# UBS (Lux) Bond SICAV
– Global Short Term Flexible (USD)
| Three-year comparison |  |
| --- | --- |
|  | ISIN | 31.5.2022 | 31.5.2021 | 31.5.2020 |
| Net assets in USD |  | 267 956 056.47 | 270 168 850.14 | 66 508 516.42 |
| Class (CAD hedged) F-acc 1 | LU2254328565 |  |  |  |
| Shares outstanding |  | - | 16 170.5540 | - |
| Net asset value per share in CAD |  | - | 101.12 | - |
| Issue and redemption price per share in CAD 2 |  | - | 101.12 | - |
| Class I-A1-acc 3 | LU2254329027 |  |  |  |
| Shares outstanding |  | 72 748.1460 | 63 792.5620 | - |
| Net asset value per share in USD |  | 98.29 | 101.04 | - |
| Issue and redemption price per share in USD 2 |  | 98.29 | 101.04 | - |
| Class (EUR hedged) I-A1-acc 4 | LU2254329704 |  |  |  |
| Shares outstanding |  | 29 188.7250 | 13 691.7250 | - |
| Net asset value per share in EUR |  | 96.48 | 100.09 | - |
| Issue and redemption price per share in EUR 2 |  | 96.48 | 100.09 | - |
| Class (GBP hedged) I-A1-acc 5 | LU2327293762 |  |  |  |
| Shares outstanding |  | 820.5220 | - | - |
| Net asset value per share in GBP |  | 97.17 | - | - |
| Issue and redemption price per share in GBP 2 |  | 97.17 | - | - |
| Class (GBP hedged) I-A2-acc 5 | LU2327293846 |  |  |  |
| Shares outstanding |  | 1 941.4360 | - | - |
| Net asset value per share in GBP |  | 97.19 | - | - |
| Issue and redemption price per share in GBP 2 |  | 97.19 | - | - |
| Class I-A3-acc 3 | LU2254329290 |  |  |  |
| Shares outstanding |  | 1 166.4940 | 1 712.9600 | - |
| Net asset value per share in USD |  | 98.40 | 101.07 | - |
| Issue and redemption price per share in USD 2 |  | 98.40 | 101.07 | - |
| Class (EUR hedged) I-A3-acc 4 | LU2254329886 |  |  |  |
| Shares outstanding |  | 2 032.3940 | 2 032.3940 | - |
| Net asset value per share in EUR |  | 96.61 | 100.12 | - |
| Issue and redemption price per share in EUR 2 |  | 96.61 | 100.12 | - |
| Class I-X-acc 3 | LU2254329456 |  |  |  |
| Shares outstanding |  | 231 690.1340 | 212 664.7700 | - |
| Net asset value per share in USD |  | 98.84 | 101.23 | - |
| Issue and redemption price per share in USD 2 |  | 98.84 | 101.23 | - |
| Class (CHF hedged) I-X-acc 6 | LU2358374390 |  |  |  |
| Shares outstanding |  | 289 405.0940 | - | - |
| Net asset value per share in CHF |  | 96.46 | - | - |
| Issue and redemption price per share in CHF 2 |  | 96.46 | - | - |
| Class (EUR hedged) I-X-acc | LU2073878865 |  |  |  |
| Shares outstanding |  | 25 660.0690 | 24 055.4910 | 54 754.0000 |
| Net asset value per share in EUR |  | 97.04 | 100.27 | 99.75 |
| Issue and redemption price per share in EUR 2 |  | 97.04 | 100.27 | 99.75 |
| Class I-X-UKdist 3 | LU2254329373 |  |  |  |
| Shares outstanding |  | 36 104.1220 | 36 104.1220 | - |
| Net asset value per share in USD |  | 97.76 | 101.23 | - |
| Issue and redemption price per share in USD 2 |  | 97.76 | 101.23 | - |
| Class (EUR hedged) K-1-acc 7 | LU0719382987 |  |  |  |
| Shares outstanding |  | - | - | 1.1000 |
| Net asset value per share in EUR |  | - | - | 3 051 254.40 |
| Issue and redemption price per share in EUR 2 |  | - | - | 3 051 254.40 |
| Class P-acc | LU0659916679 |  |  |  |
| Shares outstanding |  | 588 173.2010 | 672 784.0490 | 31 664.1040 |
| Net asset value per share in USD |  | 86.83 | 89.69 | 86.64 |
| Issue and redemption price per share in USD 2 |  | 86.83 | 89.69 | 86.64 |
| Class (AUD hedged) P-acc | LU1991167542 |  |  |  |
| Shares outstanding |  | 330 689.4150 | 361 287.1380 | 412 627.7010 |
| Net asset value per share in AUD |  | 100.39 | 103.96 | 100.93 |
| Issue and redemption price per share in AUD 2 |  | 100.39 | 103.96 | 100.93 |
| Class (CAD hedged) P-acc 3 | LU2254328649 |  |  |  |
| Shares outstanding |  | 169 419.3170 | 189 764.3110 | - |
| Net asset value per share in CAD |  | 97.62 | 100.83 | - |
| Issue and redemption price per share in CAD 2 |  | 97.62 | 100.83 | - |
| Class (CHF hedged) P-acc | LU0726085425 |  |  |  |
| Shares outstanding |  | 12 973.9690 | 8 612.0930 | 11 960.1580 |
| Net asset value per share in CHF |  | 86.70 | 90.47 | 88.46 |
| Issue and redemption price per share in CHF 2 |  | 86.70 | 90.47 | 88.46 |

UBS (Lux) Bond SICAV – Global Short Term Flexible (USD) Annual report and audited financial statements as of 31 May 2022
|  | ISIN | 31.5.2022 | 31.5.2021 | 31.5.2020 |
| --- | --- | --- | --- | --- |
|  |  |  |  |  |
| Class (EUR hedged) P-acc | LU0706127809 |  |  |  |
| Shares outstanding |  | 579 567.7500 | 684 033.0110 | 176 193.1270 |
| Net asset value per share in EUR |  | 98.17 | 102.36 | 100.00 |
| Issue and redemption price per share in EUR 2 |  | 98.17 | 102.36 | 100.00 |
| Class (GBP hedged) P-acc 5 | LU2327293929 |  |  |  |
| Shares outstanding |  | 156 112.3390 | - | - |
| Net asset value per share in GBP |  | 96.67 | - | - |
| Issue and redemption price per share in GBP 2 |  | 96.67 | - | - |
| Class P-dist | LU0659904402 |  |  |  |
| Shares outstanding |  | 100 553.9800 | 111 771.1890 | 11 407.0280 |
| Net asset value per share in USD |  | 71.10 | 74.83 | 73.47 |
| Issue and redemption price per share in USD 2 |  | 71.10 | 74.83 | 73.47 |
| Class (EUR hedged) P-dist 8 | LU2251373150 |  |  |  |
| Shares outstanding |  | 139 045.4100 | 167 065.5280 | - |
| Net asset value per share in EUR |  | 95.82 | 100.92 | - |
| Issue and redemption price per share in EUR 2 |  | 95.82 | 100.92 | - |
| Class Q-acc 3 | LU2254329530 |  |  |  |
| Shares outstanding |  | 29 084.3750 | 29 066.6480 | - |
| Net asset value per share in USD |  | 98.06 | 100.96 | - |
| Issue and redemption price per share in USD 2 |  | 98.06 | 100.96 | - |
| Class (AUD hedged) Q-acc | LU1991167898 |  |  |  |
| Shares outstanding |  | 15 364.8930 | 20 310.1550 | 41 960.3070 |
| Net asset value per share in AUD |  | 101.38 | 104.65 | 101.25 |
| Issue and redemption price per share in AUD 2 |  | 101.38 | 104.65 | 101.25 |
| Class (CAD hedged) Q-acc 3 | LU2254328722 |  |  |  |
| Shares outstanding |  | 18 656.2380 | 26 613.9770 | - |
| Net asset value per share in CAD |  | 98.11 | 101.00 | - |
| Issue and redemption price per share in CAD 2 |  | 98.11 | 101.00 | - |
| Class (EUR hedged) Q-acc | LU0718864688 |  |  |  |
| Shares outstanding |  | 19 763.0920 | 26 949.4220 | 17 198.9220 |
| Net asset value per share in EUR |  | 100.89 | 104.85 | 102.10 |
| Issue and redemption price per share in EUR 2 |  | 100.89 | 104.85 | 102.10 |
| Class Q-dist 3 | LU2254329613 |  |  |  |
| Shares outstanding |  | 5 011.6140 | 6 064.2940 | - |
| Net asset value per share in USD |  | 97.05 | 100.96 | - |
| Issue and redemption price per share in USD 2 |  | 97.05 | 100.96 | - |
| Class (EUR hedged) Q-dist 3 | LU2254329969 |  |  |  |
| Shares outstanding |  | 3 363.7850 | 4 638.0210 | - |
| Net asset value per share in EUR |  | 95.35 | 100.00 | - |
| Issue and redemption price per share in EUR 2 |  | 95.35 | 100.00 | - |
| 1  For the period from 1.12.2020 to 25.3.2022 the share class (CAD hedged) F-acc was in circulation 2  See note 1 3  First NAV: 1.12.2020 4  First NAV: 15.12.2020 5  First NAV: 2.6.2021 6  First NAV: 5.7.2021 7  The share class (EUR hedged) K-1-acc was in circulation until 18.5.2021 8  First NAV: 5.11.2020 |  |  |  |  |
| Performance |  |  |  |  |
|  | Currency | 2021/2022 | 2020/2021 | 2019/2020 |
| Class (CAD hedged) F-acc 1 | CAD | - | - | - |
| Class I-A1-acc | USD | -2.7% | - | - |
| Class (EUR hedged) I-A1-acc | EUR | -3.6% | - | - |
| Class (GBP hedged) I-A1-acc 2 | GBP | - | - | - |
| Class (GBP hedged) I-A2-acc 2 | GBP | - | - | - |
| Class I-A3-acc | USD | -2.6% | - | - |
| Class (EUR hedged) I-A3-acc | EUR | -3.5% | - | - |
| Class I-X-acc | USD | -2.4% | - | - |
| Class (CHF hedged) I-X-acc 2 | CHF | - | - | - |
| Class (EUR hedged) I-X-acc | EUR | -3.2% | - | - |
| Class I-X-UKdist | USD | -2.4% | - | - |
| Class (EUR hedged) K-1-acc 3 | EUR | - | - | -0.1% |
| Class P-acc | USD | -3.2% | 3.5% | 2.2% |
| Class (AUD hedged) P-acc | AUD | -3.4% | 3.0% | - |
| Class (CAD hedged) P-acc | CAD | -3.2% | - | - |
| Class (CHF hedged) P-acc | CHF | -4.2% | 2.3% | -0.9% |
| Class (EUR hedged) P-acc | EUR | -4.1% | 2.4% | -0.4% |
| Class (GBP hedged) P-acc 2 | GBP | - | - | - |
| Class P-dist | USD | -3.2% | 3.5% | 2.2% |
| Class (EUR hedged) P-dist | EUR | -4.1% | - | - |
| Class Q-acc | USD | -2.9% | - | - |
| Class (AUD hedged) Q-acc | AUD | -3.1% | 3.4% | - |
| Class (CAD hedged) Q-acc | CAD | -2.9% | - | - |
| Class (EUR hedged) Q-acc | EUR | -3.8% | 2.7% | -0.1% |
| Class Q-dist | USD | -2.9% | - | - |
| Class (EUR hedged) Q-dist | EUR | -3.8% | - | - |

UBS (Lux) Bond SICAV – Global Short Term Flexible (USD)
Annual report and audited financial statements as of 31 May 2022
|  | Currency | 2021/2022 | 2020/2021 | 2019/2020 |
| --- | --- | --- | --- | --- |
| Benchmark: 4 Bloomberg Barclays Global Aggregate 1-3 years TR (hedged CAD) | CAD | -2.1% | - | - |
| Bloomberg Barclays Global Aggregate 1-3 years TR | USD | -2.1% | 0.8% | 3.5% |
| Bloomberg Barclays Global Aggregate 1-3 years TR (hedged EUR) | EUR | -3.2% | -0.3% | 0.6% |
| Bloomberg Barclays Global Aggregate 1-3 years TR (hedged GBP) | GBP | - | - | - |
| Bloomberg Barclays Global Aggregate 1-3 years TR (hedged CHF) | CHF | -3.2% | -0.3% | 0.6% |
| Bloomberg Barclays Global Aggregate 1-3 years TR (hedged AUD) | AUD | -2.3% | 0.6% | - |

1 
For the period from 1.12.2020 to 25.3.2022 the share class (CAD hedged) F-acc was in circulation. Due to this fact, there is no data for the calculation of the performance available.
2 
Due to the recent launch, there is no data for the calculation of the performance available.
3 
The share class (EUR hedged) K-1-acc was in circulation until 18.5.2021. Due to this fact, there is no data for the calculation of the performance available.
4 
The subfund is actively managed. The index is a point of reference against which the performance of the subfund may be measured.
Historical performance is no indicator of current or future performance.
The performance data does not take account of any commissions and costs charged when subscribing and redeeming shares. The performance data were not audited.
UBS (Lux) Bond SICAV – Global Short Term Flexible (USD) Annual report and audited financial statements as of 31 May 2022

## Report of the Portfolio Manager
In the financial year, from 1 June 2021 to 31 May 2022, US Treasury yields rose significantly as signs of strong and persistent inflation caused markets to bring forward expectations of Fed rate hikes. In the US, headline CPI rose to levels not seen in nearly forty years driven initially by the unleashing of pent-up demand and fiscal stimulus but later exacerbated by high commodity prices due to the ongoing Russian invasion of Ukraine. The Fed raised its policy rate from the lower effective bound to 1.0% at the end of the reporting period.
The subfund posted a negative performance both in absolute terms and versus Barclays Global Aggregate 1-3 years TR (USD hedged).Within duration manage- ment markets where we were underweight, such as the UK, US, Canada and Poland, duration contributed to performance. Markets where we were overweight dura- tion such as Hungary, New Zealand and Mexico were a detractor, as well as limited exposure to Russia and Ukraine. Our exposure to Investment Grade and High yield Corporates and Emerging Markets Debt was a detractor as spreads widened. In terms of currencies, our preference for Emerging Market currencies was a small contributor, as well as underweight the Canadian dol- lar. The duration of the strategy is currently towards the bottom of the guideline range of 0-4 years, as we focus on minimizing interest rate risk. In the near-term, we are focused on relative value opportunities and diversifica- tion across non-government bond sectors. We believe the beginning of a major Fed tightening cycle combined with quantitative tightening should lead to some volati- lity in developed credit markets and present an attrac- tive entry point going forward. Our strategy continues to balance long-term strategic themes that reflect our highest conviction ideas with tactical positions that allow us to take advantage of short-term opportunities across markets.

## Structure of the Securities Portfolio
Geographical Breakdown as a % of net assets	
| United States | 21.71 |
| --- | --- |
| Italy | 9.12 |
| France | 8.88 |
| Germany | 7.14 |
| United Kingdom | 6.35 |
| New Zealand | 5.36 |
| Luxembourg | 3.69 |
| Canada | 2.77 |
| Spain | 2.74 |
| The Netherlands | 2.24 |
| Slovenia | 1.93 |
| Mexico | 1.92 |
| Switzerland | 1.89 |
| United Arab Emirates | 1.57 |
| Japan | 1.24 |
| Brazil | 1.17 |
| Belgium | 1.04 |
| Cayman Islands | 1.01 |
| Jersey | 0.96 |
| Portugal | 0.65 |
| Ireland | 0.65 |
| Qatar | 0.62 |
| Indonesia | 0.53 |
| Australia | 0.50 |
| China | 0.49 |
| India | 0.44 |
| Denmark | 0.43 |
| Chile | 0.40 |
| Colombia | 0.39 |
| Turkey | 0.39 |
| Venezuela | 0.39 |
| Mongolia | 0.38 |
| Norway | 0.38 |
| Oman | 0.37 |
| Sweden | 0.35 |
| Iceland | 0.33 |
| Kazakhstan | 0.31 |
| Peru | 0.31 |
| Czech Republic | 0.30 |
| Egypt | 0.29 |
| Uzbekistan | 0.28 |
| Nigeria | 0.28 |
| Kenya | 0.28 |
| Costa Rica | 0.26 |
| Thailand | 0.24 |
| Poland | 0.21 |
| Ghana | 0.20 |
| Bulgaria | 0.16 |
| Saudi Arabia | 0.14 |
| Supranationals | 0.14 |
| Bermuda | 0.13 |
| Ukraine | 0.11 |
| Romania | 0.10 |
| Finland | 0.10 |
| Russian Federation (CIS) | 0.06 |
| Total | 94.32 |

Economic Breakdown as a % of net assets	
Countries & central governments	53.34
Banks & credit institutions	12.41
Finance & holding companies	12.10
Traffic & transportation	2.18
Investment funds	1.84
Telecommunications	1.75
Mortgage & funding institutions	1.52
Energy & water supply	1.44
Cantons, federal states	1.38
Petroleum	0.87
Vehicles	0.59
Insurance	0.70
Supranational organisations	0.53
Internet, software & IT services	0.43
Real Estate	0.41
Healthcare & social services	0.36
Miscellaneous services	0.33
Pharmaceuticals, cosmetics & medical products	0.31
Chemicals	0.25
Miscellaneous unclassified companies	0.24
Computer hardware & network equipment providers	0.24
Mining, coal & steel	0.23
Tobacco & alcohol	0.18
Mechanical engineering & industrial equipment	0.18
Retail trade, department stores	0.14
Electrical devices & components	0.14
Textiles, garments & leather goods	0.12
Aerospace industry	0.11
UBS (Lux) Bond SICAV – Global Short Term Flexible (USD)
Annual report and audited financial statements as of 31 May 2022

