# UBS (Lux) Bond SICAV – USD Corporates (USD)
| Three-year comparison |  |
| --- | --- |
|  | ISIN | 31.5.2022 | 31.5.2021 | 31.5.2020 |
| Net assets in USD |  | 216 964 860.07 | 471 435 415.69 | 424 732 587.49 |
| Class F-acc | LU0396366626 |  |  |  |
| Shares outstanding |  | 473 963.8470 | 1 192 139.8470 | 1 751 380.8470 |
| Net asset value per share in USD |  | 20.46 | 22.72 | 21.78 |
| Issue and redemption price per share in USD 1 |  | 20.46 | 22.72 | 21.78 |
| Class I-A1-acc | LU0396367277 |  |  |  |
| Shares outstanding |  | 112 364.2010 | 138 597.8710 | 190 416.2140 |
| Net asset value per share in USD |  | 147.55 | 164.11 | 157.53 |
| Issue and redemption price per share in USD 1 |  | 147.55 | 164.11 | 157.53 |
| Class I-A3-acc | LU0396367608 |  |  |  |
| Shares outstanding |  | 6 949.4140 | 6 927.4140 | 5 135.4140 |
| Net asset value per share in USD |  | 120.95 | 134.33 | 128.77 |
| Issue and redemption price per share in USD 1 |  | 120.95 | 134.33 | 128.77 |
| Class I-B-acc 2 | LU0396367863 |  |  |  |
| Shares outstanding |  | - | - | - |
| Net asset value per share in USD |  | - | - | - |
| Issue and redemption price per share in USD 1 |  | - | - | - |
| Class I-B-dist 3 | LU2249863197 |  |  |  |
| Shares outstanding |  | - | 80 000.0000 | - |
| Net asset value per share in USD |  | - | 97.83 | - |
| Issue and redemption price per share in USD 1 |  | - | 97.83 | - |
| Class I-X-acc | LU0396368085 |  |  |  |
| Shares outstanding |  | 48 507.5150 | 58 184.0660 | 72 351.6110 |
| Net asset value per share in USD |  | 156.11 | 172.76 | 165.01 |
| Issue and redemption price per share in USD 1 |  | 156.11 | 172.76 | 165.01 |
| Class P-acc | LU0172069584 |  |  |  |
| Shares outstanding |  | 3 518 417.3880 | 5 005 569.8310 | 5 214 639.9190 |
| Net asset value per share in USD |  | 19.02 | 21.29 | 20.58 |
| Issue and redemption price per share in USD 1 |  | 19.02 | 21.29 | 20.58 |
| Class (CHF hedged) P-acc | LU0776291220 |  |  |  |
| Shares outstanding |  | 38 473.5400 | 47 186.8550 | 37 732.6290 |
| Net asset value per share in CHF |  | 104.90 | 119.04 | 116.58 |
| Issue and redemption price per share in CHF 1 |  | 104.90 | 119.04 | 116.58 |
| Class P-mdist 4 | LU0849272793 |  |  |  |
| Shares outstanding |  | 19 849.6770 | 79 730.9070 | - |
| Net asset value per share in USD |  | 83.65 | 97.55 | - |
| Issue and redemption price per share in USD 1 |  | 83.65 | 97.55 | - |
| Class Q-acc | LU0396366972 |  |  |  |
| Shares outstanding |  | 547 287.6780 | 731 658.7800 | 530 980.7760 |
| Net asset value per share in USD |  | 171.01 | 190.46 | 183.09 |
| Issue and redemption price per share in USD 1 |  | 171.01 | 190.46 | 183.09 |
| Class (CHF hedged) Q-acc | LU1240777026 |  |  |  |
| Shares outstanding |  | 79 463.8420 | 106 878.8290 | 166 858.3640 |
| Net asset value per share in CHF |  | 102.44 | 115.62 | 112.61 |
| Issue and redemption price per share in CHF 1 |  | 102.44 | 115.62 | 112.61 |
| Class (EUR hedged) Q-acc | LU0848113352 |  |  |  |
| Shares outstanding |  | 63 781.4630 | 136 633.0200 | 76 724.5840 |
| Net asset value per share in EUR |  | 108.53 | 121.91 | 118.41 |
| Issue and redemption price per share in EUR 1 |  | 108.53 | 121.91 | 118.41 |
| Class U-X-acc 5 | LU0396368242 |  |  |  |
| Shares outstanding | - | 8 426.0000 | 8 536.0000 |
| Net asset value per share in USD | - | 12 902.82 | 12 323.89 |
| Issue and redemption price per share in USD 1 | - | 12 902.82 | 12 323.89 |
| 1  See note 1 2  The share class I-B-acc was active until 7.8.2019 - reactivated 18.8.2021 and I-B-acc was outstanding until 15.11.2021 3  For the period from 19.1.2021 to 17.8.2021 the share class I-B-dist was in circulation 4  First NAV: 15.9.2020 5  The share class U-X-acc was in circulation until 9.11.2021 |  |  |  |

UBS (Lux) Bond SICAV – USD Corporates (USD) Annual report and audited financial statements as of 31 May 2022
| Performance |  |
| --- | --- |
|  | Currency | 2021/2022 | 2020/2021 | 2019/2020 |
| Class F-acc | USD | -9.9% | 4.3% | 10.4% |
| Class I-A1-acc | USD | -10.1% | 4.2% | 10.0% |
| Class I-A3-acc | USD | -10.0% | 4.3% | 10.2% |
| Class I-B-acc 1 | USD | - | - | - |
| Class I-B-dist 2 | USD | - | - | - |
| Class I-X-acc | USD | -9.6% | 4.7% | 10.6% |
| Class P-acc | USD | -10.7% | 3.4% | 9.5% |
| Class (CHF hedged) P-acc | CHF | -11.9% | 2.1% | 5.9% |
| Class P-mdist | USD | -10.7% | - | - |
| Class Q-acc | USD | -10.2% | 4.0% | 10.1% |
| Class (CHF hedged) Q-acc | CHF | -11.4% | 2.7% | 6.4% |
| Class (EUR hedged) Q-acc | EUR | -11.0% | 3.0% | 6.8% |
| Class U-X-acc 3 | USD | - | 4.7% | 10.6% |
| Benchmark: 4 Bloomberg Barclays US Corporate Investment Grade Index | USD | -10.3% | 3.6% | 10.0% |
| Bloomberg Barclays US Corporate Investment Grade Index (hedged CHF) | CHF | -11.7% | 2.2% | 6.9% |
| Bloomberg Barclays US Corporate Investment Grade Index (hedged EUR) | EUR | -11.5% | 2.4% | 7.4% |

1 
The share class I-B-acc was active until 7.8.2019 - reactivated 18.8.2021 and I-B-acc was outstanding until 15.11.2021. Due to this fact, there is no data for the calculation of the performance available.
2 
For the period from 19.1.2021 to 17.8.2021 the share class I-B-dist was in circulation. Due to this fact, there is no data for the calculation of the performance available.
3 
The share class U-X-acc was in circulation until 9.11.2021. 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.

## Report of the Portfolio Manager
In the financial year, from 1 June 2021 to 31 May 2022, US Treasury yields increased particularly as inflation reached multi-decade highs in the US and the Fed began to shift to a more hawkish monetary policy. The Fed had mostly maintained rates at very low levels but began shifting to tighter monetary policy and increasing rates during the latter part of the reporting period to com- bat inflation. US Treasury yields increased sharply as a result reflecting expectations for tighter monetary policy. The US investment grade corporate market experienced spread widening in part driven by elevated volatility from sharply higher interest rates as well as elevated geopo- litical risks globally and tighter monetary policy. The US investment grade corporate market delivered negative total returns during the period as a result of the move higher in interest rates and the widening of US invest- ment grade corporate credit spreads.
The subfund delivered a negative performance during the financial year. Both the increase in US Treasury yields and the move wider in investment grade corporate credit spreads detracted from the overall return during the period. Income was additive to the overall performance. The subfund has followed a diversified approach, invest- ing across a range of industries and issuers in the invest- ment grade corporate bond market. The option-adjusted duration of the subfund at the end of the reporting period was lower than a year prior finishing at 7.5 years. Both active duration positioning and spread manage- ment added to relative performance for the subfund.
UBS (Lux) Bond SICAV – USD Corporates (USD)
Annual report and audited financial statements as of 31 May 2022

## Structure of the Securities Portfolio
Geographical Breakdown as a % of net assets	
| United States | 62.66 |
| --- | --- |
| United Kingdom | 7.33 |
| Australia | 4.81 |
| Canada | 4.45 |
| Norway | 2.78 |
| France | 2.33 |
| The Netherlands | 2.16 |
| Japan | 2.02 |
| Ireland | 1.39 |
| Luxembourg | 1.23 |
| Guernsey | 1.05 |
| Multinationals | 1.01 |
| Cayman Islands | 0.60 |
| Bermuda | 0.43 |
| Spain | 0.23 |
| Total | 94.48 |

Economic Breakdown as a % of net assets	
| Banks & credit institutions | 24.18 |
| --- | --- |
| Finance & holding companies | 16.85 |
| Energy & water supply | 5.54 |
| Telecommunications | 4.70 |
| Retail trade, department stores | 4.43 |
| Traffic & transportation | 3.76 |
| Petroleum | 3.72 |
| Countries & central governments | 3.30 |
| Computer hardware & network equipment providers | 2.56 |
| Electronics & semiconductors | 2.56 |
| Insurance | 2.10 |
| Graphic design, publishing & media | 1.87 |
| Building industry & materials | 1.84 |
| Real Estate | 1.74 |
| Tobacco & alcohol | 1.63 |
| Healthcare & social services | 1.63 |
| Pharmaceuticals, cosmetics & medical products | 1.56 |
| Food & soft drinks | 1.47 |
| Non-ferrous metals | 1.38 |
| Electrical devices & components | 1.24 |
| Investment funds | 1.23 |
| Mining, coal & steel | 1.01 |
| Biotechnology | 0.90 |
| Vehicles | 0.80 |
| Mortgage & funding institutions | 0.77 |
| Miscellaneous consumer goods | 0.50 |
| Miscellaneous services | 0.46 |
| Mechanical engineering & industrial equipment | 0.44 |
| Internet, software & IT services | 0.31 |
| Total | 94.48 |


## Statement of Net Assets
Assets	31.5.2022
USD
Investments in securities, cost	224 144 570.13
| Investments in securities, unrealized appreciation (depreciation) | 	-19 148 083.13	 |
| --- | --- |
| Total investments in securities (Note 1) | 204 996 487.00 |
| Cash at banks, deposits on demand and deposit accounts | 8 285 613.41 |
| Other liquid assets (Margins) | 292 948.68 |
| Receivable on subscriptions | 1 176 558.08 |
| Interest receivable on securities | 2 078 527.63 |
| Prepaid expenses | 45 930.11 |
| Unrealized gain on forward foreign exchange contracts (Note 1) | 456 788.76 |
| Total Assets | 217 332 853.67 |
|  |  |
| Liabilities |  |
| Unrealized loss on financial futures (Note 1) | -103 968.74 |
| Payable on redemptions | -81 364.87 |
| Provisions for flat fee (Note 2) | -135 032.31 |
| Provisions for taxe d’abonnement (Note 3) | -16 282.58 |
| Provisions for other commissions and fees (Note 2) | 	-31 345.10	 |
| Total provisions | -182 659.99 |
| Total Liabilities | -367 993.60 |
|  |  |
| Net assets at the end of the financial year | 216 964 860.07 |
| Statement of Operations | USD |
| Income | 1.6.2021-31.5.2022 |
| Interest on liquid assets | 1 165.21 |
| Interest on securities | 11 876 421.87 |
| Net income on securities lending (Note 17) | 18 120.00 |
| Other income (Note 4) | 340 425.55 |
| Total income | 12 236 132.63 |
|  |  |
| Expenses |  |
| Flat fee (Note 2) | -2 195 815.64 |
| Taxe d’abonnement (Note 3) | -126 076.26 |
| Other commissions and fees (Note 2) | -33 117.09 |
| Interest on cash and bank overdraft | -454.67 |
| Other expenses | -5.76 |
| Total expenses | -2 355 469.42 |
|  |  |
| Net income (loss) on investments | 9 880 663.21 |
|  |  |
| Realized gain (loss) (Note 1) |  |
| Realized gain (loss) on market-priced securities without options | 7 878 299.22 |
| Realized gain (loss) on financial futures | 757 364.02 |
| Realized gain (loss) on forward foreign exchange contracts | -4 038 770.79 |
| Realized gain (loss) on foreign exchange | 24 944.73 |
| Total realized gain (loss) | 4 621 837.18 |
|  |  |
| Net realized gain (loss) of the financial year | 14 502 500.39 |
|  |  |
| Changes in unrealized appreciation (depreciation) (Note 1) |  |
| Unrealized appreciation (depreciation) on market-priced securities without options | -41 154 333.45 |
| Unrealized appreciation (depreciation) on financial futures | -71 687.49 |
| Unrealized appreciation (depreciation) on forward foreign exchange contracts | 651 702.75 |
| Total changes in unrealized appreciation (depreciation) | -40 574 318.19 |
|  |  |
| Net increase (decrease) in net assets as a result of operations | -26 071 817.80 |

