# UBS (Lux) Bond SICAV
– Emerging Economies Corporates (USD)
| Most important figures |  |
| --- | --- |
|  | ISIN | 30.11.2020 | 31.5.2020 | 31.5.2019 |
| Net assets in USD |  | 710 433 416.89 | 546 898 682.50 | 452 291 254.26 |
| Class F-acc | LU1611257178 |  |  |  |
| Shares outstanding |  | 899 877.0000 | 1 037 184.0000 | 718 283.0000 |
| Net asset value per share in USD |  | 122.94 | 111.74 | 107.42 |
| Issue and redemption price per share in USD 1 |  | 122.94 | 108.39 | 107.42 |
| Class I-B-acc 2 | LU2107555869 |  |  |  |
| Shares outstanding |  | 40 814.0000 | 14 661.0000 | - |
| Net asset value per share in USD |  | 106.50 | 96.55 | - |
| Issue and redemption price per share in USD 1 |  | 106.50 | 93.65 | - |
| Class I-X-acc | LU1564462544 |  |  |  |
| Shares outstanding |  | 136 177.3620 | 147 789.3620 | 103 336.0910 |
| Net asset value per share in USD |  | 128.56 | 116.47 | 111.24 |
| Issue and redemption price per share in USD 1 |  | 128.56 | 112.98 | 111.24 |
| Class I-X-dist | LU1092615647 |  |  |  |
| Shares outstanding |  | 4 535 818.7900 | 3 295 345.7900 | 2 728 323.7900 |
| Net asset value per share in USD |  | 109.90 | 105.41 | 106.12 |
| Issue and redemption price per share in USD 1 |  | 109.90 | 102.25 | 106.12 |
| Class K-B-mdist 3 | LU2204822600 |  |  |  |
| Shares outstanding |  | 151 181.4850 | - | - |
| Net asset value per share in USD |  | 102.52 | - | - |
| Issue and redemption price per share in USD 1 |  | 102.52 | - | - |
| Class (EUR hedged) K-B-mdist 4 | LU2204823087 |  |  |  |
| Shares outstanding |  | 143 360.5230 | - | - |
| Net asset value per share in EUR |  | 101.21 | - | - |
| Issue and redemption price per share in EUR 1 |  | 101.21 | - | - |
| Class K-X-acc | LU1564462460 |  |  |  |
| Shares outstanding |  | 214 437.5020 | 256 695.7770 | 145 616.3300 |
| Net asset value per share in USD |  | 128.40 | 116.35 | 111.17 |
| Issue and redemption price per share in USD 1 |  | 128.40 | 112.86 | 111.17 |
| Class (EUR hedged) K-X-mdist 5 | LU1957417782 |  |  |  |
| Shares outstanding |  | - | 142 310.9990 | 188 898.0000 |
| Net asset value per share in EUR |  | - | 95.58 | 100.25 |
| Issue and redemption price per share in EUR 1 |  | - | 92.71 | 100.25 |
| Class (EUR hedged) P-4%-qdist | LU1669357250 |  |  |  |
| Shares outstanding |  | 6 747.0050 | 6 055.4740 | 2 042.3670 |
| Net asset value per share in EUR |  | 94.52 | 88.67 | 92.11 |
| Issue and redemption price per share in EUR 1 |  | 94.52 | 86.01 | 92.11 |
| Class P-acc | LU0896022034 |  |  |  |
| Shares outstanding |  | 17 358.1450 | 17 351.5080 | 23 642.5500 |
| Net asset value per share in USD |  | 132.77 | 121.42 | 118.10 |
| Issue and redemption price per share in USD 1 |  | 132.77 | 117.78 | 118.10 |
| Class (CHF hedged) P-acc 6 | LU0896022380 |  |  |  |
| Shares outstanding |  | - | - | 29 793.7000 |
| Net asset value per share in CHF |  | - | - | 106.48 |
| Issue and redemption price per share in CHF 1 |  | - | - | 106.48 |
| Class (EUR hedged) P-acc | LU0896022620 |  |  |  |
| Shares outstanding |  | 19 190.7690 | 24 280.6800 | 34 400.9000 |
| Net asset value per share in EUR |  | 118.96 | 109.41 | 109.21 |
| Issue and redemption price per share in EUR 1 |  | 118.96 | 106.13 | 109.21 |
| Class P-dist | LU0896022117 |  |  |  |
| Shares outstanding |  | 3 978.1840 | 3 978.1840 | 4 551.9950 |
| Net asset value per share in USD |  | 104.03 | 98.65 | 99.40 |
| Issue and redemption price per share in USD 1 |  | 104.03 | 95.69 | 99.40 |
| Class (CHF hedged) P-dist 6 | LU0896022463 |  |  |  |
| Shares outstanding |  | - | - | 35 809.9710 |
| Net asset value per share in CHF |  | - | - | 89.49 |
| Issue and redemption price per share in CHF 1 |  | - | - | 89.49 |
| Class (EUR hedged) P-dist | LU0896022893 |  |  |  |
| Shares outstanding |  | 12 534.3900 | 14 738.9130 | 14 208.7130 |
| Net asset value per share in EUR |  | 91.24 | 88.34 | 91.51 |
| Issue and redemption price per share in EUR 1 |  | 91.24 | 85.69 | 91.51 |
| Class Q-acc | LU1240772738 |  |  |  |
| Shares outstanding |  | 80 142.5700 | 95 976.5700 | 141 103.7870 |
| Net asset value per share in USD |  | 139.55 | 127.08 | 122.61 |
| Issue and redemption price per share in USD 1 |  | 139.55 | 123.27 | 122.61 |

UBS (Lux) Bond SICAV – Emerging Economies Corporates (USD) Semi-Annual Report as of 30 November 2020
|  | ISIN | 30.11.2020 | 31.5.2020 | 31.5.2019 |
| --- | --- | --- | --- | --- |
|  |  |  |  |  |
| Class (CHF hedged) Q-acc 6 | LU1240772225 |  |  |  |
| Shares outstanding |  | - | - | 26 011.8660 |
| Net asset value per share in CHF |  | - | - | 111.90 |
| Issue and redemption price per share in CHF 1 |  | - | - | 111.90 |
| Class Q-dist | LU1240772811 |  |  |  |
| Shares outstanding |  | 2 891.3400 | 2 846.3400 | 2 924.8180 |
| Net asset value per share in USD |  | 114.86 | 108.99 | 109.79 |
| Issue and redemption price per share in USD 1 |  | 114.86 | 105.72 | 109.79 |
| Class (CHF hedged) Q-dist 6 | LU1240772498 |  |  |  |
| Shares outstanding | -	- | 8 763.5030 |
| Net asset value per share in CHF | -	- | 100.05 |
| Issue and redemption price per share in CHF 1 | -	- | 100.05 |
| 1  See note 1 2  First NAV: 2.3.2020 3  First NAV: 31.7.2020 4  First NAV: 7.8.2020 5  The share class (EUR hedged) K-X-mdist was in circulation until 12.8.2020 |  |  |

6 
The share classes (CHF hedged) P-acc, (CHF hedged) P-dist, (CHF hedged) Q-acc and (CHF hedged) Q-dist were in circulation until 14.10.2019

## Structure of the Securities Portfolio
Geographical Breakdown as a % of net assets	
Cayman Islands	7.75
The Netherlands	7.75
Mexico	7.55
Ireland	5.49
Luxembourg	5.36
Colombia	4.20
United Arab Emirates	4.19
Saudi Arabia	3.89
Turkey	3.85
Hong Kong	3.67
Brazil	3.40
Singapore	3.21
United States	3.15
India	3.06
Chile	2.89
China	2.83
United Kingdom	2.70
Canada	2.47
Mauritius	1.99
South Korea	1.93
Peru	1.82
British Virgin Islands	1.77
Argentina	1.65
Macau	1.56
Israel	1.21
Indonesia	0.91
Panama	0.89
Thailand	0.72
Bermuda	0.68
Isle of Man	0.68
Malaysia	0.61
Kazakhstan	0.56
Uzbekistan	0.54
Ukraine	0.53
Austria	0.39
Qatar	0.37
Egypt	0.32
Oman	0.30
Guatemala	0.30
Curacao	0.28
Belarus	0.28
Kuwait	0.24
Mongolia	0.23
Morocco	0.22
Bahrain	0.20
Ecuador	0.20
Trinidad And Tobago	0.17
Costa Rica	0.14
Spain	0.04
Economic Breakdown as a % of net assets	
Finance & holding companies	28.10
Petroleum	10.76
Banks & credit institutions	10.54
Mining, coal & steel	5.57
Energy & water supply	4.58
Investment funds	4.29
Countries & central governments	4.16
Telecommunications	4.01
Chemicals	3.28
Real Estate	2.67
Miscellaneous services	2.09
Pharmaceuticals, cosmetics & medical products	1.85
Lodging, catering & leisure	1.78
Mortgage & funding institutions	1.73
Food & soft drinks	1.64
Electrical devices & components	1.46
Insurance	1.35
Traffic & transportation	1.29
Miscellaneous unclassified companies	1.13
Forestry, paper & pulp products	1.02
Mechanical engineering & industrial equipment	0.84
Non-ferrous metals	0.82
Precious metals & stones	0.81
Internet, software & IT services	0.78
Agriculture & fishery	0.60
Miscellaneous consumer goods	0.46
Building industry & materials	0.30
Tobacco & alcohol	0.26
Miscellaneous trading companies	0.22
Vehicles	0.20
Public, non-profit institutions	0.18
Supranational organisations	0.16
Packaging industry	0.11
Retail trade, department stores	0.10
Total	99.14
Total	99.14
UBS (Lux) Bond SICAV – Emerging Economies Corporates (USD) Semi-Annual Report as of 30 November 2020

