# UBS (Lux) Bond SICAV
– Emerging Markets Bonds 2021 (USD)
| Most important figures |  |
| --- | --- |
|  | ISIN | 30.11.2020 | 31.5.2020 | 31.5.2019 |
| Net assets in USD |  | 69 361 342.39 | 70 918 667.11 | 86 144 214.97 |
| Class K-1-acc | LU1562322385 |  |  |  |
| Shares outstanding |  | 1.0000 | 1.2000 | 1.9000 |
| Net asset value per share in USD |  | 5 466 260.53 | 5 338 759.22 | 5 248 473.87 |
| Issue and redemption price per share in USD 1 |  | 5 466 260.53 | 5 338 759.22 | 5 248 473.87 |
| Class K-1-dist | LU1562322468 |  |  |  |
| Shares outstanding |  | 1.0000 | 1.0000 | 1.0000 |
| Net asset value per share in USD |  | 5 009 119.75 | 5 010 813.09 | 5 044 357.77 |
| Issue and redemption price per share in USD 1 |  | 5 009 119.75 | 5 010 813.09 | 5 044 357.77 |
| Class K-1-qdist | LU1562322542 |  |  |  |
| Shares outstanding |  | 0.2000 | 0.2000 | 0.2000 |
| Net asset value per share in USD |  | 5 050 804.95 | 4 992 769.00 | 5 027 651.10 |
| Issue and redemption price per share in USD 1 |  | 5 050 804.95 | 4 992 769.00 | 5 027 651.10 |
| Class K-X-acc | LU1586331834 |  |  |  |
| Shares outstanding |  | 50 000.0000 | 50 000.0000 | 50 000.0000 |
| Net asset value per share in USD |  | 109.21 | 106.34 | 103.93 |
| Issue and redemption price per share in USD 1 |  | 109.21 | 106.34 | 103.93 |
| Class P-acc | LU1562321817 |  |  |  |
| Shares outstanding |  | 146 606.6580 | 148 279.8810 | 172 869.9830 |
| Net asset value per share in USD |  | 108.36 | 105.96 | 104.43 |
| Issue and redemption price per share in USD 1 |  | 108.36 | 105.96 | 104.43 |
| Class P-dist | LU1562321908 |  |  |  |
| Shares outstanding |  | 70 701.4740 | 75 518.9370 | 81 091.9470 |
| Net asset value per share in USD |  | 100.23 | 100.14 | 100.80 |
| Issue and redemption price per share in USD 1 |  | 100.23 | 100.14 | 100.80 |
| Class P-qdist | LU1562322039 |  |  |  |
| Shares outstanding |  | 25 745.6360 | 25 745.6360 | 25 745.6360 |
| Net asset value per share in USD |  | 100.97 | 99.81 | 100.51 |
| Issue and redemption price per share in USD 1 |  | 100.97 | 99.81 | 100.51 |
| Class Q-acc | LU1562322112 |  |  |  |
| Shares outstanding |  | 145 943.6340 | 152 988.6340 | 175 512.0260 |
| Net asset value per share in USD |  | 109.32 | 106.77 | 104.97 |
| Issue and redemption price per share in USD 1 |  | 109.32 | 106.77 | 104.97 |
| Class Q-dist | LU1562322203 |  |  |  |
| Shares outstanding |  | 108 671.0440 | 109 821.0440 | 175 321.0440 |
| Net asset value per share in USD |  | 100.20 | 100.23 | 100.89 |
| Issue and redemption price per share in USD 1 |  | 100.20 | 100.23 | 100.89 |
| 1  See note 1 |  |  |  |  |

UBS (Lux) Bond SICAV – Emerging Markets Bonds 2021 (USD) Semi-Annual Report as of 30 November 2020

## Structure of the Securities Portfolio
Geographical Breakdown as a % of net assets	
Indonesia	7.42
South Korea	6.72
Mexico	6.64
Turkey	5.84
Luxembourg	5.66
Ukraine	4.18
British Virgin Islands	3.99
Saudi Arabia	3.32
United Arab Emirates	3.29
Costa Rica	3.11
India	2.98
Chile	2.84
Croatia	2.76
Brazil	2.57
Oman	2.55
The Netherlands	2.40
Curacao	2.16
Egypt	2.06
Bermuda	1.90
Cayman Islands	1.82
United Kingdom	1.60
Dominican Republic	1.52
Poland	1.47
Malaysia	1.41
Serbia	1.35
Senegal	1.33
Nigeria	1.32
South Africa	1.14
Namibian	1.12
Pakistan	1.08
Bahrain	1.04
Colombia	1.03
Georgia	1.01
Honduras	0.95
Hong Kong	0.82
Hungary	0.74
Mongolia	0.67
Ecuador	0.15
Argentina	0.15
Lebanon	0.12
Israel	0.10
Economic Breakdown as a % of net assets	
Countries & central governments	29.41
Finance & holding companies	16.13
Petroleum	12.42
Banks & credit institutions	11.54
Energy & water supply	7.60
Mortgage & funding institutions	3.74
Supranational organisations	3.14
Electrical devices & components	2.61
Pharmaceuticals, cosmetics & medical products	2.16
Miscellaneous services	1.78
Mining, coal & steel	1.62
Public, non-profit institutions	1.00
Food & soft drinks	0.89
Real Estate	0.29
Total	94.33
Total	94.33
UBS (Lux) Bond SICAV – Emerging Markets Bonds 2021 (USD) Semi-Annual Report as of 30 November 2020

## Statement of Net Assets
Assets	30.11.2020
USD
Investments in securities, cost	68 239 636.01
| Investments in securities, unrealized appreciation (depreciation) | 	-2 808 262.15	 |
| --- | --- |
| Total investments in securities (Note 1) | 65 431 373.86 |
| Cash at banks, deposits on demand and deposit accounts | 3 222 755.56 |
| Interest receivable on securities | 690 534.39 |
| Other receivables | 43 994.23 |
| Total Assets | 69 388 658.04 |
|  |  |
| Liabilities |  |
| Provisions for flat fee (Note 2) | -18 379.00 |
| Provisions for taxe d’abonnement (Note 3) | -5 748.72 |
| Provisions for other commissions and fees (Note 2) | 	-3 187.93	 |
| Total provisions | -27 315.65 |
| Total Liabilities | -27 315.65 |
|  |  |
| Net assets at the end of the period | 69 361 342.39 |
| Statement of Operations | USD |
| Income | 1.6.2020-30.11.2020 |
| Interest on securities | 1 678 741.39 |
| Income on securities lending (Note 12) | 4 384.25 |
| Other income (Note 4) | 8 659.61 |
| Total income | 1 691 785.25 |
|  |  |
| Expenses |  |
| Flat fee (Note 2) | -230 323.60 |
| Taxe d’abonnement (Note 3) | -18 065.53 |
| Cost on securities lending (Note 12) | -1 753.70 |
| Other commissions and fees (Note 2) | -3 145.69 |
| Total expenses | -253 288.52 |
|  |  |
| Net income (loss) on investments | 1 438 496.73 |
|  |  |
| Realized gain (loss) (Note 1) |  |
| Realized gain (loss) on market-priced securities without options | -781 790.53 |
| Realized gain (loss) on foreign exchange | 2 272.72 |
| Total realized gain (loss) | -779 517.81 |
|  |  |
| Net realized gain (loss) of the period | 658 978.92 |
|  |  |
| Changes in unrealized appreciation (depreciation) (Note 1) |  |
| Unrealized appreciation (depreciation) on market-priced securities without options | 990 428.14 |
| Total changes in unrealized appreciation (depreciation) | 990 428.14 |
|  |  |
| Net increase (decrease) in net assets as a result of operations | 1 649 407.06 |

