# UBS (Lux) SICAV 2 – Low Duration USD Bond (USD)
| Most important figures |  |
| --- | --- |
|  | ISIN | 30.4.2020 | 31.10.2019 | 31.10.2018 |
| Net assets in USD |  | 58 884 795.17 | 69 763 593.31 | 150 246 142.93 |
| Class F-acc 1 | LU0417389524 |  |  |  |
| Shares outstanding |  | - | 267.9920 | 610 596.2480 |
| Net asset value per share in USD |  | - | 109.72 | 105.81 |
| Issue and redemption price per share in USD 2 |  | - | 109.72 | 105.81 |
| Class P-acc | LU0224522077 |  |  |  |
| Shares outstanding |  | 485 065.9850 | 573 935.0220 | 732 090.9520 |
| Net asset value per share in USD |  | 120.57 | 120.63 | 116.95 |
| Issue and redemption price per share in USD 2 |  | 120.57 | 120.63 | 116.95 |
| Class Q-acc | LU0417389870 |  |  |  |
| Shares outstanding |  | 3 765.6700 | 4 700.6700 | 250.0000 |
| Net asset value per share in USD |  | 106.92 | 106.81 | 103.20 |
| Issue and redemption price per share in USD 2 |  | 106.92 | 106.81 | 103.20 |
| 1  The unit class F-acc was in circulation until 16.1.2020 2  See note 1 |  |  |  |  |


### Structure of the Securities Portfolio
Geographical Breakdown as a % of net assets	
| United States | 44.63 |
| --- | --- |
| United Kingdom | 10.89 |
| France | 7.84 |
| British Virgin Islands | 4.29 |
| Australia | 4.09 |
| Japan | 3.12 |
| Cayman Islands | 2.97 |
| Canada | 2.64 |
| Norway | 2.58 |
| Switzerland | 2.16 |
| Guernsey | 1.97 |
| Supranationals | 1.79 |
| Sweden | 1.72 |
| Spain | 1.71 |
| Germany | 1.36 |
| Denmark | 1.19 |
| South Korea | 0.88 |
| The Netherlands | 0.85 |
| Italy | 0.70 |
| Total | 97.38 |

Economic Breakdown as a % of net assets	
| Banks & credit institutions | 35.91 |
| --- | --- |
| Finance & holding companies | 34.58 |
| Mortgage & funding institutions | 6.37 |
| Petroleum | 3.16 |
| Vehicles | 2.64 |
| Computer hardware & network equipment providers | 2.60 |
| Supranational organisations | 1.79 |
| Retail trade, department stores | 1.74 |
| Insurance | 1.72 |
| Pharmaceuticals, cosmetics & medical products | 1.69 |
| Aerospace industry | 1.69 |
| Telecommunications | 1.15 |
| Electronics & semiconductors | 0.88 |
| Internet, software & IT services | 0.88 |
| Energy & water supply | 0.38 |
| Traffic & transportation | 0.20 |
| Total | 97.38 |

UBS (Lux) SICAV 2 – Low Duration USD Bond (USD) Semi-Annual Report as of 30 April 2020

### Statement of Net Assets
Assets	30.4.2020
USD
Investments in securities, cost	56 895 563.90
| Investments in securities, unrealized appreciation (depreciation) | 	446 772.67	 |
| --- | --- |
| Total investments in securities (Note 1) | 57 342 336.57 |
| Cash at banks, deposits on demand and deposit accounts | 1 878 964.04 |
| Other liquid assets (Margins) | 202 343.50 |
| Interest receivable on securities | 389 958.97 |
| Other assets | 52 825.95 |
| Unrealized gain (loss) on financial futures (Note 1) | -169 140.60 |
| Total Assets | 59 697 288.43 |
|  |  |
| Liabilities |  |
| Payable on securities purchases (Note 1) | -774 777.08 |
| Provisions for flat fee (Note 2) | -20 108.06 |
| Provisions for taxe d’abonnement (Note 3) | -8 243.21 |
| Provisions for other commissions and fees (Note 2) | 	-9 364.91	 |
| Total provisions | -37 716.18 |
| Total Liabilities | -812 493.26 |
|  |  |
| Net assets at the end of the period | 58 884 795.17 |
| Statement of Operations | USD |
| Income | 1.11.2019-30.4.2020 |
| Interest on liquid assets | 5 482.35 |
| Interest on securities | 974 181.58 |
| Income on securities lending (Note 12) | 3 675.58 |
| Other income (Note 4) | 31 551.20 |
| Total income | 1 014 890.71 |
|  |  |
| Expenses |  |
| Cost on securities lending (Note 12) | -1 470.23 |
| Flat fee (Note 2) | -235 254.74 |
| Taxe d’abonnement (Note 3) | -14 945.75 |
| Other commissions and fees (Note 2) | -9 422.36 |
| Interest on cash and bank overdraft | -1.40 |
| Total expenses | -261 094.48 |
|  |  |
| Net income (loss) on investments | 753 796.23 |
|  |  |
| Realized gain (loss) (Note 1) |  |
| Realized gain (loss) on market-priced securities without options | 6 068.92 |
| Realized gain (loss) on financial futures | -98 458.84 |
| Realized gain (loss) on foreign exchange | -1 360.22 |
| Total realized gain (loss) | -93 750.14 |
|  |  |
| Net realized gain (loss) of the period | 660 046.09 |
|  |  |
| Changes in unrealized appreciation (depreciation) (Note 1) |  |
| Unrealized appreciation (depreciation) on market-priced securities without options | -525 087.35 |
| Unrealized appreciation (depreciation) on financial futures | -194 648.43 |
| Total changes in unrealized appreciation (depreciation) | -719 735.78 |
|  |  |
| Net increase (decrease) in net assets as a result of operations | -59 689.69 |

