# UBS (Lux) Bond SICAV – Multi Income (USD)
| Most important figures |  |
| --- | --- |
|  | ISIN | 30.11.2022 | 31.5.2022 | 31.5.2021 |
| Net assets in USD |  | 16 572 338.28 | 16 915 448.82 | 21 420 679.57 |
| Class P-mdist | LU1706617963 |  |  |  |
| Shares outstanding |  | 259.0940 | 259.0940 | 259.0940 |
| Net asset value per share in USD |  | 79.01 | 83.09 | 95.46 |
| Issue and redemption price per share in USD 1 |  | 79.01 | 83.09 | 95.46 |
| Class Q-acc 2 | LU1706617880 |  |  |  |
| Shares outstanding |  | - | - | 50.0000 |
| Net asset value per share in USD |  | - | - | 115.02 |
| Issue and redemption price per share in USD 1 |  | - | - | 115.02 |
| Class U-X-acc | LU2028847254 |  |  |  |
| Shares outstanding |  | 1 710.0000 | 1 710.0000 | 2 000.0000 |
| Net asset value per share in USD |  | 9 679.45 | 9 879.49 | 10 695.10 |
| Issue and redemption price per share in USD 1 |  | 9 679.45 | 9 879.49 | 10 695.10 |
| 1  See note 1 2  The share class Q-acc was in circulation until 9.8.2021 |  |  |  |  |


### Structure of the Securities Portfolio
Geographical Breakdown as a % of net assets	
United States	85.04
Canada	2.17
Norway	1.40
The Netherlands	1.25
United Kingdom	1.17
Multinationals	1.16
Ireland	1.16
Colombia	1.13
Singapore	1.13
France	1.12
Cayman Islands	1.09
British Virgin Islands	0.90
Mexico	0.61
Total	99.33
Economic Breakdown as a % of net assets	
Countries & central governments	22.45
Finance & holding companies	19.75
Banks & credit institutions	12.15
Petroleum	8.26
Telecommunications	5.32
Energy & water supply	4.39
Traffic & transportation	3.79
Healthcare & social services	2.88
Internet, software & IT services	2.77
Miscellaneous consumer goods	2.38
Mining, coal & steel	2.25
Chemicals	2.21
Vehicles	1.83
Mortgage & funding institutions	1.75
Electronics & semiconductors	1.66
Electrical devices & components	1.40
Aerospace industry	1.20
Packaging industry	1.16
Building industry & materials	0.90
Miscellaneous trading companies	0.83
Total	99.33
UBS (Lux) Bond SICAV – Multi Income (USD) Semi-Annual Report as of 30 November 2022

### Statement of Net Assets
Assets	30.11.2022
USD
Investments in securities, cost	18 038 064.76
| Investments in securities, unrealized appreciation (depreciation) | 	-1 577 435.28	 |
| --- | --- |
| Total investments in securities (Note 1) | 16 460 629.48 |
| Cash at banks, deposits on demand and deposit accounts | 577 682.23 |
| Other liquid assets (Margins) | 45 950.13 |
| Receivable on securities sales (Note 1) | 107 026.57 |
| Interest receivable on securities | 170 393.79 |
| Prepaid expenses | 73 620.20 |
| Unrealized gain on financial futures (Note 1) | 17 570.32 |
| Unrealized gain on swaps (Note 1) | 17 824.55 |
| Total Assets | 17 470 697.27 |
|  |  |
| Liabilities |  |
| Bank overdraft | -6.11 |
| Interest payable on swaps (Note 1) | -1 228.38 |
| Payable on securities purchases (Note 1) | -895 726.78 |
| Provisions for flat fee (Note 2) | -22.48 |
| Provisions for taxe d’abonnement (Note 3) | -276.07 |
| Provisions for other commissions and fees (Note 2) | 	-1 099.17	 |
| Total provisions | -1 397.72 |
| Total Liabilities | -898 358.99 |
|  |  |
| Net assets at the end of the period | 16 572 338.28 |
| Statement of Operations | USD |
| Income | 1.6.2022-30.11.2022 |
| Interest on liquid assets | 2 581.48 |
| Interest on securities | 366 965.99 |
| Net income on securities lending (Note 11) | 1 338.97 |
| Total income | 370 886.44 |
|  |  |
| Expenses |  |
| Interest paid on swaps (Note 1) | -7 424.67 |
| Flat fee (Note 2) | -140.18 |
| Taxe d’abonnement (Note 3) | -804.28 |
| Other commissions and fees (Note 2) | -1 081.47 |
| Interest on cash and bank overdraft | -48.81 |
| Total expenses | -9 499.41 |
|  |  |
| Net income (loss) on investments | 361 387.03 |
|  |  |
| Realized gain (loss) (Note 1) |  |
| Realized gain (loss) on market-priced securities without options | -1 010 105.08 |
| Realized gain (loss) on options | -37 650.00 |
| Realized gain (loss) on financial futures | 126 173.43 |
| Realized gain (loss) on forward foreign exchange contracts | 10 992.00 |
| Realized gain (loss) on swaps | -42 162.88 |
| Realized gain (loss) on foreign exchange | -1 180.51 |
| Total realized gain (loss) | -953 933.04 |
|  |  |
| Net realized gain (loss) of the period | -592 546.01 |
|  |  |
| Changes in unrealized appreciation (depreciation) (Note 1) |  |
| Unrealized appreciation (depreciation) on market-priced securities without options | 201 411.22 |
| Unrealized appreciation (depreciation) on options | 20 152.00 |
| Unrealized appreciation (depreciation) on yield-evaluated securities and money market instruments | 925.19 |
| Unrealized appreciation (depreciation) on financial futures | 3 031.19 |
| Unrealized appreciation (depreciation) on swaps | 24 390.02 |
| Total changes in unrealized appreciation (depreciation) | 249 909.62 |
|  |  |
| Net increase (decrease) in net assets as a result of operations | -342 636.39 |

