# UBS (Lux) Bond SICAV – USD High Yield (USD)
| Most important figures |  |
| --- | --- |
|  | ISIN | 30.11.2022 | 31.5.2022 | 31.5.2021 |
| Net assets in USD |  | 498 495 263.71 | 617 826 495.66 | 1 416 618 042.26 |
| Class F-acc | LU0396369489 |  |  |  |
| Shares outstanding |  | 261 000.2680 | 332 988.2680 | 367 127.2680 |
| Net asset value per share in USD |  | 324.40 | 335.36 | 351.70 |
| Issue and redemption price per share in USD 1 |  | 324.98 | 333.31 | 351.70 |
| Class I-A1-acc | LU0396369992 |  |  |  |
| Shares outstanding |  | 97 577.8660 | 101 896.9970 | 232 057.9190 |
| Net asset value per share in USD |  | 159.63 | 165.10 | 173.32 |
| Issue and redemption price per share in USD 1 |  | 159.92 | 164.09 | 173.32 |
| Class I-B-acc | LU0396370651 |  |  |  |
| Shares outstanding |  | 217 959.1140 | 210 270.7490 | 313 525.4260 |
| Net asset value per share in USD |  | 171.52 | 176.91 | 184.68 |
| Issue and redemption price per share in USD 1 |  | 171.83 | 175.83 | 184.68 |
| Class (EUR hedged) I-B-acc 2 | LU1023284349 |  |  |  |
| Shares outstanding |  | - | 122 237.4850 | 232 929.4170 |
| Net asset value per share in EUR |  | - | 104.64 | 110.14 |
| Issue and redemption price per share in EUR 1 |  | - | 104.00 | 110.14 |
| Class I-X-acc | LU0396370818 |  |  |  |
| Shares outstanding |  | 26 758.7690 | 27 248.8850 | 50 712.4560 |
| Net asset value per share in USD |  | 172.82 | 178.19 | 185.90 |
| Issue and redemption price per share in USD 1 |  | 173.13 | 177.10 | 185.90 |
| Class (CHF hedged) I-X-acc | LU1819711182 |  |  |  |
| Shares outstanding |  | 250 610.7760 | 252 015.1840 | 235 648.8920 |
| Net asset value per share in CHF |  | 102.02 | 107.06 | 112.99 |
| Issue and redemption price per share in CHF 1 |  | 102.20 | 106.41 | 112.99 |
| Class (EUR hedged) I-X-acc | LU1554276805 |  |  |  |
| Shares outstanding |  | 60 900.0000 | 109 400.0000 | 115 100.2590 |
| Net asset value per share in EUR |  | 106.81 | 111.77 | 117.58 |
| Issue and redemption price per share in EUR 1 |  | 107.00 | 111.09 | 117.58 |
| Class K-X-acc | LU1801154631 |  |  |  |
| Shares outstanding |  | 50 000.0000 | 50 000.0000 | 132 177.7600 |
| Net asset value per share in USD |  | 105.51 | 108.81 | 113.56 |
| Issue and redemption price per share in USD 1 |  | 105.70 | 108.15 | 113.56 |
| Class P-6%-mdist | LU1076698411 |  |  |  |
| Shares outstanding |  | 95 406.4850 | 105 945.9090 | 99 608.5830 |
| Net asset value per share in USD |  | 71.68 | 76.63 | 85.98 |
| Issue and redemption price per share in USD 1 |  | 71.81 | 76.16 | 85.98 |
| Class P-acc | LU0070848972 |  |  |  |
| Shares outstanding |  | 188 772.8550 | 200 848.6960 | 227 041.7970 |
| Net asset value per share in USD |  | 301.43 | 312.83 | 330.63 |
| Issue and redemption price per share in USD 1 |  | 301.97 | 310.92 | 330.63 |
| Class (CHF hedged) P-acc | LU0566797311 |  |  |  |
| Shares outstanding |  | 99 014.6920 | 105 239.9330 | 118 748.9590 |
| Net asset value per share in CHF |  | 125.63 | 132.73 | 141.97 |
| Issue and redemption price per share in CHF 1 |  | 125.86 | 131.92 | 141.97 |
| Class P-mdist | LU0459103858 |  |  |  |
| Shares outstanding |  | 1 132 213.2870 | 1 211 245.2320 | 1 363 641.5960 |
| Net asset value per share in USD |  | 70.24 | 74.93 | 83.71 |
| Issue and redemption price per share in USD 1 |  | 70.37 | 74.47 | 83.71 |
| Class (ZAR hedged) P-mdist 3 | LU2185883449 |  |  |  |
| Shares outstanding |  | - | - | 16 247.5270 |
| Net asset value per share in ZAR |  | - | - | 1 026.58 |
| Issue and redemption price per share in ZAR 1 |  | - | - | 1 026.58 |
| Class Q-6%-mdist | LU1240777455 |  |  |  |
| Shares outstanding |  | 12 200.2130 | 19 305.6470 | 40 267.0040 |
| Net asset value per share in USD |  | 85.52 | 91.16 | 101.73 |
| Issue and redemption price per share in USD 1 |  | 85.67 | 90.60 | 101.73 |
| Class Q-acc | LU0396369646 |  |  |  |
| Shares outstanding |  | 69 041.3280 | 79 866.6760 | 107 842.2980 |
| Net asset value per share in USD |  | 127.66 | 132.13 | 138.90 |
| Issue and redemption price per share in USD 1 |  | 127.89 | 131.32 | 138.90 |
| Class (CHF hedged) Q-acc | LU1240777299 |  |  |  |
| Shares outstanding |  | 111 300.0380 | 121 047.4170 | 132 746.1170 |
| Net asset value per share in CHF |  | 108.48 | 114.30 | 121.61 |
| Issue and redemption price per share in CHF 1 |  | 108.68 | 113.60 | 121.61 |

UBS (Lux) Bond SICAV – USD High Yield (USD) Semi-Annual Report as of 30 November 2022
|  | ISIN | 30.11.2022 | 31.5.2022 | 31.5.2021 |
| --- | --- | --- | --- | --- |
|  |  |  |  |  |
| Class (EUR hedged) Q-acc | LU1004768518 |  |  |  |
| Shares outstanding |  | 12 561.4230 | 13 509.7430 | 16 541.0130 |
| Net asset value per share in EUR |  | 112.23 | 117.92 | 125.06 |
| Issue and redemption price per share in EUR 1 |  | 112.43 | 117.20 | 125.06 |
| Class Q-mdist | LU1240777539 |  |  |  |
| Shares outstanding |  | 61 660.0310 | 60 408.4800 | 83 696.0340 |
| Net asset value per share in USD |  | 82.93 | 88.21 | 98.03 |
| Issue and redemption price per share in USD 1 |  | 83.08 | 87.67 | 98.03 |
| Class U-X-acc | LU0396371030 |  |  |  |
| Shares outstanding |  | 5 837.1050 | 7 227.1050 | 37 048.9790 |
| Net asset value per share in USD |  | 20 135.53 | 20 761.47 | 21 659.74 |
| Issue and redemption price per share in USD 1 |  | 20 171.77 | 20 634.83 | 21 659.74 |
| Class U-X-UKdist-mdist | LU1839734875 |  |  |  |
| Shares outstanding | 1 654.5700 | 2 835.0000 | 1 893.0000 |
| Net asset value per share in USD | 8 750.99 | 9 444.75 | 10 275.57 |
| Issue and redemption price per share in USD 1 | 8 766.74 | 9 387.14 | 10 275.57 |
| 1  See note 1 2  The share Class (EUR hedged) I-B-acc was in circulation until 14.11.2022 3  For the period from 22.9.2020 to 30.9.2021 the share class (ZAR hedged) P-mdist was in circulation. |  |  |  |


### Structure of the Securities Portfolio
Geographical Breakdown as a % of net assets	
United States	76.89
Luxembourg	4.06
United Kingdom	3.84
Canada	3.71
France	2.07
Denmark	1.47
The Netherlands	1.27
Bermuda	0.95
Germany	0.77
Ireland	0.68
Liberia	0.67
Cayman Islands	0.50
Italy	0.21
Panama	0.19
Australia	0.17
Israel	0.17
Total	97.62
Economic Breakdown as a % of net assets	
Finance & holding companies	31.39
Telecommunications	9.11
Petroleum	7.08
Healthcare & social services	6.28
Miscellaneous services	5.45
Lodging, catering & leisure	4.90
Building industry & materials	3.79
Energy & water supply	3.13
Electrical devices & components	2.58
Banks & credit institutions	2.40
Traffic & transportation	2.32
Internet, software & IT services	2.16
Vehicles	2.09
Mining, coal & steel	1.98
Aerospace industry	1.93
Mechanical engineering & industrial equipment	1.80
Retail trade, department stores	1.38
Chemicals	1.07
Non-ferrous metals	1.00
Miscellaneous consumer goods	0.67
Real Estate	0.63
Investment funds	0.60
Pharmaceuticals, cosmetics & medical products	0.60
Computer hardware & network equipment providers	0.58
Environmental services & recycling	0.49
Food & soft drinks	0.48
Graphic design, publishing & media	0.45
Electronics & semiconductors	0.32
Miscellaneous unclassified companies	0.31
Textiles, garments & leather goods	0.30
Forestry, paper & pulp products	0.27
Packaging industry	0.08
Total	97.62
UBS (Lux) Bond SICAV – USD High Yield (USD) Semi-Annual Report as of 30 November 2022

### Statement of Net Assets
Assets	30.11.2022
USD
Investments in securities, cost	544 125 371.66
Investments in securities, unrealized appreciation (depreciation)	57 481 793.80
Total investments in securities (Note 1)	486 643 577.86
Cash at banks, deposits on demand and deposit accounts	2 581 812.61*
Receivable on securities sales (Note 1)	2 595 498.64
Receivable on subscriptions	1 656 631.87
Interest receivable on securities	8 069 916.99
Receivable on dividends	2.22
Prepaid expenses	16 428.19
Unrealized gain on swaps (Note 1)	47 530.46
Unrealized loss on forward foreign exchange contracts (Note 1)	-585 496.24
Bank overdraft	-574.59
Interest payable on bank overdraft	-5.96
Payable on securities purchases (Note 1)	-1 294 223.53
Payable on redemptions	-951 325.73
Provisions for flat fee (Note 2)	-225 733.28
Provisions for taxe d’abonnement (Note 3)	-20 781.27
Provisions for other commissions and fees (Note 2)		-37 994.53		 Total provisions			-284 509.08
Net assets at the end of the period	498 495 263.71

### Statement of Operations
Income	1.6.2022-30.11.2022
USD
Interest on liquid assets	63 383.84
Interest on securities	17 097 245.07
Dividends	56 685.08
Interest received on swaps (Note 1)	278 992.66
Net income on securities lending (Note 11)	45 299.88
Total income	18 028 185.38
Expenses
Other income (Note 4)	486 578.85
Interest paid on swaps (Note 1)	-192 504.06
Flat fee (Note 2)	-1 457 129.76
Taxe d’abonnement (Note 3)	-62 194.49
Other commissions and fees (Note 2)	-36 313.60
Total expenses	-1 753 126.68
Net income (loss) on investments	16 275 058.70
Realized gain (loss) (Note 1)
Interest on cash and bank overdraft	-4 984.77
Realized gain (loss) on market-priced securities without options	-27 940 740.79
Realized gain (loss) on options	857 472.00
Realized gain (loss) on financial futures	-405 608.40
Realized gain (loss) on forward foreign exchange contracts	-90 959.69
Realized gain (loss) on swaps	-3 494 514.24
Total realized gain (loss)	-29 624 590.18
Net realized gain (loss) of the period	-13 349 531.48
Changes in unrealized appreciation (depreciation) (Note 1)
Realized gain (loss) on foreign exchange	1 449 760.94
Unrealized appreciation (depreciation) on market-priced securities without options	-8 985 651.56
Unrealized appreciation (depreciation) on options	-121 213.06
Unrealized appreciation (depreciation) on forward foreign exchange contracts	-2 213 054.88
Total changes in unrealized appreciation (depreciation)	-11 524 408.15
Net increase (decrease) in net assets as a result of operations	-24 873 939.63
Unrealized appreciation (depreciation) on swaps	-204 488.65
* As at 30 November 2022, cash amounts serve as collateral for the counterparty Bank of America for an amount of USD 40 000.00, JP Morgan for an amount of USD 140 000.00.
UBS (Lux) Bond SICAV – USD High Yield (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 | 617 826 495.66 |
| Subscriptions | 43 410 499.38 |
| Redemptions | 	-134 029 284.78	 |
| Total net subscriptions (redemptions) | -90 618 785.40 |
| Dividend paid | -3 838 506.92 |
| Net income (loss) on investments | 16 275 058.70 |
| Total realized gain (loss) | -29 624 590.18 |
| Total changes in unrealized appreciation (depreciation) | 	-11 524 408.15	 |
| Net increase (decrease) in net assets as a result of operations | -24 873 939.63 |
| Net assets at the end of the period | 498 495 263.71 |
| Changes in the Number of Shares outstanding |  |
|  | 1.6.2022-30.11.2022 |
| Class | F-acc |
| Number of shares outstanding at the beginning of the period | 332 988.2680 |
| Number of shares issued | 5 975.0000 |
| Number of shares redeemed | -77 963.0000 |
| Number of shares outstanding at the end of the period | 261 000.2680 |
| Class | I-A1-acc |
| Number of shares outstanding at the beginning of the period | 101 896.9970 |
| Number of shares issued | 33 333.2120 |
| Number of shares redeemed | -37 652.3430 |
| Number of shares outstanding at the end of the period | 97 577.8660 |
| Class | I-B-acc |
| Number of shares outstanding at the beginning of the period | 210 270.7490 |
| Number of shares issued | 32 727.4110 |
| Number of shares redeemed | -25 039.0460 |
| Number of shares outstanding at the end of the period | 217 959.1140 |
| Class | (EUR hedged) I-B-acc |
| Number of shares outstanding at the beginning of the period | 122 237.4850 |
| Number of shares issued | 32 821.7000 |
| Number of shares redeemed | -155 059.1850 |
| Number of shares outstanding at the end of the period | 0.0000 |
| Class | I-X-acc |
| Number of shares outstanding at the beginning of the period | 27 248.8850 |
| Number of shares issued | 0.0000 |
| Number of shares redeemed | -490.1160 |
| Number of shares outstanding at the end of the period | 26 758.7690 |
| Class | (CHF hedged) I-X-acc |
| Number of shares outstanding at the beginning of the period | 252 015.1840 |
| Number of shares issued | 595.5920 |
| Number of shares redeemed | -2 000.0000 |
| Number of shares outstanding at the end of the period | 250 610.7760 |
| Class | (EUR hedged) I-X-acc |
| Number of shares outstanding at the beginning of the period | 109 400.0000 |
| Number of shares issued | 0.0000 |
| Number of shares redeemed | -48 500.0000 |
| Number of shares outstanding at the end of the period | 60 900.0000 |
| Class | K-X-acc |
| Number of shares outstanding at the beginning of the period | 50 000.0000 |
| Number of shares issued | 0.0000 |
| Number of shares redeemed | 0.0000 |
| Number of shares outstanding at the end of the period | 50 000.0000 |
| Class | P-6%-mdist |
| Number of shares outstanding at the beginning of the period | 105 945.9090 |
| Number of shares issued | 150.0000 |
| Number of shares redeemed | -10 689.4240 |
| Number of shares outstanding at the end of the period | 95 406.4850 |
| Class | P-acc |
| Number of shares outstanding at the beginning of the period | 200 848.6960 |
| Number of shares issued | 2 409.2840 |
| Number of shares redeemed | -14 485.1250 |
| Number of shares outstanding at the end of the period | 188 772.8550 |
| Class | (CHF hedged) P-acc |
| Number of shares outstanding at the beginning of the period | 105 239.9330 |
| Number of shares issued | 1 148.6170 |
| Number of shares redeemed | -7 373.8580 |
| Number of shares outstanding at the end of the period | 99 014.6920 |
| Class | P-mdist |
| Number of shares outstanding at the beginning of the period | 1 211 245.2320 |
| Number of shares issued | 16 639.8500 |
| Number of shares redeemed | -95 671.7950 |
| Number of shares outstanding at the end of the period | 1 132 213.2870 |

UBS (Lux) Bond SICAV – USD High Yield (USD) Semi-Annual Report as of 30 November 2022
| Class | Q-6%-mdist |
| --- | --- |
| Number of shares outstanding at the beginning of the period | 19 305.6470 |
| Number of shares issued | 0.0000 |
| Number of shares redeemed | -7 105.4340 |
| Number of shares outstanding at the end of the period | 12 200.2130 |
| Class | Q-acc |
| Number of shares outstanding at the beginning of the period | 79 866.6760 |
| Number of shares issued | 3 379.1450 |
| Number of shares redeemed | -14 204.4930 |
| Number of shares outstanding at the end of the period | 69 041.3280 |
| Class | (CHF hedged) Q-acc |
| Number of shares outstanding at the beginning of the period | 121 047.4170 |
| Number of shares issued | 0.0000 |
| Number of shares redeemed | -9 747.3790 |
| Number of shares outstanding at the end of the period | 111 300.0380 |
| Class | (EUR hedged) Q-acc |
| Number of shares outstanding at the beginning of the period | 13 509.7430 |
| Number of shares issued | 0.0510 |
| Number of shares redeemed | -948.3710 |
| Number of shares outstanding at the end of the period | 12 561.4230 |
| Class | Q-mdist |
| Number of shares outstanding at the beginning of the period | 60 408.4800 |
| Number of shares issued | 10 043.0080 |
| Number of shares redeemed | -8 791.4570 |
| Number of shares outstanding at the end of the period | 61 660.0310 |
| Class | U-X-acc |
| Number of shares outstanding at the beginning of the period | 7 227.1050 |
| Number of shares issued | 1 131.0000 |
| Number of shares redeemed | -2 521.0000 |
| Number of shares outstanding at the end of the period | 5 837.1050 |
| Class | U-X-UKdist-mdist |
| Number of shares outstanding at the beginning of the period | 2 835.0000 |
| Number of shares issued | 191.0000 |
| Number of shares redeemed | -1 371.4300 |
| Number of shares outstanding at the end of the period | 1 654.5700 |

| Monthly Distribution 1 |  |
| --- | --- |
| UBS (Lux) Bond SICAV – USD High Yield (USD) | Ex-Date | Pay-Date | Currency | Amount per share |
| P-6%-mdist | 10.6.2022 | 15.6.2022 | USD | 0.38 |
| P-6%-mdist | 11.7.2022 | 14.7.2022 | USD | 0.35 |
| P-6%-mdist | 10.8.2022 | 15.8.2022 | USD | 0.36 |
| P-6%-mdist | 13.9.2022 | 16.9.2022 | USD | 0.36 |
| P-6%-mdist | 11.10.2022 | 14.10.2022 | USD | 0.34 |
| P-6%-mdist | 10.11.2022 | 15.11.2022 | USD | 0.35 |
| P-mdist | 15.6.2022 | 21.6.2022 | USD | 0.34 |
| P-mdist | 15.7.2022 | 20.7.2022 | USD | 0.32 |
| P-mdist | 16.8.2022 | 19.8.2022 | USD | 0.33 |
| P-mdist | 15.9.2022 | 20.9.2022 | USD | 0.32 |
| P-mdist | 17.10.2022 | 20.10.2022 | USD | 0.31 |
| P-mdist | 15.11.2022 | 18.11.2022 | USD | 0.32 |
| Q-6%-mdist | 10.6.2022 | 15.6.2022 | USD | 0.45 |
| Q-6%-mdist | 11.7.2022 | 14.7.2022 | USD | 0.42 |
| Q-6%-mdist | 10.8.2022 | 15.8.2022 | USD | 0.43 |
| Q-6%-mdist | 13.9.2022 | 16.9.2022 | USD | 0.42 |
| Q-6%-mdist | 11.10.2022 | 14.10.2022 | USD | 0.40 |
| Q-6%-mdist | 10.11.2022 | 15.11.2022 | USD | 0.41 |
| Q-mdist | 15.6.2022 | 21.6.2022 | USD | 0.40 |
| Q-mdist | 15.7.2022 | 20.7.2022 | USD | 0.37 |
| Q-mdist | 16.8.2022 | 19.8.2022 | USD | 0.39 |
| Q-mdist | 15.9.2022 | 20.9.2022 | USD | 0.38 |
| Q-mdist | 17.10.2022 | 20.10.2022 | USD | 0.36 |
| Q-mdist | 15.11.2022 | 18.11.2022 | USD | 0.37 |
| U-X-UKdist-mdist | 13.6.2022 | 16.6.2022 | USD | 398.32 |
| U-X-UKdist-mdist | 15.7.2022 | 20.7.2022 | USD | 0.00 |
| U-X-UKdist-mdist | 16.8.2022 | 19.8.2022 | USD | 0.00 |
| U-X-UKdist-mdist | 15.9.2022 | 20.9.2022 | USD | 0.00 |
| U-X-UKdist-mdist | 17.10.2022 | 20.10.2022 | USD | 0.00 |
| U-X-UKdist-mdist | 15.11.2022 | 18.11.2022 | USD | 0.00 |
| 1  See note 5 |  |  |  |  |