## Statement of Net Assets
Assets	30.11.2020
USD
Investments in securities, cost	676 873 696.83
| Investments in securities, unrealized appreciation (depreciation) | 	27 415 978.13	 |
| --- | --- |
| Total investments in securities (Note 1) | 704 289 674.96 |
| Cash at banks, deposits on demand and deposit accounts | 1 069 767.67 |
| Other liquid assets (Margins) | 971 942.37 |
| Receivable on securities sales (Note 1) | 673 290.00 |
| Receivable on subscriptions | 196 837.68 |
| Interest receivable on securities | 7 838 274.01 |
| Receivable on dividends | 3 265.54 |
| Other receivables | 36 849.46 |
| Unrealized gain on forward foreign exchange contracts (Note 1) | 138 012.39 |
| Total Assets | 715 217 914.08 |
|  |  |
| Liabilities |  |
| Unrealized loss on financial futures (Note 1) | -106 437.50 |
| Bank overdraft | -14 702.71 |
| Interest payable on bank overdraft | -44.25 |
| Payable on securities purchases (Note 1) | -3 484 414.88 |
| Payable on redemptions | -1 090 532.07 |
| Provisions for flat fee (Note 2) | -41 607.48 |
| Provisions for taxe d’abonnement (Note 3) | -17 997.55 |
| Provisions for other commissions and fees (Note 2) | 	-28 760.75	 |
| Total provisions | -88 365.78 |
| Total Liabilities | -4 784 497.19 |
|  |  |
| Net assets at the end of the period | 710 433 416.89 |
| Statement of Operations | USD |
| Income | 1.6.2020-30.11.2020 |
| Interest on liquid assets | 135.84 |
| Interest on securities | 15 203 273.77 |
| Dividends | 23 572.39 |
| Interest received on swaps (Note 1) | 324 304.86 |
| Income on securities lending (Note 12) | 78 754.40 |
| Other income (Note 4) | 1 516 135.68 |
| Total income | 17 146 176.94 |
|  |  |
| Expenses |  |
| Interest paid on swaps (Note 1) | -108 604.17 |
| Flat fee (Note 2) | -532 648.50 |
| Taxe d’abonnement (Note 3) | -51 346.40 |
| Cost on securities lending (Note 12) | -31 501.76 |
| Other commissions and fees (Note 2) | -28 377.74 |
| Interest on cash and bank overdraft | -2 225.73 |
| Total expenses | -754 704.30 |
|  |  |
| Net income (loss) on investments | 16 391 472.64 |
|  |  |
| Realized gain (loss) (Note 1) |  |
| Realized gain (loss) on market-priced securities without options | -147 268.92 |
| Realized gain (loss) on financial futures | -44 023.01 |
| Realized gain (loss) on forward foreign exchange contracts | 1 715 542.03 |
| Realized gain (loss) on swaps | -339 813.50 |
| Realized gain (loss) on foreign exchange | -30 543.83 |
| Total realized gain (loss) | 1 153 892.77 |
|  |  |
| Net realized gain (loss) of the period | 17 545 365.41 |
|  |  |
| Changes in unrealized appreciation (depreciation) (Note 1) |  |
| Unrealized appreciation (depreciation) on market-priced securities without options | 42 467 054.51 |
| Unrealized appreciation (depreciation) on yield-evaluated securities and money market instruments | -1 874.45 |
| Unrealized appreciation (depreciation) on financial futures | 451 515.57 |
| Unrealized appreciation (depreciation) on forward foreign exchange contracts | -342 743.78 |
| Total changes in unrealized appreciation (depreciation) | 42 573 951.85 |
|  |  |
| Net increase (decrease) in net assets as a result of operations | 60 119 317.26 |

UBS (Lux) Bond SICAV – Emerging Economies Corporates (USD) Semi-Annual Report as of 30 November 2020
| Changes in Net Assets |  |
| --- | --- |
|  | USD |
|  | 1.6.2020-30.11.2020 |
| Net assets at the beginning of the period | 546 898 682.50 |
| Subscriptions | 215 034 402.44 |
| Redemptions | 	-91 134 536.74	 |
| Total net subscriptions (redemptions) | 123 899 865.70 |
| Dividend paid | -20 484 448.57 |
| Net income (loss) on investments | 16 391 472.64 |
| Total realized gain (loss) | 1 153 892.77 |
| Total changes in unrealized appreciation (depreciation) | 	42 573 951.85	 |
| Net increase (decrease) in net assets as a result of operations | 60 119 317.26 |
| Net assets at the end of the period | 710 433 416.89 |
| Changes in the Number of Shares outstanding |  |
|  | 1.6.2020-30.11.2020 |
| Class | F-acc |
| Number of shares outstanding at the beginning of the period | 1 037 184.0000 |
| Number of shares issued | 17 689.0000 |
| Number of shares redeemed | -154 996.0000 |
| Number of shares outstanding at the end of the period | 899 877.0000 |
| Class | I-B-acc |
| Number of shares outstanding at the beginning of the period | 14 661.0000 |
| Number of shares issued | 91 793.0000 |
| Number of shares redeemed | -65 640.0000 |
| Number of shares outstanding at the end of the period | 40 814.0000 |
| Class | I-X-acc |
| Number of shares outstanding at the beginning of the period | 147 789.3620 |
| Number of shares issued | 0.0000 |
| Number of shares redeemed | -11 612.0000 |
| Number of shares outstanding at the end of the period | 136 177.3620 |
| Class | I-X-dist |
| Number of shares outstanding at the beginning of the period | 3 295 345.7900 |
| Number of shares issued | 1 490 752.0000 |
| Number of shares redeemed | -250 279.0000 |
| Number of shares outstanding at the end of the period | 4 535 818.7900 |
| Class | K-B-mdist |
| Number of shares outstanding at the beginning of the period | 0.0000 |
| Number of shares issued | 151 181.4850 |
| Number of shares redeemed | 0.0000 |
| Number of shares outstanding at the end of the period | 151 181.4850 |
| Class | (EUR hedged) K-B-mdist |
| Number of shares outstanding at the beginning of the period | 0.0000 |
| Number of shares issued | 143 360.5230 |
| Number of shares redeemed | 0.0000 |
| Number of shares outstanding at the end of the period | 143 360.5230 |
| Class | K-X-acc |
| Number of shares outstanding at the beginning of the period | 256 695.7770 |
| Number of shares issued | 40 133.9830 |
| Number of shares redeemed | -82 392.2580 |
| Number of shares outstanding at the end of the period | 214 437.5020 |
| Class | (EUR hedged) K-X-mdist |
| Number of shares outstanding at the beginning of the period | 142 310.9990 |
| Number of shares issued | 0.0000 |
| Number of shares redeemed | -142 310.9990 |
| Number of shares outstanding at the end of the period | 0.0000 |
| Class | (EUR hedged) P-4%-qdist |
| Number of shares outstanding at the beginning of the period | 6 055.4740 |
| Number of shares issued | 691.5310 |
| Number of shares redeemed | 0.0000 |
| Number of shares outstanding at the end of the period | 6 747.0050 |
| Class | P-acc |
| Number of shares outstanding at the beginning of the period | 17 351.5080 |
| Number of shares issued | 25.2270 |
| Number of shares redeemed | -18.5900 |
| Number of shares outstanding at the end of the period | 17 358.1450 |
| Class | (EUR hedged) P-acc |
| Number of shares outstanding at the beginning of the period | 24 280.6800 |
| Number of shares issued | 52 519.1960 |
| Number of shares redeemed | -57 609.1070 |
| Number of shares outstanding at the end of the period | 19 190.7690 |
| Class | P-dist |
| Number of shares outstanding at the beginning of the period | 3 978.1840 |
| Number of shares issued | 0.0000 |
| Number of shares redeemed | 0.0000 |
| Number of shares outstanding at the end of the period | 3 978.1840 |

UBS (Lux) Bond SICAV – Emerging Economies Corporates (USD) Semi-Annual Report as of 30 November 2020
| Class |  |  | (EUR hedged) P-dist |
| --- | --- | --- | --- |
| Number of shares outstanding at the beginning of the period |  |  | 14 738.9130 |
| Number of shares issued |  |  | 750.0000 |
| Number of shares redeemed |  |  | -2 954.5230 |
| Number of shares outstanding at the end of the period |  |  | 12 534.3900 |
| Class |  |  | Q-acc |
| Number of shares outstanding at the beginning of the period |  |  | 95 976.5700 |
| Number of shares issued |  |  | 80.0000 |
| Number of shares redeemed |  |  | -15 914.0000 |
| Number of shares outstanding at the end of the period |  |  | 80 142.5700 |
| Class |  |  | Q-dist |
| Number of shares outstanding at the beginning of the period |  |  | 2 846.3400 |
| Number of shares issued |  |  | 45.0000 |
| Number of shares redeemed |  |  | 0.0000 |
| Number of shares outstanding at the end of the period |  |  | 2 891.3400 |
| Annual Distribution 1 |  |  |  |
| UBS (Lux) Bond SICAV – Emerging Economies Corporates (USD)	Ex-Date | Pay-Date | Currency | Amount per share |
| I-X-dist	3.8.2020 | 6.8.2020 | USD | 6.21 |
| P-dist	3.8.2020 | 6.8.2020 | USD | 3.73 |
| (EUR hedged) P-dist	3.8.2020 | 6.8.2020 | EUR | 4.66 |
| Q-dist	3.8.2020 | 6.8.2020 | USD | 4.66 |
| Quarterly Distribution 1 |  |  |  |
| UBS (Lux) Bond SICAV – Emerging Economies Corporates (USD)	Ex-Date | Pay-Date | Currency | Amount per share |
| (EUR hedged) P-4%-qdist	10.7.2020 | 15.7.2020 | EUR | 0.90 |
| (EUR hedged) P-4%-qdist	12.10.2020 | 15.10.2020 | EUR | 0.92 |
| Monthly Distribution 1 |  |  |  |
| UBS (Lux) Bond SICAV – Emerging Economies Corporates (USD)	Ex-Date | Pay-Date | Currency | Amount per share |
| K-B-mdist	15.9.2020 | 18.9.2020 | USD | 0.57 |
| K-B-mdist	15.10.2020 | 20.10.2020 | USD | 0.56 |
| K-B-mdist	16.11.2020 | 19.11.2020 | USD | 0.56 |
| (EUR hedged) K-B-mdist	15.9.2020 | 18.9.2020 | EUR | 0.56 |
| (EUR hedged) K-B-mdist	15.10.2020 | 20.10.2020 | EUR | 0.55 |
| (EUR hedged) K-B-mdist	16.11.2020 | 19.11.2020 | EUR | 0.55 |
| (EUR hedged) K-X-mdist	15.6.2020 | 18.6.2020 | EUR | 0.56 |
| (EUR hedged) K-X-mdist	15.7.2020 | 20.7.2020 | EUR | 0.56 |
| 1  See note 5 |  |  |  |

