# UBS (Lux) Bond SICAV – USD Corporates (USD)
| Most important figures |  |
| --- | --- |
|  | ISIN | 30.11.2019 | 31.5.2019 | 31.5.2018 |
| Net assets in USD |  | 412 012 373.77 | 576 063 449.24 | 713 024 008.47 |
| Class F-acc | LU0396366626 |  |  |  |
| Shares outstanding |  | 1 870 488.8470 | 2 373 735.8470 | 1 154 508.8750 |
| Net asset value per share in USD |  | 21.12 | 19.77 | 18.42 |
| Issue and redemption price per share in USD 1 |  | 21.12 | 19.73 | 18.42 |
| Class I-A1-acc | LU0396367277 |  |  |  |
| Shares outstanding |  | 162 588.0210 | 155 460.6170 | 68 736.4000 |
| Net asset value per share in USD |  | 152.81 | 143.18 | 133.61 |
| Issue and redemption price per share in USD 1 |  | 152.81 | 142.89 | 133.61 |
| Class I-A3-acc | LU0396367608 |  |  |  |
| Shares outstanding |  | 6 255.4140 | 617 118.1300 | 537 562.1300 |
| Net asset value per share in USD |  | 124.83 | 116.90 | 108.93 |
| Issue and redemption price per share in USD 1 |  | 124.83 | 116.67 | 108.93 |
| Class I-B-acc 2 | LU0396367863 |  |  |  |
| Shares outstanding |  | - | 7 719.7620 | 45 826.7760 |
| Net asset value per share in USD |  | - | 169.8200 | 157.7800 |
| Issue and redemption price per share in USD 1 |  | - | 169.48 | 157.78 |
| Class (EUR hedged) I-B-dist 3 | LU0876650895 |  |  |  |
| Shares outstanding |  | - | 440 000.0000 | 410 000.0000 |
| Net asset value per share in EUR |  | - | 93.0300 | 92.9700 |
| Issue and redemption price per share in EUR 1 |  | - | 92.84 | 92.97 |
| Class I-X-acc | LU0396368085 |  |  |  |
| Shares outstanding |  | 81 414.0180 | 72 375.5380 | 72 895.2950 |
| Net asset value per share in USD |  | 159.66 | 149.23 | 138.56 |
| Issue and redemption price per share in USD 1 |  | 159.66 | 148.93 | 138.56 |
| Class P-acc | LU0172069584 |  |  |  |
| Shares outstanding |  | 5 364 204.2410 | 5 187 714.6880 | 5 382 104.7620 |
| Net asset value per share in USD |  | 20.03 | 18.83 | 17.69 |
| Issue and redemption price per share in USD 1 |  | 20.03 | 18.79 | 17.69 |
| Class (CHF hedged) P-acc | LU0776291220 |  |  |  |
| Shares outstanding |  | 38 753.7480 | 40 668.2070 | 48 206.9950 |
| Net asset value per share in CHF |  | 115.40 | 110.32 | 107.10 |
| Issue and redemption price per share in CHF 1 |  | 115.40 | 110.10 | 107.10 |
| Class Q-acc | LU0396366972 |  |  |  |
| Shares outstanding |  | 277 238.3960 | 270 590.5040 | 653 295.7510 |
| Net asset value per share in USD |  | 177.73 | 166.64 | 155.72 |
| Issue and redemption price per share in USD 1 |  | 177.73 | 166.31 | 155.72 |
| Class (CHF hedged) Q-acc | LU1240777026 |  |  |  |
| Shares outstanding |  | 123 960.1860 | 123 168.2090 | 130 387.1640 |
| Net asset value per share in CHF |  | 111.18 | 106.00 | 102.35 |
| Issue and redemption price per share in CHF 1 |  | 111.18 | 105.79 | 102.35 |
| Class (EUR hedged) Q-acc | LU0848113352 |  |  |  |
| Shares outstanding |  | 534 234.8640 | 963 947.2130 | 1 828 266.7050 |
| Net asset value per share in EUR |  | 116.86 | 111.13 | 106.83 |
| Issue and redemption price per share in EUR 1 |  | 116.86 | 110.91 | 106.83 |
| Class U-X-acc | LU0396368242 |  |  |  |
| Shares outstanding |  | 7 552.0000 | 8 740.0000 | 11 442.0000 |
| Net asset value per share in USD |  | 11 924.98 | 11 145.31 | 10 348.41 |
| Issue and redemption price per share in USD 1 |  | 11 924.98 | 11 123.02 | 10 348.41 |
| 1  See note 1 2  The share class I-B-acc was in circulation until 7.8.2019 3  The share class (EUR hedged) I-B-dist was in circulation until 31.5.2019 |  |  |  |  |

UBS (Lux) Bond SICAV – USD Corporates (USD) Semi-Annual Report as of 30 November 2019

## Structure of the Securities Portfolio
Geographical Breakdown as a % of net assets	
| United States | 83.68 |
| --- | --- |
| The Netherlands | 4.39 |
| United Kingdom | 2.65 |
| Canada | 2.05 |
| Ireland | 1.39 |
| France | 1.29 |
| Italy | 1.27 |
| Finland | 0.78 |
| Guernsey | 0.74 |
| Luxembourg | 0.66 |
| Liberia | 0.59 |
| Saudi Arabia | 0.54 |
| Switzerland | 0.37 |
| Hong Kong | 0.37 |
| Spain | 0.30 |
| Total | 101.07 |

Economic Breakdown as a % of net assets	
| Finance & holding companies | 20.77 |
| --- | --- |
| Banks & credit institutions | 20.42 |
| Petroleum | 6.67 |
| Telecommunications | 6.66 |
| Energy & water supply | 6.06 |
| Traffic & transportation | 3.66 |
| Mortgage & funding institutions | 3.32 |
| Pharmaceuticals, cosmetics & medical products | 3.00 |
| Internet, software & IT services | 2.97 |
| Graphic design, publishing & media | 2.81 |
| Insurance | 2.51 |
| Electrical devices & components | 1.98 |
| Computer hardware & network equipment providers | 1.88 |
| Electronics & semiconductors | 1.68 |
| Lodging, catering & leisure | 1.65 |
| Mining, coal & steel | 1.54 |
| Healthcare & social services | 1.53 |
| Retail trade, department stores | 1.37 |
| Tobacco & alcohol | 1.34 |
| Aerospace industry | 1.29 |
| Real Estate | 1.27 |
| Building industry & materials | 1.17 |
| Packaging industry | 0.94 |
| Non-ferrous metals | 0.94 |
| Biotechnology | 0.91 |
| Chemicals | 0.80 |
| Investment funds | 0.66 |
| Food & soft drinks | 0.53 |
| Miscellaneous unclassified companies | 0.38 |
| Precious metals & stones | 0.36 |
| Total | 101.07 |

UBS (Lux) Bond SICAV – USD Corporates (USD) Semi-Annual Report as of 30 November 2019

## Statement of Net Assets
Assets	30.11.2019
USD
Investments in securities, cost	390 814 324.58
| Investments in securities, unrealized appreciation (depreciation) | 	25 587 897.89	 |
| --- | --- |
| Total investments in securities (Note 1) | 416 402 222.47 |
| Cash at banks, deposits on demand and deposit accounts | 522 168.32 |
| Receivable on securities sales (Note 1) | 1 296.00 |
| Receivable on subscriptions | 2 593 444.24 |
| Interest receivable on securities | 4 272 789.35 |
| Unrealized gain (loss) on forward foreign exchange contracts (Note 1) | 16 786.41 |
| Total Assets | 423 808 706.79 |
|  |  |
| Liabilities |  |
| Bank overdraft | -9 349 432.67 |
| Interest payable on bank overdraft | -9 568.68 |
| Payable on redemptions | -2 282 132.60 |
| Provisions for flat fee (Note 2) | -91 436.39 |
| Provisions for taxe d’abonnement (Note 3) | -22 470.11 |
| Provisions for other commissions and fees (Note 2) | 	-41 292.57	 |
| Total provisions | -155 199.07 |
| Total Liabilities | -11 796 333.02 |
|  |  |
| Net assets at the end of the period | 412 012 373.77 |
| Statement of Operations | USD |
| Income | 1.6.2019-30.11.2019 |
| Interest on liquid assets | 12 145.84 |
| Interest on securities | 10 463 048.72 |
| Interest received on swaps (Note 1) | 273 201.39 |
| Income on securities lending (Note 13) | 7 707.93 |
| Other income (Note 4) | 344 556.61 |
| Total income | 11 100 660.49 |
|  |  |
| Expenses |  |
| Interest paid on swaps (Note 1) | -176 604.74 |
| Flat fee (Note 2) | -1 402 364.39 |
| Taxe d’abonnement (Note 3) | -76 929.62 |
| Cost on securities lending (Note 13) | -3 083.17 |
| Other commissions and fees (Note 2) | -29 894.23 |
| Interest on cash and bank overdraft | -73 337.42 |
| Total expenses | -1 762 213.57 |
|  |  |
| Net income (loss) on investments | 9 338 446.92 |
|  |  |
| Realized gain (loss) (Note 1) |  |
| Realized gain (loss) on market-priced securities without options | 12 374 448.70 |
| Realized gain (loss) on options | -114 750.00 |
| Realized gain (loss) on financial futures | -691 992.57 |
| Realized gain (loss) on forward foreign exchange contracts | -1 815 243.21 |
| Realized gain (loss) on swaps | -93 916.12 |
| Realized gain (loss) on foreign exchange | -278 712.24 |
| Total realized gain (loss) | 9 379 834.56 |
|  |  |
| Net realized gain (loss) of the period | 18 718 281.48 |
|  |  |
| Changes in unrealized appreciation (depreciation) (Note 1) |  |
| Unrealized appreciation (depreciation) on market-priced securities without options | 13 157 034.30 |
| Unrealized appreciation (depreciation) on options | 114 675.00 |
| Unrealized appreciation (depreciation) on financial futures | -496 590.15 |
| Unrealized appreciation (depreciation) on forward foreign exchange contracts | -52 948.83 |
| Total changes in unrealized appreciation (depreciation) | 12 722 170.32 |
|  |  |
| Net increase (decrease) in net assets as a result of operations | 31 440 451.80 |