UBS (Lux) Bond SICAV – USD High Yield (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 |  |  |  |
| EUR |  |  |  |
| EUR	BOXER PARENT CO INC-REG-S 6.50000% 20-02.10.25 | 1 440 000.00 | 1 414 705.49 | 0.28 |
| EUR	DKT FINANCE APS-REG-S 7.00000% 18-17.06.23 | 4 560 000.00 | 4 570 997.07 | 0.92 |
| EUR	NIDDA HEALTHCARE HOLDING GMBH-REG-S 7.50000% 22-21.08.26 | 1 300 000.00 | 1 290 022.74 | 0.26 |
| EUR	SUMMER BC HOLDCO A SARL-REG-S 9.25000% 19-31.10.27 | 1 830 000.00 | 1 315 943.98 | 0.27 |
| EUR	TEVA PHARMACEUTICAL FIN 6.00000% 20-31.01.25 | 1 425 000.00 | 1 459 731.59 | 0.29 |
| EUR	TEVA PHARMACEUTICAL FINANCE II BV 3.75000% 21-09.05.27 | 925 000.00 | 848 730.84 | 0.17 |
| Total EUR |  | 10 900 131.71 | 2.19 |
| USD |  |  |  |
| USD	ALTICE FINANCING SA-144A 5.00000% 20-15.01.28 | 1 384 000.00 | 1 129 177.92 | 0.23 |
| USD	ALTICE FRANCE HOLDING SA 6.00000% 20-15.02.28 | 777 000.00 | 521 048.79 | 0.10 |
| USD	ALTICE FRANCE SA/FRANCE-144A 5.12500% 21-15.07.29 | 1 242 000.00 | 978 832.62 | 0.20 |
| USD	ALTICE FRANCE-144A 8.12500% 18-01.02.27 | 2 955 000.00 | 2 814 637.50 | 0.56 |
| USD	APACHE CORP 5.10000% 10-01.09.40 | 1 992 000.00 | 1 638 420.00 | 0.33 |
| USD	ARCONIC INC 6.75000% 98-15.01.28 | 1 617 000.00 | 1 649 340.00 | 0.33 |
| USD	ARDAGH PACKAGING FINANCE/MP-144A 4.12500% 19-15.08.26 | 215 000.00 | 189 200.00 | 0.04 |
| USD	AVIS BUDGET CAR RENT LLC/FIN INC-144A 5.37500% 21-01.03.29 | 836 000.00 | 736 055.62 | 0.15 |
| USD	BOMBARDIER INC-144A 7.12500% 21-15.06.26 | 2 445 000.00 | 2 402 188.05 | 0.48 |
| USD	BUCKEYE PARTNERS LP 5.85000% 13-15.11.43 | 845 000.00 | 638 841.12 | 0.13 |
| USD	BUCKEYE PARTNERS LP 5.60000% 14-15.10.44 | 595 000.00 | 446 250.00 | 0.09 |
| USD	CARNIVAL CORP-144A 7.62500% 20-01.03.26 | 1 124 000.00 | 941 361.24 | 0.19 |
| USD	CELANESE US HOLDINGS LLC 6.33000% 22-15.07.29 | 1 320 000.00 | 1 268 353.60 | 0.25 |
| USD	COMMERCIAL METALS CO 4.12500% 22-15.01.30 | 760 000.00 | 654 015.58 | 0.13 |
| USD	CONSOLIDATED ENERGY FINANCE SA-144A 5.62500% 21-15.10.28 | 2 163 000.00 | 1 889 921.25 | 0.38 |
| USD	DANA INC 4.25000% 21-01.09.30 | 930 000.00 | 744 017.40 | 0.15 |
| USD	DANA INC 5.62500% 20-15.06.28 | 825 000.00 | 759 000.00 | 0.15 |
| USD	DELTA AIR LINES INC 4.37500% 18-19.04.28 | 470 000.00 | 429 507.15 | 0.09 |
| USD	DISH DBS CORP 5.87500% 14-15.11.24 | 1 105 000.00 | 1 050 037.30 | 0.21 |
| USD	ELANCO ANIMAL HEALTH INC 4.90000% 19-28.08.28 | 420 000.00 | 387 882.60 | 0.08 |
| USD	ENCOMPASS HEALTH CORP 4.50000% 19-01.02.28 | 4 039 000.00 | 3 632 092.68 | 0.73 |
| USD	EQT CORP STEP-UP/DOWN 20-01.02.30 | 1 837 000.00 | 1 932 631.63 | 0.39 |
| USD	FIRSTENERGY CORP 4.85000% 17-15.07.47 | 1 084 000.00 | 955 134.08 | 0.19 |
| USD	FORD MOTOR CREDIT CO LLC 5.12500% 20-16.06.25 | 3 961 000.00 | 3 835 483.04 | 0.77 |
| USD	FORD MOTOR CREDIT CO 4.95000% 22-28.05.27 | 440 000.00 | 416 402.80 | 0.08 |
| USD	FORD MOTOR CREDIT CO LLC 5.11300% 19-03.05.29 | 925 000.00 | 862 368.25 | 0.17 |
| USD	GENESIS ENERGY LP 8.00000% 20-15.01.27 | 2 453 000.00 | 2 341 171.36 | 0.47 |
| USD	ICAHN ENTERPRISES FINANCE CORP 5.25000% 20-15.05.27 | 450 000.00 | 414 445.50 | 0.08 |
| USD	ICAHN ENTERPRISES LP/FINANCE CORP 6.25000% 19-15.05.26 | 1 280 000.00 | 1 263 449.60 | 0.25 |
| USD	INTERNATIONAL GAME TECHNOLOGY PLC-144A 6.25000% 18-15.01.27 | 1 100 000.00 | 1 093 125.00 | 0.22 |
| USD	ITHACA ENERGY NORTH SEA PLC-REG-S 9.00000% 21-15.07.26 | 1 273 000.00 | 1 260 270.00 | 0.25 |
| USD	JAGUAR LAND ROVER AUTOMOTIVE PLC-144A 7.75000% 20-15.10.25 | 2 055 000.00 | 1 869 823.95 | 0.38 |
| USD	KB HOME 6.87500% 19-15.06.27 | 945 000.00 | 942 524.10 | 0.19 |
| USD	L BRANDS INC 6.69400% 18-15.01.27 | 450 000.00 | 437 108.28 | 0.09 |
| USD	MURPHY OIL CORP 7.05000% 99-01.05.29 | 2 296 000.00 | 2 260 660.70 | 0.45 |
| USD	NEPTUNE ENERGY BONDCO PLC-144A 6.62500% 18-15.05.25 | 4 072 000.00 | 3 997 976.90 | 0.80 |
| USD	NEWELL BRANDS INC 5.37500% 16-01.04.36 | 1 390 000.00 | 1 189 770.50 | 0.24 |
| USD	NEWELL BRANDS INC 5.50000% 16-01.04.46 | 175 000.00 | 134 750.00 | 0.03 |
| USD	OCCIDENTAL PETROLEUM CORP 8.50000% 20-15.07.27 | 1 423 000.00 | 1 551 070.00 | 0.31 |
| USD	OCCIDENTAL PETROLEUM CORP 6.37500% 20-01.09.28 | 1 333 000.00 | 1 360 993.00 | 0.27 |
| USD	OCEANEERING INTERNATIONAL INC 4.65000% 14-15.11.24 | 3 114 000.00 | 3 017 808.54 | 0.61 |
| USD	OCEANEERING INTERNATIONAL INC 6.00000% 18-01.02.28 | 246 000.00 | 222 862.47 | 0.05 |
| USD	PG&E CORP 5.00000% 20-01.07.28 | 2 540 000.00 | 2 343 429.40 | 0.47 |
| USD	PRIMO WATER HOLDINGS INC-144A 4.37500% 21-30.04.29 | 3 404 000.00 | 2 941 600.64 | 0.59 |
| USD	ROYAL CARIBBEAN CRUISES LTD 7.50000% 97-15.10.27 | 1 267 000.00 | 1 113 879.42 | 0.22 |
| USD	SOUTHWESTERN ENERGY CO 5.37500% 21-15.03.30 | 2 059 000.00 | 1 935 871.80 | 0.39 |
| USD	SPRINGLEAF FINANCE CORP 7.12500% 18-15.03.26 | 4 695 000.00 | 4 548 492.52 | 0.91 |
| USD	TELECOM ITALIA CAPITAL 7.20000% 06-18.07.36 | 1 225 000.00 | 1 015 402.50 | 0.20 |
| USD	TELECOM ITALIA CAPITAL 7.72100% 08-06.04.38 | 1 200 000.00 | 1 009 356.00 | 0.20 |
| USD	TRANSDIGM INC-SUB 5.50000% 20-15.11.27 | 1 425 000.00 | 1 343 062.50 | 0.27 |
| USD	TRANSDIGM INC-SUB 6.37500% 17-15.06.26 | 1 618 000.00 | 1 589 086.34 | 0.32 |
| USD	TRANSDIGM INC-SUB 7.50000% 19-15.03.27 | 1 740 000.00 | 1 744 350.00 | 0.35 |
| USD	UNITED AIRLINES INC-144A 4.62500% 21-15.04.29 | 2 090 000.00 | 1 860 553.62 | 0.37 |
| USD	VEDANTA RESOURCES PLC-REG-S 7.12500% 13-31.05.23 | 350 000.00 | 320 250.00 | 0.06 |
| USD	VIRGIN MEDIA VENDOR FINANC-144A 5.00000% 20-15.07.28 | 1 690 000.00 | 1 448 769.40 | 0.29 |
| USD	WESTERN GAS PARTNERS LP 5.45000% 14-01.04.44 | 715 000.00 | 587 472.64 | 0.12 |
| USD	ZIGGO BV-144A 4.87500% 19-15.01.30 | 1 038 000.00 | 882 300.00 | 0.18 |
| Total USD |  | 80 943 886.90 | 16.23 |
| Total Notes, fixed rate |  | 91 844 018.61 | 18.42 |
| Notes, floating rate |  |  |  |
| USD |  |  |  |
| USD	CREDIT AGRICOLE SA-144A-SUB 8.125%/VAR 16-PRP | 1 665 000.00 | 1 691 490.15 | 0.34 |
| Total USD |  | 1 691 490.15 | 0.34 |
| Total Notes, floating rate |  | 1 691 490.15 | 0.34 |
| Bonds, fixed rate |  |  |  |
| EUR |  |  |  |
| EUR	GAMMA BONDCO SARL-REG-S 8.12500% 21-15.11.26 | 2 345 000.00 | 2 040 277.22 | 0.41 |
| EUR	JAGUAR LAND ROVER AUTOMOTIVE PLC-REG-S 2.20000% 17-15.01.24 | 3 160 000.00 | 3 111 032.53 | 0.62 |
| EUR	LHMC FINCO 2 SARL-REG-S (PIK) 7.25000% 19-02.10.25 | 1 716 498.00 | 1 528 794.22 | 0.31 |
| EUR	PINNACLE BIDCO PLC-REG-S 5.50000% 20-15.02.25 | 1 855 000.00 | 1 709 290.23 | 0.34 |
| EUR	SUMMER BIDCO BV-REG-S (PIK) 9.00000% 19-15.11.25 | 2 450 000.00 | 2 226 040.53 | 0.45 |
| Total EUR |  | 10 615 434.73 | 2.13 |

UBS (Lux) Bond SICAV – USD High Yield (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) |  |
| GBP |  |  |  |  |
| GBP | GALAXY FINCO LTD-REG-S 9.25000% 19-31.07.27 | 2 800 000.00 | 2 649 502.89 | 0.53 |
| Total GBP |  |  | 2 649 502.89 | 0.53 |
| USD |  |  |  |  |
| USD | ALTICE FINANCING SA-144A 5.75000% 21-15.08.29 | 1 637 000.00 | 1 338 673.12 | 0.27 |
| USD | CHEMOURS CO/THE 5.37500% 17-15.05.27 | 524 000.00 | 474 220.00 | 0.10 |
| USD | DEUTSCHE BANK AG-SUB 4.50000% 15-01.04.25 | 2 720 000.00 | 2 579 044.21 | 0.52 |
| USD | FORD MOTOR CO 6.62500% 98-01.10.28 | 1 595 000.00 | 1 612 162.20 | 0.32 |
| USD | FORD MOTOR CO 7.45000% 99-16.07.31 | 1 330 000.00 | 1 402 858.73 | 0.28 |
| USD | INEOS QUATTRO FINANCE 2 PLC-144A 3.37500% 21-15.01.26 | 1 425 000.00 | 1 266 939.00 | 0.25 |
| USD | NORDSTROM INC 6.95000% 98-15.03.28 | 420 000.00 | 401 074.86 | 0.08 |
| USD | SPRINT CAPITAL CORPORATION 6.87500% 98-15.11.28 | 1 444 000.00 | 1 530 076.84 | 0.31 |
| USD | VEDANTA RESOURCES FINANCE II PLC-REG-S 8.00000% 19-23.04.23 | 3 170 000.00 | 2 951 666.25 | 0.59 |
| Total USD |  |  | 13 556 715.21 | 2.72 |
| Total Bonds, fixed rate |  | 26 821 652.83 | 5.38 |
| Bonds, floating rate |  |  |  |
| EUR |  |  |  |
| EUR	GOLDEN GOOSE SPA-REG-S 3M EURIBOR+487.5BP 21-14.05.27 | 1 110 000.00 | 1 058 050.33 | 0.21 |
| Total EUR |  | 1 058 050.33 | 0.21 |
| USD |  |  |  |
| USD	BANK OF AMERICA CORP-SUB 6.500%/VAR 14-PRP | 2 176 000.00 | 2 146 469.00 | 0.43 |
| USD	JPMORGAN CHASE & CO-SUB 6.000%/3M LIBOR+330BP 13-PRP | 1 886 000.00 | 1 867 140.00 | 0.37 |
| USD	JPMORGAN CHASE & CO-SUB 6.100%/VAR 14-PRP | 1 015 000.00 | 984 550.00 | 0.20 |
| Total USD |  | 4 998 159.00 | 1.00 |
| Total Bonds, floating rate |  | 6 056 209.33 | 1.21 |
| Total Transferable securities and money market instruments listed on an official stock exchange |  | 126 413 370.92 | 25.35 |
| Transferable securities and money market instruments traded on another regulated market |  |  |  |
| Equities |  |  |  |
| United States |  |  |  |
| USD	CITIGROUP INC 5.95%-FR SUB PERP USD1000’A | 2 703 000.00 | 2 686 592.79 | 0.54 |
| Total United States |  | 2 686 592.79 | 0.54 |
| Total Equities |  | 2 686 592.79 | 0.54 |
| Notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	ACADEMY LTD-144A 6.00000% 20-15.11.27 | 2 337 000.00 | 2 212 304.11 | 0.44 |
| USD	ACADIA HEALTHCARE CO INC-144A 5.00000% 20-15.04.29 | 1 182 000.00 | 1 090 525.02 | 0.22 |
| USD	AFFINITY GAMING-144A 6.87500% 20-15.12.27 | 3 871 000.00 | 3 320 698.64 | 0.67 |
| USD	AHEAD DB HOLDINGS LLC-144A 6.62500% 21-01.05.28 | 1 796 000.00 | 1 467 367.92 | 0.29 |
| USD	ALLISON TRANSMISSION INC-144A 5.87500% 19-01.06.29 | 1 679 000.00 | 1 587 059.29 | 0.32 |
| USD	AMERICAN AIRLINES INC-144A 5.50000% 21-20.04.26 | 922 000.00 | 894 172.38 | 0.18 |
| USD	AMERICAN BUILDER & CONTRACT SUPPLY-144A 4.00000% 19-15.01.28 | 660 000.00 | 597 306.60 | 0.12 |
| USD	AMERICAN BUILDERS & CONTRAC SUPPLY-144A 3.87500% 21-15.11.29 | 837 000.00 | 690 273.90 | 0.14 |
| USD	AMSTED INDUSTRIES INC-144A 5.62500% 19-01.07.27 | 876 000.00 | 827 960.98 | 0.17 |
| USD	AMSTED INDUSTRIES INC-144A 4.62500% 19-15.05.30 | 559 000.00 | 472 355.00 | 0.09 |
| USD	ANTERO MIDSTREAM PARTNERS LP-144A 5.37500% 21-15.06.29 | 1 175 000.00 | 1 083 937.50 | 0.22 |
| USD	ANTERO RESOURCES FIN CORP-144A 7.62500% 21-01.02.29 | 830 000.00 | 846 883.32 | 0.17 |
| USD	ARAMARK SERVICES INC-144A 5.00000% 18-01.02.28 | 3 035 000.00 | 2 838 240.95 | 0.57 |
| USD	ARCHROCK PARTNERS LP/FIN CORP-144A 6.87500% 19-01.04.27 | 1 795 000.00 | 1 736 662.50 | 0.35 |
| USD	ARCHROCK PARTNERS LP/FIN CORP-144A 6.25000% 19-01.04.28 | 600 000.00 | 556 500.00 | 0.11 |
| USD	ARCONIC ROLLED PRODUCTS CORP-144A 6.12500% 20-15.02.28 | 3 574 000.00 | 3 355 807.30 | 0.67 |
| USD	ARCOSA INC-144A 4.37500% 21-15.04.29 | 2 519 000.00 | 2 190 673.92 | 0.44 |
| USD	ASBURY AUTOMOTIVE GROUP INC-144A 4.62500% 21-15.11.29 | 980 000.00 | 855 050.00 | 0.17 |
| USD	ASCENT RESOURCES UTICA HOLDINGS-144A 7.00000% 18-01.11.26 | 1 100 000.00 | 1 078 275.87 | 0.22 |
| USD	ASCENT RESOURCES UTICA HOLDINGS-144A 5.87500% 21-30.06.29 | 1 904 000.00 | 1 715 960.96 | 0.34 |
| USD	ASGN INC-144A 4.62500% 19-15.05.28 | 4 044 000.00 | 3 609 269.99 | 0.72 |
| USD	AVANTOR FUNDING INC-144A 4.62500% 20-15.07.28 | 2 710 000.00 | 2 493 200.00 | 0.50 |
| USD	AVIS BUDGET CAR RENT LLC/FIN INC-144A 5.75000% 19-15.07.27 | 1 585 000.00 | 1 465 980.76 | 0.29 |
| USD	BEACON ROOFING SUPPLY INC-144A 4.50000% 19-15.11.26 | 654 000.00 | 603 297.00 | 0.12 |
| USD	BEACON ROOFING SUPPLY INC-144A 4.12500% 21-15.05.29 | 861 000.00 | 724 057.95 | 0.15 |
| USD	BIG RIVER STEEL LLC/BRS FIN CORP-144A 6.62500% 20-31.01.29 | 2 351 000.00 | 2 258 634.83 | 0.45 |
| USD	BLOCK INC 3.50000% 22-01.06.31 | 1 692 000.00 | 1 373 074.92 | 0.28 |
| USD	BLUE RACER MIDSTREAM LLC-144A 7.62500% 20-15.12.25 | 3 942 000.00 | 3 977 813.07 | 0.80 |
| USD	BOMBARDIER INC-144A 7.50000% 15-15.03.25 | 2 010 000.00 | 2 013 015.00 | 0.40 |
| USD	BOOZ ALLEN HAMILTON INC-144A 4.00000% 21-01.07.29 | 2 755 000.00 | 2 442 665.65 | 0.49 |
| USD	BUCKEYE PARTNERS LP-144A 4.50000% 20-01.03.28 | 1 580 000.00 | 1 402 250.00 | 0.28 |
| USD	BUILDERS FIRSTSOURCE INC-144A 5.00000% 20-01.03.30 | 1 598 000.00 | 1 417 512.06 | 0.28 |
| USD	CAESARS ENTERTAINMENT INC-144A 6.25000% 20-01.07.25 | 988 000.00 | 976 442.85 | 0.20 |
| USD	CAESARS ENTERTAINMENT INC-144A 8.12500% 20-01.07.27 | 3 834 000.00 | 3 848 569.20 | 0.77 |
| USD	CALIFORNIA RESOURCES CORP-144A 7.12500% 21-01.02.26 | 3 094 000.00 | 3 008 915.00 | 0.60 |
| USD	CALPINE CORP-144A 5.12500% 19-15.03.28 | 2 382 000.00 | 2 133 439.97 | 0.43 |
| USD	CARNIVAL CORP-144A 5.75000% 21-01.03.27 | 2 700 000.00 | 2 011 770.00 | 0.40 |
| USD	CARRIAGE SERVICES INC-144A 4.25000% 21-15.05.29 | 2 668 000.00 | 2 002 334.00 | 0.40 |
| USD	CCO HOLDINGS LLC-144A 4.25000% 20-01.02.31 | 1 650 000.00 | 1 339 470.00 | 0.27 |
| USD	CCO HOLDINGS LLC/CAPITAL CORP-144A 5.37500% 19-01.06.29 | 2 663 000.00 | 2 416 592.61 | 0.48 |
| USD	CCO HOLDINGS LLC/CAPITAL CORP-144A 4.75000% 19-01.03.30 | 4 615 000.00 | 3 967 621.46 | 0.80 |
| USD	CDI-144A *ESCROW* 5.75000% 22-01.04.30 | 960 000.00 | 890 524.80 | 0.18 |
| USD	CENTURYLINK INC-144A 5.12500% 19-15.12.26 | 1 565 000.00 | 1 338 075.00 | 0.27 |
| USD	CENTURYLINK INC-144A 4.00000% 20-15.02.27 | 1 665 000.00 | 1 419 412.50 | 0.28 |
| USD	CHEEVER ESCROW ISSUER LLC-144A 7.12500% 22-01.10.27 | 200 000.00 | 187 000.00 | 0.04 |
| USD	CHEMOURS CO/THE-144A 4.62500% 21-15.11.29 | 987 000.00 | 794 535.00 | 0.16 |