## Statement of Net Assets
Assets	31.5.2022
USD
Investments in securities, cost	291 831 470.04
| Investments in securities, unrealized appreciation (depreciation) | 	-39 099 304.33	 |
| --- | --- |
| Total investments in securities (Note 1) | 252 732 165.71 |
| Cash at banks, deposits on demand and deposit accounts | 9 413 688.66 |
| Receivable on subscriptions | 4 062.91 |
| Interest receivable on securities | 1 843 967.98 |
| Interest receivable on liquid assets | 1 446.05 |
| Prepaid expenses | 383 146.56 |
| Unrealized gain on financial futures (Note 1) | 1 309 670.38 |
| Unrealized gain on forward foreign exchange contracts (Note 1) | 808 937.04 |
| Unrealized gain on swaps (Note 1) | 4 675 197.53 |
| Total Assets | 271 172 282.82 |
|  |  |
| Liabilities |  |
| Bank overdraft | -1 540 226.53 |
| Other short-term liabilities (Margins) | -1 373 562.63 |
| Payable on securities purchases (Note 1) | -11 082.50 |
| Payable on redemptions | -99 958.05 |
| Provisions for flat fee (Note 2) | -145 188.97 |
| Provisions for taxe d’abonnement (Note 3) | -17 496.64 |
| Provisions for other commissions and fees (Note 2) | 	-28 711.03	 |
| Total provisions | -191 396.64 |
| Total Liabilities | -3 216 226.35 |
|  |  |
| Net assets at the end of the financial year | 267 956 056.47 |
| Statement of Operations | USD |
| Income | 1.6.2021-31.5.2022 |
| Interest on liquid assets | 42 375.85 |
| Interest on securities | 6 682 988.52 |
| Dividends | 302 000.00 |
| Interest received on swaps (Note 1) | 2 189 946.04 |
| Net income on securities lending (Note 17) | 81 245.27 |
| Other income (Note 4) | 159 163.99 |
| Total income | 9 457 719.67 |
|  |  |
| Expenses |  |
| Interest paid on swaps (Note 1) | -2 112 064.19 |
| Flat fee (Note 2) | -1 978 529.73 |
| Taxe d’abonnement (Note 3) | -116 128.42 |
| Other commissions and fees (Note 2) | -63 615.28 |
| Interest on cash and bank overdraft | -15 967.28 |
| Other expenses | -1 395.79 |
| Total expenses | -4 287 700.69 |
|  |  |
| Net income (loss) on investments | 5 170 018.98 |
|  |  |
| Realized gain (loss) (Note 1) |  |
| Realized gain (loss) on market-priced securities without options | -4 754 026.51 |
| Realized gain (loss) on options | 20 060.13 |
| Realized gain (loss) on yield-evaluated securities and money market instruments | -358 586.17 |
| Realized gain (loss) on financial futures | 3 735 429.42 |
| Realized gain (loss) on forward foreign exchange contracts | -2 813 441.90 |
| Realized gain (loss) on swaps | 73 168.00 |
| Realized gain (loss) on foreign exchange | -1 021 598.26 |
| Total realized gain (loss) | -5 118 995.29 |
|  |  |
| Net realized gain (loss) of the financial year | 51 023.69 |
|  |  |
| Changes in unrealized appreciation (depreciation) (Note 1) |  |
| Unrealized appreciation (depreciation) on market-priced securities without options | -41 374 342.76 |
| Unrealized appreciation (depreciation) on yield-evaluated securities and money market instruments | 254 232.81 |
| Unrealized appreciation (depreciation) on financial futures | 1 141 921.26 |
| Unrealized appreciation (depreciation) on forward foreign exchange contracts | 4 618 943.81 |
| Unrealized appreciation (depreciation) on swaps | 3 330 218.12 |
| Total changes in unrealized appreciation (depreciation) | -32 029 026.76 |
|  |  |
| Net increase (decrease) in net assets as a result of operations | -31 978 003.07 |

UBS (Lux) Bond SICAV – Global Short Term Flexible (USD) Annual report and audited financial statements as of 31 May 2022
| Changes in Net Assets |  |
| --- | --- |
|  | USD |
|  | 1.6.2021-31.5.2022 |
| Net assets at the beginning of the financial year | 270 168 850.14 |
| Subscriptions | 108 092 149.43 |
| Redemptions | 	-77 931 694.75	 |
| Total net subscriptions (redemptions) | 30 160 454.68 |
| Dividend paid | -395 245.28 |
| Net income (loss) on investments | 5 170 018.98 |
| Total realized gain (loss) | -5 118 995.29 |
| Total changes in unrealized appreciation (depreciation) | 	-32 029 026.76	 |
| Net increase (decrease) in net assets as a result of operations | -31 978 003.07 |
| Net assets at the end of the financial year | 267 956 056.47 |
| Changes in the Number of Shares outstanding |  |
|  | 1.6.2021-31.5.2022 |
| Class | (CAD hedged) F-acc |
| Number of shares outstanding at the beginning of the financial year | 16 170.5540 |
| Number of shares issued | 0.0000 |
| Number of shares redeemed | -16 170.5540 |
| Number of shares outstanding at the end of the financial year | 0.0000 |
| Class | I-A1-acc |
| Number of shares outstanding at the beginning of the financial year | 63 792.5620 |
| Number of shares issued | 15 156.0000 |
| Number of shares redeemed | -6 200.4160 |
| Number of shares outstanding at the end of the financial year | 72 748.1460 |
| Class | (EUR hedged) I-A1-acc |
| Number of shares outstanding at the beginning of the financial year | 13 691.7250 |
| Number of shares issued | 15 497.0000 |
| Number of shares redeemed | 0.0000 |
| Number of shares outstanding at the end of the financial year | 29 188.7250 |
| Class | (GBP hedged) I-A1-acc |
| Number of shares outstanding at the beginning of the financial year | 0.0000 |
| Number of shares issued | 2 567.4690 |
| Number of shares redeemed | -1 746.9470 |
| Number of shares outstanding at the end of the financial year | 820.5220 |
| Class | (GBP hedged) I-A2-acc |
| Number of shares outstanding at the beginning of the financial year | 0.0000 |
| Number of shares issued | 7 451.2980 |
| Number of shares redeemed | -5 509.8620 |
| Number of shares outstanding at the end of the financial year | 1 941.4360 |
| Class | I-A3-acc |
| Number of shares outstanding at the beginning of the financial year | 1 712.9600 |
| Number of shares issued | 0.0000 |
| Number of shares redeemed | -546.4660 |
| Number of shares outstanding at the end of the financial year | 1 166.4940 |
| Class | (EUR hedged) I-A3-acc |
| Number of shares outstanding at the beginning of the financial year | 2 032.3940 |
| Number of shares issued | 325 868.4680 |
| Number of shares redeemed | -325 868.4680 |
| Number of shares outstanding at the end of the financial year | 2 032.3940 |
| Class | I-X-acc |
| Number of shares outstanding at the beginning of the financial year | 212 664.7700 |
| Number of shares issued | 19 025.3640 |
| Number of shares redeemed | 0.0000 |
| Number of shares outstanding at the end of the financial year | 231 690.1340 |
| Class | (CHF hedged) I-X-acc |
| Number of shares outstanding at the beginning of the financial year | 0.0000 |
| Number of shares issued | 289 405.0940 |
| Number of shares redeemed | 0.0000 |
| Number of shares outstanding at the end of the financial year | 289 405.0940 |
| Class | (EUR hedged) I-X-acc |
| Number of shares outstanding at the beginning of the financial year | 24 055.4910 |
| Number of shares issued | 1 728.0990 |
| Number of shares redeemed | -123.5210 |
| Number of shares outstanding at the end of the financial year | 25 660.0690 |
| Class | I-X-UKdist |
| Number of shares outstanding at the beginning of the financial year | 36 104.1220 |
| Number of shares issued | 0.0000 |
| Number of shares redeemed | 0.0000 |
| Number of shares outstanding at the end of the financial year | 36 104.1220 |
| Class | P-acc |
| Number of shares outstanding at the beginning of the financial year | 672 784.0490 |
| Number of shares issued | 14 796.7550 |
| Number of shares redeemed | -99 407.6030 |
| Number of shares outstanding at the end of the financial year | 588 173.2010 |

UBS (Lux) Bond SICAV – Global Short Term Flexible (USD)
Annual report and audited financial statements as of 31 May 2022
| Class | (AUD hedged) P-acc |
| --- | --- |
| Number of shares outstanding at the beginning of the financial year | 361 287.1380 |
| Number of shares issued | 14 539.6900 |
| Number of shares redeemed | -45 137.4130 |
| Number of shares outstanding at the end of the financial year | 330 689.4150 |
| Class | (CAD hedged) P-acc |
| Number of shares outstanding at the beginning of the financial year | 189 764.3110 |
| Number of shares issued | 2 381.0800 |
| Number of shares redeemed | -22 726.0740 |
| Number of shares outstanding at the end of the financial year | 169 419.3170 |
| Class | (CHF hedged) P-acc |
| Number of shares outstanding at the beginning of the financial year | 8 612.0930 |
| Number of shares issued | 7 504.1070 |
| Number of shares redeemed | -3 142.2310 |
| Number of shares outstanding at the end of the financial year | 12 973.9690 |
| Class | (EUR hedged) P-acc |
| Number of shares outstanding at the beginning of the financial year | 684 033.0110 |
| Number of shares issued | 2 126.5230 |
| Number of shares redeemed | -106 591.7840 |
| Number of shares outstanding at the end of the financial year | 579 567.7500 |
| Class | (GBP hedged) P-acc |
| Number of shares outstanding at the beginning of the financial year | 0.0000 |
| Number of shares issued | 187 019.4680 |
| Number of shares redeemed | -30 907.1290 |
| Number of shares outstanding at the end of the financial year | 156 112.3390 |
| Class | P-dist |
| Number of shares outstanding at the beginning of the financial year | 111 771.1890 |
| Number of shares issued | 8 653.0850 |
| Number of shares redeemed | -19 870.2940 |
| Number of shares outstanding at the end of the financial year | 100 553.9800 |
| Class | (EUR hedged) P-dist |
| Number of shares outstanding at the beginning of the financial year | 167 065.5280 |
| Number of shares issued | 1 594.5570 |
| Number of shares redeemed | -29 614.6750 |
| Number of shares outstanding at the end of the financial year | 139 045.4100 |
| Class | Q-acc |
| Number of shares outstanding at the beginning of the financial year | 29 066.6480 |
| Number of shares issued | 237.9890 |
| Number of shares redeemed | -220.2620 |
| Number of shares outstanding at the end of the financial year | 29 084.3750 |
| Class | (AUD hedged) Q-acc |
| Number of shares outstanding at the beginning of the financial year | 20 310.1550 |
| Number of shares issued | 169.0470 |
| Number of shares redeemed | -5 114.3090 |
| Number of shares outstanding at the end of the financial year | 15 364.8930 |
| Class | (CAD hedged) Q-acc |
| Number of shares outstanding at the beginning of the financial year | 26 613.9770 |
| Number of shares issued | 0.0000 |
| Number of shares redeemed | -7 957.7390 |
| Number of shares outstanding at the end of the financial year | 18 656.2380 |
| Class | (EUR hedged) Q-acc |
| Number of shares outstanding at the beginning of the financial year | 26 949.4220 |
| Number of shares issued | 3 821.5720 |
| Number of shares redeemed | -11 007.9020 |
| Number of shares outstanding at the end of the financial year | 19 763.0920 |
| Class | Q-dist |
| Number of shares outstanding at the beginning of the financial year | 6 064.2940 |
| Number of shares issued | 297.0000 |
| Number of shares redeemed | -1 349.6800 |
| Number of shares outstanding at the end of the financial year | 5 011.6140 |
| Class | (EUR hedged) Q-dist |
| Number of shares outstanding at the beginning of the financial year | 4 638.0210 |
| Number of shares issued | 0.0000 |
| Number of shares redeemed | -1 274.2360 |
| Number of shares outstanding at the end of the financial year | 3 363.7850 |

| Annual Distribution 1 |  |
| --- | --- |
| UBS (Lux) Bond SICAV – Global Short Term Flexible (USD) | Ex-Date | Pay-Date | Currency | Amount per share |
| I-X-UKdist | 15.6.2021 | 18.6.2021 | USD | 1.11 |
| P-dist | 2.8.2021 | 5.8.2021 | USD | 1.39 |
| (EUR hedged) P-dist | 2.8.2021 | 5.8.2021 | EUR | 1.02 |
| Q-dist | 2.8.2021 | 5.8.2021 | USD | 1.04 |
| (EUR hedged) Q-dist | 2.8.2021 | 5.8.2021 | EUR | 0.92 |
| 1  See note 5 |  |  |  |  |

UBS (Lux) Bond SICAV – Global Short Term Flexible (USD) Annual report and audited financial statements as of 31 May 2022

## Statement of Investments in Securities and other Net Assets as of 31 May 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 |  |  |  |
| AUD |  |  |  |
| AUD	AT&T INC 3.45000% 18-19.09.23 | 1 000 000.00 | 716 962.63 | 0.27 |
| Total AUD |  | 716 962.63 | 0.27 |
| BRL |  |  |  |
| BRL	BRAZIL, FEDERATIVE REPUBLIC OF 10.00000% 20-01.01.31 | 10 500.00 | 1 935 395.81 | 0.72 |
| Total BRL |  | 1 935 395.81 | 0.72 |
| CAD |  |  |  |
| CAD	BRITISH COLUMBIA, PROVINCE OF 3.30000% 13-18.12.23 | 1 000 000.00 | 797 318.26 | 0.30 |
| Total CAD |  | 797 318.26 | 0.30 |
| EUR |  |  |  |
| EUR	ALTICE FRANCE HOLDING SA-REG-S 8.00000% 19-15.05.27 | 450 000.00 | 451 933.60 | 0.17 |
| EUR	ALTICE FRANCE-REG-S 5.87500% 18-01.02.27 | 400 000.00 | 408 690.45 | 0.15 |
| EUR	BNG BANK NV-REG-S 0.05000% 20-02.04.25 | 520 000.00 | 542 015.23 | 0.20 |
| EUR	BP CAPITAL MARKETS PLC-REG-S 1.87600% 20-07.04.24 | 1 000 000.00 | 1 080 700.57 | 0.40 |
| EUR	BULGARIAN ENERGY HOLDING EAD-REG-S 2.45000% 21-22.07.28 | 470 000.00 | 416 635.91 | 0.16 |
| EUR	CHILE GOVERNMENT INTERNATIONAL BOND 0.10000% 21-26.01.27 | 790 000.00 | 759 966.18 | 0.28 |
| EUR	CORP ANDINA DE FOMENTO-REG-S 0.25000% 21-04.02.26 | 630 000.00 | 637 822.68 | 0.24 |
| EUR	DEUTSCHE LUFTHANSA AG-REG-S 2.87500% 21-11.02.25 | 500 000.00 | 518 886.72 | 0.19 |
| EUR	DKT FINANCE APS-REG-S 7.00000% 18-17.06.23 | 800 000.00 | 848 430.00 | 0.32 |
| EUR	GOLDMAN SACHS GROUP INC-REG-S 3.37500% 20-27.03.25 | 300 000.00 | 333 314.08 | 0.12 |
| EUR	GTC AURORA LUXEMBOURG SA-REG-S 2.25000% 21-23.06.26 | 280 000.00 | 245 239.12 | 0.09 |
| EUR	JAGUAR LAND ROVER AUTOMOTIVE PLC-REG-S 4.50000% 21-15.07.28 | 370 000.00 | 322 035.02 | 0.12 |
| EUR	LOXAM SAS-REG-S 3.75000% 19-15.07.26 | 400 000.00 | 401 706.75 | 0.15 |
| EUR	MACIF-REG-S-SUB 0.62500% 21-21.06.27 | 300 000.00 | 283 425.11 | 0.11 |
| EUR	PHILIP MORRIS INTERNATIONAL INC 2.87500% 12-30.05.24 | 100 000.00 | 109 849.83 | 0.04 |
| EUR	SOFTBANK GROUP CORP-REG-S 5.00000% 18-15.04.28 | 100 000.00 | 96 842.74 | 0.04 |
| EUR	TELE COLUMBUS AG-REG-S 3.87500% 18-02.05.25 | 350 000.00 | 332 289.86 | 0.12 |
| EUR	TRITAX EUROBOX PLC-REG-S 0.95000% 21-02.06.26 | 150 000.00 | 146 890.23 | 0.06 |
| EUR	UKRAINE, GOVERNMENT OF-REG-S 4.37500% 20-27.01.30 | 500 000.00 | 191 485.93 | 0.07 |
| Total EUR |  | 8 128 160.01 | 3.03 |
| GBP |  |  |  |
| GBP	ANGLIAN WATER SERVICES FINANCING PLC STEP-UP 98-21.08.23 | 100 000.00 | 132 586.08 | 0.05 |
| GBP	CITIGROUP INC 2.75000% 19-24.01.24 | 400 000.00 | 502 455.59 | 0.19 |
| GBP	CPUK FINANCE LTD-REG-S 4.50000% 21-28.08.27 | 110 000.00 | 128 014.82 | 0.05 |
| GBP	CREDIT AGRICOLE SA-REG-S 1.25000% 19-02.10.24 | 300 000.00 | 362 875.66 | 0.13 |
| GBP	GOLDMAN SACHS GROUP INC 7.12500% 08-07.08.25 | 200 000.00 | 280 103.74 | 0.10 |
| GBP	METLIFE INC 5.37500% 04-09.12.24 | 200 000.00 | 265 995.59 | 0.10 |
| Total GBP |  | 1 672 031.48 | 0.62 |
| USD |  |  |  |
| USD	ABU DHABI,GOVERNMENT OF-REG-S 2.50000% 17-11.10.22 | 2 430 000.00 | 2 435 011.88 | 0.91 |
| USD	ADOBE INC 1.70000% 20-01.02.23 | 150 000.00 | 149 468.42 | 0.06 |
| USD	AERCAP IRE CAP LTD/GLB AVIA TRUST 4.50000% 20-15.09.23 | 150 000.00 | 150 517.33 | 0.06 |
| USD	AERCAP IRELAND CAP/ GLBL AVIATION TRUST 6.50000% 20-15.07.25 | 600 000.00 | 626 280.18 | 0.23 |
| USD	AERCAP IRELAND CAPITAL DAC / AERCAP GLO 3.00000% 21-29.10.28 | 575 000.00 | 504 521.37 | 0.19 |
| USD	AMBER CIRCLE FUNDING LTD-REG-S 3.25000% 12-04.12.22 | 200 000.00 | 200 402.00 | 0.08 |
| USD	AMERICAN EXPRESS CO 3.40000% 18-27.02.23 | 100 000.00 | 100 796.13 | 0.04 |
| USD	APPLE INC 1.80000% 19-11.09.24 | 100 000.00 | 98 137.75 | 0.04 |
| USD	APTIV PLC 2.39600% 22-18.02.25 | 675 000.00 | 652 338.53 | 0.24 |
| USD	BAT CAPITAL CORP 3.22200% 18-15.08.24 | 600 000.00 | 595 408.72 | 0.22 |
| USD	BERKSHIRE HATHAWAY ENERGY CO 2.80000% 18-15.01.23 | 100 000.00 | 101 369.28 | 0.04 |
| USD	BOEING CO/THE 2.19600% 21-04.02.26 | 270 000.00 | 247 264.89 | 0.09 |
| USD	BPCE SA-REG-S 4.00000% 18-12.09.23 | 1 640 000.00 | 1 648 692.00 | 0.62 |
| USD	BRAZIL, FEDERATIVE REPUBLIC OF 2.62500% 12-05.01.23 | 200 000.00 | 200 162.50 | 0.07 |
| USD	BRAZIL, FEDERATIVE REPUBLIC OF 4.25000% 13-07.01.25 | 1 000 000.00 | 1 011 437.50 | 0.38 |
| USD	CANADIAN PACIFIC RAILWAY 1.75000% 21-02.12.26 | 765 000.00 | 704 521.63 | 0.26 |
| USD	CHILE, REPUBLIC OF 2.25000% 12-30.10.22 | 300 000.00 | 300 243.75 | 0.11 |
| USD	COSTA RICA, REPUBLIC OF-REG-S 4.25000% 12-26.01.23 | 700 000.00 | 702 100.00 | 0.26 |
| USD	CVS HEALTH CORP 2.62500% 19-15.08.24 | 90 000.00 | 89 036.08 | 0.03 |
| USD	DIAGEO CAPITAL PLC 2.12500% 19-24.10.24 | 200 000.00 | 194 917.21 | 0.07 |
| USD	EGYPT, REPUBLIC OF-REG-S 5.25000% 20-06.10.25 | 850 000.00 | 762 875.00 | 0.28 |
| USD	ENLINK MIDSTREAM PARTNERS LP 4.40000% 14-01.04.24 | 75 000.00 | 74 906.25 | 0.03 |
| USD	EQT CORP 3.90000% 17-01.10.27 | 290 000.00 | 279 528.10 | 0.10 |
| USD	EVERSOURCE ENERGY 2.90000% 22-01.03.27 | 430 000.00 | 413 129.20 | 0.15 |
| USD	FLOWSERVE CORP 3.50000% 20-01.10.30 | 300 000.00 | 267 253.47 | 0.10 |
| USD	FORD MOTOR CREDIT CO LLC 4.37500% 13-06.08.23 | 300 000.00 | 300 135.04 | 0.11 |
| USD	GENERAL MOTORS CO 6.12500% 20-01.10.25 | 400 000.00 | 423 400.83 | 0.16 |
| USD	GHANA GOVT INTNL BOND-REG-S 6.37500% 20-11.02.27 | 900 000.00 | 546 750.00 | 0.20 |
| USD	GLENCORE FUNDING LLC-REG-S 4.12500% 19-12.03.24 | 600 000.00 | 604 352.83 | 0.23 |
| USD	GOLDMAN SACHS GROUP INC 3.50000% 20-01.04.25 | 450 000.00 | 449 394.95 | 0.17 |
| USD	HONEYWELL INTERNATIONAL INC 2.15000% 19-08.08.22 | 50 000.00 | 50 046.95 | 0.02 |
| USD	IMPERIAL BRANDS FINANCE PLC-REG-S 3.12500% 19-26.07.24 | 1 000 000.00 | 978 653.47 | 0.37 |
| USD	KENYA, REPUBLIC OF-REG-S 6.87500% 14-24.06.24 | 800 000.00 | 745 000.00 | 0.28 |
| USD	MEITUAN DIANPING-REG-S 3.05000% 20-28.10.30 | 900 000.00 | 684 168.75 | 0.26 |
| USD	MPLX LP 1.75000% 20-01.03.26 | 200 000.00 | 182 927.02 | 0.07 |
| USD	NATIONAL BANK OF UZBEKISTAN-REG-S 4.85000% 20-21.10.25 | 333 000.00 | 305 485.87 | 0.11 |
| USD	NATWEST GROUP PLC 3.87500% 16-12.09.23 | 630 000.00 | 633 684.17 | 0.24 |
| USD	NIGERIA, FEDERAL REPUBLIC OF-REG-S 7.62500% 18-21.11.25 | 800 000.00 | 760 000.00 | 0.28 |
| USD	OMAN GOVT INTERNATIONAL BOND-REG-S 4.75000% 16-15.06.26 | 800 000.00 | 784 000.00 | 0.29 |
| USD	OMAN GOVT INTERNATIONAL BOND-REG-S 4.12500% 18-17.01.23 | 200 000.00 | 200 000.00 | 0.07 |
| USD	ONCOR ELECTRIC DELIVERY CO 2.75000% 19-01.06.24 | 110 000.00 | 109 436.52 | 0.04 |
| USD	ORBIA ADVANCE CORP SAB DE CV-REG-S 1.87500% 21-11.05.26 | 600 000.00 | 538 425.00 | 0.20 |