UBS (Lux) Bond SICAV – USD Corporates (USD) Semi-Annual Report as of 30 November 2019
| Statement of Changes in Net Assets |  |
| --- | --- |
|  | USD |
|  | 1.6.2019-30.11.2019 |
| Net assets at the beginning of the period | 576 063 449.24 |
| Subscriptions | 124 576 170.57 |
| Redemptions | 	-320 067 697.84	 |
| Total net subscriptions (redemptions) | -195 491 527.27 |
| Net income (loss) on investments | 9 338 446.92 |
| Total realized gain (loss) | 9 379 834.56 |
| Total changes in unrealized appreciation (depreciation) | 	12 722 170.32	 |
| Net increase (decrease) in net assets as a result of operations | 31 440 451.80 |
| Net assets at the end of the period | 412 012 373.77 |
| Changes in the Number of Shares outstanding |  |
|  | 1.6.2019-30.11.2019 |
| Class | F-acc |
| Number of shares outstanding at the beginning of the period | 2 373 735.8470 |
| Number of shares issued | 41 101.0000 |
| Number of shares redeemed | -544 348.0000 |
| Number of shares outstanding at the end of the period | 1 870 488.8470 |
| Class | I-A1-acc |
| Number of shares outstanding at the beginning of the period | 155 460.6170 |
| Number of shares issued | 13 470.6250 |
| Number of shares redeemed | -6 343.2210 |
| Number of shares outstanding at the end of the period | 162 588.0210 |
| Class | I-A3-acc |
| Number of shares outstanding at the beginning of the period | 617 118.1300 |
| Number of shares issued | 1 472.0000 |
| Number of shares redeemed | -612 334.7160 |
| Number of shares outstanding at the end of the period | 6 255.4140 |
| Class | I-B-acc |
| Number of shares outstanding at the beginning of the period | 7 719.7620 |
| Number of shares issued | 0.0000 |
| Number of shares redeemed | -7 719.7620 |
| Number of shares outstanding at the end of the period | 0.0000 |
| Class | (EUR hedged) I-B-dist |
| Number of shares outstanding at the beginning of the period | 440 000.0000 |
| Number of shares issued | 0.0000 |
| Number of shares redeemed | -440 000.0000 |
| Number of shares outstanding at the end of the period | 0.0000 |
| Class | I-X-acc |
| Number of shares outstanding at the beginning of the period | 72 375.5380 |
| Number of shares issued | 9 753.1640 |
| Number of shares redeemed | -714.6840 |
| Number of shares outstanding at the end of the period | 81 414.0180 |
| Class | P-acc |
| Number of shares outstanding at the beginning of the period | 5 187 714.6880 |
| Number of shares issued | 2 303 223.9840 |
| Number of shares redeemed | -2 126 734.4310 |
| Number of shares outstanding at the end of the period | 5 364 204.2410 |
| Class | (CHF hedged) P-acc |
| Number of shares outstanding at the beginning of the period | 40 668.2070 |
| Number of shares issued | 1 899.2500 |
| Number of shares redeemed | -3 813.7090 |
| Number of shares outstanding at the end of the period | 38 753.7480 |
| Class | Q-acc |
| Number of shares outstanding at the beginning of the period | 270 590.5040 |
| Number of shares issued | 274 239.6690 |
| Number of shares redeemed | -267 591.7770 |
| Number of shares outstanding at the end of the period | 277 238.3960 |
| Class | (CHF hedged) Q-acc |
| Number of shares outstanding at the beginning of the period | 123 168.2090 |
| Number of shares issued | 12 692.4690 |
| Number of shares redeemed | -11 900.4920 |
| Number of shares outstanding at the end of the period | 123 960.1860 |
| Class | (EUR hedged) Q-acc |
| Number of shares outstanding at the beginning of the period | 963 947.2130 |
| Number of shares issued | 186 869.0570 |
| Number of shares redeemed | -616 581.4060 |
| Number of shares outstanding at the end of the period | 534 234.8640 |
| Class | U-X-acc |
| Number of shares outstanding at the beginning of the period | 8 740.0000 |
| Number of shares issued | 153.0000 |
| Number of shares redeemed | -1 341.0000 |
| Number of shares outstanding at the end of the period | 7 552.0000 |

UBS (Lux) Bond SICAV – USD Corporates (USD) Semi-Annual Report as of 30 November 2019

## Statement of Investments in Securities and other Net Assets as of 30 November 2019
| Description | Quantity/ | Valuation in USD | as a % |
| --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |
| Transferable securities and money market instruments listed on an official stock exchange Notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	AERCAP IRE CAP LTD/GLB AVIA TRUST 5.00000% 15-01.10.21 | 1 500 000.00 | 1 572 371.70 | 0.38 |
| USD	ALLSTATE CORP 3.85000% 19-10.08.49 | 1 000 000.00 | 1 114 967.60 | 0.27 |
| USD	AMAZON.COM INC 4.80000% 14-05.12.34 | 1 750 000.00 | 2 176 566.88 | 0.53 |
| USD	AMERICAN EXPRESS CO-SUB 3.62500% 14-05.12.24 | 7 000 000.00 | 7 388 540.60 | 1.79 |
| USD	ANHEUSER-BUSCH COS 4.70000% 19-01.02.36 | 4 750 000.00 | 5 530 666.30 | 1.34 |
| USD	APPLE INC 2.20000% 19-11.09.29 | 5 750 000.00 | 5 675 053.01 | 1.38 |
| USD	AT&T INC 4.30000% 18-15.02.30 | 2 000 000.00 | 2 198 545.20 | 0.53 |
| USD	AT&T INC 4.85000% 19-01.03.39 | 3 750 000.00 | 4 268 904.75 | 1.04 |
| USD	AT&T INC 5.15000% 18-15.11.46 | 1 000 000.00 | 1 174 199.00 | 0.29 |
| USD	BALL CORP 4.37500% 15-15.12.20 | 3 800 000.00 | 3 876 000.00 | 0.94 |
| USD	BARCLAYS PLC 3.68400% 17-10.01.23 | 2 750 000.00 | 2 810 660.60 | 0.68 |
| USD	BARCLAYS PLC-SUB 4.37500% 14-11.09.24 | 2 250 000.00 | 2 347 051.73 | 0.57 |
| USD	BAT CAPITAL CORP 3.22200% 18-15.08.24 | 2 500 000.00 | 2 545 150.75 | 0.62 |
| USD	BERKSHIRE HATHAWAY 4.25000% 19-15.01.49 | 1 500 000.00 | 1 781 654.25 | 0.43 |
| USD	BERKSHIRE HATHAWAY ENERGY CO 4.45000% 19-15.01.49 | 1 000 000.00 | 1 191 757.00 | 0.29 |
| USD	BOEING CO 3.60000% 19-01.05.34 | 1 000 000.00 | 1 079 620.30 | 0.26 |
| USD	CENTERPOINT ENERGY INC 4.25000% 18-01.11.28 | 500 000.00 | 543 624.75 | 0.13 |
| USD	CITIGROUP INC 3.70000% 16-12.01.26 | 6 250 000.00 | 6 664 722.50 | 1.62 |
| USD	CITIGROUP INC-SUB 6.67500% 13-13.09.43 | 2 750 000.00 | 4 006 500.03 | 0.97 |
| USD	COMCAST CORP 4.60000% 18-15.10.38 | 7 750 000.00 | 9 311 864.48 | 2.26 |
| USD	CREDIT AGRICOLE SA-144A-SUB 4.37500% 15-17.03.25 | 2 000 000.00 | 2 134 895.60 | 0.52 |
| USD	CREDIT SUISSE GROUP AG-144A 3.57400% 17-09.01.23 | 1 500 000.00 | 1 536 721.35 | 0.37 |
| USD	CREDIT SUISSE GRP FDNG GUERNSEY 4.55000% 16-17.04.26 | 2 750 000.00 | 3 055 315.72 | 0.74 |
| USD	CVS HEALTH CORP 5.05000% 18-25.03.48 | 2 000 000.00 | 2 366 258.80 | 0.57 |
| USD	DTE ENERGY CO 2.95000% 19-01.03.30 | 3 750 000.00 | 3 747 246.41 | 0.91 |
| USD	ELANCO ANIMAL HEALTH INC 4.90000% 19-28.08.28 | 1 500 000.00 | 1 621 972.50 | 0.39 |
| USD	EXELON CORP 4.95000% 16-15.06.35 | 1 750 000.00 | 2 043 550.60 | 0.50 |
| USD	FEDEX CORP 4.55000% 16-01.04.46 | 3 000 000.00 | 3 142 513.80 | 0.76 |
| USD	FISERV INC 3.50000% 19-01.07.29 | 3 000 000.00 | 3 151 525.80 | 0.76 |
| USD	FORD MOTOR CREDIT CO LLC 4.54200% 19-01.08.26 | 1 500 000.00 | 1 508 969.85 | 0.37 |
| USD	FREEPORT-MCMORAN INC 3.55000% 12-01.03.22 | 1 484 000.00 | 1 491 420.00 | 0.36 |
| USD	GE CAPITAL INTL FUNDING CO 3.37300% 16-15.11.25 | 4 000 000.00 | 4 134 559.60 | 1.00 |
| USD	GENERAL MOTORS FINANCIAL CO INC 4.20000% 16-01.03.21 | 3 537 000.00 | 3 611 591.79 | 0.88 |
| USD	GENERAL MOTORS FINANCIAL CO INC 4.00000% 16-06.10.26 | 2 250 000.00 | 2 305 578.15 | 0.56 |
| USD	GENERAL MOTORS FINANCIAL CO 3.85000% 18-05.01.28 | 1 000 000.00 | 1 007 081.00 | 0.24 |
| USD	GENERAL MOTORS FINANCIAL CO 3.55000% 18-09.04.21 | 4 000 000.00 | 4 063 416.80 | 0.99 |
| USD	GILEAD SCIENCES INC 3.65000% 15-01.03.26 | 3 500 000.00 | 3 762 195.15 | 0.91 |
| USD	GOLDMAN SACHS GROUP INC-SUB 6.75000% 07-01.10.37 | 1 750 000.00 | 2 407 431.08 | 0.58 |
| USD	HOME DEPOT INC/THE 4.50000% 18-06.12.48 | 2 000 000.00 | 2 498 102.00 | 0.61 |
| USD	HSBC HOLDINGS PLC-SUB 4.37500% 16-23.11.26 | 2 250 000.00 | 2 420 797.05 | 0.59 |
| USD	INTERNATIONAL LEASE FINANCE CORP 5.87500% 12-15.08.22 | 1 500 000.00 | 1 636 806.75 | 0.40 |
| USD	JPMORGAN CHASE & CO-SUB 3.87500% 14-10.09.24 | 3 500 000.00 | 3 719 808.75 | 0.90 |
| USD	KINROSS GOLD CORP 5.95000% 14-15.03.24 | 3 500 000.00 | 3 875 655.00 | 0.94 |
| USD	KROGER CO 3.87500% 16-15.10.46 | 1 000 000.00 | 976 708.67 | 0.24 |
| USD	LINCOLN NATIONAL CORP 4.35000% 18-01.03.48 | 3 000 000.00 | 3 301 640.10 | 0.80 |
| USD	MARATHON OIL CORP 3.85000% 15-01.06.25 | 2 000 000.00 | 2 095 161.40 | 0.51 |
| USD	MICROSOFT CORP 3.70000% 16-08.08.46 | 6 000 000.00 | 6 859 158.60 | 1.66 |
| USD	MPLX LP 4.87500% 16-01.12.24 | 2 500 000.00 | 2 704 823.75 | 0.66 |
| USD	NOBLE ENERGY INC 3.25000% 19-15.10.29 | 1 000 000.00 | 990 218.08 | 0.24 |
| USD	NOBLE ENERGY INC 3.90000% 14-15.11.24 | 926 000.00 | 970 862.20 | 0.24 |
| USD	NORFOLK SOUTHERN CORP 4.10000% 19-15.05.49 | 2 000 000.00 | 2 262 150.40 | 0.55 |
| USD	OCCIDENTAL PETROLEUM CORP 2.90000% 19-15.08.24 | 5 000 000.00 | 5 023 521.50 | 1.22 |
| USD	ORACLE CORP 4.00000% 16-15.07.46 | 2 000 000.00 | 2 237 897.80 | 0.54 |
| USD	PPL CAPITAL FUNDING INC 3.95000% 14-15.03.24 | 1 250 000.00 | 1 316 084.87 | 0.32 |
| USD	PRINCIPAL FINANCIAL GROUP 3.70000% 19-15.05.29 | 2 000 000.00 | 2 176 589.60 | 0.53 |
| USD	PRUDENTIAL FINANCIAL INC 3.93500% 18-07.12.49 | 2 396 000.00 | 2 603 487.85 | 0.63 |
| USD	QUALCOMM INC 4.30000% 17-20.05.47 | 500 000.00 | 564 911.00 | 0.14 |
| USD	RABOBANK NEDERLAND NV-SUB 3.75000% 16-21.07.26 | 1 000 000.00 | 1 044 177.50 | 0.25 |
| USD	RABOBANK NEDERLAND-SUB 4.62500% 13-01.12.23 | 2 250 000.00 | 2 429 374.27 | 0.59 |
| USD	ROYAL BANK OF SCOTLAND GROUP PLC 4.80000% 16-05.04.26 | 2 000 000.00 | 2 216 453.40 | 0.54 |
| USD	ROYAL CARIBBEAN CRUISES LTD 5.25000% 12-15.11.22 | 2 250 000.00 | 2 438 658.00 | 0.59 |
| USD	SABINE PASS LIQUEFACTION LLC 5.00000% 17-15.03.27 | 1 750 000.00 | 1 915 764.03 | 0.47 |
| USD	SHELL INTERNATIONAL FINANCE BV 4.00000% 16-10.05.46 | 2 000 000.00 | 2 304 187.00 | 0.56 |
| USD	SOUTHWEST AIRLINES CO 3.45000% 17-16.11.27 | 5 000 000.00 | 5 282 798.00 | 1.28 |
| USD	STEEL DYNAMICS INC 5.00000% 17-15.12.26 | 4 500 000.00 | 4 778 100.00 | 1.16 |
| USD	SUNOCO LOGISTICS PARTNERS OPERATIONS LP 5.40000% 17-01.10.47 | 2 000 000.00 | 2 106 037.00 | 0.51 |
| USD	SUNTRUST BANK-SUB 3.30000% 16-15.05.26 | 4 000 000.00 | 4 166 012.80 | 1.01 |
| USD	T-MOBILE USA INC 5.12500% 17-15.04.25 | 2 000 000.00 | 2 067 500.00 | 0.50 |
| USD	T-MOBILE USA INC 5.37500% 17-15.04.27 | 1 000 000.00 | 1 068 750.00 | 0.26 |
| USD	TELEFONICA EMISIONES SA 5.52000% 19-01.03.49 | 1 000 000.00 | 1 234 141.60 | 0.30 |
| USD	THE HERSHEY CO 3.12500% 19-15.11.49 | 2 150 000.00 | 2 179 024.57 | 0.53 |
| USD	TIME WARNER CABLE LLC 7.30000% 08-01.07.38 | 1 000 000.00 | 1 282 357.50 | 0.31 |
| USD	TOLL BROTHERS FINANCE CORP 4.87500% 15-15.11.25 | 1 250 000.00 | 1 357 500.00 | 0.33 |
| USD	UNITEDHEALTH GROUP INC 3.85000% 18-15.06.28 | 1 500 000.00 | 1 651 125.60 | 0.40 |
| USD	UNITEDHEALTH GROUP INC 2.87500% 19-15.08.29 | 2 150 000.00 | 2 213 613.56 | 0.54 |
| USD	VERIZON COMMUNICATIONS INC 5.01200% 17-15.04.49 | 2 500 000.00 | 3 215 994.00 | 0.78 |
| USD	VIRGINIA ELECTRIC & POWER CO 4.60000% 18-01.12.48 | 2 000 000.00 | 2 463 377.00 | 0.60 |
| USD	VODAFONE GROUP PLC 4.87500% 19-19.06.49 | 1 000 000.00 | 1 133 588.00 | 0.28 |
| USD	WELLS FARGO & CO-SUB 4.12500% 13-15.08.23 | 2 500 000.00 | 2 650 163.25 | 0.64 |
| USD	WESTERN GAS PARTNERS LP 5.50000% 18-15.08.48 | 1 000 000.00 | 850 351.98 | 0.21 |
| USD	WESTERN MIDSTREAM OPERATING LP 5.37500% 11-01.06.21 | 2 112 000.00 | 2 174 486.27 | 0.53 |
| Total USD |  | 216 808 586.13 | 52.62 |
| Total Notes, fixed rate |  | 216 808 586.13 | 52.62 |