UBS (Lux) Bond SICAV – USD High Yield (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 | CHS/COMMUNITY HEALTH SYSTEMS INC-144A 8.00000% 19-15.03.26 | 1 735 000.00 | 1 601 214.15 | 0.32 |
| USD | CHS/COMMUNITY HEALTH SYSTEMS INC-144A 6.87500% 21-15.04.29 | 2 478 000.00 | 1 325 730.00 | 0.27 |
| USD | CHURCHILL DOWNS INC-144A 5.50000% 19-01.04.27 | 1 740 000.00 | 1 654 816.85 | 0.33 |
| USD | CINEMARK USA INC-144A 5.87500% 21-15.03.26 | 1 291 000.00 | 1 130 464.15 | 0.23 |
| USD | CLEAR CHANNEL OUTDOOR HOLDINGS INC-144A 5.12500% 19-15.08.27 | 1 590 000.00 | 1 370 340.08 | 0.27 |
| USD | CLEARWATER PAPER CORP-144A 4.75000% 20-15.08.28 | 1 537 000.00 | 1 346 747.78 | 0.27 |
| USD | CLEARWAY ENERGY OPERATING LLC-144A 4.75000% 19-15.03.28 | 2 465 000.00 | 2 277 078.14 | 0.46 |
| USD | CNX MIDSTREAM PARTNERS LP-144A 4.75000% 21-15.04.30 | 2 529 000.00 | 2 109 169.46 | 0.42 |
| USD | COMMSCOPE INC-144A 6.00000% 19-01.03.26 | 1 150 000.00 | 1 112 579.00 | 0.22 |
| USD | COMMSCOPE INC-144A 8.25000% 19-01.03.27 | 1 510 000.00 | 1 296 191.55 | 0.26 |
| USD | COMSTOCK RESOURCES INC-144A 6.75000% 21-01.03.29 | 1 982 000.00 | 1 935 720.30 | 0.39 |
| USD | COMSTOCK RESOURCES INC-144A 5.87500% 21-15.01.30 | 1 220 000.00 | 1 124 047.00 | 0.23 |
| USD | CONSOLIDATED COMMUNICATIONS INC-144A 6.50000% 20-01.10.28 | 1 392 000.00 | 1 145 337.60 | 0.23 |
| USD | CONSTELLIUM SE-144A 5.62500% 20-15.06.28 | 1 135 000.00 | 1 037 903.29 | 0.21 |
| USD | COVERT MERGECO INC 4.87500% 21-01.12.29 | 903 000.00 | 763 035.00 | 0.15 |
| USD | CSC HOLDINGS INC-144A 5.37500% 18-01.02.28 | 1 320 000.00 | 1 181 588.10 | 0.24 |
| USD | CSC HOLDINGS LLC-144A 7.50000% 18-01.04.28 | 1 325 000.00 | 1 032 055.75 | 0.21 |
| USD | CSC HOLDINGS LLC-144A 6.50000% 19-01.02.29 | 3 000 000.00 | 2 733 960.00 | 0.55 |
| USD | DARLING INGREDIENTS INC-144A 5.25000% 19-15.04.27 | 1 070 000.00 | 1 035 599.50 | 0.21 |
| USD | DAVITA INC-144A 4.62500% 20-01.06.30 | 1 386 000.00 | 1 121 939.28 | 0.23 |
| USD | DISH NETWORK CORP-144A 11.75000% 22-15.11.27 | 1 465 000.00 | 1 505 770.95 | 0.30 |
| USD | DKT FINANCE APS-144A 9.37500% 18-17.06.23 | 2 867 000.00 | 2 758 180.15 | 0.55 |
| USD | DYCOM INDUSTRIES INC-144A 4.50000% 21-15.04.29 | 2 975 000.00 | 2 555 049.00 | 0.51 |
| USD | ENERGIZER HOLDINGS INC-144A 4.75000% 20-15.06.28 | 1 490 000.00 | 1 299 190.60 | 0.26 |
| USD | ENERGIZER HOLDINGS INC-144A 4.37500% 20-31.03.29 | 852 000.00 | 724 813.44 | 0.15 |
| USD | ENLINK MIDSTREAM LLC-144A 6.50000% 22-01.09.30 | 1 470 000.00 | 1 492 961.40 | 0.30 |
| USD | EQM MIDSTREAM PARTNERS LP-144A 6.50000% 20-01.07.27 | 1 164 000.00 | 1 129 080.00 | 0.23 |
| USD | EQM MIDSTREAM PARTNERS LP-144A 7.50000% 22-01.06.27 | 1 570 000.00 | 1 586 657.70 | 0.32 |
| USD | FIRST QUANTUM MINERALS LTD-144A 6.87500% 20-15.10.27 | 2 354 000.00 | 2 232 957.32 | 0.45 |
| USD | FMG RESOURCES AUGUST 2006 PTY LTD-144A 4.50000% 19-15.09.27 | 935 000.00 | 859 508.10 | 0.17 |
| USD | FORESTAR GROUP INC-144A 3.85000% 21-15.05.26 | 1 659 000.00 | 1 464 847.23 | 0.29 |
| USD | FORTRESS TRANS & INFRA INV LLC-144A 5.50000% 21-01.05.28 | 1 158 000.00 | 1 007 494.74 | 0.20 |
| USD | FRONTIER COMMUNICATIONS CORPORATIO-144A 5.87500% 20-15.10.27 | 3 684 000.00 | 3 505 399.68 | 0.70 |
| USD | FRONTIER COMMUNICATIONS CORP-144A 6.75000% 20-01.05.29 | 1 852 000.00 | 1 555 920.76 | 0.31 |
| USD | GARDA WORLD SECURITY CORP-144A 9.50000% 19-01.11.27 | 1 199 000.00 | 1 109 187.61 | 0.22 |
| USD | GARDA WORLD SECURITY CORP-144A 4.62500% 20-15.02.27 | 1 568 000.00 | 1 408 205.12 | 0.28 |
| USD | GARTNER INC-144A 4.50000% 20-01.07.28 | 1 531 000.00 | 1 441 314.02 | 0.29 |
| USD | GENESIS ENERGY LP 5.62500% 14-15.06.24 | 1 550 000.00 | 1 501 517.69 | 0.30 |
| USD | GENWORTH MORTGAGE HOLDINGS INC-144A 6.50000% 20-15.08.25 | 4 235 000.00 | 4 117 394.05 | 0.83 |
| USD | GFL ENVIRONMENTAL INC-144A 4.75000% 21-15.06.29 | 2 807 000.00 | 2 458 454.81 | 0.49 |
| USD | GRAPHIC PACKAGING INTERNATIONAL-144A 4.75000% 19-15.07.27 | 239 000.00 | 222 712.15 | 0.04 |
| USD | GRAPHIC PACKAGING INTERNATIONL INC-144A 3.50000% 20-15.03.28 | 535 000.00 | 465 089.85 | 0.09 |
| USD | GRAY ESCROW II INC-144A 5.37500% 21-15.11.31 | 2 437 000.00 | 1 859 357.89 | 0.37 |
| USD | GRAY TELEVISION INC-144A 5.87500% 16-15.07.26 | 2 420 000.00 | 2 229 122.50 | 0.45 |
| USD | GREAT LAKES DREDGE & DOCK CORP-144A 5.25000% 21-01.06.29 | 3 280 000.00 | 2 643 345.27 | 0.53 |
| USD | GROUP 1 AUTOMOTIVE INC-144A 4.00000% 20-15.08.28 | 1 612 000.00 | 1 367 378.21 | 0.27 |
| USD | HESS MIDSTREAM PARTNERS LP-144A 5.12500% 19-15.06.28 | 1 725 000.00 | 1 624 018.50 | 0.33 |
| USD | HILCORP ENERGY I LP / HILCORP FINA-144A 6.00000% 22-15.04.30 | 485 000.00 | 445 972.57 | 0.09 |
| USD | HILCORP ENERGY I LP/FINANCE CO-144A 6.25000% 18-01.11.28 | 1 065 000.00 | 1 014 212.81 | 0.20 |
| USD | HILCORP ENERGY I LP/FINANCE CO-144A 5.75000% 21-01.02.29 | 3 804 000.00 | 3 484 680.82 | 0.70 |
| USD | HILTON DOMESTIC OPERATING CO INC-144A 4.00000% 20-01.05.31 | 1 920 000.00 | 1 615 038.62 | 0.32 |
| USD | HILTON GRAND VACATIONS BORROWER-144A 5.00000% 21-01.06.29 | 1 663 000.00 | 1 440 041.59 | 0.29 |
| USD | HOLLY ENERGY PARTNERS LP FIN CORP-144A 5.00000% 20-01.02.28 | 1 692 000.00 | 1 541 686.37 | 0.31 |
| USD | HOLLY ENERGY PARTNERS LP / HOLLY E-144A 6.37500% 22-15.04.27 | 485 000.00 | 474 517.28 | 0.10 |
| USD | ILIAD HOLDING SASU-144A 6.50000% 21-15.10.26 | 3 990 000.00 | 3 795 467.03 | 0.76 |
| USD | INTERNATIONAL GAME TECHNOLOGY PLC-144A 5.25000% 20-15.01.29 | 880 000.00 | 828 722.40 | 0.17 |
| USD | IRON MOUNTAIN INC-144A 4.87500% 17-15.09.27 | 1 895 000.00 | 1 781 849.55 | 0.36 |
| USD | JACOBS ENTERTAINMENT INC-144A 6.75000% 22-15.02.29 | 3 128 000.00 | 2 815 200.00 | 0.56 |
| USD | KBR INC-144A 4.75000% 20-30.09.28 | 3 565 000.00 | 3 162 702.94 | 0.63 |
| USD | L BRANDS INC-144A 6.62500% 20-01.10.30 | 3 478 000.00 | 3 256 034.04 | 0.65 |
| USD | LADDER CAPITAL FINANCE HOLDINGS-144A 4.75000% 21-15.06.29 | 1 319 000.00 | 1 078 405.67 | 0.22 |
| USD | LCPR SENIOR SECURED FINANCING DAC-144A 6.75000% 19-15.10.27 | 473 000.00 | 447 424.89 | 0.09 |
| USD | LCPR SENIOR SECURED FINANCING DAC-144A 5.12500% 21-15.07.29 | 1 582 000.00 | 1 307 584.23 | 0.26 |
| USD | LEEWARD RENEWABLE ENERGY LLC-144A 4.25000% 21-01.07.29 | 1 397 000.00 | 1 174 737.30 | 0.24 |
| USD | LEGENDS HOSPITALITY HOLDING CO LLC-144A 5.00000% 21-01.02.26 | 896 000.00 | 783 897.18 | 0.16 |
| USD | LEVEL 3 FINANCING INC-144A 4.25000% 20-01.07.28 | 3 921 000.00 | 3 070 100.97 | 0.62 |
| USD | LIFEPOINT HEALTH INC-144A 4.37500% 20-15.02.27 | 1 935 000.00 | 1 604 031.97 | 0.32 |
| USD | LIFEPOINT HEALTH INC-144A 6.75000% 20-15.04.25 | 1 640 000.00 | 1 503 757.11 | 0.30 |
| USD | LOGAN MERGER SUB INC-144A 5.50000% 20-01.09.27 | 2 258 000.00 | 1 320 929.41 | 0.27 |
| USD | MONEYGRAM INTERNATIONAL INC-144A 5.37500% 21-01.08.26 | 1 387 000.00 | 1 398 839.15 | 0.28 |
| USD | MOZART DEBT MERGER SUB INC-144A 5.25000% 21-01.10.29 | 520 000.00 | 423 800.00 | 0.09 |
| USD | MUELLER WATER PRODUCTS INC-144A 4.00000% 21-15.06.29 | 962 000.00 | 827 479.56 | 0.17 |
| USD | NABORS INDUSTRIES INC-144A 9.00000% 20-01.02.25 | 3 490 000.00 | 3 521 026.10 | 0.71 |
| USD | NABORS INDUSTRIES INC-144A 7.37500% 21-15.05.27 | 785 000.00 | 763 412.50 | 0.15 |
| USD | NABORS INDUSTRIES LTD-144A 7.25000% 20-15.01.26 | 805 000.00 | 766 360.00 | 0.15 |
| USD | NATIONSTAR MORTGAGE HOLDINGS INC-144A 6.00000% 20-15.01.27 | 1 416 000.00 | 1 287 299.76 | 0.26 |
| USD | NATIONSTAR MORTGAGE HOLDINGS INC-144A 5.50000% 20-15.08.28 | 1 114 000.00 | 934 174.34 | 0.19 |
| USD | NATIONSTAR MORTGAGE HOLDINGS INC-144A 5.12500% 20-15.12.30 | 161 000.00 | 125 516.35 | 0.03 |
| USD | NCL CORP LTD-144A 5.87500% 20-15.03.26 | 1 770 000.00 | 1 454 320.50 | 0.29 |
| USD | NCR CORP-144A 5.12500% 21-15.04.29 | 1 500 000.00 | 1 290 314.62 | 0.26 |
| USD | NESCO HOLDINGS II INC-144A 5.50000% 21-15.04.29 | 2 817 000.00 | 2 478 143.07 | 0.50 |
| USD | NEW ENTERPRISE STONE&LIME CO INC-144A 5.25000% 21-15.07.28 | 2 079 000.00 | 1 881 495.00 | 0.38 |
| USD | NEXSTAR BROADCASTING INC-144A 4.75000% 20-01.11.28 | 851 000.00 | 757 321.92 | 0.15 |
| USD | NEXSTAR BROADCASTING INC-144A 5.62500% 19-15.07.27 | 1 381 000.00 | 1 302 172.52 | 0.26 |
| USD | NOVA CHEMICALS CORP-144A 5.25000% 17-01.06.27 | 3 105 000.00 | 2 786 976.49 | 0.56 |
| USD | NOVELIS CORP-144A 3.25000% 21-15.11.26 | 693 000.00 | 619 239.64 | 0.12 |
| USD | NOVELIS CORP-144A 3.87500% 21-15.08.31 | 403 000.00 | 330 460.00 | 0.07 |
| USD | NOVELIS CORP-144A 4.75000% 20-30.01.30 | 3 482 000.00 | 3 095 840.17 | 0.62 |
| USD | NRG ENERGY INC-144A 5.25000% 19-15.06.29 | 744 000.00 | 685 711.32 | 0.14 |
| USD | NRG ENERGY INC-144A 3.62500% 20-15.02.31 | 986 000.00 | 788 454.90 | 0.16 |
| USD | OASIS MIDSTREAM PARTNERS LP-144A 8.00000% 21-01.04.29 | 1 175 000.00 | 1 183 812.50 | 0.24 |
| USD | OCCIDENTAL PETROLEUM CORP 6.45000% 19-15.09.36 | 2 748 000.00 | 2 754 870.00 | 0.55 |
| USD | ORGANON FINANCE 1 LLC-144A 4.12500% 21-30.04.28 | 2 613 000.00 | 2 351 647.74 | 0.47 |
| USD | ORGANON FINANCE 1 LLC-144A 5.12500% 21-30.04.31 | 2 155 000.00 | 1 912 368.55 | 0.38 |
| USD | OWENS-BROCKWAY GLASS CONTAINER INC-144A 6.62500% 20-13.05.27 | 920 000.00 | 885 065.30 | 0.18 |
| USD | OWENS-BROCKWAY GLASS CONTAINER INC-144A 5.37500% 14-15.01.25 | 1 219 000.00 | 1 156 106.46 | 0.23 |