UBS (Lux) Bond SICAV – Multi Income (USD) Semi-Annual Report as of 30 November 2022
| Changes in Net Assets |  |
| --- | --- |
|  | USD |
|  | 1.6.2022-30.11.2022 |
| Net assets at the beginning of the period | 16 915 448.82 |
| Dividend paid | -474.15 |
| Net income (loss) on investments | 361 387.03 |
| Total realized gain (loss) | -953 933.04 |
| Total changes in unrealized appreciation (depreciation) | 	249 909.62	 |
| Net increase (decrease) in net assets as a result of operations | -342 636.39 |
| Net assets at the end of the period | 16 572 338.28 |

| Changes in the Number of Shares outstanding |  |
| --- | --- |
|  | 1.6.2022-30.11.2022 |
| Class | P-mdist |
| Number of shares outstanding at the beginning of the period | 259.0940 |
| Number of shares issued | 0.0000 |
| Number of shares redeemed | 0.0000 |
| Number of shares outstanding at the end of the period | 259.0940 |
| Class | U-X-acc |
| Number of shares outstanding at the beginning of the period | 1 710.0000 |
| Number of shares issued | 0.0000 |
| Number of shares redeemed | 0.0000 |
| Number of shares outstanding at the end of the period | 1 710.0000 |

| Monthly Distribution 1 |  |
| --- | --- |
| UBS (Lux) Bond SICAV – Multi Income (USD) | Ex-Date | Pay-Date | Currency | Amount per share |
| P-mdist | 15.6.2022 | 21.6.2022 | USD | 0.31 |
| P-mdist | 15.7.2022 | 20.7.2022 | USD | 0.30 |
| P-mdist | 16.8.2022 | 19.8.2022 | USD | 0.31 |
| P-mdist | 15.9.2022 | 20.9.2022 | USD | 0.30 |
| P-mdist | 17.10.2022 | 20.10.2022 | USD | 0.29 |
| P-mdist | 15.11.2022 | 18.11.2022 | USD | 0.32 |
| 1  See note 5 |  |  |  |  |

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

### Statement of Investments in Securities and other Net Assets as of 30 November 2022
| Description | Quantity/ | Valuation in USD | as a % |
| --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |
| Transferable securities and money market instruments listed on an official stock exchange |  |  |  |
| Notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	AERCAP IRE CAP LTD/GLB AVIA TRUST 4.45000% 19-03.04.26 | 200 000.00 | 191 882.42 | 1.16 |
| USD	AT&T INC 4.30000% 18-15.02.30 | 200 000.00 | 190 019.29 | 1.15 |
| USD	BARCLAYS PLC-SUB 5.20000% 16-12.05.26 | 200 000.00 | 193 917.95 | 1.17 |
| USD	BOEING CO 4.87500% 20-01.05.25 | 200 000.00 | 198 144.88 | 1.20 |
| USD	CAPITAL ONE FINANCIAL CORP-SUB 3.75000% 16-28.07.26 | 300 000.00 | 283 772.97 | 1.71 |
| USD	CCO LLC/CAPITAL 4.20000% 17-15.03.28 | 250 000.00 | 232 548.38 | 1.40 |
| USD	CENTURYLINK INC 5.62500% 15-01.04.25 | 200 000.00 | 192 000.00 | 1.16 |
| USD	CITIGROUP INC 3.70000% 16-12.01.26 | 300 000.00 | 287 970.09 | 1.74 |
| USD	CONTINENTAL RESOURCES INC 4.37500% 18-15.01.28 | 250 000.00 | 229 824.38 | 1.39 |
| USD	DELL INTERNATIONAL LLC / EMC CORP 6.02000% 21-15.06.26 | 150 000.00 | 153 188.29 | 0.92 |
| USD	EDISON INTERNATIONAL 4.95000% 20-15.04.25 | 200 000.00 | 197 455.82 | 1.19 |
| USD	EQT CORP 3.90000% 17-01.10.27 | 200 000.00 | 185 142.34 | 1.12 |
| USD	EXPEDIA INC 3.80000% 17-15.02.28 | 200 000.00 | 185 362.22 | 1.12 |
| USD	GENERAL MOTORS CO 6.12500% 20-01.10.25 | 300 000.00 | 303 925.11 | 1.83 |
| USD	HCA INC 5.25000% 16-15.06.26 | 200 000.00 | 198 413.13 | 1.20 |
| USD	HILLENBRAND INC 5.75000% 20-15.06.25 | 100 000.00 | 99 500.00 | 0.60 |
| USD	KINDER MORGAN INC 1.75000% 21-15.11.26 | 250 000.00 | 220 784.14 | 1.33 |
| USD	MASCO CORP 1.50000% 21-15.02.28 | 300 000.00 | 249 471.60 | 1.50 |
| USD	MORGAN STANLEY 3.70000% 14-23.10.24 | 250 000.00 | 244 506.33 | 1.47 |
| USD	OLIN CORP 5.12500% 17-15.09.27 | 200 000.00 | 187 500.00 | 1.13 |
| USD	ORACLE CORP 2.80000% 20-01.04.27 | 300 000.00 | 273 754.02 | 1.65 |
| USD	PETROBRAS GLOBAL FINANCE BV 7.37500% 17-17.01.27 | 200 000.00 | 206 500.00 | 1.25 |
| USD	PETROLEOS MEXICANOS 6.70000% 22-16.02.32 | 131 000.00 | 100 981.35 | 0.61 |
| USD	QUANTA SERVICES INC 0.95000% 21-01.10.24 | 300 000.00 | 274 730.59 | 1.66 |
| USD	SOCIETE GENERALE-144A-SUB 4.25000% 16-19.08.26 | 200 000.00 | 185 060.93 | 1.12 |
| USD	SOUTHWEST AIRLINES CO 3.00000% 16-15.11.26 | 200 000.00 | 184 186.96 | 1.11 |
| USD	SPRINGLEAF FINANCE CORP 6.87500% 18-15.03.25 | 250 000.00 | 242 823.75 | 1.46 |
| USD	SPRINT CORP 7.62500% 15-15.02.25 | 200 000.00 | 207 164.80 | 1.25 |
| USD	TOLL BROTHERS FINANCE CORP 4.87500% 17-15.03.27 | 150 000.00 | 140 541.01 | 0.85 |
| USD	VERIZON COMMUNICATIONS INC 4.32900% 18-21.09.28 | 300 000.00 | 291 653.86 | 1.76 |
| Total USD |  | 6 332 726.61 | 38.21 |
| Total Notes, fixed rate |  | 6 332 726.61 | 38.21 |
| Notes, floating rate |  |  |  |
| USD |  |  |  |
| USD	BANK OF AMERICA CORP 3.419%/VAR 18-20.12.28 | 350 000.00 | 319 148.63 | 1.93 |
| USD	GOLDMAN SACHS GROUP INC 3.691%/VAR 17-05.06.28 | 300 000.00 | 280 570.89 | 1.69 |
| USD	JPMORGAN CHASE & CO 3.509%/3M LIBOR+94.5BP 18-23.01.29 | 300 000.00 | 274 335.39 | 1.66 |
| Total USD |  | 874 054.91 | 5.28 |
| Total Notes, floating rate |  | 874 054.91 | 5.28 |
| Medium term notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	AIR LEASE CORP 2.87500% 20-15.01.26 | 150 000.00 | 138 174.15 | 0.83 |
| USD	BOC AVIATION LTD-REG-S 3.25000% 20-29.04.25 | 200 000.00 | 186 881.94 | 1.13 |
| USD	QNB FINANCE LTD-REG-S 2.75000% 20-12.02.27 | 200 000.00 | 181 475.00 | 1.10 |
| Total USD |  | 506 531.09 | 3.06 |
| Total Medium term notes, fixed rate |  | 506 531.09 | 3.06 |
| Bonds, fixed rate |  |  |  |
| USD |  |  |  |
| USD	ECOPETROL SA 4.12500% 14-16.01.25 | 200 000.00 | 187 700.00 | 1.13 |
| USD	EL PASO NATURAL GAS CO 8.37500% 03-15.06.32 | 300 000.00 | 344 905.17 | 2.08 |
| USD	ENERGY TRANSFER LP 5.87500% 19-15.01.24 | 110 000.00 | 110 420.99 | 0.67 |
| USD	PLAINS ALL AMERICAN PIPELINE LP 4.50000% 16-15.12.26 | 250 000.00 | 240 895.83 | 1.45 |
| USD	RKPF OVERSEAS 2019 A LTD-REG-S 6.70000% 19-30.09.24 | 200 000.00 | 149 225.00 | 0.90 |
| Total USD |  | 1 033 146.99 | 6.23 |
| Total Bonds, fixed rate |  | 1 033 146.99 | 6.23 |
| Treasury notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	AMERICA, UNITED STATES OF 3.37500% 22-15.08.42 | 125 000.00 | 114 355.47 | 0.69 |
| USD	AMERICA, UNITED STATES OF 0.125%/CPI LINKED 22-15.04.27 | 385 000.00 | 381 357.41 | 2.30 |
| USD	AMERICA, UNITED STATES OF 4.12500% 22-30.09.27 | 155 000.00 | 156 889.06 | 0.95 |
| USD	AMERICA, UNITED STATES OF 4.12500% 22-31.10.27 | 1 100 000.00 | 1 114 007.82 | 6.72 |
| USD	AMERICA, UNITED STATES OF 3.87500% 22-30.11.27 | 900 000.00 | 903 375.00 | 5.45 |
| Total USD |  | 2 669 984.76 | 16.11 |
| Total Treasury notes, fixed rate |  | 2 669 984.76 | 16.11 |
| Treasury notes, floating rate |  |  |  |
| USD |  |  |  |
| USD	AMERICA, UNITED STATES OF 3.375%/CPI LINKED 01-15.04.32 | 205 000.00 | 401 342.08 | 2.42 |
| Total USD |  | 401 342.08 | 2.42 |
| Total Treasury notes, floating rate |  | 401 342.08 | 2.42 |
| Total Transferable securities and money market instruments listed on an official stock exchange |  | 11 817 786.44 | 71.31 |

