# UBS (Lux) Bond SICAV – 2023 (USD)
| Most important figures |  |
| --- | --- |
|  | ISIN | 30.11.2022 | 31.5.2022 | 31.5.2021 |
| Net assets in USD |  | 485 636 197.97 | 653 622 202.03 | 1 221 518 114.70 |
| Class I-A1-acc | LU1939228059 |  |  |  |
| Shares outstanding |  | 36 350.0000 | 36 350.0000 | 36 750.0000 |
| Net asset value per share in USD |  | 90.48 | 91.29 | 107.86 |
| Issue and redemption price per share in USD 1 |  | 90.48 | 90.92 | 107.67 |
| Class I-B-dist | LU2072099455 |  |  |  |
| Shares outstanding |  | 270 400.0000 | 598 000.0000 | 598 000.0000 |
| Net asset value per share in USD |  | 76.98 | 82.35 | 102.17 |
| Issue and redemption price per share in USD 1 |  | 76.98 | 82.02 | 101.99 |
| Class K-1-acc | LU1914375941 |  |  |  |
| Shares outstanding |  | 8.3000 | 15.9000 | 16.3000 |
| Net asset value per share in USD |  | 4 506 537.83 | 4 549 240.61 | 5 380 199.43 |
| Issue and redemption price per share in USD 1 |  | 4 506 537.83 | 4 531 043.65 | 5 370 515.07 |
| Class K-1-dist | LU1914376089 |  |  |  |
| Shares outstanding |  | 3.7000 | 5.4000 | 8.4000 |
| Net asset value per share in USD |  | 3 793 292.95 | 4 046 976.05 | 5 026 316.77 |
| Issue and redemption price per share in USD 1 |  | 3 793 292.95 | 4 030 788.15 | 5 017 269.40 |
| Class K-1-qdist | LU1914376162 |  |  |  |
| Shares outstanding |  | 11.0000 | 16.1000 | 24.0000 |
| Net asset value per share in USD |  | 3 749 859.36 | 3 893 709.34 | 4 837 238.06 |
| Issue and redemption price per share in USD 1 |  | 3 749 859.36 | 3 878 134.50 | 4 828 531.03 |
| Class P-acc | LU1914375511 |  |  |  |
| Shares outstanding |  | 837 877.4430 | 929 898.7510 | 1 324 429.6790 |
| Net asset value per share in USD |  | 89.28 | 90.24 | 106.98 |
| Issue and redemption price per share in USD 1 |  | 89.28 | 89.88 | 106.79 |
| Class P-dist | LU1914375602 |  |  |  |
| Shares outstanding |  | 1 505 722.3290 | 1 902 860.2870 | 4 253 233.9470 |
| Net asset value per share in USD |  | 75.66 | 80.57 | 100.07 |
| Issue and redemption price per share in USD 1 |  | 75.66 | 80.25 | 99.89 |
| Class P-qdist | LU1980165606 |  |  |  |
| Shares outstanding |  | 731 295.0550 | 754 279.3510 | 919 415.3280 |
| Net asset value per share in USD |  | 75.33 | 78.17 | 97.04 |
| Issue and redemption price per share in USD 1 |  | 75.33 | 77.86 | 96.87 |
| Class (HKD) P-qdist | LU1980165945 |  |  |  |
| Shares outstanding |  | 165 619.0050 | 179 418.5030 | 252 254.6650 |
| Net asset value per share in HKD |  | 747.83 | 780.13 | 958.65 |
| Issue and redemption price per share in HKD 1 |  | 747.83 | 777.01 | 956.92 |
| Class Q-acc | LU1914375784 |  |  |  |
| Shares outstanding |  | 502 439.3910 | 598 319.8380 | 782 947.6870 |
| Net asset value per share in USD |  | 90.13 | 90.99 | 107.60 |
| Issue and redemption price per share in USD 1 |  | 90.13 | 90.63 | 107.41 |
| Class Q-dist | LU1914375867 |  |  |  |
| Shares outstanding |  | 701 003.5410 | 782 936.3450 | 1 192 123.3530 |
| Net asset value per share in USD |  | 75.87 | 80.94 | 100.53 |
| Issue and redemption price per share in USD 1 |  | 75.87 | 80.62 | 100.35 |
| Class Q-UKdist-qdist | LU1939227754 |  |  |  |
| Shares outstanding |  | 145 230.0040 | 161 314.0040 | 196 180.1320 |
| Net asset value per share in USD |  | 73.64 | 76.50 | 95.10 |
| Issue and redemption price per share in USD 1 |  | 73.64 | 76.19 | 94.93 |
| 1  See note 1 |  |  |  |  |

UBS (Lux) Bond SICAV – 2023 (USD)
Semi-Annual Report as of 30 November 2022

### Structure of the Securities Portfolio
Geographical Breakdown as a % of net assets	
| Cayman Islands | 9.57 |
| --- | --- |
| Mexico | 7.66 |
| The Netherlands | 7.12 |
| Qatar | 6.13 |
| South Korea | 5.72 |
| United Arab Emirates | 5.28 |
| Turkey | 5.15 |
| Saudi Arabia | 4.97 |
| Costa Rica | 4.49 |
| Mongolia | 3.87 |
| United Kingdom | 3.73 |
| Brazil | 3.56 |
| Canada | 3.49 |
| Supranationals | 3.16 |
| Oman | 2.96 |
| China | 2.75 |
| India | 2.36 |
| Egypt | 2.00 |
| South Africa | 1.82 |
| Colombia | 1.75 |
| Bermuda | 1.64 |
| Indonesia | 1.58 |
| British Virgin Islands | 1.13 |
| Israel | 1.10 |
| Nigeria | 1.07 |
| Malaysia | 1.01 |
| Chile | 0.92 |
| Venezuela | 0.67 |
| Lebanon | 0.62 |
| Mauritius | 0.60 |
| Ireland | 0.31 |
| Dominican Republic | 0.25 |
| Total | 98.44 |

Economic Breakdown as a % of net assets	
| Finance & holding companies | 18.92 |
| --- | --- |
| Countries & central governments | 18.23 |
| Banks & credit institutions | 13.57 |
| Petroleum | 12.11 |
| Energy & water supply | 5.59 |
| Miscellaneous services | 5.19 |
| Supranational organisations | 4.48 |
| Chemicals | 4.08 |
| Real Estate | 3.43 |
| Agriculture & fishery | 2.74 |
| Pharmaceuticals, cosmetics & medical products | 2.02 |
| Telecommunications | 1.64 |
| Vehicles | 1.39 |
| Miscellaneous unclassified companies | 1.10 |
| Mortgage & funding institutions | 1.07 |
| Mining, coal & steel | 1.02 |
| Electrical devices & components | 0.82 |
| Forestry, paper & pulp products | 0.61 |
| Cantons, federal states | 0.40 |
| Building industry & materials | 0.03 |
| Total | 98.44 |

