# UBS (Lux) Bond SICAV – China High Yield (USD)
| Most important figures |  |
| --- | --- |
|  | ISIN | 30.11.2022 | 31.5.2022 |
| Net assets in USD |  | 104 254 239.85 | 155 653 014.87 |
| Class I-A3-acc 1 | LU2407300149 |  |  |
| Shares outstanding |  | 479 201.4090 | 419 201.4090 |
| Net asset value per share in USD |  | 51.69 | 65.29 |
| Issue and redemption price per share in USD 2 |  | 51.69 | 65.29 |
| Class (EUR) I-A3-acc 3 | LU2390294184 |  |  |
| Shares outstanding |  | 282 000.0000 | 306 500.0000 |
| Net asset value per share in EUR |  | 52.25 | 63.73 |
| Issue and redemption price per share in EUR 2 |  | 52.25 | 63.73 |
| Class I-A3-dist 4 | LU2390852882 |  |  |
| Shares outstanding |  | - | - |
| Net asset value per share in USD |  | - | - |
| Issue and redemption price per share in USD 2 |  | - | - |
| Class I-B-acc 5 | LU2420984473 |  |  |
| Shares outstanding |  | 2 336.0000 | 3 940.0000 |
| Net asset value per share in USD |  | 6 580.47 | 8 294.42 |
| Issue and redemption price per share in USD 2 |  | 6 580.47 | 8 294.42 |
| Class I-X-acc 6 | LU2418146887 |  |  |
| Shares outstanding |  | 9 034.8690 | 9 034.8690 |
| Net asset value per share in USD |  | 62.92 | 79.27 |
| Issue and redemption price per share in USD 2 |  | 62.92 | 79.27 |
| Class P-acc 7 | LU2344565556 |  |  |
| Shares outstanding |  | 6 623.9090 | 6 489.9280 |
| Net asset value per share in USD |  | 43.16 | 54.76 |
| Issue and redemption price per share in USD 2 |  | 43.16 | 54.76 |
| Class Q-acc 7 | LU2344565713 |  |  |
| Shares outstanding |  | 77 296.6560 | 147 939.1340 |
| Net asset value per share in USD |  | 43.48 | 55.00 |
| Issue and redemption price per share in USD 2 |  | 43.48 | 55.00 |
| Class U-X-acc 7 | LU2344566018 |  |  |
| Shares outstanding | 10 158.0000 | 11 823.0000 |
| Net asset value per share in USD | 4 393.81 | 5 535.07 |
| Issue and redemption price per share in USD 2 | 4 393.81 | 5 535.07 |
| 1  First NAV: 23.11.2021 2  See note 1 3  First NAV: 5.10.2021 4  For the period from 8.10.2021 to 2.3.2022 the share class I-A3-dist was in circulation 5  First NAV: 17.1.2022 6  First NAV: 9.2.2022 7  First NAV: 7.9.2021 |  |  |


### Structure of the Securities Portfolio
Geographical Breakdown as a % of net assets	
China	32.13
British Virgin Islands	20.07
Cayman Islands	18.64
Hong Kong	18.35
Canada	1.04
Jersey	0.85
Macau	0.17
Total	91.25
Economic Breakdown as a % of net assets	
Real Estate	22.61
Finance & holding companies	21.20
Banks & credit institutions	14.40
Building industry & materials	13.86
Lodging, catering & leisure	3.83
Internet, software & IT services	2.64
Chemicals	2.42
Traffic & transportation	1.88
Petroleum	1.61
Retail trade, department stores	1.33
Non-ferrous metals	1.09
Mechanical engineering & industrial equipment	0.99
Electronics & semiconductors	0.95
Food & soft drinks	0.92
Miscellaneous services	0.74
Countries & central governments	0.44
Telecommunications	0.34
Total	91.25
UBS (Lux) Bond SICAV – China High Yield (USD) Semi-Annual Report as of 30 November 2022

### Statement of Net Assets
Assets	30.11.2022
USD
Investments in securities, cost	197 637 069.96
| Investments in securities, unrealized appreciation (depreciation) | 	-102 501 347.00	 |
| --- | --- |
| Total investments in securities (Note 1) | 95 135 722.96 |
| Cash at banks, deposits on demand and deposit accounts | 11 090 745.30 |
| Receivable on securities sales (Note 1) | 31 250.00 |
| Receivable on subscriptions | 309.78 |
| Interest receivable on securities | 3 036 282.41 |
| Prepaid expenses | 10 496.94 |
| Total Assets | 109 304 807.39 |
|  |  |
| Liabilities |  |
| Payable on securities purchases (Note 1) | -5 023 568.41 |
| Provisions for flat fee (Note 2) | -17 748.43 |
| Provisions for taxe d’abonnement (Note 3) | -1 969.93 |
| Provisions for other commissions and fees (Note 2) | 	-7 280.77	 |
| Total provisions | -26 999.13 |
| Total Liabilities | -5 050 567.54 |
|  |  |
| Net assets at the end of the period | 104 254 239.85 |
| Statement of Operations | USD |
| Income | 1.6.2022-30.11.2022 |
| Interest on liquid assets | 82 322.16 |
| Interest on securities | 4 330 640.00 |
| Other income (Note 4) | 363 477.14 |
| Total income | 4 776 439.30 |
|  |  |
| Expenses |  |
| Flat fee (Note 2) | -130 332.82 |
| Taxe d’abonnement (Note 3) | -5 576.96 |
| Other commissions and fees (Note 2) | -7 144.96 |
| Interest on cash and bank overdraft | -22.57 |
| Total expenses | -143 077.31 |
|  |  |
| Net income (loss) on investments | 4 633 361.99 |
|  |  |
| Realized gain (loss) (Note 1) |  |
| Realized gain (loss) on market-priced securities without options | -27 152 336.61 |
| Realized gain (loss) on foreign exchange | 442.03 |
| Total realized gain (loss) | -27 151 894.58 |
|  |  |
| Net realized gain (loss) of the period | -22 518 532.59 |
|  |  |
| Changes in unrealized appreciation (depreciation) (Note 1) |  |
| Unrealized appreciation (depreciation) on market-priced securities without options | -9 731 118.11 |
| Total changes in unrealized appreciation (depreciation) | -9 731 118.11 |
|  |  |
| Net increase (decrease) in net assets as a result of operations | -32 249 650.70 |

UBS (Lux) Bond SICAV – China High Yield (USD) Semi-Annual Report as of 30 November 2022
| Changes in Net Assets |  |
| --- | --- |
|  | USD |
|  | 1.6.2022-30.11.2022 |
| Net assets at the beginning of the period | 155 653 014.87 |
| Subscriptions | 4 348 666.74 |
| Redemptions | 	-23 497 791.06	 |
| Total net subscriptions (redemptions) | -19 149 124.32 |
| Net income (loss) on investments | 4 633 361.99 |
| Total realized gain (loss) | -27 151 894.58 |
| Total changes in unrealized appreciation (depreciation) | 	-9 731 118.11	 |
| Net increase (decrease) in net assets as a result of operations | -32 249 650.70 |
| Net assets at the end of the period | 104 254 239.85 |
| Changes in the Number of Shares outstanding |  |
|  | 1.6.2022-30.11.2022 |
| Class | I-A3-acc |
| Number of shares outstanding at the beginning of the period | 419 201.4090 |
| Number of shares issued | 60 000.0000 |
| Number of shares redeemed | 0.0000 |
| Number of shares outstanding at the end of the period | 479 201.4090 |
| Class | (EUR) I-A3-acc |
| Number of shares outstanding at the beginning of the period | 306 500.0000 |
| Number of shares issued | 0.0000 |
| Number of shares redeemed | -24 500.0000 |
| Number of shares outstanding at the end of the period | 282 000.0000 |
| Class | I-B-acc |
| Number of shares outstanding at the beginning of the period | 3 940.0000 |
| Number of shares issued | 0.0000 |
| Number of shares redeemed | -1 604.0000 |
| Number of shares outstanding at the end of the period | 2 336.0000 |
| Class | I-X-acc |
| Number of shares outstanding at the beginning of the period | 9 034.8690 |
| Number of shares issued | 0.0000 |
| Number of shares redeemed | 0.0000 |
| Number of shares outstanding at the end of the period | 9 034.8690 |
| Class | P-acc |
| Number of shares outstanding at the beginning of the period | 6 489.9280 |
| Number of shares issued | 133.9810 |
| Number of shares redeemed | 0.0000 |
| Number of shares outstanding at the end of the period | 6 623.9090 |
| Class | Q-acc |
| Number of shares outstanding at the beginning of the period | 147 939.1340 |
| Number of shares issued | 34 689.9180 |
| Number of shares redeemed | -105 332.3960 |
| Number of shares outstanding at the end of the period | 77 296.6560 |
| Class | U-X-acc |
| Number of shares outstanding at the beginning of the period | 11 823.0000 |
| Number of shares issued | 0.0000 |
| Number of shares redeemed | -1 665.0000 |
| Number of shares outstanding at the end of the period | 10 158.0000 |

