# UBS (Lux) Bond SICAV – USD High Yield (USD)
| Three-year comparison |  |
| --- | --- |
|  | ISIN | 31.5.2022 | 31.5.2021 | 31.5.2020 |
| Net assets in USD |  | 617 826 495.66 | 1 416 618 042.26 | 1 032 935 408.27 |
| Class F-acc | LU0396369489 |  |  |  |
| Shares outstanding |  | 332 988.2680 | 367 127.2680 | 458 803.7680 |
| Net asset value per share in USD |  | 335.36 | 351.70 | 311.96 |
| Issue and redemption price per share in USD 1 |  | 333.31 | 351.70 | 311.96 |
| Class I-A1-acc | LU0396369992 |  |  |  |
| Shares outstanding |  | 101 896.9970 | 232 057.9190 | 349 734.4130 |
| Net asset value per share in USD |  | 165.10 | 173.32 | 153.89 |
| Issue and redemption price per share in USD 1 |  | 164.09 | 173.32 | 153.89 |
| Class I-B-acc | LU0396370651 |  |  |  |
| Shares outstanding |  | 210 270.7490 | 313 525.4260 | 197 567.4270 |
| Net asset value per share in USD |  | 176.91 | 184.68 | 163.07 |
| Issue and redemption price per share in USD 1 |  | 175.83 | 184.68 | 163.07 |
| Class (EUR hedged) I-B-acc 2 | LU1023284349 |  |  |  |
| Shares outstanding |  | 122 237.4850 | 232 929.4170 | - |
| Net asset value per share in EUR |  | 104.64 | 110.14 | - |
| Issue and redemption price per share in EUR 1 |  | 104.00 | 110.14 | - |
| Class I-X-acc | LU0396370818 |  |  |  |
| Shares outstanding |  | 27 248.8850 | 50 712.4560 | 47 282.2030 |
| Net asset value per share in USD |  | 178.19 | 185.90 | 164.04 |
| Issue and redemption price per share in USD 1 |  | 177.10 | 185.90 | 164.04 |
| Class (CHF hedged) I-X-acc | LU1819711182 |  |  |  |
| Shares outstanding |  | 252 015.1840 | 235 648.8920 | 219 742.0300 |
| Net asset value per share in CHF |  | 107.06 | 112.99 | 100.93 |
| Issue and redemption price per share in CHF 1 |  | 106.41 | 112.99 | 100.93 |
| Class (EUR hedged) I-X-acc | LU1554276805 |  |  |  |
| Shares outstanding |  | 109 400.0000 | 115 100.2590 | 13 000.2590 |
| Net asset value per share in EUR |  | 111.77 | 117.58 | 104.84 |
| Issue and redemption price per share in EUR 1 |  | 111.09 | 117.58 | 104.84 |
| Class K-X-acc | LU1801154631 |  |  |  |
| Shares outstanding |  | 50 000.0000 | 132 177.7600 | 119 862.4900 |
| Net asset value per share in USD |  | 108.81 | 113.56 | 100.25 |
| Issue and redemption price per share in USD 1 |  | 108.15 | 113.56 | 100.25 |
| Class P-6%-mdist | LU1076698411 |  |  |  |
| Shares outstanding |  | 105 945.9090 | 99 608.5830 | 90 678.9810 |
| Net asset value per share in USD |  | 76.63 | 85.98 | 81.54 |
| Issue and redemption price per share in USD 1 |  | 76.16 | 85.98 | 81.54 |
| Class P-acc | LU0070848972 |  |  |  |
| Shares outstanding |  | 200 848.6960 | 227 041.7970 | 256 026.4060 |
| Net asset value per share in USD |  | 312.83 | 330.63 | 295.58 |
| Issue and redemption price per share in USD 1 |  | 310.92 | 330.63 | 295.58 |
| Class (CHF hedged) P-acc | LU0566797311 |  |  |  |
| Shares outstanding |  | 105 239.9330 | 118 748.9590 | 136 441.1120 |
| Net asset value per share in CHF |  | 132.73 | 141.97 | 128.55 |
| Issue and redemption price per share in CHF 1 |  | 131.92 | 141.97 | 128.55 |
| Class P-mdist | LU0459103858 |  |  |  |
| Shares outstanding |  | 1 211 245.2320 | 1 363 641.5960 | 1 137 564.7250 |
| Net asset value per share in USD |  | 74.93 | 83.71 | 79.68 |
| Issue and redemption price per share in USD 1 |  | 74.47 | 83.71 | 79.68 |
| Class (ZAR hedged) P-mdist 3 | LU2185883449 |  |  |  |
| Shares outstanding |  | - | 16 247.5270 | - |
| Net asset value per share in ZAR |  | - | 1 026.58 | - |
| Issue and redemption price per share in ZAR 1 |  | - | 1 026.58 | - |
| Class Q-6%-mdist | LU1240777455 |  |  |  |
| Shares outstanding |  | 19 305.6470 | 40 267.0040 | 9 594.0930 |
| Net asset value per share in USD |  | 91.16 | 101.73 | 95.97 |
| Issue and redemption price per share in USD 1 |  | 90.60 | 101.73 | 95.97 |
| Class Q-acc | LU0396369646 |  |  |  |
| Shares outstanding |  | 79 866.6760 | 107 842.2980 | 98 333.1700 |
| Net asset value per share in USD |  | 132.13 | 138.90 | 123.50 |
| Issue and redemption price per share in USD 1 |  | 131.32 | 138.90 | 123.50 |
| Class (CHF hedged) Q-acc | LU1240777299 |  |  |  |
| Shares outstanding |  | 121 047.4170 | 132 746.1170 | 150 824.0710 |
| Net asset value per share in CHF |  | 114.30 | 121.61 | 109.51 |
| Issue and redemption price per share in CHF 1 |  | 113.60 | 121.61 | 109.51 |

UBS (Lux) Bond SICAV – USD High Yield (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) Q-acc | LU1004768518 |  |  |  |
| Shares outstanding |  | 13 509.7430 | 16 541.0130 | 16 827.3040 |
| Net asset value per share in EUR |  | 117.92 | 125.06 | 112.42 |
| Issue and redemption price per share in EUR 1 |  | 117.20 | 125.06 | 112.42 |
| Class Q-mdist | LU1240777539 |  |  |  |
| Shares outstanding |  | 60 408.4800 | 83 696.0340 | 61 346.6530 |
| Net asset value per share in USD |  | 88.21 | 98.03 | 92.80 |
| Issue and redemption price per share in USD 1 |  | 87.67 | 98.03 | 92.80 |
| Class U-X-acc | LU0396371030 |  |  |  |
| Shares outstanding |  | 7 227.1050 | 37 048.9790 | 27 250.8860 |
| Net asset value per share in USD |  | 20 761.47 | 21 659.74 | 19 112.37 |
| Issue and redemption price per share in USD 1 |  | 20 634.83 | 21 659.74 | 19 112.37 |
| Class U-X-UKdist-mdist | LU1839734875 |  |  |  |
| Shares outstanding |  | 2 835.0000 | 1 893.0000 | 902.0000 |
| Net asset value per share in USD |  | 9 444.75 | 10 275.57 | 9 477.03 |
| Issue and redemption price per share in USD 1 |  | 9 387.14 | 10 275.57 | 9 477.03 |
| 1  See note 1 2  First NAV: 9.7.2020 3  For the period from 22.9.2020 to 30.9.2021 the share class (ZAR hedged) P-mdist was in circulation. |  |  |  |  |
| Performance |  |  |  |  |
|  | Currency | 2021/2022 | 2020/2021 | 2019/2020 |
| Class F-acc | USD | -5.2% | 12.7% | 0.6% |
| Class I-A1-acc | USD | -4.7% | 12.6% | 0.5% |
| Class I-B-acc | USD | -4.2% | 13.3% | 1.1% |
| Class (EUR hedged) I-B-acc | EUR | -5.0% | - | - |
| Class I-X-acc | USD | -4.1% | 13.3% | 1.1% |
| Class (CHF hedged) I-X-acc | CHF | -5.2% | 11.9% | -1.9% |
| Class (EUR hedged) I-X-acc | EUR | -4.9% | 12.2% | -1.3% |
| Class K-X-acc | USD | -4.8% | 13.3% | 1.1% |
| Class P-6%-mdist | USD | -6.0% | 11.9% | -0.2% |
| Class P-acc | USD | -6.0% | 11.9% | -0.2% |
| Class (CHF hedged) P-acc | CHF | -7.1% | 10.4% | -3.1% |
| Class P-mdist | USD | -6.0% | 11.9% | -0.2% |
| Class (ZAR hedged) P-mdist 1 | ZAR | - | - | - |
| Class Q-6%-mdist | USD | -5.5% | 12.5% | 0.4% |
| Class Q-acc | USD | -5.5% | 12.5% | 0.4% |
| Class (CHF hedged) Q-acc | CHF | -6.6% | 11.0% | -2.6% |
| Class (EUR hedged) Q-acc | EUR | -6.3% | 11.2% | -2.1% |
| Class Q-mdist | USD | -5.5% | 12.5% | 0.4% |
| Class U-X-acc | USD | -4.1% | 13.3% | 1.1% |
| Class U-X-UKdist-mdist | USD | -4.1% | 13.3% | 1.1% |
| Benchmark: 2 |  |  |  |  |
| ICE BofAML US High Yield Cash Pay Constrained Index | USD | -4.9% | 15.0% | 0.4% |
| ICE BofAML US High Yield Cash Pay Constrained Index (hedged EUR) | EUR | -6.1% | 13.5% | -2.2% |
| ICE BofAML US High Yield Cash Pay Constrained Index (hedged CHF) | CHF | -6.3% | 13.3% | -2.6% |
| ICE BofAML US High Yield Cash Pay Constrained Index (hedged ZAR) | ZAR | - | 15.0% | 0.4% |

1 
For the period from 22.9.2020 to 30.9.2021 the share class (ZAR hedged) P-mdist was in circulation. Due to this fact, there is no data for the calculation of the performance available.
2 
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 – USD High Yield (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 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 high yield market experienced spread widening in part driven by elevated volatility from sharply higher interest rates as well as elevated geopolitical risks globally and tighter monetary policy. The US high yield market delivered negative total returns during the period as a result of the move higher in interest rates and the widen- ing of US high yield credit spreads.
The subfund delivered a negative performance during the financial year. Both the increase in US Treasury yields and the move wider in high yield credit spreads detracted from the overall return during the period. Income was additive to the overall performance. The subfund has fol- lowed a diversified approach investing across a range of industries and issuers within the US high yield market. Fund duration at the end of the period was 4.0 years.
UBS (Lux) Bond SICAV – USD High Yield (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 | 76.39 |
| --- | --- |
| Luxembourg | 5.89 |
| Canada | 4.06 |
| United Kingdom | 2.94 |
| France | 1.67 |
| Denmark | 1.24 |
| Ireland | 1.20 |
| Italy | 0.58 |
| The Netherlands | 0.57 |
| Cayman Islands | 0.44 |
| Panama | 0.41 |
| Liberia | 0.38 |
| Belgium | 0.34 |
| China | 0.30 |
| Greece | 0.23 |
| Australia | 0.14 |
| Marshall Islands | 0.11 |
| Total | 96.89 |

Economic Breakdown as a % of net assets	
| Finance & holding companies | 30.40 |
| --- | --- |
| Petroleum | 8.80 |
| Telecommunications | 8.07 |
| Healthcare & social services | 7.54 |
| Lodging, catering & leisure | 4.75 |
| Building industry & materials | 4.33 |
| Miscellaneous services | 4.26 |
| Traffic & transportation | 3.29 |
| Banks & credit institutions | 2.52 |
| Investment funds | 2.39 |
| Mining, coal & steel | 2.38 |
| Energy & water supply | 2.24 |
| Electrical devices & components | 2.06 |
| Aerospace industry | 1.62 |
| Mechanical engineering & industrial equipment | 1.46 |
| Internet, software & IT services | 1.27 |
| Real Estate | 1.18 |
| Retail trade, department stores | 1.07 |
| Vehicles | 1.05 |
| Pharmaceuticals, cosmetics & medical products | 1.00 |
| Chemicals | 0.99 |
| Non-ferrous metals | 0.97 |
| Electronics & semiconductors | 0.74 |
| Packaging industry | 0.37 |
| Computer hardware & network equipment providers | 0.34 |
| Miscellaneous consumer goods | 0.32 |
| Textiles, garments & leather goods | 0.28 |
| Graphic design, publishing & media | 0.27 |
| Miscellaneous unclassified companies | 0.27 |
| Forestry, paper & pulp products | 0.22 |
| Environmental services & recycling | 0.22 |
| Food & soft drinks | 0.22 |
| Total | 96.89 |


## Statement of Net Assets
Assets	31.5.2022
USD
Investments in securities, cost	646 966 814.35
Investments in securities, unrealized appreciation (depreciation)	48 374 929.18
Total investments in securities (Note 1)	598 591 885.17
Cash at banks, deposits on demand and deposit accounts	21 331 550.47*
Other liquid assets (Margins)	1 134 174.37
Receivable on securities sales (Note 1)	7 472 270.67
Receivable on subscriptions	1 811 717.48
Interest receivable on securities	9 535 140.46
Prepaid expenses	65 838.38
Unrealized gain on forward foreign exchange contracts (Note 1)	1 627 558.64
Total Assets	641 822 154.75
Liabilities
Unrealized gain on swaps (Note 1)	252 019.11
Bank overdraft	-604.05
Interest payable on bank overdraft	-5.80
Payable on securities purchases (Note 1)	-12 246.82
Payable on redemptions	-23 605 201.04
Provisions for flat fee (Note 2)	-270 410.90
Provisions for taxe d’abonnement (Note 3)	-24 207.05
Provisions for other commissions and fees (Note 2)		-82 983.43		 Total provisions			-377 601.38
Total Liabilities	-23 995 659.09
Net assets at the end of the financial year	617 826 495.66

## Statement of Operations
Income	1.6.2021-31.5.2022
USD
Interest on liquid assets	80 137.54
Interest on securities	49 045 610.98
Dividends	2 001.86
Interest received on swaps (Note 1)	1 051 599.22
Net income on securities lending (Note 17)	110 473.71
Total income	51 806 768.99
Expenses
Other income (Note 4)	1 516 945.68
Interest paid on swaps (Note 1)	-772 967.09
Flat fee (Note 2)	-3 771 685.17
Taxe d’abonnement (Note 3)	-181 586.81
Other commissions and fees (Note 2)	-88 012.72
Total expenses	-4 826 386.35
Net income (loss) on investments	46 980 382.64
Realized gain (loss) (Note 1)
Interest on cash and bank overdraft	-12 134.56
Realized gain (loss) on market-priced securities without options	3 525 319.29
Realized gain (loss) on options	3 224 029.56
Realized gain (loss) on financial futures	-1 598 252.98
Realized gain (loss) on forward foreign exchange contracts	-3 632 025.91
Realized gain (loss) on swaps	-234 264.20
Net realized gain (loss) of the financial year	47 828 275.70
Total realized gain (loss)	847 893.06
Realized gain (loss) on foreign exchange	-436 912.70
Changes in unrealized appreciation (depreciation) (Note 1)
Unrealized appreciation (depreciation) on market-priced securities without options	-79 929 988.58 Unrealized appreciation (depreciation) on options		46 446.81
Unrealized appreciation (depreciation) on financial futures	132 351.47
Unrealized appreciation (depreciation) on forward foreign exchange contracts	2 030 727.89
Total changes in unrealized appreciation (depreciation)	-78 955 568.25
Unrealized appreciation (depreciation) on swaps	-1 235 105.84
Net increase (decrease) in net assets as a result of operations	-31 127 292.55
* As at 31 May 2022, cash amounts serve as collateral for the counterparty JP Morgan for an amount of USD 150 000.00.
UBS (Lux) Bond SICAV – USD High Yield (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 | 1 416 618 042.26 |
| Subscriptions | 130 937 512.74 |
| Redemptions | 	-890 626 427.33	 |
| Total net subscriptions (redemptions) | -759 688 914.59 |
| Dividend paid | -7 975 339.46 |
| Net income (loss) on investments | 46 980 382.64 |
| Total realized gain (loss) | 847 893.06 |
| Total changes in unrealized appreciation (depreciation) | 	-78 955 568.25	 |
| Net increase (decrease) in net assets as a result of operations | -31 127 292.55 |
| Net assets at the end of the financial year | 617 826 495.66 |
| 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 | 367 127.2680 |
| Number of shares issued | 36 034.0000 |
| Number of shares redeemed | -70 173.0000 |
| Number of shares outstanding at the end of the financial year | 332 988.2680 |
| Class | I-A1-acc |
| Number of shares outstanding at the beginning of the financial year | 232 057.9190 |
| Number of shares issued | 46 169.4090 |
| Number of shares redeemed | -176 330.3310 |
| Number of shares outstanding at the end of the financial year | 101 896.9970 |
| Class | I-B-acc |
| Number of shares outstanding at the beginning of the financial year | 313 525.4260 |
| Number of shares issued | 96 515.7080 |
| Number of shares redeemed | -199 770.3850 |
| Number of shares outstanding at the end of the financial year | 210 270.7490 |
| Class | (EUR hedged) I-B-acc |
| Number of shares outstanding at the beginning of the financial year | 232 929.4170 |
| Number of shares issued | 140 504.3060 |
| Number of shares redeemed | -251 196.2380 |
| Number of shares outstanding at the end of the financial year | 122 237.4850 |
| Class | I-X-acc |
| Number of shares outstanding at the beginning of the financial year | 50 712.4560 |
| Number of shares issued | 2 885.9820 |
| Number of shares redeemed | -26 349.5530 |
| Number of shares outstanding at the end of the financial year | 27 248.8850 |
| Class | (CHF hedged) I-X-acc |
| Number of shares outstanding at the beginning of the financial year | 235 648.8920 |
| Number of shares issued | 18 992.1830 |
| Number of shares redeemed | -2 625.8910 |
| Number of shares outstanding at the end of the financial year | 252 015.1840 |
| Class | (EUR hedged) I-X-acc |
| Number of shares outstanding at the beginning of the financial year | 115 100.2590 |
| Number of shares issued | 35 600.0000 |
| Number of shares redeemed | -41 300.2590 |
| Number of shares outstanding at the end of the financial year | 109 400.0000 |
| Class | K-X-acc |
| Number of shares outstanding at the beginning of the financial year | 132 177.7600 |
| Number of shares issued | 0.0000 |
| Number of shares redeemed | -82 177.7600 |
| Number of shares outstanding at the end of the financial year | 50 000.0000 |
| Class | P-6%-mdist |
| Number of shares outstanding at the beginning of the financial year | 99 608.5830 |
| Number of shares issued | 20 389.0180 |
| Number of shares redeemed | -14 051.6920 |
| Number of shares outstanding at the end of the financial year | 105 945.9090 |
| Class | P-acc |
| Number of shares outstanding at the beginning of the financial year | 227 041.7970 |
| Number of shares issued | 10 926.6430 |
| Number of shares redeemed | -37 119.7440 |
| Number of shares outstanding at the end of the financial year | 200 848.6960 |
| Class | (CHF hedged) P-acc |
| Number of shares outstanding at the beginning of the financial year | 118 748.9590 |
| Number of shares issued | 9 667.6830 |
| Number of shares redeemed | -23 176.7090 |
| Number of shares outstanding at the end of the financial year | 105 239.9330 |
| Class | P-mdist |
| Number of shares outstanding at the beginning of the financial year | 1 363 641.5960 |
| Number of shares issued | 107 168.8370 |
| Number of shares redeemed | -259 565.2010 |
| Number of shares outstanding at the end of the financial year | 1 211 245.2320 |

