# UBS (Lux) Bond SICAV – 2024 (USD)
| Most important figures |  |
| --- | --- |
|  | ISIN | 30.11.2020 | 31.5.2020 |
| Net assets in USD |  | 276 210 678.18 | 279 086 827.00 |
| Class K-1-acc 1 | LU2032050580 |  |  |
| Shares outstanding |  | 3.2000 | 3.4000 |
| Net asset value per share in USD |  | 5 159 714.59 | 4 742 225.32 |
| Issue and redemption price per share in USD 2 |  | 5 159 714.59 | 4 742 225.32 |
| Class K-1-dist 1 | LU2032050663 |  |  |
| Shares outstanding |  | 6.7000 | 6.7000 |
| Net asset value per share in USD |  | 4 955 725.52 | 4 742 344.89 |
| Issue and redemption price per share in USD 2 |  | 4 955 725.52 | 4 742 344.89 |
| Class K-1-qdist 1 | LU2045767261 |  |  |
| Shares outstanding |  | 9.5000 | 9.5000 |
| Net asset value per share in USD |  | 4 951 448.48 | 4 653 511.47 |
| Issue and redemption price per share in USD 2 |  | 4 951 448.48 | 4 653 511.47 |
| Class P-acc 1 | LU2032050150 |  |  |
| Shares outstanding |  | 410 174.5610 | 432 130.6710 |
| Net asset value per share in USD |  | 102.90 | 94.69 |
| Issue and redemption price per share in USD 2 |  | 102.90 | 94.69 |
| Class P-dist 1 | LU2032050234 |  |  |
| Shares outstanding |  | 234 427.8090 | 236 424.7860 |
| Net asset value per share in USD |  | 99.06 | 94.69 |
| Issue and redemption price per share in USD 2 |  | 99.06 | 94.69 |
| Class P-qdist 1 | LU2045766537 |  |  |
| Shares outstanding |  | 345 170.5970 | 363 084.9570 |
| Net asset value per share in USD |  | 99.00 | 93.03 |
| Issue and redemption price per share in USD 2 |  | 99.00 | 93.03 |
| Class (HKD) P-qdist 1 | LU2045767428 |  |  |
| Shares outstanding |  | 7 157.1570 | 23 407.1570 |
| Net asset value per share in HKD |  | 978.71 | 919.84 |
| Issue and redemption price per share in HKD 2 |  | 978.71 | 919.84 |
| Class Q-acc 1 | LU2032050317 |  |  |
| Shares outstanding |  | 380 138.7250 | 407 003.5850 |
| Net asset value per share in USD |  | 103.20 | 94.85 |
| Issue and redemption price per share in USD 2 |  | 103.20 | 94.85 |
| Class Q-dist 1 | LU2032050408 |  |  |
| Shares outstanding |  | 178 744.2750 | 290 007.4200 |
| Net asset value per share in USD |  | 99.12 | 94.84 |
| Issue and redemption price per share in USD 2 |  | 99.12 | 94.84 |
| Class Q-qdist 1 | LU2045766883 |  |  |
| Shares outstanding |  | 91 859.2420 | 95 407.4380 |
| Net asset value per share in USD |  | 99.05 | 93.08 |
| Issue and redemption price per share in USD 2 |  | 99.05 | 93.08 |
| Class Q-UKdist-qdist 1 | LU2032050747 |  |  |
| Shares outstanding |  | 130 321.7720 | 130 321.7720 |
| Net asset value per share in USD |  | 99.02 | 93.08 |
| Issue and redemption price per share in USD 2 |  | 99.02 | 93.08 |
| 1  First NAV: 27.9.2019 2  See note 1 |  |  |  |

UBS (Lux) Bond SICAV – 2024 (USD)
Semi-Annual Report as of 30 November 2020

## Structure of the Securities Portfolio
Geographical Breakdown as a % of net assets	
| United Kingdom | 8.17 |
| --- | --- |
| Cayman Islands | 7.02 |
| China | 6.46 |
| Mexico | 6.42 |
| The Netherlands | 6.14 |
| South Korea | 5.36 |
| United Arab Emirates | 4.75 |
| Singapore | 4.45 |
| Turkey | 4.26 |
| Luxembourg | 3.89 |
| Mongolia | 3.88 |
| Saudi Arabia | 3.51 |
| India | 2.80 |
| Nigeria | 2.71 |
| Qatar | 2.68 |
| Oman | 2.31 |
| Ukraine | 2.27 |
| Ireland | 2.04 |
| Egypt | 2.00 |
| British Virgin Islands | 1.75 |
| Belarus | 1.53 |
| United States | 1.48 |
| Chile | 1.33 |
| Indonesia | 1.31 |
| Pakistan | 1.17 |
| Colombia | 1.16 |
| South Africa | 1.07 |
| Venezuela | 0.55 |
| Dominican Republic | 0.53 |
| Greece | 0.53 |
| Bermuda | 0.51 |
| Morocco | 0.51 |
| Israel | 0.51 |
| Malaysia | 0.50 |
| Iraq | 0.49 |
| Ivory Coast | 0.40 |
| Ghana | 0.27 |
| Brazil | 0.24 |
| Kenya | 0.22 |
| Costa Rica | 0.20 |
| Argentina | 0.15 |
| Total | 97.53 |

Economic Breakdown as a % of net assets	
| Finance & holding companies | 31.57 |
| --- | --- |
| Banks & credit institutions | 17.20 |
| Countries & central governments | 10.13 |
| Petroleum | 8.54 |
| Real Estate | 6.46 |
| Supranational organisations | 4.08 |
| Energy & water supply | 3.86 |
| Mining, coal & steel | 3.27 |
| Pharmaceuticals, cosmetics & medical products | 2.57 |
| Food & soft drinks | 2.11 |
| Public, non-profit institutions | 1.85 |
| Building industry & materials | 1.11 |
| Miscellaneous services | 0.97 |
| Retail trade, department stores | 0.95 |
| Miscellaneous unclassified companies | 0.76 |
| Mortgage & funding institutions | 0.73 |
| Chemicals | 0.61 |
| Cantons, federal states | 0.33 |
| Telecommunications | 0.31 |
| Agriculture & fishery | 0.12 |
| Total | 97.53 |

UBS (Lux) Bond SICAV – 2024 (USD)
Semi-Annual Report as of 30 November 2020

## Statement of Net Assets
Assets	30.11.2020
USD
Investments in securities, cost	266 243 544.17
| Investments in securities, unrealized appreciation (depreciation) | 	3 144 077.51	 |
| --- | --- |
| Total investments in securities (Note 1) | 269 387 621.68 |
| Cash at banks, deposits on demand and deposit accounts | 3 277 594.32 |
| Interest receivable on securities | 3 632 100.88 |
| Other receivables | 21 488.24 |
| Total Assets | 276 318 805.12 |
|  |  |
| Liabilities |  |
| Provisions for flat fee (Note 2) | -72 222.65 |
| Provisions for taxe d’abonnement (Note 3) | -22 892.56 |
| Provisions for other commissions and fees (Note 2) | 	-13 011.73	 |
| Total provisions | -108 126.94 |
| Total Liabilities | -108 126.94 |
|  |  |
| Net assets at the end of the period | 276 210 678.18 |
| Statement of Operations | USD |
| Income | 1.6.2020-30.11.2020 |
| Interest on liquid assets | 1.89 |
| Interest on securities | 7 622 107.06 |
| Income on securities lending (Note 12) | 26 015.72 |
| Other income (Note 4) | 93 743.87 |
| Total income | 7 741 868.54 |
|  |  |
| Expenses |  |
| Flat fee (Note 2) | -912 475.71 |
| Taxe d’abonnement (Note 3) | -72 932.14 |
| Cost on securities lending (Note 12) | -10 406.29 |
| Other commissions and fees (Note 2) | -12 827.31 |
| Total expenses | -1 008 641.45 |
|  |  |
| Net income (loss) on investments | 6 733 227.09 |
|  |  |
| Realized gain (loss) (Note 1) |  |
| Realized gain (loss) on market-priced securities without options | -6 198 013.06 |
| Realized gain (loss) on foreign exchange | 81.03 |
| Total realized gain (loss) | -6 197 932.03 |
|  |  |
| Net realized gain (loss) of the period | 535 295.06 |
|  |  |
| Changes in unrealized appreciation (depreciation) (Note 1) |  |
| Unrealized appreciation (depreciation) on market-priced securities without options | 23 198 682.61 |
| Total changes in unrealized appreciation (depreciation) | 23 198 682.61 |
|  |  |
| Net increase (decrease) in net assets as a result of operations | 23 733 977.67 |

