# UBS (Lux) Bond SICAV – 2025 I (USD)
| Most important figures |  |
| --- | --- |
|  | ISIN | 30.11.2020 |
| Net assets in USD |  | 243 876 186.71 |
| Class K-1-acc 1 | LU2156500220 |  |
| Shares outstanding |  | 4.8000 |
| Net asset value per share in USD |  | 5 141 456.05 |
| Issue and redemption price per share in USD 2 |  | 5 141 456.05 |
| Class P-acc 1 | LU2156499894 |  |
| Shares outstanding |  | 427 332.3820 |
| Net asset value per share in USD |  | 102.81 |
| Issue and redemption price per share in USD 2 |  | 102.81 |
| Class P-dist 1 | LU2156499977 |  |
| Shares outstanding |  | 513 566.0520 |
| Net asset value per share in USD |  | 102.81 |
| Issue and redemption price per share in USD 2 |  | 102.81 |
| Class Q-acc 1 | LU2156500063 |  |
| Shares outstanding |  | 740 510.9380 |
| Net asset value per share in USD |  | 102.83 |
| Issue and redemption price per share in USD 2 |  | 102.83 |
| Class Q-dist 1 | LU2156500147 |  |
| Shares outstanding |  | 450 432.9900 |
| Net asset value per share in USD |  | 102.83 |
| Issue and redemption price per share in USD 2 |  | 102.83 |
| 1  First NAV: 23.9.2020 2  See note 1 |  |  |


## Structure of the Securities Portfolio
Geographical Breakdown as a % of net assets	
United States	46.91
United Kingdom	10.80
Cayman Islands	4.84
India	3.27
Luxembourg	2.48
France	2.24
Singapore	2.22
Ireland	2.13
British Virgin Islands	2.12
The Netherlands	2.07
Mexico	1.99
Chile	1.90
Canada	1.48
China	1.46
Italy	1.23
Turkey	1.07
Japan	0.74
South Korea	0.74
Multinationals	0.74
Germany	0.74
Romania	0.73
Czech Republic	0.72
Oman	0.61
Egypt	0.61
Saudi Arabia	0.60
Peru	0.59
Nigeria	0.59
Mauritius	0.59
Brazil	0.57
Mongolia	0.47
Ukraine	0.36
Dominican Republic	0.36
Colombia	0.36
Pakistan	0.22
Economic Breakdown as a % of net assets	
Finance & holding companies	31.28
Banks & credit institutions	10.31
Real Estate	6.74
Petroleum	6.25
Mortgage & funding institutions	6.00
Traffic & transportation	4.37
Vehicles	3.76
Countries & central governments	3.72
Energy & water supply	3.63
Telecommunications	3.12
Mining, coal & steel	3.01
Chemicals	2.35
Computer hardware & network equipment providers	2.27
Lodging, catering & leisure	1.70
Aerospace industry	1.67
Internet, software & IT services	1.50
Miscellaneous services	1.45
Miscellaneous trading companies	1.25
Building industry & materials	0.84
Packaging industry	0.74
Miscellaneous consumer goods	0.73
Healthcare & social services	0.72
Supranational organisations	0.59
Mechanical engineering & industrial equipment	0.55
Total	98.55
Total	98.55
UBS (Lux) Bond SICAV – 2025 I (USD)
Semi-Annual Report as of 30 November 2020

## Statement of Net Assets
Assets	30.11.2020
USD
Investments in securities, cost	234 337 934.44
| Investments in securities, unrealized appreciation (depreciation) | 	5 998 632.29	 |
| --- | --- |
| Total investments in securities (Note 1) | 240 336 566.73 |
| Cash at banks, deposits on demand and deposit accounts | 1 119 787.08 |
| Interest receivable on securities | 2 626 948.39 |
| Other receivables | 8 394.58 |
| Total Assets | 244 091 696.78 |
|  |  |
| Liabilities |  |
| Unrealized loss on forward foreign exchange contracts (Note 1) | -150 348.30 |
| Provisions for flat fee (Note 2) | -40 929.66 |
| Provisions for taxe d’abonnement (Note 3) | -20 212.65 |
| Provisions for other commissions and fees (Note 2) | 	-4 019.46	 |
| Total provisions | -65 161.77 |
| Total Liabilities | -215 510.07 |
|  |  |
| Net assets at the end of the period | 243 876 186.71 |
| Statement of Operations | USD |
| Income | 23.9.2020-30.11.2020 |
| Interest on securities | 1 802 389.27 |
| Other income (Note 4) | 883.84 |
| Total income | 1 803 273.11 |
|  |  |
| Expenses |  |
| Flat fee (Note 2) | -185 761.81 |
| Taxe d’abonnement (Note 3) | -50 259.51 |
| Other commissions and fees (Note 2) | -3 961.10 |
| Total expenses | -239 982.42 |
|  |  |
| Net income (loss) on investments | 1 563 290.69 |
|  |  |
| Realized gain (loss) (Note 1) |  |
| Realized gain (loss) on market-priced securities without options | -1 238.78 |
| Realized gain (loss) on forward foreign exchange contracts | -120 198.59 |
| Realized gain (loss) on foreign exchange | -597 068.84 |
| Total realized gain (loss) | -718 506.21 |
|  |  |
| Net realized gain (loss) of the period | 844 784.48 |
|  |  |
| Changes in unrealized appreciation (depreciation) (Note 1) |  |
| Unrealized appreciation (depreciation) on market-priced securities without options | 5 998 632.29 |
| Unrealized appreciation (depreciation) on forward foreign exchange contracts | -150 348.30 |
| Total changes in unrealized appreciation (depreciation) | 5 848 283.99 |
|  |  |
| Net increase (decrease) in net assets as a result of operations | 6 693 068.47 |

UBS (Lux) Bond SICAV – 2025 I (USD)
Semi-Annual Report as of 30 November 2020
| Changes in Net Assets |  |
| --- | --- |
|  | USD |
|  | 23.9.2020-30.11.2020 |
| Net assets at the beginning of the period | 0.00 |
| Subscriptions | 237 433 574.00 |
| Redemptions | 	-250 455.76	 |
| Total net subscriptions (redemptions) | 237 183 118.24 |
| Net income (loss) on investments | 1 563 290.69 |
| Total realized gain (loss) | -718 506.21 |
| Total changes in unrealized appreciation (depreciation) | 	5 848 283.99	 |
| Net increase (decrease) in net assets as a result of operations | 6 693 068.47 |
| Net assets at the end of the period | 243 876 186.71 |
| Changes in the Number of Shares outstanding |  |
|  | 23.9.2020-30.11.2020 |
| Class | K-1-acc |
| Number of shares outstanding at the beginning of the period | 0.0000 |
| Number of shares issued | 4.8000 |
| Number of shares redeemed | 0.0000 |
| Number of shares outstanding at the end of the period | 4.8000 |
| Class | P-acc |
| Number of shares outstanding at the beginning of the period | 0.0000 |
| Number of shares issued | 427 332.3820 |
| Number of shares redeemed | 0.0000 |
| Number of shares outstanding at the end of the period | 427 332.3820 |
| Class | P-dist |
| Number of shares outstanding at the beginning of the period | 0.0000 |
| Number of shares issued | 514 154.8300 |
| Number of shares redeemed | -588.7780 |
| Number of shares outstanding at the end of the period | 513 566.0520 |
| Class | Q-acc |
| Number of shares outstanding at the beginning of the period | 0.0000 |
| Number of shares issued | 742 410.9380 |
| Number of shares redeemed | -1 900.0000 |
| Number of shares outstanding at the end of the period | 740 510.9380 |
| Class | Q-dist |
| Number of shares outstanding at the beginning of the period | 0.0000 |
| Number of shares issued | 450 432.9900 |
| Number of shares redeemed | 0.0000 |
| Number of shares outstanding at the end of the period | 450 432.9900 |