UBS (Lux) Bond SICAV – USD High Yield (USD)
Annual report and audited financial statements as of 31 May 2022
| Class | (ZAR hedged) P-mdist |
| --- | --- |
| Number of shares outstanding at the beginning of the financial year | 16 247.5270 |
| Number of shares issued | 161.8040 |
| Number of shares redeemed | -16 409.3310 |
| Number of shares outstanding at the end of the financial year | 0.0000 |
| Class | Q-6%-mdist |
| Number of shares outstanding at the beginning of the financial year | 40 267.0040 |
| Number of shares issued | 3 219.0290 |
| Number of shares redeemed | -24 180.3860 |
| Number of shares outstanding at the end of the financial year | 19 305.6470 |
| Class | Q-acc |
| Number of shares outstanding at the beginning of the financial year | 107 842.2980 |
| Number of shares issued | 4 799.3030 |
| Number of shares redeemed | -32 774.9250 |
| Number of shares outstanding at the end of the financial year | 79 866.6760 |
| Class | (CHF hedged) Q-acc |
| Number of shares outstanding at the beginning of the financial year | 132 746.1170 |
| Number of shares issued | 4 996.1950 |
| Number of shares redeemed | -16 694.8950 |
| Number of shares outstanding at the end of the financial year | 121 047.4170 |
| Class | (EUR hedged) Q-acc |
| Number of shares outstanding at the beginning of the financial year | 16 541.0130 |
| Number of shares issued | 1 603.8690 |
| Number of shares redeemed | -4 635.1390 |
| Number of shares outstanding at the end of the financial year | 13 509.7430 |
| Class | Q-mdist |
| Number of shares outstanding at the beginning of the financial year | 83 696.0340 |
| Number of shares issued | 4 511.3480 |
| Number of shares redeemed | -27 798.9020 |
| Number of shares outstanding at the end of the financial year | 60 408.4800 |
| Class | U-X-acc |
| Number of shares outstanding at the beginning of the financial year | 37 048.9790 |
| Number of shares issued | 1 662.0000 |
| Number of shares redeemed | -31 483.8740 |
| Number of shares outstanding at the end of the financial year | 7 227.1050 |
| Class | U-X-UKdist-mdist |
| Number of shares outstanding at the beginning of the financial year | 1 893.0000 |
| Number of shares issued | 1 204.0000 |
| Number of shares redeemed | -262.0000 |
| Number of shares outstanding at the end of the financial year | 2 835.0000 |

| Monthly Distribution 1 |  |
| --- | --- |
| UBS (Lux) Bond SICAV – USD High Yield (USD) | Ex-Date | Pay-Date | Currency | Amount per share |
| P-6%-mdist | 10.6.2021 | 15.6.2021 | USD | 0.42 |
| P-6%-mdist | 12.7.2021 | 15.7.2021 | USD | 0.43 |
| P-6%-mdist | 10.8.2021 | 13.8.2021 | USD | 0.43 |
| P-6%-mdist | 10.9.2021 | 15.9.2021 | USD | 0.43 |
| P-6%-mdist | 11.10.2021 | 14.10.2021 | USD | 0.42 |
| P-6%-mdist | 10.11.2021 | 15.11.2021 | USD | 0.42 |
| P-6%-mdist | 10.12.2021 | 15.12.2021 | USD | 0.41 |
| P-6%-mdist | 10.1.2022 | 13.1.2022 | USD | 0.42 |
| P-6%-mdist | 10.2.2022 | 15.2.2022 | USD | 0.41 |
| P-6%-mdist | 10.3.2022 | 15.3.2022 | USD | 0.40 |
| P-6%-mdist | 11.4.2022 | 14.4.2022 | USD | 0.39 |
| P-6%-mdist | 10.5.2022 | 13.5.2022 | USD | 0.38 |
| P-mdist | 15.6.2021 | 18.6.2021 | USD | 0.38 |
| P-mdist | 15.7.2021 | 20.7.2021 | USD | 0.39 |
| P-mdist | 16.8.2021 | 19.8.2021 | USD | 0.38 |
| P-mdist | 15.9.2021 | 20.9.2021 | USD | 0.39 |
| P-mdist | 15.10.2021 | 20.10.2021 | USD | 0.38 |
| P-mdist | 15.11.2021 | 18.11.2021 | USD | 0.38 |
| P-mdist | 15.12.2021 | 20.12.2021 | USD | 0.37 |
| P-mdist | 17.1.2022 | 20.1.2022 | USD | 0.38 |
| P-mdist | 15.2.2022 | 18.2.2022 | USD | 0.37 |
| P-mdist | 15.3.2022 | 18.3.2022 | USD | 0.36 |
| P-mdist | 19.4.2022 | 22.4.2022 | USD | 0.36 |
| P-mdist | 16.5.2022 | 19.5.2022 | USD | 0.34 |
| (ZAR hedged) P-mdist | 15.6.2021 | 18.6.2021 | ZAR | 8.92 |
| (ZAR hedged) P-mdist | 15.7.2021 | 20.7.2021 | ZAR | 8.98 |
| (ZAR hedged) P-mdist | 16.8.2021 | 19.8.2021 | ZAR | 8.95 |
| (ZAR hedged) P-mdist | 15.9.2021 | 20.9.2021 | ZAR | 8.96 |
| Q-6%-mdist | 10.6.2021 | 15.6.2021 | USD | 0.50 |
| Q-6%-mdist | 12.7.2021 | 15.7.2021 | USD | 0.51 |
| Q-6%-mdist | 10.8.2021 | 13.8.2021 | USD | 0.50 |
| Q-6%-mdist | 10.9.2021 | 15.9.2021 | USD | 0.51 |
| Q-6%-mdist | 11.10.2021 | 14.10.2021 | USD | 0.50 |
| 1  See note 5 |  |  |  |  |

UBS (Lux) Bond SICAV – USD High Yield (USD) Annual report and audited financial statements as of 31 May 2022
| UBS (Lux) Bond SICAV – USD High Yield (USD) | Ex-Date | Pay-Date | Currency | Amount per share |
| --- | --- | --- | --- | --- |
| Q-6%-mdist | 10.11.2021 | 15.11.2021 | USD | 0.50 |
| Q-6%-mdist | 10.12.2021 | 15.12.2021 | USD | 0.49 |
| Q-6%-mdist | 10.1.2022 | 13.1.2022 | USD | 0.50 |
| Q-6%-mdist | 10.2.2022 | 15.2.2022 | USD | 0.48 |
| Q-6%-mdist | 10.3.2022 | 15.3.2022 | USD | 0.48 |
| Q-6%-mdist | 11.4.2022 | 14.4.2022 | USD | 0.47 |
| Q-6%-mdist | 10.5.2022 | 13.5.2022 | USD | 0.45 |
| Q-mdist | 15.6.2021 | 18.6.2021 | USD | 0.45 |
| Q-mdist | 15.7.2021 | 20.7.2021 | USD | 0.45 |
| Q-mdist | 16.8.2021 | 19.8.2021 | USD | 0.45 |
| Q-mdist | 15.9.2021 | 20.9.2021 | USD | 0.45 |
| Q-mdist | 15.10.2021 | 20.10.2021 | USD | 0.45 |
| Q-mdist | 15.11.2021 | 18.11.2021 | USD | 0.45 |
| Q-mdist | 15.12.2021 | 20.12.2021 | USD | 0.44 |
| Q-mdist | 17.1.2022 | 20.1.2022 | USD | 0.45 |
| Q-mdist | 15.2.2022 | 18.2.2022 | USD | 0.43 |
| Q-mdist | 15.3.2022 | 18.3.2022 | USD | 0.43 |
| Q-mdist | 19.4.2022 | 22.4.2022 | USD | 0.42 |
| Q-mdist | 16.5.2022 | 19.5.2022 | USD | 0.41 |
| U-X-UKdist-mdist | 15.6.2021 | 18.6.2021 | USD | 194.30 |
| U-X-UKdist-mdist | 15.7.2021 | 20.7.2021 | USD | 0.00 |
| U-X-UKdist-mdist | 16.8.2021 | 19.8.2021 | USD | 0.00 |
| U-X-UKdist-mdist | 15.9.2021 | 20.9.2021 | USD | 0.00 |
| U-X-UKdist-mdist | 15.10.2021 | 20.10.2021 | USD | 0.00 |
| U-X-UKdist-mdist | 15.11.2021 | 18.11.2021 | USD | 11.39 |
| U-X-UKdist-mdist | 15.12.2021 | 20.12.2021 | USD | 9.68 |
| U-X-UKdist-mdist | 17.1.2022 | 20.1.2022 | USD | 38.85 |
| U-X-UKdist-mdist | 15.2.2022 | 18.2.2022 | USD | 36.31 |
| U-X-UKdist-mdist | 15.3.2022 | 18.3.2022 | USD | 37.14 |
| U-X-UKdist-mdist | 19.4.2022 | 22.4.2022 | USD | 51.20 |
| U-X-UKdist-mdist | 16.5.2022 | 19.5.2022 | USD | 39.69 |

UBS (Lux) Bond SICAV – USD High Yield (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 |  |  |  |
| EUR |  |  |  |
| EUR	ARD FINANCE SA-REG-S (PIK) 5.00000% 19-30.06.27 | 1 398 111.00 | 1 181 331.70 | 0.19 |
| EUR	BANFF MERGER SUB INC-REG-S 8.37500% 18-01.09.26 | 1 725 000.00 | 1 746 437.71 | 0.28 |
| EUR	DKT FINANCE APS-REG-S 7.00000% 18-17.06.23 | 4 560 000.00 | 4 836 050.99 | 0.79 |
| EUR	HOUSE OF HR-REG-S-SUB 7.50000% 20-15.01.27 | 1 980 000.00 | 2 114 711.78 | 0.34 |
| EUR	SUMMER BC HOLDCO A SARL-REG-S 9.25000% 19-31.10.27 | 3 910 000.00 | 3 531 045.57 | 0.57 |
| Total EUR |  | 13 409 577.75 | 2.17 |
| USD |  |  |  |
| USD	AERCAP IRELAND CAP/ GLBL AVIATION TRUST 6.50000% 20-15.07.25 | 471 000.00 | 491 629.93 | 0.08 |
| USD	ALTICE FINANCING SA-144A 5.00000% 20-15.01.28 | 1 154 000.00 | 1 045 518.23 | 0.17 |
| USD	ALTICE FRANCE HOLDING SA 6.00000% 20-15.02.28 | 777 000.00 | 649 183.50 | 0.11 |
| USD	ALTICE FRANCE SA/FRANCE-144A 5.12500% 21-15.07.29 | 1 242 000.00 | 1 084 110.75 | 0.18 |
| USD	ALTICE FRANCE-144A 8.12500% 18-01.02.27 | 2 455 000.00 | 2 458 486.10 | 0.40 |
| USD	APACHE CORP 5.10000% 10-01.09.40 | 2 330 000.00 | 2 173 820.10 | 0.35 |
| USD	ARCONIC INC 6.75000% 98-15.01.28 | 1 347 000.00 | 1 434 555.00 | 0.23 |
| USD	ARDAGH PACKAGING FINANCE/MP-144A 4.12500% 19-15.08.26 | 215 000.00 | 199 947.85 | 0.03 |
| USD	AVIS BUDGET CAR RENT LLC/FIN INC-144A 5.37500% 21-01.03.29 | 836 000.00 | 764 940.00 | 0.12 |
| USD	AVOLON HOLDINGS FUNDING LTD-144A 5.50000% 20-15.01.26 | 2 715 000.00 | 2 709 244.20 | 0.44 |
| USD	BOMBARDIER INC-144A 7.87500% 19-15.04.27 | 1 145 000.00 | 1 044 455.26 | 0.17 |
| USD	BUCKEYE PARTNERS LP 5.85000% 13-15.11.43 | 845 000.00 | 658 931.65 | 0.11 |
| USD	BUCKEYE PARTNERS LP 5.60000% 14-15.10.44 | 595 000.00 | 459 050.87 | 0.07 |
| USD	CARNIVAL CORP-144A 7.62500% 20-01.03.26 | 2 694 000.00 | 2 505 608.58 | 0.41 |
| USD	COMMERCIAL METALS CO 4.12500% 22-15.01.30 | 760 000.00 | 690 263.97 | 0.11 |
| USD	CONSOLIDATED ENERGY FINANCE SA-144A 5.62500% 21-15.10.28 | 2 600 000.00 | 2 379 000.00 | 0.38 |
| USD	DANA INC 4.25000% 21-01.09.30 | 930 000.00 | 810 546.15 | 0.13 |
| USD	DANA INC 5.62500% 20-15.06.28 | 825 000.00 | 798 979.50 | 0.13 |
| USD	DANAOS CORP-144A 8.50000% 21-01.03.28 | 1 380 000.00 | 1 433 944.20 | 0.23 |
| USD	DANAOS CORP-REG-S 8.50000% 21-01.03.28 | 671 000.00 | 697 229.39 | 0.11 |
| USD	ENCOMPASS HEALTH CORP 4.50000% 19-01.02.28 | 4 714 000.00 | 4 382 452.60 | 0.71 |
| USD	EQT CORP STEP-UP/DOWN 20-01.02.30 | 2 932 000.00 | 3 255 047.76 | 0.53 |
| USD	FIRSTENERGY CORP 4.85000% 17-15.07.47 | 1 084 000.00 | 1 007 144.40 | 0.16 |
| USD	FORD MOTOR CREDIT CO LLC 5.12500% 20-16.06.25 | 3 961 000.00 | 3 959 653.26 | 0.64 |
| USD	FORD MOTOR CREDIT CO 4.12500% 20-17.08.27 | 2 135 000.00 | 2 022 912.50 | 0.33 |
| USD	GENESIS ENERGY LP 8.00000% 20-15.01.27 | 2 975 000.00 | 2 934 510.25 | 0.47 |
| USD	ICAHN ENTERPRISES LP/FINANCE CORP 6.25000% 19-15.05.26 | 2 030 000.00 | 2 040 462.68 | 0.33 |
| USD	INTERNATIONAL GAME TECHNOLOGY PLC-144A 6.25000% 18-15.01.27 | 1 600 000.00 | 1 648 560.00 | 0.27 |
| USD	ITHACA ENERGY NORTH SEA PLC-REG-S 9.00000% 21-15.07.26 | 3 335 000.00 | 3 360 012.50 | 0.54 |
| USD	KB HOME 6.87500% 19-15.06.27 | 2 025 000.00 | 2 142 389.25 | 0.35 |
| USD	LEVEL 3 FINANCING INC 5.25000% 17-15.03.26 | 2 760 000.00 | 2 711 617.20 | 0.44 |
| USD	MURPHY OIL CORP 6.87500% 16-15.08.24 | 185 000.00 | 186 387.50 | 0.03 |
| USD	MURPHY OIL CORP 7.05000% 99-01.05.29 | 2 296 000.00 | 2 364 880.00 | 0.38 |
| USD	NAVIENT CORP 4.87500% 21-15.03.28 | 2 447 000.00 | 2 149 297.98 | 0.35 |
| USD	NAVIENT CORP 5.00000% 20-15.03.27 | 2 835 000.00 | 2 608 200.00 | 0.42 |
| USD	NEPTUNE ENERGY BONDCO PLC-144A 6.62500% 18-15.05.25 | 4 072 000.00 | 4 038 568.88 | 0.65 |
| USD	NEWELL BRANDS INC 5.50000% 16-01.04.46 | 175 000.00 | 158 754.75 | 0.03 |
| USD	OCCIDENTAL PETROLEUM CORP 8.50000% 20-15.07.27 | 5 494 000.00 | 6 373 040.00 | 1.03 |
| USD	OCCIDENTAL PETROLEUM CORP 5.87500% 20-01.09.25 | 2 085 000.00 | 2 178 533.10 | 0.35 |
| USD	OCCIDENTAL PETROLEUM CORP 6.37500% 20-01.09.28 | 4 125 000.00 | 4 457 021.25 | 0.72 |
| USD	OCEANEERING INTERNATIONAL INC 4.65000% 14-15.11.24 | 3 743 000.00 | 3 675 513.71 | 0.59 |
| USD	PG&E CORP 5.00000% 20-01.07.28 | 1 265 000.00 | 1 195 374.40 | 0.19 |
| USD	PRIMO WATER HOLDINGS INC-144A 4.37500% 21-30.04.29 | 3 404 000.00 | 2 979 282.92 | 0.48 |
| USD	RENEWABLE ENERGY GROUP INC-144A 5.87500% 21-01.06.28 | 1 662 000.00 | 1 765 658.94 | 0.29 |
| USD	ROYAL CARIBBEAN CRUISES LTD 7.50000% 97-15.10.27 | 1 267 000.00 | 1 159 305.00 | 0.19 |
| USD	SASOL FINANCING USA LLC 6.50000% 18-27.09.28 | 2 230 000.00 | 2 146 375.00 | 0.35 |
| USD	SOUTHWESTERN ENERGY CO 8.37500% 20-15.09.28 | 925 000.00 | 1 013 605.75 | 0.16 |
| USD	SOUTHWESTERN ENERGY CO 5.37500% 21-15.03.30 | 2 289 000.00 | 2 317 612.50 | 0.38 |
| USD	SPRINGLEAF FINANCE CORP 6.87500% 18-15.03.25 | 2 374 000.00 | 2 412 743.68 | 0.39 |
| USD	SPRINGLEAF FINANCE CORP 7.12500% 18-15.03.26 | 2 470 000.00 | 2 529 280.00 | 0.41 |
| USD	SPRINGLEAF FINANCE CORP 6.12500% 19-15.03.24 | 992 000.00 | 1 002 065.31 | 0.16 |
| USD	SPRINGLEAF FINANCE CORP 5.37500% 19-15.11.29 | 400 000.00 | 369 621.76 | 0.06 |
| USD	SPRINT CORP 7.62500% 18-01.03.26 | 2 382 000.00 | 2 636 302.32 | 0.43 |
| USD	TRANSDIGM INC-SUB 5.50000% 20-15.11.27 | 1 425 000.00 | 1 364 423.25 | 0.22 |
| USD	TRANSDIGM INC-SUB 6.37500% 17-15.06.26 | 1 618 000.00 | 1 601 820.00 | 0.26 |
| USD	TRANSDIGM INC-SUB 7.50000% 19-15.03.27 | 1 740 000.00 | 1 770 450.00 | 0.29 |
| USD	TRI POINTE GROUP INC 5.70000% 20-15.06.28 | 448 000.00 | 426 904.81 | 0.07 |
| USD	UNITED AIRLINES INC-144A 4.62500% 21-15.04.29 | 380 000.00 | 357 245.60 | 0.06 |
| USD	VIRGIN MEDIA VENDOR FINANC-144A 5.00000% 20-15.07.28 | 2 820 000.00 | 2 588 196.00 | 0.42 |
| USD	WESTERN GAS PARTNERS LP 5.45000% 14-01.04.44 | 715 000.00 | 661 211.70 | 0.11 |
| USD	ZIGGO BV-144A 4.87500% 19-15.01.30 | 1 038 000.00 | 960 648.24 | 0.16 |
| Total USD |  | 113 402 531.98 | 18.36 |
| Total Notes, fixed rate |  | 126 812 109.73 | 20.53 |
| Notes, floating rate |  |  |  |
| USD |  |  |  |
| USD	CREDIT AGRICOLE SA-144A-SUB 8.125%/VAR 16-PRP | 1 665 000.00 | 1 789 875.00 | 0.29 |
| Total USD |  | 1 789 875.00 | 0.29 |
| Total Notes, floating rate |  | 1 789 875.00 | 0.29 |

