# UBS (Lux) Bond SICAV
– Emerging Economies Local Currency Bond (USD)
| Three-year comparison |  |
| --- | --- |
|  | ISIN | 31.5.2022 | 31.5.2021 | 31.5.2020 |
| Net assets in USD |  | 288 583 251.06 | 385 737 648.78 | 334 387 742.23 |
| Class I-A1-acc | LU1390335583 |  |  |  |
| Shares outstanding |  | 15 179.1970 | 41 774.5600 | 42 612.9230 |
| Net asset value per share in USD |  | 100.36 | 120.09 | 110.18 |
| Issue and redemption price per share in USD 1 |  | 100.36 | 120.09 | 110.18 |
| Class I-B-acc | LU1881004227 |  |  |  |
| Shares outstanding |  | 132 560.0010 | 231 183.0480 | 63 330.0000 |
| Net asset value per share in USD |  | 98.93 | 117.77 | 107.49 |
| Issue and redemption price per share in USD 1 |  | 98.93 | 117.77 | 107.49 |
| Class I-X-acc | LU1131112325 |  |  |  |
| Shares outstanding |  | 2 505 884.1850 | 2 312 406.0520 | 2 027 732.1150 |
| Net asset value per share in USD |  | 90.17 | 107.21 | 97.74 |
| Issue and redemption price per share in USD 1 |  | 90.17 | 107.21 | 97.74 |
| Class K-1-acc 2 | LU0775388019 |  |  |  |
| Shares outstanding |  | - | - | 0.5000 |
| Net asset value per share in USD |  | - | - | 5 295 474.00 |
| Issue and redemption price per share in USD 1 |  | - | - | 5 295 474.00 |
| Class P-acc | LU0775387714 |  |  |  |
| Shares outstanding |  | 141 155.4680 | 177 581.8330 | 221 074.9170 |
| Net asset value per share in USD |  | 77.58 | 93.68 | 86.73 |
| Issue and redemption price per share in USD 1 |  | 77.58 | 93.68 | 86.73 |
| Class (EUR hedged) P-acc | LU2064626802 |  |  |  |
| Shares outstanding |  | 102 800.5960 | 120 551.9550 | 146 194.1530 |
| Net asset value per share in EUR |  | 81.14 | 99.34 | 93.23 |
| Issue and redemption price per share in EUR 1 |  | 81.14 | 99.34 | 93.23 |
| Class P-dist | LU0775387805 |  |  |  |
| Shares outstanding |  | 7 001.9460 | 6 848.9080 | 6 906.3400 |
| Net asset value per share in USD |  | 51.30 | 64.47 | 62.12 |
| Issue and redemption price per share in USD 1 |  | 51.30 | 64.47 | 62.12 |
| Class (EUR hedged) P-dist | LU2064626984 |  |  |  |
| Shares outstanding |  | 232 161.1040 | 251 886.3650 | 211 104.9010 |
| Net asset value per share in EUR |  | 76.48 | 97.34 | 93.23 |
| Issue and redemption price per share in EUR 1 |  | 76.48 | 97.34 | 93.23 |
| Class P-mdist 3 | LU0775387987 |  |  |  |
| Shares outstanding |  | - | 8 287.3030 | 11 584.1230 |
| Net asset value per share in USD |  | - | 95.85 | 93.00 |
| Issue and redemption price per share in USD 1 |  | - | 95.85 | 93.00 |
| Class Q-acc | LU1240772902 |  |  |  |
| Shares outstanding |  | 28 427.7650 | 113 832.3400 | 153 602.3150 |
| Net asset value per share in USD |  | 99.12 | 118.84 | 109.26 |
| Issue and redemption price per share in USD 1 |  | 99.12 | 118.84 | 109.26 |
| Class (EUR hedged) Q-acc | LU2064627016 |  |  |  |
| Shares outstanding |  | 18 245.5580 | 34 554.5650 | 35 676.1630 |
| Net asset value per share in EUR |  | 82.60 | 100.42 | 93.58 |
| Issue and redemption price per share in EUR 1 |  | 82.60 | 100.42 | 93.58 |
| Class (EUR hedged) Q-dist | LU2064627107 |  |  |  |
| Shares outstanding |  | 9 264.8220 | 9 264.8220 | 12 373.5920 |
| Net asset value per share in EUR |  | 76.55 | 97.35 | 93.58 |
| Issue and redemption price per share in EUR 1 |  | 76.55 | 97.35 | 93.58 |
| Class U-X-acc 4 | LU0775388282 |  |  |  |
| Shares outstanding |  | - | 1 359.4990 | 3 401.4990 |
| Net asset value per share in USD |  | - | 10 745.73 | 9 796.29 |
| Issue and redemption price per share in USD 1 |  | - | 10 745.73 | 9 796.29 |
| Class U-X-UKdist-mdist | LU1957417519 |  |  |  |
| Shares outstanding |  | 449.8360 | 969.9200 | 969.9200 |
| Net asset value per share in USD |  | 7 866.99 | 9 897.35 | 9 488.76 |
| Issue and redemption price per share in USD 1 |  | 7 866.99 | 9 897.35 | 9 488.76 |
| 1  See note 1 2  The share class K-1-acc was in circulation until 18.5.2021 3  The share class P-mdist was in circulation until 15.3.2022 4  The share class U-X-acc was in circulation until 19.5.2022 |  |  |  |  |

UBS (Lux) Bond SICAV – Emerging Economies Local Currency Bond (USD) Annual report and audited financial statements as of 31 May 2022
| Performance |  |
| --- | --- |
|  | Currency | 2021/2022 | 2020/2021 | 2019/2020 |
| Class I-A1-acc | USD | -16.4% | 9.0% | 0.6% |
| Class I-B-acc | USD | -16.0% | 9.6% | 1.1% |
| Class I-X-acc | USD | -15.9% | 9.7% | 1.2% |
| Class K-1-acc 1 | USD | - | - | 0.2% |
| Class P-acc | USD | -17.2% | 8.0% | -0.3% |
| Class (EUR hedged) P-acc | EUR | -18.3% | 6.6% | - |
| Class P-dist | USD | -17.2% | 8.0% | -0.4% |
| Class (EUR hedged) P-dist | EUR | -18.3% | 6.5% | - |
| Class P-mdist 2 | USD | - | 8.0% | -0.3% |
| Class Q-acc | USD | -16.6% | 8.8% | 0.3% |
| Class (EUR hedged) Q-acc | EUR | -17.7% | 7.3% | - |
| Class (EUR hedged) Q-dist | EUR | -17.7% | 7.3% | - |
| Class U-X-acc 3 | USD | - | 9.7% | 1.2% |
| Class U-X-UKdist-mdist | USD | -15.9% | 9.7% | 1.2% |
| Benchmark: 4 JP Morgan GBI-EM Global Diversified | USD | -16.5% | 8.4% | 2.1% |
| JP Morgan GBI-EM Global Diversified (hedged EUR) | EUR | -13.6% | -1.2% | - |

1 
The share class K-1-acc was in circulation until 18.5.2021. Due to this fact, there is no data for the calculation of the performance available in 2022.
2 
The share class P-mdist was in circulation until 15.3.2022. Due to this fact, there is no data for the calculation of the performance available in 2022.
3 
The share class U-X-acc was in circulation until 19.5.2022. Due to this fact, there is no data for the calculation of the performance available in 2022.
4 
The subfund is actively managed. The index is a point of reference against which the performance of the subfund may be measured.
Historical performance is no indicator of current or future performance.
The performance data does not take account of any commissions and costs charged when subscribing and redeeming shares. The performance data were not audited.
UBS (Lux) Bond SICAV – Emerging Economies Local Currency Bond (USD) Annual report and audited financial statements as of 31 May 2022

## Report of the Portfolio Manager
In the financial year, from 1 June 2021 to 31 May 2022, US Treasury yields rose significantly as signs of strong and persistent inflation caused markets to bring forward expectations of Fed rate hikes. In the US, headline CPI rose to levels not seen in nearly 40 years driven initially by the unleashing of pent-up demand and fiscal stimulus but later exacerbated by high commodity prices due to the ongoing Russian invasion of Ukraine. The US Fed raised its policy rate from the lower effective bound to 1.0% at the end of the reporting period. On the EM macro- economic front, most central banks maintained a hawk- ish monetary stance as soaring food and energy prices created upward pressure on inflation. China’s economy battled with multiple headwinds including a strict zero COVID policy that resulted in lockdowns in major cities, a clampdown on sectors such as technology and gaming and the imposition of the “3 red lines policy” that resulted in several high-profile defaults in the real estate sector. The best performing sovereign bond markets (USD) dur- ing the period were Mozambique, Iraq and Zambia with each generating a positive return. On the other hand, sovereign bonds issued by Ukraine, El Salvador and Sri Lanka fared worst during the period with each posting a negative return. In EM corporates, the best performing industries were Diversified, Infrastructure and Financial. The worst performers were Real Estate, Metals & Mining and Oil & Gas. All industries generated a negative return.
The subfund generated a negative performance during the financial year. Widening credit spreads and rising US Treasury yields both contributed negatively to performance. The subfund has followed a diversified approach, investing across a range of emerging market countries, issuers and currencies. In particular, invest- ments in Russia, Poland and Hungary detracted.

