# UBS (Lux) Bond SICAV – USD High Yield (USD)
| Most important figures |  |
| --- | --- |
|  | ISIN | 30.11.2020 | 31.5.2020 | 31.5.2019 |
| Net assets in USD |  | 1 008 478 746.31 | 1 032 935 408.27 | 965 150 659.20 |
| Class F-acc | LU0396369489 |  |  |  |
| Shares outstanding |  | 404 627.7680 | 458 803.7680 | 405 301.5000 |
| Net asset value per share in USD |  | 340.55 | 311.96 | 310.04 |
| Issue and redemption price per share in USD 1 |  | 340.55 | 311.96 | 310.04 |
| Class I-A1-acc | LU0396369992 |  |  |  |
| Shares outstanding |  | 345 756.1520 | 349 734.4130 | 246 762.3270 |
| Net asset value per share in USD |  | 167.91 | 153.89 | 153.10 |
| Issue and redemption price per share in USD 1 |  | 167.91 | 153.89 | 153.10 |
| Class I-A2-mdist 2 | LU0862612198 |  |  |  |
| Shares outstanding |  | - | - | 11 399.6270 |
| Net asset value per share in USD |  | - | - | 94.37 |
| Issue and redemption price per share in USD 1 |  | - | - | 94.37 |
| Class I-B-acc | LU0396370651 |  |  |  |
| Shares outstanding |  | 233 501.4270 | 197 567.4270 | 47 297.4590 |
| Net asset value per share in USD |  | 178.42 | 163.07 | 161.34 |
| Issue and redemption price per share in USD 1 |  | 178.42 | 163.07 | 161.34 |
| Class (CHF hedged) I-B-acc 3 | LU2219379455 |  |  |  |
| Shares outstanding |  | 40 428.9630 | - | - |
| Net asset value per share in CHF |  | 101.64 | - | - |
| Issue and redemption price per share in CHF 1 |  | 101.64 | - | - |
| Class (EUR hedged) I-B-acc 4 | LU1023284349 |  |  |  |
| Shares outstanding |  | 47 948.0000 | - | - |
| Net asset value per share in EUR |  | 106.92 | - | - |
| Issue and redemption price per share in EUR 1 |  | 106.92 | - | - |
| Class I-X-acc | LU0396370818 |  |  |  |
| Shares outstanding |  | 54 853.8780 | 47 282.2030 | 98 607.5200 |
| Net asset value per share in USD |  | 179.54 | 164.04 | 162.18 |
| Issue and redemption price per share in USD 1 |  | 179.54 | 164.04 | 162.18 |
| Class (CHF hedged) I-X-acc | LU1819711182 |  |  |  |
| Shares outstanding |  | 257 595.6480 | 219 742.0300 | 204 287.4650 |
| Net asset value per share in CHF |  | 109.77 | 100.93 | 102.84 |
| Issue and redemption price per share in CHF 1 |  | 109.77 | 100.93 | 102.84 |
| Class (EUR hedged) I-X-acc | LU1554276805 |  |  |  |
| Shares outstanding |  | 12 000.2590 | 13 000.2590 | 13 005.8120 |
| Net asset value per share in EUR |  | 114.11 | 104.84 | 106.23 |
| Issue and redemption price per share in EUR 1 |  | 114.11 | 104.84 | 106.23 |
| Class K-X-acc | LU1801154631 |  |  |  |
| Shares outstanding |  | 132 177.7600 | 119 862.4900 | 30 088.6090 |
| Net asset value per share in USD |  | 109.70 | 100.25 | 99.16 |
| Issue and redemption price per share in USD 1 |  | 109.70 | 100.25 | 99.16 |
| Class P-6%-mdist | LU1076698411 |  |  |  |
| Shares outstanding |  | 90 913.0390 | 90 678.9810 | 84 982.5020 |
| Net asset value per share in USD |  | 86.10 | 81.54 | 86.67 |
| Issue and redemption price per share in USD 1 |  | 86.10 | 81.54 | 86.67 |
| Class P-acc | LU0070848972 |  |  |  |
| Shares outstanding |  | 237 782.8550 | 256 026.4060 | 304 680.8520 |
| Net asset value per share in USD |  | 321.40 | 295.58 | 296.04 |
| Issue and redemption price per share in USD 1 |  | 321.40 | 295.58 | 296.04 |
| Class (CHF hedged) P-acc | LU0566797311 |  |  |  |
| Shares outstanding |  | 128 893.6480 | 136 441.1120 | 154 929.4420 |
| Net asset value per share in CHF |  | 138.87 | 128.55 | 132.73 |
| Issue and redemption price per share in CHF 1 |  | 138.87 | 128.55 | 132.73 |
| Class P-mdist | LU0459103858 |  |  |  |
| Shares outstanding |  | 1 323 071.6480 | 1 137 564.7250 | 1 351 553.9830 |
| Net asset value per share in USD |  | 83.80 | 79.68 | 85.19 |
| Issue and redemption price per share in USD 1 |  | 83.80 | 79.68 | 85.19 |
| Class (ZAR hedged) P-mdist 5 | LU2185883449 |  |  |  |
| Shares outstanding |  | 16 247.5270 | - | - |
| Net asset value per share in ZAR |  | 1 025.04 | - | - |
| Issue and redemption price per share in ZAR 1 |  | 1 025.04 | - | - |

UBS (Lux) Bond SICAV – USD High Yield (USD) Semi-Annual Report as of 30 November 2020
|  | ISIN | 30.11.2020 | 31.5.2020 | 31.5.2019 |
| --- | --- | --- | --- | --- |
|  |  |  |  |  |
| Class Q-6%-mdist | LU1240777455 |  |  |  |
| Shares outstanding |  | 27 903.6540 | 9 594.0930 | 6 245.2470 |
| Net asset value per share in USD |  | 101.60 | 95.97 | 101.44 |
| Issue and redemption price per share in USD 1 |  | 101.60 | 95.97 | 101.44 |
| Class Q-acc | LU0396369646 |  |  |  |
| Shares outstanding |  | 154 080.5820 | 98 333.1700 | 143 384.7100 |
| Net asset value per share in USD |  | 134.66 | 123.50 | 123.03 |
| Issue and redemption price per share in USD 1 |  | 134.66 | 123.50 | 123.03 |
| Class (CHF hedged) Q-acc | LU1240777299 |  |  |  |
| Shares outstanding |  | 136 319.9550 | 150 824.0710 | 165 218.9730 |
| Net asset value per share in CHF |  | 118.63 | 109.51 | 112.47 |
| Issue and redemption price per share in CHF 1 |  | 118.63 | 109.51 | 112.47 |
| Class (EUR hedged) Q-acc | LU1004768518 |  |  |  |
| Shares outstanding |  | 14 551.1110 | 16 827.3040 | 13 430.1790 |
| Net asset value per share in EUR |  | 121.85 | 112.42 | 114.81 |
| Issue and redemption price per share in EUR 1 |  | 121.85 | 112.42 | 114.81 |
| Class Q-mdist | LU1240777539 |  |  |  |
| Shares outstanding |  | 74 507.2300 | 61 346.6530 | 58 678.5890 |
| Net asset value per share in USD |  | 97.88 | 92.80 | 98.67 |
| Issue and redemption price per share in USD 1 |  | 97.88 | 92.80 | 98.67 |
| Class U-X-acc | LU0396371030 |  |  |  |
| Shares outstanding |  | 20 166.8860 | 27 250.8860 | 24 805.7340 |
| Net asset value per share in USD |  | 20 919.05 | 19 112.37 | 18 896.80 |
| Issue and redemption price per share in USD 1 |  | 20 919.05 | 19 112.37 | 18 896.80 |
| Class U-X-UKdist-mdist | LU1839734875 |  |  |  |
| Shares outstanding |  | 1 414.0000 | 902.0000 | 543.0000 |
| Net asset value per share in USD |  | 10 157.43 | 9 477.03 | 10 049.67 |
| Issue and redemption price per share in USD 1 |  | 10 157.43 | 9 477.03 | 10 049.67 |
| 1  See note 1 2  The share class I-A2-mdist was in circulation until 24.2.2020 3  First NAV: 4.9.2020 4  First NAV: 9.7.2020 5  First NAV: 22.9.2020 |  |  |  |  |

UBS (Lux) Bond SICAV – USD High Yield (USD) Semi-Annual Report as of 30 November 2020

## Structure of the Securities Portfolio
Geographical Breakdown as a % of net assets	
United States	75.81
Luxembourg	6.68
Ireland	6.44
Canada	4.12
The Netherlands	1.63
United Kingdom	1.02
France	0.69
Denmark	0.60
Sweden	0.39
Panama	0.37
Germany	0.33
Brazil	0.26
Liberia	0.18
Bermuda	0.05
Australia	0.02
Total	98.59
Economic Breakdown as a % of net assets	
Finance & holding companies	26.47
Telecommunications	8.55
Investment funds	8.42
Healthcare & social services	6.96
Petroleum	6.42
Building industry & materials	4.18
Food & soft drinks	3.63
Lodging, catering & leisure	3.23
Energy & water supply	2.53
Pharmaceuticals, cosmetics & medical products	2.45
Vehicles	2.34
Computer hardware & network equipment providers	1.97
Internet, software & IT services	1.89
Electrical devices & components	1.87
Mining, coal & steel	1.83
Miscellaneous services	1.75
Environmental services & recycling	1.66
Mechanical engineering & industrial equipment	1.64
Banks & credit institutions	1.33
Chemicals	1.15
Real Estate	1.00
Textiles, garments & leather goods	0.84
Miscellaneous consumer goods	0.83
Retail trade, department stores	0.80
Aerospace industry	0.75
Graphic design, publishing & media	0.74
Packaging industry	0.62
Traffic & transportation	0.60
Mortgage & funding institutions	0.59
Precious metals & stones	0.46
Non-ferrous metals	0.44
Agriculture & fishery	0.40
Forestry, paper & pulp products	0.25
Total	98.59
UBS (Lux) Bond SICAV – USD High Yield (USD) Semi-Annual Report as of 30 November 2020

## Statement of Net Assets
Assets	30.11.2020
USD
Investments in securities, cost	955 701 775.22
| Investments in securities, unrealized appreciation (depreciation) | 	38 595 167.13	 |
| --- | --- |
| Total investments in securities (Note 1) | 994 296 942.35 |
| Cash at banks, deposits on demand and deposit accounts | 8 555 350.18 |
| Other liquid assets (Margins) | 112 225.93 |
| Receivable on securities sales (Note 1) | 2 128 456.25 |
| Receivable on subscriptions | 400 940.73 |
| Interest receivable on securities | 13 335 286.05 |
| Unrealized gain on forward foreign exchange contracts (Note 1) | 258 387.73 |
| Unrealized gain on swaps (Note 1) | 1 339 899.87 |
| Total Assets | 1 020 427 489.09 |
|  |  |
| Liabilities |  |
| Bank overdraft | -25.98 |
| Interest payable on bank overdraft | -3.38 |
| Payable on securities purchases (Note 1) | -6 889 650.00 |
| Payable on redemptions | -4 803 544.59 |
| Provisions for flat fee (Note 2) | -173 405.41 |
| Provisions for taxe d’abonnement (Note 3) | -34 199.95 |
| Provisions for other commissions and fees (Note 2) | 	-47 913.47	 |
| Total provisions | -255 518.83 |
| Total Liabilities | -11 948 742.78 |
|  |  |
| Net assets at the end of the period | 1 008 478 746.31 |
| Statement of Operations | USD |
| Income | 1.6.2020-30.11.2020 |
| Interest on liquid assets | 196.20 |
| Interest on securities | 27 436 297.44 |
| Dividends | 699 094.09 |
| Interest received on swaps (Note 1) | 987 390.75 |
| Income on securities lending (Note 12) | 10 059.98 |
| Other income (Note 4) | 1 196 097.97 |
| Total income | 30 329 136.43 |
|  |  |
| Expenses |  |
| Interest paid on swaps (Note 1) | -847 951.49 |
| Flat fee (Note 2) | -2 068 055.51 |
| Taxe d’abonnement (Note 3) | -104 562.16 |
| Cost on securities lending (Note 12) | -4 023.99 |
| Other commissions and fees (Note 2) | -46 616.16 |
| Interest on cash and bank overdraft | -6 634.74 |
| Total expenses | -3 077 844.05 |
|  |  |
| Net income (loss) on investments | 27 251 292.38 |
|  |  |
| Realized gain (loss) (Note 1) |  |
| Realized gain (loss) on market-priced securities without options | -46 500.45 |
| Realized gain (loss) on options | 264 600.00 |
| Realized gain (loss) on financial futures | -4 772.04 |
| Realized gain (loss) on forward foreign exchange contracts | 682 784.73 |
| Realized gain (loss) on swaps | -920 502.58 |
| Realized gain (loss) on foreign exchange | -480 001.36 |
| Total realized gain (loss) | -504 391.70 |
|  |  |
| Net realized gain (loss) of the period | 26 746 900.68 |
|  |  |
| Changes in unrealized appreciation (depreciation) (Note 1) |  |
| Unrealized appreciation (depreciation) on market-priced securities without options | 64 611 486.87 |
| Unrealized appreciation (depreciation) on options | 181 142.88 |
| Unrealized appreciation (depreciation) on forward foreign exchange contracts | 577 985.34 |
| Unrealized appreciation (depreciation) on swaps | 2 961 726.22 |
| Total changes in unrealized appreciation (depreciation) | 68 332 341.31 |
|  |  |
| Net increase (decrease) in net assets as a result of operations | 95 079 241.99 |

UBS (Lux) Bond SICAV – USD High Yield (USD) Semi-Annual Report as of 30 November 2020
| Changes in Net Assets |  |
| --- | --- |
|  | USD |
|  | 1.6.2020-30.11.2020 |
| Net assets at the beginning of the period | 1 032 935 408.27 |
| Subscriptions | 131 929 192.30 |
| Redemptions | 	-247 179 518.40	 |
| Total net subscriptions (redemptions) | -115 250 326.10 |
| Dividend paid | -4 285 577.85 |
| Net income (loss) on investments | 27 251 292.38 |
| Total realized gain (loss) | -504 391.70 |
| Total changes in unrealized appreciation (depreciation) | 	68 332 341.31	 |
| Net increase (decrease) in net assets as a result of operations | 95 079 241.99 |
| Net assets at the end of the period | 1 008 478 746.31 |
| Changes in the Number of Shares outstanding |  |
|  | 1.6.2020-30.11.2020 |
| Class | F-acc |
| Number of shares outstanding at the beginning of the period | 458 803.7680 |
| Number of shares issued | 9 835.0000 |
| Number of shares redeemed | -64 011.0000 |
| Number of shares outstanding at the end of the period | 404 627.7680 |
| Class | I-A1-acc |
| Number of shares outstanding at the beginning of the period | 349 734.4130 |
| Number of shares issued | 171 884.9350 |
| Number of shares redeemed | -175 863.1960 |
| Number of shares outstanding at the end of the period | 345 756.1520 |
| Class | I-B-acc |
| Number of shares outstanding at the beginning of the period | 197 567.4270 |
| Number of shares issued | 40 348.0000 |
| Number of shares redeemed | -4 414.0000 |
| Number of shares outstanding at the end of the period | 233 501.4270 |
| Class | (CHF hedged) I-B-acc |
| Number of shares outstanding at the beginning of the period | 0.0000 |
| Number of shares issued | 40 428.9630 |
| Number of shares redeemed | 0.0000 |
| Number of shares outstanding at the end of the period | 40 428.9630 |
| Class | (EUR hedged) I-B-acc |
| Number of shares outstanding at the beginning of the period | 0.0000 |
| Number of shares issued | 47 948.0000 |
| Number of shares redeemed | 0.0000 |
| Number of shares outstanding at the end of the period | 47 948.0000 |
| Class | I-X-acc |
| Number of shares outstanding at the beginning of the period | 47 282.2030 |
| Number of shares issued | 7 623.1170 |
| Number of shares redeemed | -51.4420 |
| Number of shares outstanding at the end of the period | 54 853.8780 |
| Class | (CHF hedged) I-X-acc |
| Number of shares outstanding at the beginning of the period | 219 742.0300 |
| Number of shares issued | 75 855.5250 |
| Number of shares redeemed | -38 001.9070 |
| Number of shares outstanding at the end of the period | 257 595.6480 |
| Class | (EUR hedged) I-X-acc |
| Number of shares outstanding at the beginning of the period | 13 000.2590 |
| Number of shares issued | 44 953.0950 |
| Number of shares redeemed | -45 953.0950 |
| Number of shares outstanding at the end of the period | 12 000.2590 |
| Class | K-X-acc |
| Number of shares outstanding at the beginning of the period | 119 862.4900 |
| Number of shares issued | 12 315.2700 |
| Number of shares redeemed | 0.0000 |
| Number of shares outstanding at the end of the period | 132 177.7600 |
| Class | P-6%-mdist |
| Number of shares outstanding at the beginning of the period | 90 678.9810 |
| Number of shares issued | 11 102.9860 |
| Number of shares redeemed | -10 868.9280 |
| Number of shares outstanding at the end of the period | 90 913.0390 |
| Class | P-acc |
| Number of shares outstanding at the beginning of the period | 256 026.4060 |
| Number of shares issued | 21 617.5790 |
| Number of shares redeemed | -39 861.1300 |
| Number of shares outstanding at the end of the period | 237 782.8550 |
| Class | (CHF hedged) P-acc |
| Number of shares outstanding at the beginning of the period | 136 441.1120 |
| Number of shares issued | 4 289.9440 |
| Number of shares redeemed | -11 837.4080 |
| Number of shares outstanding at the end of the period | 128 893.6480 |

UBS (Lux) Bond SICAV – USD High Yield (USD) Semi-Annual Report as of 30 November 2020
| Class | P-mdist |
| --- | --- |
| Number of shares outstanding at the beginning of the period | 1 137 564.7250 |
| Number of shares issued | 398 424.8510 |
| Number of shares redeemed | -212 917.9280 |
| Number of shares outstanding at the end of the period | 1 323 071.6480 |
| Class | (ZAR hedged) P-mdist |
| Number of shares outstanding at the beginning of the period | 0.0000 |
| Number of shares issued | 16 247.5270 |
| Number of shares redeemed | 0.0000 |
| Number of shares outstanding at the end of the period | 16 247.5270 |
| Class | Q-6%-mdist |
| Number of shares outstanding at the beginning of the period | 9 594.0930 |
| Number of shares issued | 23 717.3100 |
| Number of shares redeemed | -5 407.7490 |
| Number of shares outstanding at the end of the period | 27 903.6540 |
| Class | Q-acc |
| Number of shares outstanding at the beginning of the period | 98 333.1700 |
| Number of shares issued | 70 777.8330 |
| Number of shares redeemed | -15 030.4210 |
| Number of shares outstanding at the end of the period | 154 080.5820 |
| Class | (CHF hedged) Q-acc |
| Number of shares outstanding at the beginning of the period | 150 824.0710 |
| Number of shares issued | 1 200.2910 |
| Number of shares redeemed | -15 704.4070 |
| Number of shares outstanding at the end of the period | 136 319.9550 |
| Class | (EUR hedged) Q-acc |
| Number of shares outstanding at the beginning of the period | 16 827.3040 |
| Number of shares issued | 1 030.2650 |
| Number of shares redeemed | -3 306.4580 |
| Number of shares outstanding at the end of the period | 14 551.1110 |
| Class | Q-mdist |
| Number of shares outstanding at the beginning of the period | 61 346.6530 |
| Number of shares issued | 34 621.6340 |
| Number of shares redeemed | -21 461.0570 |
| Number of shares outstanding at the end of the period | 74 507.2300 |
| Class | U-X-acc |
| Number of shares outstanding at the beginning of the period | 27 250.8860 |
| Number of shares issued | 269.0000 |
| Number of shares redeemed | -7 353.0000 |
| Number of shares outstanding at the end of the period | 20 166.8860 |
| Class | U-X-UKdist-mdist |
| Number of shares outstanding at the beginning of the period | 902.0000 |
| Number of shares issued | 512.0000 |
| Number of shares redeemed | 0.0000 |
| Number of shares outstanding at the end of the period | 1 414.0000 |

| Monthly Distribution 1 |  |
| --- | --- |
| UBS (Lux) Bond SICAV – USD High Yield (USD) | Ex-Date | Pay-Date | Currency | Amount per share |
| P-6%-mdist | 10.6.2020 | 15.6.2020 | USD | 0.40 |
| P-6%-mdist | 10.7.2020 | 15.7.2020 | USD | 0.40 |
| P-6%-mdist | 10.8.2020 | 13.8.2020 | USD | 0.42 |
| P-6%-mdist | 10.9.2020 | 15.9.2020 | USD | 0.42 |
| P-6%-mdist | 12.10.2020 | 15.10.2020 | USD | 0.42 |
| P-6%-mdist | 10.11.2020 | 13.11.2020 | USD | 0.41 |
| P-mdist | 15.6.2020 | 18.6.2020 | USD | 0.46 |
| P-mdist | 15.7.2020 | 20.7.2020 | USD | 0.46 |
| P-mdist | 17.8.2020 | 20.8.2020 | USD | 0.46 |
| P-mdist | 15.9.2020 | 18.9.2020 | USD | 0.47 |
| P-mdist | 15.10.2020 | 20.10.2020 | USD | 0.46 |
| P-mdist | 16.11.2020 | 19.11.2020 | USD | 0.41 |
| (ZAR hedged) P-mdist | 15.10.2020 | 20.10.2020 | ZAR | 9.70 |
| (ZAR hedged) P-mdist | 16.11.2020 | 19.11.2020 | ZAR | 7.86 |
| Q-6%-mdist | 10.6.2020 | 15.6.2020 | USD | 0.47 |
| Q-6%-mdist | 10.7.2020 | 15.7.2020 | USD | 0.47 |
| Q-6%-mdist | 10.8.2020 | 13.8.2020 | USD | 0.50 |
| Q-6%-mdist | 10.9.2020 | 15.9.2020 | USD | 0.50 |
| Q-6%-mdist | 12.10.2020 | 15.10.2020 | USD | 0.49 |
| Q-6%-mdist | 10.11.2020 | 13.11.2020 | USD | 0.49 |
| Q-mdist | 15.6.2020 | 18.6.2020 | USD | 0.54 |
| Q-mdist | 15.7.2020 | 20.7.2020 | USD | 0.54 |
| Q-mdist | 17.8.2020 | 20.8.2020 | USD | 0.54 |
| Q-mdist | 15.9.2020 | 18.9.2020 | USD | 0.54 |
| Q-mdist | 15.10.2020 | 20.10.2020 | USD | 0.53 |
| Q-mdist | 16.11.2020 | 19.11.2020 | USD | 0.48 |
| 1  See note 5 |  |  |  |  |

UBS (Lux) Bond SICAV – USD High Yield (USD) Semi-Annual Report as of 30 November 2020
| UBS (Lux) Bond SICAV – USD High Yield (USD) | Ex-Date | Pay-Date | Currency | Amount per share |
| --- | --- | --- | --- | --- |
| U-X-UKdist-mdist | 15.7.2020 | 20.7.2020 | USD | 42.14 |
| U-X-UKdist-mdist | 17.8.2020 | 20.8.2020 | USD | 44.92 |
| U-X-UKdist-mdist | 15.9.2020 | 18.9.2020 | USD | 43.82 |
| U-X-UKdist-mdist | 15.10.2020 | 20.10.2020 | USD | 39.23 |
| U-X-UKdist-mdist | 16.11.2020 | 19.11.2020 | USD | 37.82 |

UBS (Lux) Bond SICAV – USD High Yield (USD) Semi-Annual Report as of 30 November 2020