UBS (Lux) SICAV 2 – Low Duration USD Bond (USD) Semi-Annual Report as of 30 April 2020
| Statement of Changes in Net Assets |  |
| --- | --- |
|  | USD |
|  | 1.11.2019-30.4.2020 |
| Net assets at the beginning of the period | 69 763 593.31 |
| Subscriptions | 849 914.30 |
| Redemptions | 	-11 669 022.75	 |
| Total net subscriptions (redemptions) | -10 819 108.45 |
| Net income (loss) on investments | 753 796.23 |
| Total realized gain (loss) | -93 750.14 |
| Total changes in unrealized appreciation (depreciation) | 	-719 735.78	 |
| Net increase (decrease) in net assets as a result of operations | -59 689.69 |
| Net assets at the end of the period | 58 884 795.17 |
| Changes in the Number of Shares outstanding |  |
|  | 1.11.2019-30.4.2020 |
| Class | F-acc |
| Number of shares outstanding at the beginning of the period | 267.9920 |
| Number of shares issued | 0.0000 |
| Number of shares redeemed | -267.9920 |
| Number of shares outstanding at the end of the period | 0.0000 |
| Class | P-acc |
| Number of shares outstanding at the beginning of the period | 573 935.0220 |
| Number of shares issued | 7 036.6050 |
| Number of shares redeemed | -95 905.6420 |
| Number of shares outstanding at the end of the period | 485 065.9850 |
| Class | Q-acc |
| Number of shares outstanding at the beginning of the period | 4 700.6700 |
| Number of shares issued | 0.0000 |
| Number of shares redeemed | -935.0000 |
| Number of shares outstanding at the end of the period | 3 765.6700 |

UBS (Lux) SICAV 2 – Low Duration USD Bond (USD) Semi-Annual Report as of 30 April 2020