UBS (Lux) Bond SICAV – China High Yield (USD) Semi-Annual Report as of 30 November 2022

### Statement of Investments in Securities and other Net Assets as of 30 November 2022
| Description | Quantity/ | Valuation in USD | as a % |
| --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |
| Transferable securities and money market instruments listed on an official stock exchange |  |  |  |
| Notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	AGILE GROUP HOLDINGS LTD-REG-S 5.50000% 21-17.05.26 | 1 850 000.00 | 703 000.00 | 0.67 |
| USD	ALIBABA GROUP HOLDING LTD 3.60000% 15-28.11.24 | 600 000.00 | 575 988.00 | 0.55 |
| USD	ANTON OILFIELD SERVICES GROUP-REG-S 8.75000% 21-26.01.25 | 1 350 000.00 | 779 456.25 | 0.75 |
| USD	CENTRAL CHINA REAL ESTATE-REG-S 7.65000% 20-27.08.23 | 3 300 000.00 | 528 000.00 | 0.51 |
| USD	CENTRAL CHINA REAL ESTATE LTD-REG-S 7.50000% 21-14.07.25 | 2 230 000.00 | 245 300.00 | 0.24 |
| USD	CHINA OIL AND GAS GROUP LTD-REG-S 4.70000% 21-30.06.26 | 1 150 000.00 | 902 246.88 | 0.87 |
| USD	CHINA SOUTH CITY HOLDINGS LTD-REG-S-STEPUP\DOWN 20-26.06.24 | 625 000.00 | 215 902.34 | 0.21 |
| USD	CIFI HOLDINGS GROUP CO LTD-REG-S 6.45000% 19-07.11.24 | 600 000.00 | 96 487.50 | 0.09 |
| USD	CIFI HOLDINGS GROUP CO LTD-REG-S 6.00000% 20-16.07.25 | 2 500 000.00 | 400 000.00 | 0.38 |
| USD	CIFI HOLDINGS GROUP CO LTD-REG-S 4.45000% 21-17.08.26 | 4 675 000.00 | 748 000.00 | 0.72 |
| USD	CNOOC FINANCE 4.25000% 14-30.04.24 | 1 100 000.00 | 1 084 985.00 | 1.04 |
| USD	CRCC YUXIANG LTD-REG-S 3.50000% 13-16.05.23 | 600 000.00 | 595 770.00 | 0.57 |
| USD	EASY TACTIC LTD (PIK) 6.50000% 22-11.07.27 | 2 908 332.00 | 331 375.35 | 0.32 |
| USD	EASY TACTIC LTD (PIK) 6.50000% 22-11.07.28 | 2 549 531.00 | 264 998.25 | 0.25 |
| USD	EHI CAR SERVICES LTD-REG-S 7.00000% 21-21.09.26 | 3 525 000.00 | 1 654 106.25 | 1.59 |
| USD	ENN CLEAN ENERGY INTERNAT INVEST-REG-S 3.37500% 21-12.05.26 | 1 200 000.00 | 1 030 350.00 | 0.99 |
| USD	FORTUNE STAR BVI LTD-REG-S 6.85000% 20-02.07.24 | 300 000.00 | 220 500.00 | 0.21 |
| USD	FORTUNE STAR BVI LTD-REG-S 5.05000% 21-27.01.27 | 1 500 000.00 | 766 110.00 | 0.73 |
| USD	FORTUNE STAR BVI LTD-REG-S 5.00000% 21-18.05.26 | 6 550 000.00 | 3 668 000.00 | 3.52 |
| USD	FRANSHION BRILLIANT LTD-REG-S 4.25000% 19-23.07.29 | 900 000.00 | 588 262.50 | 0.56 |
| USD	GOLDEN EAGLE RETAIL GROUP-REG-S 4.62500% 13-21.05.23 | 1 450 000.00 | 1 385 021.88 | 1.33 |
| USD	GREENTOWN CHINA HOLDINGS LTD-REG-S 4.70000% 20-29.04.25 | 200 000.00 | 169 000.00 | 0.16 |
| USD	HAIDILAO INTERNATIONAL HOLDING-REG-S 2.15000% 21-14.01.26 | 1 150 000.00 | 960 250.00 | 0.92 |
| USD	HILONG HOLDING LTD-REG-S 9.75000% 21-18.11.24 | 1 950 000.00 | 653 250.00 | 0.63 |
| USD	HKT CAPITAL NO 2 LTD-REG-S 3.62500% 15-02.04.25 | 550 000.00 | 525 205.87 | 0.50 |
| USD	JINGRUI HOLDINGS LTD-REG-S *DEFAULTED* 14.50000% 20-19.02.23 | 2 900 000.00 | 237 075.00 | 0.23 |
| USD	KAISA GROUP HOLDINGS-REG-S *DEFAULTED* 10.50000% 20-15.01.25 | 800 000.00 | 76 552.00 | 0.07 |
| USD	KAISA GROUP HOLDINGS-REG-S *DEFAULTED* 11.65000 21-01.06.26 | 600 000.00 | 57 582.00 | 0.06 |
| USD	KWG GROUP HOLDINGS LTD-REG-S 6.30000% 20-13.02.26 | 5 400 000.00 | 921 942.00 | 0.88 |
| USD	LAI SUN MTN LTD-REG-S 5.00000% 21-28.07.26 | 2 400 000.00 | 1 432 440.00 | 1.37 |
| USD	MEITUAN DIANPING-REG-S 3.05000% 20-28.10.30 | 2 800 000.00 | 2 064 650.00 | 1.98 |
| USD	MELCO RESORTS FINANCE LTD-REG-S 5.37500% 19-04.12.29 | 600 000.00 | 472 722.00 | 0.45 |
| USD	MGM CHINA HOLDINGS LTD-REG-S 4.75000% 21-01.02.27 | 925 000.00 | 808 006.00 | 0.78 |
| USD	NEW METRO GLOBAL LTD-REG-S 4.50000% 21-02.05.26 | 2 250 000.00 | 1 203 750.00 | 1.15 |
| USD	POWERLONG REAL ESTATE HOLDINGS-REG-S 6.95000% 19-23.07.23 | 2 850 000.00 | 655 500.00 | 0.63 |
| USD	POWERLONG REAL ESTATE HOLDINGS-REG-S 6.25000% 20-10.08.24 | 1 000 000.00 | 145 187.50 | 0.14 |
| USD	REDCO PROPERTIES GROUP LTD *DEFAULTED* 11.00000% 22-06.08.23 | 2 846 930.00 | 327 308.41 | 0.31 |