UBS (Lux) Bond SICAV – USD High Yield (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 |  |  |  |
| EUR |  |  |  |
| EUR	GAMMA BONDCO SARL-REG-S 8.12500% 21-15.11.26 | 1 910 000.00 | 1 885 412.34 | 0.31 |
| EUR	LHMC FINCO 2 SARL-REG-S (PIK) 7.25000% 19-02.10.25 | 1 650 479.00 | 1 648 730.52 | 0.27 |
| EUR	PINNACLE BIDCO PLC-REG-S 5.50000% 20-15.02.25 | 2 455 000.00 | 2 498 422.81 | 0.40 |
| EUR	REKEEP SPA-REG-S 7.25000% 21-01.02.26 | 1 750 000.00 | 1 835 172.83 | 0.30 |
| Total EUR |  | 7 867 738.50 | 1.28 |
| GBP |  |  |  |
| GBP	GALAXY FINCO LTD-REG-S 9.25000% 19-31.07.27 | 2 800 000.00 | 3 419 460.08 | 0.55 |
| Total GBP |  | 3 419 460.08 | 0.55 |
| USD |  |  |  |
| USD	ALTICE FINANCING SA-144A 5.75000% 21-15.08.29 | 1 637 000.00 | 1 465 115.00 | 0.24 |
| USD	ARCONIC INC 5.90000% 07-01.02.27 | 1 000 000.00 | 1 056 795.00 | 0.17 |
| USD	CHEMOURS CO/THE 5.37500% 17-15.05.27 | 434 000.00 | 430 745.00 | 0.07 |
| USD	COUNTRY GARDEN HOLDINGS CO LTD-REG-S 4.75000% 18-17.01.23 | 2 100 000.00 | 1 853 250.00 | 0.30 |
| USD	FORD MOTOR CO 6.62500% 98-01.10.28 | 1 595 000.00 | 1 663 242.07 | 0.27 |
| USD	FORD MOTOR CO 7.45000% 99-16.07.31 | 1 330 000.00 | 1 483 487.99 | 0.24 |
| USD	INEOS QUATTRO FINANCE 2 PLC-144A 3.37500% 21-15.01.26 | 2 725 000.00 | 2 520 270.75 | 0.41 |
| USD	SPRINT CAPITAL CORPORATION 6.87500% 98-15.11.28 | 4 884 000.00 | 5 525 171.52 | 0.89 |
| Total USD |  | 15 998 077.33 | 2.59 |
| Total Bonds, fixed rate |  | 27 285 275.91 | 4.42 |
| Bonds, floating rate |  |  |  |
| EUR |  |  |  |
| EUR	GOLDEN GOOSE SPA-REG-S 3M EURIBOR+487.5BP 21-14.05.27 | 1 730 000.00 | 1 723 534.12 | 0.28 |
| Total EUR |  | 1 723 534.12 | 0.28 |
| USD |  |  |  |
| USD	BANK OF AMERICA CORP-SUB 6.500%/VAR 14-PRP | 2 176 000.00 | 2 208 078.46 | 0.35 |
| USD	JPMORGAN CHASE & CO-SUB 6.000%/3M LIBOR+330BP 13-PRP | 1 886 000.00 | 1 847 033.90 | 0.30 |
| USD	JPMORGAN CHASE & CO-SUB 6.100%/VAR 14-PRP | 1 015 000.00 | 999 424.48 | 0.16 |
| Total USD |  | 5 054 536.84 | 0.81 |
| Total Bonds, floating rate |  | 6 778 070.96 | 1.09 |
| Total Transferable securities and money market instruments listed on an official stock exchange |  | 162 665 331.60 | 26.33 |
| Transferable securities and money market instruments traded on another regulated market |  |  |  |
| Equities |  |  |  |
| United States |  |  |  |
| USD	CITIGROUP INC 5.95%-FR SUB PERP USD1000’A’ | 2 703 000.00 | 2 705 432.70 | 0.44 |
| Total United States |  | 2 705 432.70 | 0.44 |
| Total Equities |  | 2 705 432.70 | 0.44 |
| Notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	ACADEMY LTD-144A 6.00000% 20-15.11.27 | 2 337 000.00 | 2 161 725.00 | 0.35 |
| USD	ACADIA HEALTHCARE CO INC-144A 5.00000% 20-15.04.29 | 2 682 000.00 | 2 603 583.79 | 0.42 |
| USD	AFFINITY GAMING-144A 6.87500% 20-15.12.27 | 4 861 000.00 | 4 321 657.41 | 0.70 |
| USD	AHEAD DB HOLDINGS LLC-144A 6.62500% 21-01.05.28 | 1 796 000.00 | 1 532 374.80 | 0.25 |
| USD	ALLISON TRANSMISSION INC-144A 5.87500% 19-01.06.29 | 1 679 000.00 | 1 682 358.00 | 0.27 |
| USD	AMERICAN BUILDER & CONTRACT SUPPLY-144A 4.00000% 19-15.01.28 | 1 310 000.00 | 1 232 172.90 | 0.20 |
| USD	AMERICAN BUILDERS & CONTRAC SUPPLY-144A 3.87500% 21-15.11.29 | 1 487 000.00 | 1 322 983.90 | 0.21 |
| USD	AMSTED INDUSTRIES INC-144A 5.62500% 19-01.07.27 | 876 000.00 | 843 150.00 | 0.14 |
| USD	AMSTED INDUSTRIES INC-144A 4.62500% 19-15.05.30 | 559 000.00 | 503 100.00 | 0.08 |
| USD	ANTERO RESOURCES CORP-144A 5.37500% 21-01.03.30 | 743 000.00 | 753 572.89 | 0.12 |
| USD	ANTERO RESOURCES FIN CORP-144A 7.62500% 21-01.02.29 | 2 893 000.00 | 3 135 867.35 | 0.51 |
| USD	ARCHROCK PARTNERS LP/FIN CORP-144A 6.87500% 19-01.04.27 | 2 158 000.00 | 2 139 721.74 | 0.35 |
| USD	ARCHROCK PARTNERS LP/FIN CORP-144A 6.25000% 19-01.04.28 | 722 000.00 | 703 950.00 | 0.11 |
| USD	ARCONIC ROLLED PRODUCTS CORP-144A 6.12500% 20-15.02.28 | 3 574 000.00 | 3 504 126.76 | 0.57 |
| USD	ARCOSA INC-144A 4.37500% 21-15.04.29 | 2 519 000.00 | 2 293 246.99 | 0.37 |
| USD	ASCENT RESOURCES UTICA HOLDINGS-144A 7.00000% 18-01.11.26 | 1 322 000.00 | 1 324 577.90 | 0.21 |
| USD	ASGN INC-144A 4.62500% 19-15.05.28 | 3 364 000.00 | 3 149 545.00 | 0.51 |
| USD	AVANTOR FUNDING INC-144A 4.62500% 20-15.07.28 | 3 360 000.00 | 3 271 060.80 | 0.53 |
| USD	AVIS BUDGET CAR RENT LLC/FIN INC-144A 5.75000% 19-15.07.27 | 3 585 000.00 | 3 471 355.50 | 0.56 |
| USD	BAUSCH HEALTH COS INC-144A 6.25000% 20-15.02.29 | 885 000.00 | 550 018.65 | 0.09 |
| USD	BAUSCH HEALTH COS INC-144A 6.12500% 22-01.02.27 | 1 500 000.00 | 1 368 465.00 | 0.22 |
| USD	BEACON ROOFING SUPPLY INC-144A 4.50000% 19-15.11.26 | 1 054 000.00 | 1 022 380.00 | 0.17 |
| USD	BEACON ROOFING SUPPLY INC-144A 4.12500% 21-15.05.29 | 2 161 000.00 | 1 904 150.18 | 0.31 |
| USD	BIG RIVER STEEL LLC/BRS FIN CORP-144A 6.62500% 20-31.01.29 | 2 351 000.00 | 2 361 427.20 | 0.38 |
| USD	BLUE RACER MIDSTREAM LLC-144A 7.62500% 20-15.12.25 | 3 282 000.00 | 3 314 820.00 | 0.54 |
| USD	BOMBARDIER INC-144A 7.50000% 15-15.03.25 | 1 550 000.00 | 1 489 117.08 | 0.24 |
| USD	BOMBARDIER INC-144A 7.50000% 17-01.12.24 | 2 941 000.00 | 2 852 770.00 | 0.46 |
| USD	BOOZ ALLEN HAMILTON INC-144A 3.87500% 20-01.09.28 | 763 000.00 | 713 478.23 | 0.12 |
| USD	BOOZ ALLEN HAMILTON INC-144A 4.00000% 21-01.07.29 | 2 755 000.00 | 2 607 071.35 | 0.42 |
| USD	BOXER PARENT CO INC-144A 7.12500% 20-02.10.25 | 1 300 000.00 | 1 273 272.00 | 0.21 |
| USD	BUCKEYE PARTNERS LP-144A 4.50000% 20-01.03.28 | 1 580 000.00 | 1 470 945.90 | 0.24 |
| USD	BUILDERS FIRSTSOURCE INC-144A 5.00000% 20-01.03.30 | 1 598 000.00 | 1 498 637.83 | 0.24 |
| USD	CAESARS ENTERTAINMENT INC-144A 6.25000% 20-01.07.25 | 988 000.00 | 1 000 844.00 | 0.16 |
| USD	CAESARS ENTERTAINMENT INC-144A 8.12500% 20-01.07.27 | 5 534 000.00 | 5 629 184.80 | 0.91 |
| USD	CALIFORNIA RESOURCES CORP-144A 7.12500% 21-01.02.26 | 3 719 000.00 | 3 811 975.00 | 0.62 |
| USD	CALPINE CORP-144A 5.12500% 19-15.03.28 | 1 982 000.00 | 1 849 701.50 | 0.30 |
| USD	CARGO AIRCRAFT MANAGEMENT INC-144A 4.75000% 20-01.02.28 | 1 750 000.00 | 1 697 500.00 | 0.27 |
| USD	CARNIVAL CORP-144A 5.75000% 21-01.03.27 | 2 700 000.00 | 2 373 705.00 | 0.38 |

UBS (Lux) Bond SICAV – USD High Yield (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 | CARRIAGE SERVICES INC-144A 4.25000% 21-15.05.29 | 2 668 000.00 | 2 254 460.00 | 0.36 |
| USD | CCO HOLDINGS LLC-144A 4.25000% 20-01.02.31 | 1 650 000.00 | 1 455 630.00 | 0.24 |
| USD | CCO HOLDINGS LLC/CAPITAL CORP-144A 5.50000% 16-01.05.26 | 530 000.00 | 530 477.00 | 0.09 |
| USD | CCO HOLDINGS LLC/CAPITAL CORP-144A 5.37500% 19-01.06.29 | 2 663 000.00 | 2 586 811.57 | 0.42 |
| USD | CCO HOLDINGS LLC/CAPITAL CORP-144A 4.75000% 19-01.03.30 | 4 615 000.00 | 4 257 337.50 | 0.69 |
| USD | CDI-144A *ESCROW* 5.75000% 22-01.04.30 | 1 450 000.00 | 1 422 377.50 | 0.23 |
| USD | CENTENE CORP 4.62500% 20-15.12.29 | 3 135 000.00 | 3 089 667.90 | 0.50 |
| USD | CHS/COMMUNITY HEALTH SYSTEMS INC-144A 8.00000% 19-15.03.26 | 1 735 000.00 | 1 738 504.70 | 0.28 |
| USD | CHS/COMMUNITY HEALTH SYSTEMS INC-144A 6.87500% 21-15.04.29 | 2 478 000.00 | 1 936 061.40 | 0.31 |
| USD | CHURCHILL DOWNS INC-144A 5.50000% 19-01.04.27 | 1 740 000.00 | 1 740 217.50 | 0.28 |
| USD | CINEMARK USA INC-144A 5.87500% 21-15.03.26 | 1 891 000.00 | 1 795 750.33 | 0.29 |
| USD | CLEARWATER PAPER CORP-144A 4.75000% 20-15.08.28 | 1 537 000.00 | 1 382 427.54 | 0.22 |
| USD | CLEARWAY ENERGY OPERATING LLC-144A 4.75000% 19-15.03.28 | 3 365 000.00 | 3 213 575.00 | 0.52 |
| USD | COMSTOCK RESOURCES INC-144A 6.75000% 21-01.03.29 | 2 382 000.00 | 2 378 653.29 | 0.39 |
| USD | CONSOLIDATED COMMUNICATIONS INC-144A 6.50000% 20-01.10.28 | 1 892 000.00 | 1 640 591.04 | 0.27 |
| USD | CONSTELLIUM SE-144A 5.62500% 20-15.06.28 | 1 135 000.00 | 1 088 238.02 | 0.18 |
| USD | COVERT MERGECO INC 4.87500% 21-01.12.29 | 2 620 000.00 | 2 304 827.10 | 0.37 |
| USD | CSC HOLDINGS INC-144A 5.37500% 18-01.02.28 | 1 100 000.00 | 1 045 000.00 | 0.17 |
| USD | CSC HOLDINGS LLC-144A 7.50000% 18-01.04.28 | 1 325 000.00 | 1 232 382.50 | 0.20 |
| USD | CSC HOLDINGS LLC-144A 6.50000% 19-01.02.29 | 3 000 000.00 | 2 954 040.00 | 0.48 |
| USD | DAVITA INC-144A 4.62500% 20-01.06.30 | 2 771 000.00 | 2 407 306.25 | 0.39 |
| USD | DCP MIDSTREAM OPERATING LP 5.62500% 20-15.07.27 | 1 892 000.00 | 1 955 079.28 | 0.32 |
| USD | DKT FINANCE APS-144A 9.37500% 18-17.06.23 | 2 867 000.00 | 2 809 660.00 | 0.45 |
| USD | DYCOM INDUSTRIES INC-144A 4.50000% 21-15.04.29 | 2 975 000.00 | 2 730 484.75 | 0.44 |
| USD | ENERGIZER HOLDINGS INC-144A 4.75000% 20-15.06.28 | 1 240 000.00 | 1 094 300.00 | 0.18 |
| USD | ENERGIZER HOLDINGS INC-144A 4.37500% 20-31.03.29 | 852 000.00 | 720 404.34 | 0.12 |
| USD | EQM MIDSTREAM PARTNERS LP-144A 6.50000% 20-01.07.27 | 1 164 000.00 | 1 164 000.00 | 0.19 |
| USD | FIRST QUANTUM MINERALS LTD-144A 6.87500% 20-15.10.27 | 4 704 000.00 | 4 692 240.00 | 0.76 |
| USD | FMG RESOURCES AUGUST 2006 PTY LTD-144A 4.50000% 19-15.09.27 | 935 000.00 | 897 600.00 | 0.15 |
| USD | FORESTAR GROUP INC-144A 3.85000% 21-15.05.26 | 1 994 000.00 | 1 827 820.04 | 0.30 |
| USD | FORTRESS TRANS & INFRA INV LLC-144A 5.50000% 21-01.05.28 | 5 473 000.00 | 4 705 138.10 | 0.76 |
| USD | FRONTIER COMMUNICATIONS CORPORATIO-144A 5.87500% 20-15.10.27 | 3 894 000.00 | 3 816 120.00 | 0.62 |
| USD | FRONTIER COMMUNICATIONS CORP-144A 6.75000% 20-01.05.29 | 1 852 000.00 | 1 632 278.72 | 0.26 |
| USD | GARDA WORLD SECURITY CORP-144A 9.50000% 19-01.11.27 | 1 199 000.00 | 1 127 341.52 | 0.18 |
| USD | GARDA WORLD SECURITY CORP-144A 4.62500% 20-15.02.27 | 2 568 000.00 | 2 310 601.63 | 0.37 |
| USD | GARTNER INC-144A 4.50000% 20-01.07.28 | 1 271 000.00 | 1 235 983.95 | 0.20 |
| USD | GENESIS ENERGY LP 5.62500% 14-15.06.24 | 1 863 000.00 | 1 788 480.00 | 0.29 |
| USD | GENWORTH MORTGAGE HOLDINGS INC-144A 6.50000% 20-15.08.25 | 4 235 000.00 | 4 246 095.70 | 0.69 |
| USD | GFL ENVIRONMENTAL INC-144A 4.75000% 21-15.06.29 | 1 487 000.00 | 1 354 623.54 | 0.22 |
| USD | GRAPHIC PACKAGING INTERNATIONAL-144A 4.75000% 19-15.07.27 | 239 000.00 | 231 942.33 | 0.04 |
| USD | GRAPHIC PACKAGING INTERNATIONL INC-144A 3.50000% 20-15.03.28 | 535 000.00 | 496 956.15 | 0.08 |
| USD | GRAY ESCROW II INC-144A 5.37500% 21-15.11.31 | 2 437 000.00 | 2 219 412.46 | 0.36 |
| USD | GRAY TELEVISION INC-144A 5.87500% 16-15.07.26 | 1 690 000.00 | 1 665 444.30 | 0.27 |
| USD | GREAT LAKES DREDGE & DOCK CORP-144A 5.25000% 21-01.06.29 | 3 280 000.00 | 3 083 200.00 | 0.50 |
| USD | GROUP 1 AUTOMOTIVE INC-144A 4.00000% 20-15.08.28 | 1 612 000.00 | 1 468 129.00 | 0.24 |
| USD | HESS MIDSTREAM PARTNERS LP-144A 5.12500% 19-15.06.28 | 1 725 000.00 | 1 703 239.13 | 0.28 |
| USD | HILCORP ENERGY I LP / HILCORP FINA-144A 6.00000% 22-15.04.30 | 485 000.00 | 471 662.50 | 0.08 |
| USD | HILCORP ENERGY I LP/FINANCE CO-144A 6.25000% 18-01.11.28 | 1 065 000.00 | 1 072 987.50 | 0.17 |
| USD | HILCORP ENERGY I LP/FINANCE CO-144A 5.75000% 21-01.02.29 | 3 804 000.00 | 3 726 816.84 | 0.60 |
| USD | HILTON GRAND VACATIONS BORROWER-144A 5.00000% 21-01.06.29 | 1 438 000.00 | 1 337 311.24 | 0.22 |
| USD | HOLLY ENERGY PARTNERS LP FIN CORP-144A 5.00000% 20-01.02.28 | 1 692 000.00 | 1 590 268.50 | 0.26 |
| USD | HOLLY ENERGY PARTNERS LP / HOLLY E-144A 6.37500% 22-15.04.27 | 485 000.00 | 484 432.55 | 0.08 |
| USD | HOWARD HUGHES CORP-144A 5.37500% 20-01.08.28 | 1 473 000.00 | 1 435 070.25 | 0.23 |
| USD | IRON MOUNTAIN INC-144A 4.87500% 17-15.09.27 | 1 895 000.00 | 1 867 351.95 | 0.30 |
| USD | JACOBS ENTERTAINMENT INC-144A 6.75000% 22-15.02.29 | 3 421 000.00 | 3 158 164.57 | 0.51 |
| USD | KBR INC-144A 4.75000% 20-30.09.28 | 3 565 000.00 | 3 306 537.50 | 0.54 |
| USD | L BRANDS INC-144A 6.62500% 20-01.10.30 | 3 478 000.00 | 3 471 791.77 | 0.56 |
| USD | LADDER CAPITAL FIN HLDG LLLP/CORP-144A 5.25000% 17-01.10.25 | 669 000.00 | 640 567.50 | 0.10 |
| USD | LCPR SENIOR SECURED FINANCING DAC-144A 6.75000% 19-15.10.27 | 1 773 000.00 | 1 786 297.50 | 0.29 |
| USD | LCPR SENIOR SECURED FINANCING DAC-144A 5.12500% 21-15.07.29 | 2 582 000.00 | 2 348 974.50 | 0.38 |
| USD | LEGENDS HOSPITALITY HOLDING CO LLC-144A 5.00000% 21-01.02.26 | 896 000.00 | 838 086.96 | 0.14 |
| USD | LEVEL 3 FINANCING INC-144A 4.25000% 20-01.07.28 | 3 261 000.00 | 2 861 527.49 | 0.46 |
| USD | LIFEPOINT HEALTH INC-144A 4.37500% 20-15.02.27 | 4 465 000.00 | 4 160 665.60 | 0.67 |
| USD | LIFEPOINT HEALTH INC-144A 6.75000% 20-15.04.25 | 1 640 000.00 | 1 671 225.60 | 0.27 |
| USD | LOGAN MERGER SUB INC-144A 5.50000% 20-01.09.27 | 2 258 000.00 | 1 807 734.55 | 0.29 |
| USD | MATTAMY GROUP CORP-144A 5.25000% 19-15.12.27 | 462 000.00 | 426 349.77 | 0.07 |
| USD | MERITOR INC-144A 6.25000% 20-01.06.25 | 1 603 000.00 | 1 648 836.55 | 0.27 |
| USD | MUELLER WATER PRODUCTS INC-144A 4.00000% 21-15.06.29 | 962 000.00 | 865 800.00 | 0.14 |
| USD | NABORS INDUSTRIES INC-144A 9.00000% 20-01.02.25 | 3 490 000.00 | 3 563 122.93 | 0.58 |
| USD | NATIONSTAR MORTGAGE HOLDINGS INC-144A 6.00000% 20-15.01.27 | 1 416 000.00 | 1 373 378.40 | 0.22 |
| USD | NATIONSTAR MORTGAGE HOLDINGS INC-144A 5.50000% 20-15.08.28 | 1 864 000.00 | 1 759 187.28 | 0.28 |
| USD | NATIONSTAR MORTGAGE HOLDINGS INC-144A 5.12500% 20-15.12.30 | 161 000.00 | 144 127.76 | 0.02 |
| USD | NCL CORP LTD-144A 5.87500% 20-15.03.26 | 1 770 000.00 | 1 578 344.40 | 0.26 |
| USD | NESCO HOLDINGS II INC-144A 5.50000% 21-15.04.29 | 2 817 000.00 | 2 542 342.50 | 0.41 |
| USD | NEW ENTERPRISE STONE&LIME CO INC-144A 9.75000% 20-15.07.28 | 198 000.00 | 189 903.27 | 0.03 |
| USD | NEXSTAR BROADCASTING INC-144A 4.75000% 20-01.11.28 | 711 000.00 | 670 117.50 | 0.11 |
| USD | NEXSTAR BROADCASTING INC-144A 5.62500% 19-15.07.27 | 1 381 000.00 | 1 377 588.93 | 0.22 |
| USD | NIELSEN CO LUXEMBOURG SARL/THE-144A 5.00000% 17-01.02.25 | 1 098 000.00 | 1 086 963.80 | 0.18 |
| USD | NIELSEN FINANCE LLC/NIELSEN-144A 5.62500% 20-01.10.28 | 2 103 000.00 | 2 084 304.33 | 0.34 |
| USD | NOVA CHEMICALS CORP-144A 5.25000% 17-01.06.27 | 4 930 000.00 | 4 795 263.10 | 0.78 |
| USD | NOVELIS CORP-144A 4.75000% 20-30.01.30 | 3 482 000.00 | 3 303 547.50 | 0.53 |
| USD | NRG ENERGY INC-144A 5.25000% 19-15.06.29 | 744 000.00 | 725 578.56 | 0.12 |
| USD | NRG ENERGY INC-144A 3.62500% 20-15.02.31 | 986 000.00 | 867 680.00 | 0.14 |
| USD | OCCIDENTAL PETROLEUM CORP 6.45000% 19-15.09.36 | 1 698 000.00 | 1 899 501.66 | 0.31 |
| USD | ORGANON FINANCE 1 LLC-144A 4.12500% 21-30.04.28 | 2 613 000.00 | 2 505 292.14 | 0.41 |
| USD | ORGANON FINANCE 1 LLC-144A 5.12500% 21-30.04.31 | 1 055 000.00 | 1 014 250.62 | 0.16 |
| USD | OWENS-BROCKWAY GLASS CONTAINER INC-144A 6.62500% 20-13.05.27 | 920 000.00 | 907 129.20 | 0.15 |
| USD | OWENS-BROCKWAY GLASS CONTAINER INC-144A 5.37500% 14-15.01.25 | 1 219 000.00 | 1 188 768.80 | 0.19 |
| USD | PATRICK INDUSTRIES INC-144A 7.50000% 19-15.10.27 | 1 972 000.00 | 1 952 280.00 | 0.32 |
| USD | PERFORMANCE FOOD GROUP INC-144A 5.50000% 19-15.10.27 | 1 294 000.00 | 1 272 700.76 | 0.21 |
| USD | PETSMART FINANCE CORP-144A 4.75000% 21-15.02.28 | 1 661 000.00 | 1 528 120.00 | 0.25 |
| USD | PM GENERAL PURCHASER LLC-144A 9.50000% 20-01.10.28 | 3 420 000.00 | 2 871 926.87 | 0.46 |
| USD | PRIME SEC SER BORROWER LLC/FIN INC-144A 5.75000% 19-15.04.26 | 2 000 000.00 | 1 978 040.00 | 0.32 |
| USD | QUICKEN LOANS LLC-144A 3.62500% 20-01.03.29 | 1 220 000.00 | 1 056 077.75 | 0.17 |
| USD | QUINTILES IMS INC-144A 5.00000% 16-15.10.26 | 1 700 000.00 | 1 695 092.34 | 0.27 |
| USD | RADIATE HOLDCO LLC/FINANCE INC-144A 4.50000% 20-15.09.26 | 711 000.00 | 659 089.89 | 0.11 |