UBS (Lux) Bond SICAV – 2025 I (USD)
Semi-Annual Report as of 30 November 2020

## Statement of Investments in Securities and other Net Assets as of 30 November 2020
| 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 |  |  |  |
| Notes, fixed rate |  |  |  |
| EUR |  |  |  |
| EUR	CEMEX SAB DE CV-REG-S 2.75000% 17-05.12.24 | 1 700 000.00 | 2 051 333.48 | 0.84 |
| EUR	INTERNATIONAL GAME TECHNOLOGY PLC-REG-S 3.50000% 18-15.07.24 | 1 500 000.00 | 1 838 658.68 | 0.76 |
| EUR	SAZKA GROUP AS-REG-S 4.12500% 19-20.11.24 | 1 500 000.00 | 1 762 899.75 | 0.72 |
| EUR	SYNTHOMER PLC-REG-S 3.87500% 20-01.07.25 | 1 700 000.00 | 2 122 222.68 | 0.87 |
| EUR	TEVA PHARMACEUTICAL FIN 6.00000% 20-31.01.25 | 1 600 000.00 | 2 087 369.00 | 0.86 |
| Total EUR |  | 9 862 483.59 | 4.05 |
| GBP |  |  |  |
| GBP	TALKTALK TELECOM GROUP PLC-REG-S 3.87500% 20-20.02.25 | 1 500 000.00 | 1 982 549.25 | 0.81 |
| Total GBP |  | 1 982 549.25 | 0.81 |
| USD |  |  |  |
| USD	ADANI PORTS AND SPECIAL ECO ZONE-REG-S 3.37500% 19-24.07.24 | 1 700 000.00 | 1 758 437.50 | 0.72 |
| USD	AERCAP IRELAND CAP/ GLBL AVIATION TRUST 6.50000% 20-15.07.25 | 4 500 000.00 | 5 202 249.75 | 2.13 |
| USD	AFRICA FINANCE CORP-REG-S 3.12500% 20-16.06.25 | 1 400 000.00 | 1 444 800.00 | 0.59 |
| USD	AIR LEASE CORP 3.37500% 20-01.07.25 | 2 900 000.00 | 3 059 117.49 | 1.25 |
| USD	ALLY FINANCIAL INC 5.80000% 20-01.05.25 | 4 200 000.00 | 4 997 692.56 | 2.05 |
| USD	ANGLO AMERICAN CAPITAL PLC-144A 5.37500% 20-01.04.25 | 2 500 000.00 | 2 908 250.00 | 1.19 |
| USD	BANCO SANTANDER SA-REG-S 5.37500% 20-17.04.25 | 1 200 000.00 | 1 356 960.00 | 0.55 |
| USD	BHARTI AIRTEL LTD-REG-S 4.37500% 15-10.06.25 | 1 700 000.00 | 1 839 187.50 | 0.75 |
| USD	BOEING CO 4.87500% 20-01.05.25 | 3 650 000.00 | 4 071 577.92 | 1.67 |
| USD	BP CAPITAL MARKETS AMERICA INC 3.19400% 20-06.04.25 | 4 500 000.00 | 4 941 055.80 | 2.02 |
| USD	CENTURYLINK INC 5.62500% 15-01.04.25 | 1 700 000.00 | 1 825 375.00 | 0.75 |
| USD	CIT GROUP INC 5.25000% 18-07.03.25 | 1 600 000.00 | 1 802 000.00 | 0.74 |
| USD	CONTINENTAL RESOURCES INC 3.80000% 14-01.06.24 | 1 900 000.00 | 1 920 881.00 | 0.79 |
| USD	CORP NACIONAL DEL COBRE DE CHILE-REG-S 4.50000% 15-16.09.25 | 1 300 000.00 | 1 478 750.00 | 0.61 |
| USD	CREDICORP LTD-REG-S 2.75000% 20-17.06.25 | 1 400 000.00 | 1 445 850.00 | 0.59 |
| USD	DOMINICAN REPUBLIC-REG-S 5.50000% 15-27.01.25 | 800 000.00 | 870 250.00 | 0.36 |
| USD	EASY TACTIC LTD-REG-S 8.12500% 19-11.07.24 | 2 000 000.00 | 1 705 625.00 | 0.70 |
| USD	EDISON INTERNATIONAL 4.95000% 20-15.04.25 | 4 400 000.00 | 4 915 647.00 | 2.01 |
| USD	EMPRESA NACIONAL DEL PETROLEO-REG-S 4.37500% 14-30.10.24 | 1 300 000.00 | 1 413 750.00 | 0.58 |
| USD	EQT CORP 6.12500% 20-01.02.25 | 900 000.00 | 1 030 500.00 | 0.42 |
| USD	EXPORT CREDIT BANK OF TURKEY-REG-S 6.12500% 18-03.05.24 | 1 400 000.00 | 1 407 000.00 | 0.58 |
| USD	EXXON MOBIL CORP 2.99200% 20-19.03.25 | 2 700 000.00 | 2 946 263.49 | 1.21 |
| USD	FANTASIA HOLDINGS GROUP CO LTD-REG-S 9.25000% 20-28.07.23 | 1 800 000.00 | 1 773 000.00 | 0.73 |
| USD	FIBRIA OVERSEAS FINANCE LTD 4.00000% 17-14.01.25 | 1 300 000.00 | 1 389 781.25 | 0.57 |
| USD	FORD MOTOR CO 9.00000% 20-22.04.25 | 1 800 000.00 | 2 187 414.00 | 0.90 |
| USD	GENERAL MOTORS CO 6.12500% 20-01.10.25 | 3 400 000.00 | 4 098 921.34 | 1.68 |
| USD	HEWLETT PACKARD ENTERPRISE CO STEP-UP/DOWN 16-15.10.25 | 4 300 000.00 | 5 008 812.00 | 2.05 |
| USD	HILLENBRAND INC 5.75000% 20-15.06.25 | 2 000 000.00 | 2 140 000.00 | 0.88 |
| USD	IMPERIAL BRANDS FINANCE PLC-144A 4.25000% 15-21.07.25 | 3 600 000.00 | 4 043 311.92 | 1.66 |
| USD	ISTAR INC 4.25000% 19-01.08.25 | 2 300 000.00 | 2 236 750.00 | 0.92 |
| USD	JSW STEEL LTD-REG-S 5.37500% 19-04.04.25 | 800 000.00 | 831 250.00 | 0.34 |
| USD	KAISA GROUP HOLDINGS LTD-REG-S 9.95000% 20-23.07.25 | 1 900 000.00 | 1 814 500.00 | 0.74 |
| USD	LAS VEGAS SANDS CORP 3.20000% 19-08.08.24 | 2 900 000.00 | 3 030 386.32 | 1.24 |
| USD	MEDCO PLATINUM ROAD PTE LTD-REG-S 6.75000% 18-30.01.25 | 1 800 000.00 | 1 868 062.50 | 0.77 |
| USD	NAVIENT CORP 6.75000% 17-25.06.25 | 2 100 000.00 | 2 261 490.00 | 0.93 |
| USD	PAKISTAN, ISLAMIC REPUBLIC OF-REG-S 8.25000% 15-30.09.25 | 500 000.00 | 543 906.25 | 0.22 |
| USD	REC LTD-REG-S 3.50000% 19-12.12.24 | 1 700 000.00 | 1 770 656.25 | 0.73 |
| USD	SINOPEC GRP OVERSEAS DEV LTD-REG-S 2.15000% 20-13.05.25 | 1 700 000.00 | 1 749 012.70 | 0.72 |
| USD	SOUTHWEST AIRLINES CO 5.25000% 20-04.05.25 | 2 700 000.00 | 3 079 315.17 | 1.26 |
| USD	SPRINGLEAF FINANCE CORP 6.87500% 18-15.03.25 | 2 000 000.00 | 2 285 000.00 | 0.94 |
| USD	TURKEY, REPUBLIC OF 7.37500% 05-05.02.25 | 1 100 000.00 | 1 195 906.25 | 0.49 |
| USD	UKRAINE, GOVERNMENT OF-REG-S 7.75000% 15-01.09.25 | 800 000.00 | 879 200.00 | 0.36 |
| USD	VALERO ENERGY CORP 2.85000% 20-15.04.25 | 2 800 000.00 | 2 942 258.76 | 1.21 |
| USD	VEDANTA RESOURCES PLC-REG-S 6.12500% 17-09.08.24 | 2 500 000.00 | 1 509 375.00 | 0.62 |
| USD	WESTERN MIDSTREAM OPERATING LP 3.10000% 20-01.02.25 | 1 900 000.00 | 1 895 801.00 | 0.78 |
| Total USD |  | 104 875 330.72 | 43.00 |
| Total Notes, fixed rate |  | 116 720 363.56 | 47.86 |
| Notes, floating rate |  |  |  |
| USD |  |  |  |
| USD	BARCLAYS PLC 3.932%/VAR 19-07.05.25 | 4 600 000.00 | 5 010 861.88 | 2.05 |
| USD	WYNDHAM WORLDWIDE CORP STEP UP/RATING LINKED 15-01.10.25 | 1 000 000.00 | 1 122 500.00 | 0.46 |
| Total USD |  | 6 133 361.88 | 2.51 |
| Total Notes, floating rate |  | 6 133 361.88 | 2.51 |
| Medium term notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	BOC AVIATION LTD-REG-S 3.25000% 20-29.04.25 | 1 700 000.00 | 1 785 718.93 | 0.73 |
| USD	EGYPT, REPUBLIC OF-REG-S 5.87500% 15-11.06.25 | 1 400 000.00 | 1 478 312.50 | 0.61 |
| USD	HUARONG FINANCE II CO LTD-REG-S 5.50000% 15-16.01.25 | 1 600 000.00 | 1 790 478.88 | 0.73 |
| USD	KWG GROUP HOLDINGS LTD-REG-S 5.95000% 20-10.08.25 | 1 800 000.00 | 1 802 250.00 | 0.74 |
| USD	MDGH - GMTN BV-REG-S 2.50000% 19-07.11.24 | 1 100 000.00 | 1 156 100.00 | 0.48 |
| USD	MEGLOBAL CANADA INC-REG-S 5.00000% 20-18.05.25 | 1 300 000.00 | 1 443 406.25 | 0.59 |
| USD	MONGOLIA,GOVERNMENT OF-REG-S 8.75000% 17-09.03.24 | 1 000 000.00 | 1 155 000.00 | 0.47 |
| USD	OMAN GOVT INTERNATIONAL BOND-REG-S 4.87500% 19-01.02.25 | 1 500 000.00 | 1 493 437.49 | 0.61 |
| USD	QNB FINANCE LTD-REG-S 2.62500% 20-12.05.25 | 1 400 000.00 | 1 463 000.00 | 0.60 |
| USD	SAUDI GOVERNMENT INTERNATIONAL BD-REG-S 4.00000% 18-17.04.25 | 1 300 000.00 | 1 450 312.50 | 0.60 |
| USD	STANDARD CHARTERED PLC-144A 3.20000% 15-17.04.25 | 4 600 000.00 | 4 930 878.00 | 2.02 |
| Total USD |  | 19 948 894.55 | 8.18 |
| Total Medium term notes, fixed rate |  | 19 948 894.55 | 8.18 |
| UBS (Lux) Bond SICAV – 2025 I (USD) Semi-Annual Report as of 30 November 2020 |  |  |  |