| Changes in Net Assets |  |
| --- | --- |
|  | USD |
|  | 1.6.2020-30.11.2020 |
| Net assets at the beginning of the period | 70 918 667.11 |
| Redemptions | 	-2 620 582.34	 |
| Total redemptions | -2 620 582.34 |
| Dividend paid | -586 149.44 |
| Net income (loss) on investments | 1 438 496.73 |
| Total realized gain (loss) | -779 517.81 |
| Total changes in unrealized appreciation (depreciation) | 	990 428.14	 |
| Net increase (decrease) in net assets as a result of operations | 1 649 407.06 |
| Net assets at the end of the period | 69 361 342.39 |

UBS (Lux) Bond SICAV – Emerging Markets Bonds 2021 (USD) Semi-Annual Report as of 30 November 2020
| Changes in the Number of Shares outstanding |  |
| --- | --- |
|  |  |  | 1.6.2020-30.11.2020 |
| Class |  |  | K-1-acc |
| Number of shares outstanding at the beginning of the period |  |  | 1.2000 |
| Number of shares issued |  |  | 0.0000 |
| Number of shares redeemed |  |  | -0.2000 |
| Number of shares outstanding at the end of the period |  |  | 1.0000 |
| Class |  |  | K-1-dist |
| Number of shares outstanding at the beginning of the period |  |  | 1.0000 |
| Number of shares issued |  |  | 0.0000 |
| Number of shares redeemed |  |  | 0.0000 |
| Number of shares outstanding at the end of the period |  |  | 1.0000 |
| Class |  |  | K-1-qdist |
| Number of shares outstanding at the beginning of the period |  |  | 0.2000 |
| Number of shares issued |  |  | 0.0000 |
| Number of shares redeemed |  |  | 0.0000 |
| Number of shares outstanding at the end of the period |  |  | 0.2000 |
| 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-acc |
| Number of shares outstanding at the beginning of the period |  |  | 148 279.8810 |
| Number of shares issued |  |  | 0.0000 |
| Number of shares redeemed |  |  | -1 673.2230 |
| Number of shares outstanding at the end of the period |  |  | 146 606.6580 |
| Class |  |  | P-dist |
| Number of shares outstanding at the beginning of the period |  |  | 75 518.9370 |
| Number of shares issued |  |  | 0.0000 |
| Number of shares redeemed |  |  | -4 817.4630 |
| Number of shares outstanding at the end of the period |  |  | 70 701.4740 |
| Class |  |  | P-qdist |
| Number of shares outstanding at the beginning of the period |  |  | 25 745.6360 |
| Number of shares issued |  |  | 0.0000 |
| Number of shares redeemed |  |  | 0.0000 |
| Number of shares outstanding at the end of the period |  |  | 25 745.6360 |
| Class |  |  | Q-acc |
| Number of shares outstanding at the beginning of the period |  |  | 152 988.6340 |
| Number of shares issued |  |  | 0.0000 |
| Number of shares redeemed |  |  | -7 045.0000 |
| Number of shares outstanding at the end of the period |  |  | 145 943.6340 |
| Class |  |  | Q-dist |
| Number of shares outstanding at the beginning of the period |  |  | 109 821.0440 |
| Number of shares issued |  |  | 0.0000 |
| Number of shares redeemed |  |  | -1 150.0000 |
| Number of shares outstanding at the end of the period |  |  | 108 671.0440 |
| Annual Distribution 1 |  |  |  |
| UBS (Lux) Bond SICAV – Emerging Markets Bonds 2021 (USD)	Ex-Date | Pay-Date | Currency | Amount per share |
| K-1-dist	3.8.2020 | 6.8.2020 | USD | 120 311.08 |
| P-dist	3.8.2020 | 6.8.2020 | USD | 2.15 |
| Q-dist	3.8.2020 | 6.8.2020 | USD | 2.40 |
| Quarterly Distribution 1 |  |  |  |
| UBS (Lux) Bond SICAV – Emerging Markets Bonds 2021 (USD)	Ex-Date | Pay-Date | Currency | Amount per share |
| K-1-qdist	15.6.2020 | 18.6.2020 | USD | 30 242.13 |
| K-1-qdist	15.9.2020 | 18.9.2020 | USD | 30 242.13 |
| P-qdist	15.6.2020 | 18.6.2020 | USD | 0.54 |
| P-qdist	15.9.2020 | 18.9.2020 | USD | 0.54 |
| 1  See note 5 |  |  |  |

UBS (Lux) Bond SICAV – Emerging Markets Bonds 2021 (USD) Semi-Annual Report as of 30 November 2020