## Structure of the Securities Portfolio
Geographical Breakdown as a % of net assets	
| United States | 11.07 |
| --- | --- |
| Mexico | 9.76 |
| South Africa | 9.12 |
| China | 8.48 |
| Malaysia | 8.23 |
| Indonesia | 7.97 |
| Thailand | 5.74 |
| Colombia | 5.37 |
| Poland | 4.33 |
| Brazil | 4.08 |
| Czech Republic | 3.79 |
| Peru | 3.10 |
| Hungary | 2.52 |
| Romania | 1.78 |
| United Kingdom | 1.62 |
| Egypt | 1.08 |
| Uzbekistan | 0.92 |
| India | 0.80 |
| Russian Federation (CIS) | 0.65 |
| Luxembourg | 0.52 |
| Ukraine | 0.48 |
| Uruguay | 0.44 |
| Nigeria | 0.42 |
| Canada | 0.32 |
| Mauritius | 0.30 |
| Costa Rica | 0.30 |
| United Arab Emirates | 0.29 |
| Pakistan | 0.28 |
| Israel | 0.28 |
| Argentina | 0.27 |
| Angola | 0.27 |
| The Netherlands | 0.26 |
| Kenya | 0.26 |
| Ecuador | 0.26 |
| Turkey | 0.26 |
| Dominican Republic | 0.24 |
| Lebanon | 0.02 |
| Total | 95.88 |

Economic Breakdown as a % of net assets	
| Countries & central governments | 87.49 |
| --- | --- |
| Finance & holding companies | 1.64 |
| Energy & water supply | 1.33 |
| Petroleum | 1.21 |
| Supranational organisations | 1.03 |
| Cantons, federal states | 0.74 |
| Mining, coal & steel | 0.63 |
| Investment funds | 0.52 |
| Telecommunications | 0.41 |
| Mechanical engineering & industrial equipment | 0.30 |
| Banks & credit institutions | 0.29 |
| Miscellaneous unclassified companies | 0.28 |
| Real Estate | 0.01 |
| Total | 95.88 |

UBS (Lux) Bond SICAV – Emerging Economies Local Currency Bond (USD) Annual report and audited financial statements as of 31 May 2022

## Statement of Net Assets
Assets	31.5.2022
USD
Investments in securities, cost	343 991 400.92
Investments in securities, unrealized appreciation (depreciation)	67 294 643.87
Total investments in securities (Note 1)	276 696 757.05
Cash at banks, deposits on demand and deposit accounts	6 688 156.97*
Other liquid assets (Margins)	1 538 640.59
Receivable on subscriptions	73.60
Interest receivable on securities	5 676 339.73
Interest receivable on liquid assets	163.22
Prepaid expenses	63 034.26
Unrealized gain on financial futures (Note 1)	110 425.05
Total Assets	292 703 075.17
Liabilities
Unrealized gain on forward foreign exchange contracts (Note 1)	1 929 484.70
Unrealized loss on swaps (Note 1)	-3 925 715.51
Bank overdraft	-39 294.58
Interest payable on bank overdraft	-70.39
Payable on securities purchases (Note 1)	-718.96
Payable on redemptions	-57 919.18
Provisions for flat fee (Note 2)	-56 232.70
Provisions for taxe d’abonnement (Note 3)	-7 775.84
Provisions for other commissions and fees (Note 2)		-32 096.95		 Total provisions			-96 105.49
Total Liabilities	-4 119 824.11
Net assets at the end of the financial year	288 583 251.06

## Statement of Operations
Income	1.6.2021-31.5.2022
USD
Interest on liquid assets	31 844.13
Interest on securities	16 297 961.93
Dividends	8 687.62
Interest received on swaps (Note 1)	1 189 896.79
Net income on securities lending (Note 17)	26 505.83
Total income	17 695 824.77
Expenses
Other income (Note 4)	140 928.47
Interest paid on swaps (Note 1)	-788 430.77
Flat fee (Note 2)	-872 457.04
Taxe d’abonnement (Note 3)	-53 463.75
Other commissions and fees (Note 2)	-104 611.41
Interest on cash and bank overdraft	-10 386.75
Total expenses	-1 831 568.02
Net income (loss) on investments	15 864 256.75
Realized gain (loss) (Note 1)
Other expenses	-2 218.30
Realized gain (loss) on market-priced securities without options	-9 077 215.75
Realized gain (loss) on yield-evaluated securities and money market instruments	-19 409.10
Realized gain (loss) on financial futures	465 505.28
Realized gain (loss) on forward foreign exchange contracts	-7 409 970.43
Realized gain (loss) on swaps	-3 099.29
Total realized gain (loss)	-13 243 207.26
Net realized gain (loss) of the financial year	2 621 049.49
Changes in unrealized appreciation (depreciation) (Note 1)
Realized gain (loss) on foreign exchange	2 800 982.03
Unrealized appreciation (depreciation) on market-priced securities without options	-63 575 518.49 Unrealized appreciation (depreciation) on yield-evaluated securities and money market instruments		601 140.79
Unrealized appreciation (depreciation) on financial futures	35 339.02
Unrealized appreciation (depreciation) on forward foreign exchange contracts	-1 357 449.60
Total changes in unrealized appreciation (depreciation)	-67 997 938.51
Net increase (decrease) in net assets as a result of operations	-65 376 889.02
Unrealized appreciation (depreciation) on swaps	-3 701 450.23
* As at 31 May 2022, cash amounts serve as collateral for the counterparty Credit Suisse for an amount of USD 2 560 000.00, HSBC Bank for an amount of USD 820 000.00 and Morgan Stanley London for an amount of USD 34 000.00.
UBS (Lux) Bond SICAV – Emerging Economies Local Currency Bond (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 | 385 737 648.78 |
| Subscriptions | 42 469 129.42 |
| Redemptions | 	-72 752 216.91	 |
| Total net subscriptions (redemptions) | -30 283 087.49 |
| Dividend paid | -1 494 421.21 |
| Net income (loss) on investments | 15 864 256.75 |
| Total realized gain (loss) | -13 243 207.26 |
| Total changes in unrealized appreciation (depreciation) | 	-67 997 938.51	 |
| Net increase (decrease) in net assets as a result of operations | -65 376 889.02 |
| Net assets at the end of the financial year | 288 583 251.06 |
| Changes in the Number of Shares outstanding |  |
|  | 1.6.2021-31.5.2022 |
| Class | I-A1-acc |
| Number of shares outstanding at the beginning of the financial year | 41 774.5600 |
| Number of shares issued | 0.0000 |
| Number of shares redeemed | -26 595.3630 |
| Number of shares outstanding at the end of the financial year | 15 179.1970 |
| Class | I-B-acc |
| Number of shares outstanding at the beginning of the financial year | 231 183.0480 |
| Number of shares issued | 136 869.1740 |
| Number of shares redeemed | -235 492.2210 |
| Number of shares outstanding at the end of the financial year | 132 560.0010 |
| Class | I-X-acc |
| Number of shares outstanding at the beginning of the financial year | 2 312 406.0520 |
| Number of shares issued | 245 658.1250 |
| Number of shares redeemed | -52 179.9920 |
| Number of shares outstanding at the end of the financial year | 2 505 884.1850 |
| Class | P-acc |
| Number of shares outstanding at the beginning of the financial year | 177 581.8330 |
| Number of shares issued | 90.6270 |
| Number of shares redeemed | -36 516.9920 |
| Number of shares outstanding at the end of the financial year | 141 155.4680 |
| Class | (EUR hedged) P-acc |
| Number of shares outstanding at the beginning of the financial year | 120 551.9550 |
| Number of shares issued | 894.8520 |
| Number of shares redeemed | -18 646.2110 |
| Number of shares outstanding at the end of the financial year | 102 800.5960 |
| Class | P-dist |
| Number of shares outstanding at the beginning of the financial year | 6 848.9080 |
| Number of shares issued | 153.0460 |
| Number of shares redeemed | -0.0080 |
| Number of shares outstanding at the end of the financial year | 7 001.9460 |
| Class | (EUR hedged) P-dist |
| Number of shares outstanding at the beginning of the financial year | 251 886.3650 |
| Number of shares issued | 1 178.5850 |
| Number of shares redeemed | -20 903.8460 |
| Number of shares outstanding at the end of the financial year | 232 161.1040 |
| Class | P-mdist |
| Number of shares outstanding at the beginning of the financial year | 8 287.3030 |
| Number of shares issued | 0.0000 |
| Number of shares redeemed | -8 287.3030 |
| Number of shares outstanding at the end of the financial year | 0.0000 |
| Class | Q-acc |
| Number of shares outstanding at the beginning of the financial year | 113 832.3400 |
| Number of shares issued | 202.5790 |
| Number of shares redeemed | -85 607.1540 |
| Number of shares outstanding at the end of the financial year | 28 427.7650 |
| Class | (EUR hedged) Q-acc |
| Number of shares outstanding at the beginning of the financial year | 34 554.5650 |
| Number of shares issued | 0.0000 |
| Number of shares redeemed | -16 309.0070 |
| Number of shares outstanding at the end of the financial year | 18 245.5580 |
| Class | (EUR hedged) Q-dist |
| Number of shares outstanding at the beginning of the financial year | 9 264.8220 |
| Number of shares issued | 0.0000 |
| Number of shares redeemed | 0.0000 |
| Number of shares outstanding at the end of the financial year | 9 264.8220 |