UBS (Lux) Bond SICAV – USD High Yield (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 | PATRICK INDUSTRIES INC-144A 7.50000% 19-15.10.27 | 1 972 000.00 | 1 877 028.48 | 0.38 |
| USD | PERFORMANCE FOOD GROUP INC-144A 5.50000% 19-15.10.27 | 2 044 000.00 | 1 972 460.00 | 0.40 |
| USD | PETSMART FINANCE CORP-144A 4.75000% 21-15.02.28 | 1 661 000.00 | 1 517 539.43 | 0.30 |
| USD | PICARD MIDCO INC-144A 6.50000% 22-31.03.29 | 1 565 000.00 | 1 366 857.18 | 0.27 |
| USD | PM GENERAL PURCHASER LLC-144A 9.50000% 20-01.10.28 | 2 935 000.00 | 2 574 620.62 | 0.52 |
| USD | PRIME SEC SER BORROWER LLC/FIN INC-144A 5.75000% 19-15.04.26 | 1 000 000.00 | 990 000.00 | 0.20 |
| USD | RADIATE HOLDCO LLC/FINANCE INC-144A 4.50000% 20-15.09.26 | 851 000.00 | 695 862.70 | 0.14 |
| USD | RADIATE HOLDCO LLC/FINANCE INC-144A 6.50000% 20-15.09.28 | 3 176 000.00 | 1 714 087.20 | 0.34 |
| USD | ROYAL CARIBBEAN CRUISES LTD-144A 5.50000% 21-31.08.26 | 1 390 000.00 | 1 205 825.00 | 0.24 |
| USD | SEAGATE HDD CAYMAN 4.09100% 20-01.06.29 | 1 925 000.00 | 1 592 937.50 | 0.32 |
| USD | SELECT MEDICAL CORP-144A 6.25000% 19-15.08.26 | 2 014 000.00 | 1 949 270.04 | 0.39 |
| USD | SIRIUS XM RADIO INC-144A 4.12500% 20-01.07.30 | 755 000.00 | 637 084.10 | 0.13 |
| USD | SIRIUS XM RADIO INC-144A 4.00000% 21-15.07.28 | 4 477 000.00 | 3 956 862.14 | 0.79 |
| USD | SRM ESCROW ISSUER LLC-144A 6.00000% 20-01.11.28 | 2 506 000.00 | 2 230 340.00 | 0.45 |
| USD | STANDARD INDUSTRIES INC/NJ-144A 4.75000% 17-15.01.28 | 480 000.00 | 435 031.20 | 0.09 |
| USD | SUMMIT MATERIALS LLC/FIN CORP-144A 5.25000% 20-15.01.29 | 1 215 000.00 | 1 121 627.25 | 0.24 |
| USD | TENET HEALTHCARE CORP-144A 5.12500% 19-01.11.27 | 2 796 000.00 | 2 632 126.44 | 0.53 |
| USD | TENET HEALTHCARE CORP-144A 4.62500% 20-15.06.28 | 1 943 000.00 | 1 739 022.25 | 0.35 |
| USD | TENET HEALTHCARE CORP-144A 6.12500% 20-01.10.28 | 3 296 000.00 | 2 908 720.00 | 0.58 |
| USD | TERRAFORM POWER OPERATING LLC-144A 4.75000% 19-15.01.30 | 2 637 000.00 | 2 373 300.00 | 0.48 |
| USD | TRANSDIGM INC-144A 6.25000% 19-15.03.26 | 2 385 000.00 | 2 373 408.90 | 0.48 |
| USD | TRANSDIGM UK HOLDINGS PLC-SUB 6.87500% 19-15.05.26 | 1 715 000.00 | 1 690 406.90 | 0.34 |
| USD | TRONOX INC-144A 4.62500% 21-15.03.29 | 1 727 000.00 | 1 390 563.13 | 0.28 |
| USD | UBER TECHNOLOGIES INC-144A 7.50000% 19-15.09.27 | 765 000.00 | 768 978.00 | 0.15 |
| USD | UBER TECHNOLOGIES INC-144A 4.50000% 21-15.08.29 | 976 000.00 | 849 632.40 | 0.17 |
| USD | UNITED AIRLINES INC-144A 4.37500% 21-15.04.26 | 1 295 000.00 | 1 205 677.64 | 0.24 |
| USD | UNIVISION COMMUNICATIONS INC-144A 6.62500% 20-01.06.27 | 2 116 000.00 | 2 062 107.42 | 0.41 |
| USD | UNIVISION COMMUNICATIONS INC-144A 4.50000% 21-01.05.29 | 2 638 000.00 | 2 245 597.50 | 0.45 |
| USD | USA COMPRESSION PARTNERS LLC 6.87500% 19-01.04.26 | 752 000.00 | 720 040.00 | 0.14 |
| USD | VENTURE GLOBAL CALCASIEU PASS LLC-144A 3.87500% 21-15.08.29 | 1 842 000.00 | 1 591 027.50 | 0.32 |
| USD | VIASAT INC-144A 5.62500% 17-15.09.25 | 1 087 000.00 | 1 010 007.79 | 0.20 |
| USD | VIASAT INC-144A 5.62500% 19-15.04.27 | 395 000.00 | 363 016.85 | 0.07 |
| USD | VISTRA OPERATIONS CO LLC-144A 5.62500% 19-15.02.27 | 2 490 000.00 | 2 408 958.30 | 0.48 |
| USD | VISTRA OPERATIONS CO LLC-144A 5.00000% 19-31.07.27 | 2 172 000.00 | 2 038 800.12 | 0.41 |
| USD | WEATHERFORD INTERNATIONAL LTD-144A 11.00000% 19-01.12.24 | 600 000.00 | 616 428.00 | 0.12 |
| USD | WEATHERFORD INTERNATIONAL LTD-144A 8.6250% 21-30.04.30 | 1 303 000.00 | 1 240 534.18 | 0.25 |
| USD | WEEKLEY HOMES LLC / WEEKLEY FIN-144A 4.87500% 20-15.09.28 | 967 000.00 | 783 735.01 | 0.16 |
| USD | WESCO DISTRIBUTION INC-144A 7.25000% 20-15.06.28 | 1 445 000.00 | 1 463 857.25 | 0.29 |
| USD | WHITE CAP BUYER LLC-144A 6.87500% 20-15.10.28 | 2 368 000.00 | 2 041 117.75 | 0.41 |
| USD | WILLIAMS SCOTSMAN INTL INC-144A 4.62500% 20-15.08.28 | 2 298 000.00 | 2 089 341.60 | 0.42 |
| USD | WR GRACE HOLDINGS LLC-144A 4.87500% 21-15.06.27 | 2 605 000.00 | 2 333 949.75 | 0.47 |
| USD | WYNDHAM DESTINATIONS INC-144A 6.62500% 20-31.07.26 | 1 685 000.00 | 1 651 039.51 | 0.33 |
| Total USD |  |  | 298 131 985.74 | 59.81 |
| Total Notes, fixed rate |  | 298 131 985.74 | 59.81 |
| Bonds, fixed rate |  |  |  |
| USD |  |  |  |
| USD	HUDBAY MINERALS INC-144A 6.12500% 20-01.04.29 | 1 550 000.00 | 1 395 899.00 | 0.28 |
| Total USD |  | 1 395 899.00 | 0.28 |
| Total Bonds, fixed rate |  | 1 395 899.00 | 0.28 |
| Total Transferable securities and money market instruments traded on another regulated market |  | 302 214 477.53 | 60.63 |

Transferable securities and money market instruments not listed on an official stock exchange and not traded on another regulated market
Notes, fixed rate
| USD |  |
| --- | --- |
| USD | ACADIA HEALTHCARE CO INC-144A 5.50000% 20-01.07.28 | 1 420 000.00 | 1 335 048.12 | 0.27 |
| USD | ALTICE FRANCE HOLDING SA 10.50000% 20-15.05.27 | 6 890 000.00 | 5 443 100.00 | 1.09 |
| USD | ASCENT RESOURCES UTICA HOLDINGS-144A 8.25000% 20-31.12.28 | 740 000.00 | 737 484.00 | 0.15 |
| USD | CARNIVAL CORP-144A 10.50000% 20-01.02.26 | 400 000.00 | 403 708.00 | 0.08 |
| USD | CARNIVAL HOLDINGS BERMUDA-144A 10.37500% 22-01.05.28 | 2 605 000.00 | 2 712 326.00 | 0.54 |
| USD | CASCADES INC/CASCADES USA INC-144A 5.37500% 19-15.01.28 | 1 593 000.00 | 1 407 574.80 | 0.28 |
| USD | CCO HOLDINGS LLC-144A 4.25000% 21-15.01.34 | 1 096 000.00 | 853 784.00 | 0.17 |
| USD | CHS/COMMUNITY HEALTH SYSTEMS INC-144A 5.62500% 20-15.03.27 | 2 882 000.00 | 2 446 212.78 | 0.49 |
| USD | ENLINK MIDSTREAM LLC-144A 5.62500% 20-15.01.28 | 1 142 000.00 | 1 113 450.00 | 0.22 |
| USD | EQT MIDSTREAM PARTNERS LP -144A 4.75000% 21-15.01.31 | 406 000.00 | 341 787.06 | 0.07 |
| USD | GRAFTECH FINANCE INC-144A 4.62500% 20-15.12.28 | 3 493 000.00 | 2 912 288.75 | 0.58 |
| USD | HESS MIDSTREAM PARTNERS LP-144A 4.25000% 21-15.02.30 | 637 000.00 | 544 635.00 | 0.11 |
| USD | INSTALLED BUILDING PRODUCTS INC-144A 5.75000% 19-01.02.28 | 1 438 000.00 | 1 259 112.80 | 0.25 |
| USD | IRON MOUNTAIN INC-144A 5.00000% 20-15.07.28 | 2 010 000.00 | 1 827 863.85 | 0.37 |
| USD | IRON MOUNTAIN INC-144A 5.25000% 20-15.07.30 | 1 905 000.00 | 1 714 500.00 | 0.34 |
| USD | MACYS RETAIL HOLDINGS INC-144A 5.87500% 21-01.04.29 | 2 607 000.00 | 2 424 901.05 | 0.49 |
| USD | POWERTEAM SERVICES LLC-144A 9.03300% 20-04.12.25 | 3 087 000.00 | 2 568 198.78 | 0.52 |
| USD | QVC INC 4.75000% 20-15.02.27 | 1 911 000.00 | 1 434 520.82 | 0.29 |
| USD | ROYAL CARIBBEAN CRUISES LTD-144A 11.62500% 22-15.08.27 | 980 000.00 | 1 006 950.00 | 0.20 |
| USD | SCIENCE APPLICATIONS INTRNTNL CORP-144A 4.87500% 20-01.04.28 | 3 431 000.00 | 3 160 808.75 | 0.63 |
| USD | SERVICE PROPERTIES TRUST 7.50000% 20-15.09.25 | 1 731 000.00 | 1 674 742.50 | 0.34 |
| USD | TEVA PHARMACEUTICAL FINANCE NETHERLANDS 7.12500% 20-31.01.25 | 1 759 000.00 | 1 755 701.88 | 0.35 |
| USD | UNITED NATURAL FODDS INC-144A 6.75000% 20-15.10.28 | 2 444 000.00 | 2 370 680.00 | 0.48 |
| USD | UNITED RENTALS NORTH AMERICA INC-144A 6.00000% 22-15.12.29 | 975 000.00 | 979 875.00 | 0.20 |
| USD | UNIVISION COMMUNICATIONS INC-144A 7.37500% 22-30.06.30 | 1 175 000.00 | 1 172 673.50 | 0.24 |
| USD | USA COMPRESSION PARTNERS LLC 6.87500% 19-01.09.27 | 2 506 000.00 | 2 392 478.20 | 0.48 |
| USD | VICI PROPERTIES LP /VCI NTE CO INC-144A 4.50000% 22-01.09.26 | 1 651 000.00 | 1 546 029.42 | 0.31 |
| Total USD |  |  | 47 540 435.06 | 9.54 |
| Total Notes, fixed rate | 47 540 435.06 | 9.54 |
| Total Transferable securities and money market instruments not listed on an official stock exchange and not traded on another regulated market | 47 540 435.06 | 9.54 |

UBS (Lux) Bond SICAV – USD High Yield (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) |  |
| Recently issued transferable securities and money market instruments |  |  |  |
| Notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	BUILDERS FIRSTSOURCE INC-144A 6.37500% 22-15.06.32 | 490 000.00 | 452 695.02 | 0.09 |
| USD	DARLING ESCROW CORP-144A 6.00000% 22-15.06.30 | 1 885 000.00 | 1 838 233.15 | 0.37 |
| USD	II-VI INC-144A 5.00000% 21-15.12.29 | 1 795 000.00 | 1 584 087.50 | 0.32 |
| USD	OPEN TEXT CORP-144A 6.90000% 22-01.12.27 | 1 270 000.00 | 1 271 587.50 | 0.25 |
| USD	TENET HEALTHCARE CORP-144A 6.12500% 22-15.06.30 | 1 470 000.00 | 1 392 942.60 | 0.28 |
| USD	VICI PROPERTIES LP /VCI NTE CO INC-144A 5.75000% 22-01.02.27 | 936 000.00 | 906 999.96 | 0.18 |
| Total USD |  | 7 446 545.73 | 1.49 |
| Total Notes, fixed rate | 7 446 545.73 | 1.49 |
| Total Recently issued transferable securities and money market instruments | 7 446 545.73 | 1.49 |
| UCITS/Other UCIs in accordance with Article 41 (1) e) of the amended Luxembourg law of 17 December 2010 |  |  |
| Investment funds, open end |  |  |
| Ireland |  |  |
| USD	ISHARES USD HIGH YIELD CORPORATE BOND UCITS ETF	1.00 | 89.62 | 0.00 |
| Total Ireland | 89.62 | 0.00 |
| Luxembourg |  |  |
| USD	UBS (LUX) BOND SICAV - MULTI INCOME (USD)-U-X-ACC- CAP	310.00 | 3 000 629.50 | 0.60 |
| Total Luxembourg | 3 000 629.50 | 0.60 |
| Total Investment funds, open end | 3 000 719.12 | 0.60 |
| Total UCITS/Other UCIs in accordance with Article 41 (1) e) of the amended Luxembourg law of 17 December 2010 | 3 000 719.12 | 0.60 |
| Derivative instruments not listed on an official stock exchange and not traded on another regulated market |  |  |
| Options on other swaps, classic-styled |  |  |
| USD |  |  |
| USD	BOA/CDX.NA.HY.39 SWAPTION PUT 96.00000 22-21.12.22	35 000 000.00 | 12 295.50 | 0.00 |
| USD	BOA/CDX.NA.HY.39 SWAPTION PUT 93.00000 22-21.12.22	-35 000 000.00 | -3 153.50 | 0.00 |
| USD	BOA/CDX.NA.HY.39 SWAPTION PUT 89.00000 22-21.12.22	-35 000 000.00 | -595.00 | 0.00 |
| USD	JPMORGAN/CDX.NA.HY.39 SWAPTION PUT 95.50000 22-21.12.22	-25 000 000.00 | -6 725.00 | 0.00 |
| USD	JPMORGAN/CDX.NA.HY.39 SWAPTION PUT 91.00000 22-21.12.22	-25 000 000.00 | -865.00 | 0.00 |
| USD	JPMORGAN/CDX.NA.HY.39 SWAPTION PUT 98.00000 22-21.12.22	25 000 000.00 | 27 072.50 | 0.01 |
| Total USD | 28 029.50 | 0.01 |
| Total Options on other swaps, classic-styled | 28 029.50 | 0.01 |
| Total Derivative instruments not listed on an official stock exchange and not traded on another regulated market | 28 029.50 | 0.01 |
| Total investments in securities | 486 643 577.86 | 97.62 |

| Derivative instruments |  |
| --- | --- |
| Derivative instruments not listed on an official stock exchange and not traded on another regulated market |
| Swaps and forward swaps on indices |
|  |  |  |
| USD	JPM/IBOXX USD LIQUID HY TR EQS REC PERF 22-20.03.23	23 100 000.00 | 47 530.46 | 0.01 |
| USD	JPM/IBOXX USD LIQUID HY TR EQS PAYER SOFR 22-20.03.23 |  |  |
| Total Swaps and forward swaps on indices | 47 530.46 | 0.01 |
| Total Derivative instruments not listed on an official stock exchange and not traded on another regulated market | 47 530.46 | 0.01 |
| Total Derivative instruments | 47 530.46 | 0.01 |
| Forward Foreign Exchange contracts |  |  |
| Currency purchased/Amount purchased/Currency sold/Amount sold/Maturity date |  |  |

| CHF | 49 156 800.00 | USD | 52 646 471.35 | 12.1.2023 | -760 348.91 | -0.15 |
| --- | --- | --- | --- | --- | --- | --- |
| EUR | 8 194 000.00 | USD | 8 579 388.40 | 12.1.2023 | -112 023.83 | -0.02 |
| USD | 20 244 383.06 | EUR | 19 335 000.00 | 12.1.2023 | 264 337.43 | 0.05 |
| USD | 2 655 607.59 | GBP | 2 225 000.00 | 12.1.2023 | 1 749.67 | 0.00 |
| USD | 595 869.22 | EUR | 575 000.00 | 12.1.2023 | 1 686.33 | 0.00 |
| EUR | 192 800.00 | USD | 199 953.34 | 12.1.2023 | -721.23 | 0.00 |
| USD | 1 336 811.01 | EUR | 1 280 000.00 | 12.1.2023 | 14 108.22 | 0.00 |
| USD | 168 961.78 | CHF | 158 500.00 | 12.1.2023 | 1 661.42 | 0.00 |
| USD | 662 409.31 | EUR | 637 100.00 | 12.1.2023 | 4 054.66 | 0.00 |
| Total Forward Foreign Exchange contracts | -585 496.24 | -0.12 |
|  |  |  |
| Cash at banks, deposits on demand and deposit accounts and other liquid assets | 2 581 812.61* | 0.52 |
| Bank overdraft and other short-term liabilities | -574.59 | 0.00 |
| Other assets and liabilities | 9 808 413.61 | 1.97 |
| Total net assets | 498 495 263.71 | 100.00 |
| * As at 30 November 2022, cash amounts serve as collateral for the counterparty Bank of America for an amount of USD 40 000.00, JP Morgan for an amount of USD 140 000.00. |  |  |
| UBS (Lux) Bond SICAV – USD High Yield (USD) Semi-Annual Report as of 30 November 2022 |  |  |

