# UBS (Lux) Bond SICAV – 2025 I (USD)
| Most important figures |  |
| --- | --- |
|  | ISIN | 30.11.2022 | 31.5.2022 | 31.5.2021 |
| Net assets in USD |  | 164 044 267.31 | 182 121 396.79 | 230 189 757.45 |
| Class K-1-acc | LU2156500220 |  |  |  |
| Shares outstanding |  | 4.7000 | 4.7000 | 4.8000 |
| Net asset value per share in USD |  | 4 751 864.01 | 4 834 496.81 | 5 246 260.19 |
| Issue and redemption price per share in USD 1 |  | 4 751 864.01 | 4 834 496.81 | 5 233 669.17 |
| Class P-acc | LU2156499894 |  |  |  |
| Shares outstanding |  | 282 086.1450 | 344 330.5320 | 409 417.4370 |
| Net asset value per share in USD |  | 94.83 | 96.53 | 104.85 |
| Issue and redemption price per share in USD 1 |  | 94.83 | 96.53 | 104.60 |
| Class P-dist | LU2156499977 |  |  |  |
| Shares outstanding |  | 309 742.2890 | 315 732.0210 | 393 205.3730 |
| Net asset value per share in USD |  | 89.38 | 94.08 | 104.85 |
| Issue and redemption price per share in USD 1 |  | 89.38 | 94.08 | 104.60 |
| Class Q-acc | LU2156500063 |  |  |  |
| Shares outstanding |  | 626 376.7940 | 651 971.5870 | 715 710.6500 |
| Net asset value per share in USD |  | 95.04 | 96.69 | 104.93 |
| Issue and redemption price per share in USD 1 |  | 95.04 | 96.69 | 104.68 |
| Class Q-dist | LU2156500147 |  |  |  |
| Shares outstanding |  | 310 295.9270 | 354 912.9900 | 436 057.9900 |
| Net asset value per share in USD |  | 89.41 | 94.16 | 104.93 |
| Issue and redemption price per share in USD 1 |  | 89.41 | 94.16 | 104.68 |
| 1  See note 1 |  |  |  |  |


### Structure of the Securities Portfolio
Geographical Breakdown as a % of net assets	
United States	46.70
United Kingdom	7.83
India	4.41
Ireland	3.44
Cayman Islands	3.03
Chile	2.68
Singapore	2.68
France	2.64
The Netherlands	2.49
Luxembourg	2.41
Mexico	2.33
Canada	1.98
Turkey	1.51
Nigeria	1.33
Colombia	1.14
Oman	1.02
Multinationals	1.00
South Korea	0.96
Czech Republic	0.92
Romania	0.85
Mauritius	0.79
Peru	0.79
Egypt	0.78
Brazil	0.76
United Arab Emirates	0.64
Dominican Republic	0.61
Saudi Arabia	0.60
Mongolia	0.57
China	0.48
Italy	0.46
Hong Kong	0.27
Pakistan	0.20
Sweden	0.11
British Virgin Islands	0.11
Economic Breakdown as a % of net assets	
Finance & holding companies	28.05
Banks & credit institutions	11.34
Petroleum	8.31
Traffic & transportation	6.36
Energy & water supply	5.56
Countries & central governments	4.44
Mining, coal & steel	4.25
Chemicals	3.50
Vehicles	3.10
Telecommunications	2.85
Real Estate	2.72
Miscellaneous trading companies	2.69
Internet, software & IT services	2.66
Aerospace industry	2.41
Mortgage & funding institutions	2.30
Miscellaneous services	1.76
Lodging, catering & leisure	1.48
Supranational organisations	1.33
Computer hardware & network equipment providers	1.20
Packaging industry	1.00
Miscellaneous consumer goods	0.94
Building industry & materials	0.27
Total	98.52
Total	98.52
UBS (Lux) Bond SICAV – 2025 I (USD)
Semi-Annual Report as of 30 November 2022

### Statement of Net Assets
Assets	30.11.2022
USD
Investments in securities, cost	184 118 664.94
| Investments in securities, unrealized appreciation (depreciation) | 	-22 496 921.91	 |
| --- | --- |
| Total investments in securities (Note 1) | 161 621 743.03 |
| Cash at banks, deposits on demand and deposit accounts | 274 723.70 |
| Interest receivable on securities | 1 965 448.94 |
| Prepaid expenses | 28 499.12 |
| Unrealized gain on forward foreign exchange contracts (Note 1) | 232 676.32 |
| Total Assets | 164 123 091.11 |
|  |  |
| Liabilities |  |
| Provisions for flat fee (Note 2) | -53 916.63 |
| Provisions for taxe d’abonnement (Note 3) | -13 596.08 |
| Provisions for other commissions and fees (Note 2) | 	-11 311.09	 |
| Total provisions | -78 823.80 |
| Total Liabilities | -78 823.80 |
|  |  |
| Net assets at the end of the period | 164 044 267.31 |
| Statement of Operations | USD |
| Income | 1.6.2022-30.11.2022 |
| Interest on liquid assets | 9 800.45 |
| Interest on securities | 3 954 774.31 |
| Net income on securities lending (Note 11) | 40 269.61 |
| Other income (Note 4) | 44 247.33 |
| Total income | 4 049 091.70 |
|  |  |
| Expenses |  |
| Flat fee (Note 2) | -343 749.18 |
| Taxe d’abonnement (Note 3) | -40 659.25 |
| Other commissions and fees (Note 2) | -11 133.56 |
| Interest on cash and bank overdraft | -2.61 |
| Total expenses | -395 544.60 |
|  |  |
| Net income (loss) on investments | 3 653 547.10 |
|  |  |
| Realized gain (loss) (Note 1) |  |
| Realized gain (loss) on market-priced securities without options | -4 358 880.04 |
| Realized gain (loss) on forward foreign exchange contracts | 1 332 406.01 |
| Realized gain (loss) on foreign exchange | -726 290.78 |
| Total realized gain (loss) | -3 752 764.81 |
|  |  |
| Net realized gain (loss) of the period | -99 217.71 |
|  |  |
| Changes in unrealized appreciation (depreciation) (Note 1) |  |
| Unrealized appreciation (depreciation) on market-priced securities without options | -3 746 436.53 |
| Unrealized appreciation (depreciation) on forward foreign exchange contracts | 532 938.78 |
| Total changes in unrealized appreciation (depreciation) | -3 213 497.75 |
|  |  |
| Net increase (decrease) in net assets as a result of operations | -3 312 715.46 |