UBS (Lux) Bond SICAV – Emerging Economies Local Currency Bond (USD) Annual report and audited financial statements as of 31 May 2022
| Class |  |  | U-X-acc |
| --- | --- | --- | --- |
| Number of shares outstanding at the beginning of the financial year |  |  | 1 359.4990 |
| Number of shares issued |  |  | 98.0000 |
| Number of shares redeemed |  |  | -1 457.4990 |
| Number of shares outstanding at the end of the financial year |  |  | 0.0000 |
| Class |  |  | U-X-UKdist-mdist |
| Number of shares outstanding at the beginning of the financial year |  |  | 969.9200 |
| Number of shares issued |  |  | 0.0000 |
| Number of shares redeemed |  |  | -520.0840 |
| Number of shares outstanding at the end of the financial year |  |  | 449.8360 |
| Annual Distribution 1 |  |  |  |
| UBS (Lux) Bond SICAV – Emerging Economies Local Currency Bond (USD)	Ex-Date | Pay-Date | Currency | Amount per share |
| P-dist	2.8.2021 | 5.8.2021 | USD | 2.48 |
| (EUR hedged) P-dist	2.8.2021 | 5.8.2021 | EUR | 3.64 |
| (EUR hedged) Q-dist	2.8.2021 | 5.8.2021 | EUR | 4.21 |
| Monthly Distribution 1 |  |  |  |
| UBS (Lux) Bond SICAV – Emerging Economies Local Currency Bond (USD)	Ex-Date | Pay-Date | Currency | Amount per share |
| P-mdist	15.6.2021 | 18.6.2021 | USD | 0.47 |
| P-mdist	15.7.2021 | 20.7.2021 | USD | 0.46 |
| P-mdist	16.8.2021 | 19.8.2021 | USD | 0.46 |
| P-mdist	15.9.2021 | 20.9.2021 | USD | 0.46 |
| P-mdist	15.10.2021 | 20.10.2021 | USD | 0.44 |
| P-mdist	15.11.2021 | 18.11.2021 | USD | 0.43 |
| P-mdist	15.12.2021 | 20.12.2021 | USD | 0.42 |
| P-mdist	17.1.2022 | 20.1.2022 | USD | 0.42 |
| P-mdist	15.2.2022 | 18.2.2022 | USD | 0.42 |
| P-mdist	15.3.2022 | 18.3.2022 | USD | 0.39 |
| U-X-UKdist-mdist	15.7.2021 | 20.7.2021 | USD | 96.82 |
| U-X-UKdist-mdist	16.8.2021 | 19.8.2021 | USD | 35.43 |
| U-X-UKdist-mdist	15.9.2021 | 20.9.2021 | USD | 45.08 |
| U-X-UKdist-mdist	15.10.2021 | 20.10.2021 | USD | 52.89 |
| U-X-UKdist-mdist	15.11.2021 | 18.11.2021 | USD | 36.56 |
| U-X-UKdist-mdist	15.12.2021 | 20.12.2021 | USD | 40.71 |
| U-X-UKdist-mdist	17.1.2022 | 20.1.2022 | USD | 43.24 |
| U-X-UKdist-mdist	15.2.2022 | 18.2.2022 | USD | 44.11 |
| U-X-UKdist-mdist	15.3.2022 | 18.3.2022 | USD | 39.96 |
| U-X-UKdist-mdist	19.4.2022 | 22.4.2022 | USD | 40.17 |
| U-X-UKdist-mdist	16.5.2022 | 19.5.2022 | USD | 29.58 |
| 1  See note 5 |  |  |  |

UBS (Lux) Bond SICAV – Emerging Economies Local Currency Bond (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 |  |  |
| Treasury bills, zero coupon |  |  |  |
| BRL |  |  |  |
| BRL	BRAZIL, FEDERATIVE REPUBLIC OF TB 0.00000% 05.04.19-01.07.23 | 11 500.00 | 2 118 318.52 | 0.73 |
| BRL	BRAZIL, FEDERATIVE REPUBLIC OF 0.00000% 08.01.21-01.07.24 | 17 620.00 | 2 905 458.46 | 1.01 |
| Total BRL |  | 5 023 776.98 | 1.74 |
| Total Treasury bills, zero coupon |  | 5 023 776.98 | 1.74 |
| Notes, fixed rate |  |  |  |
| BRL |  |  |  |
| BRL	BRAZIL, FEDERATIVE REPUBLIC OF 10.00000% 20-01.01.31 | 36 600.00 | 6 746 236.83 | 2.34 |
| Total BRL |  | 6 746 236.83 | 2.34 |
| COP |  |  |  |
| COP	BOGOTA DISTRIRO CAPITAL-REG-S 9.75000% 07-26.07.28 | 9 000 000 000.00 | 2 146 616.72 | 0.74 |
| COP	COLOMBIA, REPUBLIC OF 4.37500% 12-21.03.23 | 15 600 000 000.00 | 3 966 619.23 | 1.37 |
| COP	EMPRESAS PUBLICAS DE MEDELLIN ESP-REG-S 8.37500% 17-08.11.27 | 6 900 000 000.00 | 1 519 539.48 | 0.53 |
| Total COP |  | 7 632 775.43 | 2.64 |
| DOP |  |  |  |
| DOP	DOMINICAN REPUBLIC-REG-S 8.90000% 18-15.02.23 | 20 150 000.00 | 361 961.83 | 0.12 |
| DOP	DOMINICAN REPUBLIC-REG-S 9.75000% 19-05.06.26 | 20 000 000.00 | 342 990.57 | 0.12 |
| Total DOP |  | 704 952.40 | 0.24 |
| MXN |  |  |  |
| MXN	PETROLEOS MEXICANOS-REG-S 7.19000% 13-12.09.24 | 42 650.00 | 200 865.86 | 0.07 |
| Total MXN |  | 200 865.86 | 0.07 |
| PEN |  |  |  |
| PEN	PERU, REPUBLIC OF-REG-S 5.40000% 19-12.08.34 | 4 500 000.00 | 999 788.05 | 0.35 |
| PEN	TELEFONICA DEL PERU SAA-REG-S 7.37500% 19-10.04.27 | 5 000 000.00 | 1 187 771.30 | 0.41 |
| Total PEN |  | 2 187 559.35 | 0.76 |
| USD |  |  |  |
| USD	ADANI GREEN ENERGY LTD-REG-S 4.37500% 21-08.09.24 | 950 000.00 | 893 000.00 | 0.31 |
| USD	ARGENTINE REPUBLIC GOVT INTERNATIONAL STEP-UP 20-09.07.46 | 2 600 000.00 | 734 500.00 | 0.25 |
| USD	CHINA EVERGRANDE GRO-REG-S *DEFAULTED* 12.00000% 20-22.01.24 | 350 000.00 | 35 393.75 | 0.01 |
| USD	COSTA RICA, REPUBLIC OF-REG-S 4.25000% 12-26.01.23 | 850 000.00 | 852 550.00 | 0.30 |
| USD	ECUADOR, REPUBLIC OF-REG-S STEP-UP 0.50000% 20-31.07.30 | 900 000.00 | 744 637.50 | 0.26 |
| USD	FIRST QUANTUM MINERALS LTD-REG-S 7.50000% 17-01.04.25 | 900 000.00 | 912 656.25 | 0.32 |
| USD	HTA GROUP LTD/MAURITIUS-REG-S 7.00000% 20-18.12.25 | 900 000.00 | 873 000.00 | 0.30 |
| USD	IHS NETHERLANDS HOLDCO BV-REG-S 8.00000% 19-18.09.27 | 785 000.00 | 756 543.75 | 0.26 |
| USD	IPOTEKA-BANK ATIB-REG-S 5.50000% 20-19.11.25 | 915 000.00 | 815 722.50 | 0.28 |
| USD	KENYA, REPUBLIC OF-REG-S 6.87500% 14-24.06.24 | 800 000.00 | 745 000.00 | 0.26 |
| USD	LIQUID TELECOMMUNICATIONS FIN-REG-S 5.50000% 21-04.09.26 | 800 000.00 | 744 000.00 | 0.26 |
| USD	NATIONAL BANK OF UZBEKISTAN-REG-S 4.85000% 20-21.10.25 | 910 000.00 | 834 811.25 | 0.29 |
| USD	OZTEL HOLDINGS SPC-REG-S 5.62500% 18-24.10.23 | 825 000.00 | 826 701.56 | 0.29 |
| USD	PETROLEOS MEXICANOS 6.70000% 22-16.02.32 | 1 700 000.00 | 1 464 363.00 | 0.51 |
| USD	UKRAINE RAILWAYS VIA RL CPTL MKTS-REG-S 8.25000% 19-09.07.24 | 210 000.00 | 63 000.00 | 0.02 |
| USD	UKRAINE, GOVERNMENT OF-REG-S 7.75000% 15-01.09.23 | 900 000.00 | 392 062.50 | 0.14 |
| USD	UKRAINE, GOVERNMENT OF-REG-S 6.87600% 21-21.05.29 | 650 000.00 | 235 625.00 | 0.08 |
| USD	UKRAINE, GOVERNMENT OF-REG-S 7.25300% 20-15.03.33 | 850 000.00 | 307 275.00 | 0.11 |
| USD	UNIFIN FINANCIERA SAB DE CV-REG-S 9.87500% 21-28.01.29 | 550 000.00 | 242 000.00 | 0.08 |
| USD	UZBEKNEFTEGAZ JSC-REG-S 4.75000% 21-16.11.28 | 1 250 000.00 | 1 000 000.00 | 0.35 |
| USD	VEDANTA RESOURCES PLC-REG-S 7.12500% 13-31.05.23 | 965 000.00 | 905 773.12 | 0.31 |
| Total USD |  | 14 378 615.18 | 4.99 |
| UYU |  |  |  |
| UYU	URUGUAY, REPUBLIC OF 8.25000% 21-21.05.31 | 26 500 000.00 | 586 351.66 | 0.21 |
| UYU	URUGUAY, REPUBLIC OF-REG-S 9.87500% 17-20.06.22 | 16 350 000.00 | 410 139.47 | 0.14 |
| Total UYU |  | 996 491.13 | 0.35 |
| ZAR |  |  |  |
| ZAR	SOUTH AFRICA, REPUBLIC OF 6.25000% 06-31.03.36 | 58 350 000.00 | 2 548 906.97 | 0.88 |
| Total ZAR |  | 2 548 906.97 | 0.88 |
| Total Notes, fixed rate |  | 35 396 403.15 | 12.27 |
| Medium term notes, fixed rate |  |  |  |
| IDR |  |  |  |
| IDR	EUROPEAN BANK FOR RECONSTR & DEVT 6.45000% 17-13.12.22 | 42 900 000 000.00 | 2 967 561.31 | 1.03 |
| Total IDR |  | 2 967 561.31 | 1.03 |
| USD |  |  |  |
| USD	LEBANON, REPUBLIC OF *DEFAULT* 6.37500% 10-09.03.20 | 750 000.00 | 65 531.25 | 0.02 |
| USD	NIGERIA, FEDERAL REP OF-REG-S 6.12500% 21-28.09.28 | 1 500 000.00 | 1 220 437.50 | 0.42 |
| USD	PAKISTAN, ISLAMIC REPUBLIC OF-REG-S 6.00000% 21-08.04.26 | 1 100 000.00 | 816 871.00 | 0.28 |
| USD	REC LTD-REG-S 5.25000% 18-13.11.23 | 1 400 000.00 | 1 429 137.50 | 0.50 |
| Total USD |  | 3 531 977.25 | 1.22 |
| Total Medium term notes, fixed rate |  | 6 499 538.56 | 2.25 |