Translation (ENFR, 2022-11-30):
# UBS (Lux) Bond SICAV – USD High Yield (USD)
| Données principales |  |
| --- | --- |
|  | ISIN | 30.11.2022 | 31.5.2022 | 31.5.2021 |
| Actif net en USD |  | 498 495 263.71 | 617 826 495.66 | 1 416 618 042.26 |
| Catégorie F-acc | LU0396369489 |  |  |  |
| Actions en circulation |  | 261 000.2680 | 332 988.2680 | 367 127.2680 |
| Valeur nette d’inventaire par action en USD |  | 324.40 | 335.36 | 351.70 |
| Prix d’émission et de rachat par action en USD 1 |  | 324.98 | 333.31 | 351.70 |
| Catégorie I-A1-acc | LU0396369992 |  |  |  |
| Actions en circulation |  | 97 577.8660 | 101 896.9970 | 232 057.9190 |
| Valeur nette d’inventaire par action en USD |  | 159.63 | 165.10 | 173.32 |
| Prix d’émission et de rachat par action en USD 1 |  | 159.92 | 164.09 | 173.32 |
| Catégorie I-B-acc | LU0396370651 |  |  |  |
| Actions en circulation |  | 217 959.1140 | 210 270.7490 | 313 525.4260 |
| Valeur nette d’inventaire par action en USD |  | 171.52 | 176.91 | 184.68 |
| Prix d’émission et de rachat par action en USD 1 |  | 171.83 | 175.83 | 184.68 |
| Catégorie (EUR hedged) I-B-acc 2 | LU1023284349 |  |  |  |
| Actions en circulation |  | - | 122 237.4850 | 232 929.4170 |
| Valeur nette d’inventaire par action en EUR |  | - | 104.64 | 110.14 |
| Prix d’émission et de rachat par action en EUR 1 |  | - | 104.00 | 110.14 |
| Catégorie I-X-acc | LU0396370818 |  |  |  |
| Actions en circulation |  | 26 758.7690 | 27 248.8850 | 50 712.4560 |
| Valeur nette d’inventaire par action en USD |  | 172.82 | 178.19 | 185.90 |
| Prix d’émission et de rachat par action en USD 1 |  | 173.13 | 177.10 | 185.90 |
| Catégorie (CHF hedged) I-X-acc | LU1819711182 |  |  |  |
| Actions en circulation |  | 250 610.7760 | 252 015.1840 | 235 648.8920 |
| Valeur nette d’inventaire par action en CHF |  | 102.02 | 107.06 | 112.99 |
| Prix d’émission et de rachat par action en CHF 1 |  | 102.20 | 106.41 | 112.99 |
| Catégorie (EUR hedged) I-X-acc | LU1554276805 |  |  |  |
| Actions en circulation |  | 60 900.0000 | 109 400.0000 | 115 100.2590 |
| Valeur nette d’inventaire par action en EUR |  | 106.81 | 111.77 | 117.58 |
| Prix d’émission et de rachat par action en EUR 1 |  | 107.00 | 111.09 | 117.58 |
| Catégorie K-X-acc | LU1801154631 |  |  |  |
| Actions en circulation |  | 50 000.0000 | 50 000.0000 | 132 177.7600 |
| Valeur nette d’inventaire par action en USD |  | 105.51 | 108.81 | 113.56 |
| Prix d’émission et de rachat par action en USD 1 |  | 105.70 | 108.15 | 113.56 |
| Catégorie P-6%-mdist | LU1076698411 |  |  |  |
| Actions en circulation |  | 95 406.4850 | 105 945.9090 | 99 608.5830 |
| Valeur nette d’inventaire par action en USD |  | 71.68 | 76.63 | 85.98 |
| Prix d’émission et de rachat par action en USD 1 |  | 71.81 | 76.16 | 85.98 |
| Catégorie P-acc | LU0070848972 |  |  |  |
| Actions en circulation |  | 188 772.8550 | 200 848.6960 | 227 041.7970 |
| Valeur nette d’inventaire par action en USD |  | 301.43 | 312.83 | 330.63 |
| Prix d’émission et de rachat par action en USD 1 |  | 301.97 | 310.92 | 330.63 |
| Catégorie (CHF hedged) P-acc | LU0566797311 |  |  |  |
| Actions en circulation |  | 99 014.6920 | 105 239.9330 | 118 748.9590 |
| Valeur nette d’inventaire par action en CHF |  | 125.63 | 132.73 | 141.97 |
| Prix d’émission et de rachat par action en CHF 1 |  | 125.86 | 131.92 | 141.97 |
| Catégorie P-mdist | LU0459103858 |  |  |  |
| Actions en circulation |  | 1 132 213.2870 | 1 211 245.2320 | 1 363 641.5960 |
| Valeur nette d’inventaire par action en USD |  | 70.24 | 74.93 | 83.71 |
| Prix d’émission et de rachat par action en USD 1 |  | 70.37 | 74.47 | 83.71 |
| Catégorie (ZAR hedged) P-mdist 3 | LU2185883449 |  |  |  |
| Actions en circulation |  | - | - | 16 247.5270 |
| Valeur nette d’inventaire par action en ZAR |  | - | - | 1 026.58 |
| Prix d’émission et de rachat par action en ZAR 1 |  | - | - | 1 026.58 |
| Catégorie Q-6%-mdist | LU1240777455 |  |  |  |
| Actions en circulation |  | 12 200.2130 | 19 305.6470 | 40 267.0040 |
| Valeur nette d’inventaire par action en USD |  | 85.52 | 91.16 | 101.73 |
| Prix d’émission et de rachat par action en USD 1 |  | 85.67 | 90.60 | 101.73 |
| Catégorie Q-acc | LU0396369646 |  |  |  |
| Actions en circulation |  | 69 041.3280 | 79 866.6760 | 107 842.2980 |
| Valeur nette d’inventaire par action en USD |  | 127.66 | 132.13 | 138.90 |
| Prix d’émission et de rachat par action en USD 1 |  | 127.89 | 131.32 | 138.90 |
| Catégorie (CHF hedged) Q-acc | LU1240777299 |  |  |  |
| Actions en circulation |  | 111 300.0380 | 121 047.4170 | 132 746.1170 |
| Valeur nette d’inventaire par action en CHF |  | 108.48 | 114.30 | 121.61 |
| Prix d’émission et de rachat par action en CHF 1 |  | 108.68 | 113.60 | 121.61 |

UBS (Lux) Bond SICAV – USD High Yield (USD) Rapport semestriel au 30 novembre 2022
|  | ISIN | 30.11.2022 | 31.5.2022 | 31.5.2021 |
| --- | --- | --- | --- | --- |
|  |  |  |  |  |
| Catégorie (EUR hedged) Q-acc | LU1004768518 |  |  |  |
| Actions en circulation |  | 12 561.4230 | 13 509.7430 | 16 541.0130 |
| Valeur nette d’inventaire par action en EUR |  | 112.23 | 117.92 | 125.06 |
| Prix d’émission et de rachat par action en EUR 1 |  | 112.43 | 117.20 | 125.06 |
| Catégorie Q-mdist | LU1240777539 |  |  |  |
| Actions en circulation |  | 61 660.0310 | 60 408.4800 | 83 696.0340 |
| Valeur nette d’inventaire par action en USD |  | 82.93 | 88.21 | 98.03 |
| Prix d’émission et de rachat par action en USD 1 |  | 83.08 | 87.67 | 98.03 |
| Catégorie U-X-acc | LU0396371030 |  |  |  |
| Actions en circulation |  | 5 837.1050 | 7 227.1050 | 37 048.9790 |
| Valeur nette d’inventaire par action en USD |  | 20 135.53 | 20 761.47 | 21 659.74 |
| Prix d’émission et de rachat par action en USD 1 |  | 20 171.77 | 20 634.83 | 21 659.74 |
| Catégorie U-X-UKdist-mdist | LU1839734875 |  |  |  |
| Actions en circulation | 1 654.5700 | 2 835.0000 | 1 893.0000 |
| Valeur nette d’inventaire par action en USD | 8 750.99 | 9 444.75 | 10 275.57 |
| Prix d’émission et de rachat par action en USD 1 | 8 766.74 | 9 387.14 | 10 275.57 |
| 1  Voir note 1 2  La catégorie d’actions (EUR hedged) I-B-acc était en circulation jusqu’au 14.11.2022 3  La catégorie d’actions (ZAR hedged) P-mdist était en circulation pour la période allant du 22.9.2020 au 30.9.2021. |  |  |  |


## Structure du portefeuille-titres
Répartition géographique en % de l’actif net	
Etats-Unis	76.89
Luxembourg	4.06
Grande-Bretagne	3.84
Canada	3.71
France	2.07
Danemark	1.47
Pays-Bas	1.27
Bermudes	0.95
Allemagne	0.77
Irlande	0.68
Liberia	0.67
Iles Caïmans	0.50
Italie	0.21
Panama	0.19
Australie	0.17
Israël	0.17
Total	97.62
Répartition économique en % de l’actif net	
Etablissements financiers et sociétés de participation	31.39
Télécommunications	9.11
Pétrole	7.08
Soins de santé & services sociaux	6.28
Services divers	5.45
Restauration et loisirs	4.90
Bâtiment et matériaux de construction	3.79
Distribution d’énergie & d’eau	3.13
Appareils et composants électriques	2.58
Banques & instituts de crédit	2.40
Trafic et transport	2.32
Internet, logiciels et services informatiques	2.16
Véhicules	2.09
Industrie minière, charbon et acier	1.98
Industrie aéronautique et spatiale	1.93
Machines et appareils	1.80
Commerce de détail, centres commerciaux	1.38
Chimie	1.07
Métaux non ferreux	1.00
Biens de consommation divers	0.67
Immobilier	0.63
Fonds de placement	0.60
Produits pharmaceutiques, cosmétiques & médicaux	0.60
Equipement informatique et de réseau	0.58
Environnement et recyclage	0.49
Alimentation & softs	0.48
Industrie graphique, édition et médias	0.45
Electronique et semi-conducteurs	0.32
Diverses sociétés non classées	0.31
Textiles, habillement & maroquinerie	0.30
Sylviculture; bois et papier	0.27
Industrie de conditionnement	0.08
Total	97.62
UBS (Lux) Bond SICAV – USD High Yield (USD) Rapport semestriel au 30 novembre 2022

## Etat des actifs nets
Actif	30.11.2022
USD
Portefeuille-titres, cours d’achat	544 125 371.66
Portefeuille-titres, plus- (moins-) value non-réalisée	57 481 793.80
Total portefeuille-titres (note 1)	486 643 577.86
Avoirs en banque, dépôts à vue et à terme	2 581 812.61*
A recevoir sur ventes de titres (note 1)	2 595 498.64
A recevoir sur souscriptions	1 656 631.87
Intérêts à recevoir sur titres	8 069 916.99
A recevoir sur dividendes	2.22
Frais payés d’avance	16 428.19
Bénéfice non réalisé sur swaps (note 1)	47 530.46
Perte non réalisée sur contrats de change à terme (note 1)	-585 496.24
Crédit en compte courant	-574.59
Intérêts à payer sur crédit en compte courant	-5.96
A payer sur achats de titres (note 1)	-1 294 223.53
A payer sur rachats	-951 325.73
Provisions pour commission de gestion forfaitaire (note 2)	-225 733.28
Provisions pour taxe d’abonnement (note 3)	-20 781.27
Provisions pour autres commissions et frais (note 2)		-37 994.53		 Total des Provisions pour frais			-284 509.08
Actifs nets à la fin de la période	498 495 263.71

## Etat des opérations
Revenus	1.6.2022-30.11.2022
USD
Revenus d’intérêts sur liquidités	63 383.84
Intérêts sur titres	17 097 245.07
Dividendes	56 685.08
Revenus d’intérêts sur swaps (note 1)	278 992.66
Revenus nets sur prêts de titres (note 11)	45 299.88
Total des Revenus	18 028 185.38
Charges
Autres revenus (note 4)	486 578.85
Charges d’intérêts sur swaps (note 1)	-192 504.06
Commission de gestion forfaitaire (note 2)	-1 457 129.76
Taxe d’abonnement (note 3)	-62 194.49
Autres commissions et frais (note 2)	-36 313.60
Total des Charges	-1 753 126.68
Revenus (Pertes) net(te)s des investissements	16 275 058.70
Bénéfices (pertes) réalisé(e)s (note 1)
Charges d’intérêts sur liquidités et crédit en compte courant	-4 984.77
Bénéfice (perte) réalisé(e) sur titres évalués à la valeur de marché hors options	-27 940 740.79 Bénéfice (perte) réalisé(e) sur options		857 472.00
Bénéfice (perte) réalisé(e) sur contrats financiers à terme	-405 608.40
Bénéfice (perte) réalisé(e) sur contrats de change à terme	-90 959.69
Bénéfice (perte) réalisé(e) sur swaps	-3 494 514.24
Total des Bénéfices (pertes) réalisé(e)s	-29 624 590.18
Bénéfice (perte) net(te) réalisé(e) au cours de la période	-13 349 531.48
Variations des plus- (moins-) values non-réalisées (note 1)
Bénéfice (perte) réalisé(e) de change réalisé(e)	1 449 760.94
Plus- (Moins-) value non réalisée sur titres évalués à la valeur de marché hors options	-8 985 651.56
Plus- (Moins-) value non réalisée sur options	-121 213.06
Plus- (Moins-) value non réalisée sur contrats de change à terme	-2 213 054.88
Total des Variations des plus- (moins-) values non-réalisées	-11 524 408.15
Augmentation/(diminution) nette de l’actif net issue de l’activité	-24 873 939.63
Plus- (Moins-) value non réalisée sur swaps	-204 488.65
* Au 30 novembre 2022, des avoirs en banque ont été utilisés à titre de garanties, à hauteur de 40 000.00 USD en faveur de Bank of America et à hauteur de 140 000.00 USD en faveur de JP Morgan.
UBS (Lux) Bond SICAV – USD High Yield (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 | 617 826 495.66 |
| Souscriptions | 43 410 499.38 |
| Rachats | 	-134 029 284.78	 |
| Souscriptions (Rachats) net(te)s | -90 618 785.40 |
| Dividendes versés | -3 838 506.92 |
| Revenus (Pertes) net(te)s des investissements | 16 275 058.70 |
| Total des Bénéfices (pertes) réalisé(e)s | -29 624 590.18 |
| Total des Variations des plus- (moins-) values non-réalisées | 	-11 524 408.15	 |
| Augmentation/(diminution) nette de l’actif net issue de l’activité | -24 873 939.63 |
| Actifs nets à la fin de la période | 498 495 263.71 |
| Evolution des actions en circulation |  |
|  | 1.6.2022-30.11.2022 |
| Catégorie | F-acc |
| Nombre d’actions en circulation au début de la période | 332 988.2680 |
| Nombre d’actions émises | 5 975.0000 |
| Nombre d’actions rachetées | -77 963.0000 |
| Nombre d’actions en circulation à la fin de la période | 261 000.2680 |
| Catégorie | I-A1-acc |
| Nombre d’actions en circulation au début de la période | 101 896.9970 |
| Nombre d’actions émises | 33 333.2120 |
| Nombre d’actions rachetées | -37 652.3430 |
| Nombre d’actions en circulation à la fin de la période | 97 577.8660 |
| Catégorie | I-B-acc |
| Nombre d’actions en circulation au début de la période | 210 270.7490 |
| Nombre d’actions émises | 32 727.4110 |
| Nombre d’actions rachetées | -25 039.0460 |
| Nombre d’actions en circulation à la fin de la période | 217 959.1140 |
| Catégorie | (EUR hedged) I-B-acc |
| Nombre d’actions en circulation au début de la période | 122 237.4850 |
| Nombre d’actions émises | 32 821.7000 |
| Nombre d’actions rachetées | -155 059.1850 |
| Nombre d’actions en circulation à la fin de la période | 0.0000 |
| Catégorie | I-X-acc |
| Nombre d’actions en circulation au début de la période | 27 248.8850 |
| Nombre d’actions émises | 0.0000 |
| Nombre d’actions rachetées | -490.1160 |
| Nombre d’actions en circulation à la fin de la période | 26 758.7690 |
| Catégorie | (CHF hedged) I-X-acc |
| Nombre d’actions en circulation au début de la période | 252 015.1840 |
| Nombre d’actions émises | 595.5920 |
| Nombre d’actions rachetées | -2 000.0000 |
| Nombre d’actions en circulation à la fin de la période | 250 610.7760 |
| Catégorie | (EUR hedged) I-X-acc |
| Nombre d’actions en circulation au début de la période | 109 400.0000 |
| Nombre d’actions émises | 0.0000 |
| Nombre d’actions rachetées | -48 500.0000 |
| Nombre d’actions en circulation à la fin de la période | 60 900.0000 |
| Catégorie | K-X-acc |
| Nombre d’actions en circulation au début de la période | 50 000.0000 |
| Nombre d’actions émises | 0.0000 |
| Nombre d’actions rachetées | 0.0000 |
| Nombre d’actions en circulation à la fin de la période | 50 000.0000 |
| Catégorie | P-6%-mdist |
| Nombre d’actions en circulation au début de la période | 105 945.9090 |
| Nombre d’actions émises | 150.0000 |
| Nombre d’actions rachetées | -10 689.4240 |
| Nombre d’actions en circulation à la fin de la période | 95 406.4850 |
| Catégorie | P-acc |
| Nombre d’actions en circulation au début de la période | 200 848.6960 |
| Nombre d’actions émises | 2 409.2840 |
| Nombre d’actions rachetées | -14 485.1250 |
| Nombre d’actions en circulation à la fin de la période | 188 772.8550 |
| Catégorie | (CHF hedged) P-acc |
| Nombre d’actions en circulation au début de la période | 105 239.9330 |
| Nombre d’actions émises | 1 148.6170 |
| Nombre d’actions rachetées | -7 373.8580 |
| Nombre d’actions en circulation à la fin de la période | 99 014.6920 |
| Catégorie | P-mdist |
| Nombre d’actions en circulation au début de la période | 1 211 245.2320 |
| Nombre d’actions émises | 16 639.8500 |
| Nombre d’actions rachetées | -95 671.7950 |
| Nombre d’actions en circulation à la fin de la période | 1 132 213.2870 |

UBS (Lux) Bond SICAV – USD High Yield (USD) Rapport semestriel au 30 novembre 2022
| Catégorie | Q-6%-mdist |
| --- | --- |
| Nombre d’actions en circulation au début de la période | 19 305.6470 |
| Nombre d’actions émises | 0.0000 |
| Nombre d’actions rachetées | -7 105.4340 |
| Nombre d’actions en circulation à la fin de la période | 12 200.2130 |
| Catégorie | Q-acc |
| Nombre d’actions en circulation au début de la période | 79 866.6760 |
| Nombre d’actions émises | 3 379.1450 |
| Nombre d’actions rachetées | -14 204.4930 |
| Nombre d’actions en circulation à la fin de la période | 69 041.3280 |
| Catégorie | (CHF hedged) Q-acc |
| Nombre d’actions en circulation au début de la période | 121 047.4170 |
| Nombre d’actions émises | 0.0000 |
| Nombre d’actions rachetées | -9 747.3790 |
| Nombre d’actions en circulation à la fin de la période | 111 300.0380 |
| Catégorie | (EUR hedged) Q-acc |
| Nombre d’actions en circulation au début de la période | 13 509.7430 |
| Nombre d’actions émises | 0.0510 |
| Nombre d’actions rachetées | -948.3710 |
| Nombre d’actions en circulation à la fin de la période | 12 561.4230 |
| Catégorie | Q-mdist |
| Nombre d’actions en circulation au début de la période | 60 408.4800 |
| Nombre d’actions émises | 10 043.0080 |
| Nombre d’actions rachetées | -8 791.4570 |
| Nombre d’actions en circulation à la fin de la période | 61 660.0310 |
| Catégorie | U-X-acc |
| Nombre d’actions en circulation au début de la période | 7 227.1050 |
| Nombre d’actions émises | 1 131.0000 |
| Nombre d’actions rachetées | -2 521.0000 |
| Nombre d’actions en circulation à la fin de la période | 5 837.1050 |
| Catégorie | U-X-UKdist-mdist |
| Nombre d’actions en circulation au début de la période | 2 835.0000 |
| Nombre d’actions émises | 191.0000 |
| Nombre d’actions rachetées | -1 371.4300 |
| Nombre d’actions en circulation à la fin de la période | 1 654.5700 |

| Distribution mensuelle 1 |  |
| --- | --- |
| UBS (Lux) Bond SICAV – USD High Yield (USD) | Date de détachement | Date de versement | Devise | Montant par action |
| P-6%-mdist | 10.6.2022 | 15.6.2022 | USD | 0.38 |
| P-6%-mdist | 11.7.2022 | 14.7.2022 | USD | 0.35 |
| P-6%-mdist | 10.8.2022 | 15.8.2022 | USD | 0.36 |
| P-6%-mdist | 13.9.2022 | 16.9.2022 | USD | 0.36 |
| P-6%-mdist | 11.10.2022 | 14.10.2022 | USD | 0.34 |
| P-6%-mdist | 10.11.2022 | 15.11.2022 | USD | 0.35 |
| P-mdist | 15.6.2022 | 21.6.2022 | USD | 0.34 |
| P-mdist | 15.7.2022 | 20.7.2022 | USD | 0.32 |
| P-mdist | 16.8.2022 | 19.8.2022 | USD | 0.33 |
| P-mdist | 15.9.2022 | 20.9.2022 | USD | 0.32 |
| P-mdist | 17.10.2022 | 20.10.2022 | USD | 0.31 |
| P-mdist | 15.11.2022 | 18.11.2022 | USD | 0.32 |
| Q-6%-mdist | 10.6.2022 | 15.6.2022 | USD | 0.45 |
| Q-6%-mdist | 11.7.2022 | 14.7.2022 | USD | 0.42 |
| Q-6%-mdist | 10.8.2022 | 15.8.2022 | USD | 0.43 |
| Q-6%-mdist | 13.9.2022 | 16.9.2022 | USD | 0.42 |
| Q-6%-mdist | 11.10.2022 | 14.10.2022 | USD | 0.40 |
| Q-6%-mdist | 10.11.2022 | 15.11.2022 | USD | 0.41 |
| Q-mdist | 15.6.2022 | 21.6.2022 | USD | 0.40 |
| Q-mdist | 15.7.2022 | 20.7.2022 | USD | 0.37 |
| Q-mdist | 16.8.2022 | 19.8.2022 | USD | 0.39 |
| Q-mdist | 15.9.2022 | 20.9.2022 | USD | 0.38 |
| Q-mdist | 17.10.2022 | 20.10.2022 | USD | 0.36 |
| Q-mdist | 15.11.2022 | 18.11.2022 | USD | 0.37 |
| U-X-UKdist-mdist | 13.6.2022 | 16.6.2022 | USD | 398.32 |
| U-X-UKdist-mdist | 15.7.2022 | 20.7.2022 | USD | 0.00 |
| U-X-UKdist-mdist | 16.8.2022 | 19.8.2022 | USD | 0.00 |
| U-X-UKdist-mdist | 15.9.2022 | 20.9.2022 | USD | 0.00 |
| U-X-UKdist-mdist | 17.10.2022 | 20.10.2022 | USD | 0.00 |
| U-X-UKdist-mdist | 15.11.2022 | 18.11.2022 | USD | 0.00 |
| 1  Voir note 5 |  |  |  |  |