UBS (Lux) Bond SICAV – Emerging Economies Corporates (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	ABJA INVESTMENT CO PTE LTD-REG-S 5.45000% 18-24.01.28 | 3 200 000.00 | 3 295 296.00 | 0.46 |
| USD	ABU DHABI NATIONAL ENERGY CO PJSC-REG-S 4.87500% 18-23.04.30 | 2 600 000.00 | 3 215 875.00 | 0.45 |
| USD	ADANI ELECTRICITY MUMBAI LTD-REG-S 3.94900% 20-12.02.30 | 2 050 000.00 | 2 147 375.00 | 0.30 |
| USD	ADANI PORTS & SPECIAL ECO ZONE-REG-S 4.20000% 20-04.08.27 | 3 845 000.00 | 4 096 126.56 | 0.58 |
| USD	AI CANDELARIA SPAIN SLU-REG-S 7.50000% 18-15.12.28 | 250 000.00 | 280 002.50 | 0.04 |
| USD	AIA GROUP LTD-REG-S 3.60000% 19-09.04.29 | 3 000 000.00 | 3 395 664.30 | 0.48 |
| USD	AIA GROUP LTD-REG-S 3.37500% 20-07.04.30 | 2 535 000.00 | 2 840 670.30 | 0.40 |
| USD	AKBANK TAS-REG-S 6.80000% 20-06.02.26 | 3 000 000.00 | 3 119 062.50 | 0.44 |
| USD	ALIBABA GROUP HOLDING LTD 3.40000% 17-06.12.27 | 1 715 000.00 | 1 920 594.20 | 0.27 |
| USD	ALIBABA GROUP HOLDING LTD 4.00000% 17-06.12.37 | 1 050 000.00 | 1 238 015.63 | 0.17 |
| USD	AMERICA MOVIL SAB DE CV 6.12500% 10-30.03.40 | 500 000.00 | 743 495.00 | 0.10 |
| USD	ANGLOGOLD ASHANTI HOLDINGS PLC 6.50000% 10-15.04.40 | 500 000.00 | 618 593.75 | 0.09 |
| USD	ARCELIK-REG-S 5.00000% 13-03.04.23 | 700 000.00 | 714 656.25 | 0.10 |
| USD	ARGENTINA, REPUBLIC OF STEP-UP 20-09.07.30 | 756 600.00 | 295 074.00 | 0.04 |
| USD	ARGENTINA, REPUBLIC OF 1.00000% 20-09.07.29 | 26 288.00 | 11 211.83 | 0.00 |
| USD	AUNA SA-REG-S 6.50000% 20-20.11.25 | 1 000 000.00 | 1 044 000.00 | 0.15 |
| USD	AXTEL SAB DE CV-REG-S 6.37500% 17-14.11.24 | 2 300 000.00 | 2 402 781.25 | 0.34 |
| USD	BANCO DE BOGOTA SA-REG-S-SUB 6.25000% 16-12.05.26 | 800 000.00 | 907 520.00 | 0.13 |
| USD	BANCO DEL CREDITO DEL PERU-REG-S 4.25000% 13-01.04.23 | 1 000 000.00 | 1 068 125.00 | 0.15 |
| USD	BANCO SANTANDER SA-REG-S 5.37500% 20-17.04.25 | 4 145 000.00 | 4 687 166.00 | 0.66 |
| USD	BBVA BANCOMER SA/TEXAS-REG-S-SUB 6.75000% 12-30.09.22 | 1 600 000.00 | 1 727 000.00 | 0.24 |
| USD	BRF SA-REG-S 4.87500% 19-24.01.30 | 3 850 000.00 | 4 087 256.25 | 0.58 |
| USD	BRF SA-REG-S 5.75000% 20-21.09.50 | 200 000.00 | 209 531.26 | 0.03 |
| USD	CABLE ONDA SA-REG-S 4.50000% 19-30.01.30 | 1 800 000.00 | 1 965 375.01 | 0.28 |
| USD	CANARA BANK/LONDON-REG-S 3.87500% 19-28.03.24 | 1 400 000.00 | 1 471 312.50 | 0.21 |
| USD	CELULOSA ARAUCO Y CONSTITUCION SA-REG-S 5.50000% 19-30.04.49 | 800 000.00 | 932 000.00 | 0.13 |
| USD	CEMIG GERACAO E TRANSMISSAO SA-REG-S 9.25000% 17-05.12.24 | 2 450 000.00 | 2 783 200.00 | 0.39 |
| USD	CENTRAIS ELETRICAS BRASILEIRAS SA-REG-S 4.62500% 20-04.02.30 | 2 000 000.00 | 2 080 000.00 | 0.29 |
| USD	CENTRAL AMERICAN BOTTLING CORP-REG-S 5.75000% 17-31.01.27 | 2 000 000.00 | 2 127 500.00 | 0.30 |
| USD	CHINA EVERGRANDE GROUP-REG-S 9.50000% 19-11.04.22 | 2 100 000.00 | 1 909 031.25 | 0.27 |
| USD	CHINA EVERGRANDE GROUP-REG-S 10.00000% 19-11.04.23 | 1 750 000.00 | 1 491 328.13 | 0.21 |
| USD	CHINA RESOURCES GAS GROUP LTD-REG-S 4.50000% 12-05.04.22 | 800 000.00 | 830 250.00 | 0.12 |
| USD	CITIC LTD-REG-S 6.80000% 12-17.01.23 | 800 000.00 | 887 250.00 | 0.12 |
| USD	CK HUTCHISON INTNL 17 II LTD-REG-S 2.75000% 17-29.03.23 | 5 630 000.00 | 5 876 312.50 | 0.83 |
| USD	CNAC HK FINBRIDGE CO LTD-REG-S 5.12500% 18-14.03.28 | 3 300 000.00 | 3 595 968.75 | 0.51 |
| USD	CNAC HK FINBRIDGE CO LTD-REG-S 3.00000% 20-22.09.30 | 1 250 000.00 | 1 184 263.62 | 0.17 |
| USD	COCA-COLA FEMSA 1.85000% 20-01.09.32 | 1 500 000.00 | 1 513 125.00 | 0.21 |
| USD	COLBUN SA-REG-S 3.95000% 17-11.10.27 | 2 145 000.00 | 2 394 356.25 | 0.34 |
| USD	COLOMBIA TELECOMUNICACIONES SA-REG-S 4.95000% 20-17.07.30 | 2 100 000.00 | 2 331 000.00 | 0.33 |
| USD	CONSORCIO TRANSMANTARO-REG-S 4.70000% 19-16.04.34 | 1 580 000.00 | 1 876 052.51 | 0.26 |
| USD	CORP FINANCIERA DE DESARROLLO SA-REG-S 2.40000% 20-28.09.27 | 750 000.00 | 759 375.00 | 0.11 |
| USD	COUNTRY GARDEN HOLDINGS CO LTD-REG-S 8.00000% 18-27.01.24 | 3 130 000.00 | 3 375 509.38 | 0.48 |
| USD	CREDICORP LTD-REG-S 2.75000% 20-17.06.25 | 2 000 000.00 | 2 065 500.00 | 0.29 |
| USD	CREDITO REAL SAB-REG-S 9.50000% 19-07.02.26 | 500 000.00 | 529 375.00 | 0.07 |
| USD	CSN ISLANDS XI CORP-REG-S 6.75000% 20-28.01.28 | 3 980 000.00 | 4 182 940.20 | 0.59 |
| USD	CSN ISLANDS XI CORP-REG-S 6.75000% 20-28.01.28 | 3 750 000.00 | 3 900 000.00 | 0.55 |
| USD	CSN RESOURCES SA-REG-S 7.62500% 18-13.02.23 | 1 925 000.00 | 2 009 279.00 | 0.28 |
| USD	CSN RESOURCES SA-REG-S 7.62500% 19-17.04.26 | 2 000 000.00 | 2 160 000.00 | 0.30 |
| USD	DELHI INTERNATIONAL AIRPORT LTD-REG-S 6.45000% 19-04.06.29 | 1 344 000.00 | 1 323 840.00 | 0.19 |
| USD	DEV BK OF THE REPUBLIC OF BELARUS-REG-S 6.75000% 19-02.05.24 | 2 000 000.00 | 1 989 375.00 | 0.28 |
| USD	ECOPETROL SA 6.87500% 20-29.04.30 | 6 740 000.00 | 8 519 360.00 | 1.20 |
| USD	ECUADOR, REPUBLIC OF-REG-S STEP-UP 0.50000% 20-31.07.30 | 2 200 000.00 | 1 394 250.00 | 0.20 |
| USD	EGYPT, REPUBLIC OF-REG-S 5.75000% 20-29.05.24 | 1 050 000.00 | 1 105 125.00 | 0.16 |
| USD	EMBRAER NETHERLANDS FINANCE BV-REG-S 6.95000% 20-17.01.28 | 2 900 000.00 | 3 236 218.75 | 0.46 |
| USD	EMPRESA ELECTRICA COCHRANE SPA-REG-S 5.50000% 19-14.05.27 | 1 520 000.00 | 1 402 274.10 | 0.20 |
| USD	EMPRESA ELECTRICA GUACOLDA SA-REG-S 4.56000% 15-30.04.25 | 2 200 000.00 | 1 786 125.00 | 0.25 |
| USD	EMPRESA NACIONAL DEL PETROLEO-REG-S 4.37500% 14-30.10.24 | 3 515 000.00 | 3 822 562.50 | 0.54 |
| USD	ENEL CHILE SA 4.87500% 18-12.06.28 | 1 879 000.00 | 2 189 035.00 | 0.31 |
| USD	EUROTORG LLC VIA BONITRON DAC-REG-S 9.00000% 20-22.10.25 | 1 800 000.00 | 1 890 000.00 | 0.27 |
| USD	FENIX POWER PERU SA-REG-S 4.31700% 17-20.09.27 | 1 050 000.00 | 969 286.08 | 0.14 |
| USD	FIRST QUANTUM MINERALS LTD-144A 7.25000% 17-01.04.23 | 4 100 000.00 | 4 171 750.00 | 0.59 |
| USD	FIRST QUANTUM MINERALS LTD-REG-S 7.50000% 17-01.04.25 | 1 600 000.00 | 1 660 000.00 | 0.23 |
| USD	FLEX LTD 4.87500% 20-12.05.30 | 1 650 000.00 | 1 962 599.26 | 0.28 |
| USD	FLEX LTD 5.00000% 13-15.02.23 | 1 239 000.00 | 1 345 554.00 | 0.19 |
| USD	FOMENTO ECONOMICO MEXIC SAB DE CV 3.50000% 20-16.01.50 | 1 710 000.00 | 1 878 520.50 | 0.26 |
| USD	GAS NATURAL DE LIMA Y CALLAO-REG-S 4.37500% 13-01.04.23 | 1 200 000.00 | 1 268 625.00 | 0.18 |
| USD	GENNEIA SA-REG-S 8.75000% 17-20.01.22 | 2 600 000.00 | 2 275 000.00 | 0.32 |
| USD	GOLD FIELDS OROGEN HOLDINGS BVI-REG-S 5.12500% 19-15.05.24 | 2 800 000.00 | 3 066 000.00 | 0.43 |
| USD	GOLD FIELDS OROGEN HOLDINGS-REG-S 6.12500% 19-15.05.29 | 1 500 000.00 | 1 793 906.24 | 0.25 |
| USD	GRUPO AVAL LTD-REG-S 4.37500% 20-04.02.30 | 1 955 000.00 | 2 011 108.50 | 0.28 |
| USD	GRUPO ENERGIA BOGOTA SA ESP-REG-S 4.87500% 20-15.05.30 | 1 265 000.00 | 1 470 562.50 | 0.21 |
| USD	GTLK EUROPE CAPITAL DAC-REG-S 4.80000% 20-26.02.28 | 1 450 000.00 | 1 475 375.00 | 0.21 |
| USD	HTA GROUP LTD/MAURITIUS-REG-S 7.00000% 20-18.12.25 | 4 800 000.00 | 5 153 376.00 | 0.73 |
| USD	HUARONG FINANCE 2017 CO-REG-S 4.75000% 17-27.04.27 | 1 500 000.00 | 1 653 750.00 | 0.23 |
| USD	IHS NETHERLANDS HOLDCO BV-REG-S 7.12500% 19-18.03.25 | 3 950 000.00 | 4 142 562.50 | 0.58 |
| USD	IHS NETHERLANDS HOLDCO BV-REG-S 8.00000% 19-18.09.27 | 2 450 000.00 | 2 646 000.00 | 0.37 |
| USD	INDONESIA ASAHAN ALUMINIUM TBK PT-REG-S 4.75000% 20-15.05.25 | 840 000.00 | 926 100.00 | 0.13 |
| USD	INDONESIA ASAHAN ALUMINIUM TBK PT-REG-S 5.45000% 20-15.05.30 | 1 500 000.00 | 1 774 218.75 | 0.25 |
| USD	INDUSTRIAS PENOLES SAB DE CV-REG-S 5.65000% 19-12.09.49 | 3 350 000.00 | 4 173 890.62 | 0.59 |
| USD	INDUSTRIAS PENOLES SAB DE CV-REG-S 4.75000% 20-06.08.50 | 1 400 000.00 | 1 550 080.00 | 0.22 |
| USD	INSTITUTO COSTARRICENSE DE ELEC-REG-S 6.95000% 11-10.11.21 | 1 000 000.00 | 987 500.00 | 0.14 |
| USD	IPOTEKA-BANK ATIB-REG-S 5.50000% 20-19.11.25 | 1 875 000.00 | 1 880 625.00 | 0.26 |
| USD	ISRAEL ELECTRIC CORP LTD-144A-REG-S 5.00000% 14-12.11.24 | 3 796 000.00 | 4 287 107.50 | 0.60 |
| USD	JSL EUROPE SA-REG-S 7.75000% 17-26.07.24 | 5 450 000.00 | 5 788 990.00 | 0.81 |
| USD	JSW STEEL LTD-REG-S 5.37500% 19-04.04.25 | 1 400 000.00 | 1 454 687.50 | 0.20 |
| USD	KAISA GROUP HOLDINGS LTD-REG-S 11.95000% 19-22.10.22 | 1 200 000.00 | 1 259 625.00 | 0.18 |
| USD	KLABIN AUSTRIA GMBH-REG-S 7.00000% 19-03.04.49 | 2 200 000.00 | 2 745 820.00 | 0.39 |
| USD	KOC HOLDING AS-REG-S 5.25000% 16-15.03.23 | 1 600 000.00 | 1 634 500.00 | 0.23 |
| USD	KOREA GAS CORP-REG-S 3.50000% 15-21.07.25 | 3 000 000.00 | 3 356 250.00 | 0.47 |
| USD	KOSMOS ENERGY LTD-REG-S 7.12500% 19-04.04.26 | 3 300 000.00 | 2 970 000.00 | 0.42 |