UBS (Lux) Bond SICAV – Emerging Economies Local Currency Bond (USD) Annual report and audited financial statements as of 31 May 2022
| Description | Quantity/ | Valuation in USD | as a % |
| --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |
| Bonds, fixed rate |  |  |  |
| ARS |  |  |  |
| ARS	ARGENTINA, REPUBLIC OF 16.00000% 16-17.10.23 | 9 590 000.00 | 51 345.69 | 0.02 |
| Total ARS |  | 51 345.69 | 0.02 |
| CNY |  |  |  |
| CNY	CHINA, PEOPLE’S REPUBLIC OF 3.19000% 19-11.04.24 | 10 000 000.00 | 1 529 208.49 | 0.53 |
| CNY	CHINA, PEOPLE’S REPUBLIC OF 3.29000% 19-23.05.29 | 15 000 000.00 | 2 336 096.72 | 0.81 |
| CNY	CHINA, PEOPLE’S REPUBLIC OF 3.25000% 19-06.06.26 | 15 000 000.00 | 2 318 687.05 | 0.80 |
| CNY	CHINA, PEOPLE’S REPUBLIC OF 2.94000% 19-17.10.24 | 20 000 000.00 | 3 051 322.22 | 1.06 |
| CNY	CHINA, PEOPLE’S REPUBLIC OF 3.13000% 19-21.11.29 | 10 000 000.00 | 1 535 978.32 | 0.53 |
| CNY	CHINA, PEOPLE’S REPUBLIC OF 3.12000% 19-05.12.26 | 10 000 000.00 | 1 540 918.56 | 0.53 |
| CNY	CHINA, PEOPLE’S REPUBLIC OF 2.68000% 20-21.05.30 | 29 300 000.00 | 4 354 194.97 | 1.51 |
| CNY	CHINA, PEOPLE’S REPUBLIC OF 2.85000% 20-04.06.27 | 10 000 000.00 | 1 519 469.96 | 0.53 |
| CNY	CHINA, PEOPLE’S REPUBLIC OF 3.81000% 20-14.09.50 | 9 000 000.00 | 1 469 036.97 | 0.51 |
| CNY	CHINA, PEOPLE’S REPUBLIC OF 3.27000% 20-19.11.30 | 18 000 000.00 | 2 801 893.40 | 0.97 |
| CNY	CHINA, PEOPLE’S REPUBLIC OF 3.53000% 21-18.10.51 | 3 000 000.00 | 468 702.22 | 0.16 |
| Total CNY |  | 22 925 508.88 | 7.94 |
| COP |  |  |  |
| COP	COLOMBIA, REPUBLIC OF 7.50000% 11-26.08.26 | 11 400 000 000.00 | 2 713 311.62 | 0.94 |
| COP	COLOMBIA, REPUBLIC OF 7.75000% 14-18.09.30 | 5 150 000 000.00 | 1 127 755.85 | 0.39 |
| COP	COLOMBIA, REPUBLIC OF 7.00000% 17-30.06.32 | 8 800 000 000.00 | 1 757 348.99 | 0.61 |
| COP	COLOMBIA, REPUBLIC OF 7.25000% 18-18.10.34 | 1 470 000 000.00 | 286 379.42 | 0.10 |
| COP	COLOMBIA, REPUBLIC OF 9.85000% 07-28.06.27 | 7 150 000 000.00 | 1 846 253.02 | 0.64 |
| Total COP |  | 7 731 048.90 | 2.68 |
| CZK |  |  |  |
| CZK	CZECH REPUBLIC 1.75000% 21-23.06.32 | 132 300 000.00 | 4 394 545.55 | 1.52 |
| CZK	CZECH REPUBLIC 2.00000% 17-13.10.33 | 19 090 000.00 | 629 919.06 | 0.22 |
| CZK	CZECH REPUBLIC 2.50000% 13-25.08.28 | 27 000 000.00 | 1 024 482.35 | 0.35 |
| CZK	CZECH REPUBLIC 2.75000% 18-23.07.29 | 52 800 000.00 | 2 022 187.03 | 0.70 |
| CZK	CZECH REPUBLIC 4.70000% 07-12.09.22 | 26 900 000.00 | 1 158 676.73 | 0.40 |
| CZK	CZECH REPUBLIC-REG-S 0.95000% 15-15.05.30 | 34 200 000.00 | 1 116 982.92 | 0.39 |
| CZK	CZECH REPUBLIC-REG-S 0.45000% 15-25.10.23 | 14 800 000.00 | 593 430.94 | 0.21 |
| Total CZK |  | 10 940 224.58 | 3.79 |
| EGP |  |  |  |
| EGP	EGYPT, REPUBLIC OF 14.36900% 20-20.10.25 | 10 000 000.00 | 516 308.95 | 0.18 |
| EGP	EGYPT, REPUBLIC OF 14.48300% 21-06.04.26 | 25 000 000.00 | 1 271 499.73 | 0.44 |
| EGP	EGYPT, REPUBLIC OF 14.53100% 21-14.09.24 | 25 000 000.00 | 1 319 645.79 | 0.46 |
| Total EGP |  | 3 107 454.47 | 1.08 |
| HUF |  |  |  |
| HUF	HUNGARY GOVERNMENT BOND 2.25000% 20-20.04.33 | 335 000 000.00 | 576 459.49 | 0.20 |
| HUF	HUNGARY, REPUBLIC OF 6.00000% 06-24.11.23 | 462 900 000.00 | 1 232 507.60 | 0.43 |
| HUF	HUNGARY, REPUBLIC OF 6.75000% 11-22.10.28 | 772 000 000.00 | 2 031 673.54 | 0.70 |
| HUF	HUNGARY, REPUBLIC OF 3.25000% 15-22.10.31 | 441 000 000.00 | 885 804.73 | 0.31 |
| HUF	HUNGARY, REPUBLIC OF 3.00000% 16-27.10.27 | 1 156 000 000.00 | 2 547 587.34 | 0.88 |
| Total HUF |  | 7 274 032.70 | 2.52 |
| IDR |  |  |  |
| IDR	INDONESIA, REPUBLIC OF 8.25000% 11-15.06.32 | 27 556 000 000.00 | 2 012 697.30 | 0.70 |
| IDR	INDONESIA, REPUBLIC OF 7.00000% 11-15.05.27 | 5 822 000 000.00 | 410 466.76 | 0.14 |
| IDR	INDONESIA, REPUBLIC OF 6.12500% 13-15.05.28 | 52 800 000 000.00 | 3 523 379.65 | 1.22 |
| IDR	INDONESIA, REPUBLIC OF 8.37500% 13-15.03.34 | 12 300 000 000.00 | 893 333.77 | 0.31 |
| IDR	INDONESIA, REPUBLIC OF 9.00000% 13-15.03.29 | 24 100 000 000.00 | 1 832 168.53 | 0.63 |
| IDR	INDONESIA, REPUBLIC OF 8.25000% 15-15.05.36 | 21 800 000 000.00 | 1 577 326.62 | 0.55 |
| IDR	INDONESIA, REPUBLIC OF 7.50000% 17-15.05.38 | 23 500 000 000.00 | 1 591 540.32 | 0.55 |
| IDR	INDONESIA, REPUBLIC OF 8.25000% 18-15.05.29 | 23 860 000 000.00 | 1 750 922.39 | 0.61 |
| IDR	INDONESIA, REPUBLIC OF 8.37500% 19-15.04.39 | 67 000 000 000.00 | 4 893 697.15 | 1.70 |
| IDR	INDONESIA, REPUBLIC OF 7.50000% 19-15.06.35 | 3 400 000 000.00 | 233 529.93 | 0.08 |
| IDR	INDONESIA, REPUBLIC OF 6.50000% 19-15.06.25 | 3 600 000 000.00 | 252 451.82 | 0.09 |
| IDR	INDONESIA, REPUBLIC OF 7.00000% 19-15.09.30 | 10 700 000 000.00 | 731 997.10 | 0.25 |
| IDR	INDONESIA, REPUBLIC OF 6.50000% 20-15.02.31 | 49 700 000 000.00 | 3 294 359.02 | 1.14 |
| Total IDR |  | 22 997 870.36 | 7.97 |
| MXN |  |  |  |
| MXN	MEXICO, UNITED MEXICAN STATES 8.00000% 03-07.12.23 | 383 000.00 | 1 913 989.70 | 0.66 |
| MXN	MEXICO, UNITED MEXICAN STATES 10.00000% 05-05.12.24 | 848 300.00 | 4 391 597.42 | 1.52 |
| MXN	MEXICO, UNITED MEXICAN STATES 10.00000% 06-20.11.36 | 205 700.00 | 1 160 442.05 | 0.40 |
| MXN	MEXICO, UNITED MEXICAN STATES 7.50000% 07-03.06.27 | 938 140.00 | 4 513 189.62 | 1.57 |
| MXN	MEXICO, UNITED MEXICAN STATES 8.50000% 09-31.05.29 | 1 740 000.00 | 8 724 096.80 | 3.02 |
| MXN	MEXICO, UNITED MEXICAN STATES 7.75000% 11-29.05.31 | 97 000.00 | 464 372.80 | 0.16 |
| MXN	MEXICO, UNITED MEXICAN STATES 7.75000% 11-13.11.42 | 339 650.00 | 1 549 005.94 | 0.54 |
| MXN	MEXICO, UNITED MEXICAN STATES 5.75000% 15-05.03.26 | 33 330.00 | 152 072.25 | 0.05 |
| MXN	MEXICO, UNITED MEXICAN STATES 8.00000% 17-07.11.47 | 663 200.00 | 3 079 995.94 | 1.07 |
| MXN	MEXICO, UNITED STATES OF 6.50000% 12-09.06.22 | 60 000.00 | 304 255.06 | 0.11 |
| Total MXN |  | 26 253 017.58 | 9.10 |
| PEN |  |  |  |
| PEN	FONDO MIVIVIENDA SA-REG-S 7.00000% 17-14.02.24 | 4 125 000.00 | 1 111 055.77 | 0.39 |
| Total PEN |  | 1 111 055.77 | 0.39 |
| PLN |  |  |  |
| PLN	POLAND, REPUBLIC OF 5.75000% 01-23.09.22 | 7 170 000.00 | 1 676 864.71 | 0.58 |
| PLN	POLAND, REPUBLIC OF 4.00000% 12-25.10.23 | 4 600 000.00 | 1 040 939.11 | 0.36 |
| PLN	POLAND, REPUBLIC OF 2.75000% 13-25.04.28 | 2 000 000.00 | 378 476.97 | 0.13 |
| PLN	POLAND, REPUBLIC OF 3.2500% 14-25.07.25 | 8 500 000.00 | 1 795 945.14 | 0.62 |
| PLN	POLAND, REPUBLIC OF 2.50000% 15-25.07.26 | 15 970 000.00 | 3 165 393.79 | 1.10 |
| PLN	POLAND, REPUBLIC OF 4.00000% 17-25.04.47 | 2 500 000.00 | 370 532.11 | 0.13 |