## Statement of Investments in Securities and other Net Assets as of 30 November 2020
| Description | Quantity/ | Valuation in USD | as a % |
| --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |
| Transferable securities and money market instruments listed on an official stock exchange |  |  |  |
| Notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	BANCO DO BRASIL SA-REG-S-SUB 5.37500% 10-15.01.21 | 485 000.00 | 487 879.69 | 0.70 |
| USD	BANCO NACIONAL DE COSTA RICA-REG-S 5.87500% 16-25.04.21 | 785 000.00 | 786 471.87 | 1.13 |
| USD	BBVA BANCOMER SA/TEXAS-REG-S-SUB 6.50000% 11-10.03.21 | 670 000.00 | 675 078.60 | 0.97 |
| USD	CENTRAIS ELETRICAS BRASILEIRAS SA-REG-S 5.75000% 11-27.10.21 | 1 250 000.00 | 1 293 359.38 | 1.86 |
| USD	COMISION FEDERAL DE ELECTRICIDAD-REG-S 4.87500% 11-26.05.21 | 1 885 000.00 | 1 919 754.69 | 2.77 |
| USD	CORP NACIONAL DEL COBRE DE CHILE-REG-S 3.87500% 11-03.11.21 | 200 000.00 | 205 500.00 | 0.30 |
| USD	DELEK & AVNER TAMAR BOND LTD-144A 4.43500% 14-30.12.20 | 70 000.00 | 70 000.00 | 0.10 |
| USD	EMPRESA NACIONAL DEL PETROLEO-REG-S 4.75000% 11-06.12.21 | 1 700 000.00 | 1 761 625.00 | 2.54 |
| USD	EXPORT-IMPORT BANK OF KOREA 4.37500% 11-15.09.21 | 1 315 000.00 | 1 356 915.62 | 1.96 |
| USD	GAZ CAPITAL SA-REG-S LPN 5.99900% 11-23.01.21 | 1 460 000.00 | 1 469 125.00 | 2.12 |
| USD	HUNGARY, REPUBLIC OF 6.37500% 11-29.03.21 | 500 000.00 | 510 468.75 | 0.74 |
| USD	INDIAN OIL CORP-REG-S 5.62500% 11-02.08.21 | 600 000.00 | 616 312.50 | 0.89 |
| USD	INDONESIA, REPUBLIC OF-REG-S 4.87500% 11-05.05.21 | 1 000 000.00 | 1 015 625.00 | 1.46 |
| USD	INSTITUTO COSTARRICENSE DE ELEC-REG-S 6.95000% 11-10.11.21 | 1 389 000.00 | 1 371 637.50 | 1.98 |
| USD	KOREA DEVELOPMENT BANK 4.62500% 11-16.11.21 | 670 000.00 | 696 590.62 | 1.00 |
| USD	KOREA HYDRO&NUCLEAR POWER CO LTD-REG-S 4.75000% 11-13.07.21 | 1 200 000.00 | 1 232 625.00 | 1.78 |
| USD	KOREA NATIONAL OIL CORP-REG-S 2.12500% 16-14.04.21 | 910 000.00 | 915 687.50 | 1.32 |
| USD	KOREA NATIONAL OIL CORP-REG-S 2.00000% 16-24.10.21 | 450 000.00 | 456 468.75 | 0.66 |
| USD	NAMIBIA, REPUBLIC OF-REG-S 5.50000% 11-03.11.21 | 760 000.00 | 780 425.00 | 1.12 |
| USD	NIGERIA, FEDERAL REPUBLIC OF-REG-S 6.75000% 11-28.01.21 | 910 000.00 | 913 412.50 | 1.32 |
| USD	OMAN GOVT INTERNATIONAL BOND-REG-S 3.62500% 16-15.06.21 | 1 775 000.00 | 1 770 562.50 | 2.55 |
| USD	PERTAMINA PT-REG-S 5.25000% 11-23.05.21 | 1 500 000.00 | 1 534 218.75 | 2.21 |
| USD	PERUSAHAAN LISTRIK NEGARA PT-REG-S 5.50000% 11-22.11.21 | 2 495 000.00 | 2 597 918.75 | 3.75 |
| USD	PETROAMAZONAS EP-REG-S 4.62500% 17-06.12.21 | 200 000.00 | 107 333.33 | 0.15 |
| USD	PETROLEOS MEXICANOS 6.37500% 17-04.02.21 | 2 000 000.00 | 2 008 125.00 | 2.90 |
| USD	POLAND, REPUBLIC OF 5.12500% 11-21.04.21 | 1 000 000.00 | 1 017 500.00 | 1.47 |
| USD	SB CAPITAL SA FOR SBERBANK-REG-S LPN 5.71700% 11-16.06.21 | 1 390 000.00 | 1 427 790.63 | 2.06 |
| USD	SENEGAL, REPUBLIC OF-REG-S 8.75000% 11-13.05.21 | 890 000.00 | 919 481.25 | 1.33 |
| USD	SERBIA INTERNATIONAL BOND-REG-S 7.25000% 11-28.09.21 | 890 000.00 | 938 950.00 | 1.35 |
| USD	SINOPEC GROUP OVERSEA DEVELOPMENT-REG-S 2.00000% 16-29.09.21 | 1 510 000.00 | 1 521 796.88 | 2.19 |
| USD	TEVA PHARMACEUTICAL FINANCE CO BV 3.65000% 11-10.11.21 | 1 500 000.00 | 1 499 531.25 | 2.16 |
| USD	UKRAINE, GOVERNMENT OF-REG-S 7.75000% 15-01.09.21 | 2 800 000.00 | 2 900 800.00 | 4.18 |
| USD	YPF SA-REG-S 8.50000% 16-23.03.21 | 110 000.00 | 103 104.37 | 0.15 |
| Total USD |  | 36 882 075.68 | 53.17 |
| Total Notes, fixed rate |  | 36 882 075.68 | 53.17 |
| Medium term notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	ABU DHABI COMMERCIAL BANK PJSC-REG-S 2.75000% 16-05.10.21 | 1 000 000.00 | 1 014 375.00 | 1.46 |
| USD	ABU DHABI NATIONAL ENERGY CO PJSC-REG-S 5.87500% 11-13.12.21 | 1 200 000.00 | 1 265 625.00 | 1.82 |
| USD	AFRICAN EXPORT-IMPORT BANK-REG-S 4.00000% 16-24.05.21 | 1 410 000.00 | 1 429 204.20 | 2.06 |
| USD	CBQ FINANCE LTD-REG-S 3.25000% 16-13.06.21 | 1 305 000.00 | 1 320 904.69 | 1.90 |
| USD	CDBI TREASURE I LTD-REG-S 2.25000% 16-02.08.21 | 740 000.00 | 743 931.25 | 1.07 |
| USD	CHARMING LIGHT INVESTMENTS LTD-REG-S 2.37500% 16-30.08.21 | 500 000.00 | 503 906.25 | 0.73 |
| USD	EXPORT-IMPORT BANK OF INDIA-REG-S 3.12500% 16-20.07.21 | 1 000 000.00 | 1 012 812.50 | 1.46 |
| USD	EXPORT-IMPORT BANK OF MALAYSIA-REG-S 2.48000% 16-20.10.21 | 300 000.00 | 303 843.75 | 0.44 |
| USD	LEBANON, REPUBLIC OF-REG-S *DEFAULTED* 8.25000% 06-12.04.21 | 650 000.00 | 81 250.00 | 0.12 |
| USD	MONGOLIA,GOVERNMENT OF-REG-S 10.87500% 16-06.04.21 | 450 000.00 | 462 937.50 | 0.67 |
| USD	NTPC LTD-REG-S 5.62500% 11-14.07.21 | 425 000.00 | 436 289.06 | 0.63 |
| USD	QNB FINANCE LTD-REG-S 2.12500% 16-07.09.21 | 1 050 000.00 | 1 061 156.25 | 1.53 |
| USD	SAUDI GOVERNMENT INTERNATIONAL BD-REG-S 2.37500% 16-26.10.21 | 2 270 000.00 | 2 302 915.00 | 3.32 |
| USD	TURKIYE BANKASI AS-REG-S 5.37500% 16-06.10.21 | 1 010 000.00 | 1 012 525.00 | 1.46 |
| USD	TURKIYE VAKIFLAR BANKASI TAO-REG-S 5.50000% 16-27.10.21 | 1 015 000.00 | 1 018 489.06 | 1.47 |
| Total USD |  | 13 970 164.51 | 20.14 |
| Total Medium term notes, fixed rate |  | 13 970 164.51 | 20.14 |
| Bonds, fixed rate |  |  |  |
| USD |  |  |  |
| USD	BAHRAIN GVT INTERNATIONAL BOND-REG-S 5.87500% 15-26.01.21 | 720 000.00 | 723 600.00 | 1.04 |
| USD	CHINA EVERGRANDE GROUP-REG-S 6.25000% 17-28.06.21 | 215 000.00 | 204 653.13 | 0.30 |
| USD	COLOMBIA, REPUBLIC OF 4.37500% 11-12.07.21 | 700 000.00 | 717 281.25 | 1.03 |
| USD	DOMINICAN REPUBLIC-REG-S 7.50000% 10-06.05.21 | 3 100 000.00 | 1 057 229.16 | 1.52 |
| USD	ESKOM HOLDINGS SOC LTD-REG-S 5.75000% 11-26.01.21 | 795 000.00 | 790 031.25 | 1.14 |
| USD	EVRAZ PLC-REG-S 8.25000% 15-28.01.21 | 905 000.00 | 916 312.50 | 1.32 |
| USD	EXPORT CREDIT BANK OF TURKEY REG-S 5.00000% 14-23.09.21 | 1 010 000.00 | 1 010 631.25 | 1.46 |
| USD	GEORGIA GOVERNMENT INTERNATIONAL BOND 6.87500% 11-12.04.21 | 690 000.00 | 697 978.13 | 1.01 |
| USD	PETROBRAS GLOBAL FINANCE BV 8.37500% 16-23.05.21 | 1 615 000.00 | 1 661 431.25 | 2.40 |
| USD	SEVERSTAL OAO VIA STEEL CAPITAL-REG-S 3.85000% 17-27.08.21 | 1 010 000.00 | 1 028 937.50 | 1.48 |
| USD	THIRD PAKISTAN INTERNATIONAL SUK-REG-S 5.50000% 16-13.10.21 | 740 000.00 | 747 862.50 | 1.08 |
| USD	TURKEY, REPUBLIC OF 5.62500% 10-30.03.21 | 1 005 000.00 | 1 011 281.25 | 1.46 |
| USD	UKRAINE RAILWAY VIA SHORTLINE-REG-S LPN 9.87500% 16-15.09.21 | 450 000.00 | 90 787.50 | 0.13 |
| USD	UKRAINE RAILWAY VIA SHORTLINE-144A LPN 9.87500% 16-15.09.21 | 500 000.00 | 100 875.00 | 0.15 |
| USD	WAKALA GLOBAL SUKUK BHD-REG-S 4.64600% 11-06.07.21 | 660 000.00 | 675 675.00 | 0.97 |
| Total USD |  | 11 434 566.67 | 16.49 |
| Total Bonds, fixed rate |  | 11 434 566.67 | 16.49 |
| Total Transferable securities and money market instruments listed on an official stock exchange |  | 62 286 806.86 | 89.80 |

