# UBS (Lux) Bond SICAV – 2025 I (EUR)
| Most important figures |  |
| --- | --- |
|  | ISIN | 30.11.2022 | 31.5.2022 | 31.5.2021 |
| Net assets in EUR |  | 409 015 731.50 | 453 227 854.51 | 778 374 440.19 |
| Class I-B-dist 1 | LU2185882045 |  |  |  |
| Shares outstanding |  | - | - | 2 550 693.0000 |
| Net asset value per share in EUR |  | - | - | 106.77 |
| Issue and redemption price per share in EUR 2 |  | - | - | 106.54 |
| Class K-1-acc | LU2156499548 |  |  |  |
| Shares outstanding |  | 24.0000 | 25.8000 | 36.2000 |
| Net asset value per share in EUR |  | 2 818 919.36 | 2 915 629.75 | 3 158 581.00 |
| Issue and redemption price per share in EUR 2 |  | 2 810 180.71 | 2 907 465.99 | 3 151 632.12 |
| Class K-1-dist | LU2156499621 |  |  |  |
| Shares outstanding |  | 8.9500 | 9.4000 | 12.9000 |
| Net asset value per share in EUR |  | 2 678 903.86 | 2 833 284.56 | 3 158 672.27 |
| Issue and redemption price per share in EUR 2 |  | 2 670 599.26 | 2 825 351.36 | 3 151 723.19 |
| Class K-B-acc 3 | LU2358385081 |  |  |  |
| Shares outstanding |  | 252 587.3980 | 252 587.3980 | - |
| Net asset value per share in EUR |  | 89.58 | 92.53 | - |
| Issue and redemption price per share in EUR 2 |  | 89.30 | 92.27 | - |
| Class P-acc | LU2156499035 |  |  |  |
| Shares outstanding |  | 834 189.7530 | 870 038.7440 | 828 542.4490 |
| Net asset value per share in EUR |  | 93.75 | 97.01 | 105.20 |
| Issue and redemption price per share in EUR 2 |  | 93.46 | 96.74 | 104.97 |
| Class P-dist | LU2156499118 |  |  |  |
| Shares outstanding |  | 452 268.0510 | 472 240.0750 | 531 678.9930 |
| Net asset value per share in EUR |  | 89.25 | 94.34 | 105.19 |
| Issue and redemption price per share in EUR 2 |  | 88.97 | 94.08 | 104.96 |
| Class Q-acc | LU2156499209 |  |  |  |
| Shares outstanding |  | 1 075 464.3790 | 1 194 679.2180 | 1 230 754.9650 |
| Net asset value per share in EUR |  | 93.99 | 97.22 | 105.32 |
| Issue and redemption price per share in EUR 2 |  | 93.70 | 96.95 | 105.09 |
| Class Q-dist | LU2156499464 |  |  |  |
| Shares outstanding | 842 415.3670 | 879 191.5670 | 743 070.3230 |
| Net asset value per share in EUR | 89.15 | 94.29 | 105.29 |
| Issue and redemption price per share in EUR 2 | 88.87 | 94.03 | 105.06 |
| 1  For the period from 30.6.2020 to 11.3.2022 the share class I-B-dist was in circulation 2  See note 1 3  First NAV: 7.9.2021 |  |  |  |

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

### Structure of the Securities Portfolio
Geographical Breakdown as a % of net assets	
United States	37.55
United Kingdom	11.64
Luxembourg	3.90
France	3.85
Cayman Islands	3.50
Japan	3.23
Ireland	3.11
India	3.09
The Netherlands	2.83
Canada	2.33
Singapore	2.28
Italy	2.13
Mexico	2.03
Australia	1.50
Nigeria	1.43
Germany	1.40
Chile	1.25
Turkey	1.20
Saudi Arabia	0.93
South Korea	0.83
Oman	0.81
Indonesia	0.70
China	0.68
Romania	0.64
Brazil	0.64
Colombia	0.62
Czech Republic	0.62
Mauritius	0.62
Peru	0.62
United Arab Emirates	0.61
Dominican Republic	0.50
Multinationals	0.48
Egypt	0.46
Mongolia	0.40
Hong Kong	0.33
Sweden	0.17
Pakistan	0.17
British Virgin Islands	0.12
Economic Breakdown as a % of net assets	
Finance & holding companies	34.26
Banks & credit institutions	18.49
Energy & water supply	7.19
Traffic & transportation	5.84
Petroleum	4.63
Countries & central governments	3.87
Vehicles	3.69
Mining, coal & steel	2.75
Chemicals	2.51
Miscellaneous trading companies	2.38
Telecommunications	2.27
Lodging, catering & leisure	1.55
Supranational organisations	1.43
Real Estate	1.36
Miscellaneous services	1.25
Tobacco & alcohol	0.96
Packaging industry	0.95
Computer hardware & network equipment providers	0.83
Aerospace industry	0.71
Non-ferrous metals	0.70
Internet, software & IT services	0.56
Miscellaneous consumer goods	0.46
Building industry & materials	0.33
Mortgage & funding institutions	0.23
Total	99.20
Total	99.20
UBS (Lux) Bond SICAV – 2025 I (EUR)
Semi-Annual Report as of 30 November 2022

### Statement of Net Assets
Assets	30.11.2022
EUR
Investments in securities, cost	421 173 683.77
| Investments in securities, unrealized appreciation (depreciation) | 	-15 412 483.50	 |
| --- | --- |
| Total investments in securities (Note 1) | 405 761 200.27 |
| Cash at banks, deposits on demand and deposit accounts | 6 379 442.85 |
| Receivable on securities sales (Note 1) | 13 336.63 |
| Interest receivable on securities | 5 109 328.85 |
| Prepaid expenses | 25 304.68 |
| Total Assets | 417 288 613.28 |
|  |  |
| Liabilities |  |
| Unrealized loss on forward foreign exchange contracts (Note 1) | -2 489 272.98 |
| Bank overdraft | -121 416.38 |
| Payable on securities purchases (Note 1) | -5 451 427.66 |
| Payable on redemptions | -27 978.00 |
| Provisions for flat fee (Note 2) | -121 169.85 |
| Provisions for taxe d’abonnement (Note 3) | -33 899.46 |
| Provisions for other commissions and fees (Note 2) | 	-27 717.45	 |
| Total provisions | -182 786.76 |
| Total Liabilities | -8 272 881.78 |
|  |  |
| Net assets at the end of the period | 409 015 731.50 |
| Statement of Operations | EUR |
| Income | 1.6.2022-30.11.2022 |
| Interest on liquid assets | 16 768.76 |
| Interest on securities | 9 125 251.53 |
| Net income on securities lending (Note 11) | 73 491.17 |
| Other income (Note 4) | 79 193.40 |
| Total income | 9 294 704.86 |
|  |  |
| Expenses |  |
| Flat fee (Note 2) | -769 947.18 |
| Taxe d’abonnement (Note 3) | -101 179.96 |
| Other commissions and fees (Note 2) | -27 717.45 |
| Interest on cash and bank overdraft | -138.07 |
| Total expenses | -898 982.66 |
|  |  |
| Net income (loss) on investments | 8 395 722.20 |
|  |  |
| Realized gain (loss) (Note 1) |  |
| Realized gain (loss) on market-priced securities without options | -3 139 340.17 |
| Realized gain (loss) on forward foreign exchange contracts | -16 653 203.85 |
| Realized gain (loss) on foreign exchange | 5 175 778.52 |
| Total realized gain (loss) | -14 616 765.50 |
|  |  |
| Net realized gain (loss) of the period | -6 221 043.30 |
|  |  |
| Changes in unrealized appreciation (depreciation) (Note 1) |  |
| Unrealized appreciation (depreciation) on market-priced securities without options | -112 810.44 |
| Unrealized appreciation (depreciation) on forward foreign exchange contracts | -8 575 345.91 |
| Total changes in unrealized appreciation (depreciation) | -8 688 156.35 |
|  |  |
| Net increase (decrease) in net assets as a result of operations | -14 909 199.65 |