| USD	REDSUN PROPERTIES GRP-REG-S *DEFAULTED* 9.70000% 20-16.04.23 | 700 000.00 | 28 000.00 | 0.03 |
| USD	REDSUN PROPERTIES GRP-REG-S *DEFAULTED* 7.30000% 21-21.05.24 | 4 100 000.00 | 164 000.00 | 0.16 |
| USD	REDSUN PROPERTIES GRP-REG-S *DEFAULTED* 9.50000% 21-20.09.23 | 525 000.00 | 25 971.75 | 0.03 |
| USD	RONSHINE CHNA HOL LTD-REG-S *DEFAULTED* 7.35000% 20-15.12.23 | 1 600 000.00 | 48 000.00 | 0.05 |
| USD	RONSHINE CHNA HOL LTD-REG-S *DEFAULTED* 6.75000% 20-05.08.24 | 1 800 000.00 | 54 000.00 | 0.05 |
| USD	RONSHINE CHNA HOL LTD-REG-S *DEFAULTED* 7.10000% 21-25.01.25 | 400 000.00 | 12 000.00 | 0.01 |
| USD	SANDS CHINA LTD 3.10000% 22-08.03.29 | 1 000 000.00 | 814 220.00 | 0.78 |
| USD	SHIMAO PRPTY HLDG LTD-REG-S *DEFAULTED* 5.20000% 21-16.01.27 | 3 000 000.00 | 330 000.00 | 0.32 |
| USD	SHUI ON DEVELOPMENT HOLDING LTD-REG-S 6.15000% 20-24.08.24 | 3 475 000.00 | 2 745 250.00 | 2.63 |
| USD	SHUI ON DEVELOPMENT HOLDINGLT-REG-S 5.50000% 21-29.06.26 | 1 200 000.00 | 825 225.00 | 0.79 |
| USD	SINO-OCEAN LAND TREASURE IV LTD-REG-S 4.75000% 19-05.08.29 | 700 000.00 | 231 000.00 | 0.22 |
| USD	SINO-OCEAN LAND TREASURE IV LTD-REG-S 4.75000% 20-14.01.30 | 1 700 000.00 | 563 975.00 | 0.54 |
| USD	SINO-OCEAN LAND TREASURE IV LTD-REG-S 3.25000% 21-05.05.26 | 3 700 000.00 | 1 383 568.75 | 1.33 |
| USD	SINOPEC GROUP OVERSEAS DEV 2013-REG-S 4.37500% 13-17.10.23 | 500 000.00 | 497 250.00 | 0.48 |
| USD	STUDIO CITY FINANCE LTD-REG-S 5.00000% 21-15.01.29 | 2 350 000.00 | 1 682 694.00 | 1.61 |
| USD	SUNAC CHINA HOLDINGS-REG-S *DEFAULTED* 7.00000% 20-09.07.25 | 2 250 000.00 | 244 687.50 | 0.23 |
| USD	SUNAC CHINA HOLDINGS-REG-S *DEFAULTED* 6.50000% 21-26.01.26 | 3 000 000.00 | 326 250.00 | 0.31 |
| USD	TIMES CHINA HOLDINGS LTD-REG-S 6.75000% 20-08.07.25 | 4 650 000.00 | 395 250.00 | 0.38 |
| USD	WYNN MACAU LTD-REG-S 5.12500% 19-15.12.29 | 650 000.00 | 507 143.00 | 0.49 |
| USD	WYNN MACAU LTD-REG-S 5.50000% 20-15.01.26 | 200 000.00 | 177 180.00 | 0.17 |
| USD	YANGO JUSTICE INT LTD-REG-S *DEFAULTED* 8.25000% 20-25.11.23 | 1 050 000.00 | 5 250.00 | 0.01 |
| USD	YANGO JUSTICE INT LTD-REG-S*DEFAULTED* 7.50000% 20-17.02.25 | 1 900 000.00 | 9 500.00 | 0.01 |
| USD	YANLORD LAND HK CO LTD-REG-S 5.12500% 21-20.05.26 | 500 000.00 | 365 000.00 | 0.35 |
| USD	YUZHOU GROUP HOLDINGS-REG-S*DEFAULTED* 7.85000% 20-12.08.26 | 4 400 000.00 | 209 000.00 | 0.20 |
| USD	ZHENRO PROP GROUP-REG-S*DEFAULTED* 7.87500% 20-14.04.24 | 750 000.00 | 18 750.00 | 0.02 |
| USD	ZHENRO PROP GROUP-REG-S*DEFAULTED* 7.35000% 20-05.02.25 | 1 700 000.00 | 42 500.00 | 0.04 |
| Total USD |  | 39 199 945.98 | 37.60 |
| Total Notes, fixed rate |  | 39 199 945.98 | 37.60 |
| Medium term notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	AGRICULTURAL BANK OF CHINA/HK-REG-S 1.00000% 20-22.10.23 | 1 200 000.00 | 1 159 500.00 | 1.11 |
| USD	BANK OF CHINA/HONG KONG-REG-S 3.87500% 15-30.06.25 | 470 000.00 | 456 760.10 | 0.44 |
| USD	BANK OF COMMUNICATIONS CO LTD-REG-S 4.75000% 22-30.11.25 | 900 000.00 | 894 825.00 | 0.86 |
| USD	FAR EAST HORIZON LTD-REG-S 4.25000% 21-26.10.26 | 1 500 000.00 | 1 118 250.00 | 1.07 |
| USD	GEMDALE EVER PROSPERITY INVESTMENT-REG-S 4.95000% 21-08.24 | 900 000.00 | 703 503.00 | 0.67 |
| USD	GLP CHINA HOLDINGS LTD-REG-S 2.95000% 21-29.03.26 | 700 000.00 | 442 443.75 | 0.42 |
| USD	HONG KONG GOVERNMEN INT BD-REG-S 0.62500% 21-02.02.26 | 506 000.00 | 453 477.23 | 0.44 |
| USD	HUARONG FINANCE 2017 CO-REG-S 4.25000% 17-07.11.27 | 400 000.00 | 324 825.00 | 0.31 |
| USD	ICBCIL FINANCE CO LTD-REG-S 2.25000% 21-02.11.26 | 1 200 000.00 | 1 071 792.00 | 1.03 |
| USD	KWG GROUP HOLDINGS LTD-REG-S 5.95000% 20-10.08.25 | 1 100 000.00 | 231 825.00 | 0.22 |
| USD	MTR CORP CI LTD-REG-S 2.50000% 16-02.11.26 | 332 000.00 | 307 499.08 | 0.30 |
| USD	REDCO PROPERTIES GRP-REG-S *DEFAULTED* 9.90000% 20-17.02.24 | 5 000 000.00 | 792 187.50 | 0.76 |
| Total USD |  | 7 956 887.66 | 7.63 |
| Total Medium term notes, fixed rate |  | 7 956 887.66 | 7.63 |