UBS (Lux) Bond SICAV – USD Corporates (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 | 471 435 415.69 |
| Subscriptions | 60 923 286.40 |
| Redemptions | 	-289 065 246.68	 |
| Total net subscriptions (redemptions) | -228 141 960.28 |
| Dividend paid | -256 777.54 |
| Net income (loss) on investments | 9 880 663.21 |
| Total realized gain (loss) | 4 621 837.18 |
| Total changes in unrealized appreciation (depreciation) | 	-40 574 318.19	 |
| Net increase (decrease) in net assets as a result of operations | -26 071 817.80 |
| Net assets at the end of the financial year | 216 964 860.07 |
| Changes in the Number of Shares outstanding |  |
|  | 1.6.2021-31.5.2022 |
| Class | F-acc |
| Number of shares outstanding at the beginning of the financial year | 1 192 139.8470 |
| Number of shares issued | 53 713.0000 |
| Number of shares redeemed | -771 889.0000 |
| Number of shares outstanding at the end of the financial year | 473 963.8470 |
| Class | I-A1-acc |
| Number of shares outstanding at the beginning of the financial year | 138 597.8710 |
| Number of shares issued | 45 518.3840 |
| Number of shares redeemed | -71 752.0540 |
| Number of shares outstanding at the end of the financial year | 112 364.2010 |
| Class | I-A3-acc |
| Number of shares outstanding at the beginning of the financial year | 6 927.4140 |
| Number of shares issued | 675.0000 |
| Number of shares redeemed | -653.0000 |
| Number of shares outstanding at the end of the financial year | 6 949.4140 |
| Class | I-B-acc |
| Number of shares outstanding at the beginning of the financial year | 0.0000 |
| Number of shares issued | 79 440.0000 |
| Number of shares redeemed | -79 440.0000 |
| Number of shares outstanding at the end of the financial year | 0.0000 |
| Class | I-B-dist |
| Number of shares outstanding at the beginning of the financial year | 80 000.0000 |
| Number of shares issued | 0.0000 |
| Number of shares redeemed | -80 000.0000 |
| Number of shares outstanding at the end of the financial year | 0.0000 |
| Class | I-X-acc |
| Number of shares outstanding at the beginning of the financial year | 58 184.0660 |
| Number of shares issued | 0.0000 |
| Number of shares redeemed | -9 676.5510 |
| Number of shares outstanding at the end of the financial year | 48 507.5150 |
| Class | P-acc |
| Number of shares outstanding at the beginning of the financial year | 5 005 569.8310 |
| Number of shares issued | 441 410.4720 |
| Number of shares redeemed | -1 928 562.9150 |
| Number of shares outstanding at the end of the financial year | 3 518 417.3880 |
| Class | (CHF hedged) P-acc |
| Number of shares outstanding at the beginning of the financial year | 47 186.8550 |
| Number of shares issued | 731.1550 |
| Number of shares redeemed | -9 444.4700 |
| Number of shares outstanding at the end of the financial year | 38 473.5400 |
| Class | P-mdist |
| Number of shares outstanding at the beginning of the financial year | 79 730.9070 |
| Number of shares issued | 10 359.8620 |
| Number of shares redeemed | -70 241.0920 |
| Number of shares outstanding at the end of the financial year | 19 849.6770 |
| Class | Q-acc |
| Number of shares outstanding at the beginning of the financial year | 731 658.7800 |
| Number of shares issued | 95 136.8090 |
| Number of shares redeemed | -279 507.9110 |
| Number of shares outstanding at the end of the financial year | 547 287.6780 |
| Class | (CHF hedged) Q-acc |
| Number of shares outstanding at the beginning of the financial year | 106 878.8290 |
| Number of shares issued | 1 505.7570 |
| Number of shares redeemed | -28 920.7440 |
| Number of shares outstanding at the end of the financial year | 79 463.8420 |

UBS (Lux) Bond SICAV – USD Corporates (USD)
Annual report and audited financial statements as of 31 May 2022
| Class |  |  | (EUR hedged) Q-acc |
| --- | --- | --- | --- |
| Number of shares outstanding at the beginning of the financial year |  |  | 136 633.0200 |
| Number of shares issued |  |  | 100 620.9940 |
| Number of shares redeemed |  |  | -173 472.5510 |
| Number of shares outstanding at the end of the financial year |  |  | 63 781.4630 |
| Class |  |  | U-X-acc |
| Number of shares outstanding at the beginning of the financial year |  |  | 8 426.0000 |
| Number of shares issued |  |  | 106.0000 |
| Number of shares redeemed |  |  | -8 532.0000 |
| Number of shares outstanding at the end of the financial year |  |  | 0.0000 |
| Annual Distribution 1 |  |  |  |
| UBS (Lux) Bond SICAV – USD Corporates (USD)	Ex-Date | Pay-Date | Currency | Amount per share |
| I-B-dist	2.8.2021 | 5.8.2021 | USD | 1.23 |
| Monthly Distribution 1 |  |  |  |
| UBS (Lux) Bond SICAV – USD Corporates (USD)	Ex-Date | Pay-Date | Currency | Amount per share |
| P-mdist	15.6.2021 | 18.6.2021 | USD | 0.33 |
| P-mdist	15.7.2021 | 20.7.2021 | USD | 0.33 |
| P-mdist	16.8.2021 | 19.8.2021 | USD | 0.33 |
| P-mdist	15.9.2021 | 20.9.2021 | USD | 0.33 |
| P-mdist	15.10.2021 | 20.10.2021 | USD | 0.33 |
| P-mdist	15.11.2021 | 18.11.2021 | USD | 0.33 |
| P-mdist	15.12.2021 | 20.12.2021 | USD | 0.32 |
| P-mdist	17.1.2022 | 20.1.2022 | USD | 0.32 |
| P-mdist	15.2.2022 | 18.2.2022 | USD | 0.31 |
| P-mdist	15.3.2022 | 18.3.2022 | USD | 0.30 |
| P-mdist	19.4.2022 | 22.4.2022 | USD | 0.29 |
| P-mdist	16.5.2022 | 19.5.2022 | USD | 0.28 |
| 1  See note 5 |  |  |  |