UBS (Lux) Bond SICAV – Emerging Economies Local Currency Bond (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) |  |
|  |  |  |  |  |
| PLN | POLAND, REPUBLIC OF 2.50000% 18-25.04.24 | 8 500 000.00 | 1 844 444.44 | 0.64 |
| PLN | POLAND, REPUBLIC OF 2.75000% 19-25.10.29 | 2 000 000.00 | 362 973.09 | 0.12 |
| PLN | POLAND, REPUBLIC OF 1.75000% 21-25.04.32 | 10 900 000.00 | 1 665 707.90 | 0.58 |
| Total PLN |  |  | 12 301 277.26 | 4.26 |
| RON |  |  |  |  |
| RON | ROMANIA 3.50000% 15-19.12.22 | 1 275 000.00 | 270 972.20 | 0.09 |
| RON | ROMANIA 5.00000% 18-12.02.29 | 800 000.00 | 148 428.68 | 0.05 |
| RON | ROMANIA 5.80000% 12-26.07.27 | 13 000 000.00 | 2 581 016.34 | 0.90 |
| RON | ROMANIA 5.85000% 13-26.04.23 | 3 000 000.00 | 642 787.97 | 0.22 |
| RON | ROMANIA GOVERNMENT BOND 4.75000% 19-11.10.34 | 9 300 000.00 | 1 491 892.84 | 0.52 |
| Total RON |  |  | 5 135 098.03 | 1.78 |
| RUB |  |  |  |  |
| RUB | RUSSIA, FEDERATION OF 8.15000% 12-03.02.27* | 317 400 000.00 | 314 880.95 | 0.11 |
| RUB | RUSSIA, FEDERATION OF 7.00000% 13-25.01.23* | 49 500 000.00 | 49 107.14 | 0.02 |
| RUB | RUSSIA, FEDERATION OF 7.05000% 13-19.01.28* | 404 400 000.00 | 401 190.48 | 0.14 |
| RUB | RUSSIA, FEDERATION OF 7.00000% 13-16.08.23* | 163 050 000.00 | 161 755.95 | 0.06 |
| RUB | RUSSIA, FEDERATION OF 7.70000% 17-23.03.33* | 200 780 000.00 | 199 186.51 | 0.07 |
| RUB | RUSSIA, FEDERATION OF STEP 18-23.05.29* | 99 200 000.00 | 98 412.70 | 0.03 |
| RUB | RUSSIA, FEDERATION OF 6.90000% 21-23.07.31* | 92 000 000.00 | 91 269.84 | 0.03 |
| Total RUB |  |  | 1 315 803.57 | 0.46 |
| THB |  |  |  |  |
| THB | THAILAND, KINGDOM OF 3.85000% 10-12.12.25 | 31 000 000.00 | 959 537.41 | 0.33 |
| THB | THAILAND, KINGDOM OF 2.12500% 16-17.12.26 | 48 100 000.00 | 1 401 113.21 | 0.49 |
| THB | THAILAND, KINGDOM OF 2.87500% 18-17.12.28 | 125 700 000.00 | 3 733 811.96 | 1.29 |
| THB | THAILAND, KINGDOM OF 4.87500% 09-22.06.29 | 83 100 000.00 | 2 765 746.48 | 0.96 |
| THB | THAILAND, KINGDOM OF 1.60000% 19-17.12.29 | 14 000 000.00 | 378 870.76 | 0.13 |
| THB | THAILAND, KINGDOM OF 1.58500% 20-17.12.35 | 11 200 000.00 | 267 351.24 | 0.09 |
| THB | THAILAND, KINGDOM OF 3.40000% 15-17.06.36 | 68 000 000.00 | 1 987 212.96 | 0.69 |
| THB | THAILAND, KINGDOM OF 3.30000% 18-17.06.38 | 51 600 000.00 | 1 471 163.64 | 0.51 |
| THB | THAILAND, KINGDOM OF 4.67500% 13-29.06.44 | 5 450 000.00 | 175 856.78 | 0.06 |
| THB | THAILAND, KINGDOM OF 2.87500% 16-17.06.46 | 64 100 000.00 | 1 549 705.54 | 0.54 |
| THB | THAILAND, KINGDOM OF 3.65000% 10-20.06.31 | 52 700 000.00 | 1 631 448.31 | 0.57 |
| THB | THAILAND, KINGDOM OF 3.77500% 12-25.06.32 | 7 800 000.00 | 243 191.38 | 0.08 |
| Total THB |  |  | 16 565 009.67 | 5.74 |
| TRY |  |  |  |  |
| TRY | TURKEY, REPUBLIC OF 10.50000% 17-11.08.27 | 2 800 000.00 | 113 473.10 | 0.04 |
| TRY | TURKEY, REPUBLIC OF 8.00000% 15-12.03.25 | 3 000 000.00 | 128 719.22 | 0.04 |
| TRY | TURKEY, REPUBLIC OF 12.20000% 18-18.01.23 | 5 300 000.00 | 307 626.11 | 0.11 |
| TRY | TURKEY, REPUBLIC OF 9.00000% 14-24.07.24 | 4 000 000.00 | 185 175.02 | 0.06 |
| Total TRY |  |  | 734 993.45 | 0.25 |
| USD |  |  |  |  |
| USD | ANGOLAN GOVT INTERNATIONAL BOND-REG-S 8.25000% 18-09.05.28 | 800 000.00 | 770 000.00 | 0.27 |
| USD | ENERGEAN ISRAEL FINANCE LTD-144A-REG-S 4.50000% 21-30.03.24 | 830 000.00 | 814 437.50 | 0.28 |
| Total USD |  |  | 1 584 437.50 | 0.55 |
| UYU |  |  |  |  |
| UYU | URUGUAY, REPUBLIC OF-REG-S 8.50000% 17-15.03.28 | 11 800 000.00 | 272 814.14 | 0.09 |
| Total UYU |  |  | 272 814.14 | 0.09 |
| ZAR |  |  |  |  |
| ZAR | SOUTH AFRICA, REPUBLIC OF 10.5000% 98-21.12.26 | 8 600 000.00 | 597 998.10 | 0.21 |
| ZAR | SOUTH AFRICA, REPUBLIC OF 7.00000% 10-28.02.31 | 26 700 000.00 | 1 406 121.42 | 0.49 |
| ZAR | SOUTH AFRICA, REPUBLIC OF 6.50000% 10-28.02.41 | 38 400 000.00 | 1 587 348.50 | 0.55 |
| ZAR | SOUTH AFRICA, REPUBLIC OF 7.75000% 12-28.02.23 | 32 650 000.00 | 2 126 614.89 | 0.74 |
| ZAR | SOUTH AFRICA, REPUBLIC OF 8.75000% 12-28.02.48 | 108 400 000.00 | 5 625 627.33 | 1.95 |
| ZAR | SOUTH AFRICA, REPUBLIC OF 8.75000% 14-31.01.44 | 41 300 000.00 | 2 150 585.18 | 0.74 |
| ZAR | SOUTH AFRICA, REPUBLIC OF 8.00000% 13-31.01.30 | 48 150 000.00 | 2 790 540.57 | 0.97 |
| ZAR | SOUTH AFRICA, REPUBLIC OF 8.87500% 15-28.02.35 | 133 400 000.00 | 7 491 500.90 | 2.59 |
| Total ZAR |  |  | 23 776 336.89 | 8.24 |
| Total Bonds, fixed rate |  | 164 077 329.44 | 56.86 |
| Bonds, floating rate |  |  |  |
| PLN |  |  |  |
| PLN	POLAND, REPUBLIC OF 2.750%/CPI LINKED 08-25.08.23 | 570 000.00 | 201 943.37 | 0.07 |
| Total PLN |  | 201 943.37 | 0.07 |
| USD |  |  |  |
| USD	UKRAINE, GOVERNMENT OF-REG-S VAR 15-31.05.40 | 1 200 000.00 | 456 000.00 | 0.15 |
| Total USD |  | 456 000.00 | 0.15 |
| Total Bonds, floating rate |  | 657 943.37 | 0.22 |
| Convertible bonds, fixed rate |  |  |  |
| USD |  |  |  |
| USD	GLOBAL INVESTMENT FINANCIAL *DEFAULT* 11.00000% 96-06.04.06 | 2 000 000.00 | 20.00 | 0.00 |
| Total USD |  | 20.00 | 0.00 |
| Total Convertible bonds, fixed rate |  | 20.00 | 0.00 |
| Total Transferable securities and money market instruments listed on an official stock exchange |  | 211 655 011.50 | 73.34 |
| * Fair-valued - See note 15- Event |  |  |  |

