# UBS (Lux) Bond SICAV
– Short Term EUR Corporates Sustainable (EUR)*
| Three-year comparison |  |
| --- | --- |
|  | ISIN | 31.5.2022 | 31.5.2021 | 31.5.2020 |
| Net assets in EUR |  | 311 083 757.81 | 370 505 772.10 | 466 675 112.40 |
| Class F-acc | LU0396349291 |  |  |  |
| Shares outstanding |  | 213 751.1540 | 200 569.7470 | 247 018.3020 |
| Net asset value per share in EUR |  | 98.33 | 100.75 | 99.05 |
| Issue and redemption price per share in EUR 1 |  | 98.33 | 100.75 | 99.05 |
| Class (CHF hedged) F-acc | LU1289528967 |  |  |  |
| Shares outstanding |  | 100 600.3690 | 197 773.6330 | 143 926.8110 |
| Net asset value per share in CHF |  | 97.37 | 100.08 | 98.63 |
| Issue and redemption price per share in CHF 1 |  | 97.37 | 100.08 | 98.63 |
| Class (USD hedged) F-acc | LU1382376132 |  |  |  |
| Shares outstanding |  | 48 374.0200 | 73 340.1520 | 73 830.6210 |
| Net asset value per share in USD |  | 111.19 | 113.11 | 110.18 |
| Issue and redemption price per share in USD 1 |  | 111.19 | 113.11 | 110.18 |
| Class I-A1-acc | LU0396349614 |  |  |  |
| Shares outstanding |  | 74 254.4250 | 78 014.2990 | 71 656.8260 |
| Net asset value per share in EUR |  | 101.96 | 104.62 | 103.00 |
| Issue and redemption price per share in EUR 1 |  | 101.96 | 104.62 | 103.00 |
| Class I-A3-acc | LU0396350117 |  |  |  |
| Shares outstanding |  | 67 504.4100 | 67 504.4100 | 67 504.4100 |
| Net asset value per share in EUR |  | 112.64 | 115.41 | 113.47 |
| Issue and redemption price per share in EUR 1 |  | 112.64 | 115.41 | 113.47 |
| Class I-B-acc | LU0396350380 |  |  |  |
| Shares outstanding |  | 513 463.5290 | 458 539.2910 | 744 572.6000 |
| Net asset value per share in EUR |  | 98.90 | 101.11 | 104.04 |
| Issue and redemption price per share in EUR 1 |  | 98.90 | 101.11 | 104.04 |
| Class (USD hedged) I-B-acc 2 | LU2249632626 |  |  |  |
| Shares outstanding |  | 87 272.6710 | 87 272.6710 | - |
| Net asset value per share in USD |  | 99.33 | 100.79 | - |
| Issue and redemption price per share in USD 1 |  | 99.33 | 100.79 | - |
| Class I-X-acc | LU0396350547 |  |  |  |
| Shares outstanding |  | 786 657.9660 | 731 796.7570 | 834 800.3520 |
| Net asset value per share in EUR |  | 117.03 | 119.57 | 117.20 |
| Issue and redemption price per share in EUR 1 |  | 117.03 | 119.57 | 117.20 |
| Class (CHF hedged) I-X-acc | LU0551565905 |  |  |  |
| Shares outstanding |  | 690 234.5920 | 1 141 451.5740 | 1 519 994.2620 |
| Net asset value per share in CHF |  | 110.40 | 113.10 | 111.11 |
| Issue and redemption price per share in CHF 1 |  | 110.40 | 113.10 | 111.11 |
| Class (USD hedged) I-X-acc | LU1331651262 |  |  |  |
| Shares outstanding |  | 43 414.8220 | 60 255.1440 | 55 318.4830 |
| Net asset value per share in USD |  | 114.65 | 116.25 | 112.87 |
| Issue and redemption price per share in USD 1 |  | 114.65 | 116.25 | 112.87 |
| Class (CHF hedged) K-B-acc 3 | LU2273245469 |  |  |  |
| Shares outstanding |  | 5 499.7000 | 5 499.7000 | - |
| Net asset value per share in CHF |  | 97.65 | 100.15 | - |
| Issue and redemption price per share in CHF 1 |  | 97.65 | 100.15 | - |
| Class P-acc | LU0151774626 |  |  |  |
| Shares outstanding |  | 202 177.9030 | 263 562.1430 | 324 638.5190 |
| Net asset value per share in EUR |  | 119.06 | 122.67 | 121.29 |
| Issue and redemption price per share in EUR 1 |  | 119.06 | 122.67 | 121.29 |
| Class Q-acc | LU0396349457 |  |  |  |
| Shares outstanding |  | 53 889.1440 | 56 221.5330 | 137 497.4290 |
| Net asset value per share in EUR |  | 110.28 | 113.23 | 111.54 |
| Issue and redemption price per share in EUR 1 |  | 110.28 | 113.23 | 111.54 |
| Class (CHF hedged) U-X-acc 4 | LU0696930089 |  |  |  |
| Shares outstanding | - | 599.3020 | 1 240.3020 |
| Net asset value per share in CHF | - | 11 309.81 | 11 110.27 |
| Issue and redemption price per share in CHF 1 | - | 11 309.81 | 11 110.27 |
| 1  See note 1 2  First NAV: 11.11.2020 3  First NAV: 22.12.2020 4  The share class (CHF hedged) U-X-acc was in circulation until 18.10.2021 |  |  |  |

UBS (Lux) Bond SICAV – Short Term EUR Corporates Sustainable (EUR)*
* formerly UBS (Lux) Bond SICAV – Short Term EUR Corporates (EUR)
Annual report and audited financial statements as of 31 May 2022
| Performance |  |
| --- | --- |
|  | Currency | 2021/2022 | 2020/2021 | 2019/2020 |
| Class F-acc | EUR | -2.4% | 1.7% | -0.9% |
| Class (CHF hedged) F-acc | CHF | -2.7% | 1.5% | -1.3% |
| Class (USD hedged) F-acc | USD | -1.7% | 2.7% | 1.6% |
| Class I-A1-acc | EUR | -2.5% | 1.6% | -1.0% |
| Class I-A3-acc | EUR | -2.4% | 1.7% | -0.9% |
| Class I-B-acc | EUR | -2.2% | - | -0.6% |
| Class (USD hedged) I-B-acc | USD | -1.4% | - | - |
| Class I-X-acc | EUR | -2.1% | 2.0% | -0.6% |
| Class (CHF hedged) I-X-acc | CHF | -2.4% | 1.8% | -1.0% |
| Class (USD hedged) I-X-acc | USD | -1.4% | 3.0% | 1.9% |
| Class (CHF hedged) K-B-acc | CHF | -2.5% | - | - |
| Class P-acc | EUR | -2.9% | 1.1% | -1.4% |
| Class Q-acc | EUR | -2.6% | 1.5% | -1.0% |
| Class (CHF hedged) U-X-acc 1 | CHF | - | 1.8% | -1.0% |
| Benchmark: 2 Bloomberg Barclays Euro Corporate Index 500mio+ 1-3yrs | EUR | -2.6% | 2.2% | -0.9% |
| Bloomberg Barclays Euro Corporate Index 500mio+ 1-3yrs (hedged CHF) | CHF | -2.7% | 2.0% | -1.3% |
| Bloomberg Barclays Euro Corporate Index 500mio+ 1-3yrs (hedged USD) | USD | -1.6% | 3.1% | 1.5% |

1 
The share class (CHF hedged) U-X-acc was in circulation until 18.10.2021. 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.

