# UBS (Lux) Bond SICAV
– Emerging Economies Local Currency Bond (USD)
| Most important figures |  |
| --- | --- |
|  | ISIN | 30.11.2020 | 31.5.2020 | 31.5.2019 |
| Net assets in USD |  | 347 944 092.05 | 334 387 742.23 | 297 327 482.25 |
| Class I-A1-acc | LU1390335583 |  |  |  |
| Shares outstanding |  | 42 612.9230 | 42 612.9230 | 47 396.8310 |
| Net asset value per share in USD |  | 118.22 | 110.18 | 109.57 |
| Issue and redemption price per share in USD 1 |  | 118.22 | 110.18 | 109.57 |
| Class I-B-acc | LU1881004227 |  |  |  |
| Shares outstanding |  | 116 009.9150 | 63 330.0000 | 28 107.3540 |
| Net asset value per share in USD |  | 115.64 | 107.49 | 106.35 |
| Issue and redemption price per share in USD 1 |  | 115.64 | 107.49 | 106.35 |
| Class I-X-acc | LU1131112325 |  |  |  |
| Shares outstanding |  | 2 076 035.6180 | 2 027 732.1150 | 1 933 078.7440 |
| Net asset value per share in USD |  | 105.21 | 97.74 | 96.59 |
| Issue and redemption price per share in USD 1 |  | 105.21 | 97.74 | 96.59 |
| Class K-1-acc | LU0775388019 |  |  |  |
| Shares outstanding |  | 0.5000 | 0.5000 | 0.5000 |
| Net asset value per share in USD |  | 5 673 212.08 | 5 295 474.00 | 5 282 398.28 |
| Issue and redemption price per share in USD 1 |  | 5 673 212.08 | 5 295 474.00 | 5 282 398.28 |
| Class P-acc | LU0775387714 |  |  |  |
| Shares outstanding |  | 195 547.8610 | 221 074.9170 | 253 348.3640 |
| Net asset value per share in USD |  | 92.64 | 86.73 | 87.03 |
| Issue and redemption price per share in USD 1 |  | 92.64 | 86.73 | 87.03 |
| Class (EUR hedged) P-acc 2 | LU2064626802 |  |  |  |
| Shares outstanding |  | 134 346.8880 | 146 194.1530 | - |
| Net asset value per share in EUR |  | 98.87 | 93.23 | - |
| Issue and redemption price per share in EUR 1 |  | 98.87 | 93.23 | - |
| Class P-dist | LU0775387805 |  |  |  |
| Shares outstanding |  | 6 911.0760 | 6 906.3400 | 392.0530 |
| Net asset value per share in USD |  | 63.76 | 62.12 | 65.18 |
| Issue and redemption price per share in USD 1 |  | 63.76 | 62.12 | 65.18 |
| Class (EUR hedged) P-dist 2 | LU2064626984 |  |  |  |
| Shares outstanding |  | 195 482.0960 | 211 104.9010 | - |
| Net asset value per share in EUR |  | 96.88 | 93.23 | - |
| Issue and redemption price per share in EUR 1 |  | 96.88 | 93.23 | - |
| Class P-mdist | LU0775387987 |  |  |  |
| Shares outstanding |  | 8 287.3030 | 11 584.1230 | 11 711.5790 |
| Net asset value per share in USD |  | 96.94 | 93.00 | 98.11 |
| Issue and redemption price per share in USD 1 |  | 96.94 | 93.00 | 98.11 |
| Class Q-acc | LU1240772902 |  |  |  |
| Shares outstanding |  | 135 851.3300 | 153 602.3150 | 169 691.0730 |
| Net asset value per share in USD |  | 117.11 | 109.26 | 108.88 |
| Issue and redemption price per share in USD 1 |  | 117.11 | 109.26 | 108.88 |
| Class (EUR hedged) Q-acc 2 | LU2064627016 |  |  |  |
| Shares outstanding |  | 34 721.2530 | 35 676.1630 | - |
| Net asset value per share in EUR |  | 99.59 | 93.58 | - |
| Issue and redemption price per share in EUR 1 |  | 99.59 | 93.58 | - |
| Class (EUR hedged) Q-dist 2 | LU2064627107 |  |  |  |
| Shares outstanding |  | 9 264.8220 | 12 373.5920 | - |
| Net asset value per share in EUR |  | 96.56 | 93.58 | - |
| Issue and redemption price per share in EUR 1 |  | 96.56 | 93.58 | - |
| Class U-X-acc | LU0775388282 |  |  |  |
| Shares outstanding |  | 1 728.4990 | 3 401.4990 | 3 442.4990 |
| Net asset value per share in USD |  | 10 545.26 | 9 796.29 | 9 681.17 |
| Issue and redemption price per share in USD 1 |  | 10 545.26 | 9 796.29 | 9 681.17 |
| Class U-X-UKdist-mdist | LU1957417519 |  |  |  |
| Shares outstanding |  | 1 099.9200 | 969.9200 | 2 517.8210 |
| Net asset value per share in USD |  | 9 983.05 | 9 488.76 | 9 831.03 |
| Issue and redemption price per share in USD 1 |  | 9 983.05 | 9 488.76 | 9 831.03 |
| 1  See note 1 2  First NAV: 15.11.2019 |  |  |  |  |

UBS (Lux) Bond SICAV – Emerging Economies Local Currency Bond (USD) Semi-Annual Report as of 30 November 2020

## Structure of the Securities Portfolio
Geographical Breakdown as a % of net assets	
Russian Federation (CIS)	8.30
Thailand	8.25
South Africa	7.79
Indonesia	7.28
Poland	7.13
Mexico	6.50
China	6.34
Malaysia	6.29
Colombia	5.84
Brazil	5.16
Peru	4.43
Czech Republic	3.59
Hungary	2.90
Luxembourg	2.65
Romania	2.10
Turkey	1.24
Supranationals	1.04
United Kingdom	0.97
Ukraine	0.53
Uzbekistan	0.53
Cayman Islands	0.46
India	0.44
Saudi Arabia	0.42
United Arab Emirates	0.40
Nigeria	0.29
Philippines	0.29
Belarus	0.29
Mauritius	0.28
Egypt	0.25
Kenya	0.25
The Netherlands	0.24
Pakistan	0.23
Costa Rica	0.23
Dominican Republic	0.20
Ireland	0.20
Uruguay	0.20
Hong Kong	0.16
Kazakhstan	0.16
Greece	0.15
Ecuador	0.07
Mongolia	0.06
Lebanon	0.03
Argentina	0.03
Economic Breakdown as a % of net assets	
Countries & central governments	79.97
Finance & holding companies	2.49
Supranational organisations	2.32
Investment funds	1.94
Energy & water supply	1.66
Petroleum	1.47
Banks & credit institutions	1.01
Cantons, federal states	0.83
Telecommunications	0.68
Mining, coal & steel	0.55
Non-ferrous metals	0.44
Mechanical engineering & industrial equipment	0.28
Miscellaneous unclassified companies	0.26
Chemicals	0.16
Traffic & transportation	0.13
Total	94.19
Total	94.19
UBS (Lux) Bond SICAV – Emerging Economies Local Currency Bond (USD)
Semi-Annual Report as of 30 November 2020

## Statement of Net Assets
Assets	30.11.2020
USD
Investments in securities, cost	331 135 555.75
| Investments in securities, unrealized appreciation (depreciation) | 	-3 412 297.39	 |
| --- | --- |
| Total investments in securities (Note 1) | 327 723 258.36 |
| Cash at banks, deposits on demand and deposit accounts | 12 336 788.07 |
| Other liquid assets (Margins) | 207 720.34 |
| Receivable on subscriptions | 321 646.00 |
| Interest receivable on securities | 5 054 109.51 |
| Interest receivable on liquid assets | 446.71 |
| Other receivables | 84 702.37 |
| Unrealized gain on forward foreign exchange contracts (Note 1) | 1 972 097.99 |
| Unrealized gain on swaps (Note 1) | 2 454 422.90 |
| Total Assets | 350 155 192.25 |
|  |  |
| Liabilities |  |
| Unrealized loss on financial futures (Note 1) | -64 468.75 |
| Bank overdraft | -991 240.12 |
| Interest payable on bank overdraft | -488.53 |
| Payable on securities purchases (Note 1) | -1 000 000.00 |
| Payable on redemptions | -81 453.46 |
| Provisions for flat fee (Note 2) | -47 013.70 |
| Provisions for taxe d’abonnement (Note 3) | -10 977.90 |
| Provisions for other commissions and fees (Note 2) | 	-15 457.74	 |
| Total provisions | -73 449.34 |
| Total Liabilities | -2 211 100.20 |
|  |  |
| Net assets at the end of the period | 347 944 092.05 |
| Statement of Operations | USD |
| Income | 1.6.2020-30.11.2020 |
| Interest on liquid assets | 18 422.12 |
| Interest on securities | 8 212 196.02 |
| Interest received on swaps (Note 1) | 714 073.86 |
| Income on securities lending (Note 12) | 2 404.40 |
| Other income (Note 4) | 82 427.71 |
| Total income | 9 029 524.11 |
|  |  |
| Expenses |  |
| Interest paid on swaps (Note 1) | -359 813.70 |
| Flat fee (Note 2) | -571 478.71 |
| Taxe d’abonnement (Note 3) | -33 269.27 |
| Cost on securities lending (Note 12) | -961.76 |
| Other commissions and fees (Note 2) | -15 366.81 |
| Interest on cash and bank overdraft | -6 125.27 |
| Total expenses | -987 015.52 |
|  |  |
| Net income (loss) on investments | 8 042 508.59 |
|  |  |
| Realized gain (loss) (Note 1) |  |
| Realized gain (loss) on market-priced securities without options | -9 170 844.88 |
| Realized gain (loss) on yield-evaluated securities and money market instruments | -314 753.78 |
| Realized gain (loss) on financial futures | 161 831.39 |
| Realized gain (loss) on forward foreign exchange contracts | 5 120 523.29 |
| Realized gain (loss) on swaps | -1 346 075.72 |
| Realized gain (loss) on foreign exchange | -611 917.60 |
| Total realized gain (loss) | -6 161 237.30 |
|  |  |
| Net realized gain (loss) of the period | 1 881 271.29 |
|  |  |
| Changes in unrealized appreciation (depreciation) (Note 1) |  |
| Unrealized appreciation (depreciation) on market-priced securities without options | 23 297 039.45 |
| Unrealized appreciation (depreciation) on yield-evaluated securities and money market instruments | 630 356.16 |
| Unrealized appreciation (depreciation) on financial futures | -64 468.75 |
| Unrealized appreciation (depreciation) on forward foreign exchange contracts | 1 057 912.66 |
| Unrealized appreciation (depreciation) on swaps | 487 480.12 |
| Total changes in unrealized appreciation (depreciation) | 25 408 319.64 |
|  |  |
| Net increase (decrease) in net assets as a result of operations | 27 289 590.93 |

UBS (Lux) Bond SICAV – Emerging Economies Local Currency Bond (USD) Semi-Annual Report as of 30 November 2020
| Changes in Net Assets |  |
| --- | --- |
|  | USD |
|  | 1.6.2020-30.11.2020 |
| Net assets at the beginning of the period | 334 387 742.23 |
| Subscriptions | 14 471 802.58 |
| Redemptions | 	-27 441 499.42	 |
| Total net subscriptions (redemptions) | -12 969 696.84 |
| Dividend paid | -763 544.27 |
| Net income (loss) on investments | 8 042 508.59 |
| Total realized gain (loss) | -6 161 237.30 |
| Total changes in unrealized appreciation (depreciation) | 	25 408 319.64	 |
| Net increase (decrease) in net assets as a result of operations | 27 289 590.93 |
| Net assets at the end of the period | 347 944 092.05 |
| Changes in the Number of Shares outstanding |  |
|  | 1.6.2020-30.11.2020 |
| Class | I-A1-acc |
| Number of shares outstanding at the beginning of the period | 42 612.9230 |
| Number of shares issued | 0.0000 |
| Number of shares redeemed | 0.0000 |
| Number of shares outstanding at the end of the period | 42 612.9230 |
| Class | I-B-acc |
| Number of shares outstanding at the beginning of the period | 63 330.0000 |
| Number of shares issued | 52 679.9150 |
| Number of shares redeemed | 0.0000 |
| Number of shares outstanding at the end of the period | 116 009.9150 |
| Class | I-X-acc |
| Number of shares outstanding at the beginning of the period | 2 027 732.1150 |
| Number of shares issued | 49 109.6300 |
| Number of shares redeemed | -806.1270 |
| Number of shares outstanding at the end of the period | 2 076 035.6180 |
| Class | K-1-acc |
| Number of shares outstanding at the beginning of the period | 0.5000 |
| Number of shares issued | 0.0000 |
| Number of shares redeemed | 0.0000 |
| Number of shares outstanding at the end of the period | 0.5000 |
| Class | P-acc |
| Number of shares outstanding at the beginning of the period | 221 074.9170 |
| Number of shares issued | 89.1520 |
| Number of shares redeemed | -25 616.2080 |
| Number of shares outstanding at the end of the period | 195 547.8610 |
| Class | (EUR hedged) P-acc |
| Number of shares outstanding at the beginning of the period | 146 194.1530 |
| Number of shares issued | 1 351.4760 |
| Number of shares redeemed | -13 198.7410 |
| Number of shares outstanding at the end of the period | 134 346.8880 |
| Class | P-dist |
| Number of shares outstanding at the beginning of the period | 6 906.3400 |
| Number of shares issued | 5.7760 |
| Number of shares redeemed | -1.0400 |
| Number of shares outstanding at the end of the period | 6 911.0760 |
| Class | (EUR hedged) P-dist |
| Number of shares outstanding at the beginning of the period | 211 104.9010 |
| Number of shares issued | 647.9970 |
| Number of shares redeemed | -16 270.8020 |
| Number of shares outstanding at the end of the period | 195 482.0960 |
| Class | P-mdist |
| Number of shares outstanding at the beginning of the period | 11 584.1230 |
| Number of shares issued | 0.0000 |
| Number of shares redeemed | -3 296.8200 |
| Number of shares outstanding at the end of the period | 8 287.3030 |
| Class | Q-acc |
| Number of shares outstanding at the beginning of the period | 153 602.3150 |
| Number of shares issued | 10 500.0000 |
| Number of shares redeemed | -28 250.9850 |
| Number of shares outstanding at the end of the period | 135 851.3300 |
| Class | (EUR hedged) Q-acc |
| Number of shares outstanding at the beginning of the period | 35 676.1630 |
| Number of shares issued | 3 180.0000 |
| Number of shares redeemed | -4 134.9100 |
| Number of shares outstanding at the end of the period | 34 721.2530 |

