# UBS (Lux) Bond SICAV
– USD Investment Grade Corporates Sustainable (USD)*
| Three-year comparison |  |
| --- | --- |
|  | ISIN | 31.5.2022 | 31.5.2021 | 31.5.2020 |
| Net assets in USD |  | 1 798 185 759.64 | 2 312 275 078.09 | 2 728 605 428.33 |
| Class F-acc | LU1611257095 |  |  |  |
| Shares outstanding |  | 2 438.5910 | 4 507.5910 | 5 081.0610 |
| Net asset value per share in USD |  | 108 272.03 | 116 883.59 | 112 223.79 |
| Issue and redemption price per share in USD 1 |  | 108 272.03 | 116 883.59 | 112 223.79 |
| Class U-X-acc | LU1469614280 |  |  |  |
| Shares outstanding |  | 112 555.8450 | 122 589.8450 | 159 466.8550 |
| Net asset value per share in USD |  | 11 389.33 | 12 251.03 | 11 720.07 |
| Issue and redemption price per share in USD 1 |  | 11 389.33 | 12 251.03 | 11 720.07 |
| Class (CHF hedged) U-X-acc | LU1469622465 |  |  |  |
| Shares outstanding |  | 19 894.9160 | 19 390.9160 | 26 196.9160 |
| Net asset value per share in CHF |  | 10 075.50 | 10 961.58 | 10 613.93 |
| Issue and redemption price per share in CHF 1 |  | 10 075.50 | 10 961.58 | 10 613.93 |
| Class (EUR hedged) U-X-acc 2 | LU2337795806 |  |  |  |
| Shares outstanding |  | 4 350.2150 | 3 851.0000 | - |
| Net asset value per share in EUR |  | 9 248.45 | 10 028.13 | - |
| Issue and redemption price per share in EUR 1 |  | 9 248.45 | 10 028.13 | - |
| 1  See note 1 2  First NAV: 18.5.2021 |  |  |  |  |
| Performance |  |  |  |  |
|  | Currency | 2021/2022 | 2020/2021 | 2019/2020 |
| Class F-acc | USD | -7.4% | 4.2% | 6.4% |
| Class U-X-acc | USD | -7.0% | 4.5% | 6.8% |
| Class (CHF hedged) U-X-acc | CHF | -8.1% | 3.3% | 3.4% |
| Class (EUR hedged) U-X-acc | EUR | -7.8% | - | - |
| Benchmark: 1 |  |  |  |  |
| Bloomberg Barclays US Intermediate Corporate | USD | -7.3% | 3.8% | 7.2% |
| Bloomberg Barclays US Intermediate Corporate (hedged CHF) | CHF | -8.6% | 2.5% | 4.1% |
| Bloomberg Barclays US Intermediate Corporate (hedged EUR) | EUR | -8.4% | - | - |

1 
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 Investment Grade Corporates Sustainable (USD)*
* formerly UBS (Lux) Bond SICAV – USD Investment Grade Corporates (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 investment grade corporate market experienced spread widening in part driven by elevated volatility from sharply higher interest rates as well as elevated geopo- litical risks globally and tighter monetary policy. The US investment grade corporate market delivered negative total returns during the period as a result of the move higher in interest rates and the widening of US invest- ment grade corporate credit spreads.
The subfund delivered a negative performance during the financial year. Both the increase in US Treasury yields and the move wider in investment grade corporate credit spreads detracted from the overall return during the period. Income was additive to the overall performance. The subfund has followed a diversified approach, invest- ing across a range of industries and issuers within the intermediate (1-10 year) portion of the investment grade corporate bond market. The option-adjusted duration of the subfund at the end of the reporting period was lower than a year prior finishing at 4.3 years.
UBS (Lux) Bond SICAV – USD Investment Grade Corporates Sustainable (USD)*
- formerly UBS (Lux) Bond SICAV – USD Investment Grade Corporates (USD)Annual report and audited financial statements as of 31 May 2022


## Structure of the Securities Portfolio
Geographical Breakdown as a % of net assets	
United States	68.57
| United Kingdom | 7.00 |
| --- | --- |
| Australia | 5.20 |
| Canada | 3.33 |
| The Netherlands | 2.29 |
| Norway | 1.79 |
| Ireland | 1.79 |
| Japan | 1.62 |
| France | 1.40 |
| Multinationals | 0.82 |
| Bermuda | 0.77 |
| Cayman Islands | 0.64 |
| Sweden | 0.58 |
| Italy | 0.36 |
| Switzerland | 0.27 |
| Jersey | 0.24 |
| Guernsey | 0.13 |
| Total | 96.80 |

Economic Breakdown as a % of net assets	
| Banks & credit institutions | 30.19 |
| --- | --- |
| Finance & holding companies | 21.28 |
| Energy & water supply | 4.84 |
| Telecommunications | 3.83 |
| Petroleum | 3.42 |
| Internet, software & IT services | 3.29 |
| Pharmaceuticals, cosmetics & medical products | 3.24 |
| Electronics & semiconductors | 3.19 |
| Traffic & transportation | 2.73 |
| Healthcare & social services | 2.53 |
| Retail trade, department stores | 2.51 |
| Computer hardware & network equipment providers | 2.26 |
| Food & soft drinks | 2.25 |
| Real Estate | 1.57 |
| Tobacco & alcohol | 1.19 |
| Biotechnology | 1.12 |
| Electrical devices & components | 1.02 |
| Insurance | 0.93 |
| Graphic design, publishing & media | 0.92 |
| Mining, coal & steel | 0.85 |
| Miscellaneous services | 0.70 |
| Miscellaneous trading companies | 0.55 |
| Chemicals | 0.55 |
| Textiles, garments & leather goods | 0.48 |
| Vehicles | 0.41 |
| Mechanical engineering & industrial equipment | 0.35 |
| Lodging, catering & leisure | 0.25 |
| Miscellaneous consumer goods | 0.22 |
| Non-ferrous metals | 0.13 |
| Total | 96.80 |


## Statement of Net Assets
USD
Assets	31.5.2022
Investments in securities, cost	1 866 310 761.14
| Investments in securities, unrealized appreciation (depreciation) | 	-125 650 022.41	 |
| --- | --- |
| Total investments in securities (Note 1) | 1 740 660 738.73 |
| Cash at banks, deposits on demand and deposit accounts | 62 317 088.89 |
| Other liquid assets (Margins) | 939 574.90 |
| Interest receivable on securities | 13 378 177.73 |
| Unrealized gain on forward foreign exchange contracts (Note 1) | 6 741 507.28 |
| Total Assets | 1 824 037 087.53 |
|  |  |
| Liabilities |  |
| Unrealized loss on financial futures (Note 1) | -331 343.75 |
| Bank overdraft | -9.71 |
| Payable on securities purchases (Note 1) | -4 600.42 |
| Payable on redemptions | -24 847 883.28 |
| Provisions for flat fee (Note 2) | -82 251.12 |
| Provisions for taxe d’abonnement (Note 3) | -30 134.44 |
| Provisions for other commissions and fees (Note 2) | 	-555 105.17	 |
| Total provisions | -667 490.73 |
| Total Liabilities | -25 851 327.89 |
|  |  |
| Net assets at the end of the financial year | 1 798 185 759.64 |
| Statement of Operations | USD |
| Income | 1.6.2021-31.5.2022 |
| Interest on liquid assets | 5 469.95 |
| Interest on securities | 66 417 377.61 |
| Net income on securities lending (Note 17) | 103 304.02 |
| Other income (Note 4) | 1 350 776.95 |
| Total income | 67 876 928.53 |
|  |  |
| Expenses |  |
| Flat fee (Note 2) | -1 766 649.64 |
| Taxe d’abonnement (Note 3) | -227 764.64 |
| Other commissions and fees (Note 2) | -227 542.71 |
| Interest on cash and bank overdraft | -1 349.07 |
| Other expenses | -473.34 |
| Total expenses | -2 223 779.40 |
|  |  |
| Net income (loss) on investments | 65 653 149.13 |
|  |  |
| Realized gain (loss) (Note 1) |  |
| Realized gain (loss) on market-priced securities without options | -7 240 179.32 |
| Realized gain (loss) on financial futures | 1 663 349.14 |
| Realized gain (loss) on forward foreign exchange contracts | -33 035 119.32 |
| Realized gain (loss) on Synthetic Equity Swaps | 1.95 |
| Realized gain (loss) on foreign exchange | 1 303 702.28 |
| Total realized gain (loss) | -37 308 245.27 |
|  |  |
| Net realized gain (loss) of the financial year | 28 344 903.86 |
|  |  |
| Changes in unrealized appreciation (depreciation) (Note 1) |  |
| Unrealized appreciation (depreciation) on market-priced securities without options | -223 118 185.86 |
| Unrealized appreciation (depreciation) on financial futures | -144 632.83 |
| Unrealized appreciation (depreciation) on forward foreign exchange contracts | 8 485 717.13 |
| Total changes in unrealized appreciation (depreciation) | -214 777 101.56 |
|  |  |
| Net increase (decrease) in net assets as a result of operations | -186 432 197.70 |

UBS (Lux) Bond SICAV – USD Investment Grade Corporates Sustainable (USD)*
* formerly UBS (Lux) Bond SICAV – USD Investment Grade Corporates (USD)
Annual report and audited financial statements as of 31 May 2022
| Changes in Net Assets |  |
| --- | --- |
|  | USD |
|  | 1.6.2021-31.5.2022 |
| Net assets at the beginning of the financial year | 2 312 275 078.09 |
| Subscriptions | 462 801 978.66 |
| Redemptions | 	-790 459 099.41	 |
| Total net subscriptions (redemptions) | -327 657 120.75 |
| Net income (loss) on investments | 65 653 149.13 |
| Total realized gain (loss) | -37 308 245.27 |
| Total changes in unrealized appreciation (depreciation) | 	-214 777 101.56	 |
| Net increase (decrease) in net assets as a result of operations | -186 432 197.70 |
| Net assets at the end of the financial year | 1 798 185 759.64 |
| 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 | 4 507.5910 |
| Number of shares issued | 397.0000 |
| Number of shares redeemed | -2 466.0000 |
| Number of shares outstanding at the end of the financial year | 2 438.5910 |
| Class | U-X-acc |
| Number of shares outstanding at the beginning of the financial year | 122 589.8450 |
| Number of shares issued | 31 211.0000 |
| Number of shares redeemed | -41 245.0000 |
| Number of shares outstanding at the end of the financial year | 112 555.8450 |
| Class | (CHF hedged) U-X-acc |
| Number of shares outstanding at the beginning of the financial year | 19 390.9160 |
| Number of shares issued | 1 837.0000 |
| Number of shares redeemed | -1 333.0000 |
| Number of shares outstanding at the end of the financial year | 19 894.9160 |
| Class | (EUR hedged) U-X-acc |
| Number of shares outstanding at the beginning of the financial year | 3 851.0000 |
| Number of shares issued | 1 190.2150 |
| Number of shares redeemed | -691.0000 |
| Number of shares outstanding at the end of the financial year | 4 350.2150 |

UBS (Lux) Bond SICAV – USD Investment Grade Corporates Sustainable (USD)*
- formerly UBS (Lux) Bond SICAV – USD Investment Grade Corporates (USD)Annual report and audited financial statements as of 31 May 2022