## Statement of Investments in Securities and other Net Assets as of 30 November 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 |  |  |  |
| EUR |  |  |  |
| EUR	ALTICE FRANCE-REG-S 5.87500% 18-01.02.27 | 2 000 000.00 | 2 550 896.50 | 0.25 |
| EUR	ARD FINANCE SA-REG-S (PIK) 5.00000% 19-30.06.27 | 3 205 000.00 | 3 893 998.95 | 0.39 |
| EUR	COGENT COMMUNICATIONS GROUP INC-REG-S 4.37500% 19-30.06.24 | 2 480 000.00 | 3 055 129.78 | 0.30 |
| EUR	DKT FINANCE APS-REG-S 7.00000% 18-17.06.23 | 4 900 000.00 | 6 028 839.62 | 0.60 |
| EUR	ZIGGO BOND CO BV-REG-S 3.37500% 20-28.02.30 | 4 740 000.00 | 5 684 775.33 | 0.56 |
| Total EUR |  | 21 213 640.18 | 2.10 |
| USD |  |  |  |
| USD	AECOM TECHNOLOGY CORP 5.12500% 17-15.03.27 | 3 925 000.00 | 4 386 187.50 | 0.44 |
| USD	AERCAP IRE CAP LTD/GLB AVIA TRUST 4.62500% 20-15.10.27 | 3 850 000.00 | 4 189 675.49 | 0.42 |
| USD	ALTICE FINANCING SA-144A 5.00000% 20-15.01.28 | 1 425 000.00 | 1 460 625.00 | 0.14 |
| USD	ALTICE FRANCE HOLDING SA 6.00000% 20-15.02.28 | 4 000 000.00 | 4 059 800.00 | 0.40 |
| USD	ALTICE FRANCE-144A 7.37500% 16-01.05.26 | 1 625 000.00 | 1 706 250.00 | 0.17 |
| USD	APACHE CORP 4.87500% 20-15.11.27 | 990 000.00 | 1 034 055.00 | 0.10 |
| USD	APACHE CORP 5.10000% 10-01.09.40 | 2 875 000.00 | 2 969 961.25 | 0.29 |
| USD	ARDAGH PACKAGING FINANCE/MP-144A 4.12500% 19-15.08.26 | 725 000.00 | 752 187.50 | 0.07 |
| USD	ASHTEAD CAPITAL INC-144A 5.25000% 18-01.08.26 | 1 300 000.00 | 1 374 750.00 | 0.14 |
| USD	BANFF MERGER SUB INC-144A 9.75000% 18-01.09.26 | 2 290 000.00 | 2 450 300.00 | 0.24 |
| USD	BOMBARDIER INC-144A 8.75000% 16-01.12.21 | 3 000 000.00 | 3 074 850.00 | 0.31 |
| USD	BUCKEYE PARTNERS LP 5.85000% 13-15.11.43 | 1 200 000.00 | 1 116 000.00 | 0.11 |
| USD	BUCKEYE PARTNERS LP 5.60000% 14-15.10.44 | 990 000.00 | 913 225.50 | 0.09 |
| USD	BUCKEYE PARTNERS LP 4.12500% 17-01.12.27 | 1 760 000.00 | 1 742 400.00 | 0.17 |
| USD	CARNIVAL CORP-144A 7.62500% 20-01.03.26 | 955 000.00 | 1 014 974.00 | 0.10 |
| USD	CENTENE CORP 3.00000% 20-15.10.30 | 4 840 000.00 | 5 094 100.00 | 0.51 |
| USD	CENTURYLINK INC 5.62500% 15-01.04.25 | 940 000.00 | 1 009 325.00 | 0.10 |
| USD	CENTURYLINK INC 7.50000% 16-01.04.24 | 4 425 000.00 | 4 956 000.00 | 0.49 |
| USD	CF INDUSTRIES INC 5.37500% 14-15.03.44 | 2 775 000.00 | 3 510 375.00 | 0.35 |
| USD	COMSTOCK RESOURCES INC 9.75000% 20-15.08.26 | 3 390 000.00 | 3 584 925.00 | 0.36 |
| USD	COVANTA HOLDING CORP 6.00000% 18-01.01.27 | 200 000.00 | 212 750.00 | 0.02 |
| USD	COVANTA HOLDING CORP 5.00000% 20-01.09.30 | 1 730 000.00 | 1 842 450.00 | 0.18 |
| USD	CRESTWOOD MIDSTREAM PART LP/FIN 5.75000% 17-01.04.25 | 1 280 000.00 | 1 270 400.00 | 0.13 |
| USD	DANA INC 5.37500% 19-15.11.27 | 1 304 000.00 | 1 387 130.00 | 0.14 |
| USD	DANA INC 5.62500% 20-15.06.28 | 960 000.00 | 1 035 600.00 | 0.10 |
| USD	ENCOMPASS HEALTH CORP 4.50000% 19-01.02.28 | 4 430 000.00 | 4 635 729.20 | 0.46 |
| USD	EQT CORP 5.00000% 20-15.01.29 | 480 000.00 | 506 400.00 | 0.05 |
| USD	EQT CORP 6.12500% 20-01.02.25 | 5 425 000.00 | 6 211 625.00 | 0.62 |
| USD	EQT MIDSTREAM PARTNERS LP 5.50000% 18-15.07.28 | 3 000 000.00 | 3 190 620.00 | 0.32 |
| USD	FORD MOTOR CO 8.50000% 20-21.04.23 | 2 880 000.00 | 3 228 336.00 | 0.32 |
| USD	FORD MOTOR CO 9.00000% 20-22.04.25 | 1 850 000.00 | 2 248 175.50 | 0.22 |
| USD	FORD MOTOR CREDIT CO LLC 5.12500% 20-16.06.25 | 2 000 000.00 | 2 159 400.00 | 0.21 |
| USD	FORD MOTOR CREDIT CO 4.00000% 20-13.11.30 | 1 000 000.00 | 1 008 000.00 | 0.10 |
| USD	FORD MOTOR CREDIT CO LLC 4.37500% 13-06.08.23 | 1 292 000.00 | 1 347 866.08 | 0.13 |
| USD	FORD MOTOR CREDIT CO LLC 5.11300% 19-03.05.29 | 2 100 000.00 | 2 273 145.00 | 0.23 |
| USD	FREEPORT-MCMORAN INC 4.12500% 20-01.03.28 | 1 455 000.00 | 1 538 662.50 | 0.15 |
| USD	FREEPORT-MCMORAN INC 4.25000% 20-01.03.30 | 2 865 000.00 | 3 115 200.45 | 0.31 |
| USD	HCA INC 3.50000% 20-01.09.30 | 2 680 000.00 | 2 774 104.18 | 0.28 |
| USD	HILLENBRAND INC 5.75000% 20-15.06.25 | 960 000.00 | 1 027 200.00 | 0.10 |
| USD	INTERNATIONAL GAME TECHNOLOGY PLC-144A 6.50000% 15-15.02.25 | 1 300 000.00 | 1 433 250.00 | 0.14 |
| USD	ISTAR INC 5.50000% 20-15.02.26 | 3 465 000.00 | 3 473 662.49 | 0.34 |
| USD	KB HOME 6.87500% 19-15.06.27 | 5 010 000.00 | 5 911 800.00 | 0.59 |
| USD	KRAFT HEINZ FOODS CO 6.87500% 12-26.01.39 | 2 050 000.00 | 2 851 297.23 | 0.28 |
| USD	KRAFT HEINZ FOODS CO 5.00000% 16-15.07.35 | 3 280 000.00 | 3 867 880.30 | 0.38 |
| USD	KRAFT HEINZ FOODS CO 5.20000% 16-15.07.45 | 3 365 000.00 | 3 971 890.87 | 0.39 |
| USD	KRAFT HEINZ FOODS CO 4.62500% 18-30.01.29 | 1 435 000.00 | 1 646 864.26 | 0.16 |
| USD	LEVEL 3 FINANCING INC 5.37500% 16-01.05.25 | 3 300 000.00 | 3 387 615.00 | 0.34 |
| USD	LEVEL 3 FINANCING INC 5.25000% 17-15.03.26 | 5 760 000.00 | 5 954 745.60 | 0.59 |
| USD	MGM GROWTH POP LP/C0-ISSUER INC 4.50000% 17-01.09.26 | 3 457 000.00 | 3 647 135.00 | 0.36 |
| USD	NABORS INDUSTRIES INC 5.75000% 18-01.02.25 | 2 725 000.00 | 997 350.00 | 0.10 |
| USD	NEWELL BRANDS INC 5.50000% 16-01.04.46 | 2 000 000.00 | 2 460 000.00 | 0.24 |
| USD	NUSTAR LOGISTICS LP 5.62500% 17-28.04.27 | 2 715 000.00 | 2 782 875.00 | 0.28 |
| USD	OCCIDENTAL PETROLEUM CORP 3.50000% 15-15.06.25 | 1 500 000.00 | 1 402 500.00 | 0.14 |
| USD	OCCIDENTAL PETROLEUM CORP 5.87500% 20-01.09.25 | 1 980 000.00 | 1 999 404.00 | 0.20 |
| USD	OCCIDENTAL PETROLEUM CORP 6.62500% 20-01.09.30 | 1 485 000.00 | 1 550 993.40 | 0.15 |
| USD	OPEN TEXT CORP-144A 5.87500% 16-01.06.26 | 2 405 000.00 | 2 507 212.50 | 0.25 |
| USD	PAR PHARMACEUTICAL INC-REG-S 7.50000% 19-01.04.27 | 362 000.00 | 390 960.00 | 0.04 |
| USD	PULTEGROUP INC 6.37500% 03-15.05.33 | 1 175 000.00 | 1 615 860.00 | 0.16 |
| USD	RHP HOTEL PROPERTIES/RHP FINANCE 5.00000% 15-15.04.23 | 2 375 000.00 | 2 363 125.00 | 0.23 |
| USD	ROYAL CARIBBEAN CRUISES LTD 7.50000% 97-15.10.27 | 1 700 000.00 | 1 819 000.00 | 0.18 |
| USD	RR DONNELLEY & SONS CO 7.87500% 13-15.03.21 | 886 000.00 | 904 827.50 | 0.09 |
| USD	SERVICE CORP INTERNATIONAL 5.12500% 19-01.06.29 | 4 900 000.00 | 5 445 125.00 | 0.54 |
| USD	SOUTHWESTERN ENERGY CO 7.50000% 17-01.04.26 | 2 810 000.00 | 2 927 177.00 | 0.29 |
| USD	SOUTHWESTERN ENERGY CO 8.37500% 20-15.09.28 | 990 000.00 | 1 090 237.50 | 0.11 |
| USD	SPRINGLEAF FINANCE CORP 6.87500% 18-15.03.25 | 2 155 000.00 | 2 462 087.50 | 0.24 |
| USD	SPRINGLEAF FINANCE CORP 7.12500% 18-15.03.26 | 2 470 000.00 | 2 843 192.30 | 0.28 |
| USD	SPRINGLEAF FINANCE CORP 6.12500% 19-15.03.24 | 2 500 000.00 | 2 708 625.00 | 0.27 |
| USD	SPRINGLEAF FINANCE CORP 5.37500% 19-15.11.29 | 925 000.00 | 1 008 250.00 | 0.10 |
| USD	SPRINGLEAF FINANCE CORP 8.87500% 20-01.06.25 | 1 440 000.00 | 1 605 600.00 | 0.16 |
| USD	SPRINT CORP 7.62500% 15-15.02.25 | 2 345 000.00 | 2 808 137.50 | 0.28 |
| USD	SPRINT CORP 7.62500% 18-01.03.26 | 920 000.00 | 1 144 006.20 | 0.11 |
| USD	SPRINT CORP 7.87500% 14-15.09.23 | 1 750 000.00 | 2 018 354.97 | 0.20 |
| USD	TELECOM ITALIA CAPITAL 6.37500% 04-15.11.33 | 1 915 000.00 | 2 288 425.00 | 0.23 |
| USD	TELECOM ITALIA CAPITAL 7.20000% 06-18.07.36 | 940 000.00 | 1 203 200.00 | 0.12 |
| USD	TENET HEALTHCARE CORP 4.62500% 17-15.07.24 | 3 870 000.00 | 3 937 725.00 | 0.39 |
| USD	TRANSDIGM INC-SUB 6.37500% 17-15.06.26 | 2 100 000.00 | 2 181 270.00 | 0.22 |
| USD	TREEHOUSE FOODS INC 4.00000% 20-01.09.28 | 495 000.00 | 502 524.00 | 0.05 |
| USD	TRIVIUM PACKAGING FINANCE BV-144A 5.50000% 19-15.08.26 | 200 000.00 | 209 500.00 | 0.02 |
| USD	TRIVIUM PACKAGING FINANCE BV-144A 8.50000% 19-15.08.27 | 200 000.00 | 216 500.00 | 0.02 |
| USD	UNITED RENTALS NORTH AMERICA INC 3.87500% 19-15.11.27 | 1 470 000.00 | 1 540 457.10 | 0.15 |

UBS (Lux) Bond SICAV – USD High Yield (USD) Semi-Annual Report as of 30 November 2020
|  | Description | Quantity/ | Valuation in USD | as a % |
| --- | --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |
|  |  |  |  |  |
| USD | VIRGIN AUSTRALIA HOLDINGS LTD-REG-S 7.87500% 16-15.10.21 | 2 839 000.00 | 170 340.00 | 0.02 |
| USD | VIRGIN MEDIA VENDOR FINANC-144A 5.00000% 20-15.07.28 | 3 000 000.00 | 3 099 807.60 | 0.31 |
| USD | WESTERN DIGITAL CORP 4.75000% 18-15.02.26 | 4 900 000.00 | 5 351 718.75 | 0.53 |
| USD | WESTERN GAS PARTNERS LP 5.45000% 14-01.04.44 | 3 210 000.00 | 3 001 350.00 | 0.30 |
| USD | WESTERN GAS PARTNERS LP 4.65000% 16-01.07.26 | 2 800 000.00 | 2 864 064.00 | 0.28 |
| USD | WESTERN MIDSTREAM OPERATING LP 3.10000% 20-01.02.25 | 1 880 000.00 | 1 875 845.20 | 0.19 |
| USD | YUM BRANDS INC 3.62500% 20-15.03.31 | 985 000.00 | 985 000.00 | 0.10 |
| USD | ZIGGO BV-144A 4.87500% 19-15.01.30 | 4 000 000.00 | 4 210 000.00 | 0.42 |
| USD | ZIGGO BV-144A 5.50000% 16-15.01.27 | 4 249 000.00 | 4 445 303.80 | 0.44 |
| Total USD |  |  | 212 496 831.72 | 21.07 |
| Total Notes, fixed rate |  | 233 710 471.90 | 23.17 |
| Notes, floating rate |  |  |  |
| USD |  |  |  |
| USD	CREDIT AGRICOLE SA-144A-SUB 8.125%/VAR 16-PRP | 2 025 000.00 | 2 442 656.25 | 0.24 |
| Total USD |  | 2 442 656.25 | 0.24 |
| Total Notes, floating rate |  | 2 442 656.25 | 0.24 |
| Medium term notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	SPRINT CAPITAL CORPORATION 8.75000% 02-15.03.32 | 1 815 000.00 | 2 787 168.45 | 0.28 |
| Total USD |  | 2 787 168.45 | 0.28 |
| Total Medium term notes, fixed rate |  | 2 787 168.45 | 0.28 |
| Bonds, fixed rate |  |  |  |
| EUR |  |  |  |
| EUR	ALTICE FINANCING SA-REG-S 3.00000% 20-15.01.28 | 4 760 000.00 | 5 463 877.95 | 0.54 |
| EUR	NETFLIX INC 4.62500% 18-15.05.29 | 4 100 000.00 | 5 931 160.33 | 0.59 |
| EUR	PRIMO WATER CORP-REG-S 3.87500% 20-31.10.28 | 2 515 000.00 | 3 073 341.13 | 0.31 |
| EUR	VERISURE MIDHOLDING AB-REG-S 5.75000% 17-01.12.23 | 3 255 000.00 | 3 929 841.76 | 0.39 |
| EUR	VERTICAL MIDCO GMBH-REG-S 4.37500% 20-15.07.27 | 2 675 000.00 | 3 355 673.36 | 0.33 |
| Total EUR |  | 21 753 894.53 | 2.16 |
| USD |  |  |  |
| USD	FORD MOTOR CO 7.45000% 99-16.07.31 | 1 880 000.00 | 2 359 400.00 | 0.23 |
| USD	HCA INC 5.37500% 15-01.02.25 | 3 765 000.00 | 4 215 030.45 | 0.42 |
| USD	SPRINT CAPITAL CORPORATION 6.87500% 98-15.11.28 | 2 025 000.00 | 2 627 842.50 | 0.26 |
| Total USD |  | 9 202 272.95 | 0.91 |
| Total Bonds, fixed rate |  | 30 956 167.48 | 3.07 |
| Bonds, floating rate |  |  |  |
| USD |  |  |  |
| USD	BANK OF AMERICA CORP-SUB 6.500%/VAR 14-PRP | 2 250 000.00 | 2 536 875.00 | 0.25 |
| USD	CITIGROUP INC-SUB 5.950%/3M LIBOR+406.8BP 12-PRP | 2 795 000.00 | 2 941 737.50 | 0.29 |
| USD	JPMORGAN CHASE & CO-SUB 6.000%/3M LIBOR+330BP 13-PRP | 1 950 000.00 | 2 046 018.00 | 0.21 |
| USD	JPMORGAN CHASE & CO-SUB 6.100%/VAR 14-PRP | 1 050 000.00 | 1 135 312.50 | 0.11 |
| Total USD |  | 8 659 943.00 | 0.86 |
| Total Bonds, floating rate |  | 8 659 943.00 | 0.86 |
| Total Transferable securities and money market instruments listed on an official stock exchange |  | 278 556 407.08 | 27.62 |
| Transferable securities and money market instruments traded on another regulated market |  |  |  |
| Mortgage Backed Securities, fixed rate |  |  |  |
| USD |  |  |  |
| USD	PALISADES CENTER TRUST-144A-SUB 4.73700% 16-09.04.33 | 2 700 000.00 | 602 613.00 | 0.06 |
| Total USD |  | 602 613.00 | 0.06 |
| Total Mortgage Backed Securities, fixed rate |  | 602 613.00 | 0.06 |
| Notes, fixed rate |  |  |  |
| EUR |  |  |  |
| EUR	ALTICE FRANCE HOLDING SA-REG-S 8.00000% 19-15.05.27 | 3 400 000.00 | 4 384 987.38 | 0.44 |
| Total EUR |  | 4 384 987.38 | 0.44 |
| USD |  |  |  |
| USD	1011778 BC ULC/NEW RED FINANCE INC-144A 5.75000% 20-15.04.25 | 480 000.00 | 512 476.80 | 0.05 |
| USD	1011778 BC ULC/NEW RED FINANCE INC-144A 4.00000% 20-15.10.30 | 955 000.00 | 951 418.75 | 0.09 |
| USD	ACADIA HEALTHCARE CO INC-144A 5.00000% 20-15.04.29 | 2 455 000.00 | 2 586 956.25 | 0.26 |
| USD	ALBERTSONS COS INC / SAFEWAY INC-144A 5.87500% 19-15.02.28 | 920 000.00 | 993 600.00 | 0.10 |
| USD	ALBERTSONS COS LLC / SAFEWAY INC-144A 7.50000% 19-15.03.26 | 1 470 000.00 | 1 650 075.00 | 0.16 |
| USD	ALLY FINANCIAL INC 8.00000% 08-01.11.31 | 1 740 000.00 | 2 494 425.38 | 0.25 |
| USD	AMERICAN BUILDER & CONTRACT SUPPLY-144A 4.00000% 19-15.01.28 | 1 200 000.00 | 1 245 000.00 | 0.12 |
| USD	AMSTED INDUSTRIES INC-144A 5.62500% 19-01.07.27 | 1 035 000.00 | 1 098 393.75 | 0.11 |
| USD	AMSTED INDUSTRIES INC-144A 4.62500% 19-15.05.30 | 1 400 000.00 | 1 485 582.00 | 0.15 |
| USD	ANGI GROUP LLC-144A 3.87500% 20-15.08.28 | 990 000.00 | 978 862.50 | 0.10 |
| USD	ARCHROCK PARTNERS LP/FIN CORP-144A 6.87500% 19-01.04.27 | 2 540 000.00 | 2 638 933.00 | 0.26 |
| USD	ARCONIC CORP-144A 6.00000% 20-15.05.25 | 2 880 000.00 | 3 099 744.00 | 0.31 |
| USD	ASBURY AUTOMOTIVE GROUP INC 4.50000% 20-01.03.28 | 1 016 000.00 | 1 051 560.00 | 0.10 |
| USD	ASBURY AUTOMOTIVE GROUP INC 4.75000% 20-01.03.30 | 1 496 000.00 | 1 574 540.00 | 0.16 |