## Report of the Portfolio Manager
Over the financial year, from 1 June 2021 to 31 May 2022, the EUR corporate bond market delivered a nega- tive performance. The financial year was characterized by higher risk-free yields at the short end of the euro curve and wider corporate spreads over government. The esca- lation of the geopolitical situation between Russia and Ukraine and the hawkish central bank statements due to higher inflation numbers were the major drivers for both wider spreads and higher interest rates especially since February 2022.
The subfund produced a negative absolute performance over the past reporting period given rising interest rates and wider credit spreads. Our sector management had a positive impact on relative performance. We have mainly had a slightly short duration stance, which had a positive impact on relative performance.

## Structure of the Securities Portfolio
Geographical Breakdown as a % of net assets	
The Netherlands	22.19
| France | 20.35 |
| --- | --- |
| United States | 17.69 |
| United Kingdom | 9.46 |
| Germany | 5.99 |
| Spain | 5.08 |
| Italy | 3.94 |
| Sweden | 3.28 |
| Australia | 3.15 |
| Finland | 2.68 |
| Belgium | 1.79 |
| Luxembourg | 1.25 |
| Canada | 1.08 |
| Norway | 0.32 |
| Total | 98.25 |

Economic Breakdown as a % of net assets	
| Banks & credit institutions | 46.99 |
| --- | --- |
| Finance & holding companies | 18.42 |
| Telecommunications | 8.64 |
| Insurance | 3.68 |
| Pharmaceuticals, cosmetics & medical products | 3.58 |
| Energy & water supply | 1.95 |
| Internet, software & IT services | 1.88 |
| Tobacco & alcohol | 1.83 |
| Traffic & transportation | 1.81 |
| Computer hardware & network equipment providers | 1.45 |
| Electronics & semiconductors | 1.33 |
| Food & soft drinks | 1.31 |
| Petroleum | 1.30 |
| Electrical devices & components | 1.28 |
| Building industry & materials | 1.12 |
| Miscellaneous services | 0.78 |
| Countries & central governments | 0.64 |
| Vehicles | 0.26 |
| Total | 98.25 |

UBS (Lux) Bond SICAV – Short Term EUR Corporates Sustainable (EUR)*
* formerly UBS (Lux) Bond SICAV – Short Term EUR Corporates (EUR)
Annual report and audited financial statements as of 31 May 2022

## Statement of Net Assets
EUR
Assets	31.5.2022
Investments in securities, cost	317 526 788.33
| Investments in securities, unrealized appreciation (depreciation) | 	-11 895 648.72	 |
| --- | --- |
| Total investments in securities (Note 1) | 305 631 139.61 |
| Cash at banks, deposits on demand and deposit accounts | 3 662 178.83 |
| Receivable on subscriptions | 1 301 963.69 |
| Interest receivable on securities | 2 182 013.93 |
| Prepaid expenses | 38 281.46 |
| Total Assets | 312 815 577.52 |
|  |  |
| Liabilities |  |
| Unrealized loss on forward foreign exchange contracts (Note 1) | -588 645.12 |
| Payable on securities purchases (Note 1) | -199 895.71 |
| Payable on redemptions | -864 934.14 |
| Provisions for flat fee (Note 2) | -36 348.82 |
| Provisions for taxe d’abonnement (Note 3) | -7 260.20 |
| Provisions for other commissions and fees (Note 2) | 	-34 735.72	 |
| Total provisions | -78 344.74 |
| Total Liabilities | -1 731 819.71 |
|  |  |
| Net assets at the end of the financial year | 311 083 757.81 |
| Statement of Operations | EUR |
| Income | 1.6.2021-31.5.2022 |
| Interest on liquid assets | 3.23 |
| Interest on securities | 5 890 146.95 |
| Net income on securities lending (Note 17) | 86 795.30 |
| Other income (Note 4) | 135 525.66 |
| Total income | 6 112 471.14 |
|  |  |
| Expenses |  |
| Flat fee (Note 2) | -490 779.43 |
| Taxe d’abonnement (Note 3) | -47 017.29 |
| Other commissions and fees (Note 2) | -34 468.25 |
| Interest on cash and bank overdraft | -33 246.98 |
| Total expenses | -605 511.95 |
|  |  |
| Net income (loss) on investments | 5 506 959.19 |
|  |  |
| Realized gain (loss) (Note 1) |  |
| Realized gain (loss) on market-priced securities without options | -3 644 519.51 |
| Realized gain (loss) on yield-evaluated securities and money market instruments | -1 273.35 |
| Realized gain (loss) on forward foreign exchange contracts | 14 062 629.43 |
| Realized gain (loss) on foreign exchange | -2 073 640.68 |
| Total realized gain (loss) | 8 343 195.89 |
|  |  |
| Net realized gain (loss) of the financial year | 13 850 155.08 |
|  |  |
| Changes in unrealized appreciation (depreciation) (Note 1) |  |
| Unrealized appreciation (depreciation) on market-priced securities without options | -9 246 512.85 |
| Unrealized appreciation (depreciation) on yield-evaluated securities and money market instruments | 995.19 |
| Unrealized appreciation (depreciation) on forward foreign exchange contracts | -1 150 025.21 |
| Total changes in unrealized appreciation (depreciation) | -10 395 542.87 |
|  |  |
| Net increase (decrease) in net assets as a result of operations | 3 454 612.21 |

| Changes in Net Assets |  |
| --- | --- |
|  | EUR |
|  | 1.6.2021-31.5.2022 |
| Net assets at the beginning of the financial year | 370 505 772.10 |
| Subscriptions | 128 275 614.11 |
| Redemptions | 	-191 152 240.61	 |
| Total net subscriptions (redemptions) | -62 876 626.50 |
| Net income (loss) on investments | 5 506 959.19 |
| Total realized gain (loss) | 8 343 195.89 |
| Total changes in unrealized appreciation (depreciation) | 	-10 395 542.87	 |
| Net increase (decrease) in net assets as a result of operations | 3 454 612.21 |
| Net assets at the end of the financial year | 311 083 757.81 |