UBS (Lux) Bond SICAV – 2025 I (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 |  | 182 121 396.79 |
| Subscriptions |  | 86 256.41 |
| Redemptions |  | 	-12 880 496.78	 |
| Total net subscriptions (redemptions) |  | -12 794 240.37 |
| Dividend paid |  | -1 970 173.65 |
| Net income (loss) on investments |  | 3 653 547.10 |
| Total realized gain (loss) |  | -3 752 764.81 |
| Total changes in unrealized appreciation (depreciation) |  | 	-3 213 497.75	 |
| Net increase (decrease) in net assets as a result of operations |  | -3 312 715.46 |
| Net assets at the end of the period |  | 164 044 267.31 |
| Changes in the Number of Shares outstanding |  |  |
|  |  | 1.6.2022-30.11.2022 |
| Class |  | K-1-acc |
| Number of shares outstanding at the beginning of the period |  | 4.7000 |
| Number of shares issued |  | 0.0000 |
| Number of shares redeemed |  | 0.0000 |
| Number of shares outstanding at the end of the period |  | 4.7000 |
| Class |  | P-acc |
| Number of shares outstanding at the beginning of the period |  | 344 330.5320 |
| Number of shares issued |  | 0.0000 |
| Number of shares redeemed |  | -62 244.3870 |
| Number of shares outstanding at the end of the period |  | 282 086.1450 |
| Class |  | P-dist |
| Number of shares outstanding at the beginning of the period |  | 315 732.0210 |
| Number of shares issued |  | 0.0000 |
| Number of shares redeemed |  | -5 989.7320 |
| Number of shares outstanding at the end of the period |  | 309 742.2890 |
| Class |  | Q-acc |
| Number of shares outstanding at the beginning of the period |  | 651 971.5870 |
| Number of shares issued |  | 903.1140 |
| Number of shares redeemed |  | -26 497.9070 |
| Number of shares outstanding at the end of the period |  | 626 376.7940 |
| Class |  | Q-dist |
| Number of shares outstanding at the beginning of the period |  | 354 912.9900 |
| Number of shares issued |  | 0.0000 |
| Number of shares redeemed |  | -44 617.0630 |
| Number of shares outstanding at the end of the period |  | 310 295.9270 |
| Annual Distribution 1 |  |  |
| UBS (Lux) Bond SICAV – 2025 I (USD)	Ex-Date | Pay-Date | Currency	Amount per share |
| P-dist	1.8.2022 | 4.8.2022 | USD	3.05 |
| Q-dist	1.8.2022 | 4.8.2022 | USD	3.15 |
| 1  See note 5 |  |  |