| 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 |  |  |  |
| EUR |  |  |  |
| EUR	ADLER REAL ESTATE AG-REG-S 1.87500% 18-27.04.23 | 1 500 000.00 | 1 792 093.01 | 0.73 |
| EUR	ALTICE FINANCING SA-REG-S 2.25000% 20-15.01.25 | 1 800 000.00 | 2 083 789.49 | 0.85 |
| EUR	CRYSTAL ALMOND SARL-REG-S 4.25000% 19-15.10.24 | 1 500 000.00 | 1 798 606.32 | 0.74 |
| EUR	FAURECIA SA-REG-S 2.62500% 18-15.06.25 | 1 500 000.00 | 1 825 700.25 | 0.75 |
| EUR	OI EUROPEAN GROUP BV-REG-S 2.87500% 19-15.02.25 | 1 500 000.00 | 1 811 688.74 | 0.74 |
| EUR	PAPREC HOLDING-REG-S 4.00000% 18-31.03.25 | 1 500 000.00 | 1 775 495.74 | 0.73 |
| EUR	QUATRIM SASU-REG-S 5.87500% 19-15.01.24 | 1 500 000.00 | 1 850 346.76 | 0.76 |
| EUR	RCS & RDS SA-REG-S 2.50000% 20-05.02.25 | 1 500 000.00 | 1 768 506.94 | 0.73 |
| EUR	SOFTBANK GROUP CORP-REG-S 4.75000% 15-30.07.25 | 1 400 000.00 | 1 811 769.31 | 0.74 |
| Total EUR |  | 16 517 996.56 | 6.77 |
| GBP |  |  |  |
| GBP	JERROLD FINCO PLC-REG-S 6.12500% 17-15.01.24 | 1 500 000.00 | 1 992 562.13 | 0.82 |
| Total GBP |  | 1 992 562.13 | 0.82 |
| USD |  |  |  |
| USD	BRASKEM FINANCE LTD 6.45000% 14-03.02.24 | 1 300 000.00 | 1 414 426.00 | 0.58 |
| USD	CDBL FUNDING 1-REG-S 4.25000% 14-02.12.24 | 1 600 000.00 | 1 751 500.00 | 0.72 |
| USD	COUNTRY GARDEN HOLDINGS CO LTD-REG-S 5.12500% 18-17.01.25 | 1 700 000.00 | 1 774 052.00 | 0.73 |
| USD	ECOPETROL SA 4.12500% 14-16.01.25 | 800 000.00 | 863 275.04 | 0.36 |
| USD	GLOBAL LOGISTIC PROPERTIES LTD-REG-S 3.87500% 15-04.06.25 | 1 700 000.00 | 1 764 812.50 | 0.72 |
| USD	GREENKO SOLAR MAURITIUS LTD-REG-S 5.55000% 19-29.01.25 | 1 400 000.00 | 1 442 000.00 | 0.59 |
| USD	KOREA NATIONAL OIL CORP-144A 0.87500% 20-05.10.25 | 1 800 000.00 | 1 800 797.58 | 0.74 |
| USD	POWER FINANCE CORP LTD-REG-S 3.25000% 19-16.09.24 | 1 700 000.00 | 1 762 687.50 | 0.72 |
| USD	SHIMAO PROPERTY HOLDINGS LIMITED-REG-S 5.20000% 18-30.01.25 | 1 700 000.00 | 1 789 250.00 | 0.73 |
| USD	WANDA PROPERTIES INTERNATIONAL-REG-S 7.25000% 14-19.01.24 | 1 700 000.00 | 1 683 000.00 | 0.69 |
| USD	YUZHOU PROPERTIES CO LTD-REG-S 8.30000% 19-27.05.25 | 1 700 000.00 | 1 793 500.00 | 0.74 |
| Total USD |  | 17 839 300.62 | 7.32 |
| Total Bonds, fixed rate |  | 36 349 859.31 | 14.91 |
| Total Transferable securities and money market instruments listed on an official stock exchange |  | 179 152 479.30 | 73.46 |
| Transferable securities and money market instruments traded on another regulated market |  |  |  |
| Asset Backed Securities, fixed rate |  |  |  |
| USD |  |  |  |
| USD	AMERICAN CREDIT ACCEPT RECEI TRUST-144A 3.93000% 18-10.04.24 | 2 000 000.00 | 1 963 323.49 | 0.80 |
| USD	CPS AUTO RECEIVABLES-144A 3.83000% 20-15.09.23 | 2 000 000.00 | 2 031 576.40 | 0.83 |
| USD	DELL EQUIPMENT FINANCE TRUST-144A 3.85000% 18-24.06.24 | 1 500 000.00 | 1 520 830.50 | 0.62 |
| USD	EXETER AUTOMOBILE RECEIVABLES TRST-144A 4.35000% 18-17.06.24 | 2 000 000.00 | 2 086 162.00 | 0.86 |
| USD	SANTANDER DRIVE AUTO RECEIVABLES-144A 5.05000% 17-15.07.24 | 2 000 000.00 | 2 041 655.80 | 0.84 |
| Total USD |  | 9 643 548.19 | 3.95 |
| Total Asset Backed Securities, fixed rate |  | 9 643 548.19 | 3.95 |
| Notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	DELL INTERNATIONAL LLC / EMC CORP-144A 5.85000% 20-15.07.25 | 4 200 000.00 | 4 998 454.86 | 2.05 |
| USD	DELTA AIR LINES INC-144A 7.00000% 20-01.05.25 | 3 500 000.00 | 3 998 570.45 | 1.64 |
| USD	GE CAPITAL FUNDING LLC-144A 3.45000% 20-15.05.25 | 4 600 000.00 | 4 999 258.84 | 2.05 |
| USD	GENESIS ENERGY LP 5.62500% 14-15.06.24 | 1 200 000.00 | 1 128 000.00 | 0.46 |
| USD	GLENCORE FUNDING LLC-144A 4.00000% 15-16.04.25 | 3 200 000.00 | 3 527 909.44 | 1.45 |
| USD	HARLEY-DAVIDSON FIN.SERV INC-144A 3.35000% 20-08.06.25 | 3 700 000.00 | 3 974 229.94 | 1.63 |
| USD	INTESA SANPAOLO SPA-144A 3.25000% 19-23.09.24 | 2 800 000.00 | 2 996 078.96 | 1.23 |
| USD	MERITOR INC-144A 6.25000% 20-01.06.25 | 1 000 000.00 | 1 066 250.00 | 0.44 |
| USD	NAVISTAR INTERNATIONAL CORP-144A 9.50000% 20-01.05.25 | 1 200 000.00 | 1 342 500.00 | 0.55 |
| USD	NEWELL BRANDS INC 4.87500% 20-01.06.25 | 1 600 000.00 | 1 768 000.00 | 0.72 |
| USD	NIELSEN CO LUXEMBOURG SARL/THE-144A 5.00000% 17-01.02.25 | 2 100 000.00 | 2 160 375.00 | 0.89 |
| USD	NOVA CHEMICALS CORP-144A 5.00000% 14-01.05.25 | 2 100 000.00 | 2 173 500.00 | 0.89 |
| USD	SIRIUS XM RADIO INC-144A 4.62500% 19-15.07.24 | 1 000 000.00 | 1 035 880.00 | 0.42 |
| USD	VIACOMCBS INC 4.75000% 20-15.05.25 | 1 700 000.00 | 1 969 681.03 | 0.81 |
| Total USD |  | 37 138 688.52 | 15.23 |
| Total Notes, fixed rate |  | 37 138 688.52 | 15.23 |
| Medium term notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	PETROLEOS MEXICANOS 4.25000% 16-15.01.25 | 1 500 000.00 | 1 454 062.50 | 0.60 |
| Total USD |  | 1 454 062.50 | 0.60 |
| Total Medium term notes, fixed rate |  | 1 454 062.50 | 0.60 |
| Total Transferable securities and money market instruments traded on another regulated market |  | 48 236 299.21 | 19.78 |