UBS (Lux) Bond SICAV – USD Corporates (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 |  |  |  |
| USD |  |  |  |
| USD	AERCAP IRELAND CAP/ GLBL AVIATION TRUST 6.50000% 20-15.07.25 | 2 000 000.00 | 2 087 600.58 | 0.96 |
| USD	AERCAP IRELAND CAPITAL DAC / AERCAP 1.65000% 21-29.10.24 | 1 000 000.00 | 937 456.63 | 0.43 |
| USD	AMAZON.COM INC 2.50000% 20-03.06.50 | 1 540 000.00 | 1 146 502.85 | 0.53 |
| USD	AMGEN INC 3.15000% 20-21.02.40 | 830 000.00 | 683 654.77 | 0.32 |
| USD	ANALOG DEVICES INC 1.70000% 21-01.10.28 | 1 660 000.00 | 1 479 637.78 | 0.68 |
| USD	ANHEUSER-BUSCH COS 4.70000% 19-01.02.36 | 3 500 000.00 | 3 542 672.70 | 1.63 |
| USD	AON GLOBAL LTD 3.87500% 16-15.12.25 | 1 000 000.00 | 1 005 930.90 | 0.46 |
| USD	APPLE INC 1.65000% 20-11.05.30 | 1 660 000.00 | 1 446 007.67 | 0.67 |
| USD	APPLE INC 3.45000% 15-09.02.45 | 3 500 000.00 | 3 159 422.35 | 1.46 |
| USD	AT&T INC 3.50000% 20-01.06.41 | 750 000.00 | 632 652.14 | 0.29 |
| USD	AT&T INC 3.65000% 20-01.06.51 | 1 000 000.00 | 831 802.83 | 0.38 |
| USD	AT&T INC 4.35000% 13-15.06.45 | 1 500 000.00 | 1 369 829.55 | 0.63 |
| USD	AT&T INC 4.85000% 19-01.03.39 | 1 000 000.00 | 1 005 245.90 | 0.46 |
| USD	AT&T INC 5.15000% 18-15.11.46 | 1 000 000.00 | 1 029 934.88 | 0.48 |
| USD	BANK OF NOVA SCOTIA/THE 3.45000% 22-11.04.25 | 1 000 000.00 | 996 285.56 | 0.46 |
| USD	BARCLAYS PLC-SUB 4.37500% 14-11.09.24 | 1 870 000.00 | 1 892 623.17 | 0.87 |
| USD	BP CAPITAL MARKETS AMERICA INC 3.00000% 20-24.02.50 | 1 000 000.00 | 772 054.24 | 0.36 |
| USD	CANADIAN IMPERIAL BANK OF COMMERCE 3.30000% 22-07.04.25 | 1 500 000.00 | 1 492 371.35 | 0.69 |
| USD	CANADIAN IMPERIAL BANK OF COMMERCE 1.00000% 21-18.10.24 | 1 000 000.00 | 944 515.54 | 0.44 |
| USD	CANADIAN PACIFIC RAILWAY 3.10000% 21-02.12.51 | 2 000 000.00 | 1 568 731.66 | 0.72 |
| USD	CCO LLC/CAPITAL 6.38400% 16-23.10.35 | 1 120 000.00 | 1 190 387.48 | 0.55 |
| USD	CENTURYLINK INC 6.75000% 13-01.12.23 | 1 240 000.00 | 1 269 450.00 | 0.59 |
| USD	CIGNA CORP 2.40000% 20-15.03.30 | 2 000 000.00 | 1 767 110.82 | 0.81 |
| USD	CITIGROUP INC 3.70000% 16-12.01.26 | 5 190 000.00 | 5 150 839.06 | 2.37 |
| USD	CREDIT AGRICOLE SA-144A-SUB 4.37500% 15-17.03.25 | 1 660 000.00 | 1 662 762.44 | 0.77 |
| USD	CREDIT SUISSE AG/NEW YORK NY 3.70000% 22-21.02.25 | 1 000 000.00 | 995 333.96 | 0.46 |
| USD	CREDIT SUISSE GROUP AG 4.55000% 16-17.04.26 | 2 280 000.00 | 2 277 432.40 | 1.05 |
| USD	CVS HEALTH CORP 5.05000% 18-25.03.48 | 1 500 000.00 | 1 527 891.83 | 0.70 |
| USD	DEERE & CO 3.90000% 12-09.06.42 | 1 000 000.00 | 958 060.55 | 0.44 |
| USD	DELL INTERNATIONAL LLC / EMC CORP 8.35000% 21-15.07.46 | 248 000.00 | 326 804.69 | 0.15 |
| USD	EBAY INC 4.00000% 12-15.07.42 | 1 660 000.00 | 1 453 741.97 | 0.67 |
| USD	EPR PROPERTIES 4.95000% 18-15.04.28 | 1 500 000.00 | 1 436 586.93 | 0.66 |
| USD	EQT CORP 3.90000% 17-01.10.27 | 1 000 000.00 | 963 890.00 | 0.44 |
| USD	EQUINOR ASA 2.87500% 20-06.04.25 | 2 490 000.00 | 2 473 747.64 | 1.14 |
| USD	ESTEE LAUDER COS INC 4.37500% 15-15.06.45 | 830 000.00 | 811 113.67 | 0.37 |
| USD	EXELON CORP 4.95000% 16-15.06.35 | 1 450 000.00 | 1 458 851.55 | 0.67 |
| USD	FORD MOTOR CREDIT CO 3.37500% 20-13.11.25 | 1 500 000.00 | 1 435 770.00 | 0.66 |
| USD	GENERAL MOTORS FINANCIAL CO INC 4.00000% 16-06.10.26 | 1 870 000.00 | 1 832 538.87 | 0.85 |
| USD	GENERAL MOTORS FINANCIAL CO INC 3.10000% 22-12.01.32 | 1 500 000.00 | 1 268 183.42 | 0.58 |
| USD	GEORGIA POWER CO 3.70000% 20-30.01.50 | 1 660 000.00 | 1 370 207.83 | 0.63 |
| USD	GILEAD SCIENCES INC 2.60000% 20-01.10.40 | 1 660 000.00 | 1 268 339.27 | 0.58 |
| USD	GOLDMAN SACHS GROUP INC 2.60000% 20-07.02.30 | 1 000 000.00 | 881 892.26 | 0.41 |
| USD	GOLDMAN SACHS GROUP INC 3.80000% 20-15.03.30 | 1 000 000.00 | 954 615.11 | 0.44 |
| USD	HCA INC 5.00000% 14-15.03.24 | 1 870 000.00 | 1 917 867.06 | 0.88 |
| USD	HCA INC 5.25000% 19-15.06.49 | 750 000.00 | 723 242.28 | 0.33 |
| USD	HOME DEPOT INC/THE 4.20000% 13-01.04.43 | 2 590 000.00 | 2 525 307.34 | 1.16 |
| USD	HSBC HOLDINGS PLC-SUB 4.37500% 16-23.11.26 | 1 870 000.00 | 1 873 714.00 | 0.86 |
| USD	INTERCONTINENTAL EXCHANGE INC 3.00000% 20-15.06.50 | 1 825 000.00 | 1 378 373.59 | 0.64 |
| USD	JPMORGAN CHASE & CO-SUB 3.62500% 16-01.12.27 | 6 640 000.00 | 6 483 786.90 | 2.99 |
| USD	KB HOME 7.62500% 15-15.05.23 | 1 240 000.00 | 1 257 756.80 | 0.58 |
| USD	KINROSS GOLD CORP 5.95000% 14-15.03.24 | 2 900 000.00 | 3 005 523.61 | 1.39 |
| USD	KROGER CO 3.87500% 16-15.10.46 | 1 000 000.00 | 860 058.79 | 0.40 |
| USD	LLOYDS BANKING GROUP PLC 4.45000% 18-08.05.25 | 2 000 000.00 | 2 031 366.98 | 0.94 |
| USD	LOWE’S COS INC 2.80000% 21-15.09.41 | 2 250 000.00 | 1 744 580.41 | 0.80 |
| USD	LSEGA FINANCING PLC-144A 3.20000% 21-06.04.41 | 2 000 000.00 | 1 635 610.40 | 0.75 |
| USD	MASCO CORP 4.50000% 17-15.05.47 | 1 200 000.00 | 1 088 661.60 | 0.50 |
| USD	MERCK & CO INC 3.70000% 15-10.02.45 | 1 150 000.00 | 1 055 253.06 | 0.49 |
| USD	MITSUBISHI UFJ FINANCIAL GRP INC 2.19300% 20-25.02.25 | 2 490 000.00 | 2 401 104.26 | 1.11 |
| USD	NATWEST GROUP PLC 4.80000% 16-05.04.26 | 1 660 000.00 | 1 680 870.16 | 0.78 |
| USD	NORFOLK SOUTHERN CORP 4.10000% 19-15.05.49 | 1 660 000.00 | 1 526 287.45 | 0.70 |
| USD	NVIDIA CORP 2.85000% 20-01.04.30 | 830 000.00 | 776 653.46 | 0.36 |
| USD	PAYPAL HOLDINGS INC 2.30000% 20-01.06.30 | 1 660 000.00 | 1 454 570.20 | 0.67 |
| USD	PEPSICO INC 2.62500% 21-21.10.41 | 1 660 000.00 | 1 355 188.26 | 0.63 |
| USD	PRUDENTIAL FINANCIAL INC 3.93500% 18-07.12.49 | 1 986 000.00 | 1 786 018.49 | 0.82 |
| USD	PUBLIC STORAGE 3.09400% 17-15.09.27 | 1 500 000.00 | 1 451 533.35 | 0.67 |
| USD	QUALCOMM INC 4.30000% 17-20.05.47 | 250 000.00 | 246 035.89 | 0.11 |
| USD	QUANTA SERVICES INC 3.05000% 21-01.10.41 | 1 500 000.00 | 1 105 297.83 | 0.51 |
| USD	RABOBANK NEDERLAND NV-SUB 3.75000% 16-21.07.26 | 1 000 000.00 | 974 964.37 | 0.45 |
| USD	SABINE PASS LIQUEFACTION LLC 5.00000% 17-15.03.27 | 1 450 000.00 | 1 494 724.54 | 0.69 |
| USD	SALESFORCE.COM INC 2.70000% 21-15.07.41 | 830 000.00 | 663 194.08 | 0.31 |
| USD	SHERWIN-WILLIAMS CO 4.50000% 17-01.06.47 | 1 250 000.00 | 1 200 389.20 | 0.55 |
| USD	SPECTRA ENERGY PARTNERS LP 4.50000% 15-15.03.45 | 1 000 000.00 | 918 700.12 | 0.42 |
| USD	SUMITOMO MITSUI FIN GP INC 2.69600% 19-16.07.24 | 2 000 000.00 | 1 973 115.40 | 0.91 |
| USD	TARGET CORP 1.95000% 22-15.01.27 | 2 000 000.00 | 1 889 191.94 | 0.87 |
| USD	TELEFONICA EMISIONES SA 5.52000% 19-01.03.49 | 500 000.00 | 493 650.86 | 0.23 |
| USD	TOTAL CAPITAL INTERNATIONAL SA 3.12700% 20-29.05.50 | 1 000 000.00 | 804 633.70 | 0.37 |
| USD	TRI POINTE HOLDINGS INC 5.87500% 15-15.06.24 | 1 500 000.00 | 1 531 465.65 | 0.71 |
| USD	UNITEDHEALTH GROUP INC 3.95000% 12-15.10.42 | 956 000.00 | 887 561.88 | 0.41 |
| USD	VICI PROPERTIES LP 5.62500% 22-15.05.52 | 900 000.00 | 881 361.00 | 0.41 |
| USD	VODAFONE GROUP PLC 4.87500% 19-19.06.49 | 1 000 000.00 | 962 528.70 | 0.44 |
| USD	WALT DISNEY CO 2.75000% 19-01.09.49 | 1 800 000.00 | 1 361 079.85 | 0.63 |
| Total USD |  | 120 161 708.26 | 55.38 |
| Total Notes, fixed rate |  | 120 161 708.26 | 55.38 |

UBS (Lux) Bond SICAV – USD Corporates (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) |  |
| Notes, floating rate |  |  |  |
| USD |  |  |  |
| USD	BANK OF AMERICA CORP 4.271%/VAR 18-23.07.29 | 1 500 000.00 | 1 489 794.09 | 0.68 |
| USD	CITIGROUP INC 2.666%/VAR 20-29.01.31 | 1 000 000.00 | 879 647.78 | 0.40 |
| USD	GOLDMAN SACHS GROUP INC/THE 1.992%/VAR 21-27.01.32 | 1 000 000.00 | 821 445.36 | 0.38 |
| USD	HSBC HOLDINGS PLC 2.099%/VAR 20-04.06.26 | 2 070 000.00 | 1 945 227.32 | 0.90 |
| USD	JPMORGAN CHASE & CO 2.545%/VAR 21-08.11.32 | 1 000 000.00 | 862 330.62 | 0.40 |
| USD	WESTPAC BANKING CORP-SUB 2.668%/VAR 20-15.11.35 | 1 000 000.00 | 828 077.70 | 0.38 |
| Total USD |  | 6 826 522.87 | 3.14 |
| Total Notes, floating rate |  | 6 826 522.87 | 3.14 |
| Medium term notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	ROYAL BANK OF CANADA 2.30000% 21-03.11.31 | 830 000.00 | 710 228.85 | 0.33 |
| Total USD |  | 710 228.85 | 0.33 |
| Total Medium term notes, fixed rate |  | 710 228.85 | 0.33 |
| Medium term notes, floating rate |  |  |  |
| USD |  |  |  |
| USD	BANK OF AMERICA CORP 3.559%/VAR 19-23.04.27 | 2 000 000.00 | 1 965 098.24 | 0.90 |
| USD	BANK OF AMERICA CORP 2.496%/3M LIBOR+99BP 20-13.02.31 | 4 500 000.00 | 3 964 753.58 | 1.83 |
| USD	MORGAN STANLEY 3.622%/VAR 20-01.04.31 | 3 000 000.00 | 2 857 528.86 | 1.32 |
| USD	MORGAN STANLEY 3.772%/VAR 18-24.01.29 | 1 240 000.00 | 1 208 564.29 | 0.56 |
| Total USD |  | 9 995 944.97 | 4.61 |
| Total Medium term notes, floating rate |  | 9 995 944.97 | 4.61 |
| Bonds, fixed rate |  |  |  |
| USD |  |  |  |
| USD	BALTIMORE GAS & ELECTRIC CO 3.50000% 16-15.08.46 | 1 040 000.00 | 880 853.28 | 0.40 |
| USD	CONSOLIDATED EDISON CO OF NEW YORK INC 4.65000% 18-01.12.48 | 1 240 000.00 | 1 219 624.58 | 0.56 |
| USD	DUKE ENERGY CAROLINAS LLC 6.05000% 08-15.04.38 | 765 000.00 | 878 858.72 | 0.40 |
| USD	DUKE ENERGY OHIO INC 4.30000% 19-01.02.49 | 1 660 000.00 | 1 578 128.09 | 0.73 |
| USD	EL PASO NATURAL GAS CO 8.37500% 03-15.06.32 | 1 050 000.00 | 1 295 970.19 | 0.60 |
| USD	SAN DIEGO GAS & ELECTRIC CO 4.10000% 19-15.06.49 | 830 000.00 | 775 243.27 | 0.36 |
| USD	SOUTHERN CALIFORNIA EDISON CO 3.65000% 20-01.02.50 | 2 000 000.00 | 1 598 236.00 | 0.74 |
| Total USD |  | 8 226 914.13 | 3.79 |
| Total Bonds, fixed rate |  | 8 226 914.13 | 3.79 |
| Bonds, floating rate |  |  |  |
| USD |  |  |  |
| USD	BP CAPITAL MARKETS PLC-SUB 4.875%/VAR 20-PRP | 2 000 000.00 | 1 870 181.34 | 0.86 |
| Total USD |  | 1 870 181.34 | 0.86 |
| Total Bonds, floating rate |  | 1 870 181.34 | 0.86 |
| Treasury notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	AMERICA, UNITED STATES OF 1.87500% 22-15.02.32 | 4 000 000.00 | 3 666 250.00 | 1.69 |
| USD	AMERICA, UNITED STATES OF 2.25000% 22-31.03.24 | 3 500 000.00 | 3 486 328.30 | 1.61 |
| Total USD |  | 7 152 578.30 | 3.30 |
| Total Treasury notes, fixed rate |  | 7 152 578.30 | 3.30 |
| Total Transferable securities and money market instruments listed on an official stock exchange |  | 154 944 078.72 | 71.41 |
| Transferable securities and money market instruments traded on another regulated market |  |  |  |
| Notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	AKER BP ASA-144A 3.00000% 20-15.01.25 | 2 675 000.00 | 2 620 461.83 | 1.21 |
| USD	AKER BP ASA-144A 3.75000% 20-15.01.30 | 1 000 000.00 | 931 912.65 | 0.43 |
| USD	AUSTRALIA & NEW ZEALAND BANK-144A-SUB 2.57000% 20-25.11.35 | 1 500 000.00 | 1 229 965.24 | 0.57 |
| USD	DAIMLER FINANCE NORTH AMERICA LLC-144A 3.30000% 15-19.05.25 | 1 750 000.00 | 1 732 545.26 | 0.80 |
| USD	DELTA AIR LINES INC-144A 7.00000% 20-01.05.25 | 2 500 000.00 | 2 674 273.23 | 1.23 |
| USD	EAST OHIO GAS CO/THE-144A 1.30000% 20-15.06.25 | 857 000.00 | 800 113.92 | 0.37 |
| USD	GLENCORE FUNDING LLC-144A 4.12500% 19-12.03.24 | 1 240 000.00 | 1 248 995.86 | 0.58 |
| USD	HARLEY-DAVIDSON FIN.SERV INC-144A 3.35000% 18-15.02.23 | 2 070 000.00 | 2 072 490.89 | 0.95 |
| USD	LUNDIN ENERGY FINANCE BV-144A 2.00000% 21-15.07.26 | 1 750 000.00 | 1 591 967.25 | 0.73 |
| USD	SANTOS FINANCE LTD-144A 3.64900% 21-29.04.31 | 1 750 000.00 | 1 524 001.15 | 0.70 |
| USD	SCENTRE GROUP TRUST 1 / 2-144A 3.25000% 15-28.10.25 | 2 000 000.00 | 1 958 971.80 | 0.90 |
| USD	SOCIETE GENERALE SA-144A 4.00000% 17-12.01.27 | 1 400 000.00 | 1 353 613.53 | 0.62 |
| USD	TECK RESOURCES LTD 3.90000% 20-15.07.30 | 1 000 000.00 | 946 498.14 | 0.44 |
| USD	UNITED AIRLINES INC-144A 4.37500% 21-15.04.26 | 1 500 000.00 | 1 451 491.20 | 0.67 |
| Total USD |  | 22 137 301.95 | 10.20 |
| Total Notes, fixed rate |  | 22 137 301.95 | 10.20 |