UBS (Lux) Bond SICAV – Multi Income (USD) Semi-Annual Report as of 30 November 2022
| Description | Quantity/ | Valuation in USD | as a % |
| --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |
| Transferable securities and money market instruments traded on another regulated market |  |  |  |
| Treasury bills, zero coupon |  |  |  |
| USD |  |  |  |
| USD	AMERICA, UNITED STATES OF TB 0.00000% 16.08.22-13.12.22 | 650 000.00 | 649 236.25 | 3.92 |
| Total USD |  | 649 236.25 | 3.92 |
| Total Treasury bills, zero coupon |  | 649 236.25 | 3.92 |
| Notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	AKER BP ASA-144A 2.87500% 20-15.01.26 | 250 000.00 | 231 939.99 | 1.40 |
| USD	BMW US CAPITAL LLC-144A 2.80000% 16-11.04.26 | 300 000.00 | 281 578.05 | 1.70 |
| USD	CENTENE CORP 4.25000% 20-15.12.27 | 100 000.00 | 93 848.00 | 0.57 |
| USD	CHS/COMMUNITY HEALTH SYSTEMS INC-144A 8.00000% 19-15.03.26 | 200 000.00 | 184 578.00 | 1.11 |
| USD	CSC HOLDINGS INC-144A 5.37500% 18-01.02.28 | 250 000.00 | 223 785.63 | 1.35 |
| USD	DELTA AIR LINES INC-144A 7.00000% 20-01.05.25 | 200 000.00 | 203 797.57 | 1.23 |
| USD	GENWORTH MORTGAGE HOLDINGS INC-144A 6.50000% 20-15.08.25 | 200 000.00 | 194 446.00 | 1.17 |
| USD	GLENCORE FUNDING LLC-144A 4.00000% 15-16.04.25 | 200 000.00 | 193 467.12 | 1.17 |
| USD	GLP CAPITAL LP / GLP FINANC II INC 5.37500% 16-15.04.26 | 150 000.00 | 145 408.50 | 0.88 |
| USD	GRAY ESCROW INC-144A 7.00000% 18-15.05.27 | 200 000.00 | 183 784.00 | 1.11 |
| USD	HARLEY-DAVIDSON FIN.SERV INC-144A 3.35000% 20-08.06.25 | 200 000.00 | 188 218.31 | 1.14 |
| USD	NEWELL BRANDS INC 4.87500% 20-01.06.25 | 150 000.00 | 144 937.50 | 0.88 |
| USD	NOVA CHEMICALS CORP-144A 5.25000% 17-01.06.27 | 200 000.00 | 179 515.40 | 1.08 |
| USD	TECK RESOURCES LTD 3.90000% 20-15.07.30 | 200 000.00 | 179 804.55 | 1.08 |
| USD	VOLKSWAGEN GRP OF AMERICA FINANCE-144A 4.62500% 18-13.11.25 | 375 000.00 | 370 286.53 | 2.23 |
| Total USD |  | 2 999 395.15 | 18.10 |
| Total Notes, fixed rate |  | 2 999 395.15 | 18.10 |
| Total Transferable securities and money market instruments traded on another regulated market |  | 3 648 631.40 | 22.02 |