UBS (Lux) Bond SICAV – Short Term EUR Corporates Sustainable (EUR)*
* formerly UBS (Lux) Bond SICAV – Short Term EUR Corporates (EUR)
Annual report and audited financial statements as of 31 May 2022
| 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 | 200 569.7470 |
| Number of shares issued | 226 637.9930 |
| Number of shares redeemed | -213 456.5860 |
| Number of shares outstanding at the end of the financial year | 213 751.1540 |
| Class | (CHF hedged) F-acc |
| Number of shares outstanding at the beginning of the financial year | 197 773.6330 |
| Number of shares issued | 52 173.0470 |
| Number of shares redeemed | -149 346.3110 |
| Number of shares outstanding at the end of the financial year | 100 600.3690 |
| Class | (USD hedged) F-acc |
| Number of shares outstanding at the beginning of the financial year | 73 340.1520 |
| Number of shares issued | 6 453.8510 |
| Number of shares redeemed | -31 419.9830 |
| Number of shares outstanding at the end of the financial year | 48 374.0200 |
| Class | I-A1-acc |
| Number of shares outstanding at the beginning of the financial year | 78 014.2990 |
| Number of shares issued | 46 943.8950 |
| Number of shares redeemed | -50 703.7690 |
| Number of shares outstanding at the end of the financial year | 74 254.4250 |
| Class | I-A3-acc |
| Number of shares outstanding at the beginning of the financial year | 67 504.4100 |
| Number of shares issued | 0.0000 |
| Number of shares redeemed | 0.0000 |
| Number of shares outstanding at the end of the financial year | 67 504.4100 |
| Class | I-B-acc |
| Number of shares outstanding at the beginning of the financial year | 458 539.2910 |
| Number of shares issued | 314 324.4390 |
| Number of shares redeemed | -259 400.2010 |
| Number of shares outstanding at the end of the financial year | 513 463.5290 |
| Class | (USD hedged) I-B-acc |
| Number of shares outstanding at the beginning of the financial year | 87 272.6710 |
| Number of shares issued | 0.0000 |
| Number of shares redeemed | 0.0000 |
| Number of shares outstanding at the end of the financial year | 87 272.6710 |
| Class | I-X-acc |
| Number of shares outstanding at the beginning of the financial year | 731 796.7570 |
| Number of shares issued | 416 327.8880 |
| Number of shares redeemed | -361 466.6790 |
| Number of shares outstanding at the end of the financial year | 786 657.9660 |
| Class | (CHF hedged) I-X-acc |
| Number of shares outstanding at the beginning of the financial year | 1 141 451.5740 |
| Number of shares issued | 96 289.6960 |
| Number of shares redeemed | -547 506.6780 |
| Number of shares outstanding at the end of the financial year | 690 234.5920 |
| Class | (USD hedged) I-X-acc |
| Number of shares outstanding at the beginning of the financial year | 60 255.1440 |
| Number of shares issued | 9 998.0420 |
| Number of shares redeemed | -26 838.3640 |
| Number of shares outstanding at the end of the financial year | 43 414.8220 |
| Class | (CHF hedged) K-B-acc |
| Number of shares outstanding at the beginning of the financial year | 5 499.7000 |
| Number of shares issued | 0.0000 |
| Number of shares redeemed | 0.0000 |
| Number of shares outstanding at the end of the financial year | 5 499.7000 |
| Class | P-acc |
| Number of shares outstanding at the beginning of the financial year | 263 562.1430 |
| Number of shares issued | 9 979.5610 |
| Number of shares redeemed | -71 363.8010 |
| Number of shares outstanding at the end of the financial year | 202 177.9030 |
| Class | Q-acc |
| Number of shares outstanding at the beginning of the financial year | 56 221.5330 |
| Number of shares issued | 8 963.5500 |
| Number of shares redeemed | -11 295.9390 |
| Number of shares outstanding at the end of the financial year | 53 889.1440 |
| Class | (CHF hedged) U-X-acc |
| Number of shares outstanding at the beginning of the financial year | 599.3020 |
| Number of shares issued | 48.0000 |
| Number of shares redeemed | -647.3020 |
| Number of shares outstanding at the end of the financial year | 0.0000 |

