM COR2 MORTGAGE TRUST-SUB VAR 17-01.09.50 | 200 000.00 | 214 224.64 | 0.47 |
| USD	DEEPHAVEN RESIDENTIAL MORTGAGE TRUST-144A VAR 18-01.08.58 | 350 000.00 | 184 281.85 | 0.40 |
| USD	GS MORTGAGE SECURITIES TRUST-144A-SUB VAR 17-01.10.32 | 1 000 000.00 | 1 011 059.40 | 2.20 |
| USD	JP MRGN CHSE CMRCIAL MRTG SCURITES TRST-SUB VAR 12-01.05.45 | 300 000.00 | 304 656.57 | 0.66 |
| USD	JPMBB COMMERCIAL MORTGA SEC TRUST VAR 15-01.12.48 | 600 000.00 | 628 791.66 | 1.37 |
| USD	JPMBB COMMERCIAL MTG SEC TRUST FLR 15-01.05.48 | 300 000.00 | 258 929.43 | 0.56 |
| USD	JPMDB COMRCIAL MOTGE SECURTIES TRST FLR 17-01.10.50 | 300 000.00 | 312 161.64 | 0.68 |
| USD	MORGAN STANLEY BANK OF AMER MERRIL LYNCH-SUB FLR 17-01.11.52 | 540 000.00 | 567 918.54 | 1.23 |
| USD	NEW RESIDENTIAL MORTGAGE LOAN-144A VAR 18-01.11.48 | 240 000.00 | 174 776.32 | 0.38 |
| USD	SHOPS AT CRYSTALS TRUST CSTL-144A-SUB VAR 16-01.07.36 | 325 000.00 | 310 545.95 | 0.68 |
| Total USD |  | 9 413 786.82 | 20.47 |
| Total Mortgage Backed Securities, variabler Zins |  | 9 413 786.82 | 20.47 |
| Notes, fester Zins |  |  |  |
| USD |  |  |  |
| USD	ANTERO RESOURCES FIN CORP 5.12500% 14-01.12.22 | 320 000.00 | 260 000.00 | 0.57 |
| USD	APX GROUP INC 7.87500% 16-01.12.22 | 110 000.00 | 109 312.50 | 0.24 |
| USD	CASCADES INC-144A 5.75000% 15-15.07.23 | 400 000.00 | 410 000.00 | 0.89 |
| USD	DISH DBS CORP 5.87500% 14-15.11.24 | 60 000.00 | 59 925.00 | 0.13 |
| USD	GRAY ESCROW INC-144A 7.00000% 18-15.05.27 | 600 000.00 | 664 500.00 | 1.44 |
| USD	GRUPO AVAL LTD-REG-S 4.75000% 12-26.09.22 | 400 000.00 | 410 500.00 | 0.89 |
| USD	LADDER CAPITAL FIN HLDG LLLP/CORP-144A 5.25000% 17-15.03.22 | 700 000.00 | 726 250.00 | 1.58 |
| USD	MARATHON OIL CORP 4.40000% 17-15.07.27 | 400 000.00 | 430 637.16 | 0.94 |
| USD	NABORS INDUSTRIES INC 4.62500% 12-15.09.21 | 435 000.00 | 413 250.00 | 0.90 |
| USD	NIELSEN FINANCE LLC/CO-144A 5.00000% 14-15.04.22 | 800 000.00 | 805 000.00 | 1.75 |
| USD	NOVA CHEMICALS CORP-144A 5.25000% 17-01.06.27 | 600 000.00 | 606 000.00 | 1.32 |
| USD	PETROLEOS MEXICANOS-144A 6.49000% 19-23.01.27 | 500 000.00 | 526 250.00 | 1.14 |
| USD	PROVIDENT FUNDING ASSOC/ PFG FIN-144A 6.37500% 17-15.06.25 | 110 000.00 | 108 317.00 | 0.24 |
| USD	QUICKEN LOANS INC -144A 5.75000% 15-01.05.25 | 800 000.00 | 830 900.00 | 1.81 |
| USD	REALOGY GROUP/CO ISSUER-144A 5.25000% 14-01.12.21 | 600 000.00 | 604 500.00 | 1.31 |
| USD	RR DONNELLEY & SONS CO 7.87500% 13-15.03.21 | 22 000.00 | 22 770.00 | 0.05 |
| USD	SANTANDER UK PLC-144A-SUB 5.00000% 13-07.11.23 | 500 000.00 | 536 515.00 | 1.17 |
| USD	SPRINGLEAF FINANCE CORP 6.12500% 17-15.05.22 | 800 000.00 | 860 000.00 | 1.87 |
| Total USD |  | 8 384 626.66 | 18.24 |
| Total Notes, fester Zins |  | 8 384 626.66 | 18.24 |
| Notes, variabler Zins |  |  |  |
| USD |  |  |  |
| USD	PRUDENTIAL FINANCIAL INC-SUB 5.375%/VAR 15-15.05.45 | 280 000.00 | 305 870.04 | 0.67 |
| Total USD |  | 305 870.04 | 0.67 |
| Total Notes, variabler Zins |  | 305 870.04 | 0.67 |
| Anleihen, fester Zins |  |  |  |
| USD |  |  |  |
| USD	EL PASO NATURAL GAS CO 8.37500% 03-15.06.32 | 150 000.00 | 207 442.54 | 0.45 |
| USD	LLOYDS BANK PLC 6.37500% 11-21.01.21 | 275 000.00 | 288 617.81 | 0.63 |
| Total USD |  | 496 060.35 | 1.08 |
| Total Anleihen, fester Zins |  | 496 060.35 | 1.08 |
| Total Wertpapiere und Geldmarktinstrumente, die an einem anderen geregelten Markt gehandelt werden |  | 25 567 086.15 | 55.61 |