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 | ARDAGH PACKAGING FINANCE PLC-144A 5.25000% 20-30.04.25 | 200 000.00 | 192 482.00 | 1.16 |
| USD | CONOCOPHILLIPS CO 3.75800% 22-15.03.42 | 225 000.00 | 190 516.35 | 1.15 |
| USD | GE CAPITAL FUNDING LLC 3.45000% 21-15.05.25 | 300 000.00 | 289 375.79 | 1.75 |
| USD | NABORS INDUSTRIES INC-REG-S 9.00000% 20-01.02.25 | 150 000.00 | 151 333.50 | 0.91 |
| USD | QUICKEN LOANS LLC-144A 2.87500% 21-15.10.26 | 200 000.00 | 170 552.00 | 1.03 |
| Total USD |  |  | 994 259.64 | 6.00 |
| Total Notes, fixed rate | 994 259.64 | 6.00 |
| Total Transferable securities and money market instruments not listed on an official stock exchange and not traded on another regulated market | 994 259.64 | 6.00 |
| Derivative instruments not listed on an official stock exchange and not traded on another regulated market |  |  |
| Options on other swaps, classic-styled |  |  |
| USD |  |  |
| USD	BARCLAYS/CDX.NA.HY.39 SWAPTION PUT 90.00000 22-21.12.22	-2 000 000.00 | -48.00 | 0.00 |
| Total USD | -48.00 | 0.00 |
| Total Options on other swaps, classic-styled | -48.00 | 0.00 |
| Total Derivative instruments not listed on an official stock exchange and not traded on another regulated market | -48.00 | 0.00 |
| Total investments in securities | 16 460 629.48 | 99.33 |
| Derivative instruments |  |  |
| Derivative instruments listed on an official stock exchange |  |  |
| Financial Futures on bonds |  |  |
|  |  |  |
| USD	US 10YR ULTRA NOTE FUTURE 22.03.23	-3.00 | -3 656.25 | -0.02 |
| USD	US 10YR TREASURY NOTE FUTURE 22.03.23	5.00 | 3 359.38 | 0.02 |
| USD	US 2YR TREASURY NOTE FUTURE 31.03.23	11.00 | 6 125.00 | 0.04 |
| USD	US 5YR TREASURY NOTE FUTURE 31.03.23	18.00 | 11 742.19 | 0.07 |
| Total Financial Futures on bonds | 17 570.32 | 0.11 |
| Total Derivative instruments listed on an official stock exchange | 17 570.32 | 0.11 |

UBS (Lux) Bond SICAV – Multi Income (USD) Semi-Annual Report as of 30 November 2022
| Description	Quantity/ | Valuation in USD | as a % |
| --- | --- | --- |
| Nominal | Unrealized gain | of net |
|  | (loss) on Futures/ | assets |
|  | Forward |  |
|  | Exchange Contracts/ |  |
|  | Swaps (Note 1) |  |

Derivative instruments not listed on an official stock exchange and not traded on another regulated market
Swaps and forward swaps on indices
| USD USD | BOA/IBOXX USD LIQUID HY TR EQS REC PERF 22-20.12.22 OA/IBOXX USD LIQUID HY TR EQS PAYER SOFR 22-20.12.22 | 1 000 000.00 | 17 824.55 | 0.10 |
| --- | --- | --- | --- | --- |
| Total Swaps and forward swaps on indices | 17 824.55 | 0.10 |
| Total Derivative instruments not listed on an official stock exchange and not traded on another regulated market | 17 824.55 | 0.10 |
| Total Derivative instruments | 35 394.87 | 0.21 |
|  |  |  |
| Cash at banks, deposits on demand and deposit accounts and other liquid assets | 623 632.36 | 3.76 |
| Bank overdraft and other short-term liabilities | -6.11 | 0.00 |
| Other assets and liabilities | -547 312.32 | -3.30 |
| Total net assets | 16 572 338.28 | 100.00 |

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

Translation (ENFR, 2022-11-30):
# UBS (Lux) Bond SICAV – Multi Income (USD)
| Données principales |  |
| --- | --- |
|  | ISIN | 30.11.2022 | 31.5.2022 | 31.5.2021 |
| Actif net en USD |  | 16 572 338.28 | 16 915 448.82 | 21 420 679.57 |
| Catégorie P-mdist | LU1706617963 |  |  |  |
| Actions en circulation |  | 259.0940 | 259.0940 | 259.0940 |
| Valeur nette d’inventaire par action en USD |  | 79.01 | 83.09 | 95.46 |
| Prix d’émission et de rachat par action en USD 1 |  | 79.01 | 83.09 | 95.46 |
| Catégorie Q-acc 2 | LU1706617880 |  |  |  |
| Actions en circulation |  | - | - | 50.0000 |
| Valeur nette d’inventaire par action en USD |  | - | - | 115.02 |
| Prix d’émission et de rachat par action en USD 1 |  | - | - | 115.02 |
| Catégorie U-X-acc | LU2028847254 |  |  |  |
| Actions en circulation |  | 1 710.0000 | 1 710.0000 | 2 000.0000 |
| Valeur nette d’inventaire par action en USD |  | 9 679.45 | 9 879.49 | 10 695.10 |
| Prix d’émission et de rachat par action en USD 1 |  | 9 679.45 | 9 879.49 | 10 695.10 |
| 1  Voir note 1 2  La catégorie d’actions Q-acc était en circulation jusqu’au 9.8.2021 |  |  |  |  |
| Structure du portefeuille-titres |  |  |  |  |