UBS (Lux) Bond SICAV – Short Term EUR Corporates Sustainable (EUR)*
* formerly UBS (Lux) Bond SICAV – Short Term EUR Corporates (EUR)
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	ROYAL BANK OF CANADA-REG-S 0.12500% 19-23.07.24 | 1 400 000.00 | 1 364 105.13 | 0.44 |
| Total EUR |  | 1 364 105.13 | 0.44 |
| Total Notes, fixed rate |  | 1 364 105.13 | 0.44 |
| Notes, zero coupon |  |  |  |
| EUR |  |  |  |
| EUR	SAP SE-REG-S 0.00000% 20-17.05.23 | 1 600 000.00 | 1 591 296.00 | 0.51 |
| Total EUR |  | 1 591 296.00 | 0.51 |
| Total Notes, zero coupon |  | 1 591 296.00 | 0.51 |
| Notes, floating rate |  |  |  |
| EUR |  |  |  |
| EUR	AUSTRALIA & NZ BANKING GRP-REG-S-SUB 1.125%/VAR 19-21.11.29 | 4 000 000.00 | 3 837 240.00 | 1.24 |
| EUR	OP CORPORATE BANK PLC-REG-S SUB 1.625%/VAR 20-09.06.30 | 3 600 000.00 | 3 430 699.20 | 1.10 |
| Total EUR |  | 7 267 939.20 | 2.34 |
| Total Notes, floating rate |  | 7 267 939.20 | 2.34 |
| Medium term notes, fixed rate |  |  |  |
| EUR |  |  |  |
| EUR	ABN AMRO BANK NV-REG-S-SUB 7.12500% 12-06.07.22 | 1 800 000.00 | 1 811 016.00 | 0.58 |
| EUR	ABN AMRO BANK NV-REG-S 0.87500% 19-15.01.24 | 1 800 000.00 | 1 795 845.60 | 0.58 |
| EUR	AIR LIQUIDE FINANCE SA-REG-S 0.75000% 16-13.06.24 | 3 000 000.00 | 2 968 440.00 | 0.95 |
| EUR	ANGLO AMERICAN CAPITAL PLC-REG-S 3.25000% 14-03.04.23 | 1 000 000.00 | 1 019 875.00 | 0.33 |
| EUR	ANGLO AMERICAN CAPITAL PLC-REG-S 1.62500% 17-18.09.25 | 1 000 000.00 | 973 300.00 | 0.31 |
| EUR	ANHEUSER-BUSCH INBEV SA/NV 2.87500% 12-25.09.24 | 1 900 000.00 | 1 962 407.40 | 0.63 |
| EUR	AUTOROUTES DU SUD DE LA FRANCE-REG-S 2.95000% 14-17.01.24 | 2 100 000.00 | 2 151 958.20 | 0.69 |
| EUR	BANCO BILBAO VIZCAYA ARGENTARIA-REG-S 0.37500% 19-02.10.24 | 4 600 000.00 | 4 479 332.80 | 1.44 |
| EUR	BANQUE FEDER DU CREDIT MUTUE-REG-S 0.75000% 19-15.06.23 | 1 500 000.00 | 1 502 652.00 | 0.48 |
| EUR	BANQUE FEDER DU CREDIT MUTUEL-REG-S 0.12500% 19-05.02.24 | 1 700 000.00 | 1 669 434.00 | 0.54 |
| EUR	BANQUE FEDER DU CREDIT MUTUEL-REG-S 0.01000% 21-07.03.25 | 600 000.00 | 573 092.40 | 0.18 |
| EUR	BANQUE FEDER DU CREDIT MUTUEL-REG-S-SUB 3.00000% 14-21.05.24 | 3 600 000.00 | 3 685 910.40 | 1.18 |
| EUR	BARCLAYS BANK PLC-REG-S 2.25000% 14-10.06.24 | 3 000 000.00 | 3 067 902.00 | 0.99 |
| EUR	BAXTER INTERNATIONAL INC 0.40000% 19-15.05.24 | 3 500 000.00 | 3 427 928.00 | 1.10 |
| EUR	BMW FINANCE NV-REG-S 1.00000% 15-21.01.25 | 700 000.00 | 693 695.80 | 0.22 |
| EUR	BMW FINANCE NV-REG-S 0.75000% 17-12.07.24 | 1 200 000.00 | 1 188 595.20 | 0.38 |
| EUR	BMW FINANCE NV-REG-S 1.00000% 18-14.11.24 | 1 000 000.00 | 991 690.00 | 0.32 |
| EUR	BNP PARIBAS-REG-S-SUB 2.37500% 15-17.02.25 | 1 600 000.00 | 1 606 348.80 | 0.52 |
| EUR	BPCE SA 4.25000% 12-06.02.23 | 1 700 000.00 | 1 745 454.60 | 0.56 |
| EUR	BPCE SA-REG-S 0.62500% 18-26.09.23 | 1 500 000.00 | 1 495 485.00 | 0.48 |
| EUR	BPCE SA-REG-S 0.87500% 18-31.01.24 | 300 000.00 | 298 008.00 | 0.10 |
| EUR	CELLNEX TELECOM SAU-REG-S 2.37500% 16-16.01.24 | 1 000 000.00 | 1 007 592.00 | 0.32 |
| EUR	CIE DE SAINT-GOBAIN-REG-S 1.75000% 20-03.04.23 | 1 100 000.00 | 1 108 360.00 | 0.36 |
| EUR	CITIGROUP INC-REG-S 0.75000% 16-26.10.23 | 3 700 000.00 | 3 692 437.20 | 1.19 |
| EUR	CREDIT AGRICOLE SA LONDON-REG-S 1.00000% 17-16.09.24 | 1 000 000.00 | 993 614.00 | 0.32 |
| EUR	CREDIT AGRICOLE SA/LONDON-REG-S 0.75000% 18-05.12.23 | 6 000 000.00 | 5 990 112.00 | 1.93 |
| EUR	DAIMLER INTERNATIONAL FINANCE BV-REG-S 0.75000% 16-11.05.23 | 800 000.00 | 802 374.40 | 0.26 |
| EUR	DAIMLER INTERNATIONAL FINANCE BV-REG-S 0.87500% 18-09.04.24 | 1 000 000.00 | 993 804.00 | 0.32 |
| EUR	DAIMLER INTERNATIONAL FINANCE BV-REG-S 0.62500% 19-27.02.23 | 4 000 000.00 | 4 014 360.00 | 1.29 |
| EUR	DAIMLER INTL FIN BV-REG-S 0.25000% 19-06.11.23 | 1 200 000.00 | 1 189 896.00 | 0.38 |
| EUR	DANONE SA-REG-S 1.12500% 15-14.01.25 | 900 000.00 | 888 215.40 | 0.29 |
| EUR	DEUTSCHE BANK AG-REG-S 1.12500% 18-30.08.23 | 1 500 000.00 | 1 505 400.00 | 0.48 |
| EUR	DEUTSCHE BANK-REG-S 2.37500% 13-11.01.23 | 1 500 000.00 | 1 518 393.00 | 0.49 |
| EUR	DEUTSCHE TELEKOM INTL FINANCE BV-REG-S 0.62500% 16-03.04.23 | 1 000 000.00 | 1 001 040.00 | 0.32 |
| EUR	DEUTSCHE TELEKOM INTL FINANCE-REG-S 0.87500% 17-30.01.24 | 5 000 000.00 | 4 985 200.00 | 1.60 |
| EUR	DIAGEO FINANCE PLC-REG-S 0.50000% 17-19.06.24 | 500 000.00 | 491 566.00 | 0.16 |
| EUR	DIAGEO FINANCE PLC-REG-S 0.12500% 19-12.10.23 | 2 000 000.00 | 1 980 160.00 | 0.64 |
| EUR	EDP FINANCE BV-REG-S 2.37500% 16-23.03.23 | 1 300 000.00 | 1 322 191.00 | 0.43 |
| EUR	EDP FINANCE BV-REG-S 1.12500% 16-12.02.24 | 1 200 000.00 | 1 198 917.60 | 0.39 |
| EUR	EDP FINANCE BV-REG-S 1.87500% 17-29.09.23 | 1 100 000.00 | 1 114 269.20 | 0.36 |
| EUR	ENEL FINANCE INTERNATIONAL NV 1.96600% 15-27.01.25 | 4 100 000.00 | 4 133 366.62 | 1.33 |
| EUR	ENEL FINANCE INTERNATIONAL NV-REG-S 1.00000% 17-16.09.24 | 2 500 000.00 | 2 476 065.00 | 0.80 |
| EUR	ENGIE SA-REG-S 0.87500% 17-27.03.24 | 1 300 000.00 | 1 293 653.40 | 0.42 |
| EUR	ENGIE SA-REG-S 3.00000% 12-21.02.23 | 1 000 000.00 | 1 018 936.00 | 0.33 |
| EUR	EUROGRID GMBH-REG-S 1.62500% 15-03.11.23 | 2 400 000.00 | 2 415 859.20 | 0.78 |
| EUR	GENERAL MOTORS FINANCIAL CO INC-REG-S 0.95500% 16-07.09.23 | 2 000 000.00 | 1 991 888.00 | 0.64 |
| EUR	GLENCORE FINANCE EUROPE SA-REG-S 1.75000% 15-17.03.25 | 1 100 000.00 | 1 071 787.20 | 0.34 |
| EUR	GLENCORE FINANCE EUROPE SA-REG-S 1.87500% 16-13.09.23 | 2 800 000.00 | 2 806 568.80 | 0.90 |
| EUR	GOLDMAN SACHS GROUP INC-REG-S 1.25000% 16-01.05.25 | 5 900 000.00 | 5 835 985.00 | 1.88 |
| EUR	GOLDMAN SACHS GROUP INC/THE-REG-S 1.37500% 17-15.05.24 | 2 500 000.00 | 2 506 000.00 | 0.81 |
| EUR	HEINEKEN NV 3.50000% 12-19.03.24 | 3 600 000.00 | 3 731 374.08 | 1.20 |
| EUR	IBERDROLA INTERNATIONAL BV-REG-S 1.12500% 15-27.01.23 | 1 000 000.00 | 1 005 310.00 | 0.32 |
| EUR	ING GROEP NV-REG-S 1.00000% 18-20.09.23 | 2 000 000.00 | 2 004 367.00 | 0.64 |
| EUR	INTESA SANPAOLO SPA-REG-S 2.12500% 18-30.08.23 | 700 000.00 | 710 221.40 | 0.23 |
| EUR	INTESA SANPAOLO SPA-REG-S 1.50000% 19-10.04.24 | 1 500 000.00 | 1 501 755.00 | 0.48 |
| EUR	INTESA SANPAOLO SPA-REG-S 1.00000% 19-04.07.24 | 4 600 000.00 | 4 532 812.40 | 1.46 |
| EUR	JPMORGAN CHASE & CO-REG-S 0.62500% 16-25.01.24 | 4 500 000.00 | 4 467 087.00 | 1.44 |
| EUR	KBC GROUP NV-REG-S 0.87500% 18-27.06.23 | 3 600 000.00 | 3 610 620.00 | 1.16 |
| EUR	KONINKLIJKE KPN NV-REG-S 0.62500% 16-09.04.25 | 2 600 000.00 | 2 520 975.60 | 0.81 |
| EUR	LLOYDS BANK PLC-REG-S 1.25000% 15-13.01.25 | 4 525 000.00 | 4 492 148.50 | 1.44 |