## Statement of Investments in Securities and other Net Assets as of 31 May 2022
| Description | Quantity/ | Valuation in USD | as a % |
| --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |
| Transferable securities and money market instruments listed on an official stock exchange Notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	ABBVIE INC 3.20000% 20-21.11.29 | 5 000 000.00 | 4 700 187.05 | 0.26 |
| USD	ADOBE INC 2.30000% 20-01.02.30 | 3 946 000.00 | 3 544 957.05 | 0.20 |
| USD	AERCAP IRELAND CAP/ GLBL AVIATION TRUST 6.50000% 20-15.07.25 | 4 000 000.00 | 4 175 201.16 | 0.23 |
| USD	AERCAP IRELAND CAPITAL DAC / AERCAP 1.65000% 21-29.10.24 | 6 500 000.00 | 6 093 468.10 | 0.34 |
| USD	AERCAP IRELAND CAPITAL DAC / AERCAP GLO 2.45000% 21-29.10.26 | 10 000 000.00 | 8 941 822.40 | 0.50 |
| USD	AETNA INC 2.80000% 16-15.06.23 | 8 000 000.00 | 8 014 589.12 | 0.45 |
| USD	AIR LEASE CORP 3.25000% 18-01.03.25 | 10 150 000.00 | 9 853 343.51 | 0.55 |
| USD	ALLY FINANCIAL INC 5.12500% 14-30.09.24 | 2 600 000.00 | 2 681 902.73 | 0.15 |
| USD	ALLY FINANCIAL INC 5.80000% 20-01.05.25 | 1 000 000.00 | 1 045 469.56 | 0.06 |
| USD	ALPHABET INC 0.45000% 20-15.08.25 | 4 350 000.00 | 4 040 170.95 | 0.23 |
| USD	ALPHABET INC 1.10000% 20-15.08.30 | 7 802 000.00 | 6 556 871.96 | 0.36 |
| USD	AMAZON.COM INC 1.20000% 20-03.06.27 | 12 500 000.00 | 11 262 443.75 | 0.63 |
| USD	AMERICAN INTERNATIONAL GROUP INC 4.25000% 19-15.03.29 | 3 000 000.00 | 2 987 869.74 | 0.17 |
| USD	AMGEN INC 2.45000% 20-21.02.30 | 4 502 000.00 | 4 035 519.15 | 0.22 |
| USD	ANALOG DEVICES INC 1.70000% 21-01.10.28 | 6 000 000.00 | 5 348 088.36 | 0.30 |
| USD	ANGLO AMERICAN CAPITAL PLC-144A 4.87500% 15-14.05.25 | 1 953 000.00 | 1 998 260.78 | 0.11 |
| USD	ANHEUSER-BUSCH INBEV WORLDWIDE INC 4.75000% 19-23.01.29 | 10 000 000.00 | 10 400 703.00 | 0.58 |
| USD	ANZ NEW ZEALAND INT’L LTD/LONDON-144A 1.25000% 21-22.06.26 | 6 300 000.00 | 5 731 912.62 | 0.32 |
| USD	AON CORP 2.80000% 20-15.05.30 | 5 000 000.00 | 4 485 370.80 | 0.25 |
| USD	APPLE INC 1.12500% 20-11.05.25 | 12 000 000.00 | 11 418 680.52 | 0.64 |
| USD	APPLE INC 1.65000% 20-11.05.30 | 10 360 000.00 | 9 024 481.62 | 0.50 |
| USD	APPLE INC 3.00000% 17-13.11.27 | 5 000 000.00 | 4 936 505.90 | 0.27 |
| USD	APTIV PLC 2.39600% 22-18.02.25 | 4 500 000.00 | 4 348 923.57 | 0.24 |
| USD	ASHTEAD CAPITAL INC-144A 4.25000% 19-01.11.29 | 5 250 000.00 | 4 920 047.74 | 0.27 |
| USD	ASHTEAD CAPITAL INC-144A 1.50000% 21-12.08.26 | 1 500 000.00 | 1 334 231.60 | 0.07 |
| USD	ASTRAZENECA PLC 4.00000% 18-17.01.29 | 5 000 000.00 | 5 066 460.05 | 0.28 |
| USD	AT&T INC 2.75000% 20-01.06.31 | 12 000 000.00 | 10 740 542.52 | 0.60 |
| USD	AT&T INC 4.30000% 18-15.02.30 | 2 910 000.00 | 2 934 021.94 | 0.16 |
| USD	BANK OF NOVA SCOTIA-SUB 4.50000% 15-16.12.25 | 6 050 000.00 | 6 143 883.54 | 0.34 |
| USD	BARCLAYS PLC 3.65000% 15-16.03.25 | 7 000 000.00 | 6 964 664.00 | 0.39 |
| USD	BARCLAYS PLC-SUB 4.37500% 14-11.09.24 | 11 750 000.00 | 11 892 150.91 | 0.66 |
| USD	BP CAPITAL MARKETS AMERICA INC 3.41000% 19-11.02.26 | 10 000 000.00 | 9 965 334.50 | 0.55 |
| USD	BRISTOL-MYERS SQUIBB CO 3.20000% 20-15.06.26 | 5 250 000.00 | 5 246 426.69 | 0.29 |
| USD	BRITISH TELECOMMUNICATIONS PLC 4.50000% 18-04.12.23 | 10 614 000.00 | 10 793 556.08 | 0.60 |
| USD	BROADCOM CORP/CAYMAN FIN LTD 3.87500% 18-15.01.27 | 6 849 000.00 | 6 735 243.52 | 0.37 |
| USD	BROADCOM CORP/CAYMAN FIN LTD 3.50000% 18-15.01.28 | 2 049 000.00 | 1 946 783.67 | 0.11 |
| USD	CANADIAN IMPERIAL BANK OF COMMERCE 1.00000% 21-18.10.24 | 11 000 000.00 | 10 389 670.94 | 0.58 |
| USD	CANADIAN PACIFIC RAILWAY 1.75000% 21-02.12.26 | 7 000 000.00 | 6 446 603.10 | 0.36 |
| USD	CANADIAN PACIFIC RAILWAY 2.45000% 21-02.12.31 | 2 500 000.00 | 2 202 500.85 | 0.12 |
| USD	CAPITAL ONE FINANCIAL CORP-SUB 4.20000% 15-29.10.25 | 9 501 000.00 | 9 557 130.29 | 0.53 |
| USD	CCO LLC/CAPITAL 4.90800% 16-23.07.25 | 8 000 000.00 | 8 168 634.16 | 0.45 |
| USD	CIGNA CORP 2.40000% 20-15.03.30 | 3 000 000.00 | 2 650 666.23 | 0.15 |
| USD	CIGNA CORP 4.12500% 19-15.11.25 | 6 500 000.00 | 6 611 891.00 | 0.37 |
| USD	CITIGROUP INC 3.20000% 16-21.10.26 | 10 000 000.00 | 9 692 591.70 | 0.54 |
| USD	CITIGROUP INC 3.70000% 16-12.01.26 | 5 750 000.00 | 5 706 613.61 | 0.32 |
| USD	CITIGROUP INC-SUB 3.87500% 15-26.03.25 | 2 500 000.00 | 2 502 500.12 | 0.14 |
| USD	CITIGROUP INC-SUB 4.40000% 15-10.06.25 | 5 000 000.00 | 5 054 249.00 | 0.28 |
| USD	CITIGROUP INC-SUB 4.45000% 15-29.09.27 | 18 000 000.00 | 18 047 715.84 | 1.00 |
| USD	CITIGROUP INC-SUB 4.60000% 16-09.03.26 | 5 000 000.00 | 5 069 442.40 | 0.28 |
| USD	CITIGROUP INC-SUB 5.50000% 13-13.09.25 | 6 250 000.00 | 6 538 145.43 | 0.36 |
| USD	CMS ENERGY CORP 3.60000% 15-15.11.25 | 3 000 000.00 | 2 983 741.32 | 0.17 |
| USD	COCA-COLA CO/THE 1.65000% 20-01.06.30 | 6 954 000.00 | 6 013 189.38 | 0.33 |
| USD	COMCAST CORP 4.25000% 18-15.10.30 | 8 500 000.00 | 8 660 720.47 | 0.48 |
| USD	COSTCO WHOLESALE CORP 1.60000% 20-20.04.30 | 9 000 000.00 | 7 739 983.98 | 0.43 |
| USD	CREDIT AGRICOLE SA-144A-SUB 4.37500% 15-17.03.25 | 4 500 000.00 | 4 507 488.54 | 0.25 |
| USD	CREDIT SUISSE GROUP AG-144A 4.28200% 17-09.01.28 | 5 000 000.00 | 4 809 008.10 | 0.27 |
| USD	CREDIT SUISSE GROUP AG 4.55000% 16-17.04.26 | 2 250 000.00 | 2 247 466.18 | 0.13 |
| USD	DELL INTERNATIONAL LLC / EMC CORP 6.02000% 21-15.06.26 | 12 000 000.00 | 12 671 237.16 | 0.70 |
| USD	DOMINION ENERGY INC 3.37500% 20-01.04.30 | 15 000 000.00 | 14 039 754.30 | 0.78 |
| USD	DTE ENERGY CO 2.95000% 19-01.03.30 | 9 000 000.00 | 8 165 050.92 | 0.45 |
| USD	DTE ENERGY CO 3.40000% 19-15.06.29 | 7 463 000.00 | 7 040 055.67 | 0.39 |
| USD	EBAY INC 2.60000% 21-10.05.31 | 3 650 000.00 | 3 142 037.02 | 0.18 |
| USD	ENBRIDGE ENERGY PARTNERS LP 5.87500% 15-15.10.25 | 13 867 000.00 | 14 656 764.06 | 0.82 |
| USD	ENI SPA-144A 4.00000% 18-12.09.23 | 6 500 000.00 | 6 561 173.06 | 0.37 |
| USD	ENTERPRISE PRODUCTS OPERATING LLC 3.70000% 15-15.02.26 | 2 500 000.00 | 2 504 342.08 | 0.14 |
| USD	EQT CORP 3.90000% 17-01.10.27 | 6 000 000.00 | 5 783 340.00 | 0.32 |
| USD	EQUINIX INC 2.15000% 20-15.07.30 | 5 000 000.00 | 4 199 378.05 | 0.23 |
| USD	EQUINOR ASA 2.87500% 20-06.04.25 | 17 000 000.00 | 16 889 040.15 | 0.94 |
| USD	FISERV INC 3.20000% 19-01.07.26 | 15 000 000.00 | 14 566 801.95 | 0.81 |
| USD	FORD MOTOR CREDIT CO 3.37500% 20-13.11.25 | 5 800 000.00 | 5 551 644.00 | 0.31 |
| USD	GENERAL MOTORS CO 4.20000% 17-01.10.27 | 2 500 000.00 | 2 421 595.53 | 0.13 |
| USD	GENERAL MOTORS FINANCIAL CO INC 4.25000% 14-15.05.23 | 6 500 000.00 | 6 570 923.90 | 0.37 |
| USD	GENERAL MOTORS FINANCIAL CO INC 4.00000% 16-06.10.26 | 1 750 000.00 | 1 714 942.80 | 0.10 |
| USD	GENERAL MOTORS FINANCIAL CO INC 3.50000% 17-07.11.24 | 8 217 000.00 | 8 177 871.71 | 0.46 |
| USD	GENERAL MOTORS FINANCIAL CO INC 5.10000% 19-17.01.24 | 2 900 000.00 | 2 970 100.16 | 0.17 |
| USD	GENERAL MOTORS FINANCIAL CO INC 2.90000% 20-26.02.25 | 15 000 000.00 | 14 584 330.65 | 0.81 |
| USD	GEORGIA POWER CO 2.65000% 19-15.09.29 | 10 000 000.00 | 8 904 415.40 | 0.50 |
| USD	GILEAD SCIENCES INC 3.65000% 15-01.03.26 | 2 358 000.00 | 2 359 084.77 | 0.13 |
| USD	GILEAD SCIENCES INC 1.65000% 20-01.10.30 | 5 000 000.00 | 4 215 977.80 | 0.23 |
| USD	GOLDMAN SACHS GROUP INC-SUB 4.25000% 15-21.10.25 | 5 000 000.00 | 5 065 082.35 | 0.28 |
| USD	GOLDMAN SACHS GROUP INC 3.80000% 20-15.03.30 | 2 500 000.00 | 2 386 537.77 | 0.13 |
| USD	HCA INC 4.12500% 19-15.06.29 | 8 000 000.00 | 7 749 791.44 | 0.43 |
| USD	HCA INC 5.00000% 14-15.03.24 | 6 750 000.00 | 6 922 782.18 | 0.39 |
| USD	HEALTHPEAK PROPERTIES 2.12500% 21-01.12.28 | 5 000 000.00 | 4 450 353.30 | 0.25 |
| USD	HOME DEPOT INC 2.70000% 20-15.04.30 | 5 000 000.00 | 4 633 310.70 | 0.26 |
| USD	HOME DEPOT INC/THE 1.50000% 21-15.09.28 | 7 500 000.00 | 6 650 329.88 | 0.37 |
| USD	HOME DEPOT INC/THE 2.95000% 19-15.06.29 | 5 000 000.00 | 4 758 829.10 | 0.26 |
| USD	HSBC HOLDINGS PLC 4.30000% 16-08.03.26 | 5 441 000.00 | 5 459 900.24 | 0.30 |

UBS (Lux) Bond SICAV – USD Investment Grade Corporates Sustainable (USD)*
- formerly UBS (Lux) Bond SICAV – USD Investment Grade Corporates (USD)Annual report and audited financial statements as of 31 May 2022