### Statement of Investments in Securities and other Net Assets as of 30 April 2020
| Description | Quantity/ | Valuation in USD | as a % |
| --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |
| Transferable securities and money market instruments listed on an official stock exchange |  |  |  |
| Notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	ANZ NEW ZEALAND INT’L LTD/LDN-REG-S 3.40000% 19-19.03.24 | 1 000 000.00 | 1 050 070.00 | 1.78 |
| USD	APPLE INC 2.85000% 14-06.05.21 | 1 500 000.00 | 1 533 684.45 | 2.60 |
| USD	AT&T INC 3.80000% 16-15.03.22 | 650 000.00 | 678 481.96 | 1.15 |
| USD	BANCO BILBAO VIZCAYA ARGENTARIA SA 3.00000% 15-20.10.20 | 1 000 000.00 | 1 003 961.20 | 1.71 |
| USD	BNZ INTERNATIONAL FUND LTD/LONDON-144A 2.65000% 17-03.11.22 | 1 350 000.00 | 1 378 597.05 | 2.34 |
| USD	CITIGROUP INC 2.35000% 16-02.08.21 | 750 000.00 | 756 940.13 | 1.29 |
| USD	CNOOC FINANCE 2011 LTD-REG-S 4.25000% 11-26.01.21 | 1 250 000.00 | 1 271 093.75 | 2.16 |
| USD	CORP ANDINA DE FOMENTO 3.75000% 18-23.11.23 | 1 000 000.00 | 1 053 490.00 | 1.79 |
| USD	DTE ENERGY CO 2.25000% 19-01.11.22 | 220 000.00 | 223 761.34 | 0.38 |
| USD	ENEL FINANCE INTERNATIONAL NV-REG-S 2.87500% 17-25.05.22 | 500 000.00 | 502 866.80 | 0.85 |
| USD	GENERAL MOTORS FINANCIAL CO INC 4.37500% 14-25.09.21 | 358 000.00 | 352 693.45 | 0.60 |
| USD	HARVEST OPERATIONS CORP-REG-S 3.00000% 17-21.09.22 | 800 000.00 | 827 000.00 | 1.40 |
| USD	HSBC USA INC-SUB 5.00000% 10-27.09.20 | 1 500 000.00 | 1 522 051.35 | 2.59 |
| USD	IBM CREDIT LLC 2.65000% 18-05.02.21 | 300 000.00 | 304 444.77 | 0.52 |
| USD	JPMORGAN CHASE & CO 2.75000% 15-23.06.20 | 1 500 000.00 | 1 501 009.80 | 2.55 |
| USD	MACQUARIE BANK LTD-REG-S 2.10000% 19-17.10.22 | 500 000.00 | 502 350.00 | 0.85 |
| USD	MARSH & MCLENNAN COS INC 3.50000% 19-29.12.20 | 1 000 000.00 | 1 014 273.10 | 1.72 |
| USD	MITSUBISHI UFJ FINANCIAL GROUP INC 2.19000% 16-13.09.21 | 828 000.00 | 832 769.28 | 1.41 |
| USD	MIZUHO FINANCIAL GROUP INC-REG-S 2.63200% 16-12.04.21 | 1 000 000.00 | 1 006 400.00 | 1.71 |
| USD	MORGAN STANLEY 5.50000% 11-28.07.21 | 1 000 000.00 | 1 048 822.90 | 1.78 |
| USD	ORACLE CORP 2.50000% 12-15.10.22 | 500 000.00 | 518 846.00 | 0.88 |
| USD	TOTAL CAPITAL 4.25000% 09-15.12.21 | 1 000 000.00 | 1 045 121.70 | 1.78 |
| USD	UBS GROUP AG-REG-S 2.65000% 16-01.02.22 | 1 250 000.00 | 1 271 463.25 | 2.16 |
| USD	VALERO ENERGY CORP 2.70000% 20-15.04.23 | 160 000.00 | 159 773.52 | 0.27 |
| Total USD |  | 21 359 965.80 | 36.27 |
| Total Notes, fixed rate |  | 21 359 965.80 | 36.27 |
| Notes, floating rate |  |  |  |
| USD |  |  |  |
| USD	BANK OF AMERICA CORP 2.738%/VAR 18-23.01.22 | 1 500 000.00 | 1 509 288.45 | 2.56 |
| USD	BARCLAYS PLC 3M LIBOR+211BP 16-10.08.21 | 1 000 000.00 | 1 001 576.20 | 1.70 |
| USD	CREDIT SUISSE GRP FDNG GUERNSEY 3M LIBOR+229BP 16-16.04.21 | 1 150 000.00 | 1 161 174.09 | 1.97 |
| USD	CVS HEALTH CORP 3M LIBOR+72BP 18-09.03.21 | 1 000 000.00 | 997 960.33 | 1.69 |
| USD	LLOYDS BANK PLC 3M LIBOR+49BP 18-07.05.21 | 700 000.00 | 695 041.67 | 1.18 |
| USD	OCCIDENTAL PETROLEUM CORP 3M LIBOR+145BP 19-15.08.22 | 450 000.00 | 351 140.25 | 0.60 |
| USD	OTIS WORLDWIDE CORP-REG-S 3M LIBOR+45BP 20-05.04.23 | 1 000 000.00 | 992 897.40 | 1.69 |
| USD	WESTPAC BANKING CORP 3M LIBOR+85BP 17-11.01.22 | 1 385 000.00 | 1 384 421.93 | 2.35 |
| Total USD |  | 8 093 500.32 | 13.74 |
| Total Notes, floating rate |  | 8 093 500.32 | 13.74 |
| Medium term notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	BPCE SA-REG-S 2.75000% 18-11.01.23 | 1 000 000.00 | 1 017 975.60 | 1.73 |
| USD	CATERPILLAR FINANCIAL SERVICES CORP 1.95000% 20-18.11.22 | 400 000.00 | 408 167.16 | 0.70 |
| USD	COMMONWEALTH BANK OF AUSTRALIA 2.55000% 16-15.03.21 | 450 000.00 | 454 432.50 | 0.77 |
| USD	DNB BANK ASA-REG-S 2.37500% 16-02.06.21 | 1 500 000.00 | 1 518 049.50 | 2.58 |
| USD	HYUNDAI CAPITAL AMERICA-REG-S 3.00000% 15-30.10.20 | 1 200 000.00 | 1 194 588.00 | 2.03 |
| USD	SOCIETE GENERALE-REG-S 3.25000% 17-12.01.22 | 1 500 000.00 | 1 525 948.80 | 2.59 |
| USD	STATE GRID OVERSEAS INVESTMENT-REG-S 2.25000% 17-04.05.20 | 1 256 000.00 | 1 256 050.24 | 2.13 |
| USD	SVENSKA HANDELSBANKEN AB 2.45000% 16-30.03.21 | 1 000 000.00 | 1 013 332.30 | 1.72 |
| USD	TORONTO-DOMINION BANK 2.55000% 18-25.01.21 | 310 000.00 | 313 889.94 | 0.53 |
| USD	TOYOTA MOTOR CREDIT CORP 4.25000% 11-11.01.21 | 750 000.00 | 764 632.13 | 1.30 |
| USD	UNICREDIT SPA-REG-S 6.57200% 19-14.01.22 | 400 000.00 | 412 568.00 | 0.70 |
| Total USD |  | 9 879 634.17 | 16.78 |
| Total Medium term notes, fixed rate |  | 9 879 634.17 | 16.78 |
| Medium term notes, floating rate |  |  |  |
| USD |  |  |  |
| USD	QNB FINANCE LTD-REG-S 3M LIBOR+135BP 18-31.05.21 | 750 000.00 | 745 818.76 | 1.27 |
| Total USD |  | 745 818.76 | 1.27 |
| Total Medium term notes, floating rate |  | 745 818.76 | 1.27 |
| Bonds, fixed rate |  |  |  |
| USD |  |  |  |
| USD	BP CAPITAL MARKETS PLC-REG-S 3.16100% 16-17.03.21 | 1 500 000.00 | 1 515 299.40 | 2.57 |
| USD	CK HUTCHISON INTERNATIONAL 16 LTD-REG-S 1.87500% 16-03.10.21 | 500 000.00 | 499 531.25 | 0.85 |
| USD	CK HUTCHISON INTNL 17 II LTD-REG-S 2.25000% 17-29.09.20 | 500 000.00 | 500 410.00 | 0.85 |
| USD	LG DISPLAY CO LTD-REG-S 3.87500% 18-15.11.21 | 500 000.00 | 520 116.90 | 0.88 |
| USD	ROYAL BANK OF CANADA-REG-S 3.35000% 18-22.10.21 | 400 000.00 | 414 593.76 | 0.71 |
| USD	SANTANDER HOLDINGS USA INC 3.70000% 18-28.03.22 | 1 250 000.00 | 1 265 950.00 | 2.15 |
| Total USD |  | 4 715 901.31 | 8.01 |
| Total Bonds, fixed rate |  | 4 715 901.31 | 8.01 |
| Total Transferable securities and money market instruments listed on an official stock exchange |  | 44 794 820.36 | 76.07 |