UBS (Lux) Bond SICAV – Emerging Economies Local Currency Bond (USD)
Semi-Annual Report as of 30 November 2020
| Class |  |  | (EUR hedged) Q-dist |
| --- | --- | --- | --- |
| Number of shares outstanding at the beginning of the period |  |  | 12 373.5920 |
| Number of shares issued |  |  | 0.0000 |
| Number of shares redeemed |  |  | -3 108.7700 |
| Number of shares outstanding at the end of the period |  |  | 9 264.8220 |
| Class |  |  | U-X-acc |
| Number of shares outstanding at the beginning of the period |  |  | 3 401.4990 |
| Number of shares issued |  |  | 62.0000 |
| Number of shares redeemed |  |  | -1 735.0000 |
| Number of shares outstanding at the end of the period |  |  | 1 728.4990 |
| Class |  |  | U-X-UKdist-mdist |
| Number of shares outstanding at the beginning of the period |  |  | 969.9200 |
| Number of shares issued |  |  | 130.0000 |
| Number of shares redeemed |  |  | 0.0000 |
| Number of shares outstanding at the end of the period |  |  | 1 099.9200 |
| Annual Distribution 1 |  |  |  |
| UBS (Lux) Bond SICAV – Emerging Economies Local Currency Bond (USD)	Ex-Date | Pay-Date | Currency | Amount per share |
| P-dist	3.8.2020 | 6.8.2020 | USD | 2.49 |
| (EUR hedged) P-dist	3.8.2020 | 6.8.2020 | EUR | 1.92 |
| (EUR hedged) Q-dist	3.8.2020 | 6.8.2020 | EUR | 2.93 |
| Monthly Distribution 1 |  |  |  |
| UBS (Lux) Bond SICAV – Emerging Economies Local Currency Bond (USD)	Ex-Date | Pay-Date | Currency | Amount per share |
| P-mdist	15.6.2020 | 18.6.2020 | USD | 0.39 |
| P-mdist	15.7.2020 | 20.7.2020 | USD | 0.39 |
| P-mdist	17.8.2020 | 20.8.2020 | USD | 0.40 |
| P-mdist	15.9.2020 | 18.9.2020 | USD | 0.40 |
| P-mdist	15.10.2020 | 20.10.2020 | USD | 0.39 |
| P-mdist	16.11.2020 | 19.11.2020 | USD | 0.33 |
| U-X-UKdist-mdist	15.4.2020 | 20.4.2020 | USD | 0.00 |
| U-X-UKdist-mdist	15.5.2020 | 20.5.2020 | USD | 0.00 |
| U-X-UKdist-mdist	15.7.2020 | 20.7.2020 | USD | 48.04 |
| U-X-UKdist-mdist	17.8.2020 | 20.8.2020 | USD | 51.16 |
| U-X-UKdist-mdist	15.9.2020 | 18.9.2020 | USD | 42.52 |
| U-X-UKdist-mdist	15.10.2020 | 20.10.2020 | USD | 40.03 |
| U-X-UKdist-mdist	16.11.2020 | 19.11.2020 | USD | 40.51 |
| 1  See note 5 |  |  |  |

UBS (Lux) Bond SICAV – Emerging Economies Local Currency Bond (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 |  |  |
| Treasury bills, zero coupon |  |  |  |
| BRL |  |  |  |
| BRL	BRAZIL, FEDERATIVE REPUBLIC OF TB 0.00000% 04.01.18-01.01.22 | 57 950.00 | 10 380 151.53 | 2.98 |
| BRL	BRAZIL, FEDERATIVE REPUBLIC OF TB 0.00000% 05.04.19-01.07.23 | 25 300.00 | 4 052 457.20 | 1.17 |
| BRL	BRAZIL, FEDERATIVE REPUBLIC OF TB 0.00000% 03.01.20-01.01.24 | 10 450.00 | 1 603 273.66 | 0.46 |
| Total BRL |  | 16 035 882.39 | 4.61 |
| Total Treasury bills, zero coupon |  | 16 035 882.39 | 4.61 |
| Notes, fixed rate |  |  |  |
| COP |  |  |  |
| COP	BOGOTA DISTRIRO CAPITAL-REG-S 9.75000% 07-26.07.28 | 9 000 000 000.00 | 2 871 694.65 | 0.82 |
| COP	COLOMBIA, REPUBLIC OF 4.37500% 12-21.03.23 | 5 000 000 000.00 | 1 422 333.88 | 0.41 |
| COP	EMPRESAS PUBLICAS DE MEDELLIN ESP-REG-S 8.37500% 17-08.11.27 | 6 900 000 000.00 | 1 980 516.94 | 0.57 |
| Total COP |  | 6 274 545.47 | 1.80 |
| DOP |  |  |  |
| DOP	DOMINICAN REPUBLIC-REG-S 8.90000% 18-15.02.23 | 20 150 000.00 | 352 348.31 | 0.10 |
| DOP	DOMINICAN REPUBLIC-REG-S 9.75000% 19-05.06.26 | 20 000 000.00 | 362 276.87 | 0.11 |
| Total DOP |  | 714 625.18 | 0.21 |
| MXN |  |  |  |
| MXN	PETROLEOS MEXICANOS-REG-S 7.19000% 13-12.09.24 | 42 650.00 | 186 448.43 | 0.05 |
| Total MXN |  | 186 448.43 | 0.05 |
| PEN |  |  |  |
| PEN	PERU, REPUBLIC OF-REG-S 5.40000% 19-12.08.34 | 4 500 000.00 | 1 347 113.47 | 0.39 |
| Total PEN |  | 1 347 113.47 | 0.39 |
| PHP |  |  |  |
| PHP	PHILIPPINES, REPUBLIC OF THE 6.25000% 11-14.01.36 | 13 000 000.00 | 346 100.66 | 0.10 |
| Total PHP |  | 346 100.66 | 0.10 |
| USD |  |  |  |
| USD	AUNA SA-REG-S 6.50000% 20-20.11.25 | 500 000.00 | 522 000.00 | 0.15 |
| USD	CNAC HK FINBRIDGE CO LTD-REG-S 3.00000% 20-22.09.30 | 600 000.00 | 568 446.54 | 0.16 |
| USD	CONSORCIO TRANSMANTARO-REG-S 4.70000% 19-16.04.34 | 375 000.00 | 445 265.62 | 0.13 |
| USD	CORP FINANCIERA DE DESARROLLO SA-REG-S 2.40000% 20-28.09.27 | 350 000.00 | 354 375.00 | 0.10 |
| USD	COSTA RICA, REPUBLIC OF-REG-S 4.25000% 12-26.01.23 | 850 000.00 | 800 859.37 | 0.23 |
| USD	CSN ISLANDS XI CORP-REG-S 6.75000% 20-28.01.28 | 1 835 000.00 | 1 908 400.00 | 0.55 |
| USD	CSN RESOURCES SA-REG-S 7.62500% 18-13.02.23 | 800 000.00 | 835 025.04 | 0.24 |
| USD	DEV BK OF THE REPUBLIC OF BELARUS-REG-S 6.75000% 19-02.05.24 | 1 000 000.00 | 994 687.50 | 0.29 |
| USD	ECUADOR, REPUBLIC OF-REG-S STEP-UP 0.50000% 20-31.07.30 | 400 000.00 | 253 500.00 | 0.07 |
| USD	GTLK EUROPE CAPITAL DAC-REG-S 4.80000% 20-26.02.28 | 680 000.00 | 691 900.00 | 0.20 |
| USD	HTA GROUP LTD/MAURITIUS-REG-S 7.00000% 20-18.12.25 | 900 000.00 | 966 258.00 | 0.28 |
| USD	IHS NETHERLANDS HOLDCO BV-REG-S 8.00000% 19-18.09.27 | 785 000.00 | 847 800.00 | 0.24 |
| USD	INDONESIA ASAHAN ALUMINIUM TBK PT-REG-S 5.71000% 18-15.11.23 | 1 400 000.00 | 1 548 750.00 | 0.44 |
| USD	IPOTEKA-BANK ATIB-REG-S 5.50000% 20-19.11.25 | 915 000.00 | 917 745.00 | 0.26 |
| USD	JSL EUROPE SA-REG-S 7.75000% 17-26.07.24 | 800 000.00 | 849 760.00 | 0.24 |
| USD	KAZTRANSGAS JSC-REG-S 4.37500% 17-26.09.27 | 480 000.00 | 541 650.00 | 0.16 |
| USD	KENYA, REPUBLIC OF-REG-S 6.87500% 14-24.06.24 | 800 000.00 | 865 250.00 | 0.25 |
| USD	MILLICOM INTERNATIONAL CELLULAR-REG-S 4.50000% 20-27.04.31 | 440 000.00 | 473 053.37 | 0.14 |
| USD	NATIONAL BANK OF UZBEKISTAN-REG-S 4.85000% 20-21.10.25 | 910 000.00 | 913 185.00 | 0.26 |
| USD	NIGERIA, FEDERAL REPUBLIC OF-REG-S 6.75000% 11-28.01.21 | 1 000 000.00 | 1 003 750.00 | 0.29 |
| USD	OZTEL HOLDINGS SPC-REG-S 5.62500% 18-24.10.23 | 825 000.00 | 856 710.93 | 0.25 |
| USD	PERUVIAN GOVERNMENT INTERNATIONAL BOND 1.86200% 20-01.12.32 | 1 000 000.00 | 990 000.00 | 0.28 |
| USD	PETROLEOS MEXICANOS 5.37500% 18-13.03.22 | 1 900 000.00 | 1 941 562.50 | 0.56 |
| USD	PETROLEOS MEXICANOS-REG-S 6.87500% 20-16.10.25 | 930 000.00 | 971 859.30 | 0.28 |
| USD	SAUDI ARABIAN OIL CO-REG-S 1.25000% 20-24.11.23 | 850 000.00 | 858 500.00 | 0.25 |
| USD	SAUDI ARABIAN OIL CO-REG-S 1.62500% 20-24.11.25 | 600 000.00 | 610 806.00 | 0.18 |
| USD	TOTAL PLAY TELECOMUNICACIONES SA-REG-S 7.50000% 20-12.11.25 | 450 000.00 | 450 333.00 | 0.13 |
| USD	UKRAINE RAILWAYS VIA RL CPTL MKTS-REG-S 8.25000% 19-09.07.24 | 210 000.00 | 215 709.37 | 0.06 |
| USD	UKRAINE, GOVERNMENT OF-REG-S 7.75000% 15-01.09.21 | 900 000.00 | 932 400.00 | 0.27 |
| USD	UKRAINE, GOVERNMENT OF-REG-S 7.25300% 20-15.03.33 | 850 000.00 | 902 328.12 | 0.26 |
| Total USD |  | 25 031 869.66 | 7.20 |
| UYU |  |  |  |
| UYU	URUGUAY, REPUBLIC OF-REG-S 9.87500% 17-20.06.22 | 16 350 000.00 | 396 381.07 | 0.11 |
| Total UYU |  | 396 381.07 | 0.11 |
| ZAR |  |  |  |
| ZAR	SOUTH AFRICA, REPUBLIC OF 6.25000% 06-31.03.36 | 49 650 000.00 | 2 191 909.75 | 0.63 |
| Total ZAR |  | 2 191 909.75 | 0.63 |
| Total Notes, fixed rate |  | 36 488 993.69 | 10.49 |
| Medium term notes, fixed rate |  |  |  |
| IDR |  |  |  |
| IDR	EUROPEAN BANK FOR RECONSTR & DEVT 6.45000% 17-13.12.22 | 42 900 000 000.00 | 3 148 925.52 | 0.90 |
| IDR	EUROPEAN BANK FOR RECONSTR & DEVT 6.25000% 17-22.12.21 | 50 000 000 000.00 | 3 616 499.90 | 1.04 |
| Total IDR |  | 6 765 425.42 | 1.94 |