UBS (Lux) Bond SICAV – 2023 (USD)
Semi-Annual Report as of 30 November 2022

### Statement of Net Assets
Assets	30.11.2022
USD
Investments in securities, cost	617 243 277.19
| Investments in securities, unrealized appreciation (depreciation) | 	-139 181 122.51	 |
| --- | --- |
| Total investments in securities (Note 1) | 478 062 154.68 |
| Cash at banks, deposits on demand and deposit accounts | 1 095 263.52 |
| Interest receivable on securities | 5 864 029.39 |
| Other receivables | 1 000 000.00 |
| Total Assets | 486 021 447.59 |
|  |  |
| Liabilities |  |
| Provisions for flat fee (Note 2) | -284 794.12 |
| Provisions for taxe d’abonnement (Note 3) | -38 651.56 |
| Provisions for other commissions and fees (Note 2) | 	-61 803.94	 |
| Total provisions | -385 249.62 |
| Total Liabilities | -385 249.62 |
|  |  |
| Net assets at the end of the period | 485 636 197.97 |
| Statement of Operations | USD |
| Income | 1.6.2022-30.11.2022 |
| Interest on liquid assets | 41 317.15 |
| Interest on securities | 12 786 027.04 |
| Net income on securities lending (Note 11) | 348 528.99 |
| Other income (Note 4) | 552 731.46 |
| Total income | 13 728 604.64 |
|  |  |
| Expenses |  |
| Flat fee (Note 2) | -1 938 899.78 |
| Taxe d’abonnement (Note 3) | -122 826.63 |
| Other commissions and fees (Note 2) | -36 176.11 |
| Interest on cash and bank overdraft | -0.81 |
| Total expenses | -2 097 903.33 |
|  |  |
| Net income (loss) on investments | 11 630 701.31 |
|  |  |
| Realized gain (loss) (Note 1) |  |
| Realized gain (loss) on market-priced securities without options | -45 068 606.00 |
| Realized gain (loss) on foreign exchange | 3 372.03 |
| Total realized gain (loss) | -45 065 233.97 |
|  |  |
| Net realized gain (loss) of the period | -33 434 532.66 |
|  |  |
| Changes in unrealized appreciation (depreciation) (Note 1) |  |
| Unrealized appreciation (depreciation) on market-priced securities without options | 24 156 590.40 |
| Total changes in unrealized appreciation (depreciation) | 24 156 590.40 |
|  |  |
| Net increase (decrease) in net assets as a result of operations | -9 277 942.26 |

UBS (Lux) Bond SICAV – 2023 (USD)
Semi-Annual Report as of 30 November 2022
| Changes in Net Assets |  |
| --- | --- |
|  | USD |
|  | 1.6.2022-30.11.2022 |
| Net assets at the beginning of the period | 653 622 202.03 |
| Redemptions | 	-141 769 326.99	 |
| Total redemptions | -141 769 326.99 |
| Dividend paid | -16 938 734.81 |
| Net income (loss) on investments | 11 630 701.31 |
| Total realized gain (loss) | -45 065 233.97 |
| Total changes in unrealized appreciation (depreciation) | 	24 156 590.40	 |
| Net increase (decrease) in net assets as a result of operations | -9 277 942.26 |
| Net assets at the end of the period | 485 636 197.97 |
| Changes in the Number of Shares outstanding |  |
|  | 1.6.2022-30.11.2022 |
| Class | I-A1-acc |
| Number of shares outstanding at the beginning of the period | 36 350.0000 |
| Number of shares issued | 0.0000 |
| Number of shares redeemed | 0.0000 |
| Number of shares outstanding at the end of the period | 36 350.0000 |
| Class | I-B-dist |
| Number of shares outstanding at the beginning of the period | 598 000.0000 |
| Number of shares issued | 0.0000 |
| Number of shares redeemed | -327 600.0000 |
| Number of shares outstanding at the end of the period | 270 400.0000 |
| Class | K-1-acc |
| Number of shares outstanding at the beginning of the period | 15.9000 |
| Number of shares issued | 0.0000 |
| Number of shares redeemed | -7.6000 |
| Number of shares outstanding at the end of the period | 8.3000 |
| Class | K-1-dist |
| Number of shares outstanding at the beginning of the period | 5.4000 |
| Number of shares issued | 0.0000 |
| Number of shares redeemed | -1.7000 |
| Number of shares outstanding at the end of the period | 3.7000 |
| Class | K-1-qdist |
| Number of shares outstanding at the beginning of the period | 16.1000 |
| Number of shares issued | 0.0000 |
| Number of shares redeemed | -5.1000 |
| Number of shares outstanding at the end of the period | 11.0000 |
| Class | P-acc |
| Number of shares outstanding at the beginning of the period | 929 898.7510 |
| Number of shares issued | 0.0000 |
| Number of shares redeemed | -92 021.3080 |
| Number of shares outstanding at the end of the period | 837 877.4430 |
| Class | P-dist |
| Number of shares outstanding at the beginning of the period | 1 902 860.2870 |
| Number of shares issued | 0.0000 |
| Number of shares redeemed | -397 137.9580 |
| Number of shares outstanding at the end of the period | 1 505 722.3290 |
| Class | P-qdist |
| Number of shares outstanding at the beginning of the period | 754 279.3510 |
| Number of shares issued | 0.0000 |
| Number of shares redeemed | -22 984.2960 |
| Number of shares outstanding at the end of the period | 731 295.0550 |
| Class | (HKD) P-qdist |
| Number of shares outstanding at the beginning of the period | 179 418.5030 |
| Number of shares issued | 0.0000 |
| Number of shares redeemed | -13 799.4980 |
| Number of shares outstanding at the end of the period | 165 619.0050 |
| Class | Q-acc |
| Number of shares outstanding at the beginning of the period | 598 319.8380 |
| Number of shares issued | 0.0000 |
| Number of shares redeemed | -95 880.4470 |
| Number of shares outstanding at the end of the period | 502 439.3910 |
| Class | Q-dist |
| Number of shares outstanding at the beginning of the period | 782 936.3450 |
| Number of shares issued | 0.0000 |
| Number of shares redeemed | -81 932.8040 |
| Number of shares outstanding at the end of the period | 701 003.5410 |
| Class | Q-UKdist-qdist |
| Number of shares outstanding at the beginning of the period | 161 314.0040 |
| Number of shares issued | 0.0000 |
| Number of shares redeemed | -16 084.0000 |
| Number of shares outstanding at the end of the period | 145 230.0040 |

UBS (Lux) Bond SICAV – 2023 (USD)
Semi-Annual Report as of 30 November 2022
| Annual Distribution 1 |  |
| --- | --- |
| UBS (Lux) Bond SICAV – 2023 (USD) | Ex-Date | Pay-Date | Currency | Amount per share |
| I-B-dist | 1.8.2022 | 4.8.2022 | USD | 4.73 |
| K-1-dist | 1.8.2022 | 4.8.2022 | USD | 212 500.00 |
| P-dist | 1.8.2022 | 4.8.2022 | USD | 4.00 |
| Q-dist | 1.8.2022 | 4.8.2022 | USD | 4.25 |
| Quarterly Distribution 1 |  |  |  |  |
| UBS (Lux) Bond SICAV – 2023 (USD) | Ex-Date | Pay-Date | Currency | Amount per share |
| K-1-qdist | 15.6.2022 | 21.6.2022 | USD | 53 561.64 |
| K-1-qdist | 15.9.2022 | 20.9.2022 | USD | 53 561.64 |
| P-qdist | 15.6.2022 | 21.6.2022 | USD | 1.00 |
| P-qdist | 15.9.2022 | 20.9.2022 | USD | 1.01 |
| (HKD) P-qdist | 15.6.2022 | 21.6.2022 | HKD | 10.08 |
| (HKD) P-qdist | 15.9.2022 | 20.9.2022 | HKD | 10.08 |
| Q-UKdist-qdist | 15.6.2022 | 21.6.2022 | USD | 1.07 |
| Q-UKdist-qdist | 15.9.2022 | 20.9.2022 | USD | 1.07 |
| 1  See note 5 |  |  |  |  |