UBS (Lux) Bond SICAV – 2025 I (USD)
Semi-Annual Report as of 30 November 2020
| 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 not listed on an official stock exchange and not traded on another regulated market
Notes, fixed rate
| USD |  |
| --- | --- |
| USD | ARDAGH PACKAGING FINANCE PLC-144A 5.25000% 20-30.04.25 | 1 700 000.00 | 1 797 537.50 | 0.74 |
| USD | BMW US CAPITAL LLC-144A 3.90000% 20-09.04.25 | 4 400 000.00 | 4 931 570.60 | 2.02 |
| USD | CDW LLC/CDW FINANCE CORP 4.12500% 20-01.05.25 | 500 000.00 | 518 750.00 | 0.21 |
| USD | TENET HEALTHCARE CORP-144A 7.50000% 20-01.04.25 | 1 600 000.00 | 1 751 336.00 | 0.72 |
| Total USD |  |  | 8 999 194.10 | 3.69 |
| Total Notes, fixed rate |  | 8 999 194.10 | 3.69 |
| Total Transferable securities and money market instruments not listed on an official stock exchange and not traded on another regulated market |  | 8 999 194.10 | 3.69 |
| Recently issued transferable securities and money market instruments |  |  |  |
| Notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	VOLKSWAGEN GRP OF AMERICA FINANCE-144A 3.35000% 20-13.05.25 | 3 600 000.00 | 3 948 594.12 | 1.62 |
| Total USD |  | 3 948 594.12 | 1.62 |
| Total Notes, fixed rate |  | 3 948 594.12 | 1.62 |
| Total Recently issued transferable securities and money market instruments |  | 3 948 594.12 | 1.62 |
| Total investments in securities |  | 240 336 566.73 | 98.55 |
| Forward Foreign Exchange contracts |  |  |  |
| Currency purchased/Amount purchased/Currency sold/Amount sold/Maturity date |  |  |  |

| USD | 3 864 944.85 | GBP | 2 895 000.00 | 8.1.2021 | -2 465.84 | 0.00 |
| --- | --- | --- | --- | --- | --- | --- |
| USD | 26 364 028.99 | EUR | 22 135 000.00 | 8.1.2021 | -147 882.46 | -0.06 |
| Total Forward Foreign Exchange contracts | -150 348.30 | -0.06 |
|  |  |  |
| Cash at banks, deposits on demand and deposit accounts and other liquid assets | 1 119 787.08 | 0.46 |
| Other assets and liabilities | 2 570 181.20 | 1.05 |
| Total net assets | 243 876 186.71 | 100.00 |

UBS (Lux) Bond SICAV – 2025 I (USD)
Semi-Annual Report as of 30 November 2020

Translation (ENFR, 2020-11-30):
# UBS (Lux) Bond SICAV – 2025 I (USD)
| Données principales |  |
| --- | --- |
|  | ISIN | 30.11.2020 |
| Actif net en USD |  | 243 876 186.71 |
| Catégorie K-1-acc 1 | LU2156500220 |  |
| Actions en circulation |  | 4.8000 |
| Valeur nette d’inventaire par action en USD |  | 5 141 456.05 |
| Prix d’émission et de rachat par action en USD 2 |  | 5 141 456.05 |
| Catégorie P-acc 1 | LU2156499894 |  |
| Actions en circulation |  | 427 332.3820 |
| Valeur nette d’inventaire par action en USD |  | 102.81 |
| Prix d’émission et de rachat par action en USD 2 |  | 102.81 |
| Catégorie P-dist 1 | LU2156499977 |  |
| Actions en circulation |  | 513 566.0520 |
| Valeur nette d’inventaire par action en USD |  | 102.81 |
| Prix d’émission et de rachat par action en USD 2 |  | 102.81 |
| Catégorie Q-acc 1 | LU2156500063 |  |
| Actions en circulation |  | 740 510.9380 |
| Valeur nette d’inventaire par action en USD |  | 102.83 |
| Prix d’émission et de rachat par action en USD 2 |  | 102.83 |
| Catégorie Q-dist 1 | LU2156500147 |  |
| Actions en circulation |  | 450 432.9900 |
| Valeur nette d’inventaire par action en USD |  | 102.83 |
| Prix d’émission et de rachat par action en USD 2 |  | 102.83 |
| 1  Première VNI 23.9.2020 2  Voir note 1 |  |  |
| Structure du portefeuille-titres |  |  |

