# UBS (Lux) Bond SICAV – 2025 I (EUR)
| Most important figures |  |
| --- | --- |
|  | ISIN | 30.11.2020 |
| Net assets in EUR |  | 763 982 756.30 |
| Class I-B-dist 1 | LU2185882045 |  |
| Shares outstanding |  | 3 115 693.0000 |
| Net asset value per share in EUR |  | 105.61 |
| Issue and redemption price per share in EUR 2 |  | 105.61 |
| Class K-1-acc 3 | LU2156499548 |  |
| Shares outstanding |  | 24.5000 |
| Net asset value per share in EUR |  | 3 129 566.58 |
| Issue and redemption price per share in EUR 2 |  | 3 129 566.58 |
| Class K-1-dist 3 | LU2156499621 |  |
| Shares outstanding |  | 9.9000 |
| Net asset value per share in EUR |  | 3 129 625.31 |
| Issue and redemption price per share in EUR 2 |  | 3 129 625.31 |
| Class P-acc 3 | LU2156499035 |  |
| Shares outstanding |  | 891 865.3920 |
| Net asset value per share in EUR |  | 104.29 |
| Issue and redemption price per share in EUR 2 |  | 104.29 |
| Class P-dist 3 | LU2156499118 |  |
| Shares outstanding |  | 533 571.6890 |
| Net asset value per share in EUR |  | 104.27 |
| Issue and redemption price per share in EUR 2 |  | 104.27 |
| Class Q-acc 3 | LU2156499209 |  |
| Shares outstanding |  | 1 013 062.1190 |
| Net asset value per share in EUR |  | 104.35 |
| Issue and redemption price per share in EUR 2 |  | 104.35 |
| Class Q-dist 3 | LU2156499464 |  |
| Shares outstanding |  | 698 934.1250 |
| Net asset value per share in EUR |  | 104.32 |
| Issue and redemption price per share in EUR 2 |  | 104.32 |
| 1  First NAV: 30.6.2020 2  See note 1 3  First NAV: 10.6.2020 |  |  |

UBS (Lux) Bond SICAV – 2025 I (EUR)
Semi-Annual Report as of 30 November 2020
UBS (Lux) Bond SICAV – 2025 I (EUR)
Semi-Annual Report as of 30 November 2020

## Structure of the Securities Portfolio
Geographical Breakdown as a % of net assets	
| United States | 38.08 |
| --- | --- |
| United Kingdom | 12.14 |
| France | 5.16 |
| Luxembourg | 4.30 |
| Germany | 3.31 |
| Cayman Islands | 3.07 |
| Japan | 2.73 |
| The Netherlands | 2.64 |
| Canada | 2.45 |
| Ireland | 1.97 |
| China | 1.91 |
| India | 1.86 |
| Italy | 1.85 |
| British Virgin Islands | 1.77 |
| Mexico | 1.67 |
| Singapore | 1.54 |
| Australia | 1.25 |
| Sweden | 1.06 |
| Chile | 0.91 |
| South Korea | 0.85 |
| Turkey | 0.84 |
| Nigeria | 0.56 |
| Jersey | 0.56 |
| Romania | 0.52 |
| Czech Republic | 0.50 |
| Brazil | 0.48 |
| Oman | 0.48 |
| Saudi Arabia | 0.46 |
| Colombia | 0.45 |
| Indonesia | 0.36 |
| Mauritius | 0.36 |
| Mongolia | 0.34 |
| Dominican Republic | 0.33 |
| Ukraine | 0.33 |
| Multinationals | 0.32 |
| Pakistan | 0.21 |
| Egypt | 0.19 |
| Spain | 0.15 |
| Peru | 0.15 |
| Austria | 0.14 |
| Total | 98.25 |

Economic Breakdown as a % of net assets	
| Finance & holding companies | 33.69 |
| --- | --- |
| Banks & credit institutions | 16.32 |
| Real Estate | 5.20 |
| Petroleum | 5.03 |
| Energy & water supply | 3.99 |
| Traffic & transportation | 3.50 |
| Aerospace industry | 3.33 |
| Vehicles | 3.17 |
| Telecommunications | 3.15 |
| Mortgage & funding institutions | 3.09 |
| Countries & central governments | 2.71 |
| Miscellaneous trading companies | 2.13 |
| Lodging, catering & leisure | 1.66 |
| Chemicals | 1.46 |
| Mining, coal & steel | 1.12 |
| Electrical devices & components | 1.10 |
| Computer hardware & network equipment providers | 1.03 |
| Internet, software & IT services | 0.91 |
| Miscellaneous services | 0.87 |
| Packaging industry | 0.71 |
| Building industry & materials | 0.66 |
| Supranational organisations | 0.57 |
| Mechanical engineering & industrial equipment | 0.45 |
| Healthcare & social services | 0.44 |
| Tobacco & alcohol | 0.44 |
| Miscellaneous consumer goods | 0.38 |
| Non-ferrous metals | 0.36 |
| Pharmaceuticals, cosmetics & medical products | 0.33 |
| Environmental services & recycling | 0.31 |
| Electronics & semiconductors | 0.14 |
| Total | 98.25 |


## Statement of Net Assets
Assets	30.11.2020
EUR
Investments in securities, cost	751 191 931.38
| Investments in securities, unrealized appreciation (depreciation) | 	-604 443.16	 |
| --- | --- |
| Total investments in securities (Note 1) | 750 587 488.22 |
| Cash at banks, deposits on demand and deposit accounts | 1 599 336.48 |
| Interest receivable on securities | 8 233 006.81 |
| Other receivables | 33 397.87 |
| Unrealized gain on forward foreign exchange contracts (Note 1) | 3 733 560.11 |
| Total Assets | 764 186 789.49 |
|  |  |
| Liabilities |  |
| Payable on redemptions | -56 879.99 |
| Provisions for flat fee (Note 2) | -77 494.36 |
| Provisions for taxe d’abonnement (Note 3) | -41 501.95 |
| Provisions for other commissions and fees (Note 2) | 	-28 156.89	 |
| Total provisions | -147 153.20 |
| Total Liabilities | -204 033.19 |
|  |  |
| Net assets at the end of the period | 763 982 756.30 |
| Statement of Operations | EUR |
| Income | 10.6.2020-30.11.2020 |
| Interest on securities | 10 040 103.86 |
| Other income (Note 4) | 872 829.09 |
| Total income | 10 912 932.95 |
|  |  |
| Expenses |  |
| Flat fee (Note 2) | -757 359.60 |
| Taxe d’abonnement (Note 3) | -133 077.24 |
| Other commissions and fees (Note 2) | -28 156.89 |
| Interest on cash and bank overdraft | -107 059.91 |
| Total expenses | -1 025 653.64 |
|  |  |
| Net income (loss) on investments | 9 887 279.31 |
|  |  |
| Realized gain (loss) (Note 1) |  |
| Realized gain (loss) on market-priced securities without options | -808 058.49 |
| Realized gain (loss) on forward foreign exchange contracts | 18 089 675.23 |
| Realized gain (loss) on foreign exchange | -1 502 611.08 |
| Total realized gain (loss) | 15 779 005.66 |
|  |  |
| Net realized gain (loss) of the period | 25 666 284.97 |
|  |  |
| Changes in unrealized appreciation (depreciation) (Note 1) |  |
| Unrealized appreciation (depreciation) on market-priced securities without options | -604 443.16 |
| Unrealized appreciation (depreciation) on forward foreign exchange contracts | 3 733 560.11 |
| Total changes in unrealized appreciation (depreciation) | 3 129 116.95 |
|  |  |
| Net increase (decrease) in net assets as a result of operations | 28 795 401.92 |

UBS (Lux) Bond SICAV – 2025 I (EUR)
Semi-Annual Report as of 30 November 2020
| Changes in Net Assets |  |
| --- | --- |
|  | EUR |
|  | 10.6.2020-30.11.2020 |
| Net assets at the beginning of the period | 0.00 |
| Subscriptions | 1 061 234 911.00 |
| Redemptions | 	-326 047 556.62	 |
| Total net subscriptions (redemptions) | 735 187 354.38 |
| Net income (loss) on investments | 9 887 279.31 |
| Total realized gain (loss) | 15 779 005.66 |
| Total changes in unrealized appreciation (depreciation) | 	3 129 116.95	 |
| Net increase (decrease) in net assets as a result of operations | 28 795 401.92 |
| Net assets at the end of the period | 763 982 756.30 |
| Changes in the Number of Shares outstanding |  |
|  | 10.6.2020-30.11.2020 |
| Class | I-B-dist |
| Number of shares outstanding at the beginning of the period | 0.0000 |
| Number of shares issued | 3 115 693.0000 |
| Number of shares redeemed | 0.0000 |
| Number of shares outstanding at the end of the period | 3 115 693.0000 |
| Class | K-1-acc |
| Number of shares outstanding at the beginning of the period | 0.0000 |
| Number of shares issued | 25.7000 |
| Number of shares redeemed | -1.2000 |
| Number of shares outstanding at the end of the period | 24.5000 |
| Class | K-1-dist |
| Number of shares outstanding at the beginning of the period | 0.0000 |
| Number of shares issued | 9.9000 |
| Number of shares redeemed | 0.0000 |
| Number of shares outstanding at the end of the period | 9.9000 |
| Class | P-acc |
| Number of shares outstanding at the beginning of the period | 0.0000 |
| Number of shares issued | 913 539.9670 |
| Number of shares redeemed | -21 674.5750 |
| Number of shares outstanding at the end of the period | 891 865.3920 |
| Class | P-dist |
| Number of shares outstanding at the beginning of the period | 0.0000 |
| Number of shares issued | 578 293.4210 |
| Number of shares redeemed | -44 721.7320 |
| Number of shares outstanding at the end of the period | 533 571.6890 |
| Class | Q-acc |
| Number of shares outstanding at the beginning of the period | 0.0000 |
| Number of shares issued | 4 178 948.6390 |
| Number of shares redeemed | -3 165 886.5200 |
| Number of shares outstanding at the end of the period | 1 013 062.1190 |
| Class | Q-dist |
| Number of shares outstanding at the beginning of the period | 0.0000 |
| Number of shares issued | 702 920.2350 |
| Number of shares redeemed | -3 986.1100 |
| Number of shares outstanding at the end of the period | 698 934.1250 |