UBS (Lux) Bond SICAV – Emerging Economies Corporates (USD) Semi-Annual Report as of 30 November 2020
|  | Description | Quantity/ | Valuation in USD | as a % |
| --- | --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |
|  |  |  |  |  |
| USD | KUWAIT PROJECTS CO SPC LTD-REG-S 4.22900% 19-29.10.26 | 2 800 000.00 | 2 801 750.00 | 0.39 |
| USD | LEVIATHAN BOND LTD-144A-REG-S 6.75000% 20-30.06.30 | 3 930 000.00 | 4 303 350.00 | 0.61 |
| USD | LIQUID TELECOMMUNICATIONS FIN-REG-S 8.50000% 17-13.07.22 | 2 350 000.00 | 2 392 593.75 | 0.34 |
| USD | LISTRINDO CAPITAL BV-REG-S 4.95000% 16-14.09.26 | 300 000.00 | 311 531.25 | 0.04 |
| USD | LLPL CAPITAL PTE LTD-REG-S 6.87500% 19-04.02.39 | 1 500 000.00 | 1 640 902.50 | 0.23 |
| USD | MARB BONDCO PLC-REG-S 6.87500% 18-19.01.25 | 1 650 000.00 | 1 714 762.50 | 0.24 |
| USD | MEDCO BELL PTE LTD-REG-S 6.37500% 20-30.01.27 | 2 500 000.00 | 2 507 812.51 | 0.35 |
| USD | MEDCO OAK TREE PTE LTD-REG-S 7.37500% 19-14.05.26 | 1 800 000.00 | 1 891 125.00 | 0.27 |
| USD | MELCO RESORTS FINANCE LTD-REG-S 4.87500% 17-06.06.25 | 1 800 000.00 | 1 839 474.00 | 0.26 |
| USD | METALSA SA DE CV-REG-S 4.90000% 14 24.04.23 | 1 400 000.00 | 1 449 000.00 | 0.20 |
| USD | METINVEST BV-REG-S 7.65000% 20-01.10.27 | 470 000.00 | 490 562.50 | 0.07 |
| USD | METINVEST BV-REG-S 8.50000% 18-23.04.26 | 4 800 000.00 | 5 169 000.00 | 0.73 |
| USD | MHP LUX SA-REG-S 6.95000% 18-03.04.26 | 1 700 000.00 | 1 798 812.50 | 0.25 |
| USD | MHP SA-REG-S 7.75000% 17-10.05.24 | 2 000 000.00 | 2 178 125.00 | 0.31 |
| USD | MILLICOM INTERNATIONAL CELLULAR-REG-S 6.25000% 19-25.03.29 | 2 100 000.00 | 2 378 292.00 | 0.33 |
| USD | MILLICOM INTERNATIONAL CELLULAR-REG-S 4.50000% 20-27.04.31 | 1 850 000.00 | 1 988 974.41 | 0.28 |
| USD | MILLICOM INTERNATIONAL CELLULAR-REG-S 6.62500% 18-15.10.26 | 1 100 000.00 | 1 192 125.00 | 0.17 |
| USD | MINERVA LUXEMBOURG SA-REG-S 6.50000% 16-20.09.26 | 4 500 000.00 | 4 779 495.00 | 0.67 |
| USD | MMC NORILSK NICKL VIA MMC FIN DAC-REG-S 6.62500% 15-14.10.22 | 500 000.00 | 544 375.00 | 0.08 |
| USD | MMC NORILSK NICKL VIA MMC FIN DAC-REG-S 4.10000% 17-11.04.23 | 3 035 000.00 | 3 187 698.43 | 0.45 |
| USD | MMC NORILSK NICKL VIA MMC FIN DAC-REG-S 3.37500% 19-28.10.24 | 1 750 000.00 | 1 825 468.75 | 0.26 |
| USD | MTN MAURITIUS INVESTMENTS LTD-REG-S 4.75500% 14-11.11.24 | 4 000 000.00 | 4 143 750.00 | 0.58 |
| USD | NAK NAFTOGAZ UKRAINE VIA KONDOR-REG-S 7.62500% 19-08.11.26 | 1 450 000.00 | 1 464 500.00 | 0.21 |
| USD | NATIONAL BANK OF UZBEKISTAN-REG-S 4.85000% 20-21.10.25 | 1 950 000.00 | 1 956 825.00 | 0.28 |
| USD | NATIONAL CENTRAL COOLING CO-REG-S 2.50000% 20-21.10.27 | 2 100 000.00 | 2 105 250.00 | 0.30 |
| USD | NBM US HOLDINGS INC-REG-S 7.00000% 19-14.05.26 | 300 000.00 | 326 718.75 | 0.05 |
| USD | NOVOLIPETSK STEEL VIA STEEL FUND-REG-S 4.50000% 16-15.06.23 | 600 000.00 | 637 875.00 | 0.09 |
| USD | OCP SA-REG-S 6.87500% 14-25.04.44 | 1 200 000.00 | 1 531 875.00 | 0.22 |
| USD | OIL AND GAS HOLDING CO BSCC/THE-REG-S 7.62500% 18-07.11.24 | 500 000.00 | 550 781.25 | 0.08 |
| USD | OIL AND GAS HOLDING CO BSCC/THE-REG-S 8.37500% 18-07.11.28 | 765 000.00 | 880 467.19 | 0.12 |
| USD | OLEODUCTO CENTRAL SA-REG-S 4.00000% 20-14.07.27 | 4 400 000.00 | 4 741 000.00 | 0.67 |
| USD | ONGC VIDESH LTD-REG-S 4.62500% 14-15.07.24 | 500 000.00 | 543 437.50 | 0.08 |
| USD | OOREDOO INTERNATIONAL FINANCE LTD-REG-S 3.25000% 12-21.02.23 | 2 000 000.00 | 2 090 000.00 | 0.29 |
| USD | OZTEL HOLDINGS SPC-REG-S 5.62500% 18-24.10.23 | 2 900 000.00 | 3 011 468.75 | 0.42 |
| USD | PAMPA ENERGIA SA-REG-S 7.50000% 17-24.01.27 | 1 350 000.00 | 1 101 897.00 | 0.16 |
| USD | PERUVIAN GOVERNMENT INTERNATIONAL BOND 1.86200% 20-01.12.32 | 1 900 000.00 | 1 881 000.00 | 0.26 |
| USD | PERUVIAN GOVERNMENT INTERNATIONAL BOND 2.78000% 20-01.12.60 | 1 100 000.00 | 1 085 150.00 | 0.15 |
| USD | PETKIM PETROKIMYA HOLDING AS-REG-S 5.87500% 18-26.01.23 | 1 740 000.00 | 1 757 943.75 | 0.25 |
| USD | PETROBRAS GLOBAL FINANCE BV 6.75000% 20-03.06.50 | 1 850 000.00 | 2 176 802.50 | 0.31 |
| USD | PETROBRAS GLOBAL FINANCE BV 5.60000% 20-03.01.31 | 4 725 000.00 | 5 333 343.75 | 0.75 |
| USD | PETROLEOS MEXICANOS 6.49000% 20-23.01.27 | 3 800 000.00 | 3 800 000.00 | 0.53 |
| USD | PETROLEOS MEXICANOS-REG-S 6.87500% 20-16.10.25 | 3 960 000.00 | 4 138 239.60 | 0.58 |
| USD | PROSUS NV-REG-S 3.68000% 20-21.01.30 | 3 115 000.00 | 3 396 323.43 | 0.48 |
| USD | PROSUS NV-REG-S 4.02700% 20-03.08.50 | 2 000 000.00 | 2 124 060.00 | 0.30 |
| USD | QATAR, STATE OF-REG-S 4.40000% 20-16.04.50 | 500 000.00 | 660 000.00 | 0.09 |
| USD | QTEL INTERNATIONAL FINANCE LTD-REG-S 5.00000% 10-19.10.25 | 1 300 000.00 | 1 507 740.00 | 0.21 |
| USD | RELIANCE INDUSTRIES LTD-REG-S 3.66700% 17-30.11.27 | 900 000.00 | 1 001 250.00 | 0.14 |
| USD | RIO ENERGY SA/UGEN SA/UENSA SA-REG-S 6.87500% 18-01.02.25 | 1 185 000.00 | 820 108.88 | 0.12 |
| USD | RSHB CAPITAL SA-REG-S LPN 8.50000% 13-16.10.23 | 645 000.00 | 725 625.00 | 0.10 |
| USD | RUMO LUXEMBOURG SARL-REG-S 7.37500% 17-09.02.24 | 835 000.00 | 869 944.75 | 0.12 |
| USD | SANDS CHINA LTD 5.40000% 19-08.08.28 | 6 300 000.00 | 7 182 315.00 | 1.01 |
| USD | SANDS CHINA LTD-REG-S 4.37500% 20-18.06.30 | 1 000 000.00 | 1 083 200.00 | 0.15 |
| USD | SANDS CHINA LTD-REG-S 3.80000% 20-08.01.26 | 1 000 000.00 | 1 040 000.00 | 0.15 |
| USD | SASOL FINANCING INTERNATIONAL PLC 4.50000% 12-14.11.22 | 4 200 000.00 | 4 231 500.00 | 0.60 |
| USD | SASOL FINANCING USA LLC 6.50000% 18-27.09.28 | 3 000 000.00 | 3 108 750.00 | 0.44 |
| USD | SAUDI ARABIAN OIL CO-REG-S 1.25000% 20-24.11.23 | 850 000.00 | 858 500.00 | 0.12 |
| USD | SAUDI ARABIAN OIL CO-REG-S 1.62500% 20-24.11.25 | 1 225 000.00 | 1 247 062.25 | 0.18 |
| USD | SAUDI ARABIAN OIL CO-REG-S 3.50000% 20-24.11.70 | 2 780 000.00 | 2 797 180.40 | 0.39 |
| USD | SB CAPITAL SA FOR SBERBANK-REG-S LPN 6.12500% 12-07.02.22 | 1 750 000.00 | 1 844 609.37 | 0.26 |
| USD | SB CAPITAL SA FOR SBERBK-REG-S-SUB LPN 5.12500% 12-29.10.22 | 1 200 000.00 | 1 267 980.00 | 0.18 |
| USD | SEVERSTAL OAO VIA STEEL CAP-REG-S LPN 5.90000% 12-17.10.22 | 600 000.00 | 646 125.00 | 0.09 |
| USD | SIGMA FINANCE NETHERLANDS BV-REG-S 4.87500% 18-27.03.28 | 2 000 000.00 | 2 295 000.00 | 0.32 |
| USD | SUNAC CHINA HOLDINGS LTD-REG-S 8.35000% 18-19.04.23 | 1 350 000.00 | 1 412 015.62 | 0.20 |
| USD | SURA ASSET MANAGEMENT SA-REG-S 4.37500% 17-11.04.27 | 600 000.00 | 673 687.50 | 0.09 |
| USD | SUZANO AUSTRIA GMBH 5.00000% 19-15.01.30 | 4 025 000.00 | 4 545 734.38 | 0.64 |
| USD | TAQA ABU DHABI NATIONAL ENERGY CO-REG-S 3.62500% 12-12.01.23 | 4 500 000.00 | 4 739 062.50 | 0.67 |
| USD | TEVA PHARMACEUTICAL FINANCE CO BV 2.95000% 12-18.12.22 | 2 000 000.00 | 1 995 000.00 | 0.28 |
| USD | TEVA PHARMACEUTICAL FINANCE NL III BV 3.15000% 16-01.10.26 | 4 500 000.00 | 4 247 578.35 | 0.60 |
| USD | TEVA PHARMACEUTICAL FINANCE NL III BV 6.75000% 18-01.03.28 | 2 750 000.00 | 3 059 791.07 | 0.43 |
| USD | TOTAL PLAY TELECOMUNICACIONES SA-REG-S 7.50000% 20-12.11.25 | 1 860 000.00 | 1 861 376.40 | 0.26 |
| USD | TRANSPORTADORA DE GAS DEL SUR SA-REG-S 6.75000% 18-02.05.25 | 1 000 000.00 | 875 625.00 | 0.12 |
| USD | TRINIDAD PETROLEUM HOLDINGS LTD-REG-S 9.75000% 19-15.06.26 | 1 100 000.00 | 1 237 843.75 | 0.17 |
| USD | TRUST F/1401-REG-S 4.86900% 19-15.01.30 | 1 975 000.00 | 2 177 067.19 | 0.31 |
| USD | TURK SISE VE CAM FABRIKA-REG-S 6.95000% 19-14.03.26 | 2 350 000.00 | 2 534 328.13 | 0.36 |
| USD | TURK TELEKOMUNIKASYON AS-REG-S 4.87500% 14-19.06.24 | 2 400 000.00 | 2 436 000.00 | 0.34 |
| USD | TURK TELEKOMUNIKASYON AS-REG-S 6.87500% 19-28.02.25 | 2 400 000.00 | 2 586 750.00 | 0.36 |
| USD | TURKCELL ILETISIM HIZMETLERI AS-REG-S 5.75000% 15-15.10.25 | 2 300 000.00 | 2 411 406.25 | 0.34 |
| USD | TURKEY, REPUBLIC OF 5.25000% 20-13.03.30 | 2 500 000.00 | 2 414 843.75 | 0.34 |
| USD | TURKIYE IS BANKASI-REG-S 6.12500% 17-25.04.24 | 2 550 000.00 | 2 542 031.25 | 0.36 |
| USD | UKRAINE RAILWAYS VIA RL CPTL MKTS-REG-S 8.25000% 19-09.07.24 | 1 265 000.00 | 1 299 392.19 | 0.18 |
| USD | UKRAINE, GOVERNMENT OF-REG-S 7.25300% 20-15.03.33 | 1 500 000.00 | 1 592 343.75 | 0.22 |
| USD | VALE OVERSEAS LTD 3.75000% 20-08.07.30 | 2 600 000.00 | 2 854 020.00 | 0.40 |
| USD | VEDANTA RESOURCES PLC-REG-S 6.12500% 17-09.08.24 | 4 450 000.00 | 2 686 687.50 | 0.38 |
| USD | VOLCAN CIA MINERA SAA-REG-S 5.37500% 12-02.02.22 | 900 000.00 | 911 686.50 | 0.13 |
| USD | WYNN MACAU LTD-REG-S 4.87500% 17-01.10.24 | 1 800 000.00 | 1 802 898.00 | 0.25 |
| USD | WYNN MACAU LTD-REG-S 5.12500% 19-15.12.29 | 1 500 000.00 | 1 508 500.04 | 0.21 |
| USD | YPF ENERGIA ELECTRICA SA-REG-S 10.00000% 19-25.07.26 | 1 150 000.00 | 878 312.50 | 0.12 |
| USD | YPF SA-REG-S 6.95000% 17-21.07.27 | 1 850 000.00 | 1 213 484.37 | 0.17 |
| USD | YPF SA-REG-S 8.50000% 15-28.07.25 | 3 200 000.00 | 2 303 900.16 | 0.32 |
| USD | YPF SA-REG-S 8.75000% 14-04.04.24 | 2 450 000.00 | 1 973 781.26 | 0.28 |
| USD | YUZHOU PROPERTIES CO LTD-REG-S 7.37500% 20-13.01.26 | 800 000.00 | 812 000.00 | 0.11 |
| Total USD |  |  | 392 624 908.61 | 55.27 |