UBS (Lux) Bond SICAV – Short Term EUR Corporates Sustainable (EUR)*
- formerly UBS (Lux) Bond SICAV – Short Term EUR Corporates (EUR)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) |  |
|  |  |  |  |  |
| EUR | MORGAN STANLEY 1.75000% 16-11.03.24 | 5 200 000.00 | 5 239 416.00 | 1.68 |
| EUR | NATIONAL AUSTRALIA BANK LTD-REG-S 0.62500% 18-30.08.23 | 1 500 000.00 | 1 496 904.00 | 0.48 |
| EUR | NORDEA BANK ABP-REG-S 0.87500% 18-26.06.23 | 4 900 000.00 | 4 909 535.40 | 1.58 |
| EUR | ORANGE SA 1.12500% 19-15.07.24 | 2 600 000.00 | 2 597 030.80 | 0.83 |
| EUR | ORANGE-REG-S 3.12500% 13-09.01.24 | 1 200 000.00 | 1 239 549.60 | 0.40 |
| EUR | RABOBANK NEDERLAND NV 2.37500% 13-22.05.23 | 500 000.00 | 509 458.45 | 0.16 |
| EUR | RABOBANK NEDERLAND NV-REG-S 0.75000% 18-29.08.23 | 800 000.00 | 800 798.40 | 0.26 |
| EUR | RABOBANK NEDERLAND NV 0.62500% 19-27.02.24 | 5 200 000.00 | 5 155 072.00 | 1.66 |
| EUR | REPSOL INTERNATIONAL FINANCE BV-REG-S 0.12500% 20-05.10.24 | 2 200 000.00 | 2 138 030.40 | 0.69 |
| EUR | SANOFI-AVENTIS-REG-S 2.50000% 13-14.11.23 | 1 000 000.00 | 1 022 870.00 | 0.33 |
| EUR | SANOFI-REG-S 1.00000% 20-01.04.25 | 2 200 000.00 | 2 184 641.77 | 0.70 |
| EUR | SIEMENS FINANCIERINGSMAATSCH NV-REG-S 0.37500% 18-06.09.23 | 1 200 000.00 | 1 197 324.00 | 0.39 |
| EUR | SIEMENS FINANCIERINGSMAATSCHAPPIJ-REG-S 0.25000% 20-05.06.24 | 3 900 000.00 | 3 839 418.26 | 1.23 |
| EUR | SKANDINAVISKA ENSKILDA BANKEN AB-REG-S 0.05000% 19-01.07.24 | 1 000 000.00 | 973 556.00 | 0.31 |
| EUR | SOCIETE GENERALE-REG-S 1.25000% 19-15.02.24 | 4 500 000.00 | 4 486 803.48 | 1.44 |
| EUR | TELEFONICA EMISIONES SAU 3.98700% 13-23.01.23 | 3 500 000.00 | 3 585 225.00 | 1.15 |
| EUR | TELSTRA CORP LTD 2.50000% 13-15.09.23 | 1 200 000.00 | 1 226 652.00 | 0.39 |
| EUR | TORONTO DOMINION BANK-REG-S 0.62500% 18-20.07.23 | 1 000 000.00 | 999 834.00 | 0.32 |
| EUR | TORONTO-DOMINION BANK-REG-S 0.37500% 19-25.04.24 | 1 000 000.00 | 983 866.97 | 0.32 |
| EUR | UNICREDITO ITALIANO SPA 1.00000% 18-18.01.23 | 5 500 000.00 | 5 519 855.00 | 1.77 |
| EUR | VEOLIA ENVIRONNEMENT-REG-S 0.89200% 19-14.01.24 | 3 000 000.00 | 2 996 196.00 | 0.96 |
| EUR | VERIZON COMMUNICATIONS INC 3.25000% 14-17.02.26 | 900 000.00 | 948 420.00 | 0.30 |
| EUR | VODAFONE GROUP PLC-REG-S 0.50000% 16-30.01.24 | 1 700 000.00 | 1 684 020.00 | 0.54 |
| Total EUR |  |  | 184 767 530.73 | 59.39 |
| Total Medium term notes, fixed rate |  | 184 767 530.73 | 59.39 |
| Medium term notes, zero coupon |  |  |  |
| EUR |  |  |  |
| EUR	BMW FINANCE NV-REG-S 0.00000% 20-14.01.23 | 4 900 000.00 | 4 891 709.20 | 1.57 |
| Total EUR |  | 4 891 709.20 | 1.57 |
| Total Medium term notes, zero coupon |  | 4 891 709.20 | 1.57 |
| Medium term notes, floating rate |  |  |  |
| EUR |  |  |  |
| EUR	ABN AMRO BANK NV-REG-S-SUB 2.875%/VAR 16-18.01.28 | 1 800 000.00 | 1 814 508.00 | 0.58 |
| EUR	ALLIANZ SE-REG-S-SUB 4.750%/3M EURIBOR+360BP 13-PRP | 5 200 000.00 | 5 382 104.00 | 1.73 |
| EUR	AVIVA PLC-REG-S-SUB 3.375%/VAR 15-04.12.45 | 2 200 000.00 | 2 212 496.00 | 0.71 |
| EUR	BANCO SANTANDER SA-REG-S 0.100%/VAR 22-26.01.25 | 3 300 000.00 | 3 233 076.00 | 1.04 |
| EUR	BANK OF AMERICA CO-REG-S 1.379%/3M EURIBOR+103BP 17-07.02.25 | 4 500 000.00 | 4 484 502.00 | 1.44 |
| EUR	BARCLAYS PLC-REG-S 1.375%/VAR 18-24.01.26 | 2 000 000.00 | 1 940 172.00 | 0.63 |
| EUR	BNP PARIBAS SA-REG-S-SUB 2.625%/VAR 14-14.10.27 | 400 000.00 | 402 200.00 | 0.13 |
| EUR	BPCE SA-REG-S-SUB 2.750%/VAR 15-30.11.27 | 2 800 000.00 | 2 821 448.00 | 0.91 |
| EUR	COMMONWEALTH BK OF AUSTRLIA-REG-S-SUB 1.936%/VAR 17-03.10.29 | 3 300 000.00 | 3 243 009.00 | 1.04 |
| EUR	DANONE SA-REG-S-SUB 1.750%/VAR 17-PRP | 1 000 000.00 | 997 554.00 | 0.32 |
| EUR	DEUTSCHE BANK AG-REG-S 1.000%/VAR 20-19.11.25 | 1 200 000.00 | 1 154 121.60 | 0.37 |
| EUR	IBERDROLA INTERNATIONAL BV-REG-S-SUB 2.625%/VAR 18-PRP | 3 000 000.00 | 2 989 290.00 | 0.96 |
| EUR	ING GROEP NV-SUB 3.000%/VAR 17-11.04.28 | 4 400 000.00 | 4 452 518.40 | 1.43 |
| EUR	MORGAN STANLEY 0.637%/VAR 19-26.07.24 | 1 400 000.00 | 1 392 009.88 | 0.45 |
| EUR	ORANGE SA-REG-S-SUB 2.375%/VAR 19-PRP | 2 700 000.00 | 2 670 850.80 | 0.86 |
| EUR	SKANDINAVISKA ENSKILDA BANK-REG-S-SUB 1.375%/VAR 16-31.10.28 | 4 800 000.00 | 4 760 160.00 | 1.53 |
| EUR	SOCIETE GENERALE-REG-S-SUB 1.375%/VAR 18-23.02.28 | 2 600 000.00 | 2 581 654.40 | 0.83 |
| EUR	SVENSKA HANDELSBANKEN AB-REG-S-SUB 1.250%/VAR 18-02.03.28 | 3 400 000.00 | 3 390 860.80 | 1.09 |
| EUR	SVENSKA HANDELSBANKEN AB-REG-S-SUB 1.625%/VAR 18-05.03.29 | 1 100 000.00 | 1 085 009.20 | 0.35 |
| EUR	TOTAL SE-REG-S-SUB 2.625%/VAR 15-PRP | 2 200 000.00 | 2 151 116.00 | 0.69 |
| EUR	TOTAL SE-REG-S-SUB 2.708%/VAR 16-PRP | 1 900 000.00 | 1 907 702.60 | 0.61 |
| Total EUR |  | 55 066 362.68 | 17.70 |
| Total Medium term notes, floating rate |  | 55 066 362.68 | 17.70 |
| Bonds, fixed rate |  |  |  |
| EUR |  |  |  |
| EUR	ABBVIE INC 1.37500% 16-17.05.24 | 4 500 000.00 | 4 502 583.00 | 1.45 |
| EUR	ABERTIS INFRAESTRUCTURAS SA-REG-S 3.75000% 13-20.06.23 | 3 400 000.00 | 3 489 372.40 | 1.12 |
| EUR	APPLE INC 1.37500% 15-17.01.24 | 600 000.00 | 606 504.54 | 0.19 |
| EUR	AT&T INC 2.40000% 14-15.03.24 | 1 800 000.00 | 1 833 840.00 | 0.59 |
| EUR	BNP PARIBAS-REG-S 1.12500% 19-28.08.24 | 3 900 000.00 | 3 853 083.00 | 1.24 |
| EUR	CAPGEMINI SA-REG-S 1.00000% 18-18.10.24 | 1 200 000.00 | 1 183 125.60 | 0.38 |
| EUR	CIE DE SAINT-GOBAIN-REG-S 0.62500% 19-15.03.24 | 2 400 000.00 | 2 368 008.00 | 0.76 |
| EUR	COCA-COLA EUROPEAN PARTNERS PLC-REG-S 1.12500% 16-26.05.24 | 2 200 000.00 | 2 191 613.60 | 0.70 |
| EUR	DNB BANK ASA-REG-S 0.25000% 19-09.04.24 | 1 000 000.00 | 984 300.00 | 0.32 |
| EUR	INTERNATIONAL BUSINESS MACHINES CORP 1.25000% 14-26.05.23 | 3 100 000.00 | 3 115 673.60 | 1.00 |
| EUR	INTERNATIONAL BUSINESS MACHINES CORP 1.12500% 16-06.09.24 | 800 000.00 | 795 318.40 | 0.26 |
| EUR	SAP SE-REG-S 0.75000% 18-10.12.24 | 3 100 000.00 | 3 065 001.00 | 0.99 |
| EUR	THERMO FISHER SCIENTIFIC INC 0.75000% 16-12.09.24 | 4 200 000.00 | 4 143 031.53 | 1.33 |
| EUR	VERIZON COMMUNICATIONS INC 1.62500% 14-01.03.24 | 3 000 000.00 | 3 028 350.00 | 0.97 |
| Total EUR |  | 35 159 804.67 | 11.30 |
| Total Bonds, fixed rate |  | 35 159 804.67 | 11.30 |
| Bonds, zero coupon |  |  |  |
| EUR |  |  |  |
| EUR	GERMANY, REPUBLIC OF-REG-S 0.00000% 22-15.03.24 | 2 000 000.00 | 1 987 400.00 | 0.64 |
| Total EUR |  | 1 987 400.00 | 0.64 |
| Total Bonds, zero coupon |  | 1 987 400.00 | 0.64 |