UBS (Lux) Bond SICAV – 2025 I (USD)
Semi-Annual Report as of 30 November 2022

### Statement of Investments in Securities and other Net Assets as of 30 November 2022
| Description | Quantity/ | Valuation in USD | as a % |
| --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |
| Transferable securities and money market instruments listed on an official stock exchange |  |  |  |
| Notes, fixed rate |  |  |  |
| EUR |  |  |  |
| EUR	INTERNATIONAL GAME TECHNOLOGY PLC-REG-S 3.50000% 18-15.07.24 | 1 000 000.00 | 1 023 239.40 | 0.62 |
| EUR	INTRUM AB-REG-S 4.87500% 20-15.08.25 | 200 000.00 | 184 307.35 | 0.11 |
| EUR	MONITCHEM HOLDCO 3 SA-REG-S 5.25000% 19-15.03.25 | 1 500 000.00 | 1 471 112.43 | 0.90 |
| EUR	SAZKA GROUP AS-REG-S 4.12500% 19-20.11.24 | 1 500 000.00 | 1 513 585.50 | 0.92 |
| EUR	SYNTHOMER PLC-REG-S 3.87500% 20-01.07.25 | 1 700 000.00 | 1 553 974.55 | 0.95 |
| EUR	TEVA PHARMACEUTICAL FIN 6.00000% 20-31.01.25 | 1 600 000.00 | 1 638 996.87 | 1.00 |
| Total EUR |  | 7 385 216.10 | 4.50 |
| GBP |  |  |  |
| GBP	TALKTALK TELECOM GROUP PLC-REG-S 3.87500% 20-20.02.25 | 1 500 000.00 | 1 397 818.88 | 0.86 |
| Total GBP |  | 1 397 818.88 | 0.86 |
| USD |  |  |  |
| USD	ADANI PORTS AND SPECIAL ECO ZONE-REG-S 3.37500% 19-24.07.24 | 1 700 000.00 | 1 598 850.00 | 0.97 |
| USD	AERCAP IRELAND CAP/ GLBL AVIATION TRUST 6.50000% 20-15.07.25 | 4 000 000.00 | 4 041 040.28 | 2.46 |
| USD	AFRICA FINANCE CORP-REG-S 3.12500% 20-16.06.25 | 2 400 000.00 | 2 184 000.00 | 1.33 |
| USD	AIR LEASE CORP 3.37500% 20-01.07.25 | 3 200 000.00 | 3 019 774.40 | 1.84 |
| USD	ALLY FINANCIAL INC 5.80000% 20-01.05.25 | 2 200 000.00 | 2 209 080.67 | 1.35 |
| USD	BANCO SANTANDER SA-REG-S 5.37500% 20-17.04.25 | 1 500 000.00 | 1 483 125.00 | 0.90 |
| USD	BHARTI AIRTEL LTD-REG-S 4.37500% 15-10.06.25 | 1 700 000.00 | 1 642 943.75 | 1.00 |
| USD	BOEING CO 4.87500% 20-01.05.25 | 4 000 000.00 | 3 962 897.72 | 2.42 |
| USD	CENTURYLINK INC 5.62500% 15-01.04.25 | 1 700 000.00 | 1 632 000.00 | 1.00 |
| USD	CONTINENTAL RESOURCES INC 3.80000% 14-01.06.24 | 1 900 000.00 | 1 848 460.72 | 1.13 |
| USD	CORP NACIONAL DEL COBRE DE CHILE-REG-S 4.50000% 15-16.09.25 | 1 300 000.00 | 1 277 087.50 | 0.78 |
| USD	CREDICORP LTD-REG-S 2.75000% 20-17.06.25 | 1 400 000.00 | 1 300 950.00 | 0.79 |
| USD	DOMINICAN REPUBLIC-REG-S 5.50000% 15-27.01.25 | 1 000 000.00 | 995 812.50 | 0.61 |
| USD	EDISON INTERNATIONAL 4.95000% 20-15.04.25 | 4 400 000.00 | 4 344 028.00 | 2.65 |
| USD	EMPRESA NACIONAL DEL PETROLEO-REG-S 4.37500% 14-30.10.24 | 1 300 000.00 | 1 259 618.75 | 0.77 |
| USD	EQT CORP STEP-UP/DOWN 20-01.02.25 | 2 000 000.00 | 2 005 780.00 | 1.22 |
| USD	EXPORT CREDIT BANK OF TURKEY-REG-S 6.12500% 18-03.05.24 | 1 400 000.00 | 1 365 700.00 | 0.83 |
| USD	EXXON MOBIL CORP 2.99200% 20-19.03.25 | 3 000 000.00 | 2 905 468.56 | 1.77 |
| USD	FIBRIA OVERSEAS FINANCE LTD 4.00000% 17-14.01.25 | 1 300 000.00 | 1 249 868.75 | 0.76 |
| USD	FORD MOTOR CREDIT CO LLC 4.13400% 15-04.08.25 | 1 800 000.00 | 1 703 250.00 | 1.04 |
| USD	FORTUNE STAR BVI LTD-REG-S 6.75000% 19-02.07.23 | 200 000.00 | 180 000.00 | 0.11 |
| USD	GENERAL MOTORS CO 6.12500% 20-01.10.25 | 3 600 000.00 | 3 647 101.39 | 2.22 |
| USD	HEWLETT PACKARD ENTERPRISE CO STEP-UP/DOWN 16-15.10.25 | 1 000 000.00 | 998 853.65 | 0.61 |
| USD	IMPERIAL BRANDS FINANCE PLC-144A 4.25000% 15-21.07.25 | 3 600 000.00 | 3 436 359.23 | 2.09 |
| USD	ISTAR INC 4.25000% 19-01.08.25 | 2 300 000.00 | 2 243 995.02 | 1.37 |
| USD	JSW STEEL LTD-REG-S 5.37500% 19-04.04.25 | 800 000.00 | 754 649.99 | 0.46 |
| USD	KAISA GROUP HOLDINGS-REG-S *DEFAULTED* 9.95000% 20-23.07.25 | 1 900 000.00 | 194 750.00 | 0.12 |
| USD	LAS VEGAS SANDS CORP 3.20000% 19-08.08.24 | 1 000 000.00 | 955 563.33 | 0.58 |
| USD	MEDCO PLATINUM ROAD PTE LTD-REG-S 6.75000% 18-30.01.25 | 1 800 000.00 | 1 745 212.50 | 1.06 |
| USD	NAVIENT CORP 6.75000% 17-25.06.25 | 2 500 000.00 | 2 435 000.00 | 1.48 |
| USD	OCI NV-144A 4.62500% 20-15.10.25 | 1 000 000.00 | 946 147.85 | 0.58 |
| USD	ORACLE CORP 2.95000% 15-15.05.25 | 3 500 000.00 | 3 334 806.37 | 2.03 |
| USD	PAKISTAN, ISLAMIC REPUBLIC OF-REG-S 8.25000% 15-30.09.25 | 700 000.00 | 322 077.00 | 0.20 |
| USD	REC LTD-REG-S 3.50000% 19-12.12.24 | 1 700 000.00 | 1 617 975.00 | 0.99 |
| USD	SINOPEC GRP OVERSEAS DEV LTD-REG-S 2.15000% 20-13.05.25 | 2 000 000.00 | 1 861 720.00 | 1.14 |
| USD	SOUTHWEST AIRLINES CO 5.25000% 20-04.05.25 | 3 500 000.00 | 3 519 599.23 | 2.15 |
| USD	SPRINGLEAF FINANCE CORP 6.87500% 18-15.03.25 | 2 000 000.00 | 1 942 590.00 | 1.18 |
| USD	TURKEY, REPUBLIC OF 7.37500% 05-05.02.25 | 1 100 000.00 | 1 105 500.00 | 0.67 |
| USD	VEDANTA RESOURCES PLC-REG-S 6.12500% 17-09.08.24 | 1 750 000.00 | 1 064 227.50 | 0.65 |
| USD	WESTERN MIDSTREAM OPERATING LP STEP-UP 20-01.02.25 | 1 900 000.00 | 1 821 169.00 | 1.11 |
| Total USD |  | 76 157 033.66 | 46.42 |
| Total Notes, fixed rate |  | 84 940 068.64 | 51.78 |
| Notes, floating rate |  |  |  |
| USD |  |  |  |
| USD	WYNDHAM WORLDWIDE CORP STEP UP/RATING LINKED 15-01.10.25 | 1 500 000.00 | 1 473 750.00 | 0.90 |
| Total USD |  | 1 473 750.00 | 0.90 |
| Total Notes, floating rate |  | 1 473 750.00 | 0.90 |
| Medium term notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	BOC AVIATION LTD-REG-S 3.25000% 20-29.04.25 | 1 700 000.00 | 1 588 496.51 | 0.97 |
| USD	EGYPT, REPUBLIC OF-REG-S 5.87500% 15-11.06.25 | 1 400 000.00 | 1 281 000.00 | 0.78 |
| USD	KWG GROUP HOLDINGS LTD-REG-S 5.95000% 20-10.08.25 | 1 800 000.00 | 379 350.00 | 0.23 |
| USD	MDGH - GMTN BV-REG-S 2.50000% 19-07.11.24 | 1 100 000.00 | 1 047 956.25 | 0.64 |
| USD	MEGLOBAL CANADA INC-REG-S 5.00000% 20-18.05.25 | 1 300 000.00 | 1 268 150.00 | 0.77 |
| USD	MONGOLIA,GOVERNMENT OF-REG-S 8.75000% 17-09.03.24 | 1 000 000.00 | 935 500.00 | 0.57 |
| USD	OMAN GOVT INTERNATIONAL BOND-REG-S 4.87500% 19-01.02.25 | 1 700 000.00 | 1 666 000.00 | 1.01 |
| USD	QNB FINANCE LTD-REG-S 2.62500% 20-12.05.25 | 2 000 000.00 | 1 875 375.00 | 1.14 |
| USD	SAUDI GOVERNMENT INTERNATIONAL BD-REG-S 4.00000% 18-17.04.25 | 1 000 000.00 | 982 500.00 | 0.60 |
| USD	STANDARD CHARTERED PLC-144A 3.20000% 15-17.04.25 | 4 600 000.00 | 4 373 716.80 | 2.67 |
| Total USD |  | 15 398 044.56 | 9.38 |
| Total Medium term notes, fixed rate |  | 15 398 044.56 | 9.38 |