UBS (Lux) Bond SICAV – 2024 (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 | 279 086 827.00 |
| Redemptions | 	-21 021 829.94	 |
| Total redemptions | -21 021 829.94 |
| Dividend paid | -5 588 296.55 |
| Net income (loss) on investments | 6 733 227.09 |
| Total realized gain (loss) | -6 197 932.03 |
| Total changes in unrealized appreciation (depreciation) | 	23 198 682.61	 |
| Net increase (decrease) in net assets as a result of operations | 23 733 977.67 |
| Net assets at the end of the period | 276 210 678.18 |
| 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 | 3.4000 |
| Number of shares issued | 0.0000 |
| Number of shares redeemed | -0.2000 |
| Number of shares outstanding at the end of the period | 3.2000 |
| Class | K-1-dist |
| Number of shares outstanding at the beginning of the period | 6.7000 |
| Number of shares issued | 0.0000 |
| Number of shares redeemed | 0.0000 |
| Number of shares outstanding at the end of the period | 6.7000 |
| Class | K-1-qdist |
| Number of shares outstanding at the beginning of the period | 9.5000 |
| Number of shares issued | 0.0000 |
| Number of shares redeemed | 0.0000 |
| Number of shares outstanding at the end of the period | 9.5000 |
| Class | P-acc |
| Number of shares outstanding at the beginning of the period | 432 130.6710 |
| Number of shares issued | 0.0000 |
| Number of shares redeemed | -21 956.1100 |
| Number of shares outstanding at the end of the period | 410 174.5610 |
| Class | P-dist |
| Number of shares outstanding at the beginning of the period | 236 424.7860 |
| Number of shares issued | 0.0000 |
| Number of shares redeemed | -1 996.9770 |
| Number of shares outstanding at the end of the period | 234 427.8090 |
| Class | P-qdist |
| Number of shares outstanding at the beginning of the period | 363 084.9570 |
| Number of shares issued | 0.0000 |
| Number of shares redeemed | -17 914.3600 |
| Number of shares outstanding at the end of the period | 345 170.5970 |
| Class | (HKD) P-qdist |
| Number of shares outstanding at the beginning of the period | 23 407.1570 |
| Number of shares issued | 0.0000 |
| Number of shares redeemed | -16 250.0000 |
| Number of shares outstanding at the end of the period | 7 157.1570 |
| Class | Q-acc |
| Number of shares outstanding at the beginning of the period | 407 003.5850 |
| Number of shares issued | 0.0000 |
| Number of shares redeemed | -26 864.8600 |
| Number of shares outstanding at the end of the period | 380 138.7250 |
| Class | Q-dist |
| Number of shares outstanding at the beginning of the period | 290 007.4200 |
| Number of shares issued | 0.0000 |
| Number of shares redeemed | -111 263.1450 |
| Number of shares outstanding at the end of the period | 178 744.2750 |
| Class | Q-qdist |
| Number of shares outstanding at the beginning of the period | 95 407.4380 |
| Number of shares issued | 0.0000 |
| Number of shares redeemed | -3 548.1960 |
| Number of shares outstanding at the end of the period | 91 859.2420 |
| Class | Q-UKdist-qdist |
| Number of shares outstanding at the beginning of the period | 130 321.7720 |
| Number of shares issued | 0.0000 |
| Number of shares redeemed | 0.0000 |
| Number of shares outstanding at the end of the period | 130 321.7720 |

UBS (Lux) Bond SICAV – 2024 (USD)
Semi-Annual Report as of 30 November 2020
| Annual Distribution 1 |  |
| --- | --- |
| UBS (Lux) Bond SICAV – 2024 (USD) | Ex-Date | Pay-Date | Currency | Amount per share |
| K-1-dist | 3.8.2020 | 6.8.2020 | USD | 166 545.75 |
| K-1-dist | 5.8.2020 | 10.8.2020 | USD | 30 874.66 |
| P-dist | 3.8.2020 | 6.8.2020 | USD | 3.20 |
| P-dist | 5.8.2020 | 10.8.2020 | USD | 0.52 |
| Q-dist | 3.8.2020 | 6.8.2020 | USD | 3.36 |
| Q-dist | 5.8.2020 | 10.8.2020 | USD | 0.58 |
| Quarterly Distribution 1 |  |  |  |  |
| UBS (Lux) Bond SICAV – 2024 (USD) | Ex-Date | Pay-Date | Currency | Amount per share |
| K-1-qdist | 15.6.2020 | 18.6.2020 | USD | 54 000.28 |
| K-1-qdist | 15.9.2020 | 18.9.2020 | USD | 53 419.64 |
| P-qdist | 15.6.2020 | 18.6.2020 | USD | 1.01 |
| P-qdist | 15.9.2020 | 18.9.2020 | USD | 1.00 |
| (HKD) P-qdist | 15.6.2020 | 18.6.2020 | HKD | 10.18 |
| (HKD) P-qdist | 15.9.2020 | 18.9.2020 | HKD | 10.07 |
| Q-qdist | 15.6.2020 | 18.6.2020 | USD | 1.08 |
| Q-qdist | 15.9.2020 | 18.9.2020 | USD | 1.06 |
| Q-UKdist-qdist | 15.6.2020 | 18.6.2020 | USD | 1.08 |
| Q-UKdist-qdist | 15.9.2020 | 18.9.2020 | USD | 1.06 |
| Q-UKdist-qdist | 7.10.2020 | 13.10.2020 | USD | 0.03 |
| 1  See note 5 |  |  |  |  |