UBS (Lux) Bond SICAV – USD Corporates (USD) Semi-Annual Report as of 30 November 2019
| Description | Quantity/ | Valuation in USD | as a % |
| --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |

Medium term notes, fixed rate
| USD |  |
| --- | --- |
| USD | BANK OF AMERICA CORP-SUB 4.20000% 14-26.08.24 | 7 000 000.00 | 7 500 579.80 | 1.82 |
| USD | BANK OF AMERICA CORP-SUB 4.18300% 16-25.11.27 | 5 000 000.00 | 5 415 829.00 | 1.32 |
| USD | MCDONALD’S CORP 4.45000% 17-01.03.47 | 2 000 000.00 | 2 318 425.20 | 0.56 |
| USD | MORGAN STANLEY-SUB 4.10000% 13-22.05.23 | 2 500 000.00 | 2 641 724.25 | 0.64 |
| USD | SAUDI ARABIAN OIL CO-144A 4.37500% 19-16.04.49 | 2 000 000.00 | 2 198 750.00 | 0.53 |
| USD | STANDARD CHARTERED BANK (HONG KONG)-SUB 5.87500% 10-24.06.20 | 1 500 000.00 | 1 526 050.50 | 0.37 |
| Total USD |  |  | 21 601 358.75 | 5.24 |
| Total Medium term notes, fixed rate |  | 21 601 358.75 | 5.24 |
| Medium term notes, floating rate |  |  |  |
| USD |  |  |  |
| USD	JPMORGAN CHASE & CO-SUB 6.750%/3M LIBOR+378BP 14-PRP | 1 750 000.00 | 1 970 937.50 | 0.48 |
| Total USD |  | 1 970 937.50 | 0.48 |
| Total Medium term notes, floating rate |  | 1 970 937.50 | 0.48 |
| Bonds, fixed rate |  |  |  |
| USD |  |  |  |
| USD	ALLY FINANCIAL INC 4.62500% 15-19.05.22 | 1 250 000.00 | 1 306 844.63 | 0.32 |
| USD	BALTIMORE GAS & ELECTRIC CO 3.50000% 16-15.08.46 | 1 250 000.00 | 1 298 388.12 | 0.32 |
| USD	CONSOLIDATED EDISON CO OF NEW YORK INC 4.65000% 18-01.12.48 | 1 500 000.00 | 1 849 988.25 | 0.45 |
| USD	DUKE ENERGY CAROLINAS LLC 6.05000% 08-15.04.38 | 925 000.00 | 1 290 908.17 | 0.31 |
| USD	DUKE ENERGY OHIO INC 4.30000% 19-01.02.49 | 3 000 000.00 | 3 542 202.00 | 0.86 |
| USD	ENTERPRISE PRODUCTS OPERATING LP 6.87500% 03-01.03.33 | 900 000.00 | 1 227 040.56 | 0.30 |
| USD	FLORIDA POWER & LIGHT CO 3.95000% 18-01.03.48 | 2 000 000.00 | 2 326 335.40 | 0.57 |
| USD	PRUDENTIAL FINANCIAL INC 6.62500% 10-21.06.40 | 516 000.00 | 741 070.37 | 0.18 |
| USD	SAN DIEGO GAS & ELECTRIC CO 4.10000% 19-15.06.49 | 1 000 000.00 | 1 116 147.00 | 0.27 |
| USD	TIME WARNER ENTERTAINMENT CO L P 8.37500% 93-15.03.23 | 1 300 000.00 | 1 541 954.57 | 0.37 |
| USD	VERIZON COMMUNICATIONS INC 5.25000% 17-16.03.37 | 5 000 000.00 | 6 318 256.50 | 1.53 |
| Total USD |  | 22 559 135.57 | 5.48 |
| Total Bonds, fixed rate |  | 22 559 135.57 | 5.48 |
| Bonds, floating rate |  |  |  |
| USD |  |  |  |
| USD	DEUTSCHE TELEKOM INTL FIN 8.250%/RATING LINKED 00-15.06.30 | 2 750 000.00 | 4 047 345.50 | 0.98 |
| Total USD |  | 4 047 345.50 | 0.98 |
| Total Bonds, floating rate |  | 4 047 345.50 | 0.98 |
| Total Transferable securities and money market instruments listed on an official stock exchange |  | 266 987 363.45 | 64.80 |
| Transferable securities and money market instruments traded on another regulated market |  |  |  |
| Mortgage Backed Securities, fixed rate |  |  |  |
| USD |  |  |  |
| USD	MORGAN STANLEY CAP BARC BK TST-144A-SUB 3.30890% 16-01.09.31 | 3 125 000.00 | 3 120 208.75 | 0.76 |
| Total USD |  | 3 120 208.75 | 0.76 |
| Total Mortgage Backed Securities, fixed rate |  | 3 120 208.75 | 0.76 |
| Mortgage Backed Securities, floating rate |  |  |  |
| USD |  |  |  |
| USD	CG-CCRE CMCL MRTG TRUST-144A-SUB 1M LIBOR+175BP 14-15.06.31 | 2 375 000.00 | 2 374 691.25 | 0.58 |
| USD	CSWF TOP-144A-SUB FLR 18-15.08.35 | 2 000 000.00 | 1 999 356.40 | 0.48 |
| USD	JP MORGAN CHASE COMRCL MTG SEC-144A-SUB VAR 15-01.09.32 | 3 500 000.00 | 3 510 867.85 | 0.85 |
| USD	LONE STAR PORTFOLIO TRUST-144A 1M LIBOR+400BP 15-15.09.28 | 3 500 000.00 | 1 929 731.55 | 0.47 |
| USD	MORGAN STANLEY CAPITAL INC-144A-SUB FLR 14-01.07.29 | 750 000.00 | 758 633.55 | 0.18 |
| Total USD |  | 10 573 280.60 | 2.56 |
| Total Mortgage Backed Securities, floating rate |  | 10 573 280.60 | 2.56 |
| Notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	ADT CORP 3.50000% 13-15.07.22 | 2 000 000.00 | 2 030 000.00 | 0.49 |
| USD	AT&T INC 3.55000% 19-01.06.24 | 2 250 000.00 | 2 355 456.60 | 0.57 |
| USD	AXA EQUITABLE HOLDINGS INC 5.00000% 19-20.04.48 | 1 500 000.00 | 1 617 792.00 | 0.39 |
| USD	BRISTOL-MYERS SQUIBB CO-144A 4.12500% 19-15.06.39 | 3 500 000.00 | 4 043 589.90 | 0.98 |
| USD	BROADCOM CORP/CAYMAN FIN LTD 3.87500% 18-15.01.27 | 2 000 000.00 | 2 041 608.00 | 0.50 |
| USD	BROADCOM INC-144A 3.62500% 19-15.10.24 | 2 000 000.00 | 2 056 228.60 | 0.50 |
| USD	CCO LLC/CAPITAL 6.38400% 16-23.10.35 | 2 500 000.00 | 3 119 115.25 | 0.76 |
| USD	CHENIERE ENERGY PARTNERS LP 5.25000% 18-01.10.25 | 3 500 000.00 | 3 605 000.00 | 0.88 |
| USD	GENERAL ELECTRIC CO 4.62500% 11-07.01.21 | 5 000 000.00 | 5 132 287.00 | 1.25 |
| USD	GENERAL MOTORS FINANCIAL CO INC 4.25000% 14-15.05.23 | 2 000 000.00 | 2 096 750.80 | 0.51 |
| USD	GLENCORE FUNDING LLC-144A 4.12500% 19-12.03.24 | 1 500 000.00 | 1 574 070.60 | 0.38 |
| USD	GLP CAPITAL LP / GLP FINANC II INC 5.37500% 14-01.11.23 | 500 000.00 | 546 125.00 | 0.13 |
| USD	HARLEY-DAVIDSON FIN.SERV INC-144A 3.35000% 18-15.02.23 | 2 500 000.00 | 2 556 833.75 | 0.62 |
| USD	HCA INC 5.00000% 14-15.03.24 | 2 250 000.00 | 2 443 775.40 | 0.59 |
| USD	JPMORGAN CHASE & CO-SUB 3.62500% 16-01.12.27 | 8 000 000.00 | 8 447 079.20 | 2.05 |
| USD	KINDER MORGAN INC-144A 5.62500% 13-15.11.23 | 4 000 000.00 | 4 423 595.20 | 1.07 |
| USD	KKR GROUP FINANCE CO II LLC-144A 5.50000% 13-01.02.43 | 1 150 000.00 | 1 415 997.19 | 0.34 |
| USD	LENNAR CORP 2.95000% 18-29.11.20 | 2 000 000.00 | 2 010 000.00 | 0.49 |