UBS (Lux) Bond SICAV – Emerging Markets Bonds 2021 (USD) Semi-Annual Report as of 30 November 2020
| Description | Quantity/ | Valuation in USD | as a % |
| --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |
| Transferable securities and money market instruments traded on another regulated market |  |  |  |
| Notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	CROATIA, REPUBLIC OF-REG-S 6.37500% 11-24.03.21 | 1 880 000.00 | 1 916 190.00 | 2.76 |
| USD	HONDURAS, REPUBIC OF-REG-S 8.75000% 13-16.12.20 | 660 000.00 | 659 802.00 | 0.95 |
| Total USD |  | 2 575 992.00 | 3.71 |
| Total Notes, fixed rate |  | 2 575 992.00 | 3.71 |
| Medium term notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	HUARONG FINANCE II CO LTD-REG-S 3.62500% 16-22.11.21 | 560 000.00 | 568 575.00 | 0.82 |
| Total USD |  | 568 575.00 | 0.82 |
| Total Medium term notes, fixed rate |  | 568 575.00 | 0.82 |
| Total Transferable securities and money market instruments traded on another regulated market |  | 3 144 567.00 | 4.53 |
| Total investments in securities |  | 65 431 373.86 | 94.33 |
|  |  |  |  |
| Cash at banks, deposits on demand and deposit accounts and other liquid assets |  | 3 222 755.56 | 4.65 |
| Other assets and liabilities |  | 707 212.97 | 1.02 |
| Total net assets |  | 69 361 342.39 | 100.00 |

UBS (Lux) Bond SICAV – Emerging Markets Bonds 2021 (USD) Semi-Annual Report as of 30 November 2020