Wertpapiere und Geldmarktinstrumente, die nicht an einer offiziellen Börse oder einem anderen geregelten Markt gehandelt werden
| USD |  |
| --- | --- |
| USD | BENCHMARK MORTGAGE TRUST-144A 2.75000% 18-01.01.51 | 425 000.00 | 371 182.67 | 0.81 |
| Total USD |  |  | 371 182.67 | 0.81 |

Mortgage Backed Securities, fester Zins
Total Mortgage Backed Securities, fester Zins	371 182.67	0.81
UBS (Lux) Bond SICAV – Multi Income (USD) Halbjahresbericht per 30. November 2019
| Bezeichnung | Anzahl/ | Bewertung in USD | in % des |
| --- | --- | --- | --- |
|  | Nominal | NR Kursgewinn | Netto- |
|  |  | (-verlust) auf Futures/ | vermögens |
|  |  | Devisentermin- |  |
|  |  | kontrakten/ |  |
|  |  | Swaps (Erl. 1) |  |
| Anleihen, fester Zins |  |  |  |
| USD |  |  |  |
| USD	ENERGY TRANSFER OPERATING LP 5.87500% 19-15.01.24 | 110 000.00 | 121 164.01 | 0.26 |
| Total USD |  | 121 164.01 | 0.26 |
| Total Anleihen, fester Zins |  | 121 164.01 | 0.26 |
| Total Wertpapiere und Geldmarktinstrumente, die nicht an einer offiziellen Börse oder einem anderen geregelten Markt gehandelt werden |  | 492 346.68 | 1.07 |

OGAW/Andere OGA im Sinne des Artikels 41 (1) e) des abgeänderten luxemburgischen Gesetzes vom 17. Dezember 2010
Investment Fonds, open end
Luxemburg
| USD | UBS (LUX) BOND SICAV - ASIAN HIGH YIELD (USD) U-X-ACC | 185.00 | 2 157 401.55 | 4.69 |
| --- | --- | --- | --- | --- |
| Total Luxemburg | 2 157 401.55 | 4.69 |
| Total Investment Fonds, open end | 2 157 401.55 | 4.69 |
| Total OGAW/Andere OGA im Sinne des Artikels 41 (1) e) des abgeänderten luxemburgischen Gesetzes vom 17. Dezember 2010 | 2 157 401.55 | 4.69 |
| Total des Wertpapierbestandes | 44 945 709.81 | 97.76 |