UBS (Lux) Bond SICAV – USD Corporates (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) |  |
| Notes, floating rate |  |  |  |
| USD |  |  |  |
| USD	BNP PARIBAS-144A 3.052%/VAR 20-13.01.31 | 1 400 000.00 | 1 244 155.23 | 0.57 |
| USD	ING GROEP NV 3.869%/VAR 22-28.03.26 | 1 250 000.00 | 1 241 075.66 | 0.57 |
| Total USD |  | 2 485 230.89 | 1.14 |
| Total Notes, floating rate |  | 2 485 230.89 | 1.14 |
| Medium term notes, floating rate |  |  |  |
| USD |  |  |  |
| USD	COMMONWEALTH BANK AUSRALIA-144A-SUB 3.610%/VAR 19-12.09.34 | 1 500 000.00 | 1 375 095.00 | 0.63 |
| USD	NATIONAL AUSTRALIA BANK LTD-144A-SUB 3.933%/VAR 19-02.08.34 | 1 250 000.00 | 1 160 768.75 | 0.54 |
| Total USD |  | 2 535 863.75 | 1.17 |
| Total Medium term notes, floating rate |  | 2 535 863.75 | 1.17 |
| Bonds, fixed rate |  |  |  |
| USD |  |  |  |
| USD	NGPL PIPECO LLC-144A 4.87500% 17-15.08.27 | 1 240 000.00 | 1 252 113.93 | 0.58 |
| Total USD |  | 1 252 113.93 | 0.58 |
| Total Bonds, fixed rate |  | 1 252 113.93 | 0.58 |
| Total Transferable securities and money market instruments traded on another regulated market |  | 28 410 510.52 | 13.09 |

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 | AVOLON HOLDINGS FUNDING LTD-144A 2.75000% 21-21.02.28 | 1 500 000.00 | 1 297 365.00 | 0.60 |
| USD | CSL FINANCE PLC-144A 4.25000% 22-27.04.32 | 1 000 000.00 | 1 004 206.50 | 0.46 |
| USD | GE CAPITAL FUNDING LLC 4.55000% 21-15.05.32 | 1 660 000.00 | 1 669 444.57 | 0.77 |
| USD | NXP BV / NXP FUNDING LLC 5.55000% 22-01.12.28 | 2 070 000.00 | 2 183 663.69 | 1.01 |
| Total USD |  |  | 6 154 679.76 | 2.84 |
| Total Notes, fixed rate |  | 6 154 679.76 | 2.84 |
| Total Transferable securities and money market instruments not listed on an official stock exchange and not traded on another regulated market |  | 6 154 679.76 | 2.84 |
| Recently issued transferable securities and money market instruments |  |  |  |
| Notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	BROADCOM INC-144A 4.92600% 22-15.05.37 | 1 000 000.00 | 945 470.68 | 0.43 |
| USD	COMCAST CORP-144A 2.88700% 21-01.11.51 | 5 337 000.00 | 4 049 626.05 | 1.87 |
| USD	LUNDIN ENERGY FINANCE BV-144A 3.10000% 21-15.07.31 | 1 000 000.00 | 880 438.23 | 0.41 |
| USD	MAGALLANES INC-144A 5.05000% 22-15.03.42 | 2 000 000.00 | 1 807 742.96 | 0.83 |
| USD	NESTLE HOLDINGS INC-144A 1.50000% 21-14.09.28 | 2 070 000.00 | 1 833 918.03 | 0.84 |
| USD	TRITON CONTAINER INTERNATIONAL LTD-144A 1.15000% 21-07.06.24 | 1 000 000.00 | 945 500.00 | 0.44 |
| Total USD |  | 10 462 695.95 | 4.82 |
| Total Notes, fixed rate |  | 10 462 695.95 | 4.82 |
| Medium term notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	NBN CO LTD-144A 0.87500% 21-08.10.24 | 2 500 000.00 | 2 357 059.75 | 1.09 |
| Total USD |  | 2 357 059.75 | 1.09 |
| Total Medium term notes, fixed rate | 2 357 059.75 | 1.09 |
| Total Recently issued transferable securities and money market instruments | 12 819 755.70 | 5.91 |
| UCITS/Other UCIs in accordance with Article 41 (1) e) of the amended Luxembourg law of 17 December 2010 |  |  |
| Investment funds, open end |  |  |
| Luxembourg |  |  |
| USD	UBS (LUX) BOND SICAV - MULTI INCOME (USD)-U-X-ACC- CAP	270.00 | 2 667 462.30 | 1.23 |
| Total Luxembourg | 2 667 462.30 | 1.23 |
| Total Investment funds, open end | 2 667 462.30 | 1.23 |
| Total UCITS/Other UCIs in accordance with Article 41 (1) e) of the amended Luxembourg law of 17 December 2010 | 2 667 462.30 | 1.23 |
| Total investments in securities | 204 996 487.00 | 94.48 |

UBS (Lux) Bond SICAV – USD Corporates (USD)
Annual report and audited financial statements as of 31 May 2022
| Description | Quantity/ Nominal | Valuation in USD Unrealized gain (loss) on Futures/ Forward Exchange Contracts/ Swaps (Note 1) | as a % of net assets |
| --- | --- | --- | --- |
| Derivative instruments |  |  |  |
| Derivative instruments listed on an official stock exchange |  |  |  |
| Financial Futures on bonds |  |  |  |
|  |  |  |  |
| USD	US 10YR TREASURY NOTE FUTURE 21.06.22 | 25.00 | 7 546.88 | 0.00 |
| USD	US ULTRA LONG BOND (CBT) FUTURE 21.09.22 | 30.00 | -107 812.50 | -0.05 |
| USD	US 5YR TREASURY NOTE FUTURE 30.09.22 | -33.00 | 18 046.88 | 0.01 |
| USD	US 10YR TREASURY NOTE FUTURE 21.09.22 | 24.00 | -21 750.00 | -0.01 |
| Total Financial Futures on bonds |  | -103 968.74 | -0.05 |
| Total Derivative instruments listed on an official stock exchange |  | -103 968.74 | -0.05 |
| Total Derivative instruments |  | -103 968.74 | -0.05 |
| Forward Foreign Exchange contracts |  |  |  |
| Currency purchased/Amount purchased/Currency sold/Amount sold/Maturity date |  |  |  |

| EUR | 6 536 600.00 | USD | 6 910 813.16 | 13.6.2022 | 94 360.23 | 0.04 |
| --- | --- | --- | --- | --- | --- | --- |
| CHF | 12 246 600.00 | USD | 12 403 278.21 | 13.6.2022 | 378 576.40 | 0.18 |
| EUR | 116 900.00 | USD | 121 829.53 | 13.6.2022 | 3 450.40 | 0.00 |
| USD | 522 178.29 | CHF | 519 100.00 | 13.6.2022 | -19 609.69 | -0.01 |
| EUR | 130 200.00 | USD | 139 710.16 | 13.6.2022 | -176.83 | 0.00 |
| CHF | 234 400.00 | USD | 244 456.53 | 13.6.2022 | 188.25 | 0.00 |
| Total Forward Foreign Exchange contracts | 456 788.76 | 0.21 |
|  |  |  |
| Cash at banks, deposits on demand and deposit accounts and other liquid assets | 8 578 562.09 | 3.95 |
| Other assets and liabilities | 3 036 990.96 | 1.41 |
| Total net assets | 216 964 860.07 | 100.00 |

UBS (Lux) Bond SICAV – USD Corporates (USD) Annual report and audited financial statements as of 31 May 2022