Translation (ENFR, 2020-11-30):
# UBS (Lux) Bond SICAV
– Emerging Markets Bonds 2021 (USD)
| Données principales |  |
| --- | --- |
|  | ISIN | 30.11.2020 | 31.5.2020 | 31.5.2019 |
| Actif net en USD |  | 69 361 342.39 | 70 918 667.11 | 86 144 214.97 |
| Catégorie K-1-acc | LU1562322385 |  |  |  |
| Actions en circulation |  | 1.0000 | 1.2000 | 1.9000 |
| Valeur nette d’inventaire par action en USD |  | 5 466 260.53 | 5 338 759.22 | 5 248 473.87 |
| Prix d’émission et de rachat par action en USD 1 |  | 5 466 260.53 | 5 338 759.22 | 5 248 473.87 |
| Catégorie K-1-dist | LU1562322468 |  |  |  |
| Actions en circulation |  | 1.0000 | 1.0000 | 1.0000 |
| Valeur nette d’inventaire par action en USD |  | 5 009 119.75 | 5 010 813.09 | 5 044 357.77 |
| Prix d’émission et de rachat par action en USD 1 |  | 5 009 119.75 | 5 010 813.09 | 5 044 357.77 |
| Catégorie K-1-qdist | LU1562322542 |  |  |  |
| Actions en circulation |  | 0.2000 | 0.2000 | 0.2000 |
| Valeur nette d’inventaire par action en USD |  | 5 050 804.95 | 4 992 769.00 | 5 027 651.10 |
| Prix d’émission et de rachat par action en USD 1 |  | 5 050 804.95 | 4 992 769.00 | 5 027 651.10 |
| Catégorie K-X-acc | LU1586331834 |  |  |  |
| Actions en circulation |  | 50 000.0000 | 50 000.0000 | 50 000.0000 |
| Valeur nette d’inventaire par action en USD |  | 109.21 | 106.34 | 103.93 |
| Prix d’émission et de rachat par action en USD 1 |  | 109.21 | 106.34 | 103.93 |
| Catégorie P-acc | LU1562321817 |  |  |  |
| Actions en circulation |  | 146 606.6580 | 148 279.8810 | 172 869.9830 |
| Valeur nette d’inventaire par action en USD |  | 108.36 | 105.96 | 104.43 |
| Prix d’émission et de rachat par action en USD 1 |  | 108.36 | 105.96 | 104.43 |
| Catégorie P-dist | LU1562321908 |  |  |  |
| Actions en circulation |  | 70 701.4740 | 75 518.9370 | 81 091.9470 |
| Valeur nette d’inventaire par action en USD |  | 100.23 | 100.14 | 100.80 |
| Prix d’émission et de rachat par action en USD 1 |  | 100.23 | 100.14 | 100.80 |
| Catégorie P-qdist | LU1562322039 |  |  |  |
| Actions en circulation |  | 25 745.6360 | 25 745.6360 | 25 745.6360 |
| Valeur nette d’inventaire par action en USD |  | 100.97 | 99.81 | 100.51 |
| Prix d’émission et de rachat par action en USD 1 |  | 100.97 | 99.81 | 100.51 |
| Catégorie Q-acc | LU1562322112 |  |  |  |
| Actions en circulation |  | 145 943.6340 | 152 988.6340 | 175 512.0260 |
| Valeur nette d’inventaire par action en USD |  | 109.32 | 106.77 | 104.97 |
| Prix d’émission et de rachat par action en USD 1 |  | 109.32 | 106.77 | 104.97 |
| Catégorie Q-dist | LU1562322203 |  |  |  |
| Actions en circulation |  | 108 671.0440 | 109 821.0440 | 175 321.0440 |
| Valeur nette d’inventaire par action en USD |  | 100.20 | 100.23 | 100.89 |
| Prix d’émission et de rachat par action en USD 1 |  | 100.20 | 100.23 | 100.89 |
| 1  Voir note 1 |  |  |  |  |

UBS (Lux) Bond SICAV – Emerging Markets Bonds 2021 (USD) Rapport semestriel au 30 novembre 2020

## Structure du portefeuille-titres
Répartition géographique en % de l’actif net	
Indonésie	7.42
Corée du Sud	6.72
Mexique	6.64
Turquie	5.84
Luxembourg	5.66
Ukraine	4.18
Îles Vierges britanniques	3.99
Arabie saoudite	3.32
Emirats arabes unis	3.29
Costa Rica	3.11
Inde	2.98
Chili	2.84
Croatie	2.76
Brésil	2.57
Oman	2.55
Pays-Bas	2.40
Curaçao	2.16
Egypte	2.06
Bermudes	1.90
Iles Caïmans	1.82
Grande-Bretagne	1.60
République dominicaine	1.52
Pologne	1.47
Malaisie	1.41
Serbie	1.35
Sénégal	1.33
Nigéria	1.32
Afrique du Sud	1.14
Namibie	1.12
Pakistan	1.08
Bahreïn	1.04
Colombie	1.03
Géorgie	1.01
Honduras	0.95
Hong Kong	0.82
Hongrie	0.74
Mongolie	0.67
Equateur	0.15
Argentine	0.15
Liban	0.12
Israël	0.10
Répartition économique en % de l’actif net	
Gouvernements nationaux et centraux	29.41
Etablissements financiers et sociétés de participation	16.13
Pétrole	12.42
Banques & instituts de crédit	11.54
Distribution d’énergie & d’eau	7.60
Emetteurs d’obligations sécurisées (Pfandbriefe) et
sociétés de refinancement	3.74
Organisations supranationales	3.14
Appareils et composants électriques	2.61
Produits pharmaceutiques, cosmétiques & médicaux	2.16
Services divers	1.78
Industrie minière, charbon et acier	1.62
Sociétés publiques	1.00
Alimentation & softs	0.89
Immobilier	0.29
Total	94.33
Total	94.33
UBS (Lux) Bond SICAV – Emerging Markets Bonds 2021 (USD)
Rapport semestriel au 30 novembre 2020

## Etat des actifs nets
Actif	30.11.2020
USD
Portefeuille-titres, cours d’achat	68 239 636.01
| Portefeuille-titres, plus-/(moins)-value non réalisée | 	-2 808 262.15	 |
| --- | --- |
| Total du Portefeuille-titres (note 1) | 65 431 373.86 |
| Avoirs en banque, dépôts à vue et à terme | 3 222 755.56 |
| Intérêts à recevoir sur titres | 690 534.39 |
| Autres créances | 43 994.23 |
| Total de l’Actif | 69 388 658.04 |
|  |  |
| Passif |  |
| Provisions pour commission de gestion forfaitaire (note 2) | -18 379.00 |
| Provisions pour taxe d’abonnement (note 3) | -5 748.72 |
| Provisions pour autres commissions et frais (note 2) | 	-3 187.93	 |
| Total des Provisions pour frais | -27 315.65 |
| Total du Passif | -27 315.65 |
|  |  |
| Actif net à la fin de la période | 69 361 342.39 |
| Etat des opérations | USD |
| Revenus | 1.6.2020-30.11.2020 |
| Intérêts sur titres | 1 678 741.39 |
| Revenus sur prêts de titres (note 12) | 4 384.25 |
| Autres revenus (note 4) | 8 659.61 |
| Total des Revenus | 1 691 785.25 |
|  |  |
| Charges |  |
| Commission de gestion forfaitaire (note 2) | -230 323.60 |
| Taxe d’abonnement (note 3) | -18 065.53 |
| Frais sur prêts de titres (note 12) | -1 753.70 |
| Autres commissions et frais (note 2) | -3 145.69 |
| Total des Charges | -253 288.52 |
|  |  |
| Revenus/pertes net(te)s de placements | 1 438 496.73 |
|  |  |
| Bénéfices/(pertes) réalisé(e)s (note 1) |  |
| Bénéfice/(perte) réalisé(e) sur titres évalués à la valeur de marché hors options | -781 790.53 |
| Bénéfice/(perte) de change réalisé(e) | 2 272.72 |
| Total des Bénéfices/(pertes) réalisé(e)s | -779 517.81 |
|  |  |
| Bénéfice/(perte) net(te) réalisé(e) au cours de la période | 658 978.92 |
|  |  |
| Fluctuations de la plus-/(moins)-value non réalisée (note 1) |  |
| Plus-/(moins)-value non réalisée sur titres évalués à la valeur de marché hors options | 990 428.14 |
| Total des Fluctuations de la plus-/(moins)-value non réalisée | 990 428.14 |
|  |  |
| Augmentation/(diminution) nette de l’actif net issue de l’activité | 1 649 407.06 |