UBS (Lux) Bond SICAV – Emerging Economies Local Currency Bond (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) |  |
| USD |  |  |  |  |
| USD | BANCO DO BRASIL CAYMAN-REG-S 4.87500% 18-19.04.23 | 1 500 000.00 | 1 594 218.74 | 0.46 |
| USD | BLACK SEA TRADE & DEVELOPMT BK-REG-S 4.87500% 16-06.05.21 | 500 000.00 | 508 773.00 | 0.15 |
| USD | DUBAI, GOVERNMENT OF-REG-S 3.90000% 20-09.09.50 | 550 000.00 | 537 281.25 | 0.15 |
| USD | EGYPT, REPUBLIC OF-REG-S 7.50000% 17-31.01.27 | 790 000.00 | 884 059.38 | 0.25 |
| USD | ESKOM HOLDINGS SOC LTD-REG-S 8.45000% 18-10.08.28 | 1 700 000.00 | 1 824 843.75 | 0.53 |
| USD | LEBANON, REPUBLIC OF *DEFAULT* 6.37500% 10-09.03.20 | 750 000.00 | 112 500.00 | 0.03 |
| USD | REC LTD-REG-S 5.25000% 18-13.11.23 | 1 400 000.00 | 1 524 250.00 | 0.44 |
| Total USD |  |  | 6 985 926.12 | 2.01 |
| Total Medium term notes, fixed rate |  | 13 751 351.54 | 3.95 |
| Bonds, fixed rate |  |  |  |
| ARS |  |  |  |
| ARS	ARGENTINA, REPUBLIC OF 18.20000% 16-03.10.21 | 5 430 000.00 | 51 365.69 | 0.01 |
| ARS	ARGENTINA, REPUBLIC OF 16.00000% 16-17.10.23 | 9 590 000.00 | 53 780.01 | 0.02 |
| Total ARS |  | 105 145.70 | 0.03 |
| CNY |  |  |  |
| CNY	CHINA, PEOPLE’S REPUBLIC OF 3.19000% 19-11.04.24 | 10 000 000.00 | 1 527 284.81 | 0.44 |
| CNY	CHINA, PEOPLE’S REPUBLIC OF 3.29000% 19-23.05.29 | 15 000 000.00 | 2 284 388.77 | 0.66 |
| CNY	CHINA, PEOPLE’S REPUBLIC OF 3.25000% 19-06.06.26 | 15 000 000.00 | 2 297 520.52 | 0.66 |
| CNY	CHINA, PEOPLE’S REPUBLIC OF 2.94000% 19-17.10.24 | 20 000 000.00 | 3 028 337.06 | 0.87 |
| CNY	CHINA, PEOPLE’S REPUBLIC OF 3.13000% 19-21.11.29 | 40 000 000.00 | 6 010 509.67 | 1.73 |
| CNY	CHINA, PEOPLE’S REPUBLIC OF 3.12000% 19-05.12.26 | 10 000 000.00 | 1 520 909.36 | 0.44 |
| CNY	CHINA, PEOPLE’S REPUBLIC OF 2.68000% 20-21.05.30 | 27 000 000.00 | 3 905 520.30 | 1.12 |
| CNY	CHINA, PEOPLE’S REPUBLIC OF 2.85000% 20-04.06.27 | 10 000 000.00 | 1 482 645.58 | 0.42 |
| Total CNY |  | 22 057 116.07 | 6.34 |
| COP |  |  |  |
| COP	COLOMBIA, REPUBLIC OF 7.50000% 11-26.08.26 | 11 400 000 000.00 | 3 669 712.75 | 1.05 |
| COP	COLOMBIA, REPUBLIC OF 7.75000% 14-18.09.30 | 5 150 000 000.00 | 1 669 498.10 | 0.48 |
| COP	COLOMBIA, REPUBLIC OF 7.00000% 17-30.06.32 | 8 800 000 000.00 | 2 665 976.17 | 0.77 |
| COP	COLOMBIA, REPUBLIC OF 7.25000% 18-18.10.34 | 1 470 000 000.00 | 449 897.24 | 0.13 |
| COP	COLOMBIA, REPUBLIC OF 9.85000% 07-28.06.27 | 7 150 000 000.00 | 2 576 036.06 | 0.74 |
| Total COP |  | 11 031 120.32 | 3.17 |
| CZK |  |  |  |
| CZK	CZECH REPUBLIC 0.75000% 18-23.02.21 | 5 170 000.00 | 235 743.47 | 0.07 |
| CZK	CZECH REPUBLIC 2.00000% 17-13.10.33 | 23 850 000.00 | 1 170 360.98 | 0.34 |
| CZK	CZECH REPUBLIC 2.50000% 13-25.08.28 | 27 000 000.00 | 1 361 256.12 | 0.39 |
| CZK	CZECH REPUBLIC 2.75000% 18-23.07.29 | 119 800 000.00 | 6 197 987.91 | 1.78 |
| CZK	CZECH REPUBLIC 4.70000% 07-12.09.22 | 26 900 000.00 | 1 325 718.04 | 0.38 |
| CZK	CZECH REPUBLIC-REG-S 0.95000% 15-15.05.30 | 34 600 000.00 | 1 530 578.42 | 0.44 |
| CZK	CZECH REPUBLIC-REG-S 0.45000% 15-25.10.23 | 14 800 000.00 | 673 657.58 | 0.19 |
| Total CZK |  | 12 495 302.52 | 3.59 |
| HUF |  |  |  |
| HUF	HUNGARY, REPUBLIC OF 6.00000% 06-24.11.23 | 462 900 000.00 | 1 767 139.17 | 0.51 |
| HUF	HUNGARY, REPUBLIC OF 6.75000% 11-22.10.28 | 772 000 000.00 | 3 509 010.31 | 1.01 |
| HUF	HUNGARY, REPUBLIC OF 3.25000% 15-22.10.31 | 172 000 000.00 | 628 902.09 | 0.18 |
| HUF	HUNGARY, REPUBLIC OF 3.00000% 16-27.10.27 | 1 156 000 000.00 | 4 195 191.02 | 1.20 |
| Total HUF |  | 10 100 242.59 | 2.90 |
| IDR |  |  |  |
| IDR	INDONESIA, REPUBLIC OF 8.25000% 11-15.06.32 | 27 556 000 000.00 | 2 180 865.23 | 0.63 |
| IDR	INDONESIA, REPUBLIC OF 7.00000% 11-15.05.27 | 5 822 000 000.00 | 437 062.14 | 0.12 |
| IDR	INDONESIA, REPUBLIC OF 6.12500% 13-15.05.28 | 52 800 000 000.00 | 3 748 723.64 | 1.08 |
| IDR	INDONESIA, REPUBLIC OF 8.37500% 13-15.03.34 | 20 800 000 000.00 | 1 666 061.62 | 0.48 |
| IDR	INDONESIA, REPUBLIC OF 9.00000% 13-15.03.29 | 24 100 000 000.00 | 1 997 807.24 | 0.57 |
| IDR	INDONESIA, REPUBLIC OF 8.25000% 15-15.05.36 | 46 800 000 000.00 | 3 679 035.28 | 1.06 |
| IDR	INDONESIA, REPUBLIC OF 7.50000% 17-15.05.38 | 23 500 000 000.00 | 1 735 038.22 | 0.50 |
| IDR	INDONESIA, REPUBLIC OF 8.25000% 18-15.05.29 | 23 860 000 000.00 | 1 910 320.02 | 0.55 |
| IDR	INDONESIA, REPUBLIC OF 8.37500% 19-15.04.39 | 67 000 000 000.00 | 5 380 875.93 | 1.55 |
| IDR	INDONESIA, REPUBLIC OF 7.50000% 19-15.06.35 | 3 400 000 000.00 | 258 927.83 | 0.07 |
| IDR	INDONESIA, REPUBLIC OF 7.00000% 19-15.09.30 | 10 700 000 000.00 | 799 468.50 | 0.23 |
| Total IDR |  | 23 794 185.65 | 6.84 |
| MXN |  |  |  |
| MXN	MEXICO, UNITED MEXICAN STATES 8.00000% 03-07.12.23 | 45 000.00 | 244 495.57 | 0.07 |
| MXN	MEXICO, UNITED MEXICAN STATES 10.00000% 05-05.12.24 | 848 300.00 | 5 005 207.79 | 1.44 |
| MXN	MEXICO, UNITED MEXICAN STATES 10.00000% 06-20.11.36 | 123 700.00 | 834 450.07 | 0.24 |
| MXN	MEXICO, UNITED MEXICAN STATES 7.50000% 07-03.06.27 | 938 140.00 | 5 219 356.42 | 1.50 |
| MXN	MEXICO, UNITED MEXICAN STATES 8.50000% 09-31.05.29 | 620 000.00 | 3 688 717.79 | 1.06 |
| MXN	MEXICO, UNITED MEXICAN STATES 7.75000% 11-29.05.31 | 30 000.00 | 171 648.85 | 0.05 |
| MXN	MEXICO, UNITED MEXICAN STATES 7.75000% 11-13.11.42 | 339 650.00 | 1 864 136.16 | 0.54 |
| MXN	MEXICO, UNITED MEXICAN STATES 5.75000% 15-05.03.26 | 33 330.00 | 170 630.95 | 0.05 |
| MXN	MEXICO, UNITED MEXICAN STATES 8.00000% 17-07.11.47 | 219 500.00 | 1 229 413.44 | 0.35 |
| MXN	MEXICO, UNITED STATES OF 6.50000% 12-09.06.22 | 126 000.00 | 644 568.16 | 0.18 |
| Total MXN |  | 19 072 625.20 | 5.48 |
| PEN |  |  |  |
| PEN	FONDO MIVIVIENDA SA-REG-S 7.00000% 17-14.02.24 | 4 125 000.00 | 1 298 549.71 | 0.37 |
| Total PEN |  | 1 298 549.71 | 0.37 |
| PLN |  |  |  |
| PLN	POLAND, REPUBLIC OF 5.75000% 01-23.09.22 | 7 170 000.00 | 2 110 424.84 | 0.61 |
| PLN	POLAND, REPUBLIC OF 5.75000% 10-25.10.21 | 8 450 000.00 | 2 372 989.06 | 0.68 |
| PLN	POLAND, REPUBLIC OF 4.00000% 12-25.10.23 | 4 600 000.00 | 1 366 462.64 | 0.39 |
| PLN	POLAND, REPUBLIC OF 2.75000% 13-25.04.28 | 26 200 000.00 | 7 893 833.50 | 2.27 |