UBS (Lux) Bond SICAV – Emerging Economies Local Currency Bond (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) |  |
| Transferable securities and money market instruments traded on another regulated market |  |  |
| Treasury bills, zero coupon |  |  |
| USD |  |  |
| USD	AMERICA, UNITED STATES OF TB 0.00000% 17.06.21-16.06.22	8 000 000.00 | 7 998 090.40 | 2.77 |
| USD	AMERICA, UNITED STATES OF TB 0.00000% 07.10.21-06.10.22	8 000 000.00 | 7 963 712.00 | 2.76 |
| USD	UNITED STATES TREASURY BILL 0.00000% 06.01.22-07.07.22	8 000 000.00 | 7 994 115.20 | 2.77 |
| Total USD | 23 955 917.60 | 8.30 |
| Total Treasury bills, zero coupon | 23 955 917.60 | 8.30 |
| Notes, fixed rate |  |  |
| PEN |  |  |
| PEN	PERU, REPUBLIC OF-REG-S 6.35000% 16-12.08.28	13 650 000.00 | 3 543 037.85 | 1.23 |
| Total PEN | 3 543 037.85 | 1.23 |
| Total Notes, fixed rate | 3 543 037.85 | 1.23 |
| Medium term notes, fixed rate |  |  |
| USD |  |  |
| USD	SHARP EQUIPAMENTOS ELETR-REG-S*DEFAULT* 9.62500% 97-30.10.05	1 080 000.00 | 10.80 | 0.00 |
| Total USD | 10.80 | 0.00 |
| Total Medium term notes, fixed rate | 10.80 | 0.00 |
| Bonds, fixed rate |  |  |
| COP |  |  |
| COP	COLOMBIA, REPUBLIC OF-REG-S 6.00000% 12-28.04.28	572 000 000.00 | 120 760.39 | 0.04 |
| Total COP | 120 760.39 | 0.04 |
| MYR |  |  |
| MYR	MALAYSIA 2.63200% 20-15.04.31	19 927 000.00 | 4 034 733.95 | 1.40 |
| MYR	MALAYSIA 3.41800% 12-15.08.22	2 950 000.00 | 675 761.22 | 0.23 |
| MYR	MALAYSIA 3.58200% 22-15.07.32	9 900 000.00 | 2 143 858.17 | 0.74 |
| MYR	MALAYSIA 3.73300% 13-15.06.28	27 350 000.00 | 6 176 395.81 | 2.14 |
| MYR	MALAYSIA 3.79500% 15-30.09.22	2 600 000.00 | 597 248.83 | 0.21 |
| MYR	MALAYSIA 3.80000% 16-17.08.23	3 100 000.00 | 716 734.73 | 0.25 |
| MYR	MALAYSIA 3.82800% 19-05.07.34	3 000 000.00 | 639 725.87 | 0.22 |
| MYR	MALAYSIA 3.88500% 19-15.08.29	6 018 000.00 | 1 358 169.89 | 0.47 |
| MYR	MALAYSIA 3.95500% 15-15.09.25	2 950 000.00 | 681 292.68 | 0.23 |
| MYR	MALAYSIA 4.06500% 20-15.06.50	9 000 000.00 | 1 790 195.27 | 0.62 |
| MYR	MALAYSIA 4.07000% 16-30.09.26	3 550 000.00 | 820 201.21 | 0.28 |
| MYR	MALAYSIA 4.25400% 15-31.05.35	500 000.00 | 110 659.40 | 0.04 |
| MYR	MALAYSIA 4.49800% 10-15.04.30	1 950 000.00 | 456 344.98 | 0.16 |
| MYR	MALAYSIA 4.76200% 17-07.04.37	9 980 000.00 | 2 326 652.43 | 0.81 |
| MYR	MALAYSIA 4.92100% 18-06.07.48	1 100 000.00 | 250 556.82 | 0.09 |
| Total MYR | 22 778 531.26 | 7.89 |
| PEN |  |  |
| PEN	PERU, REPUBLIC OF 6.95000% 08-12.08.31	6 700 000.00 | 1 744 243.03 | 0.61 |
| PEN	PERU, REPUBLIC OF-REG-S 5.35000% 19-12.08.40	1 700 000.00 | 350 973.90 | 0.12 |
| Total PEN | 2 095 216.93 | 0.73 |
| RUB |  |  |
| RUB	RUSSIA, FEDERATION OF 8.50000% 15-17.09.31*	70 500 000.00 | 69 940.48 | 0.03 |
| RUB	RUSSIA, FEDERATION OF 7.75000% 16-16.09.26*	206 150 000.00 | 204 513.89 | 0.07 |
| RUB	RUSSIA, FEDERATION OF 7.10000% 17-16.10.24*	35 000 000.00 | 34 722.22 | 0.01 |
| RUB	RUSSIA, FEDERATION OF 7.25000% 18-10.05.34*	20 000 000.00 | 19 841.27 | 0.01 |
| RUB	RUSSIA, FEDERATION OF 7.65000% 19-10.04.30*	125 700 000.00 | 124 702.38 | 0.04 |
| RUB	RUSSIA, FEDERATION OF 7.70000% 19-16.03.39*	114 300 000.00 | 113 392.86 | 0.04 |
| Total RUB | 567 113.10 | 0.20 |
| USD |  |  |
| USD	1MDB GLOBAL INV-REG-S 4.40000% 13-09.03.23	1 000 000.00 | 977 500.00 | 0.34 |
| Total USD | 977 500.00 | 0.34 |
| Total Bonds, fixed rate | 26 539 121.68 | 9.20 |
| Total Transferable securities and money market instruments traded on another regulated market | 54 038 087.93 | 18.73 |

Transferable securities and money market instruments not listed on an official stock exchange and not traded on another regulated market
Equities
| Mexico |  |
| --- | --- |
| MXN | HIPOTECARIA SU CASITA SA DE CV | 15 777.00 | 0.01 | 0.00 |
| Total Mexico | 0.01 | 0.00 |
| Total Equities | 0.01 | 0.00 |
| * Fair-valued - See note 15- Event |  |  |

UBS (Lux) Bond SICAV – Emerging Economies Local Currency Bond (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) |  |
| Investment funds, closed end |  |  |  |
| Bermuda |  |  |  |
| USD	SIDEK CREDITOR TRUST-B1 | 889 210.59 | 8.89 | 0.00 |
| USD	SIDEK CREDITOR TRUST-A1 | 222 274.28 | 2.22 | 0.00 |
| Total Bermuda |  | 11.11 | 0.00 |
| Total Investment funds, closed end |  | 11.11 | 0.00 |
| Treasury bills, zero coupon |  |  |  |
| USD |  |  |  |
| USD	AMERICA, UNITED STATES OF TB 0.00000% 03.02.22-04.08.22 | 8 000 000.00 | 7 986 025.60 | 2.77 |
| Total USD |  | 7 986 025.60 | 2.77 |
| Total Treasury bills, zero coupon |  | 7 986 025.60 | 2.77 |
| Domestic Certificates of Deposits, zero coupon |  |  |  |
| USD |  |  |  |
| USD	LOJAS ARAPUA INTL INC-DEFAULT CD 0.00000% 10.06.97-05.06.98 | 1 000 000.00 | 10.00 | 0.00 |
| Total USD |  | 10.00 | 0.00 |
| Total Domestic Certificates of Deposits, zero coupon |  | 10.00 | 0.00 |
| Bonds, fixed rate |  |  |  |
| CNY |  |  |  |
| CNY	CHINA, PEOPLE’S REPUBLIC OF 3.02000% 21-27.05.31 | 10 000 000.00 | 1 523 142.00 | 0.53 |
| Total CNY |  | 1 523 142.00 | 0.53 |
| Total Bonds, fixed rate | 1 523 142.00 | 0.53 |
| Total Transferable securities and money market instruments not listed on an official stock exchange and not traded on another regulated market | 9 509 188.72 | 3.30 |
| UCITS/Other UCIs in accordance with Article 41 (1) e) of the amended Luxembourg law of 17 December 2010 |  |  |
| Investment funds, open end |  |  |
| Luxembourg |  |  |
| USD	UBS (LUX) BOND SICAV - CHINA HIGH YIELD (USD) U-X-ACC	270.00 | 1 494 468.90 | 0.51 |
| Total Luxembourg | 1 494 468.90 | 0.51 |
| Total Investment funds, open end | 1 494 468.90 | 0.51 |
| Total UCITS/Other UCIs in accordance with Article 41 (1) e) of the amended Luxembourg law of 17 December 2010 | 1 494 468.90 | 0.51 |
| Total investments in securities | 276 696 757.05 | 95.88 |

| Derivative instruments |  |
| --- | --- |
| Derivative instruments listed on an official stock exchange |
| Financial Futures on bonds |
|  |  |  |  |
| USD	US 10YR ULTRA NOTE FUTURE 21.09.22 | -126.00 | 114 156.25 | 0.04 |
| JPY	JAPAN GOVERNMENT 10Y BOND (OSE) FUTURE 12.09.22 | -3.00 | -3 731.20 | 0.00 |
| Total Financial Futures on bonds |  | 110 425.05 | 0.04 |
| Total Derivative instruments listed on an official stock exchange |  | 110 425.05 | 0.04 |
| Derivative instruments not listed on an official stock exchange and not traded on | another regulated market |  |  |
| Swaps and forward swaps on interest rates |  |  |  |
|  |  |  |  |
| CLP	HSBC/INTEREST RATE SWAP REC 4.43250% 18-01.10.28 | 1 400 000 000.00 | -171 534.10 | -0.06 |
| CLP	HSBC/INTEREST RATE SWAP PAYER CLICP 18-01.10.28 |  |  |  |
| BRL	CREDIT SUISSE/INTEREST RATE SWAP REC 4.79500% 21-02.01.23 | 51 000 000.00 | -694 847.82 | -0.24 |
| BRL	CREDIT SUISSE/INTEREST RATE SWAP PAYER BZD 21-02.01.23 |  |  |  |
| BRL	CREDIT SUISSE/INTEREST RATE SWAP REC 7.90000% 21-04.01.27 | 47 000 000.00 | -1 061 664.79 | -0.37 |
| BRL	CREDIT SUISSE/INTEREST RATE PAYER BZD 21-04.01.27 |  |  |  |
| BRL	BANK OF AMERI/INTEREST RATE SWAP REC 9.76000% 17-02.01.23 | 15 800 000.00 | 452 682.71 | 0.15 |
| BRL	BANK OF AMERI/INTEREST RATE SWAP PAY BZD 17-02.01.23 |  |  |  |
| MXN	CME/INTEREST RATE SWAP REC 8.78500% 18-26.10.28 | 30 000 000.00 | 21 374.52 | 0.01 |
| MXN	CME/INTEREST RATE SWAP PAY MXI 18-26.10.28 |  |  |  |
| MXN	CME/INTEREST RATE SWAP REC 6.76500% 19-10.10.29 | 43 000 000.00 | -206 992.03 | -0.07 |
| MXN	CME/INTEREST RATE SWAP PAY MXI 19-10.10.29 |  |  |  |
| MXN	CME/INTEREST RATE SWAP REC 5.92750% 20-09.05.30 | 62 000 000.00 | -468 380.62 | -0.16 |
| MXN	CME/INTEREST RATE SWAP PAY MXI 20-09.05.30 |  |  |  |
| CLP	CREDIT SUISSE/INTEREST RATE SWAP REC 4.04000% 19-04.02.29 | 1 000 000 000.00 | -155 216.98 | -0.05 |
| CLP	CREDIT SUISSE/INTEREST RATE SWAP PAY CLICP 19-04.02.29 |  |  |  |
| CLP	CREDIT SUISSE/INTEREST RATE SWAP REC 2.88000% 19-05.08.29 | 3 000 000 000.00 | -742 325.96 | -0.26 |
| CLP	CREDIT SUISSE/INTEREST RATE SWAP PAY CLICP 19-05.08.29 |  |  |  |
| BRL	HSBC/INTEREST RATE SWAP REC 6.53750% 20-04.01.27 | 24 000 000.00 | -729 524.84 | -0.25 |
| BRL	HSBC/INTEREST RATE SWAP PAY BZD 20-04.01.27 |  |  |  |