UBS (Lux) Bond SICAV – Global Short Term Flexible (USD)
Annual report and audited financial statements as of 31 May 2022
|  | Description | Quantity/ | Valuation in USD | as a % |
| --- | --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |
|  |  |  |  |  |
| USD | PEGASUS HAVA TASIMACILIGI AS-REG-S 9.25000% 21-30.04.26 | 265 000.00 | 251 418.75 | 0.09 |
| USD | PERTAMINA PT-REG-S 4.30000% 13-20.05.23 | 600 000.00 | 603 487.50 | 0.23 |
| USD | QATAR, STATE OF-REG-S 3.87500% 18-23.04.23 | 1 630 000.00 | 1 648 337.50 | 0.62 |
| USD | RELIANCE INDUSTRIES LTD-REG-S 3.62500% 22-12.01.52 | 910 000.00 | 682 363.50 | 0.25 |
| USD | SANTOS FINANCE LTD-REG-S 3.64900% 21-29.04.31 | 320 000.00 | 278 674.50 | 0.10 |
| USD | SASOL FINANCING USA LLC 5.87500% 18-27.03.24 | 600 000.00 | 600 000.00 | 0.22 |
| USD | SAUDI ARABIAN OIL CO-REG-S 1.62500% 20-24.11.25 | 200 000.00 | 187 500.00 | 0.07 |
| USD | SHIMAO PROPERTY HOLDINGS LTD-REG-S 3.45000% 21-11.01.31 | 200 000.00 | 23 700.00 | 0.01 |
| USD | SHIMAO PROPERTY HOLDINGS LTD-REG-S 5.20000% 21-16.01.27 | 220 000.00 | 28 600.00 | 0.01 |
| USD | SOUTHWEST AIRLINES CO 4.75000% 20-04.05.23 | 100 000.00 | 101 608.97 | 0.04 |
| USD | SPRINT CORP 7.87500% 14-15.09.23 | 350 000.00 | 366 625.00 | 0.14 |
| USD | UBS AG STAMFORD-SUB 7.62500% 12-17.08.22 | 2 600 000.00 | 2 625 156.30 | 0.98 |
| USD | UKRAINE, GOVERNMENT OF-REG-S 7.75000% 15-01.09.24 | 250 000.00 | 97 859.38 | 0.04 |
| USD | UNITED RENTALS NORTH AMERICA INC 3.87500% 19-15.11.27 | 200 000.00 | 192 683.34 | 0.07 |
| USD | UZBEK INDUSTRIAL AND CONS ATB-REG-S 5.75000% 19-02.12.24 | 500 000.00 | 455 690.00 | 0.17 |
| USD | VEB FINANCE PLC-REG-S LPN 5.94200% 13-21.11.23 | 600 000.00 | 12 000.00 | 0.00 |
| USD | VERIZON COMMUNICATIONS INC 1.45000% 21-20.03.26 | 640 000.00 | 595 036.99 | 0.22 |
| USD | VMWARE INC 1.00000% 21-15.08.24 | 240 000.00 | 227 222.49 | 0.09 |
| USD | WALT DISNEY CO 1.75000% 19-30.08.24 | 100 000.00 | 97 768.37 | 0.04 |
| USD | WESTPAC BANKING CORP 2.00000% 20-13.01.23 | 75 000.00 | 74 759.03 | 0.03 |
| Total USD |  |  | 29 956 672.19 | 11.18 |
| Total Notes, fixed rate |  | 43 206 540.38 | 16.12 |
| Notes, floating rate |  |  |  |
| EUR |  |  |  |
| EUR	BARCLAYS PLC-REG-S 0.577%VAR 21-09.08.29 | 550 000.00 | 502 361.29 | 0.19 |
| EUR	BPCE SA-REG-S-SUB 1.500%/VAR 21-13.01.42 | 400 000.00 | 383 366.09 | 0.14 |
| EUR	BRITISH AMERICAN TOBACCO PLC-REG-S -SUB 3.750%/VAR 21-PRP | 435 000.00 | 376 861.26 | 0.14 |
| EUR	CREDIT SUISSE GROUP-REG-S 2.125%/VAR 22-13.10.26 | 595 000.00 | 616 599.42 | 0.23 |
| EUR	CREDIT SUISSE GROUP-REG-S 2.875%/VAR 22-02.04.32 | 375 000.00 | 369 284.78 | 0.14 |
| EUR	DEUTSCHE BANK AG-REG-S-SUB 4.500%/VAR 21-PRP | 400 000.00 | 376 506.67 | 0.14 |
| EUR	RAKUTEN GROUP INC-REG-S-SUB 4.250%VAR 21-PRP | 440 000.00 | 377 970.34 | 0.14 |
| EUR	VOLKSWAGEN INTERNATIONAL FIN-REG-S-SUB 4.375%/VAR 22-PRP | 400 000.00 | 387 713.22 | 0.15 |
| EUR	WINTERSHALL DEA FINANCE 2BV-REG-S-SUB 2.498%/VAR 21-PRP | 300 000.00 | 262 168.72 | 0.10 |
| EUR	WINTERSHALL DEA FINANCE 2BV-REG-S-SUB 3.000%/VAR 21-PRP | 200 000.00 | 170 414.45 | 0.06 |
| Total EUR |  | 3 823 246.24 | 1.43 |
| USD |  |  |  |
| USD	ALLIANZ SE-REG-S-SUB 3.500%/VAR 20-PRP | 200 000.00 | 175 242.02 | 0.06 |
| USD	DEUTSCHE BANK AG-SUB 4.296%/VAR 13-24.05.28 | 300 000.00 | 289 447.09 | 0.11 |
| USD	PRUDENTIAL PLC-SUB-REG-S 2.950%/VAR 21-03.11.33 | 455 000.00 | 401 243.70 | 0.15 |
| Total USD |  | 865 932.81 | 0.32 |
| Total Notes, floating rate |  | 4 689 179.05 | 1.75 |
| Medium term notes, fixed rate |  |  |  |
| AUD |  |  |  |
| AUD	APPLE INC-REG-S 3.70000% 15-28.08.22 | 500 000.00 | 360 572.39 | 0.13 |
| AUD	AUSGRID FINANCE PTY LTD-REG-S 3.75000% 17-30.10.24 | 100 000.00 | 71 202.01 | 0.03 |
| AUD	CORPORACION ANDINA DE FOMENTO 4.50000% 15-05.06.25 | 550 000.00 | 393 642.94 | 0.15 |
| AUD	GENERAL MOTORS FINANCIAL CO INC 3.85000% 19-21.02.23 | 500 000.00 | 360 758.90 | 0.14 |
| AUD	LLOYDS BANKING GROUP 3.65000% 17-20.03.23 | 500 000.00 | 360 077.42 | 0.13 |
| AUD	VERIZON COMMUNICATIONS INC 3.50000% 17-17.02.23 | 500 000.00 | 359 951.89 | 0.13 |
| AUD	WESTPAC BANKING CORP 3.25000% 18-16.11.23 | 500 000.00 | 357 860.81 | 0.13 |
| Total AUD |  | 2 264 066.36 | 0.84 |
| EUR |  |  |  |
| EUR	AEROPORTI DI ROMA SPA-REG-S 1.75000% 21-30.07.31 | 215 000.00 | 186 272.13 | 0.07 |
| EUR	AKELIUS RESIDENTIAL PROPERTY AB-REG-S 1.75000% 17-07.02.25 | 300 000.00 | 315 997.35 | 0.12 |
| EUR	BANCO DE SABADELL SA-REG-S-SUB 2.50000% 21-15.04.31 | 600 000.00 | 569 637.19 | 0.21 |
| EUR	BARCLAYS PLC-REG-S 1.87500% 16-08.12.23 | 500 000.00 | 541 710.77 | 0.20 |
| EUR	BAT INTERNATIONAL FINANCE PLC-REG-S 2.75000% 13-25.03.25 | 750 000.00 | 811 034.80 | 0.30 |
| EUR	BAT INTERNATIONAL FINANCE PLC-REG-S 0.87500% 15-13.10.23 | 100 000.00 | 106 600.08 | 0.04 |
| EUR	BNP PARIBAS-REG-S 1.12500% 18-22.11.23 | 100 000.00 | 107 120.07 | 0.04 |
| EUR	BPCE SA-REG-S 1.12500% 17-18.01.23 | 400 000.00 | 430 938.17 | 0.16 |
| EUR	CELLNEX FINANCE CO SA-REG-S 1.50000% 21-08.06.28 | 400 000.00 | 360 324.79 | 0.13 |
| EUR	CEZ AS 4.87500% 10-16.04.25 | 700 000.00 | 806 959.23 | 0.30 |
| EUR	COMMERZBANK AG-REG-S 0.50000% 18-28.08.23 | 30 000.00 | 31 964.92 | 0.01 |
| EUR	CPI PROPERTY GROUP SA-REG-S 2.75000% 20-12.05.26 | 200 000.00 | 199 916.67 | 0.08 |
| EUR	CTP NV-REG-S 0.87500% 22-20.01.26 | 845 000.00 | 786 227.75 | 0.29 |
| EUR	DEUTSCHE LUFTHANSA AG-REG-S 2.00000% 21-14.07.24 | 200 000.00 | 209 605.06 | 0.08 |
| EUR	DEUTSCHE LUFTHANSA AG-REG-S 2.87500% 21-16.05.27 | 800 000.00 | 754 852.45 | 0.28 |
| EUR	DNB BANK ASA-REG-S 0.05000% 19-14.11.23 | 200 000.00 | 211 458.32 | 0.08 |
| EUR	E.ON SE-REG-S 0.87500% 22-08.01.25 | 180 000.00 | 189 540.42 | 0.07 |
| EUR	ELIS SA-REG-S 4.12500% 22-24.05.27 | 200 000.00 | 215 312.68 | 0.08 |
| EUR	GENERAL MOTORS FINANCIAL CO INC-REG-S 0.95500% 16-07.09.23 | 950 000.00 | 1 013 559.76 | 0.38 |
| EUR	ICELAND, REPUBLIC OF-REG-S 0.50000% 17-20.12.22 | 830 000.00 | 889 480.70 | 0.33 |
| EUR	KREDITANSTALT FUER WIEDERAUFBAU-REG-S 0.01000% 20-31.03.25 | 280 000.00 | 293 045.14 | 0.11 |
| EUR	LINDE PLC-REG-S 1.00000% 22-31.03.27 | 200 000.00 | 205 665.85 | 0.08 |
| EUR	LOGICOR FINANCING SARL-REG-S 0.75000% 19-15.07.24 | 900 000.00 | 930 230.23 | 0.35 |
| EUR	P3 GROUP SARL-REG-S 0.87500% 22-26.01.26 | 580 000.00 | 549 231.59 | 0.21 |
| EUR	PETROLEOS MEXICANOS-REG-S 3.75000% 17-21.02.24 | 400 000.00 | 424 563.16 | 0.16 |
| EUR	PPF ARENA 1 BV-REG-S 2.12500% 19-31.01.25 | 850 000.00 | 860 663.67 | 0.32 |
| EUR	ROMANIA-REG-S 4.62500% 19-03.04.49 | 300 000.00 | 274 233.31 | 0.10 |
| EUR	SCHAEFFLER AG-REG-S 1.87500% 19-26.03.24 | 450 000.00 | 479 059.25 | 0.18 |
| EUR	SPAIN, KINGDOM OF 0.45000% 17-31.10.22 | 700 000.00 | 752 034.64 | 0.28 |
| EUR	TDC NET A/S-REG-S 5.05600% 22-31.05.28 | 290 000.00 | 314 117.07 | 0.12 |
| EUR	TRATON FINANCE LUXEMBOURG SA-REG-S 0.12500% 21-24.03.25 | 1 200 000.00 | 1 215 980.16 | 0.45 |
| EUR	UNICREDITO ITALIANO SPA 1.00000% 18-18.01.23 | 1 000 000.00 | 1 075 117.21 | 0.40 |
| EUR	VONOVIA SE-REG-S 1.62500% 21-01.09.51 | 200 000.00 | 130 227.58 | 0.05 |
| EUR	ZF FINANCE GMBH-REG-S 3.00000% 20-21.09.25 | 400 000.00 | 402 118.11 | 0.15 |
| Total EUR |  | 16 644 800.28 | 6.21 |