Total Notes, fixed rate	392 624 908.61	55.27
UBS (Lux) Bond SICAV – Emerging Economies Corporates (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) |  |
| Notes, floating rate |  |  |  |
| USD |  |  |  |
| USD	ALFA BD ISS OJSC ALFA BK-REG-S-SUB 5.950%/VAR 19-15.04.30 | 3 800 000.00 | 3 963 875.00 | 0.56 |
| USD	BANCO SANTANDER SA-REG-S-SUB 5.950%/VAR 18-01.10.28 | 2 250 000.00 | 2 432 812.50 | 0.34 |
| USD	BANCOLOMBIA SA-SUB 4.875%/VAR 17-18.10.27 | 1 400 000.00 | 1 446 418.82 | 0.20 |
| USD	BRASKEM NETHERLANDS FINANCE-REG-S-SUB 8.500%/VAR 20-23.01.81 | 3 500 000.00 | 3 822 875.00 | 0.54 |
| USD	GAZPROM PJSC VIA GAZ FIN PLC-REG-S-SUB 4.598%/VAR 20-PRP | 1 750 000.00 | 1 828 750.00 | 0.26 |
| USD	GLOBAL BANK CORP-REG-S 5.250%/VAR 19-16.04.29 | 2 950 000.00 | 3 194 296.88 | 0.45 |
| USD	NBK TIER 2 LTD-REG-S-SUB 2.500%/VAR 20-24.11.30 | 1 800 000.00 | 1 811 250.00 | 0.25 |
| USD	WOORI BANK-REG-S-SUB VAR 16-PRP | 1 850 000.00 | 1 884 687.50 | 0.27 |
| Total USD |  | 20 384 965.70 | 2.87 |
| Total Notes, floating rate |  | 20 384 965.70 | 2.87 |
| Medium term notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	ABQ FINANCE LTD-REG-S 1.87500% 20-08.09.25 | 2 000 000.00 | 1 982 500.00 | 0.28 |
| USD	ADCB FINANCE CAYMAN LTD-REG-S-SUB 4.50000% 13-06.03.23 | 1 000 000.00 | 1 066 562.50 | 0.15 |
| USD	AFRICAN EXPORT-IMPORT BANK/THE-REG-S 3.99400% 19-21.09.29 | 1 100 000.00 | 1 153 790.00 | 0.16 |
| USD	AIA GROUP LTD-REG-S 3.12500% 13-13.03.23 | 2 500 000.00 | 2 617 187.50 | 0.37 |
| USD	AIA GROUP LTD-REG-S 4.50000% 16-16.03.46 | 550 000.00 | 715 918.50 | 0.10 |
| USD	AXIATA SPV5 LABUAN LTD-REG-S 3.06400% 20-19.08.50 | 4 350 000.00 | 4 351 359.38 | 0.61 |
| USD	BANK OF CHINA LTD-REG-S-SUB 5.00000% 14-13.11.24 | 2 500 000.00 | 2 786 718.75 | 0.39 |
| USD	BOC AVIATION LTD-REG-S 2.62500% 20-17.01.25 | 1 800 000.00 | 1 842 984.00 | 0.26 |
| USD	CHINA EVERGRANDE GROUP-REG-S 9.50000% 17-29.03.24 | 2 300 000.00 | 1 833 531.25 | 0.26 |
| USD	DP WORLD CRESCENT LTD-REG-S 3.87500% 19-18.07.29 | 1 000 000.00 | 1 062 520.00 | 0.15 |
| USD	DP WORLD PLC-REG-S 5.62500% 18-25.09.48 | 1 600 000.00 | 1 949 000.00 | 0.27 |
| USD	DUBAI, GOVERNMENT OF-REG-S 3.90000% 20-09.09.50 | 1 150 000.00 | 1 123 406.25 | 0.16 |
| USD	EMAAR SUKUK LTD-REG-S 3.87500% 19-17.09.29 | 1 400 000.00 | 1 368 937.51 | 0.19 |
| USD	EQUATE PETROCHEMICAL BV-REG-S 4.25000% 16-03.11.26 | 3 050 000.00 | 3 322 593.75 | 0.47 |
| USD	HUARONG FINANCE II CO LTD-REG-S 5.50000% 15-16.01.25 | 1 300 000.00 | 1 454 764.09 | 0.21 |
| USD	HUARONG FINANCE-REG-S 3.75000% 19-29.05.24 | 1 500 000.00 | 1 570 312.50 | 0.22 |
| USD	INDIAN OIL CORP LTD-REG-S 5.75000% 13-01.08.23 | 500 000.00 | 549 531.25 | 0.08 |
| USD	MAF SUKUK LTD-REG-S 3.93250% 19-28.02.30 | 2 350 000.00 | 2 475 578.12 | 0.35 |
| USD	MEGLOBAL CANADA INC-REG-S 5.87500% 20-18.05.30 | 1 200 000.00 | 1 459 500.00 | 0.21 |
| USD	MEGLOBAL CANADA INC-REG-S 5.00000% 20-18.05.25 | 4 500 000.00 | 4 996 406.25 | 0.70 |
| USD	NATIONAL BANK OF OMAN LTD-REG-S 5.62500% 18-25.09.23 | 2 150 000.00 | 2 141 937.50 | 0.30 |
| USD	OVERSEA-CHINESE BANKING CORP-REG-S-SUB 4.25000% 14-19.06.24 | 3 000 000.00 | 3 282 187.50 | 0.46 |
| USD	POWER FINANCE CORP LTD-REG-S 3.95000% 20-23.04.30 | 3 780 000.00 | 3 979 631.25 | 0.56 |
| USD	PTT TREASURY CENTER CO LTD-REG-S 3.70000% 20-16.07.70 | 1 500 000.00 | 1 551 093.76 | 0.22 |
| USD	PTTEP TREASURY CENTER CO LTD-REG-S 3.90300% 19-06.12.59 | 1 610 000.00 | 1 806 721.87 | 0.25 |
| USD	QNB FINANCE LTD-REG-S 2.62500% 20-12.05.25 | 2 800 000.00 | 2 926 000.00 | 0.41 |
| USD	QNB FINANCE LTD-REG-S 1.62500% 20-22.09.25 | 1 800 000.00 | 1 806 750.00 | 0.25 |
| USD	RAKFUNDING CAYMAN LTD-REG-S 4.12500% 19-09.04.24 | 1 110 000.00 | 1 188 567.25 | 0.17 |
| USD	SAUDI ARABIAN OIL CO-REG-S 3.50000% 19-16.04.29 | 5 160 000.00 | 5 708 250.00 | 0.80 |
| USD	SAUDI ARABIAN OIL CO-REG-S 4.25000% 19-16.04.39 | 6 050 000.00 | 7 042 578.12 | 0.99 |
| USD	SAUDI GOVERNMENT INTER-REG-S 4.50000% 20-22.04.60 | 1 500 000.00 | 1 908 750.00 | 0.27 |
| USD	SHINHAN BANK-REG-S-SUB 3.87500% 16-24.03.26 | 1 500 000.00 | 1 662 656.25 | 0.23 |
| USD	SHRIRAM TRANSPORT FINANCE CO LTD-REG-S 5.10000% 20-16.07.23 | 1 300 000.00 | 1 324 375.00 | 0.19 |
| USD	SINGTEL GROUP TREASURY PTE LTD-REG-S 3.25000% 15-30.06.25 | 1 000 000.00 | 1 099 204.50 | 0.16 |
| USD	SINO OCEAN LAND TREASURY FINANCE-REG-S 6.00000 14-30.07.24 | 530 000.00 | 579 521.88 | 0.08 |
| USD	SKYSEA INTERNATIONAL CAP MGNT 4.87500% 11-07.12.21 | 1 200 000.00 | 1 245 750.00 | 0.18 |
| USD	SUN HUNG KAI PROPERTIES CAPITAL-REG-S 3.62500% 12-16.01.23 | 300 000.00 | 314 544.99 | 0.04 |
| USD	SWIRE PACIFIC MTN FINANCING LTD-REG-S 4.50000% 13-09.10.23 | 1 500 000.00 | 1 626 975.00 | 0.23 |
| USD	THAIOIL TREASURY CENTER CO LTD-REG-S 4.62500% 18-20.11.28 | 1 500 000.00 | 1 736 250.00 | 0.24 |
| USD	TURKIYE BANKASI AS-REG-S 5.37500% 16-06.10.21 | 1 100 000.00 | 1 102 750.00 | 0.16 |
| USD	YAPI VE KREDI BANKASI AS-REG-S 6.10000% 18-16.03.23 | 1 400 000.00 | 1 417 937.51 | 0.20 |
| USD	YAPI VE KREDI BANKASI AS-REG-S 8.25000% 19-15.10.24 | 1 300 000.00 | 1 397 500.00 | 0.20 |
| Total USD |  | 86 533 033.98 | 12.18 |
| Total Medium term notes, fixed rate |  | 86 533 033.98 | 12.18 |
| Medium term notes, floating rate |  |  |  |
| USD |  |  |  |
| USD	BANGKOK BANK PCL/HONG KONG-REG-S-SUB 3.733%/VAR 19-25.09.34 | 2 200 000.00 | 2 238 500.00 | 0.32 |
| USD	DBS GROUP HOLDINGS LTD-REG-S-SUB 3.600%/VAR 16-PRP | 1 700 000.00 | 1 713 923.00 | 0.24 |
| USD	UNITED OVERSEAS BANK LTD-REG-S-SUB 3.750%/VAR 19-15.04.29 | 3 225 000.00 | 3 439 914.00 | 0.48 |
| USD	WOORI BANK-REG-S-SUB 5.250%/VAR 17-PRP | 1 150 000.00 | 1 194 562.50 | 0.17 |
| Total USD |  | 8 586 899.50 | 1.21 |
| Total Medium term notes, floating rate |  | 8 586 899.50 | 1.21 |
| Bonds, fixed rate |  |  |  |
| USD |  |  |  |
| USD	AHB SUKUK CO LTD-REG-S 4.37500% 18-19.09.23 | 1 250 000.00 | 1 353 125.00 | 0.19 |
| USD	AKBANK TAS-REG-S 5.12500% 15-31.03.25 | 1 290 000.00 | 1 269 843.75 | 0.18 |
| USD	ALMARAI SUKUK LTD-REG-S 4.31100% 19-05.03.24 | 1 450 000.00 | 1 554 218.75 | 0.22 |
| USD	ALTICE FINANCING SA-REG-S 7.50000% 16-15.05.26 | 3 900 000.00 | 4 114 500.00 | 0.58 |
| USD	BHARTI AIRTEL INTL NETHERLANDS BV-REG-S 5.35000% 14-20.05.24 | 1 000 000.00 | 1 100 625.00 | 0.16 |
| USD	BIZ FINANCE PLC FOR UKREXIMBANK-REG-S 9.75000% 15-22.01.25 | 1 177 000.00 | 1 235 850.00 | 0.17 |
| USD	CHINA OVERSEAS FINANCE CAYMAN-REG-S 5.95000% 14-08.05.24 | 1 000 000.00 | 1 137 500.00 | 0.16 |
| USD	CNAC HK FINBRIDGE CO LTD-REG-S 4.87500% 18-14.03.25 | 3 800 000.00 | 4 052 937.50 | 0.57 |
| USD	CNOOC FINANCE 2013 LTD 3.00000% 13-09.05.23 | 1 800 000.00 | 1 874 812.50 | 0.26 |
| USD	COUNTRY GARDEN HOLDINGS CO LTD-REG-S 6.15000% 19-17.09.25 | 2 800 000.00 | 3 087 000.00 | 0.43 |
| USD	DAR AL-ARKAN SUKUK CO LTD-REG-S 6.75000% 19-15.02.25 | 3 257 000.00 | 3 155 218.75 | 0.44 |
| USD	DEVELOPMENT BANK OF MONGOLIA LLC-REG-S 7.25000% 18-23.10.23 | 1 350 000.00 | 1 442 390.63 | 0.20 |
| USD	EVRAZ PLC-REG-S 6.75000% 16-31.01.22 | 1 300 000.00 | 1 369 875.00 | 0.19 |
| USD	FORTUNE STAR BVI LTD-REG-S 5.25000% 17-23.03.22 | 900 000.00 | 908 437.50 | 0.13 |
| USD	GAZ CAPITAL SA/GAZPROM-REG-S LPN 5.15000% 19-11.02.26 | 3 300 000.00 | 3 740 343.75 | 0.53 |
| USD	GAZPROM NEFT OAO VIA GPN CAP-REG-S LPN 6.00000% 13-27.11.23 | 600 000.00 | 668 812.50 | 0.09 |
| USD	GAZPROM PJSC-REG-S 3.00000% 20-29.06.27 | 2 100 000.00 | 2 136 750.00 | 0.30 |
| USD	GLOBAL LOGISTIC PROPERTIES LTD-REG-S 3.87500% 15-04.06.25 | 700 000.00 | 726 687.50 | 0.10 |
| USD	GREENKO SOLAR MAURITIUS LTD-REG-S 5.55000% 19-29.01.25 | 1 350 000.00 | 1 390 500.00 | 0.20 |