UBS (Lux) Bond SICAV – Emerging Economies Local Currency Bond (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) |  |
|  |  |  |  |  |
| PLN | POLAND, REPUBLIC OF 2.50000% 15-25.07.26 | 15 970 000.00 | 4 701 264.62 | 1.35 |
| PLN | POLAND, REPUBLIC OF 2.25000% 16-25.04.22 | 8 400 000.00 | 2 310 425.82 | 0.66 |
| PLN | POLAND, REPUBLIC OF 2.75000% 19-25.10.29 | 9 600 000.00 | 2 918 394.87 | 0.84 |
| PLN | POLAND, REPUBLIC OF 1.25000% 20-25.10.30 | 3 390 000.00 | 905 603.95 | 0.26 |
| Total PLN |  |  | 24 579 399.30 | 7.06 |
| RON |  |  |  |  |
| RON | ROMANIA 3.25000% 15-22.03.21 | 900 000.00 | 221 492.57 | 0.06 |
| RON | ROMANIA 3.50000% 15-19.12.22 | 1 275 000.00 | 318 238.95 | 0.09 |
| RON | ROMANIA 5.00000% 18-12.02.29 | 800 000.00 | 221 908.49 | 0.07 |
| RON | ROMANIA 5.80000% 12-26.07.27 | 20 250 000.00 | 5 774 023.11 | 1.66 |
| RON | ROMANIA 5.85000% 13-26.04.23 | 3 000 000.00 | 790 178.86 | 0.23 |
| Total RON |  |  | 7 325 841.98 | 2.11 |
| RUB |  |  |  |  |
| RUB | RUSSIA, FEDERATION OF 7.60000% 11-14.04.21 | 44 650 000.00 | 590 527.55 | 0.17 |
| RUB | RUSSIA, FEDERATION OF 7.00000% 13-25.01.23 | 49 500 000.00 | 679 132.62 | 0.20 |
| RUB | RUSSIA, FEDERATION OF 7.05000% 13-19.01.28 | 404 400 000.00 | 5 754 485.89 | 1.65 |
| RUB | RUSSIA, FEDERATION OF 7.00000% 13-16.08.23 | 163 050 000.00 | 2 253 434.33 | 0.65 |
| RUB | RUSSIA, FEDERATION OF 7.70000% 17-23.03.33 | 200 780 000.00 | 2 984 337.00 | 0.86 |
| RUB | RUSSIA, FEDERATION OF 6.90000% 18-23.05.29 | 99 200 000.00 | 1 402 494.38 | 0.40 |
| Total RUB |  |  | 13 664 411.77 | 3.93 |
| THB |  |  |  |  |
| THB | THAILAND, KINGDOM OF 3.65000% 10-17.12.21 | 237 450 000.00 | 8 102 316.77 | 2.33 |
| THB | THAILAND, KINGDOM OF 3.85000% 10-12.12.25 | 16 000 000.00 | 606 661.35 | 0.17 |
| THB | THAILAND, KINGDOM OF 2.12500% 16-17.12.26 | 48 100 000.00 | 1 696 706.59 | 0.49 |
| THB | THAILAND, KINGDOM OF 2.87500% 18-17.12.28 | 125 700 000.00 | 4 666 632.65 | 1.34 |
| THB | THAILAND, KINGDOM OF 4.87500% 09-22.06.29 | 83 100 000.00 | 3 531 516.21 | 1.01 |
| THB | THAILAND, KINGDOM OF 1.60000% 19-17.12.29 | 14 000 000.00 | 473 249.71 | 0.14 |
| THB | THAILAND, KINGDOM OF 3.40000% 15-17.06.36 | 68 000 000.00 | 2 751 976.63 | 0.79 |
| THB | THAILAND, KINGDOM OF 3.30000% 18-17.06.38 | 61 600 000.00 | 2 488 762.38 | 0.71 |
| THB | THAILAND, KINGDOM OF 4.67500% 13-29.06.44 | 5 450 000.00 | 267 722.74 | 0.08 |
| THB | THAILAND, KINGDOM OF 2.87500% 16-17.06.46 | 64 100 000.00 | 2 457 971.81 | 0.71 |
| THB | THAILAND, KINGDOM OF 3.65000% 10-20.06.31 | 34 000 000.00 | 1 359 941.89 | 0.39 |
| THB | THAILAND, KINGDOM OF 3.77500% 12-25.06.32 | 7 800 000.00 | 318 320.48 | 0.09 |
| Total THB |  |  | 28 721 779.21 | 8.25 |
| TRY |  |  |  |  |
| TRY | TURKEY, REPUBLIC OF 12.40000% 18-08.03.28 | 9 300 000.00 | 1 213 289.01 | 0.35 |
| TRY | TURKEY, REPUBLIC OF 10.50000% 17-11.08.27 | 2 800 000.00 | 334 865.29 | 0.10 |
| TRY | TURKEY, REPUBLIC OF 8.00000% 15-12.03.25 | 5 850 000.00 | 643 539.26 | 0.19 |
| TRY | TURKEY, REPUBLIC OF 12.20000% 18-18.01.23 | 5 300 000.00 | 666 374.77 | 0.19 |
| TRY | TURKEY, REPUBLIC OF 11.00000% 17-24.02.27 | 8 000 000.00 | 979 769.25 | 0.28 |
| TRY | TURKEY, REPUBLIC OF 9.00000% 14-24.07.24 | 4 000 000.00 | 463 549.49 | 0.13 |
| Total TRY |  |  | 4 301 387.07 | 1.24 |
| USD |  |  |  |  |
| USD | EL FONDO MIVIVIENDA-REG-S 3.50000% 13-31.01.23 | 850 000.00 | 889 312.50 | 0.26 |
| USD | MONGOLIA,GOVERNMENT OF-REG-S 5.12500% 20-07.04.26 | 200 000.00 | 211 000.00 | 0.06 |
| USD | THIRD PAKISTAN INTERNATIONAL SUK-REG-S 5.50000% 16-13.10.21 | 800 000.00 | 808 500.00 | 0.23 |
| Total USD |  |  | 1 908 812.50 | 0.55 |
| UYU |  |  |  |  |
| UYU | URUGUAY, REPUBLIC OF-REG-S 8.50000% 17-15.03.28 | 11 800 000.00 | 289 948.40 | 0.08 |
| Total UYU |  |  | 289 948.40 | 0.08 |
| ZAR |  |  |  |  |
| ZAR | SOUTH AFRICA, REPUBLIC OF 10.5000% 98-21.12.26 | 47 200 000.00 | 3 553 004.34 | 1.02 |
| ZAR | SOUTH AFRICA, REPUBLIC OF 7.00000% 10-28.02.31 | 20 400 000.00 | 1 106 506.81 | 0.32 |
| ZAR | SOUTH AFRICA, REPUBLIC OF 6.50000% 10-28.02.41 | 38 400 000.00 | 1 594 328.80 | 0.46 |
| ZAR | SOUTH AFRICA, REPUBLIC OF 7.75000% 12-28.02.23 | 32 650 000.00 | 2 257 685.30 | 0.65 |
| ZAR | SOUTH AFRICA, REPUBLIC OF 8.75000% 12-28.02.48 | 144 700 000.00 | 7 477 630.38 | 2.15 |
| ZAR | SOUTH AFRICA, REPUBLIC OF 8.75000% 14-31.01.44 | 33 000 000.00 | 1 703 762.09 | 0.49 |
| ZAR | SOUTH AFRICA, REPUBLIC OF 8.00000% 13-31.01.30 | 6 400 000.00 | 388 199.10 | 0.11 |
| ZAR | SOUTH AFRICA, REPUBLIC OF 8.87500% 15-28.02.35 | 81 900 000.00 | 4 586 875.22 | 1.32 |
| Total ZAR |  |  | 22 667 992.04 | 6.52 |
| Total Bonds, fixed rate |  | 203 413 860.03 | 58.46 |
| Bonds, zero coupon |  |  |  |
| USD |  |  |  |
| USD	ECUADOR SOCIAL BOND SARL-REG-S 0.00000% 20-30.01.35 | 450 000.00 | 306 090.26 | 0.09 |
| Total USD |  | 306 090.26 | 0.09 |
| Total Bonds, zero coupon |  | 306 090.26 | 0.09 |
| Bonds, floating rate |  |  |  |
| PLN |  |  |  |
| PLN	POLAND, REPUBLIC OF 2.750%/CPI LINKED 08-25.08.23 | 570 000.00 | 217 921.17 | 0.06 |
| Total PLN |  | 217 921.17 | 0.06 |
| Total Bonds, floating rate |  | 217 921.17 | 0.06 |

UBS (Lux) Bond SICAV – Emerging Economies Local Currency Bond (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) |  |
| Convertible bonds, fixed rate |  |  |
| USD |  |  |
| USD	GLOBAL INVESTMENT FINANCIAL *DEFAULT* 11.00000% 96-06.04.06	2 000 000.00 | 20.00 | 0.00 |
| Total USD | 20.00 | 0.00 |
| Total Convertible bonds, fixed rate | 20.00 | 0.00 |
| Total Transferable securities and money market instruments listed on an official stock exchange | 270 214 119.08 | 77.66 |
| Transferable securities and money market instruments traded on another regulated market |  |  |
| Notes, fixed rate |  |  |
| COP |  |  |
| COP	COLOMBIA, REPUBLIC OF 7.75000% 10-14.04.21	10 010 000 000.00 | 2 837 901.79 | 0.81 |
| Total COP | 2 837 901.79 | 0.81 |
| PEN |  |  |
| PEN	PERU, REPUBLIC OF-REG-S 6.90000% 07-12.08.37	1 900 000.00 | 635 810.96 | 0.18 |
| Total PEN | 635 810.96 | 0.18 |
| PHP |  |  |
| PHP	PHILIPPINES, REPUBLIC OF THE 4.95000% 10-15.01.21	7 000 000.00 | 145 480.03 | 0.04 |
| Total PHP | 145 480.03 | 0.04 |
| Total Notes, fixed rate | 3 619 192.78 | 1.03 |
| Medium term notes, fixed rate |  |  |
| USD |  |  |
| USD	SHARP EQUIPAMENTOS ELETR-REG-S*DEFAULT* 9.62500% 97-30.10.05	1 080 000.00 | 10.80 | 0.00 |
| Total USD | 10.80 | 0.00 |
| ZAR |  |  |
| ZAR	TRANSNET SOC LTD-REG-S 9.50000% 13-13.05.21	6 740 000.00 | 438 500.12 | 0.13 |
| Total ZAR | 438 500.12 | 0.13 |
| Total Medium term notes, fixed rate | 438 510.92 | 0.13 |
| Bonds, fixed rate |  |  |
| MYR |  |  |
| MYR	MALAYSIA 2.63200% 20-15.04.31	900 000.00 | 219 977.69 | 0.06 |
| MYR	MALAYSIA 3.41800% 12-15.08.22	2 950 000.00 | 744 157.42 | 0.21 |
| MYR	MALAYSIA 3.62000% 16-30.11.21	16 950 000.00 | 4 235 939.80 | 1.22 |
| MYR	MALAYSIA 3.73300% 13-15.06.28	27 350 000.00 | 7 172 745.62 | 2.06 |
| MYR	MALAYSIA 3.80000% 16-17.08.23	3 100 000.00 | 796 115.62 | 0.23 |
| MYR	MALAYSIA 3.82800% 19-05.07.34	3 000 000.00 | 762 610.46 | 0.22 |
| MYR	MALAYSIA 3.88500% 19-15.08.29	6 018 000.00 | 1 591 653.17 | 0.46 |
| MYR	MALAYSIA 4.07000% 16-30.09.26	3 550 000.00 | 945 167.90 | 0.27 |
| MYR	MALAYSIA 4.16000% 11-15.07.21	2 600 000.00 | 647 566.88 | 0.19 |
| MYR	MALAYSIA 4.25400% 15-31.05.35	500 000.00 | 132 509.51 | 0.04 |
| MYR	MALAYSIA 4.49800% 10-15.04.30	1 950 000.00 | 540 957.00 | 0.15 |
| MYR	MALAYSIA 4.76200% 17-07.04.37	9 980 000.00 | 2 790 339.65 | 0.80 |
| MYR	MALAYSIA 4.92100% 18-06.07.48	1 100 000.00 | 301 894.65 | 0.09 |
| Total MYR | 20 881 635.37 | 6.00 |
| PEN |  |  |
| PEN	PERU, REPUBLIC OF 6.95000% 08-12.08.31	6 700 000.00 | 2 338 106.75 | 0.67 |
| Total PEN | 2 338 106.75 | 0.67 |
| PHP |  |  |
| PHP	PHILIPPINES, REPUBLIC OF THE 3.90000% 12-26.11.22	24 000 000.00 | 507 786.18 | 0.15 |
| Total PHP | 507 786.18 | 0.15 |
| RUB |  |  |
| RUB	RUSSIA, FEDERATION OF 8.15000% 12-03.02.27	219 400 000.00 | 3 277 849.46 | 0.94 |
| RUB	RUSSIA, FEDERATION OF 7.50000% 15-18.08.21	358 000 000.00 | 4 779 261.37 | 1.38 |
| RUB	RUSSIA, FEDERATION OF 8.50000% 15-17.09.31	29 500 000.00 | 463 176.41 | 0.13 |
| RUB	RUSSIA, FEDERATION OF 7.75000% 16-16.09.26	206 150 000.00 | 3 026 291.15 | 0.87 |
| RUB	RUSSIA, FEDERATION OF 7.10000% 17-16.10.24	35 000 000.00 | 491 340.60 | 0.14 |
| RUB	RUSSIA, FEDERATION OF 7.25000% 18-10.05.34	117 000 000.00 | 1 681 223.99 | 0.48 |
| RUB	RUSSIA, FEDERATION OF 7.65000% 19-10.04.30	86 000 000.00 | 1 275 266.62 | 0.37 |
| RUB	RUSSIA, FEDERATION OF 7.70000% 19-16.03.39	14 000 000.00 | 211 530.95 | 0.06 |
| Total RUB | 15 205 940.55 | 4.37 |
| USD |  |  |
| USD	1MDB GLOBAL INV-REG-S 4.40000% 13-09.03.23	1 000 000.00 | 997 187.50 | 0.29 |
| Total USD | 997 187.50 | 0.29 |
| Total Bonds, fixed rate | 39 930 656.35 | 11.48 |
| Total Transferable securities and money market instruments traded on another regulated market | 43 988 360.05 | 12.64 |