UBS (Lux) Bond SICAV – USD High Yield (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 | RADIATE HOLDCO LLC/FINANCE INC-144A 6.50000% 20-15.09.28 | 3 176 000.00 | 2 639 541.84 | 0.43 |
| USD | ROYAL CARIBBEAN CRUISES LTD-144A 9.12500% 20-15.06.23 | 1 398 000.00 | 1 425 960.00 | 0.23 |
| USD | SELECT MEDICAL CORP-144A 6.25000% 19-15.08.26 | 4 014 000.00 | 4 004 245.98 | 0.65 |
| USD | SENSATA TECHNOLOGIES BV-144A 4.00000% 21-15.04.29 | 2 682 000.00 | 2 554 605.00 | 0.41 |
| USD | SILGAN HOLDINGS INC 4.12500% 20-01.02.28 | 1 929 000.00 | 1 855 003.56 | 0.30 |
| USD | SIRIUS XM RADIO INC-144A 4.12500% 20-01.07.30 | 755 000.00 | 680 443.75 | 0.11 |
| USD | SIRIUS XM RADIO INC-144A 4.00000% 21-15.07.28 | 3 727 000.00 | 3 456 233.45 | 0.56 |
| USD | SQUARE INC-144A 3.50000% 21-01.06.31 | 417 000.00 | 357 577.50 | 0.06 |
| USD | SRM ESCROW ISSUER LLC-144A 6.00000% 20-01.11.28 | 1 806 000.00 | 1 686 153.84 | 0.27 |
| USD | SUMMIT MATERIALS LLC/FIN CORP-144A 5.25000% 20-15.01.29 | 1 215 000.00 | 1 147 269.73 | 0.19 |
| USD | TENET HEALTHCARE CORP-144A 4.87500% 19-01.01.26 | 790 000.00 | 788 230.40 | 0.13 |
| USD | TENET HEALTHCARE CORP-144A 5.12500% 19-01.11.27 | 3 696 000.00 | 3 667 836.48 | 0.59 |
| USD | TENET HEALTHCARE CORP-144A 4.62500% 20-15.06.28 | 2 593 000.00 | 2 494 997.56 | 0.40 |
| USD | TENET HEALTHCARE CORP-144A 6.12500% 20-01.10.28 | 5 071 000.00 | 4 950 284.84 | 0.80 |
| USD | TERRAFORM POWER OPERATING LLC-144A 4.75000% 19-15.01.30 | 3 337 000.00 | 3 161 807.50 | 0.51 |
| USD | TRANSDIGM INC-144A 6.25000% 19-15.03.26 | 2 385 000.00 | 2 417 078.01 | 0.39 |
| USD | TRANSDIGM UK HOLDINGS PLC-SUB 6.87500% 19-15.05.26 | 1 715 000.00 | 1 732 150.00 | 0.28 |
| USD | TRANSOCEAN INC-144A 11.50000% 20-30.01.27 | 693 000.00 | 690 487.88 | 0.11 |
| USD | TRONOX INC-144A 4.62500% 21-15.03.29 | 1 727 000.00 | 1 584 522.50 | 0.26 |
| USD | TUBE CITY IMS CORP-144A 6.25000% 21-15.04.29 | 2 885 000.00 | 2 306 546.62 | 0.37 |
| USD | UBER TECHNOLOGIES INC-144A 7.50000% 19-15.09.27 | 765 000.00 | 786 856.05 | 0.13 |
| USD | UBER TECHNOLOGIES INC-144A 4.50000% 21-15.08.29 | 976 000.00 | 882 108.80 | 0.14 |
| USD | UNITED AIRLINES INC-144A 4.37500% 21-15.04.26 | 1 295 000.00 | 1 253 120.74 | 0.20 |
| USD | UNIVISION COMMUNICATIONS INC-144A 6.62500% 20-01.06.27 | 1 631 000.00 | 1 648 125.50 | 0.27 |
| USD | UNIVISION COMMUNICATIONS INC-144A 4.50000% 21-01.05.29 | 2 638 000.00 | 2 416 671.80 | 0.39 |
| USD | USA COMPRESSION PARTNERS LLC 6.87500% 19-01.04.26 | 904 000.00 | 882 530.00 | 0.14 |
| USD | VALEANT PHARMACEUTICALS INTL-144A 9.00000% 17-15.12.25 | 1 690 000.00 | 1 435 993.00 | 0.23 |
| USD | VALEANT PHARMACEUTICALS INTL-144A 9.25000% 18-01.04.26 | 2 636 000.00 | 2 211 735.80 | 0.36 |
| USD | VALEANT PHARMACEUTICALS INTL-144A 8.50000% 18-31.01.27 | 738 000.00 | 585 963.58 | 0.09 |
| USD | VIASAT INC-144A 5.62500% 17-15.09.25 | 1 087 000.00 | 1 031 291.25 | 0.17 |
| USD | VIASAT INC-144A 5.62500% 19-15.04.27 | 395 000.00 | 380 424.50 | 0.06 |
| USD | VIRGIN MEDIA SECURED FINANCE PLC-144A 4.50000% 20-15.08.30 | 2 562 000.00 | 2 314 843.86 | 0.37 |
| USD | VISTRA OPERATIONS CO LLC-144A 5.62500% 19-15.02.27 | 3 090 000.00 | 3 083 820.00 | 0.50 |
| USD | VISTRA OPERATIONS CO LLC-144A 5.00000% 19-31.07.27 | 2 472 000.00 | 2 402 475.00 | 0.39 |
| USD | WEEKLEY HOMES LLC / WEEKLEY FIN-144A 4.87500% 20-15.09.28 | 1 947 000.00 | 1 725 489.81 | 0.28 |
| USD | WHITE CAP BUYER LLC-144A 6.87500% 20-15.10.28 | 3 643 000.00 | 3 242 270.00 | 0.52 |
| USD | WILLIAMS SCOTSMAN INTL INC-144A 4.62500% 20-15.08.28 | 3 798 000.00 | 3 603 352.50 | 0.58 |
| USD | WW INTERNATIONAL INC-144A 4.50000% 21-15.04.29 | 1 082 000.00 | 765 515.00 | 0.12 |
| USD | ZIPRECRUITER INC 5.00000% 22-15.01.30 | 930 000.00 | 876 990.00 | 0.14 |
| Total USD |  |  | 334 869 240.64 | 54.20 |
| Total Notes, fixed rate |  | 334 869 240.64 | 54.20 |
| Bonds, fixed rate |  |  |  |
| USD |  |  |  |
| USD	HUDBAY MINERALS INC-144A 6.12500% 20-01.04.29 | 1 550 000.00 | 1 383 034.00 | 0.22 |
| USD	LIBERTY INTERACTIVE LLC 8.25000% 00-01.02.30 | 727 000.00 | 524 879.46 | 0.09 |
| Total USD |  | 1 907 913.46 | 0.31 |
| Total Bonds, fixed rate |  | 1 907 913.46 | 0.31 |
| Total Transferable securities and money market instruments traded on another regulated market |  | 339 482 586.80 | 54.95 |

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 | ACADIA HEALTHCARE CO INC-144A 5.50000% 20-01.07.28 | 1 420 000.00 | 1 404 025.00 | 0.23 |
| USD | ALTICE FRANCE HOLDING SA 10.50000% 20-15.05.27 | 6 890 000.00 | 6 771 009.70 | 1.09 |
| USD | ASCENT RESOURCES UTICA HOLDINGS-144A 8.25000% 20-31.12.28 | 890 000.00 | 902 371.00 | 0.15 |
| USD | CASCADES INC/CASCADES USA INC-144A 5.37500% 19-15.01.28 | 268 000.00 | 249 652.75 | 0.04 |
| USD | CCO HOLDINGS LLC-144A 4.25000% 21-15.01.34 | 2 971 000.00 | 2 461 072.41 | 0.40 |
| USD | CHENIERE ENERGY INC 4.62500% 21-15.10.28 | 2 740 000.00 | 2 661 999.05 | 0.43 |
| USD | CHS/COMMUNITY HEALTH SYSTEMS INC-144A 5.62500% 20-15.03.27 | 5 355 000.00 | 4 988 396.70 | 0.81 |
| USD | CORNERSTONE BUILDING BRANDS INC-144A 6.12500% 20-15.01.29 | 1 239 000.00 | 918 563.63 | 0.15 |
| USD | ENLINK MIDSTREAM LLC-144A 5.62500% 20-15.01.28 | 1 842 000.00 | 1 830 487.50 | 0.30 |
| USD | EQT MIDSTREAM PARTNERS LP -144A 4.75000% 21-15.01.31 | 406 000.00 | 352 205.00 | 0.06 |
| USD | GRAFTECH FINANCE INC-144A 4.62500% 20-15.12.28 | 3 983 000.00 | 3 645 520.41 | 0.59 |
| USD | HERTZ CORP/THE-144A 5.00000% 21-01.12.29 | 245 000.00 | 214 987.50 | 0.03 |
| USD | HESS MIDSTREAM PARTNERS LP-144A 4.25000% 21-15.02.30 | 637 000.00 | 583 778.65 | 0.09 |
| USD | INSTALLED BUILDING PRODUCTS INC-144A 5.75000% 19-01.02.28 | 1 438 000.00 | 1 352 422.40 | 0.22 |
| USD | IRON MOUNTAIN INC-144A 5.00000% 20-15.07.28 | 2 500 000.00 | 2 431 587.50 | 0.39 |
| USD | MACYS RETAIL HOLDINGS INC-144A 5.87500% 21-01.04.29 | 2 607 000.00 | 2 454 321.04 | 0.40 |
| USD | POWERTEAM SERVICES LLC-144A 9.03300% 20-04.12.25 | 3 787 000.00 | 2 991 730.00 | 0.48 |
| USD | QVC INC 4.75000% 20-15.02.27 | 1 911 000.00 | 1 650 874.68 | 0.27 |
| USD | SCIENCE APPLICATIONS INTRNTNL CORP-144A 4.87500% 20-01.04.28 | 3 431 000.00 | 3 258 425.98 | 0.53 |
| USD | SERVICE PROPERTIES TRUST 7.50000% 20-15.09.25 | 2 221 000.00 | 2 199 456.30 | 0.35 |
| USD | UNITED NATURAL FODDS INC-144A 6.75000% 20-15.10.28 | 1 379 000.00 | 1 334 638.12 | 0.22 |
| USD | USA COMPRESSION PARTNERS LLC 6.87500% 19-01.09.27 | 3 012 000.00 | 2 906 580.00 | 0.47 |
| USD | VICI PROPERTIES LP /VCI NTE CO INC-144A 4.50000% 22-01.09.26 | 1 651 000.00 | 1 580 832.50 | 0.25 |
| Total USD |  |  | 49 144 937.82 | 7.95 |
| Total Notes, fixed rate | 49 144 937.82 | 7.95 |
| Total Transferable securities and money market instruments not listed on an official stock exchange and not traded on another regulated market | 49 144 937.82 | 7.95 |

UBS (Lux) Bond SICAV – USD High Yield (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) |  |
| Recently issued transferable securities and money market instruments |  |  |  |
| Notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	ASCENT RESOURCES UTICA HOLDINGS-144A 5.87500% 21-30.06.29 | 2 289 000.00 | 2 191 717.50 | 0.35 |
| USD	CHEMOURS CO/THE-144A 4.62500% 21-15.11.29 | 987 000.00 | 892 001.25 | 0.14 |
| USD	CNX MIDSTREAM PARTNERS LP-144A 4.75000% 21-15.04.30 | 2 529 000.00 | 2 255 180.31 | 0.37 |
| USD	COINBASE GLOBAL INC-144A 3.37500% 21-01.10.28 | 23 000.00 | 16 812.77 | 0.00 |
| USD	COMSTOCK RESOURCES INC-144A 5.87500% 21-15.01.30 | 1 476 000.00 | 1 408 487.76 | 0.23 |
| USD	DUN & BRADSTREET CORP-144A 5.00000% 21-15.12.29 | 1 285 000.00 | 1 168 540.45 | 0.19 |
| USD	HERTZ CORP-144A 4.62500% 21-01.12.26 | 1 885 000.00 | 1 725 425.32 | 0.28 |
| USD	II-VI INC-144A 5.00000% 21-15.12.29 | 1 795 000.00 | 1 687 287.97 | 0.27 |
| USD	ILIAD HOLDING SASU-144A 6.50000% 21-15.10.26 | 3 990 000.00 | 3 868 524.45 | 0.63 |
| USD	LADDER CAPITAL FINANCE HOLDINGS-144A 4.75000% 21-15.06.29 | 1 319 000.00 | 1 187 100.00 | 0.19 |
| USD	LEEWARD RENEWABLE ENERGY LLC-144A 4.25000% 21-01.07.29 | 1 397 000.00 | 1 222 253.43 | 0.20 |
| USD	MONEYGRAM INTERNATIONAL INC-144A 5.37500% 21-01.08.26 | 3 887 000.00 | 3 896 717.50 | 0.63 |
| USD	MOZART DEBT MERGER SUB INC-144A 5.25000% 21-01.10.29 | 520 000.00 | 460 309.20 | 0.07 |
| USD	NEW ENTERPRISE STONE&LIME CO INC-144A 5.25000% 21-15.07.28 | 2 079 000.00 | 1 839 850.05 | 0.30 |
| USD	NOVELIS CORP-144A 3.25000% 21-15.11.26 | 693 000.00 | 635 709.69 | 0.10 |
| USD	NOVELIS CORP-144A 3.87500% 21-15.08.31 | 403 000.00 | 351 617.50 | 0.06 |
| USD	ROYAL CARIBBEAN CRUISES LTD-144A 5.50000% 21-31.08.26 | 1 390 000.00 | 1 219 725.00 | 0.20 |
| USD	VENTURE GLOBAL CALCASIEU PASS LLC-144A 3.87500% 21-15.08.29 | 2 172 000.00 | 2 048 143.87 | 0.33 |
| USD	VICI PROPERTIES LP /VCI NTE CO INC-144A 5.75000% 22-01.02.27 | 2 336 000.00 | 2 333 991.04 | 0.38 |
| USD	WR GRACE HOLDINGS LLC-144A 4.87500% 21-15.06.27 | 2 165 000.00 | 2 023 777.05 | 0.33 |
| Total USD |  | 32 433 172.11 | 5.25 |
| Total Notes, fixed rate | 32 433 172.11 | 5.25 |
| Total Recently issued transferable securities and money market instruments | 32 433 172.11 | 5.25 |
| UCITS/Other UCIs in accordance with Article 41 (1) e) of the amended Luxembourg law of 17 December 2010 |  |  |
| Investment funds, open end |  |  |
| Ireland |  |  |
| USD	ISHARES USD HIGH YIELD CORPORATE BOND UCITS ETF	1.00 | 94.38 | 0.00 |
| Total Ireland | 94.38 | 0.00 |
| Luxembourg |  |  |
| USD	UBS (LUX) BOND SICAV-SHORT DURATION H Y SUST (USD) I-X-ACC	90 500.00 | 11 707 080.00 | 1.89 |
| USD	UBS (LUX) BOND SICAV - MULTI INCOME (USD)-U-X-ACC- CAP	310.00 | 3 062 641.90 | 0.50 |
| Total Luxembourg | 14 769 721.90 | 2.39 |
| Total Investment funds, open end | 14 769 816.28 | 2.39 |
| Total UCITS/Other UCIs in accordance with Article 41 (1) e) of the amended Luxembourg law of 17 December 2010 | 14 769 816.28 | 2.39 |
| Derivative instruments not listed on an official stock exchange and not traded on another regulated market |  |  |
| Options on other swaps, classic-styled |  |  |
| USD |  |  |
| USD	BOA/CDX.NA.HY.38 SWAPTION PUT 96.00000 22-20.07.22	-61 600 000.00 | -267 627.36 | -0.04 |
| USD	BOA/CDX.NA.HY.38 SWAPTION PUT 99.00000 22-20.07.22	61 600 000.00 | 539 480.48 | 0.09 |
| USD	BOA/CDX.NA.HY.38 SWAPTION PUT 94.00000 22-20.07.22	-61 600 000.00 | -175 812.56 | -0.03 |
| Total USD | 96 040.56 | 0.02 |
| Total Options on other swaps, classic-styled | 96 040.56 | 0.02 |
| Total Derivative instruments not listed on an official stock exchange and not traded on another regulated market | 96 040.56 | 0.02 |
| Total investments in securities | 598 591 885.17 | 96.89 |
| Derivative instruments |  |  |
| Derivative instruments not listed on an official stock exchange and not traded on another regulated market |  |  |
| Swaps and forward swaps on indices |  |  |
|  |  |  |
| USD	JPM/IBOXX USD LIQUID HY TR EQS PAYER 3ML 22-20.06.22	-30 000 000.00 | -196 964.19 | -0.03 |
| USD	JPM/IBOXX USD LIQUID HY TR EQS REC PERF 22-20.06.22 |  |  |
| Total Swaps and forward swaps on indices | -196 964.19 | -0.03 |
| Credit default swaps* |  |  |
|  |  |  |
| USD	ICE/CDX.NA.IG S38 V1 CDI REC 5.00000% 22-20.06.27	4 800 000.00 | 124 214.40 | 0.02 |
| USD	ICE/ MARKIT CDX.NA.HY S38 V1 CDI REC 5.00000% 22-20.06.27	12 550 000.00 | 324 768.90 | 0.05 |
| Total Credit default swaps | 448 983.30 | 0.07 |
| Total Derivative instruments not listed on an official stock exchange and not traded on another regulated market | 252 019.11 | 0.04 |
| Total Derivative instruments | 252 019.11 | 0.04 |
| * Positive nominal: the subfund is “Receiver”, negative nominal: the subfund is “Payer”. |  |  |

UBS (Lux) Bond SICAV – USD High Yield (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
Currency purchased/Amount purchased/Currency sold/Amount sold/Maturity date
| USD | 24 226 858.54 | EUR | 22 915 000.00 | 13.6.2022 | -330 793.47 | -0.06 |
| --- | --- | --- | --- | --- | --- | --- |
| EUR | 25 928 500.00 | USD | 27 412 878.10 | 13.6.2022 | 374 295.37 | 0.06 |
| CHF | 53 464 000.00 | USD | 54 147 997.50 | 13.6.2022 | 1 652 720.66 | 0.27 |
| USD | 2 750 801.99 | GBP | 2 225 000.00 | 13.6.2022 | -53 366.66 | -0.01 |
| EUR | 695 000.00 | USD | 720 218.42 | 13.6.2022 | 24 602.36 | 0.00 |
| USD | 163 509.91 | CHF | 163 600.00 | 13.6.2022 | -7 240.45 | 0.00 |
| USD | 320 951.40 | EUR | 307 800.00 | 13.6.2022 | -8 913.11 | 0.00 |
| USD | 673 690.03 | CHF | 667 900.00 | 13.6.2022 | -23 401.46 | 0.00 |
| USD | 225 617.83 | CHF | 216 500.00 | 13.6.2022 | -344.60 | 0.00 |
| Total Forward Foreign Exchange contracts | 1 627 558.64 | 0.26 |
|  |  |  |
| Cash at banks, deposits on demand and deposit accounts and other liquid assets | 22 465 724.84 * | 3.64 |
| Bank overdraft and other short-term liabilities | -604.05 | 0.00 |
| Other assets and liabilities | -5 110 088.05 | -0.83 |
| Total net assets | 617 826 495.66 | 100.00 |
| * As at 31 May 2022, cash amounts serve as collateral for the counterparty JP Morgan for an amount of USD 150 000.00. |  |  |