UBS (Lux) Bond SICAV – 2025 I (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) |  |
| Bonds, fixed rate |  |  |  |
| EUR |  |  |  |
| EUR	ALTICE FINANCING SA-REG-S 2.25000% 20-15.01.25 | 1 800 000.00 | 1 712 050.54 | 1.04 |
| EUR	FAURECIA SA-REG-S 2.62500% 18-15.06.25 | 1 500 000.00 | 1 442 632.32 | 0.88 |
| EUR	MOTION FINCO SARL-REG-S 7.00000% 20-15.05.25 | 750 000.00 | 771 666.05 | 0.47 |
| EUR	OI EUROPEAN GROUP BV-REG-S 2.87500% 19-15.02.25 | 1 500 000.00 | 1 491 159.72 | 0.91 |
| EUR	PAPREC HOLDING-REG-S 4.00000% 18-31.03.25 | 1 500 000.00 | 1 485 281.46 | 0.91 |
| EUR	PARTS EUROPE SA-REG-S 6.50000% 20-16.07.25 | 1 350 000.00 | 1 396 977.64 | 0.85 |
| EUR	RCS & RDS SA-REG-S 2.50000% 20-05.02.25 | 1 500 000.00 | 1 396 591.51 | 0.85 |
| Total EUR |  | 9 696 359.24 | 5.91 |
| USD |  |  |  |
| USD	CDBL FUNDING 1-REG-S 4.25000% 14-02.12.24 | 1 600 000.00 | 1 555 520.00 | 0.95 |
| USD	COUNTRY GARDEN HOLDINGS CO LTD-REG-S 5.12500% 18-17.01.25 | 1 400 000.00 | 700 000.00 | 0.43 |
| USD	ECOPETROL SA 4.12500% 14-16.01.25 | 2 000 000.00 | 1 877 000.00 | 1.15 |
| USD	GLOBAL LOGISTIC PROPERTIES LTD-REG-S 3.87500% 15-04.06.25 | 1 700 000.00 | 1 054 022.44 | 0.64 |
| USD	GREENKO SOLAR MAURITIUS LTD-REG-S 5.55000% 19-29.01.25 | 1 400 000.00 | 1 302 000.00 | 0.79 |
| USD	KOREA NATIONAL OIL CORP-144A 0.87500% 20-05.10.25 | 1 800 000.00 | 1 579 950.00 | 0.96 |
| USD	POWER FINANCE CORP LTD-REG-S 3.25000% 19-16.09.24 | 1 700 000.00 | 1 619 568.75 | 0.99 |
| USD	RKPF OVERSEAS 2019 A LTD-REG-S 6.00000% 20-04.09.25 | 800 000.00 | 448 000.00 | 0.27 |
| USD	SEAGATE HDD CAYMAN-144A 4.75000% 14-01.01.25 | 1 000 000.00 | 970 000.00 | 0.59 |
| USD	YUZHOU PROPERTIES-REG-S*DEFAULTED* 8.30000% 19-27.05.25 | 1 700 000.00 | 80 750.00 | 0.05 |
| Total USD |  | 11 186 811.19 | 6.82 |
| Total Bonds, fixed rate |  | 20 883 170.43 | 12.73 |
| Total Transferable securities and money market instruments listed on an official stock exchange |  | 122 695 033.63 | 74.79 |
| Transferable securities and money market instruments traded on another regulated market |  |  |  |
| Asset Backed Securities, fixed rate |  |  |  |
| USD |  |  |  |
| USD	EXETER AUTOMOBILE RECEIVABLES TRST-144A 4.35000% 18-17.06.24 | 2 000 000.00 | 294 284.48 | 0.18 |
| Total USD |  | 294 284.48 | 0.18 |
| Total Asset Backed Securities, fixed rate |  | 294 284.48 | 0.18 |
| Notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	AVOLON HOLDINGS FUNDING LTD-144A 2.87500% 20-15.02.25 | 1 750 000.00 | 1 606 541.72 | 0.98 |
| USD	DELL INTERNATIONAL LLC / EMC CORP 5.85000% 21-15.07.25 | 3 000 000.00 | 3 047 143.32 | 1.86 |
| USD	DELTA AIR LINES INC-144A 7.00000% 20-01.05.25 | 3 750 000.00 | 3 821 204.48 | 2.33 |
| USD	GENESIS ENERGY LP 5.62500% 14-15.06.24 | 1 200 000.00 | 1 162 465.31 | 0.71 |
| USD	GENWORTH MORTGAGE HOLDINGS INC-144A 6.50000% 20-15.08.25 | 1 000 000.00 | 972 230.00 | 0.59 |
| USD	GLENCORE FUNDING LLC-144A 4.00000% 15-16.04.25 | 4 000 000.00 | 3 869 342.40 | 2.36 |
| USD	HARLEY-DAVIDSON FIN.SERV INC-144A 3.35000% 20-08.06.25 | 4 000 000.00 | 3 764 366.12 | 2.29 |
| USD	INTESA SANPAOLO SPA-144A 3.25000% 19-23.09.24 | 800 000.00 | 752 895.42 | 0.46 |
| USD	NEWELL BRANDS INC 4.87500% 20-01.06.25 | 1 600 000.00 | 1 546 000.00 | 0.94 |
| USD	NOVA CHEMICALS CORP-144A 5.00000% 14-01.05.25 | 2 100 000.00 | 1 976 499.00 | 1.21 |
| USD	VOLKSWAGEN GRP OF AMERICA FINANCE-144A 3.35000% 20-13.05.25 | 3 000 000.00 | 2 872 477.53 | 1.75 |
| Total USD |  | 25 391 165.30 | 15.48 |
| Total Notes, fixed rate |  | 25 391 165.30 | 15.48 |
| Medium term notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	PETROLEOS MEXICANOS 4.25000% 16-15.01.25 | 2 500 000.00 | 2 345 312.50 | 1.43 |
| Total USD |  | 2 345 312.50 | 1.43 |
| Total Medium term notes, fixed rate |  | 2 345 312.50 | 1.43 |
| Total Transferable securities and money market instruments traded on another regulated market |  | 28 030 762.28 | 17.09 |

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 | 1 700 000.00 | 1 636 097.00 | 1.00 |
| USD | BMW US CAPITAL LLC-144A 3.90000% 20-09.04.25 | 4 400 000.00 | 4 305 974.11 | 2.62 |
| USD | DCP MIDSTREAM OPERATING LP 5.37500% 18-15.07.25 | 1 500 000.00 | 1 481 366.52 | 0.90 |
| USD | GE CAPITAL FUNDING LLC 3.45000% 21-15.05.25 | 3 600 000.00 | 3 472 509.49 | 2.12 |
| Total USD |  |  | 10 895 947.12 | 6.64 |
| Total Notes, fixed rate | 10 895 947.12 | 6.64 |
| Total Transferable securities and money market instruments not listed on an official stock exchange and not traded on another regulated market | 10 895 947.12 | 6.64 |
| Total investments in securities | 161 621 743.03 | 98.52 |

UBS (Lux) Bond SICAV – 2025 I (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) |  |

Forward Foreign Exchange contracts
Currency purchased/Amount purchased/Currency sold/Amount sold/Maturity date
| USD | 17 197 517.03 | EUR | 16 425 000.00 | 12.1.2023 | 224 553.52 | 0.14 |
| --- | --- | --- | --- | --- | --- | --- |
| USD | 1 468 043.75 | GBP | 1 230 000.00 | 12.1.2023 | 967.24 | 0.00 |
| USD | 441 167.41 | EUR | 420 000.00 | 12.1.2023 | 7 155.56 | 0.00 |
| Total Forward Foreign Exchange contracts | 232 676.32 | 0.14 |
|  |  |  |
| Cash at banks, deposits on demand and deposit accounts and other liquid assets | 274 723.70 | 0.17 |
| Other assets and liabilities | 1 915 124.26 | 1.17 |
| Total net assets | 164 044 267.31 | 100.00 |