UBS (Lux) Bond SICAV – USD Corporates (USD) Semi-Annual Report as of 30 November 2019
|  | Description | Quantity/ | Valuation in USD | as a % |
| --- | --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |
|  |  |  |  |  |
| USD | METLIFE INC 4.05000% 15-01.03.45 | 1 000 000.00 | 1 137 073.30 | 0.28 |
| USD | MORGAN STANLEY 3.70000% 14-23.10.24 | 10 000 000.00 | 10 591 065.00 | 2.57 |
| USD | MORGAN STANLEY 3.87500% 14-29.04.24 | 3 500 000.00 | 3 718 816.15 | 0.90 |
| USD | NORDEA BANK ABP-144A-SUB 4.25000% 12-21.09.22 | 3 060 000.00 | 3 203 336.52 | 0.78 |
| USD | NOVA CHEMICALS CORP-144A 5.25000% 13-01.08.23 | 500 000.00 | 503 750.00 | 0.12 |
| USD | NOVA CHEMICALS CORP-144A 5.00000% 14-01.05.25 | 1 250 000.00 | 1 256 250.00 | 0.31 |
| USD | NOVA CHEMICALS CORP-144A 5.25000% 17-01.06.27 | 1 500 000.00 | 1 515 000.00 | 0.37 |
| USD | NXP BV / NXP FUNDING LLC-144A 5.55000% 18-01.12.28 | 6 000 000.00 | 6 936 192.00 | 1.68 |
| USD | OWENS-BROCKWAY GLASS CONTAINER INC-144A 5.37500% 14-15.01.25 | 750 000.00 | 759 375.00 | 0.18 |
| USD | PPL CAPITAL FUNDING INC 4.70000% 13-01.06.43 | 2 000 000.00 | 2 271 726.60 | 0.55 |
| USD | PUBLIC STORAGE 3.09400% 17-15.09.27 | 5 000 000.00 | 5 244 281.50 | 1.27 |
| USD | SABINE PASS LIQUEFACTION LLC STEP-UP/DOWN 14-01.02.21 | 2 000 000.00 | 2 057 651.00 | 0.50 |
| USD | SOCIETE GENERALE SA-144A 4.00000% 17-12.01.27 | 3 000 000.00 | 3 194 887.50 | 0.78 |
| USD | SUNCOR ENERGY INC 3.60000% 14-01.12.24 | 1 231 000.00 | 1 300 102.19 | 0.32 |
| USD | UNION PACIFIC CORP 3.60000% 17-15.09.37 | 2 000 000.00 | 2 102 282.80 | 0.51 |
| USD | UNITED TECHNOLOGIES CORP 4.50000% 12-01.06.42 | 3 500 000.00 | 4 222 036.70 | 1.02 |
| USD | VERIZON COMMUNICATIONS INC 4.01600% 19-03.12.29 | 500 000.00 | 557 558.80 | 0.14 |
| USD | VOLKSWAGEN GRP OF AMERICA FINANCE-144A 4.62500% 18-13.11.25 | 1 500 000.00 | 1 657 472.10 | 0.40 |
| USD | WALT DISNEY CO-REG-S 4.75000% 19-15.11.46 | 1 500 000.00 | 1 964 331.90 | 0.48 |
| Total USD |  |  | 105 708 493.55 | 25.66 |
| Total Notes, fixed rate |  | 105 708 493.55 | 25.66 |
| Medium term notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	INTESA SANPAOLO SPA-144A 6.50000% 11-24.02.21 | 5 000 000.00 | 5 226 743.50 | 1.27 |
| Total USD |  | 5 226 743.50 | 1.27 |
| Total Medium term notes, fixed rate |  | 5 226 743.50 | 1.27 |
| Bonds, fixed rate |  |  |  |
| USD |  |  |  |
| USD	BURLINGTON NORTHERN SANTA FE LLC 4.05000% 18-15.06.48 | 2 000 000.00 | 2 287 251.80 | 0.56 |
| USD	EL PASO NATURAL GAS CO 8.37500% 03-15.06.32 | 1 050 000.00 | 1 452 097.81 | 0.35 |
| USD	ENERGY TRANSFER OPERATING LP 4.25000% 19-15.03.23 | 2 500 000.00 | 2 598 831.25 | 0.63 |
| USD	NEVADA POWER CO 6.65000% 06-01.04.36 | 1 174 000.00 | 1 663 107.18 | 0.40 |
| USD	NGPL PIPECO LLC-144A 4.87500% 17-15.08.27 | 2 500 000.00 | 2 649 396.50 | 0.64 |
| USD	RABOBANK NEDERLAND NV-SUB 3.95000% 12-09.11.22 | 1 250 000.00 | 1 303 970.75 | 0.32 |
| Total USD |  | 11 954 655.29 | 2.90 |
| Total Bonds, fixed rate |  | 11 954 655.29 | 2.90 |
| Total Transferable securities and money market instruments traded on another regulated market |  | 136 583 381.69 | 33.15 |

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 | CCO LLC/CAPITAL 4.20000% 17-15.03.28 | 1 000 000.00 | 1 060 034.40 | 0.26 |
| USD | FOX CORP-144A 4.70900% 19-25.01.29 | 2 000 000.00 | 2 269 761.80 | 0.55 |
| USD | GLP CAPITAL LP / GLP FINANC II INC 4.00000% 19-15.01.30 | 2 000 000.00 | 2 018 190.00 | 0.49 |
| USD | NRG ENERGY INC-144A 3.75000% 19-15.06.24 | 425 000.00 | 438 133.65 | 0.11 |
| USD | T-MOBILE USA INC *ESCROW* 5.12500% 17-15.04.25 | 2 000 000.00 | 0.20 | 0.00 |
| USD | T-MOBILE USA INC *ESCROW* 5.37500% 17-15.04.27 | 800 000.00 | 0.08 | 0.00 |
| Total USD |  |  | 5 786 120.13 | 1.41 |
| Total Notes, fixed rate | 5 786 120.13 | 1.41 |
| Total Transferable securities and money market instruments not listed on an official stock exchange and not traded on another regulated market | 5 786 120.13 | 1.41 |
| Recently issued transferable securities and money market instruments |  |  |
| Notes, fixed rate |  |  |
| USD |  |  |
| USD	BRISTOL MYERS SQUIBB CO-144A 3.87500% 19-15.08.25	4 000 000.00 | 4 318 022.40 | 1.05 |
| Total USD | 4 318 022.40 | 1.05 |
| Total Notes, fixed rate | 4 318 022.40 | 1.05 |
| Total Recently issued transferable securities and money market instruments | 4 318 022.40 | 1.05 |
| UCITS/Other UCIs in accordance with Article 41 (1) e) of the amended Luxembourg law of 17 December 2010 |  |  |
| Investment funds, open end |  |  |
| Luxembourg |  |  |
| USD	UBS (LUX) BOND SICAV - MULTI INCOME (USD) U-X-ACC	270.00 | 2 727 334.80 | 0.66 |
| Total Luxembourg | 2 727 334.80 | 0.66 |
| Total Investment funds, open end | 2 727 334.80 | 0.66 |
| Total UCITS/Other UCIs in accordance with Article 41 (1) e) of the amended Luxembourg law of 17 December 2010 | 2 727 334.80 | 0.66 |
| Total investments in securities | 416 402 222.47 | 101.07 |

UBS (Lux) Bond SICAV – USD Corporates (USD) Semi-Annual Report as of 30 November 2019
| 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
Forward Foreign Exchange contracts (Purchase/Sale)
| EUR | 62 547 100.00 | USD | 69 150 822.82 | 16.1.2020 | 53 825.41 | 0.01 |
| --- | --- | --- | --- | --- | --- | --- |
| CHF | 17 707 100.00 | USD | 17 824 384.45 | 16.1.2020 | -34 763.58 | -0.01 |
| USD | 1 410 336.80 | EUR | 1 275 500.00 | 16.1.2020 | -928.13 | 0.00 |
| USD | 715 626.19 | EUR | 648 000.00 | 16.1.2020 | -1 347.29 | 0.00 |
| Total Forward Foreign Exchange contracts (Purchase/Sale) | 16 786.41 | 0.00 |
|  |  |  |
| Cash at banks, deposits on demand and deposit accounts and other liquid assets | 522 168.32 | 0.13 |
| Bank overdraft and other short-term liabilities | -9 349 432.67 | -2.27 |
| Other assets and liabilities | 4 420 629.24 | 1.07 |
| Total net assets | 412 012 373.77 | 100.00 |

UBS (Lux) Bond SICAV – USD Corporates (USD) Semi-Annual Report as of 30 November 2019