UBS (Lux) Bond SICAV – Short Term EUR Corporates Sustainable (EUR)*
* formerly UBS (Lux) Bond SICAV – Short Term EUR Corporates (EUR)
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, floating rate |  |  |  |
| EUR |  |  |  |
| EUR	ALLIANDER NV-REG-S-SUB 1.625%/VAR 18-PRP | 800 000.00 | 762 000.00 | 0.25 |
| EUR	AXA SA-REG-S-SUB 5.125%/3M EURIBOR+435BP 13-04.07.43 | 3 700 000.00 | 3 845 217.60 | 1.24 |
| EUR	BNP PARIBAS SA-REG-S-SUB 6.125%/VAR 15-PRP | 2 000 000.00 | 2 003 472.00 | 0.65 |
| EUR	HSBC HOLDINGS PLC-144A-REG-S-SUB 5.250%/VAR 14-PRP | 2 400 000.00 | 2 405 366.40 | 0.77 |
| EUR	TELEFONICA EUROPE BV-REG-S-SUB 3.000%/VAR 18-PRP | 1 500 000.00 | 1 500 000.00 | 0.48 |
| Total EUR |  | 10 516 056.00 | 3.39 |
| Total Bonds, floating rate |  | 10 516 056.00 | 3.39 |
| Total Transferable securities and money market instruments listed on an official stock exchange |  | 302 612 203.61 | 97.28 |
| Transferable securities and money market instruments traded on another regulated market |  |  |  |
| Bonds, fixed rate |  |  |  |
| EUR |  |  |  |
| EUR	AT&T INC 1.30000% 15-05.09.23 | 3 000 000.00 | 3 018 936.00 | 0.97 |
| Total EUR |  | 3 018 936.00 | 0.97 |
| Total Bonds, fixed rate |  | 3 018 936.00 | 0.97 |
| Total Transferable securities and money market instruments traded on another regulated market |  | 3 018 936.00 | 0.97 |
| Total investments in securities |  | 305 631 139.61 | 98.25 |
| Forward Foreign Exchange contracts |  |  |  |
| Currency purchased/Amount purchased/Currency sold/Amount sold/Maturity date |  |  |  |

| USD | 19 859 400.00 | EUR | 18 841 148.95 | 2.6.2022 | -302 619.19 | -0.10 |
| --- | --- | --- | --- | --- | --- | --- |
| CHF | 87 933 600.00 | EUR | 86 088 887.32 | 2.6.2022 | -454 292.53 | -0.14 |
| EUR | 100 302.55 | USD | 105 800.00 | 2.6.2022 | 1 539.42 | 0.00 |
| EUR | 50 248.60 | USD | 53 200.00 | 2.6.2022 | 586.99 | 0.00 |
| EUR | 2 037 176.83 | CHF | 2 128 500.00 | 2.6.2022 | -35 673.99 | -0.01 |
| EUR | 700 498.65 | USD | 740 500.00 | 2.6.2022 | 9 250.11 | 0.00 |
| EUR | 265 880.01 | CHF | 277 800.00 | 2.6.2022 | -4 656.97 | 0.00 |
| EUR | 32 633.29 | USD | 34 500.00 | 2.6.2022 | 427.92 | 0.00 |
| USD | 37 400.00 | EUR | 34 680.01 | 2.6.2022 | 232.48 | 0.00 |
| EUR | 34 680.01 | USD | 37 400.00 | 2.6.2022 | -232.48 | 0.00 |
| CHF | 85 527 300.00 | EUR | 83 132 946.44 | 1.7.2022 | 166 104.10 | 0.05 |
| USD | 18 888 000.00 | EUR | 17 572 586.47 | 1.7.2022 | 30 689.02 | 0.01 |
| Total Forward Foreign Exchange contracts | -588 645.12 | -0.19 |
|  |  |  |
| Cash at banks, deposits on demand and deposit accounts and other liquid assets | 3 662 178.83 | 1.18 |
| Other assets and liabilities | 2 379 084.49 | 0.76 |
| Total net assets | 311 083 757.81 | 100.00 |