Répartition géographique en % de l’actif net	
Etats-Unis	85.04
Canada	2.17
Norvège	1.40
Pays-Bas	1.25
Grande-Bretagne	1.17
Multinationaux	1.16
Irlande	1.16
Colombie	1.13
Singapour	1.13
France	1.12
Iles Caïmans	1.09
Îles Vierges britanniques	0.90
Mexique	0.61
Total	99.33
Répartition économique en % de l’actif net	
Gouvernements nationaux et centraux	22.45
Etablissements financiers et sociétés de participation	19.75
Banques & instituts de crédit	12.15
Pétrole	8.26
Télécommunications	5.32
Distribution d’énergie & d’eau	4.39
Trafic et transport	3.79
Soins de santé & services sociaux	2.88
Internet, logiciels et services informatiques	2.77
Biens de consommation divers	2.38
Industrie minière, charbon et acier	2.25
Chimie	2.21
Véhicules	1.83
Emetteurs d’obligations sécurisées (Pfandbriefe) et
sociétés de refinancement	1.75
Electronique et semi-conducteurs	1.66
Appareils et composants électriques	1.40
Industrie aéronautique et spatiale	1.20
Industrie de conditionnement	1.16
Bâtiment et matériaux de construction	0.90
Diverses sociétés commerciales	0.83
Total	99.33
UBS (Lux) Bond SICAV – Multi Income (USD) Rapport semestriel au 30 novembre 2022

## Etat des actifs nets
Actif	30.11.2022
USD
Portefeuille-titres, cours d’achat	18 038 064.76
| Portefeuille-titres, plus- (moins-) value non-réalisée | 	-1 577 435.28	 |
| --- | --- |
| Total portefeuille-titres (note 1) | 16 460 629.48 |
| Avoirs en banque, dépôts à vue et à terme | 577 682.23 |
| Autres liquidités (marges) | 45 950.13 |
| A recevoir sur ventes de titres (note 1) | 107 026.57 |
| Intérêts à recevoir sur titres | 170 393.79 |
| Frais payés d’avance | 73 620.20 |
| Bénéfice non réalisé sur contrats financiers à terme (note 1) | 17 570.32 |
| Bénéfice non réalisé sur swaps (note 1) | 17 824.55 |
| Total Actif | 17 470 697.27 |
|  |  |
| Passif |  |
| Crédit en compte courant | -6.11 |
| Intérêts à payer sur swaps (note 1) | -1 228.38 |
| A payer sur achats de titres (note 1) | -895 726.78 |
| Provisions pour commission de gestion forfaitaire (note 2) | -22.48 |
| Provisions pour taxe d’abonnement (note 3) | -276.07 |
| Provisions pour autres commissions et frais (note 2) | 	-1 099.17	 |
| Total des Provisions pour frais | -1 397.72 |
| Total Passif | -898 358.99 |
|  |  |
| Actifs nets à la fin de la période | 16 572 338.28 |
| Etat des opérations | USD |
| Revenus | 1.6.2022-30.11.2022 |
| Revenus d’intérêts sur liquidités | 2 581.48 |
| Intérêts sur titres | 366 965.99 |
| Revenus nets sur prêts de titres (note 11) | 1 338.97 |
| Total des Revenus | 370 886.44 |
|  |  |
| Charges |  |
| Charges d’intérêts sur swaps (note 1) | -7 424.67 |
| Commission de gestion forfaitaire (note 2) | -140.18 |
| Taxe d’abonnement (note 3) | -804.28 |
| Autres commissions et frais (note 2) | -1 081.47 |
| Charges d’intérêts sur liquidités et crédit en compte courant | -48.81 |
| Total des Charges | -9 499.41 |
|  |  |
| Revenus (Pertes) net(te)s des investissements | 361 387.03 |
|  |  |
| Bénéfices (pertes) réalisé(e)s (note 1) |  |
| Bénéfice (perte) réalisé(e) sur titres évalués à la valeur de marché hors options | -1 010 105.08 |
| Bénéfice (perte) réalisé(e) sur options | -37 650.00 |
| Bénéfice (perte) réalisé(e) sur contrats financiers à terme | 126 173.43 |
| Bénéfice (perte) réalisé(e) sur contrats de change à terme | 10 992.00 |
| Bénéfice (perte) réalisé(e) sur swaps | -42 162.88 |
| Bénéfice (perte) réalisé(e) de change réalisé(e) | -1 180.51 |
| Total des Bénéfices (pertes) réalisé(e)s | -953 933.04 |
|  |  |
| Bénéfice (perte) net(te) réalisé(e) au cours de la période | -592 546.01 |
|  |  |
| Variations des plus- (moins-) values non-réalisées (note 1) |  |
| Plus- (Moins-) value non réalisée sur titres évalués à la valeur de marché hors options | 201 411.22 |
| Plus- (Moins-) value non réalisée sur options | 20 152.00 |
| Plus- (Moins-) value non réalisée sur instruments du marché monétaire et titres évalués en fonction des rendements	925.19 |
| Plus- (Moins-) value non réalisée sur contrats financiers à terme | 3 031.19 |
| Plus- (Moins-) value non réalisée sur swaps | 24 390.02 |
| Total des Variations des plus- (moins-) values non-réalisées | 249 909.62 |
|  |  |
| Augmentation/(diminution) nette de l’actif net issue de l’activité | -342 636.39 |