Translation (ENFR, 2019-11-30):
# UBS (Lux) Bond SICAV – USD Corporates (USD)
| Données principales |  |
| --- | --- |
|  | ISIN | 30.11.2019 | 31.5.2019 | 31.5.2018 |
| Actif net en USD |  | 412 012 373.77 | 576 063 449.24 | 713 024 008.47 |
| Catégorie F-acc | LU0396366626 |  |  |  |
| Actions en circulation |  | 1 870 488.8470 | 2 373 735.8470 | 1 154 508.8750 |
| Valeur nette d’inventaire par action en USD |  | 21.12 | 19.77 | 18.42 |
| Prix d’émission et de rachat par action en USD 1 |  | 21.12 | 19.73 | 18.42 |
| Catégorie I-A1-acc | LU0396367277 |  |  |  |
| Actions en circulation |  | 162 588.0210 | 155 460.6170 | 68 736.4000 |
| Valeur nette d’inventaire par action en USD |  | 152.81 | 143.18 | 133.61 |
| Prix d’émission et de rachat par action en USD 1 |  | 152.81 | 142.89 | 133.61 |
| Catégorie I-A3-acc | LU0396367608 |  |  |  |
| Actions en circulation |  | 6 255.4140 | 617 118.1300 | 537 562.1300 |
| Valeur nette d’inventaire par action en USD |  | 124.83 | 116.90 | 108.93 |
| Prix d’émission et de rachat par action en USD 1 |  | 124.83 | 116.67 | 108.93 |
| Catégorie I-B-acc 2 | LU0396367863 |  |  |  |
| Actions en circulation |  | - | 7 719.7620 | 45 826.7760 |
| Valeur nette d’inventaire par action en USD |  | - | 169.8200 | 157.7800 |
| Prix d’émission et de rachat par action en USD 1 |  | - | 169.48 | 157.78 |
| Catégorie (EUR hedged) I-B-dist 3 | LU0876650895 |  |  |  |
| Actions en circulation |  | - | 440 000.0000 | 410 000.0000 |
| Valeur nette d’inventaire par action en EUR |  | - | 93.0300 | 92.9700 |
| Prix d’émission et de rachat par action en EUR 1 |  | - | 92.84 | 92.97 |
| Catégorie I-X-acc | LU0396368085 |  |  |  |
| Actions en circulation |  | 81 414.0180 | 72 375.5380 | 72 895.2950 |
| Valeur nette d’inventaire par action en USD |  | 159.66 | 149.23 | 138.56 |
| Prix d’émission et de rachat par action en USD 1 |  | 159.66 | 148.93 | 138.56 |
| Catégorie P-acc | LU0172069584 |  |  |  |
| Actions en circulation |  | 5 364 204.2410 | 5 187 714.6880 | 5 382 104.7620 |
| Valeur nette d’inventaire par action en USD |  | 20.03 | 18.83 | 17.69 |
| Prix d’émission et de rachat par action en USD 1 |  | 20.03 | 18.79 | 17.69 |
| Catégorie (CHF hedged) P-acc | LU0776291220 |  |  |  |
| Actions en circulation |  | 38 753.7480 | 40 668.2070 | 48 206.9950 |
| Valeur nette d’inventaire par action en CHF |  | 115.40 | 110.32 | 107.10 |
| Prix d’émission et de rachat par action en CHF 1 |  | 115.40 | 110.10 | 107.10 |
| Catégorie Q-acc | LU0396366972 |  |  |  |
| Actions en circulation |  | 277 238.3960 | 270 590.5040 | 653 295.7510 |
| Valeur nette d’inventaire par action en USD |  | 177.73 | 166.64 | 155.72 |
| Prix d’émission et de rachat par action en USD 1 |  | 177.73 | 166.31 | 155.72 |
| Catégorie (CHF hedged) Q-acc | LU1240777026 |  |  |  |
| Actions en circulation |  | 123 960.1860 | 123 168.2090 | 130 387.1640 |
| Valeur nette d’inventaire par action en CHF |  | 111.18 | 106.00 | 102.35 |
| Prix d’émission et de rachat par action en CHF 1 |  | 111.18 | 105.79 | 102.35 |
| Catégorie (EUR hedged) Q-acc | LU0848113352 |  |  |  |
| Actions en circulation |  | 534 234.8640 | 963 947.2130 | 1 828 266.7050 |
| Valeur nette d’inventaire par action en EUR |  | 116.86 | 111.13 | 106.83 |
| Prix d’émission et de rachat par action en EUR 1 |  | 116.86 | 110.91 | 106.83 |
| Catégorie U-X-acc | LU0396368242 |  |  |  |
| Actions en circulation | 7 552.0000 | 8 740.0000 | 11 442.0000 |
| Valeur nette d’inventaire par action en USD | 11 924.98 | 11 145.31 | 10 348.41 |
| Prix d’émission et de rachat par action en USD 1 | 11 924.98 | 11 123.02 | 10 348.41 |
| 1  Voir note 1 2  La catégorie d’actions I-B-acc était en circulation jusqu’au 7.8.2019 3  La catégorie d’actions (EUR hedged) I-B-dist était en circulation jusqu’au 31.5.2019 |  |  |  |

UBS (Lux) Bond SICAV – USD Corporates (USD) Rapport semestriel au 30 novembre 2019
UBS (Lux) Bond SICAV – USD Corporates (USD) Rapport semestriel au 30 novembre 2019

## Structure du portefeuille-titres
Répartition géographique en % de l’actif net	
| Etats-Unis | 83.68 |
| --- | --- |
| Pays-Bas | 4.39 |
| Grande-Bretagne | 2.65 |
| Canada | 2.05 |
| Irlande | 1.39 |
| France | 1.29 |
| Italie | 1.27 |
| Finlande | 0.78 |
| Guernesey | 0.74 |
| Luxembourg | 0.66 |
| Liberia | 0.59 |
| Arabie saoudite | 0.54 |
| Suisse | 0.37 |
| Hong Kong | 0.37 |
| Espagne | 0.30 |
| Total | 101.07 |

Répartition économique en % de l’actif net	
| Etablissements financiers et sociétés de participation | 20.77 |
| --- | --- |
| Banques & instituts de crédit | 20.42 |
| Pétrole | 6.67 |
| Télécommunications | 6.66 |
| Distribution d’énergie & d’eau | 6.06 |
| Trafic et transport | 3.66 |
| Emetteurs d’obligations sécurisées (Pfandbriefe) et |  |
| sociétés de refinancement | 3.32 |
| Produits pharmaceutiques, cosmétiques & médicaux | 3.00 |
| Internet, logiciels et services informatiques | 2.97 |
| Industrie graphique, édition et médias | 2.81 |
| Assurances | 2.51 |
| Appareils et composants électriques | 1.98 |
| Equipement informatique et de réseau | 1.88 |
| Electronique et semi-conducteurs | 1.68 |
| Restauration et loisirs | 1.65 |
| Industrie minière, charbon et acier | 1.54 |
| Soins de santé & services sociaux | 1.53 |
| Commerce de détail, centres commerciaux | 1.37 |
| Tabac et boissons alcoolisées | 1.34 |
| Industrie aéronautique et spatiale | 1.29 |
| Immobilier | 1.27 |
| Bâtiment et matériaux de construction | 1.17 |
| Industrie de conditionnement | 0.94 |
| Métaux non ferreux | 0.94 |
| Biotechnologie | 0.91 |
| Chimie | 0.80 |
| Fonds de placement | 0.66 |
| Alimentation & softs | 0.53 |
| Diverses sociétés non classées | 0.38 |
| Métaux précieux et pierres précieuses | 0.36 |
| Total | 101.07 |


## Etat des actifs nets
Actif	30.11.2019
USD
Portefeuille-titres, cours d’achat	390 814 324.58
| Portefeuille-titres, plus-/(moins)-value non réalisée | 	25 587 897.89	 |
| --- | --- |
| Total du Portefeuille-titres (note 1) | 416 402 222.47 |
| Avoirs en banque, dépôts à vue et à terme | 522 168.32 |
| Créances sur achats de titres (note 1) | 1 296.00 |
| Créances sur souscriptions | 2 593 444.24 |
| Intérêts à recevoir sur titres | 4 272 789.35 |
| Bénéfice/(perte) non réalisé(e) sur contrats de change à terme (note 1) | 16 786.41 |
| Total de l’Actif | 423 808 706.79 |
|  |  |
| Passif |  |
| Crédit en compte courant | -9 349 432.67 |
| Intérêts à payer sur crédit en compte courant | -9 568.68 |
| Engagements sur rachats | -2 282 132.60 |
| Provisions pour commission de gestion forfaitaire (note 2) | -91 436.39 |
| Provisions pour taxe d’abonnement (note 3) | -22 470.11 |
| Provisions pour autres commissions et frais (note 2) | 	-41 292.57	 |
| Total des Provisions pour frais | -155 199.07 |
| Total du Passif | -11 796 333.02 |
|  |  |
| Actif net à la fin de la période | 412 012 373.77 |
| Etat des opérations | USD |
| Revenus | 1.6.2019-30.11.2019 |
| Revenus d’intérêts sur liquidités | 12 145.84 |
| Intérêts sur titres | 10 463 048.72 |
| Revenus d’intérêts sur swaps (note 1) | 273 201.39 |
| Revenus sur prêts de titres (note 13) | 7 707.93 |
| Autres revenus (note 4) | 344 556.61 |
| Total des Revenus | 11 100 660.49 |
|  |  |
| Charges |  |
| Charges d’intérêts sur swaps (note 1) | -176 604.74 |
| Commission de gestion forfaitaire (note 2) | -1 402 364.39 |
| Taxe d’abonnement (note 3) | -76 929.62 |
| Frais sur prêts de titres (note 13) | -3 083.17 |
| Autres commissions et frais (note 2) | -29 894.23 |
| Charges d’intérêts sur liquidités et crédit en compte courant | -73 337.42 |
| Total des Charges | -1 762 213.57 |
|  |  |
| Revenus/pertes net(te)s de placements | 9 338 446.92 |
|  |  |
| Bénéfices/(pertes) réalisé(e)s (note 1) |  |
| Bénéfice/(perte) réalisé(e) sur titres évalués à la valeur de marché hors options | 12 374 448.70 |
| Bénéfice/perte réalisé(e) sur options | -114 750.00 |
| Bénéfice/perte réalisé(e) sur contrats financiers à terme | -691 992.57 |
| Bénéfice/(perte) réalisé(e) sur contrats de change à terme | -1 815 243.21 |
| Bénéfice/(perte) réalisé(e) sur swaps | -93 916.12 |
| Bénéfice/(perte) de change réalisé(e) | -278 712.24 |
| Total des Bénéfices/(pertes) réalisé(e)s | 9 379 834.56 |
|  |  |
| Bénéfice/(perte) net(te) réalisé(e) au cours de la période | 18 718 281.48 |
|  |  |
| Fluctuations de la plus-/(moins)-value non réalisée (note 1) |  |
| Plus-/(moins)-value non réalisée sur titres évalués à la valeur de marché hors options | 13 157 034.30 |
| Plus-/(moins)-value non réalisée sur options | 114 675.00 |
| Plus-/(moins)-value non réalisée sur contrats financiers à terme | -496 590.15 |
| Plus-/(moins)-value non réalisée sur contrats de change à terme | -52 948.83 |
| Total des Fluctuations de la plus-/(moins)-value non réalisée | 12 722 170.32 |
|  |  |
| Augmentation/(diminution) nette de l’actif net issue de l’activité | 31 440 451.80 |