UBS (Lux) Bond SICAV – Global Short Term Flexible (USD) Annual report and audited financial statements as of 31 May 2022
|  | Description | Quantity/ | Valuation in USD | as a % |
| --- | --- | --- | --- | --- |
|  |  | Nominal | Unrealized gain | of net |
|  |  |  | (loss) on Futures/ | assets |
|  |  |  | Forward |  |
|  |  |  | Exchange Contracts/ |  |
|  |  |  | Swaps (Note 1) |  |
| GBP |  |  |  |  |
| GBP | AA BOND CO LTD-REG-S 3.25000% 21-31.07.28 | 100 000.00 | 112 436.91 | 0.04 |
| GBP | ABN AMRO BANK NV-REG-S 1.37500% 17-07.06.22 | 400 000.00 | 504 104.87 | 0.19 |
| GBP | ABN AMRO BANK NV-REG-S 1.37500% 20-16.01.25 | 200 000.00 | 241 907.52 | 0.09 |
| GBP | AUTOSTRADE PER L’ITALIA SPA 6.25000% 04-09.06.22 | 400 000.00 | 504 624.12 | 0.19 |
| GBP | BANCO SANTANDER SA-REG-S 1.37500% 19-31.07.24 | 200 000.00 | 243 265.13 | 0.09 |
| GBP | BANK OF AMERICA CORP-REG-S 2.30000% 16-25.07.25 | 300 000.00 | 369 749.30 | 0.14 |
| GBP | BANK OF MONTREAL-REG-S 1.50000% 19-18.12.24 | 300 000.00 | 362 702.49 | 0.14 |
| GBP | BANQUE FEDER DU CREDIT MUTUE-REG-S 2.25000% 19-18.12.23 | 200 000.00 | 249 241.46 | 0.09 |
| GBP | BANQUE FEDER DU CREDIT MUTUE-REG-S 1.75000% 19-19.12.24 | 300 000.00 | 364 512.79 | 0.14 |
| GBP | BANQUE FEDER DU CREDIT MUTUEL-REG-S 1.87500% 18-13.12.22 | 100 000.00 | 125 827.09 | 0.05 |
| GBP | BNG BANK NV-REG-S 1.00000% 18-17.06.22 | 200 000.00 | 252 029.35 | 0.09 |
| GBP | BNP PARIBAS-REG-S 3.37500% 19-23.01.26 | 400 000.00 | 500 955.13 | 0.19 |
| GBP | CHINA DEVELOPMENT BANK-REG-S 1.25000% 20-21.01.23 | 100 000.00 | 125 113.76 | 0.05 |
| GBP | COVENTRY BUILDING SOCIETY 5.87500% 10-28.09.22 | 550 000.00 | 701 277.81 | 0.26 |
| GBP | DEUTSCHE BAHN FINANCE BV 2.75000% 12-20.06.22 | 350 000.00 | 441 274.96 | 0.16 |
| GBP | DEXIA CREDIT LOCAL SA-REG-S 1.12500% 17-15.06.22 | 500 000.00 | 630 143.70 | 0.23 |
| GBP | ELECTRICITE DE FRANCE 6.87500% 08-12.12.22 | 200 000.00 | 257 619.94 | 0.10 |
| GBP | FIRST ABU DHABI BANK PJSC-REG-S 0.87500% 21-09.12.25 | 300 000.00 | 349 733.25 | 0.13 |
| GBP | INTL BK FOR RECONSTR & DEVT WORLD BANK 1.00000% 18-19.12.22 | 300 000.00 | 376 940.61 | 0.14 |
| GBP | LANDESBANK BADEN-WUERTTEMBERG-REG-S 1.12500% 20-08.12.25 | 300 000.00 | 352 691.42 | 0.13 |
| GBP | LLOYDS BANK PLC 7.50000% 09-15.04.24 | 400 000.00 | 545 694.77 | 0.20 |
| GBP | METROPOLITAN LIFE GLOBAL FUNDING-REG-S 2.87500% 13-11.01.23 | 100 000.00 | 126 400.03 | 0.05 |
| GBP | METROPOLITAN LIFE GLOBAL FUNDING-REG-S 2.62500% 15-05.12.22 | 400 000.00 | 505 128.24 | 0.19 |
| GBP | NEW YORK LIFE GLOBAL FUNDING-REG-S 1.75000% 18-15.12.22 | 400 000.00 | 502 898.02 | 0.19 |
| GBP | PHOENIX GROUP HOLDINGS PLC-REG-S-SUB 4.12500% 17-20.07.22 | 200 000.00 | 252 419.44 | 0.09 |
| GBP | RABOBANK NEDERLAND NV 4.87500% 06-10.01.23 | 300 000.00 | 383 280.42 | 0.14 |
| GBP | RABOBANK NEDERLAND NV-REG-S 1.25000% 20-14.01.25 | 300 000.00 | 360 142.82 | 0.13 |
| GBP | ROYAL BANK OF CANADA-REG-S 1.37500% 19-09.12.24 | 300 000.00 | 363 609.16 | 0.14 |
| GBP | ROYAL BANK OF CANADA-REG-S 1.12500% 20-15.12.25 | 200 000.00 | 235 530.91 | 0.09 |
| GBP | SANTANDER UK PLC-REG-S 5.75000% 11-02.03.26 | 300 000.00 | 424 241.17 | 0.16 |
| GBP | SPAREBANKEN 1 BOLIGKREDITT-REG-S 1.75000% 18-18.12.23 | 400 000.00 | 500 518.44 | 0.19 |
| GBP | TOTAL CAPITAL INTERNATIONAL SA-REG-S 2.25000% 15-09.06.22 | 500 000.00 | 630 162.60 | 0.24 |
| GBP | TRANSPORT FOR LONDON 2.25000% 12-09.08.22 | 400 000.00 | 504 122.58 | 0.19 |
| GBP | WESTPAC BANKING CORP-REG-S 2.12500% 17-02.05.25 | 200 000.00 | 245 466.18 | 0.09 |
| GBP | WESTPAC BANKING CORP-REG-S 1.00000% 17-30.06.22 | 100 000.00 | 126 058.54 | 0.05 |
| Total GBP |  |  | 12 771 824.93 | 4.78 |
| USD |  |  |  |  |
| USD | BP CAPITAL MARKETS PLC-REG-S 3.64300% 18-14.05.23 | 980 000.00 | 989 281.87 | 0.37 |
| USD | CREDIT AGRICOLE SA LONDON-REG-S 3.87500% 14-15.04.24 | 870 000.00 | 878 513.08 | 0.33 |
| USD | GC TREASURY CENTER CO LTD-REG-S 4.40000% 22-30.03.32 | 470 000.00 | 446 227.40 | 0.17 |
| USD | GC TREASURY CENTER CO LTD-REG-S 5.20000% 22-30.03.52 | 200 000.00 | 183 296.00 | 0.07 |
| USD | INDONESIA, REPUBLIC OF-REG-S 4.12500% 15-15.01.25 | 800 000.00 | 807 900.00 | 0.30 |
| USD | KAZAKHSTAN, REPUBLIC OF-REG-S 5.12500% 15-21.07.25 | 600 000.00 | 626 550.00 | 0.23 |
| USD | MDGH - GMTN BV-REG-S 2.50000% 19-07.11.24 | 1 460 000.00 | 1 432 442.50 | 0.53 |
| USD | MONGOLIA,GOVERNMENT OF-REG-S 8.75000% 17-09.03.24 | 1 000 000.00 | 1 025 187.50 | 0.38 |
| USD | QNB FINANCE LTD-REG-S 3.50000% 19-28.03.24 | 1 500 000.00 | 1 497 937.50 | 0.56 |
| USD | QTEL INTERNATIONAL FINANCE LTD-REG-S 2.62500% 21-08.04.31 | 200 000.00 | 176 500.00 | 0.07 |
| USD | REC LTD-REG-S 2.25000% 21-01.09.26 | 560 000.00 | 505 855.00 | 0.19 |
| USD | SAUDI ARABIAN OIL CO-REG-S 2.87500% 19-16.04.24 | 200 000.00 | 198 250.00 | 0.07 |
| Total USD |  |  | 8 767 940.85 | 3.27 |
| Total Medium term notes, fixed rate |  | 40 448 632.42 | 15.10 |
| Medium term notes, zero coupon |  |  |  |
| EUR |  |  |  |
| EUR	LVMH MOET HENNESSY LOUIS VUITTON-REG-S 0.00000% 20-11.02.24 | 300 000.00 | 315 973.33 | 0.12 |
| EUR	POLAND, REPUBLIC OF-REG-S 0.00000% 20-10.02.25 | 550 000.00 | 562 232.17 | 0.21 |
| EUR	SIEMENS FINANCIERINGSMAATSCH NV-REG-S 0.00000% 20-20.02.23 | 100 000.00 | 107 060.72 | 0.04 |
| Total EUR |  | 985 266.22 | 0.37 |
| Total Medium term notes, zero coupon |  | 985 266.22 | 0.37 |
| Medium term notes, floating rate |  |  |  |
| EUR |  |  |  |
| EUR	AXA SA-REG-S-SUB 3.375%/VAR 16-06.07.47 | 300 000.00 | 321 869.92 | 0.12 |
| EUR	BANCO DE SABADELL SA-REG-S 2.625%/VAR 22-24.03.26 | 200 000.00 | 208 954.17 | 0.08 |
| EUR	BANK OF IRELAND GROUP PLC-REG-S 1.875%/VAR 22-05.06.26 | 230 000.00 | 240 323.90 | 0.09 |
| EUR	BARCLAYS PLC-REG-S 3.375%/VAR 20-02.04.25 | 300 000.00 | 328 262.71 | 0.12 |
| EUR	CITIGROUP INC-REG-S 1.500%/VAR 18-24.07.26 | 500 000.00 | 525 620.59 | 0.20 |
| EUR	CREDIT AGRICOLE SA-REG-S 1.000%/VAR 20-22.04.26 | 300 000.00 | 310 957.95 | 0.12 |
| EUR	CREDIT SUISSE GROUP AG-REG-S 0.650%/VAR 20-14.01.28 | 150 000.00 | 141 110.95 | 0.05 |
| EUR	DEUTSCHE BANK AG-REG-S 1.000%/VAR 20-19.11.25 | 400 000.00 | 412 117.59 | 0.15 |
| EUR	DEUTSCHE BANK AG-REG-S 4.000%/VAR 22-24.06.32 | 200 000.00 | 205 542.88 | 0.08 |
| EUR	NATWEST GROUP PLC-REG-S 2.000%/VAR 18-04.03.25 | 500 000.00 | 536 485.48 | 0.20 |
| EUR	NATWEST GROUP PLC-REG-S-SUB 1.043%/VAR 21-14.09.32 | 320 000.00 | 294 725.05 | 0.11 |
| EUR	TOTAL SE-REG-S-SUB 2.625%/VAR 15-PRP | 600 000.00 | 628 468.10 | 0.23 |
| EUR	VIRGIN MONEY UK PLC-REG-S 0.000%/VAR 21-27.05.24 | 240 000.00 | 253 944.87 | 0.10 |
| Total EUR |  | 4 408 384.16 | 1.65 |
| USD |  |  |  |
| USD	BANK OF AMERICA CORP 2.816%/VAR 17-21.07.23 | 200 000.00 | 200 019.44 | 0.07 |
| USD	WELLS FARGO & CO 3.526%/VAR 22-24.03.28 | 675 000.00 | 657 154.42 | 0.25 |
| Total USD |  | 857 173.86 | 0.32 |
| Total Medium term notes, floating rate |  | 5 265 558.02 | 1.97 |

UBS (Lux) Bond SICAV – Global Short Term Flexible (USD)
Annual report and audited financial statements as of 31 May 2022
| Description | Quantity/ | Valuation in USD | as a % |
| --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |
| Bonds, fixed rate |  |  |  |
| CAD |  |  |  |
| CAD	CANADA GOVERNMENT 0.25000% 21-01.05.23 | 1 060 000.00 | 821 205.22 | 0.30 |
| CAD	CANADA, GOVERNMENT 1.00000% 17-01.09.22 | 3 700 000.00 | 2 920 327.78 | 1.09 |
| Total CAD |  | 3 741 533.00 | 1.39 |
| CNY |  |  |  |
| CNY	CHINA DEVELOPMENT BANK CORP 3.80000% 16-25.01.36 | 5 000 000.00 | 794 274.09 | 0.30 |
| Total CNY |  | 794 274.09 | 0.30 |
| EUR |  |  |  |
| EUR	ABBVIE INC 1.37500% 16-17.05.24 | 700 000.00 | 750 305.43 | 0.28 |
| EUR	ADO PROPERTIES SA-REG-S 1.50000% 17-26.07.24 | 200 000.00 | 129 621.25 | 0.05 |
| EUR	AUTOSTRADE PER L’ITALIA SPA REG-S 2.00000% 21-15.01.30 | 905 000.00 | 822 604.84 | 0.31 |
| EUR	BELGIUM, KINGDOM OF-144A-REG-S 2.60000% 14-22.06.24 | 2 500 000.00 | 2 792 041.72 | 1.04 |
| EUR	FINNAIR OYJ-REG-S 4.25000% 21-19.05.25 | 285 000.00 | 266 379.70 | 0.10 |
| EUR	FRANCE, REPUBLIC OF-OAT 1.75000% 13-25.05.23 | 2 840 000.00 | 3 089 209.50 | 1.15 |
| EUR	FRANCE, REPUBLIC OF-OAT 1.75000% 14-25.11.24 | 4 565 000.00 | 5 022 224.70 | 1.87 |
| EUR	FRANCE, REPUBLIC OF-OAT 0.50000% 15-25.05.25 | 2 220 000.00 | 2 358 976.00 | 0.88 |
| EUR	GERMANY, REPUBLIC OF 6.25000% 94-04.01.24 | 1 000 000.00 | 1 174 284.97 | 0.44 |
| EUR	IMPERIAL BRANDS FINANCE PLC-REG-S 1.37500% 17-27.01.25 | 600 000.00 | 623 311.95 | 0.23 |
| EUR	INEOS QUATTRO FINANCE 2 PLC-REG-S 2.50000% 21-15.01.26 | 300 000.00 | 296 883.65 | 0.11 |
| EUR	INTRUM JUSTITIA AB-REG-S 3.12500% 17-15.07.24 | 300 000.00 | 309 053.48 | 0.11 |
| EUR	ITALY, REPUBLIC OF-BTP-144A-REG-S 3.250% 14-01.09.46 | 100 000.00 | 105 272.60 | 0.04 |
| EUR	ITALY, REPUBLIC OF-BTP 1.60000% 16-01.06.26 | 530 000.00 | 559 149.54 | 0.21 |
| EUR	ITALY, REPUBLIC OF-BTP-REG-S 0.65000% 16-15.10.23 | 10 440 000.00 | 11 176 871.27 | 4.17 |
| EUR	ITALY, REPUBLIC OF-BTP 0.90000% 17-01.08.22 | 4 184 000.00 | 4 492 140.96 | 1.68 |
| EUR	ITALY, REPUBLIC OF-BTP 0.35000% 19-01.02.25 | 3 630 000.00 | 3 763 695.58 | 1.40 |
| EUR	LANDESBANK BADEN-WUERTTEMBERG-REG-S-SUB 2.87500% 16-28.09.26 | 800 000.00 | 828 545.99 | 0.31 |
| EUR	MAPFRE SA-REG-S-SUB 2.87500% 22-13.04.30 | 300 000.00 | 299 457.22 | 0.11 |
| EUR	MPT OPERATING PARTNERSHIP LP/FIN CORP 3.32500% 17-24.03.25 | 300 000.00 | 314 239.83 | 0.12 |
| EUR	PERU, REPUBLIC OF 2.75000% 15-30.01.26 | 400 000.00 | 433 802.69 | 0.16 |
| EUR	PORTUGAL, REPUBLIC OF-144A-REG-S 5.65000% 13-15.02.24 | 1 500 000.00 | 1 743 022.63 | 0.65 |
| EUR	SLOVENIA, REPUBLIC OF-REG-S 1.00000% 18-06.03.28 | 4 600 000.00 | 4 815 200.19 | 1.80 |
| EUR	SLOVENIA, REPUBLIC OF-REG-S 0.48750% 20-20.10.50 | 560 000.00 | 354 017.79 | 0.13 |
| EUR	SPAIN, KINGDOM OF-144A-REG-S 4.40000% 13-31.10.23 | 1 030 000.00 | 1 164 440.14 | 0.43 |
| EUR	SPAIN, KINGDOM OF-144A-REG-S 2.15000%15-31.10.25 | 670 000.00 | 741 445.81 | 0.28 |
| EUR	SPAIN, KINGDOM OF-REG-S 5.40000% 13-31.01.23 | 500 000.00 | 555 121.75 | 0.21 |
| EUR	SPAIN, KINGDOM OF-REG-S 1.60000% 15-30.04.25 | 1 690 000.00 | 1 837 387.65 | 0.69 |
| EUR	VERISURE HOLDING AB-REG-S 3.25000% 21-15.02.27 | 330 000.00 | 312 786.45 | 0.12 |
| EUR	WINTERSHALL DEA FINANCE BV-REG-S 0.45200% 19-25.09.23 | 500 000.00 | 523 562.72 | 0.20 |
| Total EUR |  | 51 655 058.00 | 19.28 |
| GBP |  |  |  |
| GBP	BANQUE FEDER DU CREDIT MUTUEL-REG-S 1.25000% 20-05.12.25 | 200 000.00 | 236 101.07 | 0.09 |
| GBP	BELLIS ACQUISITION CO PLC-REG-S 3.25000% 21-16.02.26 | 315 000.00 | 335 496.88 | 0.12 |
| GBP	BERKELEY GROUP PLC/THE-REG-S 2.50000% 21-11.08.31 | 185 000.00 | 185 092.36 | 0.07 |
| GBP	BUPA FINANCE PLC-REG-S-SUB 5.00000% 13-25.04.23 | 32 000.00 | 40 973.26 | 0.01 |
| GBP	BUPA FINANCE PLC-REG-S 2.00000% 17-05.04.24 | 200 000.00 | 248 736.84 | 0.09 |
| GBP	CANADIAN IMPERIAL BANK OF COM/CAN-REG-S 1.12500% 17-30.06.22 | 600 000.00 | 756 186.05 | 0.28 |
| GBP	CE ELECTRIC UK FUNDING COMPANY 7.25000% 97-15.12.22 | 200 000.00 | 258 595.92 | 0.10 |
| GBP	JAGUAR LAND ROVER AUTOMOTIVE PLC-REG-S 3.87500% 15-01.03.23 | 300 000.00 | 370 507.03 | 0.14 |
| GBP	NATIONAL WESTMINSTER BANK PLC-REG-S 5.12500% 12-13.01.24 | 400 000.00 | 527 242.98 | 0.20 |
| GBP	NETWORK RAIL INFRASTRUCTURE FINANCE 3.00000% 13-07.09.23 | 300 000.00 | 383 245.86 | 0.14 |
| GBP	PREMIER FOODS FINANCE PLC-REG-S 3.50000% 21-15.10.26 | 240 000.00 | 274 499.39 | 0.10 |
| GBP	SCOTTISH WIDOWS PLC-REG-S-SUB 5.50000% 13-16.06.23 | 100 000.00 | 128 707.70 | 0.05 |
| GBP	UNITED KINGDOM OF GREAT BRITAIN-REG-S 0.62500% 19-07.06.25 | 395 000.00 | 483 697.38 | 0.18 |
| GBP	VERY GROUP FUNDING PLC/THE-REG-S 6.50000% 21-01.08.26 | 350 000.00 | 369 778.32 | 0.14 |
| GBP	YORKSHIRE WATER SERVICES FINANCE PLC 6.58760% 09-21.02.23 | 200 000.00 | 259 477.24 | 0.10 |
| Total GBP |  | 4 858 338.28 | 1.81 |
| JPY |  |  |  |
| JPY	JAPAN 0.50000% 14-20.09.24 | 336 000 000.00 | 2 645 348.67 | 0.99 |
| Total JPY |  | 2 645 348.67 | 0.99 |
| MXN |  |  |  |
| MXN	MEXICO, UNITED MEXICAN STATES 7.75000% 11-13.11.42 | 916 000.00 | 4 177 504.59 | 1.56 |
| Total MXN |  | 4 177 504.59 | 1.56 |
| NZD |  |  |  |
| NZD	NEW ZEALAND GOVERNMENT BOND 0.50000% 21-15.05.20 | 4 600 000.00 | 2 668 163.33 | 1.00 |
| NZD	NEW ZEALAND-REG-S 2.75000% 16-15.04.37 | 2 700 000.00 | 1 540 945.12 | 0.57 |
| Total NZD |  | 4 209 108.45 | 1.57 |
| USD |  |  |  |
| USD	CHINA, PEOPLE’S REPUBLIC OF-REG-S 1.87500% 19-03.12.22 | 400 000.00 | 399 360.00 | 0.15 |
| USD	COLOMBIA, REPUBLIC OF 4.00000% 13-26.02.24 | 1 050 000.00 | 1 045 931.25 | 0.39 |
| USD	COUNTRY GARDEN HOLDINGS CO LTD-REG-S 2.70000% 21-12.07.26 | 200 000.00 | 112 000.00 | 0.04 |
| USD	HCA INC 5.37500% 15-01.02.25 | 350 000.00 | 361 791.50 | 0.13 |
| USD	IDB TRUST SERVICES LTD-REG-S 2.84300% 19-25.04.24 | 1 700 000.00 | 1 691 500.00 | 0.63 |
| USD	JAPAN BANK FOR INTL COOPERATION 0.62500% 20-22.05.23 | 200 000.00 | 196 860.48 | 0.07 |
| USD	KAZAKHSTAN, REPUBLIC OF-REG-S 3.87500% 14-14.10.24 | 200 000.00 | 203 300.00 | 0.08 |
| USD	PACIFIC GAS AND ELECTRIC CO 1.70000% 21-15.11.23 | 900 000.00 | 874 638.48 | 0.33 |
| USD	PERU, REPUBLIC OF 2.78300% 20-23.01.31 | 440 000.00 | 388 657.50 | 0.15 |
| USD	TURKEY, REPUBLIC OF 6.37500% 20-14.10.25 | 850 000.00 | 787 737.50 | 0.29 |
| Total USD |  | 6 061 776.71 | 2.26 |
| Total Bonds, fixed rate |  | 78 142 941.79 | 29.16 |