| Fluctuations de l’actif net |  |
| --- | --- |
|  | USD |
|  | 1.6.2020-30.11.2020 |
| Actif net au début de la période | 70 918 667.11 |
| Rachats | 	-2 620 582.34	 |
| Total Rachats | -2 620 582.34 |
| Dividendes versés | -586 149.44 |
| Revenus/pertes net(te)s de placements | 1 438 496.73 |
| Total des Bénéfices/(pertes) réalisé(e)s | -779 517.81 |
| Total des Fluctuations de la plus-/(moins)-value non réalisée | 	990 428.14	 |
| Augmentation/(diminution) nette de l’actif net issue de l’activité | 1 649 407.06 |
| Actif net à la fin de la période | 69 361 342.39 |

UBS (Lux) Bond SICAV – Emerging Markets Bonds 2021 (USD) Rapport semestriel au 30 novembre 2020
| Evolution des actions en circulation |  |
| --- | --- |
|  |  |  | 1.6.2020-30.11.2020 |
| Catégorie |  |  | K-1-acc |
| Nombre d’actions en circulation au début de la période |  |  | 1.2000 |
| Nombre d’actions émises |  |  | 0.0000 |
| Nombre d’actions rachetées |  |  | -0.2000 |
| Nombre d’actions en circulation à la fin de la période |  |  | 1.0000 |
| Catégorie |  |  | K-1-dist |
| Nombre d’actions en circulation au début de la période |  |  | 1.0000 |
| Nombre d’actions émises |  |  | 0.0000 |
| Nombre d’actions rachetées |  |  | 0.0000 |
| Nombre d’actions en circulation à la fin de la période |  |  | 1.0000 |
| Catégorie |  |  | K-1-qdist |
| Nombre d’actions en circulation au début de la période |  |  | 0.2000 |
| Nombre d’actions émises |  |  | 0.0000 |
| Nombre d’actions rachetées |  |  | 0.0000 |
| Nombre d’actions en circulation à la fin de la période |  |  | 0.2000 |
| 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-acc |
| Nombre d’actions en circulation au début de la période |  |  | 148 279.8810 |
| Nombre d’actions émises |  |  | 0.0000 |
| Nombre d’actions rachetées |  |  | -1 673.2230 |
| Nombre d’actions en circulation à la fin de la période |  |  | 146 606.6580 |
| Catégorie |  |  | P-dist |
| Nombre d’actions en circulation au début de la période |  |  | 75 518.9370 |
| Nombre d’actions émises |  |  | 0.0000 |
| Nombre d’actions rachetées |  |  | -4 817.4630 |
| Nombre d’actions en circulation à la fin de la période |  |  | 70 701.4740 |
| Catégorie |  |  | P-qdist |
| Nombre d’actions en circulation au début de la période |  |  | 25 745.6360 |
| Nombre d’actions émises |  |  | 0.0000 |
| Nombre d’actions rachetées |  |  | 0.0000 |
| Nombre d’actions en circulation à la fin de la période |  |  | 25 745.6360 |
| Catégorie |  |  | Q-acc |
| Nombre d’actions en circulation au début de la période |  |  | 152 988.6340 |
| Nombre d’actions émises |  |  | 0.0000 |
| Nombre d’actions rachetées |  |  | -7 045.0000 |
| Nombre d’actions en circulation à la fin de la période |  |  | 145 943.6340 |
| Catégorie |  |  | Q-dist |
| Nombre d’actions en circulation au début de la période |  |  | 109 821.0440 |
| Nombre d’actions émises |  |  | 0.0000 |
| Nombre d’actions rachetées |  |  | -1 150.0000 |
| Nombre d’actions en circulation à la fin de la période |  |  | 108 671.0440 |
| Distribution annuelle 1 |  |  |  |
| UBS (Lux) Bond SICAV – Emerging Markets Bonds 2021 (USD)	Date de détachement | Date de versement | Devise | Montant par action |
| K-1-dist	3.8.2020 | 6.8.2020 | USD | 120 311.08 |
| P-dist	3.8.2020 | 6.8.2020 | USD | 2.15 |
| Q-dist	3.8.2020 | 6.8.2020 | USD | 2.40 |
| Distribution trimestrielle 1 |  |  |  |
| UBS (Lux) Bond SICAV – Emerging Markets Bonds 2021 (USD)	Date de détachement | Date de versement | Devise | Montant par action |
| K-1-qdist	15.6.2020 | 18.6.2020 | USD | 30 242.13 |
| K-1-qdist	15.9.2020 | 18.9.2020 | USD | 30 242.13 |
| P-qdist	15.6.2020 | 18.6.2020 | USD | 0.54 |
| P-qdist	15.9.2020 | 18.9.2020 | USD | 0.54 |
| 1  Voir note 5 |  |  |  |

UBS (Lux) Bond SICAV – Emerging Markets Bonds 2021 (USD)
Rapport semestriel au 30 novembre 2020