Répartition géographique en % de l’actif net	
Etats-Unis	46.91
Grande-Bretagne	10.80
Iles Caïmans	4.84
Inde	3.27
Luxembourg	2.48
France	2.24
Singapour	2.22
Irlande	2.13
Îles Vierges britanniques	2.12
Pays-Bas	2.07
Mexique	1.99
Chili	1.90
Canada	1.48
Chine	1.46
Italie	1.23
Turquie	1.07
Japon	0.74
Corée du Sud	0.74
Multinationaux	0.74
Allemagne	0.74
Roumanie	0.73
République tchèque	0.72
Oman	0.61
Egypte	0.61
Arabie saoudite	0.60
Pérou	0.59
Nigéria	0.59
Ile Maurice	0.59
Brésil	0.57
Mongolie	0.47
Ukraine	0.36
République dominicaine	0.36
Colombie	0.36
Pakistan	0.22
Répartition économique en % de l’actif net	
Etablissements financiers et sociétés de participation	31.28
Banques & instituts de crédit	10.31
Immobilier	6.74
Pétrole	6.25
Emetteurs d’obligations sécurisées (Pfandbriefe) et
sociétés de refinancement	6.00
Trafic et transport	4.37
Véhicules	3.76
Gouvernements nationaux et centraux	3.72
Distribution d’énergie & d’eau	3.63
Télécommunications	3.12
Industrie minière, charbon et acier	3.01
Chimie	2.35
Equipement informatique et de réseau	2.27
Restauration et loisirs	1.70
Industrie aéronautique et spatiale	1.67
Internet, logiciels et services informatiques	1.50
Services divers	1.45
Diverses sociétés commerciales	1.25
Bâtiment et matériaux de construction	0.84
Industrie de conditionnement	0.74
Biens de consommation divers	0.73
Soins de santé & services sociaux	0.72
Organisations supranationales	0.59
Machines et appareils	0.55
Total	98.55
Total	98.55
UBS (Lux) Bond SICAV – 2025 I (USD)
Rapport semestriel au 30 novembre 2020

## Etat des actifs nets
Actif	30.11.2020
USD
Portefeuille-titres, cours d’achat	234 337 934.44
| Portefeuille-titres, plus-/(moins)-value non réalisée | 	5 998 632.29	 |
| --- | --- |
| Total du Portefeuille-titres (note 1) | 240 336 566.73 |
| Avoirs en banque, dépôts à vue et à terme | 1 119 787.08 |
| Intérêts à recevoir sur titres | 2 626 948.39 |
| Autres créances | 8 394.58 |
| Total de l’Actif | 244 091 696.78 |
|  |  |
| Passif |  |
| Perte non réalisé(e) sur contrats de change à terme (note 1) | -150 348.30 |
| Provisions pour commission de gestion forfaitaire (note 2) | -40 929.66 |
| Provisions pour taxe d’abonnement (note 3) | -20 212.65 |
| Provisions pour autres commissions et frais (note 2) | 	-4 019.46	 |
| Total des Provisions pour frais | -65 161.77 |
| Total du Passif | -215 510.07 |
|  |  |
| Actif net à la fin de la période | 243 876 186.71 |
| Etat des opérations | USD |
| Revenus | 23.9.2020-30.11.2020 |
| Intérêts sur titres | 1 802 389.27 |
| Autres revenus (note 4) | 883.84 |
| Total des Revenus | 1 803 273.11 |
|  |  |
| Charges |  |
| Commission de gestion forfaitaire (note 2) | -185 761.81 |
| Taxe d’abonnement (note 3) | -50 259.51 |
| Autres commissions et frais (note 2) | -3 961.10 |
| Total des Charges | -239 982.42 |
|  |  |
| Revenus/pertes net(te)s de placements | 1 563 290.69 |
|  |  |
| Bénéfices/(pertes) réalisé(e)s (note 1) |  |
| Bénéfice/(perte) réalisé(e) sur titres évalués à la valeur de marché hors options | -1 238.78 |
| Bénéfice/(perte) réalisé(e) sur contrats de change à terme | -120 198.59 |
| Bénéfice/(perte) de change réalisé(e) | -597 068.84 |
| Total des Bénéfices/(pertes) réalisé(e)s | -718 506.21 |
|  |  |
| Bénéfice/(perte) net(te) réalisé(e) au cours de la période | 844 784.48 |
|  |  |
| Fluctuations de la plus-/(moins)-value non réalisée (note 1) |  |
| Plus-/(moins)-value non réalisée sur titres évalués à la valeur de marché hors options | 5 998 632.29 |
| Plus-/(moins)-value non réalisée sur contrats de change à terme | -150 348.30 |
| Total des Fluctuations de la plus-/(moins)-value non réalisée | 5 848 283.99 |
|  |  |
| Augmentation/(diminution) nette de l’actif net issue de l’activité | 6 693 068.47 |

UBS (Lux) Bond SICAV – 2025 I (USD)
Rapport semestriel au 30 novembre 2020
| Fluctuations de l’actif net |  |
| --- | --- |
|  | USD |
|  | 23.9.2020-30.11.2020 |
| Actif net au début de la période | 0.00 |
| Souscriptions | 237 433 574.00 |
| Rachats | 	-250 455.76	 |
| Total des Entrées/(sorties) de capitaux | 237 183 118.24 |
| Revenus/pertes net(te)s de placements | 1 563 290.69 |
| Total des Bénéfices/(pertes) réalisé(e)s | -718 506.21 |
| Total des Fluctuations de la plus-/(moins)-value non réalisée | 	5 848 283.99	 |
| Augmentation/(diminution) nette de l’actif net issue de l’activité | 6 693 068.47 |
| Actif net à la fin de la période | 243 876 186.71 |
| Evolution des actions en circulation |  |
|  | 23.9.2020-30.11.2020 |
| Catégorie | K-1-acc |
| Nombre d’actions en circulation au début de la période | 0.0000 |
| Nombre d’actions émises | 4.8000 |
| Nombre d’actions rachetées | 0.0000 |
| Nombre d’actions en circulation à la fin de la période | 4.8000 |
| Catégorie | P-acc |
| Nombre d’actions en circulation au début de la période | 0.0000 |
| Nombre d’actions émises | 427 332.3820 |
| Nombre d’actions rachetées | 0.0000 |
| Nombre d’actions en circulation à la fin de la période | 427 332.3820 |
| Catégorie | P-dist |
| Nombre d’actions en circulation au début de la période | 0.0000 |
| Nombre d’actions émises | 514 154.8300 |
| Nombre d’actions rachetées | -588.7780 |
| Nombre d’actions en circulation à la fin de la période | 513 566.0520 |
| Catégorie | Q-acc |
| Nombre d’actions en circulation au début de la période | 0.0000 |
| Nombre d’actions émises | 742 410.9380 |
| Nombre d’actions rachetées | -1 900.0000 |
| Nombre d’actions en circulation à la fin de la période | 740 510.9380 |
| Catégorie | Q-dist |
| Nombre d’actions en circulation au début de la période | 0.0000 |
| Nombre d’actions émises | 450 432.9900 |
| Nombre d’actions rachetées | 0.0000 |
| Nombre d’actions en circulation à la fin de la période | 450 432.9900 |