UBS (Lux) Bond SICAV – USD High Yield (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 |  |  |  |
| EUR |  |  |  |
| EUR	BOXER PARENT CO INC-REG-S 6.50000% 20-02.10.25 | 1 440 000.00 | 1 414 705.49 | 0.28 |
| EUR	DKT FINANCE APS-REG-S 7.00000% 18-17.06.23 | 4 560 000.00 | 4 570 997.07 | 0.92 |
| EUR	NIDDA HEALTHCARE HOLDING GMBH-REG-S 7.50000% 22-21.08.26 | 1 300 000.00 | 1 290 022.74 | 0.26 |
| EUR	SUMMER BC HOLDCO A SARL-REG-S 9.25000% 19-31.10.27 | 1 830 000.00 | 1 315 943.98 | 0.27 |
| EUR	TEVA PHARMACEUTICAL FIN 6.00000% 20-31.01.25 | 1 425 000.00 | 1 459 731.59 | 0.29 |
| EUR	TEVA PHARMACEUTICAL FINANCE II BV 3.75000% 21-09.05.27 | 925 000.00 | 848 730.84 | 0.17 |
| Total EUR |  | 10 900 131.71 | 2.19 |
| USD |  |  |  |
| USD	ALTICE FINANCING SA-144A 5.00000% 20-15.01.28 | 1 384 000.00 | 1 129 177.92 | 0.23 |
| USD	ALTICE FRANCE HOLDING SA 6.00000% 20-15.02.28 | 777 000.00 | 521 048.79 | 0.10 |
| USD	ALTICE FRANCE SA/FRANCE-144A 5.12500% 21-15.07.29 | 1 242 000.00 | 978 832.62 | 0.20 |
| USD	ALTICE FRANCE-144A 8.12500% 18-01.02.27 | 2 955 000.00 | 2 814 637.50 | 0.56 |
| USD	APACHE CORP 5.10000% 10-01.09.40 | 1 992 000.00 | 1 638 420.00 | 0.33 |
| USD	ARCONIC INC 6.75000% 98-15.01.28 | 1 617 000.00 | 1 649 340.00 | 0.33 |
| USD	ARDAGH PACKAGING FINANCE/MP-144A 4.12500% 19-15.08.26 | 215 000.00 | 189 200.00 | 0.04 |
| USD	AVIS BUDGET CAR RENT LLC/FIN INC-144A 5.37500% 21-01.03.29 | 836 000.00 | 736 055.62 | 0.15 |
| USD	BOMBARDIER INC-144A 7.12500% 21-15.06.26 | 2 445 000.00 | 2 402 188.05 | 0.48 |
| USD	BUCKEYE PARTNERS LP 5.85000% 13-15.11.43 | 845 000.00 | 638 841.12 | 0.13 |
| USD	BUCKEYE PARTNERS LP 5.60000% 14-15.10.44 | 595 000.00 | 446 250.00 | 0.09 |
| USD	CARNIVAL CORP-144A 7.62500% 20-01.03.26 | 1 124 000.00 | 941 361.24 | 0.19 |
| USD	CELANESE US HOLDINGS LLC 6.33000% 22-15.07.29 | 1 320 000.00 | 1 268 353.60 | 0.25 |
| USD	COMMERCIAL METALS CO 4.12500% 22-15.01.30 | 760 000.00 | 654 015.58 | 0.13 |
| USD	CONSOLIDATED ENERGY FINANCE SA-144A 5.62500% 21-15.10.28 | 2 163 000.00 | 1 889 921.25 | 0.38 |
| USD	DANA INC 4.25000% 21-01.09.30 | 930 000.00 | 744 017.40 | 0.15 |
| USD	DANA INC 5.62500% 20-15.06.28 | 825 000.00 | 759 000.00 | 0.15 |
| USD	DELTA AIR LINES INC 4.37500% 18-19.04.28 | 470 000.00 | 429 507.15 | 0.09 |
| USD	DISH DBS CORP 5.87500% 14-15.11.24 | 1 105 000.00 | 1 050 037.30 | 0.21 |
| USD	ELANCO ANIMAL HEALTH INC 4.90000% 19-28.08.28 | 420 000.00 | 387 882.60 | 0.08 |
| USD	ENCOMPASS HEALTH CORP 4.50000% 19-01.02.28 | 4 039 000.00 | 3 632 092.68 | 0.73 |
| USD	EQT CORP STEP-UP/DOWN 20-01.02.30 | 1 837 000.00 | 1 932 631.63 | 0.39 |
| USD	FIRSTENERGY CORP 4.85000% 17-15.07.47 | 1 084 000.00 | 955 134.08 | 0.19 |
| USD	FORD MOTOR CREDIT CO LLC 5.12500% 20-16.06.25 | 3 961 000.00 | 3 835 483.04 | 0.77 |
| USD	FORD MOTOR CREDIT CO 4.95000% 22-28.05.27 | 440 000.00 | 416 402.80 | 0.08 |
| USD	FORD MOTOR CREDIT CO LLC 5.11300% 19-03.05.29 | 925 000.00 | 862 368.25 | 0.17 |
| USD	GENESIS ENERGY LP 8.00000% 20-15.01.27 | 2 453 000.00 | 2 341 171.36 | 0.47 |
| USD	ICAHN ENTERPRISES FINANCE CORP 5.25000% 20-15.05.27 | 450 000.00 | 414 445.50 | 0.08 |
| USD	ICAHN ENTERPRISES LP/FINANCE CORP 6.25000% 19-15.05.26 | 1 280 000.00 | 1 263 449.60 | 0.25 |
| USD	INTERNATIONAL GAME TECHNOLOGY PLC-144A 6.25000% 18-15.01.27 | 1 100 000.00 | 1 093 125.00 | 0.22 |
| USD	ITHACA ENERGY NORTH SEA PLC-REG-S 9.00000% 21-15.07.26 | 1 273 000.00 | 1 260 270.00 | 0.25 |
| USD	JAGUAR LAND ROVER AUTOMOTIVE PLC-144A 7.75000% 20-15.10.25 | 2 055 000.00 | 1 869 823.95 | 0.38 |
| USD	KB HOME 6.87500% 19-15.06.27 | 945 000.00 | 942 524.10 | 0.19 |
| USD	L BRANDS INC 6.69400% 18-15.01.27 | 450 000.00 | 437 108.28 | 0.09 |
| USD	MURPHY OIL CORP 7.05000% 99-01.05.29 | 2 296 000.00 | 2 260 660.70 | 0.45 |
| USD	NEPTUNE ENERGY BONDCO PLC-144A 6.62500% 18-15.05.25 | 4 072 000.00 | 3 997 976.90 | 0.80 |
| USD	NEWELL BRANDS INC 5.37500% 16-01.04.36 | 1 390 000.00 | 1 189 770.50 | 0.24 |
| USD	NEWELL BRANDS INC 5.50000% 16-01.04.46 | 175 000.00 | 134 750.00 | 0.03 |
| USD	OCCIDENTAL PETROLEUM CORP 8.50000% 20-15.07.27 | 1 423 000.00 | 1 551 070.00 | 0.31 |
| USD	OCCIDENTAL PETROLEUM CORP 6.37500% 20-01.09.28 | 1 333 000.00 | 1 360 993.00 | 0.27 |
| USD	OCEANEERING INTERNATIONAL INC 4.65000% 14-15.11.24 | 3 114 000.00 | 3 017 808.54 | 0.61 |
| USD	OCEANEERING INTERNATIONAL INC 6.00000% 18-01.02.28 | 246 000.00 | 222 862.47 | 0.05 |
| USD	PG&E CORP 5.00000% 20-01.07.28 | 2 540 000.00 | 2 343 429.40 | 0.47 |
| USD	PRIMO WATER HOLDINGS INC-144A 4.37500% 21-30.04.29 | 3 404 000.00 | 2 941 600.64 | 0.59 |
| USD	ROYAL CARIBBEAN CRUISES LTD 7.50000% 97-15.10.27 | 1 267 000.00 | 1 113 879.42 | 0.22 |
| USD	SOUTHWESTERN ENERGY CO 5.37500% 21-15.03.30 | 2 059 000.00 | 1 935 871.80 | 0.39 |
| USD	SPRINGLEAF FINANCE CORP 7.12500% 18-15.03.26 | 4 695 000.00 | 4 548 492.52 | 0.91 |
| USD	TELECOM ITALIA CAPITAL 7.20000% 06-18.07.36 | 1 225 000.00 | 1 015 402.50 | 0.20 |
| USD	TELECOM ITALIA CAPITAL 7.72100% 08-06.04.38 | 1 200 000.00 | 1 009 356.00 | 0.20 |
| USD	TRANSDIGM INC-SUB 5.50000% 20-15.11.27 | 1 425 000.00 | 1 343 062.50 | 0.27 |
| USD	TRANSDIGM INC-SUB 6.37500% 17-15.06.26 | 1 618 000.00 | 1 589 086.34 | 0.32 |
| USD	TRANSDIGM INC-SUB 7.50000% 19-15.03.27 | 1 740 000.00 | 1 744 350.00 | 0.35 |
| USD	UNITED AIRLINES INC-144A 4.62500% 21-15.04.29 | 2 090 000.00 | 1 860 553.62 | 0.37 |
| USD	VEDANTA RESOURCES PLC-REG-S 7.12500% 13-31.05.23 | 350 000.00 | 320 250.00 | 0.06 |
| USD	VIRGIN MEDIA VENDOR FINANC-144A 5.00000% 20-15.07.28 | 1 690 000.00 | 1 448 769.40 | 0.29 |
| USD	WESTERN GAS PARTNERS LP 5.45000% 14-01.04.44 | 715 000.00 | 587 472.64 | 0.12 |
| USD	ZIGGO BV-144A 4.87500% 19-15.01.30 | 1 038 000.00 | 882 300.00 | 0.18 |
| Total USD |  | 80 943 886.90 | 16.23 |
| Total des Billets, taux fixe |  | 91 844 018.61 | 18.42 |
| Billets, taux variable |  |  |  |
| USD |  |  |  |
| USD	CREDIT AGRICOLE SA-144A-SUB 8.125%/VAR 16-PRP | 1 665 000.00 | 1 691 490.15 | 0.34 |
| Total USD |  | 1 691 490.15 | 0.34 |
| Total des Billets, taux variable |  | 1 691 490.15 | 0.34 |
| Obligations, taux fixe |  |  |  |
| EUR |  |  |  |
| EUR	GAMMA BONDCO SARL-REG-S 8.12500% 21-15.11.26 | 2 345 000.00 | 2 040 277.22 | 0.41 |
| EUR	JAGUAR LAND ROVER AUTOMOTIVE PLC-REG-S 2.20000% 17-15.01.24 | 3 160 000.00 | 3 111 032.53 | 0.62 |
| EUR	LHMC FINCO 2 SARL-REG-S (PIK) 7.25000% 19-02.10.25 | 1 716 498.00 | 1 528 794.22 | 0.31 |
| EUR	PINNACLE BIDCO PLC-REG-S 5.50000% 20-15.02.25 | 1 855 000.00 | 1 709 290.23 | 0.34 |
| EUR	SUMMER BIDCO BV-REG-S (PIK) 9.00000% 19-15.11.25 | 2 450 000.00 | 2 226 040.53 | 0.45 |
| Total EUR |  | 10 615 434.73 | 2.13 |

UBS (Lux) Bond SICAV – USD High Yield (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) |  |
| GBP |  |  |  |  |
| GBP | GALAXY FINCO LTD-REG-S 9.25000% 19-31.07.27 | 2 800 000.00 | 2 649 502.89 | 0.53 |
| Total GBP |  |  | 2 649 502.89 | 0.53 |
| USD |  |  |  |  |
| USD | ALTICE FINANCING SA-144A 5.75000% 21-15.08.29 | 1 637 000.00 | 1 338 673.12 | 0.27 |
| USD | CHEMOURS CO/THE 5.37500% 17-15.05.27 | 524 000.00 | 474 220.00 | 0.10 |
| USD | DEUTSCHE BANK AG-SUB 4.50000% 15-01.04.25 | 2 720 000.00 | 2 579 044.21 | 0.52 |
| USD | FORD MOTOR CO 6.62500% 98-01.10.28 | 1 595 000.00 | 1 612 162.20 | 0.32 |
| USD | FORD MOTOR CO 7.45000% 99-16.07.31 | 1 330 000.00 | 1 402 858.73 | 0.28 |
| USD | INEOS QUATTRO FINANCE 2 PLC-144A 3.37500% 21-15.01.26 | 1 425 000.00 | 1 266 939.00 | 0.25 |
| USD | NORDSTROM INC 6.95000% 98-15.03.28 | 420 000.00 | 401 074.86 | 0.08 |
| USD | SPRINT CAPITAL CORPORATION 6.87500% 98-15.11.28 | 1 444 000.00 | 1 530 076.84 | 0.31 |
| USD | VEDANTA RESOURCES FINANCE II PLC-REG-S 8.00000% 19-23.04.23 | 3 170 000.00 | 2 951 666.25 | 0.59 |
| Total USD |  |  | 13 556 715.21 | 2.72 |
| Total des Obligations, taux fixe |  | 26 821 652.83 | 5.38 |
| Obligations, taux variable |  |  |  |
| EUR |  |  |  |
| EUR	GOLDEN GOOSE SPA-REG-S 3M EURIBOR+487.5BP 21-14.05.27 | 1 110 000.00 | 1 058 050.33 | 0.21 |
| Total EUR |  | 1 058 050.33 | 0.21 |
| USD |  |  |  |
| USD	BANK OF AMERICA CORP-SUB 6.500%/VAR 14-PRP | 2 176 000.00 | 2 146 469.00 | 0.43 |
| USD	JPMORGAN CHASE & CO-SUB 6.000%/3M LIBOR+330BP 13-PRP | 1 886 000.00 | 1 867 140.00 | 0.37 |
| USD	JPMORGAN CHASE & CO-SUB 6.100%/VAR 14-PRP | 1 015 000.00 | 984 550.00 | 0.20 |
| Total USD |  | 4 998 159.00 | 1.00 |
| Total des Obligations, taux variable |  | 6 056 209.33 | 1.21 |
| Total des Titres et instruments du marché monétaire négociés sur une bourse officielle |  | 126 413 370.92 | 25.35 |
| Titres et instruments du marché monétaire négociés sur un autre marché réglementé Actions |  |  |  |
| Etats-Unis |  |  |  |
| USD	CITIGROUP INC 5.95%-FR SUB PERP USD1000’A | 2 703 000.00 | 2 686 592.79 | 0.54 |
| Total Etats-Unis |  | 2 686 592.79 | 0.54 |
| Total des Actions |  | 2 686 592.79 | 0.54 |
| Billets, taux fixe |  |  |  |
| USD |  |  |  |
| USD	ACADEMY LTD-144A 6.00000% 20-15.11.27 | 2 337 000.00 | 2 212 304.11 | 0.44 |
| USD	ACADIA HEALTHCARE CO INC-144A 5.00000% 20-15.04.29 | 1 182 000.00 | 1 090 525.02 | 0.22 |
| USD	AFFINITY GAMING-144A 6.87500% 20-15.12.27 | 3 871 000.00 | 3 320 698.64 | 0.67 |
| USD	AHEAD DB HOLDINGS LLC-144A 6.62500% 21-01.05.28 | 1 796 000.00 | 1 467 367.92 | 0.29 |
| USD	ALLISON TRANSMISSION INC-144A 5.87500% 19-01.06.29 | 1 679 000.00 | 1 587 059.29 | 0.32 |
| USD	AMERICAN AIRLINES INC-144A 5.50000% 21-20.04.26 | 922 000.00 | 894 172.38 | 0.18 |
| USD	AMERICAN BUILDER & CONTRACT SUPPLY-144A 4.00000% 19-15.01.28 | 660 000.00 | 597 306.60 | 0.12 |
| USD	AMERICAN BUILDERS & CONTRAC SUPPLY-144A 3.87500% 21-15.11.29 | 837 000.00 | 690 273.90 | 0.14 |
| USD	AMSTED INDUSTRIES INC-144A 5.62500% 19-01.07.27 | 876 000.00 | 827 960.98 | 0.17 |
| USD	AMSTED INDUSTRIES INC-144A 4.62500% 19-15.05.30 | 559 000.00 | 472 355.00 | 0.09 |
| USD	ANTERO MIDSTREAM PARTNERS LP-144A 5.37500% 21-15.06.29 | 1 175 000.00 | 1 083 937.50 | 0.22 |
| USD	ANTERO RESOURCES FIN CORP-144A 7.62500% 21-01.02.29 | 830 000.00 | 846 883.32 | 0.17 |
| USD	ARAMARK SERVICES INC-144A 5.00000% 18-01.02.28 | 3 035 000.00 | 2 838 240.95 | 0.57 |
| USD	ARCHROCK PARTNERS LP/FIN CORP-144A 6.87500% 19-01.04.27 | 1 795 000.00 | 1 736 662.50 | 0.35 |
| USD	ARCHROCK PARTNERS LP/FIN CORP-144A 6.25000% 19-01.04.28 | 600 000.00 | 556 500.00 | 0.11 |
| USD	ARCONIC ROLLED PRODUCTS CORP-144A 6.12500% 20-15.02.28 | 3 574 000.00 | 3 355 807.30 | 0.67 |
| USD	ARCOSA INC-144A 4.37500% 21-15.04.29 | 2 519 000.00 | 2 190 673.92 | 0.44 |
| USD	ASBURY AUTOMOTIVE GROUP INC-144A 4.62500% 21-15.11.29 | 980 000.00 | 855 050.00 | 0.17 |
| USD	ASCENT RESOURCES UTICA HOLDINGS-144A 7.00000% 18-01.11.26 | 1 100 000.00 | 1 078 275.87 | 0.22 |
| USD	ASCENT RESOURCES UTICA HOLDINGS-144A 5.87500% 21-30.06.29 | 1 904 000.00 | 1 715 960.96 | 0.34 |
| USD	ASGN INC-144A 4.62500% 19-15.05.28 | 4 044 000.00 | 3 609 269.99 | 0.72 |
| USD	AVANTOR FUNDING INC-144A 4.62500% 20-15.07.28 | 2 710 000.00 | 2 493 200.00 | 0.50 |
| USD	AVIS BUDGET CAR RENT LLC/FIN INC-144A 5.75000% 19-15.07.27 | 1 585 000.00 | 1 465 980.76 | 0.29 |
| USD	BEACON ROOFING SUPPLY INC-144A 4.50000% 19-15.11.26 | 654 000.00 | 603 297.00 | 0.12 |
| USD	BEACON ROOFING SUPPLY INC-144A 4.12500% 21-15.05.29 | 861 000.00 | 724 057.95 | 0.15 |
| USD	BIG RIVER STEEL LLC/BRS FIN CORP-144A 6.62500% 20-31.01.29 | 2 351 000.00 | 2 258 634.83 | 0.45 |
| USD	BLOCK INC 3.50000% 22-01.06.31 | 1 692 000.00 | 1 373 074.92 | 0.28 |
| USD	BLUE RACER MIDSTREAM LLC-144A 7.62500% 20-15.12.25 | 3 942 000.00 | 3 977 813.07 | 0.80 |
| USD	BOMBARDIER INC-144A 7.50000% 15-15.03.25 | 2 010 000.00 | 2 013 015.00 | 0.40 |
| USD	BOOZ ALLEN HAMILTON INC-144A 4.00000% 21-01.07.29 | 2 755 000.00 | 2 442 665.65 | 0.49 |
| USD	BUCKEYE PARTNERS LP-144A 4.50000% 20-01.03.28 | 1 580 000.00 | 1 402 250.00 | 0.28 |
| USD	BUILDERS FIRSTSOURCE INC-144A 5.00000% 20-01.03.30 | 1 598 000.00 | 1 417 512.06 | 0.28 |
| USD	CAESARS ENTERTAINMENT INC-144A 6.25000% 20-01.07.25 | 988 000.00 | 976 442.85 | 0.20 |
| USD	CAESARS ENTERTAINMENT INC-144A 8.12500% 20-01.07.27 | 3 834 000.00 | 3 848 569.20 | 0.77 |
| USD	CALIFORNIA RESOURCES CORP-144A 7.12500% 21-01.02.26 | 3 094 000.00 | 3 008 915.00 | 0.60 |
| USD	CALPINE CORP-144A 5.12500% 19-15.03.28 | 2 382 000.00 | 2 133 439.97 | 0.43 |
| USD	CARNIVAL CORP-144A 5.75000% 21-01.03.27 | 2 700 000.00 | 2 011 770.00 | 0.40 |
| USD	CARRIAGE SERVICES INC-144A 4.25000% 21-15.05.29 | 2 668 000.00 | 2 002 334.00 | 0.40 |
| USD	CCO HOLDINGS LLC-144A 4.25000% 20-01.02.31 | 1 650 000.00 | 1 339 470.00 | 0.27 |
| USD	CCO HOLDINGS LLC/CAPITAL CORP-144A 5.37500% 19-01.06.29 | 2 663 000.00 | 2 416 592.61 | 0.48 |
| USD	CCO HOLDINGS LLC/CAPITAL CORP-144A 4.75000% 19-01.03.30 | 4 615 000.00 | 3 967 621.46 | 0.80 |
| USD	CDI-144A *ESCROW* 5.75000% 22-01.04.30 | 960 000.00 | 890 524.80 | 0.18 |
| USD	CENTURYLINK INC-144A 5.12500% 19-15.12.26 | 1 565 000.00 | 1 338 075.00 | 0.27 |
| USD	CENTURYLINK INC-144A 4.00000% 20-15.02.27 | 1 665 000.00 | 1 419 412.50 | 0.28 |
| USD	CHEEVER ESCROW ISSUER LLC-144A 7.12500% 22-01.10.27 | 200 000.00 | 187 000.00 | 0.04 |
| USD	CHEMOURS CO/THE-144A 4.62500% 21-15.11.29 | 987 000.00 | 794 535.00 | 0.16 |