UBS (Lux) Bond SICAV – 2025 I (EUR)
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 EUR | as a % |
| --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |
| Transferable securities and money market instruments listed on an official stock exchange |  |  |  |
| Notes, fixed rate |  |  |  |
| EUR |  |  |  |
| EUR	AIRBUS SE-REG-S 1.62500% 20-07.04.25 | 10 200 000.00 | 10 897 761.60 | 1.43 |
| EUR	AMS AG-REG-S 6.00000% 20-31.07.25 | 1 000 000.00 | 1 075 000.00 | 0.14 |
| EUR	CAPITAL ONE FINANCIAL CORP 0.80000% 19-12.06.24 | 10 200 000.00 | 10 398 594.00 | 1.36 |
| EUR	CEMEX SAB DE CV-REG-S 2.75000% 17-05.12.24 | 5 000 000.00 | 5 043 750.00 | 0.66 |
| EUR	EG GLOBAL FINANCE PLC-REG-S 6.25000% 19-30.10.25 | 700 000.00 | 716 625.00 | 0.09 |
| EUR	FEDEX CORP 0.45000% 19-05.08.25 | 2 000 000.00 | 2 046 200.00 | 0.27 |
| EUR	INTERNATIONAL GAME TECHNOLOGY PLC-REG-S 3.50000% 18-15.07.24 | 3 500 000.00 | 3 586 527.00 | 0.47 |
| EUR	PHILIP MORRIS INTERNATIONAL INC 2.75000% 13-19.03.25 | 3 000 000.00 | 3 354 666.00 | 0.44 |
| EUR	SAZKA GROUP AS-REG-S 4.12500% 19-20.11.24 | 3 900 000.00 | 3 831 750.00 | 0.50 |
| EUR	SYNTHOMER PLC-REG-S 3.87500% 20-01.07.25 | 3 400 000.00 | 3 548 274.00 | 0.47 |
| EUR	TEVA PHARMACEUTICAL FIN 6.00000% 20-31.01.25 | 3 500 000.00 | 3 817 187.50 | 0.50 |
| EUR	UNITED GROUP BV-REG-S 4.87500% 17-01.07.24 | 2 700 000.00 | 2 754 378.00 | 0.36 |
| Total EUR |  | 51 070 713.10 | 6.69 |
| GBP |  |  |  |
| GBP	TALKTALK TELECOM GROUP PLC-REG-S 3.87500% 20-20.02.25 | 3 500 000.00 | 3 867 203.02 | 0.51 |
| Total GBP |  | 3 867 203.02 | 0.51 |
| USD |  |  |  |
| USD	ADANI PORTS AND SPECIAL ECO ZONE-REG-S 3.37500% 19-24.07.24 | 4 400 000.00 | 3 804 756.73 | 0.50 |
| USD	AERCAP IRELAND CAP/ GLBL AVIATION TRUST 6.50000% 20-15.07.25 | 15 600 000.00 | 15 076 463.64 | 1.97 |
| USD	AFRICA FINANCE CORP-REG-S 3.12500% 20-16.06.25 | 5 000 000.00 | 4 313 659.92 | 0.56 |
| USD	AIR LEASE CORP 3.37500% 20-01.07.25 | 11 200 000.00 | 9 876 711.86 | 1.29 |
| USD	ALLY FINANCIAL INC 5.80000% 20-01.05.25 | 9 300 000.00 | 9 251 228.26 | 1.21 |
| USD	BANCO SANTANDER SA-REG-S 5.37500% 20-17.04.25 | 4 100 000.00 | 3 875 840.16 | 0.51 |
| USD	BHARTI AIRTEL LTD-REG-S 4.37500% 15-10.06.25 | 1 200 000.00 | 1 085 311.82 | 0.14 |
| USD	BOEING CO 4.87500% 20-01.05.25 | 11 000 000.00 | 10 257 907.38 | 1.34 |
| USD	BP CAPITAL MARKETS AMERICA INC 3.19400% 20-06.04.25 | 9 200 000.00 | 8 444 837.06 | 1.11 |
| USD	CANADIAN IMPERIAL BANK OF COMMERCE 2.25000% 20-28.01.25 | 6 700 000.00 | 5 927 694.77 | 0.78 |
| USD	CENOVUS ENERGY INC 5.37500% 20-15.07.25 | 700 000.00 | 643 824.45 | 0.08 |
| USD	CENTURYLINK INC 5.62500% 15-01.04.25 | 3 800 000.00 | 3 411 009.86 | 0.45 |
| USD	CIT GROUP INC 5.25000% 18-07.03.25 | 3 100 000.00 | 2 918 721.79 | 0.38 |
| USD	CONTINENTAL RESOURCES INC 3.80000% 14-01.06.24 | 4 100 000.00 | 3 465 188.94 | 0.45 |
| USD	CORECIVIC INC 4.62500% 13-01.05.23 | 2 946 000.00 | 2 315 030.93 | 0.30 |
| USD	CORP NACIONAL DEL COBRE DE CHILE-REG-S 4.50000% 15-16.09.25 | 3 700 000.00 | 3 518 433.37 | 0.46 |
| USD	COVANTA HOLDING CORP 5.87500% 17-01.07.25 | 2 700 000.00 | 2 350 254.97 | 0.31 |
| USD	CREDICORP LTD-REG-S 2.75000% 20-17.06.25 | 1 300 000.00 | 1 122 366.66 | 0.15 |
| USD	DOMINICAN REPUBLIC-REG-S 5.50000% 15-27.01.25 | 2 800 000.00 | 2 546 292.42 | 0.33 |
| USD	EASY TACTIC LTD-REG-S 8.12500% 19-11.07.24 | 4 700 000.00 | 3 350 793.13 | 0.44 |
| USD	EDISON INTERNATIONAL 4.95000% 20-15.04.25 | 11 700 000.00 | 10 927 229.77 | 1.43 |
| USD	EQT CORP 6.12500% 20-01.02.25 | 4 400 000.00 | 4 211 670.29 | 0.55 |
| USD	EXPORT CREDIT BANK OF TURKEY-REG-S 6.12500% 18-03.05.24 | 4 300 000.00 | 3 612 690.19 | 0.47 |
| USD	EXXON MOBIL CORP 2.99200% 20-19.03.25 | 8 100 000.00 | 7 389 057.41 | 0.97 |
| USD	FANTASIA HOLDINGS GROUP CO LTD-REG-S 11.87500% 20-01.06.23 | 3 525 000.00 | 3 089 568.79 | 0.40 |
| USD	FANTASIA HOLDINGS GROUP CO LTD-REG-S 9.25000% 20-28.07.23 | 600 000.00 | 494 064.54 | 0.07 |
| USD	FIBRIA OVERSEAS FINANCE LTD 4.00000% 17-14.01.25 | 4 100 000.00 | 3 664 233.61 | 0.48 |
| USD	FORD MOTOR CO 9.00000% 20-22.04.25 | 4 300 000.00 | 4 368 407.45 | 0.57 |
| USD	GENERAL MOTORS CO 6.12500% 20-01.10.25 | 6 200 000.00 | 6 248 540.06 | 0.82 |
| USD	GOLDMAN SACHS GROUP INC 3.50000% 20-01.04.25 | 11 400 000.00 | 10 548 302.21 | 1.38 |
| USD	HEWLETT PACKARD ENTERPRISE CO 4.65000% 20-01.10.24 | 8 300 000.00 | 7 870 856.28 | 1.03 |
| USD	HILLENBRAND INC 5.75000% 20-15.06.25 | 3 200 000.00 | 2 862 397.59 | 0.38 |
| USD	INDONESIA ASAHAN ALUMINIUM TBK PT-REG-S 4.75000% 20-15.05.25 | 3 000 000.00 | 2 765 005.86 | 0.36 |
| USD	ISTAR INC 4.25000% 19-01.08.25 | 4 900 000.00 | 3 983 656.58 | 0.52 |
| USD	JSW STEEL LTD-REG-S 5.37500% 19-04.04.25 | 2 500 000.00 | 2 171 590.24 | 0.28 |
| USD	KAISA GROUP HOLDINGS LTD-REG-S 9.95000% 20-23.07.25 | 600 000.00 | 479 016.88 | 0.06 |
| USD	LAS VEGAS SANDS CORP 3.20000% 19-08.08.24 | 10 000 000.00 | 8 735 669.62 | 1.14 |
| USD	MARATHON PETROLEUM CORP 4.70000% 20-01.05.25 | 8 000 000.00 | 7 589 272.03 | 0.99 |
| USD	MEDCO PLATINUM ROAD PTE LTD-REG-S 6.75000% 18-30.01.25 | 3 600 000.00 | 3 123 328.04 | 0.41 |
| USD	MITSUBISHI UFJ FINANCIAL GRP INC 2.19300% 20-25.02.25 | 13 200 000.00 | 11 586 911.89 | 1.52 |
| USD	NAVIENT CORP 6.75000% 17-25.06.25 | 4 000 000.00 | 3 601 070.05 | 0.47 |
| USD	PAKISTAN, ISLAMIC REPUBLIC OF-REG-S 8.25000% 15-30.09.25 | 1 800 000.00 | 1 636 902.27 | 0.21 |
| USD	PETROBRAS GLOBAL FINANCE BV 5.29900% 18-27.01.25 | 3 300 000.00 | 3 137 889.78 | 0.41 |
| USD	PETROLEOS MEXICANOS-REG-S 6.87500% 20-16.10.25 | 800 000.00 | 698 886.47 | 0.09 |
| USD	REC LTD-REG-S 3.50000% 19-12.12.24 | 4 400 000.00 | 3 831 194.62 | 0.50 |
| USD	RONSHINE CHINA HOLDINGS LTD-REG-S 6.75000% 20-05.08.24 | 1 200 000.00 | 993 144.96 | 0.13 |
| USD	SINOPEC GRP OVERSEAS DEV LTD-REG-S 2.15000% 20-13.05.25 | 4 000 000.00 | 3 440 331.05 | 0.45 |
| USD	SPRINGLEAF FINANCE CORP 6.87500% 18-15.03.25 | 1 500 000.00 | 1 432 661.77 | 0.19 |
| USD	SPRINGLEAF FINANCE CORP 8.87500% 20-01.06.25 | 2 600 000.00 | 2 423 507.78 | 0.32 |
| USD	SPRINT CORP 7.62500% 15-15.02.25 | 2 400 000.00 | 2 402 608.26 | 0.31 |
| USD	SUMITOMO MITSUI FIN GP INC 2.34800% 20-15.01.25 | 6 700 000.00 | 5 919 434.88 | 0.78 |
| USD	SUNCOR ENERGY INC 3.10000% 20-15.05.25 | 5 000 000.00 | 4 549 245.53 | 0.60 |
| USD	SYNCHRONY FINANCIAL 4.50000% 15-23.07.25 | 7 600 000.00 | 7 147 145.59 | 0.94 |
| USD	TURKEY, REPUBLIC OF 7.37500% 05-05.02.25 | 3 100 000.00 | 2 817 489.76 | 0.37 |
| USD	UKRAINE, GOVERNMENT OF-REG-S 7.75000% 15-01.09.25 | 2 700 000.00 | 2 480 605.25 | 0.33 |
| USD	VEDANTA RESOURCES PLC-REG-S 6.12500% 17-09.08.24 | 5 700 000.00 | 2 876 922.76 | 0.38 |
| USD	WESTERN MIDSTREAM OPERATING LP 3.10000% 20-01.02.25 | 3 500 000.00 | 2 919 465.81 | 0.38 |
| Total USD |  | 255 586 304.04 | 33.45 |
| Total Notes, fixed rate |  | 310 524 220.16 | 40.65 |