UBS (Lux) Bond SICAV – USD High Yield (USD) Semi-Annual Report as of 30 November 2020
|  | Description | Quantity/ | Valuation in USD | as a % |
| --- | --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |
|  |  |  |  |  |
| USD | ASCENT RESOURCES UTICA HOLDINGS-144A 7.00000% 18-01.11.26 | 2 655 000.00 | 2 495 700.00 | 0.25 |
| USD | ASGN INC-144A 4.62500% 19-15.05.28 | 2 625 000.00 | 2 730 000.00 | 0.27 |
| USD | AVANTOR FUNDING INC-144A 4.62500% 20-15.07.28 | 4 360 000.00 | 4 588 900.00 | 0.46 |
| USD | AXALTA COATING SYSTEMS LLC-144A 3.37500% 20-15.02.29 | 2 000 000.00 | 2 017 400.00 | 0.20 |
| USD | BAUSCH HEALTH COS INC-144A 5.00000% 19-30.01.28 | 2 360 000.00 | 2 359 292.00 | 0.23 |
| USD | BAUSCH HEALTH COS INC-144A 5.25000% 19-30.01.30 | 920 000.00 | 939 780.00 | 0.09 |
| USD | BAUSCH HEALTH COS INC-144A 6.25000% 20-15.02.29 | 1 440 000.00 | 1 526 400.00 | 0.15 |
| USD | BEACON ROOFING SUPPLY INC-144A 4.87500% 17-01.11.25 | 2 945 000.00 | 2 984 757.50 | 0.30 |
| USD | BIG RIVER STEEL LLC/BRS FIN CORP-144A 6.62500% 20-31.01.29 | 495 000.00 | 524 700.00 | 0.05 |
| USD | BLACK KNIGHT INFOSERV LLC-144A 3.62500% 20-01.09.28 | 1 325 000.00 | 1 344 875.00 | 0.13 |
| USD | BOMBARDIER INC-144A 7.50000% 17-01.12.24 | 2 500 000.00 | 2 238 450.00 | 0.22 |
| USD | BOOZ ALLEN HAMILTON INC-144A 3.87500% 20-01.09.28 | 990 000.00 | 1 022 175.00 | 0.10 |
| USD | BOYD GAMING CORP 4.75000% 20-01.12.27 | 1 845 000.00 | 1 874 889.00 | 0.19 |
| USD | BOYD GAMING CORP-144A 8.62500% 20-01.06.25 | 3 465 000.00 | 3 849 407.10 | 0.38 |
| USD | BUCKEYE PARTNERS LP-144A 4.50000% 20-01.03.28 | 1 005 000.00 | 1 005 000.00 | 0.10 |
| USD | BUILDERS FIRSTSOURCE INC-144A 6.75000% 19-01.06.27 | 470 000.00 | 505 250.00 | 0.05 |
| USD | CABLE ONE INC-144A 4.00000% 20-15.11.30 | 2 375 000.00 | 2 472 968.75 | 0.25 |
| USD | CAESARS ENTERTAINMENT INC-144A 6.25000% 20-01.07.25 | 5 215 000.00 | 5 551 602.18 | 0.55 |
| USD | CAESARS ENTERTAINMENT INC-144A 8.12500% 20-01.07.27 | 2 650 000.00 | 2 914 854.25 | 0.29 |
| USD | CATALENT PHARMA SOLUTIONS INC-144A 5.00000% 19-15.07.27 | 2 610 000.00 | 2 747 025.00 | 0.27 |
| USD | CCO HOLDINGS LLC-144A 4.25000% 20-01.02.31 | 1 950 000.00 | 2 022 929.99 | 0.20 |
| USD | CCO HOLDINGS LLC/CAPITAL CORP-144A 5.50000% 16-01.05.26 | 2 000 000.00 | 2 083 000.00 | 0.21 |
| USD | CCO HOLDINGS LLC/CAPITAL CORP-144A 5.12500% 17-01.05.27 | 460 000.00 | 483 972.90 | 0.05 |
| USD | CCO HOLDINGS LLC/CAPITAL CORP-144A 5.37500% 19-01.06.29 | 3 800 000.00 | 4 151 500.00 | 0.41 |
| USD | CCO HOLDINGS LLC/CAPITAL CORP-144A 4.75000% 19-01.03.30 | 1 840 000.00 | 1 952 148.00 | 0.19 |
| USD | CCO HOLDINGS LLC/CAPITAL CORP-144A 4.50000% 20-15.08.30 | 480 000.00 | 505 800.00 | 0.05 |
| USD | CDW LLC/CDW FINANCE CORP 3.25000% 20-15.02.29 | 1 980 000.00 | 1 985 148.00 | 0.20 |
| USD | CENTENE CORP 4.25000% 20-15.12.27 | 1 845 000.00 | 1 949 832.90 | 0.19 |
| USD | CENTENE CORP 4.62500% 20-15.12.29 | 6 965 000.00 | 7 635 381.25 | 0.76 |
| USD | CENTURYLINK INC-144A 5.12500% 19-15.12.26 | 2 575 000.00 | 2 694 093.75 | 0.27 |
| USD | CHANGE HC HLDS LLC/CHNG HC FIN INC-144A 5.75000% 17-01.03.25 | 3 535 000.00 | 3 592 443.75 | 0.36 |
| USD | CHENIERE ENERGY INC-144A 4.62500% 20-15.10.28 | 955 000.00 | 990 635.82 | 0.10 |
| USD | CHOBANI LLC/FINANCE CORP-144A 7.50000% 17-15.04.25 | 3 230 000.00 | 3 375 350.00 | 0.33 |
| USD | CHOBANI LLC/FINANCE CORP-144A 4.62500% 20-15.11.28 | 955 000.00 | 986 037.50 | 0.10 |
| USD | CLEAN HARBORS INC-144A 4.87500% 19-15.07.27 | 1 035 000.00 | 1 095 982.20 | 0.11 |
| USD | CLEAN HARBORS INC-144A 5.12500% 19-15.07.29 | 2 075 000.00 | 2 274 718.75 | 0.23 |
| USD | COMMSCOPE INC-144A 8.25000% 19-01.03.27 | 2 425 000.00 | 2 612 937.50 | 0.26 |
| USD | CONNECT FINCO SARL / US FINCO LLC-144A 6.75000% 19-01.10.26 | 5 150 000.00 | 5 336 945.00 | 0.53 |
| USD | CONSTELLIUM SE-144A 6.62500% 17-01.03.25 | 1 675 000.00 | 1 727 930.00 | 0.17 |
| USD | CRESTWOOD MIDSTREAM PART LP/FIN-144A 5.62500% 19-01.05.27 | 1 310 000.00 | 1 259 939.66 | 0.12 |
| USD | CSC HOLDINGS INC-144A 5.37500% 18-01.02.28 | 1 300 000.00 | 1 379 625.00 | 0.14 |
| USD | CSC HOLDINGS INC-144A 4.62500% 20-01.12.30 | 500 000.00 | 511 850.00 | 0.05 |
| USD | CSC HOLDINGS LLC-144A 5.50000% 18-15.05.26 | 5 475 000.00 | 5 694 000.00 | 0.56 |
| USD | CSC HOLDINGS LLC-144A 7.50000% 18-01.04.28 | 1 325 000.00 | 1 477 196.12 | 0.15 |
| USD | CSC HOLDINGS LLC-144A 6.50000% 19-01.02.29 | 3 000 000.00 | 3 353 430.00 | 0.33 |
| USD | CSN RESOURCES SA-144A 7.62500% 18-13.02.23 | 2 500 000.00 | 2 609 453.25 | 0.26 |
| USD | DANA FINANCING LUXEMBOURG SARL-144A 5.75000% 17-15.04.25 | 2 515 000.00 | 2 621 887.50 | 0.26 |
| USD | DAVITA INC-144A 4.62500% 20-01.06.30 | 2 555 000.00 | 2 685 943.75 | 0.27 |
| USD | DCP MIDSTREAM OPERATING LP-144A 6.75000% 07-15.09.37 | 1 550 000.00 | 1 612 000.00 | 0.16 |
| USD | DCP MIDSTREAM OPERATING LP 5.62500% 20-15.07.27 | 1 440 000.00 | 1 558 800.00 | 0.15 |
| USD | DELTA AIR LINES INC-144A 7.00000% 20-01.05.25 | 4 875 000.00 | 5 569 437.42 | 0.55 |
| USD | DIAMOND SPORTS GROUP LLC-144A 6.62500% 19-15.08.27 | 1 260 000.00 | 722 547.00 | 0.07 |
| USD | ENDEAVOR ENERGY RESOURCES LP/FIN-144A 6.62500% 20-15.07.25 | 2 590 000.00 | 2 758 350.00 | 0.27 |
| USD | ENERGIZER HOLDINGS INC-144A 4.75000% 20-15.06.28 | 2 395 000.00 | 2 505 529.25 | 0.25 |
| USD | EQM MIDSTREAM PARTNERS LP-144A 6.00000% 20-01.07.25 | 960 000.00 | 1 022 400.00 | 0.10 |
| USD | EQM MIDSTREAM PARTNERS LP-144A 6.50000% 20-01.07.27 | 1 680 000.00 | 1 852 200.00 | 0.18 |
| USD | FIRSTCASH INC-144A 4.62500% 20-01.09.28 | 2 475 000.00 | 2 543 062.50 | 0.25 |
| USD | FRONTIER COMMUNICATIONS CORPORATIO-144A 5.87500% 20-15.10.27 | 3 950 000.00 | 4 157 375.00 | 0.41 |
| USD | GARDA WORLD SECURITY CORP-144A 9.50000% 19-01.11.27 | 2 245 000.00 | 2 503 175.00 | 0.25 |
| USD | GARTNER INC-144A 3.75000% 20-01.10.30 | 960 000.00 | 998 707.20 | 0.10 |
| USD | GARTNER INC-144A 4.50000% 20-01.07.28 | 960 000.00 | 1 008 000.00 | 0.10 |
| USD | GENESIS ENERGY LP 6.00000% 15-15.05.23 | 1 950 000.00 | 1 891 402.50 | 0.19 |
| USD | GFL ENVIRONMENTAL INC-144A 8.50000% 19-01.05.27 | 1 480 000.00 | 1 635 400.00 | 0.16 |
| USD | GFL ENVIRONMENTAL INC-144A 5.12500% 19-15.12.26 | 1 125 000.00 | 1 186 875.00 | 0.12 |
| USD | GFL ENVIRONMENTAL INC-144A 3.7500% 20-01.08.25 | 990 000.00 | 1 012 275.00 | 0.10 |
| USD | GRAPHIC PACKAGING INTERNATIONAL-144A 4.75000% 19-15.07.27 | 985 000.00 | 1 083 500.00 | 0.11 |
| USD | GREIF INC-144A 6.50000% 19-01.03.27 | 985 000.00 | 1 041 637.50 | 0.10 |
| USD | HANESBRANDS INC-144A 5.37500% 20-15.05.25 | 2 400 000.00 | 2 554 512.00 | 0.25 |
| USD | HARSCO CORP-144A 5.75000% 19-31.07.27 | 985 000.00 | 1 041 657.20 | 0.10 |
| USD | HERBALIFE NTRTON LTD/HLF FING INC-144A 7.87500% 20-01.09.25 | 2 495 000.00 | 2 738 262.50 | 0.27 |
| USD | HERC HOLDINGS INC-144A 5.50000% 19-15.07.27 | 2 430 000.00 | 2 560 612.50 | 0.25 |
| USD | HILCORP ENERGY I LP/FINANCE CO-144A 5.00000% 14-01.12.24 | 1 200 000.00 | 1 170 000.00 | 0.12 |
| USD | HILCORP ENERGY I LP/FINANCE CO-144A 5.75000% 15-01.10.25 | 4 740 000.00 | 4 633 350.00 | 0.46 |
| USD | HILL-ROM HOLDINGS INC-144A 4.37500% 19-15.09.27 | 925 000.00 | 964 312.50 | 0.10 |
| USD | HOLOGIC INC-144A 4.62500% 18-01.02.28 | 900 000.00 | 957 375.00 | 0.09 |
| USD | HUB INTERNATIONAL LTD-144A 7.00000% 18-01.05.26 | 4 550 000.00 | 4 749 062.50 | 0.47 |
| USD | IAA SPINCO INC-144A 5.50000% 19-15.06.27 | 2 615 000.00 | 2 758 825.00 | 0.27 |
| USD | INTELLIGENT PACKGING LTD FINCO INC-144A 6.00000% 20-15.09.28 | 495 000.00 | 522 781.88 | 0.05 |
| USD | IQVIA INC-144A 5.00000% 19-15.05.27 | 2 640 000.00 | 2 778 600.00 | 0.28 |
| USD | IRON MOUNTAIN INC-144A 4.87500% 17-15.09.27 | 2 160 000.00 | 2 238 300.00 | 0.22 |
| USD | JACOBS ENTERTAINMENT INC-144A 7.87500% 17-01.02.24 | 3 300 000.00 | 3 349 500.00 | 0.33 |
| USD | JBS USA LUX SA/FOOD/FINANCE INC-144A 6.50000% 19-15.04.29 | 2 470 000.00 | 2 828 174.70 | 0.28 |
| USD | JELD-WEN INC-144A 4.62500% 17-15.12.25 | 880 000.00 | 897 600.00 | 0.09 |
| USD | JELD-WEN INC-144A 4.87500% 17-15.12.27 | 1 740 000.00 | 1 831 350.00 | 0.18 |
| USD | JSL EUROPE SA-144A 7.75000% 17-26.07.24 | 2 220 000.00 | 2 358 084.00 | 0.23 |
| USD | KAISER ALUMINUM CORP-144A 4.62500% 19-01.03.28 | 1 345 000.00 | 1 387 058.15 | 0.14 |
| USD | KRAFT HEINZ FOODS CO-144A 3.87500% 20-15.05.27 | 2 495 000.00 | 2 700 771.63 | 0.27 |
| USD | KRAFT HEINZ FOODS CO-144A 4.25000% 20-01.03.31 | 4 800 000.00 | 5 332 011.36 | 0.53 |
| USD | LADDER CAPITAL FIN HLDG LLLP/CORP-144A 5.25000% 17-15.03.22 | 1 330 000.00 | 1 326 675.00 | 0.13 |
| USD | LADDER CAPITAL FIN HLDG LLLP/CORP-144A 5.25000% 17-01.10.25 | 1 345 000.00 | 1 294 562.50 | 0.13 |
| USD | LCPR SENIOR SECURED FINANCING DAC-144A 6.75000% 19-15.10.27 | 4 800 000.00 | 5 218 080.00 | 0.52 |
| USD | LIFEPOINT HEALTH INC-144A 4.37500% 20-15.02.27 | 5 350 000.00 | 5 376 750.00 | 0.53 |
| USD | LIFEPOINT HEALTH INC-144A 6.75000% 20-15.04.25 | 480 000.00 | 512 400.00 | 0.05 |
| USD | LITHIA MOTORS INC-144A 4.62500% 19-15.12.27 | 1 385 000.00 | 1 471 562.50 | 0.15 |

UBS (Lux) Bond SICAV – USD High Yield (USD) Semi-Annual Report as of 30 November 2020
|  | Description | Quantity/ | Valuation in USD | as a % |
| --- | --- | --- | --- | --- |
|  |  | Nominal | Unrealized gain | of net |
|  |  |  | (loss) on Futures/ | assets |
|  |  |  | Forward |  |
|  |  |  | Exchange Contracts/ |  |
|  |  |  | Swaps (Note 1) |  |
|  |  |  |  |  |
| USD | MACY’S INC-144A 8.37500% 20-15.06.25 | 480 000.00 | 523 176.00 | 0.05 |
| USD | MASTEC INC-144A 4.50000% 20-15.08.28 | 990 000.00 | 1 034 134.20 | 0.10 |
| USD | MEDNAX INC-144A 6.25000% 18-15.01.27 | 1 630 000.00 | 1 744 100.00 | 0.17 |
| USD | MEREDITH CORP-144A 6.50000% 20-01.07.25 | 3 840 000.00 | 4 099 200.00 | 0.41 |
| USD | MERITOR INC-144A 6.25000% 20-01.06.25 | 3 240 000.00 | 3 454 650.00 | 0.34 |
| USD | MILEAGE PLUS HOLDINGS LLC-144A 6.50000% 20-20.06.27 | 2 880 000.00 | 3 123 000.00 | 0.31 |
| USD | MOLINA HEALTHCARE INC-144A 3.87500% 20-15.11.30 | 955 000.00 | 1 007 525.00 | 0.10 |
| USD | MSCI INC-144A 4.00000% 19-15.11.29 | 1 400 000.00 | 1 498 518.00 | 0.15 |
| USD | MSCI INC-144A 5.37500% 18-15.05.27 | 835 000.00 | 894 493.75 | 0.09 |
| USD | MUELLER WATER PRODUCTS INC-144A 5.50000% 18-15.06.26 | 2 820 000.00 | 2 925 750.00 | 0.29 |
| USD | NABORS INDUSTRIES LTD-144A 7.25000% 20-15.01.26 | 970 000.00 | 541 532.76 | 0.05 |
| USD | NAVISTAR INTERNATIONAL CORP-144A 6.62500% 17-01.11.25 | 3 190 000.00 | 3 338 973.00 | 0.33 |
| USD | NAVISTAR INTERNATIONAL CORP-144A 9.50000% 20-01.05.25 | 1 905 000.00 | 2 131 218.75 | 0.21 |
| USD | NCR CORP-144A 6.12500% 19-01.09.29 | 1 455 000.00 | 1 582 239.75 | 0.16 |
| USD | NCR ESCROW CORP-144A 5.00000% 20-01.10.28 | 2 770 000.00 | 2 866 950.00 | 0.28 |
| USD | NETFLIX INC-144A 5.37500% 19-15.11.29 | 475 000.00 | 567 173.75 | 0.06 |
| USD | NEW ENTERPRISE STONE&LIME CO INC-144A 6.25000% 18-15.03.26 | 3 315 000.00 | 3 418 593.75 | 0.34 |
| USD | NEW ENTERPRISE STONE&LIME CO INC-144A 9.75000% 20-15.07.28 | 1 920 000.00 | 2 092 800.00 | 0.21 |
| USD | NEXSTAR BROADCASTING INC-144A 4.75000% 20-01.11.28 | 955 000.00 | 982 742.75 | 0.10 |
| USD | NEXSTAR BROADCASTING INC-144A 5.62500% 19-15.07.27 | 3 050 000.00 | 3 252 062.50 | 0.32 |
| USD | NIELSEN FINANCE LLC/NIELSEN-144A 5.62500% 20-01.10.28 | 2 480 000.00 | 2 643 556.00 | 0.26 |
| USD | NOVA CHEMICALS CORP-144A 5.25000% 17-01.06.27 | 3 485 000.00 | 3 632 938.25 | 0.36 |
| USD | NOVELIS CORP-144A 5.87500% 16-30.09.26 | 2 875 000.00 | 3 015 156.25 | 0.30 |
| USD | NRG ENERGY INC-144A 5.25000% 19-15.06.29 | 1 000 000.00 | 1 091 920.00 | 0.11 |
| USD | OCCIDENTAL PETROLEUM CORP 6.95000% 19-01.07.24 | 2 980 000.00 | 3 143 900.00 | 0.31 |
| USD | OCCIDENTAL PETROLEUM CORP 5.55000% 19-15.03.26 | 6 585 000.00 | 6 535 612.50 | 0.65 |
| USD | OWENS-BROCKWAY GLASS CONTAINER INC-144A 6.62500% 20-13.05.27 | 2 500 000.00 | 2 706 250.00 | 0.27 |
| USD | OWENS-BROCKWAY GLASS CONTAINER INC-144A 5.37500% 14-15.01.25 | 2 300 000.00 | 2 449 500.00 | 0.24 |
| USD | PANTHER BF AGGR 2/PANTHER FIN CO-144A 6.25000% 19-15.05.26 | 670 000.00 | 711 875.00 | 0.07 |
| USD | PANTHER BF AGGR 2/PANTHER FIN CO-144A 8.50000% 19-15.05.27 | 1 000 000.00 | 1 076 250.00 | 0.11 |
| USD | PAR PHARMACEUTICAL INC-144A 7.50000% 19-01.04.27 | 1 675 000.00 | 1 809 000.00 | 0.18 |
| USD | PARK INTERMEDIATE HOLDINGS/PK DOME-144A 5.87500% 20-01.10.28 | 955 000.00 | 1 006 331.25 | 0.10 |
| USD | PATRICK INDUSTRIES INC-144A 7.50000% 19-15.10.27 | 2 510 000.00 | 2 723 350.00 | 0.27 |
| USD | PERFORMANCE FOOD GROUP INC-144A 5.50000% 19-15.10.27 | 925 000.00 | 983 968.75 | 0.10 |
| USD | PETSMART INC-144A 8.87500% 17-01.06.25 | 1 530 000.00 | 1 541 475.00 | 0.15 |
| USD | PICASSO FINANCE SUB INC -144A 6.12500% 20-15.06.25 | 2 714 000.00 | 2 903 980.00 | 0.29 |
| USD | POLYONE CORP -144A 5.75000% 20-15.05.25 | 1 920 000.00 | 2 052 000.00 | 0.20 |
| USD | POST HOLDINGS INC-144A 5.50000% 19-15.12.29 | 230 000.00 | 249 550.00 | 0.02 |
| USD | POST HOLDINGS INC-144A 4.62500% 20-15.04.30 | 4 400 000.00 | 4 595 272.00 | 0.46 |
| USD | PRIME SEC SER BORROWER LLC/FIN INC-144A 3.37500% 20-31.08.27 | 245 000.00 | 241 937.50 | 0.02 |
| USD | PULTEGROUP INC 6.00000% 05-15.02.35 | 1 140 000.00 | 1 550 172.00 | 0.15 |
| USD | QVC INC 4.85000% 14-01.04.24 | 2 200 000.00 | 2 315 500.00 | 0.23 |
| USD | RADIATE HOLDCO LLC/FINANCE INC-144A 4.50000% 20-15.09.26 | 955 000.00 | 993 152.25 | 0.10 |
| USD | RADIATE HOLDCO LLC/FINANCE INC-144A 6.50000% 20-15.09.28 | 4 260 000.00 | 4 525 824.00 | 0.45 |
| USD | SCIENTIFIC GAMES INTERNATIONAL-144A 5.00000% 17-15.10.25 | 2 425 000.00 | 2 494 718.75 | 0.25 |
| USD | SCIENTIFIC GAMES INTERNATIONAL INC-144A 8.62500% 20-01.07.25 | 2 875 000.00 | 3 104 971.25 | 0.31 |
| USD | SCRIPPS ESCROW INC-144A 5.87500% 19-15.07.27 | 2 520 000.00 | 2 538 900.00 | 0.25 |
| USD | SELECT MEDICAL CORP-144A 6.25000% 19-15.08.26 | 2 440 000.00 | 2 604 700.00 | 0.26 |
| USD | SILGAN HOLDINGS INC 4.12500% 20-01.02.28 | 3 285 000.00 | 3 408 187.50 | 0.34 |
| USD | SIRIUS XM RADIO INC-144A 5.37500% 16-15.07.26 | 6 000 000.00 | 6 240 000.00 | 0.62 |
| USD | SIRIUS XM RADIO INC-144A 5.50000% 19-01.07.29 | 2 720 000.00 | 2 985 200.00 | 0.30 |
| USD | SIRIUS XM RADIO INC-144A 4.12500% 20-01.07.30 | 980 000.00 | 1 025 325.00 | 0.10 |
| USD | SPECTRUM BRANDS INC-144A 5.00000% 19-01.10.29 | 460 000.00 | 496 800.00 | 0.05 |
| USD | SPEEDWAY MOTO/ SPEEDWAY FUNDING II-144A 4.87500% 19-01.11.27 | 2 765 000.00 | 2 723 525.00 | 0.27 |
| USD | SPIRIT AEROSYSTEMS INC-144A 7.50000% 20-15.04.25 | 1 920 000.00 | 2 054 400.00 | 0.20 |
| USD | SPX FLOW INC-144A 5.87500% 16-15.08.26 | 700 000.00 | 730 625.00 | 0.07 |
| USD | SUMMIT MATERIALS LLC/FIN-144A 6.50000% 19-15.03.27 | 2 375 000.00 | 2 517 500.00 | 0.25 |
| USD | SUMMIT MATERIALS LLC/FIN CORP-144A 5.25000% 20-15.01.29 | 93 000.00 | 96 952.50 | 0.01 |
| USD | SUNOCO LP/FINANCE CORP 5.50000% 18-15.02.26 | 2 825 000.00 | 2 929 171.87 | 0.29 |
| USD | SUNOCO LP/FINANCE CORP-144A 4.50000% 20-15.05.29 | 935 000.00 | 964 237.45 | 0.10 |
| USD | TALEN ENERGY SUPPLY LLC-144A 10.50000% 17-15.01.26 | 4 505 000.00 | 3 615 217.45 | 0.36 |
| USD | TARGA RESOURCES PARTNERS-144A 4.87500% 20-01.02.31 | 3 875 000.00 | 4 122 031.25 | 0.41 |
| USD | TENET HEALTHCARE CORP-144A 4.87500% 19-01.01.26 | 2 890 000.00 | 2 976 700.00 | 0.30 |
| USD | TENET HEALTHCARE CORP-144A 5.12500% 19-01.11.27 | 1 485 000.00 | 1 548 112.50 | 0.15 |
| USD | TENET HEALTHCARE CORP-144A 4.62500% 20-15.06.28 | 960 000.00 | 991 200.00 | 0.10 |
| USD | TERRAFORM POWER OPERATING LLC-144A 4.75000% 19-15.01.30 | 3 850 000.00 | 4 177 250.00 | 0.41 |
| USD | TMS INTERNATIONAL CORP-144A 7.25000% 17-15.08.25 | 4 000 000.00 | 3 950 000.00 | 0.39 |
| USD | TRANSDIGM INC-144A 6.25000% 19-15.03.26 | 2 440 000.00 | 2 586 400.00 | 0.26 |
| USD | TRIDENT MERGER SUB INC-144A 6.62500% 17-01.11.25 | 2 615 000.00 | 2 615 000.00 | 0.26 |
| USD | US CONCRETE INC-144A 5.12500% 20-01.03.29 | 2 470 000.00 | 2 541 444.75 | 0.25 |
| USD | USA COMPRESSION PARTNERS LLC 6.87500% 19-01.04.26 | 1 775 000.00 | 1 836 592.50 | 0.18 |
| USD | VALEANT PHARMACEUTICALS INTL-144A 9.00000% 17-15.12.25 | 2 490 000.00 | 2 735 763.00 | 0.27 |
| USD | VALEANT PHARMACEUTICALS INTL-144A 9.25000% 18-01.04.26 | 3 150 000.00 | 3 497 129.99 | 0.35 |
| USD | VALEANT PHARMACEUTICALS INTL-144A 8.50000% 18-31.01.27 | 7 075 000.00 | 7 782 500.00 | 0.77 |
| USD | VERTICAL US NEWCO INC-144A 5.25000% 20-15.07.27 | 1 000 000.00 | 1 050 000.00 | 0.10 |
| USD | VIASAT INC-144A 5.62500% 17-15.09.25 | 2 650 000.00 | 2 696 375.00 | 0.27 |
| USD | VIASAT INC-144A 5.62500% 19-15.04.27 | 965 000.00 | 1 013 250.00 | 0.10 |
| USD | VIRGIN AUSTRALIA HOLDINGS LTD-144A 7.87500% 16-15.10.21 | 213 000.00 | 15 708.75 | 0.00 |
| USD | VISTRA OPERATIONS CO LLC-144A 5.50000% 18-01.09.26 | 6 915 000.00 | 7 235 510.25 | 0.72 |
| USD | VISTRA OPERATIONS CO LLC-144A 5.00000% 19-31.07.27 | 4 935 000.00 | 5 219 256.00 | 0.52 |
| USD | WASTE PRO USA INC-144A 5.50000% 18-15.02.26 | 5 406 000.00 | 5 581 695.00 | 0.55 |
| USD | WILLIAM CARTER CO-144A 5.50000% 20-15.05.25 | 2 480 000.00 | 2 628 800.00 | 0.26 |
| USD | WILLIAM CARTER COMPANY-144A 5.62500% 19-15.03.27 | 660 000.00 | 695 475.00 | 0.07 |
| USD | WILLIAMS SCOTSMAN INTL INC-144A 4.62500% 20-15.08.28 | 2 470 000.00 | 2 568 800.00 | 0.25 |
| USD | WOLVERINE WORLD WIDE INC-144A 6.37500% 20-15.05.25 | 2 480 000.00 | 2 628 800.00 | 0.26 |
| USD | WR GRACE & CO-CONN-144A 5.62500% 14-01.10.24 | 2 300 000.00 | 2 478 250.00 | 0.25 |
| USD | WW INTERNATIONAL INC-144A 8.62500% 17-01.12.25 | 4 805 000.00 | 5 014 498.00 | 0.50 |
| USD | YUM BRANDS INC-144A 4.75000% 19-15.01.30 | 925 000.00 | 999 971.25 | 0.10 |
| USD | ZAYO GROUP HOLDINGS INC-144A 4.00000% 20-01.03.27 | 235 000.00 | 233 799.15 | 0.02 |
| Total USD |  |  | 456 848 058.96 | 45.29 |