UBS (Lux) Bond SICAV – 2024 (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	AFRICA FINANCE CORP-REG-S 3.87500% 17-13.04.24 | 6 040 000.00 | 6 417 500.00 | 2.32 |
| USD	ALFA SAB DE CV-REG-S 5.25000% 14-25.03.24 | 1 380 000.00 | 1 512 393.75 | 0.55 |
| USD	AZURE POWER ENERGY LTD-REG-S 5.50000% 17-03.11.22 | 1 210 000.00 | 1 245 543.75 | 0.45 |
| USD	BANCO BTG PACTUAL SA/CAY ISL SA-REG-S 5.50000% 17-31.01.23 | 720 000.00 | 765 675.00 | 0.28 |
| USD	BANCO INBURSA SA-REG-S 4.12500% 14-06.06.24 | 1 660 000.00 | 1 766 343.75 | 0.64 |
| USD	BELARUS INTERNATIONAL BOND-REG-S 6.87500% 17-28.02.23 | 200 000.00 | 206 187.50 | 0.07 |
| USD	BLACK SEA TRADE & DEVELOPMT BK-REG-S 3.50000% 19-25.06.24 | 1 390 000.00 | 1 467 139.44 | 0.53 |
| USD	BRF SA-REG-S 4.75000% 14-22.05.24 | 320 000.00 | 341 699.99 | 0.12 |
| USD	CHINA EVERGRANDE GROUP-REG-S 10.00000% 19-11.04.23 | 1 900 000.00 | 1 619 156.25 | 0.59 |
| USD	COMISION FEDERAL DE ELECTRICIDAD-REG-S 4.87500% 13-15.01.24 | 1 700 000.00 | 1 867 343.74 | 0.68 |
| USD	CORPORACION ANDINA DE FOMENTO 2.37500% 20-12.05.23 | 1 465 000.00 | 1 511 396.55 | 0.55 |
| USD	COSTA RICA, REPUBLIC OF-REG-S 4.25000% 12-26.01.23 | 590 000.00 | 555 890.63 | 0.20 |
| USD	COUNTRY GARDEN HOLDINGS CO LTD-REG-S 8.00000% 18-27.01.24 | 670 000.00 | 722 553.13 | 0.26 |
| USD	CREDITO REAL SAB-REG-S 7.25000% 16-20.07.23 | 2 670 000.00 | 2 752 770.00 | 1.00 |
| USD	CSN RESOURCES SA-REG-S 7.62500% 18-13.02.23 | 4 200 000.00 | 4 383 881.46 | 1.59 |
| USD	DEV BK OF THE REPUBLIC OF BELARUS-REG-S 6.75000% 19-02.05.24 | 4 030 000.00 | 4 008 590.63 | 1.45 |
| USD	ECOPETROL SA 5.87500% 13-18.09.23 | 1 050 000.00 | 1 169 175.00 | 0.42 |
| USD	EGYPT, REPUBLIC OF-REG-S 5.75000% 20-29.05.24 | 1 500 000.00 | 1 578 750.00 | 0.57 |
| USD	ESKOM HOLDINGS SOC LTD-REG-S 6.75000% 13-06.08.23 | 1 515 000.00 | 1 547 193.75 | 0.56 |
| USD	EXPORT CREDIT BANK OF TURKEY-REG-S 6.12500% 18-03.05.24 | 4 900 000.00 | 4 924 500.00 | 1.78 |
| USD	FIBRIA OVERSEAS FINANCE LTD 5.25000% 14-12.05.24 | 1 550 000.00 | 1 700 350.00 | 0.62 |
| USD	GHANA GOVT INTNL BOND-REG-S 7.87500% 13-07.08.23 | 690 000.00 | 743 906.25 | 0.27 |
| USD	GREENKO DUTCH BV-REG-S 5.25000% 17-24.07.24 | 5 690 000.00 | 5 873 146.87 | 2.13 |
| USD	GREENKO MAURITIUS LTD-REG-S 6.25000% 19-21.02.23 | 750 000.00 | 776 250.00 | 0.28 |
| USD	INDUSTRIAL SENIOR TRUST-REG-S 5.50000% 12-01.11.22 | 670 000.00 | 701 196.88 | 0.25 |
| USD	JSL EUROPE SA-REG-S 7.75000% 17-26.07.24 | 6 000 000.00 | 6 373 200.00 | 2.31 |
| USD	KENYA, REPUBLIC OF-REG-S 6.87500% 14-24.06.24 | 560 000.00 | 605 675.00 | 0.22 |
| USD	KOREA GAS CORP-REG-S 3.87500% 14-12.02.24 | 600 000.00 | 656 062.50 | 0.24 |
| USD	KOREA HYDRO&NUCLEAR POWER CO LTD-REG-S 3.75000% 18-25.07.23 | 1 600 000.00 | 1 727 500.00 | 0.63 |
| USD	KOREA NATIONAL OIL CORP-REG-S 4.00000% 14-23.01.24 | 2 500 000.00 | 2 738 281.25 | 0.99 |
| USD	LEVIATHAN BOND LTD-144A-REG-S 5.75000% 20-30.06.23 | 1 325 000.00 | 1 396 218.75 | 0.51 |
| USD	LIQUID TELECOMMUNICATIONS FIN-REG-S 8.50000% 17-13.07.22 | 6 610 000.00 | 6 729 806.25 | 2.44 |
| USD	MARB BONDCO PLC-REG-S 7.00000% 17-15.03.24 | 4 250 000.00 | 4 377 500.00 | 1.59 |
| USD	MHP SA-REG-S 7.75000% 17-10.05.24 | 1 340 000.00 | 1 459 343.75 | 0.53 |
| USD	NOVOLIPETSK STEEL VIA STEEL FUND-REG-S 4.50000% 16-15.06.23 | 1 360 000.00 | 1 445 850.00 | 0.52 |
| USD	OCP SA-REG-S 5.62500% 14-25.04.24 | 1 280 000.00 | 1 400 400.00 | 0.51 |
| USD	OMAN SOVEREIGN SUKUK SAOC-REG-S 4.39700% 17-01.06.24 | 2 150 000.00 | 2 190 527.50 | 0.79 |
| USD	OOREDOO INTERNATIONAL FINANCE LTD-REG-S 3.25000% 12-21.02.23 | 830 000.00 | 867 350.00 | 0.31 |
| USD	OZTEL HOLDINGS SPC-REG-S 5.62500% 18-24.10.23 | 3 040 000.00 | 3 156 850.00 | 1.14 |
| USD	PAKISTAN, ISLAMIC REPUBLIC OF-REG-S 8.25000% 14-15.04.24 | 3 000 000.00 | 3 232 500.00 | 1.17 |
| USD	PERTAMINA PT-REG-S 4.30000% 13-20.05.23 | 1 950 000.00 | 2 090 156.25 | 0.76 |
| USD	PETROLEOS MEXICANOS 4.87500% 13-18.01.24 | 9 690 000.00 | 9 833 533.13 | 3.56 |
| USD	QATAR, STATE OF-REG-S 3.37500% 19-14.03.24 | 2 000 000.00 | 2 159 375.00 | 0.78 |
| USD	REC LTD-REG-S 4.75000% 20-19.05.23 | 680 000.00 | 722 071.67 | 0.26 |
| USD	SACI FALABELLA-REG-S 3.75000% 13-30.04.23 | 2 500 000.00 | 2 618 125.00 | 0.95 |
| USD	SASOL FINANCING USA LLC 5.87500% 18-27.03.24 | 3 970 000.00 | 4 090 340.62 | 1.48 |
| USD	SOUTH AFRICA, REPUBLIC OF 4.66500% 12-17.01.24 | 1 340 000.00 | 1 421 237.50 | 0.51 |
| USD	SUNAC CHINA HOLDINGS LTD-REG-S 6.65000% 20-03.08.24 | 1 500 000.00 | 1 501 875.00 | 0.54 |
| USD	TEVA PHARMACEUTICAL FINANCE NL III BV 6.00000% 18-15.04.24 | 6 700 000.00 | 7 095 300.00 | 2.57 |
| USD	TURKEY, REPUBLIC OF 6.35000% 19-10.08.24 | 1 070 000.00 | 1 113 803.12 | 0.40 |
| USD	TURKIYE IS BANKASI-REG-S 6.12500% 17-25.04.24 | 590 000.00 | 588 156.25 | 0.21 |
| USD	UKRAINE RAILWAYS VIA RL CPTL MKTS-REG-S 8.25000% 19-09.07.24 | 7 081 000.00 | 7 273 514.69 | 2.63 |
| USD	UKRAINE, GOVERNMENT OF-REG-S 7.75000% 15-01.09.24 | 1 350 000.00 | 1 472 343.75 | 0.53 |
| USD	UKRAINE, GOVERNMENT OF-REG-S 8.99400% 18-01.02.24 | 3 000 000.00 | 3 349 500.00 | 1.21 |
| USD	VEB FINANCE PLC-REG-S LPN 5.94200% 13-21.11.23 | 2 900 000.00 | 3 229 875.00 | 1.17 |
| USD	VEDANTA RESOURCES PLC-REG-S 6.12500% 17-09.08.24 | 4 670 000.00 | 2 819 512.50 | 1.02 |
| USD	YPF SA-REG-S 8.75000% 14-04.04.24 | 500 000.00 | 402 812.50 | 0.15 |
| Total USD |  | 140 297 131.30 | 50.79 |
| Total Notes, fixed rate |  | 140 297 131.30 | 50.79 |
| Medium term notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	AFRICAN EXPORT-IMPORT BANK-REG-S 5.25000% 18-11.10.23 | 1 710 000.00 | 1 863 219.41 | 0.67 |
| USD	BANCO DO BRASIL SA/CAYMAN-REG-S 4.75000% 19-20.03.24 | 300 000.00 | 322 687.50 | 0.12 |
| USD	BOC AVIATION LTD-REG-S 3.50000% 19-10.10.24 | 4 300 000.00 | 4 547 035.00 | 1.65 |
| USD	CBQ FINANCE LTD-REG-S 5.00000% 18-24.05.23 | 500 000.00 | 541 250.00 | 0.20 |
| USD	EGYPT, REPUBLIC OF-REG-S 6.20040% 19-01.03.24 | 1 960 000.00 | 2 073 312.50 | 0.75 |
| USD	EMIRATES DEVELOPMENT BANK PJSC-REG-S 3.51600% 19-06.03.24 | 8 500 000.00 | 9 052 500.00 | 3.28 |
| USD	KOREA ELECTRIC POWER CORP-REG-S 2.50000% 19-24.06.24 | 4 840 000.00 | 5 121 325.00 | 1.85 |
| USD	MONGOLIA,GOVERNMENT OF-REG-S 8.75000% 17-09.03.24 | 3 860 000.00 | 4 458 300.00 | 1.61 |
| USD	NATIONAL BANK OF OMAN LTD-REG-S 5.62500% 18-25.09.23 | 4 200 000.00 | 4 184 250.00 | 1.51 |
| USD	OVERSEA-CHINESE BANKING CORP-REG-S-SUB 4.25000% 14-19.06.24 | 5 440 000.00 | 5 951 700.00 | 2.15 |
| USD	QNB FINANCE LTD-REG-S 3.50000% 19-28.03.24 | 2 780 000.00 | 2 972 862.50 | 1.08 |
| USD	SAUDI ARABIAN OIL CO-REG-S 2.87500% 19-16.04.24 | 1 200 000.00 | 1 267 500.00 | 0.46 |
| USD	SHRIRAM TRANSPORT FINANCE CO LTD-REG-S 5.10000% 20-16.07.23 | 700 000.00 | 713 125.00 | 0.26 |
| USD	SWIRE PACIFIC MTN FINANCING LTD-REG-S 4.50000% 13-09.10.23 | 500 000.00 | 542 325.00 | 0.20 |
| USD	YAPI VE KREDI BANKASI AS-REG-S 8.25000% 19-15.10.24 | 1 350 000.00 | 1 451 250.00 | 0.52 |
| Total USD |  | 45 062 641.91 | 16.31 |
| Total Medium term notes, fixed rate |  | 45 062 641.91 | 16.31 |