UBS (Lux) Bond SICAV – USD Corporates (USD) Rapport semestriel au 30 novembre 2019
| Fluctuations de l’actif net |  |
| --- | --- |
|  | USD |
|  | 1.6.2019-30.11.2019 |
| Actif net au début de la période | 576 063 449.24 |
| Souscriptions | 124 576 170.57 |
| Rachats | 	-320 067 697.84	 |
| Total des Entrées/(sorties) de capitaux | -195 491 527.27 |
| Revenus/pertes net(te)s de placements | 9 338 446.92 |
| Total des Bénéfices/(pertes) réalisé(e)s | 9 379 834.56 |
| Total des Fluctuations de la plus-/(moins)-value non réalisée | 	12 722 170.32	 |
| Augmentation/(diminution) nette de l’actif net issue de l’activité | 31 440 451.80 |
| Actif net à la fin de la période | 412 012 373.77 |
| Evolution des actions en circulation |  |
|  | 1.6.2019-30.11.2019 |
| Catégorie | F-acc |
| Nombre d’actions en circulation au début de la période | 2 373 735.8470 |
| Nombre d’actions émises | 41 101.0000 |
| Nombre d’actions rachetées | -544 348.0000 |
| Nombre d’actions en circulation à la fin de la période | 1 870 488.8470 |
| Catégorie | I-A1-acc |
| Nombre d’actions en circulation au début de la période | 155 460.6170 |
| Nombre d’actions émises | 13 470.6250 |
| Nombre d’actions rachetées | -6 343.2210 |
| Nombre d’actions en circulation à la fin de la période | 162 588.0210 |
| Catégorie | I-A3-acc |
| Nombre d’actions en circulation au début de la période | 617 118.1300 |
| Nombre d’actions émises | 1 472.0000 |
| Nombre d’actions rachetées | -612 334.7160 |
| Nombre d’actions en circulation à la fin de la période | 6 255.4140 |
| Catégorie | I-B-acc |
| Nombre d’actions en circulation au début de la période | 7 719.7620 |
| Nombre d’actions émises | 0.0000 |
| Nombre d’actions rachetées | -7 719.7620 |
| Nombre d’actions en circulation à la fin de la période | 0.0000 |
| Catégorie | (EUR hedged) I-B-dist |
| Nombre d’actions en circulation au début de la période | 440 000.0000 |
| Nombre d’actions émises | 0.0000 |
| Nombre d’actions rachetées | -440 000.0000 |
| Nombre d’actions en circulation à la fin de la période | 0.0000 |
| Catégorie | I-X-acc |
| Nombre d’actions en circulation au début de la période | 72 375.5380 |
| Nombre d’actions émises | 9 753.1640 |
| Nombre d’actions rachetées | -714.6840 |
| Nombre d’actions en circulation à la fin de la période | 81 414.0180 |
| Catégorie | P-acc |
| Nombre d’actions en circulation au début de la période | 5 187 714.6880 |
| Nombre d’actions émises | 2 303 223.9840 |
| Nombre d’actions rachetées | -2 126 734.4310 |
| Nombre d’actions en circulation à la fin de la période | 5 364 204.2410 |
| Catégorie | (CHF hedged) P-acc |
| Nombre d’actions en circulation au début de la période | 40 668.2070 |
| Nombre d’actions émises | 1 899.2500 |
| Nombre d’actions rachetées | -3 813.7090 |
| Nombre d’actions en circulation à la fin de la période | 38 753.7480 |
| Catégorie | Q-acc |
| Nombre d’actions en circulation au début de la période | 270 590.5040 |
| Nombre d’actions émises | 274 239.6690 |
| Nombre d’actions rachetées | -267 591.7770 |
| Nombre d’actions en circulation à la fin de la période | 277 238.3960 |
| Catégorie | (CHF hedged) Q-acc |
| Nombre d’actions en circulation au début de la période | 123 168.2090 |
| Nombre d’actions émises | 12 692.4690 |
| Nombre d’actions rachetées | -11 900.4920 |
| Nombre d’actions en circulation à la fin de la période | 123 960.1860 |
| Catégorie | (EUR hedged) Q-acc |
| Nombre d’actions en circulation au début de la période | 963 947.2130 |
| Nombre d’actions émises | 186 869.0570 |
| Nombre d’actions rachetées | -616 581.4060 |
| Nombre d’actions en circulation à la fin de la période | 534 234.8640 |
| Catégorie | U-X-acc |
| Nombre d’actions en circulation au début de la période | 8 740.0000 |
| Nombre d’actions émises | 153.0000 |
| Nombre d’actions rachetées | -1 341.0000 |
| Nombre d’actions en circulation à la fin de la période | 7 552.0000 |

UBS (Lux) Bond SICAV – USD Corporates (USD) Rapport semestriel au 30 novembre 2019

## Etat du portefeuille-titres et autres actifs nets au 30 novembre 2019
| Dénomination | Nombre/ | Evaluation en USD | en % |
| --- | --- | --- | --- |
|  | Nominal | Bénéfice/(perte) non | de |
|  |  | réalisé(e) sur futures/ | l’actif |
|  |  | Contrats de | net |
|  |  | change à terme/ |  |
|  |  | Swaps (note 1) |  |
| Titres et instruments du marché monétaire négociés sur une bourse officielle Billets, taux fixe |  |  |  |
| USD |  |  |  |
| USD	AERCAP IRE CAP LTD/GLB AVIA TRUST 5.00000% 15-01.10.21 | 1 500 000.00 | 1 572 371.70 | 0.38 |
| USD	ALLSTATE CORP 3.85000% 19-10.08.49 | 1 000 000.00 | 1 114 967.60 | 0.27 |
| USD	AMAZON.COM INC 4.80000% 14-05.12.34 | 1 750 000.00 | 2 176 566.88 | 0.53 |
| USD	AMERICAN EXPRESS CO-SUB 3.62500% 14-05.12.24 | 7 000 000.00 | 7 388 540.60 | 1.79 |
| USD	ANHEUSER-BUSCH COS 4.70000% 19-01.02.36 | 4 750 000.00 | 5 530 666.30 | 1.34 |
| USD	APPLE INC 2.20000% 19-11.09.29 | 5 750 000.00 | 5 675 053.01 | 1.38 |
| USD	AT&T INC 4.30000% 18-15.02.30 | 2 000 000.00 | 2 198 545.20 | 0.53 |
| USD	AT&T INC 4.85000% 19-01.03.39 | 3 750 000.00 | 4 268 904.75 | 1.04 |
| USD	AT&T INC 5.15000% 18-15.11.46 | 1 000 000.00 | 1 174 199.00 | 0.29 |
| USD	BALL CORP 4.37500% 15-15.12.20 | 3 800 000.00 | 3 876 000.00 | 0.94 |
| USD	BARCLAYS PLC 3.68400% 17-10.01.23 | 2 750 000.00 | 2 810 660.60 | 0.68 |
| USD	BARCLAYS PLC-SUB 4.37500% 14-11.09.24 | 2 250 000.00 | 2 347 051.73 | 0.57 |
| USD	BAT CAPITAL CORP 3.22200% 18-15.08.24 | 2 500 000.00 | 2 545 150.75 | 0.62 |
| USD	BERKSHIRE HATHAWAY 4.25000% 19-15.01.49 | 1 500 000.00 | 1 781 654.25 | 0.43 |
| USD	BERKSHIRE HATHAWAY ENERGY CO 4.45000% 19-15.01.49 | 1 000 000.00 | 1 191 757.00 | 0.29 |
| USD	BOEING CO 3.60000% 19-01.05.34 | 1 000 000.00 | 1 079 620.30 | 0.26 |
| USD	CENTERPOINT ENERGY INC 4.25000% 18-01.11.28 | 500 000.00 | 543 624.75 | 0.13 |
| USD	CITIGROUP INC 3.70000% 16-12.01.26 | 6 250 000.00 | 6 664 722.50 | 1.62 |
| USD	CITIGROUP INC-SUB 6.67500% 13-13.09.43 | 2 750 000.00 | 4 006 500.03 | 0.97 |
| USD	COMCAST CORP 4.60000% 18-15.10.38 | 7 750 000.00 | 9 311 864.48 | 2.26 |
| USD	CREDIT AGRICOLE SA-144A-SUB 4.37500% 15-17.03.25 | 2 000 000.00 | 2 134 895.60 | 0.52 |
| USD	CREDIT SUISSE GROUP AG-144A 3.57400% 17-09.01.23 | 1 500 000.00 | 1 536 721.35 | 0.37 |
| USD	CREDIT SUISSE GRP FDNG GUERNSEY 4.55000% 16-17.04.26 | 2 750 000.00 | 3 055 315.72 | 0.74 |
| USD	CVS HEALTH CORP 5.05000% 18-25.03.48 | 2 000 000.00 | 2 366 258.80 | 0.57 |
| USD	DTE ENERGY CO 2.95000% 19-01.03.30 | 3 750 000.00 | 3 747 246.41 | 0.91 |
| USD	ELANCO ANIMAL HEALTH INC 4.90000% 19-28.08.28 | 1 500 000.00 | 1 621 972.50 | 0.39 |
| USD	EXELON CORP 4.95000% 16-15.06.35 | 1 750 000.00 | 2 043 550.60 | 0.50 |
| USD	FEDEX CORP 4.55000% 16-01.04.46 | 3 000 000.00 | 3 142 513.80 | 0.76 |
| USD	FISERV INC 3.50000% 19-01.07.29 | 3 000 000.00 | 3 151 525.80 | 0.76 |
| USD	FORD MOTOR CREDIT CO LLC 4.54200% 19-01.08.26 | 1 500 000.00 | 1 508 969.85 | 0.37 |
| USD	FREEPORT-MCMORAN INC 3.55000% 12-01.03.22 | 1 484 000.00 | 1 491 420.00 | 0.36 |
| USD	GE CAPITAL INTL FUNDING CO 3.37300% 16-15.11.25 | 4 000 000.00 | 4 134 559.60 | 1.00 |
| USD	GENERAL MOTORS FINANCIAL CO INC 4.20000% 16-01.03.21 | 3 537 000.00 | 3 611 591.79 | 0.88 |
| USD	GENERAL MOTORS FINANCIAL CO INC 4.00000% 16-06.10.26 | 2 250 000.00 | 2 305 578.15 | 0.56 |
| USD	GENERAL MOTORS FINANCIAL CO 3.85000% 18-05.01.28 | 1 000 000.00 | 1 007 081.00 | 0.24 |
| USD	GENERAL MOTORS FINANCIAL CO 3.55000% 18-09.04.21 | 4 000 000.00 | 4 063 416.80 | 0.99 |
| USD	GILEAD SCIENCES INC 3.65000% 15-01.03.26 | 3 500 000.00 | 3 762 195.15 | 0.91 |
| USD	GOLDMAN SACHS GROUP INC-SUB 6.75000% 07-01.10.37 | 1 750 000.00 | 2 407 431.08 | 0.58 |
| USD	HOME DEPOT INC/THE 4.50000% 18-06.12.48 | 2 000 000.00 | 2 498 102.00 | 0.61 |
| USD	HSBC HOLDINGS PLC-SUB 4.37500% 16-23.11.26 | 2 250 000.00 | 2 420 797.05 | 0.59 |
| USD	INTERNATIONAL LEASE FINANCE CORP 5.87500% 12-15.08.22 | 1 500 000.00 | 1 636 806.75 | 0.40 |
| USD	JPMORGAN CHASE & CO-SUB 3.87500% 14-10.09.24 | 3 500 000.00 | 3 719 808.75 | 0.90 |
| USD	KINROSS GOLD CORP 5.95000% 14-15.03.24 | 3 500 000.00 | 3 875 655.00 | 0.94 |
| USD	KROGER CO 3.87500% 16-15.10.46 | 1 000 000.00 | 976 708.67 | 0.24 |
| USD	LINCOLN NATIONAL CORP 4.35000% 18-01.03.48 | 3 000 000.00 | 3 301 640.10 | 0.80 |
| USD	MARATHON OIL CORP 3.85000% 15-01.06.25 | 2 000 000.00 | 2 095 161.40 | 0.51 |
| USD	MICROSOFT CORP 3.70000% 16-08.08.46 | 6 000 000.00 | 6 859 158.60 | 1.66 |
| USD	MPLX LP 4.87500% 16-01.12.24 | 2 500 000.00 | 2 704 823.75 | 0.66 |
| USD	NOBLE ENERGY INC 3.25000% 19-15.10.29 | 1 000 000.00 | 990 218.08 | 0.24 |
| USD	NOBLE ENERGY INC 3.90000% 14-15.11.24 | 926 000.00 | 970 862.20 | 0.24 |
| USD	NORFOLK SOUTHERN CORP 4.10000% 19-15.05.49 | 2 000 000.00 | 2 262 150.40 | 0.55 |
| USD	OCCIDENTAL PETROLEUM CORP 2.90000% 19-15.08.24 | 5 000 000.00 | 5 023 521.50 | 1.22 |
| USD	ORACLE CORP 4.00000% 16-15.07.46 | 2 000 000.00 | 2 237 897.80 | 0.54 |
| USD	PPL CAPITAL FUNDING INC 3.95000% 14-15.03.24 | 1 250 000.00 | 1 316 084.87 | 0.32 |
| USD	PRINCIPAL FINANCIAL GROUP 3.70000% 19-15.05.29 | 2 000 000.00 | 2 176 589.60 | 0.53 |
| USD	PRUDENTIAL FINANCIAL INC 3.93500% 18-07.12.49 | 2 396 000.00 | 2 603 487.85 | 0.63 |
| USD	QUALCOMM INC 4.30000% 17-20.05.47 | 500 000.00 | 564 911.00 | 0.14 |
| USD	RABOBANK NEDERLAND NV-SUB 3.75000% 16-21.07.26 | 1 000 000.00 | 1 044 177.50 | 0.25 |
| USD	RABOBANK NEDERLAND-SUB 4.62500% 13-01.12.23 | 2 250 000.00 | 2 429 374.27 | 0.59 |
| USD	ROYAL BANK OF SCOTLAND GROUP PLC 4.80000% 16-05.04.26 | 2 000 000.00 | 2 216 453.40 | 0.54 |
| USD	ROYAL CARIBBEAN CRUISES LTD 5.25000% 12-15.11.22 | 2 250 000.00 | 2 438 658.00 | 0.59 |
| USD	SABINE PASS LIQUEFACTION LLC 5.00000% 17-15.03.27 | 1 750 000.00 | 1 915 764.03 | 0.47 |
| USD	SHELL INTERNATIONAL FINANCE BV 4.00000% 16-10.05.46 | 2 000 000.00 | 2 304 187.00 | 0.56 |
| USD	SOUTHWEST AIRLINES CO 3.45000% 17-16.11.27 | 5 000 000.00 | 5 282 798.00 | 1.28 |
| USD	STEEL DYNAMICS INC 5.00000% 17-15.12.26 | 4 500 000.00 | 4 778 100.00 | 1.16 |
| USD	SUNOCO LOGISTICS PARTNERS OPERATIONS LP 5.40000% 17-01.10.47 | 2 000 000.00 | 2 106 037.00 | 0.51 |
| USD	SUNTRUST BANK-SUB 3.30000% 16-15.05.26 | 4 000 000.00 | 4 166 012.80 | 1.01 |
| USD	T-MOBILE USA INC 5.12500% 17-15.04.25 | 2 000 000.00 | 2 067 500.00 | 0.50 |
| USD	T-MOBILE USA INC 5.37500% 17-15.04.27 | 1 000 000.00 | 1 068 750.00 | 0.26 |
| USD	TELEFONICA EMISIONES SA 5.52000% 19-01.03.49 | 1 000 000.00 | 1 234 141.60 | 0.30 |
| USD	THE HERSHEY CO 3.12500% 19-15.11.49 | 2 150 000.00 | 2 179 024.57 | 0.53 |
| USD	TIME WARNER CABLE LLC 7.30000% 08-01.07.38 | 1 000 000.00 | 1 282 357.50 | 0.31 |
| USD	TOLL BROTHERS FINANCE CORP 4.87500% 15-15.11.25 | 1 250 000.00 | 1 357 500.00 | 0.33 |
| USD	UNITEDHEALTH GROUP INC 3.85000% 18-15.06.28 | 1 500 000.00 | 1 651 125.60 | 0.40 |
| USD	UNITEDHEALTH GROUP INC 2.87500% 19-15.08.29 | 2 150 000.00 | 2 213 613.56 | 0.54 |
| USD	VERIZON COMMUNICATIONS INC 5.01200% 17-15.04.49 | 2 500 000.00 | 3 215 994.00 | 0.78 |
| USD	VIRGINIA ELECTRIC & POWER CO 4.60000% 18-01.12.48 | 2 000 000.00 | 2 463 377.00 | 0.60 |
| USD	VODAFONE GROUP PLC 4.87500% 19-19.06.49 | 1 000 000.00 | 1 133 588.00 | 0.28 |
| USD	WELLS FARGO & CO-SUB 4.12500% 13-15.08.23 | 2 500 000.00 | 2 650 163.25 | 0.64 |
| USD	WESTERN GAS PARTNERS LP 5.50000% 18-15.08.48 | 1 000 000.00 | 850 351.98 | 0.21 |
| USD	WESTERN MIDSTREAM OPERATING LP 5.37500% 11-01.06.21 | 2 112 000.00 | 2 174 486.27 | 0.53 |
| Total USD |  | 216 808 586.13 | 52.62 |
| Total des Billets, taux fixe |  | 216 808 586.13 | 52.62 |