## Etat du portefeuille-titres et autres actifs nets au 30 novembre 2020
| Dénomination | Nombre/ | Evaluation en USD | en % |
| --- | --- | --- | --- |
|  | Nominal | Bénéfice/(perte) non | de |
|  |  | réalisé(e) sur futures/ | l’actif |
|  |  | Contrats de | net |
|  |  | change à terme/ |  |
|  |  | Swaps (note 1) |  |
| Titres et instruments du marché monétaire négociés sur une bourse officielle Billets, taux fixe |  |  |  |
| USD |  |  |  |
| USD	BANCO DO BRASIL SA-REG-S-SUB 5.37500% 10-15.01.21 | 485 000.00 | 487 879.69 | 0.70 |
| USD	BANCO NACIONAL DE COSTA RICA-REG-S 5.87500% 16-25.04.21 | 785 000.00 | 786 471.87 | 1.13 |
| USD	BBVA BANCOMER SA/TEXAS-REG-S-SUB 6.50000% 11-10.03.21 | 670 000.00 | 675 078.60 | 0.97 |
| USD	CENTRAIS ELETRICAS BRASILEIRAS SA-REG-S 5.75000% 11-27.10.21 | 1 250 000.00 | 1 293 359.38 | 1.86 |
| USD	COMISION FEDERAL DE ELECTRICIDAD-REG-S 4.87500% 11-26.05.21 | 1 885 000.00 | 1 919 754.69 | 2.77 |
| USD	CORP NACIONAL DEL COBRE DE CHILE-REG-S 3.87500% 11-03.11.21 | 200 000.00 | 205 500.00 | 0.30 |
| USD	DELEK & AVNER TAMAR BOND LTD-144A 4.43500% 14-30.12.20 | 70 000.00 | 70 000.00 | 0.10 |
| USD	EMPRESA NACIONAL DEL PETROLEO-REG-S 4.75000% 11-06.12.21 | 1 700 000.00 | 1 761 625.00 | 2.54 |
| USD	EXPORT-IMPORT BANK OF KOREA 4.37500% 11-15.09.21 | 1 315 000.00 | 1 356 915.62 | 1.96 |
| USD	GAZ CAPITAL SA-REG-S LPN 5.99900% 11-23.01.21 | 1 460 000.00 | 1 469 125.00 | 2.12 |
| USD	HUNGARY, REPUBLIC OF 6.37500% 11-29.03.21 | 500 000.00 | 510 468.75 | 0.74 |
| USD	INDIAN OIL CORP-REG-S 5.62500% 11-02.08.21 | 600 000.00 | 616 312.50 | 0.89 |
| USD	INDONESIA, REPUBLIC OF-REG-S 4.87500% 11-05.05.21 | 1 000 000.00 | 1 015 625.00 | 1.46 |
| USD	INSTITUTO COSTARRICENSE DE ELEC-REG-S 6.95000% 11-10.11.21 | 1 389 000.00 | 1 371 637.50 | 1.98 |
| USD	KOREA DEVELOPMENT BANK 4.62500% 11-16.11.21 | 670 000.00 | 696 590.62 | 1.00 |
| USD	KOREA HYDRO&NUCLEAR POWER CO LTD-REG-S 4.75000% 11-13.07.21 | 1 200 000.00 | 1 232 625.00 | 1.78 |
| USD	KOREA NATIONAL OIL CORP-REG-S 2.12500% 16-14.04.21 | 910 000.00 | 915 687.50 | 1.32 |
| USD	KOREA NATIONAL OIL CORP-REG-S 2.00000% 16-24.10.21 | 450 000.00 | 456 468.75 | 0.66 |
| USD	NAMIBIA, REPUBLIC OF-REG-S 5.50000% 11-03.11.21 | 760 000.00 | 780 425.00 | 1.12 |
| USD	NIGERIA, FEDERAL REPUBLIC OF-REG-S 6.75000% 11-28.01.21 | 910 000.00 | 913 412.50 | 1.32 |
| USD	OMAN GOVT INTERNATIONAL BOND-REG-S 3.62500% 16-15.06.21 | 1 775 000.00 | 1 770 562.50 | 2.55 |
| USD	PERTAMINA PT-REG-S 5.25000% 11-23.05.21 | 1 500 000.00 | 1 534 218.75 | 2.21 |
| USD	PERUSAHAAN LISTRIK NEGARA PT-REG-S 5.50000% 11-22.11.21 | 2 495 000.00 | 2 597 918.75 | 3.75 |
| USD	PETROAMAZONAS EP-REG-S 4.62500% 17-06.12.21 | 200 000.00 | 107 333.33 | 0.15 |
| USD	PETROLEOS MEXICANOS 6.37500% 17-04.02.21 | 2 000 000.00 | 2 008 125.00 | 2.90 |
| USD	POLAND, REPUBLIC OF 5.12500% 11-21.04.21 | 1 000 000.00 | 1 017 500.00 | 1.47 |
| USD	SB CAPITAL SA FOR SBERBANK-REG-S LPN 5.71700% 11-16.06.21 | 1 390 000.00 | 1 427 790.63 | 2.06 |
| USD	SENEGAL, REPUBLIC OF-REG-S 8.75000% 11-13.05.21 | 890 000.00 | 919 481.25 | 1.33 |
| USD	SERBIA INTERNATIONAL BOND-REG-S 7.25000% 11-28.09.21 | 890 000.00 | 938 950.00 | 1.35 |
| USD	SINOPEC GROUP OVERSEA DEVELOPMENT-REG-S 2.00000% 16-29.09.21 | 1 510 000.00 | 1 521 796.88 | 2.19 |
| USD	TEVA PHARMACEUTICAL FINANCE CO BV 3.65000% 11-10.11.21 | 1 500 000.00 | 1 499 531.25 | 2.16 |
| USD	UKRAINE, GOVERNMENT OF-REG-S 7.75000% 15-01.09.21 | 2 800 000.00 | 2 900 800.00 | 4.18 |
| USD	YPF SA-REG-S 8.50000% 16-23.03.21 | 110 000.00 | 103 104.37 | 0.15 |
| Total USD |  | 36 882 075.68 | 53.17 |
| Total des Billets, taux fixe |  | 36 882 075.68 | 53.17 |
| Medium-Term Notes, taux fixe |  |  |  |
| USD |  |  |  |
| USD	ABU DHABI COMMERCIAL BANK PJSC-REG-S 2.75000% 16-05.10.21 | 1 000 000.00 | 1 014 375.00 | 1.46 |
| USD	ABU DHABI NATIONAL ENERGY CO PJSC-REG-S 5.87500% 11-13.12.21 | 1 200 000.00 | 1 265 625.00 | 1.82 |
| USD	AFRICAN EXPORT-IMPORT BANK-REG-S 4.00000% 16-24.05.21 | 1 410 000.00 | 1 429 204.20 | 2.06 |
| USD	CBQ FINANCE LTD-REG-S 3.25000% 16-13.06.21 | 1 305 000.00 | 1 320 904.69 | 1.90 |
| USD	CDBI TREASURE I LTD-REG-S 2.25000% 16-02.08.21 | 740 000.00 | 743 931.25 | 1.07 |
| USD	CHARMING LIGHT INVESTMENTS LTD-REG-S 2.37500% 16-30.08.21 | 500 000.00 | 503 906.25 | 0.73 |
| USD	EXPORT-IMPORT BANK OF INDIA-REG-S 3.12500% 16-20.07.21 | 1 000 000.00 | 1 012 812.50 | 1.46 |
| USD	EXPORT-IMPORT BANK OF MALAYSIA-REG-S 2.48000% 16-20.10.21 | 300 000.00 | 303 843.75 | 0.44 |
| USD	LEBANON, REPUBLIC OF-REG-S *DEFAULTED* 8.25000% 06-12.04.21 | 650 000.00 | 81 250.00 | 0.12 |
| USD	MONGOLIA,GOVERNMENT OF-REG-S 10.87500% 16-06.04.21 | 450 000.00 | 462 937.50 | 0.67 |
| USD	NTPC LTD-REG-S 5.62500% 11-14.07.21 | 425 000.00 | 436 289.06 | 0.63 |
| USD	QNB FINANCE LTD-REG-S 2.12500% 16-07.09.21 | 1 050 000.00 | 1 061 156.25 | 1.53 |
| USD	SAUDI GOVERNMENT INTERNATIONAL BD-REG-S 2.37500% 16-26.10.21 | 2 270 000.00 | 2 302 915.00 | 3.32 |
| USD	TURKIYE BANKASI AS-REG-S 5.37500% 16-06.10.21 | 1 010 000.00 | 1 012 525.00 | 1.46 |
| USD	TURKIYE VAKIFLAR BANKASI TAO-REG-S 5.50000% 16-27.10.21 | 1 015 000.00 | 1 018 489.06 | 1.47 |
| Total USD |  | 13 970 164.51 | 20.14 |
| Total des Medium-Term Notes, taux fixe |  | 13 970 164.51 | 20.14 |
| Obligations, taux fixe |  |  |  |
| USD |  |  |  |
| USD	BAHRAIN GVT INTERNATIONAL BOND-REG-S 5.87500% 15-26.01.21 | 720 000.00 | 723 600.00 | 1.04 |
| USD	CHINA EVERGRANDE GROUP-REG-S 6.25000% 17-28.06.21 | 215 000.00 | 204 653.13 | 0.30 |
| USD	COLOMBIA, REPUBLIC OF 4.37500% 11-12.07.21 | 700 000.00 | 717 281.25 | 1.03 |
| USD	DOMINICAN REPUBLIC-REG-S 7.50000% 10-06.05.21 | 3 100 000.00 | 1 057 229.16 | 1.52 |
| USD	ESKOM HOLDINGS SOC LTD-REG-S 5.75000% 11-26.01.21 | 795 000.00 | 790 031.25 | 1.14 |
| USD	EVRAZ PLC-REG-S 8.25000% 15-28.01.21 | 905 000.00 | 916 312.50 | 1.32 |
| USD	EXPORT CREDIT BANK OF TURKEY REG-S 5.00000% 14-23.09.21 | 1 010 000.00 | 1 010 631.25 | 1.46 |
| USD	GEORGIA GOVERNMENT INTERNATIONAL BOND 6.87500% 11-12.04.21 | 690 000.00 | 697 978.13 | 1.01 |
| USD	PETROBRAS GLOBAL FINANCE BV 8.37500% 16-23.05.21 | 1 615 000.00 | 1 661 431.25 | 2.40 |
| USD	SEVERSTAL OAO VIA STEEL CAPITAL-REG-S 3.85000% 17-27.08.21 | 1 010 000.00 | 1 028 937.50 | 1.48 |
| USD	THIRD PAKISTAN INTERNATIONAL SUK-REG-S 5.50000% 16-13.10.21 | 740 000.00 | 747 862.50 | 1.08 |
| USD	TURKEY, REPUBLIC OF 5.62500% 10-30.03.21 | 1 005 000.00 | 1 011 281.25 | 1.46 |
| USD	UKRAINE RAILWAY VIA SHORTLINE-REG-S LPN 9.87500% 16-15.09.21 | 450 000.00 | 90 787.50 | 0.13 |
| USD	UKRAINE RAILWAY VIA SHORTLINE-144A LPN 9.87500% 16-15.09.21 | 500 000.00 | 100 875.00 | 0.15 |
| USD	WAKALA GLOBAL SUKUK BHD-REG-S 4.64600% 11-06.07.21 | 660 000.00 | 675 675.00 | 0.97 |
| Total USD |  | 11 434 566.67 | 16.49 |
| Total des Obligations, taux fixe |  | 11 434 566.67 | 16.49 |
| Total des Titres et instruments du marché monétaire négociés sur une bourse officielle |  | 62 286 806.86 | 89.80 |