UBS (Lux) Bond SICAV – 2025 I (USD)
Semi-Annual Report as of 30 November 2022

Translation (ENFR, 2022-11-30):
# UBS (Lux) Bond SICAV – 2025 I (USD)
| Données principales |  |
| --- | --- |
|  | ISIN | 30.11.2022 | 31.5.2022 | 31.5.2021 |
| Actif net en USD |  | 164 044 267.31 | 182 121 396.79 | 230 189 757.45 |
| Catégorie K-1-acc | LU2156500220 |  |  |  |
| Actions en circulation |  | 4.7000 | 4.7000 | 4.8000 |
| Valeur nette d’inventaire par action en USD |  | 4 751 864.01 | 4 834 496.81 | 5 246 260.19 |
| Prix d’émission et de rachat par action en USD 1 |  | 4 751 864.01 | 4 834 496.81 | 5 233 669.17 |
| Catégorie P-acc | LU2156499894 |  |  |  |
| Actions en circulation |  | 282 086.1450 | 344 330.5320 | 409 417.4370 |
| Valeur nette d’inventaire par action en USD |  | 94.83 | 96.53 | 104.85 |
| Prix d’émission et de rachat par action en USD 1 |  | 94.83 | 96.53 | 104.60 |
| Catégorie P-dist | LU2156499977 |  |  |  |
| Actions en circulation |  | 309 742.2890 | 315 732.0210 | 393 205.3730 |
| Valeur nette d’inventaire par action en USD |  | 89.38 | 94.08 | 104.85 |
| Prix d’émission et de rachat par action en USD 1 |  | 89.38 | 94.08 | 104.60 |
| Catégorie Q-acc | LU2156500063 |  |  |  |
| Actions en circulation |  | 626 376.7940 | 651 971.5870 | 715 710.6500 |
| Valeur nette d’inventaire par action en USD |  | 95.04 | 96.69 | 104.93 |
| Prix d’émission et de rachat par action en USD 1 |  | 95.04 | 96.69 | 104.68 |
| Catégorie Q-dist | LU2156500147 |  |  |  |
| Actions en circulation |  | 310 295.9270 | 354 912.9900 | 436 057.9900 |
| Valeur nette d’inventaire par action en USD |  | 89.41 | 94.16 | 104.93 |
| Prix d’émission et de rachat par action en USD 1 |  | 89.41 | 94.16 | 104.68 |
| 1  Voir note 1 |  |  |  |  |


## Structure du portefeuille-titres
Répartition géographique en % de l’actif net	
Etats-Unis	46.70
Grande-Bretagne	7.83
Inde	4.41
Irlande	3.44
Iles Caïmans	3.03
Chili	2.68
Singapour	2.68
France	2.64
Pays-Bas	2.49
Luxembourg	2.41
Mexique	2.33
Canada	1.98
Turquie	1.51
Nigéria	1.33
Colombie	1.14
Oman	1.02
Multinationaux	1.00
Corée du Sud	0.96
République tchèque	0.92
Roumanie	0.85
Ile Maurice	0.79
Pérou	0.79
Egypte	0.78
Brésil	0.76
Emirats arabes unis	0.64
République dominicaine	0.61
Arabie saoudite	0.60
Mongolie	0.57
Chine	0.48
Italie	0.46
Hong Kong	0.27
Pakistan	0.20
Suède	0.11
Îles Vierges britanniques	0.11
Répartition économique en % de l’actif net	
Etablissements financiers et sociétés de participation	28.05
Banques & instituts de crédit	11.34
Pétrole	8.31
Trafic et transport	6.36
Distribution d’énergie & d’eau	5.56
Gouvernements nationaux et centraux	4.44
Industrie minière, charbon et acier	4.25
Chimie	3.50
Véhicules	3.10
Télécommunications	2.85
Immobilier	2.72
Diverses sociétés commerciales	2.69
Internet, logiciels et services informatiques	2.66
Industrie aéronautique et spatiale	2.41
Emetteurs d’obligations sécurisées (Pfandbriefe) et
sociétés de refinancement	2.30
Services divers	1.76
Restauration et loisirs	1.48
Organisations supranationales	1.33
Equipement informatique et de réseau	1.20
Industrie de conditionnement	1.00
Biens de consommation divers	0.94
Bâtiment et matériaux de construction	0.27
Total	98.52
Total	98.52
UBS (Lux) Bond SICAV – 2025 I (USD)
Rapport semestriel au 30 novembre 2022

## Etat des actifs nets
Actif	30.11.2022
USD
Portefeuille-titres, cours d’achat	184 118 664.94
| Portefeuille-titres, plus- (moins-) value non-réalisée | 	-22 496 921.91	 |
| --- | --- |
| Total portefeuille-titres (note 1) | 161 621 743.03 |
| Avoirs en banque, dépôts à vue et à terme | 274 723.70 |
| Intérêts à recevoir sur titres | 1 965 448.94 |
| Frais payés d’avance | 28 499.12 |
| Bénéfice non réalisé sur contrats de change à terme (note 1) | 232 676.32 |
| Total Actif | 164 123 091.11 |
|  |  |
| Passif |  |
| Provisions pour commission de gestion forfaitaire (note 2) | -53 916.63 |
| Provisions pour taxe d’abonnement (note 3) | -13 596.08 |
| Provisions pour autres commissions et frais (note 2) | 	-11 311.09	 |
| Total des Provisions pour frais | -78 823.80 |
| Total Passif | -78 823.80 |
|  |  |
| Actifs nets à la fin de la période | 164 044 267.31 |
| Etat des opérations | USD |
| Revenus | 1.6.2022-30.11.2022 |
| Revenus d’intérêts sur liquidités | 9 800.45 |
| Intérêts sur titres | 3 954 774.31 |
| Revenus nets sur prêts de titres (note 11) | 40 269.61 |
| Autres revenus (note 4) | 44 247.33 |
| Total des Revenus | 4 049 091.70 |
|  |  |
| Charges |  |
| Commission de gestion forfaitaire (note 2) | -343 749.18 |
| Taxe d’abonnement (note 3) | -40 659.25 |
| Autres commissions et frais (note 2) | -11 133.56 |
| Charges d’intérêts sur liquidités et crédit en compte courant | -2.61 |
| Total des Charges | -395 544.60 |
|  |  |
| Revenus (Pertes) net(te)s des investissements | 3 653 547.10 |
|  |  |
| Bénéfices (pertes) réalisé(e)s (note 1) |  |
| Bénéfice (perte) réalisé(e) sur titres évalués à la valeur de marché hors options | -4 358 880.04 |
| Bénéfice (perte) réalisé(e) sur contrats de change à terme | 1 332 406.01 |
| Bénéfice (perte) réalisé(e) de change réalisé(e) | -726 290.78 |
| Total des Bénéfices (pertes) réalisé(e)s | -3 752 764.81 |
|  |  |
| Bénéfice (perte) net(te) réalisé(e) au cours de la période | -99 217.71 |
|  |  |
| Variations des plus- (moins-) values non-réalisées (note 1) |  |
| Plus- (Moins-) value non réalisée sur titres évalués à la valeur de marché hors options | -3 746 436.53 |
| Plus- (Moins-) value non réalisée sur contrats de change à terme | 532 938.78 |
| Total des Variations des plus- (moins-) values non-réalisées | -3 213 497.75 |
|  |  |
| Augmentation/(diminution) nette de l’actif net issue de l’activité | -3 312 715.46 |