UBS (Lux) Bond SICAV – Multi Income (USD) Rapport semestriel au 30 novembre 2022
| Variations de l’actif net |  |
| --- | --- |
|  | USD |
|  | 1.6.2022-30.11.2022 |
| Actif net au début de la période | 16 915 448.82 |
| Dividendes versés | -474.15 |
| Revenus (Pertes) net(te)s des investissements | 361 387.03 |
| Total des Bénéfices (pertes) réalisé(e)s | -953 933.04 |
| Total des Variations des plus- (moins-) values non-réalisées | 	249 909.62	 |
| Augmentation/(diminution) nette de l’actif net issue de l’activité | -342 636.39 |
| Actifs nets à la fin de la période | 16 572 338.28 |

| Evolution des actions en circulation |  |
| --- | --- |
|  | 1.6.2022-30.11.2022 |
| Catégorie | P-mdist |
| Nombre d’actions en circulation au début de la période | 259.0940 |
| Nombre d’actions émises | 0.0000 |
| Nombre d’actions rachetées | 0.0000 |
| Nombre d’actions en circulation à la fin de la période | 259.0940 |
| Catégorie | U-X-acc |
| Nombre d’actions en circulation au début de la période | 1 710.0000 |
| Nombre d’actions émises | 0.0000 |
| Nombre d’actions rachetées | 0.0000 |
| Nombre d’actions en circulation à la fin de la période | 1 710.0000 |

| Distribution mensuelle 1 |  |
| --- | --- |
| UBS (Lux) Bond SICAV – Multi Income (USD) | Date de détachement | Date de versement | Devise | Montant par action |
| P-mdist | 15.6.2022 | 21.6.2022 | USD | 0.31 |
| P-mdist | 15.7.2022 | 20.7.2022 | USD | 0.30 |
| P-mdist | 16.8.2022 | 19.8.2022 | USD | 0.31 |
| P-mdist | 15.9.2022 | 20.9.2022 | USD | 0.30 |
| P-mdist | 17.10.2022 | 20.10.2022 | USD | 0.29 |
| P-mdist | 15.11.2022 | 18.11.2022 | USD | 0.32 |
| 1  Voir note 5 |  |  |  |  |