UBS (Lux) Bond SICAV – 2025 I (EUR)
Semi-Annual Report as of 30 November 2020
| Description | Quantity/ | Valuation in EUR | as a % |
| --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |
| Notes, floating rate |  |  |  |
| USD |  |  |  |
| USD	WYNDHAM WORLDWIDE CORP STEP UP/RATING LINKED 15-01.10.25 | 4 200 000.00 | 3 941 230.56 | 0.52 |
| Total USD |  | 3 941 230.56 | 0.52 |
| Total Notes, floating rate |  | 3 941 230.56 | 0.52 |
| Medium term notes, fixed rate |  |  |  |
| CHF |  |  |  |
| CHF	CELLNEX TELECOM SA 1.11750% 20-17.07.25 | 1 200 000.00 | 1 130 831.60 | 0.14 |
| CHF	HEATHROW FUNDING LTD 0.50000% 16-17.05.24 | 4 600 000.00 | 4 266 890.07 | 0.56 |
| CHF	HYUNDAI CAPITAL SERVICES INC-REG-S 0.26000% 20-11.02.25 | 3 000 000.00 | 2 748 645.22 | 0.36 |
| Total CHF |  | 8 146 366.89 | 1.06 |
| EUR |  |  |  |
| EUR	ANGLO AMERICAN CAPITAL PLC-REG-S 1.62500% 17-18.09.25 | 7 300 000.00 | 7 767 711.00 | 1.02 |
| EUR	BANQUE FEDER DU CREDIT MUTUEL-REG-S-SUB 3.00000% 14-21.05.24 | 6 900 000.00 | 7 592 415.00 | 0.99 |
| EUR	BAT INTERNATIONAL FINANCE PLC-REG-S 2.75000% 13-25.03.25 | 5 700 000.00 | 6 305 910.00 | 0.83 |
| EUR	BNP PARIBAS-REG-S-SUB 2.37500% 15-17.02.25 | 7 000 000.00 | 7 555 464.00 | 0.99 |
| EUR	DAIMLER AG-REG-S 2.62500% 20-07.04.25 | 8 400 000.00 | 9 329 392.80 | 1.22 |
| EUR	GENERAL MOTORS FINANCIAL CO INC-REG-S 1.69400% 18-26.03.25 | 4 200 000.00 | 4 409 496.00 | 0.58 |
| EUR	GLENCORE FINANCE EUROPE SA-REG-S 1.75000% 15-17.03.25 | 10 400 000.00 | 10 978 240.00 | 1.44 |
| EUR	GOLDMAN SACHS GROUP INC-REG-S 1.25000% 16-01.05.25 | 2 600 000.00 | 2 701 457.20 | 0.35 |
| EUR	HSBC HOLDINGS PLC-SUB 3.00000% 15-30.06.25 | 8 000 000.00 | 8 947 936.00 | 1.17 |
| EUR	LLOYDS BANK CORPORATE MARKETS PLC-REG-S 0.37500% 20-28.01.25 | 9 200 000.00 | 9 330 732.00 | 1.22 |
| EUR	LOGICOR FINANCING SARL-REG-S 2.25000% 18-13.05.25 | 10 400 000.00 | 11 250 122.00 | 1.47 |
| EUR	MORGAN STANLEY 1.75000% 15-30.01.25 | 7 500 000.00 | 8 031 531.00 | 1.05 |
| EUR	NATWEST MARKETS PLC-REG-S 2.75000% 20-02.04.25 | 12 700 000.00 | 14 080 744.00 | 1.84 |
| EUR	ORANO SA 4.87500% 09-23.09.24 | 2 500 000.00 | 2 851 545.00 | 0.37 |
| EUR	SCHAEFFLER AG-REG-S 2.75000% 20-12.10.25 | 600 000.00 | 628 500.00 | 0.08 |
| EUR	SWEDBANK AB-REG-S 0.25000% 19-09.10.24 | 8 000 000.00 | 8 071 952.00 | 1.06 |
| EUR	SYDNEY AIRPORT FINANCE CO PTY LTD-REG-S 2.75000% 14-23.04.24 | 6 400 000.00 | 6 939 366.40 | 0.91 |
| EUR	TELECOM ITALIA SPA-REG-S 3.00000% 16-30.09.25 | 500 000.00 | 531 250.00 | 0.07 |
| EUR	TELECOM ITALIA SPA-REG-S 2.75000% 19-15.04.25 | 2 900 000.00 | 3 037 750.00 | 0.40 |
| EUR	VOLKSWAGEN LEASING GMBH-REG-S 1.37500% 17-20.01.25 | 11 200 000.00 | 11 731 955.20 | 1.54 |
| Total EUR |  | 142 073 469.60 | 18.60 |
| USD |  |  |  |
| USD	BOC AVIATION LTD-REG-S 3.25000% 20-29.04.25 | 600 000.00 | 526 879.91 | 0.07 |
| USD	BOC AVIATION LTD-REG-S 2.62500% 20-17.01.25 | 3 750 000.00 | 3 209 789.33 | 0.42 |
| USD	EGYPT, REPUBLIC OF-REG-S 5.87500% 15-11.06.25 | 1 600 000.00 | 1 412 389.23 | 0.18 |
| USD	HUARONG FINANCE II CO LTD-REG-S 5.50000% 15-16.01.25 | 7 425 000.00 | 6 946 113.57 | 0.91 |
| USD	KOREA ELECTRIC POWER CORP-REG-S 1.12500% 20-15.06.25 | 3 800 000.00 | 3 216 142.17 | 0.42 |
| USD	KWG GROUP HOLDINGS LTD-REG-S 5.95000% 20-10.08.25 | 600 000.00 | 502 215.35 | 0.07 |
| USD	MDGH - GMTN BV-REG-S 2.50000% 19-07.11.24 | 4 148 000.00 | 3 644 497.57 | 0.48 |
| USD	MEGLOBAL CANADA INC-REG-S 5.00000% 20-18.05.25 | 3 900 000.00 | 3 619 978.90 | 0.47 |
| USD	MONGOLIA,GOVERNMENT OF-REG-S 8.75000% 17-09.03.24 | 2 700 000.00 | 2 607 005.52 | 0.34 |
| USD	OMAN GOVT INTERNATIONAL BOND-REG-S 4.87500% 19-01.02.25 | 4 400 000.00 | 3 662 222.04 | 0.48 |
| USD	QNB FINANCE LTD-REG-S 2.62500% 20-12.05.25 | 6 000 000.00 | 5 241 598.39 | 0.69 |
| USD	SAUDI GOVERNMENT INTERNATIONAL BD-REG-S 4.00000% 18-17.04.25 | 3 800 000.00 | 3 544 035.27 | 0.46 |
| Total USD |  | 38 132 867.25 | 4.99 |
| Total Medium term notes, fixed rate |  | 188 352 703.74 | 24.65 |
| Medium term notes, floating rate |  |  |  |
| EUR |  |  |  |
| EUR	BARCLAYS PLC-REG-S 3.375%/VAR 20-02.04.25 | 10 300 000.00 | 11 338 755.00 | 1.48 |
| EUR	MACQUARIE GRP LTD-REG-S 1.250%/3M EURIBOR+83.9BP 18-05.03.25 | 2 500 000.00 | 2 594 700.00 | 0.34 |
| EUR	SANTANDER UK GROUP HOLD PLC-REG-S 0.391%/VAR 20-28.02.25 | 10 900 000.00 | 10 946 085.20 | 1.43 |
| Total EUR |  | 24 879 540.20 | 3.25 |
| Total Medium term notes, floating rate |  | 24 879 540.20 | 3.25 |
| Bonds, fixed rate |  |  |  |
| EUR |  |  |  |
| EUR	ADLER REAL ESTATE AG-REG-S 1.87500% 18-27.04.23 | 3 600 000.00 | 3 595 572.00 | 0.47 |
| EUR	ALTICE FINANCING SA-REG-S 2.25000% 20-15.01.25 | 4 000 000.00 | 3 871 128.00 | 0.51 |
| EUR	CROWN EUROPEAN HOLDINGS SA-REG-S 3.37500% 15-15.05.25 | 2 700 000.00 | 2 918 430.00 | 0.38 |
| EUR	CRYSTAL ALMOND SARL-REG-S 4.25000% 19-15.10.24 | 3 900 000.00 | 3 909 360.00 | 0.51 |
| EUR	FAURECIA SA-REG-S 2.62500% 18-15.06.25 | 3 600 000.00 | 3 663 000.00 | 0.48 |
| EUR	GENERAL ELECTRIC CO 0.87500% 17-17.05.25 | 8 200 000.00 | 8 412 061.02 | 1.10 |
| EUR	IMPERIAL BRANDS FINANCE PLC-REG-S 1.37500% 17-27.01.25 | 8 000 000.00 | 8 343 488.00 | 1.09 |
| EUR	OI EUROPEAN GROUP BV-REG-S 2.87500% 19-15.02.25 | 3 600 000.00 | 3 634 887.96 | 0.48 |
| EUR	QUATRIM SASU-REG-S 5.87500% 19-15.01.24 | 3 800 000.00 | 3 918 696.80 | 0.51 |
| EUR	QUINTILES IMS INC-REG-S 3.25000% 17-15.03.25 | 2 500 000.00 | 2 531 250.00 | 0.33 |
| EUR	RCS & RDS SA-REG-S 2.50000% 20-05.02.25 | 4 000 000.00 | 3 942 500.00 | 0.52 |
| EUR	SOFTBANK GROUP CORP-REG-S 4.75000% 15-30.07.25 | 3 100 000.00 | 3 353 766.00 | 0.44 |
| Total EUR |  | 52 094 139.78 | 6.82 |
| GBP |  |  |  |
| GBP	JERROLD FINCO PLC-REG-S 6.12500% 17-15.01.24 | 1 000 000.00 | 1 110 495.53 | 0.15 |
| Total GBP |  | 1 110 495.53 | 0.15 |
| USD |  |  |  |
| USD	BHARTI AIRTEL INTL NETHERLANDS BV-REG-S 5.35000% 14-20.05.24 | 3 450 000.00 | 3 174 348.98 | 0.41 |
| USD	BRASKEM FINANCE LTD 6.45000% 14-03.02.24 | 3 900 000.00 | 3 547 298.11 | 0.46 |
| USD	CDBL FUNDING 1-REG-S 4.25000% 14-02.12.24 | 4 225 000.00 | 3 866 456.02 | 0.51 |
| USD	CHINA EVERGRANDE GROUP-REG-S 8.75000% 17-28.06.25 | 4 350 000.00 | 2 803 526.27 | 0.37 |
| USD	COUNTRY GARDEN HOLDINGS CO LTD-REG-S 5.12500% 18-17.01.25 | 3 650 000.00 | 3 184 245.11 | 0.42 |
| USD	ECOPETROL SA 4.12500% 14-16.01.25 | 3 800 000.00 | 3 427 985.66 | 0.45 |