Total Notes, fixed rate	461 233 046.34	45.73
UBS (Lux) Bond SICAV – USD High Yield (USD) Semi-Annual Report as of 30 November 2020
| Description | Quantity/ | Valuation in USD | as a % |
| --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |

Bonds, fixed rate
| USD |  |
| --- | --- |
| USD | LIBERTY INTERACTIVE LLC 8.25000% 00-01.02.30 | 2 345 000.00 | 2 567 775.00 | 0.26 |
| USD | PETSMART INC-144A 7.12500% 15-15.03.23 | 1 555 000.00 | 1 535 484.75 | 0.15 |
| Total USD |  |  | 4 103 259.75 | 0.41 |
| Total Bonds, fixed rate | 4 103 259.75 | 0.41 |
| Total Transferable securities and money market instruments traded on another regulated market | 465 938 919.09 | 46.20 |

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 | ALLISON TRANSMISSION INC-144A 5.87500% 19-01.06.29 | 3 950 000.00 | 4 404 250.00 | 0.44 |
| USD | ALTICE FRANCE HOLDING SA 10.50000% 20-15.05.27 | 2 960 000.00 | 3 336 512.00 | 0.33 |
| USD | ARCHES BUYER INC-144A 4.25000% 20-01.06.28 | 955 000.00 | 957 387.50 | 0.09 |
| USD | ARCHES BUYER INC-144A 6.12500% 20-01.12.28 | 1 430 000.00 | 1 467 537.50 | 0.15 |
| USD | CALPINE CORP-144A 5.00000% 20-01.02.31 | 2 670 000.00 | 2 816 850.00 | 0.28 |
| USD | CARNIVAL CORP-144A 11.50000% 20-01.04.23 | 2 350 000.00 | 2 678 530.00 | 0.27 |
| USD | CARNIVAL CORP-144A 9.87500% 20-01.08.27 | 2 275 000.00 | 2 646 280.00 | 0.26 |
| USD | CASCADES INC/CASCADES USA INC-144A 5.37500% 19-15.01.28 | 990 000.00 | 1 041 975.00 | 0.10 |
| USD | CHS/COMMUNITY HEALTH SYSTEMS INC-144A 8.62500% 18-15.01.24 | 2 445 000.00 | 2 542 800.00 | 0.25 |
| USD | CHS/COMMUNITY HEALTH SYSTEMS INC-144A 8.00000% 19-15.03.26 | 3 595 000.00 | 3 776 547.50 | 0.37 |
| USD | CORNERSTONE BUILDING BRANDS INC-144A 6.12500% 20-15.01.29 | 495 000.00 | 522 225.00 | 0.05 |
| USD | DCP MIDSTREAM OPERATING LP 5.37500% 18-15.07.25 | 1 910 000.00 | 2 060 412.50 | 0.20 |
| USD | ENDO FINANCE LLC-REG-S 9.50000% 20-31.07.27 | 724 000.00 | 796 693.22 | 0.08 |
| USD | ENDO FINANCE LLC-REG-S 6.00000% 20-30.06.28 | 913 000.00 | 721 270.00 | 0.07 |
| USD | GRIFFON CORP 5.75000% 20-01.03.28 | 1 830 000.00 | 1 939 800.00 | 0.19 |
| USD | HUDBAY MINERALS INC-144A 7.62500% 16-15.01.25 | 561 000.00 | 584 494.68 | 0.06 |
| USD | INSTALLED BUILDING PRODUCTS INC-144A 5.75000% 19-01.02.28 | 925 000.00 | 980 500.00 | 0.10 |
| USD | JBS USA LLC/JBS USA FINANCE INC-144A 6.75000% 18-15.02.28 | 3 100 000.00 | 3 469 093.75 | 0.34 |
| USD | KFC HLDG/PIZZA HUT HLDG/TACO BELL-144A 4.75000% 17-01.06.27 | 2 275 000.00 | 2 383 062.50 | 0.24 |
| USD | MICHAELS STORES INC-144A 8.00000% 19-15.07.27 | 2 590 000.00 | 2 667 700.00 | 0.26 |
| USD | MSCI INC-144A 3.62500% 20-01.09.30 | 235 000.00 | 244 400.00 | 0.02 |
| USD | NCR CORP-144A 8.12500% 20-15.04.25 | 960 000.00 | 1 069 200.00 | 0.11 |
| USD | QVC INC 4.75000% 20-15.02.27 | 955 000.00 | 985 378.55 | 0.10 |
| USD | SCIENCE APPLICATIONS INTRNTNL CORP-144A 4.87500% 20-01.04.28 | 960 000.00 | 1 012 800.00 | 0.10 |
| USD | SERVICE PROPERTIES TRUST 7.50000% 20-15.09.25 | 2 240 000.00 | 2 506 073.92 | 0.25 |
| USD | SPECIALTY BUILDING PRODCTS HLD LLC-144A 6.37500% 20-30.09.26 | 93 000.00 | 96 720.00 | 0.01 |
| USD | SUNOCO LP/FINANCE CORP 5.87500% 18-15.03.28 | 1 715 000.00 | 1 835 050.00 | 0.18 |
| USD | TALEN ENERGY SUPPLY LLC-144A 7.25000% 19-15.05.27 | 460 000.00 | 482 862.00 | 0.05 |
| USD | TARGA RESOURCES PARTNERS 5.12500% 16-01.02.25 | 2 490 000.00 | 2 552 250.00 | 0.25 |
| USD | USA COMPRESSION PARTNERS LLC 6.87500% 19-01.09.27 | 3 330 000.00 | 3 487 176.00 | 0.35 |
| USD | VOC ESCROW LTD-144A 5.00000% 18-15.02.28 | 1 315 000.00 | 1 267 232.63 | 0.13 |
| Total USD |  |  | 57 333 064.25 | 5.68 |
| Total Notes, fixed rate |  | 57 333 064.25 | 5.68 |
| Bonds, fixed rate |  |  |  |
| USD |  |  |  |
| USD	DELEK LOGISTICS PARTNERS LP 6.75000% 18-15.05.25 | 3 595 000.00 | 3 307 400.00 | 0.33 |
| Total USD |  | 3 307 400.00 | 0.33 |
| Total Bonds, fixed rate |  | 3 307 400.00 | 0.33 |
| Total Transferable securities and money market instruments not listed on an official stock exchange and not traded on another regulated market |  | 60 640 464.25 | 6.01 |
| Recently issued transferable securities and money market instruments |  |  |  |
| Notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	ACADEMY LTD-144A 6.00000% 20-15.11.27 | 1 910 000.00 | 1 967 300.00 | 0.20 |
| USD	ALBERTSONS COS LLC / SAFEWAY INC-144A 4.87500% 20-15.02.30 | 1 910 000.00 | 2 088 967.00 | 0.21 |
| USD	ARCHROCK PARTNERS LP/FIN CORP-144A 6.25000% 19-01.04.28 | 970 000.00 | 1 000 147.60 | 0.10 |
| USD	BOXER PARENT CO INC-144A 7.12500% 20-02.10.25 | 2 240 000.00 | 2 420 538.40 | 0.24 |
| USD	BROOKFIELD RESIDENTIAL PRO/US CORP-144A 4.87500% 20-15.02.30 | 1 815 000.00 | 1 793 437.80 | 0.18 |
| USD	BUILDERS FIRSTSOURCE INC-144A 5.00000% 20-01.03.30 | 1 535 000.00 | 1 653 962.50 | 0.16 |
| USD	CALPINE CORP-144A 5.12500% 19-15.03.28 | 2 660 000.00 | 2 796 192.00 | 0.28 |
| USD	CCM MERGER INC-144A 6.37500% 20-01.05.26 | 955 000.00 | 998 070.50 | 0.10 |
| USD	CCO HOLDINGS LLC/CAPITAL CORP-144A 4.50000% 20-01.05.32 | 5 790 000.00 | 6 119 451.00 | 0.61 |
| USD	CHEMOURS CO/THE-144A 5.75000% 20-15.11.28 | 1 425 000.00 | 1 448 156.25 | 0.14 |
| USD	CLARIOS GLOBAL LP-144A 6.75000% 20-15.05.25 | 480 000.00 | 516 302.40 | 0.05 |
| USD	CLEARWATER PAPER CORP-144A 4.75000% 20-15.08.28 | 2 445 000.00 | 2 545 856.24 | 0.25 |
| USD	CLEARWAY ENERGY OPERATING LLC-144A 4.75000% 19-15.03.28 | 2 975 000.00 | 3 190 449.50 | 0.32 |
| USD	CONSOLIDATED COMMUNICATIONS INC-144A 6.50000% 20-01.10.28 | 2 455 000.00 | 2 661 048.15 | 0.26 |
| USD	CONSTELLIUM SE-144A 5.62500% 20-15.06.28 | 250 000.00 | 268 750.00 | 0.03 |
| USD	CONTINENTAL RESOURCES INC-144A 5.7500% 20-15.01.31 | 2 570 000.00 | 2 756 325.00 | 0.27 |
| USD	CSC HOLDINGS INC-144A 4.12500% 20-01.12.30 | 1 000 000.00 | 1 034 800.00 | 0.10 |
| USD	ENERGIZER HOLDINGS INC-144A 4.37500% 20-31.03.29 | 1 915 000.00 | 1 954 161.75 | 0.19 |
| USD	FIRST QUANTUM MINERALS LTD-144A 6.87500% 20-15.10.27 | 3 000 000.00 | 3 135 000.00 | 0.31 |
| USD	FRONTIER COMMUNICATIONS CORP-144A 6.75000% 20-01.05.29 | 2 485 000.00 | 2 571 975.00 | 0.26 |
| USD	GFL ENVIRONMENTAL INC-144A 4.00000% 20-01.08.28 | 955 000.00 | 950 225.00 | 0.09 |
| USD	GRAPHIC PACKAGING INTERNATIONL INC-144A 3.50000% 20-15.03.28 | 1 430 000.00 | 1 490 360.30 | 0.15 |
| USD	HESS MIDSTREAM PARTNERS LP-144A 5.62500% 19-15.02.26 | 3 075 000.00 | 3 174 937.50 | 0.31 |
| USD	HOLLY ENERGY PARTNERS LP FIN CORP-144A 5.00000% 20-01.02.28 | 2 015 000.00 | 1 983 969.00 | 0.20 |
| USD	KBR INC 144-A 4.75000% 20-30.09.28 | 955 000.00 | 988 425.00 | 0.10 |
| USD	LAMB WESTON HOLDINGS INC-144A 4.87500% 20-15.05.28 | 480 000.00 | 532 800.00 | 0.05 |

UBS (Lux) Bond SICAV – USD High Yield (USD) Semi-Annual Report as of 30 November 2020
|  | Description | Quantity/ | Valuation in USD | as a % |
| --- | --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |
|  |  |  |  |  |
| USD | LOGAN MERGER SUB INC-144A 5.50000% 20-01.09.27 | 1 980 000.00 | 2 054 250.00 | 0.20 |
| USD | MATTAMY GROUP CORP-144A 4.62500% 20-01.03.30 | 2 515 000.00 | 2 634 462.50 | 0.26 |
| USD | MEG ENERGY CORP-144A 7.12500% 20-01.02.27 | 1 825 000.00 | 1 788 500.00 | 0.18 |
| USD | MERITOR INC-144A 4.50000% 20-15.12.28 | 475 000.00 | 482 125.00 | 0.05 |
| USD | MGM GROWTH POP LP/C0-ISSUER INC-144A 3.87500% 20-15.02.29 | 1 900 000.00 | 1 919 000.00 | 0.19 |
| USD | MICHAELS STORES INC-144A 4.75000% 20-01.10.27 | 2 385 000.00 | 2 385 000.00 | 0.24 |
| USD | NATIONSTAR MORTGAGE HOLDINGS INC-144A 6.00000% 20-15.01.27 | 2 480 000.00 | 2 571 412.80 | 0.25 |
| USD | NRG ENERGY INC-144A 3.62500% 20-15.02.31 | 1 900 000.00 | 1 967 697.00 | 0.20 |
| USD | ORTHO-CLINICAL DIAGNOSTICS INC/SA-144A 7.25000% 20-01.02.28 | 2 020 000.00 | 2 151 330.30 | 0.21 |
| USD | PBF HOLDING CO LLC/FIN CORP-144A 6.00000% 20-15.02.28 | 4 030 000.00 | 2 115 750.00 | 0.21 |
| USD | PERFORMANCE FOOD GROUP INC-144A 6.87500% 20-01.05.25 | 2 465 000.00 | 2 649 875.00 | 0.26 |
| USD | PIKE CORP-144A 5.50000% 20-01.09.28 | 990 000.00 | 1 037 025.00 | 0.10 |
| USD | PM GENERAL PURCHASER LLC-144A 9.50000% 20-01.10.28 | 475 000.00 | 517 750.00 | 0.05 |
| USD | QUICKEN LOANS LLC-144A 3.62500% 20-01.03.29 | 3 795 000.00 | 3 771 812.55 | 0.37 |
| USD | REYNOLDS GROUP-144A 4.00000% 20-15.10.27 | 955 000.00 | 971 187.25 | 0.10 |
| USD | ROYAL CARIBBEAN CRUISES LTD-144A 9.12500% 20-15.06.23 | 2 625 000.00 | 2 841 562.50 | 0.28 |
| USD | SHEA HOMES LP/FNDG CORP-144A 4.75000% 20-15.02.28 | 2 500 000.00 | 2 587 500.00 | 0.26 |
| USD | SRM ESCROW ISSUER LLC-144A 6.00000% 20-01.11.28 | 2 860 000.00 | 2 967 250.00 | 0.29 |
| USD | STERICYCLE INC-144A 3.87500% 20-15.01.29 | 935 000.00 | 972 400.00 | 0.10 |
| USD | SYNEOS HEALTH INC-144A 3.62500% 20-15.01.29 | 955 000.00 | 962 162.50 | 0.10 |
| USD | TENNECO AUTOMOTIVE INC-144A 7.87500% 20-15.01.29 | 475 000.00 | 523 687.50 | 0.05 |
| USD | TRANSOCEAN INC-144A 11.50000% 20-30.01.27 | 930 000.00 | 476 625.00 | 0.05 |
| USD | UNIVISION COMMUNICATIONS INC-144A 6.62500% 20-01.06.27 | 1 920 000.00 | 2 049 600.00 | 0.20 |
| USD | VIRGIN MEDIA SECURED FINANCE PLC-144A 4.50000% 20-15.08.30 | 3 325 000.00 | 3 475 456.25 | 0.34 |
| USD | WEEKLEY HOMES LLC / WEEKLEY FIN-144A 4.87500% 20-15.09.28 | 2 470 000.00 | 2 581 921.88 | 0.26 |
| USD | WHITE CAP BUYER LLC-144A 6.87500% 20-15.10.28 | 2 555 000.00 | 2 718 353.92 | 0.27 |
| USD | WMG ACQUISITION CORP-144A 3.00000% 20-15.02.31 | 990 000.00 | 965 160.60 | 0.10 |
| USD | YUM BRANDS INC-144A 7.75000% 20-01.04.25 | 960 000.00 | 1 063 200.00 | 0.11 |
| Total USD |  |  | 105 243 665.44 | 10.44 |
| Total Notes, fixed rate |  | 105 243 665.44 | 10.44 |
| Bonds, fixed rate |  |  |  |
| USD |  |  |  |
| USD	HUDBAY MINERALS INC-144A 6.12500% 20-01.04.29 | 495 000.00 | 530 387.55 | 0.05 |
| Total USD |  | 530 387.55 | 0.05 |
| Total Bonds, fixed rate | 530 387.55 | 0.05 |
| Total Recently issued transferable securities and money market instruments | 105 774 052.99 | 10.49 |
| UCITS/Other UCIs in accordance with Article 41 (1) e) of the amended Luxembourg law of 17 December 2010 |  |  |
| Investment funds, open end |  |  |
| Ireland |  |  |
| USD	ISHARES USD HIGH YIELD CORPORATE BOND UCITS ETF	495 001.00 | 50 148 551.31 | 4.97 |
| Total Ireland | 50 148 551.31 | 4.97 |
| Luxembourg |  |  |
| USD	UBS (LUX) BOND SICAV - ASIAN HIGH YIELD U-X-ACC	2 300.00 | 28 209 891.00 | 2.80 |
| USD	UBS (LUX) BOND SICAV - MULTI INCOME (USD) U-X-ACC	500.00 | 5 237 315.00 | 0.52 |
| Total Luxembourg | 33 447 206.00 | 3.32 |
| Total Investment funds, open end | 83 595 757.31 | 8.29 |
| Total UCITS/Other UCIs in accordance with Article 41 (1) e) of the amended Luxembourg law of 17 December 2010 | 83 595 757.31 | 8.29 |
| Derivative instruments not listed on an official stock exchange and not traded on another regulated market |  |  |
| Options on other swaps, classic-styled |  |  |
| USD |  |  |
| USD	JPM/CDX.NA.HY.35 SWAPTION PUT 102.00000 21-20.01.21	-39 375 000.00 | -87 404.63 | -0.01 |
| USD	JPM/CDX.NA.HY.35 SWAPTION PUT 104.00000 21-20.01.21	-40 125 000.00 | -121 253.74 | -0.01 |
| Total USD | -208 658.37 | -0.02 |
| Total Options on other swaps, classic-styled | -208 658.37 | -0.02 |
| Total Derivative instruments not listed on an official stock exchange and not traded on another regulated market | -208 658.37 | -0.02 |
| Total investments in securities | 994 296 942.35 | 98.59 |

| Derivative instruments |  |
| --- | --- |
| Derivative instruments not listed on an official stock exchange and not traded on another regulated market |
| Credit default swaps* |
|  |  |  |
| USD	ICE/CDX.NA.HY.34 CDI REC 5.00000% 20-20.06.25	13 685 000.00 | 1 339 899.87 | 0.13 |
| Total Credit default swaps | 1 339 899.87 | 0.13 |
| Total Derivative instruments not listed on an official stock exchange and not traded on another regulated market | 1 339 899.87 | 0.13 |
| Total Derivative instruments | 1 339 899.87 | 0.13 |
| * Positive nominal: the subfund is “Receiver”, negative nominal: the subfund is “Payer”. |  |  |
| UBS (Lux) Bond SICAV – USD High Yield (USD) |  |  |
| Semi-Annual Report as of 30 November 2020 |  |  |

| Description	Quantity/ | Valuation in USD | as a % |
| --- | --- | --- |
| Nominal | Unrealized gain | of net |
|  | (loss) on Futures/ | assets |
|  | Forward |  |
|  | Exchange Contracts/ |  |
|  | Swaps (Note 1) |  |

Forward Foreign Exchange contracts
Currency purchased/Amount purchased/Currency sold/Amount sold/Maturity date
| ZAR | 15 974 000.00 | USD | 1 033 859.98 | 21.1.2021 | -8 581.46 | 0.00 |
| --- | --- | --- | --- | --- | --- | --- |
| CHF | 64 535 500.00 | USD | 70 925 536.18 | 21.1.2021 | 497 791.38 | 0.05 |
| USD | 48 730 743.27 | EUR | 40 935 000.00 | 21.1.2021 | -312 098.09 | -0.03 |
| EUR | 8 172 900.00 | USD | 9 729 363.42 | 21.1.2021 | 62 312.12 | 0.01 |
| EUR | 1 800 000.00 | USD | 2 139 962.76 | 21.1.2021 | 16 556.46 | 0.00 |
| CHF | 166 900.00 | USD | 183 346.41 | 21.1.2021 | 1 366.71 | 0.00 |
| USD | 150 713.15 | EUR | 126 800.00 | 21.1.2021 | -1 201.65 | 0.00 |
| ZAR | 313 400.00 | USD | 20 435.49 | 21.1.2021 | -320.16 | 0.00 |
| CHF | 746 700.00 | USD | 824 431.34 | 21.1.2021 | 1 963.41 | 0.00 |
| EUR | 95 200.00 | USD | 113 456.90 | 21.1.2021 | 599.01 | 0.00 |
| Total Forward Foreign Exchange contracts | 258 387.73 | 0.03 |
|  |  |  |
| Cash at banks, deposits on demand and deposit accounts and other liquid assets | 8 667 576.11 | 0.86 |
| Bank overdraft and other short-term liabilities | -25.98 | 0.00 |
| Other assets and liabilities | 3 915 966.23 | 0.39 |
| Total net assets | 1 008 478 746.31 | 100.00 |

UBS (Lux) Bond SICAV – USD High Yield (USD) Semi-Annual Report as of 30 November 2020