UBS (Lux) Bond SICAV – 2025 I (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 |  | 182 121 396.79 |
| Souscriptions |  | 86 256.41 |
| Rachats |  | 	-12 880 496.78	 |
| Souscriptions (Rachats) net(te)s |  | -12 794 240.37 |
| Dividendes versés |  | -1 970 173.65 |
| Revenus (Pertes) net(te)s des investissements |  | 3 653 547.10 |
| Total des Bénéfices (pertes) réalisé(e)s |  | -3 752 764.81 |
| Total des Variations des plus- (moins-) values non-réalisées |  | 	-3 213 497.75	 |
| Augmentation/(diminution) nette de l’actif net issue de l’activité |  | -3 312 715.46 |
| Actifs nets à la fin de la période |  | 164 044 267.31 |
| Evolution des actions en circulation |  |  |
|  |  | 1.6.2022-30.11.2022 |
| Catégorie |  | K-1-acc |
| Nombre d’actions en circulation au début de la période |  | 4.7000 |
| Nombre d’actions émises |  | 0.0000 |
| Nombre d’actions rachetées |  | 0.0000 |
| Nombre d’actions en circulation à la fin de la période |  | 4.7000 |
| Catégorie |  | P-acc |
| Nombre d’actions en circulation au début de la période |  | 344 330.5320 |
| Nombre d’actions émises |  | 0.0000 |
| Nombre d’actions rachetées |  | -62 244.3870 |
| Nombre d’actions en circulation à la fin de la période |  | 282 086.1450 |
| Catégorie |  | P-dist |
| Nombre d’actions en circulation au début de la période |  | 315 732.0210 |
| Nombre d’actions émises |  | 0.0000 |
| Nombre d’actions rachetées |  | -5 989.7320 |
| Nombre d’actions en circulation à la fin de la période |  | 309 742.2890 |
| Catégorie |  | Q-acc |
| Nombre d’actions en circulation au début de la période |  | 651 971.5870 |
| Nombre d’actions émises |  | 903.1140 |
| Nombre d’actions rachetées |  | -26 497.9070 |
| Nombre d’actions en circulation à la fin de la période |  | 626 376.7940 |
| Catégorie |  | Q-dist |
| Nombre d’actions en circulation au début de la période |  | 354 912.9900 |
| Nombre d’actions émises |  | 0.0000 |
| Nombre d’actions rachetées |  | -44 617.0630 |
| Nombre d’actions en circulation à la fin de la période |  | 310 295.9270 |
| Distribution annuelle 1 |  |  |
| UBS (Lux) Bond SICAV – 2025 I (USD)	Date de détachement | Date de versement | Devise	Montant par action |
| P-dist	1.8.2022 | 4.8.2022 | USD	3.05 |
| Q-dist	1.8.2022 | 4.8.2022 | USD	3.15 |
| 1  Voir note 5 |  |  |