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

Medium term notes, floating rate
| USD |  |
| --- | --- |
| USD | BANK OF EAST ASIA LTD-REG-S-SUB 5.825%/VAR 20-PRP | 500 000.00 | 402 500.00 | 0.38 |
| USD | CHINA CITIC BK INTERNATIONAL LTD-REG-S-SUB 7.100%/VAR 18-PRP | 400 000.00 | 404 189.32 | 0.39 |
| USD | CHONG HING BANK LTD-REG-S-SUB 5.500%/VAR 20-PRP | 1 700 000.00 | 1 470 287.50 | 1.41 |
| Total USD |  |  | 2 276 976.82 | 2.18 |
| Total Medium term notes, floating rate |  | 2 276 976.82 | 2.18 |
| Bonds, fixed rate |  |  |  |
| USD |  |  |  |
| USD	AGILE GROUP HOLDINGS LTD-REG-S 5.50000% 21-21.04.25 | 1 000 000.00 | 374 250.00 | 0.36 |
| USD	BAIDU INC 3.87500% 18-29.09.23 | 700 000.00 | 690 312.00 | 0.66 |
| USD	CENTRAL CHINA REAL ESTATE-REG-S 7.75000% 20-24.05.24 | 600 000.00 | 87 000.00 | 0.08 |
| USD	CENTRAL PLAZA DEVELOPMENT LTD-REG-S 4.65000% 21-19.01.26 | 500 000.00 | 379 468.75 | 0.36 |
| USD	CHINA HUADIAN OVERSEAS DEVP18 LTD-REG-S 3.87500% 18-17.05.23 | 1 000 000.00 | 994 860.00 | 0.95 |
| USD	CHINA SCE GROUP HOLDINGS LTD-REG-S 7.00000% 20-02.05.25 | 1 900 000.00 | 418 000.00 | 0.40 |
| USD	CHINA SCE GROUP HOLDINGS LTD-REG-S- 6.00000% 21-04.02.26 | 3 500 000.00 | 735 000.00 | 0.71 |
| USD	CHINA SCE PROPERTY HOLDINGS LTD-REG-S 7.37500% 19-09.04.24 | 650 000.00 | 177 856.25 | 0.17 |
| USD	CHINA SCE PROPERTY HOLDINGS LTD-REG-S 5.95000% 21-29.09.24 | 4 075 000.00 | 978 000.00 | 0.94 |
| USD	CIFI HOLDINGS GROUP CO LTD-REG-S 5.25000% 20-13.05.26 | 2 700 000.00 | 432 000.00 | 0.41 |
| USD	CMHI FINANCE BVI CO LTD-REG-S 4.37500% 18-06.08.23 | 600 000.00 | 596 802.00 | 0.57 |
| USD	CNAC HK FINBRIDGE CO LTD-REG-S 4.62500% 18-14.03.23 | 1 500 000.00 | 1 496 415.00 | 1.44 |
| USD	COUNTRY GARDEN HOLDINGS CO LTD-REG-S 5.62500% 16-15.12.26 | 2 100 000.00 | 913 500.00 | 0.88 |
| USD	COUNTRY GARDEN HOLDINGS CO LTD-REG-S 5.12500% 18-17.01.25 | 1 600 000.00 | 770 144.00 | 0.74 |
| USD	COUNTRY GARDEN HOLDINGS CO LTD-REG-S 4.80000% 20-06.08.30 | 3 000 000.00 | 1 095 000.00 | 1.05 |
| USD	COUNTRY GARDEN HOLDINGS CO LTD-REG-S 3.12500% 20-22.10.25 | 1 750 000.00 | 831 250.00 | 0.80 |
| USD	COUNTRY GARDEN HOLDINGS CO LTD-REG-S 3.87500% 20-22.10.30 | 1 800 000.00 | 657 000.00 | 0.63 |
| USD	COUNTRY GARDEN HOLDINGS CO LTD-REG-S 2.70000% 21-12.07.26 | 1 000 000.00 | 445 000.00 | 0.43 |
| USD	KAISA GROUP HOLDINGS-REG-S *DEFAULT* 11.70000% 21-11.11.25 | 800 000.00 | 76 656.00 | 0.07 |
| USD	KWG GROUP HOLDINGS LTD-REG-S 6.00000% 21-14.08.26 | 2 400 000.00 | 420 450.00 | 0.40 |
| USD	KWG PROPERTY HOLDING LTD-REG-S 7.40000% 20-13.01.27 | 1 750 000.00 | 332 500.00 | 0.32 |
| USD	LAI FUNG BONDS-REG-S 5.65000% 18-18.01.23 | 950 000.00 | 895 256.25 | 0.86 |
| USD	LS FINANCE 2017 LTD-REG-S 4.80000% 21-18.06.26 | 2 000 000.00 | 1 282 360.00 | 1.23 |
| USD	MELCO RESORTS FINANCE LTD-REG-S 5.25000% 19-26.04.26 | 200 000.00 | 169 390.00 | 0.16 |
| USD	NEW METRO GLOBAL LTD-REG-S 4.80000% 20-15.12.24 | 300 000.00 | 195 000.00 | 0.19 |
| USD	NWD MTN LTD-REG-S 4.12500% 19-18.07.29 | 1 000 000.00 | 722 810.00 | 0.69 |
| USD	POWERLONG REAL ESTATE HOLDINGS-REG-S 5.95000% 20-30.04.25 | 5 400 000.00 | 753 637.50 | 0.72 |
| USD	POWERLONG REAL ESTATE HOLDING LTD-REG-S 4.90000% 21-13.05.26 | 1 500 000.00 | 292 500.00 | 0.28 |
| USD	RADIANCE HOLDINGS GROUP CO LTD-REG-S 7.80000% 21-20.03.24 | 1 100 000.00 | 546 768.75 | 0.52 |
| USD	REDSUN PROPERTIES GRP-REG-S *DEFAULTED* 7.30000% 21-13.01.25 | 3 700 000.00 | 188 006.25 | 0.18 |
| USD	RKPF OVERSEAS 2020 A LTD-REG-S 5.12500% 21-26.07.26 | 6 450 000.00 | 3 160 500.00 | 3.03 |
| USD	SEAZEN GROUP LTD-REG-S 6.00000% 20-12.08.24 | 750 000.00 | 491 250.00 | 0.47 |
| USD	SEAZEN GROUP LTD-REG-S 4.45000% 21-13.07.25 | 4 650 000.00 | 2 635 387.50 | 2.53 |
| USD	STATE GRID OVERSEAS INV 2013 LTD-REG-S 3.12500% 13-22.05.23 | 1 500 000.00 | 1 487 160.00 | 1.43 |
| USD	SUNAC CHINA HOLDINGS-REG-S *DEFAULTED* 7.50000% 19-01.02.24 | 800 000.00 | 86 368.00 | 0.08 |
| USD	TIMES CHINA HOLDINGS LTD-REG-S 6.20000% 20-22.03.26 | 2 900 000.00 | 226 867.00 | 0.22 |
| USD	TIMES CHINA HOLDINGS LTD-REG-S 5.75000% 21-14.01.27 | 650 000.00 | 46 637.50 | 0.05 |
| USD	TIMES CHINA HOLDINGS LTD-REG-S 5.55000% 21-04.06.24 | 3 500 000.00 | 297 500.00 | 0.29 |
| USD	WANDA PROPERTIES INTERNATIONAL-REG-S 7.25000% 14-29.01.24 | 3 350 000.00 | 2 597 992.00 | 2.49 |
| USD	WEST CHINA CEMENT LTD-REG-S 4.95000% 21-08.07.26 | 1 200 000.00 | 882 120.00 | 0.85 |
| USD	YUZHOU GROUP HOLDINGS-REG-S*DEFAULTED* 6.35000% 21-13.01.27 | 4 200 000.00 | 199 500.00 | 0.19 |
| USD	YUZHOU PROPERTIES-REG-S*DEFAULTED* 8.30000% 19-27.05.25 | 1 250 000.00 | 59 375.00 | 0.06 |
| USD	ZHENRO PROP GROUP-REG-S *DEFAULTED* 6.63000% 21-07.01.26 | 3 000 000.00 | 75 000.00 | 0.07 |
| USD	ZHENRO PROP GROUP-REG-S *DEFAULTED* 6.70000% 21-04.08.26 | 2 300 000.00 | 57 500.00 | 0.06 |
| Total USD |  | 30 250 349.75 | 29.02 |
| Total Bonds, fixed rate |  | 30 250 349.75 | 29.02 |
| Bonds, floating rate |  |  |  |
| USD |  |  |  |
| USD	AGILE GROUP HOLDINGS LTD-REG-S 7.750%/VAR 19-PRP | 1 400 000.00 | 238 000.00 | 0.23 |
| USD	BANK OF COMMUNICATIONS CO LTD-REG-S-SUB 3.800%/VAR 20-PRP | 1 700 000.00 | 1 611 821.00 | 1.55 |
| USD	BANK OF EAST ASIA LTD/THE-REG-S-SUB 5.875%/VAR 19-PRP | 1 000 000.00 | 857 500.00 | 0.82 |
| USD	CASHLD FLR REG-S-SUB 4.000%/VAR 21-PRP | 500 000.00 | 353 540.00 | 0.34 |
| USD	CHALIECO HONG KONG CORP LTD-REG-S 5.000%/VAR 19-PRP | 1 150 000.00 | 1 138 500.00 | 1.09 |
| USD	FRANSHION BRILLIANT LTD-REG-S-SUB 4.875%/VAR 17-PRP | 250 000.00 | 152 500.00 | 0.15 |
| USD	INDUSTRIAL & COMM BK OF CHINA-REG-S 3.200%/VAR 21-PRP | 1 275 000.00 | 1 190 760.75 | 1.14 |
| USD	INDUSTRIAL & COMMERC BK OF CHINA-REG-S-SUB 3.580%/VAR 20-PRP | 4 600 000.00 | 4 358 500.00 | 4.18 |
| USD	NWD FINANCE BVI LTD-REG-S 5.250%/VAR 20-PRP | 800 000.00 | 608 400.00 | 0.58 |
| USD	NWD FINANCE BVI LTD-REG-S 4.125%/VAR 21-PRP | 1 500 000.00 | 851 565.00 | 0.82 |
| USD	RKPF OVERSEAS 2019 E LTD-REG-S 7.750%/VAR 19-PRP | 2 800 000.00 | 899 388.00 | 0.86 |
| USD	SINO OCEAN LAND TREASURE-REG-S-SUB 4.900%/VAR 17-PRP | 3 100 000.00 | 527 000.00 | 0.51 |
| Total USD |  | 12 787 474.75 | 12.27 |
| Total Bonds, floating rate |  | 12 787 474.75 | 12.27 |
| Convertible bonds, floating rate |  |  |  |
| USD |  |  |  |
| USD	BANK OF CHINA LTD-REG-S-SUB 3.600%/VAR 20-PRP | 2 800 000.00 | 2 664 088.00 | 2.55 |
| Total USD |  | 2 664 088.00 | 2.55 |
| Total Convertible bonds, floating rate |  | 2 664 088.00 | 2.55 |
| Total Transferable securities and money market instruments listed on an official stock exchange |  | 95 135 722.96 | 91.25 |
| Total investments in securities |  | 95 135 722.96 | 91.25 |
|  |  |  |  |
| Cash at banks, deposits on demand and deposit accounts and other liquid assets |  | 11 090 745.30 | 10.64 |
| Other assets and liabilities |  | -1 972 228.41 | -1.89 |
| Total net assets |  | 104 254 239.85 | 100.00 |
| UBS (Lux) Bond SICAV – China High Yield (USD) Semi-Annual Report as of 30 November 2022 |  |  |  |