UBS (Lux) Bond SICAV – Global Short Term Flexible (USD) Annual report and audited financial statements as of 31 May 2022
| Description | Quantity/ | Valuation in USD | as a % |
| --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |
| Bonds, zero coupon |  |  |  |
| EUR |  |  |  |
| EUR	FRANCE, REPUBLIC OF-OAT-REG-S 0.00000% 18-25.03.24 | 3 120 000.00 | 3 316 263.48 | 1.24 |
| EUR	GERMANY, REPUBLIC OF-REG-S 0.00000% 18-14.04.23 | 8 586 000.00 | 9 196 832.72 | 3.43 |
| EUR	GERMANY, REPUBLIC OF-REG-S 0.00000% 20-11.04.25 | 2 210 000.00 | 2 327 911.67 | 0.87 |
| Total EUR |  | 14 841 007.87 | 5.54 |
| Total Bonds, zero coupon |  | 14 841 007.87 | 5.54 |
| Bonds, floating rate |  |  |  |
| EUR |  |  |  |
| EUR	ABANCA CORP BANCARIA SA-REG-S-SUB 6.125%/VAR 19-18.01.29 | 400 000.00 | 439 212.50 | 0.16 |
| EUR	BANCO DE SABADELL SA-REG-S-SUB 5.000%/VAR 21-PRP | 200 000.00 | 182 234.20 | 0.07 |
| EUR	BP CAPITAL MARKETS PLC-REG-S 3.250%/VAR 20-PRP | 300 000.00 | 311 727.33 | 0.12 |
| EUR	ELECTRICITE DE FRANCE SA-REG-S-SUB 4.000%/VAR 18-PRP | 300 000.00 | 312 553.26 | 0.12 |
| EUR	HOLCIM FINANCE LUXEMBOURG SA-REG-S-SUB 3.000%/VAR 19-PRP | 350 000.00 | 370 002.57 | 0.14 |
| EUR	ITALY, REPUBLIC OF-144A-REG-S 1.300%/CPI LINKED 17-15.05.28 | 1 335 000.00 | 1 745 006.95 | 0.65 |
| EUR	RABOBANK NEDERLAND NV-REG-S-SUB 3.250%/VAR 19-PRP | 200 000.00 | 190 468.25 | 0.07 |
| EUR	SES SA-REG-S-SUB 2.875%/VAR 21-PRP | 895 000.00 | 861 693.41 | 0.32 |
| EUR	UBS GROUP AG-REG-S 1.250%/VAR 18-17.04.25 | 400 000.00 | 428 071.50 | 0.16 |
| EUR	VOLKSWAGEN INTL FINANCE NV-REG-S-SUB 3.375%/VAR 18-PRP | 400 000.00 | 428 122.92 | 0.16 |
| Total EUR |  | 5 269 092.89 | 1.97 |
| GBP |  |  |  |
| GBP	CYBG PLC-REG-S-SUB 8.000%/VAR 16-PRP | 200 000.00 | 252 095.29 | 0.10 |
| GBP	HSBC HOLDINGS PLC 2.175%/VAR 18-27.06.23 | 200 000.00 | 251 995.47 | 0.09 |
| Total GBP |  | 504 090.76 | 0.19 |
| NZD |  |  |  |
| NZD	NEW ZEALAND 2.000%/CPI LINKED 12-20.09.25 | 3 410 000.00 | 2 733 675.79 | 1.02 |
| NZD	NEW ZEALAND-REG-S 2.500%/CPI LINKED 14-20.09.35 | 1 850 000.00 | 1 499 565.52 | 0.56 |
| Total NZD |  | 4 233 241.31 | 1.58 |
| USD |  |  |  |
| USD	CREDIT SUISSE GROUP AG-REG-S-SUB 7.125%/VAR 17-PRP | 200 000.00 | 197 936.68 | 0.07 |
| USD	CREDIT SUISSE GROUP AG-REG-S-SUB 7.500%/VAR 18-PRP | 700 000.00 | 691 474.42 | 0.26 |
| Total USD |  | 889 411.10 | 0.33 |
| Total Bonds, floating rate |  | 10 895 836.06 | 4.07 |
| Treasury notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	AMERICA, UNITED STATES OF 2.87500% 19-15.05.49 | 1 525 000.00 | 1 438 265.63 | 0.54 |
| USD	AMERICA, UNITED STATES OF 1.50000% 19-30.09.24 | 3 840 000.00 | 3 744 900.10 | 1.40 |
| USD	AMERICA, UNITED STATES OF 1.62500% 19-30.11.26 | 2 600 000.00 | 2 469 796.94 | 0.92 |
| USD	AMERICA, UNITED STATES OF 0.50000% 20-31.03.25 | 5 370 000.00 | 5 047 800.00 | 1.88 |
| USD	AMERICA, UNITED STATES OF TB 0.12500% 31.08.20-31.08.22 | 5 000 000.00 | 4 988 672.00 | 1.86 |
| USD	AMERICA, UNITED STATES OF 0.12500% 20-15.10.23 | 10 855 000.00 | 10 540 374.34 | 3.93 |
| USD	AMERICA, UNITED STATES OF 0.12500% 20-15.12.23 | 4 410 000.00 | 4 263 229.90 | 1.59 |
| USD	AMERICA, UNITED STATES OF TB 0.12500% 21-31.01.23 | 3 000 000.00 | 2 967 656.40 | 1.11 |
| Total USD |  | 35 460 695.31 | 13.23 |
| Total Treasury notes, fixed rate |  | 35 460 695.31 | 13.23 |
| Treasury notes, floating rate |  |  |  |
| USD |  |  |  |
| USD	AMERICA, UNITED STATES OF 0.625%/CPI LINKED 18-15.04.23 | 1 000 000.00 | 1 190 646.58 | 0.44 |
| Total USD |  | 1 190 646.58 | 0.44 |
| Total Treasury notes, floating rate |  | 1 190 646.58 | 0.44 |
| Total Transferable securities and money market instruments listed on an official stock exchange |  | 235 126 303.70 | 87.75 |
| Transferable securities and money market instruments traded on another regulated market |  |  |  |
| Asset Backed Securities, fixed rate |  |  |  |
| USD |  |  |  |
| USD	COLT MERGER SUB INC-144A 3.60000% 18-25.02.48 | 1 000 000.00 | 386 400.04 | 0.14 |
| USD	CPS AUTO RECEIVABLES TRUST-144A 4.34000% 18-16.09.24 | 900 000.00 | 389 814.44 | 0.15 |
| USD	SANTANDER DRIVE AUTO RECEIVABLES TRUST 4.19000% 18-16.12.24 | 500 000.00 | 138 234.24 | 0.05 |
| Total USD |  | 914 448.72 | 0.34 |
| Total Asset Backed Securities, fixed rate |  | 914 448.72 | 0.34 |
| Mortgage Backed Securities, fixed rate |  |  |  |
| USD |  |  |  |
| USD	BENCHMARK MORTGAGE TRUST 4.44100% 18-01.10.51 | 300 000.00 | 300 066.45 | 0.11 |
| USD	CITIGROUP COMMERCIAL MORTGAGE TRUST 3.96300% 18-01.06.51 | 200 000.00 | 179 865.18 | 0.07 |
| USD	COMM 2015-CCRE22 MORTGAGE TRUST 3.92600% 15-01.03.48 | 300 000.00 | 294 497.85 | 0.11 |
| USD	MSBAM LYNCH TRUST-SUB 3.99400% 16-01.12.49 | 100 000.00 | 97 386.28 | 0.04 |
| Total USD |  | 871 815.76 | 0.33 |
| Total Mortgage Backed Securities, fixed rate |  | 871 815.76 | 0.33 |

UBS (Lux) Bond SICAV – Global Short Term Flexible (USD)
Annual report and audited financial statements as of 31 May 2022
| Description | Quantity/ | Valuation in USD | as a % |
| --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |

Mortgage Backed Securities, floating rate
| USD |  |
| --- | --- |
| USD | AVENTURA MALL TRUST-144A FLR 18-01.07.40 | 200 000.00 | 195 692.48 | 0.07 |
| USD | BAMLL COMMERCIAL MORT SET-144A 1M LIBOR+135BP 18-15.09.34 | 175 000.00 | 167 984.76 | 0.06 |
| USD | BANK 2017-BNK9 VAR 17-01.11.54 | 150 000.00 | 145 597.57 | 0.06 |
| USD | BBCMS TRUST CBM-144A 1M LIBOR+119.1098BP 18-15.07.37 | 200 000.00 | 193 663.28 | 0.07 |
| USD | BENCHMARK MORTGAGE TRUST VAR 18-01.02.51 | 100 000.00 | 97 213.51 | 0.04 |
| USD | CAMB COMM MORTGAGE TRUST-144A-SUB 1M LIBOR+175BP 19-15.12.37 | 140 000.00 | 135 961.64 | 0.05 |
| USD | CORE TRUST CORE-144A 1M LIBOR+110BP 19-15.12.31 | 100 000.00 | 18 258.52 | 0.01 |
| USD | GS MORTGAGE SECURITIES TRUST-144A VAR 17-01.01.43 | 1 275 000.00 | 1 212 031.70 | 0.45 |
| USD | JPMCC COMMERCIAL MORTGAGE SEC TRUST VAR 17-01.09.50 | 300 000.00 | 274 925.85 | 0.10 |
| Total USD |  |  | 2 441 329.31 | 0.91 |
| Total Mortgage Backed Securities, floating rate |  | 2 441 329.31 | 0.91 |
| Notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	AKER BP ASA-144A 3.00000% 20-15.01.25 | 300 000.00 | 293 883.57 | 0.11 |
| USD	AVOLON HOLDINGS FUNDING LTD-144A 2.12500% 21-21.02.26 | 170 000.00 | 152 252.00 | 0.06 |
| USD	BROADCOM INC-144A 1.95000% 21-15.02.28 | 200 000.00 | 173 881.14 | 0.06 |
| USD	CCO HOLDINGS LLC/CAPITAL CORP-144A 5.50000% 16-01.05.26 | 151 000.00 | 151 135.90 | 0.06 |
| USD	CCO HOLDINGS LLC/CAPITAL CORP-144A 4.00000% 17-01.03.23 | 100 000.00 | 99 487.00 | 0.04 |
| USD	PLAINS ALL AMERICAN PIPELINE LP 3.60000% 14-01.11.24 | 200 000.00 | 199 007.36 | 0.07 |
| USD	TRITON CONTAINER INTERNATIONAL LTD-144A 2.05000% 21-15.04.26 | 190 000.00 | 174 458.00 | 0.06 |
| Total USD |  | 1 244 104.97 | 0.46 |
| Total Notes, fixed rate |  | 1 244 104.97 | 0.46 |
| Medium term notes, fixed rate |  |  |  |
| AUD |  |  |  |
| AUD	AIR NEW ZEALAND LTD 5.70000% 22-25.05.26 | 630 000.00 | 453 101.00 | 0.17 |
| Total AUD |  | 453 101.00 | 0.17 |
| Total Medium term notes, fixed rate |  | 453 101.00 | 0.17 |
| Medium term notes, floating rate |  |  |  |
| USD |  |  |  |
| USD	AUSTRALIA & NEW ZEALAND BANK-REG-S-SUB 2.950%VAR 20-22.07.30 | 200 000.00 | 191 596.20 | 0.07 |
| Total USD |  | 191 596.20 | 0.07 |
| Total Medium term notes, floating rate |  | 191 596.20 | 0.07 |
| Bonds, fixed rate |  |  |  |
| CAD |  |  |  |
| CAD	ALBERTA, PROVINCE OF 3.40000% 13-01.12.23 | 580 000.00 | 462 832.07 | 0.17 |
| Total CAD |  | 462 832.07 | 0.17 |
| RUB |  |  |  |
| RUB	RUSSIA, FEDERATION OF 7.65000% 19-10.04.30* | 169 000 000.00 | 167 658.73 | 0.06 |
| Total RUB |  | 167 658.73 | 0.06 |
| USD |  |  |  |
| USD	FIVE CORNERS FUNDING TRUST-144A 4.41900% 13-15.11.23 | 100 000.00 | 101 484.56 | 0.04 |
| Total USD |  | 101 484.56 | 0.04 |
| Total Bonds, fixed rate |  | 731 975.36 | 0.27 |
| Bonds, floating rate |  |  |  |
| NZD |  |  |  |
| NZD	NEW ZEALAND 2.500%/CPI LINKED 17-20.09.40 | 500 000.00 | 403 924.24 | 0.15 |
| NZD	NEW ZEALAND 3.000%/CPI LINKED 13-20.09.30 | 5 960 000.00 | 5 049 612.88 | 1.89 |
| Total NZD |  | 5 453 537.12 | 2.04 |
| Total Bonds, floating rate |  | 5 453 537.12 | 2.04 |
| Total Transferable securities and money market instruments traded on another regulated market |  | 12 301 908.44 | 4.59 |

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 | VISTRA OPERATIONS CO LLC-144A 5.12500% 22-13.05.25 | 365 000.00 | 367 781.08 | 0.14 |
| Total USD |  |  | 367 781.08 | 0.14 |
| Total Notes, fixed rate | 367 781.08 | 0.14 |
| Total Transferable securities and money market instruments not listed on an official stock exchange and not traded on another regulated market | 367 781.08 | 0.14 |
| * Fair-valued - See note 15 – Event |  |  |

UBS (Lux) Bond SICAV – Global Short Term Flexible (USD) Annual report and audited financial statements as of 31 May 2022
| Description | Quantity/ | Valuation in USD | as a % |
| --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |

UCITS/Other UCIs in accordance with Article 41 (1) e) of the amended Luxembourg law of 17 December 2010
Investment funds, open end
Luxembourg
| EUR | UBS (LUX) BOND FUND - EURO HIGH YIELD (EUR) I-X-ACC | 100.00 | 14 450.09 | 0.00 |
| --- | --- | --- | --- | --- |
| USD | UBS (LUX) BOND SICAV - ASIAN HIGH YIELD (USD) I-X-DIST | 50 000.00 | 3 150 500.00 | 1.18 |
| USD | UBS (LUX) BOND SICAV - CHINA HIGH YIELD (USD) U-X-ACC | 320.00 | 1 771 222.40 | 0.66 |
| Total Luxembourg | 4 936 172.49 | 1.84 |
| Total Investment funds, open end | 4 936 172.49 | 1.84 |
| Total UCITS/Other UCIs in accordance with Article 41 (1) e) of the amended Luxembourg law of 17 December 2010 | 4 936 172.49 | 1.84 |
| Total investments in securities | 252 732 165.71 | 94.32 |

| Derivative instruments |  |
| --- | --- |
| Derivative instruments listed on an official stock exchange |
| Financial Futures on bonds |
|  |  |  |  |
| EUR	EURO BTP ITALY GOVERNMENT FUTURE 08.06.22 | 25.00 | -471 350.00 | -0.18 |
| EUR	EURO-BUND FUTURE 08.06.22 | -9.00 | 132 192.25 | 0.05 |
| EUR	EURO-BOBL FUTURE 08.06.22 | -195.00 | 1 304 814.64 | 0.49 |
| EUR	EURO-SCHATZ FUTURE 08.06.22 | 124.00 | -220 506.10 | -0.08 |
| EUR	EURO-BUXL FUTURE 08.06.22 | -16.00 | 673 259.20 | 0.25 |
| EUR	EURO-OAT FUTURE 08.06.22 | -12.00 | 182 155.35 | 0.07 |
| GBP	LONG GILT FUTURE 28.09.22 | 10.00 | -22 307.31 | -0.01 |
| JPY	JAPAN GOVERNMENT 10Y BOND (OSE) FUTURE 13.06.22 | -13.00 | 4 119.86 | 0.00 |
| AUD	AUSTRALIA 3YR BOND FUTURE 15.06.22 | 114.00 | -235 921.06 | -0.09 |
| USD	US ULTRA LONG BOND (CBT) FUTURE 21.09.22 | -25.00 | 75 078.13 | 0.03 |
| USD	US LONG BOND FUTURE 21.09.22 | -8.00 | 14 585.94 | 0.01 |
| CAD	CAN 10YR BOND FUTURE 20.09.22 | 14.00 | -17 598.92 | -0.01 |
| USD	US 5YR TREASURY NOTE FUTURE 30.09.22 | -160.00 | 83 460.96 | 0.03 |
| USD	US 10YR ULTRA NOTE FUTURE 21.09.22 | -76.00 | 108 406.27 | 0.04 |
| USD	US 10YR TREASURY NOTE FUTURE 21.09.22 | -63.00 | 56 515.63 | 0.02 |
| USD	US 2YR TREASURY NOTE FUTURE 30.09.22 | 170.00 | -51 796.96 | -0.02 |
| Total Financial Futures on bonds |  | 1 615 107.88 | 0.60 |
| Financial Futures on interest rates |  |  |  |
|  |  |  |  |
| USD	90DAY EURO DOLLAR FUTURE 18.12.23 | 265.00 | -1 073 462.50 | -0.40 |
| USD	90DAY EURO DOLLAR FUTURE 16.12.24 | -265.00 | 768 025.00 | 0.29 |
| Total Financial Futures on interest rates | -305 437.50 | -0.11 |
| Total Derivative instruments listed on an official stock exchange | 1 309 670.38 | 0.49 |
| Derivative instruments not listed on an official stock exchange and not traded on another regulated market |  |  |
| Swaps and forward swaps on interest rates |  |  |