Translation (ENFR, 2020-11-30):
# UBS (Lux) Bond SICAV – USD High Yield (USD)
| Données principales |  |
| --- | --- |
|  | ISIN | 30.11.2020 | 31.5.2020 | 31.5.2019 |
| Actif net en USD |  | 1 008 478 746.31 | 1 032 935 408.27 | 965 150 659.20 |
| Catégorie F-acc | LU0396369489 |  |  |  |
| Actions en circulation |  | 404 627.7680 | 458 803.7680 | 405 301.5000 |
| Valeur nette d’inventaire par action en USD |  | 340.55 | 311.96 | 310.04 |
| Prix d’émission et de rachat par action en USD 1 |  | 340.55 | 311.96 | 310.04 |
| Catégorie I-A1-acc | LU0396369992 |  |  |  |
| Actions en circulation |  | 345 756.1520 | 349 734.4130 | 246 762.3270 |
| Valeur nette d’inventaire par action en USD |  | 167.91 | 153.89 | 153.10 |
| Prix d’émission et de rachat par action en USD 1 |  | 167.91 | 153.89 | 153.10 |
| Catégorie I-A2-mdist 2 | LU0862612198 |  |  |  |
| Actions en circulation |  | - | - | 11 399.6270 |
| Valeur nette d’inventaire par action en USD |  | - | - | 94.37 |
| Prix d’émission et de rachat par action en USD 1 |  | - | - | 94.37 |
| Catégorie I-B-acc | LU0396370651 |  |  |  |
| Actions en circulation |  | 233 501.4270 | 197 567.4270 | 47 297.4590 |
| Valeur nette d’inventaire par action en USD |  | 178.42 | 163.07 | 161.34 |
| Prix d’émission et de rachat par action en USD 1 |  | 178.42 | 163.07 | 161.34 |
| Catégorie (CHF hedged) I-B-acc 3 | LU2219379455 |  |  |  |
| Actions en circulation |  | 40 428.9630 | - | - |
| Valeur nette d’inventaire par action en CHF |  | 101.64 | - | - |
| Prix d’émission et de rachat par action en CHF 1 |  | 101.64 | - | - |
| Catégorie (EUR hedged) I-B-acc 4 | LU1023284349 |  |  |  |
| Actions en circulation |  | 47 948.0000 | - | - |
| Valeur nette d’inventaire par action en EUR |  | 106.92 | - | - |
| Prix d’émission et de rachat par action en EUR 1 |  | 106.92 | - | - |
| Catégorie I-X-acc | LU0396370818 |  |  |  |
| Actions en circulation |  | 54 853.8780 | 47 282.2030 | 98 607.5200 |
| Valeur nette d’inventaire par action en USD |  | 179.54 | 164.04 | 162.18 |
| Prix d’émission et de rachat par action en USD 1 |  | 179.54 | 164.04 | 162.18 |
| Catégorie (CHF hedged) I-X-acc | LU1819711182 |  |  |  |
| Actions en circulation |  | 257 595.6480 | 219 742.0300 | 204 287.4650 |
| Valeur nette d’inventaire par action en CHF |  | 109.77 | 100.93 | 102.84 |
| Prix d’émission et de rachat par action en CHF 1 |  | 109.77 | 100.93 | 102.84 |
| Catégorie (EUR hedged) I-X-acc | LU1554276805 |  |  |  |
| Actions en circulation |  | 12 000.2590 | 13 000.2590 | 13 005.8120 |
| Valeur nette d’inventaire par action en EUR |  | 114.11 | 104.84 | 106.23 |
| Prix d’émission et de rachat par action en EUR 1 |  | 114.11 | 104.84 | 106.23 |
| Catégorie K-X-acc | LU1801154631 |  |  |  |
| Actions en circulation |  | 132 177.7600 | 119 862.4900 | 30 088.6090 |
| Valeur nette d’inventaire par action en USD |  | 109.70 | 100.25 | 99.16 |
| Prix d’émission et de rachat par action en USD 1 |  | 109.70 | 100.25 | 99.16 |
| Catégorie P-6%-mdist | LU1076698411 |  |  |  |
| Actions en circulation |  | 90 913.0390 | 90 678.9810 | 84 982.5020 |
| Valeur nette d’inventaire par action en USD |  | 86.10 | 81.54 | 86.67 |
| Prix d’émission et de rachat par action en USD 1 |  | 86.10 | 81.54 | 86.67 |
| Catégorie P-acc | LU0070848972 |  |  |  |
| Actions en circulation |  | 237 782.8550 | 256 026.4060 | 304 680.8520 |
| Valeur nette d’inventaire par action en USD |  | 321.40 | 295.58 | 296.04 |
| Prix d’émission et de rachat par action en USD 1 |  | 321.40 | 295.58 | 296.04 |
| Catégorie (CHF hedged) P-acc | LU0566797311 |  |  |  |
| Actions en circulation |  | 128 893.6480 | 136 441.1120 | 154 929.4420 |
| Valeur nette d’inventaire par action en CHF |  | 138.87 | 128.55 | 132.73 |
| Prix d’émission et de rachat par action en CHF 1 |  | 138.87 | 128.55 | 132.73 |
| Catégorie P-mdist | LU0459103858 |  |  |  |
| Actions en circulation |  | 1 323 071.6480 | 1 137 564.7250 | 1 351 553.9830 |
| Valeur nette d’inventaire par action en USD |  | 83.80 | 79.68 | 85.19 |
| Prix d’émission et de rachat par action en USD 1 |  | 83.80 | 79.68 | 85.19 |
| Catégorie (ZAR hedged) P-mdist 5 | LU2185883449 |  |  |  |
| Actions en circulation |  | 16 247.5270 | - | - |
| Valeur nette d’inventaire par action en ZAR |  | 1 025.04 | - | - |
| Prix d’émission et de rachat par action en ZAR 1 |  | 1 025.04 | - | - |

UBS (Lux) Bond SICAV – USD High Yield (USD) Rapport semestriel au 30 novembre 2020
|  | ISIN | 30.11.2020 | 31.5.2020 | 31.5.2019 |
| --- | --- | --- | --- | --- |
|  |  |  |  |  |
| Catégorie Q-6%-mdist | LU1240777455 |  |  |  |
| Actions en circulation |  | 27 903.6540 | 9 594.0930 | 6 245.2470 |
| Valeur nette d’inventaire par action en USD |  | 101.60 | 95.97 | 101.44 |
| Prix d’émission et de rachat par action en USD 1 |  | 101.60 | 95.97 | 101.44 |
| Catégorie Q-acc | LU0396369646 |  |  |  |
| Actions en circulation |  | 154 080.5820 | 98 333.1700 | 143 384.7100 |
| Valeur nette d’inventaire par action en USD |  | 134.66 | 123.50 | 123.03 |
| Prix d’émission et de rachat par action en USD 1 |  | 134.66 | 123.50 | 123.03 |
| Catégorie (CHF hedged) Q-acc | LU1240777299 |  |  |  |
| Actions en circulation |  | 136 319.9550 | 150 824.0710 | 165 218.9730 |
| Valeur nette d’inventaire par action en CHF |  | 118.63 | 109.51 | 112.47 |
| Prix d’émission et de rachat par action en CHF 1 |  | 118.63 | 109.51 | 112.47 |
| Catégorie (EUR hedged) Q-acc | LU1004768518 |  |  |  |
| Actions en circulation |  | 14 551.1110 | 16 827.3040 | 13 430.1790 |
| Valeur nette d’inventaire par action en EUR |  | 121.85 | 112.42 | 114.81 |
| Prix d’émission et de rachat par action en EUR 1 |  | 121.85 | 112.42 | 114.81 |
| Catégorie Q-mdist | LU1240777539 |  |  |  |
| Actions en circulation |  | 74 507.2300 | 61 346.6530 | 58 678.5890 |
| Valeur nette d’inventaire par action en USD |  | 97.88 | 92.80 | 98.67 |
| Prix d’émission et de rachat par action en USD 1 |  | 97.88 | 92.80 | 98.67 |
| Catégorie U-X-acc | LU0396371030 |  |  |  |
| Actions en circulation |  | 20 166.8860 | 27 250.8860 | 24 805.7340 |
| Valeur nette d’inventaire par action en USD |  | 20 919.05 | 19 112.37 | 18 896.80 |
| Prix d’émission et de rachat par action en USD 1 |  | 20 919.05 | 19 112.37 | 18 896.80 |
| Catégorie U-X-UKdist-mdist | LU1839734875 |  |  |  |
| Actions en circulation | 1 414.0000 | 902.0000 | 543.0000 |
| Valeur nette d’inventaire par action en USD | 10 157.43 | 9 477.03 | 10 049.67 |
| Prix d’émission et de rachat par action en USD 1 | 10 157.43 | 9 477.03 | 10 049.67 |
| 1  Voir note 1 2  La catégorie d’actions I-A2-mdist était en circulation jusqu’au 24.2.2020 3  Première VNI 4.9.2020 4  Première VNI 9.7.2020 5  Première VNI 22.9.2020 |  |  |  |

UBS (Lux) Bond SICAV – USD High Yield (USD) Rapport semestriel au 30 novembre 2020

## Structure du portefeuille-titres
Répartition géographique en % de l’actif net	
Etats-Unis	75.81
Luxembourg	6.68
Irlande	6.44
Canada	4.12
Pays-Bas	1.63
Grande-Bretagne	1.02
France	0.69
Danemark	0.60
Suède	0.39
Panama	0.37
Allemagne	0.33
Brésil	0.26
Liberia	0.18
Bermudes	0.05
Australie	0.02
Total	98.59
Répartition économique en % de l’actif net	
Etablissements financiers et sociétés de participation	26.47
Télécommunications	8.55
Fonds de placement	8.42
Soins de santé & services sociaux	6.96
Pétrole	6.42
Bâtiment et matériaux de construction	4.18
Alimentation & softs	3.63
Restauration et loisirs	3.23
Distribution d’énergie & d’eau	2.53
Produits pharmaceutiques, cosmétiques & médicaux	2.45
Véhicules	2.34
Equipement informatique et de réseau	1.97
Internet, logiciels et services informatiques	1.89
Appareils et composants électriques	1.87
Industrie minière, charbon et acier	1.83
Services divers	1.75
Environnement et recyclage	1.66
Machines et appareils	1.64
Banques & instituts de crédit	1.33
Chimie	1.15
Immobilier	1.00
Textiles, habillement & maroquinerie	0.84
Biens de consommation divers	0.83
Commerce de détail, centres commerciaux	0.80
Industrie aéronautique et spatiale	0.75
Industrie graphique, édition et médias	0.74
Industrie de conditionnement	0.62
Trafic et transport	0.60
Emetteurs d’obligations sécurisées (Pfandbriefe) et
sociétés de refinancement	0.59
Métaux précieux et pierres précieuses	0.46
Métaux non ferreux	0.44
Agriculture et pêche	0.40
Sylviculture; bois et papier	0.25
Total	98.59
UBS (Lux) Bond SICAV – USD High Yield (USD) Rapport semestriel au 30 novembre 2020

## Etat des actifs nets
Actif	30.11.2020
USD
Portefeuille-titres, cours d’achat	955 701 775.22
| Portefeuille-titres, plus-/(moins)-value non réalisée | 	38 595 167.13	 |
| --- | --- |
| Total du Portefeuille-titres (note 1) | 994 296 942.35 |
| Avoirs en banque, dépôts à vue et à terme | 8 555 350.18 |
| Autres liquidités (marges) | 112 225.93 |
| Créances sur achats de titres (note 1) | 2 128 456.25 |
| Créances sur souscriptions | 400 940.73 |
| Intérêts à recevoir sur titres | 13 335 286.05 |
| Bénéfice non réalisé(e) sur contrats de change à terme (note 1) | 258 387.73 |
| Bénéfice non réalisé(e) sur swaps (note 1) | 1 339 899.87 |
| Total de l’Actif | 1 020 427 489.09 |
|  |  |
| Passif |  |
| Crédit en compte courant | -25.98 |
| Intérêts à payer sur crédit en compte courant | -3.38 |
| Engagements sur achats de titres (note 1) | -6 889 650.00 |
| Engagements sur rachats | -4 803 544.59 |
| Provisions pour commission de gestion forfaitaire (note 2) | -173 405.41 |
| Provisions pour taxe d’abonnement (note 3) | -34 199.95 |
| Provisions pour autres commissions et frais (note 2) | 	-47 913.47	 |
| Total des Provisions pour frais | -255 518.83 |
| Total du Passif | -11 948 742.78 |
|  |  |
| Actif net à la fin de la période | 1 008 478 746.31 |
| Etat des opérations | USD |
| Revenus | 1.6.2020-30.11.2020 |
| Revenus d’intérêts sur liquidités | 196.20 |
| Intérêts sur titres | 27 436 297.44 |
| Dividendes | 699 094.09 |
| Revenus d’intérêts sur swaps (note 1) | 987 390.75 |
| Revenus sur prêts de titres (note 12) | 10 059.98 |
| Autres revenus (note 4) | 1 196 097.97 |
| Total des Revenus | 30 329 136.43 |
|  |  |
| Charges |  |
| Charges d’intérêts sur swaps (note 1) | -847 951.49 |
| Commission de gestion forfaitaire (note 2) | -2 068 055.51 |
| Taxe d’abonnement (note 3) | -104 562.16 |
| Frais sur prêts de titres (note 12) | -4 023.99 |
| Autres commissions et frais (note 2) | -46 616.16 |
| Charges d’intérêts sur liquidités et crédit en compte courant | -6 634.74 |
| Total des Charges | -3 077 844.05 |
|  |  |
| Revenus/pertes net(te)s de placements | 27 251 292.38 |
|  |  |
| Bénéfices/(pertes) réalisé(e)s (note 1) |  |
| Bénéfice/(perte) réalisé(e) sur titres évalués à la valeur de marché hors options | -46 500.45 |
| Bénéfice/perte réalisé(e) sur options | 264 600.00 |
| Bénéfice/perte réalisé(e) sur contrats financiers à terme | -4 772.04 |
| Bénéfice/(perte) réalisé(e) sur contrats de change à terme | 682 784.73 |
| Bénéfice/(perte) réalisé(e) sur swaps | -920 502.58 |
| Bénéfice/(perte) de change réalisé(e) | -480 001.36 |
| Total des Bénéfices/(pertes) réalisé(e)s | -504 391.70 |
|  |  |
| Bénéfice/(perte) net(te) réalisé(e) au cours de la période | 26 746 900.68 |
|  |  |
| 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 | 64 611 486.87 |
| Plus-/(moins)-value non réalisée sur options | 181 142.88 |
| Plus-/(moins)-value non réalisée sur contrats de change à terme | 577 985.34 |
| Plus-/(moins)-value non réalisée sur swaps | 2 961 726.22 |
| Total des Fluctuations de la plus-/(moins)-value non réalisée | 68 332 341.31 |
|  |  |
| Augmentation/(diminution) nette de l’actif net issue de l’activité | 95 079 241.99 |

UBS (Lux) Bond SICAV – USD High Yield (USD) Rapport semestriel au 30 novembre 2020
| Fluctuations de l’actif net |  |
| --- | --- |
|  | USD |
|  | 1.6.2020-30.11.2020 |
| Actif net au début de la période | 1 032 935 408.27 |
| Souscriptions | 131 929 192.30 |
| Rachats | 	-247 179 518.40	 |
| Total des Entrées/(sorties) de capitaux | -115 250 326.10 |
| Dividendes versés | -4 285 577.85 |
| Revenus/pertes net(te)s de placements | 27 251 292.38 |
| Total des Bénéfices/(pertes) réalisé(e)s | -504 391.70 |
| Total des Fluctuations de la plus-/(moins)-value non réalisée | 	68 332 341.31	 |
| Augmentation/(diminution) nette de l’actif net issue de l’activité | 95 079 241.99 |
| Actif net à la fin de la période | 1 008 478 746.31 |
| Evolution des actions en circulation |  |
|  | 1.6.2020-30.11.2020 |
| Catégorie | F-acc |
| Nombre d’actions en circulation au début de la période | 458 803.7680 |
| Nombre d’actions émises | 9 835.0000 |
| Nombre d’actions rachetées | -64 011.0000 |
| Nombre d’actions en circulation à la fin de la période | 404 627.7680 |
| Catégorie | I-A1-acc |
| Nombre d’actions en circulation au début de la période | 349 734.4130 |
| Nombre d’actions émises | 171 884.9350 |
| Nombre d’actions rachetées | -175 863.1960 |
| Nombre d’actions en circulation à la fin de la période | 345 756.1520 |
| Catégorie | I-B-acc |
| Nombre d’actions en circulation au début de la période | 197 567.4270 |
| Nombre d’actions émises | 40 348.0000 |
| Nombre d’actions rachetées | -4 414.0000 |
| Nombre d’actions en circulation à la fin de la période | 233 501.4270 |
| Catégorie | (CHF hedged) I-B-acc |
| Nombre d’actions en circulation au début de la période | 0.0000 |
| Nombre d’actions émises | 40 428.9630 |
| Nombre d’actions rachetées | 0.0000 |
| Nombre d’actions en circulation à la fin de la période | 40 428.9630 |
| Catégorie | (EUR hedged) I-B-acc |
| Nombre d’actions en circulation au début de la période | 0.0000 |
| Nombre d’actions émises | 47 948.0000 |
| Nombre d’actions rachetées | 0.0000 |
| Nombre d’actions en circulation à la fin de la période | 47 948.0000 |
| Catégorie | I-X-acc |
| Nombre d’actions en circulation au début de la période | 47 282.2030 |
| Nombre d’actions émises | 7 623.1170 |
| Nombre d’actions rachetées | -51.4420 |
| Nombre d’actions en circulation à la fin de la période | 54 853.8780 |
| Catégorie | (CHF hedged) I-X-acc |
| Nombre d’actions en circulation au début de la période | 219 742.0300 |
| Nombre d’actions émises | 75 855.5250 |
| Nombre d’actions rachetées | -38 001.9070 |
| Nombre d’actions en circulation à la fin de la période | 257 595.6480 |
| Catégorie | (EUR hedged) I-X-acc |
| Nombre d’actions en circulation au début de la période | 13 000.2590 |
| Nombre d’actions émises | 44 953.0950 |
| Nombre d’actions rachetées | -45 953.0950 |
| Nombre d’actions en circulation à la fin de la période | 12 000.2590 |
| Catégorie | K-X-acc |
| Nombre d’actions en circulation au début de la période | 119 862.4900 |
| Nombre d’actions émises | 12 315.2700 |
| Nombre d’actions rachetées | 0.0000 |
| Nombre d’actions en circulation à la fin de la période | 132 177.7600 |
| Catégorie | P-6%-mdist |
| Nombre d’actions en circulation au début de la période | 90 678.9810 |
| Nombre d’actions émises | 11 102.9860 |
| Nombre d’actions rachetées | -10 868.9280 |
| Nombre d’actions en circulation à la fin de la période | 90 913.0390 |
| Catégorie | P-acc |
| Nombre d’actions en circulation au début de la période | 256 026.4060 |
| Nombre d’actions émises | 21 617.5790 |
| Nombre d’actions rachetées | -39 861.1300 |
| Nombre d’actions en circulation à la fin de la période | 237 782.8550 |
| Catégorie | (CHF hedged) P-acc |
| Nombre d’actions en circulation au début de la période | 136 441.1120 |
| Nombre d’actions émises | 4 289.9440 |
| Nombre d’actions rachetées | -11 837.4080 |
| Nombre d’actions en circulation à la fin de la période | 128 893.6480 |

UBS (Lux) Bond SICAV – USD High Yield (USD) Rapport semestriel au 30 novembre 2020
| Catégorie | P-mdist |
| --- | --- |
| Nombre d’actions en circulation au début de la période | 1 137 564.7250 |
| Nombre d’actions émises | 398 424.8510 |
| Nombre d’actions rachetées | -212 917.9280 |
| Nombre d’actions en circulation à la fin de la période | 1 323 071.6480 |
| Catégorie | (ZAR hedged) P-mdist |
| Nombre d’actions en circulation au début de la période | 0.0000 |
| Nombre d’actions émises | 16 247.5270 |
| Nombre d’actions rachetées | 0.0000 |
| Nombre d’actions en circulation à la fin de la période | 16 247.5270 |
| Catégorie | Q-6%-mdist |
| Nombre d’actions en circulation au début de la période | 9 594.0930 |
| Nombre d’actions émises | 23 717.3100 |
| Nombre d’actions rachetées | -5 407.7490 |
| Nombre d’actions en circulation à la fin de la période | 27 903.6540 |
| Catégorie | Q-acc |
| Nombre d’actions en circulation au début de la période | 98 333.1700 |
| Nombre d’actions émises | 70 777.8330 |
| Nombre d’actions rachetées | -15 030.4210 |
| Nombre d’actions en circulation à la fin de la période | 154 080.5820 |
| Catégorie | (CHF hedged) Q-acc |
| Nombre d’actions en circulation au début de la période | 150 824.0710 |
| Nombre d’actions émises | 1 200.2910 |
| Nombre d’actions rachetées | -15 704.4070 |
| Nombre d’actions en circulation à la fin de la période | 136 319.9550 |
| Catégorie | (EUR hedged) Q-acc |
| Nombre d’actions en circulation au début de la période | 16 827.3040 |
| Nombre d’actions émises | 1 030.2650 |
| Nombre d’actions rachetées | -3 306.4580 |
| Nombre d’actions en circulation à la fin de la période | 14 551.1110 |
| Catégorie | Q-mdist |
| Nombre d’actions en circulation au début de la période | 61 346.6530 |
| Nombre d’actions émises | 34 621.6340 |
| Nombre d’actions rachetées | -21 461.0570 |
| Nombre d’actions en circulation à la fin de la période | 74 507.2300 |
| Catégorie | U-X-acc |
| Nombre d’actions en circulation au début de la période | 27 250.8860 |
| Nombre d’actions émises | 269.0000 |
| Nombre d’actions rachetées | -7 353.0000 |
| Nombre d’actions en circulation à la fin de la période | 20 166.8860 |
| Catégorie | U-X-UKdist-mdist |
| Nombre d’actions en circulation au début de la période | 902.0000 |
| Nombre d’actions émises | 512.0000 |
| Nombre d’actions rachetées | 0.0000 |
| Nombre d’actions en circulation à la fin de la période | 1 414.0000 |

| Distribution mensuelle 1 |  |
| --- | --- |
| UBS (Lux) Bond SICAV – USD High Yield (USD) | Date de détachement | Date de versement | Devise | Montant par action |
| P-6%-mdist | 10.6.2020 | 15.6.2020 | USD | 0.40 |
| P-6%-mdist | 10.7.2020 | 15.7.2020 | USD | 0.40 |
| P-6%-mdist | 10.8.2020 | 13.8.2020 | USD | 0.42 |
| P-6%-mdist | 10.9.2020 | 15.9.2020 | USD | 0.42 |
| P-6%-mdist | 12.10.2020 | 15.10.2020 | USD | 0.42 |
| P-6%-mdist | 10.11.2020 | 13.11.2020 | USD | 0.41 |
| P-mdist | 15.6.2020 | 18.6.2020 | USD | 0.46 |
| P-mdist | 15.7.2020 | 20.7.2020 | USD | 0.46 |
| P-mdist | 17.8.2020 | 20.8.2020 | USD | 0.46 |
| P-mdist | 15.9.2020 | 18.9.2020 | USD | 0.47 |
| P-mdist | 15.10.2020 | 20.10.2020 | USD | 0.46 |
| P-mdist | 16.11.2020 | 19.11.2020 | USD | 0.41 |
| (ZAR hedged) P-mdist | 15.10.2020 | 20.10.2020 | ZAR | 9.70 |
| (ZAR hedged) P-mdist | 16.11.2020 | 19.11.2020 | ZAR | 7.86 |
| Q-6%-mdist | 10.6.2020 | 15.6.2020 | USD | 0.47 |
| Q-6%-mdist | 10.7.2020 | 15.7.2020 | USD | 0.47 |
| Q-6%-mdist | 10.8.2020 | 13.8.2020 | USD | 0.50 |
| Q-6%-mdist | 10.9.2020 | 15.9.2020 | USD | 0.50 |
| Q-6%-mdist | 12.10.2020 | 15.10.2020 | USD | 0.49 |
| Q-6%-mdist | 10.11.2020 | 13.11.2020 | USD | 0.49 |
| Q-mdist | 15.6.2020 | 18.6.2020 | USD | 0.54 |
| Q-mdist | 15.7.2020 | 20.7.2020 | USD | 0.54 |
| Q-mdist | 17.8.2020 | 20.8.2020 | USD | 0.54 |
| Q-mdist | 15.9.2020 | 18.9.2020 | USD | 0.54 |
| Q-mdist | 15.10.2020 | 20.10.2020 | USD | 0.53 |
| Q-mdist | 16.11.2020 | 19.11.2020 | USD | 0.48 |
| 1  Voir note 5 |  |  |  |  |