UBS (Lux) Bond SICAV – 2025 I (EUR)
Semi-Annual Report as of 30 November 2020
|  | Description | Quantity/ | Valuation in EUR | as a % |
| --- | --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |
|  |  |  |  |  |
| USD | FAB SUKUK CO LTD-REG-S 2.50000% 20-21.01.25 | 3 800 000.00 | 3 312 729.89 | 0.43 |
| USD | GLOBAL LOGISTIC PROPERTIES LTD-REG-S 3.87500% 15-04.06.25 | 5 650 000.00 | 4 903 365.87 | 0.64 |
| USD | GREENKO SOLAR MAURITIUS LTD-REG-S 5.55000% 19-29.01.25 | 3 200 000.00 | 2 755 392.07 | 0.36 |
| USD | KINDER MORGAN INC 4.30000% 14-01.06.25 | 1 000 000.00 | 950 969.24 | 0.12 |
| USD | KOREA NATIONAL OIL CORP-REG-S 0.87500% 20-05.10.25 | 600 000.00 | 501 810.62 | 0.07 |
| USD | KWG GROUP HOLDINGS LTD-REG-S 5.87500% 17-10.11.24 | 3 975 000.00 | 3 382 214.25 | 0.44 |
| USD | POWER FINANCE CORP LTD-REG-S 3.75000% 19-18.06.24 | 600 000.00 | 525 570.56 | 0.07 |
| USD | POWER FINANCE CORP LTD-REG-S 3.25000% 19-16.09.24 | 3 200 000.00 | 2 773 783.65 | 0.36 |
| USD | SHIMAO PROPERTY HOLDINGS LIMITED-REG-S 5.20000% 18-30.01.25 | 3 625 000.00 | 3 189 527.25 | 0.42 |
| USD | WANDA PROPERTIES INTERNATIONAL-REG-S 7.25000% 14-19.01.24 | 3 850 000.00 | 3 186 340.08 | 0.42 |
| USD | YUZHOU PROPERTIES CO LTD-REG-S 8.30000% 19-27.05.25 | 4 500 000.00 | 3 968 817.92 | 0.52 |
| Total USD |  |  | 49 454 381.55 | 6.47 |
| Total Bonds, fixed rate |  | 102 659 016.86 | 13.44 |
| Total Transferable securities and money market instruments listed on an official stock exchange |  | 630 356 711.52 | 82.51 |
| Transferable securities and money market instruments traded on another regulated market |  |  |  |
| Asset Backed Securities, fixed rate |  |  |  |
| USD |  |  |  |
| USD	AMERICAN CREDIT ACCEPT RECEI TRUST-144A 3.93000% 18-10.04.24 | 2 450 000.00 | 2 010 592.93 | 0.26 |
| USD	DRIVE AUTO RECEIVABLES TRUST 4.30000% 18-16.09.24 | 1 973 000.00 | 1 709 528.79 | 0.22 |
| USD	DT AUTO OWNER TRUST-144A 6.03000% 17-15.01.24 | 3 000 000.00 | 2 572 635.43 | 0.34 |
| USD	DT AUTO OWNER TRUST-144A 4.19000% 18-15.07.24 | 2 900 000.00 | 2 520 560.14 | 0.33 |
| USD	EXETER AUTOMOBILE RECEIVABLES-144A 4.35000% 18-16.09.24 | 2 000 000.00 | 1 751 948.17 | 0.23 |
| USD	EXETER AUTOMOBILE RECEIVABLES TRST-144A 4.35000% 18-17.06.24 | 2 000 000.00 | 1 743 990.97 | 0.23 |
| USD	FLAGSHIP CREDIT AUTO TRUST-144A 3.89000% 16-15.11.22 | 418 000.00 | 354 210.79 | 0.05 |
| USD	FLAGSHIP CREDIT AUTO TRUST-144A 3.62000% 17-15.07.23 | 300 000.00 | 256 480.77 | 0.03 |
| USD	FLAGSHIP CREDIT AUTO TRUST -144A 3.89000% 18-16.09.24 | 500 000.00 | 432 710.33 | 0.06 |
| Total USD |  | 13 352 658.32 | 1.75 |
| Total Asset Backed Securities, fixed rate |  | 13 352 658.32 | 1.75 |
| Notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	DELL INTERNATIONAL LLC / EMC CORP-144A 5.85000% 20-15.07.25 | 7 000 000.00 | 6 964 352.20 | 0.91 |
| USD	DELTA AIR LINES INC-144A 7.00000% 20-01.05.25 | 10 800 000.00 | 10 314 701.52 | 1.35 |
| USD	GE CAPITAL FUNDING LLC-144A 3.45000% 20-15.05.25 | 11 296 000.00 | 10 262 866.45 | 1.34 |
| USD	GENESIS ENERGY LP 5.62500% 14-15.06.24 | 3 500 000.00 | 2 750 376.19 | 0.36 |
| USD	HARLEY-DAVIDSON FIN.SERV INC-144A 3.35000% 20-08.06.25 | 12 100 000.00 | 10 865 077.76 | 1.42 |
| USD	INTESA SANPAOLO SPA-144A 3.25000% 19-23.09.24 | 11 814 000.00 | 10 567 892.61 | 1.38 |
| USD	NAVISTAR INTERNATIONAL CORP-144A 9.50000% 20-01.05.25 | 3 700 000.00 | 3 460 437.22 | 0.45 |
| USD	NEWELL BRANDS INC 4.87500% 20-01.06.25 | 3 100 000.00 | 2 863 651.56 | 0.38 |
| USD	NIELSEN CO LUXEMBOURG SARL/THE-144A 5.00000% 17-01.02.25 | 3 300 000.00 | 2 838 049.66 | 0.37 |
| USD	NOVA CHEMICALS CORP-144A 5.00000% 14-01.05.25 | 4 600 000.00 | 3 980 103.67 | 0.52 |
| USD	QVC INC 4.85000% 14-01.04.24 | 3 100 000.00 | 2 727 595.72 | 0.36 |
| USD	SYSCO CORP 3.75000% 15-01.10.25 | 6 800 000.00 | 6 385 076.07 | 0.84 |
| USD	VIACOMCBS INC 4.75000% 20-15.05.25 | 8 900 000.00 | 8 620 514.55 | 1.13 |
| Total USD |  | 82 600 695.18 | 10.81 |
| Total Notes, fixed rate |  | 82 600 695.18 | 10.81 |
| Medium term notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	PETROLEOS MEXICANOS 4.25000% 16-15.01.25 | 3 900 000.00 | 3 160 476.93 | 0.42 |
| Total USD |  | 3 160 476.93 | 0.42 |
| Total Medium term notes, fixed rate |  | 3 160 476.93 | 0.42 |
| Bonds, fixed rate |  |  |  |
| USD |  |  |  |
| USD	PACIFIC GAS & ELECTRIC CO 3.45000% 20-01.07.25 | 3 000 000.00 | 2 700 721.04 | 0.35 |
| Total USD |  | 2 700 721.04 | 0.35 |
| Total Bonds, fixed rate |  | 2 700 721.04 | 0.35 |
| Total Transferable securities and money market instruments traded on another regulated market |  | 101 814 551.47 | 13.33 |

Transferable securities and money market instruments not listed on an official stock exchange and not traded on another regulated market
Notes, fixed rate
| USD |  |
| --- | --- |
| USD | ARDAGH PACKAGING FINANCE PLC-144A 5.25000% 20-30.04.25 | 2 800 000.00 | 2 475 045.98 | 0.33 |
| USD | BMW US CAPITAL LLC-144A 3.90000% 20-09.04.25 | 13 400 000.00 | 12 555 487.47 | 1.64 |
| USD | TENET HEALTHCARE CORP-144A 7.50000% 20-01.04.25 | 3 700 000.00 | 3 385 691.78 | 0.44 |
| Total USD |  |  | 18 416 225.23 | 2.41 |
| Total Notes, fixed rate | 18 416 225.23 | 2.41 |
| Total Transferable securities and money market instruments not listed on an official stock exchange and not traded on another regulated market | 18 416 225.23 | 2.41 |
| Total investments in securities | 750 587 488.22 | 98.25 |

UBS (Lux) Bond SICAV – 2025 I (EUR)
Semi-Annual Report as of 30 November 2020
| Description	Quantity/ | Valuation in EUR | 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
| EUR | 4 297 874.79 | GBP | 3 860 000.00 | 14.1.2021 | -6 939.14 | 0.00 |
| --- | --- | --- | --- | --- | --- | --- |
| EUR | 8 135 442.66 | CHF | 8 785 000.00 | 14.1.2021 | 20 544.40 | 0.00 |
| EUR | 464 994 467.61 | USD | 552 625 000.00 | 14.1.2021 | 3 662 201.61 | 0.48 |
| EUR | 3 786 543.30 | USD | 4 500 000.00 | 14.1.2021 | 29 935.84 | 0.01 |
| EUR | 2 098 485.68 | USD | 2 495 000.00 | 14.1.2021 | 15 655.54 | 0.00 |
| EUR | 2 562 480.92 | USD | 3 055 000.00 | 14.1.2021 | 12 161.86 | 0.00 |
| Total Forward Foreign Exchange contracts | 3 733 560.11 | 0.49 |
|  |  |  |
| Cash at banks, deposits on demand and deposit accounts and other liquid assets | 1 599 336.48 | 0.21 |
| Other assets and liabilities | 8 062 371.49 | 1.05 |
| Total net assets | 763 982 756.30 | 100.00 |

UBS (Lux) Bond SICAV – 2025 I (EUR)
Semi-Annual Report as of 30 November 2020

Translation (ENFR, 2020-11-30):
# UBS (Lux) Bond SICAV – 2025 I (EUR)
| Données principales |  |
| --- | --- |
|  | ISIN | 30.11.2020 |
| Actif net en EUR |  | 763 982 756.30 |
| Catégorie I-B-dist 1 | LU2185882045 |  |
| Actions en circulation |  | 3 115 693.0000 |
| Valeur nette d’inventaire par action en EUR |  | 105.61 |
| Prix d’émission et de rachat par action en EUR 2 |  | 105.61 |
| Catégorie K-1-acc 3 | LU2156499548 |  |
| Actions en circulation |  | 24.5000 |
| Valeur nette d’inventaire par action en EUR |  | 3 129 566.58 |
| Prix d’émission et de rachat par action en EUR 2 |  | 3 129 566.58 |
| Catégorie K-1-dist 3 | LU2156499621 |  |
| Actions en circulation |  | 9.9000 |
| Valeur nette d’inventaire par action en EUR |  | 3 129 625.31 |
| Prix d’émission et de rachat par action en EUR 2 |  | 3 129 625.31 |
| Catégorie P-acc 3 | LU2156499035 |  |
| Actions en circulation |  | 891 865.3920 |
| Valeur nette d’inventaire par action en EUR |  | 104.29 |
| Prix d’émission et de rachat par action en EUR 2 |  | 104.29 |
| Catégorie P-dist 3 | LU2156499118 |  |
| Actions en circulation |  | 533 571.6890 |
| Valeur nette d’inventaire par action en EUR |  | 104.27 |
| Prix d’émission et de rachat par action en EUR 2 |  | 104.27 |
| Catégorie Q-acc 3 | LU2156499209 |  |
| Actions en circulation |  | 1 013 062.1190 |
| Valeur nette d’inventaire par action en EUR |  | 104.35 |
| Prix d’émission et de rachat par action en EUR 2 |  | 104.35 |
| Catégorie Q-dist 3 | LU2156499464 |  |
| Actions en circulation |  | 698 934.1250 |
| Valeur nette d’inventaire par action en EUR |  | 104.32 |
| Prix d’émission et de rachat par action en EUR 2 |  | 104.32 |
| 1  Première VNI 30.6.2020 2  Voir note 1 3  Première VNI 10.6.2020 |  |  |