UBS (Lux) Bond SICAV – 2024 (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 | ABJA INVESTMENT CO PTE LTD-REG-S 5.95000% 14-31.07.24 | 1 680 000.00 | 1 791 825.00 | 0.65 |
| USD | ABU DHABI,GOVERNMENT OF-REG-S 2.12500% 19-30.09.24 | 870 000.00 | 911 325.00 | 0.33 |
| USD | AHB SUKUK CO LTD-REG-S 4.37500% 18-19.09.23 | 1 850 000.00 | 2 002 625.00 | 0.72 |
| USD | AKCB FINANCE LTD-REG-S 4.75000% 18-09.10.23 | 4 830 000.00 | 5 240 550.00 | 1.90 |
| USD | BHARTI AIRTEL INTL NETHERLANDS BV-REG-S 5.35000% 14-20.05.24 | 900 000.00 | 990 562.50 | 0.36 |
| USD | BRASKEM FINANCE LTD 6.45000% 14-03.02.24 | 2 910 000.00 | 3 166 138.20 | 1.15 |
| USD | CHINA EVERGRANDE GROUP-REG-S 7.50000% 17-28.06.23 | 3 370 000.00 | 2 698 106.25 | 0.98 |
| USD | DAR AL-ARKAN SUKUK CO LTD-REG-S 6.87500% 18-21.03.23 | 7 000 000.00 | 6 960 624.99 | 2.52 |
| USD | DEVELOPMENT BANK OF MONGOLIA LLC-REG-S 7.25000% 18-23.10.23 | 5 870 000.00 | 6 271 728.13 | 2.27 |
| USD | DOMINICAN REPUBLIC-REG-S 5.87500% 13-18.04.24 | 1 380 000.00 | 1 470 993.75 | 0.53 |
| USD | EASY TACTIC LTD-REG-S 5.87500% 17-13.02.23 | 6 140 000.00 | 5 332 221.60 | 1.93 |
| USD | EASY TACTIC LTD-REG-S 8.62500% 19-27.02.24 | 1 480 000.00 | 1 297 312.50 | 0.47 |
| USD | FAB SUKUK CO LTD-REG-S 3.87500% 19-22.01.24 | 7 000 000.00 | 7 549 062.50 | 2.73 |
| USD | GTLK EUROPE LTD-REG-S 5.12500% 17-31.05.24 | 900 000.00 | 948 656.25 | 0.34 |
| USD | IRAQ INTERNATIONAL BOND-REG-S 6.75200% 17-09.03.23 | 1 400 000.00 | 1 350 562.50 | 0.49 |
| USD | IVORY COAST, REPUBLIC OF-REG-S 5.37500% 14-23.07.24 | 1 050 000.00 | 1 101 515.62 | 0.40 |
| USD | JSW STEEL LTD-REG-S 5.95000% 19-18.04.24 | 2 840 000.00 | 2 997 975.00 | 1.09 |
| USD | KOREA NATIONAL OIL CORP-REG-S 3.25000% 14-10.07.24 | 4 200 000.00 | 4 550 437.50 | 1.65 |
| USD | MDGH - GMTN BV-REG-S 2.75000% 16-11.05.23 | 1 250 000.00 | 1 303 906.25 | 0.47 |
| USD | METINVEST BV-REG-S 7.75000% 18-23.04.23 | 1 340 000.00 | 1 415 793.75 | 0.51 |
| USD | NAK NAFTOGAZ UKRAINE VIA KONDOR-REG-S 7.37500% 19-19.07.22 | 610 000.00 | 628 300.00 | 0.23 |
| USD | NIGERIA, REPUBLIC OF-REG-S 6.37500% 13-12.07.23 | 1 000 000.00 | 1 070 625.00 | 0.39 |
| USD | OSCHADBANK VIA SSB #1 PLC-REG-S LPN STEP UP/DOWN 15-10.03.23 | 2 805 000.00 | 729 957.42 | 0.26 |
| USD | PERUSAHAAN GAS NEGARA PT-REG-S 5.12500% 14-16.05.24 | 1 380 000.00 | 1 527 056.25 | 0.55 |
| USD | POWER FINANCE CORP LTD-REG-S 3.75000% 19-18.06.24 | 1 210 000.00 | 1 267 853.13 | 0.46 |
| USD | SABIC CAPITAL II BV-REG-S 4.00000% 18-10.10.23 | 270 000.00 | 290 250.00 | 0.10 |
| USD | SAUDI ELECTRICITY GLOBAL SUKUK CO-REG-S 4.22200% 18-27.01.24 | 1 350 000.00 | 1 464 750.00 | 0.53 |
| USD | SCENERY JOURNEY LTD-REG-S 13.75000% 18-06.11.23 | 3 400 000.00 | 3 060 000.00 | 1.11 |
| USD | SUNAC CHINA HOLDINGS LTD-REG-S 7.95000% 19-11.10.23 | 350 000.00 | 363 234.38 | 0.13 |
| USD | SUNAC CHINA HOLDINGS LTD-REG-S 7.50000% 19-01.02.24 | 720 000.00 | 733 950.00 | 0.27 |
| USD | SURA ASSET MANAGEMENT SA-REG-S 4.87500% 14-17.04.24 | 1 860 000.00 | 2 036 118.75 | 0.74 |
| USD | TURKIYE VAKIFLAR BANKASI TAO-REG-S 8.12500% 19-28.03.24 | 3 500 000.00 | 3 684 843.75 | 1.33 |
| USD | WANDA PROPERTIES INTERNATIONAL-REG-S 7.25000% 14-19.01.24 | 1 800 000.00 | 1 782 000.00 | 0.65 |
| USD | YUZHOU PROPERTIES CO LTD-REG-S 8.50000% 19-26.02.24 | 3 360 000.00 | 3 581 550.00 | 1.30 |
| Total USD |  |  | 81 572 410.97 | 29.54 |
| Total Bonds, fixed rate |  | 81 572 410.97 | 29.54 |
| Total Transferable securities and money market instruments listed on an official stock exchange |  | 266 932 184.18 | 96.64 |
| Transferable securities and money market instruments traded on another regulated market |  |  |  |
| Notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	BANCO DE CREDITO E INVERSIONES-REG-S 4.00000% 13-11.02.23 | 1 000 000.00 | 1 059 375.00 | 0.38 |
| Total USD |  | 1 059 375.00 | 0.38 |
| Total Notes, fixed rate |  | 1 059 375.00 | 0.38 |
| Bonds, fixed rate |  |  |  |
| USD |  |  |  |
| USD	1MDB GLOBAL INV-REG-S 4.40000% 13-09.03.23 | 1 400 000.00 | 1 396 062.50 | 0.51 |
| Total USD |  | 1 396 062.50 | 0.51 |
| Total Bonds, fixed rate |  | 1 396 062.50 | 0.51 |
| Total Transferable securities and money market instruments traded on another regulated market |  | 2 455 437.50 | 0.89 |
| Total investments in securities |  | 269 387 621.68 | 97.53 |
|  |  |  |  |
| Cash at banks, deposits on demand and deposit accounts and other liquid assets |  | 3 277 594.32 | 1.19 |
| Other assets and liabilities |  | 3 545 462.18 | 1.28 |
| Total net assets |  | 276 210 678.18 | 100.00 |