UBS (Lux) Bond SICAV – Emerging Economies Local Currency Bond (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
Bearer shares
| Mexico |  |
| --- | --- |
| MXN | HIPOTECARIA SU CASITA SA DE CV | 15 777.00 | 0.01 | 0.00 |
| Total Mexico |  | 0.01 | 0.00 |
| Total Bearer shares |  | 0.01 | 0.00 |
| Investment funds, closed end |  |  |  |
| Bermuda |  |  |  |
| USD	SIDEK CREDITOR TRUST-B1 | 889 210.59 | 8.89 | 0.00 |
| USD	SIDEK CREDITOR TRUST-A1 | 222 274.28 | 2.22 | 0.00 |
| Total Bermuda |  | 11.11 | 0.00 |
| Total Investment funds, closed end |  | 11.11 | 0.00 |
| Domestic Certificates of Deposits, zero coupon |  |  |  |
| USD |  |  |  |
| USD	LOJAS ARAPUA INTL INC-DEFAULT CD 0.00000% 10.06.97-05.06.98 | 1 000 000.00 | 10.00 | 0.00 |
| Total USD |  | 10.00 | 0.00 |
| Total Domestic Certificates of Deposits, zero coupon |  | 10.00 | 0.00 |
| Notes, fixed rate |  |  |  |
| PEN |  |  |  |
| PEN	PERU, REPUBLIC OF-REG-S 6.35000% 16-12.08.28 | 13 650 000.00 | 4 688 721.75 | 1.35 |
| PEN	TELEFONICA DEL PERU SAA-REG-S 7.37500% 19-10.04.27 | 5 000 000.00 | 1 435 830.71 | 0.41 |
| Total PEN |  | 6 124 552.46 | 1.76 |
| Total Notes, fixed rate |  | 6 124 552.46 | 1.76 |
| Bonds, fixed rate |  |  |  |
| COP |  |  |  |
| COP	COLOMBIA, REPUBLIC OF-REG-S 6.00000% 12-28.04.28 | 572 000 000.00 | 169 316.98 | 0.05 |
| Total COP |  | 169 316.98 | 0.05 |
| PEN |  |  |  |
| PEN	PERU, REPUBLIC OF-REG-S 5.35000% 19-12.08.40 | 1 700 000.00 | 481 045.17 | 0.14 |
| Total PEN |  | 481 045.17 | 0.14 |
| Total Bonds, fixed rate | 650 362.15 | 0.19 |
| Total Transferable securities and money market instruments not listed on an official stock exchange and not traded on another regulated market | 6 774 935.73 | 1.95 |
| 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 U-X-ACC	550.00 | 6 745 843.50 | 1.94 |
| Total Luxembourg | 6 745 843.50 | 1.94 |
| Total Investment funds, open end | 6 745 843.50 | 1.94 |
| Total UCITS/Other UCIs in accordance with Article 41 (1) e) of the amended Luxembourg law of 17 December 2010 | 6 745 843.50 | 1.94 |
| Total investments in securities | 327 723 258.36 | 94.19 |

| Derivative instruments |  |
| --- | --- |
| Derivative instruments listed on an official stock exchange |
| Financial Futures on bonds |
|  |  |  |  |
| USD	US ULTRA LONG BOND (CBT) FUTURE 22.03.21 | -31.00 | -51 343.75 | -0.02 |
| USD	US 10YR ULTRA NOTE FUTURE 22.03.21 | -21.00 | -13 125.00 | 0.00 |
| Total Financial Futures on bonds | -64 468.75 | -0.02 |
| Total Derivative instruments listed on an official stock exchange | -64 468.75 | -0.02 |
| Derivative instruments not listed on an official stock exchange and not traded on another regulated market |  |  |
| Swaps and forward swaps on interest rates |  |  |

| PLN PLN | LCH/IRS REC 2.38500% 17-15.05.22 LCH/IRS PAYER 6MWIB 17-15.05.22 | 4 750 000.00 | 55 651.62 | 0.02 |
| --- | --- | --- | --- | --- |
| MXN | CME/IRS REC 7.27500% 17-06.05.22 | 42 000 000.00 | 87 173.24 | 0.02 |
| MXN | CME/IRS PAYER MXI 17-06.05.22 |  |  |  |
| MXN | CME/INTEREST RATE SWAP REC 7.99500% 17-22.12.22 | 70 000 000.00 | 248 227.40 | 0.07 |
| MXN | CME/INTEREST RATE SWAP PAYER MXI 17-22.12.22 |  |  |  |
| BRL | BANK OF AMERICA/INTEREST RATE SWAP REC 9.76000% 17-02.01.23 | 15 800 000.00 | 529 093.99 | 0.15 |
| BRL | BANK OF AMERICA/INTEREST RATE SWAP PAYER BZD 17-02.01.23 |  |  |  |

UBS (Lux) Bond SICAV – Emerging Economies Local Currency Bond (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) |  |
|  |  |  |  |  |
| BRL | GOLDMAN SACHS/INTEREST RATE SWAP REC 8.60000% 18-02.01.21 | 50 000 000.00 | 869 089.63 | 0.25 |
| BRL | GOLDMAN SACHS/INTEREST RATE SWAP PAYER BZD 18-02.01.21 |  |  |  |
| CLP | HSBC/INTEREST RATE SWAP REC 4.43250% 18-01.10.28 | 1 400 000 000.00 | 294 464.10 | 0.08 |
| CLP | HSBC/INTEREST RATE SWAP PAYER CLICP 18-01.10.28 |  |  |  |
| MXN | CME/INTEREST RATE SWAP REC 8.78500% 18-26.10.28 | 30 000 000.00 | 343 702.49 | 0.10 |
| MXN | CME/INTEREST RATE SWAP PAYER MXI 18-26.10.28 |  |  |  |
| CLP | CREDIT SUISSE/INTEREST RATE SWAP REC 4.04000% 19-04.02.29 | 1 000 000 000.00 | 178 208.54 | 0.05 |
| CLP | CREDIT SUISSE/INTEREST RATE SWAP PAYER CLICP 19-04.02.29 |  |  |  |
| CLP | CREDIT SUISSE/INTEREST RATE SWAP REC 2.88000% 19-05.08.29 | 3 000 000 000.00 | 142 108.19 | 0.04 |
| CLP | CREDIT SUISSE/INTEREST RATE SWAP PAYER CLICP 19-05.08.29 |  |  |  |
| MXN | CME/INTEREST RATE SWAP REC 6.76500% 19-10.10.29 | 43 000 000.00 | 205 704.00 | 0.06 |
| MXN | CME/INTEREST RATE SWAP PAYER MXIBTIIE19-10.10.29 |  |  |  |
| CLP | BOA/INTEREST RATE SWAP REC 3.13000% 19-19.11.29 | 900 000 000.00 | 56 028.16 | 0.02 |
| CLP | BOA/INTEREST RATE SWAP PAYER CLICP 19-19.11.29 |  |  |  |
| BRL | BARCLAYS/INTEREST RATE SWAP REC 5.72250% 19-02.01.23 | 23 000 000.00 | 159 858.67 | 0.05 |
| BRL | BARCLAYS/INTEREST RATE SWAP PAYER BZD 19-02.01.23 |  |  |  |
| MXN | CME/INTEREST RATE SWAP REC 5.92750% 20-09.05.30 | 62 000 000.00 | 102 453.78 | 0.03 |
| MXN | CME/INTEREST RATE SWAP PAYER MXI 20-09.05.30 |  |  |  |
| BRL | GOLDMAN SACHS/INTEREST RATE SWAP REC 6.45250% 20-04.01.27 | 22 000 000.00 | -80 535.87 | -0.02 |
| BRL | GOLDMAN SACHS/INTEREST RATE SWAP PAYER BZD 20-04.01.27 |  |  |  |
| BRL | HSBC/INTEREST RATE SWAP REC 6.53750% 20-04.01.27 | 24 000 000.00 | -92 423.21 | -0.03 |
| BRL | HSBC/INTEREST RATE SWAP PAYER BZD 20-04.01.27 |  |  |  |
| BRL | GOLDMAN SACHS/INTEREST RATE SWAP REC 6.70500% 20-04.01.27 | 24 000 000.00 | -72 756.80 | -0.02 |
| BRL | GOLDMAN SACHS/INTEREST RATE SWAP PAYER BZD 20-04.01.27 |  |  |  |
| Total Swaps and forward swaps on interest rates |  | 3 026 047.93 | 0.87 |
| Swaps and forward swaps on currencies |  |  |  |
|  |  |  |  |
| TRY	GOLDMAN SACHS/CCY SWAP USD/TRY REC 10.87000% 17-15.05.22 | 2 740 914.16 | -571 625.03 | -0.16 |
| TRY	GOLDMAN SACHS/CCY SWAP USD/TRY PAYER 3ML 17-15.05.22 |  |  |  |
| Total Swaps and forward swaps on currencies |  | -571 625.03 | -0.16 |
| Total Derivative instruments not listed on an official stock exchange and not traded on another regulated market |  | 2 454 422.90 | 0.71 |
| Total Derivative instruments |  | 2 389 954.15 | 0.69 |
| Forward Foreign Exchange contracts |  |  |  |
| Currency purchased/Amount purchased/Currency sold/Amount sold/Maturity date |  |  |  |

| THB | 5 530 000.00 | USD | 176 889.81 | 17.12.2020 | 5 899.75 | 0.00 |
| --- | --- | --- | --- | --- | --- | --- |
| IDR | 3 730 000 000.00 | USD | 252 265.66 | 17.12.2020 | 10 663.41 | 0.00 |
| RUB | 37 400 000.00 | USD | 480 182.21 | 17.12.2020 | 7 868.31 | 0.00 |
| MYR | 657 000.00 | USD | 158 542.47 | 17.12.2020 | 2 611.45 | 0.00 |
| CNY | 1 060 000.00 | USD | 158 164.10 | 17.12.2020 | 2 617.94 | 0.00 |
| USD | 1 647 116.81 | ZAR | 27 000 000.00 | 17.12.2020 | -93 850.14 | -0.03 |
| CLP | 117 000 000.00 | USD | 150 759.60 | 17.12.2020 | 1 840.07 | 0.00 |
| USD | 3 175 046.88 | MXN | 66 900 000.00 | 17.12.2020 | -138 435.42 | -0.04 |
| HUF | 70 900 000.00 | USD | 229 292.67 | 17.12.2020 | 6 891.40 | 0.00 |
| USD | 1 608 161.62 | INR | 119 800 000.00 | 17.12.2020 | -8 493.79 | 0.00 |
| USD | 346 620.45 | IDR | 5 100 000 000.00 | 17.12.2020 | -12 880.42 | 0.00 |
| USD | 537 050.03 | COP | 2 090 000 000.00 | 17.12.2020 | -45 327.80 | -0.01 |
| USD | 252 288.81 | CLP | 194 000 000.00 | 17.12.2020 | -739.70 | 0.00 |
| USD | 488 032.44 | MYR | 2 040 000.00 | 17.12.2020 | -12 354.15 | 0.00 |
| USD | 235 080.02 | PEN | 850 000.00 | 17.12.2020 | -553.70 | 0.00 |
| USD | 241 238.55 | MXN | 5 180 000.00 | 17.12.2020 | -15 321.07 | 0.00 |
| RON | 3 010 000.00 | USD | 717 874.92 | 17.12.2020 | 20 656.87 | 0.01 |
| USD | 340 025.53 | TRY | 2 930 000.00 | 17.12.2020 | -32 471.69 | -0.01 |
| USD | 346 242.63 | THB | 10 800 000.00 | 17.12.2020 | -10 742.40 | 0.00 |
| USD | 391 637.00 | ZAR | 6 410 000.00 | 17.12.2020 | -21 681.45 | -0.01 |
| EUR | 34 410 400.00 | USD | 40 258 788.14 | 4.12.2020 | 904 021.86 | 0.26 |
| HKD | 24 920 000.00 | USD | 3 213 302.27 | 17.12.2020 | 1 243.48 | 0.00 |
| INR | 123 000 000.00 | USD | 1 657 793.65 | 17.12.2020 | 2 044.54 | 0.00 |
| MXN | 35 700 000.00 | USD | 1 709 888.12 | 17.12.2020 | 58 293.02 | 0.02 |
| ZAR | 26 600 000.00 | USD | 1 674 429.68 | 17.12.2020 | 40 745.16 | 0.01 |
| KRW | 1 860 000 000.00 | USD | 1 654 509.87 | 17.12.2020 | 24 344.83 | 0.01 |
| IDR | 22 800 000 000.00 | USD | 1 594 963.27 | 17.12.2020 | 12 217.08 | 0.00 |
| PHP | 77 400 000.00 | USD | 1 602 318.60 | 17.12.2020 | 5 194.30 | 0.00 |
| BRL | 7 970 000.00 | USD | 1 434 743.47 | 17.12.2020 | 44 702.99 | 0.01 |
| RUB | 136 000 000.00 | USD | 1 762 114.54 | 17.12.2020 | 12 614.62 | 0.00 |
| EUR | 981 300.00 | USD | 1 163 843.39 | 4.12.2020 | 10 018.74 | 0.00 |
| TRY | 13 000 000.00 | USD | 1 581 550.84 | 17.12.2020 | 71 167.22 | 0.02 |
| CLP | 1 280 000 000.00 | USD | 1 696 487.74 | 17.12.2020 | -27 021.30 | -0.01 |
| BRL | 9 030 000.00 | USD | 1 716 762.68 | 17.12.2020 | -40 551.70 | -0.01 |
| COP | 6 750 000 000.00 | USD | 1 853 886.30 | 17.12.2020 | 26 999.04 | 0.01 |
| IDR | 2 000 000 000.00 | USD | 142 977.65 | 17.12.2020 | -1 996.92 | 0.00 |
| RUB | 136 000 000.00 | USD | 1 784 444.37 | 17.12.2020 | -9 715.21 | 0.00 |
| EUR | 599 300.00 | USD | 704 510.11 | 4.12.2020 | 12 391.53 | 0.00 |
| BRL | 1 230 000.00 | USD | 228 471.65 | 17.12.2020 | -150.55 | 0.00 |
| COP | 746 000 000.00 | USD | 205 366.51 | 17.12.2020 | 2 506.15 | 0.00 |
| CNY | 1 570 000.00 | USD | 236 866.72 | 17.12.2020 | 1 272.72 | 0.00 |
| MXN | 3 330 000.00 | USD | 161 351.75 | 17.12.2020 | 3 579.43 | 0.00 |
| TRY | 14 700 000.00 | USD | 1 849 729.02 | 17.12.2020 | 19 113.71 | 0.01 |
| THB | 5 810 000.00 | USD | 191 934.78 | 17.12.2020 | 109.94 | 0.00 |
| HUF | 53 500 000.00 | USD | 176 947.31 | 17.12.2020 | 1 273.39 | 0.00 |
| MXN | 36 100 000.00 | USD | 1 754 613.21 | 17.12.2020 | 33 379.48 | 0.01 |
| TRY | 13 400 000.00 | USD | 1 715 903.27 | 17.12.2020 | -12 332.35 | 0.00 |
| PEN | 6 600 000.00 | USD | 1 817 931.41 | 17.12.2020 | 11 695.16 | 0.00 |
| CLP | 135 000 000.00 | USD | 176 429.08 | 17.12.2020 | -352.54 | 0.00 |
| TRY | 27 500 000.00 | USD | 3 550 677.86 | 17.12.2020 | -54 543.51 | -0.02 |
| USD | 440 742.07 | EUR | 372 400.00 | 4.12.2020 | -4 734.60 | 0.00 |
| MXN | 34 500 000.00 | USD | 1 704 119.85 | 17.12.2020 | 4 626.63 | 0.00 |