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

Translation (ENFR, 2022-05-31):
# UBS (Lux) Bond SICAV – USD High Yield (USD)
| Comparaison sur trois ans |  |
| --- | --- |
|  | ISIN | 31.5.2022 | 31.5.2021 | 31.5.2020 |
| Actif net en USD |  | 617 826 495.66 | 1 416 618 042.26 | 1 032 935 408.27 |
| Catégorie F-acc | LU0396369489 |  |  |  |
| Actions en circulation |  | 332 988.2680 | 367 127.2680 | 458 803.7680 |
| Valeur nette d’inventaire par action en USD |  | 335.36 | 351.70 | 311.96 |
| Prix d’émission et de rachat par action en USD 1 |  | 333.31 | 351.70 | 311.96 |
| Catégorie I-A1-acc | LU0396369992 |  |  |  |
| Actions en circulation |  | 101 896.9970 | 232 057.9190 | 349 734.4130 |
| Valeur nette d’inventaire par action en USD |  | 165.10 | 173.32 | 153.89 |
| Prix d’émission et de rachat par action en USD 1 |  | 164.09 | 173.32 | 153.89 |
| Catégorie I-B-acc | LU0396370651 |  |  |  |
| Actions en circulation |  | 210 270.7490 | 313 525.4260 | 197 567.4270 |
| Valeur nette d’inventaire par action en USD |  | 176.91 | 184.68 | 163.07 |
| Prix d’émission et de rachat par action en USD 1 |  | 175.83 | 184.68 | 163.07 |
| Catégorie (EUR hedged) I-B-acc 2 | LU1023284349 |  |  |  |
| Actions en circulation |  | 122 237.4850 | 232 929.4170 | - |
| Valeur nette d’inventaire par action en EUR |  | 104.64 | 110.14 | - |
| Prix d’émission et de rachat par action en EUR 1 |  | 104.00 | 110.14 | - |
| Catégorie I-X-acc | LU0396370818 |  |  |  |
| Actions en circulation |  | 27 248.8850 | 50 712.4560 | 47 282.2030 |
| Valeur nette d’inventaire par action en USD |  | 178.19 | 185.90 | 164.04 |
| Prix d’émission et de rachat par action en USD 1 |  | 177.10 | 185.90 | 164.04 |
| Catégorie (CHF hedged) I-X-acc | LU1819711182 |  |  |  |
| Actions en circulation |  | 252 015.1840 | 235 648.8920 | 219 742.0300 |
| Valeur nette d’inventaire par action en CHF |  | 107.06 | 112.99 | 100.93 |
| Prix d’émission et de rachat par action en CHF 1 |  | 106.41 | 112.99 | 100.93 |
| Catégorie (EUR hedged) I-X-acc | LU1554276805 |  |  |  |
| Actions en circulation |  | 109 400.0000 | 115 100.2590 | 13 000.2590 |
| Valeur nette d’inventaire par action en EUR |  | 111.77 | 117.58 | 104.84 |
| Prix d’émission et de rachat par action en EUR 1 |  | 111.09 | 117.58 | 104.84 |
| Catégorie K-X-acc | LU1801154631 |  |  |  |
| Actions en circulation |  | 50 000.0000 | 132 177.7600 | 119 862.4900 |
| Valeur nette d’inventaire par action en USD |  | 108.81 | 113.56 | 100.25 |
| Prix d’émission et de rachat par action en USD 1 |  | 108.15 | 113.56 | 100.25 |
| Catégorie P-6%-mdist | LU1076698411 |  |  |  |
| Actions en circulation |  | 105 945.9090 | 99 608.5830 | 90 678.9810 |
| Valeur nette d’inventaire par action en USD |  | 76.63 | 85.98 | 81.54 |
| Prix d’émission et de rachat par action en USD 1 |  | 76.16 | 85.98 | 81.54 |
| Catégorie P-acc | LU0070848972 |  |  |  |
| Actions en circulation |  | 200 848.6960 | 227 041.7970 | 256 026.4060 |
| Valeur nette d’inventaire par action en USD |  | 312.83 | 330.63 | 295.58 |
| Prix d’émission et de rachat par action en USD 1 |  | 310.92 | 330.63 | 295.58 |
| Catégorie (CHF hedged) P-acc | LU0566797311 |  |  |  |
| Actions en circulation |  | 105 239.9330 | 118 748.9590 | 136 441.1120 |
| Valeur nette d’inventaire par action en CHF |  | 132.73 | 141.97 | 128.55 |
| Prix d’émission et de rachat par action en CHF 1 |  | 131.92 | 141.97 | 128.55 |
| Catégorie P-mdist | LU0459103858 |  |  |  |
| Actions en circulation |  | 1 211 245.2320 | 1 363 641.5960 | 1 137 564.7250 |
| Valeur nette d’inventaire par action en USD |  | 74.93 | 83.71 | 79.68 |
| Prix d’émission et de rachat par action en USD 1 |  | 74.47 | 83.71 | 79.68 |
| Catégorie (ZAR hedged) P-mdist 3 | LU2185883449 |  |  |  |
| Actions en circulation |  | - | 16 247.5270 | - |
| Valeur nette d’inventaire par action en ZAR |  | - | 1 026.58 | - |
| Prix d’émission et de rachat par action en ZAR 1 |  | - | 1 026.58 | - |
| Catégorie Q-6%-mdist | LU1240777455 |  |  |  |
| Actions en circulation |  | 19 305.6470 | 40 267.0040 | 9 594.0930 |
| Valeur nette d’inventaire par action en USD |  | 91.16 | 101.73 | 95.97 |
| Prix d’émission et de rachat par action en USD 1 |  | 90.60 | 101.73 | 95.97 |
| Catégorie Q-acc | LU0396369646 |  |  |  |
| Actions en circulation |  | 79 866.6760 | 107 842.2980 | 98 333.1700 |
| Valeur nette d’inventaire par action en USD |  | 132.13 | 138.90 | 123.50 |
| Prix d’émission et de rachat par action en USD 1 |  | 131.32 | 138.90 | 123.50 |
| Catégorie (CHF hedged) Q-acc | LU1240777299 |  |  |  |
| Actions en circulation |  | 121 047.4170 | 132 746.1170 | 150 824.0710 |
| Valeur nette d’inventaire par action en CHF |  | 114.30 | 121.61 | 109.51 |
| Prix d’émission et de rachat par action en CHF 1 |  | 113.60 | 121.61 | 109.51 |

UBS (Lux) Bond SICAV – USD High Yield (USD) Rapport annuel et états financiers révisés au 31 mai 2022
|  | ISIN | 31.5.2022 | 31.5.2021 | 31.5.2020 |
| --- | --- | --- | --- | --- |
|  |  |  |  |  |
| Catégorie (EUR hedged) Q-acc | LU1004768518 |  |  |  |
| Actions en circulation |  | 13 509.7430 | 16 541.0130 | 16 827.3040 |
| Valeur nette d’inventaire par action en EUR |  | 117.92 | 125.06 | 112.42 |
| Prix d’émission et de rachat par action en EUR 1 |  | 117.20 | 125.06 | 112.42 |
| Catégorie Q-mdist | LU1240777539 |  |  |  |
| Actions en circulation |  | 60 408.4800 | 83 696.0340 | 61 346.6530 |
| Valeur nette d’inventaire par action en USD |  | 88.21 | 98.03 | 92.80 |
| Prix d’émission et de rachat par action en USD 1 |  | 87.67 | 98.03 | 92.80 |
| Catégorie U-X-acc | LU0396371030 |  |  |  |
| Actions en circulation |  | 7 227.1050 | 37 048.9790 | 27 250.8860 |
| Valeur nette d’inventaire par action en USD |  | 20 761.47 | 21 659.74 | 19 112.37 |
| Prix d’émission et de rachat par action en USD 1 |  | 20 634.83 | 21 659.74 | 19 112.37 |
| Catégorie U-X-UKdist-mdist | LU1839734875 |  |  |  |
| Actions en circulation |  | 2 835.0000 | 1 893.0000 | 902.0000 |
| Valeur nette d’inventaire par action en USD |  | 9 444.75 | 10 275.57 | 9 477.03 |
| Prix d’émission et de rachat par action en USD 1 |  | 9 387.14 | 10 275.57 | 9 477.03 |
| 1  Voir note 1 2  Première VNI 9.7.2020 3  La catégorie d’actions (ZAR hedged) P-mdist était en circulation pour la période allant du 22.9.2020 au 30.9.2021. |  |  |  |  |
| Performance |  |  |  |  |
|  | Devise | 2021/2022 | 2020/2021 | 2019/2020 |
| Catégorie F-acc | USD | -5.2% | 12.7% | 0.6% |
| Catégorie I-A1-acc | USD | -4.7% | 12.6% | 0.5% |
| Catégorie I-B-acc | USD | -4.2% | 13.3% | 1.1% |
| Catégorie (EUR hedged) I-B-acc | EUR | -5.0% | - | - |
| Catégorie I-X-acc | USD | -4.1% | 13.3% | 1.1% |
| Catégorie (CHF hedged) I-X-acc | CHF | -5.2% | 11.9% | -1.9% |
| Catégorie (EUR hedged) I-X-acc | EUR | -4.9% | 12.2% | -1.3% |
| Catégorie K-X-acc | USD | -4.8% | 13.3% | 1.1% |
| Catégorie P-6%-mdist | USD | -6.0% | 11.9% | -0.2% |
| Catégorie P-acc | USD | -6.0% | 11.9% | -0.2% |
| Catégorie (CHF hedged) P-acc | CHF | -7.1% | 10.4% | -3.1% |
| Catégorie P-mdist | USD | -6.0% | 11.9% | -0.2% |
| Catégorie (ZAR hedged) P-mdist 1 | ZAR | - | - | - |
| Catégorie Q-6%-mdist | USD | -5.5% | 12.5% | 0.4% |
| Catégorie Q-acc | USD | -5.5% | 12.5% | 0.4% |
| Catégorie (CHF hedged) Q-acc | CHF | -6.6% | 11.0% | -2.6% |
| Catégorie (EUR hedged) Q-acc | EUR | -6.3% | 11.2% | -2.1% |
| Catégorie Q-mdist | USD | -5.5% | 12.5% | 0.4% |
| Catégorie U-X-acc | USD | -4.1% | 13.3% | 1.1% |
| Catégorie U-X-UKdist-mdist | USD | -4.1% | 13.3% | 1.1% |
| Benchmark: 2 |  |  |  |  |
| ICE BofAML US High Yield Cash Pay Constrained Index | USD | -4.9% | 15.0% | 0.4% |
| ICE BofAML US High Yield Cash Pay Constrained Index (hedged EUR) | EUR | -6.1% | 13.5% | -2.2% |
| ICE BofAML US High Yield Cash Pay Constrained Index (hedged CHF) | CHF | -6.3% | 13.3% | -2.6% |
| ICE BofAML US High Yield Cash Pay Constrained Index (hedged ZAR) | ZAR | - | 15.0% | 0.4% |

1 
La catégorie d’actions (ZAR hedged) P-mdist était en circulation pour la période allant du 22.9.2020 au 30.9.2021. Dès lors, aucune donnée n’est disponible pour calculer la performance.
2 
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 – USD High Yield (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 1er 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 resser- rer sa politique monétaire et à augmenter ses taux au cours de la dernière partie de la période sous revue afin de lutter contre l’inflation. Les rendements des bons du Trésor américain ont nettement augmenté en con- séquence, reflétant les prévisions de resserrement de la politique monétaire. Le marché des titres américains à haut rendement 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 géopo- litiques mondiaux accrus et au resserrement de la poli- tique monétaire. Le marché des titres américains à haut rendement 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 américain à haut rendement.
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 à haut rendement ont nui au rendement global sur la période. Les revenus se sont cumulés à la perfor- mance générale. Le compartiment a adopté une appro- che diversifiée en investissant dans une grande variété de secteurs et d’émetteurs du marché américain du haut rendement. La duration du fonds à la fin de la période était de 4.0 ans.

## Structure du portefeuille-titres
Répartition géographique en % de l’actif net	
| Etats-Unis | 76.39 |
| --- | --- |
| Luxembourg | 5.89 |
| Canada | 4.06 |
| Grande-Bretagne | 2.94 |
| France | 1.67 |
| Danemark | 1.24 |
| Irlande | 1.20 |
| Italie | 0.58 |
| Pays-Bas | 0.57 |
| Iles Caïmans | 0.44 |
| Panama | 0.41 |
| Liberia | 0.38 |
| Belgique | 0.34 |
| Chine | 0.30 |
| Grèce | 0.23 |
| Australie | 0.14 |
| Iles Marshall | 0.11 |
| Total | 96.89 |

Répartition économique en % de l’actif net	
| Etablissements financiers et sociétés de participation | 30.40 |
| --- | --- |
| Pétrole | 8.80 |
| Télécommunications | 8.07 |
| Soins de santé & services sociaux | 7.54 |
| Restauration et loisirs | 4.75 |
| Bâtiment et matériaux de construction | 4.33 |
| Services divers | 4.26 |
| Trafic et transport | 3.29 |
| Banques & instituts de crédit | 2.52 |
| Fonds de placement | 2.39 |
| Industrie minière, charbon et acier | 2.38 |
| Distribution d’énergie & d’eau | 2.24 |
| Appareils et composants électriques | 2.06 |
| Industrie aéronautique et spatiale | 1.62 |
| Machines et appareils | 1.46 |
| Internet, logiciels et services informatiques | 1.27 |
| Immobilier | 1.18 |
| Commerce de détail, centres commerciaux | 1.07 |
| Véhicules | 1.05 |
| Produits pharmaceutiques, cosmétiques & médicaux | 1.00 |
| Chimie | 0.99 |
| Métaux non ferreux | 0.97 |
| Electronique et semi-conducteurs | 0.74 |
| Industrie de conditionnement | 0.37 |
| Equipement informatique et de réseau | 0.34 |
| Biens de consommation divers | 0.32 |
| Textiles, habillement & maroquinerie | 0.28 |
| Industrie graphique, édition et médias | 0.27 |
| Diverses sociétés non classées | 0.27 |
| Sylviculture; bois et papier | 0.22 |
| Environnement et recyclage | 0.22 |
| Alimentation & softs | 0.22 |
| Total | 96.89 |

UBS (Lux) Bond SICAV – USD High Yield (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	646 966 814.35
Portefeuille-titres, plus- (moins-) value non-réalisée	48 374 929.18
Total portefeuille-titres (note 1)	598 591 885.17
Avoirs en banque, dépôts à vue et à terme	21 331 550.47*
Autres liquidités (marges)	1 134 174.37
A recevoir sur ventes de titres (note 1)	7 472 270.67
A recevoir sur souscriptions	1 811 717.48
Intérêts à recevoir sur titres	9 535 140.46
Frais payés d’avance	65 838.38
Bénéfice non réalisé sur contrats de change à terme (note 1)	1 627 558.64
Total Actif	641 822 154.75
Passif
Bénéfice non réalisé sur swaps (note 1)	252 019.11
Crédit en compte courant	-604.05
Intérêts à payer sur crédit en compte courant	-5.80
A payer sur achats de titres (note 1)	-12 246.82
A payer sur rachats	-23 605 201.04
Provisions pour commission de gestion forfaitaire (note 2)	-270 410.90
Provisions pour taxe d’abonnement (note 3)	-24 207.05
Provisions pour autres commissions et frais (note 2)		-82 983.43		 Total des Provisions pour frais			-377 601.38
Total Passif	-23 995 659.09
Actifs nets à la fin de l’exercice	617 826 495.66

## Etat des opérations
Revenus	1.6.2021-31.5.2022
USD
Revenus d’intérêts sur liquidités	80 137.54
Intérêts sur titres	49 045 610.98
Dividendes	2 001.86
Revenus d’intérêts sur swaps (note 1)	1 051 599.22
Revenus nets sur prêts de titres (note 17)	110 473.71
Total des Revenus	51 806 768.99
Charges
Autres revenus (note 4)	1 516 945.68
Charges d’intérêts sur swaps (note 1)	-772 967.09
Commission de gestion forfaitaire (note 2)	-3 771 685.17
Taxe d’abonnement (note 3)	-181 586.81
Autres commissions et frais (note 2)	-88 012.72
Total des Charges	-4 826 386.35
Revenus (Pertes) net(te)s des investissements	46 980 382.64
Bénéfices (pertes) réalisé(e)s (note 1)
Charges d’intérêts sur liquidités et crédit en compte courant	-12 134.56
Bénéfice (perte) réalisé(e) sur titres évalués à la valeur de marché hors options	3 525 319.29
Bénéfice (perte) réalisé(e) sur options	3 224 029.56
Bénéfice (perte) réalisé(e) sur contrats financiers à terme	-1 598 252.98
Bénéfice (perte) réalisé(e) sur contrats de change à terme	-3 632 025.91
Bénéfice (perte) réalisé(e) sur swaps	-234 264.20
Bénéfice (perte) net(te) réalisé(e) au cours de l’exercice	47 828 275.70
Total des Bénéfices (pertes) réalisé(e)s	847 893.06
Bénéfice (perte) réalisé(e) de change réalisé(e)	-436 912.70
Variations des plus- (moins-) values non-réalisées (note 1)
Plus- (Moins-) value non réalisée sur titres évalués à la valeur de marché hors options	-79 929 988.58 Plus- (Moins-) value non réalisée sur options		46 446.81
Plus- (Moins-) value non réalisée sur contrats financiers à terme	132 351.47
Plus- (Moins-) value non réalisée sur contrats de change à terme	2 030 727.89
Total des Variations des plus- (moins-) values non-réalisées	-78 955 568.25
Plus- (Moins-) value non réalisée sur swaps	-1 235 105.84
Augmentation/(diminution) nette de l’actif net issue de l’activité	-31 127 292.55
* Au 31 mai 2022, des avoirs en banque ont été utilisés à titre de sûretés à hauteur de 150 000.00 USD en faveur de JP Morgan.
UBS (Lux) Bond SICAV – USD High Yield (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 | 1 416 618 042.26 |
| Souscriptions | 130 937 512.74 |
| Rachats | 	-890 626 427.33	 |
| Souscriptions (Rachats) net(te)s | -759 688 914.59 |
| Dividendes versés | -7 975 339.46 |
| Revenus (Pertes) net(te)s des investissements | 46 980 382.64 |
| Total des Bénéfices (pertes) réalisé(e)s | 847 893.06 |
| Total des Variations des plus- (moins-) values non-réalisées | 	-78 955 568.25	 |
| Augmentation/(diminution) nette de l’actif net issue de l’activité | -31 127 292.55 |
| Actifs nets à la fin de l’exercice | 617 826 495.66 |
| Evolution des actions en circulation |  |
|  | 1.6.2021-31.5.2022 |
| Catégorie | F-acc |
| Nombre d’actions en circulation au début de l’exercice | 367 127.2680 |
| Nombre d’actions émises | 36 034.0000 |
| Nombre d’actions rachetées | -70 173.0000 |
| Nombre d’actions en circulation à la fin de l’exercice | 332 988.2680 |
| Catégorie | I-A1-acc |
| Nombre d’actions en circulation au début de l’exercice | 232 057.9190 |
| Nombre d’actions émises | 46 169.4090 |
| Nombre d’actions rachetées | -176 330.3310 |
| Nombre d’actions en circulation à la fin de l’exercice | 101 896.9970 |
| Catégorie | I-B-acc |
| Nombre d’actions en circulation au début de l’exercice | 313 525.4260 |
| Nombre d’actions émises | 96 515.7080 |
| Nombre d’actions rachetées | -199 770.3850 |
| Nombre d’actions en circulation à la fin de l’exercice | 210 270.7490 |
| Catégorie | (EUR hedged) I-B-acc |
| Nombre d’actions en circulation au début de l’exercice | 232 929.4170 |
| Nombre d’actions émises | 140 504.3060 |
| Nombre d’actions rachetées | -251 196.2380 |
| Nombre d’actions en circulation à la fin de l’exercice | 122 237.4850 |
| Catégorie | I-X-acc |
| Nombre d’actions en circulation au début de l’exercice | 50 712.4560 |
| Nombre d’actions émises | 2 885.9820 |
| Nombre d’actions rachetées | -26 349.5530 |
| Nombre d’actions en circulation à la fin de l’exercice | 27 248.8850 |
| Catégorie | (CHF hedged) I-X-acc |
| Nombre d’actions en circulation au début de l’exercice | 235 648.8920 |
| Nombre d’actions émises | 18 992.1830 |
| Nombre d’actions rachetées | -2 625.8910 |
| Nombre d’actions en circulation à la fin de l’exercice | 252 015.1840 |
| Catégorie | (EUR hedged) I-X-acc |
| Nombre d’actions en circulation au début de l’exercice | 115 100.2590 |
| Nombre d’actions émises | 35 600.0000 |
| Nombre d’actions rachetées | -41 300.2590 |
| Nombre d’actions en circulation à la fin de l’exercice | 109 400.0000 |
| Catégorie | K-X-acc |
| Nombre d’actions en circulation au début de l’exercice | 132 177.7600 |
| Nombre d’actions émises | 0.0000 |
| Nombre d’actions rachetées | -82 177.7600 |
| Nombre d’actions en circulation à la fin de l’exercice | 50 000.0000 |
| Catégorie | P-6%-mdist |
| Nombre d’actions en circulation au début de l’exercice | 99 608.5830 |
| Nombre d’actions émises | 20 389.0180 |
| Nombre d’actions rachetées | -14 051.6920 |
| Nombre d’actions en circulation à la fin de l’exercice | 105 945.9090 |
| Catégorie | P-acc |
| Nombre d’actions en circulation au début de l’exercice | 227 041.7970 |
| Nombre d’actions émises | 10 926.6430 |
| Nombre d’actions rachetées | -37 119.7440 |
| Nombre d’actions en circulation à la fin de l’exercice | 200 848.6960 |
| Catégorie | (CHF hedged) P-acc |
| Nombre d’actions en circulation au début de l’exercice | 118 748.9590 |
| Nombre d’actions émises | 9 667.6830 |
| Nombre d’actions rachetées | -23 176.7090 |
| Nombre d’actions en circulation à la fin de l’exercice | 105 239.9330 |
| Catégorie | P-mdist |
| Nombre d’actions en circulation au début de l’exercice | 1 363 641.5960 |
| Nombre d’actions émises | 107 168.8370 |
| Nombre d’actions rachetées | -259 565.2010 |
| Nombre d’actions en circulation à la fin de l’exercice | 1 211 245.2320 |