UBS (Lux) Bond SICAV – 2025 I (USD)
Rapport semestriel au 30 novembre 2022

## Etat du portefeuille-titres et autres actifs nets au 30 novembre 2022
| Dénomination | Nombre/ | Evaluation en USD | en % |
| --- | --- | --- | --- |
|  | Nominal | Bénéfice/(perte) non | de |
|  |  | réalisé(e) sur futures/ | l’actif |
|  |  | Contrats de | net |
|  |  | change à terme/ |  |
|  |  | Swaps (note 1) |  |
| Titres et instruments du marché monétaire négociés sur une bourse officielle |  |  |  |
| Billets, taux fixe |  |  |  |
| EUR |  |  |  |
| EUR	INTERNATIONAL GAME TECHNOLOGY PLC-REG-S 3.50000% 18-15.07.24 | 1 000 000.00 | 1 023 239.40 | 0.62 |
| EUR	INTRUM AB-REG-S 4.87500% 20-15.08.25 | 200 000.00 | 184 307.35 | 0.11 |
| EUR	MONITCHEM HOLDCO 3 SA-REG-S 5.25000% 19-15.03.25 | 1 500 000.00 | 1 471 112.43 | 0.90 |
| EUR	SAZKA GROUP AS-REG-S 4.12500% 19-20.11.24 | 1 500 000.00 | 1 513 585.50 | 0.92 |
| EUR	SYNTHOMER PLC-REG-S 3.87500% 20-01.07.25 | 1 700 000.00 | 1 553 974.55 | 0.95 |
| EUR	TEVA PHARMACEUTICAL FIN 6.00000% 20-31.01.25 | 1 600 000.00 | 1 638 996.87 | 1.00 |
| Total EUR |  | 7 385 216.10 | 4.50 |
| GBP |  |  |  |
| GBP	TALKTALK TELECOM GROUP PLC-REG-S 3.87500% 20-20.02.25 | 1 500 000.00 | 1 397 818.88 | 0.86 |
| Total GBP |  | 1 397 818.88 | 0.86 |
| USD |  |  |  |
| USD	ADANI PORTS AND SPECIAL ECO ZONE-REG-S 3.37500% 19-24.07.24 | 1 700 000.00 | 1 598 850.00 | 0.97 |
| USD	AERCAP IRELAND CAP/ GLBL AVIATION TRUST 6.50000% 20-15.07.25 | 4 000 000.00 | 4 041 040.28 | 2.46 |
| USD	AFRICA FINANCE CORP-REG-S 3.12500% 20-16.06.25 | 2 400 000.00 | 2 184 000.00 | 1.33 |
| USD	AIR LEASE CORP 3.37500% 20-01.07.25 | 3 200 000.00 | 3 019 774.40 | 1.84 |
| USD	ALLY FINANCIAL INC 5.80000% 20-01.05.25 | 2 200 000.00 | 2 209 080.67 | 1.35 |
| USD	BANCO SANTANDER SA-REG-S 5.37500% 20-17.04.25 | 1 500 000.00 | 1 483 125.00 | 0.90 |
| USD	BHARTI AIRTEL LTD-REG-S 4.37500% 15-10.06.25 | 1 700 000.00 | 1 642 943.75 | 1.00 |
| USD	BOEING CO 4.87500% 20-01.05.25 | 4 000 000.00 | 3 962 897.72 | 2.42 |
| USD	CENTURYLINK INC 5.62500% 15-01.04.25 | 1 700 000.00 | 1 632 000.00 | 1.00 |
| USD	CONTINENTAL RESOURCES INC 3.80000% 14-01.06.24 | 1 900 000.00 | 1 848 460.72 | 1.13 |
| USD	CORP NACIONAL DEL COBRE DE CHILE-REG-S 4.50000% 15-16.09.25 | 1 300 000.00 | 1 277 087.50 | 0.78 |
| USD	CREDICORP LTD-REG-S 2.75000% 20-17.06.25 | 1 400 000.00 | 1 300 950.00 | 0.79 |
| USD	DOMINICAN REPUBLIC-REG-S 5.50000% 15-27.01.25 | 1 000 000.00 | 995 812.50 | 0.61 |
| USD	EDISON INTERNATIONAL 4.95000% 20-15.04.25 | 4 400 000.00 | 4 344 028.00 | 2.65 |
| USD	EMPRESA NACIONAL DEL PETROLEO-REG-S 4.37500% 14-30.10.24 | 1 300 000.00 | 1 259 618.75 | 0.77 |
| USD	EQT CORP STEP-UP/DOWN 20-01.02.25 | 2 000 000.00 | 2 005 780.00 | 1.22 |
| USD	EXPORT CREDIT BANK OF TURKEY-REG-S 6.12500% 18-03.05.24 | 1 400 000.00 | 1 365 700.00 | 0.83 |
| USD	EXXON MOBIL CORP 2.99200% 20-19.03.25 | 3 000 000.00 | 2 905 468.56 | 1.77 |
| USD	FIBRIA OVERSEAS FINANCE LTD 4.00000% 17-14.01.25 | 1 300 000.00 | 1 249 868.75 | 0.76 |
| USD	FORD MOTOR CREDIT CO LLC 4.13400% 15-04.08.25 | 1 800 000.00 | 1 703 250.00 | 1.04 |
| USD	FORTUNE STAR BVI LTD-REG-S 6.75000% 19-02.07.23 | 200 000.00 | 180 000.00 | 0.11 |
| USD	GENERAL MOTORS CO 6.12500% 20-01.10.25 | 3 600 000.00 | 3 647 101.39 | 2.22 |
| USD	HEWLETT PACKARD ENTERPRISE CO STEP-UP/DOWN 16-15.10.25 | 1 000 000.00 | 998 853.65 | 0.61 |
| USD	IMPERIAL BRANDS FINANCE PLC-144A 4.25000% 15-21.07.25 | 3 600 000.00 | 3 436 359.23 | 2.09 |
| USD	ISTAR INC 4.25000% 19-01.08.25 | 2 300 000.00 | 2 243 995.02 | 1.37 |
| USD	JSW STEEL LTD-REG-S 5.37500% 19-04.04.25 | 800 000.00 | 754 649.99 | 0.46 |
| USD	KAISA GROUP HOLDINGS-REG-S *DEFAULTED* 9.95000% 20-23.07.25 | 1 900 000.00 | 194 750.00 | 0.12 |
| USD	LAS VEGAS SANDS CORP 3.20000% 19-08.08.24 | 1 000 000.00 | 955 563.33 | 0.58 |
| USD	MEDCO PLATINUM ROAD PTE LTD-REG-S 6.75000% 18-30.01.25 | 1 800 000.00 | 1 745 212.50 | 1.06 |
| USD	NAVIENT CORP 6.75000% 17-25.06.25 | 2 500 000.00 | 2 435 000.00 | 1.48 |
| USD	OCI NV-144A 4.62500% 20-15.10.25 | 1 000 000.00 | 946 147.85 | 0.58 |
| USD	ORACLE CORP 2.95000% 15-15.05.25 | 3 500 000.00 | 3 334 806.37 | 2.03 |
| USD	PAKISTAN, ISLAMIC REPUBLIC OF-REG-S 8.25000% 15-30.09.25 | 700 000.00 | 322 077.00 | 0.20 |
| USD	REC LTD-REG-S 3.50000% 19-12.12.24 | 1 700 000.00 | 1 617 975.00 | 0.99 |
| USD	SINOPEC GRP OVERSEAS DEV LTD-REG-S 2.15000% 20-13.05.25 | 2 000 000.00 | 1 861 720.00 | 1.14 |
| USD	SOUTHWEST AIRLINES CO 5.25000% 20-04.05.25 | 3 500 000.00 | 3 519 599.23 | 2.15 |
| USD	SPRINGLEAF FINANCE CORP 6.87500% 18-15.03.25 | 2 000 000.00 | 1 942 590.00 | 1.18 |
| USD	TURKEY, REPUBLIC OF 7.37500% 05-05.02.25 | 1 100 000.00 | 1 105 500.00 | 0.67 |
| USD	VEDANTA RESOURCES PLC-REG-S 6.12500% 17-09.08.24 | 1 750 000.00 | 1 064 227.50 | 0.65 |
| USD	WESTERN MIDSTREAM OPERATING LP STEP-UP 20-01.02.25 | 1 900 000.00 | 1 821 169.00 | 1.11 |
| Total USD |  | 76 157 033.66 | 46.42 |
| Total des Billets, taux fixe |  | 84 940 068.64 | 51.78 |
| Billets, taux variable |  |  |  |
| USD |  |  |  |
| USD	WYNDHAM WORLDWIDE CORP STEP UP/RATING LINKED 15-01.10.25 | 1 500 000.00 | 1 473 750.00 | 0.90 |
| Total USD |  | 1 473 750.00 | 0.90 |
| Total des Billets, taux variable |  | 1 473 750.00 | 0.90 |
| Medium-Term Notes, taux fixe |  |  |  |
| USD |  |  |  |
| USD	BOC AVIATION LTD-REG-S 3.25000% 20-29.04.25 | 1 700 000.00 | 1 588 496.51 | 0.97 |
| USD	EGYPT, REPUBLIC OF-REG-S 5.87500% 15-11.06.25 | 1 400 000.00 | 1 281 000.00 | 0.78 |
| USD	KWG GROUP HOLDINGS LTD-REG-S 5.95000% 20-10.08.25 | 1 800 000.00 | 379 350.00 | 0.23 |
| USD	MDGH - GMTN BV-REG-S 2.50000% 19-07.11.24 | 1 100 000.00 | 1 047 956.25 | 0.64 |
| USD	MEGLOBAL CANADA INC-REG-S 5.00000% 20-18.05.25 | 1 300 000.00 | 1 268 150.00 | 0.77 |
| USD	MONGOLIA,GOVERNMENT OF-REG-S 8.75000% 17-09.03.24 | 1 000 000.00 | 935 500.00 | 0.57 |
| USD	OMAN GOVT INTERNATIONAL BOND-REG-S 4.87500% 19-01.02.25 | 1 700 000.00 | 1 666 000.00 | 1.01 |
| USD	QNB FINANCE LTD-REG-S 2.62500% 20-12.05.25 | 2 000 000.00 | 1 875 375.00 | 1.14 |
| USD	SAUDI GOVERNMENT INTERNATIONAL BD-REG-S 4.00000% 18-17.04.25 | 1 000 000.00 | 982 500.00 | 0.60 |
| USD	STANDARD CHARTERED PLC-144A 3.20000% 15-17.04.25 | 4 600 000.00 | 4 373 716.80 | 2.67 |
| Total USD |  | 15 398 044.56 | 9.38 |
| Total des Medium-Term Notes, taux fixe |  | 15 398 044.56 | 9.38 |