UBS (Lux) Bond SICAV – Emerging Economies Local Currency Bond (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) |  |

Forward Foreign Exchange contracts (Continued)
Currency purchased/Amount purchased/Currency sold/Amount sold/Maturity date
| USD | 3 479 667.58 | TRY | 26 500 000.00 | 17.12.2020 | 110 665.39 | 0.03 |
| --- | --- | --- | --- | --- | --- | --- |
| RUB | 138 000 000.00 | USD | 1 804 865.29 | 17.12.2020 | -4 037.17 | 0.00 |
| USD | 257 208.48 | MXN | 5 190 000.00 | 17.12.2020 | 153.58 | 0.00 |
| USD | 178 051.48 | ZAR | 2 740 000.00 | 17.12.2020 | 1 375.57 | 0.00 |
| USD | 193 471.20 | PLN | 728 000.00 | 17.12.2020 | -792.30 | 0.00 |
| USD | 197 072.80 | TRY | 1 520 000.00 | 17.12.2020 | 3 831.92 | 0.00 |
| USD | 159 920.70 | THB | 4 840 000.00 | 17.12.2020 | -61.48 | 0.00 |
| USD | 141 013.05 | IDR | 2 010 000 000.00 | 17.12.2020 | -672.59 | 0.00 |
| USD | 294 254.59 | BRL | 1 580 000.00 | 17.12.2020 | 964.08 | 0.00 |
| USD | 199 200.32 | RUB | 15 200 000.00 | 17.12.2020 | 848.24 | 0.00 |
| USD | 170 492.99 | MYR | 698 000.00 | 17.12.2020 | -717.72 | 0.00 |
| USD | 3 404 791.23 | TRY | 27 100 000.00 | 17.12.2020 | -40 490.26 | -0.01 |
| EUR | 541 700.00 | USD | 647 243.74 | 4.12.2020 | 754.95 | 0.00 |
| USD | 307 282.60 | PHP | 15 000 000.00 | 17.12.2020 | -4 250.91 | 0.00 |
| USD | 1 773 139.31 | RUB | 135 340 000.00 | 17.12.2020 | 7 022.81 | 0.00 |
| MYR | 14 345 000.00 | USD | 3 436 339.68 | 17.12.2020 | 82 310.17 | 0.02 |
| INR | 130 000 000.00 | USD | 1 753 013.84 | 17.12.2020 | 1 286.68 | 0.00 |
| IDR | 46 600 000 000.00 | USD | 3 074 284.21 | 17.12.2020 | 210 566.85 | 0.06 |
| CNY | 6 305 000.00 | USD | 916 211.35 | 17.12.2020 | 40 138.43 | 0.01 |
| BRL | 70 560 000.00 | USD | 13 294 394.72 | 17.12.2020 | -196 560.09 | -0.06 |
| USD | 1 612 218.92 | PEN | 5 700 000.00 | 17.12.2020 | 32 086.88 | 0.01 |
| USD | 2 454 668.11 | COP | 9 097 000 000.00 | 17.12.2020 | -80 208.03 | -0.02 |
| CLP | 6 539 000 000.00 | USD | 8 569 444.08 | 17.12.2020 | -40 818.28 | -0.01 |
| USD | 169 629.60 | COP | 633 000 000.00 | 17.12.2020 | -6 755.65 | 0.00 |
| BRL | 3 920 000.00 | USD | 737 160.80 | 17.12.2020 | -9 503.32 | 0.00 |
| MXN | 344 920 000.00 | USD | 16 106 062.05 | 17.12.2020 | 977 440.40 | 0.28 |
| USD | 3 348 657.82 | HKD | 25 970 000.00 | 17.12.2020 | -1 332.27 | 0.00 |
| THB | 50 520 000.00 | USD | 1 613 835.80 | 17.12.2020 | 56 060.84 | 0.02 |
| PLN | 18 910 000.00 | USD | 5 049 810.47 | 17.12.2020 | -3 762.82 | 0.00 |
| EUR | 7 015 000.00 | USD | 8 347 948.21 | 17.12.2020 | 47 580.62 | 0.01 |
| USD | 1 791 636.20 | TRY | 13 870 000.00 | 17.12.2020 | 28 313.16 | 0.01 |
| CZK | 31 320 000.00 | USD | 1 393 487.01 | 17.12.2020 | 31 244.73 | 0.01 |
| RON | 11 752 000.00 | USD | 2 859 613.70 | 17.12.2020 | 23 849.97 | 0.01 |
| USD | 7 020 992.01 | ZAR | 117 740 000.00 | 17.12.2020 | -570 913.49 | -0.16 |
| HUF | 1 327 000 000.00 | USD | 4 402 823.37 | 17.12.2020 | 17 716.34 | 0.00 |
| USD | 150 649.41 | ZAR | 2 510 000.00 | 17.12.2020 | -11 196.04 | 0.00 |
| CZK | 9 790 000.00 | USD | 433 868.51 | 17.12.2020 | 11 473.88 | 0.00 |
| BRL | 14 500 000.00 | USD | 2 652 277.30 | 17.12.2020 | 39 312.87 | 0.01 |
| COP | 577 000 000.00 | USD | 151 273.24 | 17.12.2020 | 9 507.63 | 0.00 |
| USD | 8 246 752.63 | EUR | 7 015 000.00 | 17.12.2020 | -148 776.20 | -0.04 |
| USD | 204 980.67 | BRL | 1 140 000.00 | 17.12.2020 | -6 634.01 | 0.00 |
| USD | 148 360.85 | MYR | 620 000.00 | 17.12.2020 | -3 717.43 | 0.00 |
| USD | 140 736.95 | CLP | 110 000 000.00 | 17.12.2020 | -2 732.82 | 0.00 |
| USD | 140 373.47 | RUB | 10 900 000.00 | 17.12.2020 | -1 865.85 | 0.00 |
| USD | 1 675 449.33 | PLN | 6 480 000.00 | 17.12.2020 | -53 709.25 | -0.02 |
| USD | 222 463.79 | THB | 7 040 000.00 | 17.12.2020 | -10 237.56 | 0.00 |
| ZAR | 27 000 000.00 | USD | 1 566 096.49 | 17.12.2020 | 174 870.46 | 0.05 |
| USD | 1 631 997.87 | HUF | 512 000 000.00 | 17.12.2020 | -73 590.93 | -0.02 |
| TRY | 12 800 000.00 | USD | 1 627 916.94 | 17.12.2020 | -625.31 | 0.00 |
| USD | 1 702 659.51 | PHP | 83 100 000.00 | 17.12.2020 | -23 236.12 | -0.01 |
| USD | 3 281 244.90 | BRL | 18 500 000.00 | 17.12.2020 | -152 852.90 | -0.04 |
| HKD | 1 050 000.00 | USD | 135 439.16 | 17.12.2020 | 5.18 | 0.00 |
| BRL | 1 860 000.00 | USD | 329 221.02 | 17.12.2020 | 16 045.03 | 0.00 |
| COP | 5 220 000 000.00 | USD | 1 340 868.23 | 17.12.2020 | 113 683.10 | 0.03 |
| USD | 137 041.52 | INR | 10 200 000.00 | 17.12.2020 | -603.60 | 0.00 |
| USD | 542 151.16 | CZK | 12 400 000.00 | 17.12.2020 | -21 918.88 | -0.01 |
| USD | 731 112.72 | MXN | 16 200 000.00 | 17.12.2020 | -71 255.19 | -0.02 |
| USD | 448 143.99 | RON | 1 870 000.00 | 17.12.2020 | -10 678.09 | 0.00 |
| USD | 821 703.94 | ZAR | 13 800 000.00 | 17.12.2020 | -68 123.61 | -0.02 |
| USD | 297 895.63 | CLP | 234 000 000.00 | 17.12.2020 | -7 303.70 | 0.00 |
| USD | 454 835.40 | PEN | 1 640 000.00 | 17.12.2020 | 200.92 | 0.00 |
| USD | 720 720.72 | IDR | 10 800 000 000.00 | 17.12.2020 | -40 575.23 | -0.01 |
| PLN | 1 150 000.00 | USD | 301 206.32 | 17.12.2020 | 5 665.96 | 0.00 |
| TRY | 8 210 000.00 | USD | 1 036 811.22 | 17.12.2020 | 6 943.80 | 0.00 |
| USD | 181 931.69 | BRL | 1 020 000.00 | 17.12.2020 | -7 407.76 | 0.00 |
| ZAR | 146 000 000.00 | USD | 8 712 579.69 | 17.12.2020 | 701 537.88 | 0.20 |
| MXN | 9 810 000.00 | USD | 458 648.88 | 17.12.2020 | 27 229.47 | 0.01 |
| USD | 154 860.06 | THB | 4 810 000.00 | 17.12.2020 | -4 130.50 | 0.00 |
| CNY | 19 800 000.00 | USD | 2 948 183.44 | 17.12.2020 | 55 103.75 | 0.02 |
| Total Forward Foreign Exchange contracts | 1 972 097.99 | 0.57 |
|  |  |  |
| Cash at banks, deposits on demand and deposit accounts and other liquid assets | 12 544 508.41 | 3.61 |
| Bank overdraft and other short-term liabilities | -991 240.12 | -0.29 |
| Other assets and liabilities | 4 305 513.26 | 1.23 |
| Total net assets | 347 944 092.05 | 100.00 |

UBS (Lux) Bond SICAV – Emerging Economies Local Currency Bond (USD)
Semi-Annual Report as of 30 November 2020

Translation (ENFR, 2020-11-30):
# UBS (Lux) Bond SICAV
– Asian Investment Grade Bonds (USD)
| Données principales |  |
| --- | --- |
|  | ISIN | 30.11.2020 | 31.5.2020 | 31.5.2019 |
| Actif net en USD |  | 62 062 816.61 | 71 802 087.51 | 44 893 595.89 |
| Catégorie I-B-acc | LU1377678567 |  |  |  |
| Actions en circulation |  | 103 389.0000 | 173 273.0000 | 20 000.0000 |
| Valeur nette d’inventaire par action en USD |  | 128.31 | 121.44 | 112.65 |
| Prix d’émission et de rachat par action en USD 1 |  | 128.31 | 121.44 | 112.65 |
| Catégorie U-X-acc | LU1377216947 |  |  |  |
| Actions en circulation |  | 3 791.0000 | 4 168.0000 | 3 777.0000 |
| Valeur nette d’inventaire par action en USD |  | 12 871.78 | 12 178.50 | 11 289.55 |
| Prix d’émission et de rachat par action en USD 1 |  | 12 871.78 | 12 178.50 | 11 289.55 |
| 1  Voir note 1 |  |  |  |  |