|  | Description | Quantity/ | Valuation in USD | as a % |
| --- | --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |
|  |  |  |  |  |
| USD | HSBC HOLDINGS PLC-SUB 4.37500% 16-23.11.26 | 1 750 000.00 | 1 753 475.67 | 0.10 |
| USD | INTERCONTINENTAL EXCHANGE INC 2.10000% 20-15.06.30 | 4 000 000.00 | 3 460 109.60 | 0.19 |
| USD | INTERNATIONAL BUSINESS MACHINES CORP 3.45000% 16-19.02.26 | 7 500 000.00 | 7 489 201.58 | 0.42 |
| USD | JOHNSON CONTROLS INTERNATIONAL PLC 2.00000% 21-16.09.31 | 10 000 000.00 | 8 250 062.20 | 0.46 |
| USD | JPMORGAN CHASE & CO-SUB 3.87500% 14-10.09.24 | 19 500 000.00 | 19 748 985.36 | 1.10 |
| USD | JPMORGAN CHASE & CO-SUB 3.62500% 16-01.12.27 | 12 500 000.00 | 12 205 924.13 | 0.68 |
| USD | KINROSS GOLD CORP 5.95000% 14-15.03.24 | 2 250 000.00 | 2 331 871.76 | 0.13 |
| USD | LLOYDS BANKING GROUP PLC-SUB 4.58200% 16-10.12.25 | 4 000 000.00 | 4 020 246.56 | 0.22 |
| USD | LLOYDS BANKING GROUP PLC-SUB 4.50000% 14-04.11.24 | 2 293 000.00 | 2 315 478.60 | 0.13 |
| USD | LOWE’S COS INC 1.70000% 21-15.09.28 | 8 000 000.00 | 6 987 745.84 | 0.39 |
| USD | LSEGA FINANCING PLC-144A 1.37500% 21-06.04.26 | 5 000 000.00 | 4 549 830.30 | 0.25 |
| USD | LSEGA FINANCING PLC-144A 2.50000% 21-06.04.31 | 4 867 000.00 | 4 262 785.60 | 0.24 |
| USD | MASCO CORP 1.50000% 21-15.02.28 | 2 000 000.00 | 1 730 797.00 | 0.10 |
| USD | MASCO CORP 2.00000% 20-01.10.30 | 2 700 000.00 | 2 207 743.86 | 0.12 |
| USD | MASTERCARD INC 3.35000% 20-26.03.30 | 2 445 000.00 | 2 379 897.50 | 0.13 |
| USD | MERCK & CO INC 1.45000% 20-24.06.30 | 12 000 000.00 | 10 181 671.68 | 0.57 |
| USD | MERCK & CO INC 1.70000% 21-10.06.27 | 7 000 000.00 | 6 483 208.69 | 0.36 |
| USD | MICROSOFT CORP 3.30000% 17-06.02.27 | 5 000 000.00 | 5 059 506.90 | 0.28 |
| USD | MITSUBISHI UFJ FINANCIAL GRP INC 2.19300% 20-25.02.25 | 12 000 000.00 | 11 571 586.80 | 0.64 |
| USD | MITSUBISHI UFJ FINANCIAL GROUP INC 1.41200% 20-17.07.25 | 5 851 000.00 | 5 451 422.33 | 0.30 |
| USD | MIZUHO BANK LTD-144A 3.60000% 14-25.09.24 | 2 333 000.00 | 2 344 293.12 | 0.13 |
| USD | MORGAN STANLEY-SUB 5.00000% 13-24.11.25 | 5 000 000.00 | 5 173 707.20 | 0.29 |
| USD | MPT OPERATING PARTNERSHIP LP/FIN CORP 4.62500% 19-01.08.29 | 5 000 000.00 | 4 723 184.35 | 0.26 |
| USD | NATWEST GROUP PLC 4.80000% 16-05.04.26 | 10 000 000.00 | 10 125 723.90 | 0.56 |
| USD | NATWEST MARKETS PLC-144A 0.80000% 21-12.08.24 | 9 000 000.00 | 8 451 441.90 | 0.47 |
| USD | NEXTERA ENERGY CAP 2.44000% 21-15.01.32 | 8 000 000.00 | 6 845 597.20 | 0.38 |
| USD | NIKE INC 2.75000% 20-27.03.27 | 8 764 000.00 | 8 570 593.42 | 0.48 |
| USD | NVIDIA CORP 2.85000% 20-01.04.30 | 2 560 000.00 | 2 395 461.27 | 0.13 |
| USD | ORACLE CORP 2.80000% 20-01.04.27 | 10 000 000.00 | 9 279 283.20 | 0.52 |
| USD | PAYPAL HOLDINGS INC 2.30000% 20-01.06.30 | 10 825 000.00 | 9 485 374.97 | 0.53 |
| USD | PEPSICO INC 1.62500% 20-01.05.30 | 6 232 000.00 | 5 391 900.04 | 0.30 |
| USD | PEPSICO INC 1.95000% 21-21.10.31 | 6 500 000.00 | 5 654 357.80 | 0.31 |
| USD | PFIZER INC 2.62500% 20-01.04.30 | 6 390 000.00 | 5 945 073.63 | 0.33 |
| USD | PLAINS ALL AMERICAN PIPELINE LP 4.65000%15-15.10.25 | 2 525 000.00 | 2 556 113.78 | 0.14 |
| USD | PUBLIC STORAGE 1.95000% 21-09.11.28 | 3 000 000.00 | 2 662 461.24 | 0.15 |
| USD | PUBLIC STORAGE 3.09400% 17-15.09.27 | 5 000 000.00 | 4 838 444.50 | 0.27 |
| USD | PUBLIC STORAGE 3.38500% 19-01.05.29 | 3 000 000.00 | 2 877 261.60 | 0.16 |
| USD | QUALCOMM INC 3.25000% 17-20.05.27 | 2 250 000.00 | 2 233 361.67 | 0.12 |
| USD | QUANTA SERVICES INC 2.90000% 20-01.10.30 | 10 500 000.00 | 9 113 665.99 | 0.51 |
| USD | QUANTA SERVICES INC 0.95000% 21-01.10.24 | 3 000 000.00 | 2 825 401.59 | 0.16 |
| USD | SABINE PASS LIQUEFACTION LLC 5.75000% 14-15.05.24 | 5 000 000.00 | 5 165 126.85 | 0.29 |
| USD | SABINE PASS LIQUEFACTION LLC 5.00000% 17-15.03.27 | 4 850 000.00 | 4 999 595.88 | 0.28 |
| USD | SALESFORCE.COM INC 1.50000% 21-15.07.28 | 7 000 000.00 | 6 251 551.53 | 0.35 |
| USD | SEMPRA ENERGY 3.25000% 17-15.06.27 | 3 188 000.00 | 3 074 763.77 | 0.17 |
| USD | SOUTHWEST AIRLINES CO 3.45000% 17-16.11.27 | 5 000 000.00 | 4 778 561.05 | 0.27 |
| USD | STEEL DYNAMICS INC 5.00000% 17-15.12.26 | 3 500 000.00 | 3 550 946.28 | 0.20 |
| USD | SUMITOMO MITSUI FIN GP INC 2.44800% 19-27.09.24 | 4 000 000.00 | 3 915 379.20 | 0.22 |
| USD | SWEDBANK AB-144A 1.53800% 21-16.11.26 | 11 500 000.00 | 10 502 365.11 | 0.58 |
| USD | SYNGENTA FINANCE NV-144A 4.44100% 18-24.04.23 | 7 000 000.00 | 7 048 470.94 | 0.39 |
| USD | TEXAS INSTRUMENTS INC 1.12500% 21-15.09.26 | 2 500 000.00 | 2 301 277.53 | 0.13 |
| USD | TEXAS INSTRUMENTS INC 1.90000% 21-15.09.31 | 3 000 000.00 | 2 601 248.94 | 0.14 |
| USD | THERMO FISHER SCIENTIFIC INC 2.00000% 21-15.10.31 | 4 500 000.00 | 3 834 465.30 | 0.21 |
| USD | THERMO FISHER SCIENTIFIC INC 1.21500% 21-18.10.24 | 10 000 000.00 | 9 575 282.60 | 0.53 |
| USD | TRUIST BANK-SUB 3.30000% 16-15.05.26 | 27 494 000.00 | 27 021 065.26 | 1.50 |
| USD | UNION PACIFIC CORP 3.70000% 19-01.03.29 | 5 000 000.00 | 4 929 925.00 | 0.27 |
| USD | UNITED RENTALS NORTH AMERICA INC 3.87500% 19-15.11.27 | 11 000 000.00 | 10 597 583.70 | 0.59 |
| USD | UNITEDHEALTH GROUP INC 3.50000% 18-15.02.24 | 5 000 000.00 | 5 067 975.50 | 0.28 |
| USD | UNITEDHEALTH GROUP INC 2.00000% 20-15.05.30 | 11 210 000.00 | 9 876 402.35 | 0.55 |
| USD | VERIZON COMMUNICATIONS INC 4.32900% 18-21.09.28 | 15 116 000.00 | 15 312 196.61 | 0.85 |
| USD | VICI PROPERTIES LP 5.12500% 22-15.05.32 | 4 500 000.00 | 4 462 110.00 | 0.25 |
| USD | VISA INC 1.10000% 20-15.02.31 | 9 000 000.00 | 7 364 474.10 | 0.41 |
| USD | VMWARE INC 3.90000% 17-21.08.27 | 5 000 000.00 | 4 922 125.50 | 0.27 |
| USD | WALT DISNEY CO 2.00000% 19-01.09.29 | 11 000 000.00 | 9 713 302.06 | 0.54 |
| USD | WESTERN DIGITAL CORP 2.85000% 21-01.02.29 | 3 000 000.00 | 2 548 500.00 | 0.14 |
| USD | WESTPAC BANKING CORP 2.70000% 16-19.08.26 | 9 661 000.00 | 9 297 969.57 | 0.52 |
| USD | WESTPAC BANKING CORP 1.01900% 21-18.11.24 | 4 000 000.00 | 3 804 436.40 | 0.21 |
| Total USD |  |  | 988 128 176.26 | 54.95 |
| Total Notes, fixed rate |  | 988 128 176.26 | 54.95 |
| Notes, floating rate |  |  |  |
| USD |  |  |  |
| USD	BANK OF AMERICA CORP 3.366%/VAR 18-23.01.26 | 12 000 000.00 | 11 819 760.00 | 0.66 |
| USD	BANK OF AMERICA CORP 3.419%/VAR 18-20.12.28 | 5 875 000.00 | 5 615 144.70 | 0.31 |
| USD	BANK OF AMERICA CORP 4.271%/VAR 18-23.07.29 | 6 000 000.00 | 5 959 176.36 | 0.33 |
| USD	BANK OF AMERICA CORP 2.572%/VAR 21-20.10.32 | 3 000 000.00 | 2 572 876.20 | 0.14 |
| USD	BARCLAYS PLC 1.007%/VAR 20-10.12.24 | 5 959 000.00 | 5 710 960.97 | 0.32 |
| USD	BK OF AMERICA CORP 3.004%/VAR 18-20.12.23 | 20 954 000.00 | 20 948 626.97 | 1.17 |
| USD	FIRSTENERGY CORP STEP-UP/RTG LKD 17-15.07.22 | 5 000 000.00 | 4 977 500.00 | 0.28 |
| USD	GOLDMAN SACHS GROUP INC 3.691%/VAR 17-05.06.28 | 6 500 000.00 | 6 328 144.42 | 0.35 |
| USD	GOLDMAN SACHS GROUP INC 3.272%/VAR 17-29.09.25 | 5 000 000.00 | 4 950 408.20 | 0.28 |
| USD	GOLDMAN SACHS GROUP INC/THE 1.992%/VAR 21-27.01.32 | 2 000 000.00 | 1 642 890.72 | 0.09 |
| USD	HSBC HOLDINGS PLC 0.976%/VAR 21-24.05.25 | 7 500 000.00 | 7 077 682.88 | 0.39 |
| USD	HSBC HOLDINGS PLC 2.206%/VAR 21-17.08.29 | 7 500 000.00 | 6 498 890.03 | 0.36 |
| USD	HSBC HOLDINGS PLC 3.803%/VAR 19-11.03.25 | 6 000 000.00 | 5 986 411.26 | 0.33 |
| USD	JPMORGAN CHASE & CO 3.702%/VAR 19-06.05.30 | 5 000 000.00 | 4 806 553.00 | 0.27 |
| USD	JPMORGAN CHASE & CO 2.301%/VAR 19-15.10.25 | 14 267 000.00 | 13 801 112.82 | 0.77 |
| USD	JPMORGAN CHASE & CO 2.182%/VAR 20-01.06.28 | 14 000 000.00 | 12 741 592.22 | 0.71 |
| USD	MIZUHO FINANCIAL GROUP INC 2.839%/3M LIBOR+98BP 19-16.07.25 | 6 000 000.00 | 5 895 763.20 | 0.33 |
| USD	VODAFONE GROUP PLC-SUB 3.250%/VAR 21-04.06.81 | 4 000 000.00 | 3 594 867.20 | 0.20 |
| USD	WESTPAC BANKING CORP-SUB 2.668%/VAR 20-15.11.35 | 5 000 000.00 | 4 140 388.50 | 0.23 |
| USD	WESTPAC BANKING CORP-SUB 3.020%/VAR 21-18.11.36 | 7 000 000.00 | 5 833 201.50 | 0.32 |
| Total USD |  | 140 901 951.15 | 7.84 |
| Total Notes, floating rate |  | 140 901 951.15 | 7.84 |
| UBS (Lux) Bond SICAV – USD Investment Grade Corporates Sustainable (USD)* |  |  |  |
| * formerly UBS (Lux) Bond SICAV – USD Investment Grade Corporates (USD) |  |  |  |
| Annual report and audited financial statements as of 31 May 2022 |  |  |  |

| Description | Quantity/ | Valuation in USD | as a % |
| --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |

Medium term notes, fixed rate
| USD |  |
| --- | --- |
| USD | BANK OF AMERICA CORP-SUB 4.20000% 14-26.08.24 | 5 500 000.00 | 5 589 556.06 | 0.31 |
| USD | BANK OF AMERICA CORP-SUB 4.25000% 14-22.10.26 | 14 500 000.00 | 14 661 657.45 | 0.81 |
| USD | BANK OF AMERICA CORP-SUB 4.45000% 16-03.03.26 | 14 500 000.00 | 14 675 054.87 | 0.82 |
| USD | BANK OF AMERICA CORP 3.24800% 16-21.10.27 | 10 000 000.00 | 9 683 967.80 | 0.54 |
| USD | BANK OF MONTREAL 1.25000% 21-15.09.26 | 18 000 000.00 | 16 192 203.84 | 0.90 |
| USD | JOHN DEERE CAPITAL 2.12500% 22-07.03.25 | 2 000 000.00 | 1 953 104.00 | 0.11 |
| USD | JOHN DEERE CAPITAL CORP 1.50000% 21-06.03.28 | 9 000 000.00 | 8 062 345.62 | 0.45 |
| USD | JOHN DEERE CAPITAL CORP 2.00000% 21-17.06.31 | 6 000 000.00 | 5 209 423.74 | 0.29 |
| USD | JOHN DEERE CAPITAL CORP 1.30000% 21-13.10.26 | 5 000 000.00 | 4 584 030.15 | 0.26 |
| USD | MORGAN STANLEY-SUB 3.95000% 15-23.04.27 | 25 000 000.00 | 24 749 030.75 | 1.38 |
| USD | ROYAL BANK OF CANADA 2.30000% 21-03.11.31 | 8 800 000.00 | 7 530 137.21 | 0.42 |
| USD | WALT DISNEY CO/THE 3.15000% 15-17.09.25 | 3 000 000.00 | 2 982 970.26 | 0.16 |
| Total USD |  |  | 115 873 481.75 | 6.45 |
| Total Medium term notes, fixed rate |  | 115 873 481.75 | 6.45 |
| Medium term notes, floating rate |  |  |  |
| USD |  |  |  |
| USD	BANK OF AMERICA CORP 3.970%/3M LIBOR+107BP 18-05.03.29 | 3 399 000.00 | 3 328 626.32 | 0.18 |
| USD	BANK OF AMERICA CORP 2.884%/VAR 19-22.10.30 | 4 000 000.00 | 3 612 384.40 | 0.20 |
| USD	BANK OF AMERICA CORP 2.015%/3M LIBOR+64BP 20-13.02.26 | 5 500 000.00 | 5 228 990.58 | 0.29 |
| USD	BANK OF AMERICA CORP 2.496%/3M LIBOR+99BP 20-13.02.31 | 3 000 000.00 | 2 643 169.05 | 0.15 |
| USD	MORGAN STANLEY 0.864%/VAR 20-21.10.25 | 10 000 000.00 | 9 363 025.60 | 0.52 |
| USD	MORGAN STANLEY 1.794%/VAR 20-13.02.32 | 5 000 000.00 | 4 101 732.95 | 0.23 |
| Total USD |  | 28 277 928.90 | 1.57 |
| Total Medium term notes, floating rate |  | 28 277 928.90 | 1.57 |
| Bonds, fixed rate |  |  |  |
| USD |  |  |  |
| USD	COMCAST CORP 3.15000% 17-15.02.28 | 5 000 000.00 | 4 882 350.00 | 0.27 |
| USD	DUKE ENERGY CAROLINAS LLC 2.45000% 20-01.02.30 | 11 500 000.00 | 10 305 082.72 | 0.57 |
| USD	GOLDMAN SACHS GROUP INC/THE 3.85000% 17-26.01.27 | 7 962 000.00 | 7 892 693.02 | 0.44 |
| USD	JP MORGAN CHASE & CO-SUB 4.25000% 15-01.10.27 | 10 000 000.00 | 10 045 989.10 | 0.56 |
| USD	MICROSOFT CORP 2.40000% 16-08.08.26 | 2 000 000.00 | 1 962 845.86 | 0.11 |
| USD	NATIONAL RURAL UTILITIES COOP FIN CORP 3.90000% 18-01.11.28 | 10 000 000.00 | 9 925 911.10 | 0.55 |
| USD	SOUTHERN CALIFORNIA EDISON CO 3.70000% 18-01.08.25 | 7 000 000.00 | 6 977 153.33 | 0.39 |
| USD	SOUTHERN CALIFORNIA EDISON CO 2.85000% 19-01.08.29 | 3 000 000.00 | 2 700 473.79 | 0.15 |
| Total USD |  | 54 692 498.92 | 3.04 |
| Total Bonds, fixed rate |  | 54 692 498.92 | 3.04 |
| Bonds, floating rate |  |  |  |
| USD |  |  |  |
| USD	BP CAPITAL MARKETS PLC-SUB 4.375%/VAR 20-PRP | 8 500 000.00 | 8 280 006.23 | 0.46 |
| USD	GOLDMAN SACHS GROUP INC 4.223%/VAR 18-01.05.29 | 10 000 000.00 | 9 931 618.10 | 0.55 |
| Total USD |  | 18 211 624.33 | 1.01 |
| Total Bonds, floating rate |  | 18 211 624.33 | 1.01 |
| Total Transferable securities and money market instruments listed on an official stock exchange |  | 1 346 085 661.31 | 74.86 |
| Transferable securities and money market instruments traded on another regulated market |  |  |  |
| Notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	AKER BP ASA-144A 3.00000% 20-15.01.25 | 7 000 000.00 | 6 857 283.30 | 0.38 |
| USD	AKER BP ASA-144A 3.75000% 20-15.01.30 | 4 000 000.00 | 3 727 650.60 | 0.21 |
| USD	AUSTRALIA & NEW ZEALAND BANK-144A-SUB 2.57000% 20-25.11.35 | 8 000 000.00 | 6 559 814.64 | 0.37 |
| USD	AVOLON HOLDINGS FUNDING LTD-144A 2.87500% 20-15.02.25 | 5 000 000.00 | 4 701 486.00 | 0.26 |
| USD	AVOLON HOLDINGS FUNDING LTD-144A 2.12500% 21-21.02.26 | 9 000 000.00 | 8 060 400.00 | 0.45 |
| USD	BACARDI LTD-144A 4.45000% 18-15.05.25 | 11 000 000.00 | 11 047 190.00 | 0.62 |
| USD	BAKER HUGHES HOLDINGS LLC / BAKER HUGH 1.23100% 21-15.12.23 | 5 000 000.00 | 4 881 538.90 | 0.27 |
| USD	BROADCOM INC 4.11000% 20-15.09.28 | 5 311 000.00 | 5 174 751.39 | 0.29 |
| USD	CENTENE CORP 4.62500% 20-15.12.29 | 5 100 000.00 | 5 026 254.00 | 0.28 |
| USD	CHENIERE CORPUS CHRISTI HLDGS LLC 5.12500% 17-30.06.27 | 3 500 000.00 | 3 606 108.03 | 0.20 |
| USD	CHEVRON PHILLIPS CHEMICAL CO LLC-144A 3.70000% 18-01.06.28 | 7 000 000.00 | 6 880 619.34 | 0.38 |
| USD	DAIMLER FINANCE NORTH AMERICA LLC-144A 2.70000% 19-14.06.24 | 5 000 000.00 | 4 942 524.75 | 0.28 |
| USD	DELTA AIR LINES INC-144A 7.00000% 20-01.05.25 | 11 250 000.00 | 12 034 229.51 | 0.67 |
| USD	ENEL FINANCE INTERNATIONAL SA-144A 2.65000% 19-10.09.24 | 8 000 000.00 | 7 810 509.04 | 0.44 |
| USD	FIVE CORNERS FUNDING TRUST II -144A 2.85000% 20-15.05.30 | 10 000 000.00 | 8 899 433.30 | 0.50 |
| USD	GLENCORE FUNDING LLC-144A 4.12500% 19-12.03.24 | 6 000 000.00 | 6 043 528.32 | 0.34 |
| USD	GLP CAPITAL LP / GLP FINANC II INC 4.00000% 19-15.01.30 | 5 000 000.00 | 4 564 786.80 | 0.25 |
| USD	HARLEY-DAVIDSON FIN.SERV INC-144A 3.35000% 18-15.02.23 | 11 500 000.00 | 11 513 838.30 | 0.64 |
| USD	HCA INC-144A 3.12500% 22-15.03.27 | 3 000 000.00 | 2 856 194.22 | 0.16 |
| USD	INFOR INC-144A 1.45000% 20-15.07.23 | 3 000 000.00 | 2 933 062.35 | 0.16 |
| USD	KINDER MORGAN INC-144A 5.62500% 13-15.11.23 | 3 225 000.00 | 3 306 936.70 | 0.18 |
| USD	LEVEL 3 FINANCING INC-144A 3.40000% 19-01.03.27 | 8 150 000.00 | 7 330 365.99 | 0.41 |
| USD	LUNDIN ENERGY FINANCE BV-144A 2.00000% 21-15.07.26 | 5 000 000.00 | 4 548 477.85 | 0.25 |
| USD	MACQUARIE BANK LTD-144A-SUB 3.62400% 20-03.06.30 | 3 660 000.00 | 3 295 407.27 | 0.18 |
| USD	METROPOLITAN EDISON CO-144A 3.50000% 13-15.03.23 | 1 315 000.00 | 1 313 099.22 | 0.07 |
| USD	MICROCHIP TECHNOLOGY INC-144A 0.98300% 21-01.09.24 | 5 000 000.00 | 4 699 986.30 | 0.26 |
| USD	NESTLE HOLDINGS INC-144A 0.62500% 20-15.01.26 | 12 500 000.00 | 11 356 246.25 | 0.63 |
| USD	NOVA CHEMICALS CORP-144A 4.87500% 17-01.06.24 | 3 000 000.00 | 2 941 790.34 | 0.16 |
| USD	NRG ENERGY INC-144A 3.75000% 19-15.06.24 | 1 975 000.00 | 1 958 303.49 | 0.11 |
| USD	NXP BV / NXP FUNDING LLC 4.87500% 22-01.03.24 | 2 000 000.00 | 2 034 440.00 | 0.11 |