UBS (Lux) Bond SICAV – 2025 I (EUR)
Semi-Annual Report as of 30 November 2022
| Changes in Net Assets |  |
| --- | --- |
|  |  | EUR |
|  |  | 1.6.2022-30.11.2022 |
| Net assets at the beginning of the period |  | 453 227 854.51 |
| Redemptions |  | 	-26 038 007.50	 |
| Total redemptions |  | -26 038 007.50 |
| Dividend paid |  | -3 264 915.86 |
| Net income (loss) on investments |  | 8 395 722.20 |
| Total realized gain (loss) |  | -14 616 765.50 |
| Total changes in unrealized appreciation (depreciation) |  | 	-8 688 156.35	 |
| Net increase (decrease) in net assets as a result of operations |  | -14 909 199.65 |
| Net assets at the end of the period |  | 409 015 731.50 |
| 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 |  | 25.8000 |
| Number of shares issued |  | 0.0000 |
| Number of shares redeemed |  | -1.8000 |
| Number of shares outstanding at the end of the period |  | 24.0000 |
| Class |  | K-1-dist |
| Number of shares outstanding at the beginning of the period |  | 9.4000 |
| Number of shares issued |  | 0.0000 |
| Number of shares redeemed |  | -0.4500 |
| Number of shares outstanding at the end of the period |  | 8.9500 |
| Class |  | K-B-acc |
| Number of shares outstanding at the beginning of the period |  | 252 587.3980 |
| Number of shares issued |  | 0.0000 |
| Number of shares redeemed |  | 0.0000 |
| Number of shares outstanding at the end of the period |  | 252 587.3980 |
| Class |  | P-acc |
| Number of shares outstanding at the beginning of the period |  | 870 038.7440 |
| Number of shares issued |  | 0.0000 |
| Number of shares redeemed |  | -35 848.9910 |
| Number of shares outstanding at the end of the period |  | 834 189.7530 |
| Class |  | P-dist |
| Number of shares outstanding at the beginning of the period |  | 472 240.0750 |
| Number of shares issued |  | 0.0000 |
| Number of shares redeemed |  | -19 972.0240 |
| Number of shares outstanding at the end of the period |  | 452 268.0510 |
| Class |  | Q-acc |
| Number of shares outstanding at the beginning of the period |  | 1 194 679.2180 |
| Number of shares issued |  | 0.0000 |
| Number of shares redeemed |  | -119 214.8390 |
| Number of shares outstanding at the end of the period |  | 1 075 464.3790 |
| Class |  | Q-dist |
| Number of shares outstanding at the beginning of the period |  | 879 191.5670 |
| Number of shares issued |  | 0.0000 |
| Number of shares redeemed |  | -36 776.2000 |
| Number of shares outstanding at the end of the period |  | 842 415.3670 |
| Annual Distribution 1 |  |  |
| UBS (Lux) Bond SICAV – 2025 I (EUR)	Ex-Date | Pay-Date | Currency	Amount per share |
| K-1-dist	1.8.2022 | 4.8.2022 | EUR	61 500.00 |
| P-dist	1.8.2022 | 4.8.2022 | EUR	1.95 |
| Q-dist	1.8.2022 | 4.8.2022 | EUR	2.05 |
| 1  See note 5 |  |  |

UBS (Lux) Bond SICAV – 2025 I (EUR)
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 EUR | 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	EG GLOBAL FINANCE PLC-REG-S 6.25000% 19-30.10.25 | 1 100 000.00 | 962 500.00 | 0.24 |
| EUR	INTERNATIONAL GAME TECHNOLOGY PLC-REG-S 3.50000% 18-15.07.24 | 2 300 000.00 | 2 285 680.19 | 0.56 |
| EUR	INTRUM AB-REG-S 4.87500% 20-15.08.25 | 800 000.00 | 716 000.00 | 0.17 |
| EUR	MONITCHEM HOLDCO 3 SA-REG-S 5.25000% 19-15.03.25 | 2 800 000.00 | 2 667 000.00 | 0.65 |
| EUR	PHILIP MORRIS INTERNATIONAL INC 2.75000% 13-19.03.25 | 4 000 000.00 | 3 931 032.00 | 0.96 |
| EUR	SAZKA GROUP AS-REG-S 4.12500% 19-20.11.24 | 2 600 000.00 | 2 548 000.00 | 0.62 |
| EUR	SYNTHOMER PLC-REG-S 3.87500% 20-01.07.25 | 2 600 000.00 | 2 308 228.00 | 0.56 |
| EUR	TEVA PHARMACEUTICAL FIN 6.00000% 20-31.01.25 | 2 500 000.00 | 2 487 187.50 | 0.61 |
| EUR	UNITED GROUP BV-REG-S 4.87500% 17-01.07.24 | 2 000 000.00 | 1 903 388.00 | 0.47 |
| Total EUR |  | 19 809 015.69 | 4.84 |
| GBP |  |  |  |
| GBP	TALKTALK TELECOM GROUP PLC-REG-S 3.87500% 20-20.02.25 | 2 500 000.00 | 2 262 611.69 | 0.55 |
| Total GBP |  | 2 262 611.69 | 0.55 |
| USD |  |  |  |
| USD	ADANI PORTS AND SPECIAL ECO ZONE-REG-S 3.37500% 19-24.07.24 | 3 300 000.00 | 3 014 276.69 | 0.74 |
| USD	AERCAP IRELAND CAP/ GLBL AVIATION TRUST 6.50000% 20-15.07.25 | 7 500 000.00 | 7 358 763.20 | 1.80 |
| USD	AFRICA FINANCE CORP-REG-S 3.12500% 20-16.06.25 | 6 600 000.00 | 5 833 050.06 | 1.43 |
| USD	AIR LEASE CORP 3.37500% 20-01.07.25 | 7 900 000.00 | 7 240 390.47 | 1.77 |
| USD	ALLY FINANCIAL INC 5.80000% 20-01.05.25 | 5 400 000.00 | 5 266 147.65 | 1.29 |
| USD	BANCO SANTANDER SA-REG-S 5.37500% 20-17.04.25 | 4 700 000.00 | 4 513 305.50 | 1.10 |
| USD	BHARTI AIRTEL LTD-REG-S 4.37500% 15-10.06.25 | 1 400 000.00 | 1 314 050.89 | 0.32 |
| USD	BOEING CO 4.87500% 20-01.05.25 | 3 000 000.00 | 2 886 586.02 | 0.71 |
| USD	CANADIAN IMPERIAL BANK OF COMMERCE 2.25000% 20-28.01.25 | 4 300 000.00 | 3 943 274.27 | 0.96 |
| USD	CENTURYLINK INC 5.62500% 15-01.04.25 | 2 600 000.00 | 2 424 124.70 | 0.59 |
| USD	CITIGROUP INC-SUB 5.50000% 13-13.09.25 | 5 000 000.00 | 4 928 405.24 | 1.21 |
| USD	CORP NACIONAL DEL COBRE DE CHILE-REG-S 4.50000% 15-16.09.25 | 3 100 000.00 | 2 957 667.65 | 0.72 |
| USD	CREDICORP LTD-REG-S 2.75000% 20-17.06.25 | 2 800 000.00 | 2 526 975.18 | 0.62 |
| USD	DOMINICAN REPUBLIC-REG-S 5.50000% 15-27.01.25 | 2 100 000.00 | 2 030 987.47 | 0.50 |
| USD	EDISON INTERNATIONAL 4.95000% 20-15.04.25 | 8 000 000.00 | 7 670 793.68 | 1.88 |
| USD	EQT CORP STEP-UP/DOWN 20-01.02.25 | 5 000 000.00 | 4 870 052.93 | 1.19 |
| USD	EXPORT CREDIT BANK OF TURKEY-REG-S 6.12500% 18-03.05.24 | 2 600 000.00 | 2 463 264.21 | 0.60 |
| USD	EXXON MOBIL CORP 2.99200% 20-19.03.25 | 4 500 000.00 | 4 232 703.19 | 1.03 |
| USD	FIBRIA OVERSEAS FINANCE LTD 4.00000% 17-14.01.25 | 2 800 000.00 | 2 614 504.93 | 0.64 |
| USD	FORD MOTOR CREDIT CO LLC 4.13400% 15-04.08.25 | 4 500 000.00 | 4 135 507.21 | 1.01 |
| USD	FORTUNE STAR BVI LTD-REG-S 6.75000% 19-02.07.23 | 550 000.00 | 480 745.88 | 0.12 |
| USD	GENERAL MOTORS CO 6.12500% 20-01.10.25 | 6 500 000.00 | 6 395 419.98 | 1.56 |
| USD	GLENCORE FUNDING LLC-144A 1.62500% 20-01.09.25 | 4 000 000.00 | 3 517 219.83 | 0.86 |
| USD	GOLDMAN SACHS GROUP INC 3.50000% 20-01.04.25 | 8 000 000.00 | 7 518 526.18 | 1.84 |
| USD	HILLENBRAND INC 5.75000% 20-15.06.25 | 2 200 000.00 | 2 125 965.13 | 0.52 |
| USD	HSBC HOLDINGS PLC-SUB 4.25000% 15-18.08.25 | 2 400 000.00 | 2 237 419.37 | 0.55 |
| USD	INDONESIA ASAHAN ALUMINIUM TBK PT-REG-S 4.75000% 20-15.05.25 | 3 000 000.00 | 2 848 375.66 | 0.70 |
| USD	JSW STEEL LTD-REG-S 5.37500% 19-04.04.25 | 2 900 000.00 | 2 656 831.21 | 0.65 |
| USD	KAISA GROUP HOLDINGS-REG-S *DEFAULTED* 9.95000% 20-23.07.25 | 1 600 000.00 | 159 277.42 | 0.04 |
| USD	LAS VEGAS SANDS CORP 3.20000% 19-08.08.24 | 4 250 000.00 | 3 944 198.66 | 0.96 |
| USD	LLOYDS BANKING GROUP PLC 4.45000% 18-08.05.25 | 8 000 000.00 | 7 596 675.14 | 1.86 |
| USD	MARATHON PETROLEUM CORP 4.70000% 20-01.05.25 | 4 000 000.00 | 3 851 655.80 | 0.94 |
| USD	MEDCO PLATINUM ROAD PTE LTD-REG-S 6.75000% 18-30.01.25 | 2 800 000.00 | 2 636 599.81 | 0.64 |
| USD	MITSUBISHI UFJ FINANCIAL GRP INC 2.19300% 20-25.02.25 | 9 000 000.00 | 8 164 835.13 | 2.00 |
| USD	NAVIENT CORP 6.75000% 17-25.06.25 | 2 600 000.00 | 2 459 476.52 | 0.60 |
| USD	OCI NV-144A 4.62500% 20-15.10.25 | 2 600 000.00 | 2 389 146.22 | 0.58 |
| USD	PAKISTAN, ISLAMIC REPUBLIC OF-REG-S 8.25000% 15-30.09.25 | 1 600 000.00 | 714 976.94 | 0.17 |
| USD	PETROLEOS MEXICANOS 6.87500% 22-16.10.25 | 2 100 000.00 | 1 978 954.01 | 0.48 |
| USD	PLAINS ALL AMERICAN PIPELINE LP 4.65000%15-15.10.25 | 1 900 000.00 | 1 816 848.48 | 0.44 |
| USD	REC LTD-REG-S 3.50000% 19-12.12.24 | 3 400 000.00 | 3 142 766.96 | 0.77 |
| USD	RONSHINE CHNA HOL LTD-REG-S *DEFAULTED* 6.75000% 20-05.08.24 | 2 200 000.00 | 79 333.75 | 0.02 |
| USD	SINOPEC GRP OVERSEAS DEV LTD-REG-S 2.15000% 20-13.05.25 | 2 400 000.00 | 2 169 731.47 | 0.53 |
| USD	SUMITOMO MITSUI FIN GP INC 2.34800% 20-15.01.25 | 5 500 000.00 | 5 031 680.86 | 1.23 |
| USD	SYNCHRONY FINANCIAL 4.50000% 15-23.07.25 | 4 800 000.00 | 4 463 389.82 | 1.09 |
| USD	TURKEY, REPUBLIC OF 7.37500% 05-05.02.25 | 2 500 000.00 | 2 440 149.57 | 0.60 |
| USD	VEDANTA RESOURCES PLC-REG-S 6.12500% 17-09.08.24 | 3 600 000.00 | 2 126 225.41 | 0.52 |
| USD	VIACOMCBS INC 4.75000% 20-15.05.25 | 1 000 000.00 | 962 197.32 | 0.24 |
| USD	WESTERN MIDSTREAM OPERATING LP STEP-UP 20-01.02.25 | 2 700 000.00 | 2 513 453.11 | 0.61 |
| Total USD |  | 168 646 906.78 | 41.23 |
| Total Notes, fixed rate |  | 190 718 534.16 | 46.62 |
| Notes, floating rate |  |  |  |
| USD |  |  |  |
| USD	WYNDHAM WORLDWIDE CORP STEP UP/RATING LINKED 15-01.10.25 | 2 500 000.00 | 2 385 519.35 | 0.59 |
| Total USD |  | 2 385 519.35 | 0.59 |
| Total Notes, floating rate |  | 2 385 519.35 | 0.59 |
| Medium term notes, fixed rate |  |  |  |
| EUR |  |  |  |
| EUR	ANGLO AMERICAN CAPITAL PLC-REG-S 1.62500% 17-18.09.25 | 3 500 000.00 | 3 320 187.50 | 0.81 |
| EUR	BAT INTERNATIONAL FINANCE PLC-REG-S 2.75000% 13-25.03.25 | 5 000 000.00 | 4 941 430.00 | 1.21 |
| EUR	BNP PARIBAS-REG-S-SUB 2.37500% 15-17.02.25 | 4 000 000.00 | 3 916 888.00 | 0.96 |
| EUR	GLENCORE FINANCE EUROPE SA-REG-S 1.75000% 15-17.03.25 | 4 500 000.00 | 4 314 294.00 | 1.05 |
| EUR	HSBC HOLDINGS PLC-SUB 3.00000% 15-30.06.25 | 4 200 000.00 | 4 121 250.00 | 1.01 |
| EUR	LOGICOR FINANCING SARL-REG-S 2.25000% 18-13.05.25 | 5 500 000.00 | 5 059 868.00 | 1.24 |
| EUR	NATWEST MARKETS PLC-REG-S 2.75000% 20-02.04.25 | 5 000 000.00 | 4 888 574.05 | 1.20 |
| EUR	ORANO SA 4.87500% 09-23.09.24 | 2 100 000.00 | 2 135 154.00 | 0.52 |