## Structure du portefeuille-titres
Répartition géographique en % de l’actif net	
| Hong Kong | 16.32 |
| --- | --- |
| Philippines | 12.74 |
| Iles Caïmans | 8.73 |
| Indonésie | 8.67 |
| Chine | 8.46 |
| Îles Vierges britanniques | 7.41 |
| Singapour | 6.91 |
| Inde | 4.87 |
| Corée du Sud | 3.51 |
| Thaïlande | 2.85 |
| France | 2.81 |
| Ile Maurice | 1.16 |
| Malaisie | 0.70 |
| Macao | 0.49 |
| Mexique | 0.34 |
| Etats-Unis | 0.34 |
| Total | 86.31 |

Répartition économique en % de l’actif net	
| Etablissements financiers et sociétés de participation | 23.95 |
| --- | --- |
| Banques & instituts de crédit | 13.10 |
| Gouvernements nationaux et centraux | 12.37 |
| Distribution d’énergie & d’eau | 7.09 |
| Immobilier | 6.07 |
| Pétrole | 4.29 |
| Télécommunications | 4.12 |
| Services divers | 2.54 |
| Chimie | 2.35 |
| Internet, logiciels et services informatiques | 2.20 |
| Emetteurs d’obligations sécurisées (Pfandbriefe) et |  |
| sociétés de refinancement | 1.99 |
| Trafic et transport | 1.20 |
| Diverses sociétés commerciales | 1.02 |
| Industrie graphique, édition et médias | 0.99 |
| Industrie minière, charbon et acier | 0.75 |
| Appareils et composants électriques | 0.66 |
| Fonds de placement | 0.50 |
| Electronique et semi-conducteurs | 0.43 |
| Villes, communes | 0.36 |
| Diverses sociétés non classées | 0.33 |
| Total | 86.31 |

UBS (Lux) Bond SICAV – Asian Investment Grade Bonds (USD)
Rapport semestriel au 30 novembre 2020

## Etat des actifs nets
Actif	30.11.2020
USD
Portefeuille-titres, cours d’achat	51 179 065.75
| Portefeuille-titres, plus-/(moins)-value non réalisée | 	2 385 490.99	 |
| --- | --- |
| Total du Portefeuille-titres (note 1) | 53 564 556.74 |
| Avoirs en banque, dépôts à vue et à terme | 7 241 612.06 |
| Autres liquidités (marges) | 64 925.14 |
| Créances sur souscriptions | 666 951.17 |
| Intérêts à recevoir sur titres | 519 204.15 |
| Autres créances | 21 185.18 |
| Total de l’Actif | 62 078 434.44 |
|  |  |
| Passif |  |
| Perte non réalisé(e) sur contrats financiers à terme (note 1) | -11 210.97 |
| Provisions pour commission de gestion forfaitaire (note 2) | -349.76 |
| Provisions pour taxe d’abonnement (note 3) | -1 028.76 |
| Provisions pour autres commissions et frais (note 2) | 	-3 028.34	 |
| Total des Provisions pour frais | -4 406.86 |
| Total du Passif | -15 617.83 |
|  |  |
| Actif net à la fin de la période | 62 062 816.61 |
| Etat des opérations | USD |
| Revenus | 1.6.2020-30.11.2020 |
| Intérêts sur titres | 1 066 622.99 |
| Revenus sur prêts de titres (note 12) | 4 937.92 |
| Autres revenus (note 4) | 106 299.09 |
| Total des Revenus | 1 177 860.00 |
|  |  |
| Charges |  |
| Commission de gestion forfaitaire (note 2) | -5 170.48 |
| Taxe d’abonnement (note 3) | -3 180.21 |
| Frais sur prêts de titres (note 12) | -1 975.17 |
| Autres commissions et frais (note 2) | -2 989.54 |
| Charges d’intérêts sur liquidités et crédit en compte courant | -289.74 |
| Total des Charges | -13 605.14 |
|  |  |
| Revenus/pertes net(te)s de placements | 1 164 254.86 |
|  |  |
| Bénéfices/(pertes) réalisé(e)s (note 1) |  |
| Bénéfice/(perte) réalisé(e) sur titres évalués à la valeur de marché hors options | 1 669 431.38 |
| Bénéfice/(perte) réalisé(e) sur instruments du marché monétaire et titres évalués en fonction des rendements | -1 492.29 |
| Bénéfice/perte réalisé(e) sur contrats financiers à terme | 117 857.83 |
| Bénéfice/(perte) de change réalisé(e) | 1 159.54 |
| Total des Bénéfices/(pertes) réalisé(e)s | 1 786 956.46 |
|  |  |
| Bénéfice/(perte) net(te) réalisé(e) au cours de la période | 2 951 211.32 |
|  |  |
| 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 | 803 089.27 |
| Plus-/(moins)-value non réalisée sur instruments du marché monétaire et titres évalués en fonction des rendements | 1 938.00 |
| Plus-/(moins)-value non réalisée sur contrats financiers à terme | -29 687.59 |
| Total des Fluctuations de la plus-/(moins)-value non réalisée | 775 339.68 |
|  |  |
| Augmentation/(diminution) nette de l’actif net issue de l’activité | 3 726 551.00 |

UBS (Lux) Bond SICAV – Asian Investment Grade Bonds (USD) Rapport semestriel au 30 novembre 2020
| Fluctuations de l’actif net |  |
| --- | --- |
|  | USD |
|  | 1.6.2020-30.11.2020 |
| Actif net au début de la période | 71 802 087.51 |
| Souscriptions | 12 421 086.76 |
| Rachats | 	-25 886 908.66	 |
| Total des Entrées/(sorties) de capitaux | -13 465 821.90 |
| Revenus/pertes net(te)s de placements | 1 164 254.86 |
| Total des Bénéfices/(pertes) réalisé(e)s | 1 786 956.46 |
| Total des Fluctuations de la plus-/(moins)-value non réalisée | 	775 339.68	 |
| Augmentation/(diminution) nette de l’actif net issue de l’activité | 3 726 551.00 |
| Actif net à la fin de la période | 62 062 816.61 |
| Evolution des actions en circulation |  |
|  | 1.6.2020-30.11.2020 |
| Catégorie | I-B-acc |
| Nombre d’actions en circulation au début de la période | 173 273.0000 |
| Nombre d’actions émises | 41 122.0000 |
| Nombre d’actions rachetées | -111 006.0000 |
| Nombre d’actions en circulation à la fin de la période | 103 389.0000 |
| Catégorie | U-X-acc |
| Nombre d’actions en circulation au début de la période | 4 168.0000 |
| Nombre d’actions émises | 576.0000 |
| Nombre d’actions rachetées | -953.0000 |
| Nombre d’actions en circulation à la fin de la période | 3 791.0000 |

UBS (Lux) Bond SICAV – Asian Investment Grade Bonds (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 |  |  |  |
| USD |  |  |  |
| USD	BAIDU INC 3.07500% 20-07.04.25 | 250 000.00 | 265 504.73 | 0.43 |
| USD	BHARTI AIRTEL LTD-REG-S 4.37500% 15-10.06.25 | 1 236 000.00 | 1 337 197.50 | 2.15 |
| USD	CHINA HUANENG GP HK TREASURY MGT-REG-S 2.60000% 19-10.12.24 | 200 000.00 | 207 625.00 | 0.33 |
| USD	CK HUTCHISON INTERNATIONAL 16 LTD-REG-S 2.75000% 16-03.10.26 | 400 000.00 | 431 500.00 | 0.69 |
| USD	CNAC HK FINBRIDGE CO LTD-REG-S 5.12500% 18-14.03.28 | 350 000.00 | 381 390.62 | 0.61 |
| USD	CNAC HK FINBRIDGE CO LTD-REG-S 3.87500% 19-19.06.29 | 350 000.00 | 355 906.25 | 0.57 |
| USD	CNPC GENERAL CAPITAL LTD-REG-S 3.40000% 13-16.04.23 | 200 000.00 | 210 187.50 | 0.34 |
| USD	ENN ENERGY HOLDINGS LTD-REG-S 2.62500% 20-17.09.30 | 700 000.00 | 704 593.75 | 1.14 |
| USD	EXPORT-IMPORT BANK OF CHINA-REG-S 2.87500% 16-26.04.26 | 200 000.00 | 217 875.00 | 0.35 |
| USD	HPHT FINANCE 19 LTD-REG-S 2.87500% 19-05.11.24 | 250 000.00 | 260 072.50 | 0.42 |
| USD	HUTCHINSON WHAMPOA INTL 11 LTSD-REG-S 4.62500% 12-13.01.22 | 500 000.00 | 520 643.40 | 0.84 |
| USD	HUTCHISON WHAMPOA INTL 12 II LTD-REG-S 3.25000% 12-08.11.22 | 550 000.00 | 575 228.50 | 0.93 |
| USD	HYUNDAI CAPITAL AMERICA-REG-S 3.00000% 20-10.02.27 | 200 000.00 | 211 362.54 | 0.34 |
| USD	INDONESIA, REPUBLIC OF-REG-S 5.25000% 12-17.01.42 | 200 000.00 | 261 875.00 | 0.42 |
| USD	KOREA HYDRO&NUCLEAR POWER CO LTD-REG-S 3.00000% 12-19.09.22 | 250 000.00 | 260 546.87 | 0.42 |
| USD	LLPL CAPITAL PTE LTD-REG-S 6.87500% 19-04.02.39 | 200 000.00 | 218 787.00 | 0.35 |
| USD	ONGC VIDESH VANKORNEFT PTE LTD-REG-S 3.75000% 16-27.07.26 | 200 000.00 | 214 812.50 | 0.35 |
| USD	PHILIPPINES, REPUBLIC OF THE 5.50000% 11-30.03.26 | 1 500 000.00 | 1 863 750.00 | 3.00 |
| USD	PHILIPPINES, REPUBLIC OF THE 2.45700% 20-05.05.30 | 400 000.00 | 432 000.00 | 0.70 |
| USD	PLDT INC-REG-S 2.50000% 20-23.01.31 | 450 000.00 | 466 312.50 | 0.75 |
| USD	POWER SECTOR ASST & LIAB MGT CORP-REG-S 7.39000% 09-02.12.24 | 1 000 000.00 | 1 254 062.50 | 2.02 |
| USD	REC LTD-REG-S 3.50000% 19-12.12.24 | 200 000.00 | 208 312.50 | 0.34 |
| USD	SHIMAO PROPERTY HOLDINGS LTD-REG-S 4.60000% 20-13.07.30 | 300 000.00 | 321 000.00 | 0.52 |
| USD	SINOPEC GROUP OVERSEAS DEVELOPMNT-REG-S 3.25000% 15-28.04.25 | 200 000.00 | 214 812.50 | 0.35 |
| Total USD |  | 11 395 358.66 | 18.36 |
| Total des Billets, taux fixe |  | 11 395 358.66 | 18.36 |
| Billets, taux variable |  |  |  |
| USD |  |  |  |
| USD	CHINA DEV BANK FIN LEASING-REG-S-SUB 2.875%/VAR 20-28.09.30 | 1 025 000.00 | 1 034 630.39 | 1.67 |
| USD	IND & COM BK CHINA MACAU-REG-S-SUB 2.875%/VAR 19-12.09.29 | 300 000.00 | 306 031.05 | 0.49 |
| Total USD |  | 1 340 661.44 | 2.16 |
| Total des Billets, taux variable |  | 1 340 661.44 | 2.16 |
| Medium-Term Notes, taux fixe |  |  |  |
| USD |  |  |  |
| USD	AIRPORT AUTHORITY HONG KONG-REG-S 3.45000% 19-21.02.29 | 200 000.00 | 224 540.92 | 0.36 |
| USD	BANK OF CHINA LTD/PARIS 0.95000% 20-21.09.23 | 1 750 000.00 | 1 745 284.27 | 2.81 |
| USD	BANK OF CHINA/HONG KONG-REG-S 3.62500% 19-17.04.29 | 200 000.00 | 222 687.50 | 0.36 |
| USD	BANK OF EAST ASIA LTD-REG-S-SUB 4.00000% 20-29.05.30 | 900 000.00 | 932 805.00 | 1.50 |
| USD	BDO UNIBANK INC-REG-S 2.12500% 20-13.01.26 | 1 250 000.00 | 1 268 750.00 | 2.04 |
| USD	BOC AVIATION LTD-REG-S 3.50000% 19-10.10.24 | 200 000.00 | 211 490.00 | 0.34 |
| USD	BOCOM LEASING MGT HONG KONG-REG-S 4.37500% 19-22.01.24 | 500 000.00 | 535 937.50 | 0.86 |
| USD	CASTLE PEAK POWER FINANCE CO LTD-REG-S 2.20000% 20-22.06.30 | 450 000.00 | 456 403.14 | 0.74 |
| USD	CITIC LTD-REG-S 4.00000% 18-11.01.28 | 500 000.00 | 551 562.50 | 0.89 |
| USD	CLP POWER HONG KONG FINANCING LTD-REG-S 2.12500% 20-30.06.30 | 975 000.00 | 985 966.70 | 1.59 |
| USD	CMB INTERNATIONAL LEASING MGT LTD-REG-S 2.75000% 20-12.08.30 | 875 000.00 | 853 651.75 | 1.38 |
| USD	EXPORT IMPORT BANK OF THAILAND-REG-S 1.45700% 20-15.10.25 | 400 000.00 | 401 526.68 | 0.65 |
| USD	HUARONG FINANCE-REG-S 3.75000% 19-29.05.24 | 1 250 000.00 | 1 308 593.75 | 2.11 |
| USD	ICBCIL FINANCE CO LTD-REG-S 3.62500% 16-19.05.26 | 250 000.00 | 273 125.00 | 0.44 |
| USD	INDONESIA, REPUBLIC OF-REG-S 3.85000% 17-18.07.27 | 1 800 000.00 | 2 054 812.50 | 3.31 |
| USD	INDONESIA, REPUBLIC OF-REG-S 4.75000% 17-18.07.47 | 350 000.00 | 443 843.75 | 0.71 |
| USD	INDUSTRIAL COMMERCIAL BANK CHINA-REG-S 1.20000% 20-09.09.25 | 625 000.00 | 615 385.81 | 0.99 |
| USD	MTR CORP LTD-REG-S 1.62500% 20-19.08.30 | 750 000.00 | 742 619.98 | 1.20 |
| USD	NAN FUNG TREASURY LTD-REG-S 3.87500% 17-03.10.27 | 1 000 000.00 | 1 032 800.00 | 1.66 |
| USD	NAN FUNG TREASURY LTD-REG-S 5.00000% 18-05.09.28 | 1 000 000.00 | 1 105 789.40 | 1.78 |
| USD	OVERSEA-CHINESE BANKING CORP-REG-S-SUB 4.25000% 14-19.06.24 | 200 000.00 | 218 812.50 | 0.35 |
| USD	PERTAMINA PT-REG-S 6.50000% 18-07.11.48 | 325 000.00 | 456 218.75 | 0.73 |
| USD	PERUSAHAAN LISTRIK NEGARA PT-REG-S 4.37500% 19-05.02.50 | 525 000.00 | 567 820.31 | 0.91 |
| USD	PETRONAS CAPITAL LTD-REG-S 4.55000% 20-21.04.50 | 325 000.00 | 435 804.69 | 0.70 |
| USD	PSA TREASURY PTE LTD-REG-S 2.12500% 19-05.09.29 | 300 000.00 | 311 439.00 | 0.50 |
| USD	PTT TREASURY CENTER CO LTD-REG-S 4.50000% 19-25.10.42 | 553 000.00 | 635 085.93 | 1.02 |
| USD	SHINHAN FIN GROUP CO LTD-REG-S 1.35000% 20-10.01.26 | 925 000.00 | 934 347.59 | 1.51 |
| USD	SIAM COMMERCIAL BK CAYMAN ISLAND-REG-S 2.75000% 17-16.05.23 | 525 000.00 | 545 671.87 | 0.88 |
| USD	SIAM COMMERCIAL BK CAYMAN ISLAND-REG-S 4.40000% 19-11.02.29 | 375 000.00 | 433 710.94 | 0.70 |
| USD	SINGTEL GROUP TREASURY PTE LTD-REG-S 3.25000% 15-30.06.25 | 200 000.00 | 219 840.90 | 0.35 |
| USD	SINGTEL GROUP TREASURY PTE LTD-REG-S 3.87500% 18-28.08.28 | 350 000.00 | 407 479.59 | 0.66 |
| USD	SP POWERASSETS LTD-REG-S 3.25000% 15-24.11.25 | 200 000.00 | 222 168.00 | 0.36 |
| USD	STATE GRID OVERSEAS INVESTMENT-REG-S 3.50000% 17-04.05.27 | 500 000.00 | 556 250.00 | 0.90 |
| USD	SUN HUNG KAI PROP CAP MRKT LTD-REG-S 2.87500% 20-21.01.30 | 2 000 000.00 | 2 108 401.40 | 3.40 |
| USD	SUN HUNG KAI PROPERTIES LTD-REG-S 4.50000% 12-14.02.22 | 200 000.00 | 207 750.00 | 0.33 |
| USD	TEMASEK FINANCIAL I LTD-REG-S 2.50000% 20-06.10.70 | 1 000 000.00 | 1 002 530.00 | 1.62 |
| USD	TENCENT HOLDINDS LTD-REG-S 3.80000% 15-11.02.25 | 1 000 000.00 | 1 096 562.50 | 1.77 |
| USD	TENCENT HOLDINGS LTD-REG-S 3.92500% 18-19.01.38 | 200 000.00 | 227 500.00 | 0.37 |
| USD	TENCENT HOLDINGS LTD-REG-S 2.39000% 20-03.06.30 | 375 000.00 | 384 609.38 | 0.62 |
| USD	THAIOIL TREASURY CENTER CO LTD-REG-S 3.75000% 20-18.06.50 | 725 000.00 | 730 531.75 | 1.18 |
| Total USD |  | 27 670 111.25 | 44.58 |
| Total des Medium-Term Notes, taux fixe |  | 27 670 111.25 | 44.58 |