UBS (Lux) Bond SICAV – USD High Yield (USD) Rapport semestriel au 30 novembre 2020
| UBS (Lux) Bond SICAV – USD High Yield (USD) | Date de détachement | Date de versement | Devise | Montant par action |
| --- | --- | --- | --- | --- |
| U-X-UKdist-mdist | 15.7.2020 | 20.7.2020 | USD | 42.14 |
| U-X-UKdist-mdist | 17.8.2020 | 20.8.2020 | USD | 44.92 |
| U-X-UKdist-mdist | 15.9.2020 | 18.9.2020 | USD | 43.82 |
| U-X-UKdist-mdist | 15.10.2020 | 20.10.2020 | USD | 39.23 |
| U-X-UKdist-mdist | 16.11.2020 | 19.11.2020 | USD | 37.82 |

UBS (Lux) Bond SICAV – USD High Yield (USD) Rapport semestriel au 30 novembre 2020

## Etat du portefeuille-titres et autres actifs nets au 30 novembre 2020
| Dénomination | Nombre/ | Evaluation en USD | en % |
| --- | --- | --- | --- |
|  | Nominal | Bénéfice/(perte) non | de |
|  |  | réalisé(e) sur futures/ | l’actif |
|  |  | Contrats de | net |
|  |  | change à terme/ |  |
|  |  | Swaps (note 1) |  |
| Titres et instruments du marché monétaire négociés sur une bourse officielle Billets, taux fixe |  |  |  |
| EUR |  |  |  |
| EUR	ALTICE FRANCE-REG-S 5.87500% 18-01.02.27 | 2 000 000.00 | 2 550 896.50 | 0.25 |
| EUR	ARD FINANCE SA-REG-S (PIK) 5.00000% 19-30.06.27 | 3 205 000.00 | 3 893 998.95 | 0.39 |
| EUR	COGENT COMMUNICATIONS GROUP INC-REG-S 4.37500% 19-30.06.24 | 2 480 000.00 | 3 055 129.78 | 0.30 |
| EUR	DKT FINANCE APS-REG-S 7.00000% 18-17.06.23 | 4 900 000.00 | 6 028 839.62 | 0.60 |
| EUR	ZIGGO BOND CO BV-REG-S 3.37500% 20-28.02.30 | 4 740 000.00 | 5 684 775.33 | 0.56 |
| Total EUR |  | 21 213 640.18 | 2.10 |
| USD |  |  |  |
| USD	AECOM TECHNOLOGY CORP 5.12500% 17-15.03.27 | 3 925 000.00 | 4 386 187.50 | 0.44 |
| USD	AERCAP IRE CAP LTD/GLB AVIA TRUST 4.62500% 20-15.10.27 | 3 850 000.00 | 4 189 675.49 | 0.42 |
| USD	ALTICE FINANCING SA-144A 5.00000% 20-15.01.28 | 1 425 000.00 | 1 460 625.00 | 0.14 |
| USD	ALTICE FRANCE HOLDING SA 6.00000% 20-15.02.28 | 4 000 000.00 | 4 059 800.00 | 0.40 |
| USD	ALTICE FRANCE-144A 7.37500% 16-01.05.26 | 1 625 000.00 | 1 706 250.00 | 0.17 |
| USD	APACHE CORP 4.87500% 20-15.11.27 | 990 000.00 | 1 034 055.00 | 0.10 |
| USD	APACHE CORP 5.10000% 10-01.09.40 | 2 875 000.00 | 2 969 961.25 | 0.29 |
| USD	ARDAGH PACKAGING FINANCE/MP-144A 4.12500% 19-15.08.26 | 725 000.00 | 752 187.50 | 0.07 |
| USD	ASHTEAD CAPITAL INC-144A 5.25000% 18-01.08.26 | 1 300 000.00 | 1 374 750.00 | 0.14 |
| USD	BANFF MERGER SUB INC-144A 9.75000% 18-01.09.26 | 2 290 000.00 | 2 450 300.00 | 0.24 |
| USD	BOMBARDIER INC-144A 8.75000% 16-01.12.21 | 3 000 000.00 | 3 074 850.00 | 0.31 |
| USD	BUCKEYE PARTNERS LP 5.85000% 13-15.11.43 | 1 200 000.00 | 1 116 000.00 | 0.11 |
| USD	BUCKEYE PARTNERS LP 5.60000% 14-15.10.44 | 990 000.00 | 913 225.50 | 0.09 |
| USD	BUCKEYE PARTNERS LP 4.12500% 17-01.12.27 | 1 760 000.00 | 1 742 400.00 | 0.17 |
| USD	CARNIVAL CORP-144A 7.62500% 20-01.03.26 | 955 000.00 | 1 014 974.00 | 0.10 |
| USD	CENTENE CORP 3.00000% 20-15.10.30 | 4 840 000.00 | 5 094 100.00 | 0.51 |
| USD	CENTURYLINK INC 5.62500% 15-01.04.25 | 940 000.00 | 1 009 325.00 | 0.10 |
| USD	CENTURYLINK INC 7.50000% 16-01.04.24 | 4 425 000.00 | 4 956 000.00 | 0.49 |
| USD	CF INDUSTRIES INC 5.37500% 14-15.03.44 | 2 775 000.00 | 3 510 375.00 | 0.35 |
| USD	COMSTOCK RESOURCES INC 9.75000% 20-15.08.26 | 3 390 000.00 | 3 584 925.00 | 0.36 |
| USD	COVANTA HOLDING CORP 6.00000% 18-01.01.27 | 200 000.00 | 212 750.00 | 0.02 |
| USD	COVANTA HOLDING CORP 5.00000% 20-01.09.30 | 1 730 000.00 | 1 842 450.00 | 0.18 |
| USD	CRESTWOOD MIDSTREAM PART LP/FIN 5.75000% 17-01.04.25 | 1 280 000.00 | 1 270 400.00 | 0.13 |
| USD	DANA INC 5.37500% 19-15.11.27 | 1 304 000.00 | 1 387 130.00 | 0.14 |
| USD	DANA INC 5.62500% 20-15.06.28 | 960 000.00 | 1 035 600.00 | 0.10 |
| USD	ENCOMPASS HEALTH CORP 4.50000% 19-01.02.28 | 4 430 000.00 | 4 635 729.20 | 0.46 |
| USD	EQT CORP 5.00000% 20-15.01.29 | 480 000.00 | 506 400.00 | 0.05 |
| USD	EQT CORP 6.12500% 20-01.02.25 | 5 425 000.00 | 6 211 625.00 | 0.62 |
| USD	EQT MIDSTREAM PARTNERS LP 5.50000% 18-15.07.28 | 3 000 000.00 | 3 190 620.00 | 0.32 |
| USD	FORD MOTOR CO 8.50000% 20-21.04.23 | 2 880 000.00 | 3 228 336.00 | 0.32 |
| USD	FORD MOTOR CO 9.00000% 20-22.04.25 | 1 850 000.00 | 2 248 175.50 | 0.22 |
| USD	FORD MOTOR CREDIT CO LLC 5.12500% 20-16.06.25 | 2 000 000.00 | 2 159 400.00 | 0.21 |
| USD	FORD MOTOR CREDIT CO 4.00000% 20-13.11.30 | 1 000 000.00 | 1 008 000.00 | 0.10 |
| USD	FORD MOTOR CREDIT CO LLC 4.37500% 13-06.08.23 | 1 292 000.00 | 1 347 866.08 | 0.13 |
| USD	FORD MOTOR CREDIT CO LLC 5.11300% 19-03.05.29 | 2 100 000.00 | 2 273 145.00 | 0.23 |
| USD	FREEPORT-MCMORAN INC 4.12500% 20-01.03.28 | 1 455 000.00 | 1 538 662.50 | 0.15 |
| USD	FREEPORT-MCMORAN INC 4.25000% 20-01.03.30 | 2 865 000.00 | 3 115 200.45 | 0.31 |
| USD	HCA INC 3.50000% 20-01.09.30 | 2 680 000.00 | 2 774 104.18 | 0.28 |
| USD	HILLENBRAND INC 5.75000% 20-15.06.25 | 960 000.00 | 1 027 200.00 | 0.10 |
| USD	INTERNATIONAL GAME TECHNOLOGY PLC-144A 6.50000% 15-15.02.25 | 1 300 000.00 | 1 433 250.00 | 0.14 |
| USD	ISTAR INC 5.50000% 20-15.02.26 | 3 465 000.00 | 3 473 662.49 | 0.34 |
| USD	KB HOME 6.87500% 19-15.06.27 | 5 010 000.00 | 5 911 800.00 | 0.59 |
| USD	KRAFT HEINZ FOODS CO 6.87500% 12-26.01.39 | 2 050 000.00 | 2 851 297.23 | 0.28 |
| USD	KRAFT HEINZ FOODS CO 5.00000% 16-15.07.35 | 3 280 000.00 | 3 867 880.30 | 0.38 |
| USD	KRAFT HEINZ FOODS CO 5.20000% 16-15.07.45 | 3 365 000.00 | 3 971 890.87 | 0.39 |
| USD	KRAFT HEINZ FOODS CO 4.62500% 18-30.01.29 | 1 435 000.00 | 1 646 864.26 | 0.16 |
| USD	LEVEL 3 FINANCING INC 5.37500% 16-01.05.25 | 3 300 000.00 | 3 387 615.00 | 0.34 |
| USD	LEVEL 3 FINANCING INC 5.25000% 17-15.03.26 | 5 760 000.00 | 5 954 745.60 | 0.59 |
| USD	MGM GROWTH POP LP/C0-ISSUER INC 4.50000% 17-01.09.26 | 3 457 000.00 | 3 647 135.00 | 0.36 |
| USD	NABORS INDUSTRIES INC 5.75000% 18-01.02.25 | 2 725 000.00 | 997 350.00 | 0.10 |
| USD	NEWELL BRANDS INC 5.50000% 16-01.04.46 | 2 000 000.00 | 2 460 000.00 | 0.24 |
| USD	NUSTAR LOGISTICS LP 5.62500% 17-28.04.27 | 2 715 000.00 | 2 782 875.00 | 0.28 |
| USD	OCCIDENTAL PETROLEUM CORP 3.50000% 15-15.06.25 | 1 500 000.00 | 1 402 500.00 | 0.14 |
| USD	OCCIDENTAL PETROLEUM CORP 5.87500% 20-01.09.25 | 1 980 000.00 | 1 999 404.00 | 0.20 |
| USD	OCCIDENTAL PETROLEUM CORP 6.62500% 20-01.09.30 | 1 485 000.00 | 1 550 993.40 | 0.15 |
| USD	OPEN TEXT CORP-144A 5.87500% 16-01.06.26 | 2 405 000.00 | 2 507 212.50 | 0.25 |
| USD	PAR PHARMACEUTICAL INC-REG-S 7.50000% 19-01.04.27 | 362 000.00 | 390 960.00 | 0.04 |
| USD	PULTEGROUP INC 6.37500% 03-15.05.33 | 1 175 000.00 | 1 615 860.00 | 0.16 |
| USD	RHP HOTEL PROPERTIES/RHP FINANCE 5.00000% 15-15.04.23 | 2 375 000.00 | 2 363 125.00 | 0.23 |
| USD	ROYAL CARIBBEAN CRUISES LTD 7.50000% 97-15.10.27 | 1 700 000.00 | 1 819 000.00 | 0.18 |
| USD	RR DONNELLEY & SONS CO 7.87500% 13-15.03.21 | 886 000.00 | 904 827.50 | 0.09 |
| USD	SERVICE CORP INTERNATIONAL 5.12500% 19-01.06.29 | 4 900 000.00 | 5 445 125.00 | 0.54 |
| USD	SOUTHWESTERN ENERGY CO 7.50000% 17-01.04.26 | 2 810 000.00 | 2 927 177.00 | 0.29 |
| USD	SOUTHWESTERN ENERGY CO 8.37500% 20-15.09.28 | 990 000.00 | 1 090 237.50 | 0.11 |
| USD	SPRINGLEAF FINANCE CORP 6.87500% 18-15.03.25 | 2 155 000.00 | 2 462 087.50 | 0.24 |
| USD	SPRINGLEAF FINANCE CORP 7.12500% 18-15.03.26 | 2 470 000.00 | 2 843 192.30 | 0.28 |
| USD	SPRINGLEAF FINANCE CORP 6.12500% 19-15.03.24 | 2 500 000.00 | 2 708 625.00 | 0.27 |
| USD	SPRINGLEAF FINANCE CORP 5.37500% 19-15.11.29 | 925 000.00 | 1 008 250.00 | 0.10 |
| USD	SPRINGLEAF FINANCE CORP 8.87500% 20-01.06.25 | 1 440 000.00 | 1 605 600.00 | 0.16 |
| USD	SPRINT CORP 7.62500% 15-15.02.25 | 2 345 000.00 | 2 808 137.50 | 0.28 |
| USD	SPRINT CORP 7.62500% 18-01.03.26 | 920 000.00 | 1 144 006.20 | 0.11 |
| USD	SPRINT CORP 7.87500% 14-15.09.23 | 1 750 000.00 | 2 018 354.97 | 0.20 |
| USD	TELECOM ITALIA CAPITAL 6.37500% 04-15.11.33 | 1 915 000.00 | 2 288 425.00 | 0.23 |
| USD	TELECOM ITALIA CAPITAL 7.20000% 06-18.07.36 | 940 000.00 | 1 203 200.00 | 0.12 |
| USD	TENET HEALTHCARE CORP 4.62500% 17-15.07.24 | 3 870 000.00 | 3 937 725.00 | 0.39 |
| USD	TRANSDIGM INC-SUB 6.37500% 17-15.06.26 | 2 100 000.00 | 2 181 270.00 | 0.22 |
| USD	TREEHOUSE FOODS INC 4.00000% 20-01.09.28 | 495 000.00 | 502 524.00 | 0.05 |
| USD	TRIVIUM PACKAGING FINANCE BV-144A 5.50000% 19-15.08.26 | 200 000.00 | 209 500.00 | 0.02 |
| USD	TRIVIUM PACKAGING FINANCE BV-144A 8.50000% 19-15.08.27 | 200 000.00 | 216 500.00 | 0.02 |
| USD	UNITED RENTALS NORTH AMERICA INC 3.87500% 19-15.11.27 | 1 470 000.00 | 1 540 457.10 | 0.15 |

UBS (Lux) Bond SICAV – USD High Yield (USD) Rapport semestriel au 30 novembre 2020
|  | 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 | VIRGIN AUSTRALIA HOLDINGS LTD-REG-S 7.87500% 16-15.10.21 | 2 839 000.00 | 170 340.00 | 0.02 |
| USD | VIRGIN MEDIA VENDOR FINANC-144A 5.00000% 20-15.07.28 | 3 000 000.00 | 3 099 807.60 | 0.31 |
| USD | WESTERN DIGITAL CORP 4.75000% 18-15.02.26 | 4 900 000.00 | 5 351 718.75 | 0.53 |
| USD | WESTERN GAS PARTNERS LP 5.45000% 14-01.04.44 | 3 210 000.00 | 3 001 350.00 | 0.30 |
| USD | WESTERN GAS PARTNERS LP 4.65000% 16-01.07.26 | 2 800 000.00 | 2 864 064.00 | 0.28 |
| USD | WESTERN MIDSTREAM OPERATING LP 3.10000% 20-01.02.25 | 1 880 000.00 | 1 875 845.20 | 0.19 |
| USD | YUM BRANDS INC 3.62500% 20-15.03.31 | 985 000.00 | 985 000.00 | 0.10 |
| USD | ZIGGO BV-144A 4.87500% 19-15.01.30 | 4 000 000.00 | 4 210 000.00 | 0.42 |
| USD | ZIGGO BV-144A 5.50000% 16-15.01.27 | 4 249 000.00 | 4 445 303.80 | 0.44 |
| Total USD |  |  | 212 496 831.72 | 21.07 |
| Total des Billets, taux fixe |  | 233 710 471.90 | 23.17 |
| Billets, taux variable |  |  |  |
| USD |  |  |  |
| USD	CREDIT AGRICOLE SA-144A-SUB 8.125%/VAR 16-PRP | 2 025 000.00 | 2 442 656.25 | 0.24 |
| Total USD |  | 2 442 656.25 | 0.24 |
| Total des Billets, taux variable |  | 2 442 656.25 | 0.24 |
| Medium-Term Notes, taux fixe |  |  |  |
| USD |  |  |  |
| USD	SPRINT CAPITAL CORPORATION 8.75000% 02-15.03.32 | 1 815 000.00 | 2 787 168.45 | 0.28 |
| Total USD |  | 2 787 168.45 | 0.28 |
| Total des Medium-Term Notes, taux fixe |  | 2 787 168.45 | 0.28 |
| Obligations, taux fixe |  |  |  |
| EUR |  |  |  |
| EUR	ALTICE FINANCING SA-REG-S 3.00000% 20-15.01.28 | 4 760 000.00 | 5 463 877.95 | 0.54 |
| EUR	NETFLIX INC 4.62500% 18-15.05.29 | 4 100 000.00 | 5 931 160.33 | 0.59 |
| EUR	PRIMO WATER CORP-REG-S 3.87500% 20-31.10.28 | 2 515 000.00 | 3 073 341.13 | 0.31 |
| EUR	VERISURE MIDHOLDING AB-REG-S 5.75000% 17-01.12.23 | 3 255 000.00 | 3 929 841.76 | 0.39 |
| EUR	VERTICAL MIDCO GMBH-REG-S 4.37500% 20-15.07.27 | 2 675 000.00 | 3 355 673.36 | 0.33 |
| Total EUR |  | 21 753 894.53 | 2.16 |
| USD |  |  |  |
| USD	FORD MOTOR CO 7.45000% 99-16.07.31 | 1 880 000.00 | 2 359 400.00 | 0.23 |
| USD	HCA INC 5.37500% 15-01.02.25 | 3 765 000.00 | 4 215 030.45 | 0.42 |
| USD	SPRINT CAPITAL CORPORATION 6.87500% 98-15.11.28 | 2 025 000.00 | 2 627 842.50 | 0.26 |
| Total USD |  | 9 202 272.95 | 0.91 |
| Total des Obligations, taux fixe |  | 30 956 167.48 | 3.07 |
| Obligations, taux variable |  |  |  |
| USD |  |  |  |
| USD	BANK OF AMERICA CORP-SUB 6.500%/VAR 14-PRP | 2 250 000.00 | 2 536 875.00 | 0.25 |
| USD	CITIGROUP INC-SUB 5.950%/3M LIBOR+406.8BP 12-PRP | 2 795 000.00 | 2 941 737.50 | 0.29 |
| USD	JPMORGAN CHASE & CO-SUB 6.000%/3M LIBOR+330BP 13-PRP | 1 950 000.00 | 2 046 018.00 | 0.21 |
| USD	JPMORGAN CHASE & CO-SUB 6.100%/VAR 14-PRP | 1 050 000.00 | 1 135 312.50 | 0.11 |
| Total USD |  | 8 659 943.00 | 0.86 |
| Total des Obligations, taux variable |  | 8 659 943.00 | 0.86 |
| Total des Titres et instruments du marché monétaire négociés sur une bourse officielle |  | 278 556 407.08 | 27.62 |
| Titres et instruments du marché monétaire négociés sur un autre marché réglementé |  |  |  |
| Titres adossés à des hypothèques, taux fixe |  |  |  |
| USD |  |  |  |
| USD	PALISADES CENTER TRUST-144A-SUB 4.73700% 16-09.04.33 | 2 700 000.00 | 602 613.00 | 0.06 |
| Total USD |  | 602 613.00 | 0.06 |
| Total des Titres adossés à des hypothèques, taux fixe |  | 602 613.00 | 0.06 |
| Billets, taux fixe |  |  |  |
| EUR |  |  |  |
| EUR	ALTICE FRANCE HOLDING SA-REG-S 8.00000% 19-15.05.27 | 3 400 000.00 | 4 384 987.38 | 0.44 |
| Total EUR |  | 4 384 987.38 | 0.44 |
| USD |  |  |  |
| USD	1011778 BC ULC/NEW RED FINANCE INC-144A 5.75000% 20-15.04.25 | 480 000.00 | 512 476.80 | 0.05 |
| USD	1011778 BC ULC/NEW RED FINANCE INC-144A 4.00000% 20-15.10.30 | 955 000.00 | 951 418.75 | 0.09 |
| USD	ACADIA HEALTHCARE CO INC-144A 5.00000% 20-15.04.29 | 2 455 000.00 | 2 586 956.25 | 0.26 |
| USD	ALBERTSONS COS INC / SAFEWAY INC-144A 5.87500% 19-15.02.28 | 920 000.00 | 993 600.00 | 0.10 |
| USD	ALBERTSONS COS LLC / SAFEWAY INC-144A 7.50000% 19-15.03.26 | 1 470 000.00 | 1 650 075.00 | 0.16 |
| USD	ALLY FINANCIAL INC 8.00000% 08-01.11.31 | 1 740 000.00 | 2 494 425.38 | 0.25 |
| USD	AMERICAN BUILDER & CONTRACT SUPPLY-144A 4.00000% 19-15.01.28 | 1 200 000.00 | 1 245 000.00 | 0.12 |
| USD	AMSTED INDUSTRIES INC-144A 5.62500% 19-01.07.27 | 1 035 000.00 | 1 098 393.75 | 0.11 |
| USD	AMSTED INDUSTRIES INC-144A 4.62500% 19-15.05.30 | 1 400 000.00 | 1 485 582.00 | 0.15 |
| USD	ANGI GROUP LLC-144A 3.87500% 20-15.08.28 | 990 000.00 | 978 862.50 | 0.10 |
| USD	ARCHROCK PARTNERS LP/FIN CORP-144A 6.87500% 19-01.04.27 | 2 540 000.00 | 2 638 933.00 | 0.26 |
| USD	ARCONIC CORP-144A 6.00000% 20-15.05.25 | 2 880 000.00 | 3 099 744.00 | 0.31 |
| USD	ASBURY AUTOMOTIVE GROUP INC 4.50000% 20-01.03.28 | 1 016 000.00 | 1 051 560.00 | 0.10 |
| USD	ASBURY AUTOMOTIVE GROUP INC 4.75000% 20-01.03.30 | 1 496 000.00 | 1 574 540.00 | 0.16 |