UBS (Lux) Bond SICAV – 2025 I (EUR)
Semi-Annual Report as of 30 November 2022
|  | Description | Quantity/ | Valuation in EUR | as a % |
| --- | --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |
|  |  |  |  |  |
| EUR | TELECOM ITALIA SPA-REG-S 3.00000% 16-30.09.25 | 500 000.00 | 462 500.00 | 0.11 |
| EUR | TELECOM ITALIA SPA-REG-S 2.75000% 19-15.04.25 | 2 000 000.00 | 1 845 080.00 | 0.45 |
| EUR | VOLKSWAGEN LEASING GMBH-REG-S 1.37500% 17-20.01.25 | 6 000 000.00 | 5 717 292.00 | 1.40 |
| Total EUR |  |  | 40 722 517.55 | 9.96 |
| GBP |  |  |  |  |
| GBP | TRANSPORT FOR LONDON-REG-S 2.12500% 15-24.04.25 | 5 800 000.00 | 6 270 439.59 | 1.53 |
| Total GBP |  |  | 6 270 439.59 | 1.53 |
| USD |  |  |  |  |
| USD | BOC AVIATION LTD-REG-S 3.25000% 20-29.04.25 | 1 900 000.00 | 1 724 254.31 | 0.42 |
| USD | BOC AVIATION LTD-REG-S 2.62500% 20-17.01.25 | 2 650 000.00 | 2 400 877.89 | 0.59 |
| USD | EGYPT, REPUBLIC OF-REG-S 5.87500% 15-11.06.25 | 2 100 000.00 | 1 866 168.12 | 0.46 |
| USD | KOREA ELECTRIC POWER CORP-REG-S 1.12500% 20-15.06.25 | 2 700 000.00 | 2 356 419.66 | 0.58 |
| USD | KWG GROUP HOLDINGS LTD-REG-S 5.95000% 20-10.08.25 | 1 000 000.00 | 204 681.20 | 0.05 |
| USD | MDGH - GMTN BV-REG-S 2.50000% 19-07.11.24 | 2 700 000.00 | 2 498 185.07 | 0.61 |
| USD | MEGLOBAL CANADA INC-REG-S 5.00000% 20-18.05.25 | 3 000 000.00 | 2 842 227.94 | 0.69 |
| USD | MONGOLIA,GOVERNMENT OF-REG-S 8.75000% 17-09.03.24 | 1 800 000.00 | 1 635 410.08 | 0.40 |
| USD | MORGAN STANLEY 4.00000% 15-23.07.25 | 8 500 000.00 | 8 086 056.98 | 1.98 |
| USD | OMAN GOVT INTERNATIONAL BOND-REG-S 4.87500% 19-01.02.25 | 3 500 000.00 | 3 331 229.06 | 0.81 |
| USD | QNB FINANCE LTD-REG-S 2.62500% 20-12.05.25 | 3 700 000.00 | 3 369 536.97 | 0.82 |
| USD | QNB FINANCE LTD-REG-S 1.62500% 20-22.09.25 | 700 000.00 | 616 234.88 | 0.15 |
| USD | SAUDI GOVERNMENT INTERNATIONAL BD-REG-S 4.00000% 18-17.04.25 | 4 000 000.00 | 3 816 830.96 | 0.93 |
| Total USD |  |  | 34 748 113.12 | 8.49 |
| Total Medium term notes, fixed rate |  | 81 741 070.26 | 19.98 |
| Medium term notes, floating rate |  |  |  |
| EUR |  |  |  |
| EUR	MACQUARIE GRP LTD-REG-S 1.250%/3M EURIBOR+83.9BP 18-05.03.25 | 3 500 000.00 | 3 393 810.00 | 0.83 |
| EUR	SOCIETE GENERALE SA 1.500%/VAR 22-30.05.25 | 3 000 000.00 | 2 913 009.45 | 0.71 |
| Total EUR |  | 6 306 819.45 | 1.54 |
| Total Medium term notes, floating rate |  | 6 306 819.45 | 1.54 |
| Bonds, fixed rate |  |  |  |
| EUR |  |  |  |
| EUR	ALTICE FINANCING SA-REG-S 2.25000% 20-15.01.25 | 2 600 000.00 | 2 401 750.00 | 0.59 |
| EUR	CROWN EUROPEAN HOLDINGS SA-REG-S 3.37500% 15-15.05.25 | 2 000 000.00 | 1 944 400.00 | 0.47 |
| EUR	FAURECIA SA-REG-S 2.62500% 18-15.06.25 | 2 500 000.00 | 2 335 150.00 | 0.57 |
| EUR	IMPERIAL BRANDS FINANCE PLC-REG-S 1.37500% 17-27.01.25 | 4 500 000.00 | 4 296 834.00 | 1.05 |
| EUR	MOTION FINCO SARL-REG-S 7.00000% 20-15.05.25 | 1 500 000.00 | 1 498 890.00 | 0.37 |
| EUR	OI EUROPEAN GROUP BV-REG-S 2.87500% 19-15.02.25 | 2 700 000.00 | 2 606 796.00 | 0.64 |
| EUR	PARTS EUROPE SA-REG-S 6.50000% 20-16.07.25 | 2 500 000.00 | 2 512 500.00 | 0.61 |
| EUR	RCS & RDS SA-REG-S 2.50000% 20-05.02.25 | 2 900 000.00 | 2 622 325.00 | 0.64 |
| Total EUR |  | 20 218 645.00 | 4.94 |
| USD |  |  |  |
| USD	BHARTI AIRTEL INTL NETHERLANDS BV-REG-S 5.35000% 14-20.05.24 | 2 250 000.00 | 2 171 960.75 | 0.53 |
| USD	BRASKEM FINANCE LTD 6.45000% 14-03.02.24 | 1 814 000.00 | 1 760 442.38 | 0.43 |
| USD	CDBL FUNDING 1-REG-S 4.25000% 14-02.12.24 | 4 225 000.00 | 3 989 263.34 | 0.98 |
| USD	COUNTRY GARDEN HOLDINGS CO LTD-REG-S 5.12500% 18-17.01.25 | 3 350 000.00 | 1 626 766.38 | 0.40 |
| USD	ECOPETROL SA 4.12500% 14-16.01.25 | 2 800 000.00 | 2 552 129.37 | 0.62 |
| USD	FAB SUKUK CO LTD-REG-S 2.50000% 20-21.01.25 | 3 600 000.00 | 3 298 135.28 | 0.81 |
| USD	GLOBAL LOGISTIC PROPERTIES LTD-REG-S 3.87500% 15-04.06.25 | 4 250 000.00 | 2 559 176.51 | 0.63 |
| USD	GREENKO SOLAR MAURITIUS LTD-REG-S 5.55000% 19-29.01.25 | 2 800 000.00 | 2 529 014.72 | 0.62 |
| USD	KINDER MORGAN INC 4.30000% 14-01.06.25 | 1 000 000.00 | 956 845.14 | 0.23 |
| USD	KOREA NATIONAL OIL CORP-REG-S 0.87500% 20-05.10.25 | 1 200 000.00 | 1 022 968.98 | 0.25 |
| USD	KWG GROUP HOLDINGS LTD-REG-S 5.87500% 17-10.11.24 | 3 975 000.00 | 849 317.73 | 0.21 |
| USD	POWER FINANCE CORP LTD-REG-S 3.25000% 19-16.09.24 | 2 700 000.00 | 2 498 185.06 | 0.61 |
| USD	RKPF OVERSEAS 2019 A LTD-REG-S 6.00000% 20-04.09.25 | 2 500 000.00 | 1 359 685.33 | 0.33 |
| USD	SEAGATE HDD CAYMAN-144A 4.75000% 14-01.01.25 | 1 000 000.00 | 942 067.70 | 0.23 |
| USD	YUZHOU PROPERTIES-REG-S*DEFAULTED* 8.30000% 19-27.05.25 | 5 400 000.00 | 249 113.78 | 0.06 |
| Total USD |  | 28 365 072.45 | 6.94 |
| Total Bonds, fixed rate |  | 48 583 717.45 | 11.88 |
| Total Transferable securities and money market instruments listed on an official stock exchange |  | 329 735 660.67 | 80.61 |
| Transferable securities and money market instruments traded on another regulated market |  |  |  |
| Asset Backed Securities, fixed rate |  |  |  |
| USD |  |  |  |
| USD	DT AUTO OWNER TRUST-144A 4.19000% 18-15.07.24 | 2 900 000.00 | 75 184.05 | 0.02 |
| USD	EXETER AUTOMOBILE RECEIVABLES-144A 4.35000% 18-16.09.24 | 2 000 000.00 | 582 191.13 | 0.14 |
| USD	EXETER AUTOMOBILE RECEIVABLES TRST-144A 4.35000% 18-17.06.24 | 2 000 000.00 | 285 810.21 | 0.07 |
| Total USD |  | 943 185.39 | 0.23 |
| Total Asset Backed Securities, fixed rate |  | 943 185.39 | 0.23 |