UBS (Lux) Bond SICAV – 2024 (USD)
Semi-Annual Report as of 30 November 2020

Translation (ENFR, 2020-11-30):
# UBS (Lux) Bond SICAV – 2024 (USD)
| Données principales |  |
| --- | --- |
|  | ISIN | 30.11.2020 | 31.5.2020 |
| Actif net en USD |  | 276 210 678.18 | 279 086 827.00 |
| Catégorie K-1-acc 1 | LU2032050580 |  |  |
| Actions en circulation |  | 3.2000 | 3.4000 |
| Valeur nette d’inventaire par action en USD |  | 5 159 714.59 | 4 742 225.32 |
| Prix d’émission et de rachat par action en USD 2 |  | 5 159 714.59 | 4 742 225.32 |
| Catégorie K-1-dist 1 | LU2032050663 |  |  |
| Actions en circulation |  | 6.7000 | 6.7000 |
| Valeur nette d’inventaire par action en USD |  | 4 955 725.52 | 4 742 344.89 |
| Prix d’émission et de rachat par action en USD 2 |  | 4 955 725.52 | 4 742 344.89 |
| Catégorie K-1-qdist 1 | LU2045767261 |  |  |
| Actions en circulation |  | 9.5000 | 9.5000 |
| Valeur nette d’inventaire par action en USD |  | 4 951 448.48 | 4 653 511.47 |
| Prix d’émission et de rachat par action en USD 2 |  | 4 951 448.48 | 4 653 511.47 |
| Catégorie P-acc 1 | LU2032050150 |  |  |
| Actions en circulation |  | 410 174.5610 | 432 130.6710 |
| Valeur nette d’inventaire par action en USD |  | 102.90 | 94.69 |
| Prix d’émission et de rachat par action en USD 2 |  | 102.90 | 94.69 |
| Catégorie P-dist 1 | LU2032050234 |  |  |
| Actions en circulation |  | 234 427.8090 | 236 424.7860 |
| Valeur nette d’inventaire par action en USD |  | 99.06 | 94.69 |
| Prix d’émission et de rachat par action en USD 2 |  | 99.06 | 94.69 |
| Catégorie P-qdist 1 | LU2045766537 |  |  |
| Actions en circulation |  | 345 170.5970 | 363 084.9570 |
| Valeur nette d’inventaire par action en USD |  | 99.00 | 93.03 |
| Prix d’émission et de rachat par action en USD 2 |  | 99.00 | 93.03 |
| Catégorie (HKD) P-qdist 1 | LU2045767428 |  |  |
| Actions en circulation |  | 7 157.1570 | 23 407.1570 |
| Valeur nette d’inventaire par action en HKD |  | 978.71 | 919.84 |
| Prix d’émission et de rachat par action en HKD 2 |  | 978.71 | 919.84 |
| Catégorie Q-acc 1 | LU2032050317 |  |  |
| Actions en circulation |  | 380 138.7250 | 407 003.5850 |
| Valeur nette d’inventaire par action en USD |  | 103.20 | 94.85 |
| Prix d’émission et de rachat par action en USD 2 |  | 103.20 | 94.85 |
| Catégorie Q-dist 1 | LU2032050408 |  |  |
| Actions en circulation |  | 178 744.2750 | 290 007.4200 |
| Valeur nette d’inventaire par action en USD |  | 99.12 | 94.84 |
| Prix d’émission et de rachat par action en USD 2 |  | 99.12 | 94.84 |
| Catégorie Q-qdist 1 | LU2045766883 |  |  |
| Actions en circulation |  | 91 859.2420 | 95 407.4380 |
| Valeur nette d’inventaire par action en USD |  | 99.05 | 93.08 |
| Prix d’émission et de rachat par action en USD 2 |  | 99.05 | 93.08 |
| Catégorie Q-UKdist-qdist 1 | LU2032050747 |  |  |
| Actions en circulation |  | 130 321.7720 | 130 321.7720 |
| Valeur nette d’inventaire par action en USD |  | 99.02 | 93.08 |
| Prix d’émission et de rachat par action en USD 2 |  | 99.02 | 93.08 |
| 1  Première VNI 27.9.2019 2  Voir note 1 |  |  |  |

UBS (Lux) Bond SICAV – 2024 (USD)
Rapport semestriel au 30 novembre 2020
UBS (Lux) Bond SICAV – 2024 (USD)
Rapport semestriel au 30 novembre 2020

## Structure du portefeuille-titres
Répartition géographique en % de l’actif net	
| Grande-Bretagne | 8.17 |
| --- | --- |
| Iles Caïmans | 7.02 |
| Chine | 6.46 |
| Mexique | 6.42 |
| Pays-Bas | 6.14 |
| Corée du Sud | 5.36 |
| Emirats arabes unis | 4.75 |
| Singapour | 4.45 |
| Turquie | 4.26 |
| Luxembourg | 3.89 |
| Mongolie | 3.88 |
| Arabie saoudite | 3.51 |
| Inde | 2.80 |
| Nigéria | 2.71 |
| Qatar | 2.68 |
| Oman | 2.31 |
| Ukraine | 2.27 |
| Irlande | 2.04 |
| Egypte | 2.00 |
| Îles Vierges britanniques | 1.75 |
| Biélorussie | 1.53 |
| Etats-Unis | 1.48 |
| Chili | 1.33 |
| Indonésie | 1.31 |
| Pakistan | 1.17 |
| Colombie | 1.16 |
| Afrique du Sud | 1.07 |
| Venezuela | 0.55 |
| République dominicaine | 0.53 |
| Grèce | 0.53 |
| Bermudes | 0.51 |
| Maroc | 0.51 |
| Israël | 0.51 |
| Malaisie | 0.50 |
| Iraq | 0.49 |
| Côte d’Ivoire | 0.40 |
| Ghana | 0.27 |
| Brésil | 0.24 |
| Kenya | 0.22 |
| Costa Rica | 0.20 |
| Argentine | 0.15 |
| Total | 97.53 |

Répartition économique en % de l’actif net	
| Etablissements financiers et sociétés de participation | 31.57 |
| --- | --- |
| Banques & instituts de crédit | 17.20 |
| Gouvernements nationaux et centraux | 10.13 |
| Pétrole | 8.54 |
| Immobilier | 6.46 |
| Organisations supranationales | 4.08 |
| Distribution d’énergie & d’eau | 3.86 |
| Industrie minière, charbon et acier | 3.27 |
| Produits pharmaceutiques, cosmétiques & médicaux | 2.57 |
| Alimentation & softs | 2.11 |
| Sociétés publiques | 1.85 |
| Bâtiment et matériaux de construction | 1.11 |
| Services divers | 0.97 |
| Commerce de détail, centres commerciaux | 0.95 |
| Diverses sociétés non classées | 0.76 |
| Emetteurs d’obligations sécurisées (Pfandbriefe) et |  |
| sociétés de refinancement | 0.73 |
| Chimie | 0.61 |
| Cantons, Etats fédéraux | 0.33 |
| Télécommunications | 0.31 |
| Agriculture et pêche | 0.12 |
| Total | 97.53 |


## Etat des actifs nets
Actif	30.11.2020
USD
Portefeuille-titres, cours d’achat	266 243 544.17
| Portefeuille-titres, plus-/(moins)-value non réalisée | 	3 144 077.51	 |
| --- | --- |
| Total du Portefeuille-titres (note 1) | 269 387 621.68 |
| Avoirs en banque, dépôts à vue et à terme | 3 277 594.32 |
| Intérêts à recevoir sur titres | 3 632 100.88 |
| Autres créances | 21 488.24 |
| Total de l’Actif | 276 318 805.12 |
|  |  |
| Passif |  |
| Provisions pour commission de gestion forfaitaire (note 2) | -72 222.65 |
| Provisions pour taxe d’abonnement (note 3) | -22 892.56 |
| Provisions pour autres commissions et frais (note 2) | 	-13 011.73	 |
| Total des Provisions pour frais | -108 126.94 |
| Total du Passif | -108 126.94 |
|  |  |
| Actif net à la fin de la période | 276 210 678.18 |
| Etat des opérations | USD |
| Revenus | 1.6.2020-30.11.2020 |
| Revenus d’intérêts sur liquidités | 1.89 |
| Intérêts sur titres | 7 622 107.06 |
| Revenus sur prêts de titres (note 12) | 26 015.72 |
| Autres revenus (note 4) | 93 743.87 |
| Total des Revenus | 7 741 868.54 |
|  |  |
| Charges |  |
| Commission de gestion forfaitaire (note 2) | -912 475.71 |
| Taxe d’abonnement (note 3) | -72 932.14 |
| Frais sur prêts de titres (note 12) | -10 406.29 |
| Autres commissions et frais (note 2) | -12 827.31 |
| Total des Charges | -1 008 641.45 |
|  |  |
| Revenus/pertes net(te)s de placements | 6 733 227.09 |
|  |  |
| Bénéfices/(pertes) réalisé(e)s (note 1) |  |
| Bénéfice/(perte) réalisé(e) sur titres évalués à la valeur de marché hors options | -6 198 013.06 |
| Bénéfice/(perte) de change réalisé(e) | 81.03 |
| Total des Bénéfices/(pertes) réalisé(e)s | -6 197 932.03 |
|  |  |
| Bénéfice/(perte) net(te) réalisé(e) au cours de la période | 535 295.06 |
|  |  |
| 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 | 23 198 682.61 |
| Total des Fluctuations de la plus-/(moins)-value non réalisée | 23 198 682.61 |
|  |  |
| Augmentation/(diminution) nette de l’actif net issue de l’activité | 23 733 977.67 |