Translation (ENFR, 2022-11-30):
# UBS (Lux) Bond SICAV – China High Yield (USD)
| Données principales |  |
| --- | --- |
|  | ISIN | 30.11.2022 | 31.5.2022 |
| Actif net en USD |  | 104 254 239.85 | 155 653 014.87 |
| Catégorie I-A3-acc 1 | LU2407300149 |  |  |
| Actions en circulation |  | 479 201.4090 | 419 201.4090 |
| Valeur nette d’inventaire par action en USD |  | 51.69 | 65.29 |
| Prix d’émission et de rachat par action en USD 2 |  | 51.69 | 65.29 |
| Catégorie (EUR) I-A3-acc 3 | LU2390294184 |  |  |
| Actions en circulation |  | 282 000.0000 | 306 500.0000 |
| Valeur nette d’inventaire par action en EUR |  | 52.25 | 63.73 |
| Prix d’émission et de rachat par action en EUR 2 |  | 52.25 | 63.73 |
| Catégorie I-A3-dist 4 | LU2390852882 |  |  |
| Actions en circulation |  | - | - |
| Valeur nette d’inventaire par action en USD |  | - | - |
| Prix d’émission et de rachat par action en USD 2 |  | - | - |
| Catégorie I-B-acc 5 | LU2420984473 |  |  |
| Actions en circulation |  | 2 336.0000 | 3 940.0000 |
| Valeur nette d’inventaire par action en USD |  | 6 580.47 | 8 294.42 |
| Prix d’émission et de rachat par action en USD 2 |  | 6 580.47 | 8 294.42 |
| Catégorie I-X-acc 6 | LU2418146887 |  |  |
| Actions en circulation |  | 9 034.8690 | 9 034.8690 |
| Valeur nette d’inventaire par action en USD |  | 62.92 | 79.27 |
| Prix d’émission et de rachat par action en USD 2 |  | 62.92 | 79.27 |
| Catégorie P-acc 7 | LU2344565556 |  |  |
| Actions en circulation |  | 6 623.9090 | 6 489.9280 |
| Valeur nette d’inventaire par action en USD |  | 43.16 | 54.76 |
| Prix d’émission et de rachat par action en USD 2 |  | 43.16 | 54.76 |
| Catégorie Q-acc 7 | LU2344565713 |  |  |
| Actions en circulation |  | 77 296.6560 | 147 939.1340 |
| Valeur nette d’inventaire par action en USD |  | 43.48 | 55.00 |
| Prix d’émission et de rachat par action en USD 2 |  | 43.48 | 55.00 |
| Catégorie U-X-acc 7 | LU2344566018 |  |  |
| Actions en circulation | 10 158.0000 | 11 823.0000 |
| Valeur nette d’inventaire par action en USD | 4 393.81 | 5 535.07 |
| Prix d’émission et de rachat par action en USD 2 | 4 393.81 | 5 535.07 |
| 1  Première VNI 23.11.2021 2  Voir note 1 3  Première VNI 5.10.2021 4  La catégorie d’actions I-A3-dist était en circulation pour la période allant du 8.10.2021 au 2.3.2022 5  Première VNI 17.1.2022 6  Première VNI 9.2.2022 7  Première VNI 7.9.2021 |  |  |


## Structure du portefeuille-titres
Répartition géographique en % de l’actif net	
Chine	32.13
Îles Vierges britanniques	20.07
Iles Caïmans	18.64
Hong Kong	18.35
Canada	1.04
Jersey	0.85
Macao	0.17
Total	91.25
Répartition économique en % de l’actif net	
Immobilier	22.61
Etablissements financiers et sociétés de participation	21.20
Banques & instituts de crédit	14.40
Bâtiment et matériaux de construction	13.86
Restauration et loisirs	3.83
Internet, logiciels et services informatiques	2.64
Chimie	2.42
Trafic et transport	1.88
Pétrole	1.61
Commerce de détail, centres commerciaux	1.33
Métaux non ferreux	1.09
Machines et appareils	0.99
Electronique et semi-conducteurs	0.95
Alimentation & softs	0.92
Services divers	0.74
Gouvernements nationaux et centraux	0.44
Télécommunications	0.34
Total	91.25
UBS (Lux) Bond SICAV – China High Yield (USD) Rapport semestriel au 30 novembre 2022

## Etat des actifs nets
Actif	30.11.2022
USD
Portefeuille-titres, cours d’achat	197 637 069.96
| Portefeuille-titres, plus- (moins-) value non-réalisée | 	-102 501 347.00	 |
| --- | --- |
| Total portefeuille-titres (note 1) | 95 135 722.96 |
| Avoirs en banque, dépôts à vue et à terme | 11 090 745.30 |
| A recevoir sur ventes de titres (note 1) | 31 250.00 |
| A recevoir sur souscriptions | 309.78 |
| Intérêts à recevoir sur titres | 3 036 282.41 |
| Frais payés d’avance | 10 496.94 |
| Total Actif | 109 304 807.39 |
|  |  |
| Passif |  |
| A payer sur achats de titres (note 1) | -5 023 568.41 |
| Provisions pour commission de gestion forfaitaire (note 2) | -17 748.43 |
| Provisions pour taxe d’abonnement (note 3) | -1 969.93 |
| Provisions pour autres commissions et frais (note 2) | 	-7 280.77	 |
| Total des Provisions pour frais | -26 999.13 |
| Total Passif | -5 050 567.54 |
|  |  |
| Actifs nets à la fin de la période | 104 254 239.85 |
| Etat des opérations | USD |
| Revenus | 1.6.2022-30.11.2022 |
| Revenus d’intérêts sur liquidités | 82 322.16 |
| Intérêts sur titres | 4 330 640.00 |
| Autres revenus (note 4) | 363 477.14 |
| Total des Revenus | 4 776 439.30 |
|  |  |
| Charges |  |
| Commission de gestion forfaitaire (note 2) | -130 332.82 |
| Taxe d’abonnement (note 3) | -5 576.96 |
| Autres commissions et frais (note 2) | -7 144.96 |
| Charges d’intérêts sur liquidités et crédit en compte courant | -22.57 |
| Total des Charges | -143 077.31 |
|  |  |
| Revenus (Pertes) net(te)s des investissements | 4 633 361.99 |
|  |  |
| Bénéfices (pertes) réalisé(e)s (note 1) |  |
| Bénéfice (perte) réalisé(e) sur titres évalués à la valeur de marché hors options | -27 152 336.61 |
| Bénéfice (perte) réalisé(e) de change réalisé(e) | 442.03 |
| Total des Bénéfices (pertes) réalisé(e)s | -27 151 894.58 |
|  |  |
| Bénéfice (perte) net(te) réalisé(e) au cours de la période | -22 518 532.59 |
|  |  |
| Variations des plus- (moins-) values non-réalisées (note 1) |  |
| Plus- (Moins-) value non réalisée sur titres évalués à la valeur de marché hors options | -9 731 118.11 |
| Total des Variations des plus- (moins-) values non-réalisées | -9 731 118.11 |
|  |  |
| Augmentation/(diminution) nette de l’actif net issue de l’activité | -32 249 650.70 |

UBS (Lux) Bond SICAV – China High Yield (USD) Rapport semestriel au 30 novembre 2022
| Variations de l’actif net |  |
| --- | --- |
|  | USD |
|  | 1.6.2022-30.11.2022 |
| Actif net au début de la période | 155 653 014.87 |
| Souscriptions | 4 348 666.74 |
| Rachats | 	-23 497 791.06	 |
| Souscriptions (Rachats) net(te)s | -19 149 124.32 |
| Revenus (Pertes) net(te)s des investissements | 4 633 361.99 |
| Total des Bénéfices (pertes) réalisé(e)s | -27 151 894.58 |
| Total des Variations des plus- (moins-) values non-réalisées | 	-9 731 118.11	 |
| Augmentation/(diminution) nette de l’actif net issue de l’activité | -32 249 650.70 |
| Actifs nets à la fin de la période | 104 254 239.85 |
| Evolution des actions en circulation |  |
|  | 1.6.2022-30.11.2022 |
| Catégorie | I-A3-acc |
| Nombre d’actions en circulation au début de la période | 419 201.4090 |
| Nombre d’actions émises | 60 000.0000 |
| Nombre d’actions rachetées | 0.0000 |
| Nombre d’actions en circulation à la fin de la période | 479 201.4090 |
| Catégorie | (EUR) I-A3-acc |
| Nombre d’actions en circulation au début de la période | 306 500.0000 |
| Nombre d’actions émises | 0.0000 |
| Nombre d’actions rachetées | -24 500.0000 |
| Nombre d’actions en circulation à la fin de la période | 282 000.0000 |
| Catégorie | I-B-acc |
| Nombre d’actions en circulation au début de la période | 3 940.0000 |
| Nombre d’actions émises | 0.0000 |
| Nombre d’actions rachetées | -1 604.0000 |
| Nombre d’actions en circulation à la fin de la période | 2 336.0000 |
| Catégorie | I-X-acc |
| Nombre d’actions en circulation au début de la période | 9 034.8690 |
| Nombre d’actions émises | 0.0000 |
| Nombre d’actions rachetées | 0.0000 |
| Nombre d’actions en circulation à la fin de la période | 9 034.8690 |
| Catégorie | P-acc |
| Nombre d’actions en circulation au début de la période | 6 489.9280 |
| Nombre d’actions émises | 133.9810 |
| Nombre d’actions rachetées | 0.0000 |
| Nombre d’actions en circulation à la fin de la période | 6 623.9090 |
| Catégorie | Q-acc |
| Nombre d’actions en circulation au début de la période | 147 939.1340 |
| Nombre d’actions émises | 34 689.9180 |
| Nombre d’actions rachetées | -105 332.3960 |
| Nombre d’actions en circulation à la fin de la période | 77 296.6560 |
| Catégorie | U-X-acc |
| Nombre d’actions en circulation au début de la période | 11 823.0000 |
| Nombre d’actions émises | 0.0000 |
| Nombre d’actions rachetées | -1 665.0000 |
| Nombre d’actions en circulation à la fin de la période | 10 158.0000 |