UBS (Lux) Bond SICAV – 2025 I (EUR)
Semi-Annual Report as of 30 November 2022
| Description | Quantity/ | Valuation in EUR | as a % |
| --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |

Notes, fixed rate
| USD |  |
| --- | --- |
| USD | AVOLON HOLDINGS FUNDING LTD-144A 2.87500% 20-15.02.25 | 6 000 000.00 | 5 349 529.49 | 1.31 |
| USD | DAIMLER FINANCE NORTH AMERICA LLC-144A 3.30000% 15-19.05.25 | 6 850 000.00 | 6 379 861.42 | 1.56 |
| USD | DELL INTERNATIONAL LLC / EMC CORP 5.85000% 21-15.07.25 | 4 500 000.00 | 4 439 095.79 | 1.09 |
| USD | DELTA AIR LINES INC-144A 7.00000% 20-01.05.25 | 7 500 000.00 | 7 422 336.67 | 1.81 |
| USD | GENESIS ENERGY LP 5.62500% 14-15.06.24 | 2 500 000.00 | 2 352 064.02 | 0.57 |
| USD | GENWORTH MORTGAGE HOLDINGS INC-144A 6.50000% 20-15.08.25 | 2 800 000.00 | 2 643 853.74 | 0.65 |
| USD | HARLEY-DAVIDSON FIN.SERV INC-144A 3.35000% 20-08.06.25 | 8 000 000.00 | 7 311 933.41 | 1.79 |
| USD | INTESA SANPAOLO SPA-144A 3.25000% 19-23.09.24 | 7 000 000.00 | 6 398 130.39 | 1.56 |
| USD | NEWELL BRANDS INC 4.87500% 20-01.06.25 | 2 000 000.00 | 1 876 851.36 | 0.46 |
| USD | NOVA CHEMICALS CORP-144A 5.00000% 14-01.05.25 | 3 000 000.00 | 2 742 261.93 | 0.67 |
| USD | QVC INC 4.85000% 14-01.04.24 | 2 700 000.00 | 2 496 657.60 | 0.61 |
| USD | SYDNEY AIRPORT FINANCE CO PTY LTD-144A 3.37500% 15-30.04.25 | 3 000 000.00 | 2 743 289.55 | 0.67 |
| USD | XEROX HOLDINGS CORP-144A 5.00000% 20-15.08.25 | 2 700 000.00 | 2 438 404.31 | 0.60 |
| Total USD |  |  | 54 594 269.68 | 13.35 |
| Total Notes, fixed rate |  | 54 594 269.68 | 13.35 |
| Medium term notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	PETROLEOS MEXICANOS 4.25000% 16-15.01.25 | 2 000 000.00 | 1 822 221.14 | 0.45 |
| Total USD |  | 1 822 221.14 | 0.45 |
| Total Medium term notes, fixed rate |  | 1 822 221.14 | 0.45 |
| Bonds, fixed rate |  |  |  |
| USD |  |  |  |
| USD	PACIFIC GAS & ELECTRIC CO 3.45000% 20-01.07.25 | 7 500 000.00 | 6 893 383.91 | 1.68 |
| Total USD |  | 6 893 383.91 | 1.68 |
| Total Bonds, fixed rate |  | 6 893 383.91 | 1.68 |
| Total Transferable securities and money market instruments traded on another regulated market |  | 64 253 060.12 | 15.71 |

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 | 2 100 000.00 | 1 962 862.14 | 0.48 |
| USD | BMW US CAPITAL LLC-144A 3.90000% 20-09.04.25 | 8 000 000.00 | 7 603 597.18 | 1.86 |
| USD | DCP MIDSTREAM OPERATING LP 5.37500% 18-15.07.25 | 2 300 000.00 | 2 206 020.16 | 0.54 |
| Total USD |  |  | 11 772 479.48 | 2.88 |
| Total Notes, fixed rate | 11 772 479.48 | 2.88 |
| Total Transferable securities and money market instruments not listed on an official stock exchange and not traded on another regulated market | 11 772 479.48 | 2.88 |
| Total investments in securities | 405 761 200.27 | 99.20 |
| Forward Foreign Exchange contracts |  |  |
| Currency purchased/Amount purchased/Currency sold/Amount sold/Maturity date |  |  |

| EUR | 302 499 475.11 | USD | 315 100 000.00 | 17.1.2023 | -2 364 385.39 | -0.58 |
| --- | --- | --- | --- | --- | --- | --- |
| EUR | 9 180 190.64 | GBP | 8 010 000.00 | 17.1.2023 | -64 008.07 | -0.02 |
| USD | 833 134.32 | EUR | 800 000.00 | 17.1.2023 | 6 069.64 | 0.00 |
| EUR | 3 799 891.04 | USD | 3 970 000.00 | 17.1.2023 | -41 142.05 | -0.01 |
| EUR | 1 588 962.56 | USD | 1 655 000.00 | 17.1.2023 | -12 274.16 | 0.00 |
| EUR | 1 945 684.18 | USD | 2 025 000.00 | 17.1.2023 | -13 532.95 | 0.00 |
| Total Forward Foreign Exchange contracts | -2 489 272.98 | -0.61 |
|  |  |  |
| Cash at banks, deposits on demand and deposit accounts and other liquid assets | 6 379 442.85 | 1.56 |
| Bank overdraft and other short-term liabilities | -121 416.38 | -0.03 |
| Other assets and liabilities | -514 222.26 | -0.12 |
| Total net assets | 409 015 731.50 | 100.00 |