UBS (Lux) Bond SICAV – 2025 I (USD)
Rapport semestriel au 30 novembre 2020

## Etat du portefeuille-titres et autres actifs nets au 30 novembre 2020
| Dénomination | Nombre/ | Evaluation en USD | en % |
| --- | --- | --- | --- |
|  | Nominal | Bénéfice/(perte) non | de |
|  |  | réalisé(e) sur futures/ | l’actif |
|  |  | Contrats de | net |
|  |  | change à terme/ |  |
|  |  | Swaps (note 1) |  |
| Titres et instruments du marché monétaire négociés sur une bourse officielle |  |  |  |
| Billets, taux fixe |  |  |  |
| EUR |  |  |  |
| EUR	CEMEX SAB DE CV-REG-S 2.75000% 17-05.12.24 | 1 700 000.00 | 2 051 333.48 | 0.84 |
| EUR	INTERNATIONAL GAME TECHNOLOGY PLC-REG-S 3.50000% 18-15.07.24 | 1 500 000.00 | 1 838 658.68 | 0.76 |
| EUR	SAZKA GROUP AS-REG-S 4.12500% 19-20.11.24 | 1 500 000.00 | 1 762 899.75 | 0.72 |
| EUR	SYNTHOMER PLC-REG-S 3.87500% 20-01.07.25 | 1 700 000.00 | 2 122 222.68 | 0.87 |
| EUR	TEVA PHARMACEUTICAL FIN 6.00000% 20-31.01.25 | 1 600 000.00 | 2 087 369.00 | 0.86 |
| Total EUR |  | 9 862 483.59 | 4.05 |
| GBP |  |  |  |
| GBP	TALKTALK TELECOM GROUP PLC-REG-S 3.87500% 20-20.02.25 | 1 500 000.00 | 1 982 549.25 | 0.81 |
| Total GBP |  | 1 982 549.25 | 0.81 |
| USD |  |  |  |
| USD	ADANI PORTS AND SPECIAL ECO ZONE-REG-S 3.37500% 19-24.07.24 | 1 700 000.00 | 1 758 437.50 | 0.72 |
| USD	AERCAP IRELAND CAP/ GLBL AVIATION TRUST 6.50000% 20-15.07.25 | 4 500 000.00 | 5 202 249.75 | 2.13 |
| USD	AFRICA FINANCE CORP-REG-S 3.12500% 20-16.06.25 | 1 400 000.00 | 1 444 800.00 | 0.59 |
| USD	AIR LEASE CORP 3.37500% 20-01.07.25 | 2 900 000.00 | 3 059 117.49 | 1.25 |
| USD	ALLY FINANCIAL INC 5.80000% 20-01.05.25 | 4 200 000.00 | 4 997 692.56 | 2.05 |
| USD	ANGLO AMERICAN CAPITAL PLC-144A 5.37500% 20-01.04.25 | 2 500 000.00 | 2 908 250.00 | 1.19 |
| USD	BANCO SANTANDER SA-REG-S 5.37500% 20-17.04.25 | 1 200 000.00 | 1 356 960.00 | 0.55 |
| USD	BHARTI AIRTEL LTD-REG-S 4.37500% 15-10.06.25 | 1 700 000.00 | 1 839 187.50 | 0.75 |
| USD	BOEING CO 4.87500% 20-01.05.25 | 3 650 000.00 | 4 071 577.92 | 1.67 |
| USD	BP CAPITAL MARKETS AMERICA INC 3.19400% 20-06.04.25 | 4 500 000.00 | 4 941 055.80 | 2.02 |
| USD	CENTURYLINK INC 5.62500% 15-01.04.25 | 1 700 000.00 | 1 825 375.00 | 0.75 |
| USD	CIT GROUP INC 5.25000% 18-07.03.25 | 1 600 000.00 | 1 802 000.00 | 0.74 |
| USD	CONTINENTAL RESOURCES INC 3.80000% 14-01.06.24 | 1 900 000.00 | 1 920 881.00 | 0.79 |
| USD	CORP NACIONAL DEL COBRE DE CHILE-REG-S 4.50000% 15-16.09.25 | 1 300 000.00 | 1 478 750.00 | 0.61 |
| USD	CREDICORP LTD-REG-S 2.75000% 20-17.06.25 | 1 400 000.00 | 1 445 850.00 | 0.59 |
| USD	DOMINICAN REPUBLIC-REG-S 5.50000% 15-27.01.25 | 800 000.00 | 870 250.00 | 0.36 |
| USD	EASY TACTIC LTD-REG-S 8.12500% 19-11.07.24 | 2 000 000.00 | 1 705 625.00 | 0.70 |
| USD	EDISON INTERNATIONAL 4.95000% 20-15.04.25 | 4 400 000.00 | 4 915 647.00 | 2.01 |
| USD	EMPRESA NACIONAL DEL PETROLEO-REG-S 4.37500% 14-30.10.24 | 1 300 000.00 | 1 413 750.00 | 0.58 |
| USD	EQT CORP 6.12500% 20-01.02.25 | 900 000.00 | 1 030 500.00 | 0.42 |
| USD	EXPORT CREDIT BANK OF TURKEY-REG-S 6.12500% 18-03.05.24 | 1 400 000.00 | 1 407 000.00 | 0.58 |
| USD	EXXON MOBIL CORP 2.99200% 20-19.03.25 | 2 700 000.00 | 2 946 263.49 | 1.21 |
| USD	FANTASIA HOLDINGS GROUP CO LTD-REG-S 9.25000% 20-28.07.23 | 1 800 000.00 | 1 773 000.00 | 0.73 |
| USD	FIBRIA OVERSEAS FINANCE LTD 4.00000% 17-14.01.25 | 1 300 000.00 | 1 389 781.25 | 0.57 |
| USD	FORD MOTOR CO 9.00000% 20-22.04.25 | 1 800 000.00 | 2 187 414.00 | 0.90 |
| USD	GENERAL MOTORS CO 6.12500% 20-01.10.25 | 3 400 000.00 | 4 098 921.34 | 1.68 |
| USD	HEWLETT PACKARD ENTERPRISE CO STEP-UP/DOWN 16-15.10.25 | 4 300 000.00 | 5 008 812.00 | 2.05 |
| USD	HILLENBRAND INC 5.75000% 20-15.06.25 | 2 000 000.00 | 2 140 000.00 | 0.88 |
| USD	IMPERIAL BRANDS FINANCE PLC-144A 4.25000% 15-21.07.25 | 3 600 000.00 | 4 043 311.92 | 1.66 |
| USD	ISTAR INC 4.25000% 19-01.08.25 | 2 300 000.00 | 2 236 750.00 | 0.92 |
| USD	JSW STEEL LTD-REG-S 5.37500% 19-04.04.25 | 800 000.00 | 831 250.00 | 0.34 |
| USD	KAISA GROUP HOLDINGS LTD-REG-S 9.95000% 20-23.07.25 | 1 900 000.00 | 1 814 500.00 | 0.74 |
| USD	LAS VEGAS SANDS CORP 3.20000% 19-08.08.24 | 2 900 000.00 | 3 030 386.32 | 1.24 |
| USD	MEDCO PLATINUM ROAD PTE LTD-REG-S 6.75000% 18-30.01.25 | 1 800 000.00 | 1 868 062.50 | 0.77 |
| USD	NAVIENT CORP 6.75000% 17-25.06.25 | 2 100 000.00 | 2 261 490.00 | 0.93 |
| USD	PAKISTAN, ISLAMIC REPUBLIC OF-REG-S 8.25000% 15-30.09.25 | 500 000.00 | 543 906.25 | 0.22 |
| USD	REC LTD-REG-S 3.50000% 19-12.12.24 | 1 700 000.00 | 1 770 656.25 | 0.73 |
| USD	SINOPEC GRP OVERSEAS DEV LTD-REG-S 2.15000% 20-13.05.25 | 1 700 000.00 | 1 749 012.70 | 0.72 |
| USD	SOUTHWEST AIRLINES CO 5.25000% 20-04.05.25 | 2 700 000.00 | 3 079 315.17 | 1.26 |
| USD	SPRINGLEAF FINANCE CORP 6.87500% 18-15.03.25 | 2 000 000.00 | 2 285 000.00 | 0.94 |
| USD	TURKEY, REPUBLIC OF 7.37500% 05-05.02.25 | 1 100 000.00 | 1 195 906.25 | 0.49 |
| USD	UKRAINE, GOVERNMENT OF-REG-S 7.75000% 15-01.09.25 | 800 000.00 | 879 200.00 | 0.36 |
| USD	VALERO ENERGY CORP 2.85000% 20-15.04.25 | 2 800 000.00 | 2 942 258.76 | 1.21 |
| USD	VEDANTA RESOURCES PLC-REG-S 6.12500% 17-09.08.24 | 2 500 000.00 | 1 509 375.00 | 0.62 |
| USD	WESTERN MIDSTREAM OPERATING LP 3.10000% 20-01.02.25 | 1 900 000.00 | 1 895 801.00 | 0.78 |
| Total USD |  | 104 875 330.72 | 43.00 |
| Total des Billets, taux fixe |  | 116 720 363.56 | 47.86 |
| Billets, taux variable |  |  |  |
| USD |  |  |  |
| USD	BARCLAYS PLC 3.932%/VAR 19-07.05.25 | 4 600 000.00 | 5 010 861.88 | 2.05 |
| USD	WYNDHAM WORLDWIDE CORP STEP UP/RATING LINKED 15-01.10.25 | 1 000 000.00 | 1 122 500.00 | 0.46 |
| Total USD |  | 6 133 361.88 | 2.51 |
| Total des Billets, taux variable |  | 6 133 361.88 | 2.51 |
| Medium-Term Notes, taux fixe |  |  |  |
| USD |  |  |  |
| USD	BOC AVIATION LTD-REG-S 3.25000% 20-29.04.25 | 1 700 000.00 | 1 785 718.93 | 0.73 |
| USD	EGYPT, REPUBLIC OF-REG-S 5.87500% 15-11.06.25 | 1 400 000.00 | 1 478 312.50 | 0.61 |
| USD	HUARONG FINANCE II CO LTD-REG-S 5.50000% 15-16.01.25 | 1 600 000.00 | 1 790 478.88 | 0.73 |
| USD	KWG GROUP HOLDINGS LTD-REG-S 5.95000% 20-10.08.25 | 1 800 000.00 | 1 802 250.00 | 0.74 |
| USD	MDGH - GMTN BV-REG-S 2.50000% 19-07.11.24 | 1 100 000.00 | 1 156 100.00 | 0.48 |
| USD	MEGLOBAL CANADA INC-REG-S 5.00000% 20-18.05.25 | 1 300 000.00 | 1 443 406.25 | 0.59 |
| USD	MONGOLIA,GOVERNMENT OF-REG-S 8.75000% 17-09.03.24 | 1 000 000.00 | 1 155 000.00 | 0.47 |
| USD	OMAN GOVT INTERNATIONAL BOND-REG-S 4.87500% 19-01.02.25 | 1 500 000.00 | 1 493 437.49 | 0.61 |
| USD	QNB FINANCE LTD-REG-S 2.62500% 20-12.05.25 | 1 400 000.00 | 1 463 000.00 | 0.60 |
| USD	SAUDI GOVERNMENT INTERNATIONAL BD-REG-S 4.00000% 18-17.04.25 | 1 300 000.00 | 1 450 312.50 | 0.60 |
| USD	STANDARD CHARTERED PLC-144A 3.20000% 15-17.04.25 | 4 600 000.00 | 4 930 878.00 | 2.02 |
| Total USD |  | 19 948 894.55 | 8.18 |
| Total des Medium-Term Notes, taux fixe |  | 19 948 894.55 | 8.18 |
| UBS (Lux) Bond SICAV – 2025 I (USD) Rapport semestriel au 30 novembre 2020 |  |  |  |