UBS (Lux) Bond SICAV – USD High Yield (USD) Rapport annuel et états financiers révisés au 31 mai 2022
| Catégorie | (ZAR hedged) P-mdist |
| --- | --- |
| Nombre d’actions en circulation au début de l’exercice | 16 247.5270 |
| Nombre d’actions émises | 161.8040 |
| Nombre d’actions rachetées | -16 409.3310 |
| Nombre d’actions en circulation à la fin de l’exercice | 0.0000 |
| Catégorie | Q-6%-mdist |
| Nombre d’actions en circulation au début de l’exercice | 40 267.0040 |
| Nombre d’actions émises | 3 219.0290 |
| Nombre d’actions rachetées | -24 180.3860 |
| Nombre d’actions en circulation à la fin de l’exercice | 19 305.6470 |
| Catégorie | Q-acc |
| Nombre d’actions en circulation au début de l’exercice | 107 842.2980 |
| Nombre d’actions émises | 4 799.3030 |
| Nombre d’actions rachetées | -32 774.9250 |
| Nombre d’actions en circulation à la fin de l’exercice | 79 866.6760 |
| Catégorie | (CHF hedged) Q-acc |
| Nombre d’actions en circulation au début de l’exercice | 132 746.1170 |
| Nombre d’actions émises | 4 996.1950 |
| Nombre d’actions rachetées | -16 694.8950 |
| Nombre d’actions en circulation à la fin de l’exercice | 121 047.4170 |
| Catégorie | (EUR hedged) Q-acc |
| Nombre d’actions en circulation au début de l’exercice | 16 541.0130 |
| Nombre d’actions émises | 1 603.8690 |
| Nombre d’actions rachetées | -4 635.1390 |
| Nombre d’actions en circulation à la fin de l’exercice | 13 509.7430 |
| Catégorie | Q-mdist |
| Nombre d’actions en circulation au début de l’exercice | 83 696.0340 |
| Nombre d’actions émises | 4 511.3480 |
| Nombre d’actions rachetées | -27 798.9020 |
| Nombre d’actions en circulation à la fin de l’exercice | 60 408.4800 |
| Catégorie | U-X-acc |
| Nombre d’actions en circulation au début de l’exercice | 37 048.9790 |
| Nombre d’actions émises | 1 662.0000 |
| Nombre d’actions rachetées | -31 483.8740 |
| Nombre d’actions en circulation à la fin de l’exercice | 7 227.1050 |
| Catégorie | U-X-UKdist-mdist |
| Nombre d’actions en circulation au début de l’exercice | 1 893.0000 |
| Nombre d’actions émises | 1 204.0000 |
| Nombre d’actions rachetées | -262.0000 |
| Nombre d’actions en circulation à la fin de l’exercice | 2 835.0000 |

| Distribution mensuelle 1 |  |
| --- | --- |
| UBS (Lux) Bond SICAV – USD High Yield (USD) | Date de détachement | Date de versement | Devise | Montant par action |
| P-6%-mdist | 10.6.2021 | 15.6.2021 | USD | 0.42 |
| P-6%-mdist | 12.7.2021 | 15.7.2021 | USD | 0.43 |
| P-6%-mdist | 10.8.2021 | 13.8.2021 | USD | 0.43 |
| P-6%-mdist | 10.9.2021 | 15.9.2021 | USD | 0.43 |
| P-6%-mdist | 11.10.2021 | 14.10.2021 | USD | 0.42 |
| P-6%-mdist | 10.11.2021 | 15.11.2021 | USD | 0.42 |
| P-6%-mdist | 10.12.2021 | 15.12.2021 | USD | 0.41 |
| P-6%-mdist | 10.1.2022 | 13.1.2022 | USD | 0.42 |
| P-6%-mdist | 10.2.2022 | 15.2.2022 | USD | 0.41 |
| P-6%-mdist | 10.3.2022 | 15.3.2022 | USD | 0.40 |
| P-6%-mdist | 11.4.2022 | 14.4.2022 | USD | 0.39 |
| P-6%-mdist | 10.5.2022 | 13.5.2022 | USD | 0.38 |
| P-mdist | 15.6.2021 | 18.6.2021 | USD | 0.38 |
| P-mdist | 15.7.2021 | 20.7.2021 | USD | 0.39 |
| P-mdist | 16.8.2021 | 19.8.2021 | USD | 0.38 |
| P-mdist | 15.9.2021 | 20.9.2021 | USD | 0.39 |
| P-mdist | 15.10.2021 | 20.10.2021 | USD | 0.38 |
| P-mdist | 15.11.2021 | 18.11.2021 | USD | 0.38 |
| P-mdist | 15.12.2021 | 20.12.2021 | USD | 0.37 |
| P-mdist | 17.1.2022 | 20.1.2022 | USD | 0.38 |
| P-mdist | 15.2.2022 | 18.2.2022 | USD | 0.37 |
| P-mdist | 15.3.2022 | 18.3.2022 | USD | 0.36 |
| P-mdist | 19.4.2022 | 22.4.2022 | USD | 0.36 |
| P-mdist | 16.5.2022 | 19.5.2022 | USD | 0.34 |
| (ZAR hedged) P-mdist | 15.6.2021 | 18.6.2021 | ZAR | 8.92 |
| (ZAR hedged) P-mdist | 15.7.2021 | 20.7.2021 | ZAR | 8.98 |
| (ZAR hedged) P-mdist | 16.8.2021 | 19.8.2021 | ZAR | 8.95 |
| (ZAR hedged) P-mdist | 15.9.2021 | 20.9.2021 | ZAR | 8.96 |
| Q-6%-mdist | 10.6.2021 | 15.6.2021 | USD | 0.50 |
| Q-6%-mdist | 12.7.2021 | 15.7.2021 | USD | 0.51 |
| Q-6%-mdist | 10.8.2021 | 13.8.2021 | USD | 0.50 |
| Q-6%-mdist | 10.9.2021 | 15.9.2021 | USD | 0.51 |
| Q-6%-mdist | 11.10.2021 | 14.10.2021 | USD | 0.50 |
| 1  Voir note 5 |  |  |  |  |

UBS (Lux) Bond SICAV – USD High Yield (USD)
Rapport annuel et états financiers révisés au 31 mai 2022
| UBS (Lux) Bond SICAV |  |  |  |  |
| --- | --- | --- | --- | --- |
| – USD High Yield (USD) | Date de détachement | Date de versement | Devise | Montant par action |
| Q-6%-mdist | 10.11.2021 | 15.11.2021 | USD | 0.50 |
| Q-6%-mdist | 10.12.2021 | 15.12.2021 | USD | 0.49 |
| Q-6%-mdist | 10.1.2022 | 13.1.2022 | USD | 0.50 |
| Q-6%-mdist | 10.2.2022 | 15.2.2022 | USD | 0.48 |
| Q-6%-mdist | 10.3.2022 | 15.3.2022 | USD | 0.48 |
| Q-6%-mdist | 11.4.2022 | 14.4.2022 | USD | 0.47 |
| Q-6%-mdist | 10.5.2022 | 13.5.2022 | USD | 0.45 |
| Q-mdist | 15.6.2021 | 18.6.2021 | USD | 0.45 |
| Q-mdist | 15.7.2021 | 20.7.2021 | USD | 0.45 |
| Q-mdist | 16.8.2021 | 19.8.2021 | USD | 0.45 |
| Q-mdist | 15.9.2021 | 20.9.2021 | USD | 0.45 |
| Q-mdist | 15.10.2021 | 20.10.2021 | USD | 0.45 |
| Q-mdist | 15.11.2021 | 18.11.2021 | USD | 0.45 |
| Q-mdist | 15.12.2021 | 20.12.2021 | USD | 0.44 |
| Q-mdist | 17.1.2022 | 20.1.2022 | USD | 0.45 |
| Q-mdist | 15.2.2022 | 18.2.2022 | USD | 0.43 |
| Q-mdist | 15.3.2022 | 18.3.2022 | USD | 0.43 |
| Q-mdist | 19.4.2022 | 22.4.2022 | USD | 0.42 |
| Q-mdist | 16.5.2022 | 19.5.2022 | USD | 0.41 |
| U-X-UKdist-mdist | 15.6.2021 | 18.6.2021 | USD | 194.30 |
| U-X-UKdist-mdist | 15.7.2021 | 20.7.2021 | USD | 0.00 |
| U-X-UKdist-mdist | 16.8.2021 | 19.8.2021 | USD | 0.00 |
| U-X-UKdist-mdist | 15.9.2021 | 20.9.2021 | USD | 0.00 |
| U-X-UKdist-mdist | 15.10.2021 | 20.10.2021 | USD | 0.00 |
| U-X-UKdist-mdist | 15.11.2021 | 18.11.2021 | USD | 11.39 |
| U-X-UKdist-mdist | 15.12.2021 | 20.12.2021 | USD | 9.68 |
| U-X-UKdist-mdist | 17.1.2022 | 20.1.2022 | USD | 38.85 |
| U-X-UKdist-mdist | 15.2.2022 | 18.2.2022 | USD | 36.31 |
| U-X-UKdist-mdist | 15.3.2022 | 18.3.2022 | USD | 37.14 |
| U-X-UKdist-mdist | 19.4.2022 | 22.4.2022 | USD | 51.20 |
| U-X-UKdist-mdist | 16.5.2022 | 19.5.2022 | USD | 39.69 |

UBS (Lux) Bond SICAV – USD High Yield (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 |  |  |  |
| EUR |  |  |  |
| EUR	ARD FINANCE SA-REG-S (PIK) 5.00000% 19-30.06.27 | 1 398 111.00 | 1 181 331.70 | 0.19 |
| EUR	BANFF MERGER SUB INC-REG-S 8.37500% 18-01.09.26 | 1 725 000.00 | 1 746 437.71 | 0.28 |
| EUR	DKT FINANCE APS-REG-S 7.00000% 18-17.06.23 | 4 560 000.00 | 4 836 050.99 | 0.79 |
| EUR	HOUSE OF HR-REG-S-SUB 7.50000% 20-15.01.27 | 1 980 000.00 | 2 114 711.78 | 0.34 |
| EUR	SUMMER BC HOLDCO A SARL-REG-S 9.25000% 19-31.10.27 | 3 910 000.00 | 3 531 045.57 | 0.57 |
| Total EUR |  | 13 409 577.75 | 2.17 |
| USD |  |  |  |
| USD	AERCAP IRELAND CAP/ GLBL AVIATION TRUST 6.50000% 20-15.07.25 | 471 000.00 | 491 629.93 | 0.08 |
| USD	ALTICE FINANCING SA-144A 5.00000% 20-15.01.28 | 1 154 000.00 | 1 045 518.23 | 0.17 |
| USD	ALTICE FRANCE HOLDING SA 6.00000% 20-15.02.28 | 777 000.00 | 649 183.50 | 0.11 |
| USD	ALTICE FRANCE SA/FRANCE-144A 5.12500% 21-15.07.29 | 1 242 000.00 | 1 084 110.75 | 0.18 |
| USD	ALTICE FRANCE-144A 8.12500% 18-01.02.27 | 2 455 000.00 | 2 458 486.10 | 0.40 |
| USD	APACHE CORP 5.10000% 10-01.09.40 | 2 330 000.00 | 2 173 820.10 | 0.35 |
| USD	ARCONIC INC 6.75000% 98-15.01.28 | 1 347 000.00 | 1 434 555.00 | 0.23 |
| USD	ARDAGH PACKAGING FINANCE/MP-144A 4.12500% 19-15.08.26 | 215 000.00 | 199 947.85 | 0.03 |
| USD	AVIS BUDGET CAR RENT LLC/FIN INC-144A 5.37500% 21-01.03.29 | 836 000.00 | 764 940.00 | 0.12 |
| USD	AVOLON HOLDINGS FUNDING LTD-144A 5.50000% 20-15.01.26 | 2 715 000.00 | 2 709 244.20 | 0.44 |
| USD	BOMBARDIER INC-144A 7.87500% 19-15.04.27 | 1 145 000.00 | 1 044 455.26 | 0.17 |
| USD	BUCKEYE PARTNERS LP 5.85000% 13-15.11.43 | 845 000.00 | 658 931.65 | 0.11 |
| USD	BUCKEYE PARTNERS LP 5.60000% 14-15.10.44 | 595 000.00 | 459 050.87 | 0.07 |
| USD	CARNIVAL CORP-144A 7.62500% 20-01.03.26 | 2 694 000.00 | 2 505 608.58 | 0.41 |
| USD	COMMERCIAL METALS CO 4.12500% 22-15.01.30 | 760 000.00 | 690 263.97 | 0.11 |
| USD	CONSOLIDATED ENERGY FINANCE SA-144A 5.62500% 21-15.10.28 | 2 600 000.00 | 2 379 000.00 | 0.38 |
| USD	DANA INC 4.25000% 21-01.09.30 | 930 000.00 | 810 546.15 | 0.13 |
| USD	DANA INC 5.62500% 20-15.06.28 | 825 000.00 | 798 979.50 | 0.13 |
| USD	DANAOS CORP-144A 8.50000% 21-01.03.28 | 1 380 000.00 | 1 433 944.20 | 0.23 |
| USD	DANAOS CORP-REG-S 8.50000% 21-01.03.28 | 671 000.00 | 697 229.39 | 0.11 |
| USD	ENCOMPASS HEALTH CORP 4.50000% 19-01.02.28 | 4 714 000.00 | 4 382 452.60 | 0.71 |
| USD	EQT CORP STEP-UP/DOWN 20-01.02.30 | 2 932 000.00 | 3 255 047.76 | 0.53 |
| USD	FIRSTENERGY CORP 4.85000% 17-15.07.47 | 1 084 000.00 | 1 007 144.40 | 0.16 |
| USD	FORD MOTOR CREDIT CO LLC 5.12500% 20-16.06.25 | 3 961 000.00 | 3 959 653.26 | 0.64 |
| USD	FORD MOTOR CREDIT CO 4.12500% 20-17.08.27 | 2 135 000.00 | 2 022 912.50 | 0.33 |
| USD	GENESIS ENERGY LP 8.00000% 20-15.01.27 | 2 975 000.00 | 2 934 510.25 | 0.47 |
| USD	ICAHN ENTERPRISES LP/FINANCE CORP 6.25000% 19-15.05.26 | 2 030 000.00 | 2 040 462.68 | 0.33 |
| USD	INTERNATIONAL GAME TECHNOLOGY PLC-144A 6.25000% 18-15.01.27 | 1 600 000.00 | 1 648 560.00 | 0.27 |
| USD	ITHACA ENERGY NORTH SEA PLC-REG-S 9.00000% 21-15.07.26 | 3 335 000.00 | 3 360 012.50 | 0.54 |
| USD	KB HOME 6.87500% 19-15.06.27 | 2 025 000.00 | 2 142 389.25 | 0.35 |
| USD	LEVEL 3 FINANCING INC 5.25000% 17-15.03.26 | 2 760 000.00 | 2 711 617.20 | 0.44 |
| USD	MURPHY OIL CORP 6.87500% 16-15.08.24 | 185 000.00 | 186 387.50 | 0.03 |
| USD	MURPHY OIL CORP 7.05000% 99-01.05.29 | 2 296 000.00 | 2 364 880.00 | 0.38 |
| USD	NAVIENT CORP 4.87500% 21-15.03.28 | 2 447 000.00 | 2 149 297.98 | 0.35 |
| USD	NAVIENT CORP 5.00000% 20-15.03.27 | 2 835 000.00 | 2 608 200.00 | 0.42 |
| USD	NEPTUNE ENERGY BONDCO PLC-144A 6.62500% 18-15.05.25 | 4 072 000.00 | 4 038 568.88 | 0.65 |
| USD	NEWELL BRANDS INC 5.50000% 16-01.04.46 | 175 000.00 | 158 754.75 | 0.03 |
| USD	OCCIDENTAL PETROLEUM CORP 8.50000% 20-15.07.27 | 5 494 000.00 | 6 373 040.00 | 1.03 |
| USD	OCCIDENTAL PETROLEUM CORP 5.87500% 20-01.09.25 | 2 085 000.00 | 2 178 533.10 | 0.35 |
| USD	OCCIDENTAL PETROLEUM CORP 6.37500% 20-01.09.28 | 4 125 000.00 | 4 457 021.25 | 0.72 |
| USD	OCEANEERING INTERNATIONAL INC 4.65000% 14-15.11.24 | 3 743 000.00 | 3 675 513.71 | 0.59 |
| USD	PG&E CORP 5.00000% 20-01.07.28 | 1 265 000.00 | 1 195 374.40 | 0.19 |
| USD	PRIMO WATER HOLDINGS INC-144A 4.37500% 21-30.04.29 | 3 404 000.00 | 2 979 282.92 | 0.48 |
| USD	RENEWABLE ENERGY GROUP INC-144A 5.87500% 21-01.06.28 | 1 662 000.00 | 1 765 658.94 | 0.29 |
| USD	ROYAL CARIBBEAN CRUISES LTD 7.50000% 97-15.10.27 | 1 267 000.00 | 1 159 305.00 | 0.19 |
| USD	SASOL FINANCING USA LLC 6.50000% 18-27.09.28 | 2 230 000.00 | 2 146 375.00 | 0.35 |
| USD	SOUTHWESTERN ENERGY CO 8.37500% 20-15.09.28 | 925 000.00 | 1 013 605.75 | 0.16 |
| USD	SOUTHWESTERN ENERGY CO 5.37500% 21-15.03.30 | 2 289 000.00 | 2 317 612.50 | 0.38 |
| USD	SPRINGLEAF FINANCE CORP 6.87500% 18-15.03.25 | 2 374 000.00 | 2 412 743.68 | 0.39 |
| USD	SPRINGLEAF FINANCE CORP 7.12500% 18-15.03.26 | 2 470 000.00 | 2 529 280.00 | 0.41 |
| USD	SPRINGLEAF FINANCE CORP 6.12500% 19-15.03.24 | 992 000.00 | 1 002 065.31 | 0.16 |
| USD	SPRINGLEAF FINANCE CORP 5.37500% 19-15.11.29 | 400 000.00 | 369 621.76 | 0.06 |
| USD	SPRINT CORP 7.62500% 18-01.03.26 | 2 382 000.00 | 2 636 302.32 | 0.43 |
| USD	TRANSDIGM INC-SUB 5.50000% 20-15.11.27 | 1 425 000.00 | 1 364 423.25 | 0.22 |
| USD	TRANSDIGM INC-SUB 6.37500% 17-15.06.26 | 1 618 000.00 | 1 601 820.00 | 0.26 |
| USD	TRANSDIGM INC-SUB 7.50000% 19-15.03.27 | 1 740 000.00 | 1 770 450.00 | 0.29 |
| USD	TRI POINTE GROUP INC 5.70000% 20-15.06.28 | 448 000.00 | 426 904.81 | 0.07 |
| USD	UNITED AIRLINES INC-144A 4.62500% 21-15.04.29 | 380 000.00 | 357 245.60 | 0.06 |
| USD	VIRGIN MEDIA VENDOR FINANC-144A 5.00000% 20-15.07.28 | 2 820 000.00 | 2 588 196.00 | 0.42 |
| USD	WESTERN GAS PARTNERS LP 5.45000% 14-01.04.44 | 715 000.00 | 661 211.70 | 0.11 |
| USD	ZIGGO BV-144A 4.87500% 19-15.01.30 | 1 038 000.00 | 960 648.24 | 0.16 |
| Total USD |  | 113 402 531.98 | 18.36 |
| Total des Billets, taux fixe |  | 126 812 109.73 | 20.53 |
| Billets, taux variable |  |  |  |
| USD |  |  |  |
| USD	CREDIT AGRICOLE SA-144A-SUB 8.125%/VAR 16-PRP | 1 665 000.00 | 1 789 875.00 | 0.29 |
| Total USD |  | 1 789 875.00 | 0.29 |
| Total des Billets, taux variable |  | 1 789 875.00 | 0.29 |