UBS (Lux) Bond SICAV – Short Term EUR Corporates Sustainable (EUR)*
- formerly UBS (Lux) Bond SICAV – Short Term EUR Corporates (EUR)Annual report and audited financial statements as of 31 May 2022

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

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

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

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

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

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

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

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

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

## Etat du portefeuille-titres et autres actifs nets au 31 mai 2022
| Dénomination | Nombre/ | Evaluation en USD | en % |
| --- | --- | --- | --- |
|  | Nominal | Bénéfice/(perte) non | de |
|  |  | réalisé(e) sur futures/ | l’actif |
|  |  | Contrats de | net |
|  |  | change à terme/ |  |
|  |  | Swaps (note 1) |  |
| Titres et instruments du marché monétaire négociés sur une bourse officielle |  |  |  |
| Billets, taux fixe |  |  |  |
| USD |  |  |  |
| USD	AIRPORT AUTHORITY-REG-S 3.25000% 22-12.01.52 | 1 150 000.00 | 947 969.38 | 0.71 |
| USD	ALIBABA GROUP HOLDING LTD 3.60000% 15-28.11.24 | 200 000.00 | 199 774.00 | 0.15 |
| USD	ALIBABA GROUP HOLDING LTD 2.80000% 17-06.06.23 | 1 700 000.00 | 1 692 673.00 | 1.27 |
| USD	ALIBABA GROUP HOLDING LTD 3.15000% 21-09.02.51 | 850 000.00 | 585 871.00 | 0.44 |
| USD	AMBER CIRCLE FUNDING LTD-REG-S 3.25000% 12-04.12.22 | 790 000.00 | 791 587.90 | 0.60 |
| USD	BAIDU INC 3.07500% 20-07.04.25 | 250 000.00 | 244 837.50 | 0.18 |
| USD	BAIDU INC 4.12500% 15-30.06.25 | 750 000.00 | 754 905.00 | 0.57 |
| USD	BANKOK BANK PCL HONG KONG-REG-S 3.87500% 12-27.09.22 | 602 000.00 | 603 994.13 | 0.45 |
| USD	BHARTI AIRTEL LTD-REG-S 4.37500% 15-10.06.25 | 800 000.00 | 803 650.01 | 0.60 |
| USD	BHARTI AIRTEL LTD-REG-S 3.25000% 21-03.06.31 | 925 000.00 | 804 148.75 | 0.60 |
| USD	CITIC LTD-REG-S 6.80000% 12-17.01.23 | 500 000.00 | 511 968.75 | 0.39 |
| USD	CK HUTCHISON INTERNATIONAL 20 LTD-REG-S 2.50000% 20-08.05.30 | 250 000.00 | 220 773.46 | 0.17 |
| USD	CK HUTCHISON INTNL 17 II LTD-REG-S 2.75000% 17-29.03.23 | 1 500 000.00 | 1 501 383.00 | 1.13 |
| USD	HAIDILAO INTERNATIONAL HOLDING-REG-S 2.15000% 21-14.01.26 | 800 000.00 | 648 000.00 | 0.49 |
| USD	HKT CAPITAL NO 4 LTD-REG-S 3.00000% 16-14.07.26 | 1 500 000.00 | 1 449 060.00 | 1.09 |
| USD	HKT CAPITAL NO 6 LTD-REG-S 3.00000% 22-18.01.32 | 1 500 000.00 | 1 281 316.05 | 0.96 |
| USD	HUTCHISON WHAMPOA INTL 12 II LTD-REG-S 3.25000% 12-08.11.22 | 200 000.00 | 200 764.80 | 0.15 |
| USD	INDONESIA, REPUBLIC OF 4.10000% 18-24.04.28 | 1 500 000.00 | 1 514 812.50 | 1.14 |
| USD	INDONESIA, REPUBLIC OF 3.70000% 19-30.10.49 | 1 775 000.00 | 1 522 257.75 | 1.14 |
| USD	INDONESIA, REPUBLIC OF-REG-S 5.25000% 12-17.01.42 | 200 000.00 | 205 725.00 | 0.15 |
| USD	KOREA NATIONAL OIL CORP-REG-S 2.37500% 21-07.04.31 | 250 000.00 | 217 870.00 | 0.16 |
| USD	KOREA NATIONAL OIL CORP-REG-S 2.62500% 22-18.04.32 | 300 000.00 | 261 567.00 | 0.20 |
| USD	LEVC FINANCE LTD-REG-S 1.37500% 21-25.03.24 | 1 600 000.00 | 1 540 816.00 | 1.16 |
| USD	MEITUAN DIANPING-REG-S 3.05000% 20-28.10.30 | 3 046 000.00 | 2 315 531.12 | 1.74 |
| USD	PERUSAHAAN PENERBIT SBSN INDONESI-REG-S 4.40000% 22-06.06.27 | 1 500 000.00 | 1 514 490.00 | 1.14 |
| USD	PHILIPPINES, REPUBLIC OF 2.65000% 20-10.12.45 | 925 000.00 | 696 164.25 | 0.52 |
| USD	PHILIPPINES, REPUBLIC OF THE 3.20000% 21-06.07.46 | 500 000.00 | 403 805.00 | 0.30 |
| USD	RELIANCE INDUSTRIES LTD-REG-S 2.87500% 22-12.01.32 | 1 550 000.00 | 1 324 955.50 | 1.00 |
| USD	RELIANCE INDUSTRIES LTD-REG-S 3.62500% 22-12.01.52 | 1 250 000.00 | 937 312.50 | 0.70 |
| USD	SHINHAN BANK CO LTD-REG-S 3.87500% 18-05.11.23 | 1 000 000.00 | 1 012 140.00 | 0.76 |
| USD	SHINHAN CARD CO LTD-REG-S 2.50000% 22-27.01.27 | 1 600 000.00 | 1 484 112.00 | 1.11 |
| USD	STATE BANK OF INDIA LONDON-REG-S 4.87500% 14-17.04.24 | 1 200 000.00 | 1 224 975.00 | 0.92 |
| USD	STATE BANK OF INDIA LONDON-REG-S 4.37500% 19-24.01.24 | 1 100 000.00 | 1 114 643.75 | 0.84 |
| USD	STATE BANK OF INDIA LONDON-REG-S 4.50000% 18-28.09.23 | 250 000.00 | 253 170.00 | 0.19 |
| USD	TENCENT HOLDINGS LTD-REG-S 3.28000% 19-11.04.24 | 300 000.00 | 298 566.00 | 0.22 |
| USD	TSMC GLOBAL LTD-REG-S 2.25000% 21-23.04.31 | 1 650 000.00 | 1 418 719.50 | 1.07 |
| USD	WOORI BANK-REG-S 1.75000% 21-23.03.26 | 1 500 000.00 | 1 376 565.00 | 1.03 |
| Total USD |  | 33 880 874.60 | 25.44 |
| Total des Billets, taux fixe |  | 33 880 874.60 | 25.44 |
| Billets, taux variable |  |  |  |
| USD |  |  |  |
| USD	BANGKOK BANK -REG-S-SUB 3.466%/VAR 21-23.09.36 | 1 500 000.00 | 1 287 255.00 | 0.97 |
| USD	CHINA DEV BANK FIN LEASING-REG-S-SUB 2.875%/VAR 20-28.09.30 | 725 000.00 | 693 190.62 | 0.52 |
| USD	IND & COM BK CHINA MACAU-REG-S-SUB 2.875%/VAR 19-12.09.29 | 300 000.00 | 294 876.00 | 0.22 |
| USD	OVERSEA-CHINESE BKNG-REG-S-SUB 1.832%/VAR 20-10.09.30 | 2 850 000.00 | 2 655 345.00 | 1.99 |
| Total USD |  | 4 930 666.62 | 3.70 |
| Total des Billets, taux variable |  | 4 930 666.62 | 3.70 |
| Medium-Term Notes, taux fixe |  |  |  |
| USD |  |  |  |
| USD	BANGKOK BANK PUBLIC CO LTD-REG-S 5.00000% 13-03.10.23 | 1 200 000.00 | 1 229 850.00 | 0.92 |
| USD	BANK MANDIRI PERSERO TBK PT-REG-S 4.75000% 20-13.05.25 | 1 200 000.00 | 1 222 725.00 | 0.92 |
| USD	BANK OF CHINA LTD/PARIS 0.95000% 20-21.09.23 | 1 250 000.00 | 1 218 625.00 | 0.92 |
| USD	BANK OF CHINA/HONG KONG-REG-S 3.62500% 19-17.04.29 | 200 000.00 | 196 396.00 | 0.15 |
| USD	BANK OF EAST ASIA LTD-REG-S-SUB 4.00000% 20-29.05.30 | 1 700 000.00 | 1 672 426.00 | 1.26 |
| USD	BANKOK BANK PCL HONG KONG-REG-S 4.05000% 18-19.03.24 | 200 000.00 | 202 600.00 | 0.15 |
| USD	BDO UNIBANK INC-REG-S 2.95000% 17-06.03.23 | 500 000.00 | 498 687.50 | 0.37 |
| USD	BDO UNIBANK INC-REG-S 2.12500% 20-13.01.26 | 250 000.00 | 237 187.50 | 0.18 |
| USD	BOC AVIATION LTD-REG-S 3.50000% 19-10.10.24 | 300 000.00 | 299 061.00 | 0.22 |
| USD	BOC AVIATION LTD-REG-S 4.00000% 19-25.01.24 | 1 000 000.00 | 1 006 117.60 | 0.76 |
| USD	BOC AVIATION LTD-REG-S 2.75000% 20-02.12.23 | 1 700 000.00 | 1 683 974.64 | 1.26 |
| USD	BOCOM LEASING MGT HONG KONG-REG-S 4.37500% 19-22.01.24 | 1 500 000.00 | 1 519 500.00 | 1.14 |
| USD	BOCOM LEASING MGT HONG KONG-REG-S 1.75000% 20-14.07.23 | 1 000 000.00 | 981 770.00 | 0.74 |
| USD	CDBL FUNDING 1-REG-S 3.50000% 20-24.10.27 | 900 000.00 | 863 307.00 | 0.65 |
| USD	CDBL FUNDING 2-REG-S 2.00000% 21-04.03.26 | 1 200 000.00 | 1 110 816.00 | 0.83 |
| USD	CITIC LTD-REG-S 2.85000% 20-25.02.30 | 200 000.00 | 177 662.50 | 0.13 |
| USD	CITIC LTD-REG-S 3.50000% 22-17.02.32 | 1 375 000.00 | 1 239 892.50 | 0.93 |
| USD	CK PROPERTY FINANCE MTN LTD-REG-S 0.75000% 21-30.06.24 | 800 000.00 | 760 560.00 | 0.57 |
| USD	CMB INTERNATIONAL LEASING MGT LTD-REG-S 2.75000% 20-12.08.30 | 475 000.00 | 402 948.44 | 0.30 |
| USD	CMB INTL LEASING MGMT LTD-REG-S 1.25000% 21-16.09.24 | 800 000.00 | 755 224.00 | 0.57 |
| USD	FAR EAST HORIZON LTD-REG-S 3.37500% 20-18.02.25 | 1 500 000.00 | 1 393 406.25 | 1.05 |
| USD	FAR EAST HORIZON LTD-REG-S 2.62500% 21-03.03.24 | 400 000.00 | 379 075.00 | 0.28 |
| USD	GC TREASURY CENTER CO LTD-REG-S 4.30000% 21-18.03.51 | 325 000.00 | 266 154.69 | 0.20 |
| USD	GC TREASURY CENTER CO LTD-REG-S 5.20000% 22-30.03.52 | 300 000.00 | 274 944.00 | 0.21 |
| USD	ICBCIL FINANCE CO LTD-REG-S 3.62500% 16-19.05.26 | 250 000.00 | 247 156.25 | 0.19 |
| USD	ICBCIL FINANCE CO LTD-REG-S 1.62500% 21-02.11.24 | 1 200 000.00 | 1 146 228.00 | 0.86 |
| USD	INDONESIA, REPUBLIC OF-REG-S 4.75000% 17-18.07.47 | 350 000.00 | 337 596.88 | 0.25 |
| USD	INDUSTRIAL & COMME BK OF CHINA/HK-REG-S 1.20000% 20-20.07.25 | 800 000.00 | 747 720.00 | 0.56 |
| USD	INDUSTRIAL COMMERCIAL BANK CHINA-REG-S 1.20000% 20-09.09.25 | 325 000.00 | 303 273.75 | 0.23 |
| USD	INDUSTRIAL COMMERCIAL BANK CHINA-REG-S 1.00000% 20-09.09.23 | 1 500 000.00 | 1 463 865.00 | 1.10 |