UBS (Lux) Bond SICAV – USD High Yield (USD) Rapport semestriel au 30 novembre 2020
|  | 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 | ASCENT RESOURCES UTICA HOLDINGS-144A 7.00000% 18-01.11.26 | 2 655 000.00 | 2 495 700.00 | 0.25 |
| USD | ASGN INC-144A 4.62500% 19-15.05.28 | 2 625 000.00 | 2 730 000.00 | 0.27 |
| USD | AVANTOR FUNDING INC-144A 4.62500% 20-15.07.28 | 4 360 000.00 | 4 588 900.00 | 0.46 |
| USD | AXALTA COATING SYSTEMS LLC-144A 3.37500% 20-15.02.29 | 2 000 000.00 | 2 017 400.00 | 0.20 |
| USD | BAUSCH HEALTH COS INC-144A 5.00000% 19-30.01.28 | 2 360 000.00 | 2 359 292.00 | 0.23 |
| USD | BAUSCH HEALTH COS INC-144A 5.25000% 19-30.01.30 | 920 000.00 | 939 780.00 | 0.09 |
| USD | BAUSCH HEALTH COS INC-144A 6.25000% 20-15.02.29 | 1 440 000.00 | 1 526 400.00 | 0.15 |
| USD | BEACON ROOFING SUPPLY INC-144A 4.87500% 17-01.11.25 | 2 945 000.00 | 2 984 757.50 | 0.30 |
| USD | BIG RIVER STEEL LLC/BRS FIN CORP-144A 6.62500% 20-31.01.29 | 495 000.00 | 524 700.00 | 0.05 |
| USD | BLACK KNIGHT INFOSERV LLC-144A 3.62500% 20-01.09.28 | 1 325 000.00 | 1 344 875.00 | 0.13 |
| USD | BOMBARDIER INC-144A 7.50000% 17-01.12.24 | 2 500 000.00 | 2 238 450.00 | 0.22 |
| USD | BOOZ ALLEN HAMILTON INC-144A 3.87500% 20-01.09.28 | 990 000.00 | 1 022 175.00 | 0.10 |
| USD | BOYD GAMING CORP 4.75000% 20-01.12.27 | 1 845 000.00 | 1 874 889.00 | 0.19 |
| USD | BOYD GAMING CORP-144A 8.62500% 20-01.06.25 | 3 465 000.00 | 3 849 407.10 | 0.38 |
| USD | BUCKEYE PARTNERS LP-144A 4.50000% 20-01.03.28 | 1 005 000.00 | 1 005 000.00 | 0.10 |
| USD | BUILDERS FIRSTSOURCE INC-144A 6.75000% 19-01.06.27 | 470 000.00 | 505 250.00 | 0.05 |
| USD | CABLE ONE INC-144A 4.00000% 20-15.11.30 | 2 375 000.00 | 2 472 968.75 | 0.25 |
| USD | CAESARS ENTERTAINMENT INC-144A 6.25000% 20-01.07.25 | 5 215 000.00 | 5 551 602.18 | 0.55 |
| USD | CAESARS ENTERTAINMENT INC-144A 8.12500% 20-01.07.27 | 2 650 000.00 | 2 914 854.25 | 0.29 |
| USD | CATALENT PHARMA SOLUTIONS INC-144A 5.00000% 19-15.07.27 | 2 610 000.00 | 2 747 025.00 | 0.27 |
| USD | CCO HOLDINGS LLC-144A 4.25000% 20-01.02.31 | 1 950 000.00 | 2 022 929.99 | 0.20 |
| USD | CCO HOLDINGS LLC/CAPITAL CORP-144A 5.50000% 16-01.05.26 | 2 000 000.00 | 2 083 000.00 | 0.21 |
| USD | CCO HOLDINGS LLC/CAPITAL CORP-144A 5.12500% 17-01.05.27 | 460 000.00 | 483 972.90 | 0.05 |
| USD | CCO HOLDINGS LLC/CAPITAL CORP-144A 5.37500% 19-01.06.29 | 3 800 000.00 | 4 151 500.00 | 0.41 |
| USD | CCO HOLDINGS LLC/CAPITAL CORP-144A 4.75000% 19-01.03.30 | 1 840 000.00 | 1 952 148.00 | 0.19 |
| USD | CCO HOLDINGS LLC/CAPITAL CORP-144A 4.50000% 20-15.08.30 | 480 000.00 | 505 800.00 | 0.05 |
| USD | CDW LLC/CDW FINANCE CORP 3.25000% 20-15.02.29 | 1 980 000.00 | 1 985 148.00 | 0.20 |
| USD | CENTENE CORP 4.25000% 20-15.12.27 | 1 845 000.00 | 1 949 832.90 | 0.19 |
| USD | CENTENE CORP 4.62500% 20-15.12.29 | 6 965 000.00 | 7 635 381.25 | 0.76 |
| USD | CENTURYLINK INC-144A 5.12500% 19-15.12.26 | 2 575 000.00 | 2 694 093.75 | 0.27 |
| USD | CHANGE HC HLDS LLC/CHNG HC FIN INC-144A 5.75000% 17-01.03.25 | 3 535 000.00 | 3 592 443.75 | 0.36 |
| USD | CHENIERE ENERGY INC-144A 4.62500% 20-15.10.28 | 955 000.00 | 990 635.82 | 0.10 |
| USD | CHOBANI LLC/FINANCE CORP-144A 7.50000% 17-15.04.25 | 3 230 000.00 | 3 375 350.00 | 0.33 |
| USD | CHOBANI LLC/FINANCE CORP-144A 4.62500% 20-15.11.28 | 955 000.00 | 986 037.50 | 0.10 |
| USD | CLEAN HARBORS INC-144A 4.87500% 19-15.07.27 | 1 035 000.00 | 1 095 982.20 | 0.11 |
| USD | CLEAN HARBORS INC-144A 5.12500% 19-15.07.29 | 2 075 000.00 | 2 274 718.75 | 0.23 |
| USD | COMMSCOPE INC-144A 8.25000% 19-01.03.27 | 2 425 000.00 | 2 612 937.50 | 0.26 |
| USD | CONNECT FINCO SARL / US FINCO LLC-144A 6.75000% 19-01.10.26 | 5 150 000.00 | 5 336 945.00 | 0.53 |
| USD | CONSTELLIUM SE-144A 6.62500% 17-01.03.25 | 1 675 000.00 | 1 727 930.00 | 0.17 |
| USD | CRESTWOOD MIDSTREAM PART LP/FIN-144A 5.62500% 19-01.05.27 | 1 310 000.00 | 1 259 939.66 | 0.12 |
| USD | CSC HOLDINGS INC-144A 5.37500% 18-01.02.28 | 1 300 000.00 | 1 379 625.00 | 0.14 |
| USD | CSC HOLDINGS INC-144A 4.62500% 20-01.12.30 | 500 000.00 | 511 850.00 | 0.05 |
| USD | CSC HOLDINGS LLC-144A 5.50000% 18-15.05.26 | 5 475 000.00 | 5 694 000.00 | 0.56 |
| USD | CSC HOLDINGS LLC-144A 7.50000% 18-01.04.28 | 1 325 000.00 | 1 477 196.12 | 0.15 |
| USD | CSC HOLDINGS LLC-144A 6.50000% 19-01.02.29 | 3 000 000.00 | 3 353 430.00 | 0.33 |
| USD | CSN RESOURCES SA-144A 7.62500% 18-13.02.23 | 2 500 000.00 | 2 609 453.25 | 0.26 |
| USD | DANA FINANCING LUXEMBOURG SARL-144A 5.75000% 17-15.04.25 | 2 515 000.00 | 2 621 887.50 | 0.26 |
| USD | DAVITA INC-144A 4.62500% 20-01.06.30 | 2 555 000.00 | 2 685 943.75 | 0.27 |
| USD | DCP MIDSTREAM OPERATING LP-144A 6.75000% 07-15.09.37 | 1 550 000.00 | 1 612 000.00 | 0.16 |
| USD | DCP MIDSTREAM OPERATING LP 5.62500% 20-15.07.27 | 1 440 000.00 | 1 558 800.00 | 0.15 |
| USD | DELTA AIR LINES INC-144A 7.00000% 20-01.05.25 | 4 875 000.00 | 5 569 437.42 | 0.55 |
| USD | DIAMOND SPORTS GROUP LLC-144A 6.62500% 19-15.08.27 | 1 260 000.00 | 722 547.00 | 0.07 |
| USD | ENDEAVOR ENERGY RESOURCES LP/FIN-144A 6.62500% 20-15.07.25 | 2 590 000.00 | 2 758 350.00 | 0.27 |
| USD | ENERGIZER HOLDINGS INC-144A 4.75000% 20-15.06.28 | 2 395 000.00 | 2 505 529.25 | 0.25 |
| USD | EQM MIDSTREAM PARTNERS LP-144A 6.00000% 20-01.07.25 | 960 000.00 | 1 022 400.00 | 0.10 |
| USD | EQM MIDSTREAM PARTNERS LP-144A 6.50000% 20-01.07.27 | 1 680 000.00 | 1 852 200.00 | 0.18 |
| USD | FIRSTCASH INC-144A 4.62500% 20-01.09.28 | 2 475 000.00 | 2 543 062.50 | 0.25 |
| USD | FRONTIER COMMUNICATIONS CORPORATIO-144A 5.87500% 20-15.10.27 | 3 950 000.00 | 4 157 375.00 | 0.41 |
| USD | GARDA WORLD SECURITY CORP-144A 9.50000% 19-01.11.27 | 2 245 000.00 | 2 503 175.00 | 0.25 |
| USD | GARTNER INC-144A 3.75000% 20-01.10.30 | 960 000.00 | 998 707.20 | 0.10 |
| USD | GARTNER INC-144A 4.50000% 20-01.07.28 | 960 000.00 | 1 008 000.00 | 0.10 |
| USD | GENESIS ENERGY LP 6.00000% 15-15.05.23 | 1 950 000.00 | 1 891 402.50 | 0.19 |
| USD | GFL ENVIRONMENTAL INC-144A 8.50000% 19-01.05.27 | 1 480 000.00 | 1 635 400.00 | 0.16 |
| USD | GFL ENVIRONMENTAL INC-144A 5.12500% 19-15.12.26 | 1 125 000.00 | 1 186 875.00 | 0.12 |
| USD | GFL ENVIRONMENTAL INC-144A 3.7500% 20-01.08.25 | 990 000.00 | 1 012 275.00 | 0.10 |
| USD | GRAPHIC PACKAGING INTERNATIONAL-144A 4.75000% 19-15.07.27 | 985 000.00 | 1 083 500.00 | 0.11 |
| USD | GREIF INC-144A 6.50000% 19-01.03.27 | 985 000.00 | 1 041 637.50 | 0.10 |
| USD | HANESBRANDS INC-144A 5.37500% 20-15.05.25 | 2 400 000.00 | 2 554 512.00 | 0.25 |
| USD | HARSCO CORP-144A 5.75000% 19-31.07.27 | 985 000.00 | 1 041 657.20 | 0.10 |
| USD | HERBALIFE NTRTON LTD/HLF FING INC-144A 7.87500% 20-01.09.25 | 2 495 000.00 | 2 738 262.50 | 0.27 |
| USD | HERC HOLDINGS INC-144A 5.50000% 19-15.07.27 | 2 430 000.00 | 2 560 612.50 | 0.25 |
| USD | HILCORP ENERGY I LP/FINANCE CO-144A 5.00000% 14-01.12.24 | 1 200 000.00 | 1 170 000.00 | 0.12 |
| USD | HILCORP ENERGY I LP/FINANCE CO-144A 5.75000% 15-01.10.25 | 4 740 000.00 | 4 633 350.00 | 0.46 |
| USD | HILL-ROM HOLDINGS INC-144A 4.37500% 19-15.09.27 | 925 000.00 | 964 312.50 | 0.10 |
| USD | HOLOGIC INC-144A 4.62500% 18-01.02.28 | 900 000.00 | 957 375.00 | 0.09 |
| USD | HUB INTERNATIONAL LTD-144A 7.00000% 18-01.05.26 | 4 550 000.00 | 4 749 062.50 | 0.47 |
| USD | IAA SPINCO INC-144A 5.50000% 19-15.06.27 | 2 615 000.00 | 2 758 825.00 | 0.27 |
| USD | INTELLIGENT PACKGING LTD FINCO INC-144A 6.00000% 20-15.09.28 | 495 000.00 | 522 781.88 | 0.05 |
| USD | IQVIA INC-144A 5.00000% 19-15.05.27 | 2 640 000.00 | 2 778 600.00 | 0.28 |
| USD | IRON MOUNTAIN INC-144A 4.87500% 17-15.09.27 | 2 160 000.00 | 2 238 300.00 | 0.22 |
| USD | JACOBS ENTERTAINMENT INC-144A 7.87500% 17-01.02.24 | 3 300 000.00 | 3 349 500.00 | 0.33 |
| USD | JBS USA LUX SA/FOOD/FINANCE INC-144A 6.50000% 19-15.04.29 | 2 470 000.00 | 2 828 174.70 | 0.28 |
| USD | JELD-WEN INC-144A 4.62500% 17-15.12.25 | 880 000.00 | 897 600.00 | 0.09 |
| USD | JELD-WEN INC-144A 4.87500% 17-15.12.27 | 1 740 000.00 | 1 831 350.00 | 0.18 |
| USD | JSL EUROPE SA-144A 7.75000% 17-26.07.24 | 2 220 000.00 | 2 358 084.00 | 0.23 |
| USD | KAISER ALUMINUM CORP-144A 4.62500% 19-01.03.28 | 1 345 000.00 | 1 387 058.15 | 0.14 |
| USD | KRAFT HEINZ FOODS CO-144A 3.87500% 20-15.05.27 | 2 495 000.00 | 2 700 771.63 | 0.27 |
| USD | KRAFT HEINZ FOODS CO-144A 4.25000% 20-01.03.31 | 4 800 000.00 | 5 332 011.36 | 0.53 |
| USD | LADDER CAPITAL FIN HLDG LLLP/CORP-144A 5.25000% 17-15.03.22 | 1 330 000.00 | 1 326 675.00 | 0.13 |
| USD | LADDER CAPITAL FIN HLDG LLLP/CORP-144A 5.25000% 17-01.10.25 | 1 345 000.00 | 1 294 562.50 | 0.13 |
| USD | LCPR SENIOR SECURED FINANCING DAC-144A 6.75000% 19-15.10.27 | 4 800 000.00 | 5 218 080.00 | 0.52 |
| USD | LIFEPOINT HEALTH INC-144A 4.37500% 20-15.02.27 | 5 350 000.00 | 5 376 750.00 | 0.53 |
| USD | LIFEPOINT HEALTH INC-144A 6.75000% 20-15.04.25 | 480 000.00 | 512 400.00 | 0.05 |
| USD | LITHIA MOTORS INC-144A 4.62500% 19-15.12.27 | 1 385 000.00 | 1 471 562.50 | 0.15 |

UBS (Lux) Bond SICAV – USD High Yield (USD) Rapport semestriel au 30 novembre 2020
|  | 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 | MACY’S INC-144A 8.37500% 20-15.06.25 | 480 000.00 | 523 176.00 | 0.05 |
| USD | MASTEC INC-144A 4.50000% 20-15.08.28 | 990 000.00 | 1 034 134.20 | 0.10 |
| USD | MEDNAX INC-144A 6.25000% 18-15.01.27 | 1 630 000.00 | 1 744 100.00 | 0.17 |
| USD | MEREDITH CORP-144A 6.50000% 20-01.07.25 | 3 840 000.00 | 4 099 200.00 | 0.41 |
| USD | MERITOR INC-144A 6.25000% 20-01.06.25 | 3 240 000.00 | 3 454 650.00 | 0.34 |
| USD | MILEAGE PLUS HOLDINGS LLC-144A 6.50000% 20-20.06.27 | 2 880 000.00 | 3 123 000.00 | 0.31 |
| USD | MOLINA HEALTHCARE INC-144A 3.87500% 20-15.11.30 | 955 000.00 | 1 007 525.00 | 0.10 |
| USD | MSCI INC-144A 4.00000% 19-15.11.29 | 1 400 000.00 | 1 498 518.00 | 0.15 |
| USD | MSCI INC-144A 5.37500% 18-15.05.27 | 835 000.00 | 894 493.75 | 0.09 |
| USD | MUELLER WATER PRODUCTS INC-144A 5.50000% 18-15.06.26 | 2 820 000.00 | 2 925 750.00 | 0.29 |
| USD | NABORS INDUSTRIES LTD-144A 7.25000% 20-15.01.26 | 970 000.00 | 541 532.76 | 0.05 |
| USD | NAVISTAR INTERNATIONAL CORP-144A 6.62500% 17-01.11.25 | 3 190 000.00 | 3 338 973.00 | 0.33 |
| USD | NAVISTAR INTERNATIONAL CORP-144A 9.50000% 20-01.05.25 | 1 905 000.00 | 2 131 218.75 | 0.21 |
| USD | NCR CORP-144A 6.12500% 19-01.09.29 | 1 455 000.00 | 1 582 239.75 | 0.16 |
| USD | NCR ESCROW CORP-144A 5.00000% 20-01.10.28 | 2 770 000.00 | 2 866 950.00 | 0.28 |
| USD | NETFLIX INC-144A 5.37500% 19-15.11.29 | 475 000.00 | 567 173.75 | 0.06 |
| USD | NEW ENTERPRISE STONE&LIME CO INC-144A 6.25000% 18-15.03.26 | 3 315 000.00 | 3 418 593.75 | 0.34 |
| USD | NEW ENTERPRISE STONE&LIME CO INC-144A 9.75000% 20-15.07.28 | 1 920 000.00 | 2 092 800.00 | 0.21 |
| USD | NEXSTAR BROADCASTING INC-144A 4.75000% 20-01.11.28 | 955 000.00 | 982 742.75 | 0.10 |
| USD | NEXSTAR BROADCASTING INC-144A 5.62500% 19-15.07.27 | 3 050 000.00 | 3 252 062.50 | 0.32 |
| USD | NIELSEN FINANCE LLC/NIELSEN-144A 5.62500% 20-01.10.28 | 2 480 000.00 | 2 643 556.00 | 0.26 |
| USD | NOVA CHEMICALS CORP-144A 5.25000% 17-01.06.27 | 3 485 000.00 | 3 632 938.25 | 0.36 |
| USD | NOVELIS CORP-144A 5.87500% 16-30.09.26 | 2 875 000.00 | 3 015 156.25 | 0.30 |
| USD | NRG ENERGY INC-144A 5.25000% 19-15.06.29 | 1 000 000.00 | 1 091 920.00 | 0.11 |
| USD | OCCIDENTAL PETROLEUM CORP 6.95000% 19-01.07.24 | 2 980 000.00 | 3 143 900.00 | 0.31 |
| USD | OCCIDENTAL PETROLEUM CORP 5.55000% 19-15.03.26 | 6 585 000.00 | 6 535 612.50 | 0.65 |
| USD | OWENS-BROCKWAY GLASS CONTAINER INC-144A 6.62500% 20-13.05.27 | 2 500 000.00 | 2 706 250.00 | 0.27 |
| USD | OWENS-BROCKWAY GLASS CONTAINER INC-144A 5.37500% 14-15.01.25 | 2 300 000.00 | 2 449 500.00 | 0.24 |
| USD | PANTHER BF AGGR 2/PANTHER FIN CO-144A 6.25000% 19-15.05.26 | 670 000.00 | 711 875.00 | 0.07 |
| USD | PANTHER BF AGGR 2/PANTHER FIN CO-144A 8.50000% 19-15.05.27 | 1 000 000.00 | 1 076 250.00 | 0.11 |
| USD | PAR PHARMACEUTICAL INC-144A 7.50000% 19-01.04.27 | 1 675 000.00 | 1 809 000.00 | 0.18 |
| USD | PARK INTERMEDIATE HOLDINGS/PK DOME-144A 5.87500% 20-01.10.28 | 955 000.00 | 1 006 331.25 | 0.10 |
| USD | PATRICK INDUSTRIES INC-144A 7.50000% 19-15.10.27 | 2 510 000.00 | 2 723 350.00 | 0.27 |
| USD | PERFORMANCE FOOD GROUP INC-144A 5.50000% 19-15.10.27 | 925 000.00 | 983 968.75 | 0.10 |
| USD | PETSMART INC-144A 8.87500% 17-01.06.25 | 1 530 000.00 | 1 541 475.00 | 0.15 |
| USD | PICASSO FINANCE SUB INC -144A 6.12500% 20-15.06.25 | 2 714 000.00 | 2 903 980.00 | 0.29 |
| USD | POLYONE CORP -144A 5.75000% 20-15.05.25 | 1 920 000.00 | 2 052 000.00 | 0.20 |
| USD | POST HOLDINGS INC-144A 5.50000% 19-15.12.29 | 230 000.00 | 249 550.00 | 0.02 |
| USD | POST HOLDINGS INC-144A 4.62500% 20-15.04.30 | 4 400 000.00 | 4 595 272.00 | 0.46 |
| USD | PRIME SEC SER BORROWER LLC/FIN INC-144A 3.37500% 20-31.08.27 | 245 000.00 | 241 937.50 | 0.02 |
| USD | PULTEGROUP INC 6.00000% 05-15.02.35 | 1 140 000.00 | 1 550 172.00 | 0.15 |
| USD | QVC INC 4.85000% 14-01.04.24 | 2 200 000.00 | 2 315 500.00 | 0.23 |
| USD | RADIATE HOLDCO LLC/FINANCE INC-144A 4.50000% 20-15.09.26 | 955 000.00 | 993 152.25 | 0.10 |
| USD | RADIATE HOLDCO LLC/FINANCE INC-144A 6.50000% 20-15.09.28 | 4 260 000.00 | 4 525 824.00 | 0.45 |
| USD | SCIENTIFIC GAMES INTERNATIONAL-144A 5.00000% 17-15.10.25 | 2 425 000.00 | 2 494 718.75 | 0.25 |
| USD | SCIENTIFIC GAMES INTERNATIONAL INC-144A 8.62500% 20-01.07.25 | 2 875 000.00 | 3 104 971.25 | 0.31 |
| USD | SCRIPPS ESCROW INC-144A 5.87500% 19-15.07.27 | 2 520 000.00 | 2 538 900.00 | 0.25 |
| USD | SELECT MEDICAL CORP-144A 6.25000% 19-15.08.26 | 2 440 000.00 | 2 604 700.00 | 0.26 |
| USD | SILGAN HOLDINGS INC 4.12500% 20-01.02.28 | 3 285 000.00 | 3 408 187.50 | 0.34 |
| USD | SIRIUS XM RADIO INC-144A 5.37500% 16-15.07.26 | 6 000 000.00 | 6 240 000.00 | 0.62 |
| USD | SIRIUS XM RADIO INC-144A 5.50000% 19-01.07.29 | 2 720 000.00 | 2 985 200.00 | 0.30 |
| USD | SIRIUS XM RADIO INC-144A 4.12500% 20-01.07.30 | 980 000.00 | 1 025 325.00 | 0.10 |
| USD | SPECTRUM BRANDS INC-144A 5.00000% 19-01.10.29 | 460 000.00 | 496 800.00 | 0.05 |
| USD | SPEEDWAY MOTO/ SPEEDWAY FUNDING II-144A 4.87500% 19-01.11.27 | 2 765 000.00 | 2 723 525.00 | 0.27 |
| USD | SPIRIT AEROSYSTEMS INC-144A 7.50000% 20-15.04.25 | 1 920 000.00 | 2 054 400.00 | 0.20 |
| USD | SPX FLOW INC-144A 5.87500% 16-15.08.26 | 700 000.00 | 730 625.00 | 0.07 |
| USD | SUMMIT MATERIALS LLC/FIN-144A 6.50000% 19-15.03.27 | 2 375 000.00 | 2 517 500.00 | 0.25 |
| USD | SUMMIT MATERIALS LLC/FIN CORP-144A 5.25000% 20-15.01.29 | 93 000.00 | 96 952.50 | 0.01 |
| USD | SUNOCO LP/FINANCE CORP 5.50000% 18-15.02.26 | 2 825 000.00 | 2 929 171.87 | 0.29 |
| USD | SUNOCO LP/FINANCE CORP-144A 4.50000% 20-15.05.29 | 935 000.00 | 964 237.45 | 0.10 |
| USD | TALEN ENERGY SUPPLY LLC-144A 10.50000% 17-15.01.26 | 4 505 000.00 | 3 615 217.45 | 0.36 |
| USD | TARGA RESOURCES PARTNERS-144A 4.87500% 20-01.02.31 | 3 875 000.00 | 4 122 031.25 | 0.41 |
| USD | TENET HEALTHCARE CORP-144A 4.87500% 19-01.01.26 | 2 890 000.00 | 2 976 700.00 | 0.30 |
| USD | TENET HEALTHCARE CORP-144A 5.12500% 19-01.11.27 | 1 485 000.00 | 1 548 112.50 | 0.15 |
| USD | TENET HEALTHCARE CORP-144A 4.62500% 20-15.06.28 | 960 000.00 | 991 200.00 | 0.10 |
| USD | TERRAFORM POWER OPERATING LLC-144A 4.75000% 19-15.01.30 | 3 850 000.00 | 4 177 250.00 | 0.41 |
| USD | TMS INTERNATIONAL CORP-144A 7.25000% 17-15.08.25 | 4 000 000.00 | 3 950 000.00 | 0.39 |
| USD | TRANSDIGM INC-144A 6.25000% 19-15.03.26 | 2 440 000.00 | 2 586 400.00 | 0.26 |
| USD | TRIDENT MERGER SUB INC-144A 6.62500% 17-01.11.25 | 2 615 000.00 | 2 615 000.00 | 0.26 |
| USD | US CONCRETE INC-144A 5.12500% 20-01.03.29 | 2 470 000.00 | 2 541 444.75 | 0.25 |
| USD | USA COMPRESSION PARTNERS LLC 6.87500% 19-01.04.26 | 1 775 000.00 | 1 836 592.50 | 0.18 |
| USD | VALEANT PHARMACEUTICALS INTL-144A 9.00000% 17-15.12.25 | 2 490 000.00 | 2 735 763.00 | 0.27 |
| USD | VALEANT PHARMACEUTICALS INTL-144A 9.25000% 18-01.04.26 | 3 150 000.00 | 3 497 129.99 | 0.35 |
| USD | VALEANT PHARMACEUTICALS INTL-144A 8.50000% 18-31.01.27 | 7 075 000.00 | 7 782 500.00 | 0.77 |
| USD | VERTICAL US NEWCO INC-144A 5.25000% 20-15.07.27 | 1 000 000.00 | 1 050 000.00 | 0.10 |
| USD | VIASAT INC-144A 5.62500% 17-15.09.25 | 2 650 000.00 | 2 696 375.00 | 0.27 |
| USD | VIASAT INC-144A 5.62500% 19-15.04.27 | 965 000.00 | 1 013 250.00 | 0.10 |
| USD | VIRGIN AUSTRALIA HOLDINGS LTD-144A 7.87500% 16-15.10.21 | 213 000.00 | 15 708.75 | 0.00 |
| USD | VISTRA OPERATIONS CO LLC-144A 5.50000% 18-01.09.26 | 6 915 000.00 | 7 235 510.25 | 0.72 |
| USD | VISTRA OPERATIONS CO LLC-144A 5.00000% 19-31.07.27 | 4 935 000.00 | 5 219 256.00 | 0.52 |
| USD | WASTE PRO USA INC-144A 5.50000% 18-15.02.26 | 5 406 000.00 | 5 581 695.00 | 0.55 |
| USD | WILLIAM CARTER CO-144A 5.50000% 20-15.05.25 | 2 480 000.00 | 2 628 800.00 | 0.26 |
| USD | WILLIAM CARTER COMPANY-144A 5.62500% 19-15.03.27 | 660 000.00 | 695 475.00 | 0.07 |
| USD | WILLIAMS SCOTSMAN INTL INC-144A 4.62500% 20-15.08.28 | 2 470 000.00 | 2 568 800.00 | 0.25 |
| USD | WOLVERINE WORLD WIDE INC-144A 6.37500% 20-15.05.25 | 2 480 000.00 | 2 628 800.00 | 0.26 |
| USD | WR GRACE & CO-CONN-144A 5.62500% 14-01.10.24 | 2 300 000.00 | 2 478 250.00 | 0.25 |
| USD | WW INTERNATIONAL INC-144A 8.62500% 17-01.12.25 | 4 805 000.00 | 5 014 498.00 | 0.50 |
| USD | YUM BRANDS INC-144A 4.75000% 19-15.01.30 | 925 000.00 | 999 971.25 | 0.10 |
| USD | ZAYO GROUP HOLDINGS INC-144A 4.00000% 20-01.03.27 | 235 000.00 | 233 799.15 | 0.02 |
| Total USD |  |  | 456 848 058.96 | 45.29 |