UBS (Lux) Bond SICAV – USD High Yield (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) |  |
| Obligations, taux fixe |  |  |  |
| EUR |  |  |  |
| EUR	GAMMA BONDCO SARL-REG-S 8.12500% 21-15.11.26 | 1 910 000.00 | 1 885 412.34 | 0.31 |
| EUR	LHMC FINCO 2 SARL-REG-S (PIK) 7.25000% 19-02.10.25 | 1 650 479.00 | 1 648 730.52 | 0.27 |
| EUR	PINNACLE BIDCO PLC-REG-S 5.50000% 20-15.02.25 | 2 455 000.00 | 2 498 422.81 | 0.40 |
| EUR	REKEEP SPA-REG-S 7.25000% 21-01.02.26 | 1 750 000.00 | 1 835 172.83 | 0.30 |
| Total EUR |  | 7 867 738.50 | 1.28 |
| GBP |  |  |  |
| GBP	GALAXY FINCO LTD-REG-S 9.25000% 19-31.07.27 | 2 800 000.00 | 3 419 460.08 | 0.55 |
| Total GBP |  | 3 419 460.08 | 0.55 |
| USD |  |  |  |
| USD	ALTICE FINANCING SA-144A 5.75000% 21-15.08.29 | 1 637 000.00 | 1 465 115.00 | 0.24 |
| USD	ARCONIC INC 5.90000% 07-01.02.27 | 1 000 000.00 | 1 056 795.00 | 0.17 |
| USD	CHEMOURS CO/THE 5.37500% 17-15.05.27 | 434 000.00 | 430 745.00 | 0.07 |
| USD	COUNTRY GARDEN HOLDINGS CO LTD-REG-S 4.75000% 18-17.01.23 | 2 100 000.00 | 1 853 250.00 | 0.30 |
| USD	FORD MOTOR CO 6.62500% 98-01.10.28 | 1 595 000.00 | 1 663 242.07 | 0.27 |
| USD	FORD MOTOR CO 7.45000% 99-16.07.31 | 1 330 000.00 | 1 483 487.99 | 0.24 |
| USD	INEOS QUATTRO FINANCE 2 PLC-144A 3.37500% 21-15.01.26 | 2 725 000.00 | 2 520 270.75 | 0.41 |
| USD	SPRINT CAPITAL CORPORATION 6.87500% 98-15.11.28 | 4 884 000.00 | 5 525 171.52 | 0.89 |
| Total USD |  | 15 998 077.33 | 2.59 |
| Total des Obligations, taux fixe |  | 27 285 275.91 | 4.42 |
| Obligations, taux variable |  |  |  |
| EUR |  |  |  |
| EUR	GOLDEN GOOSE SPA-REG-S 3M EURIBOR+487.5BP 21-14.05.27 | 1 730 000.00 | 1 723 534.12 | 0.28 |
| Total EUR |  | 1 723 534.12 | 0.28 |
| USD |  |  |  |
| USD	BANK OF AMERICA CORP-SUB 6.500%/VAR 14-PRP | 2 176 000.00 | 2 208 078.46 | 0.35 |
| USD	JPMORGAN CHASE & CO-SUB 6.000%/3M LIBOR+330BP 13-PRP | 1 886 000.00 | 1 847 033.90 | 0.30 |
| USD	JPMORGAN CHASE & CO-SUB 6.100%/VAR 14-PRP | 1 015 000.00 | 999 424.48 | 0.16 |
| Total USD |  | 5 054 536.84 | 0.81 |
| Total des Obligations, taux variable |  | 6 778 070.96 | 1.09 |
| Total des Titres et instruments du marché monétaire négociés sur une bourse officielle |  | 162 665 331.60 | 26.33 |
| Titres et instruments du marché monétaire négociés sur un autre marché réglementé |  |  |  |
| Actions |  |  |  |
| Etats-Unis |  |  |  |
| USD	CITIGROUP INC 5.95%-FR SUB PERP USD1000’A’ | 2 703 000.00 | 2 705 432.70 | 0.44 |
| Total Etats-Unis |  | 2 705 432.70 | 0.44 |
| Total des Actions |  | 2 705 432.70 | 0.44 |
| Billets, taux fixe |  |  |  |
| USD |  |  |  |
| USD	ACADEMY LTD-144A 6.00000% 20-15.11.27 | 2 337 000.00 | 2 161 725.00 | 0.35 |
| USD	ACADIA HEALTHCARE CO INC-144A 5.00000% 20-15.04.29 | 2 682 000.00 | 2 603 583.79 | 0.42 |
| USD	AFFINITY GAMING-144A 6.87500% 20-15.12.27 | 4 861 000.00 | 4 321 657.41 | 0.70 |
| USD	AHEAD DB HOLDINGS LLC-144A 6.62500% 21-01.05.28 | 1 796 000.00 | 1 532 374.80 | 0.25 |
| USD	ALLISON TRANSMISSION INC-144A 5.87500% 19-01.06.29 | 1 679 000.00 | 1 682 358.00 | 0.27 |
| USD	AMERICAN BUILDER & CONTRACT SUPPLY-144A 4.00000% 19-15.01.28 | 1 310 000.00 | 1 232 172.90 | 0.20 |
| USD	AMERICAN BUILDERS & CONTRAC SUPPLY-144A 3.87500% 21-15.11.29 | 1 487 000.00 | 1 322 983.90 | 0.21 |
| USD	AMSTED INDUSTRIES INC-144A 5.62500% 19-01.07.27 | 876 000.00 | 843 150.00 | 0.14 |
| USD	AMSTED INDUSTRIES INC-144A 4.62500% 19-15.05.30 | 559 000.00 | 503 100.00 | 0.08 |
| USD	ANTERO RESOURCES CORP-144A 5.37500% 21-01.03.30 | 743 000.00 | 753 572.89 | 0.12 |
| USD	ANTERO RESOURCES FIN CORP-144A 7.62500% 21-01.02.29 | 2 893 000.00 | 3 135 867.35 | 0.51 |
| USD	ARCHROCK PARTNERS LP/FIN CORP-144A 6.87500% 19-01.04.27 | 2 158 000.00 | 2 139 721.74 | 0.35 |
| USD	ARCHROCK PARTNERS LP/FIN CORP-144A 6.25000% 19-01.04.28 | 722 000.00 | 703 950.00 | 0.11 |
| USD	ARCONIC ROLLED PRODUCTS CORP-144A 6.12500% 20-15.02.28 | 3 574 000.00 | 3 504 126.76 | 0.57 |
| USD	ARCOSA INC-144A 4.37500% 21-15.04.29 | 2 519 000.00 | 2 293 246.99 | 0.37 |
| USD	ASCENT RESOURCES UTICA HOLDINGS-144A 7.00000% 18-01.11.26 | 1 322 000.00 | 1 324 577.90 | 0.21 |
| USD	ASGN INC-144A 4.62500% 19-15.05.28 | 3 364 000.00 | 3 149 545.00 | 0.51 |
| USD	AVANTOR FUNDING INC-144A 4.62500% 20-15.07.28 | 3 360 000.00 | 3 271 060.80 | 0.53 |
| USD	AVIS BUDGET CAR RENT LLC/FIN INC-144A 5.75000% 19-15.07.27 | 3 585 000.00 | 3 471 355.50 | 0.56 |
| USD	BAUSCH HEALTH COS INC-144A 6.25000% 20-15.02.29 | 885 000.00 | 550 018.65 | 0.09 |
| USD	BAUSCH HEALTH COS INC-144A 6.12500% 22-01.02.27 | 1 500 000.00 | 1 368 465.00 | 0.22 |
| USD	BEACON ROOFING SUPPLY INC-144A 4.50000% 19-15.11.26 | 1 054 000.00 | 1 022 380.00 | 0.17 |
| USD	BEACON ROOFING SUPPLY INC-144A 4.12500% 21-15.05.29 | 2 161 000.00 | 1 904 150.18 | 0.31 |
| USD	BIG RIVER STEEL LLC/BRS FIN CORP-144A 6.62500% 20-31.01.29 | 2 351 000.00 | 2 361 427.20 | 0.38 |
| USD	BLUE RACER MIDSTREAM LLC-144A 7.62500% 20-15.12.25 | 3 282 000.00 | 3 314 820.00 | 0.54 |
| USD	BOMBARDIER INC-144A 7.50000% 15-15.03.25 | 1 550 000.00 | 1 489 117.08 | 0.24 |
| USD	BOMBARDIER INC-144A 7.50000% 17-01.12.24 | 2 941 000.00 | 2 852 770.00 | 0.46 |
| USD	BOOZ ALLEN HAMILTON INC-144A 3.87500% 20-01.09.28 | 763 000.00 | 713 478.23 | 0.12 |
| USD	BOOZ ALLEN HAMILTON INC-144A 4.00000% 21-01.07.29 | 2 755 000.00 | 2 607 071.35 | 0.42 |
| USD	BOXER PARENT CO INC-144A 7.12500% 20-02.10.25 | 1 300 000.00 | 1 273 272.00 | 0.21 |
| USD	BUCKEYE PARTNERS LP-144A 4.50000% 20-01.03.28 | 1 580 000.00 | 1 470 945.90 | 0.24 |
| USD	BUILDERS FIRSTSOURCE INC-144A 5.00000% 20-01.03.30 | 1 598 000.00 | 1 498 637.83 | 0.24 |
| USD	CAESARS ENTERTAINMENT INC-144A 6.25000% 20-01.07.25 | 988 000.00 | 1 000 844.00 | 0.16 |
| USD	CAESARS ENTERTAINMENT INC-144A 8.12500% 20-01.07.27 | 5 534 000.00 | 5 629 184.80 | 0.91 |
| USD	CALIFORNIA RESOURCES CORP-144A 7.12500% 21-01.02.26 | 3 719 000.00 | 3 811 975.00 | 0.62 |
| USD	CALPINE CORP-144A 5.12500% 19-15.03.28 | 1 982 000.00 | 1 849 701.50 | 0.30 |
| USD	CARGO AIRCRAFT MANAGEMENT INC-144A 4.75000% 20-01.02.28 | 1 750 000.00 | 1 697 500.00 | 0.27 |
| USD	CARNIVAL CORP-144A 5.75000% 21-01.03.27 | 2 700 000.00 | 2 373 705.00 | 0.38 |

UBS (Lux) Bond SICAV – USD High Yield (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 | CARRIAGE SERVICES INC-144A 4.25000% 21-15.05.29 | 2 668 000.00 | 2 254 460.00 | 0.36 |
| USD | CCO HOLDINGS LLC-144A 4.25000% 20-01.02.31 | 1 650 000.00 | 1 455 630.00 | 0.24 |
| USD | CCO HOLDINGS LLC/CAPITAL CORP-144A 5.50000% 16-01.05.26 | 530 000.00 | 530 477.00 | 0.09 |
| USD | CCO HOLDINGS LLC/CAPITAL CORP-144A 5.37500% 19-01.06.29 | 2 663 000.00 | 2 586 811.57 | 0.42 |
| USD | CCO HOLDINGS LLC/CAPITAL CORP-144A 4.75000% 19-01.03.30 | 4 615 000.00 | 4 257 337.50 | 0.69 |
| USD | CDI-144A *ESCROW* 5.75000% 22-01.04.30 | 1 450 000.00 | 1 422 377.50 | 0.23 |
| USD | CENTENE CORP 4.62500% 20-15.12.29 | 3 135 000.00 | 3 089 667.90 | 0.50 |
| USD | CHS/COMMUNITY HEALTH SYSTEMS INC-144A 8.00000% 19-15.03.26 | 1 735 000.00 | 1 738 504.70 | 0.28 |
| USD | CHS/COMMUNITY HEALTH SYSTEMS INC-144A 6.87500% 21-15.04.29 | 2 478 000.00 | 1 936 061.40 | 0.31 |
| USD | CHURCHILL DOWNS INC-144A 5.50000% 19-01.04.27 | 1 740 000.00 | 1 740 217.50 | 0.28 |
| USD | CINEMARK USA INC-144A 5.87500% 21-15.03.26 | 1 891 000.00 | 1 795 750.33 | 0.29 |
| USD | CLEARWATER PAPER CORP-144A 4.75000% 20-15.08.28 | 1 537 000.00 | 1 382 427.54 | 0.22 |
| USD | CLEARWAY ENERGY OPERATING LLC-144A 4.75000% 19-15.03.28 | 3 365 000.00 | 3 213 575.00 | 0.52 |
| USD | COMSTOCK RESOURCES INC-144A 6.75000% 21-01.03.29 | 2 382 000.00 | 2 378 653.29 | 0.39 |
| USD | CONSOLIDATED COMMUNICATIONS INC-144A 6.50000% 20-01.10.28 | 1 892 000.00 | 1 640 591.04 | 0.27 |
| USD | CONSTELLIUM SE-144A 5.62500% 20-15.06.28 | 1 135 000.00 | 1 088 238.02 | 0.18 |
| USD | COVERT MERGECO INC 4.87500% 21-01.12.29 | 2 620 000.00 | 2 304 827.10 | 0.37 |
| USD | CSC HOLDINGS INC-144A 5.37500% 18-01.02.28 | 1 100 000.00 | 1 045 000.00 | 0.17 |
| USD | CSC HOLDINGS LLC-144A 7.50000% 18-01.04.28 | 1 325 000.00 | 1 232 382.50 | 0.20 |
| USD | CSC HOLDINGS LLC-144A 6.50000% 19-01.02.29 | 3 000 000.00 | 2 954 040.00 | 0.48 |
| USD | DAVITA INC-144A 4.62500% 20-01.06.30 | 2 771 000.00 | 2 407 306.25 | 0.39 |
| USD | DCP MIDSTREAM OPERATING LP 5.62500% 20-15.07.27 | 1 892 000.00 | 1 955 079.28 | 0.32 |
| USD | DKT FINANCE APS-144A 9.37500% 18-17.06.23 | 2 867 000.00 | 2 809 660.00 | 0.45 |
| USD | DYCOM INDUSTRIES INC-144A 4.50000% 21-15.04.29 | 2 975 000.00 | 2 730 484.75 | 0.44 |
| USD | ENERGIZER HOLDINGS INC-144A 4.75000% 20-15.06.28 | 1 240 000.00 | 1 094 300.00 | 0.18 |
| USD | ENERGIZER HOLDINGS INC-144A 4.37500% 20-31.03.29 | 852 000.00 | 720 404.34 | 0.12 |
| USD | EQM MIDSTREAM PARTNERS LP-144A 6.50000% 20-01.07.27 | 1 164 000.00 | 1 164 000.00 | 0.19 |
| USD | FIRST QUANTUM MINERALS LTD-144A 6.87500% 20-15.10.27 | 4 704 000.00 | 4 692 240.00 | 0.76 |
| USD | FMG RESOURCES AUGUST 2006 PTY LTD-144A 4.50000% 19-15.09.27 | 935 000.00 | 897 600.00 | 0.15 |
| USD | FORESTAR GROUP INC-144A 3.85000% 21-15.05.26 | 1 994 000.00 | 1 827 820.04 | 0.30 |
| USD | FORTRESS TRANS & INFRA INV LLC-144A 5.50000% 21-01.05.28 | 5 473 000.00 | 4 705 138.10 | 0.76 |
| USD | FRONTIER COMMUNICATIONS CORPORATIO-144A 5.87500% 20-15.10.27 | 3 894 000.00 | 3 816 120.00 | 0.62 |
| USD | FRONTIER COMMUNICATIONS CORP-144A 6.75000% 20-01.05.29 | 1 852 000.00 | 1 632 278.72 | 0.26 |
| USD | GARDA WORLD SECURITY CORP-144A 9.50000% 19-01.11.27 | 1 199 000.00 | 1 127 341.52 | 0.18 |
| USD | GARDA WORLD SECURITY CORP-144A 4.62500% 20-15.02.27 | 2 568 000.00 | 2 310 601.63 | 0.37 |
| USD | GARTNER INC-144A 4.50000% 20-01.07.28 | 1 271 000.00 | 1 235 983.95 | 0.20 |
| USD | GENESIS ENERGY LP 5.62500% 14-15.06.24 | 1 863 000.00 | 1 788 480.00 | 0.29 |
| USD | GENWORTH MORTGAGE HOLDINGS INC-144A 6.50000% 20-15.08.25 | 4 235 000.00 | 4 246 095.70 | 0.69 |
| USD | GFL ENVIRONMENTAL INC-144A 4.75000% 21-15.06.29 | 1 487 000.00 | 1 354 623.54 | 0.22 |
| USD | GRAPHIC PACKAGING INTERNATIONAL-144A 4.75000% 19-15.07.27 | 239 000.00 | 231 942.33 | 0.04 |
| USD | GRAPHIC PACKAGING INTERNATIONL INC-144A 3.50000% 20-15.03.28 | 535 000.00 | 496 956.15 | 0.08 |
| USD | GRAY ESCROW II INC-144A 5.37500% 21-15.11.31 | 2 437 000.00 | 2 219 412.46 | 0.36 |
| USD | GRAY TELEVISION INC-144A 5.87500% 16-15.07.26 | 1 690 000.00 | 1 665 444.30 | 0.27 |
| USD | GREAT LAKES DREDGE & DOCK CORP-144A 5.25000% 21-01.06.29 | 3 280 000.00 | 3 083 200.00 | 0.50 |
| USD | GROUP 1 AUTOMOTIVE INC-144A 4.00000% 20-15.08.28 | 1 612 000.00 | 1 468 129.00 | 0.24 |
| USD | HESS MIDSTREAM PARTNERS LP-144A 5.12500% 19-15.06.28 | 1 725 000.00 | 1 703 239.13 | 0.28 |
| USD | HILCORP ENERGY I LP / HILCORP FINA-144A 6.00000% 22-15.04.30 | 485 000.00 | 471 662.50 | 0.08 |
| USD | HILCORP ENERGY I LP/FINANCE CO-144A 6.25000% 18-01.11.28 | 1 065 000.00 | 1 072 987.50 | 0.17 |
| USD | HILCORP ENERGY I LP/FINANCE CO-144A 5.75000% 21-01.02.29 | 3 804 000.00 | 3 726 816.84 | 0.60 |
| USD | HILTON GRAND VACATIONS BORROWER-144A 5.00000% 21-01.06.29 | 1 438 000.00 | 1 337 311.24 | 0.22 |
| USD | HOLLY ENERGY PARTNERS LP FIN CORP-144A 5.00000% 20-01.02.28 | 1 692 000.00 | 1 590 268.50 | 0.26 |
| USD | HOLLY ENERGY PARTNERS LP / HOLLY E-144A 6.37500% 22-15.04.27 | 485 000.00 | 484 432.55 | 0.08 |
| USD | HOWARD HUGHES CORP-144A 5.37500% 20-01.08.28 | 1 473 000.00 | 1 435 070.25 | 0.23 |
| USD | IRON MOUNTAIN INC-144A 4.87500% 17-15.09.27 | 1 895 000.00 | 1 867 351.95 | 0.30 |
| USD | JACOBS ENTERTAINMENT INC-144A 6.75000% 22-15.02.29 | 3 421 000.00 | 3 158 164.57 | 0.51 |
| USD | KBR INC-144A 4.75000% 20-30.09.28 | 3 565 000.00 | 3 306 537.50 | 0.54 |
| USD | L BRANDS INC-144A 6.62500% 20-01.10.30 | 3 478 000.00 | 3 471 791.77 | 0.56 |
| USD | LADDER CAPITAL FIN HLDG LLLP/CORP-144A 5.25000% 17-01.10.25 | 669 000.00 | 640 567.50 | 0.10 |
| USD | LCPR SENIOR SECURED FINANCING DAC-144A 6.75000% 19-15.10.27 | 1 773 000.00 | 1 786 297.50 | 0.29 |
| USD | LCPR SENIOR SECURED FINANCING DAC-144A 5.12500% 21-15.07.29 | 2 582 000.00 | 2 348 974.50 | 0.38 |
| USD | LEGENDS HOSPITALITY HOLDING CO LLC-144A 5.00000% 21-01.02.26 | 896 000.00 | 838 086.96 | 0.14 |
| USD | LEVEL 3 FINANCING INC-144A 4.25000% 20-01.07.28 | 3 261 000.00 | 2 861 527.49 | 0.46 |
| USD | LIFEPOINT HEALTH INC-144A 4.37500% 20-15.02.27 | 4 465 000.00 | 4 160 665.60 | 0.67 |
| USD | LIFEPOINT HEALTH INC-144A 6.75000% 20-15.04.25 | 1 640 000.00 | 1 671 225.60 | 0.27 |
| USD | LOGAN MERGER SUB INC-144A 5.50000% 20-01.09.27 | 2 258 000.00 | 1 807 734.55 | 0.29 |
| USD | MATTAMY GROUP CORP-144A 5.25000% 19-15.12.27 | 462 000.00 | 426 349.77 | 0.07 |
| USD | MERITOR INC-144A 6.25000% 20-01.06.25 | 1 603 000.00 | 1 648 836.55 | 0.27 |
| USD | MUELLER WATER PRODUCTS INC-144A 4.00000% 21-15.06.29 | 962 000.00 | 865 800.00 | 0.14 |
| USD | NABORS INDUSTRIES INC-144A 9.00000% 20-01.02.25 | 3 490 000.00 | 3 563 122.93 | 0.58 |
| USD | NATIONSTAR MORTGAGE HOLDINGS INC-144A 6.00000% 20-15.01.27 | 1 416 000.00 | 1 373 378.40 | 0.22 |
| USD | NATIONSTAR MORTGAGE HOLDINGS INC-144A 5.50000% 20-15.08.28 | 1 864 000.00 | 1 759 187.28 | 0.28 |
| USD | NATIONSTAR MORTGAGE HOLDINGS INC-144A 5.12500% 20-15.12.30 | 161 000.00 | 144 127.76 | 0.02 |
| USD | NCL CORP LTD-144A 5.87500% 20-15.03.26 | 1 770 000.00 | 1 578 344.40 | 0.26 |
| USD | NESCO HOLDINGS II INC-144A 5.50000% 21-15.04.29 | 2 817 000.00 | 2 542 342.50 | 0.41 |
| USD | NEW ENTERPRISE STONE&LIME CO INC-144A 9.75000% 20-15.07.28 | 198 000.00 | 189 903.27 | 0.03 |
| USD | NEXSTAR BROADCASTING INC-144A 4.75000% 20-01.11.28 | 711 000.00 | 670 117.50 | 0.11 |
| USD | NEXSTAR BROADCASTING INC-144A 5.62500% 19-15.07.27 | 1 381 000.00 | 1 377 588.93 | 0.22 |
| USD | NIELSEN CO LUXEMBOURG SARL/THE-144A 5.00000% 17-01.02.25 | 1 098 000.00 | 1 086 963.80 | 0.18 |
| USD | NIELSEN FINANCE LLC/NIELSEN-144A 5.62500% 20-01.10.28 | 2 103 000.00 | 2 084 304.33 | 0.34 |
| USD | NOVA CHEMICALS CORP-144A 5.25000% 17-01.06.27 | 4 930 000.00 | 4 795 263.10 | 0.78 |
| USD | NOVELIS CORP-144A 4.75000% 20-30.01.30 | 3 482 000.00 | 3 303 547.50 | 0.53 |
| USD | NRG ENERGY INC-144A 5.25000% 19-15.06.29 | 744 000.00 | 725 578.56 | 0.12 |
| USD | NRG ENERGY INC-144A 3.62500% 20-15.02.31 | 986 000.00 | 867 680.00 | 0.14 |
| USD | OCCIDENTAL PETROLEUM CORP 6.45000% 19-15.09.36 | 1 698 000.00 | 1 899 501.66 | 0.31 |
| USD | ORGANON FINANCE 1 LLC-144A 4.12500% 21-30.04.28 | 2 613 000.00 | 2 505 292.14 | 0.41 |
| USD | ORGANON FINANCE 1 LLC-144A 5.12500% 21-30.04.31 | 1 055 000.00 | 1 014 250.62 | 0.16 |
| USD | OWENS-BROCKWAY GLASS CONTAINER INC-144A 6.62500% 20-13.05.27 | 920 000.00 | 907 129.20 | 0.15 |
| USD | OWENS-BROCKWAY GLASS CONTAINER INC-144A 5.37500% 14-15.01.25 | 1 219 000.00 | 1 188 768.80 | 0.19 |
| USD | PATRICK INDUSTRIES INC-144A 7.50000% 19-15.10.27 | 1 972 000.00 | 1 952 280.00 | 0.32 |
| USD | PERFORMANCE FOOD GROUP INC-144A 5.50000% 19-15.10.27 | 1 294 000.00 | 1 272 700.76 | 0.21 |
| USD | PETSMART FINANCE CORP-144A 4.75000% 21-15.02.28 | 1 661 000.00 | 1 528 120.00 | 0.25 |
| USD | PM GENERAL PURCHASER LLC-144A 9.50000% 20-01.10.28 | 3 420 000.00 | 2 871 926.87 | 0.46 |
| USD | PRIME SEC SER BORROWER LLC/FIN INC-144A 5.75000% 19-15.04.26 | 2 000 000.00 | 1 978 040.00 | 0.32 |
| USD | QUICKEN LOANS LLC-144A 3.62500% 20-01.03.29 | 1 220 000.00 | 1 056 077.75 | 0.17 |
| USD | QUINTILES IMS INC-144A 5.00000% 16-15.10.26 | 1 700 000.00 | 1 695 092.34 | 0.27 |
| USD | RADIATE HOLDCO LLC/FINANCE INC-144A 4.50000% 20-15.09.26 | 711 000.00 | 659 089.89 | 0.11 |