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

Translation (ENFR, 2022-11-30):
# UBS (Lux) Bond SICAV – 2025 I (EUR)
| Données principales |  |
| --- | --- |
|  | ISIN | 30.11.2022 | 31.5.2022 | 31.5.2021 |
| Actif net en EUR |  | 409 015 731.50 | 453 227 854.51 | 778 374 440.19 |
| Catégorie I-B-dist 1 | LU2185882045 |  |  |  |
| Actions en circulation |  | - | - | 2 550 693.0000 |
| Valeur nette d’inventaire par action en EUR |  | - | - | 106.77 |
| Prix d’émission et de rachat par action en EUR 2 |  | - | - | 106.54 |
| Catégorie K-1-acc | LU2156499548 |  |  |  |
| Actions en circulation |  | 24.0000 | 25.8000 | 36.2000 |
| Valeur nette d’inventaire par action en EUR |  | 2 818 919.36 | 2 915 629.75 | 3 158 581.00 |
| Prix d’émission et de rachat par action en EUR 2 |  | 2 810 180.71 | 2 907 465.99 | 3 151 632.12 |
| Catégorie K-1-dist | LU2156499621 |  |  |  |
| Actions en circulation |  | 8.9500 | 9.4000 | 12.9000 |
| Valeur nette d’inventaire par action en EUR |  | 2 678 903.86 | 2 833 284.56 | 3 158 672.27 |
| Prix d’émission et de rachat par action en EUR 2 |  | 2 670 599.26 | 2 825 351.36 | 3 151 723.19 |
| Catégorie K-B-acc 3 | LU2358385081 |  |  |  |
| Actions en circulation |  | 252 587.3980 | 252 587.3980 | - |
| Valeur nette d’inventaire par action en EUR |  | 89.58 | 92.53 | - |
| Prix d’émission et de rachat par action en EUR 2 |  | 89.30 | 92.27 | - |
| Catégorie P-acc | LU2156499035 |  |  |  |
| Actions en circulation |  | 834 189.7530 | 870 038.7440 | 828 542.4490 |
| Valeur nette d’inventaire par action en EUR |  | 93.75 | 97.01 | 105.20 |
| Prix d’émission et de rachat par action en EUR 2 |  | 93.46 | 96.74 | 104.97 |
| Catégorie P-dist | LU2156499118 |  |  |  |
| Actions en circulation |  | 452 268.0510 | 472 240.0750 | 531 678.9930 |
| Valeur nette d’inventaire par action en EUR |  | 89.25 | 94.34 | 105.19 |
| Prix d’émission et de rachat par action en EUR 2 |  | 88.97 | 94.08 | 104.96 |
| Catégorie Q-acc | LU2156499209 |  |  |  |
| Actions en circulation |  | 1 075 464.3790 | 1 194 679.2180 | 1 230 754.9650 |
| Valeur nette d’inventaire par action en EUR |  | 93.99 | 97.22 | 105.32 |
| Prix d’émission et de rachat par action en EUR 2 |  | 93.70 | 96.95 | 105.09 |
| Catégorie Q-dist | LU2156499464 |  |  |  |
| Actions en circulation |  | 842 415.3670 | 879 191.5670 | 743 070.3230 |
| Valeur nette d’inventaire par action en EUR |  | 89.15 | 94.29 | 105.29 |
| Prix d’émission et de rachat par action en EUR 2 |  | 88.87 | 94.03 | 105.06 |
| 1  La catégorie d’actions I-B-dist était en circulation pour la période 2  Voir note 1 3  Première VNI 7.9.2021 | allant du 30.6.2020 au 11.3.2022 |  |  |  |

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

## Structure du portefeuille-titres
Répartition géographique en % de l’actif net	
Etats-Unis	37.55
Grande-Bretagne	11.64
Luxembourg	3.90
France	3.85
Iles Caïmans	3.50
Japon	3.23
Irlande	3.11
Inde	3.09
Pays-Bas	2.83
Canada	2.33
Singapour	2.28
Italie	2.13
Mexique	2.03
Australie	1.50
Nigéria	1.43
Allemagne	1.40
Chili	1.25
Turquie	1.20
Arabie saoudite	0.93
Corée du Sud	0.83
Oman	0.81
Indonésie	0.70
Chine	0.68
Roumanie	0.64
Brésil	0.64
Colombie	0.62
République tchèque	0.62
Ile Maurice	0.62
Pérou	0.62
Emirats arabes unis	0.61
République dominicaine	0.50
Multinationaux	0.48
Egypte	0.46
Mongolie	0.40
Hong Kong	0.33
Suède	0.17
Pakistan	0.17
Îles Vierges britanniques	0.12
Répartition économique en % de l’actif net	
Etablissements financiers et sociétés de participation	34.26
Banques & instituts de crédit	18.49
Distribution d’énergie & d’eau	7.19
Trafic et transport	5.84
Pétrole	4.63
Gouvernements nationaux et centraux	3.87
Véhicules	3.69
Industrie minière, charbon et acier	2.75
Chimie	2.51
Diverses sociétés commerciales	2.38
Télécommunications	2.27
Restauration et loisirs	1.55
Organisations supranationales	1.43
Immobilier	1.36
Services divers	1.25
Tabac et boissons alcoolisées	0.96
Industrie de conditionnement	0.95
Equipement informatique et de réseau	0.83
Industrie aéronautique et spatiale	0.71
Métaux non ferreux	0.70
Internet, logiciels et services informatiques	0.56
Biens de consommation divers	0.46
Bâtiment et matériaux de construction	0.33
Emetteurs d’obligations sécurisées (Pfandbriefe) et
sociétés de refinancement	0.23
Total	99.20
Total	99.20
UBS (Lux) Bond SICAV – 2025 I (EUR)
Rapport semestriel au 30 novembre 2022

## Etat des actifs nets
Actif	30.11.2022
EUR
Portefeuille-titres, cours d’achat	421 173 683.77
| Portefeuille-titres, plus- (moins-) value non-réalisée | 	-15 412 483.50	 |
| --- | --- |
| Total portefeuille-titres (note 1) | 405 761 200.27 |
| Avoirs en banque, dépôts à vue et à terme | 6 379 442.85 |
| A recevoir sur ventes de titres (note 1) | 13 336.63 |
| Intérêts à recevoir sur titres | 5 109 328.85 |
| Frais payés d’avance | 25 304.68 |
| Total Actif | 417 288 613.28 |
|  |  |
| Passif |  |
| Perte non réalisée sur contrats de change à terme (note 1) | -2 489 272.98 |
| Crédit en compte courant | -121 416.38 |
| A payer sur achats de titres (note 1) | -5 451 427.66 |
| A payer sur rachats | -27 978.00 |
| Provisions pour commission de gestion forfaitaire (note 2) | -121 169.85 |
| Provisions pour taxe d’abonnement (note 3) | -33 899.46 |
| Provisions pour autres commissions et frais (note 2) | 	-27 717.45	 |
| Total des Provisions pour frais | -182 786.76 |
| Total Passif | -8 272 881.78 |
|  |  |
| Actifs nets à la fin de la période | 409 015 731.50 |
| Etat des opérations | EUR |
| Revenus | 1.6.2022-30.11.2022 |
| Revenus d’intérêts sur liquidités | 16 768.76 |
| Intérêts sur titres | 9 125 251.53 |
| Revenus nets sur prêts de titres (note 11) | 73 491.17 |
| Autres revenus (note 4) | 79 193.40 |
| Total des Revenus | 9 294 704.86 |
|  |  |
| Charges |  |
| Commission de gestion forfaitaire (note 2) | -769 947.18 |
| Taxe d’abonnement (note 3) | -101 179.96 |
| Autres commissions et frais (note 2) | -27 717.45 |
| Charges d’intérêts sur liquidités et crédit en compte courant | -138.07 |
| Total des Charges | -898 982.66 |
|  |  |
| Revenus (Pertes) net(te)s des investissements | 8 395 722.20 |
|  |  |
| Bénéfices (pertes) réalisé(e)s (note 1) |  |
| Bénéfice (perte) réalisé(e) sur titres évalués à la valeur de marché hors options | -3 139 340.17 |
| Bénéfice (perte) réalisé(e) sur contrats de change à terme | -16 653 203.85 |
| Bénéfice (perte) réalisé(e) de change réalisé(e) | 5 175 778.52 |
| Total des Bénéfices (pertes) réalisé(e)s | -14 616 765.50 |
|  |  |
| Bénéfice (perte) net(te) réalisé(e) au cours de la période | -6 221 043.30 |
|  |  |
| Variations des plus- (moins-) values non-réalisées (note 1) |  |
| Plus- (Moins-) value non réalisée sur titres évalués à la valeur de marché hors options | -112 810.44 |
| Plus- (Moins-) value non réalisée sur contrats de change à terme | -8 575 345.91 |
| Total des Variations des plus- (moins-) values non-réalisées | -8 688 156.35 |
|  |  |
| Augmentation/(diminution) nette de l’actif net issue de l’activité | -14 909 199.65 |