UBS (Lux) Bond SICAV – 2024 (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 | 279 086 827.00 |
| Rachats | 	-21 021 829.94	 |
| Total Rachats | -21 021 829.94 |
| Dividendes versés | -5 588 296.55 |
| Revenus/pertes net(te)s de placements | 6 733 227.09 |
| Total des Bénéfices/(pertes) réalisé(e)s | -6 197 932.03 |
| Total des Fluctuations de la plus-/(moins)-value non réalisée | 	23 198 682.61	 |
| Augmentation/(diminution) nette de l’actif net issue de l’activité | 23 733 977.67 |
| Actif net à la fin de la période | 276 210 678.18 |
| 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 | 3.4000 |
| Nombre d’actions émises | 0.0000 |
| Nombre d’actions rachetées | -0.2000 |
| Nombre d’actions en circulation à la fin de la période | 3.2000 |
| Catégorie | K-1-dist |
| Nombre d’actions en circulation au début de la période | 6.7000 |
| Nombre d’actions émises | 0.0000 |
| Nombre d’actions rachetées | 0.0000 |
| Nombre d’actions en circulation à la fin de la période | 6.7000 |
| Catégorie | K-1-qdist |
| Nombre d’actions en circulation au début de la période | 9.5000 |
| Nombre d’actions émises | 0.0000 |
| Nombre d’actions rachetées | 0.0000 |
| Nombre d’actions en circulation à la fin de la période | 9.5000 |
| Catégorie | P-acc |
| Nombre d’actions en circulation au début de la période | 432 130.6710 |
| Nombre d’actions émises | 0.0000 |
| Nombre d’actions rachetées | -21 956.1100 |
| Nombre d’actions en circulation à la fin de la période | 410 174.5610 |
| Catégorie | P-dist |
| Nombre d’actions en circulation au début de la période | 236 424.7860 |
| Nombre d’actions émises | 0.0000 |
| Nombre d’actions rachetées | -1 996.9770 |
| Nombre d’actions en circulation à la fin de la période | 234 427.8090 |
| Catégorie | P-qdist |
| Nombre d’actions en circulation au début de la période | 363 084.9570 |
| Nombre d’actions émises | 0.0000 |
| Nombre d’actions rachetées | -17 914.3600 |
| Nombre d’actions en circulation à la fin de la période | 345 170.5970 |
| Catégorie | (HKD) P-qdist |
| Nombre d’actions en circulation au début de la période | 23 407.1570 |
| Nombre d’actions émises | 0.0000 |
| Nombre d’actions rachetées | -16 250.0000 |
| Nombre d’actions en circulation à la fin de la période | 7 157.1570 |
| Catégorie | Q-acc |
| Nombre d’actions en circulation au début de la période | 407 003.5850 |
| Nombre d’actions émises | 0.0000 |
| Nombre d’actions rachetées | -26 864.8600 |
| Nombre d’actions en circulation à la fin de la période | 380 138.7250 |
| Catégorie | Q-dist |
| Nombre d’actions en circulation au début de la période | 290 007.4200 |
| Nombre d’actions émises | 0.0000 |
| Nombre d’actions rachetées | -111 263.1450 |
| Nombre d’actions en circulation à la fin de la période | 178 744.2750 |
| Catégorie | Q-qdist |
| Nombre d’actions en circulation au début de la période | 95 407.4380 |
| Nombre d’actions émises | 0.0000 |
| Nombre d’actions rachetées | -3 548.1960 |
| Nombre d’actions en circulation à la fin de la période | 91 859.2420 |
| Catégorie | Q-UKdist-qdist |
| Nombre d’actions en circulation au début de la période | 130 321.7720 |
| Nombre d’actions émises | 0.0000 |
| Nombre d’actions rachetées | 0.0000 |
| Nombre d’actions en circulation à la fin de la période | 130 321.7720 |

UBS (Lux) Bond SICAV – 2024 (USD)
Rapport semestriel au 30 novembre 2020
| Distribution annuelle 1 |  |
| --- | --- |
| UBS (Lux) Bond SICAV – 2024 (USD) | Date de détachement | Date de versement | Devise | Montant par action |
| K-1-dist | 3.8.2020 | 6.8.2020 | USD | 166 545.75 |
| K-1-dist | 5.8.2020 | 10.8.2020 | USD | 30 874.66 |
| P-dist | 3.8.2020 | 6.8.2020 | USD | 3.20 |
| P-dist | 5.8.2020 | 10.8.2020 | USD | 0.52 |
| Q-dist | 3.8.2020 | 6.8.2020 | USD | 3.36 |
| Q-dist | 5.8.2020 | 10.8.2020 | USD | 0.58 |
| Distribution trimestrielle 1 |  |  |  |  |
| UBS (Lux) Bond SICAV – 2024 (USD) | Date de détachement | Date de versement | Devise | Montant par action |
| K-1-qdist | 15.6.2020 | 18.6.2020 | USD | 54 000.28 |
| K-1-qdist | 15.9.2020 | 18.9.2020 | USD | 53 419.64 |
| P-qdist | 15.6.2020 | 18.6.2020 | USD | 1.01 |
| P-qdist | 15.9.2020 | 18.9.2020 | USD | 1.00 |
| (HKD) P-qdist | 15.6.2020 | 18.6.2020 | HKD | 10.18 |
| (HKD) P-qdist | 15.9.2020 | 18.9.2020 | HKD | 10.07 |
| Q-qdist | 15.6.2020 | 18.6.2020 | USD | 1.08 |
| Q-qdist | 15.9.2020 | 18.9.2020 | USD | 1.06 |
| Q-UKdist-qdist | 15.6.2020 | 18.6.2020 | USD | 1.08 |
| Q-UKdist-qdist | 15.9.2020 | 18.9.2020 | USD | 1.06 |
| Q-UKdist-qdist | 7.10.2020 | 13.10.2020 | USD | 0.03 |
| 1  Voir note 5 |  |  |  |  |