UBS (Lux) Bond SICAV – USD High Yield (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 | CHS/COMMUNITY HEALTH SYSTEMS INC-144A 8.00000% 19-15.03.26 | 1 735 000.00 | 1 601 214.15 | 0.32 |
| USD | CHS/COMMUNITY HEALTH SYSTEMS INC-144A 6.87500% 21-15.04.29 | 2 478 000.00 | 1 325 730.00 | 0.27 |
| USD | CHURCHILL DOWNS INC-144A 5.50000% 19-01.04.27 | 1 740 000.00 | 1 654 816.85 | 0.33 |
| USD | CINEMARK USA INC-144A 5.87500% 21-15.03.26 | 1 291 000.00 | 1 130 464.15 | 0.23 |
| USD | CLEAR CHANNEL OUTDOOR HOLDINGS INC-144A 5.12500% 19-15.08.27 | 1 590 000.00 | 1 370 340.08 | 0.27 |
| USD | CLEARWATER PAPER CORP-144A 4.75000% 20-15.08.28 | 1 537 000.00 | 1 346 747.78 | 0.27 |
| USD | CLEARWAY ENERGY OPERATING LLC-144A 4.75000% 19-15.03.28 | 2 465 000.00 | 2 277 078.14 | 0.46 |
| USD | CNX MIDSTREAM PARTNERS LP-144A 4.75000% 21-15.04.30 | 2 529 000.00 | 2 109 169.46 | 0.42 |
| USD | COMMSCOPE INC-144A 6.00000% 19-01.03.26 | 1 150 000.00 | 1 112 579.00 | 0.22 |
| USD | COMMSCOPE INC-144A 8.25000% 19-01.03.27 | 1 510 000.00 | 1 296 191.55 | 0.26 |
| USD | COMSTOCK RESOURCES INC-144A 6.75000% 21-01.03.29 | 1 982 000.00 | 1 935 720.30 | 0.39 |
| USD | COMSTOCK RESOURCES INC-144A 5.87500% 21-15.01.30 | 1 220 000.00 | 1 124 047.00 | 0.23 |
| USD | CONSOLIDATED COMMUNICATIONS INC-144A 6.50000% 20-01.10.28 | 1 392 000.00 | 1 145 337.60 | 0.23 |
| USD | CONSTELLIUM SE-144A 5.62500% 20-15.06.28 | 1 135 000.00 | 1 037 903.29 | 0.21 |
| USD | COVERT MERGECO INC 4.87500% 21-01.12.29 | 903 000.00 | 763 035.00 | 0.15 |
| USD | CSC HOLDINGS INC-144A 5.37500% 18-01.02.28 | 1 320 000.00 | 1 181 588.10 | 0.24 |
| USD | CSC HOLDINGS LLC-144A 7.50000% 18-01.04.28 | 1 325 000.00 | 1 032 055.75 | 0.21 |
| USD | CSC HOLDINGS LLC-144A 6.50000% 19-01.02.29 | 3 000 000.00 | 2 733 960.00 | 0.55 |
| USD | DARLING INGREDIENTS INC-144A 5.25000% 19-15.04.27 | 1 070 000.00 | 1 035 599.50 | 0.21 |
| USD | DAVITA INC-144A 4.62500% 20-01.06.30 | 1 386 000.00 | 1 121 939.28 | 0.23 |
| USD | DISH NETWORK CORP-144A 11.75000% 22-15.11.27 | 1 465 000.00 | 1 505 770.95 | 0.30 |
| USD | DKT FINANCE APS-144A 9.37500% 18-17.06.23 | 2 867 000.00 | 2 758 180.15 | 0.55 |
| USD | DYCOM INDUSTRIES INC-144A 4.50000% 21-15.04.29 | 2 975 000.00 | 2 555 049.00 | 0.51 |
| USD | ENERGIZER HOLDINGS INC-144A 4.75000% 20-15.06.28 | 1 490 000.00 | 1 299 190.60 | 0.26 |
| USD | ENERGIZER HOLDINGS INC-144A 4.37500% 20-31.03.29 | 852 000.00 | 724 813.44 | 0.15 |
| USD | ENLINK MIDSTREAM LLC-144A 6.50000% 22-01.09.30 | 1 470 000.00 | 1 492 961.40 | 0.30 |
| USD | EQM MIDSTREAM PARTNERS LP-144A 6.50000% 20-01.07.27 | 1 164 000.00 | 1 129 080.00 | 0.23 |
| USD | EQM MIDSTREAM PARTNERS LP-144A 7.50000% 22-01.06.27 | 1 570 000.00 | 1 586 657.70 | 0.32 |
| USD | FIRST QUANTUM MINERALS LTD-144A 6.87500% 20-15.10.27 | 2 354 000.00 | 2 232 957.32 | 0.45 |
| USD | FMG RESOURCES AUGUST 2006 PTY LTD-144A 4.50000% 19-15.09.27 | 935 000.00 | 859 508.10 | 0.17 |
| USD | FORESTAR GROUP INC-144A 3.85000% 21-15.05.26 | 1 659 000.00 | 1 464 847.23 | 0.29 |
| USD | FORTRESS TRANS & INFRA INV LLC-144A 5.50000% 21-01.05.28 | 1 158 000.00 | 1 007 494.74 | 0.20 |
| USD | FRONTIER COMMUNICATIONS CORPORATIO-144A 5.87500% 20-15.10.27 | 3 684 000.00 | 3 505 399.68 | 0.70 |
| USD | FRONTIER COMMUNICATIONS CORP-144A 6.75000% 20-01.05.29 | 1 852 000.00 | 1 555 920.76 | 0.31 |
| USD | GARDA WORLD SECURITY CORP-144A 9.50000% 19-01.11.27 | 1 199 000.00 | 1 109 187.61 | 0.22 |
| USD | GARDA WORLD SECURITY CORP-144A 4.62500% 20-15.02.27 | 1 568 000.00 | 1 408 205.12 | 0.28 |
| USD | GARTNER INC-144A 4.50000% 20-01.07.28 | 1 531 000.00 | 1 441 314.02 | 0.29 |
| USD | GENESIS ENERGY LP 5.62500% 14-15.06.24 | 1 550 000.00 | 1 501 517.69 | 0.30 |
| USD | GENWORTH MORTGAGE HOLDINGS INC-144A 6.50000% 20-15.08.25 | 4 235 000.00 | 4 117 394.05 | 0.83 |
| USD | GFL ENVIRONMENTAL INC-144A 4.75000% 21-15.06.29 | 2 807 000.00 | 2 458 454.81 | 0.49 |
| USD | GRAPHIC PACKAGING INTERNATIONAL-144A 4.75000% 19-15.07.27 | 239 000.00 | 222 712.15 | 0.04 |
| USD | GRAPHIC PACKAGING INTERNATIONL INC-144A 3.50000% 20-15.03.28 | 535 000.00 | 465 089.85 | 0.09 |
| USD | GRAY ESCROW II INC-144A 5.37500% 21-15.11.31 | 2 437 000.00 | 1 859 357.89 | 0.37 |
| USD | GRAY TELEVISION INC-144A 5.87500% 16-15.07.26 | 2 420 000.00 | 2 229 122.50 | 0.45 |
| USD | GREAT LAKES DREDGE & DOCK CORP-144A 5.25000% 21-01.06.29 | 3 280 000.00 | 2 643 345.27 | 0.53 |
| USD | GROUP 1 AUTOMOTIVE INC-144A 4.00000% 20-15.08.28 | 1 612 000.00 | 1 367 378.21 | 0.27 |
| USD | HESS MIDSTREAM PARTNERS LP-144A 5.12500% 19-15.06.28 | 1 725 000.00 | 1 624 018.50 | 0.33 |
| USD | HILCORP ENERGY I LP / HILCORP FINA-144A 6.00000% 22-15.04.30 | 485 000.00 | 445 972.57 | 0.09 |
| USD | HILCORP ENERGY I LP/FINANCE CO-144A 6.25000% 18-01.11.28 | 1 065 000.00 | 1 014 212.81 | 0.20 |
| USD | HILCORP ENERGY I LP/FINANCE CO-144A 5.75000% 21-01.02.29 | 3 804 000.00 | 3 484 680.82 | 0.70 |
| USD | HILTON DOMESTIC OPERATING CO INC-144A 4.00000% 20-01.05.31 | 1 920 000.00 | 1 615 038.62 | 0.32 |
| USD | HILTON GRAND VACATIONS BORROWER-144A 5.00000% 21-01.06.29 | 1 663 000.00 | 1 440 041.59 | 0.29 |
| USD | HOLLY ENERGY PARTNERS LP FIN CORP-144A 5.00000% 20-01.02.28 | 1 692 000.00 | 1 541 686.37 | 0.31 |
| USD | HOLLY ENERGY PARTNERS LP / HOLLY E-144A 6.37500% 22-15.04.27 | 485 000.00 | 474 517.28 | 0.10 |
| USD | ILIAD HOLDING SASU-144A 6.50000% 21-15.10.26 | 3 990 000.00 | 3 795 467.03 | 0.76 |
| USD | INTERNATIONAL GAME TECHNOLOGY PLC-144A 5.25000% 20-15.01.29 | 880 000.00 | 828 722.40 | 0.17 |
| USD | IRON MOUNTAIN INC-144A 4.87500% 17-15.09.27 | 1 895 000.00 | 1 781 849.55 | 0.36 |
| USD | JACOBS ENTERTAINMENT INC-144A 6.75000% 22-15.02.29 | 3 128 000.00 | 2 815 200.00 | 0.56 |
| USD | KBR INC-144A 4.75000% 20-30.09.28 | 3 565 000.00 | 3 162 702.94 | 0.63 |
| USD | L BRANDS INC-144A 6.62500% 20-01.10.30 | 3 478 000.00 | 3 256 034.04 | 0.65 |
| USD | LADDER CAPITAL FINANCE HOLDINGS-144A 4.75000% 21-15.06.29 | 1 319 000.00 | 1 078 405.67 | 0.22 |
| USD | LCPR SENIOR SECURED FINANCING DAC-144A 6.75000% 19-15.10.27 | 473 000.00 | 447 424.89 | 0.09 |
| USD | LCPR SENIOR SECURED FINANCING DAC-144A 5.12500% 21-15.07.29 | 1 582 000.00 | 1 307 584.23 | 0.26 |
| USD | LEEWARD RENEWABLE ENERGY LLC-144A 4.25000% 21-01.07.29 | 1 397 000.00 | 1 174 737.30 | 0.24 |
| USD | LEGENDS HOSPITALITY HOLDING CO LLC-144A 5.00000% 21-01.02.26 | 896 000.00 | 783 897.18 | 0.16 |
| USD | LEVEL 3 FINANCING INC-144A 4.25000% 20-01.07.28 | 3 921 000.00 | 3 070 100.97 | 0.62 |
| USD | LIFEPOINT HEALTH INC-144A 4.37500% 20-15.02.27 | 1 935 000.00 | 1 604 031.97 | 0.32 |
| USD | LIFEPOINT HEALTH INC-144A 6.75000% 20-15.04.25 | 1 640 000.00 | 1 503 757.11 | 0.30 |
| USD | LOGAN MERGER SUB INC-144A 5.50000% 20-01.09.27 | 2 258 000.00 | 1 320 929.41 | 0.27 |
| USD | MONEYGRAM INTERNATIONAL INC-144A 5.37500% 21-01.08.26 | 1 387 000.00 | 1 398 839.15 | 0.28 |
| USD | MOZART DEBT MERGER SUB INC-144A 5.25000% 21-01.10.29 | 520 000.00 | 423 800.00 | 0.09 |
| USD | MUELLER WATER PRODUCTS INC-144A 4.00000% 21-15.06.29 | 962 000.00 | 827 479.56 | 0.17 |
| USD | NABORS INDUSTRIES INC-144A 9.00000% 20-01.02.25 | 3 490 000.00 | 3 521 026.10 | 0.71 |
| USD | NABORS INDUSTRIES INC-144A 7.37500% 21-15.05.27 | 785 000.00 | 763 412.50 | 0.15 |
| USD | NABORS INDUSTRIES LTD-144A 7.25000% 20-15.01.26 | 805 000.00 | 766 360.00 | 0.15 |
| USD | NATIONSTAR MORTGAGE HOLDINGS INC-144A 6.00000% 20-15.01.27 | 1 416 000.00 | 1 287 299.76 | 0.26 |
| USD | NATIONSTAR MORTGAGE HOLDINGS INC-144A 5.50000% 20-15.08.28 | 1 114 000.00 | 934 174.34 | 0.19 |
| USD | NATIONSTAR MORTGAGE HOLDINGS INC-144A 5.12500% 20-15.12.30 | 161 000.00 | 125 516.35 | 0.03 |
| USD | NCL CORP LTD-144A 5.87500% 20-15.03.26 | 1 770 000.00 | 1 454 320.50 | 0.29 |
| USD | NCR CORP-144A 5.12500% 21-15.04.29 | 1 500 000.00 | 1 290 314.62 | 0.26 |
| USD | NESCO HOLDINGS II INC-144A 5.50000% 21-15.04.29 | 2 817 000.00 | 2 478 143.07 | 0.50 |
| USD | NEW ENTERPRISE STONE&LIME CO INC-144A 5.25000% 21-15.07.28 | 2 079 000.00 | 1 881 495.00 | 0.38 |
| USD | NEXSTAR BROADCASTING INC-144A 4.75000% 20-01.11.28 | 851 000.00 | 757 321.92 | 0.15 |
| USD | NEXSTAR BROADCASTING INC-144A 5.62500% 19-15.07.27 | 1 381 000.00 | 1 302 172.52 | 0.26 |
| USD | NOVA CHEMICALS CORP-144A 5.25000% 17-01.06.27 | 3 105 000.00 | 2 786 976.49 | 0.56 |
| USD | NOVELIS CORP-144A 3.25000% 21-15.11.26 | 693 000.00 | 619 239.64 | 0.12 |
| USD | NOVELIS CORP-144A 3.87500% 21-15.08.31 | 403 000.00 | 330 460.00 | 0.07 |
| USD | NOVELIS CORP-144A 4.75000% 20-30.01.30 | 3 482 000.00 | 3 095 840.17 | 0.62 |
| USD | NRG ENERGY INC-144A 5.25000% 19-15.06.29 | 744 000.00 | 685 711.32 | 0.14 |
| USD | NRG ENERGY INC-144A 3.62500% 20-15.02.31 | 986 000.00 | 788 454.90 | 0.16 |
| USD | OASIS MIDSTREAM PARTNERS LP-144A 8.00000% 21-01.04.29 | 1 175 000.00 | 1 183 812.50 | 0.24 |
| USD | OCCIDENTAL PETROLEUM CORP 6.45000% 19-15.09.36 | 2 748 000.00 | 2 754 870.00 | 0.55 |
| USD | ORGANON FINANCE 1 LLC-144A 4.12500% 21-30.04.28 | 2 613 000.00 | 2 351 647.74 | 0.47 |
| USD | ORGANON FINANCE 1 LLC-144A 5.12500% 21-30.04.31 | 2 155 000.00 | 1 912 368.55 | 0.38 |
| USD | OWENS-BROCKWAY GLASS CONTAINER INC-144A 6.62500% 20-13.05.27 | 920 000.00 | 885 065.30 | 0.18 |
| USD | OWENS-BROCKWAY GLASS CONTAINER INC-144A 5.37500% 14-15.01.25 | 1 219 000.00 | 1 156 106.46 | 0.23 |