UBS (Lux) Bond SICAV – 2025 I (EUR)
Rapport semestriel au 30 novembre 2022
| Variations de l’actif net |  |
| --- | --- |
|  |  | EUR |
|  |  | 1.6.2022-30.11.2022 |
| Actif net au début de la période |  | 453 227 854.51 |
| Rachats |  | 	-26 038 007.50	 |
| Total Rachats |  | -26 038 007.50 |
| Dividendes versés |  | -3 264 915.86 |
| Revenus (Pertes) net(te)s des investissements |  | 8 395 722.20 |
| Total des Bénéfices (pertes) réalisé(e)s |  | -14 616 765.50 |
| Total des Variations des plus- (moins-) values non-réalisées |  | 	-8 688 156.35	 |
| Augmentation/(diminution) nette de l’actif net issue de l’activité |  | -14 909 199.65 |
| Actifs nets à la fin de la période |  | 409 015 731.50 |
| 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 |  | 25.8000 |
| Nombre d’actions émises |  | 0.0000 |
| Nombre d’actions rachetées |  | -1.8000 |
| Nombre d’actions en circulation à la fin de la période |  | 24.0000 |
| Catégorie |  | K-1-dist |
| Nombre d’actions en circulation au début de la période |  | 9.4000 |
| Nombre d’actions émises |  | 0.0000 |
| Nombre d’actions rachetées |  | -0.4500 |
| Nombre d’actions en circulation à la fin de la période |  | 8.9500 |
| Catégorie |  | K-B-acc |
| Nombre d’actions en circulation au début de la période |  | 252 587.3980 |
| Nombre d’actions émises |  | 0.0000 |
| Nombre d’actions rachetées |  | 0.0000 |
| Nombre d’actions en circulation à la fin de la période |  | 252 587.3980 |
| Catégorie |  | P-acc |
| Nombre d’actions en circulation au début de la période |  | 870 038.7440 |
| Nombre d’actions émises |  | 0.0000 |
| Nombre d’actions rachetées |  | -35 848.9910 |
| Nombre d’actions en circulation à la fin de la période |  | 834 189.7530 |
| Catégorie |  | P-dist |
| Nombre d’actions en circulation au début de la période |  | 472 240.0750 |
| Nombre d’actions émises |  | 0.0000 |
| Nombre d’actions rachetées |  | -19 972.0240 |
| Nombre d’actions en circulation à la fin de la période |  | 452 268.0510 |
| Catégorie |  | Q-acc |
| Nombre d’actions en circulation au début de la période |  | 1 194 679.2180 |
| Nombre d’actions émises |  | 0.0000 |
| Nombre d’actions rachetées |  | -119 214.8390 |
| Nombre d’actions en circulation à la fin de la période |  | 1 075 464.3790 |
| Catégorie |  | Q-dist |
| Nombre d’actions en circulation au début de la période |  | 879 191.5670 |
| Nombre d’actions émises |  | 0.0000 |
| Nombre d’actions rachetées |  | -36 776.2000 |
| Nombre d’actions en circulation à la fin de la période |  | 842 415.3670 |
| Distribution annuelle 1 |  |  |
| UBS (Lux) Bond SICAV – 2025 I (EUR)	Date de détachement | Date de versement | Devise	Montant par action |
| K-1-dist	1.8.2022 | 4.8.2022 | EUR	61 500.00 |
| P-dist	1.8.2022 | 4.8.2022 | EUR	1.95 |
| Q-dist	1.8.2022 | 4.8.2022 | EUR	2.05 |
| 1  Voir note 5 |  |  |

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

## Etat du portefeuille-titres et autres actifs nets au 30 novembre 2022
| Dénomination | Nombre/ | Evaluation en EUR | 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	EG GLOBAL FINANCE PLC-REG-S 6.25000% 19-30.10.25 | 1 100 000.00 | 962 500.00 | 0.24 |
| EUR	INTERNATIONAL GAME TECHNOLOGY PLC-REG-S 3.50000% 18-15.07.24 | 2 300 000.00 | 2 285 680.19 | 0.56 |
| EUR	INTRUM AB-REG-S 4.87500% 20-15.08.25 | 800 000.00 | 716 000.00 | 0.17 |
| EUR	MONITCHEM HOLDCO 3 SA-REG-S 5.25000% 19-15.03.25 | 2 800 000.00 | 2 667 000.00 | 0.65 |
| EUR	PHILIP MORRIS INTERNATIONAL INC 2.75000% 13-19.03.25 | 4 000 000.00 | 3 931 032.00 | 0.96 |
| EUR	SAZKA GROUP AS-REG-S 4.12500% 19-20.11.24 | 2 600 000.00 | 2 548 000.00 | 0.62 |
| EUR	SYNTHOMER PLC-REG-S 3.87500% 20-01.07.25 | 2 600 000.00 | 2 308 228.00 | 0.56 |
| EUR	TEVA PHARMACEUTICAL FIN 6.00000% 20-31.01.25 | 2 500 000.00 | 2 487 187.50 | 0.61 |
| EUR	UNITED GROUP BV-REG-S 4.87500% 17-01.07.24 | 2 000 000.00 | 1 903 388.00 | 0.47 |
| Total EUR |  | 19 809 015.69 | 4.84 |
| GBP |  |  |  |
| GBP	TALKTALK TELECOM GROUP PLC-REG-S 3.87500% 20-20.02.25 | 2 500 000.00 | 2 262 611.69 | 0.55 |
| Total GBP |  | 2 262 611.69 | 0.55 |
| USD |  |  |  |
| USD	ADANI PORTS AND SPECIAL ECO ZONE-REG-S 3.37500% 19-24.07.24 | 3 300 000.00 | 3 014 276.69 | 0.74 |
| USD	AERCAP IRELAND CAP/ GLBL AVIATION TRUST 6.50000% 20-15.07.25 | 7 500 000.00 | 7 358 763.20 | 1.80 |
| USD	AFRICA FINANCE CORP-REG-S 3.12500% 20-16.06.25 | 6 600 000.00 | 5 833 050.06 | 1.43 |
| USD	AIR LEASE CORP 3.37500% 20-01.07.25 | 7 900 000.00 | 7 240 390.47 | 1.77 |
| USD	ALLY FINANCIAL INC 5.80000% 20-01.05.25 | 5 400 000.00 | 5 266 147.65 | 1.29 |
| USD	BANCO SANTANDER SA-REG-S 5.37500% 20-17.04.25 | 4 700 000.00 | 4 513 305.50 | 1.10 |
| USD	BHARTI AIRTEL LTD-REG-S 4.37500% 15-10.06.25 | 1 400 000.00 | 1 314 050.89 | 0.32 |
| USD	BOEING CO 4.87500% 20-01.05.25 | 3 000 000.00 | 2 886 586.02 | 0.71 |
| USD	CANADIAN IMPERIAL BANK OF COMMERCE 2.25000% 20-28.01.25 | 4 300 000.00 | 3 943 274.27 | 0.96 |
| USD	CENTURYLINK INC 5.62500% 15-01.04.25 | 2 600 000.00 | 2 424 124.70 | 0.59 |
| USD	CITIGROUP INC-SUB 5.50000% 13-13.09.25 | 5 000 000.00 | 4 928 405.24 | 1.21 |
| USD	CORP NACIONAL DEL COBRE DE CHILE-REG-S 4.50000% 15-16.09.25 | 3 100 000.00 | 2 957 667.65 | 0.72 |
| USD	CREDICORP LTD-REG-S 2.75000% 20-17.06.25 | 2 800 000.00 | 2 526 975.18 | 0.62 |
| USD	DOMINICAN REPUBLIC-REG-S 5.50000% 15-27.01.25 | 2 100 000.00 | 2 030 987.47 | 0.50 |
| USD	EDISON INTERNATIONAL 4.95000% 20-15.04.25 | 8 000 000.00 | 7 670 793.68 | 1.88 |
| USD	EQT CORP STEP-UP/DOWN 20-01.02.25 | 5 000 000.00 | 4 870 052.93 | 1.19 |
| USD	EXPORT CREDIT BANK OF TURKEY-REG-S 6.12500% 18-03.05.24 | 2 600 000.00 | 2 463 264.21 | 0.60 |
| USD	EXXON MOBIL CORP 2.99200% 20-19.03.25 | 4 500 000.00 | 4 232 703.19 | 1.03 |
| USD	FIBRIA OVERSEAS FINANCE LTD 4.00000% 17-14.01.25 | 2 800 000.00 | 2 614 504.93 | 0.64 |
| USD	FORD MOTOR CREDIT CO LLC 4.13400% 15-04.08.25 | 4 500 000.00 | 4 135 507.21 | 1.01 |
| USD	FORTUNE STAR BVI LTD-REG-S 6.75000% 19-02.07.23 | 550 000.00 | 480 745.88 | 0.12 |
| USD	GENERAL MOTORS CO 6.12500% 20-01.10.25 | 6 500 000.00 | 6 395 419.98 | 1.56 |
| USD	GLENCORE FUNDING LLC-144A 1.62500% 20-01.09.25 | 4 000 000.00 | 3 517 219.83 | 0.86 |
| USD	GOLDMAN SACHS GROUP INC 3.50000% 20-01.04.25 | 8 000 000.00 | 7 518 526.18 | 1.84 |
| USD	HILLENBRAND INC 5.75000% 20-15.06.25 | 2 200 000.00 | 2 125 965.13 | 0.52 |
| USD	HSBC HOLDINGS PLC-SUB 4.25000% 15-18.08.25 | 2 400 000.00 | 2 237 419.37 | 0.55 |
| USD	INDONESIA ASAHAN ALUMINIUM TBK PT-REG-S 4.75000% 20-15.05.25 | 3 000 000.00 | 2 848 375.66 | 0.70 |
| USD	JSW STEEL LTD-REG-S 5.37500% 19-04.04.25 | 2 900 000.00 | 2 656 831.21 | 0.65 |
| USD	KAISA GROUP HOLDINGS-REG-S *DEFAULTED* 9.95000% 20-23.07.25 | 1 600 000.00 | 159 277.42 | 0.04 |
| USD	LAS VEGAS SANDS CORP 3.20000% 19-08.08.24 | 4 250 000.00 | 3 944 198.66 | 0.96 |
| USD	LLOYDS BANKING GROUP PLC 4.45000% 18-08.05.25 | 8 000 000.00 | 7 596 675.14 | 1.86 |
| USD	MARATHON PETROLEUM CORP 4.70000% 20-01.05.25 | 4 000 000.00 | 3 851 655.80 | 0.94 |
| USD	MEDCO PLATINUM ROAD PTE LTD-REG-S 6.75000% 18-30.01.25 | 2 800 000.00 | 2 636 599.81 | 0.64 |
| USD	MITSUBISHI UFJ FINANCIAL GRP INC 2.19300% 20-25.02.25 | 9 000 000.00 | 8 164 835.13 | 2.00 |
| USD	NAVIENT CORP 6.75000% 17-25.06.25 | 2 600 000.00 | 2 459 476.52 | 0.60 |
| USD	OCI NV-144A 4.62500% 20-15.10.25 | 2 600 000.00 | 2 389 146.22 | 0.58 |
| USD	PAKISTAN, ISLAMIC REPUBLIC OF-REG-S 8.25000% 15-30.09.25 | 1 600 000.00 | 714 976.94 | 0.17 |
| USD	PETROLEOS MEXICANOS 6.87500% 22-16.10.25 | 2 100 000.00 | 1 978 954.01 | 0.48 |
| USD	PLAINS ALL AMERICAN PIPELINE LP 4.65000%15-15.10.25 | 1 900 000.00 | 1 816 848.48 | 0.44 |
| USD	REC LTD-REG-S 3.50000% 19-12.12.24 | 3 400 000.00 | 3 142 766.96 | 0.77 |
| USD	RONSHINE CHNA HOL LTD-REG-S *DEFAULTED* 6.75000% 20-05.08.24 | 2 200 000.00 | 79 333.75 | 0.02 |
| USD	SINOPEC GRP OVERSEAS DEV LTD-REG-S 2.15000% 20-13.05.25 | 2 400 000.00 | 2 169 731.47 | 0.53 |
| USD	SUMITOMO MITSUI FIN GP INC 2.34800% 20-15.01.25 | 5 500 000.00 | 5 031 680.86 | 1.23 |
| USD	SYNCHRONY FINANCIAL 4.50000% 15-23.07.25 | 4 800 000.00 | 4 463 389.82 | 1.09 |
| USD	TURKEY, REPUBLIC OF 7.37500% 05-05.02.25 | 2 500 000.00 | 2 440 149.57 | 0.60 |
| USD	VEDANTA RESOURCES PLC-REG-S 6.12500% 17-09.08.24 | 3 600 000.00 | 2 126 225.41 | 0.52 |
| USD	VIACOMCBS INC 4.75000% 20-15.05.25 | 1 000 000.00 | 962 197.32 | 0.24 |
| USD	WESTERN MIDSTREAM OPERATING LP STEP-UP 20-01.02.25 | 2 700 000.00 | 2 513 453.11 | 0.61 |
| Total USD |  | 168 646 906.78 | 41.23 |
| Total des Billets, taux fixe |  | 190 718 534.16 | 46.62 |
| Billets, taux variable |  |  |  |
| USD |  |  |  |
| USD	WYNDHAM WORLDWIDE CORP STEP UP/RATING LINKED 15-01.10.25 | 2 500 000.00 | 2 385 519.35 | 0.59 |
| Total USD |  | 2 385 519.35 | 0.59 |
| Total des Billets, taux variable |  | 2 385 519.35 | 0.59 |
| Medium-Term Notes, taux fixe |  |  |  |
| EUR |  |  |  |
| EUR	ANGLO AMERICAN CAPITAL PLC-REG-S 1.62500% 17-18.09.25 | 3 500 000.00 | 3 320 187.50 | 0.81 |
| EUR	BAT INTERNATIONAL FINANCE PLC-REG-S 2.75000% 13-25.03.25 | 5 000 000.00 | 4 941 430.00 | 1.21 |
| EUR	BNP PARIBAS-REG-S-SUB 2.37500% 15-17.02.25 | 4 000 000.00 | 3 916 888.00 | 0.96 |
| EUR	GLENCORE FINANCE EUROPE SA-REG-S 1.75000% 15-17.03.25 | 4 500 000.00 | 4 314 294.00 | 1.05 |
| EUR	HSBC HOLDINGS PLC-SUB 3.00000% 15-30.06.25 | 4 200 000.00 | 4 121 250.00 | 1.01 |
| EUR	LOGICOR FINANCING SARL-REG-S 2.25000% 18-13.05.25 | 5 500 000.00 | 5 059 868.00 | 1.24 |
| EUR	NATWEST MARKETS PLC-REG-S 2.75000% 20-02.04.25 | 5 000 000.00 | 4 888 574.05 | 1.20 |
| EUR	ORANO SA 4.87500% 09-23.09.24 | 2 100 000.00 | 2 135 154.00 | 0.52 |