UBS (Lux) Bond SICAV – USD Investment Grade Corporates Sustainable (USD)*
- formerly UBS (Lux) Bond SICAV – USD Investment Grade Corporates (USD)Annual report and audited financial statements as of 31 May 2022

|  | Description | Quantity/ | Valuation in USD | as a % |
| --- | --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |
|  |  |  |  |  |
| USD | PENSKE TRUCK LEASING/PTL FIN CORP-144A 1.20000% 20-15.11.25 | 5 000 000.00 | 4 545 742.70 | 0.25 |
| USD | ROCHE HOLDINGS INC-144A 2.07600% 21-13.12.31 | 11 000 000.00 | 9 612 972.05 | 0.54 |
| USD | SANTOS FINANCE LTD-144A 3.64900% 21-29.04.31 | 4 500 000.00 | 3 918 860.09 | 0.22 |
| USD | SCENTRE GROUP TRUST 1 / 2-144A 3.25000% 15-28.10.25 | 11 995 000.00 | 11 748 933.37 | 0.65 |
| USD | SIEMENS FINANCIERINGSMAATSCH NV-144A 2.15000% 21-11.03.31 | 7 500 000.00 | 6 510 718.95 | 0.36 |
| USD | SOCIETE GENERALE-144A 2.62500% 19-16.10.24 | 10 000 000.00 | 9 737 533.80 | 0.54 |
| USD | TECK RESOURCES LTD 3.90000% 20-15.07.30 | 6 000 000.00 | 5 678 988.84 | 0.32 |
| USD | UNITED AIRLINES INC-144A 4.37500% 21-15.04.26 | 9 000 000.00 | 8 708 947.20 | 0.48 |
| Total USD |  |  | 231 368 953.20 | 12.87 |
| Total Notes, fixed rate |  | 231 368 953.20 | 12.87 |
| Notes, floating rate |  |  |  |
| USD |  |  |  |
| USD	BNP PARIBAS-144A 3.052%/VAR 20-13.01.31 | 3 650 000.00 | 3 243 690.43 | 0.18 |
| USD	DNB BANK ASA-144A 0.856%/VAR 21-30.09.25 | 5 000 000.00 | 4 700 498.80 | 0.26 |
| USD	ING GROEP NV 3.869%/VAR 22-28.03.26 | 2 800 000.00 | 2 780 009.48 | 0.15 |
| Total USD |  | 10 724 198.71 | 0.59 |
| Total Notes, floating rate |  | 10 724 198.71 | 0.59 |
| Medium term notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	NATIONAL AUSTRALIA BANK LTD-144A-SUB 2.33200% 20-21.08.30 | 14 605 000.00 | 12 109 088.74 | 0.67 |
| USD	SOCIETE GENERALE SA-144A 2.62500% 20-22.01.25 | 8 000 000.00 | 7 691 995.44 | 0.43 |
| Total USD |  | 19 801 084.18 | 1.10 |
| Total Medium term notes, fixed rate |  | 19 801 084.18 | 1.10 |
| Medium term notes, floating rate |  |  |  |
| USD |  |  |  |
| USD	AUSTRALIA & NEWZEALAND BKG-144A-SUB 2.950%/VAR 20-22.07.30 | 2 650 000.00 | 2 538 649.65 | 0.14 |
| USD	COMMONWEALTH BANK AUSRALIA-144A-SUB 3.610%/VAR 19-12.09.34 | 9 570 000.00 | 8 773 106.10 | 0.49 |
| USD	COOPERATIEVE RABOBANK UA-144A 1.339%/VAR 20-24.06.26 | 10 200 000.00 | 9 447 140.75 | 0.53 |
| Total USD |  | 20 758 896.50 | 1.16 |
| Total Medium term notes, floating rate |  | 20 758 896.50 | 1.16 |
| Bonds, fixed rate |  |  |  |
| USD |  |  |  |
| USD	NGPL PIPECO LLC-144A 4.87500% 17-15.08.27 | 9 500 000.00 | 9 592 808.35 | 0.53 |
| USD	SYDNEY AIRPORT FINANCE CO PTY LTD-144A 3.62500% 16-28.04.26 | 5 500 000.00 | 5 417 892.70 | 0.30 |
| Total USD |  | 15 010 701.05 | 0.83 |
| Total Bonds, fixed rate |  | 15 010 701.05 | 0.83 |
| Total Transferable securities and money market instruments traded on another regulated market |  | 297 663 833.64 | 16.55 |

Transferable securities and money market instruments not listed on an official stock exchange and not traded on another regulated market
Notes, fixed rate
| USD |  |
| --- | --- |
| USD | AVOLON HOLDINGS FUNDING LTD-144A 2.75000% 21-21.02.28 | 4 000 000.00 | 3 459 640.00 | 0.19 |
| USD | CSL FINANCE PLC-144A 4.25000% 22-27.04.32 | 5 250 000.00 | 5 272 084.12 | 0.29 |
| USD | EXELON CORP-144A 2.75000% 22-15.03.27 | 2 000 000.00 | 1 898 923.52 | 0.11 |
| USD | NXP BV / NXP FUNDING LLC 5.55000% 22-01.12.28 | 12 000 000.00 | 12 658 920.00 | 0.70 |
| Total USD |  |  | 23 289 567.64 | 1.29 |
| Total Notes, fixed rate |  | 23 289 567.64 | 1.29 |
| Total Transferable securities and money market instruments not listed on an official stock exchange and not traded on another regulated market |  | 23 289 567.64 | 1.29 |
| Recently issued transferable securities and money market instruments |  |  |  |
| Notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	BAXTER INTERNATIONAL INC-144A 1.32200% 21-29.11.24 | 16 000 000.00 | 15 173 129.28 | 0.84 |
| USD	BAXTER INTERNATIONAL-144A 1.91500% 21-01.02.27 | 6 000 000.00 | 5 489 711.46 | 0.31 |
| USD	LUNDIN ENERGY FINANCE BV-144A 3.10000% 21-15.07.31 | 3 500 000.00 | 3 081 533.81 | 0.17 |
| USD	MAGALLANES INC-144A 3.75500% 22-15.03.27 | 10 000 000.00 | 9 706 002.70 | 0.54 |
| USD	MAGALLANES INC-144A 4.27900% 22-15.03.32 | 10 000 000.00 | 9 346 457.60 | 0.52 |
| USD	NESTLE HOLDINGS INC-144A 1.50000% 21-14.09.28 | 13 500 000.00 | 11 960 334.99 | 0.67 |
| USD	TRITON CONTAINER INTERNATIONAL LTD-144A 1.15000% 21-07.06.24 | 3 000 000.00 | 2 836 500.00 | 0.16 |
| Total USD |  | 57 593 669.84 | 3.21 |
| Total Notes, fixed rate |  | 57 593 669.84 | 3.21 |

UBS (Lux) Bond SICAV – USD Investment Grade Corporates Sustainable (USD)*
- formerly UBS (Lux) Bond SICAV – USD Investment Grade Corporates (USD)Annual report and audited financial statements as of 31 May 2022

| Description	Quantity/ | Valuation in USD | as a % |
| --- | --- | --- |
| Nominal | Unrealized gain | of net |
|  | (loss) on Futures/ | assets |
|  | Forward |  |
|  | Exchange Contracts/ |  |
|  | Swaps (Note 1) |  |

Medium term notes, fixed rate
USD
| USD | NBN CO LTD-144A 0.87500% 21-08.10.24 | 17 000 000.00 | 16 028 006.30 | 0.89 |
| --- | --- | --- | --- | --- |
| Total USD | 16 028 006.30 | 0.89 |
| Total Medium term notes, fixed rate | 16 028 006.30 | 0.89 |
| Total Recently issued transferable securities and money market instruments | 73 621 676.14 | 4.10 |
| Total investments in securities | 1 740 660 738.73 | 96.80 |

| Derivative instruments |  |
| --- | --- |
| Derivative instruments listed on an official stock exchange |
| Financial Futures on bonds |
|  |  |  |  |
| USD	US 10YR TREASURY NOTE FUTURE 21.06.22 | 110.00 | 67 656.25 | 0.00 |
| USD	US 10YR TREASURY NOTE FUTURE 21.09.22 | 400.00 | -399 000.00 | -0.02 |
| Total Financial Futures on bonds |  | -331 343.75 | -0.02 |
| Total Derivative instruments listed on an official stock exchange |  | -331 343.75 | -0.02 |
| Total Derivative instruments |  | -331 343.75 | -0.02 |
| Forward Foreign Exchange contracts |  |  |  |
| Currency purchased/Amount purchased/Currency sold/Amount sold/Maturity date |  |  |  |

| CHF | 199 344 400.00 | USD | 201 894 734.28 | 13.6.2022 | 6 162 288.77 | 0.34 |
| --- | --- | --- | --- | --- | --- | --- |
| EUR | 40 019 800.00 | USD | 42 314 339.24 | 13.6.2022 | 574 263.07 | 0.03 |
| USD | 3 420 275.84 | CHF | 3 272 300.00 | 13.6.2022 | 4 955.44 | 0.00 |
| Total Forward Foreign Exchange contracts | 6 741 507.28 | 0.37 |
|  |  |  |
| Cash at banks, deposits on demand and deposit accounts and other liquid assets | 63 256 663.79 | 3.52 |
| Bank overdraft and other short-term liabilities | -9.71 | 0.00 |
| Other assets and liabilities | -12 141 796.70 | -0.67 |
| Total net assets | 1 798 185 759.64 | 100.00 |

UBS (Lux) Bond SICAV – USD Investment Grade Corporates Sustainable (USD)*
- formerly UBS (Lux) Bond SICAV – USD Investment Grade Corporates (USD)Annual report and audited financial statements as of 31 May 2022