UBS (Lux) Bond SICAV – 2024 (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	AFRICA FINANCE CORP-REG-S 3.87500% 17-13.04.24 | 6 040 000.00 | 6 417 500.00 | 2.32 |
| USD	ALFA SAB DE CV-REG-S 5.25000% 14-25.03.24 | 1 380 000.00 | 1 512 393.75 | 0.55 |
| USD	AZURE POWER ENERGY LTD-REG-S 5.50000% 17-03.11.22 | 1 210 000.00 | 1 245 543.75 | 0.45 |
| USD	BANCO BTG PACTUAL SA/CAY ISL SA-REG-S 5.50000% 17-31.01.23 | 720 000.00 | 765 675.00 | 0.28 |
| USD	BANCO INBURSA SA-REG-S 4.12500% 14-06.06.24 | 1 660 000.00 | 1 766 343.75 | 0.64 |
| USD	BELARUS INTERNATIONAL BOND-REG-S 6.87500% 17-28.02.23 | 200 000.00 | 206 187.50 | 0.07 |
| USD	BLACK SEA TRADE & DEVELOPMT BK-REG-S 3.50000% 19-25.06.24 | 1 390 000.00 | 1 467 139.44 | 0.53 |
| USD	BRF SA-REG-S 4.75000% 14-22.05.24 | 320 000.00 | 341 699.99 | 0.12 |
| USD	CHINA EVERGRANDE GROUP-REG-S 10.00000% 19-11.04.23 | 1 900 000.00 | 1 619 156.25 | 0.59 |
| USD	COMISION FEDERAL DE ELECTRICIDAD-REG-S 4.87500% 13-15.01.24 | 1 700 000.00 | 1 867 343.74 | 0.68 |
| USD	CORPORACION ANDINA DE FOMENTO 2.37500% 20-12.05.23 | 1 465 000.00 | 1 511 396.55 | 0.55 |
| USD	COSTA RICA, REPUBLIC OF-REG-S 4.25000% 12-26.01.23 | 590 000.00 | 555 890.63 | 0.20 |
| USD	COUNTRY GARDEN HOLDINGS CO LTD-REG-S 8.00000% 18-27.01.24 | 670 000.00 | 722 553.13 | 0.26 |
| USD	CREDITO REAL SAB-REG-S 7.25000% 16-20.07.23 | 2 670 000.00 | 2 752 770.00 | 1.00 |
| USD	CSN RESOURCES SA-REG-S 7.62500% 18-13.02.23 | 4 200 000.00 | 4 383 881.46 | 1.59 |
| USD	DEV BK OF THE REPUBLIC OF BELARUS-REG-S 6.75000% 19-02.05.24 | 4 030 000.00 | 4 008 590.63 | 1.45 |
| USD	ECOPETROL SA 5.87500% 13-18.09.23 | 1 050 000.00 | 1 169 175.00 | 0.42 |
| USD	EGYPT, REPUBLIC OF-REG-S 5.75000% 20-29.05.24 | 1 500 000.00 | 1 578 750.00 | 0.57 |
| USD	ESKOM HOLDINGS SOC LTD-REG-S 6.75000% 13-06.08.23 | 1 515 000.00 | 1 547 193.75 | 0.56 |
| USD	EXPORT CREDIT BANK OF TURKEY-REG-S 6.12500% 18-03.05.24 | 4 900 000.00 | 4 924 500.00 | 1.78 |
| USD	FIBRIA OVERSEAS FINANCE LTD 5.25000% 14-12.05.24 | 1 550 000.00 | 1 700 350.00 | 0.62 |
| USD	GHANA GOVT INTNL BOND-REG-S 7.87500% 13-07.08.23 | 690 000.00 | 743 906.25 | 0.27 |
| USD	GREENKO DUTCH BV-REG-S 5.25000% 17-24.07.24 | 5 690 000.00 | 5 873 146.87 | 2.13 |
| USD	GREENKO MAURITIUS LTD-REG-S 6.25000% 19-21.02.23 | 750 000.00 | 776 250.00 | 0.28 |
| USD	INDUSTRIAL SENIOR TRUST-REG-S 5.50000% 12-01.11.22 | 670 000.00 | 701 196.88 | 0.25 |
| USD	JSL EUROPE SA-REG-S 7.75000% 17-26.07.24 | 6 000 000.00 | 6 373 200.00 | 2.31 |
| USD	KENYA, REPUBLIC OF-REG-S 6.87500% 14-24.06.24 | 560 000.00 | 605 675.00 | 0.22 |
| USD	KOREA GAS CORP-REG-S 3.87500% 14-12.02.24 | 600 000.00 | 656 062.50 | 0.24 |
| USD	KOREA HYDRO&NUCLEAR POWER CO LTD-REG-S 3.75000% 18-25.07.23 | 1 600 000.00 | 1 727 500.00 | 0.63 |
| USD	KOREA NATIONAL OIL CORP-REG-S 4.00000% 14-23.01.24 | 2 500 000.00 | 2 738 281.25 | 0.99 |
| USD	LEVIATHAN BOND LTD-144A-REG-S 5.75000% 20-30.06.23 | 1 325 000.00 | 1 396 218.75 | 0.51 |
| USD	LIQUID TELECOMMUNICATIONS FIN-REG-S 8.50000% 17-13.07.22 | 6 610 000.00 | 6 729 806.25 | 2.44 |
| USD	MARB BONDCO PLC-REG-S 7.00000% 17-15.03.24 | 4 250 000.00 | 4 377 500.00 | 1.59 |
| USD	MHP SA-REG-S 7.75000% 17-10.05.24 | 1 340 000.00 | 1 459 343.75 | 0.53 |
| USD	NOVOLIPETSK STEEL VIA STEEL FUND-REG-S 4.50000% 16-15.06.23 | 1 360 000.00 | 1 445 850.00 | 0.52 |
| USD	OCP SA-REG-S 5.62500% 14-25.04.24 | 1 280 000.00 | 1 400 400.00 | 0.51 |
| USD	OMAN SOVEREIGN SUKUK SAOC-REG-S 4.39700% 17-01.06.24 | 2 150 000.00 | 2 190 527.50 | 0.79 |
| USD	OOREDOO INTERNATIONAL FINANCE LTD-REG-S 3.25000% 12-21.02.23 | 830 000.00 | 867 350.00 | 0.31 |
| USD	OZTEL HOLDINGS SPC-REG-S 5.62500% 18-24.10.23 | 3 040 000.00 | 3 156 850.00 | 1.14 |
| USD	PAKISTAN, ISLAMIC REPUBLIC OF-REG-S 8.25000% 14-15.04.24 | 3 000 000.00 | 3 232 500.00 | 1.17 |
| USD	PERTAMINA PT-REG-S 4.30000% 13-20.05.23 | 1 950 000.00 | 2 090 156.25 | 0.76 |
| USD	PETROLEOS MEXICANOS 4.87500% 13-18.01.24 | 9 690 000.00 | 9 833 533.13 | 3.56 |
| USD	QATAR, STATE OF-REG-S 3.37500% 19-14.03.24 | 2 000 000.00 | 2 159 375.00 | 0.78 |
| USD	REC LTD-REG-S 4.75000% 20-19.05.23 | 680 000.00 | 722 071.67 | 0.26 |
| USD	SACI FALABELLA-REG-S 3.75000% 13-30.04.23 | 2 500 000.00 | 2 618 125.00 | 0.95 |
| USD	SASOL FINANCING USA LLC 5.87500% 18-27.03.24 | 3 970 000.00 | 4 090 340.62 | 1.48 |
| USD	SOUTH AFRICA, REPUBLIC OF 4.66500% 12-17.01.24 | 1 340 000.00 | 1 421 237.50 | 0.51 |
| USD	SUNAC CHINA HOLDINGS LTD-REG-S 6.65000% 20-03.08.24 | 1 500 000.00 | 1 501 875.00 | 0.54 |
| USD	TEVA PHARMACEUTICAL FINANCE NL III BV 6.00000% 18-15.04.24 | 6 700 000.00 | 7 095 300.00 | 2.57 |
| USD	TURKEY, REPUBLIC OF 6.35000% 19-10.08.24 | 1 070 000.00 | 1 113 803.12 | 0.40 |
| USD	TURKIYE IS BANKASI-REG-S 6.12500% 17-25.04.24 | 590 000.00 | 588 156.25 | 0.21 |
| USD	UKRAINE RAILWAYS VIA RL CPTL MKTS-REG-S 8.25000% 19-09.07.24 | 7 081 000.00 | 7 273 514.69 | 2.63 |
| USD	UKRAINE, GOVERNMENT OF-REG-S 7.75000% 15-01.09.24 | 1 350 000.00 | 1 472 343.75 | 0.53 |
| USD	UKRAINE, GOVERNMENT OF-REG-S 8.99400% 18-01.02.24 | 3 000 000.00 | 3 349 500.00 | 1.21 |
| USD	VEB FINANCE PLC-REG-S LPN 5.94200% 13-21.11.23 | 2 900 000.00 | 3 229 875.00 | 1.17 |
| USD	VEDANTA RESOURCES PLC-REG-S 6.12500% 17-09.08.24 | 4 670 000.00 | 2 819 512.50 | 1.02 |
| USD	YPF SA-REG-S 8.75000% 14-04.04.24 | 500 000.00 | 402 812.50 | 0.15 |
| Total USD |  | 140 297 131.30 | 50.79 |
| Total des Billets, taux fixe |  | 140 297 131.30 | 50.79 |
| Medium-Term Notes, taux fixe |  |  |  |
| USD |  |  |  |
| USD	AFRICAN EXPORT-IMPORT BANK-REG-S 5.25000% 18-11.10.23 | 1 710 000.00 | 1 863 219.41 | 0.67 |
| USD	BANCO DO BRASIL SA/CAYMAN-REG-S 4.75000% 19-20.03.24 | 300 000.00 | 322 687.50 | 0.12 |
| USD	BOC AVIATION LTD-REG-S 3.50000% 19-10.10.24 | 4 300 000.00 | 4 547 035.00 | 1.65 |
| USD	CBQ FINANCE LTD-REG-S 5.00000% 18-24.05.23 | 500 000.00 | 541 250.00 | 0.20 |
| USD	EGYPT, REPUBLIC OF-REG-S 6.20040% 19-01.03.24 | 1 960 000.00 | 2 073 312.50 | 0.75 |
| USD	EMIRATES DEVELOPMENT BANK PJSC-REG-S 3.51600% 19-06.03.24 | 8 500 000.00 | 9 052 500.00 | 3.28 |
| USD	KOREA ELECTRIC POWER CORP-REG-S 2.50000% 19-24.06.24 | 4 840 000.00 | 5 121 325.00 | 1.85 |
| USD	MONGOLIA,GOVERNMENT OF-REG-S 8.75000% 17-09.03.24 | 3 860 000.00 | 4 458 300.00 | 1.61 |
| USD	NATIONAL BANK OF OMAN LTD-REG-S 5.62500% 18-25.09.23 | 4 200 000.00 | 4 184 250.00 | 1.51 |
| USD	OVERSEA-CHINESE BANKING CORP-REG-S-SUB 4.25000% 14-19.06.24 | 5 440 000.00 | 5 951 700.00 | 2.15 |
| USD	QNB FINANCE LTD-REG-S 3.50000% 19-28.03.24 | 2 780 000.00 | 2 972 862.50 | 1.08 |
| USD	SAUDI ARABIAN OIL CO-REG-S 2.87500% 19-16.04.24 | 1 200 000.00 | 1 267 500.00 | 0.46 |
| USD	SHRIRAM TRANSPORT FINANCE CO LTD-REG-S 5.10000% 20-16.07.23 | 700 000.00 | 713 125.00 | 0.26 |
| USD	SWIRE PACIFIC MTN FINANCING LTD-REG-S 4.50000% 13-09.10.23 | 500 000.00 | 542 325.00 | 0.20 |
| USD	YAPI VE KREDI BANKASI AS-REG-S 8.25000% 19-15.10.24 | 1 350 000.00 | 1 451 250.00 | 0.52 |
| Total USD |  | 45 062 641.91 | 16.31 |
| Total des Medium-Term Notes, taux fixe |  | 45 062 641.91 | 16.31 |