| Dénomination | Nombre/ | Evaluation en USD | en % |
| --- | --- | --- | --- |
|  | Nominal | Bénéfice/(perte) non | de |
|  |  | réalisé(e) sur futures/ | l’actif |
|  |  | Contrats de | net |
|  |  | change à terme/ |  |
|  |  | Swaps (note 1) |  |
| Obligations, taux fixe |  |  |  |
| EUR |  |  |  |
| EUR	ADLER REAL ESTATE AG-REG-S 1.87500% 18-27.04.23 | 1 500 000.00 | 1 792 093.01 | 0.73 |
| EUR	ALTICE FINANCING SA-REG-S 2.25000% 20-15.01.25 | 1 800 000.00 | 2 083 789.49 | 0.85 |
| EUR	CRYSTAL ALMOND SARL-REG-S 4.25000% 19-15.10.24 | 1 500 000.00 | 1 798 606.32 | 0.74 |
| EUR	FAURECIA SA-REG-S 2.62500% 18-15.06.25 | 1 500 000.00 | 1 825 700.25 | 0.75 |
| EUR	OI EUROPEAN GROUP BV-REG-S 2.87500% 19-15.02.25 | 1 500 000.00 | 1 811 688.74 | 0.74 |
| EUR	PAPREC HOLDING-REG-S 4.00000% 18-31.03.25 | 1 500 000.00 | 1 775 495.74 | 0.73 |
| EUR	QUATRIM SASU-REG-S 5.87500% 19-15.01.24 | 1 500 000.00 | 1 850 346.76 | 0.76 |
| EUR	RCS & RDS SA-REG-S 2.50000% 20-05.02.25 | 1 500 000.00 | 1 768 506.94 | 0.73 |
| EUR	SOFTBANK GROUP CORP-REG-S 4.75000% 15-30.07.25 | 1 400 000.00 | 1 811 769.31 | 0.74 |
| Total EUR |  | 16 517 996.56 | 6.77 |
| GBP |  |  |  |
| GBP	JERROLD FINCO PLC-REG-S 6.12500% 17-15.01.24 | 1 500 000.00 | 1 992 562.13 | 0.82 |
| Total GBP |  | 1 992 562.13 | 0.82 |
| USD |  |  |  |
| USD	BRASKEM FINANCE LTD 6.45000% 14-03.02.24 | 1 300 000.00 | 1 414 426.00 | 0.58 |
| USD	CDBL FUNDING 1-REG-S 4.25000% 14-02.12.24 | 1 600 000.00 | 1 751 500.00 | 0.72 |
| USD	COUNTRY GARDEN HOLDINGS CO LTD-REG-S 5.12500% 18-17.01.25 | 1 700 000.00 | 1 774 052.00 | 0.73 |
| USD	ECOPETROL SA 4.12500% 14-16.01.25 | 800 000.00 | 863 275.04 | 0.36 |
| USD	GLOBAL LOGISTIC PROPERTIES LTD-REG-S 3.87500% 15-04.06.25 | 1 700 000.00 | 1 764 812.50 | 0.72 |
| USD	GREENKO SOLAR MAURITIUS LTD-REG-S 5.55000% 19-29.01.25 | 1 400 000.00 | 1 442 000.00 | 0.59 |
| USD	KOREA NATIONAL OIL CORP-144A 0.87500% 20-05.10.25 | 1 800 000.00 | 1 800 797.58 | 0.74 |
| USD	POWER FINANCE CORP LTD-REG-S 3.25000% 19-16.09.24 | 1 700 000.00 | 1 762 687.50 | 0.72 |
| USD	SHIMAO PROPERTY HOLDINGS LIMITED-REG-S 5.20000% 18-30.01.25 | 1 700 000.00 | 1 789 250.00 | 0.73 |
| USD	WANDA PROPERTIES INTERNATIONAL-REG-S 7.25000% 14-19.01.24 | 1 700 000.00 | 1 683 000.00 | 0.69 |
| USD	YUZHOU PROPERTIES CO LTD-REG-S 8.30000% 19-27.05.25 | 1 700 000.00 | 1 793 500.00 | 0.74 |
| Total USD |  | 17 839 300.62 | 7.32 |
| Total des Obligations, taux fixe |  | 36 349 859.31 | 14.91 |
| Total des Titres et instruments du marché monétaire négociés sur une bourse officielle |  | 179 152 479.30 | 73.46 |
| Titres et instruments du marché monétaire négociés sur un autre marché réglementé |  |  |  |
| Titres adossés à des actifs, taux fixe |  |  |  |
| USD |  |  |  |
| USD	AMERICAN CREDIT ACCEPT RECEI TRUST-144A 3.93000% 18-10.04.24 | 2 000 000.00 | 1 963 323.49 | 0.80 |
| USD	CPS AUTO RECEIVABLES-144A 3.83000% 20-15.09.23 | 2 000 000.00 | 2 031 576.40 | 0.83 |
| USD	DELL EQUIPMENT FINANCE TRUST-144A 3.85000% 18-24.06.24 | 1 500 000.00 | 1 520 830.50 | 0.62 |
| USD	EXETER AUTOMOBILE RECEIVABLES TRST-144A 4.35000% 18-17.06.24 | 2 000 000.00 | 2 086 162.00 | 0.86 |
| USD	SANTANDER DRIVE AUTO RECEIVABLES-144A 5.05000% 17-15.07.24 | 2 000 000.00 | 2 041 655.80 | 0.84 |
| Total USD |  | 9 643 548.19 | 3.95 |
| Total des Titres adossés à des actifs, taux fixe |  | 9 643 548.19 | 3.95 |
| Billets, taux fixe |  |  |  |
| USD |  |  |  |
| USD	DELL INTERNATIONAL LLC / EMC CORP-144A 5.85000% 20-15.07.25 | 4 200 000.00 | 4 998 454.86 | 2.05 |
| USD	DELTA AIR LINES INC-144A 7.00000% 20-01.05.25 | 3 500 000.00 | 3 998 570.45 | 1.64 |
| USD	GE CAPITAL FUNDING LLC-144A 3.45000% 20-15.05.25 | 4 600 000.00 | 4 999 258.84 | 2.05 |
| USD	GENESIS ENERGY LP 5.62500% 14-15.06.24 | 1 200 000.00 | 1 128 000.00 | 0.46 |
| USD	GLENCORE FUNDING LLC-144A 4.00000% 15-16.04.25 | 3 200 000.00 | 3 527 909.44 | 1.45 |
| USD	HARLEY-DAVIDSON FIN.SERV INC-144A 3.35000% 20-08.06.25 | 3 700 000.00 | 3 974 229.94 | 1.63 |
| USD	INTESA SANPAOLO SPA-144A 3.25000% 19-23.09.24 | 2 800 000.00 | 2 996 078.96 | 1.23 |
| USD	MERITOR INC-144A 6.25000% 20-01.06.25 | 1 000 000.00 | 1 066 250.00 | 0.44 |
| USD	NAVISTAR INTERNATIONAL CORP-144A 9.50000% 20-01.05.25 | 1 200 000.00 | 1 342 500.00 | 0.55 |
| USD	NEWELL BRANDS INC 4.87500% 20-01.06.25 | 1 600 000.00 | 1 768 000.00 | 0.72 |
| USD	NIELSEN CO LUXEMBOURG SARL/THE-144A 5.00000% 17-01.02.25 | 2 100 000.00 | 2 160 375.00 | 0.89 |
| USD	NOVA CHEMICALS CORP-144A 5.00000% 14-01.05.25 | 2 100 000.00 | 2 173 500.00 | 0.89 |
| USD	SIRIUS XM RADIO INC-144A 4.62500% 19-15.07.24 | 1 000 000.00 | 1 035 880.00 | 0.42 |
| USD	VIACOMCBS INC 4.75000% 20-15.05.25 | 1 700 000.00 | 1 969 681.03 | 0.81 |
| Total USD |  | 37 138 688.52 | 15.23 |
| Total des Billets, taux fixe |  | 37 138 688.52 | 15.23 |
| Medium-Term Notes, taux fixe |  |  |  |
| USD |  |  |  |
| USD	PETROLEOS MEXICANOS 4.25000% 16-15.01.25 | 1 500 000.00 | 1 454 062.50 | 0.60 |
| Total USD |  | 1 454 062.50 | 0.60 |
| Total des Medium-Term Notes, taux fixe |  | 1 454 062.50 | 0.60 |
| Total des Titres et instruments du marché monétaire négociés sur un autre marché réglementé |  | 48 236 299.21 | 19.78 |