Translation (ENFR, 2022-05-31):
# UBS (Lux) Bond SICAV
– USD Investment Grade Corporates Sustainable (USD)*
| Comparaison sur trois ans |  |
| --- | --- |
|  | ISIN | 31.5.2022 | 31.5.2021 | 31.5.2020 |
| Actif net en USD |  | 1 798 185 759.64 | 2 312 275 078.09 | 2 728 605 428.33 |
| Catégorie F-acc | LU1611257095 |  |  |  |
| Actions en circulation |  | 2 438.5910 | 4 507.5910 | 5 081.0610 |
| Valeur nette d’inventaire par action en USD |  | 108 272.03 | 116 883.59 | 112 223.79 |
| Prix d’émission et de rachat par action en USD 1 |  | 108 272.03 | 116 883.59 | 112 223.79 |
| Catégorie U-X-acc | LU1469614280 |  |  |  |
| Actions en circulation |  | 112 555.8450 | 122 589.8450 | 159 466.8550 |
| Valeur nette d’inventaire par action en USD |  | 11 389.33 | 12 251.03 | 11 720.07 |
| Prix d’émission et de rachat par action en USD 1 |  | 11 389.33 | 12 251.03 | 11 720.07 |
| Catégorie (CHF hedged) U-X-acc | LU1469622465 |  |  |  |
| Actions en circulation |  | 19 894.9160 | 19 390.9160 | 26 196.9160 |
| Valeur nette d’inventaire par action en CHF |  | 10 075.50 | 10 961.58 | 10 613.93 |
| Prix d’émission et de rachat par action en CHF 1 |  | 10 075.50 | 10 961.58 | 10 613.93 |
| Catégorie (EUR hedged) U-X-acc 2 | LU2337795806 |  |  |  |
| Actions en circulation |  | 4 350.2150 | 3 851.0000 | - |
| Valeur nette d’inventaire par action en EUR |  | 9 248.45 | 10 028.13 | - |
| Prix d’émission et de rachat par action en EUR 1 |  | 9 248.45 | 10 028.13 | - |
| 1  Voir note 1 2  Première VNI 18.5.2021 |  |  |  |  |
| Performance |  |  |  |  |
|  | Devise | 2021/2022 | 2020/2021 | 2019/2020 |
| Catégorie F-acc | USD | -7.4% | 4.2% | 6.4% |
| Catégorie U-X-acc | USD | -7.0% | 4.5% | 6.8% |
| Catégorie (CHF hedged) U-X-acc | CHF | -8.1% | 3.3% | 3.4% |
| Catégorie (EUR hedged) U-X-acc | EUR | -7.8% | - | - |
| Benchmark: 1 |  |  |  |  |
| Bloomberg Barclays US Intermediate Corporate | USD | -7.3% | 3.8% | 7.2% |
| Bloomberg Barclays US Intermediate Corporate (hedged CHF) | CHF | -8.6% | 2.5% | 4.1% |
| Bloomberg Barclays US Intermediate Corporate (hedged EUR) | EUR | -8.4% | - | - |

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 – USD Investment Grade Corporates Sustainable (USD)*
* anciennement UBS (Lux) Bond SICAV – USD Investment Grade Corporates (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 resserrer sa politique monétaire et à augmenter ses taux au cours de la dernière partie de la période sous revue afin de lut- ter contre l’inflation. Les rendements des bons du Tré- sor américain ont nettement augmenté en conséquence, reflétant les prévisions de resserrement de la politique monétaire. Le marché des titres d’entreprise américains notés «Investment grade» a connu un élargissement des écarts, en partie imputable à la volatilité élevée due à la hausse brutale des taux d’intérêt, ainsi qu’aux risques géopolitiques mondiaux accrus et au resserrement de la politique monétaire. Le marché des titres d’entreprise américains notés «Investment grade» a enregistré des rendements totaux négatifs sur la période, suite à l’augmentation des taux d’intérêt et à l’élargissement des écarts du crédit d’entreprise américain noté «Investment grade».
Le compartiment a réalisé une performance négative au cours de l’exercice. Tant la hausse des rendements des bons du Trésor américain que l’élargissement des écarts du crédit d’entreprise noté «Investment grade» ont nui au rendement global sur la période. Les revenus se sont cumulés à la performance générale. Le compartiment a adopté une approche diversifiée en investissant dans une grande variété de secteurs et d’émetteurs sur la portion intermédiaire (de 1 à 10 ans) du marché des obligations d’entreprise notées «Investment grade». La duration du compartiment ajustée de l’option a diminué à la fin de la période sous revue par rapport à celle de l’année précé- dente, avec une valeur finale de 4.3 ans.

## Structure du portefeuille-titres
Répartition géographique en % de l’actif net	
Etats-Unis	68.57
| Grande-Bretagne | 7.00 |
| --- | --- |
| Australie | 5.20 |
| Canada | 3.33 |
| Pays-Bas | 2.29 |
| Norvège | 1.79 |
| Irlande | 1.79 |
| Japon | 1.62 |
| France | 1.40 |
| Multinationaux | 0.82 |
| Bermudes | 0.77 |
| Iles Caïmans | 0.64 |
| Suède | 0.58 |
| Italie | 0.36 |
| Suisse | 0.27 |
| Jersey | 0.24 |
| Guernesey | 0.13 |
| Total | 96.80 |

Répartition économique en % de l’actif net	
| Banques & instituts de crédit | 30.19 |
| --- | --- |
| Etablissements financiers et sociétés de participation | 21.28 |
| Distribution d’énergie & d’eau | 4.84 |
| Télécommunications | 3.83 |
| Pétrole | 3.42 |
| Internet, logiciels et services informatiques | 3.29 |
| Produits pharmaceutiques, cosmétiques & médicaux | 3.24 |
| Electronique et semi-conducteurs | 3.19 |
| Trafic et transport | 2.73 |
| Soins de santé & services sociaux | 2.53 |
| Commerce de détail, centres commerciaux | 2.51 |
| Equipement informatique et de réseau | 2.26 |
| Alimentation & softs | 2.25 |
| Immobilier | 1.57 |
| Tabac et boissons alcoolisées | 1.19 |
| Biotechnologie | 1.12 |
| Appareils et composants électriques | 1.02 |
| Assurances | 0.93 |
| Industrie graphique, édition et médias | 0.92 |
| Industrie minière, charbon et acier | 0.85 |
| Services divers | 0.70 |
| Diverses sociétés commerciales | 0.55 |
| Chimie | 0.55 |
| Textiles, habillement & maroquinerie | 0.48 |
| Véhicules | 0.41 |
| Machines et appareils | 0.35 |
| Restauration et loisirs | 0.25 |
| Biens de consommation divers | 0.22 |
| Métaux non ferreux | 0.13 |
| Total | 96.80 |

UBS (Lux) Bond SICAV – USD Investment Grade Corporates Sustainable (USD)*
* anciennement UBS (Lux) Bond SICAV – USD Investment Grade Corporates (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	1 866 310 761.14
| Portefeuille-titres, plus- (moins-) value non-réalisée | 	-125 650 022.41	 |
| --- | --- |
| Total portefeuille-titres (note 1) | 1 740 660 738.73 |
| Avoirs en banque, dépôts à vue et à terme | 62 317 088.89 |
| Autres liquidités (marges) | 939 574.90 |
| Intérêts à recevoir sur titres | 13 378 177.73 |
| Bénéfice non réalisé sur contrats de change à terme (note 1) | 6 741 507.28 |
| Total Actif | 1 824 037 087.53 |
|  |  |
| Passif |  |
| Perte non réalisée sur contrats financiers à terme (note 1) | -331 343.75 |
| Crédit en compte courant | -9.71 |
| A payer sur achats de titres (note 1) | -4 600.42 |
| A payer sur rachats | -24 847 883.28 |
| Provisions pour commission de gestion forfaitaire (note 2) | -82 251.12 |
| Provisions pour taxe d’abonnement (note 3) | -30 134.44 |
| Provisions pour autres commissions et frais (note 2) | 	-555 105.17	 |
| Total des Provisions pour frais | -667 490.73 |
| Total Passif | -25 851 327.89 |
|  |  |
| Actifs nets à la fin de l’exercice | 1 798 185 759.64 |
| Etat des opérations | USD |
| Revenus | 1.6.2021-31.5.2022 |
| Revenus d’intérêts sur liquidités | 5 469.95 |
| Intérêts sur titres | 66 417 377.61 |
| Revenus nets sur prêts de titres (note 17) | 103 304.02 |
| Autres revenus (note 4) | 1 350 776.95 |
| Total des Revenus | 67 876 928.53 |
|  |  |
| Charges |  |
| Commission de gestion forfaitaire (note 2) | -1 766 649.64 |
| Taxe d’abonnement (note 3) | -227 764.64 |
| Autres commissions et frais (note 2) | -227 542.71 |
| Charges d’intérêts sur liquidités et crédit en compte courant | -1 349.07 |
| Autres charges | -473.34 |
| Total des Charges | -2 223 779.40 |
|  |  |
| Revenus (Pertes) net(te)s des investissements | 65 653 149.13 |
|  |  |
| Bénéfices (pertes) réalisé(e)s (note 1) |  |
| Bénéfice (perte) réalisé(e) sur titres évalués à la valeur de marché hors options | -7 240 179.32 |
| Bénéfice (perte) réalisé(e) sur contrats financiers à terme | 1 663 349.14 |
| Bénéfice (perte) réalisé(e) sur contrats de change à terme | -33 035 119.32 |
| Bénéfice (perte) réalisé(e) sur Swaps d’actions synthétiques | 1.95 |
| Bénéfice (perte) réalisé(e) de change réalisé(e) | 1 303 702.28 |
| Total des Bénéfices (pertes) réalisé(e)s | -37 308 245.27 |
|  |  |
| Bénéfice (perte) net(te) réalisé(e) au cours de l’exercice | 28 344 903.86 |
|  |  |
| Variations des plus- (moins-) values non-réalisées (note 1) |  |
| Plus- (Moins-) value non réalisée sur titres évalués à la valeur de marché hors options | -223 118 185.86 |
| Plus- (Moins-) value non réalisée sur contrats financiers à terme | -144 632.83 |
| Plus- (Moins-) value non réalisée sur contrats de change à terme | 8 485 717.13 |
| Total des Variations des plus- (moins-) values non-réalisées | -214 777 101.56 |
|  |  |
| Augmentation/(diminution) nette de l’actif net issue de l’activité | -186 432 197.70 |

UBS (Lux) Bond SICAV – USD Investment Grade Corporates Sustainable (USD)*
* anciennement UBS (Lux) Bond SICAV – USD Investment Grade Corporates (USD)
Rapport annuel et états financiers révisés au 31 mai 2022
| Variations de l’actif net |  |
| --- | --- |
|  | USD |
|  | 1.6.2021-31.5.2022 |
| Actif net au début de l’exercice | 2 312 275 078.09 |
| Souscriptions | 462 801 978.66 |
| Rachats | 	-790 459 099.41	 |
| Souscriptions (Rachats) net(te)s | -327 657 120.75 |
| Revenus (Pertes) net(te)s des investissements | 65 653 149.13 |
| Total des Bénéfices (pertes) réalisé(e)s | -37 308 245.27 |
| Total des Variations des plus- (moins-) values non-réalisées | 	-214 777 101.56	 |
| Augmentation/(diminution) nette de l’actif net issue de l’activité | -186 432 197.70 |
| Actifs nets à la fin de l’exercice | 1 798 185 759.64 |
| Evolution des actions en circulation |  |
|  | 1.6.2021-31.5.2022 |
| Catégorie | F-acc |
| Nombre d’actions en circulation au début de l’exercice | 4 507.5910 |
| Nombre d’actions émises | 397.0000 |
| Nombre d’actions rachetées | -2 466.0000 |
| Nombre d’actions en circulation à la fin de l’exercice | 2 438.5910 |
| Catégorie | U-X-acc |
| Nombre d’actions en circulation au début de l’exercice | 122 589.8450 |
| Nombre d’actions émises | 31 211.0000 |
| Nombre d’actions rachetées | -41 245.0000 |
| Nombre d’actions en circulation à la fin de l’exercice | 112 555.8450 |
| Catégorie | (CHF hedged) U-X-acc |
| Nombre d’actions en circulation au début de l’exercice | 19 390.9160 |
| Nombre d’actions émises | 1 837.0000 |
| Nombre d’actions rachetées | -1 333.0000 |
| Nombre d’actions en circulation à la fin de l’exercice | 19 894.9160 |
| Catégorie | (EUR hedged) U-X-acc |
| Nombre d’actions en circulation au début de l’exercice | 3 851.0000 |
| Nombre d’actions émises | 1 190.2150 |
| Nombre d’actions rachetées | -691.0000 |
| Nombre d’actions en circulation à la fin de l’exercice | 4 350.2150 |