UBS (Lux) Bond SICAV – USD High Yield (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 | RADIATE HOLDCO LLC/FINANCE INC-144A 6.50000% 20-15.09.28 | 3 176 000.00 | 2 639 541.84 | 0.43 |
| USD | ROYAL CARIBBEAN CRUISES LTD-144A 9.12500% 20-15.06.23 | 1 398 000.00 | 1 425 960.00 | 0.23 |
| USD | SELECT MEDICAL CORP-144A 6.25000% 19-15.08.26 | 4 014 000.00 | 4 004 245.98 | 0.65 |
| USD | SENSATA TECHNOLOGIES BV-144A 4.00000% 21-15.04.29 | 2 682 000.00 | 2 554 605.00 | 0.41 |
| USD | SILGAN HOLDINGS INC 4.12500% 20-01.02.28 | 1 929 000.00 | 1 855 003.56 | 0.30 |
| USD | SIRIUS XM RADIO INC-144A 4.12500% 20-01.07.30 | 755 000.00 | 680 443.75 | 0.11 |
| USD | SIRIUS XM RADIO INC-144A 4.00000% 21-15.07.28 | 3 727 000.00 | 3 456 233.45 | 0.56 |
| USD | SQUARE INC-144A 3.50000% 21-01.06.31 | 417 000.00 | 357 577.50 | 0.06 |
| USD | SRM ESCROW ISSUER LLC-144A 6.00000% 20-01.11.28 | 1 806 000.00 | 1 686 153.84 | 0.27 |
| USD | SUMMIT MATERIALS LLC/FIN CORP-144A 5.25000% 20-15.01.29 | 1 215 000.00 | 1 147 269.73 | 0.19 |
| USD | TENET HEALTHCARE CORP-144A 4.87500% 19-01.01.26 | 790 000.00 | 788 230.40 | 0.13 |
| USD | TENET HEALTHCARE CORP-144A 5.12500% 19-01.11.27 | 3 696 000.00 | 3 667 836.48 | 0.59 |
| USD | TENET HEALTHCARE CORP-144A 4.62500% 20-15.06.28 | 2 593 000.00 | 2 494 997.56 | 0.40 |
| USD | TENET HEALTHCARE CORP-144A 6.12500% 20-01.10.28 | 5 071 000.00 | 4 950 284.84 | 0.80 |
| USD | TERRAFORM POWER OPERATING LLC-144A 4.75000% 19-15.01.30 | 3 337 000.00 | 3 161 807.50 | 0.51 |
| USD | TRANSDIGM INC-144A 6.25000% 19-15.03.26 | 2 385 000.00 | 2 417 078.01 | 0.39 |
| USD | TRANSDIGM UK HOLDINGS PLC-SUB 6.87500% 19-15.05.26 | 1 715 000.00 | 1 732 150.00 | 0.28 |
| USD | TRANSOCEAN INC-144A 11.50000% 20-30.01.27 | 693 000.00 | 690 487.88 | 0.11 |
| USD | TRONOX INC-144A 4.62500% 21-15.03.29 | 1 727 000.00 | 1 584 522.50 | 0.26 |
| USD | TUBE CITY IMS CORP-144A 6.25000% 21-15.04.29 | 2 885 000.00 | 2 306 546.62 | 0.37 |
| USD | UBER TECHNOLOGIES INC-144A 7.50000% 19-15.09.27 | 765 000.00 | 786 856.05 | 0.13 |
| USD | UBER TECHNOLOGIES INC-144A 4.50000% 21-15.08.29 | 976 000.00 | 882 108.80 | 0.14 |
| USD | UNITED AIRLINES INC-144A 4.37500% 21-15.04.26 | 1 295 000.00 | 1 253 120.74 | 0.20 |
| USD | UNIVISION COMMUNICATIONS INC-144A 6.62500% 20-01.06.27 | 1 631 000.00 | 1 648 125.50 | 0.27 |
| USD | UNIVISION COMMUNICATIONS INC-144A 4.50000% 21-01.05.29 | 2 638 000.00 | 2 416 671.80 | 0.39 |
| USD | USA COMPRESSION PARTNERS LLC 6.87500% 19-01.04.26 | 904 000.00 | 882 530.00 | 0.14 |
| USD | VALEANT PHARMACEUTICALS INTL-144A 9.00000% 17-15.12.25 | 1 690 000.00 | 1 435 993.00 | 0.23 |
| USD | VALEANT PHARMACEUTICALS INTL-144A 9.25000% 18-01.04.26 | 2 636 000.00 | 2 211 735.80 | 0.36 |
| USD | VALEANT PHARMACEUTICALS INTL-144A 8.50000% 18-31.01.27 | 738 000.00 | 585 963.58 | 0.09 |
| USD | VIASAT INC-144A 5.62500% 17-15.09.25 | 1 087 000.00 | 1 031 291.25 | 0.17 |
| USD | VIASAT INC-144A 5.62500% 19-15.04.27 | 395 000.00 | 380 424.50 | 0.06 |
| USD | VIRGIN MEDIA SECURED FINANCE PLC-144A 4.50000% 20-15.08.30 | 2 562 000.00 | 2 314 843.86 | 0.37 |
| USD | VISTRA OPERATIONS CO LLC-144A 5.62500% 19-15.02.27 | 3 090 000.00 | 3 083 820.00 | 0.50 |
| USD | VISTRA OPERATIONS CO LLC-144A 5.00000% 19-31.07.27 | 2 472 000.00 | 2 402 475.00 | 0.39 |
| USD | WEEKLEY HOMES LLC / WEEKLEY FIN-144A 4.87500% 20-15.09.28 | 1 947 000.00 | 1 725 489.81 | 0.28 |
| USD | WHITE CAP BUYER LLC-144A 6.87500% 20-15.10.28 | 3 643 000.00 | 3 242 270.00 | 0.52 |
| USD | WILLIAMS SCOTSMAN INTL INC-144A 4.62500% 20-15.08.28 | 3 798 000.00 | 3 603 352.50 | 0.58 |
| USD | WW INTERNATIONAL INC-144A 4.50000% 21-15.04.29 | 1 082 000.00 | 765 515.00 | 0.12 |
| USD | ZIPRECRUITER INC 5.00000% 22-15.01.30 | 930 000.00 | 876 990.00 | 0.14 |
| Total USD |  |  | 334 869 240.64 | 54.20 |
| Total des Billets, taux fixe |  | 334 869 240.64 | 54.20 |
| Obligations, taux fixe |  |  |  |
| USD |  |  |  |
| USD	HUDBAY MINERALS INC-144A 6.12500% 20-01.04.29 | 1 550 000.00 | 1 383 034.00 | 0.22 |
| USD	LIBERTY INTERACTIVE LLC 8.25000% 00-01.02.30 | 727 000.00 | 524 879.46 | 0.09 |
| Total USD |  | 1 907 913.46 | 0.31 |
| Total des Obligations, taux fixe |  | 1 907 913.46 | 0.31 |
| Total des Titres et instruments du marché monétaire négociés sur un autre marché réglementé |  | 339 482 586.80 | 54.95 |

Titres et instruments du marché monétaire non négociés sur une bourse officielle ou un autre marché réglementé
Billets, taux fixe
| USD |  |
| --- | --- |
| USD | ACADIA HEALTHCARE CO INC-144A 5.50000% 20-01.07.28 | 1 420 000.00 | 1 404 025.00 | 0.23 |
| USD | ALTICE FRANCE HOLDING SA 10.50000% 20-15.05.27 | 6 890 000.00 | 6 771 009.70 | 1.09 |
| USD | ASCENT RESOURCES UTICA HOLDINGS-144A 8.25000% 20-31.12.28 | 890 000.00 | 902 371.00 | 0.15 |
| USD | CASCADES INC/CASCADES USA INC-144A 5.37500% 19-15.01.28 | 268 000.00 | 249 652.75 | 0.04 |
| USD | CCO HOLDINGS LLC-144A 4.25000% 21-15.01.34 | 2 971 000.00 | 2 461 072.41 | 0.40 |
| USD | CHENIERE ENERGY INC 4.62500% 21-15.10.28 | 2 740 000.00 | 2 661 999.05 | 0.43 |
| USD | CHS/COMMUNITY HEALTH SYSTEMS INC-144A 5.62500% 20-15.03.27 | 5 355 000.00 | 4 988 396.70 | 0.81 |
| USD | CORNERSTONE BUILDING BRANDS INC-144A 6.12500% 20-15.01.29 | 1 239 000.00 | 918 563.63 | 0.15 |
| USD | ENLINK MIDSTREAM LLC-144A 5.62500% 20-15.01.28 | 1 842 000.00 | 1 830 487.50 | 0.30 |
| USD | EQT MIDSTREAM PARTNERS LP -144A 4.75000% 21-15.01.31 | 406 000.00 | 352 205.00 | 0.06 |
| USD | GRAFTECH FINANCE INC-144A 4.62500% 20-15.12.28 | 3 983 000.00 | 3 645 520.41 | 0.59 |
| USD | HERTZ CORP/THE-144A 5.00000% 21-01.12.29 | 245 000.00 | 214 987.50 | 0.03 |
| USD | HESS MIDSTREAM PARTNERS LP-144A 4.25000% 21-15.02.30 | 637 000.00 | 583 778.65 | 0.09 |
| USD | INSTALLED BUILDING PRODUCTS INC-144A 5.75000% 19-01.02.28 | 1 438 000.00 | 1 352 422.40 | 0.22 |
| USD | IRON MOUNTAIN INC-144A 5.00000% 20-15.07.28 | 2 500 000.00 | 2 431 587.50 | 0.39 |
| USD | MACYS RETAIL HOLDINGS INC-144A 5.87500% 21-01.04.29 | 2 607 000.00 | 2 454 321.04 | 0.40 |
| USD | POWERTEAM SERVICES LLC-144A 9.03300% 20-04.12.25 | 3 787 000.00 | 2 991 730.00 | 0.48 |
| USD | QVC INC 4.75000% 20-15.02.27 | 1 911 000.00 | 1 650 874.68 | 0.27 |
| USD | SCIENCE APPLICATIONS INTRNTNL CORP-144A 4.87500% 20-01.04.28 | 3 431 000.00 | 3 258 425.98 | 0.53 |
| USD | SERVICE PROPERTIES TRUST 7.50000% 20-15.09.25 | 2 221 000.00 | 2 199 456.30 | 0.35 |
| USD | UNITED NATURAL FODDS INC-144A 6.75000% 20-15.10.28 | 1 379 000.00 | 1 334 638.12 | 0.22 |
| USD | USA COMPRESSION PARTNERS LLC 6.87500% 19-01.09.27 | 3 012 000.00 | 2 906 580.00 | 0.47 |
| USD | VICI PROPERTIES LP /VCI NTE CO INC-144A 4.50000% 22-01.09.26 | 1 651 000.00 | 1 580 832.50 | 0.25 |
| Total USD |  |  | 49 144 937.82 | 7.95 |
| Total des Billets, taux fixe | 49 144 937.82 | 7.95 |
| Total des Titres et instruments du marché monétaire non négociés sur une bourse officielle ou un autre marché réglementé | 49 144 937.82 | 7.95 |

UBS (Lux) Bond SICAV – USD High Yield (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) |  |
| Nouvelles émissions de titres et instruments du marché monétaire |  |  |  |
| Billets, taux fixe |  |  |  |
| USD |  |  |  |
| USD	ASCENT RESOURCES UTICA HOLDINGS-144A 5.87500% 21-30.06.29 | 2 289 000.00 | 2 191 717.50 | 0.35 |
| USD	CHEMOURS CO/THE-144A 4.62500% 21-15.11.29 | 987 000.00 | 892 001.25 | 0.14 |
| USD	CNX MIDSTREAM PARTNERS LP-144A 4.75000% 21-15.04.30 | 2 529 000.00 | 2 255 180.31 | 0.37 |
| USD	COINBASE GLOBAL INC-144A 3.37500% 21-01.10.28 | 23 000.00 | 16 812.77 | 0.00 |
| USD	COMSTOCK RESOURCES INC-144A 5.87500% 21-15.01.30 | 1 476 000.00 | 1 408 487.76 | 0.23 |
| USD	DUN & BRADSTREET CORP-144A 5.00000% 21-15.12.29 | 1 285 000.00 | 1 168 540.45 | 0.19 |
| USD	HERTZ CORP-144A 4.62500% 21-01.12.26 | 1 885 000.00 | 1 725 425.32 | 0.28 |
| USD	II-VI INC-144A 5.00000% 21-15.12.29 | 1 795 000.00 | 1 687 287.97 | 0.27 |
| USD	ILIAD HOLDING SASU-144A 6.50000% 21-15.10.26 | 3 990 000.00 | 3 868 524.45 | 0.63 |
| USD	LADDER CAPITAL FINANCE HOLDINGS-144A 4.75000% 21-15.06.29 | 1 319 000.00 | 1 187 100.00 | 0.19 |
| USD	LEEWARD RENEWABLE ENERGY LLC-144A 4.25000% 21-01.07.29 | 1 397 000.00 | 1 222 253.43 | 0.20 |
| USD	MONEYGRAM INTERNATIONAL INC-144A 5.37500% 21-01.08.26 | 3 887 000.00 | 3 896 717.50 | 0.63 |
| USD	MOZART DEBT MERGER SUB INC-144A 5.25000% 21-01.10.29 | 520 000.00 | 460 309.20 | 0.07 |
| USD	NEW ENTERPRISE STONE&LIME CO INC-144A 5.25000% 21-15.07.28 | 2 079 000.00 | 1 839 850.05 | 0.30 |
| USD	NOVELIS CORP-144A 3.25000% 21-15.11.26 | 693 000.00 | 635 709.69 | 0.10 |
| USD	NOVELIS CORP-144A 3.87500% 21-15.08.31 | 403 000.00 | 351 617.50 | 0.06 |
| USD	ROYAL CARIBBEAN CRUISES LTD-144A 5.50000% 21-31.08.26 | 1 390 000.00 | 1 219 725.00 | 0.20 |
| USD	VENTURE GLOBAL CALCASIEU PASS LLC-144A 3.87500% 21-15.08.29 | 2 172 000.00 | 2 048 143.87 | 0.33 |
| USD	VICI PROPERTIES LP /VCI NTE CO INC-144A 5.75000% 22-01.02.27 | 2 336 000.00 | 2 333 991.04 | 0.38 |
| USD	WR GRACE HOLDINGS LLC-144A 4.87500% 21-15.06.27 | 2 165 000.00 | 2 023 777.05 | 0.33 |
| Total USD |  | 32 433 172.11 | 5.25 |
| Total des Billets, taux fixe |  | 32 433 172.11 | 5.25 |
| Total des Nouvelles émissions de titres et instruments du marché monétaire |  | 32 433 172.11 | 5.25 |

OPCVM/Autres OPC au sens de l’article 41 (1) e) de la loi luxembourgeoise du 17 décembre 2010, telle que modifiée
Fonds d’investissement, ouvert
| Irlande |  |
| --- | --- |
| USD | ISHARES USD HIGH YIELD CORPORATE BOND UCITS ETF | 1.00 | 94.38 | 0.00 |
| Total Irlande | 94.38 | 0.00 |
| Luxembourg |  |  |
| USD	UBS (LUX) BOND SICAV-SHORT DURATION H Y SUST (USD) I-X-ACC	90 500.00 | 11 707 080.00 | 1.89 |
| USD	UBS (LUX) BOND SICAV - MULTI INCOME (USD)-U-X-ACC- CAP	310.00 | 3 062 641.90 | 0.50 |
| Total Luxembourg | 14 769 721.90 | 2.39 |
| Total des Fonds d’investissement, ouvert | 14 769 816.28 | 2.39 |
| Total des OPCVM/Autres OPC au sens de l’article 41 (1) e) de la loi luxembourgeoise du 17 décembre 2010, telle que modifiée | 14 769 816.28 | 2.39 |
| Instruments dérivés non négociés sur une bourse officielle ou sur un autre marché réglementé |  |  |
| Options sur autres swaps, classic-styled |  |  |
| USD |  |  |
| USD	BOA/CDX.NA.HY.38 SWAPTION PUT 96.00000 22-20.07.22	-61 600 000.00 | -267 627.36 | -0.04 |
| USD	BOA/CDX.NA.HY.38 SWAPTION PUT 99.00000 22-20.07.22	61 600 000.00 | 539 480.48 | 0.09 |
| USD	BOA/CDX.NA.HY.38 SWAPTION PUT 94.00000 22-20.07.22	-61 600 000.00 | -175 812.56 | -0.03 |
| Total USD | 96 040.56 | 0.02 |
| Total Options sur autres swaps, classic-styled | 96 040.56 | 0.02 |
| Total des Instruments dérivés non négociés sur une bourse officielle ou sur un autre marché réglementé | 96 040.56 | 0.02 |
| Total du Portefeuille-titres | 598 591 885.17 | 96.89 |
| Instruments dérivés |  |  |
| Instruments dérivés non négociés sur une bourse officielle ou sur un autre marché réglementé |  |  |
| Swaps et Swaps à terme sur indices |  |  |
|  |  |  |
| USD	JPM/IBOXX USD LIQUID HY TR EQS PAYER 3ML 22-20.06.22	-30 000 000.00 | -196 964.19 | -0.03 |
| USD	JPM/IBOXX USD LIQUID HY TR EQS REC PERF 22-20.06.22 |  |  |
| Total des Swaps et Swaps à terme sur indices | -196 964.19 | -0.03 |
| Credit Default Swaps* |  |  |
|  |  |  |
| USD	ICE/CDX.NA.IG S38 V1 CDI REC 5.00000% 22-20.06.27	4 800 000.00 | 124 214.40 | 0.02 |
| USD	ICE/ MARKIT CDX.NA.HY S38 V1 CDI REC 5.00000% 22-20.06.27	12 550 000.00 | 324 768.90 | 0.05 |
| Total des Credit Default Swaps | 448 983.30 | 0.07 |
| Total des Instruments dérivés non négociés sur une bourse officielle ou sur un autre marché réglementé | 252 019.11 | 0.04 |
| Total des Instruments dérivés | 252 019.11 | 0.04 |
| * Nominal positif: le compartiment est «receveur», nominal négatif: le compartiment est «payeur». |  |  |

UBS (Lux) Bond SICAV – USD High Yield (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) |  |

Contrats de change à terme
Devise achetée/Montant acheté/Devise vendue/Montant vendu/Date de maturité
| USD | 24 226 858.54 | EUR | 22 915 000.00 | 13.6.2022 | -330 793.47 | -0.06 |
| --- | --- | --- | --- | --- | --- | --- |
| EUR | 25 928 500.00 | USD | 27 412 878.10 | 13.6.2022 | 374 295.37 | 0.06 |
| CHF | 53 464 000.00 | USD | 54 147 997.50 | 13.6.2022 | 1 652 720.66 | 0.27 |
| USD | 2 750 801.99 | GBP | 2 225 000.00 | 13.6.2022 | -53 366.66 | -0.01 |
| EUR | 695 000.00 | USD | 720 218.42 | 13.6.2022 | 24 602.36 | 0.00 |
| USD | 163 509.91 | CHF | 163 600.00 | 13.6.2022 | -7 240.45 | 0.00 |
| USD | 320 951.40 | EUR | 307 800.00 | 13.6.2022 | -8 913.11 | 0.00 |
| USD | 673 690.03 | CHF | 667 900.00 | 13.6.2022 | -23 401.46 | 0.00 |
| USD | 225 617.83 | CHF | 216 500.00 | 13.6.2022 | -344.60 | 0.00 |
| Total des Contrats de change à terme | 1 627 558.64 | 0.26 |
|  |  |  |
| Avoirs en banque, dépôts à vue et à terme et autres liquidités | 22 465 724.84 * | 3.64 |
| Crédit en compte courant et autres engagements à court terme | -604.05 | 0.00 |
| Autres actifs et passifs | -5 110 088.05 | -0.83 |
| Total de l’Actif net | 617 826 495.66 | 100.00 |
| * Au 31 mai 2022, des avoirs en banque ont été utilisés à titre de sûretés à hauteur de 150 000.00 USD en faveur de JP Morgan. |  |  |

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