UBS (Lux) Bond SICAV – China High Yield (USD) Rapport semestriel au 30 novembre 2022

## Etat du portefeuille-titres et autres actifs nets au 30 novembre 2022
| Dénomination | Nombre/ | Evaluation en USD | en % |
| --- | --- | --- | --- |
|  | Nominal | Bénéfice/(perte) non | de |
|  |  | réalisé(e) sur futures/ | l’actif |
|  |  | Contrats de | net |
|  |  | change à terme/ |  |
|  |  | Swaps (note 1) |  |
| Titres et instruments du marché monétaire négociés sur une bourse officielle |  |  |  |
| Billets, taux fixe |  |  |  |
| USD |  |  |  |
| USD	AGILE GROUP HOLDINGS LTD-REG-S 5.50000% 21-17.05.26 | 1 850 000.00 | 703 000.00 | 0.67 |
| USD	ALIBABA GROUP HOLDING LTD 3.60000% 15-28.11.24 | 600 000.00 | 575 988.00 | 0.55 |
| USD	ANTON OILFIELD SERVICES GROUP-REG-S 8.75000% 21-26.01.25 | 1 350 000.00 | 779 456.25 | 0.75 |
| USD	CENTRAL CHINA REAL ESTATE-REG-S 7.65000% 20-27.08.23 | 3 300 000.00 | 528 000.00 | 0.51 |
| USD	CENTRAL CHINA REAL ESTATE LTD-REG-S 7.50000% 21-14.07.25 | 2 230 000.00 | 245 300.00 | 0.24 |
| USD	CHINA OIL AND GAS GROUP LTD-REG-S 4.70000% 21-30.06.26 | 1 150 000.00 | 902 246.88 | 0.87 |
| USD	CHINA SOUTH CITY HOLDINGS LTD-REG-S-STEPUP\DOWN 20-26.06.24 | 625 000.00 | 215 902.34 | 0.21 |
| USD	CIFI HOLDINGS GROUP CO LTD-REG-S 6.45000% 19-07.11.24 | 600 000.00 | 96 487.50 | 0.09 |
| USD	CIFI HOLDINGS GROUP CO LTD-REG-S 6.00000% 20-16.07.25 | 2 500 000.00 | 400 000.00 | 0.38 |
| USD	CIFI HOLDINGS GROUP CO LTD-REG-S 4.45000% 21-17.08.26 | 4 675 000.00 | 748 000.00 | 0.72 |
| USD	CNOOC FINANCE 4.25000% 14-30.04.24 | 1 100 000.00 | 1 084 985.00 | 1.04 |
| USD	CRCC YUXIANG LTD-REG-S 3.50000% 13-16.05.23 | 600 000.00 | 595 770.00 | 0.57 |
| USD	EASY TACTIC LTD (PIK) 6.50000% 22-11.07.27 | 2 908 332.00 | 331 375.35 | 0.32 |
| USD	EASY TACTIC LTD (PIK) 6.50000% 22-11.07.28 | 2 549 531.00 | 264 998.25 | 0.25 |
| USD	EHI CAR SERVICES LTD-REG-S 7.00000% 21-21.09.26 | 3 525 000.00 | 1 654 106.25 | 1.59 |
| USD	ENN CLEAN ENERGY INTERNAT INVEST-REG-S 3.37500% 21-12.05.26 | 1 200 000.00 | 1 030 350.00 | 0.99 |
| USD	FORTUNE STAR BVI LTD-REG-S 6.85000% 20-02.07.24 | 300 000.00 | 220 500.00 | 0.21 |
| USD	FORTUNE STAR BVI LTD-REG-S 5.05000% 21-27.01.27 | 1 500 000.00 | 766 110.00 | 0.73 |
| USD	FORTUNE STAR BVI LTD-REG-S 5.00000% 21-18.05.26 | 6 550 000.00 | 3 668 000.00 | 3.52 |
| USD	FRANSHION BRILLIANT LTD-REG-S 4.25000% 19-23.07.29 | 900 000.00 | 588 262.50 | 0.56 |
| USD	GOLDEN EAGLE RETAIL GROUP-REG-S 4.62500% 13-21.05.23 | 1 450 000.00 | 1 385 021.88 | 1.33 |
| USD	GREENTOWN CHINA HOLDINGS LTD-REG-S 4.70000% 20-29.04.25 | 200 000.00 | 169 000.00 | 0.16 |
| USD	HAIDILAO INTERNATIONAL HOLDING-REG-S 2.15000% 21-14.01.26 | 1 150 000.00 | 960 250.00 | 0.92 |
| USD	HILONG HOLDING LTD-REG-S 9.75000% 21-18.11.24 | 1 950 000.00 | 653 250.00 | 0.63 |
| USD	HKT CAPITAL NO 2 LTD-REG-S 3.62500% 15-02.04.25 | 550 000.00 | 525 205.87 | 0.50 |
| USD	JINGRUI HOLDINGS LTD-REG-S *DEFAULTED* 14.50000% 20-19.02.23 | 2 900 000.00 | 237 075.00 | 0.23 |
| USD	KAISA GROUP HOLDINGS-REG-S *DEFAULTED* 10.50000% 20-15.01.25 | 800 000.00 | 76 552.00 | 0.07 |
| USD	KAISA GROUP HOLDINGS-REG-S *DEFAULTED* 11.65000 21-01.06.26 | 600 000.00 | 57 582.00 | 0.06 |
| USD	KWG GROUP HOLDINGS LTD-REG-S 6.30000% 20-13.02.26 | 5 400 000.00 | 921 942.00 | 0.88 |
| USD	LAI SUN MTN LTD-REG-S 5.00000% 21-28.07.26 | 2 400 000.00 | 1 432 440.00 | 1.37 |
| USD	MEITUAN DIANPING-REG-S 3.05000% 20-28.10.30 | 2 800 000.00 | 2 064 650.00 | 1.98 |
| USD	MELCO RESORTS FINANCE LTD-REG-S 5.37500% 19-04.12.29 | 600 000.00 | 472 722.00 | 0.45 |
| USD	MGM CHINA HOLDINGS LTD-REG-S 4.75000% 21-01.02.27 | 925 000.00 | 808 006.00 | 0.78 |
| USD	NEW METRO GLOBAL LTD-REG-S 4.50000% 21-02.05.26 | 2 250 000.00 | 1 203 750.00 | 1.15 |
| USD	POWERLONG REAL ESTATE HOLDINGS-REG-S 6.95000% 19-23.07.23 | 2 850 000.00 | 655 500.00 | 0.63 |
| USD	POWERLONG REAL ESTATE HOLDINGS-REG-S 6.25000% 20-10.08.24 | 1 000 000.00 | 145 187.50 | 0.14 |
| USD	REDCO PROPERTIES GROUP LTD *DEFAULTED* 11.00000% 22-06.08.23 | 2 846 930.00 | 327 308.41 | 0.31 |