| PLN PLN | LCH/INTEREST RATE SWAP PAYER 2.11600% 20-23.01.30 LCH/INTEREST RATE SWAP REC 6MWIB 20-23.01.30 | -6 500 000.00 | 382 122.78 | 0.14 |
| --- | --- | --- | --- | --- |
| PLN | LCH/INTEREST RATE SWAP PAYER 1.91900% 20-10.02.30 | -6 000 000.00 | 371 406.90 | 0.14 |
| PLN | LCH/INTEREST RATE SWAP REC 6MWIB 20-10.02.30 |  |  |  |
| PLN | LCH/INTEREST RATE SWAP PAYER 1.17250% 20-07.12.30 | -22 000 000.00 | 1 735 648.18 | 0.65 |
| PLN | LCH/INTEREST RATE SWAP REC 6MWIB 20-07.12.30 |  |  |  |
| PLN | LCH/INTEREST RATE SWAP PAYER 1.15700% 20-17.12.30 | -23 000 000.00 | 1 817 565.68 | 0.68 |
| PLN | LCH/INTEREST RATE SWAP REC 6MWIB 20-17.12.30 |  |  |  |
| GBP | LCH/INTEREST RATE SWAP PAYER 0.28940% 20-15.12.50 | -800 000.00 | 377 215.53 | 0.14 |
| GBP | LCH/INTEREST RATE SWAP REC SONIA O/N 20-15.12.50 |  |  |  |
| GBP | LCH/INTEREST RATE SWAP PAYER 0.84167% 21-19.02.51 | -2 700 000.00 | 870 942.76 | 0.32 |
| GBP | LCH/INTEREST RATE SWAP REC SONIA O/N 21-19.02.51 |  |  |  |
| GBP | LCH/INTEREST RATE SWAP PAYER 0.88544% 21-28.02.51 | -1 600 000.00 | 497 365.15 | 0.18 |
| GBP | LCH/INTEREST RATE SWAP REC SONIA O/N 21-28.02.51 |  |  |  |
| NZD | LCH/INTEREST RATE SWAP PAYER 1.58300% 24-24.09.29 | -2 500 000.00 | 157 642.19 | 0.06 |
| NZD | LCH/INTEREST RATE SWAP REC 3MFRA 24-24.09.29 |  |  |  |
| CNY | CITI/INTEREST RATE SWAP PAYER 2.80500% 21-02.04.26 | -85 000 000.00 | -231 957.71 | -0.09 |
| CNY | CITI/INTEREST RATE SWAP REC CNRR007 21-02.04.26 |  |  |  |
| GBP | LCH/INTEREST RATE SWAP PAYER 0.93330% 21-26.10.51 | -1 200 000.00 | 358 155.83 | 0.13 |
| GBP | LCH/INTEREST RATE SWAP REC SONIA O/N 21-26.10.51 |  |  |  |
| USD | LCH/INTEREST RATE SWAP PAYER 1.82280% 21-29.10.51 | -1 500 000.00 | 310 440.34 | 0.12 |
| USD | LCH/INTEREST RATE SWAP REC 3M LIBOR 21-29.10.51 |  |  |  |
| GBP | LCH/INTEREST RATE SWAP PAYER 0.52820% 21-09.12.51 | -1 200 000.00 | 497 522.97 | 0.18 |
| GBP | LCH/INTEREST RATE SWAP REC SONIA O/N 21-09.12.51 |  |  |  |
| PLN | LCH/INTEREST RATE SWAP PAYER 3.79250% 22-17.01.32 | -8 000 000.00 | 320 559.41 | 0.12 |
| PLN | LCH/INTEREST RATE SWAP REC 6MWIB 22-17.01.32 |  |  |  |
| PLN | LCH/INTEREST RATE SWAP PAYER 3.86400% 22-19.01.32 | -8 000 000.00 | 310 956.64 | 0.12 |
| PLN | LCH/INTEREST RATE SWAP REC 6MWIB 22-19.01.32 |  |  |  |
| KRW | JPMORGAN/INTEREST RATE SWAP PAYER 2.15900% 22-25.01.32 | -3 900 000 000.00 | 256 350.94 | 0.10 |
| KRW | JPMORGAN/INTEREST RATE SWAP REC 3MKWCD 22-25.01.32 |  |  |  |
| CNY | JPMORGAN/INTEREST RATE SWAP REC 3.15750% 19-30.10.24 | 7 000 000.00 | 24 444.56 | 0.01 |
| CNY | JPMORGAN/INTEREST RATE SWAP PAYER CNRR007 19-30.10.24 |  |  |  |
| CNY | CITI/INTEREST RATE SWAP REC 2.87250% 20-04.12.25 | 90 000 000.00 | 278 852.29 | 0.10 |
| CNY | CITI/INTEREST RATE SWAP PAYER CNRR007 20-04.12.25 |  |  |  |
| CNY | CITI/INTEREST RATE SWAP REC 2.78750% 20-17.12.25 | 60 000 000.00 | 155 163.11 | 0.06 |
| CNY | CITI/INTEREST RATE SWAP PAYER CNRR007 20-17.12.25 |  |  |  |

UBS (Lux) Bond SICAV – Global Short Term Flexible (USD)
Annual report and audited financial statements as of 31 May 2022
|  | Description | Quantity/ | Valuation in USD | as a % |
| --- | --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |
|  |  |  |  |  |
| MXN | CME/INTEREST RATE SWAP REC 6.92500% 19-21.11.29 | 50 000 000.00 | -220 848.22 | -0.08 |
| MXN | CME/INTEREST RATE SWAP PAYER MXI 19-21.11.29 |  |  |  |
| NZD | LCH/INTEREST RATE SWAP REC 1.32000% 21-22.06.26 | 8 000 000.00 | -488 091.38 | -0.18 |
| NZD | LCH/INTEREST RATE SWAP PAYER 3MFRA 21-22.06.26 |  |  |  |
| HUF | LCH/INTEREST RATE SWAP REC 2.59600% 21-10.08.26 | 1 600 000 000.00 | -701 933.61 | -0.26 |
| HUF | LCH/INTEREST RATE SWAP PAYER 6ML 21-10.08.26 |  |  |  |
| HUF | LCH/INTEREST RATE SWAP REC 2.83500% 21-17.09.26 | 990 000 000.00 | -426 419.57 | -0.16 |
| HUF | LCH/INTEREST RATE SWAP PAYER 6ML 21-17.09.26 |  |  |  |
| MXN | CME/INTEREST RATE SWAP REC 7.50000% 21-22.09.31 | 49 000 000.00 | -156 861.27 | -0.06 |
| MXN | CME/INTEREST RATE SWAP PAYER MXI 21-22.09.31 |  |  |  |
| CNY | CITI/INTEREST RATE SWAP REC 2.49500% 21-08.10.26 | 20 000 000.00 | 16 922.97 | 0.01 |
| CNY | CITI/INTEREST RATE SWAP PAYER CNRR007 21-08.10.26 |  |  |  |
| MXN | CME/INTEREST RATE SWAP REC 7.44000% 21-16.10.26 | 115 000 000.00 | -251 619.62 | -0.09 |
| MXN | CME/INTEREST RATE SWAP PAYER MXI 21-16.10.26 |  |  |  |
| MXN | CME/INTEREST RATE SWAP REC 7.49250% 21-19.10.26 | 165 000 000.00 | -345 212.71 | -0.13 |
| MXN | CME/INTEREST RATE SWAP PAYER MXI 21-19.10.26 |  |  |  |
| ZAR | LCH/INTEREST RATE SWAP REC 7.67000% 22-06.01.32 | 29 000 000.00 | -76 687.65 | -0.03 |
| ZAR | LCH/INTEREST RATE SWAP PAYER 3MZAR 22-06.01.32 |  |  |  |
| HUF | LCH/INTEREST RATE SWAP REC 4.82000% 22-17.01.27 | 1 200 000 000.00 | -316 652.91 | -0.12 |
| HUF | LCH/INTEREST RATE SWAP PAYER 6MHUF 22-17.01.27 |  |  |  |
| HUF | LCH/INTEREST RATE SWAP REC 4.95100% 22-19.01.27 | 1 200 000 000.00 | -298 125.83 | -0.11 |
| HUF | LCH/INTEREST RATE SWAP PAYER 6ML 22-19.01.27 |  |  |  |
| KRW | JPMORGAN/INTEREST RATE SWAP REC 2.02000% 22-25.01.24 | 20 000 000 000.00 | -235 945.70 | -0.09 |
| KRW | JPMORGAN/INTEREST RATE SWAP PAYER 3MKWCD 22-25.01.24 |  |  |  |
| GBP | LCH/INTEREST RATE SWAP REC 1.61930% 22-24.02.27 | 9 000 000.00 | -313 724.52 | -0.12 |
| GBP | LCH/INTEREST RATE SWAP PAYER SONIA O/N 22-24.02.27 |  |  |  |
| Total Swaps and forward swaps on interest rates | 4 675 197.53 | 1.74 |
| Total Derivative instruments not listed on an official stock exchange and not traded on another regulated market | 4 675 197.53 | 1.74 |
| Total Derivative instruments | 5 984 867.91 | 2.23 |
| Forward Foreign Exchange contracts |  |  |
| Currency purchased/Amount purchased/Currency sold/Amount sold/Maturity date |  |  |

| MYR | 2 309 000.00 | USD | 528 012.81 | 7.6.2022 | -839.85 | 0.00 |
| --- | --- | --- | --- | --- | --- | --- |
| USD | 5 282 252.54 | CNY | 34 725 000.00 | 6.6.2022 | 66 820.27 | 0.02 |
| USD | 2 391 496.90 | TWD | 70 200 000.00 | 6.6.2022 | -28 240.16 | -0.01 |
| KRW | 2 743 000 000.00 | USD | 2 154 794.87 | 7.6.2022 | 59 563.52 | 0.02 |
| USD | 1 854 968.64 | JPY | 241 500 000.00 | 6.6.2022 | -22 352.97 | -0.01 |
| USD | 1 973 956.38 | BRL | 10 020 000.00 | 6.6.2022 | -139 871.05 | -0.05 |
| CLP | 1 375 200 000.00 | USD | 1 592 035.19 | 6.6.2022 | 78 373.21 | 0.03 |
| USD | 2 219 099.55 | PLN | 9 840 000.00 | 6.6.2022 | -81 588.72 | -0.03 |
| USD | 107 944 339.34 | EUR | 102 635 000.00 | 6.6.2022 | -2 008 620.43 | -0.75 |
| USD | 14 042 457.10 | NZD | 21 880 000.00 | 7.6.2022 | -199 541.13 | -0.07 |
| USD | 5 308 597.68 | CAD | 6 835 000.00 | 6.6.2022 | -95 129.67 | -0.04 |
| USD | 1 657 188.73 | AUD | 2 335 000.00 | 6.6.2022 | -17 848.42 | -0.01 |
| USD | 3 895 037.31 | MXN | 80 080 000.00 | 6.6.2022 | -166 329.49 | -0.06 |
| USD | 191 631.29 | HUF | 70 100 000.00 | 7.6.2022 | 2 487.98 | 0.00 |
| USD | 25 015 582.26 | GBP | 19 970 000.00 | 6.6.2022 | -152 548.82 | -0.06 |
| SEK | 21 200 000.00 | USD | 2 146 305.20 | 7.6.2022 | 20 686.59 | 0.01 |
| AUD | 310 000.00 | USD | 220 699.54 | 6.6.2022 | 1 682.27 | 0.00 |
| NZD | 380 000.00 | USD | 245 079.10 | 7.6.2022 | 2 268.22 | 0.00 |
| SGD | 1 488 906.58 | USD | 1 080 000.00 | 6.6.2022 | 6 077.00 | 0.00 |
| USD | 1 080 000.00 | PHP | 56 894 400.00 | 6.6.2022 | -5 596.62 | 0.00 |
| EUR | 281 628.60 | PLN | 1 320 000.00 | 6.6.2022 | -6 920.97 | 0.00 |
| EUR | 1 025 000.00 | SEK | 10 708 226.25 | 7.6.2022 | 3 576.85 | 0.00 |
| AUD | 1 515 000.00 | USD | 1 063 225.03 | 6.6.2022 | 23 576.38 | 0.01 |
| EUR | 334 405.50 | PLN | 1 570 000.00 | 6.6.2022 | -8 833.75 | 0.00 |
| AUD | 34 321 700.00 | USD | 24 073 971.43 | 14.6.2022 | 550 288.39 | 0.20 |
| CAD | 18 221 400.00 | USD | 14 054 543.95 | 13.6.2022 | 350 131.79 | 0.13 |
| EUR | 77 296 400.00 | USD | 81 721 533.87 | 13.6.2022 | 1 115 825.62 | 0.42 |
| CHF | 28 209 300.00 | USD | 28 570 198.75 | 13.6.2022 | 872 027.77 | 0.33 |
| GBP | 15 554 800.00 | USD | 19 230 640.34 | 13.6.2022 | 373 082.15 | 0.14 |
| ZAR | 8 690 216.76 | USD | 540 000.00 | 6.6.2022 | 17 561.07 | 0.01 |
| USD | 55 397.61 | GBP | 45 000.00 | 13.6.2022 | -1 315.91 | 0.00 |
| PLN | 4 645 000.00 | CZK | 24 851 214.50 | 6.6.2022 | 9 711.14 | 0.00 |
| GBP | 2 350 000.00 | USD | 2 875 135.47 | 6.6.2022 | 86 562.48 | 0.03 |
| PLN | 6 000 000.00 | USD | 1 336 471.07 | 6.6.2022 | 66 387.63 | 0.02 |
| USD | 198 755.42 | GBP | 162 800.00 | 13.6.2022 | -6 421.50 | 0.00 |
| CAD | 1 528 668.77 | USD | 1 170 000.00 | 6.6.2022 | 38 560.24 | 0.01 |
| MYR | 4 585 460.00 | USD | 1 045 000.00 | 7.6.2022 | 1 916.64 | 0.00 |
| USD | 1 045 000.00 | PHP | 54 967 000.00 | 6.6.2022 | -3 820.09 | 0.00 |
| USD | 368 127.96 | EUR | 353 200.00 | 13.6.2022 | -10 391.03 | 0.00 |
| USD | 88 684.11 | AUD | 126 300.00 | 14.6.2022 | -1 930.40 | 0.00 |
| NOK | 10 310 000.00 | SEK | 10 483 764.74 | 7.6.2022 | 25 118.56 | 0.01 |
| USD | 45 466.59 | CAD | 58 200.00 | 13.6.2022 | -542.61 | 0.00 |
| USD | 112 553.85 | GBP | 90 200.00 | 13.6.2022 | -1 125.26 | 0.00 |
| CHF | 370 200.00 | USD | 384 005.22 | 13.6.2022 | 2 374.88 | 0.00 |
| USD | 176 398.53 | GBP | 140 300.00 | 13.6.2022 | -421.63 | 0.00 |
| USD | 500 164.73 | MXN | 9 930 000.00 | 6.6.2022 | -3 448.81 | 0.00 |
| SEK | 3 224 356.91 | GBP | 258 720.00 | 7.6.2022 | 3 519.53 | 0.00 |
| USD | 76 064.13 | AUD | 107 300.00 | 14.6.2022 | -918.74 | 0.00 |
| USD | 1 060 223.66 | AUD | 1 490 000.00 | 6.6.2022 | -8 643.73 | 0.00 |
| USD | 525 000.00 | ZAR | 8 221 420.73 | 6.6.2022 | -2 483.29 | 0.00 |
| USD | 5 156 667.66 | CNY | 34 725 000.00 | 6.7.2022 | -46 333.87 | -0.02 |
| CNY | 34 725 000.00 | USD | 5 168 179.79 | 6.6.2022 | 47 252.48 | 0.02 |
| SEK | 7 218 131.59 | GBP | 581 280.00 | 7.6.2022 | 5 229.16 | 0.00 |
| USD | 2 407 655.11 | TWD | 70 200 000.00 | 6.7.2022 | -24 088.27 | -0.01 |
| TWD | 70 200 000.00 | USD | 2 400 985.02 | 6.6.2022 | 18 752.04 | 0.01 |
| USD | 2 189 320.78 | KRW | 2 743 000 000.00 | 7.6.2022 | -25 037.61 | -0.01 |

UBS (Lux) Bond SICAV – Global Short Term Flexible (USD) Annual report and audited financial statements as of 31 May 2022
| Description	Quantity/ | Valuation in USD | as a % |
| --- | --- | --- |
| Nominal | Unrealized gain | of net |
|  | (loss) on Futures/ | assets |
|  | Forward |  |
|  | Exchange Contracts/ |  |
|  | Swaps (Note 1) |  |

Forward Foreign Exchange contracts (Continued)
Currency purchased/Amount purchased/Currency sold/Amount sold/Maturity date
| KRW | 2 743 000 000.00 | USD | 2 188 901.48 | 6.7.2022 | 21 214.09 | 0.01 |
| --- | --- | --- | --- | --- | --- | --- |
| USD | 214 572.52 | EUR | 200 000.00 | 6.6.2022 | 312.36 | 0.00 |
| USD | 322 203.87 | GBP | 255 000.00 | 6.6.2022 | 828.14 | 0.00 |
| USD | 1 050 000.00 | CAD | 1 336 945.47 | 6.6.2022 | -6 984.46 | 0.00 |
| USD | 2 134 070.75 | PHP | 111 900 000.00 | 6.7.2022 | 8 949.62 | 0.00 |
| MYR | 6 895 000.00 | USD | 1 578 308.84 | 6.7.2022 | -5 522.83 | 0.00 |
| USD | 1 578 402.01 | MYR | 6 894 460.00 | 7.6.2022 | 4 312.41 | 0.00 |
| PHP | 111 861 400.00 | USD | 2 138 023.70 | 6.6.2022 | -3 606.99 | 0.00 |
| USD | 1 665 899.45 | CLP | 1 375 200 000.00 | 6.6.2022 | -4 508.95 | 0.00 |
| BRL | 10 020 000.00 | USD | 2 121 083.83 | 6.6.2022 | -7 256.40 | 0.00 |
| CLP | 1 375 200 000.00 | USD | 1 656 169.09 | 6.7.2022 | 3 714.40 | 0.00 |
| USD | 2 102 612.53 | BRL | 10 020 000.00 | 6.7.2022 | 9 293.30 | 0.00 |
| USD | 22 542 400.24 | GBP | 17 875 000.00 | 6.7.2022 | 10 259.10 | 0.00 |
| USD | 240 836.13 | CAD | 305 000.00 | 6.6.2022 | -295.81 | 0.00 |
| Total Forward Foreign Exchange contracts | 808 937.04 | 0.30 |
|  |  |  |
| Cash at banks, deposits on demand and deposit accounts and other liquid assets | 9 413 688.66 | 3.51 |
| Bank overdraft and other short-term liabilities | -2 913 789.16 | -1.09 |
| Other assets and liabilities | 1 930 186.31 | 0.73 |
| Total net assets | 267 956 056.47 | 100.00 |