UBS (Lux) Bond SICAV – Emerging Economies Corporates (USD) Semi-Annual Report as of 30 November 2020
|  | Description | Quantity/ | Valuation in USD | as a % |
| --- | --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |
|  |  |  |  |  |
| USD | GREENKO SOLAR MAURITIUS LTD-REG-S 5.95000% 19-29.07.26 | 3 250 000.00 | 3 473 437.50 | 0.49 |
| USD | GRUPOSURA FINANCE-REG-S 5.50000% 16-29.04.26 | 2 200 000.00 | 2 493 562.49 | 0.35 |
| USD | HUTCHISON WHAMPOA INTERNATIONAL14-REG-S 3.62500% 14-31.10.24 | 1 700 000.00 | 1 863 625.00 | 0.26 |
| USD | JSW STEEL LTD-REG-S 5.95000% 19-18.04.24 | 1 600 000.00 | 1 689 000.00 | 0.24 |
| USD | KOREA GAS CORP-REG-S 2.87500% 19-16.07.29 | 1 150 000.00 | 1 270 390.62 | 0.18 |
| USD | KUWAIT PROJECTS CO SPC LTD-REG-S 5.00000% 16-15.03.23 | 2 000 000.00 | 2 068 750.00 | 0.29 |
| USD | LONGFOR PROPERTIES CO LTD-REG-S 4.50000% 18-16.01.28 | 1 200 000.00 | 1 329 375.01 | 0.19 |
| USD | MAF SUKUK LTD-REG-S 4.63800% 19-14.05.29 | 2 200 000.00 | 2 437 187.50 | 0.34 |
| USD | MAR SUKUK LTD-REG-S 2.21000% 20-02.09.25 | 2 800 000.00 | 2 826 250.00 | 0.40 |
| USD | METINVEST BV-REG-S 7.75000% 18-23.04.23 | 1 850 000.00 | 1 954 640.62 | 0.28 |
| USD | MONGOLIA,GOVERNMENT OF-REG-S 5.12500% 20-07.04.26 | 200 000.00 | 211 000.00 | 0.03 |
| USD | NOVATEK OAO VIA NOVATEK FIN-REG-S LPN 4.42200% 12-13.12.22 | 1 200 000.00 | 1 262 250.00 | 0.18 |
| USD | OIL INDIA LTD-REG-S 5.12500% 19-04.02.29 | 1 100 000.00 | 1 243 343.75 | 0.18 |
| USD | OZTEL HOLDINGS SPC-REG-S 6.62500% 18-24.04.28 | 1 850 000.00 | 1 924 578.13 | 0.27 |
| USD | PERUSAHAAN GAS NEGARA PT-REG-S 5.12500% 14-16.05.24 | 3 400 000.00 | 3 762 312.50 | 0.53 |
| USD | POSCO-REG-S 4.00000% 18-01.08.23 | 1 800 000.00 | 1 938 375.00 | 0.27 |
| USD | POWER FINANCE CORP LTD-REG-S 4.50000% 19-18.06.29 | 2 200 000.00 | 2 395 937.50 | 0.34 |
| USD | SAUDI ELECTRICITY GLOBAL SUKIK CO REG-S 5.50000% 14-08.04.44 | 750 000.00 | 976 171.88 | 0.14 |
| USD | SAUDI ELECTRICITY GLOBAL SUKUK CO-REG-S 4.22200% 18-27.01.24 | 2 200 000.00 | 2 387 000.00 | 0.34 |
| USD | SAUDI TELECOM CO-REG-S 3.89000% 19-13.05.29 | 2 250 000.00 | 2 562 890.62 | 0.36 |
| USD | SUNAC CHINA HOLDINGS LTD-REG-S 6.50000% 20-10.01.25 | 1 100 000.00 | 1 083 500.00 | 0.15 |
| USD | SURA ASSET MANAGEMENT SA-REG-S 4.87500% 14-17.04.24 | 2 550 000.00 | 2 791 453.13 | 0.39 |
| USD | TABREED SUKUK SPC LTD-REG-S 5.50000% 18-31.10.25 | 400 000.00 | 465 750.00 | 0.07 |
| USD | VEDANTA RESOURCES FINANCE II PLC-REG-S 8.00000% 19-23.04.23 | 1 000 000.00 | 675 000.00 | 0.10 |
| USD | VTB BK OJSC VIA VTB CPTL-REG-S-SUB LPN 6.95000% 12-17.10.22 | 3 550 000.00 | 3 795 171.88 | 0.53 |
| USD | WOORI BANK-REG-S-SUB 4.75000% 14-30.04.24 | 500 000.00 | 554 687.50 | 0.08 |
| USD | YUZHOU PROPERTIES CO LTD-REG-S 8.50000% 19-26.02.24 | 1 800 000.00 | 1 918 687.50 | 0.27 |
| Total USD |  |  | 87 673 756.26 | 12.35 |
| Total Bonds, fixed rate |  | 87 673 756.26 | 12.35 |
| Bonds, zero coupon |  |  |  |
| USD |  |  |  |
| USD	ECUADOR SOCIAL BOND SARL-REG-S 0.00000% 20-30.01.35 | 675 000.00 | 459 135.39 | 0.06 |
| Total USD |  | 459 135.39 | 0.06 |
| Total Bonds, zero coupon |  | 459 135.39 | 0.06 |
| Bonds, floating rate |  |  |  |
| USD |  |  |  |
| USD	ADIB CAPITAL INVEST 2 LTD-REG-S-SUB 7.125%/VAR 18-PRP | 1 060 000.00 | 1 146 456.25 | 0.16 |
| USD	BANCO DO BRASIL CAYMAN-REG-S-SUB 9.250%/VAR 12-PRP | 3 250 000.00 | 3 568 500.00 | 0.50 |
| USD	BANCOLOMBIA SA-SUB 4.625%/VAR 19-18.12.29 | 2 950 000.00 | 3 034 351.71 | 0.43 |
| USD	BANK OF CHINA HONG KONG LTD-REG-S-SUB 5.900%/VAR 18-PRP | 2 000 000.00 | 2 147 276.60 | 0.30 |
| USD	BURGAN BANK SAK-REG-S-SUB 5.749%/VAR 19-PRP | 1 700 000.00 | 1 689 375.00 | 0.24 |
| USD	EMIRATES NBD PJSC-REG-S-SUB 6.125%/VAR 19-PRP | 2 000 000.00 | 2 110 000.00 | 0.30 |
| USD	NBK TIER 1 FINANCING LTD-REG-S-SUB 5.750%/VAR 15-PRP | 2 400 000.00 | 2 406 000.00 | 0.34 |
| USD	UKREXIMBANK BIZ FINANCE PLC-REG-S-SUB 9.950%/VAR 19-14.11.29 | 900 000.00 | 902 250.00 | 0.12 |
| Total USD |  | 17 004 209.56 | 2.39 |
| Total Bonds, floating rate |  | 17 004 209.56 | 2.39 |
| Total Transferable securities and money market instruments listed on an official stock exchange |  | 613 266 909.00 | 86.33 |
| Transferable securities and money market instruments traded on another regulated market |  |  |  |
| Treasury bills, zero coupon |  |  |  |
| USD |  |  |  |
| USD	AMERICA, UNITED STATES OF TB 0.00000% 30.01.20-28.01.21 | 14 000 000.00 | 13 998 026.42 | 1.97 |
| Total USD |  | 13 998 026.42 | 1.97 |
| Total Treasury bills, zero coupon |  | 13 998 026.42 | 1.97 |
| Notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	ALIBABA GROUP HOLDING LTD 3.60000% 15-28.11.24 | 1 000 000.00 | 1 098 490.00 | 0.15 |
| USD	ALPEK SA DE CV-REG-S 4.25000% 19-18.09.29 | 3 500 000.00 | 3 727 500.00 | 0.53 |
| USD	C&W SENIOR FIN DESIGNATD ACT V CO-REG-S 7.50000% 18-15.10.26 | 800 000.00 | 851 000.00 | 0.12 |
| USD	CELULOSA ARAUCO Y CONSTITUCION SA-REG-S 5.15000% 19-29.01.50 | 1 650 000.00 | 1 845 421.87 | 0.26 |
| USD	CENCOSUD SA-REG-S 5.15000% 15-12.02.25 | 1 500 000.00 | 1 666 875.00 | 0.23 |
| USD	ECOPETROL SA 5.87500% 14-28.05.45 | 3 300 000.00 | 3 911 985.00 | 0.55 |
| USD	EMBOTELLADORA ANDINA SA-REG-S 5.00000% 13-01.10.23 | 683 000.00 | 752 153.75 | 0.11 |
| USD	FRESNILLO PLC-REG-S 4.25000% 20-02.10.50 | 2 100 000.00 | 2 241 750.00 | 0.32 |
| USD	MINERA MEXICO SA DE CV-REG-S 4.50000% 19-26.01.50 | 2 400 000.00 | 2 724 000.00 | 0.38 |
| USD	MV24 CAPITAL BV-REG-S 6.74800% 19-01.06.34 | 2 250 000.00 | 2 367 876.21 | 0.33 |
| USD	SACI FALABELLA-REG-S 3.75000% 17-30.10.27 | 660 000.00 | 704 550.00 | 0.10 |
| USD	TRUST F/1401-REG-S 6.39000% 19-15.01.50 | 4 500 000.00 | 4 952 812.50 | 0.70 |
| Total USD |  | 26 844 414.33 | 3.78 |
| Total Notes, fixed rate |  | 26 844 414.33 | 3.78 |
| Notes, floating rate |  |  |  |
| USD |  |  |  |
| USD	GRUPO BIMBO SA DE CV-REG-S-SUB 5.950%/VAR 18-PRP | 3 900 000.00 | 4 168 734.56 | 0.59 |
| Total USD |  | 4 168 734.56 | 0.59 |
| Total Notes, floating rate |  | 4 168 734.56 | 0.59 |