| USD	REDSUN PROPERTIES GRP-REG-S *DEFAULTED* 9.70000% 20-16.04.23 | 700 000.00 | 28 000.00 | 0.03 |
| USD	REDSUN PROPERTIES GRP-REG-S *DEFAULTED* 7.30000% 21-21.05.24 | 4 100 000.00 | 164 000.00 | 0.16 |
| USD	REDSUN PROPERTIES GRP-REG-S *DEFAULTED* 9.50000% 21-20.09.23 | 525 000.00 | 25 971.75 | 0.03 |
| USD	RONSHINE CHNA HOL LTD-REG-S *DEFAULTED* 7.35000% 20-15.12.23 | 1 600 000.00 | 48 000.00 | 0.05 |
| USD	RONSHINE CHNA HOL LTD-REG-S *DEFAULTED* 6.75000% 20-05.08.24 | 1 800 000.00 | 54 000.00 | 0.05 |
| USD	RONSHINE CHNA HOL LTD-REG-S *DEFAULTED* 7.10000% 21-25.01.25 | 400 000.00 | 12 000.00 | 0.01 |
| USD	SANDS CHINA LTD 3.10000% 22-08.03.29 | 1 000 000.00 | 814 220.00 | 0.78 |
| USD	SHIMAO PRPTY HLDG LTD-REG-S *DEFAULTED* 5.20000% 21-16.01.27 | 3 000 000.00 | 330 000.00 | 0.32 |
| USD	SHUI ON DEVELOPMENT HOLDING LTD-REG-S 6.15000% 20-24.08.24 | 3 475 000.00 | 2 745 250.00 | 2.63 |
| USD	SHUI ON DEVELOPMENT HOLDINGLT-REG-S 5.50000% 21-29.06.26 | 1 200 000.00 | 825 225.00 | 0.79 |
| USD	SINO-OCEAN LAND TREASURE IV LTD-REG-S 4.75000% 19-05.08.29 | 700 000.00 | 231 000.00 | 0.22 |
| USD	SINO-OCEAN LAND TREASURE IV LTD-REG-S 4.75000% 20-14.01.30 | 1 700 000.00 | 563 975.00 | 0.54 |
| USD	SINO-OCEAN LAND TREASURE IV LTD-REG-S 3.25000% 21-05.05.26 | 3 700 000.00 | 1 383 568.75 | 1.33 |
| USD	SINOPEC GROUP OVERSEAS DEV 2013-REG-S 4.37500% 13-17.10.23 | 500 000.00 | 497 250.00 | 0.48 |
| USD	STUDIO CITY FINANCE LTD-REG-S 5.00000% 21-15.01.29 | 2 350 000.00 | 1 682 694.00 | 1.61 |
| USD	SUNAC CHINA HOLDINGS-REG-S *DEFAULTED* 7.00000% 20-09.07.25 | 2 250 000.00 | 244 687.50 | 0.23 |
| USD	SUNAC CHINA HOLDINGS-REG-S *DEFAULTED* 6.50000% 21-26.01.26 | 3 000 000.00 | 326 250.00 | 0.31 |
| USD	TIMES CHINA HOLDINGS LTD-REG-S 6.75000% 20-08.07.25 | 4 650 000.00 | 395 250.00 | 0.38 |
| USD	WYNN MACAU LTD-REG-S 5.12500% 19-15.12.29 | 650 000.00 | 507 143.00 | 0.49 |
| USD	WYNN MACAU LTD-REG-S 5.50000% 20-15.01.26 | 200 000.00 | 177 180.00 | 0.17 |
| USD	YANGO JUSTICE INT LTD-REG-S *DEFAULTED* 8.25000% 20-25.11.23 | 1 050 000.00 | 5 250.00 | 0.01 |
| USD	YANGO JUSTICE INT LTD-REG-S*DEFAULTED* 7.50000% 20-17.02.25 | 1 900 000.00 | 9 500.00 | 0.01 |
| USD	YANLORD LAND HK CO LTD-REG-S 5.12500% 21-20.05.26 | 500 000.00 | 365 000.00 | 0.35 |
| USD	YUZHOU GROUP HOLDINGS-REG-S*DEFAULTED* 7.85000% 20-12.08.26 | 4 400 000.00 | 209 000.00 | 0.20 |
| USD	ZHENRO PROP GROUP-REG-S*DEFAULTED* 7.87500% 20-14.04.24 | 750 000.00 | 18 750.00 | 0.02 |
| USD	ZHENRO PROP GROUP-REG-S*DEFAULTED* 7.35000% 20-05.02.25 | 1 700 000.00 | 42 500.00 | 0.04 |
| Total USD |  | 39 199 945.98 | 37.60 |
| Total des Billets, taux fixe |  | 39 199 945.98 | 37.60 |
| Medium-Term Notes, taux fixe |  |  |  |
| USD |  |  |  |
| USD	AGRICULTURAL BANK OF CHINA/HK-REG-S 1.00000% 20-22.10.23 | 1 200 000.00 | 1 159 500.00 | 1.11 |
| USD	BANK OF CHINA/HONG KONG-REG-S 3.87500% 15-30.06.25 | 470 000.00 | 456 760.10 | 0.44 |
| USD	BANK OF COMMUNICATIONS CO LTD-REG-S 4.75000% 22-30.11.25 | 900 000.00 | 894 825.00 | 0.86 |
| USD	FAR EAST HORIZON LTD-REG-S 4.25000% 21-26.10.26 | 1 500 000.00 | 1 118 250.00 | 1.07 |
| USD	GEMDALE EVER PROSPERITY INVESTMENT-REG-S 4.95000% 21-08.24 | 900 000.00 | 703 503.00 | 0.67 |
| USD	GLP CHINA HOLDINGS LTD-REG-S 2.95000% 21-29.03.26 | 700 000.00 | 442 443.75 | 0.42 |
| USD	HONG KONG GOVERNMEN INT BD-REG-S 0.62500% 21-02.02.26 | 506 000.00 | 453 477.23 | 0.44 |
| USD	HUARONG FINANCE 2017 CO-REG-S 4.25000% 17-07.11.27 | 400 000.00 | 324 825.00 | 0.31 |
| USD	ICBCIL FINANCE CO LTD-REG-S 2.25000% 21-02.11.26 | 1 200 000.00 | 1 071 792.00 | 1.03 |
| USD	KWG GROUP HOLDINGS LTD-REG-S 5.95000% 20-10.08.25 | 1 100 000.00 | 231 825.00 | 0.22 |
| USD	MTR CORP CI LTD-REG-S 2.50000% 16-02.11.26 | 332 000.00 | 307 499.08 | 0.30 |
| USD	REDCO PROPERTIES GRP-REG-S *DEFAULTED* 9.90000% 20-17.02.24 | 5 000 000.00 | 792 187.50 | 0.76 |
| Total USD |  | 7 956 887.66 | 7.63 |
| Total des Medium-Term Notes, taux fixe |  | 7 956 887.66 | 7.63 |