UBS (Lux) Bond SICAV – 2025 I (EUR)
Rapport semestriel au 30 novembre 2020

## Structure du portefeuille-titres
Répartition géographique en % de l’actif net	
| Etats-Unis | 38.08 |
| --- | --- |
| Grande-Bretagne | 12.14 |
| France | 5.16 |
| Luxembourg | 4.30 |
| Allemagne | 3.31 |
| Iles Caïmans | 3.07 |
| Japon | 2.73 |
| Pays-Bas | 2.64 |
| Canada | 2.45 |
| Irlande | 1.97 |
| Chine | 1.91 |
| Inde | 1.86 |
| Italie | 1.85 |
| Îles Vierges britanniques | 1.77 |
| Mexique | 1.67 |
| Singapour | 1.54 |
| Australie | 1.25 |
| Suède | 1.06 |
| Chili | 0.91 |
| Corée du Sud | 0.85 |
| Turquie | 0.84 |
| Nigéria | 0.56 |
| Jersey | 0.56 |
| Roumanie | 0.52 |
| République tchèque | 0.50 |
| Brésil | 0.48 |
| Oman | 0.48 |
| Arabie saoudite | 0.46 |
| Colombie | 0.45 |
| Indonésie | 0.36 |
| Ile Maurice | 0.36 |
| Mongolie | 0.34 |
| République dominicaine | 0.33 |
| Ukraine | 0.33 |
| Multinationaux | 0.32 |
| Pakistan | 0.21 |
| Egypte | 0.19 |
| Espagne | 0.15 |
| Pérou | 0.15 |
| Autriche | 0.14 |
| Total | 98.25 |

Répartition économique en % de l’actif net	
| Etablissements financiers et sociétés de participation | 33.69 |
| --- | --- |
| Banques & instituts de crédit | 16.32 |
| Immobilier | 5.20 |
| Pétrole | 5.03 |
| Distribution d’énergie & d’eau | 3.99 |
| Trafic et transport | 3.50 |
| Industrie aéronautique et spatiale | 3.33 |
| Véhicules | 3.17 |
| Télécommunications | 3.15 |
| Emetteurs d’obligations sécurisées (Pfandbriefe) et |  |
| sociétés de refinancement | 3.09 |
| Gouvernements nationaux et centraux | 2.71 |
| Diverses sociétés commerciales | 2.13 |
| Restauration et loisirs | 1.66 |
| Chimie | 1.46 |
| Industrie minière, charbon et acier | 1.12 |
| Appareils et composants électriques | 1.10 |
| Equipement informatique et de réseau | 1.03 |
| Internet, logiciels et services informatiques | 0.91 |
| Services divers | 0.87 |
| Industrie de conditionnement | 0.71 |
| Bâtiment et matériaux de construction | 0.66 |
| Organisations supranationales | 0.57 |
| Machines et appareils | 0.45 |
| Soins de santé & services sociaux | 0.44 |
| Tabac et boissons alcoolisées | 0.44 |
| Biens de consommation divers | 0.38 |
| Métaux non ferreux | 0.36 |
| Produits pharmaceutiques, cosmétiques & médicaux | 0.33 |
| Environnement et recyclage | 0.31 |
| Electronique et semi-conducteurs | 0.14 |
| Total | 98.25 |

UBS (Lux) Bond SICAV – 2025 I (EUR)
Rapport semestriel au 30 novembre 2020

## Etat des actifs nets
Actif	30.11.2020
EUR
Portefeuille-titres, cours d’achat	751 191 931.38
| Portefeuille-titres, plus-/(moins)-value non réalisée | 	-604 443.16	 |
| --- | --- |
| Total du Portefeuille-titres (note 1) | 750 587 488.22 |
| Avoirs en banque, dépôts à vue et à terme | 1 599 336.48 |
| Intérêts à recevoir sur titres | 8 233 006.81 |
| Autres créances | 33 397.87 |
| Bénéfice non réalisé(e) sur contrats de change à terme (note 1) | 3 733 560.11 |
| Total de l’Actif | 764 186 789.49 |
|  |  |
| Passif |  |
| Engagements sur rachats | -56 879.99 |
| Provisions pour commission de gestion forfaitaire (note 2) | -77 494.36 |
| Provisions pour taxe d’abonnement (note 3) | -41 501.95 |
| Provisions pour autres commissions et frais (note 2) | 	-28 156.89	 |
| Total des Provisions pour frais | -147 153.20 |
| Total du Passif | -204 033.19 |
|  |  |
| Actif net à la fin de la période | 763 982 756.30 |
| Etat des opérations | EUR |
| Revenus | 10.6.2020-30.11.2020 |
| Intérêts sur titres | 10 040 103.86 |
| Autres revenus (note 4) | 872 829.09 |
| Total des Revenus | 10 912 932.95 |
|  |  |
| Charges |  |
| Commission de gestion forfaitaire (note 2) | -757 359.60 |
| Taxe d’abonnement (note 3) | -133 077.24 |
| Autres commissions et frais (note 2) | -28 156.89 |
| Charges d’intérêts sur liquidités et crédit en compte courant | -107 059.91 |
| Total des Charges | -1 025 653.64 |
|  |  |
| Revenus/pertes net(te)s de placements | 9 887 279.31 |
|  |  |
| Bénéfices/(pertes) réalisé(e)s (note 1) |  |
| Bénéfice/(perte) réalisé(e) sur titres évalués à la valeur de marché hors options | -808 058.49 |
| Bénéfice/(perte) réalisé(e) sur contrats de change à terme | 18 089 675.23 |
| Bénéfice/(perte) de change réalisé(e) | -1 502 611.08 |
| Total des Bénéfices/(pertes) réalisé(e)s | 15 779 005.66 |
|  |  |
| Bénéfice/(perte) net(te) réalisé(e) au cours de la période | 25 666 284.97 |
|  |  |
| 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 | -604 443.16 |
| Plus-/(moins)-value non réalisée sur contrats de change à terme | 3 733 560.11 |
| Total des Fluctuations de la plus-/(moins)-value non réalisée | 3 129 116.95 |
|  |  |
| Augmentation/(diminution) nette de l’actif net issue de l’activité | 28 795 401.92 |

UBS (Lux) Bond SICAV – 2025 I (EUR)
Rapport semestriel au 30 novembre 2020
| Fluctuations de l’actif net |  |
| --- | --- |
|  | EUR |
|  | 10.6.2020-30.11.2020 |
| Actif net au début de la période | 0.00 |
| Souscriptions | 1 061 234 911.00 |
| Rachats | 	-326 047 556.62	 |
| Total des Entrées/(sorties) de capitaux | 735 187 354.38 |
| Revenus/pertes net(te)s de placements | 9 887 279.31 |
| Total des Bénéfices/(pertes) réalisé(e)s | 15 779 005.66 |
| Total des Fluctuations de la plus-/(moins)-value non réalisée | 	3 129 116.95	 |
| Augmentation/(diminution) nette de l’actif net issue de l’activité | 28 795 401.92 |
| Actif net à la fin de la période | 763 982 756.30 |
| Evolution des actions en circulation |  |
|  | 10.6.2020-30.11.2020 |
| Catégorie | I-B-dist |
| Nombre d’actions en circulation au début de la période | 0.0000 |
| Nombre d’actions émises | 3 115 693.0000 |
| Nombre d’actions rachetées | 0.0000 |
| Nombre d’actions en circulation à la fin de la période | 3 115 693.0000 |
| Catégorie | K-1-acc |
| Nombre d’actions en circulation au début de la période | 0.0000 |
| Nombre d’actions émises | 25.7000 |
| Nombre d’actions rachetées | -1.2000 |
| Nombre d’actions en circulation à la fin de la période | 24.5000 |
| Catégorie | K-1-dist |
| Nombre d’actions en circulation au début de la période | 0.0000 |
| Nombre d’actions émises | 9.9000 |
| Nombre d’actions rachetées | 0.0000 |
| Nombre d’actions en circulation à la fin de la période | 9.9000 |
| Catégorie | P-acc |
| Nombre d’actions en circulation au début de la période | 0.0000 |
| Nombre d’actions émises | 913 539.9670 |
| Nombre d’actions rachetées | -21 674.5750 |
| Nombre d’actions en circulation à la fin de la période | 891 865.3920 |
| Catégorie | P-dist |
| Nombre d’actions en circulation au début de la période | 0.0000 |
| Nombre d’actions émises | 578 293.4210 |
| Nombre d’actions rachetées | -44 721.7320 |
| Nombre d’actions en circulation à la fin de la période | 533 571.6890 |
| Catégorie | Q-acc |
| Nombre d’actions en circulation au début de la période | 0.0000 |
| Nombre d’actions émises | 4 178 948.6390 |
| Nombre d’actions rachetées | -3 165 886.5200 |
| Nombre d’actions en circulation à la fin de la période | 1 013 062.1190 |
| Catégorie | Q-dist |
| Nombre d’actions en circulation au début de la période | 0.0000 |
| Nombre d’actions émises | 702 920.2350 |
| Nombre d’actions rachetées | -3 986.1100 |
| Nombre d’actions en circulation à la fin de la période | 698 934.1250 |