UBS (Lux) Bond SICAV – Emerging Economies Corporates (USD) Semi-Annual Report as of 30 November 2020
| Description | Quantity/ | Valuation in USD | as a % |
| --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |

Bonds, fixed rate
| USD |  |
| --- | --- |
| USD | INVERSIONES CMPC SA-REG-S 4.37500% 13-15.05.23 | 1 600 000.00 | 1 708 800.00 | 0.24 |
| USD | KOREA EAST-WEST POWER CO LTD-REG-S 1.75000% 20-06.05.25 | 1 800 000.00 | 1 864 687.50 | 0.26 |
| USD | TENGIZCHEVROIL FINANCE CO INT-REG-S 4.00000% 16-15.08.26 | 1 155 000.00 | 1 264 725.00 | 0.18 |
| Total USD |  |  | 4 838 212.50 | 0.68 |
| Total Bonds, fixed rate | 4 838 212.50 | 0.68 |
| Total Transferable securities and money market instruments traded on another regulated market | 49 849 387.81 | 7.02 |

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 | AEROVIAS DE MEXICO SA-REG-S *DEFAULTED* 7.00000% 20-05.02.25 | 2 150 000.00 | 731 000.00 | 0.10 |
| USD | COLBUN SA-REG-S 3.15000% 20-06.03.30 | 1 230 000.00 | 1 312 471.50 | 0.18 |
| USD | FIRST QUANTUM MINERALS LTD-REG-S 6.87500% 20-15.10.27 | 5 000 000.00 | 5 225 000.00 | 0.74 |
| USD | MULTIBANK INC-REG-S 4.37500% 17-09.11.22 | 1 150 000.00 | 1 178 462.50 | 0.17 |
| USD | PRUMO PARTICIPACOES E INVESTIMENT-REG-S 7.50000% 19-31.12.31 | 1 550 000.00 | 1 505 000.60 | 0.21 |
| USD | TENGIZCHEVROIL FINANCE CO INTL-REG-S 3.25000% 20-15.08.30 | 2 080 000.00 | 2 166 611.20 | 0.30 |
| USD | TENGIZCHEVROIL FINANCE CO INTL-REG-S 2.62500% 20-15.08.25 | 1 750 000.00 | 1 802 377.50 | 0.25 |
| USD | TEVA PHARMACEUTICAL FINANCE NETHERLANDS 7.12500% 20-31.01.25 | 3 550 000.00 | 3 873 014.85 | 0.55 |
| Total USD |  |  | 17 793 938.15 | 2.50 |
| Total Notes, fixed rate | 17 793 938.15 | 2.50 |
| Total Transferable securities and money market instruments not listed on an official stock exchange and not traded on another regulated market | 17 793 938.15 | 2.50 |
| 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	UBS (IRL) SELECT MONEY MARKET FUND-USD-S-DIST	2 337.94 | 23 379 440.00 | 3.29 |
| Total Ireland | 23 379 440.00 | 3.29 |
| Total Investment funds, open end | 23 379 440.00 | 3.29 |
| Total UCITS/Other UCIs in accordance with Article 41 (1) e) of the amended Luxembourg law of 17 December 2010 | 23 379 440.00 | 3.29 |
| Total investments in securities | 704 289 674.96 | 99.14 |

| Derivative instruments |  |
| --- | --- |
| Derivative instruments listed on an official stock exchange |
| Financial Futures on bonds |
|  |  |  |  |
| USD	US ULTRA LONG BOND (CBT) FUTURE 22.03.21 | -117.00 | -193 812.50 | -0.03 |
| USD	US LONG BOND FUTURE 22.03.21 | 61.00 | 53 375.00 | 0.01 |
| USD	US 2YR TREASURY NOTE FUTURE 31.03.21 | 25.00 | 2 343.75 | 0.00 |
| USD	US 5YR TREASURY NOTE FUTURE 31.03.21 | 370.00 | 63 593.75 | 0.01 |
| USD	US 10YR ULTRA NOTE FUTURE 22.03.21 | -154.00 | -96 250.00 | -0.01 |
| USD	US 10YR TREASURY NOTE FUTURE 22.03.21 | 196.00 | 64 312.50 | 0.01 |
| Total Financial Futures on bonds |  | -106 437.50 | -0.01 |
| Total Derivative instruments listed on an official stock exchange |  | -106 437.50 | -0.01 |
| Total Derivative instruments |  | -106 437.50 | -0.01 |
| Forward Foreign Exchange contracts |  |  |  |
| Currency purchased/Amount purchased/Currency sold/Amount sold/Maturity date |  |  |  |

| EUR | 18 101 800.00 | USD | 21 549 143.00 | 21.1.2021 | 138 012.39 | 0.02 |
| --- | --- | --- | --- | --- | --- | --- |
| Total Forward Foreign Exchange contracts | 138 012.39 | 0.02 |
|  |  |  |
| Cash at banks, deposits on demand and deposit accounts and other liquid assets | 2 041 710.04 | 0.28 |
| Bank overdraft and other short-term liabilities | -14 702.71 | 0.00 |
| Other assets and liabilities | 4 085 159.71 | 0.57 |
| Total net assets | 710 433 416.89 | 100.00 |