Translation (ENFR, 2022-05-31):
# UBS (Lux) Bond SICAV – USD Corporates (USD)
| Comparaison sur trois ans |  |
| --- | --- |
|  | ISIN | 31.5.2022 | 31.5.2021 | 31.5.2020 |
| Actif net en USD |  | 216 964 860.07 | 471 435 415.69 | 424 732 587.49 |
| Catégorie F-acc | LU0396366626 |  |  |  |
| Actions en circulation |  | 473 963.8470 | 1 192 139.8470 | 1 751 380.8470 |
| Valeur nette d’inventaire par action en USD |  | 20.46 | 22.72 | 21.78 |
| Prix d’émission et de rachat par action en USD 1 |  | 20.46 | 22.72 | 21.78 |
| Catégorie I-A1-acc | LU0396367277 |  |  |  |
| Actions en circulation |  | 112 364.2010 | 138 597.8710 | 190 416.2140 |
| Valeur nette d’inventaire par action en USD |  | 147.55 | 164.11 | 157.53 |
| Prix d’émission et de rachat par action en USD 1 |  | 147.55 | 164.11 | 157.53 |
| Catégorie I-A3-acc | LU0396367608 |  |  |  |
| Actions en circulation |  | 6 949.4140 | 6 927.4140 | 5 135.4140 |
| Valeur nette d’inventaire par action en USD |  | 120.95 | 134.33 | 128.77 |
| Prix d’émission et de rachat par action en USD 1 |  | 120.95 | 134.33 | 128.77 |
| Catégorie I-B-acc 2 | LU0396367863 |  |  |  |
| Actions en circulation Valeur nette d’inventaire par action en USD Prix d’émission et de rachat par action en USD 1 |  | - - - | - - - | - - - |
| Catégorie I-B-dist 3 | LU2249863197 |  |  |  |
| Actions en circulation |  | - | 80 000.0000 | - |
| Valeur nette d’inventaire par action en USD |  | - | 97.83 | - |
| Prix d’émission et de rachat par action en USD 1 |  | - | 97.83 | - |
| Catégorie I-X-acc | LU0396368085 |  |  |  |
| Actions en circulation |  | 48 507.5150 | 58 184.0660 | 72 351.6110 |
| Valeur nette d’inventaire par action en USD |  | 156.11 | 172.76 | 165.01 |
| Prix d’émission et de rachat par action en USD 1 |  | 156.11 | 172.76 | 165.01 |
| Catégorie P-acc | LU0172069584 |  |  |  |
| Actions en circulation |  | 3 518 417.3880 | 5 005 569.8310 | 5 214 639.9190 |
| Valeur nette d’inventaire par action en USD |  | 19.02 | 21.29 | 20.58 |
| Prix d’émission et de rachat par action en USD 1 |  | 19.02 | 21.29 | 20.58 |
| Catégorie (CHF hedged) P-acc | LU0776291220 |  |  |  |
| Actions en circulation |  | 38 473.5400 | 47 186.8550 | 37 732.6290 |
| Valeur nette d’inventaire par action en CHF |  | 104.90 | 119.04 | 116.58 |
| Prix d’émission et de rachat par action en CHF 1 |  | 104.90 | 119.04 | 116.58 |
| Catégorie P-mdist 4 | LU0849272793 |  |  |  |
| Actions en circulation |  | 19 849.6770 | 79 730.9070 | - |
| Valeur nette d’inventaire par action en USD |  | 83.65 | 97.55 | - |
| Prix d’émission et de rachat par action en USD 1 |  | 83.65 | 97.55 | - |
| Catégorie Q-acc | LU0396366972 |  |  |  |
| Actions en circulation |  | 547 287.6780 | 731 658.7800 | 530 980.7760 |
| Valeur nette d’inventaire par action en USD |  | 171.01 | 190.46 | 183.09 |
| Prix d’émission et de rachat par action en USD 1 |  | 171.01 | 190.46 | 183.09 |
| Catégorie (CHF hedged) Q-acc | LU1240777026 |  |  |  |
| Actions en circulation |  | 79 463.8420 | 106 878.8290 | 166 858.3640 |
| Valeur nette d’inventaire par action en CHF |  | 102.44 | 115.62 | 112.61 |
| Prix d’émission et de rachat par action en CHF 1 |  | 102.44 | 115.62 | 112.61 |
| Catégorie (EUR hedged) Q-acc | LU0848113352 |  |  |  |
| Actions en circulation |  | 63 781.4630 | 136 633.0200 | 76 724.5840 |
| Valeur nette d’inventaire par action en EUR |  | 108.53 | 121.91 | 118.41 |
| Prix d’émission et de rachat par action en EUR 1 |  | 108.53 | 121.91 | 118.41 |
| Catégorie U-X-acc 5 | LU0396368242 |  |  |  |

UBS (Lux) Bond SICAV – USD Corporates (USD)
Rapport annuel et états financiers révisés au 31 mai 2022
| Performance |  |
| --- | --- |
|  | Devise | 2021/2022 | 2020/2021 | 2019/2020 |
| Catégorie F-acc | USD | -9.9% | 4.3% | 10.4% |
| Catégorie I-A1-acc | USD | -10.1% | 4.2% | 10.0% |
| Catégorie I-A3-acc | USD | -10.0% | 4.3% | 10.2% |
| Catégorie I-B-acc 1 | USD | - | - | - |
| Catégorie I-B-dist 2 | USD | - | - | - |
| Catégorie I-X-acc | USD | -9.6% | 4.7% | 10.6% |
| Catégorie P-acc | USD | -10.7% | 3.4% | 9.5% |
| Catégorie (CHF hedged) P-acc | CHF | -11.9% | 2.1% | 5.9% |
| Catégorie P-mdist | USD | -10.7% | - | - |
| Catégorie Q-acc | USD | -10.2% | 4.0% | 10.1% |
| Catégorie (CHF hedged) Q-acc | CHF | -11.4% | 2.7% | 6.4% |
| Catégorie (EUR hedged) Q-acc | EUR | -11.0% | 3.0% | 6.8% |
| Catégorie U-X-acc 3 | USD | - | 4.7% | 10.6% |
| Benchmark: 4 Bloomberg Barclays US Corporate Investment Grade Index | USD | -10.3% | 3.6% | 10.0% |
| Bloomberg Barclays US Corporate Investment Grade Index (hedged CHF) | CHF | -11.7% | 2.2% | 6.9% |
| Bloomberg Barclays US Corporate Investment Grade Index (hedged EUR) | EUR | -11.5% | 2.4% | 7.4% |

1 
La classe d’actions I-B-acc était active jusqu’au 7.8.2019 - réactivée le 18.8.2021 et I-B-acc était en circulation jusqu’au 15.11.2021. Dès lors, aucune donnée n’est disponible pour calculer la performance.
2 
La catégorie d’actions I-B-dist était en circulation pour la période allant du 19.1.2021 au 17.8.2021. Dès lors, aucune donnée n’est disponible pour calculer la performance.
3 
La catégorie d’actions U-X-acc était en circulation jusqu’au 9.11.2021. Dès lors, aucune donnée n’est disponible pour calculer la performance.
4 
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.

## Rapport du Gestionnaire de portefeuille
Au cours de l’exercice financier compris entre le 1
er 
juin 2021 et le 31 mai 2022, les rendements des bons du Trésor américain ont augmenté, en particulier dans la mesure où l’inflation a atteint des sommets jamais vus depuis plusieurs décennies aux États-Unis et où la Fed a commencé à s’orienter vers une politique monétaire plus belliciste. Pour l’essentiel, la Fed a maintenu ses taux à des niveaux très bas, mais a commencé à resserrer sa politique monétaire et à augmenter ses taux au cours de la dernière partie de la période sous revue afin de lut- ter contre l’inflation. Les rendements des bons du Tré- sor américain ont nettement augmenté en conséquence, reflétant les prévisions de resserrement de la politique monétaire. Le marché des titres d’entreprise américains notés «Investment grade» a connu un élargissement des écarts, en partie imputable à la volatilité élevée due à la hausse brutale des taux d’intérêt, ainsi qu’aux risques géopolitiques mondiaux accrus et au resserrement de la politique monétaire. Le marché des titres d’entreprise américains notés «Investment grade» a enregistré des rendements totaux négatifs sur la période, suite à l’augmentation des taux d’intérêt et à l’élargissement des écarts du crédit d’entreprise américain noté «Investment grade».
Le compartiment a réalisé une performance négative au cours de l’exercice. Tant la hausse des rendements des bons du Trésor américain que l’élargissement des écarts du crédit d’entreprise noté «Investment grade» ont nui au rendement global sur la période. Les revenus se sont cumulés à la performance générale. Le compartiment a adopté une approche diversifiée en investissant dans une grande variété de secteurs et d’émetteurs du marché des obligations d’entreprise notées «Investment grade». La duration du compartiment ajustée de l’option a diminué à la fin de la période sous revue par rapport à celle de l’année précédente, avec une valeur finale de 7.5 ans. Tant le positionnement actif en termes de duration que la gestion des écarts ont contribué à la performance relative du compartiment.

## Structure du portefeuille-titres
Répartition géographique en % de l’actif net	
| Etats-Unis | 62.66 |
| --- | --- |
| Grande-Bretagne | 7.33 |
| Australie | 4.81 |
| Canada | 4.45 |
| Norvège | 2.78 |
| France | 2.33 |
| Pays-Bas | 2.16 |
| Japon | 2.02 |
| Irlande | 1.39 |
| Luxembourg | 1.23 |
| Guernesey | 1.05 |
| Multinationaux | 1.01 |
| Iles Caïmans | 0.60 |
| Bermudes | 0.43 |
| Espagne | 0.23 |
| Total | 94.48 |

Répartition économique en % de l’actif net	
| Banques & instituts de crédit | 24.18 |
| --- | --- |
| Etablissements financiers et sociétés de participation | 16.85 |
| Distribution d’énergie & d’eau | 5.54 |
| Télécommunications | 4.70 |
| Commerce de détail, centres commerciaux | 4.43 |
| Trafic et transport | 3.76 |
| Pétrole | 3.72 |
| Gouvernements nationaux et centraux | 3.30 |
| Equipement informatique et de réseau | 2.56 |
| Electronique et semi-conducteurs | 2.56 |
| Assurances | 2.10 |
| Industrie graphique, édition et médias | 1.87 |
| Bâtiment et matériaux de construction | 1.84 |
| Immobilier | 1.74 |
| Tabac et boissons alcoolisées | 1.63 |
| Soins de santé & services sociaux | 1.63 |
| Produits pharmaceutiques, cosmétiques & médicaux | 1.56 |
| Alimentation & softs | 1.47 |
| Métaux non ferreux | 1.38 |
| Appareils et composants électriques | 1.24 |
| Fonds de placement | 1.23 |
| Industrie minière, charbon et acier | 1.01 |
| Biotechnologie | 0.90 |
| Véhicules | 0.80 |
| Emetteurs d’obligations sécurisées (Pfandbriefe) et |  |
| sociétés de refinancement | 0.77 |
| Biens de consommation divers | 0.50 |
| Services divers | 0.46 |
| Machines et appareils | 0.44 |
| Internet, logiciels et services informatiques | 0.31 |
| Total | 94.48 |

UBS (Lux) Bond SICAV – USD Corporates (USD) Rapport annuel et états financiers révisés au 31 mai 2022

## Etat des actifs nets
Actif	31.5.2022
USD
Portefeuille-titres, cours d’achat	224 144 570.13
| Portefeuille-titres, plus- (moins-) value non-réalisée | 	-19 148 083.13	 |
| --- | --- |
| Total portefeuille-titres (note 1) | 204 996 487.00 |
| Avoirs en banque, dépôts à vue et à terme | 8 285 613.41 |
| Autres liquidités (marges) | 292 948.68 |
| A recevoir sur souscriptions | 1 176 558.08 |
| Intérêts à recevoir sur titres | 2 078 527.63 |
| Frais payés d’avance | 45 930.11 |
| Bénéfice non réalisé sur contrats de change à terme (note 1) | 456 788.76 |
| Total Actif | 217 332 853.67 |
|  |  |
| Passif |  |
| Perte non réalisée sur contrats financiers à terme (note 1) | -103 968.74 |
| A payer sur rachats | -81 364.87 |
| Provisions pour commission de gestion forfaitaire (note 2) | -135 032.31 |
| Provisions pour taxe d’abonnement (note 3) | -16 282.58 |
| Provisions pour autres commissions et frais (note 2) | 	-31 345.10	 |
| Total des Provisions pour frais | -182 659.99 |
| Total Passif | -367 993.60 |
|  |  |
| Actifs nets à la fin de l’exercice | 216 964 860.07 |
| Etat des opérations | USD |
| Revenus | 1.6.2021-31.5.2022 |
| Revenus d’intérêts sur liquidités | 1 165.21 |
| Intérêts sur titres | 11 876 421.87 |
| Revenus nets sur prêts de titres (note 17) | 18 120.00 |
| Autres revenus (note 4) | 340 425.55 |
| Total des Revenus | 12 236 132.63 |
|  |  |
| Charges |  |
| Commission de gestion forfaitaire (note 2) | -2 195 815.64 |
| Taxe d’abonnement (note 3) | -126 076.26 |
| Autres commissions et frais (note 2) | -33 117.09 |
| Charges d’intérêts sur liquidités et crédit en compte courant | -454.67 |
| Autres charges | -5.76 |
| Total des Charges | -2 355 469.42 |
|  |  |
| Revenus (Pertes) net(te)s des investissements | 9 880 663.21 |
|  |  |
| Bénéfices (pertes) réalisé(e)s (note 1) |  |
| Bénéfice (perte) réalisé(e) sur titres évalués à la valeur de marché hors options | 7 878 299.22 |
| Bénéfice (perte) réalisé(e) sur contrats financiers à terme | 757 364.02 |
| Bénéfice (perte) réalisé(e) sur contrats de change à terme | -4 038 770.79 |
| Bénéfice (perte) réalisé(e) de change réalisé(e) | 24 944.73 |
| Total des Bénéfices (pertes) réalisé(e)s | 4 621 837.18 |
|  |  |
| Bénéfice (perte) net(te) réalisé(e) au cours de l’exercice | 14 502 500.39 |
|  |  |
| Variations des plus- (moins-) values non-réalisées (note 1) |  |
| Plus- (Moins-) value non réalisée sur titres évalués à la valeur de marché hors options | -41 154 333.45 |
| Plus- (Moins-) value non réalisée sur contrats financiers à terme | -71 687.49 |
| Plus- (Moins-) value non réalisée sur contrats de change à terme | 651 702.75 |
| Total des Variations des plus- (moins-) values non-réalisées | -40 574 318.19 |
|  |  |
| Augmentation/(diminution) nette de l’actif net issue de l’activité | -26 071 817.80 |