UBS (Lux) Bond SICAV – 2025 I (USD)
Rapport semestriel au 30 novembre 2020
| Dénomination | Nombre/ | Evaluation en USD | en % |
| --- | --- | --- | --- |
|  | Nominal | Bénéfice/(perte) non | de |
|  |  | réalisé(e) sur futures/ | l’actif |
|  |  | Contrats de | net |
|  |  | change à terme/ |  |
|  |  | Swaps (note 1) |  |

Titres et instruments du marché monétaire non négociés sur une bourse officielle ou un autre marché réglementé
Billets, taux fixe
| USD |  |
| --- | --- |
| USD | ARDAGH PACKAGING FINANCE PLC-144A 5.25000% 20-30.04.25 | 1 700 000.00 | 1 797 537.50 | 0.74 |
| USD | BMW US CAPITAL LLC-144A 3.90000% 20-09.04.25 | 4 400 000.00 | 4 931 570.60 | 2.02 |
| USD | CDW LLC/CDW FINANCE CORP 4.12500% 20-01.05.25 | 500 000.00 | 518 750.00 | 0.21 |
| USD | TENET HEALTHCARE CORP-144A 7.50000% 20-01.04.25 | 1 600 000.00 | 1 751 336.00 | 0.72 |
| Total USD |  |  | 8 999 194.10 | 3.69 |
| Total des Billets, taux fixe |  | 8 999 194.10 | 3.69 |
| Total des Titres et instruments du marché monétaire non négociés sur une bourse officielle ou un autre marché réglementé |  | 8 999 194.10 | 3.69 |
| Nouvelles émissions de titres et instruments du marché monétaire |  |  |  |
| Billets, taux fixe |  |  |  |
| USD |  |  |  |
| USD	VOLKSWAGEN GRP OF AMERICA FINANCE-144A 3.35000% 20-13.05.25 | 3 600 000.00 | 3 948 594.12 | 1.62 |
| Total USD |  | 3 948 594.12 | 1.62 |
| Total des Billets, taux fixe |  | 3 948 594.12 | 1.62 |
| Total des Nouvelles émissions de titres et instruments du marché monétaire |  | 3 948 594.12 | 1.62 |
| Total du Portefeuille-titres |  | 240 336 566.73 | 98.55 |
| Contrats de change à terme |  |  |  |
| Devise achetée/Montant acheté/Devise vendue/Montant vendu/Date de maturité |  |  |  |

| USD | 3 864 944.85 | GBP | 2 895 000.00 | 8.1.2021 | -2 465.84 | 0.00 |
| --- | --- | --- | --- | --- | --- | --- |
| USD | 26 364 028.99 | EUR | 22 135 000.00 | 8.1.2021 | -147 882.46 | -0.06 |
| Total des Contrats de change à terme | -150 348.30 | -0.06 |
|  |  |  |
| Avoirs en banque, dépôts à vue et à terme et autres liquidités | 1 119 787.08 | 0.46 |
| Autres actifs et passifs | 2 570 181.20 | 1.05 |
| Total de l’Actif net | 243 876 186.71 | 100.00 |

UBS (Lux) Bond SICAV – 2025 I (USD)
Rapport semestriel au 30 novembre 2020