UBS (Lux) Bond SICAV – 2025 I (EUR)
Rapport semestriel au 30 novembre 2020

## Etat du portefeuille-titres et autres actifs nets au 30 novembre 2020
| Dénomination | Nombre/ | Evaluation en EUR | en % |
| --- | --- | --- | --- |
|  | Nominal | Bénéfice/(perte) non | de |
|  |  | réalisé(e) sur futures/ | l’actif |
|  |  | Contrats de | net |
|  |  | change à terme/ |  |
|  |  | Swaps (note 1) |  |
| Titres et instruments du marché monétaire négociés sur une bourse officielle |  |  |  |
| Billets, taux fixe |  |  |  |
| EUR |  |  |  |
| EUR	AIRBUS SE-REG-S 1.62500% 20-07.04.25 | 10 200 000.00 | 10 897 761.60 | 1.43 |
| EUR	AMS AG-REG-S 6.00000% 20-31.07.25 | 1 000 000.00 | 1 075 000.00 | 0.14 |
| EUR	CAPITAL ONE FINANCIAL CORP 0.80000% 19-12.06.24 | 10 200 000.00 | 10 398 594.00 | 1.36 |
| EUR	CEMEX SAB DE CV-REG-S 2.75000% 17-05.12.24 | 5 000 000.00 | 5 043 750.00 | 0.66 |
| EUR	EG GLOBAL FINANCE PLC-REG-S 6.25000% 19-30.10.25 | 700 000.00 | 716 625.00 | 0.09 |
| EUR	FEDEX CORP 0.45000% 19-05.08.25 | 2 000 000.00 | 2 046 200.00 | 0.27 |
| EUR	INTERNATIONAL GAME TECHNOLOGY PLC-REG-S 3.50000% 18-15.07.24 | 3 500 000.00 | 3 586 527.00 | 0.47 |
| EUR	PHILIP MORRIS INTERNATIONAL INC 2.75000% 13-19.03.25 | 3 000 000.00 | 3 354 666.00 | 0.44 |
| EUR	SAZKA GROUP AS-REG-S 4.12500% 19-20.11.24 | 3 900 000.00 | 3 831 750.00 | 0.50 |
| EUR	SYNTHOMER PLC-REG-S 3.87500% 20-01.07.25 | 3 400 000.00 | 3 548 274.00 | 0.47 |
| EUR	TEVA PHARMACEUTICAL FIN 6.00000% 20-31.01.25 | 3 500 000.00 | 3 817 187.50 | 0.50 |
| EUR	UNITED GROUP BV-REG-S 4.87500% 17-01.07.24 | 2 700 000.00 | 2 754 378.00 | 0.36 |
| Total EUR |  | 51 070 713.10 | 6.69 |
| GBP |  |  |  |
| GBP	TALKTALK TELECOM GROUP PLC-REG-S 3.87500% 20-20.02.25 | 3 500 000.00 | 3 867 203.02 | 0.51 |
| Total GBP |  | 3 867 203.02 | 0.51 |
| USD |  |  |  |
| USD	ADANI PORTS AND SPECIAL ECO ZONE-REG-S 3.37500% 19-24.07.24 | 4 400 000.00 | 3 804 756.73 | 0.50 |
| USD	AERCAP IRELAND CAP/ GLBL AVIATION TRUST 6.50000% 20-15.07.25 | 15 600 000.00 | 15 076 463.64 | 1.97 |
| USD	AFRICA FINANCE CORP-REG-S 3.12500% 20-16.06.25 | 5 000 000.00 | 4 313 659.92 | 0.56 |
| USD	AIR LEASE CORP 3.37500% 20-01.07.25 | 11 200 000.00 | 9 876 711.86 | 1.29 |
| USD	ALLY FINANCIAL INC 5.80000% 20-01.05.25 | 9 300 000.00 | 9 251 228.26 | 1.21 |
| USD	BANCO SANTANDER SA-REG-S 5.37500% 20-17.04.25 | 4 100 000.00 | 3 875 840.16 | 0.51 |
| USD	BHARTI AIRTEL LTD-REG-S 4.37500% 15-10.06.25 | 1 200 000.00 | 1 085 311.82 | 0.14 |
| USD	BOEING CO 4.87500% 20-01.05.25 | 11 000 000.00 | 10 257 907.38 | 1.34 |
| USD	BP CAPITAL MARKETS AMERICA INC 3.19400% 20-06.04.25 | 9 200 000.00 | 8 444 837.06 | 1.11 |
| USD	CANADIAN IMPERIAL BANK OF COMMERCE 2.25000% 20-28.01.25 | 6 700 000.00 | 5 927 694.77 | 0.78 |
| USD	CENOVUS ENERGY INC 5.37500% 20-15.07.25 | 700 000.00 | 643 824.45 | 0.08 |
| USD	CENTURYLINK INC 5.62500% 15-01.04.25 | 3 800 000.00 | 3 411 009.86 | 0.45 |
| USD	CIT GROUP INC 5.25000% 18-07.03.25 | 3 100 000.00 | 2 918 721.79 | 0.38 |
| USD	CONTINENTAL RESOURCES INC 3.80000% 14-01.06.24 | 4 100 000.00 | 3 465 188.94 | 0.45 |
| USD	CORECIVIC INC 4.62500% 13-01.05.23 | 2 946 000.00 | 2 315 030.93 | 0.30 |
| USD	CORP NACIONAL DEL COBRE DE CHILE-REG-S 4.50000% 15-16.09.25 | 3 700 000.00 | 3 518 433.37 | 0.46 |
| USD	COVANTA HOLDING CORP 5.87500% 17-01.07.25 | 2 700 000.00 | 2 350 254.97 | 0.31 |
| USD	CREDICORP LTD-REG-S 2.75000% 20-17.06.25 | 1 300 000.00 | 1 122 366.66 | 0.15 |
| USD	DOMINICAN REPUBLIC-REG-S 5.50000% 15-27.01.25 | 2 800 000.00 | 2 546 292.42 | 0.33 |
| USD	EASY TACTIC LTD-REG-S 8.12500% 19-11.07.24 | 4 700 000.00 | 3 350 793.13 | 0.44 |
| USD	EDISON INTERNATIONAL 4.95000% 20-15.04.25 | 11 700 000.00 | 10 927 229.77 | 1.43 |
| USD	EQT CORP 6.12500% 20-01.02.25 | 4 400 000.00 | 4 211 670.29 | 0.55 |
| USD	EXPORT CREDIT BANK OF TURKEY-REG-S 6.12500% 18-03.05.24 | 4 300 000.00 | 3 612 690.19 | 0.47 |
| USD	EXXON MOBIL CORP 2.99200% 20-19.03.25 | 8 100 000.00 | 7 389 057.41 | 0.97 |
| USD	FANTASIA HOLDINGS GROUP CO LTD-REG-S 11.87500% 20-01.06.23 | 3 525 000.00 | 3 089 568.79 | 0.40 |
| USD	FANTASIA HOLDINGS GROUP CO LTD-REG-S 9.25000% 20-28.07.23 | 600 000.00 | 494 064.54 | 0.07 |
| USD	FIBRIA OVERSEAS FINANCE LTD 4.00000% 17-14.01.25 | 4 100 000.00 | 3 664 233.61 | 0.48 |
| USD	FORD MOTOR CO 9.00000% 20-22.04.25 | 4 300 000.00 | 4 368 407.45 | 0.57 |
| USD	GENERAL MOTORS CO 6.12500% 20-01.10.25 | 6 200 000.00 | 6 248 540.06 | 0.82 |
| USD	GOLDMAN SACHS GROUP INC 3.50000% 20-01.04.25 | 11 400 000.00 | 10 548 302.21 | 1.38 |
| USD	HEWLETT PACKARD ENTERPRISE CO 4.65000% 20-01.10.24 | 8 300 000.00 | 7 870 856.28 | 1.03 |
| USD	HILLENBRAND INC 5.75000% 20-15.06.25 | 3 200 000.00 | 2 862 397.59 | 0.38 |
| USD	INDONESIA ASAHAN ALUMINIUM TBK PT-REG-S 4.75000% 20-15.05.25 | 3 000 000.00 | 2 765 005.86 | 0.36 |
| USD	ISTAR INC 4.25000% 19-01.08.25 | 4 900 000.00 | 3 983 656.58 | 0.52 |
| USD	JSW STEEL LTD-REG-S 5.37500% 19-04.04.25 | 2 500 000.00 | 2 171 590.24 | 0.28 |
| USD	KAISA GROUP HOLDINGS LTD-REG-S 9.95000% 20-23.07.25 | 600 000.00 | 479 016.88 | 0.06 |
| USD	LAS VEGAS SANDS CORP 3.20000% 19-08.08.24 | 10 000 000.00 | 8 735 669.62 | 1.14 |
| USD	MARATHON PETROLEUM CORP 4.70000% 20-01.05.25 | 8 000 000.00 | 7 589 272.03 | 0.99 |
| USD	MEDCO PLATINUM ROAD PTE LTD-REG-S 6.75000% 18-30.01.25 | 3 600 000.00 | 3 123 328.04 | 0.41 |
| USD	MITSUBISHI UFJ FINANCIAL GRP INC 2.19300% 20-25.02.25 | 13 200 000.00 | 11 586 911.89 | 1.52 |
| USD	NAVIENT CORP 6.75000% 17-25.06.25 | 4 000 000.00 | 3 601 070.05 | 0.47 |
| USD	PAKISTAN, ISLAMIC REPUBLIC OF-REG-S 8.25000% 15-30.09.25 | 1 800 000.00 | 1 636 902.27 | 0.21 |
| USD	PETROBRAS GLOBAL FINANCE BV 5.29900% 18-27.01.25 | 3 300 000.00 | 3 137 889.78 | 0.41 |
| USD	PETROLEOS MEXICANOS-REG-S 6.87500% 20-16.10.25 | 800 000.00 | 698 886.47 | 0.09 |
| USD	REC LTD-REG-S 3.50000% 19-12.12.24 | 4 400 000.00 | 3 831 194.62 | 0.50 |
| USD	RONSHINE CHINA HOLDINGS LTD-REG-S 6.75000% 20-05.08.24 | 1 200 000.00 | 993 144.96 | 0.13 |
| USD	SINOPEC GRP OVERSEAS DEV LTD-REG-S 2.15000% 20-13.05.25 | 4 000 000.00 | 3 440 331.05 | 0.45 |
| USD	SPRINGLEAF FINANCE CORP 6.87500% 18-15.03.25 | 1 500 000.00 | 1 432 661.77 | 0.19 |
| USD	SPRINGLEAF FINANCE CORP 8.87500% 20-01.06.25 | 2 600 000.00 | 2 423 507.78 | 0.32 |
| USD	SPRINT CORP 7.62500% 15-15.02.25 | 2 400 000.00 | 2 402 608.26 | 0.31 |
| USD	SUMITOMO MITSUI FIN GP INC 2.34800% 20-15.01.25 | 6 700 000.00 | 5 919 434.88 | 0.78 |
| USD	SUNCOR ENERGY INC 3.10000% 20-15.05.25 | 5 000 000.00 | 4 549 245.53 | 0.60 |
| USD	SYNCHRONY FINANCIAL 4.50000% 15-23.07.25 | 7 600 000.00 | 7 147 145.59 | 0.94 |
| USD	TURKEY, REPUBLIC OF 7.37500% 05-05.02.25 | 3 100 000.00 | 2 817 489.76 | 0.37 |
| USD	UKRAINE, GOVERNMENT OF-REG-S 7.75000% 15-01.09.25 | 2 700 000.00 | 2 480 605.25 | 0.33 |
| USD	VEDANTA RESOURCES PLC-REG-S 6.12500% 17-09.08.24 | 5 700 000.00 | 2 876 922.76 | 0.38 |
| USD	WESTERN MIDSTREAM OPERATING LP 3.10000% 20-01.02.25 | 3 500 000.00 | 2 919 465.81 | 0.38 |
| Total USD |  | 255 586 304.04 | 33.45 |
| Total des Billets, taux fixe |  | 310 524 220.16 | 40.65 |