UBS (Lux) SICAV 2 – Low Duration USD Bond (USD) Semi-Annual Report as of 30 April 2020
| Description | Quantity/ | Valuation in USD | as a % |
| --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |
| Transferable securities and money market instruments traded on another regulated market |  |  |  |
| Asset Backed Securities, fixed rate |  |  |  |
| USD |  |  |  |
| USD	CAPITAL AUTO RECEI ASSET TRT 2.42000% 16-21.06.21 | 500 000.00 | 221 564.87 | 0.37 |
| USD	EXETER AUTOMOBILE RECEIVABLE TRUST-144A 8.20000% 16-15.02.23 | 1 000 000.00 | 940 405.12 | 1.60 |
| USD	FIRST INVESTORS AUTO OWNER TRUST-144A 4.22000% 15-15.12.21 | 885 000.00 | 646 938.45 | 1.10 |
| USD	GM FIN CONSUMER AUTO RECEIV TRUST-144A 1.86000% 17-16.12.21 | 600 000.00 | 170 751.74 | 0.29 |
| Total USD |  | 1 979 660.18 | 3.36 |
| Total Asset Backed Securities, fixed rate |  | 1 979 660.18 | 3.36 |
| Notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	BAT INTERNATIONAL FINANCE PLC-REG-S 3.25000% 12-07.06.22 | 750 000.00 | 769 743.98 | 1.31 |
| USD	BMW US CAPITAL LLC-144A 1.85000% 16-15.09.21 | 1 000 000.00 | 996 916.30 | 1.69 |
| USD	DAIMLER FINANCE NORTH AMERICA LLC-144A 2.30000% 17-12.02.21 | 1 570 000.00 | 1 554 879.69 | 2.64 |
| USD	KINDER MORGAN ENERGY PARTNERS LP 5.30000% 10-15.09.20 | 1 000 000.00 | 1 007 659.40 | 1.71 |
| USD	KROGER CO 2.95000% 14-01.11.21 | 1 000 000.00 | 1 024 316.70 | 1.74 |
| USD	METROPOLITAN LIFE GLOBAL FUNDING-144A 1.95000% 16-15.09.21 | 1 000 000.00 | 1 008 097.50 | 1.71 |
| USD	ORIGIN ENERGY FINANCE LTD-REG-S 5.45000% 11-14.10.21 | 500 000.00 | 520 110.00 | 0.89 |
| Total USD |  | 6 881 723.57 | 11.69 |
| Total Notes, fixed rate |  | 6 881 723.57 | 11.69 |
| Notes, floating rate |  |  |  |
| USD |  |  |  |
| USD	GOLDMAN SACHS BANK USA/NEW YORK NY O/N SOFR+60BP 19-24.05.21 | 500 000.00 | 496 287.45 | 0.84 |
| USD	MPLX LP 3M LIBOR+90BP 19-09.09.21 | 122 000.00 | 114 776.72 | 0.20 |
| Total USD |  | 611 064.17 | 1.04 |
| Total Notes, floating rate |  | 611 064.17 | 1.04 |
| Medium term notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	DANSKE BANK AS-144A 2.75000% 15-17.09.20 | 700 000.00 | 703 184.72 | 1.19 |
| Total USD |  | 703 184.72 | 1.19 |
| Total Medium term notes, fixed rate |  | 703 184.72 | 1.19 |
| Bonds, fixed rate |  |  |  |
| USD |  |  |  |
| USD	BNP PARIBAS 5.00000% 11-15.01.21 | 1 000 000.00 | 1 027 991.20 | 1.75 |
| USD	DEUTSCHE BANK AG 3.37500% 16-12.05.21 | 800 000.00 | 800 676.72 | 1.36 |
| USD	NISSAN MOTOR ACCEPTANCE CORP-144A 1.90000% 16-14.09.21 | 575 000.00 | 543 215.65 | 0.92 |
| Total USD |  | 2 371 883.57 | 4.03 |
| Total Bonds, fixed rate |  | 2 371 883.57 | 4.03 |
| Total Transferable securities and money market instruments traded on another regulated market |  | 12 547 516.21 | 21.31 |
| Total investments in securities |  | 57 342 336.57 | 97.38 |
| Derivative instruments |  |  |  |
| Derivative instruments listed on an official stock exchange |  |  |  |
| Financial Futures on bonds |  |  |  |
|  |  |  |  |
| USD	US 2YR TREASURY NOTE FUTURE 30.06.20 | -50.00 | -169 140.60 | -0.29 |
| Total Financial Futures on bonds |  | -169 140.60 | -0.29 |
| Total Derivative instruments listed on an official stock exchange |  | -169 140.60 | -0.29 |
| Total Derivative instruments |  | -169 140.60 | -0.29 |
|  |  |  |  |
| Cash at banks, deposits on demand and deposit accounts and other liquid assets |  | 2 081 307.54 | 3.53 |
| Other assets and liabilities |  | -369 708.34 | -0.62 |
| Total net assets |  | 58 884 795.17 | 100.00 |

UBS (Lux) SICAV 2 – Low Duration USD Bond (USD) Semi-Annual Report as of 30 April 2020

Translation (ENDE, 2020-04-30):
# UBS (Lux) SICAV 2 – Low Duration USD Bond (USD)
| Wichtigste Daten |  |
| --- | --- |
|  | ISIN | 30.4.2020 | 31.10.2019 | 31.10.2018 |
| Nettovermögen in USD |  | 58 884 795.17 | 69 763 593.31 | 150 246 142.93 |
| Klasse F-acc 1 | LU0417389524 |  |  |  |
| Aktien im Umlauf |  | - | 267.9920 | 610 596.2480 |
| Nettoinventarwert pro Aktie in USD |  | - | 109.72 | 105.81 |
| Ausgabe- und Rücknahmepreis pro Aktie in USD 2 |  | - | 109.72 | 105.81 |
| Klasse P-acc | LU0224522077 |  |  |  |
| Aktien im Umlauf |  | 485 065.9850 | 573 935.0220 | 732 090.9520 |
| Nettoinventarwert pro Aktie in USD |  | 120.57 | 120.63 | 116.95 |
| Ausgabe- und Rücknahmepreis pro Aktie in USD 2 |  | 120.57 | 120.63 | 116.95 |
| Klasse Q-acc | LU0417389870 |  |  |  |
| Aktien im Umlauf |  | 3 765.6700 | 4 700.6700 | 250.0000 |
| Nettoinventarwert pro Aktie in USD |  | 106.92 | 106.81 | 103.20 |
| Ausgabe- und Rücknahmepreis pro Aktie in USD 2 |  | 106.92 | 106.81 | 103.20 |
| 1  Die Anteilsklasse F-acc war bis zum 16.1.2020 im Umlauf 2  Siehe Erläuterung 1 |  |  |  |  |