UBS (Lux) Bond SICAV – 2023 (USD)
Semi-Annual Report as of 30 November 2022

### Statement of Investments in Securities and other Net Assets as of 30 November 2022
| 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 |  |  |  |
| USD |  |  |  |
| USD	BANCO BTG PACTUAL SA/CAY ISL SA-REG-S 5.50000% 17-31.01.23 | 1 100 000.00 | 1 095 737.50 | 0.22 |
| USD	BANCO DE BOGOTA SA-REG-S-SUB 5.37500% 13-19.02.23 | 3 100 000.00 | 3 088 762.50 | 0.64 |
| USD	BANCO NACIONAL DE DESENV ECO&SOC-REG-S 5.75000% 13-26.09.23 | 2 000 000.00 | 2 000 000.00 | 0.41 |
| USD	BANK RAKYAT INDONESIA-REG-S 4.62500% 18-20.07.23 | 1 600 000.00 | 1 589 408.00 | 0.33 |
| USD	BRF SA-REG-S 3.95000% 13-22.05.23 | 13 500 000.00 | 13 287 375.00 | 2.74 |
| USD	CHINA EVERGRANDE GRO-REG-S *DEFAULTED* 10.00000% 19-11.04.23 | 13 500 000.00 | 770 343.75 | 0.16 |
| USD	CORPORACION ANDINA DE FOMENTO 2.37500% 20-12.05.23 | 3 300 000.00 | 3 254 676.22 | 0.67 |
| USD	COSTA RICA, REPUBLIC OF-REG-S 4.25000% 12-26.01.23 | 21 900 000.00 | 21 808 293.75 | 4.49 |
| USD	ECOPETROL SA 5.87500% 13-18.09.23 | 5 500 000.00 | 5 431 250.00 | 1.12 |
| USD	EGYPT, REPUBLIC OF-REG-S 5.57700% 18-21.02.23 | 6 900 000.00 | 6 831 000.00 | 1.41 |
| USD	EGYPT, REPUBLIC OF-REG-S 4.55000% 19-20.11.23 | 2 970 000.00 | 2 873 475.00 | 0.59 |
| USD	ESKOM HOLDINGS SOC LTD-REG-S 6.75000% 13-06.08.23 | 6 000 000.00 | 5 850 000.00 | 1.20 |
| USD	EXPORT CREDIT BANK OF TURKEY-REG-S 5.37500% 16-24.10.23 | 7 000 000.00 | 6 930 000.00 | 1.43 |
| USD	FORTUNE STAR BVI LTD-REG-S 6.75000% 19-02.07.23 | 3 750 000.00 | 3 375 000.00 | 0.69 |
| USD	GERDAU TRADE INC-REG-S 4.75000% 13-15.04.23 | 2 000 000.00 | 1 982 875.00 | 0.41 |
| USD	GREENKO MAURITIUS LTD-REG-S 6.25000% 19-21.02.23 | 5 250 000.00 | 5 204 062.50 | 1.07 |
| USD	GROWTHPOINT PROPERTIES INT PTY-REG-S 5.87200% 18-02.05.23 | 3 000 000.00 | 2 984 625.00 | 0.61 |
| USD	HARVEST OPERATIONS CORP-REG-S 4.20000% 18-01.06.23 | 17 000 000.00 | 16 928 940.00 | 3.49 |
| USD	ITAU UNIBANCO HOLDING SA-REG-S-SUB 5.12500% 12-13.05.23 | 2 000 000.00 | 1 990 400.00 | 0.41 |
| USD	KOREA EAST-WEST POWER CO LTD-144A 3.87500% 18-19.07.23 | 2 500 000.00 | 2 479 375.00 | 0.51 |
| USD	KOREA EAST-WEST POWER CO LTD-REG-S 3.87500% 18-19.07.23 | 13 000 000.00 | 12 892 750.00 | 2.65 |
| USD	KOREA HYDRO&NUCLEAR POWER CO LTD-REG-S 3.75000% 18-25.07.23 | 7 000 000.00 | 6 937 875.00 | 1.43 |
| USD	LEVIATHAN BOND LTD-144A-REG-S 5.75000% 20-30.06.23 | 5 350 000.00 | 5 324 253.13 | 1.10 |
| USD	METALSA SA DE CV-REG-S 4.90000% 14 24.04.23 | 6 800 000.00 | 6 732 000.00 | 1.39 |
| USD	MONGOLIA,GOVERNMENT OF-REG-S 5.62500% 17-01.05.23 | 3 500 000.00 | 3 325 385.00 | 0.68 |
| USD	OMAN GOVT INTERNATIONAL BOND-REG-S 4.12500% 18-17.01.23 | 4 000 000.00 | 3 985 000.00 | 0.82 |
| USD	OOREDOO INTERNATIONAL FINANCE LTD-REG-S 3.25000% 12-21.02.23 | 8 000 000.00 | 7 960 000.00 | 1.64 |
| USD	OZTEL HOLDINGS SPC-REG-S 5.62500% 18-24.10.23 | 18 800 000.00 | 18 680 150.00 | 3.85 |
| USD	PERTAMINA PT-REG-S 4.30000% 13-20.05.23 | 6 150 000.00 | 6 106 950.00 | 1.26 |
| USD	QATAR, STATE OF-REG-S 3.87500% 18-23.04.23 | 19 500 000.00 | 19 412 250.00 | 4.00 |
| USD	REC LTD-REG-S 4.75000% 20-19.05.23 | 3 020 000.00 | 3 004 356.40 | 0.62 |
| USD	TEVA PHARMACEUTICAL FINANCE NL III BV 2.80000% 16-21.07.23 | 10 150 000.00 | 9 832 812.50 | 2.02 |
| USD	TURKEY, REPUBLIC OF 3.25000% 13-23.03.23 | 2 210 000.00 | 2 201 712.50 | 0.45 |
| USD	VEB FINANCE PLC-REG-S LPN 5.94200% 13-21.11.23 | 31 000 000.00 | 1 491 875.00 | 0.31 |
| USD	YAPI VE KREDI BANKASI AS-REG-S-SUB 5.50000% 12-06.12.22 | 7 000 000.00 | 6 984 600.00 | 1.44 |
| USD	YUZHOU PROPERTIES-REG-S*DEFAULTED* 6.00000% 16-25.10.23 | 6 000 000.00 | 285 000.00 | 0.06 |
| Total USD |  | 224 912 568.75 | 46.32 |
| Total Notes, fixed rate |  | 224 912 568.75 | 46.32 |
| Medium term notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	ABU DHABI, EMIRATE OF-REG-S 0.75000% 20-02.09.23 | 2 030 000.00 | 1 963 136.88 | 0.40 |
| USD	ADCB FINANCE CAYMAN LTD-REG-S-SUB 4.50000% 13-06.03.23 | 8 800 000.00 | 8 760 400.00 | 1.80 |
| USD	AFRICAN EXPORT-IMPORT BANK-REG-S 5.25000% 18-11.10.23 | 15 500 000.00 | 15 327 392.00 | 3.16 |
| USD	ARAB PETROLEUM INVESTMENTS CORP-REG-S 4.12500% 18-18.09.23 | 3 200 000.00 | 3 170 411.90 | 0.65 |
| USD	BANCO DO BRASIL CAYMAN-REG-S 4.87500% 18-19.04.23 | 5 500 000.00 | 5 471 812.49 | 1.13 |
| USD	LEBANON, REPUBLIC OF-REG-S *DEFAULTED* 8.25000% 06-12.04.21 | 11 000 000.00 | 665 500.00 | 0.14 |
| USD	LEBANON, REPUBLIC OF-REG-S *DEFAULTED* 6.10000% 10-04.10.22 | 2 500 000.00 | 146 875.00 | 0.03 |
| USD	NATIONAL BANK OF OMAN LTD-REG-S 5.62500% 18-25.09.23 | 10 500 000.00 | 10 374 000.00 | 2.14 |
| USD	PETROLEOS MEXICANO 4.62500% 17-21.09.23 | 31 000 000.00 | 30 325 750.00 | 6.24 |
| USD	SAUDI GOVERNMENT INTERNATIONAL BD-REG-S 2.87500% 17-04.03.23 | 20 000 000.00 | 19 890 000.00 | 4.10 |
| USD	SHRIRAM TRANSPORT FINANCE CO LTD-REG-S 5.10000% 20-16.07.23 | 3 300 000.00 | 3 267 000.00 | 0.67 |
| USD	TC ZIRAAT BANKASI AS-REG-S 5.12500% 17-29.09.23 | 7 000 000.00 | 6 902 874.99 | 1.42 |
| USD	TURKIYE VAKIFLAR BANKASI TAO-REG-S 5.75000% 18-30.01.23 | 2 000 000.00 | 1 996 000.00 | 0.41 |
| Total USD |  | 108 261 153.26 | 22.29 |
| Total Medium term notes, fixed rate |  | 108 261 153.26 | 22.29 |
| Bonds, fixed rate |  |  |  |
| USD |  |  |  |
| USD	ADCB FINANCE CAYMAN LTD-REG-S 4.00000% 18-29.03.23 | 9 000 000.00 | 8 939 812.50 | 1.84 |
| USD	AHB SUKUK CO LTD-REG-S 4.37500% 18-19.09.23 | 5 262 000.00 | 5 202 144.75 | 1.07 |
| USD	AKCB FINANCE LTD-REG-S 4.75000% 18-09.10.23 | 10 500 000.00 | 10 377 281.25 | 2.14 |
| USD	CHINA EVERGRANDE GRO-REG-S *DEFAULTED* 8.25000% 17-23.03.22 | 14 100 000.00 | 775 500.00 | 0.16 |
| USD	COUNTRY GARDEN HOLDINGS CO LTD-REG-S 4.75000% 18-17.01.23 | 10 350 000.00 | 9 961 874.99 | 2.05 |
| USD	DAR AL-ARKAN SUKUK CO LTD-REG-S 6.87500% 18-21.03.23 | 1 080 000.00 | 1 072 102.50 | 0.22 |
| USD	DEVELOPMENT BANK OF MONGOLIA LLC-REG-S 7.25000% 18-23.10.23 | 17 700 000.00 | 15 489 447.00 | 3.19 |
| USD	FAB SUKUK CO LTD-REG-S 3.62500% 18-05.03.23 | 16 800 000.00 | 16 703 400.00 | 3.44 |
| USD	GREENKO INVESTMENT CO-REG-S 4.87500% 16-16.08.23 | 3 000 000.00 | 2 923 687.50 | 0.60 |
| USD	KOREA DEVELOPMENT BANK 3.37500% 18-12.03.23 | 1 500 000.00 | 1 493 985.00 | 0.31 |
| USD	KOREA WESTERN POWER CO LTD-REG-S 3.75000% 18-07.06.23 | 4 000 000.00 | 3 974 500.00 | 0.82 |
| USD	KUWAIT PROJECTS CO SPC LTD-REG-S 5.00000% 16-15.03.23 | 2 600 000.00 | 2 559 050.00 | 0.53 |
| USD	LEBANON, REPUBLIC OF *DEFAULTED* 6.25000% 16-27.05.22 | 16 500 000.00 | 982 781.25 | 0.20 |
| USD	LEBANON, REPUBLIC OF *DEFAULTED* 6.40000% 16-26.05.23 | 20 600 000.00 | 1 194 800.00 | 0.25 |
| USD	MDGH - GMTN BV-REG-S 2.75000% 16-11.05.23 | 2 470 000.00 | 2 440 360.00 | 0.50 |
| USD	METINVEST BV-REG-S 7.75000% 18-23.04.23 | 6 000 000.00 | 4 950 000.00 | 1.02 |
| USD	NIGERIA, REPUBLIC OF-REG-S 6.37500% 13-12.07.23 | 5 300 000.00 | 5 220 500.00 | 1.07 |
| USD	OSCHADBANK VIA SSB #1 PLC-REG-S LPN STEP UP/DOWN 15-10.03.23 | 29 050 000.00 | 1 020 199.68 | 0.21 |
| USD	SABIC CAPITAL II BV-REG-S 4.00000% 18-10.10.23 | 20 000 000.00 | 19 810 000.00 | 4.08 |
| USD	SCENERY JOURNEY LTD-REG-S *DEFAULTED* 13.75000% 18-06.11.23 | 2 500 000.00 | 125 425.00 | 0.03 |