UBS (Lux) Bond SICAV – 2025 I (EUR)
Rapport semestriel au 30 novembre 2022
|  | Dénomination | Nombre/ | Evaluation en EUR | en % |
| --- | --- | --- | --- | --- |
|  | Nominal | Bénéfice/(perte) non | de |
|  |  | réalisé(e) sur futures/ | l’actif |
|  |  | Contrats de | net |
|  |  | change à terme/ |  |
|  |  | Swaps (note 1) |  |
|  |  |  |  |  |
| EUR | TELECOM ITALIA SPA-REG-S 3.00000% 16-30.09.25 | 500 000.00 | 462 500.00 | 0.11 |
| EUR | TELECOM ITALIA SPA-REG-S 2.75000% 19-15.04.25 | 2 000 000.00 | 1 845 080.00 | 0.45 |
| EUR | VOLKSWAGEN LEASING GMBH-REG-S 1.37500% 17-20.01.25 | 6 000 000.00 | 5 717 292.00 | 1.40 |
| Total EUR |  |  | 40 722 517.55 | 9.96 |
| GBP |  |  |  |  |
| GBP | TRANSPORT FOR LONDON-REG-S 2.12500% 15-24.04.25 | 5 800 000.00 | 6 270 439.59 | 1.53 |
| Total GBP |  |  | 6 270 439.59 | 1.53 |
| USD |  |  |  |  |
| USD | BOC AVIATION LTD-REG-S 3.25000% 20-29.04.25 | 1 900 000.00 | 1 724 254.31 | 0.42 |
| USD | BOC AVIATION LTD-REG-S 2.62500% 20-17.01.25 | 2 650 000.00 | 2 400 877.89 | 0.59 |
| USD | EGYPT, REPUBLIC OF-REG-S 5.87500% 15-11.06.25 | 2 100 000.00 | 1 866 168.12 | 0.46 |
| USD | KOREA ELECTRIC POWER CORP-REG-S 1.12500% 20-15.06.25 | 2 700 000.00 | 2 356 419.66 | 0.58 |
| USD | KWG GROUP HOLDINGS LTD-REG-S 5.95000% 20-10.08.25 | 1 000 000.00 | 204 681.20 | 0.05 |
| USD | MDGH - GMTN BV-REG-S 2.50000% 19-07.11.24 | 2 700 000.00 | 2 498 185.07 | 0.61 |
| USD | MEGLOBAL CANADA INC-REG-S 5.00000% 20-18.05.25 | 3 000 000.00 | 2 842 227.94 | 0.69 |
| USD | MONGOLIA,GOVERNMENT OF-REG-S 8.75000% 17-09.03.24 | 1 800 000.00 | 1 635 410.08 | 0.40 |
| USD | MORGAN STANLEY 4.00000% 15-23.07.25 | 8 500 000.00 | 8 086 056.98 | 1.98 |
| USD | OMAN GOVT INTERNATIONAL BOND-REG-S 4.87500% 19-01.02.25 | 3 500 000.00 | 3 331 229.06 | 0.81 |
| USD | QNB FINANCE LTD-REG-S 2.62500% 20-12.05.25 | 3 700 000.00 | 3 369 536.97 | 0.82 |
| USD | QNB FINANCE LTD-REG-S 1.62500% 20-22.09.25 | 700 000.00 | 616 234.88 | 0.15 |
| USD | SAUDI GOVERNMENT INTERNATIONAL BD-REG-S 4.00000% 18-17.04.25 | 4 000 000.00 | 3 816 830.96 | 0.93 |
| Total USD |  |  | 34 748 113.12 | 8.49 |
| Total des Medium-Term Notes, taux fixe |  | 81 741 070.26 | 19.98 |
| Medium-Term Notes, taux variable |  |  |  |
| EUR |  |  |  |
| EUR	MACQUARIE GRP LTD-REG-S 1.250%/3M EURIBOR+83.9BP 18-05.03.25 | 3 500 000.00 | 3 393 810.00 | 0.83 |
| EUR	SOCIETE GENERALE SA 1.500%/VAR 22-30.05.25 | 3 000 000.00 | 2 913 009.45 | 0.71 |
| Total EUR |  | 6 306 819.45 | 1.54 |
| Total des Medium-Term Notes, taux variable |  | 6 306 819.45 | 1.54 |
| Obligations, taux fixe |  |  |  |
| EUR |  |  |  |
| EUR	ALTICE FINANCING SA-REG-S 2.25000% 20-15.01.25 | 2 600 000.00 | 2 401 750.00 | 0.59 |
| EUR	CROWN EUROPEAN HOLDINGS SA-REG-S 3.37500% 15-15.05.25 | 2 000 000.00 | 1 944 400.00 | 0.47 |
| EUR	FAURECIA SA-REG-S 2.62500% 18-15.06.25 | 2 500 000.00 | 2 335 150.00 | 0.57 |
| EUR	IMPERIAL BRANDS FINANCE PLC-REG-S 1.37500% 17-27.01.25 | 4 500 000.00 | 4 296 834.00 | 1.05 |
| EUR	MOTION FINCO SARL-REG-S 7.00000% 20-15.05.25 | 1 500 000.00 | 1 498 890.00 | 0.37 |
| EUR	OI EUROPEAN GROUP BV-REG-S 2.87500% 19-15.02.25 | 2 700 000.00 | 2 606 796.00 | 0.64 |
| EUR	PARTS EUROPE SA-REG-S 6.50000% 20-16.07.25 | 2 500 000.00 | 2 512 500.00 | 0.61 |
| EUR	RCS & RDS SA-REG-S 2.50000% 20-05.02.25 | 2 900 000.00 | 2 622 325.00 | 0.64 |
| Total EUR |  | 20 218 645.00 | 4.94 |
| USD |  |  |  |
| USD	BHARTI AIRTEL INTL NETHERLANDS BV-REG-S 5.35000% 14-20.05.24 | 2 250 000.00 | 2 171 960.75 | 0.53 |
| USD	BRASKEM FINANCE LTD 6.45000% 14-03.02.24 | 1 814 000.00 | 1 760 442.38 | 0.43 |
| USD	CDBL FUNDING 1-REG-S 4.25000% 14-02.12.24 | 4 225 000.00 | 3 989 263.34 | 0.98 |
| USD	COUNTRY GARDEN HOLDINGS CO LTD-REG-S 5.12500% 18-17.01.25 | 3 350 000.00 | 1 626 766.38 | 0.40 |
| USD	ECOPETROL SA 4.12500% 14-16.01.25 | 2 800 000.00 | 2 552 129.37 | 0.62 |
| USD	FAB SUKUK CO LTD-REG-S 2.50000% 20-21.01.25 | 3 600 000.00 | 3 298 135.28 | 0.81 |
| USD	GLOBAL LOGISTIC PROPERTIES LTD-REG-S 3.87500% 15-04.06.25 | 4 250 000.00 | 2 559 176.51 | 0.63 |
| USD	GREENKO SOLAR MAURITIUS LTD-REG-S 5.55000% 19-29.01.25 | 2 800 000.00 | 2 529 014.72 | 0.62 |
| USD	KINDER MORGAN INC 4.30000% 14-01.06.25 | 1 000 000.00 | 956 845.14 | 0.23 |
| USD	KOREA NATIONAL OIL CORP-REG-S 0.87500% 20-05.10.25 | 1 200 000.00 | 1 022 968.98 | 0.25 |
| USD	KWG GROUP HOLDINGS LTD-REG-S 5.87500% 17-10.11.24 | 3 975 000.00 | 849 317.73 | 0.21 |
| USD	POWER FINANCE CORP LTD-REG-S 3.25000% 19-16.09.24 | 2 700 000.00 | 2 498 185.06 | 0.61 |
| USD	RKPF OVERSEAS 2019 A LTD-REG-S 6.00000% 20-04.09.25 | 2 500 000.00 | 1 359 685.33 | 0.33 |
| USD	SEAGATE HDD CAYMAN-144A 4.75000% 14-01.01.25 | 1 000 000.00 | 942 067.70 | 0.23 |
| USD	YUZHOU PROPERTIES-REG-S*DEFAULTED* 8.30000% 19-27.05.25 | 5 400 000.00 | 249 113.78 | 0.06 |
| Total USD |  | 28 365 072.45 | 6.94 |
| Total des Obligations, taux fixe |  | 48 583 717.45 | 11.88 |
| Total des Titres et instruments du marché monétaire négociés sur une bourse officielle |  | 329 735 660.67 | 80.61 |
| Titres et instruments du marché monétaire négociés sur un autre marché réglementé |  |  |  |
| Titres adossés à des actifs, taux fixe |  |  |  |
| USD |  |  |  |
| USD	DT AUTO OWNER TRUST-144A 4.19000% 18-15.07.24 | 2 900 000.00 | 75 184.05 | 0.02 |
| USD	EXETER AUTOMOBILE RECEIVABLES-144A 4.35000% 18-16.09.24 | 2 000 000.00 | 582 191.13 | 0.14 |
| USD	EXETER AUTOMOBILE RECEIVABLES TRST-144A 4.35000% 18-17.06.24 | 2 000 000.00 | 285 810.21 | 0.07 |
| Total USD |  | 943 185.39 | 0.23 |
| Total des Titres adossés à des actifs, taux fixe |  | 943 185.39 | 0.23 |