UBS (Lux) Bond SICAV – 2025 I (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) |  |
| Obligations, taux fixe |  |  |  |
| EUR |  |  |  |
| EUR	ALTICE FINANCING SA-REG-S 2.25000% 20-15.01.25 | 1 800 000.00 | 1 712 050.54 | 1.04 |
| EUR	FAURECIA SA-REG-S 2.62500% 18-15.06.25 | 1 500 000.00 | 1 442 632.32 | 0.88 |
| EUR	MOTION FINCO SARL-REG-S 7.00000% 20-15.05.25 | 750 000.00 | 771 666.05 | 0.47 |
| EUR	OI EUROPEAN GROUP BV-REG-S 2.87500% 19-15.02.25 | 1 500 000.00 | 1 491 159.72 | 0.91 |
| EUR	PAPREC HOLDING-REG-S 4.00000% 18-31.03.25 | 1 500 000.00 | 1 485 281.46 | 0.91 |
| EUR	PARTS EUROPE SA-REG-S 6.50000% 20-16.07.25 | 1 350 000.00 | 1 396 977.64 | 0.85 |
| EUR	RCS & RDS SA-REG-S 2.50000% 20-05.02.25 | 1 500 000.00 | 1 396 591.51 | 0.85 |
| Total EUR |  | 9 696 359.24 | 5.91 |
| USD |  |  |  |
| USD	CDBL FUNDING 1-REG-S 4.25000% 14-02.12.24 | 1 600 000.00 | 1 555 520.00 | 0.95 |
| USD	COUNTRY GARDEN HOLDINGS CO LTD-REG-S 5.12500% 18-17.01.25 | 1 400 000.00 | 700 000.00 | 0.43 |
| USD	ECOPETROL SA 4.12500% 14-16.01.25 | 2 000 000.00 | 1 877 000.00 | 1.15 |
| USD	GLOBAL LOGISTIC PROPERTIES LTD-REG-S 3.87500% 15-04.06.25 | 1 700 000.00 | 1 054 022.44 | 0.64 |
| USD	GREENKO SOLAR MAURITIUS LTD-REG-S 5.55000% 19-29.01.25 | 1 400 000.00 | 1 302 000.00 | 0.79 |
| USD	KOREA NATIONAL OIL CORP-144A 0.87500% 20-05.10.25 | 1 800 000.00 | 1 579 950.00 | 0.96 |
| USD	POWER FINANCE CORP LTD-REG-S 3.25000% 19-16.09.24 | 1 700 000.00 | 1 619 568.75 | 0.99 |
| USD	RKPF OVERSEAS 2019 A LTD-REG-S 6.00000% 20-04.09.25 | 800 000.00 | 448 000.00 | 0.27 |
| USD	SEAGATE HDD CAYMAN-144A 4.75000% 14-01.01.25 | 1 000 000.00 | 970 000.00 | 0.59 |
| USD	YUZHOU PROPERTIES-REG-S*DEFAULTED* 8.30000% 19-27.05.25 | 1 700 000.00 | 80 750.00 | 0.05 |
| Total USD |  | 11 186 811.19 | 6.82 |
| Total des Obligations, taux fixe |  | 20 883 170.43 | 12.73 |
| Total des Titres et instruments du marché monétaire négociés sur une bourse officielle |  | 122 695 033.63 | 74.79 |
| Titres et instruments du marché monétaire négociés sur un autre marché réglementé |  |  |  |
| Titres adossés à des actifs, taux fixe |  |  |  |
| USD |  |  |  |
| USD	EXETER AUTOMOBILE RECEIVABLES TRST-144A 4.35000% 18-17.06.24 | 2 000 000.00 | 294 284.48 | 0.18 |
| Total USD |  | 294 284.48 | 0.18 |
| Total des Titres adossés à des actifs, taux fixe |  | 294 284.48 | 0.18 |
| Billets, taux fixe |  |  |  |
| USD |  |  |  |
| USD	AVOLON HOLDINGS FUNDING LTD-144A 2.87500% 20-15.02.25 | 1 750 000.00 | 1 606 541.72 | 0.98 |
| USD	DELL INTERNATIONAL LLC / EMC CORP 5.85000% 21-15.07.25 | 3 000 000.00 | 3 047 143.32 | 1.86 |
| USD	DELTA AIR LINES INC-144A 7.00000% 20-01.05.25 | 3 750 000.00 | 3 821 204.48 | 2.33 |
| USD	GENESIS ENERGY LP 5.62500% 14-15.06.24 | 1 200 000.00 | 1 162 465.31 | 0.71 |
| USD	GENWORTH MORTGAGE HOLDINGS INC-144A 6.50000% 20-15.08.25 | 1 000 000.00 | 972 230.00 | 0.59 |
| USD	GLENCORE FUNDING LLC-144A 4.00000% 15-16.04.25 | 4 000 000.00 | 3 869 342.40 | 2.36 |
| USD	HARLEY-DAVIDSON FIN.SERV INC-144A 3.35000% 20-08.06.25 | 4 000 000.00 | 3 764 366.12 | 2.29 |
| USD	INTESA SANPAOLO SPA-144A 3.25000% 19-23.09.24 | 800 000.00 | 752 895.42 | 0.46 |
| USD	NEWELL BRANDS INC 4.87500% 20-01.06.25 | 1 600 000.00 | 1 546 000.00 | 0.94 |
| USD	NOVA CHEMICALS CORP-144A 5.00000% 14-01.05.25 | 2 100 000.00 | 1 976 499.00 | 1.21 |
| USD	VOLKSWAGEN GRP OF AMERICA FINANCE-144A 3.35000% 20-13.05.25 | 3 000 000.00 | 2 872 477.53 | 1.75 |
| Total USD |  | 25 391 165.30 | 15.48 |
| Total des Billets, taux fixe |  | 25 391 165.30 | 15.48 |
| Medium-Term Notes, taux fixe |  |  |  |
| USD |  |  |  |
| USD	PETROLEOS MEXICANOS 4.25000% 16-15.01.25 | 2 500 000.00 | 2 345 312.50 | 1.43 |
| Total USD |  | 2 345 312.50 | 1.43 |
| Total des Medium-Term Notes, taux fixe |  | 2 345 312.50 | 1.43 |
| Total des Titres et instruments du marché monétaire négociés sur un autre marché réglementé |  | 28 030 762.28 | 17.09 |

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 | 1 700 000.00 | 1 636 097.00 | 1.00 |
| USD | BMW US CAPITAL LLC-144A 3.90000% 20-09.04.25 | 4 400 000.00 | 4 305 974.11 | 2.62 |
| USD | DCP MIDSTREAM OPERATING LP 5.37500% 18-15.07.25 | 1 500 000.00 | 1 481 366.52 | 0.90 |
| USD | GE CAPITAL FUNDING LLC 3.45000% 21-15.05.25 | 3 600 000.00 | 3 472 509.49 | 2.12 |
| Total USD |  |  | 10 895 947.12 | 6.64 |
| Total des Billets, taux fixe | 10 895 947.12 | 6.64 |
| Total des Titres et instruments du marché monétaire non négociés sur une bourse officielle ou un autre marché réglementé | 10 895 947.12 | 6.64 |
| Total du Portefeuille-titres | 161 621 743.03 | 98.52 |

UBS (Lux) Bond SICAV – 2025 I (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) |  |

Contrats de change à terme
Devise achetée/Montant acheté/Devise vendue/Montant vendu/Date de maturité
| USD | 17 197 517.03 | EUR | 16 425 000.00 | 12.1.2023 | 224 553.52 | 0.14 |
| --- | --- | --- | --- | --- | --- | --- |
| USD | 1 468 043.75 | GBP | 1 230 000.00 | 12.1.2023 | 967.24 | 0.00 |
| USD | 441 167.41 | EUR | 420 000.00 | 12.1.2023 | 7 155.56 | 0.00 |
| Total des Contrats de change à terme | 232 676.32 | 0.14 |
|  |  |  |
| Avoirs en banque, dépôts à vue et à terme et autres liquidités | 274 723.70 | 0.17 |
| Autres actifs et passifs | 1 915 124.26 | 1.17 |
| Total de l’Actif net | 164 044 267.31 | 100.00 |

UBS (Lux) Bond SICAV – 2025 I (USD)
Rapport semestriel au 30 novembre 2022