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

## Etat du portefeuille-titres et autres actifs nets au 31 mai 2022
| Dénomination | Nombre/ | Evaluation en USD | en % |
| --- | --- | --- | --- |
|  | Nominal | Bénéfice/(perte) non | de |
|  |  | réalisé(e) sur futures/ | l’actif |
|  |  | Contrats de | net |
|  |  | change à terme/ |  |
|  |  | Swaps (note 1) |  |
| Titres et instruments du marché monétaire négociés sur une bourse officielle Billets, taux fixe |  |  |  |
| USD |  |  |  |
| USD	ABBVIE INC 3.20000% 20-21.11.29 | 5 000 000.00 | 4 700 187.05 | 0.26 |
| USD	ADOBE INC 2.30000% 20-01.02.30 | 3 946 000.00 | 3 544 957.05 | 0.20 |
| USD	AERCAP IRELAND CAP/ GLBL AVIATION TRUST 6.50000% 20-15.07.25 | 4 000 000.00 | 4 175 201.16 | 0.23 |
| USD	AERCAP IRELAND CAPITAL DAC / AERCAP 1.65000% 21-29.10.24 | 6 500 000.00 | 6 093 468.10 | 0.34 |
| USD	AERCAP IRELAND CAPITAL DAC / AERCAP GLO 2.45000% 21-29.10.26 | 10 000 000.00 | 8 941 822.40 | 0.50 |
| USD	AETNA INC 2.80000% 16-15.06.23 | 8 000 000.00 | 8 014 589.12 | 0.45 |
| USD	AIR LEASE CORP 3.25000% 18-01.03.25 | 10 150 000.00 | 9 853 343.51 | 0.55 |
| USD	ALLY FINANCIAL INC 5.12500% 14-30.09.24 | 2 600 000.00 | 2 681 902.73 | 0.15 |
| USD	ALLY FINANCIAL INC 5.80000% 20-01.05.25 | 1 000 000.00 | 1 045 469.56 | 0.06 |
| USD	ALPHABET INC 0.45000% 20-15.08.25 | 4 350 000.00 | 4 040 170.95 | 0.23 |
| USD	ALPHABET INC 1.10000% 20-15.08.30 | 7 802 000.00 | 6 556 871.96 | 0.36 |
| USD	AMAZON.COM INC 1.20000% 20-03.06.27 | 12 500 000.00 | 11 262 443.75 | 0.63 |
| USD	AMERICAN INTERNATIONAL GROUP INC 4.25000% 19-15.03.29 | 3 000 000.00 | 2 987 869.74 | 0.17 |
| USD	AMGEN INC 2.45000% 20-21.02.30 | 4 502 000.00 | 4 035 519.15 | 0.22 |
| USD	ANALOG DEVICES INC 1.70000% 21-01.10.28 | 6 000 000.00 | 5 348 088.36 | 0.30 |
| USD	ANGLO AMERICAN CAPITAL PLC-144A 4.87500% 15-14.05.25 | 1 953 000.00 | 1 998 260.78 | 0.11 |
| USD	ANHEUSER-BUSCH INBEV WORLDWIDE INC 4.75000% 19-23.01.29 | 10 000 000.00 | 10 400 703.00 | 0.58 |
| USD	ANZ NEW ZEALAND INT’L LTD/LONDON-144A 1.25000% 21-22.06.26 | 6 300 000.00 | 5 731 912.62 | 0.32 |
| USD	AON CORP 2.80000% 20-15.05.30 | 5 000 000.00 | 4 485 370.80 | 0.25 |
| USD	APPLE INC 1.12500% 20-11.05.25 | 12 000 000.00 | 11 418 680.52 | 0.64 |
| USD	APPLE INC 1.65000% 20-11.05.30 | 10 360 000.00 | 9 024 481.62 | 0.50 |
| USD	APPLE INC 3.00000% 17-13.11.27 | 5 000 000.00 | 4 936 505.90 | 0.27 |
| USD	APTIV PLC 2.39600% 22-18.02.25 | 4 500 000.00 | 4 348 923.57 | 0.24 |
| USD	ASHTEAD CAPITAL INC-144A 4.25000% 19-01.11.29 | 5 250 000.00 | 4 920 047.74 | 0.27 |
| USD	ASHTEAD CAPITAL INC-144A 1.50000% 21-12.08.26 | 1 500 000.00 | 1 334 231.60 | 0.07 |
| USD	ASTRAZENECA PLC 4.00000% 18-17.01.29 | 5 000 000.00 | 5 066 460.05 | 0.28 |
| USD	AT&T INC 2.75000% 20-01.06.31 | 12 000 000.00 | 10 740 542.52 | 0.60 |
| USD	AT&T INC 4.30000% 18-15.02.30 | 2 910 000.00 | 2 934 021.94 | 0.16 |
| USD	BANK OF NOVA SCOTIA-SUB 4.50000% 15-16.12.25 | 6 050 000.00 | 6 143 883.54 | 0.34 |
| USD	BARCLAYS PLC 3.65000% 15-16.03.25 | 7 000 000.00 | 6 964 664.00 | 0.39 |
| USD	BARCLAYS PLC-SUB 4.37500% 14-11.09.24 | 11 750 000.00 | 11 892 150.91 | 0.66 |
| USD	BP CAPITAL MARKETS AMERICA INC 3.41000% 19-11.02.26 | 10 000 000.00 | 9 965 334.50 | 0.55 |
| USD	BRISTOL-MYERS SQUIBB CO 3.20000% 20-15.06.26 | 5 250 000.00 | 5 246 426.69 | 0.29 |
| USD	BRITISH TELECOMMUNICATIONS PLC 4.50000% 18-04.12.23 | 10 614 000.00 | 10 793 556.08 | 0.60 |
| USD	BROADCOM CORP/CAYMAN FIN LTD 3.87500% 18-15.01.27 | 6 849 000.00 | 6 735 243.52 | 0.37 |
| USD	BROADCOM CORP/CAYMAN FIN LTD 3.50000% 18-15.01.28 | 2 049 000.00 | 1 946 783.67 | 0.11 |
| USD	CANADIAN IMPERIAL BANK OF COMMERCE 1.00000% 21-18.10.24 | 11 000 000.00 | 10 389 670.94 | 0.58 |
| USD	CANADIAN PACIFIC RAILWAY 1.75000% 21-02.12.26 | 7 000 000.00 | 6 446 603.10 | 0.36 |
| USD	CANADIAN PACIFIC RAILWAY 2.45000% 21-02.12.31 | 2 500 000.00 | 2 202 500.85 | 0.12 |
| USD	CAPITAL ONE FINANCIAL CORP-SUB 4.20000% 15-29.10.25 | 9 501 000.00 | 9 557 130.29 | 0.53 |
| USD	CCO LLC/CAPITAL 4.90800% 16-23.07.25 | 8 000 000.00 | 8 168 634.16 | 0.45 |
| USD	CIGNA CORP 2.40000% 20-15.03.30 | 3 000 000.00 | 2 650 666.23 | 0.15 |
| USD	CIGNA CORP 4.12500% 19-15.11.25 | 6 500 000.00 | 6 611 891.00 | 0.37 |
| USD	CITIGROUP INC 3.20000% 16-21.10.26 | 10 000 000.00 | 9 692 591.70 | 0.54 |
| USD	CITIGROUP INC 3.70000% 16-12.01.26 | 5 750 000.00 | 5 706 613.61 | 0.32 |
| USD	CITIGROUP INC-SUB 3.87500% 15-26.03.25 | 2 500 000.00 | 2 502 500.12 | 0.14 |
| USD	CITIGROUP INC-SUB 4.40000% 15-10.06.25 | 5 000 000.00 | 5 054 249.00 | 0.28 |
| USD	CITIGROUP INC-SUB 4.45000% 15-29.09.27 | 18 000 000.00 | 18 047 715.84 | 1.00 |
| USD	CITIGROUP INC-SUB 4.60000% 16-09.03.26 | 5 000 000.00 | 5 069 442.40 | 0.28 |
| USD	CITIGROUP INC-SUB 5.50000% 13-13.09.25 | 6 250 000.00 | 6 538 145.43 | 0.36 |
| USD	CMS ENERGY CORP 3.60000% 15-15.11.25 | 3 000 000.00 | 2 983 741.32 | 0.17 |
| USD	COCA-COLA CO/THE 1.65000% 20-01.06.30 | 6 954 000.00 | 6 013 189.38 | 0.33 |
| USD	COMCAST CORP 4.25000% 18-15.10.30 | 8 500 000.00 | 8 660 720.47 | 0.48 |
| USD	COSTCO WHOLESALE CORP 1.60000% 20-20.04.30 | 9 000 000.00 | 7 739 983.98 | 0.43 |
| USD	CREDIT AGRICOLE SA-144A-SUB 4.37500% 15-17.03.25 | 4 500 000.00 | 4 507 488.54 | 0.25 |
| USD	CREDIT SUISSE GROUP AG-144A 4.28200% 17-09.01.28 | 5 000 000.00 | 4 809 008.10 | 0.27 |
| USD	CREDIT SUISSE GROUP AG 4.55000% 16-17.04.26 | 2 250 000.00 | 2 247 466.18 | 0.13 |
| USD	DELL INTERNATIONAL LLC / EMC CORP 6.02000% 21-15.06.26 | 12 000 000.00 | 12 671 237.16 | 0.70 |
| USD	DOMINION ENERGY INC 3.37500% 20-01.04.30 | 15 000 000.00 | 14 039 754.30 | 0.78 |
| USD	DTE ENERGY CO 2.95000% 19-01.03.30 | 9 000 000.00 | 8 165 050.92 | 0.45 |
| USD	DTE ENERGY CO 3.40000% 19-15.06.29 | 7 463 000.00 | 7 040 055.67 | 0.39 |
| USD	EBAY INC 2.60000% 21-10.05.31 | 3 650 000.00 | 3 142 037.02 | 0.18 |
| USD	ENBRIDGE ENERGY PARTNERS LP 5.87500% 15-15.10.25 | 13 867 000.00 | 14 656 764.06 | 0.82 |
| USD	ENI SPA-144A 4.00000% 18-12.09.23 | 6 500 000.00 | 6 561 173.06 | 0.37 |
| USD	ENTERPRISE PRODUCTS OPERATING LLC 3.70000% 15-15.02.26 | 2 500 000.00 | 2 504 342.08 | 0.14 |
| USD	EQT CORP 3.90000% 17-01.10.27 | 6 000 000.00 | 5 783 340.00 | 0.32 |
| USD	EQUINIX INC 2.15000% 20-15.07.30 | 5 000 000.00 | 4 199 378.05 | 0.23 |
| USD	EQUINOR ASA 2.87500% 20-06.04.25 | 17 000 000.00 | 16 889 040.15 | 0.94 |
| USD	FISERV INC 3.20000% 19-01.07.26 | 15 000 000.00 | 14 566 801.95 | 0.81 |
| USD	FORD MOTOR CREDIT CO 3.37500% 20-13.11.25 | 5 800 000.00 | 5 551 644.00 | 0.31 |
| USD	GENERAL MOTORS CO 4.20000% 17-01.10.27 | 2 500 000.00 | 2 421 595.53 | 0.13 |
| USD	GENERAL MOTORS FINANCIAL CO INC 4.25000% 14-15.05.23 | 6 500 000.00 | 6 570 923.90 | 0.37 |
| USD	GENERAL MOTORS FINANCIAL CO INC 4.00000% 16-06.10.26 | 1 750 000.00 | 1 714 942.80 | 0.10 |
| USD	GENERAL MOTORS FINANCIAL CO INC 3.50000% 17-07.11.24 | 8 217 000.00 | 8 177 871.71 | 0.46 |
| USD	GENERAL MOTORS FINANCIAL CO INC 5.10000% 19-17.01.24 | 2 900 000.00 | 2 970 100.16 | 0.17 |
| USD	GENERAL MOTORS FINANCIAL CO INC 2.90000% 20-26.02.25 | 15 000 000.00 | 14 584 330.65 | 0.81 |
| USD	GEORGIA POWER CO 2.65000% 19-15.09.29 | 10 000 000.00 | 8 904 415.40 | 0.50 |
| USD	GILEAD SCIENCES INC 3.65000% 15-01.03.26 | 2 358 000.00 | 2 359 084.77 | 0.13 |
| USD	GILEAD SCIENCES INC 1.65000% 20-01.10.30 | 5 000 000.00 | 4 215 977.80 | 0.23 |
| USD	GOLDMAN SACHS GROUP INC-SUB 4.25000% 15-21.10.25 | 5 000 000.00 | 5 065 082.35 | 0.28 |
| USD	GOLDMAN SACHS GROUP INC 3.80000% 20-15.03.30 | 2 500 000.00 | 2 386 537.77 | 0.13 |
| USD	HCA INC 4.12500% 19-15.06.29 | 8 000 000.00 | 7 749 791.44 | 0.43 |
| USD	HCA INC 5.00000% 14-15.03.24 | 6 750 000.00 | 6 922 782.18 | 0.39 |
| USD	HEALTHPEAK PROPERTIES 2.12500% 21-01.12.28 | 5 000 000.00 | 4 450 353.30 | 0.25 |
| USD	HOME DEPOT INC 2.70000% 20-15.04.30 | 5 000 000.00 | 4 633 310.70 | 0.26 |
| USD	HOME DEPOT INC/THE 1.50000% 21-15.09.28 | 7 500 000.00 | 6 650 329.88 | 0.37 |
| USD	HOME DEPOT INC/THE 2.95000% 19-15.06.29 | 5 000 000.00 | 4 758 829.10 | 0.26 |
| USD	HSBC HOLDINGS PLC 4.30000% 16-08.03.26 | 5 441 000.00 | 5 459 900.24 | 0.30 |