### Struktur des Wertpapierbestandes
Geographische Aufteilung in % des Nettovermögens	
| Vereinigte Staaten | 44.63 |
| --- | --- |
| Grossbritannien | 10.89 |
| Frankreich | 7.84 |
| Britische Jungferninseln | 4.29 |
| Australien | 4.09 |
| Japan | 3.12 |
| Cayman-Inseln | 2.97 |
| Kanada | 2.64 |
| Norwegen | 2.58 |
| Schweiz | 2.16 |
| Guernsey | 1.97 |
| Supranational | 1.79 |
| Schweden | 1.72 |
| Spanien | 1.71 |
| Deutschland | 1.36 |
| Dänemark | 1.19 |
| Südkorea | 0.88 |
| Niederlande | 0.85 |
| Italien | 0.70 |
| Total | 97.38 |

Wirtschaftliche Aufteilung in % des Nettovermögens	
| Banken & Kreditinstitute | 35.91 |
| --- | --- |
| Finanz- & Beteiligungsgesellschaften | 34.58 |
| Pfandbriefinstitute & Refinanzierungsgesellschaften | 6.37 |
| Erdöl | 3.16 |
| Fahrzeuge | 2.64 |
| Computer & Netzwerkausrüster | 2.60 |
| Supranationale Organisationen | 1.79 |
| Detailhandel, Warenhäuser | 1.74 |
| Versicherungen | 1.72 |
| Pharmazeutik, Kosmetik & medizinische Produkte | 1.69 |
| Flugzeug- & Raumfahrtindustrie | 1.69 |
| Telekommunikation | 1.15 |
| Elektronik & Halbleiter | 0.88 |
| Internet, Software & IT-Dienste | 0.88 |
| Energie- & Wasserversorgung | 0.38 |
| Verkehr & Transport | 0.20 |
| Total | 97.38 |

UBS (Lux) SICAV 2 – Low Duration USD Bond (USD) Halbjahresbericht per 30. April 2020

### Nettovermögensaufstellung
Aktiva	30.4.2020
USD
Wertpapierbestand, Einstandswert	56 895 563.90
| Wertpapierbestand, nicht realisierte Werterhöhung (-minderung) | 	446 772.67	 |
| --- | --- |
| Total Wertpapierbestand (Erläuterung 1) | 57 342 336.57 |
| Bankguthaben, Sicht- und Fristgelder | 1 878 964.04 |
| Andere liquide Mittel (Margins) | 202 343.50 |
| Zinsforderungen aus Wertpapieren | 389 958.97 |
| Sonstige Aktiva | 52 825.95 |
| Nicht realisierter Kursgewinn (-verlust) aus Finanzterminkontrakten (Erläuterung 1) | -169 140.60 |
| Total Aktiva | 59 697 288.43 |
|  |  |
| Passiva |  |
| Verbindlichkeiten aus Wertpapierkäufen (Erläuterung 1) | -774 777.08 |
| Rückstellungen für pauschale Verwaltungskommission (Erläuterung 2) | -20 108.06 |
| Rückstellungen für Abonnementsabgabe (Erläuterung 3) | -8 243.21 |
| Rückstellungen für sonstige Kommissionen und Gebühren (Erläuterung 2) | 	-9 364.91	 |
| Total Rückstellungen für Aufwendungen | -37 716.18 |
| Total Passiva | -812 493.26 |
|  |  |
| Nettovermögen am Ende der Berichtsperiode | 58 884 795.17 |
| Ertrags- und Aufwandsrechnung | USD |
| Erträge | 1.11.2019-30.4.2020 |
| Zinsertrag auf liquide Mittel | 5 482.35 |
| Zinsen auf Wertpapiere | 974 181.58 |
| Erträge aus Securities Lending (Erläuterung 12) | 3 675.58 |
| Sonstige Erträge (Erläuterung 4) | 31 551.20 |
| Total Erträge | 1 014 890.71 |
|  |  |
| Aufwendungen |  |
| Kosten aus Securities Lending (Erläuterung 12) | -1 470.23 |
| Pauschale Verwaltungskommission (Erläuterung 2) | -235 254.74 |
| Abonnementsabgabe (Erläuterung 3) | -14 945.75 |
| Sonstige Kommissionen und Gebühren (Erläuterung 2) | -9 422.36 |
| Zinsaufwand auf liquide Mittel und Kontokorrentkredit | -1.40 |
| Total Aufwendungen | -261 094.48 |
|  |  |
| Nettoerträge (-verluste) aus Anlagen | 753 796.23 |
|  |  |
| Realisierte Gewinne (Verluste) (Erläuterung 1) |  |
| Realisierter Kursgewinn (-verlust) aus marktbewerteten Wertpapieren ausser Optionen | 6 068.92 |
| Realisierter Kursgewinn (-verlust) aus Finanzterminkontrakten | -98 458.84 |
| Realisierter Währungsgewinn (-verlust) | -1 360.22 |
| Total der realisierten Gewinne (Verluste) | -93 750.14 |
|  |  |
| Realisierter Nettogewinn (-verlust) der Berichtsperiode | 660 046.09 |
|  |  |
| Veränderungen der nicht realisierten Werterhöhung (-minderung) (Erläuterung 1) |  |
| Nicht realisierte Werterhöhung (-minderung) marktbewerteter Wertpapiere ausser Optionen | -525 087.35 |
| Nicht realisierte Werterhöhung (-minderung) von Finanzterminkontrakten | -194 648.43 |
| Total der Veränderungen der nicht realisierten Werterhöhung (-minderung) | -719 735.78 |
|  |  |
| Nettoerhöhung (-minderung) des Nettovermögens infolge Geschäftstätigkeit | -59 689.69 |