UBS (Lux) Bond SICAV – 2024 (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) |  |
| Obligations, taux fixe |  |  |  |
| USD |  |  |  |
| USD	ABJA INVESTMENT CO PTE LTD-REG-S 5.95000% 14-31.07.24 | 1 680 000.00 | 1 791 825.00 | 0.65 |
| USD	ABU DHABI,GOVERNMENT OF-REG-S 2.12500% 19-30.09.24 | 870 000.00 | 911 325.00 | 0.33 |
| USD	AHB SUKUK CO LTD-REG-S 4.37500% 18-19.09.23 | 1 850 000.00 | 2 002 625.00 | 0.72 |
| USD	AKCB FINANCE LTD-REG-S 4.75000% 18-09.10.23 | 4 830 000.00 | 5 240 550.00 | 1.90 |
| USD	BHARTI AIRTEL INTL NETHERLANDS BV-REG-S 5.35000% 14-20.05.24 | 900 000.00 | 990 562.50 | 0.36 |
| USD	BRASKEM FINANCE LTD 6.45000% 14-03.02.24 | 2 910 000.00 | 3 166 138.20 | 1.15 |
| USD	CHINA EVERGRANDE GROUP-REG-S 7.50000% 17-28.06.23 | 3 370 000.00 | 2 698 106.25 | 0.98 |
| USD	DAR AL-ARKAN SUKUK CO LTD-REG-S 6.87500% 18-21.03.23 | 7 000 000.00 | 6 960 624.99 | 2.52 |
| USD	DEVELOPMENT BANK OF MONGOLIA LLC-REG-S 7.25000% 18-23.10.23 | 5 870 000.00 | 6 271 728.13 | 2.27 |
| USD	DOMINICAN REPUBLIC-REG-S 5.87500% 13-18.04.24 | 1 380 000.00 | 1 470 993.75 | 0.53 |
| USD	EASY TACTIC LTD-REG-S 5.87500% 17-13.02.23 | 6 140 000.00 | 5 332 221.60 | 1.93 |
| USD	EASY TACTIC LTD-REG-S 8.62500% 19-27.02.24 | 1 480 000.00 | 1 297 312.50 | 0.47 |
| USD	FAB SUKUK CO LTD-REG-S 3.87500% 19-22.01.24 | 7 000 000.00 | 7 549 062.50 | 2.73 |
| USD	GTLK EUROPE LTD-REG-S 5.12500% 17-31.05.24 | 900 000.00 | 948 656.25 | 0.34 |
| USD	IRAQ INTERNATIONAL BOND-REG-S 6.75200% 17-09.03.23 | 1 400 000.00 | 1 350 562.50 | 0.49 |
| USD	IVORY COAST, REPUBLIC OF-REG-S 5.37500% 14-23.07.24 | 1 050 000.00 | 1 101 515.62 | 0.40 |
| USD	JSW STEEL LTD-REG-S 5.95000% 19-18.04.24 | 2 840 000.00 | 2 997 975.00 | 1.09 |
| USD	KOREA NATIONAL OIL CORP-REG-S 3.25000% 14-10.07.24 | 4 200 000.00 | 4 550 437.50 | 1.65 |
| USD	MDGH - GMTN BV-REG-S 2.75000% 16-11.05.23 | 1 250 000.00 | 1 303 906.25 | 0.47 |
| USD	METINVEST BV-REG-S 7.75000% 18-23.04.23 | 1 340 000.00 | 1 415 793.75 | 0.51 |
| USD	NAK NAFTOGAZ UKRAINE VIA KONDOR-REG-S 7.37500% 19-19.07.22 | 610 000.00 | 628 300.00 | 0.23 |
| USD	NIGERIA, REPUBLIC OF-REG-S 6.37500% 13-12.07.23 | 1 000 000.00 | 1 070 625.00 | 0.39 |
| USD	OSCHADBANK VIA SSB #1 PLC-REG-S LPN STEP UP/DOWN 15-10.03.23 | 2 805 000.00 | 729 957.42 | 0.26 |
| USD	PERUSAHAAN GAS NEGARA PT-REG-S 5.12500% 14-16.05.24 | 1 380 000.00 | 1 527 056.25 | 0.55 |
| USD	POWER FINANCE CORP LTD-REG-S 3.75000% 19-18.06.24 | 1 210 000.00 | 1 267 853.13 | 0.46 |
| USD	SABIC CAPITAL II BV-REG-S 4.00000% 18-10.10.23 | 270 000.00 | 290 250.00 | 0.10 |
| USD	SAUDI ELECTRICITY GLOBAL SUKUK CO-REG-S 4.22200% 18-27.01.24 | 1 350 000.00 | 1 464 750.00 | 0.53 |
| USD	SCENERY JOURNEY LTD-REG-S 13.75000% 18-06.11.23 | 3 400 000.00 | 3 060 000.00 | 1.11 |
| USD	SUNAC CHINA HOLDINGS LTD-REG-S 7.95000% 19-11.10.23 | 350 000.00 | 363 234.38 | 0.13 |
| USD	SUNAC CHINA HOLDINGS LTD-REG-S 7.50000% 19-01.02.24 | 720 000.00 | 733 950.00 | 0.27 |
| USD	SURA ASSET MANAGEMENT SA-REG-S 4.87500% 14-17.04.24 | 1 860 000.00 | 2 036 118.75 | 0.74 |
| USD	TURKIYE VAKIFLAR BANKASI TAO-REG-S 8.12500% 19-28.03.24 | 3 500 000.00 | 3 684 843.75 | 1.33 |
| USD	WANDA PROPERTIES INTERNATIONAL-REG-S 7.25000% 14-19.01.24 | 1 800 000.00 | 1 782 000.00 | 0.65 |
| USD	YUZHOU PROPERTIES CO LTD-REG-S 8.50000% 19-26.02.24 | 3 360 000.00 | 3 581 550.00 | 1.30 |
| Total USD |  | 81 572 410.97 | 29.54 |
| Total des Obligations, taux fixe |  | 81 572 410.97 | 29.54 |
| Total des Titres et instruments du marché monétaire négociés sur une bourse officielle |  | 266 932 184.18 | 96.64 |
| Titres et instruments du marché monétaire négociés sur un autre marché réglementé |  |  |  |
| Billets, taux fixe |  |  |  |
| USD |  |  |  |
| USD	BANCO DE CREDITO E INVERSIONES-REG-S 4.00000% 13-11.02.23 | 1 000 000.00 | 1 059 375.00 | 0.38 |
| Total USD |  | 1 059 375.00 | 0.38 |
| Total des Billets, taux fixe |  | 1 059 375.00 | 0.38 |
| Obligations, taux fixe |  |  |  |
| USD |  |  |  |
| USD	1MDB GLOBAL INV-REG-S 4.40000% 13-09.03.23 | 1 400 000.00 | 1 396 062.50 | 0.51 |
| Total USD |  | 1 396 062.50 | 0.51 |
| Total des Obligations, taux fixe |  | 1 396 062.50 | 0.51 |
| Total des Titres et instruments du marché monétaire négociés sur un autre marché réglementé |  | 2 455 437.50 | 0.89 |
| Total du Portefeuille-titres |  | 269 387 621.68 | 97.53 |
|  |  |  |  |
| Avoirs en banque, dépôts à vue et à terme et autres liquidités |  | 3 277 594.32 | 1.19 |
| Autres actifs et passifs |  | 3 545 462.18 | 1.28 |
| Total de l’Actif net |  | 276 210 678.18 | 100.00 |

UBS (Lux) Bond SICAV – 2024 (USD)
Rapport semestriel au 30 novembre 2020