UBS (Lux) Bond SICAV – 2023 (USD)
Semi-Annual Report as of 30 November 2022
|  | Description | Quantity/ | Valuation in USD | as a % |
| --- | --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |
|  |  |  |  |  |
| USD | SUNAC CHINA HOLDINGS-REG-S *DEFAULTED* 7.95000% 19-11.10.23 | 11 500 000.00 | 1 265 000.00 | 0.26 |
| USD | UNIFIN FINANCIERA CV-REG-S *DEFAULTED*7.25000% 16-27.09.23 | 4 600 000.00 | 161 000.00 | 0.03 |
| USD | VEDANTA RESOURCES FINANCE II PLC-REG-S 8.00000% 19-23.04.23 | 18 350 000.00 | 17 086 143.75 | 3.52 |
| USD | YUZHOU PROPERTIES-REG-S*DEFAULTED* 8.50000% 19-04.02.23 | 12 600 000.00 | 598 500.00 | 0.12 |
| Total USD |  |  | 134 327 495.17 | 27.66 |
| Total Bonds, fixed rate |  | 134 327 495.17 | 27.66 |
| Total Transferable securities and money market instruments listed on an official stock exchange |  | 467 501 217.18 | 96.27 |
| Transferable securities and money market instruments traded on another regulated market |  |  |  |
| Notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	BANCO DE CREDITO E INVERSIONES-REG-S 4.00000% 13-11.02.23 | 1 500 000.00 | 1 491 375.00 | 0.31 |
| USD	BANCO DE RESERVA DE LA REP DOM-REG-S-SUB 7.0000% 13-01.02.23 | 1 200 000.00 | 1 193 250.00 | 0.24 |
| Total USD |  | 2 684 625.00 | 0.55 |
| Total Notes, fixed rate |  | 2 684 625.00 | 0.55 |
| Bonds, fixed rate |  |  |  |
| USD |  |  |  |
| USD	1MDB GLOBAL INV-REG-S 4.40000% 13-09.03.23 | 5 000 000.00 | 4 894 687.50 | 1.01 |
| USD	INVERSIONES CMPC SA-REG-S 4.37500% 13-15.05.23 | 3 000 000.00 | 2 981 625.00 | 0.61 |
| Total USD |  | 7 876 312.50 | 1.62 |
| Total Bonds, fixed rate |  | 7 876 312.50 | 1.62 |
| Total Transferable securities and money market instruments traded on another regulated market |  | 10 560 937.50 | 2.17 |
| Total investments in securities |  | 478 062 154.68 | 98.44 |
|  |  |  |  |
| Cash at banks, deposits on demand and deposit accounts and other liquid assets |  | 1 095 263.52 | 0.23 |
| Other assets and liabilities |  | 6 478 779.77 | 1.33 |
| Total net assets |  | 485 636 197.97 | 100.00 |