UBS (Lux) Bond SICAV – USD Corporates (USD) Rapport semestriel au 30 novembre 2019
| Dénomination | Nombre/ | Evaluation en USD | en % |
| --- | --- | --- | --- |
|  | Nominal | Bénéfice/(perte) non | de |
|  |  | réalisé(e) sur futures/ | l’actif |
|  |  | Contrats de | net |
|  |  | change à terme/ |  |
|  |  | Swaps (note 1) |  |
| Medium-Term Notes, taux fixe |  |  |  |
| USD |  |  |  |
| USD	BANK OF AMERICA CORP-SUB 4.20000% 14-26.08.24 | 7 000 000.00 | 7 500 579.80 | 1.82 |
| USD	BANK OF AMERICA CORP-SUB 4.18300% 16-25.11.27 | 5 000 000.00 | 5 415 829.00 | 1.32 |
| USD	MCDONALD’S CORP 4.45000% 17-01.03.47 | 2 000 000.00 | 2 318 425.20 | 0.56 |
| USD	MORGAN STANLEY-SUB 4.10000% 13-22.05.23 | 2 500 000.00 | 2 641 724.25 | 0.64 |
| USD	SAUDI ARABIAN OIL CO-144A 4.37500% 19-16.04.49 | 2 000 000.00 | 2 198 750.00 | 0.53 |
| USD	STANDARD CHARTERED BANK (HONG KONG)-SUB 5.87500% 10-24.06.20 | 1 500 000.00 | 1 526 050.50 | 0.37 |
| Total USD |  | 21 601 358.75 | 5.24 |
| Total des Medium-Term Notes, taux fixe |  | 21 601 358.75 | 5.24 |
| Medium-Term Notes, taux variable |  |  |  |
| USD |  |  |  |
| USD	JPMORGAN CHASE & CO-SUB 6.750%/3M LIBOR+378BP 14-PRP | 1 750 000.00 | 1 970 937.50 | 0.48 |
| Total USD |  | 1 970 937.50 | 0.48 |
| Total des Medium-Term Notes, taux variable |  | 1 970 937.50 | 0.48 |
| Obligations, taux fixe |  |  |  |
| USD |  |  |  |
| USD	ALLY FINANCIAL INC 4.62500% 15-19.05.22 | 1 250 000.00 | 1 306 844.63 | 0.32 |
| USD	BALTIMORE GAS & ELECTRIC CO 3.50000% 16-15.08.46 | 1 250 000.00 | 1 298 388.12 | 0.32 |
| USD	CONSOLIDATED EDISON CO OF NEW YORK INC 4.65000% 18-01.12.48 | 1 500 000.00 | 1 849 988.25 | 0.45 |
| USD	DUKE ENERGY CAROLINAS LLC 6.05000% 08-15.04.38 | 925 000.00 | 1 290 908.17 | 0.31 |
| USD	DUKE ENERGY OHIO INC 4.30000% 19-01.02.49 | 3 000 000.00 | 3 542 202.00 | 0.86 |
| USD	ENTERPRISE PRODUCTS OPERATING LP 6.87500% 03-01.03.33 | 900 000.00 | 1 227 040.56 | 0.30 |
| USD	FLORIDA POWER & LIGHT CO 3.95000% 18-01.03.48 | 2 000 000.00 | 2 326 335.40 | 0.57 |
| USD	PRUDENTIAL FINANCIAL INC 6.62500% 10-21.06.40 | 516 000.00 | 741 070.37 | 0.18 |
| USD	SAN DIEGO GAS & ELECTRIC CO 4.10000% 19-15.06.49 | 1 000 000.00 | 1 116 147.00 | 0.27 |
| USD	TIME WARNER ENTERTAINMENT CO L P 8.37500% 93-15.03.23 | 1 300 000.00 | 1 541 954.57 | 0.37 |
| USD	VERIZON COMMUNICATIONS INC 5.25000% 17-16.03.37 | 5 000 000.00 | 6 318 256.50 | 1.53 |
| Total USD |  | 22 559 135.57 | 5.48 |
| Total des Obligations, taux fixe |  | 22 559 135.57 | 5.48 |
| Obligations, taux variable |  |  |  |
| USD |  |  |  |
| USD	DEUTSCHE TELEKOM INTL FIN 8.250%/RATING LINKED 00-15.06.30 | 2 750 000.00 | 4 047 345.50 | 0.98 |
| Total USD |  | 4 047 345.50 | 0.98 |
| Total des Obligations, taux variable |  | 4 047 345.50 | 0.98 |
| Total des Titres et instruments du marché monétaire négociés sur une bourse officielle |  | 266 987 363.45 | 64.80 |
| Titres et instruments du marché monétaire négociés sur un autre marché réglementé |  |  |  |
| Titres adossés à des hypothèques, taux fixe |  |  |  |
| USD |  |  |  |
| USD	MORGAN STANLEY CAP BARC BK TST-144A-SUB 3.30890% 16-01.09.31 | 3 125 000.00 | 3 120 208.75 | 0.76 |
| Total USD |  | 3 120 208.75 | 0.76 |
| Total des Titres adossés à des hypothèques, taux fixe |  | 3 120 208.75 | 0.76 |
| Titres adossés à des hypothèques, taux variable |  |  |  |
| USD |  |  |  |
| USD	CG-CCRE CMCL MRTG TRUST-144A-SUB 1M LIBOR+175BP 14-15.06.31 | 2 375 000.00 | 2 374 691.25 | 0.58 |
| USD	CSWF TOP-144A-SUB FLR 18-15.08.35 | 2 000 000.00 | 1 999 356.40 | 0.48 |
| USD	JP MORGAN CHASE COMRCL MTG SEC-144A-SUB VAR 15-01.09.32 | 3 500 000.00 | 3 510 867.85 | 0.85 |
| USD	LONE STAR PORTFOLIO TRUST-144A 1M LIBOR+400BP 15-15.09.28 | 3 500 000.00 | 1 929 731.55 | 0.47 |
| USD	MORGAN STANLEY CAPITAL INC-144A-SUB FLR 14-01.07.29 | 750 000.00 | 758 633.55 | 0.18 |
| Total USD |  | 10 573 280.60 | 2.56 |
| Total des Titres adossés à des hypothèques, taux variable |  | 10 573 280.60 | 2.56 |
| Billets, taux fixe |  |  |  |
| USD |  |  |  |
| USD	ADT CORP 3.50000% 13-15.07.22 | 2 000 000.00 | 2 030 000.00 | 0.49 |
| USD	AT&T INC 3.55000% 19-01.06.24 | 2 250 000.00 | 2 355 456.60 | 0.57 |
| USD	AXA EQUITABLE HOLDINGS INC 5.00000% 19-20.04.48 | 1 500 000.00 | 1 617 792.00 | 0.39 |
| USD	BRISTOL-MYERS SQUIBB CO-144A 4.12500% 19-15.06.39 | 3 500 000.00 | 4 043 589.90 | 0.98 |
| USD	BROADCOM CORP/CAYMAN FIN LTD 3.87500% 18-15.01.27 | 2 000 000.00 | 2 041 608.00 | 0.50 |
| USD	BROADCOM INC-144A 3.62500% 19-15.10.24 | 2 000 000.00 | 2 056 228.60 | 0.50 |
| USD	CCO LLC/CAPITAL 6.38400% 16-23.10.35 | 2 500 000.00 | 3 119 115.25 | 0.76 |
| USD	CHENIERE ENERGY PARTNERS LP 5.25000% 18-01.10.25 | 3 500 000.00 | 3 605 000.00 | 0.88 |
| USD	GENERAL ELECTRIC CO 4.62500% 11-07.01.21 | 5 000 000.00 | 5 132 287.00 | 1.25 |
| USD	GENERAL MOTORS FINANCIAL CO INC 4.25000% 14-15.05.23 | 2 000 000.00 | 2 096 750.80 | 0.51 |
| USD	GLENCORE FUNDING LLC-144A 4.12500% 19-12.03.24 | 1 500 000.00 | 1 574 070.60 | 0.38 |
| USD	GLP CAPITAL LP / GLP FINANC II INC 5.37500% 14-01.11.23 | 500 000.00 | 546 125.00 | 0.13 |
| USD	HARLEY-DAVIDSON FIN.SERV INC-144A 3.35000% 18-15.02.23 | 2 500 000.00 | 2 556 833.75 | 0.62 |
| USD	HCA INC 5.00000% 14-15.03.24 | 2 250 000.00 | 2 443 775.40 | 0.59 |
| USD	JPMORGAN CHASE & CO-SUB 3.62500% 16-01.12.27 | 8 000 000.00 | 8 447 079.20 | 2.05 |
| USD	KINDER MORGAN INC-144A 5.62500% 13-15.11.23 | 4 000 000.00 | 4 423 595.20 | 1.07 |
| USD	KKR GROUP FINANCE CO II LLC-144A 5.50000% 13-01.02.43 | 1 150 000.00 | 1 415 997.19 | 0.34 |
| USD	LENNAR CORP 2.95000% 18-29.11.20 | 2 000 000.00 | 2 010 000.00 | 0.49 |