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

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


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

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

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

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

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

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

## Etat du portefeuille-titres et autres actifs nets au 30 novembre 2020
| Dénomination | Nombre/ | Evaluation en USD | en % |
| --- | --- | --- | --- |
|  | Nominal | Bénéfice/(perte) non | de |
|  |  | réalisé(e) sur futures/ | l’actif |
|  |  | Contrats de | net |
|  |  | change à terme/ |  |
|  |  | Swaps (note 1) |  |
| Titres et instruments du marché monétaire négociés sur une bourse officielle |  |  |  |
| Billets, taux fixe |  |  |  |
| USD |  |  |  |
| USD	BAIDU INC 3.07500% 20-07.04.25 | 250 000.00 | 265 504.73 | 0.43 |
| USD	BHARTI AIRTEL LTD-REG-S 4.37500% 15-10.06.25 | 1 236 000.00 | 1 337 197.50 | 2.15 |
| USD	CHINA HUANENG GP HK TREASURY MGT-REG-S 2.60000% 19-10.12.24 | 200 000.00 | 207 625.00 | 0.33 |
| USD	CK HUTCHISON INTERNATIONAL 16 LTD-REG-S 2.75000% 16-03.10.26 | 400 000.00 | 431 500.00 | 0.69 |
| USD	CNAC HK FINBRIDGE CO LTD-REG-S 5.12500% 18-14.03.28 | 350 000.00 | 381 390.62 | 0.61 |
| USD	CNAC HK FINBRIDGE CO LTD-REG-S 3.87500% 19-19.06.29 | 350 000.00 | 355 906.25 | 0.57 |
| USD	CNPC GENERAL CAPITAL LTD-REG-S 3.40000% 13-16.04.23 | 200 000.00 | 210 187.50 | 0.34 |
| USD	ENN ENERGY HOLDINGS LTD-REG-S 2.62500% 20-17.09.30 | 700 000.00 | 704 593.75 | 1.14 |
| USD	EXPORT-IMPORT BANK OF CHINA-REG-S 2.87500% 16-26.04.26 | 200 000.00 | 217 875.00 | 0.35 |
| USD	HPHT FINANCE 19 LTD-REG-S 2.87500% 19-05.11.24 | 250 000.00 | 260 072.50 | 0.42 |
| USD	HUTCHINSON WHAMPOA INTL 11 LTSD-REG-S 4.62500% 12-13.01.22 | 500 000.00 | 520 643.40 | 0.84 |
| USD	HUTCHISON WHAMPOA INTL 12 II LTD-REG-S 3.25000% 12-08.11.22 | 550 000.00 | 575 228.50 | 0.93 |
| USD	HYUNDAI CAPITAL AMERICA-REG-S 3.00000% 20-10.02.27 | 200 000.00 | 211 362.54 | 0.34 |
| USD	INDONESIA, REPUBLIC OF-REG-S 5.25000% 12-17.01.42 | 200 000.00 | 261 875.00 | 0.42 |
| USD	KOREA HYDRO&NUCLEAR POWER CO LTD-REG-S 3.00000% 12-19.09.22 | 250 000.00 | 260 546.87 | 0.42 |
| USD	LLPL CAPITAL PTE LTD-REG-S 6.87500% 19-04.02.39 | 200 000.00 | 218 787.00 | 0.35 |
| USD	ONGC VIDESH VANKORNEFT PTE LTD-REG-S 3.75000% 16-27.07.26 | 200 000.00 | 214 812.50 | 0.35 |
| USD	PHILIPPINES, REPUBLIC OF THE 5.50000% 11-30.03.26 | 1 500 000.00 | 1 863 750.00 | 3.00 |
| USD	PHILIPPINES, REPUBLIC OF THE 2.45700% 20-05.05.30 | 400 000.00 | 432 000.00 | 0.70 |
| USD	PLDT INC-REG-S 2.50000% 20-23.01.31 | 450 000.00 | 466 312.50 | 0.75 |
| USD	POWER SECTOR ASST & LIAB MGT CORP-REG-S 7.39000% 09-02.12.24 | 1 000 000.00 | 1 254 062.50 | 2.02 |
| USD	REC LTD-REG-S 3.50000% 19-12.12.24 | 200 000.00 | 208 312.50 | 0.34 |
| USD	SHIMAO PROPERTY HOLDINGS LTD-REG-S 4.60000% 20-13.07.30 | 300 000.00 | 321 000.00 | 0.52 |
| USD	SINOPEC GROUP OVERSEAS DEVELOPMNT-REG-S 3.25000% 15-28.04.25 | 200 000.00 | 214 812.50 | 0.35 |
| Total USD |  | 11 395 358.66 | 18.36 |
| Total des Billets, taux fixe |  | 11 395 358.66 | 18.36 |
| Billets, taux variable |  |  |  |
| USD |  |  |  |
| USD	CHINA DEV BANK FIN LEASING-REG-S-SUB 2.875%/VAR 20-28.09.30 | 1 025 000.00 | 1 034 630.39 | 1.67 |
| USD	IND & COM BK CHINA MACAU-REG-S-SUB 2.875%/VAR 19-12.09.29 | 300 000.00 | 306 031.05 | 0.49 |
| Total USD |  | 1 340 661.44 | 2.16 |
| Total des Billets, taux variable |  | 1 340 661.44 | 2.16 |
| Medium-Term Notes, taux fixe |  |  |  |
| USD |  |  |  |
| USD	AIRPORT AUTHORITY HONG KONG-REG-S 3.45000% 19-21.02.29 | 200 000.00 | 224 540.92 | 0.36 |
| USD	BANK OF CHINA LTD/PARIS 0.95000% 20-21.09.23 | 1 750 000.00 | 1 745 284.27 | 2.81 |
| USD	BANK OF CHINA/HONG KONG-REG-S 3.62500% 19-17.04.29 | 200 000.00 | 222 687.50 | 0.36 |
| USD	BANK OF EAST ASIA LTD-REG-S-SUB 4.00000% 20-29.05.30 | 900 000.00 | 932 805.00 | 1.50 |
| USD	BDO UNIBANK INC-REG-S 2.12500% 20-13.01.26 | 1 250 000.00 | 1 268 750.00 | 2.04 |
| USD	BOC AVIATION LTD-REG-S 3.50000% 19-10.10.24 | 200 000.00 | 211 490.00 | 0.34 |
| USD	BOCOM LEASING MGT HONG KONG-REG-S 4.37500% 19-22.01.24 | 500 000.00 | 535 937.50 | 0.86 |
| USD	CASTLE PEAK POWER FINANCE CO LTD-REG-S 2.20000% 20-22.06.30 | 450 000.00 | 456 403.14 | 0.74 |
| USD	CITIC LTD-REG-S 4.00000% 18-11.01.28 | 500 000.00 | 551 562.50 | 0.89 |
| USD	CLP POWER HONG KONG FINANCING LTD-REG-S 2.12500% 20-30.06.30 | 975 000.00 | 985 966.70 | 1.59 |
| USD	CMB INTERNATIONAL LEASING MGT LTD-REG-S 2.75000% 20-12.08.30 | 875 000.00 | 853 651.75 | 1.38 |
| USD	EXPORT IMPORT BANK OF THAILAND-REG-S 1.45700% 20-15.10.25 | 400 000.00 | 401 526.68 | 0.65 |
| USD	HUARONG FINANCE-REG-S 3.75000% 19-29.05.24 | 1 250 000.00 | 1 308 593.75 | 2.11 |
| USD	ICBCIL FINANCE CO LTD-REG-S 3.62500% 16-19.05.26 | 250 000.00 | 273 125.00 | 0.44 |
| USD	INDONESIA, REPUBLIC OF-REG-S 3.85000% 17-18.07.27 | 1 800 000.00 | 2 054 812.50 | 3.31 |
| USD	INDONESIA, REPUBLIC OF-REG-S 4.75000% 17-18.07.47 | 350 000.00 | 443 843.75 | 0.71 |
| USD	INDUSTRIAL COMMERCIAL BANK CHINA-REG-S 1.20000% 20-09.09.25 | 625 000.00 | 615 385.81 | 0.99 |
| USD	MTR CORP LTD-REG-S 1.62500% 20-19.08.30 | 750 000.00 | 742 619.98 | 1.20 |
| USD	NAN FUNG TREASURY LTD-REG-S 3.87500% 17-03.10.27 | 1 000 000.00 | 1 032 800.00 | 1.66 |
| USD	NAN FUNG TREASURY LTD-REG-S 5.00000% 18-05.09.28 | 1 000 000.00 | 1 105 789.40 | 1.78 |
| USD	OVERSEA-CHINESE BANKING CORP-REG-S-SUB 4.25000% 14-19.06.24 | 200 000.00 | 218 812.50 | 0.35 |
| USD	PERTAMINA PT-REG-S 6.50000% 18-07.11.48 | 325 000.00 | 456 218.75 | 0.73 |
| USD	PERUSAHAAN LISTRIK NEGARA PT-REG-S 4.37500% 19-05.02.50 | 525 000.00 | 567 820.31 | 0.91 |
| USD	PETRONAS CAPITAL LTD-REG-S 4.55000% 20-21.04.50 | 325 000.00 | 435 804.69 | 0.70 |
| USD	PSA TREASURY PTE LTD-REG-S 2.12500% 19-05.09.29 | 300 000.00 | 311 439.00 | 0.50 |
| USD	PTT TREASURY CENTER CO LTD-REG-S 4.50000% 19-25.10.42 | 553 000.00 | 635 085.93 | 1.02 |
| USD	SHINHAN FIN GROUP CO LTD-REG-S 1.35000% 20-10.01.26 | 925 000.00 | 934 347.59 | 1.51 |
| USD	SIAM COMMERCIAL BK CAYMAN ISLAND-REG-S 2.75000% 17-16.05.23 | 525 000.00 | 545 671.87 | 0.88 |
| USD	SIAM COMMERCIAL BK CAYMAN ISLAND-REG-S 4.40000% 19-11.02.29 | 375 000.00 | 433 710.94 | 0.70 |
| USD	SINGTEL GROUP TREASURY PTE LTD-REG-S 3.25000% 15-30.06.25 | 200 000.00 | 219 840.90 | 0.35 |
| USD	SINGTEL GROUP TREASURY PTE LTD-REG-S 3.87500% 18-28.08.28 | 350 000.00 | 407 479.59 | 0.66 |
| USD	SP POWERASSETS LTD-REG-S 3.25000% 15-24.11.25 | 200 000.00 | 222 168.00 | 0.36 |
| USD	STATE GRID OVERSEAS INVESTMENT-REG-S 3.50000% 17-04.05.27 | 500 000.00 | 556 250.00 | 0.90 |
| USD	SUN HUNG KAI PROP CAP MRKT LTD-REG-S 2.87500% 20-21.01.30 | 2 000 000.00 | 2 108 401.40 | 3.40 |
| USD	SUN HUNG KAI PROPERTIES LTD-REG-S 4.50000% 12-14.02.22 | 200 000.00 | 207 750.00 | 0.33 |
| USD	TEMASEK FINANCIAL I LTD-REG-S 2.50000% 20-06.10.70 | 1 000 000.00 | 1 002 530.00 | 1.62 |
| USD	TENCENT HOLDINDS LTD-REG-S 3.80000% 15-11.02.25 | 1 000 000.00 | 1 096 562.50 | 1.77 |
| USD	TENCENT HOLDINGS LTD-REG-S 3.92500% 18-19.01.38 | 200 000.00 | 227 500.00 | 0.37 |
| USD	TENCENT HOLDINGS LTD-REG-S 2.39000% 20-03.06.30 | 375 000.00 | 384 609.38 | 0.62 |
| USD	THAIOIL TREASURY CENTER CO LTD-REG-S 3.75000% 20-18.06.50 | 725 000.00 | 730 531.75 | 1.18 |
| Total USD |  | 27 670 111.25 | 44.58 |
| Total des Medium-Term Notes, taux fixe |  | 27 670 111.25 | 44.58 |

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

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

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

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