UBS (Lux) Bond SICAV – 2023 (USD)
Semi-Annual Report as of 30 November 2022

Translation (ENFR, 2022-11-30):
# UBS (Lux) Bond SICAV – 2023 (USD)
| Données principales |  |
| --- | --- |
|  | ISIN | 30.11.2022 | 31.5.2022 | 31.5.2021 |
| Actif net en USD |  | 485 636 197.97 | 653 622 202.03 | 1 221 518 114.70 |
| Catégorie I-A1-acc | LU1939228059 |  |  |  |
| Actions en circulation |  | 36 350.0000 | 36 350.0000 | 36 750.0000 |
| Valeur nette d’inventaire par action en USD |  | 90.48 | 91.29 | 107.86 |
| Prix d’émission et de rachat par action en USD 1 |  | 90.48 | 90.92 | 107.67 |
| Catégorie I-B-dist | LU2072099455 |  |  |  |
| Actions en circulation |  | 270 400.0000 | 598 000.0000 | 598 000.0000 |
| Valeur nette d’inventaire par action en USD |  | 76.98 | 82.35 | 102.17 |
| Prix d’émission et de rachat par action en USD 1 |  | 76.98 | 82.02 | 101.99 |
| Catégorie K-1-acc | LU1914375941 |  |  |  |
| Actions en circulation |  | 8.3000 | 15.9000 | 16.3000 |
| Valeur nette d’inventaire par action en USD |  | 4 506 537.83 | 4 549 240.61 | 5 380 199.43 |
| Prix d’émission et de rachat par action en USD 1 |  | 4 506 537.83 | 4 531 043.65 | 5 370 515.07 |
| Catégorie K-1-dist | LU1914376089 |  |  |  |
| Actions en circulation |  | 3.7000 | 5.4000 | 8.4000 |
| Valeur nette d’inventaire par action en USD |  | 3 793 292.95 | 4 046 976.05 | 5 026 316.77 |
| Prix d’émission et de rachat par action en USD 1 |  | 3 793 292.95 | 4 030 788.15 | 5 017 269.40 |
| Catégorie K-1-qdist | LU1914376162 |  |  |  |
| Actions en circulation |  | 11.0000 | 16.1000 | 24.0000 |
| Valeur nette d’inventaire par action en USD |  | 3 749 859.36 | 3 893 709.34 | 4 837 238.06 |
| Prix d’émission et de rachat par action en USD 1 |  | 3 749 859.36 | 3 878 134.50 | 4 828 531.03 |
| Catégorie P-acc | LU1914375511 |  |  |  |
| Actions en circulation |  | 837 877.4430 | 929 898.7510 | 1 324 429.6790 |
| Valeur nette d’inventaire par action en USD |  | 89.28 | 90.24 | 106.98 |
| Prix d’émission et de rachat par action en USD 1 |  | 89.28 | 89.88 | 106.79 |
| Catégorie P-dist | LU1914375602 |  |  |  |
| Actions en circulation |  | 1 505 722.3290 | 1 902 860.2870 | 4 253 233.9470 |
| Valeur nette d’inventaire par action en USD |  | 75.66 | 80.57 | 100.07 |
| Prix d’émission et de rachat par action en USD 1 |  | 75.66 | 80.25 | 99.89 |
| Catégorie P-qdist | LU1980165606 |  |  |  |
| Actions en circulation |  | 731 295.0550 | 754 279.3510 | 919 415.3280 |
| Valeur nette d’inventaire par action en USD |  | 75.33 | 78.17 | 97.04 |
| Prix d’émission et de rachat par action en USD 1 |  | 75.33 | 77.86 | 96.87 |
| Catégorie (HKD) P-qdist | LU1980165945 |  |  |  |
| Actions en circulation |  | 165 619.0050 | 179 418.5030 | 252 254.6650 |
| Valeur nette d’inventaire par action en HKD |  | 747.83 | 780.13 | 958.65 |
| Prix d’émission et de rachat par action en HKD 1 |  | 747.83 | 777.01 | 956.92 |
| Catégorie Q-acc | LU1914375784 |  |  |  |
| Actions en circulation |  | 502 439.3910 | 598 319.8380 | 782 947.6870 |
| Valeur nette d’inventaire par action en USD |  | 90.13 | 90.99 | 107.60 |
| Prix d’émission et de rachat par action en USD 1 |  | 90.13 | 90.63 | 107.41 |
| Catégorie Q-dist | LU1914375867 |  |  |  |
| Actions en circulation |  | 701 003.5410 | 782 936.3450 | 1 192 123.3530 |
| Valeur nette d’inventaire par action en USD |  | 75.87 | 80.94 | 100.53 |
| Prix d’émission et de rachat par action en USD 1 |  | 75.87 | 80.62 | 100.35 |
| Catégorie Q-UKdist-qdist | LU1939227754 |  |  |  |
| Actions en circulation |  | 145 230.0040 | 161 314.0040 | 196 180.1320 |
| Valeur nette d’inventaire par action en USD |  | 73.64 | 76.50 | 95.10 |
| Prix d’émission et de rachat par action en USD 1 |  | 73.64 | 76.19 | 94.93 |
| 1  Voir note 1 |  |  |  |  |

UBS (Lux) Bond SICAV – 2023 (USD)
Rapport semestriel au 30 novembre 2022
UBS (Lux) Bond SICAV – 2023 (USD)
Rapport semestriel au 30 novembre 2022

## Structure du portefeuille-titres
Répartition géographique en % de l’actif net	
| Iles Caïmans | 9.57 |
| --- | --- |
| Mexique | 7.66 |
| Pays-Bas | 7.12 |
| Qatar | 6.13 |
| Corée du Sud | 5.72 |
| Emirats arabes unis | 5.28 |
| Turquie | 5.15 |
| Arabie saoudite | 4.97 |
| Costa Rica | 4.49 |
| Mongolie | 3.87 |
| Grande-Bretagne | 3.73 |
| Brésil | 3.56 |
| Canada | 3.49 |
| Supranationaux | 3.16 |
| Oman | 2.96 |
| Chine | 2.75 |
| Inde | 2.36 |
| Egypte | 2.00 |
| Afrique du Sud | 1.82 |
| Colombie | 1.75 |
| Bermudes | 1.64 |
| Indonésie | 1.58 |
| Îles Vierges britanniques | 1.13 |
| Israël | 1.10 |
| Nigéria | 1.07 |
| Malaisie | 1.01 |
| Chili | 0.92 |
| Venezuela | 0.67 |
| Liban | 0.62 |
| Ile Maurice | 0.60 |
| Irlande | 0.31 |
| République dominicaine | 0.25 |
| Total | 98.44 |

Répartition économique en % de l’actif net	
| Etablissements financiers et sociétés de participation | 18.92 |
| --- | --- |
| Gouvernements nationaux et centraux | 18.23 |
| Banques & instituts de crédit | 13.57 |
| Pétrole | 12.11 |
| Distribution d’énergie & d’eau | 5.59 |
| Services divers | 5.19 |
| Organisations supranationales | 4.48 |
| Chimie | 4.08 |
| Immobilier | 3.43 |
| Agriculture et pêche | 2.74 |
| Produits pharmaceutiques, cosmétiques & médicaux | 2.02 |
| Télécommunications | 1.64 |
| Véhicules | 1.39 |
| Diverses sociétés non classées | 1.10 |
| Emetteurs d’obligations sécurisées (Pfandbriefe) et |  |
| sociétés de refinancement | 1.07 |
| Industrie minière, charbon et acier | 1.02 |
| Appareils et composants électriques | 0.82 |
| Sylviculture; bois et papier | 0.61 |
| Cantons, Etats fédéraux | 0.40 |
| Bâtiment et matériaux de construction | 0.03 |
| Total | 98.44 |