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

|  | Dénomination | Nombre/ | Evaluation en USD | en % |
| --- | --- | --- | --- | --- |
|  | Nominal | Bénéfice/(perte) non | de |
|  |  | réalisé(e) sur futures/ | l’actif |
|  |  | Contrats de | net |
|  |  | change à terme/ |  |
|  |  | Swaps (note 1) |  |
|  |  |  |  |  |
| USD | HSBC HOLDINGS PLC-SUB 4.37500% 16-23.11.26 | 1 750 000.00 | 1 753 475.67 | 0.10 |
| USD | INTERCONTINENTAL EXCHANGE INC 2.10000% 20-15.06.30 | 4 000 000.00 | 3 460 109.60 | 0.19 |
| USD | INTERNATIONAL BUSINESS MACHINES CORP 3.45000% 16-19.02.26 | 7 500 000.00 | 7 489 201.58 | 0.42 |
| USD | JOHNSON CONTROLS INTERNATIONAL PLC 2.00000% 21-16.09.31 | 10 000 000.00 | 8 250 062.20 | 0.46 |
| USD | JPMORGAN CHASE & CO-SUB 3.87500% 14-10.09.24 | 19 500 000.00 | 19 748 985.36 | 1.10 |
| USD | JPMORGAN CHASE & CO-SUB 3.62500% 16-01.12.27 | 12 500 000.00 | 12 205 924.13 | 0.68 |
| USD | KINROSS GOLD CORP 5.95000% 14-15.03.24 | 2 250 000.00 | 2 331 871.76 | 0.13 |
| USD | LLOYDS BANKING GROUP PLC-SUB 4.58200% 16-10.12.25 | 4 000 000.00 | 4 020 246.56 | 0.22 |
| USD | LLOYDS BANKING GROUP PLC-SUB 4.50000% 14-04.11.24 | 2 293 000.00 | 2 315 478.60 | 0.13 |
| USD | LOWE’S COS INC 1.70000% 21-15.09.28 | 8 000 000.00 | 6 987 745.84 | 0.39 |
| USD | LSEGA FINANCING PLC-144A 1.37500% 21-06.04.26 | 5 000 000.00 | 4 549 830.30 | 0.25 |
| USD | LSEGA FINANCING PLC-144A 2.50000% 21-06.04.31 | 4 867 000.00 | 4 262 785.60 | 0.24 |
| USD | MASCO CORP 1.50000% 21-15.02.28 | 2 000 000.00 | 1 730 797.00 | 0.10 |
| USD | MASCO CORP 2.00000% 20-01.10.30 | 2 700 000.00 | 2 207 743.86 | 0.12 |
| USD | MASTERCARD INC 3.35000% 20-26.03.30 | 2 445 000.00 | 2 379 897.50 | 0.13 |
| USD | MERCK & CO INC 1.45000% 20-24.06.30 | 12 000 000.00 | 10 181 671.68 | 0.57 |
| USD | MERCK & CO INC 1.70000% 21-10.06.27 | 7 000 000.00 | 6 483 208.69 | 0.36 |
| USD | MICROSOFT CORP 3.30000% 17-06.02.27 | 5 000 000.00 | 5 059 506.90 | 0.28 |
| USD | MITSUBISHI UFJ FINANCIAL GRP INC 2.19300% 20-25.02.25 | 12 000 000.00 | 11 571 586.80 | 0.64 |
| USD | MITSUBISHI UFJ FINANCIAL GROUP INC 1.41200% 20-17.07.25 | 5 851 000.00 | 5 451 422.33 | 0.30 |
| USD | MIZUHO BANK LTD-144A 3.60000% 14-25.09.24 | 2 333 000.00 | 2 344 293.12 | 0.13 |
| USD | MORGAN STANLEY-SUB 5.00000% 13-24.11.25 | 5 000 000.00 | 5 173 707.20 | 0.29 |
| USD | MPT OPERATING PARTNERSHIP LP/FIN CORP 4.62500% 19-01.08.29 | 5 000 000.00 | 4 723 184.35 | 0.26 |
| USD | NATWEST GROUP PLC 4.80000% 16-05.04.26 | 10 000 000.00 | 10 125 723.90 | 0.56 |
| USD | NATWEST MARKETS PLC-144A 0.80000% 21-12.08.24 | 9 000 000.00 | 8 451 441.90 | 0.47 |
| USD | NEXTERA ENERGY CAP 2.44000% 21-15.01.32 | 8 000 000.00 | 6 845 597.20 | 0.38 |
| USD | NIKE INC 2.75000% 20-27.03.27 | 8 764 000.00 | 8 570 593.42 | 0.48 |
| USD | NVIDIA CORP 2.85000% 20-01.04.30 | 2 560 000.00 | 2 395 461.27 | 0.13 |
| USD | ORACLE CORP 2.80000% 20-01.04.27 | 10 000 000.00 | 9 279 283.20 | 0.52 |
| USD | PAYPAL HOLDINGS INC 2.30000% 20-01.06.30 | 10 825 000.00 | 9 485 374.97 | 0.53 |
| USD | PEPSICO INC 1.62500% 20-01.05.30 | 6 232 000.00 | 5 391 900.04 | 0.30 |
| USD | PEPSICO INC 1.95000% 21-21.10.31 | 6 500 000.00 | 5 654 357.80 | 0.31 |
| USD | PFIZER INC 2.62500% 20-01.04.30 | 6 390 000.00 | 5 945 073.63 | 0.33 |
| USD | PLAINS ALL AMERICAN PIPELINE LP 4.65000%15-15.10.25 | 2 525 000.00 | 2 556 113.78 | 0.14 |
| USD | PUBLIC STORAGE 1.95000% 21-09.11.28 | 3 000 000.00 | 2 662 461.24 | 0.15 |
| USD | PUBLIC STORAGE 3.09400% 17-15.09.27 | 5 000 000.00 | 4 838 444.50 | 0.27 |
| USD | PUBLIC STORAGE 3.38500% 19-01.05.29 | 3 000 000.00 | 2 877 261.60 | 0.16 |
| USD | QUALCOMM INC 3.25000% 17-20.05.27 | 2 250 000.00 | 2 233 361.67 | 0.12 |
| USD | QUANTA SERVICES INC 2.90000% 20-01.10.30 | 10 500 000.00 | 9 113 665.99 | 0.51 |
| USD | QUANTA SERVICES INC 0.95000% 21-01.10.24 | 3 000 000.00 | 2 825 401.59 | 0.16 |
| USD | SABINE PASS LIQUEFACTION LLC 5.75000% 14-15.05.24 | 5 000 000.00 | 5 165 126.85 | 0.29 |
| USD | SABINE PASS LIQUEFACTION LLC 5.00000% 17-15.03.27 | 4 850 000.00 | 4 999 595.88 | 0.28 |
| USD | SALESFORCE.COM INC 1.50000% 21-15.07.28 | 7 000 000.00 | 6 251 551.53 | 0.35 |
| USD | SEMPRA ENERGY 3.25000% 17-15.06.27 | 3 188 000.00 | 3 074 763.77 | 0.17 |
| USD | SOUTHWEST AIRLINES CO 3.45000% 17-16.11.27 | 5 000 000.00 | 4 778 561.05 | 0.27 |
| USD | STEEL DYNAMICS INC 5.00000% 17-15.12.26 | 3 500 000.00 | 3 550 946.28 | 0.20 |
| USD | SUMITOMO MITSUI FIN GP INC 2.44800% 19-27.09.24 | 4 000 000.00 | 3 915 379.20 | 0.22 |
| USD | SWEDBANK AB-144A 1.53800% 21-16.11.26 | 11 500 000.00 | 10 502 365.11 | 0.58 |
| USD | SYNGENTA FINANCE NV-144A 4.44100% 18-24.04.23 | 7 000 000.00 | 7 048 470.94 | 0.39 |
| USD | TEXAS INSTRUMENTS INC 1.12500% 21-15.09.26 | 2 500 000.00 | 2 301 277.53 | 0.13 |
| USD | TEXAS INSTRUMENTS INC 1.90000% 21-15.09.31 | 3 000 000.00 | 2 601 248.94 | 0.14 |
| USD | THERMO FISHER SCIENTIFIC INC 2.00000% 21-15.10.31 | 4 500 000.00 | 3 834 465.30 | 0.21 |
| USD | THERMO FISHER SCIENTIFIC INC 1.21500% 21-18.10.24 | 10 000 000.00 | 9 575 282.60 | 0.53 |
| USD | TRUIST BANK-SUB 3.30000% 16-15.05.26 | 27 494 000.00 | 27 021 065.26 | 1.50 |
| USD | UNION PACIFIC CORP 3.70000% 19-01.03.29 | 5 000 000.00 | 4 929 925.00 | 0.27 |
| USD | UNITED RENTALS NORTH AMERICA INC 3.87500% 19-15.11.27 | 11 000 000.00 | 10 597 583.70 | 0.59 |
| USD | UNITEDHEALTH GROUP INC 3.50000% 18-15.02.24 | 5 000 000.00 | 5 067 975.50 | 0.28 |
| USD | UNITEDHEALTH GROUP INC 2.00000% 20-15.05.30 | 11 210 000.00 | 9 876 402.35 | 0.55 |
| USD | VERIZON COMMUNICATIONS INC 4.32900% 18-21.09.28 | 15 116 000.00 | 15 312 196.61 | 0.85 |
| USD | VICI PROPERTIES LP 5.12500% 22-15.05.32 | 4 500 000.00 | 4 462 110.00 | 0.25 |
| USD | VISA INC 1.10000% 20-15.02.31 | 9 000 000.00 | 7 364 474.10 | 0.41 |
| USD | VMWARE INC 3.90000% 17-21.08.27 | 5 000 000.00 | 4 922 125.50 | 0.27 |
| USD | WALT DISNEY CO 2.00000% 19-01.09.29 | 11 000 000.00 | 9 713 302.06 | 0.54 |
| USD | WESTERN DIGITAL CORP 2.85000% 21-01.02.29 | 3 000 000.00 | 2 548 500.00 | 0.14 |
| USD | WESTPAC BANKING CORP 2.70000% 16-19.08.26 | 9 661 000.00 | 9 297 969.57 | 0.52 |
| USD | WESTPAC BANKING CORP 1.01900% 21-18.11.24 | 4 000 000.00 | 3 804 436.40 | 0.21 |
| Total USD |  |  | 988 128 176.26 | 54.95 |
| Total des Billets, taux fixe |  | 988 128 176.26 | 54.95 |
| Billets, taux variable |  |  |  |
| USD |  |  |  |
| USD	BANK OF AMERICA CORP 3.366%/VAR 18-23.01.26 | 12 000 000.00 | 11 819 760.00 | 0.66 |
| USD	BANK OF AMERICA CORP 3.419%/VAR 18-20.12.28 | 5 875 000.00 | 5 615 144.70 | 0.31 |
| USD	BANK OF AMERICA CORP 4.271%/VAR 18-23.07.29 | 6 000 000.00 | 5 959 176.36 | 0.33 |
| USD	BANK OF AMERICA CORP 2.572%/VAR 21-20.10.32 | 3 000 000.00 | 2 572 876.20 | 0.14 |
| USD	BARCLAYS PLC 1.007%/VAR 20-10.12.24 | 5 959 000.00 | 5 710 960.97 | 0.32 |
| USD	BK OF AMERICA CORP 3.004%/VAR 18-20.12.23 | 20 954 000.00 | 20 948 626.97 | 1.17 |
| USD	FIRSTENERGY CORP STEP-UP/RTG LKD 17-15.07.22 | 5 000 000.00 | 4 977 500.00 | 0.28 |
| USD	GOLDMAN SACHS GROUP INC 3.691%/VAR 17-05.06.28 | 6 500 000.00 | 6 328 144.42 | 0.35 |
| USD	GOLDMAN SACHS GROUP INC 3.272%/VAR 17-29.09.25 | 5 000 000.00 | 4 950 408.20 | 0.28 |
| USD	GOLDMAN SACHS GROUP INC/THE 1.992%/VAR 21-27.01.32 | 2 000 000.00 | 1 642 890.72 | 0.09 |
| USD	HSBC HOLDINGS PLC 0.976%/VAR 21-24.05.25 | 7 500 000.00 | 7 077 682.88 | 0.39 |
| USD	HSBC HOLDINGS PLC 2.206%/VAR 21-17.08.29 | 7 500 000.00 | 6 498 890.03 | 0.36 |
| USD	HSBC HOLDINGS PLC 3.803%/VAR 19-11.03.25 | 6 000 000.00 | 5 986 411.26 | 0.33 |
| USD	JPMORGAN CHASE & CO 3.702%/VAR 19-06.05.30 | 5 000 000.00 | 4 806 553.00 | 0.27 |
| USD	JPMORGAN CHASE & CO 2.301%/VAR 19-15.10.25 | 14 267 000.00 | 13 801 112.82 | 0.77 |
| USD	JPMORGAN CHASE & CO 2.182%/VAR 20-01.06.28 | 14 000 000.00 | 12 741 592.22 | 0.71 |
| USD	MIZUHO FINANCIAL GROUP INC 2.839%/3M LIBOR+98BP 19-16.07.25 | 6 000 000.00 | 5 895 763.20 | 0.33 |
| USD	VODAFONE GROUP PLC-SUB 3.250%/VAR 21-04.06.81 | 4 000 000.00 | 3 594 867.20 | 0.20 |
| USD	WESTPAC BANKING CORP-SUB 2.668%/VAR 20-15.11.35 | 5 000 000.00 | 4 140 388.50 | 0.23 |
| USD	WESTPAC BANKING CORP-SUB 3.020%/VAR 21-18.11.36 | 7 000 000.00 | 5 833 201.50 | 0.32 |
| Total USD |  | 140 901 951.15 | 7.84 |
| Total des Billets, taux variable |  | 140 901 951.15 | 7.84 |

UBS (Lux) Bond SICAV – USD Investment Grade Corporates Sustainable (USD)*
* anciennement UBS (Lux) Bond SICAV – USD Investment Grade Corporates (USD)
Rapport annuel et états financiers révisés au 31 mai 2022
| Dénomination | Nombre/ | Evaluation en USD | en % |
| --- | --- | --- | --- |
|  | Nominal | Bénéfice/(perte) non | de |
|  |  | réalisé(e) sur futures/ | l’actif |
|  |  | Contrats de | net |
|  |  | change à terme/ |  |
|  |  | Swaps (note 1) |  |
| Medium-Term Notes, taux fixe |  |  |  |
| USD |  |  |  |
| USD	BANK OF AMERICA CORP-SUB 4.20000% 14-26.08.24 | 5 500 000.00 | 5 589 556.06 | 0.31 |
| USD	BANK OF AMERICA CORP-SUB 4.25000% 14-22.10.26 | 14 500 000.00 | 14 661 657.45 | 0.81 |
| USD	BANK OF AMERICA CORP-SUB 4.45000% 16-03.03.26 | 14 500 000.00 | 14 675 054.87 | 0.82 |
| USD	BANK OF AMERICA CORP 3.24800% 16-21.10.27 | 10 000 000.00 | 9 683 967.80 | 0.54 |
| USD	BANK OF MONTREAL 1.25000% 21-15.09.26 | 18 000 000.00 | 16 192 203.84 | 0.90 |
| USD	JOHN DEERE CAPITAL 2.12500% 22-07.03.25 | 2 000 000.00 | 1 953 104.00 | 0.11 |
| USD	JOHN DEERE CAPITAL CORP 1.50000% 21-06.03.28 | 9 000 000.00 | 8 062 345.62 | 0.45 |
| USD	JOHN DEERE CAPITAL CORP 2.00000% 21-17.06.31 | 6 000 000.00 | 5 209 423.74 | 0.29 |
| USD	JOHN DEERE CAPITAL CORP 1.30000% 21-13.10.26 | 5 000 000.00 | 4 584 030.15 | 0.26 |
| USD	MORGAN STANLEY-SUB 3.95000% 15-23.04.27 | 25 000 000.00 | 24 749 030.75 | 1.38 |
| USD	ROYAL BANK OF CANADA 2.30000% 21-03.11.31 | 8 800 000.00 | 7 530 137.21 | 0.42 |
| USD	WALT DISNEY CO/THE 3.15000% 15-17.09.25 | 3 000 000.00 | 2 982 970.26 | 0.16 |
| Total USD |  | 115 873 481.75 | 6.45 |
| Total des Medium-Term Notes, taux fixe |  | 115 873 481.75 | 6.45 |
| Medium-Term Notes, taux variable |  |  |  |
| USD |  |  |  |
| USD	BANK OF AMERICA CORP 3.970%/3M LIBOR+107BP 18-05.03.29 | 3 399 000.00 | 3 328 626.32 | 0.18 |
| USD	BANK OF AMERICA CORP 2.884%/VAR 19-22.10.30 | 4 000 000.00 | 3 612 384.40 | 0.20 |
| USD	BANK OF AMERICA CORP 2.015%/3M LIBOR+64BP 20-13.02.26 | 5 500 000.00 | 5 228 990.58 | 0.29 |
| USD	BANK OF AMERICA CORP 2.496%/3M LIBOR+99BP 20-13.02.31 | 3 000 000.00 | 2 643 169.05 | 0.15 |
| USD	MORGAN STANLEY 0.864%/VAR 20-21.10.25 | 10 000 000.00 | 9 363 025.60 | 0.52 |
| USD	MORGAN STANLEY 1.794%/VAR 20-13.02.32 | 5 000 000.00 | 4 101 732.95 | 0.23 |
| Total USD |  | 28 277 928.90 | 1.57 |
| Total des Medium-Term Notes, taux variable |  | 28 277 928.90 | 1.57 |
| Obligations, taux fixe |  |  |  |
| USD |  |  |  |
| USD	COMCAST CORP 3.15000% 17-15.02.28 | 5 000 000.00 | 4 882 350.00 | 0.27 |
| USD	DUKE ENERGY CAROLINAS LLC 2.45000% 20-01.02.30 | 11 500 000.00 | 10 305 082.72 | 0.57 |
| USD	GOLDMAN SACHS GROUP INC/THE 3.85000% 17-26.01.27 | 7 962 000.00 | 7 892 693.02 | 0.44 |
| USD	JP MORGAN CHASE & CO-SUB 4.25000% 15-01.10.27 | 10 000 000.00 | 10 045 989.10 | 0.56 |
| USD	MICROSOFT CORP 2.40000% 16-08.08.26 | 2 000 000.00 | 1 962 845.86 | 0.11 |
| USD	NATIONAL RURAL UTILITIES COOP FIN CORP 3.90000% 18-01.11.28 | 10 000 000.00 | 9 925 911.10 | 0.55 |
| USD	SOUTHERN CALIFORNIA EDISON CO 3.70000% 18-01.08.25 | 7 000 000.00 | 6 977 153.33 | 0.39 |
| USD	SOUTHERN CALIFORNIA EDISON CO 2.85000% 19-01.08.29 | 3 000 000.00 | 2 700 473.79 | 0.15 |
| Total USD |  | 54 692 498.92 | 3.04 |
| Total des Obligations, taux fixe |  | 54 692 498.92 | 3.04 |
| Obligations, taux variable |  |  |  |
| USD |  |  |  |
| USD	BP CAPITAL MARKETS PLC-SUB 4.375%/VAR 20-PRP | 8 500 000.00 | 8 280 006.23 | 0.46 |
| USD	GOLDMAN SACHS GROUP INC 4.223%/VAR 18-01.05.29 | 10 000 000.00 | 9 931 618.10 | 0.55 |
| Total USD |  | 18 211 624.33 | 1.01 |
| Total des Obligations, taux variable |  | 18 211 624.33 | 1.01 |
| Total des Titres et instruments du marché monétaire négociés sur une bourse officielle |  | 1 346 085 661.31 | 74.86 |
| Titres et instruments du marché monétaire négociés sur un autre marché réglementé |  |  |  |
| Billets, taux fixe |  |  |  |
| USD |  |  |  |
| USD	AKER BP ASA-144A 3.00000% 20-15.01.25 | 7 000 000.00 | 6 857 283.30 | 0.38 |
| USD	AKER BP ASA-144A 3.75000% 20-15.01.30 | 4 000 000.00 | 3 727 650.60 | 0.21 |
| USD	AUSTRALIA & NEW ZEALAND BANK-144A-SUB 2.57000% 20-25.11.35 | 8 000 000.00 | 6 559 814.64 | 0.37 |
| USD	AVOLON HOLDINGS FUNDING LTD-144A 2.87500% 20-15.02.25 | 5 000 000.00 | 4 701 486.00 | 0.26 |
| USD	AVOLON HOLDINGS FUNDING LTD-144A 2.12500% 21-21.02.26 | 9 000 000.00 | 8 060 400.00 | 0.45 |
| USD	BACARDI LTD-144A 4.45000% 18-15.05.25 | 11 000 000.00 | 11 047 190.00 | 0.62 |
| USD	BAKER HUGHES HOLDINGS LLC / BAKER HUGH 1.23100% 21-15.12.23 | 5 000 000.00 | 4 881 538.90 | 0.27 |
| USD	BROADCOM INC 4.11000% 20-15.09.28 | 5 311 000.00 | 5 174 751.39 | 0.29 |
| USD	CENTENE CORP 4.62500% 20-15.12.29 | 5 100 000.00 | 5 026 254.00 | 0.28 |
| USD	CHENIERE CORPUS CHRISTI HLDGS LLC 5.12500% 17-30.06.27 | 3 500 000.00 | 3 606 108.03 | 0.20 |
| USD	CHEVRON PHILLIPS CHEMICAL CO LLC-144A 3.70000% 18-01.06.28 | 7 000 000.00 | 6 880 619.34 | 0.38 |
| USD	DAIMLER FINANCE NORTH AMERICA LLC-144A 2.70000% 19-14.06.24 | 5 000 000.00 | 4 942 524.75 | 0.28 |
| USD	DELTA AIR LINES INC-144A 7.00000% 20-01.05.25 | 11 250 000.00 | 12 034 229.51 | 0.67 |
| USD	ENEL FINANCE INTERNATIONAL SA-144A 2.65000% 19-10.09.24 | 8 000 000.00 | 7 810 509.04 | 0.44 |
| USD	FIVE CORNERS FUNDING TRUST II -144A 2.85000% 20-15.05.30 | 10 000 000.00 | 8 899 433.30 | 0.50 |
| USD	GLENCORE FUNDING LLC-144A 4.12500% 19-12.03.24 | 6 000 000.00 | 6 043 528.32 | 0.34 |
| USD	GLP CAPITAL LP / GLP FINANC II INC 4.00000% 19-15.01.30 | 5 000 000.00 | 4 564 786.80 | 0.25 |
| USD	HARLEY-DAVIDSON FIN.SERV INC-144A 3.35000% 18-15.02.23 | 11 500 000.00 | 11 513 838.30 | 0.64 |
| USD	HCA INC-144A 3.12500% 22-15.03.27 | 3 000 000.00 | 2 856 194.22 | 0.16 |
| USD	INFOR INC-144A 1.45000% 20-15.07.23 | 3 000 000.00 | 2 933 062.35 | 0.16 |
| USD	KINDER MORGAN INC-144A 5.62500% 13-15.11.23 | 3 225 000.00 | 3 306 936.70 | 0.18 |
| USD	LEVEL 3 FINANCING INC-144A 3.40000% 19-01.03.27 | 8 150 000.00 | 7 330 365.99 | 0.41 |
| USD	LUNDIN ENERGY FINANCE BV-144A 2.00000% 21-15.07.26 | 5 000 000.00 | 4 548 477.85 | 0.25 |
| USD	MACQUARIE BANK LTD-144A-SUB 3.62400% 20-03.06.30 | 3 660 000.00 | 3 295 407.27 | 0.18 |
| USD	METROPOLITAN EDISON CO-144A 3.50000% 13-15.03.23 | 1 315 000.00 | 1 313 099.22 | 0.07 |
| USD	MICROCHIP TECHNOLOGY INC-144A 0.98300% 21-01.09.24 | 5 000 000.00 | 4 699 986.30 | 0.26 |
| USD	NESTLE HOLDINGS INC-144A 0.62500% 20-15.01.26 | 12 500 000.00 | 11 356 246.25 | 0.63 |
| USD	NOVA CHEMICALS CORP-144A 4.87500% 17-01.06.24 | 3 000 000.00 | 2 941 790.34 | 0.16 |
| USD	NRG ENERGY INC-144A 3.75000% 19-15.06.24 | 1 975 000.00 | 1 958 303.49 | 0.11 |
| USD	NXP BV / NXP FUNDING LLC 4.87500% 22-01.03.24 | 2 000 000.00 | 2 034 440.00 | 0.11 |