UBS (Lux) SICAV 2 – Low Duration USD Bond (USD) Halbjahresbericht per 30. April 2020
| Veränderungen des Nettovermögens |  |
| --- | --- |
|  | USD |
|  | 1.11.2019-30.4.2020 |
| Nettovermögen zu Beginn der Berichtsperiode | 69 763 593.31 |
| Zeichnungen | 849 914.30 |
| Rücknahmen | 	-11 669 022.75	 |
| Total Mittelzufluss (-abfluss) | -10 819 108.45 |
| Nettoerträge (-verluste) aus Anlagen | 753 796.23 |
| Total der realisierten Gewinne (Verluste) | -93 750.14 |
| Total der Veränderungen der nicht realisierten Werterhöhung (-minderung) | 	-719 735.78	 |
| Nettoerhöhung (-minderung) des Nettovermögens infolge Geschäftstätigkeit | -59 689.69 |
| Nettovermögen am Ende der Berichtsperiode | 58 884 795.17 |
| Entwicklung der Aktien im Umlauf |  |
|  | 1.11.2019-30.4.2020 |
| Klasse | F-acc |
| Anzahl der Aktien im Umlauf zu Beginn der Berichtsperiode | 267.9920 |
| Anzahl der ausgegebenen Aktien | 0.0000 |
| Anzahl der zurückgegebenen Aktien | -267.9920 |
| Anzahl der Aktien im Umlauf am Ende der Berichtsperiode | 0.0000 |
| Klasse | P-acc |
| Anzahl der Aktien im Umlauf zu Beginn der Berichtsperiode | 573 935.0220 |
| Anzahl der ausgegebenen Aktien | 7 036.6050 |
| Anzahl der zurückgegebenen Aktien | -95 905.6420 |
| Anzahl der Aktien im Umlauf am Ende der Berichtsperiode | 485 065.9850 |
| Klasse | Q-acc |
| Anzahl der Aktien im Umlauf zu Beginn der Berichtsperiode | 4 700.6700 |
| Anzahl der ausgegebenen Aktien | 0.0000 |
| Anzahl der zurückgegebenen Aktien | -935.0000 |
| Anzahl der Aktien im Umlauf am Ende der Berichtsperiode | 3 765.6700 |

UBS (Lux) SICAV 2 – Low Duration USD Bond (USD) Halbjahresbericht per 30. April 2020