| Derivative Instrumente |  |
| --- | --- |
| Derivative Instrumente, die an einer offiziellen Börse gehandelt werden Finanzterminkontrakte auf Anleihen |
|  |  |  |  |
| EUR	EURO-BUND FUTURE 06.12.19 | -7.00 | 18 347.26 | 0.04 |
| GBP	LONG GILT FUTURE 27.03.20 | -5.00 | -517.40 | 0.00 |
| AUD	AUSTRALIAN 3YR BOND FUTURE 16.12.19 | -105.00 | -18 185.16 | -0.04 |
| USD	US 10YR ULTRA NOTE FUTURE 20.03.20 | 15.00 | -6 484.38 | -0.02 |
| USD	US 5YR TREASURY NOTE FUTURE 31.03.20 | 25.00 | -3 710.95 | -0.01 |
| USD	US 2YR TREASURY NOTE FUTURE 31.03.20 | 54.00 | -6 328.15 | -0.01 |
| USD	US 10YR TREASURY NOTE FUTURE 20.03.20 | 22.00 | -859.39 | 0.00 |
| Total Finanzterminkontrakte auf Anleihen |  | -17 738.17 | -0.04 |
| Total Derivative Instrumente, die an einer offiziellen Börse gehandelt werden |  | -17 738.17 | -0.04 |

Derivative Instrumente, die nicht an einer offiziellen Börse oder einem anderen geregelten Markt gehandelt werden
Swaps und Forward-Swaps auf Zinssätze
| MXN MXN | CME/INTEREST RATE SWAP REC 6.78250% 19-10.10.29 CME/INTEREST RATE SWAP PAYER MXI 19-10.10.29 | 11 000 000.00 | -5 864.25 | -0.01 |
| --- | --- | --- | --- | --- |
| Total Swaps und Forward-Swaps auf Zinssätze | -5 864.25 | -0.01 |
| Total Derivative Instrumente, die nicht an einer offiziellen Börse oder einem anderen geregelten Markt gehandelt werden | -5 864.25 | -0.01 |
| Total Derivative Instrumente | -23 602.42 | -0.05 |
| Devisenterminkontrakte |  |  |
| Devisenterminkontrakte (Kauf/Verkauf) |  |  |

| MXN | 5 500 000.00 | USD | 278 782.03 | 18.12.2019 | 2 535.63 | 0.01 |
| --- | --- | --- | --- | --- | --- | --- |
| ZAR | 4 000 000.00 | USD | 262 306.71 | 18.12.2019 | 9 999.76 | 0.02 |
| TRY | 1 800 000.00 | USD | 309 403.76 | 18.12.2019 | 2 532.20 | 0.01 |
| USD | 305 772.89 | TRY | 1 800 000.00 | 18.12.2019 | -6 163.07 | -0.01 |
| BRL | 1 800 000.00 | USD | 448 262.98 | 18.12.2019 | -22 949.64 | -0.05 |
| USD | 450 168.81 | BRL | 1 800 000.00 | 18.12.2019 | 24 855.47 | 0.05 |
| USD | 265 010.05 | ZAR | 4 000 000.00 | 18.12.2019 | -7 296.42 | -0.02 |
| ZAR | 4 000 000.00 | USD | 268 510.67 | 18.12.2019 | 3 795.80 | 0.01 |
| CHF | 25 218 400.00 | USD | 25 543 828.37 | 14.1.2020 | -214 764.90 | -0.47 |
| Total Devisenterminkontrakte (Kauf/Verkauf) | -207 455.17 | -0.45 |
|  |  |  |
| Bankguthaben, Sicht- und Fristgelder und andere liquide Mittel | 906 045.76 | 1.97 |
| Kontokorrentkredit und andere kurzfristige Verbindlichkeiten | -546.65 | 0.00 |
| Andere Aktiva und Passiva | 355 081.75 | 0.77 |
| Total des Nettovermögens | 45 975 233.08 | 100.00 |

UBS (Lux) Bond SICAV – Multi Income (USD) Halbjahresbericht per 30. November 2019