UBS (Lux) Bond SICAV – Emerging Markets Bonds 2021 (USD) Rapport semestriel au 30 novembre 2020
| Dénomination | Nombre/ | Evaluation en USD | en % |
| --- | --- | --- | --- |
|  | Nominal | Bénéfice/(perte) non | de |
|  |  | réalisé(e) sur futures/ | l’actif |
|  |  | Contrats de | net |
|  |  | change à terme/ |  |
|  |  | Swaps (note 1) |  |
| Titres et instruments du marché monétaire négociés sur un autre marché réglementé |  |  |  |
| Billets, taux fixe |  |  |  |
| USD |  |  |  |
| USD	CROATIA, REPUBLIC OF-REG-S 6.37500% 11-24.03.21 | 1 880 000.00 | 1 916 190.00 | 2.76 |
| USD	HONDURAS, REPUBIC OF-REG-S 8.75000% 13-16.12.20 | 660 000.00 | 659 802.00 | 0.95 |
| Total USD |  | 2 575 992.00 | 3.71 |
| Total des Billets, taux fixe |  | 2 575 992.00 | 3.71 |
| Medium-Term Notes, taux fixe |  |  |  |
| USD |  |  |  |
| USD	HUARONG FINANCE II CO LTD-REG-S 3.62500% 16-22.11.21 | 560 000.00 | 568 575.00 | 0.82 |
| Total USD |  | 568 575.00 | 0.82 |
| Total des Medium-Term Notes, taux fixe |  | 568 575.00 | 0.82 |
| Total des Titres et instruments du marché monétaire négociés sur un autre marché réglementé |  | 3 144 567.00 | 4.53 |
| Total du Portefeuille-titres |  | 65 431 373.86 | 94.33 |
|  |  |  |  |
| Avoirs en banque, dépôts à vue et à terme et autres liquidités |  | 3 222 755.56 | 4.65 |
| Autres actifs et passifs |  | 707 212.97 | 1.02 |
| Total de l’Actif net |  | 69 361 342.39 | 100.00 |

UBS (Lux) Bond SICAV – Emerging Markets Bonds 2021 (USD)
Rapport semestriel au 30 novembre 2020