UBS (Lux) Bond SICAV – USD Corporates (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 | 471 435 415.69 |
| Souscriptions | 60 923 286.40 |
| Rachats | 	-289 065 246.68	 |
| Souscriptions (Rachats) net(te)s | -228 141 960.28 |
| Dividendes versés | -256 777.54 |
| Revenus (Pertes) net(te)s des investissements | 9 880 663.21 |
| Total des Bénéfices (pertes) réalisé(e)s | 4 621 837.18 |
| Total des Variations des plus- (moins-) values non-réalisées | 	-40 574 318.19	 |
| Augmentation/(diminution) nette de l’actif net issue de l’activité | -26 071 817.80 |
| Actifs nets à la fin de l’exercice | 216 964 860.07 |
| Evolution des actions en circulation |  |
|  | 1.6.2021-31.5.2022 |
| Catégorie | F-acc |
| Nombre d’actions en circulation au début de l’exercice | 1 192 139.8470 |
| Nombre d’actions émises | 53 713.0000 |
| Nombre d’actions rachetées | -771 889.0000 |
| Nombre d’actions en circulation à la fin de l’exercice | 473 963.8470 |
| Catégorie | I-A1-acc |
| Nombre d’actions en circulation au début de l’exercice | 138 597.8710 |
| Nombre d’actions émises | 45 518.3840 |
| Nombre d’actions rachetées | -71 752.0540 |
| Nombre d’actions en circulation à la fin de l’exercice | 112 364.2010 |
| Catégorie | I-A3-acc |
| Nombre d’actions en circulation au début de l’exercice | 6 927.4140 |
| Nombre d’actions émises | 675.0000 |
| Nombre d’actions rachetées | -653.0000 |
| Nombre d’actions en circulation à la fin de l’exercice | 6 949.4140 |
| Catégorie | I-B-acc |
| Nombre d’actions en circulation au début de l’exercice | 0.0000 |
| Nombre d’actions émises | 79 440.0000 |
| Nombre d’actions rachetées | -79 440.0000 |
| Nombre d’actions en circulation à la fin de l’exercice | 0.0000 |
| Catégorie | I-B-dist |
| Nombre d’actions en circulation au début de l’exercice | 80 000.0000 |
| Nombre d’actions émises | 0.0000 |
| Nombre d’actions rachetées | -80 000.0000 |
| Nombre d’actions en circulation à la fin de l’exercice | 0.0000 |
| Catégorie | I-X-acc |
| Nombre d’actions en circulation au début de l’exercice | 58 184.0660 |
| Nombre d’actions émises | 0.0000 |
| Nombre d’actions rachetées | -9 676.5510 |
| Nombre d’actions en circulation à la fin de l’exercice | 48 507.5150 |
| Catégorie | P-acc |
| Nombre d’actions en circulation au début de l’exercice | 5 005 569.8310 |
| Nombre d’actions émises | 441 410.4720 |
| Nombre d’actions rachetées | -1 928 562.9150 |
| Nombre d’actions en circulation à la fin de l’exercice | 3 518 417.3880 |
| Catégorie | (CHF hedged) P-acc |
| Nombre d’actions en circulation au début de l’exercice | 47 186.8550 |
| Nombre d’actions émises | 731.1550 |
| Nombre d’actions rachetées | -9 444.4700 |
| Nombre d’actions en circulation à la fin de l’exercice | 38 473.5400 |
| Catégorie | P-mdist |
| Nombre d’actions en circulation au début de l’exercice | 79 730.9070 |
| Nombre d’actions émises | 10 359.8620 |
| Nombre d’actions rachetées | -70 241.0920 |
| Nombre d’actions en circulation à la fin de l’exercice | 19 849.6770 |
| Catégorie | Q-acc |
| Nombre d’actions en circulation au début de l’exercice | 731 658.7800 |
| Nombre d’actions émises | 95 136.8090 |
| Nombre d’actions rachetées | -279 507.9110 |
| Nombre d’actions en circulation à la fin de l’exercice | 547 287.6780 |
| Catégorie | (CHF hedged) Q-acc |
| Nombre d’actions en circulation au début de l’exercice | 106 878.8290 |
| Nombre d’actions émises | 1 505.7570 |
| Nombre d’actions rachetées | -28 920.7440 |
| Nombre d’actions en circulation à la fin de l’exercice | 79 463.8420 |

UBS (Lux) Bond SICAV – USD Corporates (USD) Rapport annuel et états financiers révisés au 31 mai 2022
| Catégorie |  |  | (EUR hedged) Q-acc |
| --- | --- | --- | --- |
| Nombre d’actions en circulation au début de l’exercice |  |  | 136 633.0200 |
| Nombre d’actions émises |  |  | 100 620.9940 |
| Nombre d’actions rachetées |  |  | -173 472.5510 |
| Nombre d’actions en circulation à la fin de l’exercice |  |  | 63 781.4630 |
| Catégorie |  |  | U-X-acc |
| Nombre d’actions en circulation au début de l’exercice |  |  | 8 426.0000 |
| Nombre d’actions émises |  |  | 106.0000 |
| Nombre d’actions rachetées |  |  | -8 532.0000 |
| Nombre d’actions en circulation à la fin de l’exercice |  |  | 0.0000 |
| Distribution annuelle 1 |  |  |  |
| UBS (Lux) Bond SICAV – USD Corporates (USD)	Date de détachement | Date de versement | Devise | Montant par action |
| I-B-dist	2.8.2021 | 5.8.2021 | USD | 1.23 |
| Distribution mensuelle 1 |  |  |  |
| UBS (Lux) Bond SICAV – USD Corporates (USD)	Date de détachement | Date de versement | Devise | Montant par action |
| P-mdist	15.6.2021 | 18.6.2021 | USD | 0.33 |
| P-mdist	15.7.2021 | 20.7.2021 | USD | 0.33 |
| P-mdist	16.8.2021 | 19.8.2021 | USD | 0.33 |
| P-mdist	15.9.2021 | 20.9.2021 | USD | 0.33 |
| P-mdist	15.10.2021 | 20.10.2021 | USD | 0.33 |
| P-mdist	15.11.2021 | 18.11.2021 | USD | 0.33 |
| P-mdist	15.12.2021 | 20.12.2021 | USD | 0.32 |
| P-mdist	17.1.2022 | 20.1.2022 | USD | 0.32 |
| P-mdist	15.2.2022 | 18.2.2022 | USD | 0.31 |
| P-mdist	15.3.2022 | 18.3.2022 | USD | 0.30 |
| P-mdist	19.4.2022 | 22.4.2022 | USD | 0.29 |
| P-mdist	16.5.2022 | 19.5.2022 | USD | 0.28 |
| 1  Voir note 5 |  |  |  |