## Etat des actifs nets
Actif	30.11.2022
USD
Portefeuille-titres, cours d’achat	617 243 277.19
| Portefeuille-titres, plus- (moins-) value non-réalisée | 	-139 181 122.51	 |
| --- | --- |
| Total portefeuille-titres (note 1) | 478 062 154.68 |
| Avoirs en banque, dépôts à vue et à terme | 1 095 263.52 |
| Intérêts à recevoir sur titres | 5 864 029.39 |
| Autres créances | 1 000 000.00 |
| Total Actif | 486 021 447.59 |
|  |  |
| Passif |  |
| Provisions pour commission de gestion forfaitaire (note 2) | -284 794.12 |
| Provisions pour taxe d’abonnement (note 3) | -38 651.56 |
| Provisions pour autres commissions et frais (note 2) | 	-61 803.94	 |
| Total des Provisions pour frais | -385 249.62 |
| Total Passif | -385 249.62 |
|  |  |
| Actifs nets à la fin de la période | 485 636 197.97 |
| Etat des opérations | USD |
| Revenus | 1.6.2022-30.11.2022 |
| Revenus d’intérêts sur liquidités | 41 317.15 |
| Intérêts sur titres | 12 786 027.04 |
| Revenus nets sur prêts de titres (note 11) | 348 528.99 |
| Autres revenus (note 4) | 552 731.46 |
| Total des Revenus | 13 728 604.64 |
|  |  |
| Charges |  |
| Commission de gestion forfaitaire (note 2) | -1 938 899.78 |
| Taxe d’abonnement (note 3) | -122 826.63 |
| Autres commissions et frais (note 2) | -36 176.11 |
| Charges d’intérêts sur liquidités et crédit en compte courant | -0.81 |
| Total des Charges | -2 097 903.33 |
|  |  |
| Revenus (Pertes) net(te)s des investissements | 11 630 701.31 |
|  |  |
| Bénéfices (pertes) réalisé(e)s (note 1) |  |
| Bénéfice (perte) réalisé(e) sur titres évalués à la valeur de marché hors options | -45 068 606.00 |
| Bénéfice (perte) réalisé(e) de change réalisé(e) | 3 372.03 |
| Total des Bénéfices (pertes) réalisé(e)s | -45 065 233.97 |
|  |  |
| Bénéfice (perte) net(te) réalisé(e) au cours de la période | -33 434 532.66 |
|  |  |
| Variations des plus- (moins-) values non-réalisées (note 1) |  |
| Plus- (Moins-) value non réalisée sur titres évalués à la valeur de marché hors options | 24 156 590.40 |
| Total des Variations des plus- (moins-) values non-réalisées | 24 156 590.40 |
|  |  |
| Augmentation/(diminution) nette de l’actif net issue de l’activité | -9 277 942.26 |

UBS (Lux) Bond SICAV – 2023 (USD)
Rapport semestriel au 30 novembre 2022
| Variations de l’actif net |  |
| --- | --- |
|  | USD |
|  | 1.6.2022-30.11.2022 |
| Actif net au début de la période | 653 622 202.03 |
| Rachats | 	-141 769 326.99	 |
| Total Rachats | -141 769 326.99 |
| Dividendes versés | -16 938 734.81 |
| Revenus (Pertes) net(te)s des investissements | 11 630 701.31 |
| Total des Bénéfices (pertes) réalisé(e)s | -45 065 233.97 |
| Total des Variations des plus- (moins-) values non-réalisées | 	24 156 590.40	 |
| Augmentation/(diminution) nette de l’actif net issue de l’activité | -9 277 942.26 |
| Actifs nets à la fin de la période | 485 636 197.97 |
| Evolution des actions en circulation |  |
|  | 1.6.2022-30.11.2022 |
| Catégorie | I-A1-acc |
| Nombre d’actions en circulation au début de la période | 36 350.0000 |
| Nombre d’actions émises | 0.0000 |
| Nombre d’actions rachetées | 0.0000 |
| Nombre d’actions en circulation à la fin de la période | 36 350.0000 |
| Catégorie | I-B-dist |
| Nombre d’actions en circulation au début de la période | 598 000.0000 |
| Nombre d’actions émises | 0.0000 |
| Nombre d’actions rachetées | -327 600.0000 |
| Nombre d’actions en circulation à la fin de la période | 270 400.0000 |
| Catégorie | K-1-acc |
| Nombre d’actions en circulation au début de la période | 15.9000 |
| Nombre d’actions émises | 0.0000 |
| Nombre d’actions rachetées | -7.6000 |
| Nombre d’actions en circulation à la fin de la période | 8.3000 |
| Catégorie | K-1-dist |
| Nombre d’actions en circulation au début de la période | 5.4000 |
| Nombre d’actions émises | 0.0000 |
| Nombre d’actions rachetées | -1.7000 |
| Nombre d’actions en circulation à la fin de la période | 3.7000 |
| Catégorie | K-1-qdist |
| Nombre d’actions en circulation au début de la période | 16.1000 |
| Nombre d’actions émises | 0.0000 |
| Nombre d’actions rachetées | -5.1000 |
| Nombre d’actions en circulation à la fin de la période | 11.0000 |
| Catégorie | P-acc |
| Nombre d’actions en circulation au début de la période | 929 898.7510 |
| Nombre d’actions émises | 0.0000 |
| Nombre d’actions rachetées | -92 021.3080 |
| Nombre d’actions en circulation à la fin de la période | 837 877.4430 |
| Catégorie | P-dist |
| Nombre d’actions en circulation au début de la période | 1 902 860.2870 |
| Nombre d’actions émises | 0.0000 |
| Nombre d’actions rachetées | -397 137.9580 |
| Nombre d’actions en circulation à la fin de la période | 1 505 722.3290 |
| Catégorie | P-qdist |
| Nombre d’actions en circulation au début de la période | 754 279.3510 |
| Nombre d’actions émises | 0.0000 |
| Nombre d’actions rachetées | -22 984.2960 |
| Nombre d’actions en circulation à la fin de la période | 731 295.0550 |
| Catégorie | (HKD) P-qdist |
| Nombre d’actions en circulation au début de la période | 179 418.5030 |
| Nombre d’actions émises | 0.0000 |
| Nombre d’actions rachetées | -13 799.4980 |
| Nombre d’actions en circulation à la fin de la période | 165 619.0050 |
| Catégorie | Q-acc |
| Nombre d’actions en circulation au début de la période | 598 319.8380 |
| Nombre d’actions émises | 0.0000 |
| Nombre d’actions rachetées | -95 880.4470 |
| Nombre d’actions en circulation à la fin de la période | 502 439.3910 |
| Catégorie | Q-dist |
| Nombre d’actions en circulation au début de la période | 782 936.3450 |
| Nombre d’actions émises | 0.0000 |
| Nombre d’actions rachetées | -81 932.8040 |
| Nombre d’actions en circulation à la fin de la période | 701 003.5410 |
| Catégorie | Q-UKdist-qdist |
| Nombre d’actions en circulation au début de la période | 161 314.0040 |
| Nombre d’actions émises | 0.0000 |
| Nombre d’actions rachetées | -16 084.0000 |
| Nombre d’actions en circulation à la fin de la période | 145 230.0040 |

UBS (Lux) Bond SICAV – 2023 (USD)
Rapport semestriel au 30 novembre 2022
| Distribution annuelle 1 |  |
| --- | --- |
| UBS (Lux) Bond SICAV – 2023 (USD) | Date de détachement | Date de versement | Devise | Montant par action |
| I-B-dist | 1.8.2022 | 4.8.2022 | USD | 4.73 |
| K-1-dist | 1.8.2022 | 4.8.2022 | USD | 212 500.00 |
| P-dist | 1.8.2022 | 4.8.2022 | USD | 4.00 |
| Q-dist | 1.8.2022 | 4.8.2022 | USD | 4.25 |
| Distribution trimestrielle 1 |  |  |  |  |
| UBS (Lux) Bond SICAV – 2023 (USD) | Date de détachement | Date de versement | Devise | Montant par action |
| K-1-qdist | 15.6.2022 | 21.6.2022 | USD | 53 561.64 |
| K-1-qdist | 15.9.2022 | 20.9.2022 | USD | 53 561.64 |
| P-qdist | 15.6.2022 | 21.6.2022 | USD | 1.00 |
| P-qdist | 15.9.2022 | 20.9.2022 | USD | 1.01 |
| (HKD) P-qdist | 15.6.2022 | 21.6.2022 | HKD | 10.08 |
| (HKD) P-qdist | 15.9.2022 | 20.9.2022 | HKD | 10.08 |
| Q-UKdist-qdist | 15.6.2022 | 21.6.2022 | USD | 1.07 |
| Q-UKdist-qdist | 15.9.2022 | 20.9.2022 | USD | 1.07 |
| 1  Voir note 5 |  |  |  |  |