Total des Billets, taux fixe	461 233 046.34	45.73
UBS (Lux) Bond SICAV – USD High Yield (USD) Rapport semestriel au 30 novembre 2020
| Dénomination | Nombre/ | Evaluation en USD | en % |
| --- | --- | --- | --- |
|  | Nominal | Bénéfice/(perte) non | de |
|  |  | réalisé(e) sur futures/ | l’actif |
|  |  | Contrats de | net |
|  |  | change à terme/ |  |
|  |  | Swaps (note 1) |  |
| Obligations, taux fixe |  |  |  |
| USD |  |  |  |
| USD	LIBERTY INTERACTIVE LLC 8.25000% 00-01.02.30 | 2 345 000.00 | 2 567 775.00 | 0.26 |
| USD	PETSMART INC-144A 7.12500% 15-15.03.23 | 1 555 000.00 | 1 535 484.75 | 0.15 |
| Total USD |  | 4 103 259.75 | 0.41 |
| Total des Obligations, taux fixe |  | 4 103 259.75 | 0.41 |
| Total des Titres et instruments du marché monétaire négociés sur un autre marché réglementé |  | 465 938 919.09 | 46.20 |

Titres et instruments du marché monétaire non négociés sur une bourse officielle ou un autre marché réglementé
Billets, taux fixe
| USD |  |
| --- | --- |
| USD | ALLISON TRANSMISSION INC-144A 5.87500% 19-01.06.29 | 3 950 000.00 | 4 404 250.00 | 0.44 |
| USD | ALTICE FRANCE HOLDING SA 10.50000% 20-15.05.27 | 2 960 000.00 | 3 336 512.00 | 0.33 |
| USD | ARCHES BUYER INC-144A 4.25000% 20-01.06.28 | 955 000.00 | 957 387.50 | 0.09 |
| USD | ARCHES BUYER INC-144A 6.12500% 20-01.12.28 | 1 430 000.00 | 1 467 537.50 | 0.15 |
| USD | CALPINE CORP-144A 5.00000% 20-01.02.31 | 2 670 000.00 | 2 816 850.00 | 0.28 |
| USD | CARNIVAL CORP-144A 11.50000% 20-01.04.23 | 2 350 000.00 | 2 678 530.00 | 0.27 |
| USD | CARNIVAL CORP-144A 9.87500% 20-01.08.27 | 2 275 000.00 | 2 646 280.00 | 0.26 |
| USD | CASCADES INC/CASCADES USA INC-144A 5.37500% 19-15.01.28 | 990 000.00 | 1 041 975.00 | 0.10 |
| USD | CHS/COMMUNITY HEALTH SYSTEMS INC-144A 8.62500% 18-15.01.24 | 2 445 000.00 | 2 542 800.00 | 0.25 |
| USD | CHS/COMMUNITY HEALTH SYSTEMS INC-144A 8.00000% 19-15.03.26 | 3 595 000.00 | 3 776 547.50 | 0.37 |
| USD | CORNERSTONE BUILDING BRANDS INC-144A 6.12500% 20-15.01.29 | 495 000.00 | 522 225.00 | 0.05 |
| USD | DCP MIDSTREAM OPERATING LP 5.37500% 18-15.07.25 | 1 910 000.00 | 2 060 412.50 | 0.20 |
| USD | ENDO FINANCE LLC-REG-S 9.50000% 20-31.07.27 | 724 000.00 | 796 693.22 | 0.08 |
| USD | ENDO FINANCE LLC-REG-S 6.00000% 20-30.06.28 | 913 000.00 | 721 270.00 | 0.07 |
| USD | GRIFFON CORP 5.75000% 20-01.03.28 | 1 830 000.00 | 1 939 800.00 | 0.19 |
| USD | HUDBAY MINERALS INC-144A 7.62500% 16-15.01.25 | 561 000.00 | 584 494.68 | 0.06 |
| USD | INSTALLED BUILDING PRODUCTS INC-144A 5.75000% 19-01.02.28 | 925 000.00 | 980 500.00 | 0.10 |
| USD | JBS USA LLC/JBS USA FINANCE INC-144A 6.75000% 18-15.02.28 | 3 100 000.00 | 3 469 093.75 | 0.34 |
| USD | KFC HLDG/PIZZA HUT HLDG/TACO BELL-144A 4.75000% 17-01.06.27 | 2 275 000.00 | 2 383 062.50 | 0.24 |
| USD | MICHAELS STORES INC-144A 8.00000% 19-15.07.27 | 2 590 000.00 | 2 667 700.00 | 0.26 |
| USD | MSCI INC-144A 3.62500% 20-01.09.30 | 235 000.00 | 244 400.00 | 0.02 |
| USD | NCR CORP-144A 8.12500% 20-15.04.25 | 960 000.00 | 1 069 200.00 | 0.11 |
| USD | QVC INC 4.75000% 20-15.02.27 | 955 000.00 | 985 378.55 | 0.10 |
| USD | SCIENCE APPLICATIONS INTRNTNL CORP-144A 4.87500% 20-01.04.28 | 960 000.00 | 1 012 800.00 | 0.10 |
| USD | SERVICE PROPERTIES TRUST 7.50000% 20-15.09.25 | 2 240 000.00 | 2 506 073.92 | 0.25 |
| USD | SPECIALTY BUILDING PRODCTS HLD LLC-144A 6.37500% 20-30.09.26 | 93 000.00 | 96 720.00 | 0.01 |
| USD | SUNOCO LP/FINANCE CORP 5.87500% 18-15.03.28 | 1 715 000.00 | 1 835 050.00 | 0.18 |
| USD | TALEN ENERGY SUPPLY LLC-144A 7.25000% 19-15.05.27 | 460 000.00 | 482 862.00 | 0.05 |
| USD | TARGA RESOURCES PARTNERS 5.12500% 16-01.02.25 | 2 490 000.00 | 2 552 250.00 | 0.25 |
| USD | USA COMPRESSION PARTNERS LLC 6.87500% 19-01.09.27 | 3 330 000.00 | 3 487 176.00 | 0.35 |
| USD | VOC ESCROW LTD-144A 5.00000% 18-15.02.28 | 1 315 000.00 | 1 267 232.63 | 0.13 |
| Total USD |  |  | 57 333 064.25 | 5.68 |
| Total des Billets, taux fixe |  | 57 333 064.25 | 5.68 |
| Obligations, taux fixe |  |  |  |
| USD |  |  |  |
| USD	DELEK LOGISTICS PARTNERS LP 6.75000% 18-15.05.25 | 3 595 000.00 | 3 307 400.00 | 0.33 |
| Total USD |  | 3 307 400.00 | 0.33 |
| Total des Obligations, taux fixe |  | 3 307 400.00 | 0.33 |
| Total des Titres et instruments du marché monétaire non négociés sur une bourse officielle ou un autre marché réglementé |  | 60 640 464.25 | 6.01 |
| Nouvelles émissions de titres et instruments du marché monétaire Billets, taux fixe |  |  |  |
| USD |  |  |  |
| USD	ACADEMY LTD-144A 6.00000% 20-15.11.27 | 1 910 000.00 | 1 967 300.00 | 0.20 |
| USD	ALBERTSONS COS LLC / SAFEWAY INC-144A 4.87500% 20-15.02.30 | 1 910 000.00 | 2 088 967.00 | 0.21 |
| USD	ARCHROCK PARTNERS LP/FIN CORP-144A 6.25000% 19-01.04.28 | 970 000.00 | 1 000 147.60 | 0.10 |
| USD	BOXER PARENT CO INC-144A 7.12500% 20-02.10.25 | 2 240 000.00 | 2 420 538.40 | 0.24 |
| USD	BROOKFIELD RESIDENTIAL PRO/US CORP-144A 4.87500% 20-15.02.30 | 1 815 000.00 | 1 793 437.80 | 0.18 |
| USD	BUILDERS FIRSTSOURCE INC-144A 5.00000% 20-01.03.30 | 1 535 000.00 | 1 653 962.50 | 0.16 |
| USD	CALPINE CORP-144A 5.12500% 19-15.03.28 | 2 660 000.00 | 2 796 192.00 | 0.28 |
| USD	CCM MERGER INC-144A 6.37500% 20-01.05.26 | 955 000.00 | 998 070.50 | 0.10 |
| USD	CCO HOLDINGS LLC/CAPITAL CORP-144A 4.50000% 20-01.05.32 | 5 790 000.00 | 6 119 451.00 | 0.61 |
| USD	CHEMOURS CO/THE-144A 5.75000% 20-15.11.28 | 1 425 000.00 | 1 448 156.25 | 0.14 |
| USD	CLARIOS GLOBAL LP-144A 6.75000% 20-15.05.25 | 480 000.00 | 516 302.40 | 0.05 |
| USD	CLEARWATER PAPER CORP-144A 4.75000% 20-15.08.28 | 2 445 000.00 | 2 545 856.24 | 0.25 |
| USD	CLEARWAY ENERGY OPERATING LLC-144A 4.75000% 19-15.03.28 | 2 975 000.00 | 3 190 449.50 | 0.32 |
| USD	CONSOLIDATED COMMUNICATIONS INC-144A 6.50000% 20-01.10.28 | 2 455 000.00 | 2 661 048.15 | 0.26 |
| USD	CONSTELLIUM SE-144A 5.62500% 20-15.06.28 | 250 000.00 | 268 750.00 | 0.03 |
| USD	CONTINENTAL RESOURCES INC-144A 5.7500% 20-15.01.31 | 2 570 000.00 | 2 756 325.00 | 0.27 |
| USD	CSC HOLDINGS INC-144A 4.12500% 20-01.12.30 | 1 000 000.00 | 1 034 800.00 | 0.10 |
| USD	ENERGIZER HOLDINGS INC-144A 4.37500% 20-31.03.29 | 1 915 000.00 | 1 954 161.75 | 0.19 |
| USD	FIRST QUANTUM MINERALS LTD-144A 6.87500% 20-15.10.27 | 3 000 000.00 | 3 135 000.00 | 0.31 |
| USD	FRONTIER COMMUNICATIONS CORP-144A 6.75000% 20-01.05.29 | 2 485 000.00 | 2 571 975.00 | 0.26 |
| USD	GFL ENVIRONMENTAL INC-144A 4.00000% 20-01.08.28 | 955 000.00 | 950 225.00 | 0.09 |
| USD	GRAPHIC PACKAGING INTERNATIONL INC-144A 3.50000% 20-15.03.28 | 1 430 000.00 | 1 490 360.30 | 0.15 |
| USD	HESS MIDSTREAM PARTNERS LP-144A 5.62500% 19-15.02.26 | 3 075 000.00 | 3 174 937.50 | 0.31 |
| USD	HOLLY ENERGY PARTNERS LP FIN CORP-144A 5.00000% 20-01.02.28 | 2 015 000.00 | 1 983 969.00 | 0.20 |
| USD	KBR INC 144-A 4.75000% 20-30.09.28 | 955 000.00 | 988 425.00 | 0.10 |
| USD	LAMB WESTON HOLDINGS INC-144A 4.87500% 20-15.05.28 | 480 000.00 | 532 800.00 | 0.05 |

UBS (Lux) Bond SICAV – USD High Yield (USD) Rapport semestriel au 30 novembre 2020
|  | 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 | LOGAN MERGER SUB INC-144A 5.50000% 20-01.09.27 | 1 980 000.00 | 2 054 250.00 | 0.20 |
| USD | MATTAMY GROUP CORP-144A 4.62500% 20-01.03.30 | 2 515 000.00 | 2 634 462.50 | 0.26 |
| USD | MEG ENERGY CORP-144A 7.12500% 20-01.02.27 | 1 825 000.00 | 1 788 500.00 | 0.18 |
| USD | MERITOR INC-144A 4.50000% 20-15.12.28 | 475 000.00 | 482 125.00 | 0.05 |
| USD | MGM GROWTH POP LP/C0-ISSUER INC-144A 3.87500% 20-15.02.29 | 1 900 000.00 | 1 919 000.00 | 0.19 |
| USD | MICHAELS STORES INC-144A 4.75000% 20-01.10.27 | 2 385 000.00 | 2 385 000.00 | 0.24 |
| USD | NATIONSTAR MORTGAGE HOLDINGS INC-144A 6.00000% 20-15.01.27 | 2 480 000.00 | 2 571 412.80 | 0.25 |
| USD | NRG ENERGY INC-144A 3.62500% 20-15.02.31 | 1 900 000.00 | 1 967 697.00 | 0.20 |
| USD | ORTHO-CLINICAL DIAGNOSTICS INC/SA-144A 7.25000% 20-01.02.28 | 2 020 000.00 | 2 151 330.30 | 0.21 |
| USD | PBF HOLDING CO LLC/FIN CORP-144A 6.00000% 20-15.02.28 | 4 030 000.00 | 2 115 750.00 | 0.21 |
| USD | PERFORMANCE FOOD GROUP INC-144A 6.87500% 20-01.05.25 | 2 465 000.00 | 2 649 875.00 | 0.26 |
| USD | PIKE CORP-144A 5.50000% 20-01.09.28 | 990 000.00 | 1 037 025.00 | 0.10 |
| USD | PM GENERAL PURCHASER LLC-144A 9.50000% 20-01.10.28 | 475 000.00 | 517 750.00 | 0.05 |
| USD | QUICKEN LOANS LLC-144A 3.62500% 20-01.03.29 | 3 795 000.00 | 3 771 812.55 | 0.37 |
| USD | REYNOLDS GROUP-144A 4.00000% 20-15.10.27 | 955 000.00 | 971 187.25 | 0.10 |
| USD | ROYAL CARIBBEAN CRUISES LTD-144A 9.12500% 20-15.06.23 | 2 625 000.00 | 2 841 562.50 | 0.28 |
| USD | SHEA HOMES LP/FNDG CORP-144A 4.75000% 20-15.02.28 | 2 500 000.00 | 2 587 500.00 | 0.26 |
| USD | SRM ESCROW ISSUER LLC-144A 6.00000% 20-01.11.28 | 2 860 000.00 | 2 967 250.00 | 0.29 |
| USD | STERICYCLE INC-144A 3.87500% 20-15.01.29 | 935 000.00 | 972 400.00 | 0.10 |
| USD | SYNEOS HEALTH INC-144A 3.62500% 20-15.01.29 | 955 000.00 | 962 162.50 | 0.10 |
| USD | TENNECO AUTOMOTIVE INC-144A 7.87500% 20-15.01.29 | 475 000.00 | 523 687.50 | 0.05 |
| USD | TRANSOCEAN INC-144A 11.50000% 20-30.01.27 | 930 000.00 | 476 625.00 | 0.05 |
| USD | UNIVISION COMMUNICATIONS INC-144A 6.62500% 20-01.06.27 | 1 920 000.00 | 2 049 600.00 | 0.20 |
| USD | VIRGIN MEDIA SECURED FINANCE PLC-144A 4.50000% 20-15.08.30 | 3 325 000.00 | 3 475 456.25 | 0.34 |
| USD | WEEKLEY HOMES LLC / WEEKLEY FIN-144A 4.87500% 20-15.09.28 | 2 470 000.00 | 2 581 921.88 | 0.26 |
| USD | WHITE CAP BUYER LLC-144A 6.87500% 20-15.10.28 | 2 555 000.00 | 2 718 353.92 | 0.27 |
| USD | WMG ACQUISITION CORP-144A 3.00000% 20-15.02.31 | 990 000.00 | 965 160.60 | 0.10 |
| USD | YUM BRANDS INC-144A 7.75000% 20-01.04.25 | 960 000.00 | 1 063 200.00 | 0.11 |
| Total USD |  |  | 105 243 665.44 | 10.44 |
| Total des Billets, taux fixe |  | 105 243 665.44 | 10.44 |
| Obligations, taux fixe |  |  |  |
| USD |  |  |  |
| USD	HUDBAY MINERALS INC-144A 6.12500% 20-01.04.29 | 495 000.00 | 530 387.55 | 0.05 |
| Total USD |  | 530 387.55 | 0.05 |
| Total des Obligations, taux fixe |  | 530 387.55 | 0.05 |
| Total des Nouvelles émissions de titres et instruments du marché monétaire |  | 105 774 052.99 | 10.49 |

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
| Irlande |  |
| --- | --- |
| USD | ISHARES USD HIGH YIELD CORPORATE BOND UCITS ETF | 495 001.00 | 50 148 551.31 | 4.97 |
| Total Irlande | 50 148 551.31 | 4.97 |
| Luxembourg |  |  |
| USD	UBS (LUX) BOND SICAV - ASIAN HIGH YIELD U-X-ACC	2 300.00 | 28 209 891.00 | 2.80 |
| USD	UBS (LUX) BOND SICAV - MULTI INCOME (USD) U-X-ACC	500.00 | 5 237 315.00 | 0.52 |
| Total Luxembourg | 33 447 206.00 | 3.32 |
| Total des Fonds d’investissement, ouvert | 83 595 757.31 | 8.29 |
| Total des OPCVM/Autres OPC au sens de l’article 41 (1) e) de la loi luxembourgeoise du 17 décembre 2010, telle que modifiée | 83 595 757.31 | 8.29 |
| Instruments dérivés non négociés sur une bourse officielle ou sur un autre marché réglementé |  |  |
| Options sur autres swaps, classic-styled |  |  |
| USD |  |  |
| USD	JPM/CDX.NA.HY.35 SWAPTION PUT 102.00000 21-20.01.21	-39 375 000.00 | -87 404.63 | -0.01 |
| USD	JPM/CDX.NA.HY.35 SWAPTION PUT 104.00000 21-20.01.21	-40 125 000.00 | -121 253.74 | -0.01 |
| Total USD | -208 658.37 | -0.02 |
| Total des Options sur autres swaps, classic-styled | -208 658.37 | -0.02 |
| Total des Instruments dérivés non négociés sur une bourse officielle ou sur un autre marché réglementé | -208 658.37 | -0.02 |
| Total du Portefeuille-titres | 994 296 942.35 | 98.59 |

| Instruments dérivés |  |
| --- | --- |
| Instruments dérivés non négociés sur une bourse officielle ou sur un autre marché réglementé Credit Default Swaps* |
|  |  |  |
| USD	ICE/CDX.NA.HY.34 CDI REC 5.00000% 20-20.06.25	13 685 000.00 | 1 339 899.87 | 0.13 |
| Total des Credit Default Swaps | 1 339 899.87 | 0.13 |
| Total des Instruments dérivés non négociés sur une bourse officielle ou sur un autre marché réglementé | 1 339 899.87 | 0.13 |
| Total des Instruments dérivés | 1 339 899.87 | 0.13 |
| * Nominal positif: le compartiment est «receveur», nominal négatif: le compartiment est «payeur». |  |  |

UBS (Lux) Bond SICAV – USD High Yield (USD) Rapport semestriel au 30 novembre 2020
| Dénomination	Nombre/ | Evaluation en USD | en % |
| --- | --- | --- |
| Nominal | Bénéfice/(perte) non | de |
|  | réalisé(e) sur futures/ | l’actif |
|  | Contrats de | net |
|  | change à terme/ |  |
|  | Swaps (note 1) |  |

Contrats de change à terme
Devise achetée/Montant acheté/Devise vendue/Montant vendu/Date de maturité
| ZAR | 15 974 000.00 | USD | 1 033 859.98 | 21.1.2021 | -8 581.46 | 0.00 |
| --- | --- | --- | --- | --- | --- | --- |
| CHF | 64 535 500.00 | USD | 70 925 536.18 | 21.1.2021 | 497 791.38 | 0.05 |
| USD | 48 730 743.27 | EUR | 40 935 000.00 | 21.1.2021 | -312 098.09 | -0.03 |
| EUR | 8 172 900.00 | USD | 9 729 363.42 | 21.1.2021 | 62 312.12 | 0.01 |
| EUR | 1 800 000.00 | USD | 2 139 962.76 | 21.1.2021 | 16 556.46 | 0.00 |
| CHF | 166 900.00 | USD | 183 346.41 | 21.1.2021 | 1 366.71 | 0.00 |
| USD | 150 713.15 | EUR | 126 800.00 | 21.1.2021 | -1 201.65 | 0.00 |
| ZAR | 313 400.00 | USD | 20 435.49 | 21.1.2021 | -320.16 | 0.00 |
| CHF | 746 700.00 | USD | 824 431.34 | 21.1.2021 | 1 963.41 | 0.00 |
| EUR | 95 200.00 | USD | 113 456.90 | 21.1.2021 | 599.01 | 0.00 |
| Total des Contrats de change à terme | 258 387.73 | 0.03 |
|  |  |  |
| Avoirs en banque, dépôts à vue et à terme et autres liquidités | 8 667 576.11 | 0.86 |
| Crédit en compte courant et autres engagements à court terme | -25.98 | 0.00 |
| Autres actifs et passifs | 3 915 966.23 | 0.39 |
| Total de l’Actif net | 1 008 478 746.31 | 100.00 |

UBS (Lux) Bond SICAV – USD High Yield (USD) Rapport semestriel au 30 novembre 2020