UBS (Lux) Bond SICAV – USD Corporates (USD) Rapport semestriel au 30 novembre 2019
|  | 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) |  |
|  |  |  |  |  |
| USD | METLIFE INC 4.05000% 15-01.03.45 | 1 000 000.00 | 1 137 073.30 | 0.28 |
| USD | MORGAN STANLEY 3.70000% 14-23.10.24 | 10 000 000.00 | 10 591 065.00 | 2.57 |
| USD | MORGAN STANLEY 3.87500% 14-29.04.24 | 3 500 000.00 | 3 718 816.15 | 0.90 |
| USD | NORDEA BANK ABP-144A-SUB 4.25000% 12-21.09.22 | 3 060 000.00 | 3 203 336.52 | 0.78 |
| USD | NOVA CHEMICALS CORP-144A 5.25000% 13-01.08.23 | 500 000.00 | 503 750.00 | 0.12 |
| USD | NOVA CHEMICALS CORP-144A 5.00000% 14-01.05.25 | 1 250 000.00 | 1 256 250.00 | 0.31 |
| USD | NOVA CHEMICALS CORP-144A 5.25000% 17-01.06.27 | 1 500 000.00 | 1 515 000.00 | 0.37 |
| USD | NXP BV / NXP FUNDING LLC-144A 5.55000% 18-01.12.28 | 6 000 000.00 | 6 936 192.00 | 1.68 |
| USD | OWENS-BROCKWAY GLASS CONTAINER INC-144A 5.37500% 14-15.01.25 | 750 000.00 | 759 375.00 | 0.18 |
| USD | PPL CAPITAL FUNDING INC 4.70000% 13-01.06.43 | 2 000 000.00 | 2 271 726.60 | 0.55 |
| USD | PUBLIC STORAGE 3.09400% 17-15.09.27 | 5 000 000.00 | 5 244 281.50 | 1.27 |
| USD | SABINE PASS LIQUEFACTION LLC STEP-UP/DOWN 14-01.02.21 | 2 000 000.00 | 2 057 651.00 | 0.50 |
| USD | SOCIETE GENERALE SA-144A 4.00000% 17-12.01.27 | 3 000 000.00 | 3 194 887.50 | 0.78 |
| USD | SUNCOR ENERGY INC 3.60000% 14-01.12.24 | 1 231 000.00 | 1 300 102.19 | 0.32 |
| USD | UNION PACIFIC CORP 3.60000% 17-15.09.37 | 2 000 000.00 | 2 102 282.80 | 0.51 |
| USD | UNITED TECHNOLOGIES CORP 4.50000% 12-01.06.42 | 3 500 000.00 | 4 222 036.70 | 1.02 |
| USD | VERIZON COMMUNICATIONS INC 4.01600% 19-03.12.29 | 500 000.00 | 557 558.80 | 0.14 |
| USD | VOLKSWAGEN GRP OF AMERICA FINANCE-144A 4.62500% 18-13.11.25 | 1 500 000.00 | 1 657 472.10 | 0.40 |
| USD | WALT DISNEY CO-REG-S 4.75000% 19-15.11.46 | 1 500 000.00 | 1 964 331.90 | 0.48 |
| Total USD |  |  | 105 708 493.55 | 25.66 |
| Total des Billets, taux fixe |  | 105 708 493.55 | 25.66 |
| Medium-Term Notes, taux fixe |  |  |  |
| USD |  |  |  |
| USD	INTESA SANPAOLO SPA-144A 6.50000% 11-24.02.21 | 5 000 000.00 | 5 226 743.50 | 1.27 |
| Total USD |  | 5 226 743.50 | 1.27 |
| Total des Medium-Term Notes, taux fixe |  | 5 226 743.50 | 1.27 |
| Obligations, taux fixe |  |  |  |
| USD |  |  |  |
| USD	BURLINGTON NORTHERN SANTA FE LLC 4.05000% 18-15.06.48 | 2 000 000.00 | 2 287 251.80 | 0.56 |
| USD	EL PASO NATURAL GAS CO 8.37500% 03-15.06.32 | 1 050 000.00 | 1 452 097.81 | 0.35 |
| USD	ENERGY TRANSFER OPERATING LP 4.25000% 19-15.03.23 | 2 500 000.00 | 2 598 831.25 | 0.63 |
| USD	NEVADA POWER CO 6.65000% 06-01.04.36 | 1 174 000.00 | 1 663 107.18 | 0.40 |
| USD	NGPL PIPECO LLC-144A 4.87500% 17-15.08.27 | 2 500 000.00 | 2 649 396.50 | 0.64 |
| USD	RABOBANK NEDERLAND NV-SUB 3.95000% 12-09.11.22 | 1 250 000.00 | 1 303 970.75 | 0.32 |
| Total USD |  | 11 954 655.29 | 2.90 |
| Total des Obligations, taux fixe |  | 11 954 655.29 | 2.90 |
| Total des Titres et instruments du marché monétaire négociés sur un autre marché réglementé |  | 136 583 381.69 | 33.15 |

Titres et instruments du marché monétaire non négociés sur une bourse officielle ou un autre marché réglementé
Billets, taux fixe
| USD |  |
| --- | --- |
| USD | CCO LLC/CAPITAL 4.20000% 17-15.03.28 | 1 000 000.00 | 1 060 034.40 | 0.26 |
| USD | FOX CORP-144A 4.70900% 19-25.01.29 | 2 000 000.00 | 2 269 761.80 | 0.55 |
| USD | GLP CAPITAL LP / GLP FINANC II INC 4.00000% 19-15.01.30 | 2 000 000.00 | 2 018 190.00 | 0.49 |
| USD | NRG ENERGY INC-144A 3.75000% 19-15.06.24 | 425 000.00 | 438 133.65 | 0.11 |
| USD | T-MOBILE USA INC *ESCROW* 5.12500% 17-15.04.25 | 2 000 000.00 | 0.20 | 0.00 |
| USD | T-MOBILE USA INC *ESCROW* 5.37500% 17-15.04.27 | 800 000.00 | 0.08 | 0.00 |
| Total USD |  |  | 5 786 120.13 | 1.41 |
| Total des Billets, taux fixe |  | 5 786 120.13 | 1.41 |
| Total des Titres et instruments du marché monétaire non négociés sur une bourse officielle ou un autre marché réglementé |  | 5 786 120.13 | 1.41 |
| Nouvelles émissions de titres et instruments du marché monétaire |  |  |  |
| Billets, taux fixe |  |  |  |
| USD |  |  |  |
| USD	BRISTOL MYERS SQUIBB CO-144A 3.87500% 19-15.08.25 | 4 000 000.00 | 4 318 022.40 | 1.05 |
| Total USD |  | 4 318 022.40 | 1.05 |
| Total des Billets, taux fixe |  | 4 318 022.40 | 1.05 |
| Total des Nouvelles émissions de titres et instruments du marché monétaire |  | 4 318 022.40 | 1.05 |

OPCVM/Autres OPC au sens de l’article 41 (1) e) de la loi luxembourgeoise du 17 décembre 2010, telle que modifiée
Fonds d’investissement, ouvert
Luxembourg
| USD | UBS (LUX) BOND SICAV - MULTI INCOME (USD) U-X-ACC | 270.00 | 2 727 334.80 | 0.66 |
| --- | --- | --- | --- | --- |
| Total Luxembourg | 2 727 334.80 | 0.66 |
| Total des Fonds d’investissement, ouvert | 2 727 334.80 | 0.66 |
| Total des OPCVM/Autres OPC au sens de l’article 41 (1) e) de la loi luxembourgeoise du 17 décembre 2010, telle que modifiée | 2 727 334.80 | 0.66 |
| Total du Portefeuille-titres | 416 402 222.47 | 101.07 |

UBS (Lux) Bond SICAV – USD Corporates (USD) Rapport semestriel au 30 novembre 2019
| 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
Contrats de change à terme (achat/vente)
| EUR | 62 547 100.00 | USD | 69 150 822.82 | 16.1.2020 | 53 825.41 | 0.01 |
| --- | --- | --- | --- | --- | --- | --- |
| CHF | 17 707 100.00 | USD | 17 824 384.45 | 16.1.2020 | -34 763.58 | -0.01 |
| USD | 1 410 336.80 | EUR | 1 275 500.00 | 16.1.2020 | -928.13 | 0.00 |
| USD | 715 626.19 | EUR | 648 000.00 | 16.1.2020 | -1 347.29 | 0.00 |
| Total des Contrats de change à terme (achat/vente) | 16 786.41 | 0.00 |
|  |  |  |
| Avoirs en banque, dépôts à vue et à terme et autres liquidités | 522 168.32 | 0.13 |
| Crédit en compte courant et autres engagements à court terme | -9 349 432.67 | -2.27 |
| Autres actifs et passifs | 4 420 629.24 | 1.07 |
| Total de l’Actif net | 412 012 373.77 | 100.00 |

UBS (Lux) Bond SICAV – USD Corporates (USD) Rapport semestriel au 30 novembre 2019