UBS (Lux) Bond SICAV – Asian Investment Grade Bonds (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) |  |

Medium-Term Notes, taux variable
| USD |  |
| --- | --- |
| USD | DBS GROUP HOLDINGS LTD-REG-S-SUB 4.520%/VAR 18-11.12.28 | 200 000.00 | 217 760.00 | 0.35 |
| USD | SHINHAN FIN GROUP CO LTD-REG-S-SUB 3.340%/VAR 19-05.02.30 | 525 000.00 | 553 218.75 | 0.89 |
| USD | UNITED OVERSEAS BANK LTD-REG-S-SUB 3.750%/VAR 19-15.04.29 | 400 000.00 | 426 656.00 | 0.69 |
| USD | WING LUNG BANK LTD-REG-S-SUB 3.750%/H15T5Y+175BP 17-22.11.27 | 200 000.00 | 204 390.86 | 0.33 |
| Total USD |  |  | 1 402 025.61 | 2.26 |
| Total des Medium-Term Notes, taux variable |  | 1 402 025.61 | 2.26 |
| Obligations, taux fixe |  |  |  |
| USD |  |  |  |
| USD	BANK RAKYAT INDONESIA-REG-S 3.95000% 19-28.03.24 | 200 000.00 | 213 437.50 | 0.34 |
| USD	BLUESTAR FINANCE HOLDINGS LTD-REG-S 3.50000% 16-30.09.21 | 200 000.00 | 201 687.50 | 0.33 |
| USD	CHINA CLEAN ENERGY DEVELOPMENT-REG-S 4.00000% 15-05.11.25 | 200 000.00 | 220 375.00 | 0.36 |
| USD	CHINA HUADIAN OVERSEAS DEVP18 LTD-REG-S 3.87500% 18-17.05.23 | 250 000.00 | 264 822.50 | 0.43 |
| USD	CMHI FINANCE BVI CO LTD-REG-S 5.00000% 18-06.08.28 | 250 000.00 | 292 109.38 | 0.47 |
| USD	COUNTRY GARDEN HOLDINGS CO LTD-REG-S 5.62500% 20-14.01.30 | 650 000.00 | 712 968.75 | 1.15 |
| USD	COUNTRY GARDEN HOLDINGS CO LTD-REG-S 4.80000% 20-06.08.30 | 225 000.00 | 239 625.00 | 0.39 |
| USD	HINDUSTAN PETROLEUM CORP LTD-REG-S 4.00000% 17-12.07.27 | 220 000.00 | 231 825.00 | 0.37 |
| USD	HKT CAPITAL NO 5 LTD-REG-S 3.25000% 19-30.09.29 | 700 000.00 | 753 183.55 | 1.21 |
| USD	LONGFOR PROPERTIES CO LTD-REG-S 4.50000% 18-16.01.28 | 350 000.00 | 387 734.38 | 0.62 |
| USD	MINERA Y METALURGICA DEL BOLEO-REG-S 3.25000% 19-17.04.24 | 200 000.00 | 212 562.50 | 0.34 |
| USD	NONGHYUP BANK-REG-S 2.87500% 17-17.07.22 | 200 000.00 | 207 312.50 | 0.33 |
| USD	NWD MTN LTD-REG-S 4.12500% 19-18.07.29 | 525 000.00 | 543 890.60 | 0.88 |
| USD	OIL INDIA LTD-REG-S 5.12500% 19-04.02.29 | 908 000.00 | 1 026 323.75 | 1.65 |
| USD	PERUSAHAAN PENERBIT SBSN-REG-S 4.15000% 17-29.03.27 | 225 000.00 | 257 484.37 | 0.41 |
| USD	PERUSAHAAN PENERBIT SBSN-REG-S 3.80000% 20-23.06.50 | 650 000.00 | 718 859.38 | 1.16 |
| USD	PHILIPPINES, REPUBLIC OF THE 3.70000% 16-01.03.41 | 2 250 000.00 | 2 622 656.25 | 4.23 |
| USD	POWER FINANCE CORP LTD-REG-S 4.50000% 19-18.06.29 | 200 000.00 | 217 812.50 | 0.35 |
| USD	STAR ENERGY GEOTHERMAL DARAJAT II-REG-S 4.85000% 20-14.10.38 | 375 000.00 | 407 929.69 | 0.66 |
| USD	UPL CORP LTD-REG-S 4.62500% 20-16.06.30 | 675 000.00 | 721 195.31 | 1.16 |
| USD	WOORI BANK-REG-S-SUB 4.75000% 14-30.04.24 | 200 000.00 | 221 875.00 | 0.36 |
| Total USD |  | 10 675 670.41 | 17.20 |
| Total des Obligations, taux fixe |  | 10 675 670.41 | 17.20 |
| Obligations, taux variable |  |  |  |
| USD |  |  |  |
| USD	CHINA CONSTRUCTION BK CORP-REG-S-SUB 2.450%/VAR 20-24.06.30 | 275 000.00 | 278 437.50 | 0.45 |
| USD	CHINA MINMETALS CORP-REG-S 3.750%/VAR 17-PRP | 250 000.00 | 253 046.87 | 0.41 |
| Total USD |  | 531 484.37 | 0.86 |
| Total des Obligations, taux variable |  | 531 484.37 | 0.86 |
| Total des Titres et instruments du marché monétaire négociés sur une bourse officielle |  | 53 015 311.74 | 85.42 |
| Titres et instruments du marché monétaire négociés sur un autre marché réglementé |  |  |  |
| Billets, taux fixe |  |  |  |
| USD |  |  |  |
| USD	ALIBABA GROUP HOLDING LTD 3.60000% 15-28.11.24 | 500 000.00 | 549 245.00 | 0.89 |
| Total USD |  | 549 245.00 | 0.89 |
| Total des Billets, taux fixe |  | 549 245.00 | 0.89 |
| Total des Titres et instruments du marché monétaire négociés sur un autre marché réglementé |  | 549 245.00 | 0.89 |
| Total du Portefeuille-titres |  | 53 564 556.74 | 86.31 |

| Instruments dérivés |  |
| --- | --- |
| Instruments dérivés négociés sur une bourse officielle |
| Contrats financiers à terme sur obligations |
|  |  |  |  |
| USD	US 2YR TREASURY NOTE FUTURE 31.03.21 | 55.00 | 5 585.91 | 0.01 |
| USD	US 5YR TREASURY NOTE FUTURE 31.03.21 | -37.00 | -7 515.63 | -0.01 |
| USD	US 10YR TREASURY NOTE FUTURE 22.03.21 | -22.00 | -9 281.25 | -0.02 |
| Total des Contrats financiers à terme sur obligations |  | -11 210.97 | -0.02 |
| Total des Instruments dérivés négociés sur une bourse officielle |  | -11 210.97 | -0.02 |
| Total des Instruments dérivés |  | -11 210.97 | -0.02 |
|  |  |  |  |
| Avoirs en banque, dépôts à vue et à terme et autres liquidités |  | 7 306 537.20 | 11.77 |
| Autres actifs et passifs |  | 1 202 933.64 | 1.94 |
| Total de l’Actif net |  | 62 062 816.61 | 100.00 |

UBS (Lux) Bond SICAV – Asian Investment Grade Bonds (USD)
Rapport semestriel au 30 novembre 2020