UBS (Lux) Bond SICAV – 2025 I (EUR)
Rapport semestriel au 30 novembre 2022
| Dénomination | Nombre/ | Evaluation en EUR | en % |
| --- | --- | --- | --- |
|  | Nominal | Bénéfice/(perte) non | de |
|  |  | réalisé(e) sur futures/ | l’actif |
|  |  | Contrats de | net |
|  |  | change à terme/ |  |
|  |  | Swaps (note 1) |  |

Billets, taux fixe
| USD |  |
| --- | --- |
| USD | AVOLON HOLDINGS FUNDING LTD-144A 2.87500% 20-15.02.25 | 6 000 000.00 | 5 349 529.49 | 1.31 |
| USD | DAIMLER FINANCE NORTH AMERICA LLC-144A 3.30000% 15-19.05.25 | 6 850 000.00 | 6 379 861.42 | 1.56 |
| USD | DELL INTERNATIONAL LLC / EMC CORP 5.85000% 21-15.07.25 | 4 500 000.00 | 4 439 095.79 | 1.09 |
| USD | DELTA AIR LINES INC-144A 7.00000% 20-01.05.25 | 7 500 000.00 | 7 422 336.67 | 1.81 |
| USD | GENESIS ENERGY LP 5.62500% 14-15.06.24 | 2 500 000.00 | 2 352 064.02 | 0.57 |
| USD | GENWORTH MORTGAGE HOLDINGS INC-144A 6.50000% 20-15.08.25 | 2 800 000.00 | 2 643 853.74 | 0.65 |
| USD | HARLEY-DAVIDSON FIN.SERV INC-144A 3.35000% 20-08.06.25 | 8 000 000.00 | 7 311 933.41 | 1.79 |
| USD | INTESA SANPAOLO SPA-144A 3.25000% 19-23.09.24 | 7 000 000.00 | 6 398 130.39 | 1.56 |
| USD | NEWELL BRANDS INC 4.87500% 20-01.06.25 | 2 000 000.00 | 1 876 851.36 | 0.46 |
| USD | NOVA CHEMICALS CORP-144A 5.00000% 14-01.05.25 | 3 000 000.00 | 2 742 261.93 | 0.67 |
| USD | QVC INC 4.85000% 14-01.04.24 | 2 700 000.00 | 2 496 657.60 | 0.61 |
| USD | SYDNEY AIRPORT FINANCE CO PTY LTD-144A 3.37500% 15-30.04.25 | 3 000 000.00 | 2 743 289.55 | 0.67 |
| USD | XEROX HOLDINGS CORP-144A 5.00000% 20-15.08.25 | 2 700 000.00 | 2 438 404.31 | 0.60 |
| Total USD |  |  | 54 594 269.68 | 13.35 |
| Total des Billets, taux fixe |  | 54 594 269.68 | 13.35 |
| Medium-Term Notes, taux fixe |  |  |  |
| USD |  |  |  |
| USD	PETROLEOS MEXICANOS 4.25000% 16-15.01.25 | 2 000 000.00 | 1 822 221.14 | 0.45 |
| Total USD |  | 1 822 221.14 | 0.45 |
| Total des Medium-Term Notes, taux fixe |  | 1 822 221.14 | 0.45 |
| Obligations, taux fixe |  |  |  |
| USD |  |  |  |
| USD	PACIFIC GAS & ELECTRIC CO 3.45000% 20-01.07.25 | 7 500 000.00 | 6 893 383.91 | 1.68 |
| Total USD |  | 6 893 383.91 | 1.68 |
| Total des Obligations, taux fixe |  | 6 893 383.91 | 1.68 |
| Total des Titres et instruments du marché monétaire négociés sur un autre marché réglementé |  | 64 253 060.12 | 15.71 |

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 | 2 100 000.00 | 1 962 862.14 | 0.48 |
| USD | BMW US CAPITAL LLC-144A 3.90000% 20-09.04.25 | 8 000 000.00 | 7 603 597.18 | 1.86 |
| USD | DCP MIDSTREAM OPERATING LP 5.37500% 18-15.07.25 | 2 300 000.00 | 2 206 020.16 | 0.54 |
| Total USD |  |  | 11 772 479.48 | 2.88 |
| Total des Billets, taux fixe | 11 772 479.48 | 2.88 |
| Total des Titres et instruments du marché monétaire non négociés sur une bourse officielle ou un autre marché réglementé | 11 772 479.48 | 2.88 |
| Total du Portefeuille-titres | 405 761 200.27 | 99.20 |
| Contrats de change à terme Devise achetée/Montant acheté/Devise vendue/Montant vendu/Date de maturité |  |  |

| EUR | 302 499 475.11 | USD | 315 100 000.00 | 17.1.2023 | -2 364 385.39 | -0.58 |
| --- | --- | --- | --- | --- | --- | --- |
| EUR | 9 180 190.64 | GBP | 8 010 000.00 | 17.1.2023 | -64 008.07 | -0.02 |
| USD | 833 134.32 | EUR | 800 000.00 | 17.1.2023 | 6 069.64 | 0.00 |
| EUR | 3 799 891.04 | USD | 3 970 000.00 | 17.1.2023 | -41 142.05 | -0.01 |
| EUR | 1 588 962.56 | USD | 1 655 000.00 | 17.1.2023 | -12 274.16 | 0.00 |
| EUR | 1 945 684.18 | USD | 2 025 000.00 | 17.1.2023 | -13 532.95 | 0.00 |
| Total des Contrats de change à terme | -2 489 272.98 | -0.61 |
|  |  |  |
| Avoirs en banque, dépôts à vue et à terme et autres liquidités | 6 379 442.85 | 1.56 |
| Crédit en compte courant et autres engagements à court terme | -121 416.38 | -0.03 |
| Autres actifs et passifs | -514 222.26 | -0.12 |
| Total de l’Actif net | 409 015 731.50 | 100.00 |

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