UBS (Lux) Bond SICAV – Global Short Term Flexible (USD)
Annual report and audited financial statements as of 31 May 2022

Translation (ENFR, 2022-05-31):
# UBS (Lux) Bond SICAV
– Asian Investment Grade Bonds Sustainable (USD)*
| Comparaison sur trois ans |  |
| --- | --- |
|  | ISIN | 31.5.2022 |  | 31.5.2021 | 31.5.2020 |
| Actif net en USD |  | 133 158 299.76 |  | 89 439 023.89 | 71 802 087.51 |
| Catégorie I-B-acc | LU1377678567 |  |  |  |  |
| Actions en circulation |  | 184 428.0000 |  | 142 946.0000 | 173 273.0000 |
| Valeur nette d’inventaire par action en USD |  | 118.12 |  | 128.30 | 121.44 |
| Prix d’émission et de rachat par action en USD 1 |  | 118.12 |  | 128.30 | 121.44 |
| Catégorie U-X-acc | LU1377216947 |  |  |  |  |
| Actions en circulation |  | 9 389.7600 |  | 5 522.0000 | 4 168.0000 |
| Valeur nette d’inventaire par action en USD |  | 11 861.19 |  | 12 875.47 | 12 178.50 |
| Prix d’émission et de rachat par action en USD 1 |  | 11 861.19 |  | 12 875.47 | 12 178.50 |
| 1  Voir note 1 |  |  |  |  |  |
| Performance |  |  |  |  |  |
|  |  | Devise | 2021/2022 | 2020/2021 | 2019/2020 |
| Catégorie I-B-acc |  | USD | -7.9% | 5.6% | 7.8% |
| Catégorie U-X-acc |  | USD | -7.9% | 5.7% | 7.9% |
| Benchmark: 1 JP Morgan Asia Credit Index - Investment Grade |  | USD | -6.2% | 3.3% | 6.9% |

1 
Le compartiment est géré activement. L’indice est un point de référence par rapport auquel le rendement du compartiment peut être mesuré. La performance historique n’est pas un indicateur de la performance actuelle ou future.
Les données de performance ne tiennent pas compte des commissions et des frais prélevés lors de l’émission et du rachat des actions. Les données de performance ne sont pas auditées.
UBS (Lux) Bond SICAV – Asian Investment Grade Bonds Sustainable (USD)*
* anciennement UBS (Lux) Bond SICAV – Asian Investment Grade Bonds (USD)
Rapport annuel et états financiers révisés au 31 mai 2022

## Rapport du Gestionnaire de portefeuille
Au cours de l’exercice financier compris entre le 1
er 
juin 2021 et le 31 mai 2022, la performance totale du marché des obligations asiatiques en USD notées
«Investment grade» s’est révélée négative, étant donné l’élargissement des écarts et le début d’un cycle de hausse des taux pour de nombreuses banques centra- les dans le monde. Notons que la Réserve fédérale amé- ricaine a relevé ses taux d’intérêt de 25 pb au premier trimestre 2022, sa première hausse depuis 2018, puis à nouveau de 50 pb en mai 2022. Dans le sillage du mar- ché des obligations asiatiques à haut rendement en USD, les crédits du segment «Investment grade» ont été lar- gement impactés par la politique chinoise vis-à-vis des secteurs des plateformes technologiques, des jeux et de l’immobilier. Ces secteurs ont connu un renforcement de leur réglementation qui a déclenché une hausse de la volatilité et une vague de ventes sur les marchés au second semestre 2021 et au premier trimestre 2022. À la fin du premier trimestre 2022, la guerre entre l’Ukraine et la Russie a contribué à créer une aversion générali- sée pour le risque, des chiffres d’inflation élevés dans le monde entier, et les marchés ont commencé à intégrer aux cours des hausses de taux plus rapides que prévu de la part des banques centrales. Les rendements obli- gataires mondiaux ont fortement progressé au cours de l’exercice financier, contribuant ainsi à la sous-perfor- mance des marchés obligataires.
La performance du fonds durant la période sous revue s’est par conséquent révélée négative, reflétant l’ensemble du marché des obligations asiatiques à haut rendement en USD. Dans la mesure où le marché du crédit asiatique noté «Investment grade» présente une duration plus courte que certains de ses homologues (par exemple sur les marchés développés), l’impact négatif de la duration sur le marché du crédit asiatique est moindre. L’actualité récente concernant la mise en œuvre d’une politique de soutien par la People’s Bank of China (PBoC) et les différents organes gouvernementaux, a inclus des baisses de taux directeurs et des taux hypothécaires, un assouplissement des restrictions à l’acquisition de la rési- dence principale et l’encouragement des prêteurs à oct- royer des prêts à un plus grand nombre d’entreprises. Cette politique a dopé l’opinion du marché.

## Structure du portefeuille-titres
Répartition géographique en % de l’actif net	
| Iles Caïmans | 13.80 |
| --- | --- |
| Iles Vierges britanniques | 13.50 |
| Hong Kong | 11.72 |
| Chine | 10.71 |
| Singapour | 9.13 |
| Corée du Sud | 5.68 |
| Philippines | 5.60 |
| Indonésie | 5.16 |
| Inde | 4.40 |
| Thaïlande | 4.33 |
| Grande-Bretagne | 1.23 |
| Japon | 0.96 |
| France | 0.92 |
| Malaisie | 0.86 |
| Pays-Bas | 0.77 |
| Etats-Unis | 0.75 |
| Macao | 0.22 |
| Total | 89.74 |

Répartition économique en % de l’actif net	
| Etablissements financiers et sociétés de participation | 31.21 |
| --- | --- |
| Banques & instituts de crédit | 23.39 |
| Gouvernements nationaux et centraux | 7.74 |
| Services divers | 4.70 |
| Internet, logiciels et services informatiques | 4.31 |
| Télécommunications | 3.78 |
| Immobilier | 3.26 |
| Emetteurs d’obligations sécurisées (Pfandbriefe) et |  |
| sociétés de refinancement | 2.68 |
| Industrie graphique, édition et médias | 1.83 |
| Chimie | 1.70 |
| Pétrole | 1.69 |
| Diverses sociétés commerciales | 1.20 |
| Villes, communes | 0.71 |
| Distribution d’énergie & d’eau | 0.58 |
| Alimentation & softs | 0.49 |
| Trafic et transport | 0.47 |
| Total | 89.74 |

UBS (Lux) Bond SICAV – Asian Investment Grade Bonds Sustainable (USD)*
* anciennement UBS (Lux) Bond SICAV – Asian Investment Grade Bonds (USD)
Rapport annuel et états financiers révisés au 31 mai 2022

## Etat des actifs nets
USD
Actif	31.5.2022
Portefeuille-titres, cours d’achat	131 444 124.36
| Portefeuille-titres, plus- (moins-) value non-réalisée | 	-11 949 692.32	 |
| --- | --- |
| Total portefeuille-titres (note 1) | 119 494 432.04 |
| Avoirs en banque, dépôts à vue et à terme | 9 293 799.02 |
| Autres liquidités (marges) | 293 412.79 |
| A recevoir sur souscriptions | 7 443 068.36 |
| Intérêts à recevoir sur titres | 997 123.09 |
| Frais payés d’avance | 30 660.89 |
| Total Actif | 137 552 496.19 |
|  |  |
| Passif |  |
| Perte non réalisée sur contrats financiers à terme (note 1) | -123 976.59 |
| A payer sur achats de titres (note 1) | -4 254 656.38 |
| Provisions pour commission de gestion forfaitaire (note 2) | -1 070.65 |
| Provisions pour taxe d’abonnement (note 3) | -2 231.50 |
| Provisions pour autres commissions et frais (note 2) | 	-12 261.31	 |
| Total des Provisions pour frais | -15 563.46 |
| Total Passif | -4 394 196.43 |
|  |  |
| Actifs nets à la fin de l’exercice | 133 158 299.76 |
| Etat des opérations | USD |
| Revenus | 1.6.2021-31.5.2022 |
| Revenus d’intérêts sur liquidités | 1 173.35 |
| Intérêts sur titres | 3 663 545.73 |
| Revenus nets sur prêts de titres (note 17) | 64 183.32 |
| Autres revenus (note 4) | 342 154.34 |
| Total des Revenus | 4 071 056.74 |
|  |  |
| Charges |  |
| Commission de gestion forfaitaire (note 2) | -15 122.56 |
| Taxe d’abonnement (note 3) | -13 374.03 |
| Autres commissions et frais (note 2) | -27 776.17 |
| Charges d’intérêts sur liquidités et crédit en compte courant | -439.98 |
| Total des Charges | -56 712.74 |
|  |  |
| Revenus (Pertes) net(te)s des investissements | 4 014 344.00 |
|  |  |
| Bénéfices (pertes) réalisé(e)s (note 1) |  |
| Bénéfice (perte) réalisé(e) sur titres évalués à la valeur de marché hors options | -3 385 824.38 |
| Bénéfice (perte) réalisé(e) sur contrats financiers à terme | -1 430 207.01 |
| Bénéfice (perte) réalisé(e) de change réalisé(e) | -3 459.96 |
| Total des Bénéfices (pertes) réalisé(e)s | -4 819 491.35 |
|  |  |
| Bénéfice (perte) net(te) réalisé(e) au cours de l’exercice | -805 147.35 |
|  |  |
| Variations des plus- (moins-) values non-réalisées (note 1) |  |
| Plus- (Moins-) value non réalisée sur titres évalués à la valeur de marché hors options | -12 170 767.39 |
| Plus- (Moins-) value non réalisée sur contrats financiers à terme | -130 406.25 |
| Total des Variations des plus- (moins-) values non-réalisées | -12 301 173.64 |
|  |  |
| Augmentation/(diminution) nette de l’actif net issue de l’activité | -13 106 320.99 |

UBS (Lux) Bond SICAV – Asian Investment Grade Bonds Sustainable (USD)*
* anciennement UBS (Lux) Bond SICAV – Asian Investment Grade Bonds (USD)
Rapport annuel et états financiers révisés au 31 mai 2022
| Variations de l’actif net |  |
| --- | --- |
|  | USD |
|  | 1.6.2021-31.5.2022 |
| Actif net au début de l’exercice | 89 439 023.89 |
| Souscriptions | 105 891 848.99 |
| Rachats | 	-49 066 252.13	 |
| Souscriptions (Rachats) net(te)s | 56 825 596.86 |
| Revenus (Pertes) net(te)s des investissements | 4 014 344.00 |
| Total des Bénéfices (pertes) réalisé(e)s | -4 819 491.35 |
| Total des Variations des plus- (moins-) values non-réalisées | 	-12 301 173.64	 |
| Augmentation/(diminution) nette de l’actif net issue de l’activité | -13 106 320.99 |
| Actifs nets à la fin de l’exercice | 133 158 299.76 |
| Evolution des actions en circulation |  |
|  | 1.6.2021-31.5.2022 |
| Catégorie | I-B-acc |
| Nombre d’actions en circulation au début de l’exercice | 142 946.0000 |
| Nombre d’actions émises | 124 623.0000 |
| Nombre d’actions rachetées | -83 141.0000 |
| Nombre d’actions en circulation à la fin de l’exercice | 184 428.0000 |
| Catégorie | U-X-acc |
| Nombre d’actions en circulation au début de l’exercice | 5 522.0000 |
| Nombre d’actions émises | 7 012.7600 |
| Nombre d’actions rachetées | -3 145.0000 |
| Nombre d’actions en circulation à la fin de l’exercice | 9 389.7600 |

UBS (Lux) Bond SICAV – Asian Investment Grade Bonds Sustainable (USD)*
* anciennement UBS (Lux) Bond SICAV – Asian Investment Grade Bonds (USD)
Rapport annuel et états financiers révisés au 31 mai 2022

## Etat du portefeuille-titres et autres actifs nets au 31 mai 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	AIRPORT AUTHORITY-REG-S 3.25000% 22-12.01.52 | 1 150 000.00 | 947 969.38 | 0.71 |
| USD	ALIBABA GROUP HOLDING LTD 3.60000% 15-28.11.24 | 200 000.00 | 199 774.00 | 0.15 |
| USD	ALIBABA GROUP HOLDING LTD 2.80000% 17-06.06.23 | 1 700 000.00 | 1 692 673.00 | 1.27 |
| USD	ALIBABA GROUP HOLDING LTD 3.15000% 21-09.02.51 | 850 000.00 | 585 871.00 | 0.44 |
| USD	AMBER CIRCLE FUNDING LTD-REG-S 3.25000% 12-04.12.22 | 790 000.00 | 791 587.90 | 0.60 |
| USD	BAIDU INC 3.07500% 20-07.04.25 | 250 000.00 | 244 837.50 | 0.18 |
| USD	BAIDU INC 4.12500% 15-30.06.25 | 750 000.00 | 754 905.00 | 0.57 |
| USD	BANKOK BANK PCL HONG KONG-REG-S 3.87500% 12-27.09.22 | 602 000.00 | 603 994.13 | 0.45 |
| USD	BHARTI AIRTEL LTD-REG-S 4.37500% 15-10.06.25 | 800 000.00 | 803 650.01 | 0.60 |
| USD	BHARTI AIRTEL LTD-REG-S 3.25000% 21-03.06.31 | 925 000.00 | 804 148.75 | 0.60 |
| USD	CITIC LTD-REG-S 6.80000% 12-17.01.23 | 500 000.00 | 511 968.75 | 0.39 |
| USD	CK HUTCHISON INTERNATIONAL 20 LTD-REG-S 2.50000% 20-08.05.30 | 250 000.00 | 220 773.46 | 0.17 |
| USD	CK HUTCHISON INTNL 17 II LTD-REG-S 2.75000% 17-29.03.23 | 1 500 000.00 | 1 501 383.00 | 1.13 |
| USD	HAIDILAO INTERNATIONAL HOLDING-REG-S 2.15000% 21-14.01.26 | 800 000.00 | 648 000.00 | 0.49 |
| USD	HKT CAPITAL NO 4 LTD-REG-S 3.00000% 16-14.07.26 | 1 500 000.00 | 1 449 060.00 | 1.09 |
| USD	HKT CAPITAL NO 6 LTD-REG-S 3.00000% 22-18.01.32 | 1 500 000.00 | 1 281 316.05 | 0.96 |
| USD	HUTCHISON WHAMPOA INTL 12 II LTD-REG-S 3.25000% 12-08.11.22 | 200 000.00 | 200 764.80 | 0.15 |
| USD	INDONESIA, REPUBLIC OF 4.10000% 18-24.04.28 | 1 500 000.00 | 1 514 812.50 | 1.14 |
| USD	INDONESIA, REPUBLIC OF 3.70000% 19-30.10.49 | 1 775 000.00 | 1 522 257.75 | 1.14 |
| USD	INDONESIA, REPUBLIC OF-REG-S 5.25000% 12-17.01.42 | 200 000.00 | 205 725.00 | 0.15 |
| USD	KOREA NATIONAL OIL CORP-REG-S 2.37500% 21-07.04.31 | 250 000.00 | 217 870.00 | 0.16 |
| USD	KOREA NATIONAL OIL CORP-REG-S 2.62500% 22-18.04.32 | 300 000.00 | 261 567.00 | 0.20 |
| USD	LEVC FINANCE LTD-REG-S 1.37500% 21-25.03.24 | 1 600 000.00 | 1 540 816.00 | 1.16 |
| USD	MEITUAN DIANPING-REG-S 3.05000% 20-28.10.30 | 3 046 000.00 | 2 315 531.12 | 1.74 |
| USD	PERUSAHAAN PENERBIT SBSN INDONESI-REG-S 4.40000% 22-06.06.27 | 1 500 000.00 | 1 514 490.00 | 1.14 |
| USD	PHILIPPINES, REPUBLIC OF 2.65000% 20-10.12.45 | 925 000.00 | 696 164.25 | 0.52 |
| USD	PHILIPPINES, REPUBLIC OF THE 3.20000% 21-06.07.46 | 500 000.00 | 403 805.00 | 0.30 |
| USD	RELIANCE INDUSTRIES LTD-REG-S 2.87500% 22-12.01.32 | 1 550 000.00 | 1 324 955.50 | 1.00 |
| USD	RELIANCE INDUSTRIES LTD-REG-S 3.62500% 22-12.01.52 | 1 250 000.00 | 937 312.50 | 0.70 |
| USD	SHINHAN BANK CO LTD-REG-S 3.87500% 18-05.11.23 | 1 000 000.00 | 1 012 140.00 | 0.76 |
| USD	SHINHAN CARD CO LTD-REG-S 2.50000% 22-27.01.27 | 1 600 000.00 | 1 484 112.00 | 1.11 |
| USD	STATE BANK OF INDIA LONDON-REG-S 4.87500% 14-17.04.24 | 1 200 000.00 | 1 224 975.00 | 0.92 |
| USD	STATE BANK OF INDIA LONDON-REG-S 4.37500% 19-24.01.24 | 1 100 000.00 | 1 114 643.75 | 0.84 |
| USD	STATE BANK OF INDIA LONDON-REG-S 4.50000% 18-28.09.23 | 250 000.00 | 253 170.00 | 0.19 |
| USD	TENCENT HOLDINGS LTD-REG-S 3.28000% 19-11.04.24 | 300 000.00 | 298 566.00 | 0.22 |
| USD	TSMC GLOBAL LTD-REG-S 2.25000% 21-23.04.31 | 1 650 000.00 | 1 418 719.50 | 1.07 |
| USD	WOORI BANK-REG-S 1.75000% 21-23.03.26 | 1 500 000.00 | 1 376 565.00 | 1.03 |
| Total USD |  | 33 880 874.60 | 25.44 |
| Total des Billets, taux fixe |  | 33 880 874.60 | 25.44 |
| Billets, taux variable |  |  |  |
| USD |  |  |  |
| USD	BANGKOK BANK -REG-S-SUB 3.466%/VAR 21-23.09.36 | 1 500 000.00 | 1 287 255.00 | 0.97 |
| USD	CHINA DEV BANK FIN LEASING-REG-S-SUB 2.875%/VAR 20-28.09.30 | 725 000.00 | 693 190.62 | 0.52 |
| USD	IND & COM BK CHINA MACAU-REG-S-SUB 2.875%/VAR 19-12.09.29 | 300 000.00 | 294 876.00 | 0.22 |
| USD	OVERSEA-CHINESE BKNG-REG-S-SUB 1.832%/VAR 20-10.09.30 | 2 850 000.00 | 2 655 345.00 | 1.99 |
| Total USD |  | 4 930 666.62 | 3.70 |
| Total des Billets, taux variable |  | 4 930 666.62 | 3.70 |
| Medium-Term Notes, taux fixe |  |  |  |
| USD |  |  |  |
| USD	BANGKOK BANK PUBLIC CO LTD-REG-S 5.00000% 13-03.10.23 | 1 200 000.00 | 1 229 850.00 | 0.92 |
| USD	BANK MANDIRI PERSERO TBK PT-REG-S 4.75000% 20-13.05.25 | 1 200 000.00 | 1 222 725.00 | 0.92 |
| USD	BANK OF CHINA LTD/PARIS 0.95000% 20-21.09.23 | 1 250 000.00 | 1 218 625.00 | 0.92 |
| USD	BANK OF CHINA/HONG KONG-REG-S 3.62500% 19-17.04.29 | 200 000.00 | 196 396.00 | 0.15 |
| USD	BANK OF EAST ASIA LTD-REG-S-SUB 4.00000% 20-29.05.30 | 1 700 000.00 | 1 672 426.00 | 1.26 |
| USD	BANKOK BANK PCL HONG KONG-REG-S 4.05000% 18-19.03.24 | 200 000.00 | 202 600.00 | 0.15 |
| USD	BDO UNIBANK INC-REG-S 2.95000% 17-06.03.23 | 500 000.00 | 498 687.50 | 0.37 |
| USD	BDO UNIBANK INC-REG-S 2.12500% 20-13.01.26 | 250 000.00 | 237 187.50 | 0.18 |
| USD	BOC AVIATION LTD-REG-S 3.50000% 19-10.10.24 | 300 000.00 | 299 061.00 | 0.22 |
| USD	BOC AVIATION LTD-REG-S 4.00000% 19-25.01.24 | 1 000 000.00 | 1 006 117.60 | 0.76 |
| USD	BOC AVIATION LTD-REG-S 2.75000% 20-02.12.23 | 1 700 000.00 | 1 683 974.64 | 1.26 |
| USD	BOCOM LEASING MGT HONG KONG-REG-S 4.37500% 19-22.01.24 | 1 500 000.00 | 1 519 500.00 | 1.14 |
| USD	BOCOM LEASING MGT HONG KONG-REG-S 1.75000% 20-14.07.23 | 1 000 000.00 | 981 770.00 | 0.74 |
| USD	CDBL FUNDING 1-REG-S 3.50000% 20-24.10.27 | 900 000.00 | 863 307.00 | 0.65 |
| USD	CDBL FUNDING 2-REG-S 2.00000% 21-04.03.26 | 1 200 000.00 | 1 110 816.00 | 0.83 |
| USD	CITIC LTD-REG-S 2.85000% 20-25.02.30 | 200 000.00 | 177 662.50 | 0.13 |
| USD	CITIC LTD-REG-S 3.50000% 22-17.02.32 | 1 375 000.00 | 1 239 892.50 | 0.93 |
| USD	CK PROPERTY FINANCE MTN LTD-REG-S 0.75000% 21-30.06.24 | 800 000.00 | 760 560.00 | 0.57 |
| USD	CMB INTERNATIONAL LEASING MGT LTD-REG-S 2.75000% 20-12.08.30 | 475 000.00 | 402 948.44 | 0.30 |
| USD	CMB INTL LEASING MGMT LTD-REG-S 1.25000% 21-16.09.24 | 800 000.00 | 755 224.00 | 0.57 |
| USD	FAR EAST HORIZON LTD-REG-S 3.37500% 20-18.02.25 | 1 500 000.00 | 1 393 406.25 | 1.05 |
| USD	FAR EAST HORIZON LTD-REG-S 2.62500% 21-03.03.24 | 400 000.00 | 379 075.00 | 0.28 |
| USD	GC TREASURY CENTER CO LTD-REG-S 4.30000% 21-18.03.51 | 325 000.00 | 266 154.69 | 0.20 |
| USD	GC TREASURY CENTER CO LTD-REG-S 5.20000% 22-30.03.52 | 300 000.00 | 274 944.00 | 0.21 |
| USD	ICBCIL FINANCE CO LTD-REG-S 3.62500% 16-19.05.26 | 250 000.00 | 247 156.25 | 0.19 |
| USD	ICBCIL FINANCE CO LTD-REG-S 1.62500% 21-02.11.24 | 1 200 000.00 | 1 146 228.00 | 0.86 |
| USD	INDONESIA, REPUBLIC OF-REG-S 4.75000% 17-18.07.47 | 350 000.00 | 337 596.88 | 0.25 |
| USD	INDUSTRIAL & COMME BK OF CHINA/HK-REG-S 1.20000% 20-20.07.25 | 800 000.00 | 747 720.00 | 0.56 |
| USD	INDUSTRIAL COMMERCIAL BANK CHINA-REG-S 1.20000% 20-09.09.25 | 325 000.00 | 303 273.75 | 0.23 |
| USD	INDUSTRIAL COMMERCIAL BANK CHINA-REG-S 1.00000% 20-09.09.23 | 1 500 000.00 | 1 463 865.00 | 1.10 |