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

|  | Dénomination | Nombre/ | Evaluation en USD | en % |
| --- | --- | --- | --- | --- |
|  | Nominal | Bénéfice/(perte) non | de |
|  |  | réalisé(e) sur futures/ | l’actif |
|  |  | Contrats de | net |
|  |  | change à terme/ |  |
|  |  | Swaps (note 1) |  |
|  |  |  |  |  |
| USD | PENSKE TRUCK LEASING/PTL FIN CORP-144A 1.20000% 20-15.11.25 | 5 000 000.00 | 4 545 742.70 | 0.25 |
| USD | ROCHE HOLDINGS INC-144A 2.07600% 21-13.12.31 | 11 000 000.00 | 9 612 972.05 | 0.54 |
| USD | SANTOS FINANCE LTD-144A 3.64900% 21-29.04.31 | 4 500 000.00 | 3 918 860.09 | 0.22 |
| USD | SCENTRE GROUP TRUST 1 / 2-144A 3.25000% 15-28.10.25 | 11 995 000.00 | 11 748 933.37 | 0.65 |
| USD | SIEMENS FINANCIERINGSMAATSCH NV-144A 2.15000% 21-11.03.31 | 7 500 000.00 | 6 510 718.95 | 0.36 |
| USD | SOCIETE GENERALE-144A 2.62500% 19-16.10.24 | 10 000 000.00 | 9 737 533.80 | 0.54 |
| USD | TECK RESOURCES LTD 3.90000% 20-15.07.30 | 6 000 000.00 | 5 678 988.84 | 0.32 |
| USD | UNITED AIRLINES INC-144A 4.37500% 21-15.04.26 | 9 000 000.00 | 8 708 947.20 | 0.48 |
| Total USD |  |  | 231 368 953.20 | 12.87 |
| Total des Billets, taux fixe |  | 231 368 953.20 | 12.87 |
| Billets, taux variable |  |  |  |
| USD |  |  |  |
| USD	BNP PARIBAS-144A 3.052%/VAR 20-13.01.31 | 3 650 000.00 | 3 243 690.43 | 0.18 |
| USD	DNB BANK ASA-144A 0.856%/VAR 21-30.09.25 | 5 000 000.00 | 4 700 498.80 | 0.26 |
| USD	ING GROEP NV 3.869%/VAR 22-28.03.26 | 2 800 000.00 | 2 780 009.48 | 0.15 |
| Total USD |  | 10 724 198.71 | 0.59 |
| Total des Billets, taux variable |  | 10 724 198.71 | 0.59 |
| Medium-Term Notes, taux fixe |  |  |  |
| USD |  |  |  |
| USD	NATIONAL AUSTRALIA BANK LTD-144A-SUB 2.33200% 20-21.08.30 | 14 605 000.00 | 12 109 088.74 | 0.67 |
| USD	SOCIETE GENERALE SA-144A 2.62500% 20-22.01.25 | 8 000 000.00 | 7 691 995.44 | 0.43 |
| Total USD |  | 19 801 084.18 | 1.10 |
| Total des Medium-Term Notes, taux fixe |  | 19 801 084.18 | 1.10 |
| Medium-Term Notes, taux variable |  |  |  |
| USD |  |  |  |
| USD	AUSTRALIA & NEWZEALAND BKG-144A-SUB 2.950%/VAR 20-22.07.30 | 2 650 000.00 | 2 538 649.65 | 0.14 |
| USD	COMMONWEALTH BANK AUSRALIA-144A-SUB 3.610%/VAR 19-12.09.34 | 9 570 000.00 | 8 773 106.10 | 0.49 |
| USD	COOPERATIEVE RABOBANK UA-144A 1.339%/VAR 20-24.06.26 | 10 200 000.00 | 9 447 140.75 | 0.53 |
| Total USD |  | 20 758 896.50 | 1.16 |
| Total des Medium-Term Notes, taux variable |  | 20 758 896.50 | 1.16 |
| Obligations, taux fixe |  |  |  |
| USD |  |  |  |
| USD	NGPL PIPECO LLC-144A 4.87500% 17-15.08.27 | 9 500 000.00 | 9 592 808.35 | 0.53 |
| USD	SYDNEY AIRPORT FINANCE CO PTY LTD-144A 3.62500% 16-28.04.26 | 5 500 000.00 | 5 417 892.70 | 0.30 |
| Total USD |  | 15 010 701.05 | 0.83 |
| Total des Obligations, taux fixe |  | 15 010 701.05 | 0.83 |
| Total des Titres et instruments du marché monétaire négociés sur un autre marché réglementé |  | 297 663 833.64 | 16.55 |

Titres et instruments du marché monétaire non négociés sur une bourse officielle ou un autre marché réglementé
Billets, taux fixe
| USD |  |
| --- | --- |
| USD | AVOLON HOLDINGS FUNDING LTD-144A 2.75000% 21-21.02.28 | 4 000 000.00 | 3 459 640.00 | 0.19 |
| USD | CSL FINANCE PLC-144A 4.25000% 22-27.04.32 | 5 250 000.00 | 5 272 084.12 | 0.29 |
| USD | EXELON CORP-144A 2.75000% 22-15.03.27 | 2 000 000.00 | 1 898 923.52 | 0.11 |
| USD | NXP BV / NXP FUNDING LLC 5.55000% 22-01.12.28 | 12 000 000.00 | 12 658 920.00 | 0.70 |
| Total USD |  |  | 23 289 567.64 | 1.29 |
| Total des Billets, taux fixe | 23 289 567.64 | 1.29 |
| Total des Titres et instruments du marché monétaire non négociés sur une bourse officielle ou un autre marché réglementé | 23 289 567.64 | 1.29 |
| Nouvelles émissions de titres et instruments du marché monétaire |  |  |
| Billets, taux fixe |  |  |
| USD |  |  |  |  |
| USD | BAXTER INTERNATIONAL INC-144A 1.32200% 21-29.11.24 | 16 000 000.00 | 15 173 129.28 | 0.84 |
| USD | BAXTER INTERNATIONAL-144A 1.91500% 21-01.02.27 | 6 000 000.00 | 5 489 711.46 | 0.31 |
| USD | LUNDIN ENERGY FINANCE BV-144A 3.10000% 21-15.07.31 | 3 500 000.00 | 3 081 533.81 | 0.17 |
| USD | MAGALLANES INC-144A 3.75500% 22-15.03.27 | 10 000 000.00 | 9 706 002.70 | 0.54 |
| USD | MAGALLANES INC-144A 4.27900% 22-15.03.32 | 10 000 000.00 | 9 346 457.60 | 0.52 |
| USD | NESTLE HOLDINGS INC-144A 1.50000% 21-14.09.28 | 13 500 000.00 | 11 960 334.99 | 0.67 |
| USD | TRITON CONTAINER INTERNATIONAL LTD-144A 1.15000% 21-07.06.24 | 3 000 000.00 | 2 836 500.00 | 0.16 |
| Total USD |  |  | 57 593 669.84 | 3.21 |

Total des Billets, taux fixe	57 593 669.84	3.21
UBS (Lux) Bond SICAV – USD Investment Grade Corporates Sustainable (USD)*
* anciennement UBS (Lux) Bond SICAV – USD Investment Grade Corporates (USD)
Rapport annuel et états financiers révisés au 31 mai 2022
| Dénomination | Nombre/ | Evaluation en USD | en % |
| --- | --- | --- | --- |
|  | Nominal | Bénéfice/(perte) non | de |
|  |  | réalisé(e) sur futures/ | l’actif |
|  |  | Contrats de | net |
|  |  | change à terme/ |  |
|  |  | Swaps (note 1) |  |
| Medium-Term Notes, taux fixe |  |  |  |
| USD |  |  |  |
| USD	NBN CO LTD-144A 0.87500% 21-08.10.24 | 17 000 000.00 | 16 028 006.30 | 0.89 |
| Total USD |  | 16 028 006.30 | 0.89 |
| Total des Medium-Term Notes, taux fixe |  | 16 028 006.30 | 0.89 |
| Total des Nouvelles émissions de titres et instruments du marché monétaire |  | 73 621 676.14 | 4.10 |
| Total du Portefeuille-titres |  | 1 740 660 738.73 | 96.80 |

| Instruments dérivés |  |
| --- | --- |
| Instruments dérivés négociés sur une bourse officielle |
| Contrats financiers à terme sur obligations |
|  |  |  |  |
| USD	US 10YR TREASURY NOTE FUTURE 21.06.22 | 110.00 | 67 656.25 | 0.00 |
| USD	US 10YR TREASURY NOTE FUTURE 21.09.22 | 400.00 | -399 000.00 | -0.02 |
| Total des Contrats financiers à terme sur obligations |  | -331 343.75 | -0.02 |
| Total des Instruments dérivés négociés sur une bourse officielle |  | -331 343.75 | -0.02 |
| Total des Instruments dérivés |  | -331 343.75 | -0.02 |
| Contrats de change à terme |  |  |  |
| Devise achetée/Montant acheté/Devise vendue/Montant vendu/Date de maturité |  |  |  |

| CHF | 199 344 400.00 | USD | 201 894 734.28 | 13.6.2022 | 6 162 288.77 | 0.34 |
| --- | --- | --- | --- | --- | --- | --- |
| EUR | 40 019 800.00 | USD | 42 314 339.24 | 13.6.2022 | 574 263.07 | 0.03 |
| USD | 3 420 275.84 | CHF | 3 272 300.00 | 13.6.2022 | 4 955.44 | 0.00 |
| Total des Contrats de change à terme | 6 741 507.28 | 0.37 |
|  |  |  |
| Avoirs en banque, dépôts à vue et à terme et autres liquidités | 63 256 663.79 | 3.52 |
| Crédit en compte courant et autres engagements à court terme | -9.71 | 0.00 |
| Autres actifs et passifs | -12 141 796.70 | -0.67 |
| Total de l’Actif net | 1 798 185 759.64 | 100.00 |

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