UBS (Lux) Bond SICAV – 2025 I (EUR)
Rapport semestriel au 30 novembre 2020
| Dénomination | Nombre/ | Evaluation en EUR | en % |
| --- | --- | --- | --- |
|  | Nominal | Bénéfice/(perte) non | de |
|  |  | réalisé(e) sur futures/ | l’actif |
|  |  | Contrats de | net |
|  |  | change à terme/ |  |
|  |  | Swaps (note 1) |  |
| Billets, taux variable |  |  |  |
| USD |  |  |  |
| USD	WYNDHAM WORLDWIDE CORP STEP UP/RATING LINKED 15-01.10.25 | 4 200 000.00 | 3 941 230.56 | 0.52 |
| Total USD |  | 3 941 230.56 | 0.52 |
| Total des Billets, taux variable |  | 3 941 230.56 | 0.52 |
| Medium-Term Notes, taux fixe |  |  |  |
| CHF |  |  |  |
| CHF	CELLNEX TELECOM SA 1.11750% 20-17.07.25 | 1 200 000.00 | 1 130 831.60 | 0.14 |
| CHF	HEATHROW FUNDING LTD 0.50000% 16-17.05.24 | 4 600 000.00 | 4 266 890.07 | 0.56 |
| CHF	HYUNDAI CAPITAL SERVICES INC-REG-S 0.26000% 20-11.02.25 | 3 000 000.00 | 2 748 645.22 | 0.36 |
| Total CHF |  | 8 146 366.89 | 1.06 |
| EUR |  |  |  |
| EUR	ANGLO AMERICAN CAPITAL PLC-REG-S 1.62500% 17-18.09.25 | 7 300 000.00 | 7 767 711.00 | 1.02 |
| EUR	BANQUE FEDER DU CREDIT MUTUEL-REG-S-SUB 3.00000% 14-21.05.24 | 6 900 000.00 | 7 592 415.00 | 0.99 |
| EUR	BAT INTERNATIONAL FINANCE PLC-REG-S 2.75000% 13-25.03.25 | 5 700 000.00 | 6 305 910.00 | 0.83 |
| EUR	BNP PARIBAS-REG-S-SUB 2.37500% 15-17.02.25 | 7 000 000.00 | 7 555 464.00 | 0.99 |
| EUR	DAIMLER AG-REG-S 2.62500% 20-07.04.25 | 8 400 000.00 | 9 329 392.80 | 1.22 |
| EUR	GENERAL MOTORS FINANCIAL CO INC-REG-S 1.69400% 18-26.03.25 | 4 200 000.00 | 4 409 496.00 | 0.58 |
| EUR	GLENCORE FINANCE EUROPE SA-REG-S 1.75000% 15-17.03.25 | 10 400 000.00 | 10 978 240.00 | 1.44 |
| EUR	GOLDMAN SACHS GROUP INC-REG-S 1.25000% 16-01.05.25 | 2 600 000.00 | 2 701 457.20 | 0.35 |
| EUR	HSBC HOLDINGS PLC-SUB 3.00000% 15-30.06.25 | 8 000 000.00 | 8 947 936.00 | 1.17 |
| EUR	LLOYDS BANK CORPORATE MARKETS PLC-REG-S 0.37500% 20-28.01.25 | 9 200 000.00 | 9 330 732.00 | 1.22 |
| EUR	LOGICOR FINANCING SARL-REG-S 2.25000% 18-13.05.25 | 10 400 000.00 | 11 250 122.00 | 1.47 |
| EUR	MORGAN STANLEY 1.75000% 15-30.01.25 | 7 500 000.00 | 8 031 531.00 | 1.05 |
| EUR	NATWEST MARKETS PLC-REG-S 2.75000% 20-02.04.25 | 12 700 000.00 | 14 080 744.00 | 1.84 |
| EUR	ORANO SA 4.87500% 09-23.09.24 | 2 500 000.00 | 2 851 545.00 | 0.37 |
| EUR	SCHAEFFLER AG-REG-S 2.75000% 20-12.10.25 | 600 000.00 | 628 500.00 | 0.08 |
| EUR	SWEDBANK AB-REG-S 0.25000% 19-09.10.24 | 8 000 000.00 | 8 071 952.00 | 1.06 |
| EUR	SYDNEY AIRPORT FINANCE CO PTY LTD-REG-S 2.75000% 14-23.04.24 | 6 400 000.00 | 6 939 366.40 | 0.91 |
| EUR	TELECOM ITALIA SPA-REG-S 3.00000% 16-30.09.25 | 500 000.00 | 531 250.00 | 0.07 |
| EUR	TELECOM ITALIA SPA-REG-S 2.75000% 19-15.04.25 | 2 900 000.00 | 3 037 750.00 | 0.40 |
| EUR	VOLKSWAGEN LEASING GMBH-REG-S 1.37500% 17-20.01.25 | 11 200 000.00 | 11 731 955.20 | 1.54 |
| Total EUR |  | 142 073 469.60 | 18.60 |
| USD |  |  |  |
| USD	BOC AVIATION LTD-REG-S 3.25000% 20-29.04.25 | 600 000.00 | 526 879.91 | 0.07 |
| USD	BOC AVIATION LTD-REG-S 2.62500% 20-17.01.25 | 3 750 000.00 | 3 209 789.33 | 0.42 |
| USD	EGYPT, REPUBLIC OF-REG-S 5.87500% 15-11.06.25 | 1 600 000.00 | 1 412 389.23 | 0.18 |
| USD	HUARONG FINANCE II CO LTD-REG-S 5.50000% 15-16.01.25 | 7 425 000.00 | 6 946 113.57 | 0.91 |
| USD	KOREA ELECTRIC POWER CORP-REG-S 1.12500% 20-15.06.25 | 3 800 000.00 | 3 216 142.17 | 0.42 |
| USD	KWG GROUP HOLDINGS LTD-REG-S 5.95000% 20-10.08.25 | 600 000.00 | 502 215.35 | 0.07 |
| USD	MDGH - GMTN BV-REG-S 2.50000% 19-07.11.24 | 4 148 000.00 | 3 644 497.57 | 0.48 |
| USD	MEGLOBAL CANADA INC-REG-S 5.00000% 20-18.05.25 | 3 900 000.00 | 3 619 978.90 | 0.47 |
| USD	MONGOLIA,GOVERNMENT OF-REG-S 8.75000% 17-09.03.24 | 2 700 000.00 | 2 607 005.52 | 0.34 |
| USD	OMAN GOVT INTERNATIONAL BOND-REG-S 4.87500% 19-01.02.25 | 4 400 000.00 | 3 662 222.04 | 0.48 |
| USD	QNB FINANCE LTD-REG-S 2.62500% 20-12.05.25 | 6 000 000.00 | 5 241 598.39 | 0.69 |
| USD	SAUDI GOVERNMENT INTERNATIONAL BD-REG-S 4.00000% 18-17.04.25 | 3 800 000.00 | 3 544 035.27 | 0.46 |
| Total USD |  | 38 132 867.25 | 4.99 |
| Total des Medium-Term Notes, taux fixe |  | 188 352 703.74 | 24.65 |
| Medium-Term Notes, taux variable |  |  |  |
| EUR |  |  |  |
| EUR	BARCLAYS PLC-REG-S 3.375%/VAR 20-02.04.25 | 10 300 000.00 | 11 338 755.00 | 1.48 |
| EUR	MACQUARIE GRP LTD-REG-S 1.250%/3M EURIBOR+83.9BP 18-05.03.25 | 2 500 000.00 | 2 594 700.00 | 0.34 |
| EUR	SANTANDER UK GROUP HOLD PLC-REG-S 0.391%/VAR 20-28.02.25 | 10 900 000.00 | 10 946 085.20 | 1.43 |
| Total EUR |  | 24 879 540.20 | 3.25 |
| Total des Medium-Term Notes, taux variable |  | 24 879 540.20 | 3.25 |
| Obligations, taux fixe |  |  |  |
| EUR |  |  |  |
| EUR	ADLER REAL ESTATE AG-REG-S 1.87500% 18-27.04.23 | 3 600 000.00 | 3 595 572.00 | 0.47 |
| EUR	ALTICE FINANCING SA-REG-S 2.25000% 20-15.01.25 | 4 000 000.00 | 3 871 128.00 | 0.51 |
| EUR	CROWN EUROPEAN HOLDINGS SA-REG-S 3.37500% 15-15.05.25 | 2 700 000.00 | 2 918 430.00 | 0.38 |
| EUR	CRYSTAL ALMOND SARL-REG-S 4.25000% 19-15.10.24 | 3 900 000.00 | 3 909 360.00 | 0.51 |
| EUR	FAURECIA SA-REG-S 2.62500% 18-15.06.25 | 3 600 000.00 | 3 663 000.00 | 0.48 |
| EUR	GENERAL ELECTRIC CO 0.87500% 17-17.05.25 | 8 200 000.00 | 8 412 061.02 | 1.10 |
| EUR	IMPERIAL BRANDS FINANCE PLC-REG-S 1.37500% 17-27.01.25 | 8 000 000.00 | 8 343 488.00 | 1.09 |
| EUR	OI EUROPEAN GROUP BV-REG-S 2.87500% 19-15.02.25 | 3 600 000.00 | 3 634 887.96 | 0.48 |
| EUR	QUATRIM SASU-REG-S 5.87500% 19-15.01.24 | 3 800 000.00 | 3 918 696.80 | 0.51 |
| EUR	QUINTILES IMS INC-REG-S 3.25000% 17-15.03.25 | 2 500 000.00 | 2 531 250.00 | 0.33 |
| EUR	RCS & RDS SA-REG-S 2.50000% 20-05.02.25 | 4 000 000.00 | 3 942 500.00 | 0.52 |
| EUR	SOFTBANK GROUP CORP-REG-S 4.75000% 15-30.07.25 | 3 100 000.00 | 3 353 766.00 | 0.44 |
| Total EUR |  | 52 094 139.78 | 6.82 |
| GBP |  |  |  |
| GBP	JERROLD FINCO PLC-REG-S 6.12500% 17-15.01.24 | 1 000 000.00 | 1 110 495.53 | 0.15 |
| Total GBP |  | 1 110 495.53 | 0.15 |
| USD |  |  |  |
| USD	BHARTI AIRTEL INTL NETHERLANDS BV-REG-S 5.35000% 14-20.05.24 | 3 450 000.00 | 3 174 348.98 | 0.41 |
| USD	BRASKEM FINANCE LTD 6.45000% 14-03.02.24 | 3 900 000.00 | 3 547 298.11 | 0.46 |
| USD	CDBL FUNDING 1-REG-S 4.25000% 14-02.12.24 | 4 225 000.00 | 3 866 456.02 | 0.51 |
| USD	CHINA EVERGRANDE GROUP-REG-S 8.75000% 17-28.06.25 | 4 350 000.00 | 2 803 526.27 | 0.37 |
| USD	COUNTRY GARDEN HOLDINGS CO LTD-REG-S 5.12500% 18-17.01.25 | 3 650 000.00 | 3 184 245.11 | 0.42 |
| USD	ECOPETROL SA 4.12500% 14-16.01.25 | 3 800 000.00 | 3 427 985.66 | 0.45 |