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

## Etat du portefeuille-titres et autres actifs nets au 30 novembre 2022
| Dénomination | Nombre/ | Evaluation en USD | en % |
| --- | --- | --- | --- |
|  | Nominal | Bénéfice/(perte) non | de |
|  |  | réalisé(e) sur futures/ | l›actif |
|  |  | Contrats de | net |
|  |  | change à terme/ |  |
|  |  | Swaps (note 1) |  |
| Titres et instruments du marché monétaire négociés sur une bourse officielle |  |  |  |
| Billets, taux fixe |  |  |  |
| USD |  |  |  |
| USD	AERCAP IRE CAP LTD/GLB AVIA TRUST 4.45000% 19-03.04.26 | 200 000.00 | 191 882.42 | 1.16 |
| USD	AT&T INC 4.30000% 18-15.02.30 | 200 000.00 | 190 019.29 | 1.15 |
| USD	BARCLAYS PLC-SUB 5.20000% 16-12.05.26 | 200 000.00 | 193 917.95 | 1.17 |
| USD	BOEING CO 4.87500% 20-01.05.25 | 200 000.00 | 198 144.88 | 1.20 |
| USD	CAPITAL ONE FINANCIAL CORP-SUB 3.75000% 16-28.07.26 | 300 000.00 | 283 772.97 | 1.71 |
| USD	CCO LLC/CAPITAL 4.20000% 17-15.03.28 | 250 000.00 | 232 548.38 | 1.40 |
| USD	CENTURYLINK INC 5.62500% 15-01.04.25 | 200 000.00 | 192 000.00 | 1.16 |
| USD	CITIGROUP INC 3.70000% 16-12.01.26 | 300 000.00 | 287 970.09 | 1.74 |
| USD	CONTINENTAL RESOURCES INC 4.37500% 18-15.01.28 | 250 000.00 | 229 824.38 | 1.39 |
| USD	DELL INTERNATIONAL LLC / EMC CORP 6.02000% 21-15.06.26 | 150 000.00 | 153 188.29 | 0.92 |
| USD	EDISON INTERNATIONAL 4.95000% 20-15.04.25 | 200 000.00 | 197 455.82 | 1.19 |
| USD	EQT CORP 3.90000% 17-01.10.27 | 200 000.00 | 185 142.34 | 1.12 |
| USD	EXPEDIA INC 3.80000% 17-15.02.28 | 200 000.00 | 185 362.22 | 1.12 |
| USD	GENERAL MOTORS CO 6.12500% 20-01.10.25 | 300 000.00 | 303 925.11 | 1.83 |
| USD	HCA INC 5.25000% 16-15.06.26 | 200 000.00 | 198 413.13 | 1.20 |
| USD	HILLENBRAND INC 5.75000% 20-15.06.25 | 100 000.00 | 99 500.00 | 0.60 |
| USD	KINDER MORGAN INC 1.75000% 21-15.11.26 | 250 000.00 | 220 784.14 | 1.33 |
| USD	MASCO CORP 1.50000% 21-15.02.28 | 300 000.00 | 249 471.60 | 1.50 |
| USD	MORGAN STANLEY 3.70000% 14-23.10.24 | 250 000.00 | 244 506.33 | 1.47 |
| USD	OLIN CORP 5.12500% 17-15.09.27 | 200 000.00 | 187 500.00 | 1.13 |
| USD	ORACLE CORP 2.80000% 20-01.04.27 | 300 000.00 | 273 754.02 | 1.65 |
| USD	PETROBRAS GLOBAL FINANCE BV 7.37500% 17-17.01.27 | 200 000.00 | 206 500.00 | 1.25 |
| USD	PETROLEOS MEXICANOS 6.70000% 22-16.02.32 | 131 000.00 | 100 981.35 | 0.61 |
| USD	QUANTA SERVICES INC 0.95000% 21-01.10.24 | 300 000.00 | 274 730.59 | 1.66 |
| USD	SOCIETE GENERALE-144A-SUB 4.25000% 16-19.08.26 | 200 000.00 | 185 060.93 | 1.12 |
| USD	SOUTHWEST AIRLINES CO 3.00000% 16-15.11.26 | 200 000.00 | 184 186.96 | 1.11 |
| USD	SPRINGLEAF FINANCE CORP 6.87500% 18-15.03.25 | 250 000.00 | 242 823.75 | 1.46 |
| USD	SPRINT CORP 7.62500% 15-15.02.25 | 200 000.00 | 207 164.80 | 1.25 |
| USD	TOLL BROTHERS FINANCE CORP 4.87500% 17-15.03.27 | 150 000.00 | 140 541.01 | 0.85 |
| USD	VERIZON COMMUNICATIONS INC 4.32900% 18-21.09.28 | 300 000.00 | 291 653.86 | 1.76 |
| Total USD |  | 6 332 726.61 | 38.21 |
| Total des Billets, taux fixe |  | 6 332 726.61 | 38.21 |
| Billets, taux variable |  |  |  |
| USD |  |  |  |
| USD	BANK OF AMERICA CORP 3.419%/VAR 18-20.12.28 | 350 000.00 | 319 148.63 | 1.93 |
| USD	GOLDMAN SACHS GROUP INC 3.691%/VAR 17-05.06.28 | 300 000.00 | 280 570.89 | 1.69 |
| USD	JPMORGAN CHASE & CO 3.509%/3M LIBOR+94.5BP 18-23.01.29 | 300 000.00 | 274 335.39 | 1.66 |
| Total USD |  | 874 054.91 | 5.28 |
| Total des Billets, taux variable |  | 874 054.91 | 5.28 |
| Medium-Term Notes, taux fixe |  |  |  |
| USD |  |  |  |
| USD	AIR LEASE CORP 2.87500% 20-15.01.26 | 150 000.00 | 138 174.15 | 0.83 |
| USD	BOC AVIATION LTD-REG-S 3.25000% 20-29.04.25 | 200 000.00 | 186 881.94 | 1.13 |
| USD	QNB FINANCE LTD-REG-S 2.75000% 20-12.02.27 | 200 000.00 | 181 475.00 | 1.10 |
| Total USD |  | 506 531.09 | 3.06 |
| Total des Medium-Term Notes, taux fixe |  | 506 531.09 | 3.06 |
| Obligations, taux fixe |  |  |  |
| USD |  |  |  |
| USD	ECOPETROL SA 4.12500% 14-16.01.25 | 200 000.00 | 187 700.00 | 1.13 |
| USD	EL PASO NATURAL GAS CO 8.37500% 03-15.06.32 | 300 000.00 | 344 905.17 | 2.08 |
| USD	ENERGY TRANSFER LP 5.87500% 19-15.01.24 | 110 000.00 | 110 420.99 | 0.67 |
| USD	PLAINS ALL AMERICAN PIPELINE LP 4.50000% 16-15.12.26 | 250 000.00 | 240 895.83 | 1.45 |
| USD	RKPF OVERSEAS 2019 A LTD-REG-S 6.70000% 19-30.09.24 | 200 000.00 | 149 225.00 | 0.90 |
| Total USD |  | 1 033 146.99 | 6.23 |
| Total des Obligations, taux fixe |  | 1 033 146.99 | 6.23 |
| Bons du Trésor à moyen terme, taux fixe |  |  |  |
| USD |  |  |  |
| USD	AMERICA, UNITED STATES OF 3.37500% 22-15.08.42 | 125 000.00 | 114 355.47 | 0.69 |
| USD	AMERICA, UNITED STATES OF 0.125%/CPI LINKED 22-15.04.27 | 385 000.00 | 381 357.41 | 2.30 |
| USD	AMERICA, UNITED STATES OF 4.12500% 22-30.09.27 | 155 000.00 | 156 889.06 | 0.95 |
| USD	AMERICA, UNITED STATES OF 4.12500% 22-31.10.27 | 1 100 000.00 | 1 114 007.82 | 6.72 |
| USD	AMERICA, UNITED STATES OF 3.87500% 22-30.11.27 | 900 000.00 | 903 375.00 | 5.45 |
| Total USD |  | 2 669 984.76 | 16.11 |
| Total des Bons du Trésor à moyen terme, taux fixe |  | 2 669 984.76 | 16.11 |
| Bons du Trésor à moyen terme, taux variable |  |  |  |
| USD |  |  |  |
| USD	AMERICA, UNITED STATES OF 3.375%/CPI LINKED 01-15.04.32 | 205 000.00 | 401 342.08 | 2.42 |
| Total USD |  | 401 342.08 | 2.42 |
| Total des Bons du Trésor à moyen terme, taux variable |  | 401 342.08 | 2.42 |
| Total des Titres et instruments du marché monétaire négociés sur une bourse officielle |  | 11 817 786.44 | 71.31 |
| UBS (Lux) Bond SICAV – Multi Income (USD) Rapport semestriel au 30 novembre 2022 |  |  |  |