UBS (Lux) Bond SICAV – 2023 (USD)
Rapport semestriel au 30 novembre 2022

## Etat du portefeuille-titres et autres actifs nets au 30 novembre 2022
| 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	BANCO BTG PACTUAL SA/CAY ISL SA-REG-S 5.50000% 17-31.01.23 | 1 100 000.00 | 1 095 737.50 | 0.22 |
| USD	BANCO DE BOGOTA SA-REG-S-SUB 5.37500% 13-19.02.23 | 3 100 000.00 | 3 088 762.50 | 0.64 |
| USD	BANCO NACIONAL DE DESENV ECO&SOC-REG-S 5.75000% 13-26.09.23 | 2 000 000.00 | 2 000 000.00 | 0.41 |
| USD	BANK RAKYAT INDONESIA-REG-S 4.62500% 18-20.07.23 | 1 600 000.00 | 1 589 408.00 | 0.33 |
| USD	BRF SA-REG-S 3.95000% 13-22.05.23 | 13 500 000.00 | 13 287 375.00 | 2.74 |
| USD	CHINA EVERGRANDE GRO-REG-S *DEFAULTED* 10.00000% 19-11.04.23 | 13 500 000.00 | 770 343.75 | 0.16 |
| USD	CORPORACION ANDINA DE FOMENTO 2.37500% 20-12.05.23 | 3 300 000.00 | 3 254 676.22 | 0.67 |
| USD	COSTA RICA, REPUBLIC OF-REG-S 4.25000% 12-26.01.23 | 21 900 000.00 | 21 808 293.75 | 4.49 |
| USD	ECOPETROL SA 5.87500% 13-18.09.23 | 5 500 000.00 | 5 431 250.00 | 1.12 |
| USD	EGYPT, REPUBLIC OF-REG-S 5.57700% 18-21.02.23 | 6 900 000.00 | 6 831 000.00 | 1.41 |
| USD	EGYPT, REPUBLIC OF-REG-S 4.55000% 19-20.11.23 | 2 970 000.00 | 2 873 475.00 | 0.59 |
| USD	ESKOM HOLDINGS SOC LTD-REG-S 6.75000% 13-06.08.23 | 6 000 000.00 | 5 850 000.00 | 1.20 |
| USD	EXPORT CREDIT BANK OF TURKEY-REG-S 5.37500% 16-24.10.23 | 7 000 000.00 | 6 930 000.00 | 1.43 |
| USD	FORTUNE STAR BVI LTD-REG-S 6.75000% 19-02.07.23 | 3 750 000.00 | 3 375 000.00 | 0.69 |
| USD	GERDAU TRADE INC-REG-S 4.75000% 13-15.04.23 | 2 000 000.00 | 1 982 875.00 | 0.41 |
| USD	GREENKO MAURITIUS LTD-REG-S 6.25000% 19-21.02.23 | 5 250 000.00 | 5 204 062.50 | 1.07 |
| USD	GROWTHPOINT PROPERTIES INT PTY-REG-S 5.87200% 18-02.05.23 | 3 000 000.00 | 2 984 625.00 | 0.61 |
| USD	HARVEST OPERATIONS CORP-REG-S 4.20000% 18-01.06.23 | 17 000 000.00 | 16 928 940.00 | 3.49 |
| USD	ITAU UNIBANCO HOLDING SA-REG-S-SUB 5.12500% 12-13.05.23 | 2 000 000.00 | 1 990 400.00 | 0.41 |
| USD	KOREA EAST-WEST POWER CO LTD-144A 3.87500% 18-19.07.23 | 2 500 000.00 | 2 479 375.00 | 0.51 |
| USD	KOREA EAST-WEST POWER CO LTD-REG-S 3.87500% 18-19.07.23 | 13 000 000.00 | 12 892 750.00 | 2.65 |
| USD	KOREA HYDRO&NUCLEAR POWER CO LTD-REG-S 3.75000% 18-25.07.23 | 7 000 000.00 | 6 937 875.00 | 1.43 |
| USD	LEVIATHAN BOND LTD-144A-REG-S 5.75000% 20-30.06.23 | 5 350 000.00 | 5 324 253.13 | 1.10 |
| USD	METALSA SA DE CV-REG-S 4.90000% 14 24.04.23 | 6 800 000.00 | 6 732 000.00 | 1.39 |
| USD	MONGOLIA,GOVERNMENT OF-REG-S 5.62500% 17-01.05.23 | 3 500 000.00 | 3 325 385.00 | 0.68 |
| USD	OMAN GOVT INTERNATIONAL BOND-REG-S 4.12500% 18-17.01.23 | 4 000 000.00 | 3 985 000.00 | 0.82 |
| USD	OOREDOO INTERNATIONAL FINANCE LTD-REG-S 3.25000% 12-21.02.23 | 8 000 000.00 | 7 960 000.00 | 1.64 |
| USD	OZTEL HOLDINGS SPC-REG-S 5.62500% 18-24.10.23 | 18 800 000.00 | 18 680 150.00 | 3.85 |
| USD	PERTAMINA PT-REG-S 4.30000% 13-20.05.23 | 6 150 000.00 | 6 106 950.00 | 1.26 |
| USD	QATAR, STATE OF-REG-S 3.87500% 18-23.04.23 | 19 500 000.00 | 19 412 250.00 | 4.00 |
| USD	REC LTD-REG-S 4.75000% 20-19.05.23 | 3 020 000.00 | 3 004 356.40 | 0.62 |
| USD	TEVA PHARMACEUTICAL FINANCE NL III BV 2.80000% 16-21.07.23 | 10 150 000.00 | 9 832 812.50 | 2.02 |
| USD	TURKEY, REPUBLIC OF 3.25000% 13-23.03.23 | 2 210 000.00 | 2 201 712.50 | 0.45 |
| USD	VEB FINANCE PLC-REG-S LPN 5.94200% 13-21.11.23 | 31 000 000.00 | 1 491 875.00 | 0.31 |
| USD	YAPI VE KREDI BANKASI AS-REG-S-SUB 5.50000% 12-06.12.22 | 7 000 000.00 | 6 984 600.00 | 1.44 |
| USD	YUZHOU PROPERTIES-REG-S*DEFAULTED* 6.00000% 16-25.10.23 | 6 000 000.00 | 285 000.00 | 0.06 |
| Total USD |  | 224 912 568.75 | 46.32 |
| Total des Billets, taux fixe |  | 224 912 568.75 | 46.32 |
| Medium-Term Notes, taux fixe |  |  |  |
| USD |  |  |  |
| USD	ABU DHABI, EMIRATE OF-REG-S 0.75000% 20-02.09.23 | 2 030 000.00 | 1 963 136.88 | 0.40 |
| USD	ADCB FINANCE CAYMAN LTD-REG-S-SUB 4.50000% 13-06.03.23 | 8 800 000.00 | 8 760 400.00 | 1.80 |
| USD	AFRICAN EXPORT-IMPORT BANK-REG-S 5.25000% 18-11.10.23 | 15 500 000.00 | 15 327 392.00 | 3.16 |
| USD	ARAB PETROLEUM INVESTMENTS CORP-REG-S 4.12500% 18-18.09.23 | 3 200 000.00 | 3 170 411.90 | 0.65 |
| USD	BANCO DO BRASIL CAYMAN-REG-S 4.87500% 18-19.04.23 | 5 500 000.00 | 5 471 812.49 | 1.13 |
| USD	LEBANON, REPUBLIC OF-REG-S *DEFAULTED* 8.25000% 06-12.04.21 | 11 000 000.00 | 665 500.00 | 0.14 |
| USD	LEBANON, REPUBLIC OF-REG-S *DEFAULTED* 6.10000% 10-04.10.22 | 2 500 000.00 | 146 875.00 | 0.03 |
| USD	NATIONAL BANK OF OMAN LTD-REG-S 5.62500% 18-25.09.23 | 10 500 000.00 | 10 374 000.00 | 2.14 |
| USD	PETROLEOS MEXICANO 4.62500% 17-21.09.23 | 31 000 000.00 | 30 325 750.00 | 6.24 |
| USD	SAUDI GOVERNMENT INTERNATIONAL BD-REG-S 2.87500% 17-04.03.23 | 20 000 000.00 | 19 890 000.00 | 4.10 |
| USD	SHRIRAM TRANSPORT FINANCE CO LTD-REG-S 5.10000% 20-16.07.23 | 3 300 000.00 | 3 267 000.00 | 0.67 |
| USD	TC ZIRAAT BANKASI AS-REG-S 5.12500% 17-29.09.23 | 7 000 000.00 | 6 902 874.99 | 1.42 |
| USD	TURKIYE VAKIFLAR BANKASI TAO-REG-S 5.75000% 18-30.01.23 | 2 000 000.00 | 1 996 000.00 | 0.41 |
| Total USD |  | 108 261 153.26 | 22.29 |
| Total des Medium-Term Notes, taux fixe |  | 108 261 153.26 | 22.29 |
| Obligations, taux fixe |  |  |  |
| USD |  |  |  |
| USD	ADCB FINANCE CAYMAN LTD-REG-S 4.00000% 18-29.03.23 | 9 000 000.00 | 8 939 812.50 | 1.84 |
| USD	AHB SUKUK CO LTD-REG-S 4.37500% 18-19.09.23 | 5 262 000.00 | 5 202 144.75 | 1.07 |
| USD	AKCB FINANCE LTD-REG-S 4.75000% 18-09.10.23 | 10 500 000.00 | 10 377 281.25 | 2.14 |
| USD	CHINA EVERGRANDE GRO-REG-S *DEFAULTED* 8.25000% 17-23.03.22 | 14 100 000.00 | 775 500.00 | 0.16 |
| USD	COUNTRY GARDEN HOLDINGS CO LTD-REG-S 4.75000% 18-17.01.23 | 10 350 000.00 | 9 961 874.99 | 2.05 |
| USD	DAR AL-ARKAN SUKUK CO LTD-REG-S 6.87500% 18-21.03.23 | 1 080 000.00 | 1 072 102.50 | 0.22 |
| USD	DEVELOPMENT BANK OF MONGOLIA LLC-REG-S 7.25000% 18-23.10.23 | 17 700 000.00 | 15 489 447.00 | 3.19 |
| USD	FAB SUKUK CO LTD-REG-S 3.62500% 18-05.03.23 | 16 800 000.00 | 16 703 400.00 | 3.44 |
| USD	GREENKO INVESTMENT CO-REG-S 4.87500% 16-16.08.23 | 3 000 000.00 | 2 923 687.50 | 0.60 |
| USD	KOREA DEVELOPMENT BANK 3.37500% 18-12.03.23 | 1 500 000.00 | 1 493 985.00 | 0.31 |
| USD	KOREA WESTERN POWER CO LTD-REG-S 3.75000% 18-07.06.23 | 4 000 000.00 | 3 974 500.00 | 0.82 |
| USD	KUWAIT PROJECTS CO SPC LTD-REG-S 5.00000% 16-15.03.23 | 2 600 000.00 | 2 559 050.00 | 0.53 |
| USD	LEBANON, REPUBLIC OF *DEFAULTED* 6.25000% 16-27.05.22 | 16 500 000.00 | 982 781.25 | 0.20 |
| USD	LEBANON, REPUBLIC OF *DEFAULTED* 6.40000% 16-26.05.23 | 20 600 000.00 | 1 194 800.00 | 0.25 |
| USD	MDGH - GMTN BV-REG-S 2.75000% 16-11.05.23 | 2 470 000.00 | 2 440 360.00 | 0.50 |
| USD	METINVEST BV-REG-S 7.75000% 18-23.04.23 | 6 000 000.00 | 4 950 000.00 | 1.02 |
| USD	NIGERIA, REPUBLIC OF-REG-S 6.37500% 13-12.07.23 | 5 300 000.00 | 5 220 500.00 | 1.07 |
| USD	OSCHADBANK VIA SSB #1 PLC-REG-S LPN STEP UP/DOWN 15-10.03.23 | 29 050 000.00 | 1 020 199.68 | 0.21 |
| USD	SABIC CAPITAL II BV-REG-S 4.00000% 18-10.10.23 | 20 000 000.00 | 19 810 000.00 | 4.08 |
| USD	SCENERY JOURNEY LTD-REG-S *DEFAULTED* 13.75000% 18-06.11.23 | 2 500 000.00 | 125 425.00 | 0.03 |