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

Medium-Term Notes, taux variable
| USD |  |
| --- | --- |
| USD | BANK OF EAST ASIA LTD-REG-S-SUB 5.825%/VAR 20-PRP | 500 000.00 | 402 500.00 | 0.38 |
| USD | CHINA CITIC BK INTERNATIONAL LTD-REG-S-SUB 7.100%/VAR 18-PRP | 400 000.00 | 404 189.32 | 0.39 |
| USD | CHONG HING BANK LTD-REG-S-SUB 5.500%/VAR 20-PRP | 1 700 000.00 | 1 470 287.50 | 1.41 |
| Total USD |  |  | 2 276 976.82 | 2.18 |
| Total des Medium-Term Notes, taux variable |  | 2 276 976.82 | 2.18 |
| Obligations, taux fixe |  |  |  |
| USD |  |  |  |
| USD	AGILE GROUP HOLDINGS LTD-REG-S 5.50000% 21-21.04.25 | 1 000 000.00 | 374 250.00 | 0.36 |
| USD	BAIDU INC 3.87500% 18-29.09.23 | 700 000.00 | 690 312.00 | 0.66 |
| USD	CENTRAL CHINA REAL ESTATE-REG-S 7.75000% 20-24.05.24 | 600 000.00 | 87 000.00 | 0.08 |
| USD	CENTRAL PLAZA DEVELOPMENT LTD-REG-S 4.65000% 21-19.01.26 | 500 000.00 | 379 468.75 | 0.36 |
| USD	CHINA HUADIAN OVERSEAS DEVP18 LTD-REG-S 3.87500% 18-17.05.23 | 1 000 000.00 | 994 860.00 | 0.95 |
| USD	CHINA SCE GROUP HOLDINGS LTD-REG-S 7.00000% 20-02.05.25 | 1 900 000.00 | 418 000.00 | 0.40 |
| USD	CHINA SCE GROUP HOLDINGS LTD-REG-S- 6.00000% 21-04.02.26 | 3 500 000.00 | 735 000.00 | 0.71 |
| USD	CHINA SCE PROPERTY HOLDINGS LTD-REG-S 7.37500% 19-09.04.24 | 650 000.00 | 177 856.25 | 0.17 |
| USD	CHINA SCE PROPERTY HOLDINGS LTD-REG-S 5.95000% 21-29.09.24 | 4 075 000.00 | 978 000.00 | 0.94 |
| USD	CIFI HOLDINGS GROUP CO LTD-REG-S 5.25000% 20-13.05.26 | 2 700 000.00 | 432 000.00 | 0.41 |
| USD	CMHI FINANCE BVI CO LTD-REG-S 4.37500% 18-06.08.23 | 600 000.00 | 596 802.00 | 0.57 |
| USD	CNAC HK FINBRIDGE CO LTD-REG-S 4.62500% 18-14.03.23 | 1 500 000.00 | 1 496 415.00 | 1.44 |
| USD	COUNTRY GARDEN HOLDINGS CO LTD-REG-S 5.62500% 16-15.12.26 | 2 100 000.00 | 913 500.00 | 0.88 |
| USD	COUNTRY GARDEN HOLDINGS CO LTD-REG-S 5.12500% 18-17.01.25 | 1 600 000.00 | 770 144.00 | 0.74 |
| USD	COUNTRY GARDEN HOLDINGS CO LTD-REG-S 4.80000% 20-06.08.30 | 3 000 000.00 | 1 095 000.00 | 1.05 |
| USD	COUNTRY GARDEN HOLDINGS CO LTD-REG-S 3.12500% 20-22.10.25 | 1 750 000.00 | 831 250.00 | 0.80 |
| USD	COUNTRY GARDEN HOLDINGS CO LTD-REG-S 3.87500% 20-22.10.30 | 1 800 000.00 | 657 000.00 | 0.63 |
| USD	COUNTRY GARDEN HOLDINGS CO LTD-REG-S 2.70000% 21-12.07.26 | 1 000 000.00 | 445 000.00 | 0.43 |
| USD	KAISA GROUP HOLDINGS-REG-S *DEFAULT* 11.70000% 21-11.11.25 | 800 000.00 | 76 656.00 | 0.07 |
| USD	KWG GROUP HOLDINGS LTD-REG-S 6.00000% 21-14.08.26 | 2 400 000.00 | 420 450.00 | 0.40 |
| USD	KWG PROPERTY HOLDING LTD-REG-S 7.40000% 20-13.01.27 | 1 750 000.00 | 332 500.00 | 0.32 |
| USD	LAI FUNG BONDS-REG-S 5.65000% 18-18.01.23 | 950 000.00 | 895 256.25 | 0.86 |
| USD	LS FINANCE 2017 LTD-REG-S 4.80000% 21-18.06.26 | 2 000 000.00 | 1 282 360.00 | 1.23 |
| USD	MELCO RESORTS FINANCE LTD-REG-S 5.25000% 19-26.04.26 | 200 000.00 | 169 390.00 | 0.16 |
| USD	NEW METRO GLOBAL LTD-REG-S 4.80000% 20-15.12.24 | 300 000.00 | 195 000.00 | 0.19 |
| USD	NWD MTN LTD-REG-S 4.12500% 19-18.07.29 | 1 000 000.00 | 722 810.00 | 0.69 |
| USD	POWERLONG REAL ESTATE HOLDINGS-REG-S 5.95000% 20-30.04.25 | 5 400 000.00 | 753 637.50 | 0.72 |
| USD	POWERLONG REAL ESTATE HOLDING LTD-REG-S 4.90000% 21-13.05.26 | 1 500 000.00 | 292 500.00 | 0.28 |
| USD	RADIANCE HOLDINGS GROUP CO LTD-REG-S 7.80000% 21-20.03.24 | 1 100 000.00 | 546 768.75 | 0.52 |
| USD	REDSUN PROPERTIES GRP-REG-S *DEFAULTED* 7.30000% 21-13.01.25 | 3 700 000.00 | 188 006.25 | 0.18 |
| USD	RKPF OVERSEAS 2020 A LTD-REG-S 5.12500% 21-26.07.26 | 6 450 000.00 | 3 160 500.00 | 3.03 |
| USD	SEAZEN GROUP LTD-REG-S 6.00000% 20-12.08.24 | 750 000.00 | 491 250.00 | 0.47 |
| USD	SEAZEN GROUP LTD-REG-S 4.45000% 21-13.07.25 | 4 650 000.00 | 2 635 387.50 | 2.53 |
| USD	STATE GRID OVERSEAS INV 2013 LTD-REG-S 3.12500% 13-22.05.23 | 1 500 000.00 | 1 487 160.00 | 1.43 |
| USD	SUNAC CHINA HOLDINGS-REG-S *DEFAULTED* 7.50000% 19-01.02.24 | 800 000.00 | 86 368.00 | 0.08 |
| USD	TIMES CHINA HOLDINGS LTD-REG-S 6.20000% 20-22.03.26 | 2 900 000.00 | 226 867.00 | 0.22 |
| USD	TIMES CHINA HOLDINGS LTD-REG-S 5.75000% 21-14.01.27 | 650 000.00 | 46 637.50 | 0.05 |
| USD	TIMES CHINA HOLDINGS LTD-REG-S 5.55000% 21-04.06.24 | 3 500 000.00 | 297 500.00 | 0.29 |
| USD	WANDA PROPERTIES INTERNATIONAL-REG-S 7.25000% 14-29.01.24 | 3 350 000.00 | 2 597 992.00 | 2.49 |
| USD	WEST CHINA CEMENT LTD-REG-S 4.95000% 21-08.07.26 | 1 200 000.00 | 882 120.00 | 0.85 |
| USD	YUZHOU GROUP HOLDINGS-REG-S*DEFAULTED* 6.35000% 21-13.01.27 | 4 200 000.00 | 199 500.00 | 0.19 |
| USD	YUZHOU PROPERTIES-REG-S*DEFAULTED* 8.30000% 19-27.05.25 | 1 250 000.00 | 59 375.00 | 0.06 |
| USD	ZHENRO PROP GROUP-REG-S *DEFAULTED* 6.63000% 21-07.01.26 | 3 000 000.00 | 75 000.00 | 0.07 |
| USD	ZHENRO PROP GROUP-REG-S *DEFAULTED* 6.70000% 21-04.08.26 | 2 300 000.00 | 57 500.00 | 0.06 |
| Total USD |  | 30 250 349.75 | 29.02 |
| Total des Obligations, taux fixe |  | 30 250 349.75 | 29.02 |
| Obligations, taux variable |  |  |  |
| USD |  |  |  |
| USD	AGILE GROUP HOLDINGS LTD-REG-S 7.750%/VAR 19-PRP | 1 400 000.00 | 238 000.00 | 0.23 |
| USD	BANK OF COMMUNICATIONS CO LTD-REG-S-SUB 3.800%/VAR 20-PRP | 1 700 000.00 | 1 611 821.00 | 1.55 |
| USD	BANK OF EAST ASIA LTD/THE-REG-S-SUB 5.875%/VAR 19-PRP | 1 000 000.00 | 857 500.00 | 0.82 |
| USD	CASHLD FLR REG-S-SUB 4.000%/VAR 21-PRP | 500 000.00 | 353 540.00 | 0.34 |
| USD	CHALIECO HONG KONG CORP LTD-REG-S 5.000%/VAR 19-PRP | 1 150 000.00 | 1 138 500.00 | 1.09 |
| USD	FRANSHION BRILLIANT LTD-REG-S-SUB 4.875%/VAR 17-PRP | 250 000.00 | 152 500.00 | 0.15 |
| USD	INDUSTRIAL & COMM BK OF CHINA-REG-S 3.200%/VAR 21-PRP | 1 275 000.00 | 1 190 760.75 | 1.14 |
| USD	INDUSTRIAL & COMMERC BK OF CHINA-REG-S-SUB 3.580%/VAR 20-PRP | 4 600 000.00 | 4 358 500.00 | 4.18 |
| USD	NWD FINANCE BVI LTD-REG-S 5.250%/VAR 20-PRP | 800 000.00 | 608 400.00 | 0.58 |
| USD	NWD FINANCE BVI LTD-REG-S 4.125%/VAR 21-PRP | 1 500 000.00 | 851 565.00 | 0.82 |
| USD	RKPF OVERSEAS 2019 E LTD-REG-S 7.750%/VAR 19-PRP | 2 800 000.00 | 899 388.00 | 0.86 |
| USD	SINO OCEAN LAND TREASURE-REG-S-SUB 4.900%/VAR 17-PRP | 3 100 000.00 | 527 000.00 | 0.51 |
| Total USD |  | 12 787 474.75 | 12.27 |
| Total des Obligations, taux variable |  | 12 787 474.75 | 12.27 |
| Obligations convertibles, taux variable |  |  |  |
| USD |  |  |  |
| USD	BANK OF CHINA LTD-REG-S-SUB 3.600%/VAR 20-PRP | 2 800 000.00 | 2 664 088.00 | 2.55 |
| Total USD |  | 2 664 088.00 | 2.55 |
| Total des Obligations convertibles, taux variable |  | 2 664 088.00 | 2.55 |
| Total des Titres et instruments du marché monétaire négociés sur une bourse officielle |  | 95 135 722.96 | 91.25 |
| Total du Portefeuille-titres |  | 95 135 722.96 | 91.25 |
|  |  |  |  |
| Avoirs en banque, dépôts à vue et à terme et autres liquidités |  | 11 090 745.30 | 10.64 |
| Autres actifs et passifs |  | -1 972 228.41 | -1.89 |
| Total de l’Actif net |  | 104 254 239.85 | 100.00 |

UBS (Lux) Bond SICAV – China High Yield (USD) Rapport semestriel au 30 novembre 2022