UBS (Lux) Bond SICAV – USD High Yield (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 | PATRICK INDUSTRIES INC-144A 7.50000% 19-15.10.27 | 1 972 000.00 | 1 877 028.48 | 0.38 |
| USD | PERFORMANCE FOOD GROUP INC-144A 5.50000% 19-15.10.27 | 2 044 000.00 | 1 972 460.00 | 0.40 |
| USD | PETSMART FINANCE CORP-144A 4.75000% 21-15.02.28 | 1 661 000.00 | 1 517 539.43 | 0.30 |
| USD | PICARD MIDCO INC-144A 6.50000% 22-31.03.29 | 1 565 000.00 | 1 366 857.18 | 0.27 |
| USD | PM GENERAL PURCHASER LLC-144A 9.50000% 20-01.10.28 | 2 935 000.00 | 2 574 620.62 | 0.52 |
| USD | PRIME SEC SER BORROWER LLC/FIN INC-144A 5.75000% 19-15.04.26 | 1 000 000.00 | 990 000.00 | 0.20 |
| USD | RADIATE HOLDCO LLC/FINANCE INC-144A 4.50000% 20-15.09.26 | 851 000.00 | 695 862.70 | 0.14 |
| USD | RADIATE HOLDCO LLC/FINANCE INC-144A 6.50000% 20-15.09.28 | 3 176 000.00 | 1 714 087.20 | 0.34 |
| USD | ROYAL CARIBBEAN CRUISES LTD-144A 5.50000% 21-31.08.26 | 1 390 000.00 | 1 205 825.00 | 0.24 |
| USD | SEAGATE HDD CAYMAN 4.09100% 20-01.06.29 | 1 925 000.00 | 1 592 937.50 | 0.32 |
| USD | SELECT MEDICAL CORP-144A 6.25000% 19-15.08.26 | 2 014 000.00 | 1 949 270.04 | 0.39 |
| USD | SIRIUS XM RADIO INC-144A 4.12500% 20-01.07.30 | 755 000.00 | 637 084.10 | 0.13 |
| USD | SIRIUS XM RADIO INC-144A 4.00000% 21-15.07.28 | 4 477 000.00 | 3 956 862.14 | 0.79 |
| USD | SRM ESCROW ISSUER LLC-144A 6.00000% 20-01.11.28 | 2 506 000.00 | 2 230 340.00 | 0.45 |
| USD | STANDARD INDUSTRIES INC/NJ-144A 4.75000% 17-15.01.28 | 480 000.00 | 435 031.20 | 0.09 |
| USD | SUMMIT MATERIALS LLC/FIN CORP-144A 5.25000% 20-15.01.29 | 1 215 000.00 | 1 121 627.25 | 0.24 |
| USD | TENET HEALTHCARE CORP-144A 5.12500% 19-01.11.27 | 2 796 000.00 | 2 632 126.44 | 0.53 |
| USD | TENET HEALTHCARE CORP-144A 4.62500% 20-15.06.28 | 1 943 000.00 | 1 739 022.25 | 0.35 |
| USD | TENET HEALTHCARE CORP-144A 6.12500% 20-01.10.28 | 3 296 000.00 | 2 908 720.00 | 0.58 |
| USD | TERRAFORM POWER OPERATING LLC-144A 4.75000% 19-15.01.30 | 2 637 000.00 | 2 373 300.00 | 0.48 |
| USD | TRANSDIGM INC-144A 6.25000% 19-15.03.26 | 2 385 000.00 | 2 373 408.90 | 0.48 |
| USD | TRANSDIGM UK HOLDINGS PLC-SUB 6.87500% 19-15.05.26 | 1 715 000.00 | 1 690 406.90 | 0.34 |
| USD | TRONOX INC-144A 4.62500% 21-15.03.29 | 1 727 000.00 | 1 390 563.13 | 0.28 |
| USD | UBER TECHNOLOGIES INC-144A 7.50000% 19-15.09.27 | 765 000.00 | 768 978.00 | 0.15 |
| USD | UBER TECHNOLOGIES INC-144A 4.50000% 21-15.08.29 | 976 000.00 | 849 632.40 | 0.17 |
| USD | UNITED AIRLINES INC-144A 4.37500% 21-15.04.26 | 1 295 000.00 | 1 205 677.64 | 0.24 |
| USD | UNIVISION COMMUNICATIONS INC-144A 6.62500% 20-01.06.27 | 2 116 000.00 | 2 062 107.42 | 0.41 |
| USD | UNIVISION COMMUNICATIONS INC-144A 4.50000% 21-01.05.29 | 2 638 000.00 | 2 245 597.50 | 0.45 |
| USD | USA COMPRESSION PARTNERS LLC 6.87500% 19-01.04.26 | 752 000.00 | 720 040.00 | 0.14 |
| USD | VENTURE GLOBAL CALCASIEU PASS LLC-144A 3.87500% 21-15.08.29 | 1 842 000.00 | 1 591 027.50 | 0.32 |
| USD | VIASAT INC-144A 5.62500% 17-15.09.25 | 1 087 000.00 | 1 010 007.79 | 0.20 |
| USD | VIASAT INC-144A 5.62500% 19-15.04.27 | 395 000.00 | 363 016.85 | 0.07 |
| USD | VISTRA OPERATIONS CO LLC-144A 5.62500% 19-15.02.27 | 2 490 000.00 | 2 408 958.30 | 0.48 |
| USD | VISTRA OPERATIONS CO LLC-144A 5.00000% 19-31.07.27 | 2 172 000.00 | 2 038 800.12 | 0.41 |
| USD | WEATHERFORD INTERNATIONAL LTD-144A 11.00000% 19-01.12.24 | 600 000.00 | 616 428.00 | 0.12 |
| USD | WEATHERFORD INTERNATIONAL LTD-144A 8.6250% 21-30.04.30 | 1 303 000.00 | 1 240 534.18 | 0.25 |
| USD | WEEKLEY HOMES LLC / WEEKLEY FIN-144A 4.87500% 20-15.09.28 | 967 000.00 | 783 735.01 | 0.16 |
| USD | WESCO DISTRIBUTION INC-144A 7.25000% 20-15.06.28 | 1 445 000.00 | 1 463 857.25 | 0.29 |
| USD | WHITE CAP BUYER LLC-144A 6.87500% 20-15.10.28 | 2 368 000.00 | 2 041 117.75 | 0.41 |
| USD | WILLIAMS SCOTSMAN INTL INC-144A 4.62500% 20-15.08.28 | 2 298 000.00 | 2 089 341.60 | 0.42 |
| USD | WR GRACE HOLDINGS LLC-144A 4.87500% 21-15.06.27 | 2 605 000.00 | 2 333 949.75 | 0.47 |
| USD | WYNDHAM DESTINATIONS INC-144A 6.62500% 20-31.07.26 | 1 685 000.00 | 1 651 039.51 | 0.33 |
| Total USD |  |  | 298 131 985.74 | 59.81 |
| Total des Billets, taux fixe |  | 298 131 985.74 | 59.81 |
| Obligations, taux fixe |  |  |  |
| USD |  |  |  |
| USD	HUDBAY MINERALS INC-144A 6.12500% 20-01.04.29 | 1 550 000.00 | 1 395 899.00 | 0.28 |
| Total USD |  | 1 395 899.00 | 0.28 |
| Total des Obligations, taux fixe |  | 1 395 899.00 | 0.28 |
| Total des Titres et instruments du marché monétaire négociés sur un autre marché réglementé |  | 302 214 477.53 | 60.63 |

Titres et instruments du marché monétaire non négociés sur une bourse officielle ou un autre marché réglementé
Billets, taux fixe
| USD |  |
| --- | --- |
| USD | ACADIA HEALTHCARE CO INC-144A 5.50000% 20-01.07.28 | 1 420 000.00 | 1 335 048.12 | 0.27 |
| USD | ALTICE FRANCE HOLDING SA 10.50000% 20-15.05.27 | 6 890 000.00 | 5 443 100.00 | 1.09 |
| USD | ASCENT RESOURCES UTICA HOLDINGS-144A 8.25000% 20-31.12.28 | 740 000.00 | 737 484.00 | 0.15 |
| USD | CARNIVAL CORP-144A 10.50000% 20-01.02.26 | 400 000.00 | 403 708.00 | 0.08 |
| USD | CARNIVAL HOLDINGS BERMUDA-144A 10.37500% 22-01.05.28 | 2 605 000.00 | 2 712 326.00 | 0.54 |
| USD | CASCADES INC/CASCADES USA INC-144A 5.37500% 19-15.01.28 | 1 593 000.00 | 1 407 574.80 | 0.28 |
| USD | CCO HOLDINGS LLC-144A 4.25000% 21-15.01.34 | 1 096 000.00 | 853 784.00 | 0.17 |
| USD | CHS/COMMUNITY HEALTH SYSTEMS INC-144A 5.62500% 20-15.03.27 | 2 882 000.00 | 2 446 212.78 | 0.49 |
| USD | ENLINK MIDSTREAM LLC-144A 5.62500% 20-15.01.28 | 1 142 000.00 | 1 113 450.00 | 0.22 |
| USD | EQT MIDSTREAM PARTNERS LP -144A 4.75000% 21-15.01.31 | 406 000.00 | 341 787.06 | 0.07 |
| USD | GRAFTECH FINANCE INC-144A 4.62500% 20-15.12.28 | 3 493 000.00 | 2 912 288.75 | 0.58 |
| USD | HESS MIDSTREAM PARTNERS LP-144A 4.25000% 21-15.02.30 | 637 000.00 | 544 635.00 | 0.11 |
| USD | INSTALLED BUILDING PRODUCTS INC-144A 5.75000% 19-01.02.28 | 1 438 000.00 | 1 259 112.80 | 0.25 |
| USD | IRON MOUNTAIN INC-144A 5.00000% 20-15.07.28 | 2 010 000.00 | 1 827 863.85 | 0.37 |
| USD | IRON MOUNTAIN INC-144A 5.25000% 20-15.07.30 | 1 905 000.00 | 1 714 500.00 | 0.34 |
| USD | MACYS RETAIL HOLDINGS INC-144A 5.87500% 21-01.04.29 | 2 607 000.00 | 2 424 901.05 | 0.49 |
| USD | POWERTEAM SERVICES LLC-144A 9.03300% 20-04.12.25 | 3 087 000.00 | 2 568 198.78 | 0.52 |
| USD | QVC INC 4.75000% 20-15.02.27 | 1 911 000.00 | 1 434 520.82 | 0.29 |
| USD | ROYAL CARIBBEAN CRUISES LTD-144A 11.62500% 22-15.08.27 | 980 000.00 | 1 006 950.00 | 0.20 |
| USD | SCIENCE APPLICATIONS INTRNTNL CORP-144A 4.87500% 20-01.04.28 | 3 431 000.00 | 3 160 808.75 | 0.63 |
| USD | SERVICE PROPERTIES TRUST 7.50000% 20-15.09.25 | 1 731 000.00 | 1 674 742.50 | 0.34 |
| USD | TEVA PHARMACEUTICAL FINANCE NETHERLANDS 7.12500% 20-31.01.25 | 1 759 000.00 | 1 755 701.88 | 0.35 |
| USD | UNITED NATURAL FODDS INC-144A 6.75000% 20-15.10.28 | 2 444 000.00 | 2 370 680.00 | 0.48 |
| USD | UNITED RENTALS NORTH AMERICA INC-144A 6.00000% 22-15.12.29 | 975 000.00 | 979 875.00 | 0.20 |
| USD | UNIVISION COMMUNICATIONS INC-144A 7.37500% 22-30.06.30 | 1 175 000.00 | 1 172 673.50 | 0.24 |
| USD | USA COMPRESSION PARTNERS LLC 6.87500% 19-01.09.27 | 2 506 000.00 | 2 392 478.20 | 0.48 |
| USD | VICI PROPERTIES LP /VCI NTE CO INC-144A 4.50000% 22-01.09.26 | 1 651 000.00 | 1 546 029.42 | 0.31 |
| Total USD |  |  | 47 540 435.06 | 9.54 |
| Total des Billets, taux fixe | 47 540 435.06 | 9.54 |
| Total des Titres et instruments du marché monétaire non négociés sur une bourse officielle ou un autre marché réglementé | 47 540 435.06 | 9.54 |

UBS (Lux) Bond SICAV – USD High Yield (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) |  |
| Nouvelles émissions de titres et instruments du marché monétaire |  |  |  |
| Billets, taux fixe |  |  |  |
| USD |  |  |  |
| USD	BUILDERS FIRSTSOURCE INC-144A 6.37500% 22-15.06.32 | 490 000.00 | 452 695.02 | 0.09 |
| USD	DARLING ESCROW CORP-144A 6.00000% 22-15.06.30 | 1 885 000.00 | 1 838 233.15 | 0.37 |
| USD	II-VI INC-144A 5.00000% 21-15.12.29 | 1 795 000.00 | 1 584 087.50 | 0.32 |
| USD	OPEN TEXT CORP-144A 6.90000% 22-01.12.27 | 1 270 000.00 | 1 271 587.50 | 0.25 |
| USD	TENET HEALTHCARE CORP-144A 6.12500% 22-15.06.30 | 1 470 000.00 | 1 392 942.60 | 0.28 |
| USD	VICI PROPERTIES LP /VCI NTE CO INC-144A 5.75000% 22-01.02.27 | 936 000.00 | 906 999.96 | 0.18 |
| Total USD |  | 7 446 545.73 | 1.49 |
| Total des Billets, taux fixe |  | 7 446 545.73 | 1.49 |
| Total des Nouvelles émissions de titres et instruments du marché monétaire |  | 7 446 545.73 | 1.49 |

OPCVM/Autres OPC au sens de l’article 41 (1) e) de la loi luxembourgeoise du 17 décembre 2010, telle que modifiée
Fonds d’investissement, ouvert
| Irlande |  |
| --- | --- |
| USD | ISHARES USD HIGH YIELD CORPORATE BOND UCITS ETF | 1.00 | 89.62 | 0.00 |
| Total Irlande | 89.62 | 0.00 |
| Luxembourg |  |  |
| USD	UBS (LUX) BOND SICAV - MULTI INCOME (USD)-U-X-ACC- CAP	310.00 | 3 000 629.50 | 0.60 |
| Total Luxembourg | 3 000 629.50 | 0.60 |
| Total des Fonds d’investissement, ouvert | 3 000 719.12 | 0.60 |
| Total des OPCVM/Autres OPC au sens de l’article 41 (1) e) de la loi luxembourgeoise du 17 décembre 2010, telle que modifiée | 3 000 719.12 | 0.60 |
| Instruments dérivés non négociés sur une bourse officielle ou sur un autre marché réglementé |  |  |
| Options sur autres swaps, classic-styled |  |  |
| USD |  |  |
| USD	BOA/CDX.NA.HY.39 SWAPTION PUT 96.00000 22-21.12.22	35 000 000.00 | 12 295.50 | 0.00 |
| USD	BOA/CDX.NA.HY.39 SWAPTION PUT 93.00000 22-21.12.22	-35 000 000.00 | -3 153.50 | 0.00 |
| USD	BOA/CDX.NA.HY.39 SWAPTION PUT 89.00000 22-21.12.22	-35 000 000.00 | -595.00 | 0.00 |
| USD	JPMORGAN/CDX.NA.HY.39 SWAPTION PUT 95.50000 22-21.12.22	-25 000 000.00 | -6 725.00 | 0.00 |
| USD	JPMORGAN/CDX.NA.HY.39 SWAPTION PUT 91.00000 22-21.12.22	-25 000 000.00 | -865.00 | 0.00 |
| USD	JPMORGAN/CDX.NA.HY.39 SWAPTION PUT 98.00000 22-21.12.22	25 000 000.00 | 27 072.50 | 0.01 |
| Total USD | 28 029.50 | 0.01 |
| Total Options sur autres swaps, classic-styled | 28 029.50 | 0.01 |
| Total des Instruments dérivés non négociés sur une bourse officielle ou sur un autre marché réglementé | 28 029.50 | 0.01 |
| Total du Portefeuille-titres | 486 643 577.86 | 97.62 |

| Instruments dérivés |  |
| --- | --- |
| Instruments dérivés non négociés sur une bourse officielle ou sur un autre marché réglementé |
| Swaps et Swaps à terme sur indices |
|  |  |  |
| USD	JPM/IBOXX USD LIQUID HY TR EQS REC PERF 22-20.03.23	23 100 000.00 USD	JPM/IBOXX USD LIQUID HY TR EQS PAYER SOFR 22-20.03.23 | 47 530.46 | 0.01 |
| Total des Swaps et Swaps à terme sur indices | 47 530.46 | 0.01 |
| Total des Instruments dérivés non négociés sur une bourse officielle ou sur un autre marché réglementé | 47 530.46 | 0.01 |
| Total des Instruments dérivés | 47 530.46 | 0.01 |
| Contrats de change à terme |  |  |
| Devise achetée/Montant acheté/Devise vendue/Montant vendu/Date de maturité |  |  |

| CHF | 49 156 800.00 | USD | 52 646 471.35 | 12.1.2023 | -760 348.91 | -0.15 |
| --- | --- | --- | --- | --- | --- | --- |
| EUR | 8 194 000.00 | USD | 8 579 388.40 | 12.1.2023 | -112 023.83 | -0.02 |
| USD | 20 244 383.06 | EUR | 19 335 000.00 | 12.1.2023 | 264 337.43 | 0.05 |
| USD | 2 655 607.59 | GBP | 2 225 000.00 | 12.1.2023 | 1 749.67 | 0.00 |
| USD | 595 869.22 | EUR | 575 000.00 | 12.1.2023 | 1 686.33 | 0.00 |
| EUR | 192 800.00 | USD | 199 953.34 | 12.1.2023 | -721.23 | 0.00 |
| USD | 1 336 811.01 | EUR | 1 280 000.00 | 12.1.2023 | 14 108.22 | 0.00 |
| USD | 168 961.78 | CHF | 158 500.00 | 12.1.2023 | 1 661.42 | 0.00 |
| USD | 662 409.31 | EUR | 637 100.00 | 12.1.2023 | 4 054.66 | 0.00 |
| Total des Contrats de change à terme | -585 496.24 | -0.12 |
|  |  |  |
| Avoirs en banque, dépôts à vue et à terme et autres liquidités | 2 581 812.61* | 0.52 |
| Crédit en compte courant et autres engagements à court terme | -574.59 | 0.00 |
| Autres actifs et passifs | 9 808 413.61 | 1.97 |
| Total de l’Actif net | 498 495 263.71 | 100.00 |

* Au 30 novembre 2022, des avoirs en banque ont été utilisés à titre de garanties, à hauteur de 40 000.00 USD en faveur de Bank of America et à hauteur de 140 000.00 USD en faveur de JP Morgan.
UBS (Lux) Bond SICAV – USD High Yield (USD) Rapport semestriel au 30 novembre 2022