### Aufstellung der Wertpapierbestände und anderer Nettovermögenswerte per 30. April 2020
| Bezeichnung | Anzahl/ | Bewertung in USD | in % des |
| --- | --- | --- | --- |
|  | Nominal | NR Kursgewinn | Netto- |
|  |  | (-verlust) auf Futures/ | vermögens |
|  |  | Devisentermin- |  |
|  |  | kontrakten/ |  |
|  |  | Swaps (Erl. 1) |  |
| Wertpapiere und Geldmarktinstrumente, die an einer offiziellen Börse gehandelt werden |  |  |  |
| Notes, fester Zins |  |  |  |
| USD |  |  |  |
| USD	ANZ NEW ZEALAND INT’L LTD/LDN-REG-S 3.40000% 19-19.03.24 | 1 000 000.00 | 1 050 070.00 | 1.78 |
| USD	APPLE INC 2.85000% 14-06.05.21 | 1 500 000.00 | 1 533 684.45 | 2.60 |
| USD	AT&T INC 3.80000% 16-15.03.22 | 650 000.00 | 678 481.96 | 1.15 |
| USD	BANCO BILBAO VIZCAYA ARGENTARIA SA 3.00000% 15-20.10.20 | 1 000 000.00 | 1 003 961.20 | 1.71 |
| USD	BNZ INTERNATIONAL FUND LTD/LONDON-144A 2.65000% 17-03.11.22 | 1 350 000.00 | 1 378 597.05 | 2.34 |
| USD	CITIGROUP INC 2.35000% 16-02.08.21 | 750 000.00 | 756 940.13 | 1.29 |
| USD	CNOOC FINANCE 2011 LTD-REG-S 4.25000% 11-26.01.21 | 1 250 000.00 | 1 271 093.75 | 2.16 |
| USD	CORP ANDINA DE FOMENTO 3.75000% 18-23.11.23 | 1 000 000.00 | 1 053 490.00 | 1.79 |
| USD	DTE ENERGY CO 2.25000% 19-01.11.22 | 220 000.00 | 223 761.34 | 0.38 |
| USD	ENEL FINANCE INTERNATIONAL NV-REG-S 2.87500% 17-25.05.22 | 500 000.00 | 502 866.80 | 0.85 |
| USD	GENERAL MOTORS FINANCIAL CO INC 4.37500% 14-25.09.21 | 358 000.00 | 352 693.45 | 0.60 |
| USD	HARVEST OPERATIONS CORP-REG-S 3.00000% 17-21.09.22 | 800 000.00 | 827 000.00 | 1.40 |
| USD	HSBC USA INC-SUB 5.00000% 10-27.09.20 | 1 500 000.00 | 1 522 051.35 | 2.59 |
| USD	IBM CREDIT LLC 2.65000% 18-05.02.21 | 300 000.00 | 304 444.77 | 0.52 |
| USD	JPMORGAN CHASE & CO 2.75000% 15-23.06.20 | 1 500 000.00 | 1 501 009.80 | 2.55 |
| USD	MACQUARIE BANK LTD-REG-S 2.10000% 19-17.10.22 | 500 000.00 | 502 350.00 | 0.85 |
| USD	MARSH & MCLENNAN COS INC 3.50000% 19-29.12.20 | 1 000 000.00 | 1 014 273.10 | 1.72 |
| USD	MITSUBISHI UFJ FINANCIAL GROUP INC 2.19000% 16-13.09.21 | 828 000.00 | 832 769.28 | 1.41 |
| USD	MIZUHO FINANCIAL GROUP INC-REG-S 2.63200% 16-12.04.21 | 1 000 000.00 | 1 006 400.00 | 1.71 |
| USD	MORGAN STANLEY 5.50000% 11-28.07.21 | 1 000 000.00 | 1 048 822.90 | 1.78 |
| USD	ORACLE CORP 2.50000% 12-15.10.22 | 500 000.00 | 518 846.00 | 0.88 |
| USD	TOTAL CAPITAL 4.25000% 09-15.12.21 | 1 000 000.00 | 1 045 121.70 | 1.78 |
| USD	UBS GROUP AG-REG-S 2.65000% 16-01.02.22 | 1 250 000.00 | 1 271 463.25 | 2.16 |
| USD	VALERO ENERGY CORP 2.70000% 20-15.04.23 | 160 000.00 | 159 773.52 | 0.27 |
| Total USD |  | 21 359 965.80 | 36.27 |
| Total Notes, fester Zins |  | 21 359 965.80 | 36.27 |
| Notes, variabler Zins |  |  |  |
| USD |  |  |  |
| USD	BANK OF AMERICA CORP 2.738%/VAR 18-23.01.22 | 1 500 000.00 | 1 509 288.45 | 2.56 |
| USD	BARCLAYS PLC 3M LIBOR+211BP 16-10.08.21 | 1 000 000.00 | 1 001 576.20 | 1.70 |
| USD	CREDIT SUISSE GRP FDNG GUERNSEY 3M LIBOR+229BP 16-16.04.21 | 1 150 000.00 | 1 161 174.09 | 1.97 |
| USD	CVS HEALTH CORP 3M LIBOR+72BP 18-09.03.21 | 1 000 000.00 | 997 960.33 | 1.69 |
| USD	LLOYDS BANK PLC 3M LIBOR+49BP 18-07.05.21 | 700 000.00 | 695 041.67 | 1.18 |
| USD	OCCIDENTAL PETROLEUM CORP 3M LIBOR+145BP 19-15.08.22 | 450 000.00 | 351 140.25 | 0.60 |
| USD	OTIS WORLDWIDE CORP-REG-S 3M LIBOR+45BP 20-05.04.23 | 1 000 000.00 | 992 897.40 | 1.69 |
| USD	WESTPAC BANKING CORP 3M LIBOR+85BP 17-11.01.22 | 1 385 000.00 | 1 384 421.93 | 2.35 |
| Total USD |  | 8 093 500.32 | 13.74 |
| Total Notes, variabler Zins |  | 8 093 500.32 | 13.74 |
| Medium-Term Notes, fester Zins |  |  |  |
| USD |  |  |  |
| USD	BPCE SA-REG-S 2.75000% 18-11.01.23 | 1 000 000.00 | 1 017 975.60 | 1.73 |
| USD	CATERPILLAR FINANCIAL SERVICES CORP 1.95000% 20-18.11.22 | 400 000.00 | 408 167.16 | 0.70 |
| USD	COMMONWEALTH BANK OF AUSTRALIA 2.55000% 16-15.03.21 | 450 000.00 | 454 432.50 | 0.77 |
| USD	DNB BANK ASA-REG-S 2.37500% 16-02.06.21 | 1 500 000.00 | 1 518 049.50 | 2.58 |
| USD	HYUNDAI CAPITAL AMERICA-REG-S 3.00000% 15-30.10.20 | 1 200 000.00 | 1 194 588.00 | 2.03 |
| USD	SOCIETE GENERALE-REG-S 3.25000% 17-12.01.22 | 1 500 000.00 | 1 525 948.80 | 2.59 |
| USD	STATE GRID OVERSEAS INVESTMENT-REG-S 2.25000% 17-04.05.20 | 1 256 000.00 | 1 256 050.24 | 2.13 |
| USD	SVENSKA HANDELSBANKEN AB 2.45000% 16-30.03.21 | 1 000 000.00 | 1 013 332.30 | 1.72 |
| USD	TORONTO-DOMINION BANK 2.55000% 18-25.01.21 | 310 000.00 | 313 889.94 | 0.53 |
| USD	TOYOTA MOTOR CREDIT CORP 4.25000% 11-11.01.21 | 750 000.00 | 764 632.13 | 1.30 |
| USD	UNICREDIT SPA-REG-S 6.57200% 19-14.01.22 | 400 000.00 | 412 568.00 | 0.70 |
| Total USD |  | 9 879 634.17 | 16.78 |
| Total Medium-Term Notes, fester Zins |  | 9 879 634.17 | 16.78 |
| Medium-Term Notes, variabler Zins |  |  |  |
| USD |  |  |  |
| USD	QNB FINANCE LTD-REG-S 3M LIBOR+135BP 18-31.05.21 | 750 000.00 | 745 818.76 | 1.27 |
| Total USD |  | 745 818.76 | 1.27 |
| Total Medium-Term Notes, variabler Zins |  | 745 818.76 | 1.27 |
| Anleihen, fester Zins |  |  |  |
| USD |  |  |  |
| USD	BP CAPITAL MARKETS PLC-REG-S 3.16100% 16-17.03.21 | 1 500 000.00 | 1 515 299.40 | 2.57 |
| USD	CK HUTCHISON INTERNATIONAL 16 LTD-REG-S 1.87500% 16-03.10.21 | 500 000.00 | 499 531.25 | 0.85 |
| USD	CK HUTCHISON INTNL 17 II LTD-REG-S 2.25000% 17-29.09.20 | 500 000.00 | 500 410.00 | 0.85 |
| USD	LG DISPLAY CO LTD-REG-S 3.87500% 18-15.11.21 | 500 000.00 | 520 116.90 | 0.88 |
| USD	ROYAL BANK OF CANADA-REG-S 3.35000% 18-22.10.21 | 400 000.00 | 414 593.76 | 0.71 |
| USD	SANTANDER HOLDINGS USA INC 3.70000% 18-28.03.22 | 1 250 000.00 | 1 265 950.00 | 2.15 |
| Total USD |  | 4 715 901.31 | 8.01 |
| Total Anleihen, fester Zins |  | 4 715 901.31 | 8.01 |
| Total Wertpapiere und Geldmarktinstrumente, die an einer offiziellen Börse gehandelt werden |  | 44 794 820.36 | 76.07 |