UBS (Lux) Bond SICAV – Asian Investment Grade Bonds Sustainable (USD)*
- anciennement UBS (Lux) Bond SICAV – Asian Investment Grade Bonds (USD)Rapport annuel et états financiers révisés au 31 mai 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) |  |
|  |  |  |  |  |
| USD | INVENTIVE GLOBAL INVESTMENTS LTD-REG-S 1.65000% 20-03.09.25 | 3 135 000.00 | 2 944 799.58 | 2.21 |
| USD | KASIKORNBANK PCL/HONG KONG-REG-S 3.25600% 18-12.07.23 | 285 000.00 | 285 855.00 | 0.21 |
| USD | NAN FUNG TREASURY LTD-REG-S 3.87500% 17-03.10.27 | 250 000.00 | 238 075.15 | 0.18 |
| USD | NAN FUNG TREASURY LTD-REG-S 5.00000% 18-05.09.28 | 200 000.00 | 198 377.33 | 0.15 |
| USD | NAN FUNG TREASURY LTD-REG-S 3.62500% 20-27.08.30 | 530 000.00 | 460 871.09 | 0.35 |
| USD | OVERSEA-CHINESE BANKING CORP-REG-S-SUB 4.25000% 14-19.06.24 | 1 350 000.00 | 1 373 551.55 | 1.03 |
| USD | PTT TREASURY CENTER CO LTD-REG-S 4.50000% 19-25.10.42 | 353 000.00 | 321 185.87 | 0.24 |
| USD | REC LTD-REG-S 2.25000% 21-01.09.26 | 850 000.00 | 767 815.62 | 0.58 |
| USD | RHB BANK BHD-REG-S 3.76600% 19-19.02.24 | 930 000.00 | 937 149.38 | 0.70 |
| USD | SHINHAN FIN GROUP CO LTD-REG-S 1.35000% 20-10.01.26 | 1 525 000.00 | 1 405 226.50 | 1.06 |
| USD | SIAM COMMERCIAL BK CAYMAN ISLAND-REG-S 2.75000% 17-16.05.23 | 1 464 000.00 | 1 461 529.50 | 1.10 |
| USD | SIAM COMMERCIAL BK CAYMAN ISLAND-REG-S 3.90000% 19-11.02.24 | 2 000 000.00 | 2 019 750.00 | 1.52 |
| USD | SINGAPORE AIRLINES LTD-REG-S 3.00000% 21-20.07.26 | 650 000.00 | 623 742.29 | 0.47 |
| USD | SINGAPORE EXCHANGE LTD-REG-S 1.23400% 21-03.09.26 | 600 000.00 | 548 927.99 | 0.41 |
| USD | SINGTEL GROUP TREASURY PTE LTD-REG-S 3.25000% 15-30.06.25 | 200 000.00 | 199 691.42 | 0.15 |
| USD | SINGTEL GROUP TREASURY PTE LTD-REG-S 3.87500% 18-28.08.28 | 350 000.00 | 357 391.13 | 0.27 |
| USD | SP POWERASSETS LTD-REG-S 3.25000% 15-24.11.25 | 200 000.00 | 200 011.20 | 0.15 |
| USD | STATE BANK OF INDIA/LONDON-REG-S 1.80000% 21-13.07.26 | 300 000.00 | 273 720.00 | 0.21 |
| USD | STATE ELITE GLOBAL LTD-REG-S 2.75000% 17-13.06.22 | 4 210 000.00 | 4 210 000.00 | 3.16 |
| USD | STATE GRID OVERSEAS INVESTMENT-REG-S 3.50000% 17-04.05.27 | 200 000.00 | 198 606.00 | 0.15 |
| USD | STATE GRID OVERSEAS INVESTMENT-REG-S 4.25000% 18-02.05.28 | 2 800 000.00 | 2 866 150.00 | 2.15 |
| USD | SUMITOMO CORP-REG-S 1.55000% 21-06.07.26 | 1 400 000.00 | 1 279 067.97 | 0.96 |
| USD | SUN HUNG KAI PROP CAP MRKT LTD-REG-S 2.87500% 20-21.01.30 | 400 000.00 | 366 294.65 | 0.28 |
| USD | SUN HUNG KAI PROPERTIES CAPITAL-REG-S 3.62500% 12-16.01.23 | 1 500 000.00 | 1 504 305.00 | 1.13 |
| USD | SWIRE PACIFIC MTN FINANCING LTD-REG-S 4.50000% 13-09.10.23 | 1 000 000.00 | 1 020 835.90 | 0.77 |
| USD | SWIRE PROPERTIES MTN FINANCING-REG-S 3.62500% 16-13.01.26 | 1 000 000.00 | 999 771.39 | 0.75 |
| USD | SWIRE PROPERTIES MTN FINANCING-REG-S 3.50000% 18-10.01.28 | 600 000.00 | 591 535.11 | 0.44 |
| USD | TEMASEK FINANCIAL I LTD-REG-S 2.50000% 20-06.10.70 | 250 000.00 | 174 654.95 | 0.13 |
| USD | TENCENT HOLDINGS LTD-REG-S 3.92500% 18-19.01.38 | 200 000.00 | 171 225.00 | 0.13 |
| USD | TENCENT HOLDINGS LTD-REG-S 3.97500% 19-11.04.29 | 1 750 000.00 | 1 681 421.87 | 1.26 |
| USD | TENCENT HOLDINGS LTD-REG-S 3.24000% 20-03.06.50 | 400 000.00 | 280 450.00 | 0.21 |
| USD | THAIOIL TREASURY CENTER CO LTD-REG-S 3.50000% 19-17.10.49 | 2 650 000.00 | 1 776 825.00 | 1.33 |
| USD | VANKE REAL ESTAT HONG KONG CO LTD-REG-S 3.50000% 19-12.11.29 | 250 000.00 | 215 750.00 | 0.16 |
| USD | WHEELOCK MTN BVI LTD-REG-S 2.37500% 21-25.01.26 | 1 250 000.00 | 1 180 851.84 | 0.89 |
| Total USD |  |  | 56 974 165.78 | 42.79 |
| Total des Medium-Term Notes, taux fixe |  | 56 974 165.78 | 42.79 |
| Medium-Term Notes, taux variable |  |  |  |
| USD |  |  |  |
| USD	DAH SING BANK LTD-REG-S-SUB 3.000%/VAR 21-02.11.31 | 500 000.00 | 468 334.95 | 0.35 |
| USD	DBS GROUP HOLDINGS LTD-REG-S-SUB 4.520%/VAR 18-11.12.28 | 200 000.00 | 203 029.22 | 0.15 |
| USD	SHINHAN FIN GROUP CO LTD-REG-S-SUB 3.340%/VAR 19-05.02.30 | 775 000.00 | 756 496.87 | 0.57 |
| USD	UNITED OVERSEAS BANK LTD-REG-S-SUB 3.750%/VAR 19-15.04.29 | 800 000.00 | 801 339.52 | 0.60 |
| USD	WING LUNG BANK LTD-REG-S-SUB 3.750%/H15T5Y+175BP 17-22.11.27 | 200 000.00 | 200 330.00 | 0.15 |
| Total USD |  | 2 429 530.56 | 1.82 |
| Total des Medium-Term Notes, taux variable |  | 2 429 530.56 | 1.82 |
| Obligations, taux fixe |  |  |  |
| USD |  |  |  |
| USD	BAIDU INC 3.87500% 18-29.09.23 | 1 000 000.00 | 1 008 790.00 | 0.76 |
| USD	BANK OF CHINA LTD/MACAU-REG-S 3.50000% 17-20.04.27 | 2 000 000.00 | 1 994 860.00 | 1.50 |
| USD	BHARTI AIRTEL INTL NETHERLANDS BV-REG-S 5.35000% 14-20.05.24 | 1 000 000.00 | 1 025 187.50 | 0.77 |
| USD	COUNTRY GARDEN HOLDINGS CO LTD-REG-S 5.62500% 20-14.01.30 | 1 450 000.00 | 790 250.00 | 0.59 |
| USD	COUNTRY GARDEN HOLDINGS CO LTD-REG-S 5.40000% 20-27.05.25 | 1 650 000.00 | 1 047 750.00 | 0.79 |
| USD	COUNTRY GARDEN HOLDINGS CO LTD-REG-S 3.87500% 20-22.10.30 | 800 000.00 | 412 000.00 | 0.31 |
| USD	GLOBAL LOGISTIC PROPERTIES LTD-REG-S 3.87500% 15-04.06.25 | 265 000.00 | 258 907.65 | 0.19 |
| USD	HKT CAPITAL NO 5 LTD-REG-S 3.25000% 19-30.09.29 | 750 000.00 | 690 883.05 | 0.52 |
| USD	HUTCHISON WHAMPOA INTERNATIONAL14-REG-S 3.62500% 14-31.10.24 | 1 000 000.00 | 1 009 250.00 | 0.76 |
| USD	INDUSTRIAL BANK OF KOREA-REG-S 0.62500% 21-17.09.24 | 225 000.00 | 212 787.00 | 0.16 |
| USD	LONGFOR GROUP HOLDINGS LTD-REG-S 3.95000% 19-16.09.29 | 200 000.00 | 169 000.00 | 0.13 |
| USD	LONGFOR PROPERTIES-REG-S 3.85000% 20-13.01.32 | 400 000.00 | 321 575.00 | 0.24 |
| USD	MALAYSIA WAKALA SUKUK BHD-REG-S 3.07500% 21-28.04.51 | 250 000.00 | 211 921.88 | 0.16 |
| USD	PERUSAHAAN PENERBIT SBSN-REG-S 3.80000% 20-23.06.50 | 650 000.00 | 559 071.50 | 0.42 |
| USD	PHILIPPINES, REPUBLIC OF THE 3.95000% 15-20.01.40 | 3 900 000.00 | 3 617 679.00 | 2.72 |
| USD	PHILIPPINES, REPUBLIC OF THE 3.70000% 16-01.03.41 | 2 250 000.00 | 2 005 560.00 | 1.51 |
| USD	SHINHAN CARD CO LTD-REG-S 1.37500% 21-23.06.26 | 700 000.00 | 630 427.00 | 0.47 |
| USD	STATE GRID OVERSEAS INV 2013 LTD-REG-S 3.12500% 13-22.05.23 | 1 750 000.00 | 1 754 620.00 | 1.32 |
| USD	WOORI BANK-REG-S-SUB 4.75000% 14-30.04.24 | 200 000.00 | 203 725.00 | 0.15 |
| Total USD |  | 17 924 244.58 | 13.47 |
| Total des Obligations, taux fixe |  | 17 924 244.58 | 13.47 |
| Obligations, taux variable |  |  |  |
| USD |  |  |  |
| USD	BANK OF CHINA HONG KONG LTD-REG-S-SUB 5.900%/VAR 18-PRP | 750 000.00 | 776 220.90 | 0.58 |
| USD	BANK OF COMMUNICATIONS H/K-REG-S 2.304%/VAR 21-08.07.31 | 1 700 000.00 | 1 582 139.00 | 1.19 |
| Total USD |  | 2 358 359.90 | 1.77 |
| Total des Obligations, taux variable |  | 2 358 359.90 | 1.77 |
| Total des Titres et instruments du marché monétaire négociés sur une bourse officielle |  | 118 497 842.04 | 88.99 |

UBS (Lux) Bond SICAV – Asian Investment Grade Bonds Sustainable (USD)*
* anciennement UBS (Lux) Bond SICAV – Asian Investment Grade Bonds (USD)
Rapport annuel et états financiers révisés au 31 mai 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 un autre marché réglementé Billets, taux fixe |  |  |  |
| USD |  |  |  |
| USD	INDUSTRIAL & COMMERCIAL BANK OF CN/NY 3.53800% 17-08.11.27 | 1 000 000.00 | 996 590.00 | 0.75 |
| Total USD |  | 996 590.00 | 0.75 |
| Total des Billets, taux fixe |  | 996 590.00 | 0.75 |
| Total des Titres et instruments du marché monétaire négociés sur un autre marché réglementé |  | 996 590.00 | 0.75 |
| Total du Portefeuille-titres |  | 119 494 432.04 | 89.74 |

| Instruments dérivés |  |
| --- | --- |
| Instruments dérivés négociés sur une bourse officielle |
| Contrats financiers à terme sur obligations |
|  |  |  |  |
| USD	US ULTRA LONG BOND (CBT) FUTURE 21.09.22 | 9.00 | -32 414.07 | -0.02 |
| USD	US 5YR TREASURY NOTE FUTURE 30.09.22 | 40.00 | -22 187.52 | -0.02 |
| USD	US 10YR TREASURY NOTE FUTURE 21.09.22 | 74.00 | -69 375.00 | -0.05 |
| Total des Contrats financiers à terme sur obligations |  | -123 976.59 | -0.09 |
| Total des Instruments dérivés négociés sur une bourse officielle |  | -123 976.59 | -0.09 |
| Total des Instruments dérivés |  | -123 976.59 | -0.09 |
|  |  |  |  |
| Avoirs en banque, dépôts à vue et à terme et autres liquidités |  | 9 587 211.81 | 7.20 |
| Autres actifs et passifs |  | 4 200 632.50 | 3.15 |
| Total de l’Actif net |  | 133 158 299.76 | 100.00 |

UBS (Lux) Bond SICAV – Asian Investment Grade Bonds Sustainable (USD)*
- anciennement UBS (Lux) Bond SICAV – Asian Investment Grade Bonds (USD)Rapport annuel et états financiers révisés au 31 mai 2022