UBS (Lux) Bond SICAV – Emerging Economies Local Currency Bond (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) |  |
|  |  |  |  |  |
| CLP | BANK OF AMERI/INTEREST RATE SWAP REC 3.13000% 19-19.11.29 | 900 000 000.00 | -200 473.33 | -0.07 |
| CLP | BANK OF AMERI/INTEREST RATE SWAP PAY CLICP 19-19.11.29 |  |  |  |
| MXN | CME/INTEREST RATE SWAP REC 7.99500% 17-22.12.22 | 70 000 000.00 | -6 694.24 | 0.00 |
| MXN | CME/INTEREST RATE SWAP PAY MXI 17-22.12.22 |  |  |  |
| BRL | GS/INTEREST RATE SWAP REC 12.31000% 22-02.01.29 | 25 000 000.00 | 37 881.97 | 0.01 |
| BRL | GS/INTEREST RATE SWAP PAY BZD 22-02.01.29 |  |  |  |
| Total Swaps and forward swaps on interest rates | -3 925 715.51 | -1.36 |
| Total Derivative instruments not listed on an official stock exchange and not traded on another regulated market | -3 925 715.51 | -1.36 |
| Total Derivative instruments | -3 815 290.46 | -1.32 |
| Forward Foreign Exchange contracts |  |  |
| Currency purchased/Amount purchased/Currency sold/Amount sold/Maturity date |  |  |

| MYR | 28 065 000.00 | USD | 6 691 702.43 | 17.6.2022 | -288 687.29 | -0.10 |
| --- | --- | --- | --- | --- | --- | --- |
| USD | 252 324.04 | PHP | 13 300 000.00 | 17.6.2022 | -744.60 | 0.00 |
| IDR | 41 910 000 000.00 | USD | 2 912 439.19 | 17.6.2022 | -32 356.09 | -0.01 |
| USD | 460 510.81 | CNY | 2 930 000.00 | 17.6.2022 | 21 084.37 | 0.01 |
| BRL | 120 880 000.00 | USD | 23 510 648.64 | 17.6.2022 | 1 885 770.75 | 0.65 |
| USD | 2 181 546.51 | PEN | 8 176 000.00 | 17.6.2022 | -33 060.04 | -0.01 |
| CLP | 6 407 300 000.00 | USD | 7 839 114.21 | 17.6.2022 | -76 680.39 | -0.03 |
| USD | 3 235 727.44 | COP | 12 299 000 000.00 | 17.6.2022 | -14 834.06 | -0.01 |
| HUF | 114 200 000.00 | USD | 325 707.44 | 17.6.2022 | -18 147.95 | -0.01 |
| EGP | 3 370 000.00 | USD | 202 950.92 | 16.6.2022 | -22 878.65 | -0.01 |
| CZK | 121 810 000.00 | USD | 5 307 375.51 | 17.6.2022 | -41 908.51 | -0.01 |
| RON | 11 899 000.00 | USD | 2 581 574.91 | 17.6.2022 | -9 344.62 | 0.00 |
| PLN | 17 545 000.00 | USD | 4 025 062.99 | 17.6.2022 | 69 080.55 | 0.02 |
| MXN | 202 610 000.00 | USD | 9 551 744.52 | 17.6.2022 | 694 673.57 | 0.24 |
| ZAR | 35 250 000.00 | USD | 2 312 557.13 | 17.6.2022 | -55 159.07 | -0.02 |
| THB | 311 570 000.00 | USD | 9 334 230.90 | 17.6.2022 | -225 762.86 | -0.08 |
| TRY | 28 760 000.00 | USD | 1 746 229.08 | 17.6.2022 | -24 679.77 | -0.01 |
| USD | 164 480.90 | PLN | 716 000.00 | 17.6.2022 | -2 598.43 | 0.00 |
| USD | 134 713.77 | CZK | 3 080 000.00 | 17.6.2022 | 1 574.96 | 0.00 |
| USD | 127 103.26 | CLP | 105 000 000.00 | 17.6.2022 | -104.07 | 0.00 |
| BRL | 12 300 000.00 | USD | 2 346 432.66 | 17.6.2022 | 237 749.66 | 0.08 |
| CNY | 9 300 000.00 | USD | 1 451 061.77 | 17.6.2022 | -56 295.24 | -0.02 |
| BRL | 11 500 000.00 | USD | 2 200 956.94 | 17.6.2022 | 215 148.48 | 0.07 |
| USD | 1 179 208.69 | BRL | 6 080 000.00 | 17.6.2022 | -98 175.74 | -0.03 |
| USD | 168 760.37 | MYR | 712 000.00 | 17.6.2022 | 6 317.94 | 0.00 |
| USD | 178 779.84 | EGP | 3 370 000.00 | 16.6.2022 | -1 292.43 | 0.00 |
| ZAR | 9 670 000.00 | USD | 648 193.36 | 17.6.2022 | -28 929.84 | -0.01 |
| MXN | 16 600 000.00 | USD | 809 379.69 | 17.6.2022 | 30 117.57 | 0.01 |
| PEN | 2 750 000.00 | USD | 724 103.43 | 17.6.2022 | 20 780.13 | 0.01 |
| CLP | 637 000 000.00 | USD | 788 961.96 | 17.6.2022 | -17 237.47 | -0.01 |
| USD | 2 529 771.09 | BRL | 12 300 000.00 | 17.6.2022 | -54 411.23 | -0.02 |
| RON | 921 000.00 | USD | 203 529.90 | 17.6.2022 | -4 435.51 | 0.00 |
| ZAR | 6 290 000.00 | USD | 424 725.22 | 17.6.2022 | -21 915.75 | -0.01 |
| CZK | 6 380 000.00 | USD | 286 566.16 | 17.6.2022 | -10 778.63 | 0.00 |
| USD | 572 328.23 | MXN | 11 500 000.00 | 17.6.2022 | -9 251.20 | 0.00 |
| PLN | 1 560 000.00 | USD | 368 002.29 | 17.6.2022 | -3 974.71 | 0.00 |
| THB | 12 300 000.00 | USD | 368 372.66 | 17.6.2022 | -8 793.25 | 0.00 |
| USD | 140 167.20 | CNY | 897 000.00 | 17.6.2022 | 5 639.72 | 0.00 |
| USD | 248 667.85 | MYR | 1 050 000.00 | 17.6.2022 | 9 110.90 | 0.00 |
| COP | 1 730 000 000.00 | USD | 454 187.45 | 17.6.2022 | 3 042.52 | 0.00 |
| PEN | 531 000.00 | USD | 144 923.58 | 17.6.2022 | -1 093.34 | 0.00 |
| USD | 224 756.51 | BRL | 1 080 000.00 | 17.6.2022 | -2 147.30 | 0.00 |
| USD | 215 621.66 | HUF | 72 700 000.00 | 17.6.2022 | 19 828.53 | 0.01 |
| BRL | 16 500 000.00 | USD | 3 464 930.70 | 17.6.2022 | 1 655.34 | 0.00 |
| ZAR | 1 750 000.00 | USD | 119 399.20 | 17.6.2022 | -7 329.79 | 0.00 |
| USD | 118 157.12 | CZK | 2 670 000.00 | 17.6.2022 | 2 741.33 | 0.00 |
| MXN | 2 430 000.00 | USD | 121 407.71 | 17.6.2022 | 1 482.55 | 0.00 |
| HUF | 518 000 000.00 | USD | 1 483 082.69 | 17.6.2022 | -88 023.00 | -0.03 |
| CLP | 130 000 000.00 | USD | 159 196.67 | 17.6.2022 | -1 701.88 | 0.00 |
| MYR | 681 000.00 | USD | 161 030.98 | 17.6.2022 | -5 661.18 | 0.00 |
| PLN | 5 620 000.00 | USD | 1 310 249.63 | 17.6.2022 | 1 183.07 | 0.00 |
| THB | 8 340 000.00 | USD | 249 179.11 | 17.6.2022 | -5 366.73 | 0.00 |
| CNY | 778 000.00 | USD | 121 528.32 | 17.6.2022 | -4 847.85 | 0.00 |
| RON | 7 060 000.00 | USD | 1 546 774.14 | 17.6.2022 | -20 600.02 | -0.01 |
| PLN | 15 000 000.00 | USD | 3 463 401.77 | 17.6.2022 | 36 863.44 | 0.01 |
| USD | 764 025.08 | ZAR | 11 500 000.00 | 17.6.2022 | 27 568.98 | 0.01 |
| USD | 156 087.87 | THB | 5 280 000.00 | 17.6.2022 | 1 731.83 | 0.00 |
| IDR | 3 840 000 000.00 | USD | 267 072.47 | 17.6.2022 | -3 185.11 | 0.00 |
| USD | 3 021 800.13 | CNY | 19 600 000.00 | 17.6.2022 | 82 292.18 | 0.03 |
| CLP | 1 940 000 000.00 | USD | 2 296 401.52 | 17.6.2022 | 53 905.41 | 0.02 |
| USD | 2 306 363.30 | BRL | 11 200 000.00 | 17.6.2022 | -46 713.28 | -0.02 |
| USD | 3 015 401.74 | COP | 11 700 000 000.00 | 17.6.2022 | -76 847.19 | -0.03 |
| USD | 211 509.89 | RON | 982 000.00 | 17.6.2022 | -770.99 | 0.00 |
| USD | 298 190.19 | CZK | 6 840 000.00 | 17.6.2022 | 2 518.29 | 0.00 |
| TRY | 1 720 000.00 | USD | 112 321.83 | 17.6.2022 | -9 364.08 | 0.00 |
| USD | 563 522.54 | ZAR | 8 940 000.00 | 17.6.2022 | -8 992.03 | 0.00 |
| USD | 665 441.32 | THB | 22 700 000.00 | 17.6.2022 | 1 827.29 | 0.00 |
| USD | 440 115.72 | PLN | 1 920 000.00 | 17.6.2022 | -7 918.23 | 0.00 |
| USD | 511 596.18 | MYR | 2 250 000.00 | 17.6.2022 | -1 740.15 | 0.00 |
| USD | 525 833.05 | BRL | 2 620 000.00 | 17.6.2022 | -24 618.79 | -0.01 |
| USD | 252 152.59 | CLP | 217 000 000.00 | 17.6.2022 | -10 742.57 | 0.00 |
| USD | 537 373.98 | CNY | 3 550 000.00 | 17.6.2022 | 4 963.10 | 0.00 |
| USD | 200 603.83 | COP | 794 000 000.00 | 17.6.2022 | -9 246.23 | 0.00 |
| USD | 222 444.03 | HUF | 78 200 000.00 | 17.6.2022 | 11 838.49 | 0.00 |
| USD | 690 652.50 | MXN | 14 200 000.00 | 17.6.2022 | -27 471.66 | -0.01 |
| USD | 814 255.98 | PEN | 3 130 000.00 | 17.6.2022 | -33 556.95 | -0.01 |
| USD | 178 889.52 | MXN | 3 680 000.00 | 17.6.2022 | -7 215.90 | 0.00 |
| THB | 48 700 000.00 | USD | 1 420 972.62 | 17.6.2022 | 2 727.97 | 0.00 |