| Dénomination | Nombre/ | Evaluation en USD | en % |
| --- | --- | --- | --- |
|  | Nominal | Bénéfice/(perte) non | de |
|  |  | réalisé(e) sur futures/ | l’actif |
|  |  | Contrats de | net |
|  |  | change à terme/ |  |
|  |  | Swaps (note 1) |  |
| Titres et instruments du marché monétaire négociés sur un autre marché réglementé Bons du trésor à court terme, coupon zéro |  |  |  |
| USD |  |  |  |
| USD	AMERICA, UNITED STATES OF TB 0.00000% 16.08.22-13.12.22 | 650 000.00 | 649 236.25 | 3.92 |
| Total USD |  | 649 236.25 | 3.92 |
| Total des Bons du trésor à court terme, coupon zéro |  | 649 236.25 | 3.92 |
| Billets, taux fixe |  |  |  |
| USD |  |  |  |
| USD	AKER BP ASA-144A 2.87500% 20-15.01.26 | 250 000.00 | 231 939.99 | 1.40 |
| USD	BMW US CAPITAL LLC-144A 2.80000% 16-11.04.26 | 300 000.00 | 281 578.05 | 1.70 |
| USD	CENTENE CORP 4.25000% 20-15.12.27 | 100 000.00 | 93 848.00 | 0.57 |
| USD	CHS/COMMUNITY HEALTH SYSTEMS INC-144A 8.00000% 19-15.03.26 | 200 000.00 | 184 578.00 | 1.11 |
| USD	CSC HOLDINGS INC-144A 5.37500% 18-01.02.28 | 250 000.00 | 223 785.63 | 1.35 |
| USD	DELTA AIR LINES INC-144A 7.00000% 20-01.05.25 | 200 000.00 | 203 797.57 | 1.23 |
| USD	GENWORTH MORTGAGE HOLDINGS INC-144A 6.50000% 20-15.08.25 | 200 000.00 | 194 446.00 | 1.17 |
| USD	GLENCORE FUNDING LLC-144A 4.00000% 15-16.04.25 | 200 000.00 | 193 467.12 | 1.17 |
| USD	GLP CAPITAL LP / GLP FINANC II INC 5.37500% 16-15.04.26 | 150 000.00 | 145 408.50 | 0.88 |
| USD	GRAY ESCROW INC-144A 7.00000% 18-15.05.27 | 200 000.00 | 183 784.00 | 1.11 |
| USD	HARLEY-DAVIDSON FIN.SERV INC-144A 3.35000% 20-08.06.25 | 200 000.00 | 188 218.31 | 1.14 |
| USD	NEWELL BRANDS INC 4.87500% 20-01.06.25 | 150 000.00 | 144 937.50 | 0.88 |
| USD	NOVA CHEMICALS CORP-144A 5.25000% 17-01.06.27 | 200 000.00 | 179 515.40 | 1.08 |
| USD	TECK RESOURCES LTD 3.90000% 20-15.07.30 | 200 000.00 | 179 804.55 | 1.08 |
| USD	VOLKSWAGEN GRP OF AMERICA FINANCE-144A 4.62500% 18-13.11.25 | 375 000.00 | 370 286.53 | 2.23 |
| Total USD |  | 2 999 395.15 | 18.10 |
| Total des Billets, taux fixe |  | 2 999 395.15 | 18.10 |
| Total des Titres et instruments du marché monétaire négociés sur un autre marché réglementé |  | 3 648 631.40 | 22.02 |

Titres et instruments du marché monétaire non négociés sur une bourse officielle ou un autre marché réglementé
Billets, taux fixe
| USD |  |
| --- | --- |
| USD | ARDAGH PACKAGING FINANCE PLC-144A 5.25000% 20-30.04.25 | 200 000.00 | 192 482.00 | 1.16 |
| USD | CONOCOPHILLIPS CO 3.75800% 22-15.03.42 | 225 000.00 | 190 516.35 | 1.15 |
| USD | GE CAPITAL FUNDING LLC 3.45000% 21-15.05.25 | 300 000.00 | 289 375.79 | 1.75 |
| USD | NABORS INDUSTRIES INC-REG-S 9.00000% 20-01.02.25 | 150 000.00 | 151 333.50 | 0.91 |
| USD | QUICKEN LOANS LLC-144A 2.87500% 21-15.10.26 | 200 000.00 | 170 552.00 | 1.03 |
| Total USD |  |  | 994 259.64 | 6.00 |
| Total des Billets, taux fixe | 994 259.64 | 6.00 |
| Total des Titres et instruments du marché monétaire non négociés sur une bourse officielle ou un autre marché réglementé | 994 259.64 | 6.00 |
| Instruments dérivés non négociés sur une bourse officielle ou sur un autre marché réglementé Options sur autres swaps, classic-styled |  |  |
| USD |  |  |
| USD	BARCLAYS/CDX.NA.HY.39 SWAPTION PUT 90.00000 22-21.12.22	-2 000 000.00 | -48.00 | 0.00 |
| Total USD | -48.00 | 0.00 |
| Total Options sur autres swaps, classic-styled | -48.00 | 0.00 |
| Total des Instruments dérivés non négociés sur une bourse officielle ou sur un autre marché réglementé | -48.00 | 0.00 |
| Total du Portefeuille-titres | 16 460 629.48 | 99.33 |

| Instruments dérivés |  |
| --- | --- |
| Instruments dérivés négociés sur une bourse officielle |
| Contrats financiers à terme sur obligations |
|  |  |  |  |
| USD	US 10YR ULTRA NOTE FUTURE 22.03.23 | -3.00 | -3 656.25 | -0.02 |
| USD	US 10YR TREASURY NOTE FUTURE 22.03.23 | 5.00 | 3 359.38 | 0.02 |
| USD	US 2YR TREASURY NOTE FUTURE 31.03.23 | 11.00 | 6 125.00 | 0.04 |
| USD	US 5YR TREASURY NOTE FUTURE 31.03.23 | 18.00 | 11 742.19 | 0.07 |
| Total des Contrats financiers à terme sur obligations |  | 17 570.32 | 0.11 |
| Total des Instruments dérivés négociés sur une bourse officielle |  | 17 570.32 | 0.11 |

UBS (Lux) Bond SICAV – Multi Income (USD) Rapport semestriel au 30 novembre 2022
| Dénomination	Nombre/ | Evaluation en USD | en % |
| --- | --- | --- |
| Nominal | Bénéfice/(perte) non | de |
|  | réalisé(e) sur futures/ | l’actif |
|  | Contrats de | net |
|  | change à terme/ |  |
|  | Swaps (note 1) |  |

Instruments dérivés non négociés sur une bourse officielle ou sur un autre marché réglementé
Swaps et Swaps à terme sur indices
| USD USD | BOA/IBOXX USD LIQUID HY TR EQS REC PERF 22-20.12.22 OA/IBOXX USD LIQUID HY TR EQS PAYER SOFR 22-20.12.22 | 1 000 000.00 | 17 824.55 | 0.10 |
| --- | --- | --- | --- | --- |
| Total des Swaps et Swaps à terme sur indices | 17 824.55 | 0.10 |
| Total des Instruments dérivés non négociés sur une bourse officielle ou sur un autre marché réglementé | 17 824.55 | 0.10 |
| Total des Instruments dérivés | 35 394.87 | 0.21 |
|  |  |  |
| Avoirs en banque, dépôts à vue et à terme et autres liquidités | 623 632.36 | 3.76 |
| Crédit en compte courant et autres engagements à court terme | -6.11 | 0.00 |
| Autres actifs et passifs | -547 312.32 | -3.30 |
| Total de l’Actif net | 16 572 338.28 | 100.00 |

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