UBS (Lux) Bond SICAV – 2023 (USD)
Rapport semestriel au 30 novembre 2022
|  | 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) |  |
|  |  |  |  |  |
| USD | SUNAC CHINA HOLDINGS-REG-S *DEFAULTED* 7.95000% 19-11.10.23 | 11 500 000.00 | 1 265 000.00 | 0.26 |
| USD | UNIFIN FINANCIERA CV-REG-S *DEFAULTED*7.25000% 16-27.09.23 | 4 600 000.00 | 161 000.00 | 0.03 |
| USD | VEDANTA RESOURCES FINANCE II PLC-REG-S 8.00000% 19-23.04.23 | 18 350 000.00 | 17 086 143.75 | 3.52 |
| USD | YUZHOU PROPERTIES-REG-S*DEFAULTED* 8.50000% 19-04.02.23 | 12 600 000.00 | 598 500.00 | 0.12 |
| Total USD |  |  | 134 327 495.17 | 27.66 |
| Total des Obligations, taux fixe |  | 134 327 495.17 | 27.66 |
| Total des Titres et instruments du marché monétaire négociés sur une bourse officielle |  | 467 501 217.18 | 96.27 |
| Titres et instruments du marché monétaire négociés sur un autre marché réglementé |  |  |  |
| Billets, taux fixe |  |  |  |
| USD |  |  |  |
| USD	BANCO DE CREDITO E INVERSIONES-REG-S 4.00000% 13-11.02.23 | 1 500 000.00 | 1 491 375.00 | 0.31 |
| USD	BANCO DE RESERVA DE LA REP DOM-REG-S-SUB 7.0000% 13-01.02.23 | 1 200 000.00 | 1 193 250.00 | 0.24 |
| Total USD |  | 2 684 625.00 | 0.55 |
| Total des Billets, taux fixe |  | 2 684 625.00 | 0.55 |
| Obligations, taux fixe |  |  |  |
| USD |  |  |  |
| USD	1MDB GLOBAL INV-REG-S 4.40000% 13-09.03.23 | 5 000 000.00 | 4 894 687.50 | 1.01 |
| USD	INVERSIONES CMPC SA-REG-S 4.37500% 13-15.05.23 | 3 000 000.00 | 2 981 625.00 | 0.61 |
| Total USD |  | 7 876 312.50 | 1.62 |
| Total des Obligations, taux fixe |  | 7 876 312.50 | 1.62 |
| Total des Titres et instruments du marché monétaire négociés sur un autre marché réglementé |  | 10 560 937.50 | 2.17 |
| Total du Portefeuille-titres |  | 478 062 154.68 | 98.44 |
|  |  |  |  |
| Avoirs en banque, dépôts à vue et à terme et autres liquidités |  | 1 095 263.52 | 0.23 |
| Autres actifs et passifs |  | 6 478 779.77 | 1.33 |
| Total de l’Actif net |  | 485 636 197.97 | 100.00 |

UBS (Lux) Bond SICAV – 2023 (USD)
Rapport semestriel au 30 novembre 2022