UBS (Lux) Bond SICAV – 2025 I (EUR)
Rapport semestriel au 30 novembre 2020
|  | Dénomination | Nombre/ | Evaluation en EUR | en % |
| --- | --- | --- | --- | --- |
|  | Nominal | Bénéfice/(perte) non | de |
|  |  | réalisé(e) sur futures/ | l’actif |
|  |  | Contrats de | net |
|  |  | change à terme/ |  |
|  |  | Swaps (note 1) |  |
|  |  |  |  |  |
| USD | FAB SUKUK CO LTD-REG-S 2.50000% 20-21.01.25 | 3 800 000.00 | 3 312 729.89 | 0.43 |
| USD | GLOBAL LOGISTIC PROPERTIES LTD-REG-S 3.87500% 15-04.06.25 | 5 650 000.00 | 4 903 365.87 | 0.64 |
| USD | GREENKO SOLAR MAURITIUS LTD-REG-S 5.55000% 19-29.01.25 | 3 200 000.00 | 2 755 392.07 | 0.36 |
| USD | KINDER MORGAN INC 4.30000% 14-01.06.25 | 1 000 000.00 | 950 969.24 | 0.12 |
| USD | KOREA NATIONAL OIL CORP-REG-S 0.87500% 20-05.10.25 | 600 000.00 | 501 810.62 | 0.07 |
| USD | KWG GROUP HOLDINGS LTD-REG-S 5.87500% 17-10.11.24 | 3 975 000.00 | 3 382 214.25 | 0.44 |
| USD | POWER FINANCE CORP LTD-REG-S 3.75000% 19-18.06.24 | 600 000.00 | 525 570.56 | 0.07 |
| USD | POWER FINANCE CORP LTD-REG-S 3.25000% 19-16.09.24 | 3 200 000.00 | 2 773 783.65 | 0.36 |
| USD | SHIMAO PROPERTY HOLDINGS LIMITED-REG-S 5.20000% 18-30.01.25 | 3 625 000.00 | 3 189 527.25 | 0.42 |
| USD | WANDA PROPERTIES INTERNATIONAL-REG-S 7.25000% 14-19.01.24 | 3 850 000.00 | 3 186 340.08 | 0.42 |
| USD | YUZHOU PROPERTIES CO LTD-REG-S 8.30000% 19-27.05.25 | 4 500 000.00 | 3 968 817.92 | 0.52 |
| Total USD |  |  | 49 454 381.55 | 6.47 |
| Total des Obligations, taux fixe |  | 102 659 016.86 | 13.44 |
| Total des Titres et instruments du marché monétaire négociés sur une bourse officielle |  | 630 356 711.52 | 82.51 |
| Titres et instruments du marché monétaire négociés sur un autre marché réglementé Titres adossés à des actifs, taux fixe |  |  |  |
| USD |  |  |  |
| USD	AMERICAN CREDIT ACCEPT RECEI TRUST-144A 3.93000% 18-10.04.24 | 2 450 000.00 | 2 010 592.93 | 0.26 |
| USD	DRIVE AUTO RECEIVABLES TRUST 4.30000% 18-16.09.24 | 1 973 000.00 | 1 709 528.79 | 0.22 |
| USD	DT AUTO OWNER TRUST-144A 6.03000% 17-15.01.24 | 3 000 000.00 | 2 572 635.43 | 0.34 |
| USD	DT AUTO OWNER TRUST-144A 4.19000% 18-15.07.24 | 2 900 000.00 | 2 520 560.14 | 0.33 |
| USD	EXETER AUTOMOBILE RECEIVABLES-144A 4.35000% 18-16.09.24 | 2 000 000.00 | 1 751 948.17 | 0.23 |
| USD	EXETER AUTOMOBILE RECEIVABLES TRST-144A 4.35000% 18-17.06.24 | 2 000 000.00 | 1 743 990.97 | 0.23 |
| USD	FLAGSHIP CREDIT AUTO TRUST-144A 3.89000% 16-15.11.22 | 418 000.00 | 354 210.79 | 0.05 |
| USD	FLAGSHIP CREDIT AUTO TRUST-144A 3.62000% 17-15.07.23 | 300 000.00 | 256 480.77 | 0.03 |
| USD	FLAGSHIP CREDIT AUTO TRUST -144A 3.89000% 18-16.09.24 | 500 000.00 | 432 710.33 | 0.06 |
| Total USD |  | 13 352 658.32 | 1.75 |
| Total des Titres adossés à des actifs, taux fixe |  | 13 352 658.32 | 1.75 |
| Billets, taux fixe |  |  |  |
| USD |  |  |  |
| USD	DELL INTERNATIONAL LLC / EMC CORP-144A 5.85000% 20-15.07.25 | 7 000 000.00 | 6 964 352.20 | 0.91 |
| USD	DELTA AIR LINES INC-144A 7.00000% 20-01.05.25 | 10 800 000.00 | 10 314 701.52 | 1.35 |
| USD	GE CAPITAL FUNDING LLC-144A 3.45000% 20-15.05.25 | 11 296 000.00 | 10 262 866.45 | 1.34 |
| USD	GENESIS ENERGY LP 5.62500% 14-15.06.24 | 3 500 000.00 | 2 750 376.19 | 0.36 |
| USD	HARLEY-DAVIDSON FIN.SERV INC-144A 3.35000% 20-08.06.25 | 12 100 000.00 | 10 865 077.76 | 1.42 |
| USD	INTESA SANPAOLO SPA-144A 3.25000% 19-23.09.24 | 11 814 000.00 | 10 567 892.61 | 1.38 |
| USD	NAVISTAR INTERNATIONAL CORP-144A 9.50000% 20-01.05.25 | 3 700 000.00 | 3 460 437.22 | 0.45 |
| USD	NEWELL BRANDS INC 4.87500% 20-01.06.25 | 3 100 000.00 | 2 863 651.56 | 0.38 |
| USD	NIELSEN CO LUXEMBOURG SARL/THE-144A 5.00000% 17-01.02.25 | 3 300 000.00 | 2 838 049.66 | 0.37 |
| USD	NOVA CHEMICALS CORP-144A 5.00000% 14-01.05.25 | 4 600 000.00 | 3 980 103.67 | 0.52 |
| USD	QVC INC 4.85000% 14-01.04.24 | 3 100 000.00 | 2 727 595.72 | 0.36 |
| USD	SYSCO CORP 3.75000% 15-01.10.25 | 6 800 000.00 | 6 385 076.07 | 0.84 |
| USD	VIACOMCBS INC 4.75000% 20-15.05.25 | 8 900 000.00 | 8 620 514.55 | 1.13 |
| Total USD |  | 82 600 695.18 | 10.81 |
| Total des Billets, taux fixe |  | 82 600 695.18 | 10.81 |
| Medium-Term Notes, taux fixe |  |  |  |
| USD |  |  |  |
| USD	PETROLEOS MEXICANOS 4.25000% 16-15.01.25 | 3 900 000.00 | 3 160 476.93 | 0.42 |
| Total USD |  | 3 160 476.93 | 0.42 |
| Total des Medium-Term Notes, taux fixe |  | 3 160 476.93 | 0.42 |
| Obligations, taux fixe |  |  |  |
| USD |  |  |  |
| USD	PACIFIC GAS & ELECTRIC CO 3.45000% 20-01.07.25 | 3 000 000.00 | 2 700 721.04 | 0.35 |
| Total USD |  | 2 700 721.04 | 0.35 |
| Total des Obligations, taux fixe |  | 2 700 721.04 | 0.35 |
| Total des Titres et instruments du marché monétaire négociés sur un autre marché réglementé |  | 101 814 551.47 | 13.33 |

Titres et instruments du marché monétaire non négociés sur une bourse officielle ou un autre marché réglementé
Billets, taux fixe
| USD |  |
| --- | --- |
| USD | ARDAGH PACKAGING FINANCE PLC-144A 5.25000% 20-30.04.25 | 2 800 000.00 | 2 475 045.98 | 0.33 |
| USD | BMW US CAPITAL LLC-144A 3.90000% 20-09.04.25 | 13 400 000.00 | 12 555 487.47 | 1.64 |
| USD | TENET HEALTHCARE CORP-144A 7.50000% 20-01.04.25 | 3 700 000.00 | 3 385 691.78 | 0.44 |
| Total USD |  |  | 18 416 225.23 | 2.41 |
| Total des Billets, taux fixe | 18 416 225.23 | 2.41 |
| Total des Titres et instruments du marché monétaire non négociés sur une bourse officielle ou un autre marché réglementé | 18 416 225.23 | 2.41 |
| Total du Portefeuille-titres | 750 587 488.22 | 98.25 |

UBS (Lux) Bond SICAV – 2025 I (EUR)
Rapport semestriel au 30 novembre 2020
| Dénomination	Nombre/ | Evaluation en EUR | en % |
| --- | --- | --- |
| Nominal | Bénéfice/(perte) non | de |
|  | réalisé(e) sur futures/ | l’actif |
|  | Contrats de | net |
|  | change à terme/ |  |
|  | Swaps (note 1) |  |

Contrats de change à terme
Devise achetée/Montant acheté/Devise vendue/Montant vendu/Date de maturité
| EUR | 4 297 874.79 | GBP | 3 860 000.00 | 14.1.2021 | -6 939.14 | 0.00 |
| --- | --- | --- | --- | --- | --- | --- |
| EUR | 8 135 442.66 | CHF | 8 785 000.00 | 14.1.2021 | 20 544.40 | 0.00 |
| EUR | 464 994 467.61 | USD | 552 625 000.00 | 14.1.2021 | 3 662 201.61 | 0.48 |
| EUR | 3 786 543.30 | USD | 4 500 000.00 | 14.1.2021 | 29 935.84 | 0.01 |
| EUR | 2 098 485.68 | USD | 2 495 000.00 | 14.1.2021 | 15 655.54 | 0.00 |
| EUR | 2 562 480.92 | USD | 3 055 000.00 | 14.1.2021 | 12 161.86 | 0.00 |
| Total des Contrats de change à terme | 3 733 560.11 | 0.49 |
|  |  |  |
| Avoirs en banque, dépôts à vue et à terme et autres liquidités | 1 599 336.48 | 0.21 |
| Autres actifs et passifs | 8 062 371.49 | 1.05 |
| Total de l’Actif net | 763 982 756.30 | 100.00 |

UBS (Lux) Bond SICAV – 2025 I (EUR)
Rapport semestriel au 30 novembre 2020