UBS (Lux) Bond SICAV – USD Corporates (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	AERCAP IRELAND CAP/ GLBL AVIATION TRUST 6.50000% 20-15.07.25 | 2 000 000.00 | 2 087 600.58 | 0.96 |
| USD	AERCAP IRELAND CAPITAL DAC / AERCAP 1.65000% 21-29.10.24 | 1 000 000.00 | 937 456.63 | 0.43 |
| USD	AMAZON.COM INC 2.50000% 20-03.06.50 | 1 540 000.00 | 1 146 502.85 | 0.53 |
| USD	AMGEN INC 3.15000% 20-21.02.40 | 830 000.00 | 683 654.77 | 0.32 |
| USD	ANALOG DEVICES INC 1.70000% 21-01.10.28 | 1 660 000.00 | 1 479 637.78 | 0.68 |
| USD	ANHEUSER-BUSCH COS 4.70000% 19-01.02.36 | 3 500 000.00 | 3 542 672.70 | 1.63 |
| USD	AON GLOBAL LTD 3.87500% 16-15.12.25 | 1 000 000.00 | 1 005 930.90 | 0.46 |
| USD	APPLE INC 1.65000% 20-11.05.30 | 1 660 000.00 | 1 446 007.67 | 0.67 |
| USD	APPLE INC 3.45000% 15-09.02.45 | 3 500 000.00 | 3 159 422.35 | 1.46 |
| USD	AT&T INC 3.50000% 20-01.06.41 | 750 000.00 | 632 652.14 | 0.29 |
| USD	AT&T INC 3.65000% 20-01.06.51 | 1 000 000.00 | 831 802.83 | 0.38 |
| USD	AT&T INC 4.35000% 13-15.06.45 | 1 500 000.00 | 1 369 829.55 | 0.63 |
| USD	AT&T INC 4.85000% 19-01.03.39 | 1 000 000.00 | 1 005 245.90 | 0.46 |
| USD	AT&T INC 5.15000% 18-15.11.46 | 1 000 000.00 | 1 029 934.88 | 0.48 |
| USD	BANK OF NOVA SCOTIA/THE 3.45000% 22-11.04.25 | 1 000 000.00 | 996 285.56 | 0.46 |
| USD	BARCLAYS PLC-SUB 4.37500% 14-11.09.24 | 1 870 000.00 | 1 892 623.17 | 0.87 |
| USD	BP CAPITAL MARKETS AMERICA INC 3.00000% 20-24.02.50 | 1 000 000.00 | 772 054.24 | 0.36 |
| USD	CANADIAN IMPERIAL BANK OF COMMERCE 3.30000% 22-07.04.25 | 1 500 000.00 | 1 492 371.35 | 0.69 |
| USD	CANADIAN IMPERIAL BANK OF COMMERCE 1.00000% 21-18.10.24 | 1 000 000.00 | 944 515.54 | 0.44 |
| USD	CANADIAN PACIFIC RAILWAY 3.10000% 21-02.12.51 | 2 000 000.00 | 1 568 731.66 | 0.72 |
| USD	CCO LLC/CAPITAL 6.38400% 16-23.10.35 | 1 120 000.00 | 1 190 387.48 | 0.55 |
| USD	CENTURYLINK INC 6.75000% 13-01.12.23 | 1 240 000.00 | 1 269 450.00 | 0.59 |
| USD	CIGNA CORP 2.40000% 20-15.03.30 | 2 000 000.00 | 1 767 110.82 | 0.81 |
| USD	CITIGROUP INC 3.70000% 16-12.01.26 | 5 190 000.00 | 5 150 839.06 | 2.37 |
| USD	CREDIT AGRICOLE SA-144A-SUB 4.37500% 15-17.03.25 | 1 660 000.00 | 1 662 762.44 | 0.77 |
| USD	CREDIT SUISSE AG/NEW YORK NY 3.70000% 22-21.02.25 | 1 000 000.00 | 995 333.96 | 0.46 |
| USD	CREDIT SUISSE GROUP AG 4.55000% 16-17.04.26 | 2 280 000.00 | 2 277 432.40 | 1.05 |
| USD	CVS HEALTH CORP 5.05000% 18-25.03.48 | 1 500 000.00 | 1 527 891.83 | 0.70 |
| USD	DEERE & CO 3.90000% 12-09.06.42 | 1 000 000.00 | 958 060.55 | 0.44 |
| USD	DELL INTERNATIONAL LLC / EMC CORP 8.35000% 21-15.07.46 | 248 000.00 | 326 804.69 | 0.15 |
| USD	EBAY INC 4.00000% 12-15.07.42 | 1 660 000.00 | 1 453 741.97 | 0.67 |
| USD	EPR PROPERTIES 4.95000% 18-15.04.28 | 1 500 000.00 | 1 436 586.93 | 0.66 |
| USD	EQT CORP 3.90000% 17-01.10.27 | 1 000 000.00 | 963 890.00 | 0.44 |
| USD	EQUINOR ASA 2.87500% 20-06.04.25 | 2 490 000.00 | 2 473 747.64 | 1.14 |
| USD	ESTEE LAUDER COS INC 4.37500% 15-15.06.45 | 830 000.00 | 811 113.67 | 0.37 |
| USD	EXELON CORP 4.95000% 16-15.06.35 | 1 450 000.00 | 1 458 851.55 | 0.67 |
| USD	FORD MOTOR CREDIT CO 3.37500% 20-13.11.25 | 1 500 000.00 | 1 435 770.00 | 0.66 |
| USD	GENERAL MOTORS FINANCIAL CO INC 4.00000% 16-06.10.26 | 1 870 000.00 | 1 832 538.87 | 0.85 |
| USD	GENERAL MOTORS FINANCIAL CO INC 3.10000% 22-12.01.32 | 1 500 000.00 | 1 268 183.42 | 0.58 |
| USD	GEORGIA POWER CO 3.70000% 20-30.01.50 | 1 660 000.00 | 1 370 207.83 | 0.63 |
| USD	GILEAD SCIENCES INC 2.60000% 20-01.10.40 | 1 660 000.00 | 1 268 339.27 | 0.58 |
| USD	GOLDMAN SACHS GROUP INC 2.60000% 20-07.02.30 | 1 000 000.00 | 881 892.26 | 0.41 |
| USD	GOLDMAN SACHS GROUP INC 3.80000% 20-15.03.30 | 1 000 000.00 | 954 615.11 | 0.44 |
| USD	HCA INC 5.00000% 14-15.03.24 | 1 870 000.00 | 1 917 867.06 | 0.88 |
| USD	HCA INC 5.25000% 19-15.06.49 | 750 000.00 | 723 242.28 | 0.33 |
| USD	HOME DEPOT INC/THE 4.20000% 13-01.04.43 | 2 590 000.00 | 2 525 307.34 | 1.16 |
| USD	HSBC HOLDINGS PLC-SUB 4.37500% 16-23.11.26 | 1 870 000.00 | 1 873 714.00 | 0.86 |
| USD	INTERCONTINENTAL EXCHANGE INC 3.00000% 20-15.06.50 | 1 825 000.00 | 1 378 373.59 | 0.64 |
| USD	JPMORGAN CHASE & CO-SUB 3.62500% 16-01.12.27 | 6 640 000.00 | 6 483 786.90 | 2.99 |
| USD	KB HOME 7.62500% 15-15.05.23 | 1 240 000.00 | 1 257 756.80 | 0.58 |
| USD	KINROSS GOLD CORP 5.95000% 14-15.03.24 | 2 900 000.00 | 3 005 523.61 | 1.39 |
| USD	KROGER CO 3.87500% 16-15.10.46 | 1 000 000.00 | 860 058.79 | 0.40 |
| USD	LLOYDS BANKING GROUP PLC 4.45000% 18-08.05.25 | 2 000 000.00 | 2 031 366.98 | 0.94 |
| USD	LOWE’S COS INC 2.80000% 21-15.09.41 | 2 250 000.00 | 1 744 580.41 | 0.80 |
| USD	LSEGA FINANCING PLC-144A 3.20000% 21-06.04.41 | 2 000 000.00 | 1 635 610.40 | 0.75 |
| USD	MASCO CORP 4.50000% 17-15.05.47 | 1 200 000.00 | 1 088 661.60 | 0.50 |
| USD	MERCK & CO INC 3.70000% 15-10.02.45 | 1 150 000.00 | 1 055 253.06 | 0.49 |
| USD	MITSUBISHI UFJ FINANCIAL GRP INC 2.19300% 20-25.02.25 | 2 490 000.00 | 2 401 104.26 | 1.11 |
| USD	NATWEST GROUP PLC 4.80000% 16-05.04.26 | 1 660 000.00 | 1 680 870.16 | 0.78 |
| USD	NORFOLK SOUTHERN CORP 4.10000% 19-15.05.49 | 1 660 000.00 | 1 526 287.45 | 0.70 |
| USD	NVIDIA CORP 2.85000% 20-01.04.30 | 830 000.00 | 776 653.46 | 0.36 |
| USD	PAYPAL HOLDINGS INC 2.30000% 20-01.06.30 | 1 660 000.00 | 1 454 570.20 | 0.67 |
| USD	PEPSICO INC 2.62500% 21-21.10.41 | 1 660 000.00 | 1 355 188.26 | 0.63 |
| USD	PRUDENTIAL FINANCIAL INC 3.93500% 18-07.12.49 | 1 986 000.00 | 1 786 018.49 | 0.82 |
| USD	PUBLIC STORAGE 3.09400% 17-15.09.27 | 1 500 000.00 | 1 451 533.35 | 0.67 |
| USD	QUALCOMM INC 4.30000% 17-20.05.47 | 250 000.00 | 246 035.89 | 0.11 |
| USD	QUANTA SERVICES INC 3.05000% 21-01.10.41 | 1 500 000.00 | 1 105 297.83 | 0.51 |
| USD	RABOBANK NEDERLAND NV-SUB 3.75000% 16-21.07.26 | 1 000 000.00 | 974 964.37 | 0.45 |
| USD	SABINE PASS LIQUEFACTION LLC 5.00000% 17-15.03.27 | 1 450 000.00 | 1 494 724.54 | 0.69 |
| USD	SALESFORCE.COM INC 2.70000% 21-15.07.41 | 830 000.00 | 663 194.08 | 0.31 |
| USD	SHERWIN-WILLIAMS CO 4.50000% 17-01.06.47 | 1 250 000.00 | 1 200 389.20 | 0.55 |
| USD	SPECTRA ENERGY PARTNERS LP 4.50000% 15-15.03.45 | 1 000 000.00 | 918 700.12 | 0.42 |
| USD	SUMITOMO MITSUI FIN GP INC 2.69600% 19-16.07.24 | 2 000 000.00 | 1 973 115.40 | 0.91 |
| USD	TARGET CORP 1.95000% 22-15.01.27 | 2 000 000.00 | 1 889 191.94 | 0.87 |
| USD	TELEFONICA EMISIONES SA 5.52000% 19-01.03.49 | 500 000.00 | 493 650.86 | 0.23 |
| USD	TOTAL CAPITAL INTERNATIONAL SA 3.12700% 20-29.05.50 | 1 000 000.00 | 804 633.70 | 0.37 |
| USD	TRI POINTE HOLDINGS INC 5.87500% 15-15.06.24 | 1 500 000.00 | 1 531 465.65 | 0.71 |
| USD	UNITEDHEALTH GROUP INC 3.95000% 12-15.10.42 | 956 000.00 | 887 561.88 | 0.41 |
| USD	VICI PROPERTIES LP 5.62500% 22-15.05.52 | 900 000.00 | 881 361.00 | 0.41 |
| USD	VODAFONE GROUP PLC 4.87500% 19-19.06.49 | 1 000 000.00 | 962 528.70 | 0.44 |
| USD	WALT DISNEY CO 2.75000% 19-01.09.49 | 1 800 000.00 | 1 361 079.85 | 0.63 |
| Total USD |  | 120 161 708.26 | 55.38 |
| Total des Billets, taux fixe |  | 120 161 708.26 | 55.38 |