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

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

UBS (Lux) Bond SICAV – Asian Investment Grade Bonds Sustainable (USD)*
* anciennement UBS (Lux) Bond SICAV – Asian Investment Grade Bonds (USD)
Rapport annuel et états financiers révisés au 31 mai 2022
| Dénomination | Nombre/ | Evaluation en USD | en % |
| --- | --- | --- | --- |
|  | Nominal | Bénéfice/(perte) non | de |
|  |  | réalisé(e) sur futures/ | l’actif |
|  |  | Contrats de | net |
|  |  | change à terme/ |  |
|  |  | Swaps (note 1) |  |
| Titres et instruments du marché monétaire négociés sur un autre marché réglementé Billets, taux fixe |  |  |  |
| USD |  |  |  |
| USD	INDUSTRIAL & COMMERCIAL BANK OF CN/NY 3.53800% 17-08.11.27 | 1 000 000.00 | 996 590.00 | 0.75 |
| Total USD |  | 996 590.00 | 0.75 |
| Total des Billets, taux fixe |  | 996 590.00 | 0.75 |
| Total des Titres et instruments du marché monétaire négociés sur un autre marché réglementé |  | 996 590.00 | 0.75 |
| Total du Portefeuille-titres |  | 119 494 432.04 | 89.74 |

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

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