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

Forward Foreign Exchange contracts (Continued)
Currency purchased/Amount purchased/Currency sold/Amount sold/Maturity date
| USD | 902 106.86 | PLN | 4 030 000.00 | 17.6.2022 | -38 297.73 | -0.01 |
| --- | --- | --- | --- | --- | --- | --- |
| USD | 149 295.86 | TRY | 2 290 000.00 | 17.6.2022 | 12 218.39 | 0.00 |
| ZAR | 1 680 000.00 | USD | 105 704.47 | 17.6.2022 | 1 882.16 | 0.00 |
| MYR | 1 970 000.00 | USD | 453 603.50 | 17.6.2022 | -4 149.03 | 0.00 |
| USD | 212 422.95 | PHP | 11 200 000.00 | 17.6.2022 | -687.48 | 0.00 |
| USD | 1 051 686.29 | BRL | 5 270 000.00 | 17.6.2022 | -55 520.28 | -0.02 |
| COP | 2 500 000 000.00 | USD | 625 625.63 | 17.6.2022 | 35 111.32 | 0.01 |
| USD | 1 342 520.93 | IDR | 19 600 000 000.00 | 17.6.2022 | -4 404.12 | 0.00 |
| USD | 1 205 417.61 | CNY | 8 010 000.00 | 17.6.2022 | 4 118.70 | 0.00 |
| EUR | 27 650 900.00 | USD | 29 081 289.35 | 6.6.2022 | 541 142.52 | 0.19 |
| THB | 6 340 000.00 | USD | 184 573.82 | 17.6.2022 | 770.36 | 0.00 |
| MYR | 522 000.00 | USD | 120 265.97 | 17.6.2022 | -1 171.94 | 0.00 |
| USD | 262 948.61 | ZAR | 4 180 000.00 | 17.6.2022 | -4 737.17 | 0.00 |
| IDR | 3 210 000 000.00 | USD | 221 008.93 | 17.6.2022 | -415.59 | 0.00 |
| USD | 183 752.49 | BRL | 932 000.00 | 17.6.2022 | -12 057.10 | 0.00 |
| TRY | 2 490 000.00 | USD | 163 100.99 | 17.6.2022 | -14 051.69 | 0.00 |
| CNY | 733 000.00 | USD | 110 264.53 | 17.6.2022 | -332.93 | 0.00 |
| USD | 352 267.07 | COP | 1 430 000 000.00 | 17.6.2022 | -25 674.47 | -0.01 |
| BRL | 28 100 000.00 | USD | 5 547 877.59 | 17.6.2022 | 355 823.48 | 0.12 |
| USD | 2 894 706.49 | CLP | 2 510 000 000.00 | 17.6.2022 | -146 154.54 | -0.05 |
| USD | 2 883 675.46 | COP | 11 800 000 000.00 | 17.6.2022 | -235 002.94 | -0.08 |
| USD | 1 454 910.22 | TRY | 22 400 000.00 | 17.6.2022 | 114 065.14 | 0.04 |
| ZAR | 42 800 000.00 | USD | 2 716 755.86 | 17.6.2022 | 24 141.64 | 0.01 |
| USD | 5 986 481.04 | MXN | 121 000 000.00 | 17.6.2022 | -132 745.99 | -0.05 |
| COP | 11 600 000 000.00 | USD | 2 853 628.54 | 17.6.2022 | 212 190.91 | 0.07 |
| USD | 11 102 439.02 | BRL | 56 900 000.00 | 17.6.2022 | -852 030.40 | -0.30 |
| USD | 3 049 246.60 | CZK | 72 200 000.00 | 17.6.2022 | -71 734.58 | -0.03 |
| USD | 1 424 188.72 | ZAR | 23 200 000.00 | 17.6.2022 | -61 531.42 | -0.02 |
| USD | 180 027.02 | PLN | 805 000.00 | 17.6.2022 | -7 820.55 | 0.00 |
| BRL | 1 820 000.00 | USD | 350 296.40 | 17.6.2022 | 32 078.54 | 0.01 |
| USD | 203 682.67 | MYR | 895 000.00 | 17.6.2022 | -511.11 | 0.00 |
| USD | 178 337.10 | IDR | 2 610 000 000.00 | 17.6.2022 | -1 023.84 | 0.00 |
| USD | 155 300.17 | CNY | 1 050 000.00 | 17.6.2022 | -2 173.47 | 0.00 |
| CNY | 31 700 000.00 | USD | 4 702 566.38 | 17.6.2022 | 51 637.81 | 0.02 |
| USD | 773 003.92 | EUR | 731 500.00 | 6.6.2022 | -10 652.63 | 0.00 |
| IDR | 1 860 000 000.00 | USD | 127 998.06 | 17.6.2022 | -177.62 | 0.00 |
| BRL | 14 300 000.00 | USD | 2 775 082.48 | 17.6.2022 | 229 292.08 | 0.08 |
| CNY | 17 900 000.00 | USD | 2 633 902.30 | 17.6.2022 | 50 648.33 | 0.02 |
| USD | 180 904.14 | TRY | 2 970 000.00 | 17.6.2022 | 3 122.45 | 0.00 |
| USD | 104 580.00 | RON | 499 000.00 | 17.6.2022 | -3 289.81 | 0.00 |
| THB | 47 500 000.00 | USD | 1 366 544.68 | 17.6.2022 | 22 074.99 | 0.01 |
| TRY | 4 250 000.00 | USD | 256 413.94 | 17.6.2022 | -2 012.53 | 0.00 |
| USD | 261 678.23 | THB | 9 010 000.00 | 17.6.2022 | -1 721.00 | 0.00 |
| USD | 139 256.94 | HUF | 50 900 000.00 | 17.6.2022 | 2 174.82 | 0.00 |
| USD | 263 349.13 | ZAR | 4 190 000.00 | 17.6.2022 | -4 977.05 | 0.00 |
| USD | 387 306.40 | MXN | 7 770 000.00 | 17.6.2022 | -5 639.01 | 0.00 |
| USD | 449 889.54 | BRL | 2 240 000.00 | 17.6.2022 | -20 725.78 | -0.01 |
| USD | 324 896.62 | MYR | 1 430 000.00 | 17.6.2022 | -1 357.14 | 0.00 |
| USD | 264 593.52 | CNY | 1 780 000.00 | 17.6.2022 | -2 361.79 | 0.00 |
| USD | 262 624.38 | COP | 1 070 000 000.00 | 17.6.2022 | -20 171.03 | -0.01 |
| EUR | 386 000.00 | USD | 409 107.16 | 6.6.2022 | 4 414.96 | 0.00 |
| COP | 11 000 000 000.00 | USD | 2 791 878.17 | 17.6.2022 | 115 364.41 | 0.04 |
| USD | 1 499 026.87 | BRL | 7 240 000.00 | 17.6.2022 | -22 069.06 | -0.01 |
| EUR | 620 100.00 | USD | 666 106.46 | 6.6.2022 | -1 792.82 | 0.00 |
| USD | 359 003.05 | EUR | 334 400.00 | 6.6.2022 | 760.06 | 0.00 |
| Total Forward Foreign Exchange contracts | 1 929 484.70 | 0.67 |
|  |  |  |
| Cash at banks, deposits on demand and deposit accounts and other liquid assets | 8 226 797.56* | 2.85 |
| Bank overdraft and other short-term liabilities | -39 294.58 | -0.01 |
| Other assets and liabilities | 5 584 796.79 | 1.93 |
| Total net assets | 288 583 251.06 | 100.00 |

* As at 31 May 2022, cash amounts serve as collateral for the counterparty Credit Suisse for an amount of USD 2 560 000.00, HSBC Bank for an amount of USD 820 000.00 and Morgan Stanley London for an amount of USD 34 000.00.
UBS (Lux) Bond SICAV – Emerging Economies Local Currency Bond (USD) Annual report and audited financial statements as of 31 May 2022

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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