UBS (Lux) SICAV 2 – Low Duration USD Bond (USD) Halbjahresbericht per 30. April 2020
| Bezeichnung | Anzahl/ | Bewertung in USD | in % des |
| --- | --- | --- | --- |
|  | Nominal | NR Kursgewinn | Netto- |
|  |  | (-verlust) auf Futures/ | vermögens |
|  |  | Devisentermin- |  |
|  |  | kontrakten/ |  |
|  |  | Swaps (Erl. 1) |  |

Wertpapiere und Geldmarktinstrumente, die an einem anderen geregelten Markt gehandelt werden
Asset Backed Securities, fester Zins
| USD |  |
| --- | --- |
| USD | CAPITAL AUTO RECEI ASSET TRT 2.42000% 16-21.06.21 | 500 000.00 | 221 564.87 | 0.37 |
| USD | EXETER AUTOMOBILE RECEIVABLE TRUST-144A 8.20000% 16-15.02.23 | 1 000 000.00 | 940 405.12 | 1.60 |
| USD | FIRST INVESTORS AUTO OWNER TRUST-144A 4.22000% 15-15.12.21 | 885 000.00 | 646 938.45 | 1.10 |
| USD | GM FIN CONSUMER AUTO RECEIV TRUST-144A 1.86000% 17-16.12.21 | 600 000.00 | 170 751.74 | 0.29 |
| Total USD |  |  | 1 979 660.18 | 3.36 |
| Total Asset Backed Securities, fester Zins |  | 1 979 660.18 | 3.36 |
| Notes, fester Zins |  |  |  |
| USD |  |  |  |
| USD	BAT INTERNATIONAL FINANCE PLC-REG-S 3.25000% 12-07.06.22 | 750 000.00 | 769 743.98 | 1.31 |
| USD	BMW US CAPITAL LLC-144A 1.85000% 16-15.09.21 | 1 000 000.00 | 996 916.30 | 1.69 |
| USD	DAIMLER FINANCE NORTH AMERICA LLC-144A 2.30000% 17-12.02.21 | 1 570 000.00 | 1 554 879.69 | 2.64 |
| USD	KINDER MORGAN ENERGY PARTNERS LP 5.30000% 10-15.09.20 | 1 000 000.00 | 1 007 659.40 | 1.71 |
| USD	KROGER CO 2.95000% 14-01.11.21 | 1 000 000.00 | 1 024 316.70 | 1.74 |
| USD	METROPOLITAN LIFE GLOBAL FUNDING-144A 1.95000% 16-15.09.21 | 1 000 000.00 | 1 008 097.50 | 1.71 |
| USD	ORIGIN ENERGY FINANCE LTD-REG-S 5.45000% 11-14.10.21 | 500 000.00 | 520 110.00 | 0.89 |
| Total USD |  | 6 881 723.57 | 11.69 |
| Total Notes, fester Zins |  | 6 881 723.57 | 11.69 |
| Notes, variabler Zins |  |  |  |
| USD |  |  |  |
| USD	GOLDMAN SACHS BANK USA/NEW YORK NY O/N SOFR+60BP 19-24.05.21 | 500 000.00 | 496 287.45 | 0.84 |
| USD	MPLX LP 3M LIBOR+90BP 19-09.09.21 | 122 000.00 | 114 776.72 | 0.20 |
| Total USD |  | 611 064.17 | 1.04 |
| Total Notes, variabler Zins |  | 611 064.17 | 1.04 |
| Medium-Term Notes, fester Zins |  |  |  |
| USD |  |  |  |
| USD	DANSKE BANK AS-144A 2.75000% 15-17.09.20 | 700 000.00 | 703 184.72 | 1.19 |
| Total USD |  | 703 184.72 | 1.19 |
| Total Medium-Term Notes, fester Zins |  | 703 184.72 | 1.19 |
| Anleihen, fester Zins |  |  |  |
| USD |  |  |  |
| USD	BNP PARIBAS 5.00000% 11-15.01.21 | 1 000 000.00 | 1 027 991.20 | 1.75 |
| USD	DEUTSCHE BANK AG 3.37500% 16-12.05.21 | 800 000.00 | 800 676.72 | 1.36 |
| USD	NISSAN MOTOR ACCEPTANCE CORP-144A 1.90000% 16-14.09.21 | 575 000.00 | 543 215.65 | 0.92 |
| Total USD |  | 2 371 883.57 | 4.03 |
| Total Anleihen, fester Zins |  | 2 371 883.57 | 4.03 |
| Total Wertpapiere und Geldmarktinstrumente, die an einem anderen geregelten Markt gehandelt werden |  | 12 547 516.21 | 21.31 |
| Total des Wertpapierbestandes |  | 57 342 336.57 | 97.38 |
| Derivative Instrumente |  |  |  |
| Derivative Instrumente, die an einer offiziellen Börse gehandelt werden |  |  |  |
| Finanzterminkontrakte auf Anleihen |  |  |  |
|  |  |  |  |
| USD	US 2YR TREASURY NOTE FUTURE 30.06.20 | -50.00 | -169 140.60 | -0.29 |
| Total Finanzterminkontrakte auf Anleihen |  | -169 140.60 | -0.29 |
| Total Derivative Instrumente, die an einer offiziellen Börse gehandelt werden |  | -169 140.60 | -0.29 |
| Total Derivative Instrumente |  | -169 140.60 | -0.29 |
|  |  |  |  |
| Bankguthaben, Sicht- und Fristgelder und andere liquide Mittel |  | 2 081 307.54 | 3.53 |
| Andere Aktiva und Passiva |  | -369 708.34 | -0.62 |
| Total des Nettovermögens |  | 58 884 795.17 | 100.00 |

UBS (Lux) SICAV 2 – Low Duration USD Bond (USD) Halbjahresbericht per 30. April 2020