UBS (Lux) Bond SICAV – USD Corporates (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) |  |
| Billets, taux variable |  |  |  |
| USD |  |  |  |
| USD	BANK OF AMERICA CORP 4.271%/VAR 18-23.07.29 | 1 500 000.00 | 1 489 794.09 | 0.68 |
| USD	CITIGROUP INC 2.666%/VAR 20-29.01.31 | 1 000 000.00 | 879 647.78 | 0.40 |
| USD	GOLDMAN SACHS GROUP INC/THE 1.992%/VAR 21-27.01.32 | 1 000 000.00 | 821 445.36 | 0.38 |
| USD	HSBC HOLDINGS PLC 2.099%/VAR 20-04.06.26 | 2 070 000.00 | 1 945 227.32 | 0.90 |
| USD	JPMORGAN CHASE & CO 2.545%/VAR 21-08.11.32 | 1 000 000.00 | 862 330.62 | 0.40 |
| USD	WESTPAC BANKING CORP-SUB 2.668%/VAR 20-15.11.35 | 1 000 000.00 | 828 077.70 | 0.38 |
| Total USD |  | 6 826 522.87 | 3.14 |
| Total des Billets, taux variable |  | 6 826 522.87 | 3.14 |
| Medium-Term Notes, taux fixe |  |  |  |
| USD |  |  |  |
| USD	ROYAL BANK OF CANADA 2.30000% 21-03.11.31 | 830 000.00 | 710 228.85 | 0.33 |
| Total USD |  | 710 228.85 | 0.33 |
| Total des Medium-Term Notes, taux fixe |  | 710 228.85 | 0.33 |
| Medium-Term Notes, taux variable |  |  |  |
| USD |  |  |  |
| USD	BANK OF AMERICA CORP 3.559%/VAR 19-23.04.27 | 2 000 000.00 | 1 965 098.24 | 0.90 |
| USD	BANK OF AMERICA CORP 2.496%/3M LIBOR+99BP 20-13.02.31 | 4 500 000.00 | 3 964 753.58 | 1.83 |
| USD	MORGAN STANLEY 3.622%/VAR 20-01.04.31 | 3 000 000.00 | 2 857 528.86 | 1.32 |
| USD	MORGAN STANLEY 3.772%/VAR 18-24.01.29 | 1 240 000.00 | 1 208 564.29 | 0.56 |
| Total USD |  | 9 995 944.97 | 4.61 |
| Total des Medium-Term Notes, taux variable |  | 9 995 944.97 | 4.61 |
| Obligations, taux fixe |  |  |  |
| USD |  |  |  |
| USD	BALTIMORE GAS & ELECTRIC CO 3.50000% 16-15.08.46 | 1 040 000.00 | 880 853.28 | 0.40 |
| USD	CONSOLIDATED EDISON CO OF NEW YORK INC 4.65000% 18-01.12.48 | 1 240 000.00 | 1 219 624.58 | 0.56 |
| USD	DUKE ENERGY CAROLINAS LLC 6.05000% 08-15.04.38 | 765 000.00 | 878 858.72 | 0.40 |
| USD	DUKE ENERGY OHIO INC 4.30000% 19-01.02.49 | 1 660 000.00 | 1 578 128.09 | 0.73 |
| USD	EL PASO NATURAL GAS CO 8.37500% 03-15.06.32 | 1 050 000.00 | 1 295 970.19 | 0.60 |
| USD	SAN DIEGO GAS & ELECTRIC CO 4.10000% 19-15.06.49 | 830 000.00 | 775 243.27 | 0.36 |
| USD	SOUTHERN CALIFORNIA EDISON CO 3.65000% 20-01.02.50 | 2 000 000.00 | 1 598 236.00 | 0.74 |
| Total USD |  | 8 226 914.13 | 3.79 |
| Total des Obligations, taux fixe |  | 8 226 914.13 | 3.79 |
| Obligations, taux variable |  |  |  |
| USD |  |  |  |
| USD	BP CAPITAL MARKETS PLC-SUB 4.875%/VAR 20-PRP | 2 000 000.00 | 1 870 181.34 | 0.86 |
| Total USD |  | 1 870 181.34 | 0.86 |
| Total des Obligations, taux variable |  | 1 870 181.34 | 0.86 |
| Bons du Trésor à moyen terme, taux fixe |  |  |  |
| USD |  |  |  |
| USD	AMERICA, UNITED STATES OF 1.87500% 22-15.02.32 | 4 000 000.00 | 3 666 250.00 | 1.69 |
| USD	AMERICA, UNITED STATES OF 2.25000% 22-31.03.24 | 3 500 000.00 | 3 486 328.30 | 1.61 |
| Total USD |  | 7 152 578.30 | 3.30 |
| Total des Bons du Trésor à moyen terme, taux fixe |  | 7 152 578.30 | 3.30 |
| Total des Titres et instruments du marché monétaire négociés sur une bourse officielle |  | 154 944 078.72 | 71.41 |
| Titres et instruments du marché monétaire négociés sur un autre marché réglementé |  |  |  |
| Billets, taux fixe |  |  |  |
| USD |  |  |  |
| USD	AKER BP ASA-144A 3.00000% 20-15.01.25 | 2 675 000.00 | 2 620 461.83 | 1.21 |
| USD	AKER BP ASA-144A 3.75000% 20-15.01.30 | 1 000 000.00 | 931 912.65 | 0.43 |
| USD	AUSTRALIA & NEW ZEALAND BANK-144A-SUB 2.57000% 20-25.11.35 | 1 500 000.00 | 1 229 965.24 | 0.57 |
| USD	DAIMLER FINANCE NORTH AMERICA LLC-144A 3.30000% 15-19.05.25 | 1 750 000.00 | 1 732 545.26 | 0.80 |
| USD	DELTA AIR LINES INC-144A 7.00000% 20-01.05.25 | 2 500 000.00 | 2 674 273.23 | 1.23 |
| USD	EAST OHIO GAS CO/THE-144A 1.30000% 20-15.06.25 | 857 000.00 | 800 113.92 | 0.37 |
| USD	GLENCORE FUNDING LLC-144A 4.12500% 19-12.03.24 | 1 240 000.00 | 1 248 995.86 | 0.58 |
| USD	HARLEY-DAVIDSON FIN.SERV INC-144A 3.35000% 18-15.02.23 | 2 070 000.00 | 2 072 490.89 | 0.95 |
| USD	LUNDIN ENERGY FINANCE BV-144A 2.00000% 21-15.07.26 | 1 750 000.00 | 1 591 967.25 | 0.73 |
| USD	SANTOS FINANCE LTD-144A 3.64900% 21-29.04.31 | 1 750 000.00 | 1 524 001.15 | 0.70 |
| USD	SCENTRE GROUP TRUST 1 / 2-144A 3.25000% 15-28.10.25 | 2 000 000.00 | 1 958 971.80 | 0.90 |
| USD	SOCIETE GENERALE SA-144A 4.00000% 17-12.01.27 | 1 400 000.00 | 1 353 613.53 | 0.62 |
| USD	TECK RESOURCES LTD 3.90000% 20-15.07.30 | 1 000 000.00 | 946 498.14 | 0.44 |
| USD	UNITED AIRLINES INC-144A 4.37500% 21-15.04.26 | 1 500 000.00 | 1 451 491.20 | 0.67 |
| Total USD |  | 22 137 301.95 | 10.20 |
| Total des Billets, taux fixe |  | 22 137 301.95 | 10.20 |

UBS (Lux) Bond SICAV – USD Corporates (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) |  |
| Billets, taux variable |  |  |  |
| USD |  |  |  |
| USD	BNP PARIBAS-144A 3.052%/VAR 20-13.01.31 | 1 400 000.00 | 1 244 155.23 | 0.57 |
| USD	ING GROEP NV 3.869%/VAR 22-28.03.26 | 1 250 000.00 | 1 241 075.66 | 0.57 |
| Total USD |  | 2 485 230.89 | 1.14 |
| Total des Billets, taux variable |  | 2 485 230.89 | 1.14 |
| Medium-Term Notes, taux variable |  |  |  |
| USD |  |  |  |
| USD	COMMONWEALTH BANK AUSRALIA-144A-SUB 3.610%/VAR 19-12.09.34 | 1 500 000.00 | 1 375 095.00 | 0.63 |
| USD	NATIONAL AUSTRALIA BANK LTD-144A-SUB 3.933%/VAR 19-02.08.34 | 1 250 000.00 | 1 160 768.75 | 0.54 |
| Total USD |  | 2 535 863.75 | 1.17 |
| Total des Medium-Term Notes, taux variable |  | 2 535 863.75 | 1.17 |
| Obligations, taux fixe |  |  |  |
| USD |  |  |  |
| USD	NGPL PIPECO LLC-144A 4.87500% 17-15.08.27 | 1 240 000.00 | 1 252 113.93 | 0.58 |
| Total USD |  | 1 252 113.93 | 0.58 |
| Total des Obligations, taux fixe |  | 1 252 113.93 | 0.58 |
| Total des Titres et instruments du marché monétaire négociés sur un autre marché réglementé |  | 28 410 510.52 | 13.09 |

Titres et instruments du marché monétaire non négociés sur une bourse officielle ou un autre marché réglementé
Billets, taux fixe
| USD |  |
| --- | --- |
| USD | AVOLON HOLDINGS FUNDING LTD-144A 2.75000% 21-21.02.28 | 1 500 000.00 | 1 297 365.00 | 0.60 |
| USD | CSL FINANCE PLC-144A 4.25000% 22-27.04.32 | 1 000 000.00 | 1 004 206.50 | 0.46 |
| USD | GE CAPITAL FUNDING LLC 4.55000% 21-15.05.32 | 1 660 000.00 | 1 669 444.57 | 0.77 |
| USD | NXP BV / NXP FUNDING LLC 5.55000% 22-01.12.28 | 2 070 000.00 | 2 183 663.69 | 1.01 |
| Total USD |  |  | 6 154 679.76 | 2.84 |
| Total des Billets, taux fixe |  | 6 154 679.76 | 2.84 |
| Total des Titres et instruments du marché monétaire non négociés sur une bourse officielle ou un autre marché réglementé |  | 6 154 679.76 | 2.84 |
| Nouvelles émissions de titres et instruments du marché monétaire |  |  |  |
| Billets, taux fixe |  |  |  |
| USD |  |  |  |
| USD	BROADCOM INC-144A 4.92600% 22-15.05.37 | 1 000 000.00 | 945 470.68 | 0.43 |
| USD	COMCAST CORP-144A 2.88700% 21-01.11.51 | 5 337 000.00 | 4 049 626.05 | 1.87 |
| USD	LUNDIN ENERGY FINANCE BV-144A 3.10000% 21-15.07.31 | 1 000 000.00 | 880 438.23 | 0.41 |
| USD	MAGALLANES INC-144A 5.05000% 22-15.03.42 | 2 000 000.00 | 1 807 742.96 | 0.83 |
| USD	NESTLE HOLDINGS INC-144A 1.50000% 21-14.09.28 | 2 070 000.00 | 1 833 918.03 | 0.84 |
| USD	TRITON CONTAINER INTERNATIONAL LTD-144A 1.15000% 21-07.06.24 | 1 000 000.00 | 945 500.00 | 0.44 |
| Total USD |  | 10 462 695.95 | 4.82 |
| Total des Billets, taux fixe |  | 10 462 695.95 | 4.82 |
| Medium-Term Notes, taux fixe |  |  |  |
| USD |  |  |  |
| USD	NBN CO LTD-144A 0.87500% 21-08.10.24 | 2 500 000.00 | 2 357 059.75 | 1.09 |
| Total USD |  | 2 357 059.75 | 1.09 |
| Total des Medium-Term Notes, taux fixe |  | 2 357 059.75 | 1.09 |
| Total des Nouvelles émissions de titres et instruments du marché monétaire |  | 12 819 755.70 | 5.91 |

OPCVM/Autres OPC au sens de l’article 41 (1) e) de la loi luxembourgeoise du 17 décembre 2010, telle que modifiée
Fonds d’investissement, ouvert
Luxembourg
| USD | UBS (LUX) BOND SICAV - MULTI INCOME (USD)-U-X-ACC- CAP | 270.00 | 2 667 462.30 | 1.23 |
| --- | --- | --- | --- | --- |
| Total Luxembourg | 2 667 462.30 | 1.23 |
| Total des Fonds d’investissement, ouvert | 2 667 462.30 | 1.23 |
| Total des OPCVM/Autres OPC au sens de l’article 41 (1) e) de la loi luxembourgeoise du 17 décembre 2010, telle que modifiée | 2 667 462.30 | 1.23 |
| Total du Portefeuille-titres | 204 996 487.00 | 94.48 |

UBS (Lux) Bond SICAV – USD Corporates (USD) Rapport annuel et états financiers révisés au 31 mai 2022
| Dénomination | Nombre/ Nominal | Evaluation en USD Bénéfice/(perte) non réalisé(e) sur futures/ Contrats de change à terme/ Swaps (note 1) | en % de l’actif net |
| --- | --- | --- | --- |
| Instruments dérivés |  |  |  |
| Instruments dérivés négociés sur une bourse officielle |  |  |  |
| Contrats financiers à terme sur obligations |  |  |  |
|  |  |  |  |
| USD	US 10YR TREASURY NOTE FUTURE 21.06.22 | 25.00 | 7 546.88 | 0.00 |
| USD	US ULTRA LONG BOND (CBT) FUTURE 21.09.22 | 30.00 | -107 812.50 | -0.05 |
| USD	US 5YR TREASURY NOTE FUTURE 30.09.22 | -33.00 | 18 046.88 | 0.01 |
| USD	US 10YR TREASURY NOTE FUTURE 21.09.22 | 24.00 | -21 750.00 | -0.01 |
| Total des Contrats financiers à terme sur obligations |  | -103 968.74 | -0.05 |
| Total des Instruments dérivés négociés sur une bourse officielle |  | -103 968.74 | -0.05 |
| Total des Instruments dérivés |  | -103 968.74 | -0.05 |
| Contrats de change à terme |  |  |  |
| Devise achetée/Montant acheté/Devise vendue/Montant vendu/Date de maturité |  |  |  |

| EUR | 6 536 600.00 | USD | 6 910 813.16 | 13.6.2022 | 94 360.23 | 0.04 |
| --- | --- | --- | --- | --- | --- | --- |
| CHF | 12 246 600.00 | USD | 12 403 278.21 | 13.6.2022 | 378 576.40 | 0.18 |
| EUR | 116 900.00 | USD | 121 829.53 | 13.6.2022 | 3 450.40 | 0.00 |
| USD | 522 178.29 | CHF | 519 100.00 | 13.6.2022 | -19 609.69 | -0.01 |
| EUR | 130 200.00 | USD | 139 710.16 | 13.6.2022 | -176.83 | 0.00 |
| CHF | 234 400.00 | USD | 244 456.53 | 13.6.2022 | 188.25 | 0.00 |
| Total des Contrats de change à terme | 456 788.76 | 0.21 |
|  |  |  |
| Avoirs en banque, dépôts à vue et à terme et autres liquidités | 8 578 562.09 | 3.95 |
| Autres actifs et passifs | 3 036 990.96 | 1.41 |
| Total de l’Actif net | 216 964 860.07 | 100.00 |

UBS (Lux) Bond SICAV – USD Corporates (USD)
Rapport annuel et états financiers révisés au 31 mai 2022