# UBS (Lux) Bond SICAV – Asian High Yield (USD)
| Three-year comparison |  |
| --- | --- |
|  | ISIN | 31.5.2022 | 31.5.2021 | 31.5.2020 |
| Net assets in USD |  | 1 801 106 157.87 | 3 667 784 382.44 | 1 293 042 503.64 |
| Class F-acc | LU0949706286 |  |  |  |
| Shares outstanding |  | 125 213.3050 | 430 819.4620 | 334 219.4960 |
| Net asset value per share in USD |  | 115.49 | 179.53 | 160.00 |
| Issue and redemption price per share in USD 1 |  | 115.49 | 179.53 | 158.11 |
| Class F-dist | LU2073878949 |  |  |  |
| Shares outstanding |  | 85 400.0000 | 322 200.0000 | 298 000.0000 |
| Net asset value per share in USD |  | 63.74 | 105.53 | 96.92 |
| Issue and redemption price per share in USD 1 |  | 63.74 | 105.53 | 95.78 |
| Class I-A1-acc | LU0871581103 |  |  |  |
| Shares outstanding |  | 1 711 924.9170 | 926 763.1530 | 1 639 873.6450 |
| Net asset value per share in USD |  | 77.66 | 120.91 | 107.93 |
| Issue and redemption price per share in USD 1 |  | 77.66 | 120.91 | 106.66 |
| Class (SEK hedged) I-A1-acc 2 | LU2191342232 |  |  |  |
| Shares outstanding |  | 237 747.2600 | 144 477.2350 | - |
| Net asset value per share in SEK |  | 485.59 | 758.72 | - |
| Issue and redemption price per share in SEK 1 |  | 485.59 | 758.72 | - |
| Class I-A3-acc 3 | LU2177575094 |  |  |  |
| Shares outstanding |  | 1 691 196.9090 | 3 413 187.3720 | - |
| Net asset value per share in USD |  | 70.01 | 108.85 | - |
| Issue and redemption price per share in USD 1 |  | 70.01 | 108.85 | - |
| Class (EUR hedged) I-A3-acc 4 | LU2300342909 |  |  |  |
| Shares outstanding |  | 560 837.7510 | 523 487.6060 | - |
| Net asset value per share in EUR |  | 64.22 | 100.86 | - |
| Issue and redemption price per share in EUR 1 |  | 64.22 | 100.86 | - |
| Class (GBP hedged) I-A3-acc 5 | LU2177569360 |  |  |  |
| Shares outstanding |  | 574 105.0370 | 458 806.9630 | - |
| Net asset value per share in GBP |  | 69.90 | 108.85 | - |
| Issue and redemption price per share in GBP 1 |  | 69.90 | 108.85 | - |
| Class (GBP hedged) I-A3-dist 5 | LU2181694816 |  |  |  |
| Shares outstanding |  | 534 471.5630 | 700 365.2590 | - |
| Net asset value per share in GBP |  | 66.58 | 108.84 | - |
| Issue and redemption price per share in GBP 1 |  | 66.58 | 108.84 | - |
| Class I-B-acc | LU1739859327 |  |  |  |
| Shares outstanding |  | 891 784.3470 | 863 518.5250 | 422 930.1780 |
| Net asset value per share in USD |  | 80.64 | 124.86 | 110.82 |
| Issue and redemption price per share in USD 1 |  | 80.64 | 124.86 | 109.51 |
| Class (EUR hedged) I-B-acc 6 | LU2198571015 |  |  |  |
| Shares outstanding |  | 275 076.4180 | 203 951.0790 | - |
| Net asset value per share in EUR |  | 69.11 | 108.05 | - |
| Issue and redemption price per share in EUR 1 |  | 69.11 | 108.05 | - |
| Class (EUR hedged) I-B-dist 7 | LU2197080505 |  |  |  |
| Shares outstanding |  | 827 247.3310 | 827 247.3310 | - |
| Net asset value per share in EUR |  | 65.74 | 108.51 | - |
| Issue and redemption price per share in EUR 1 |  | 65.74 | 108.51 | - |
| Class (CHF hedged) I-X-acc 8 | LU2023725380 |  |  |  |
| Shares outstanding |  | 190 812.3430 | 100 000.0000 | - |
| Net asset value per share in CHF |  | 65.35 | 102.20 | - |
| Issue and redemption price per share in CHF 1 |  | 65.35 | 102.20 | - |
| Class I-X-dist | LU0883523861 |  |  |  |
| Shares outstanding |  | 2 780 166.0130 | 2 262 602.4960 | 1 378 211.2250 |
| Net asset value per share in USD |  | 63.01 | 103.84 | 97.75 |
| Issue and redemption price per share in USD 1 |  | 63.01 | 103.84 | 96.60 |
| Class K-1-acc | LU0725271869 |  |  |  |
| Shares outstanding |  | 1.9000 | 2.0000 | 2.4000 |
| Net asset value per share in USD |  | 5 600 753.77 | 8 743 299.01 | 7 824 748.28 |
| Issue and redemption price per share in USD 1 |  | 5 600 753.77 | 8 743 299.01 | 7 732 416.25 |
| Class K-1-mdist 9 | LU2179105015 |  |  |  |
| Shares outstanding |  | 3.7000 | 8.2000 | - |
| Net asset value per share in USD |  | 3 046 696.52 | 5 101 609.72 | - |
| Issue and redemption price per share in USD 1 |  | 3 046 696.52 | 5 101 609.72 | - |
| Class K-B-mdist 10 | LU2204822782 |  |  |  |
| Shares outstanding |  | 145 359.9800 | 145 359.9800 | - |
| Net asset value per share in USD |  | 61.56 | 102.30 | - |
| Issue and redemption price per share in USD 1 |  | 61.56 | 102.30 | - |

UBS (Lux) Bond SICAV – Asian High Yield (USD) Annual report and audited financial statements as of 31 May 2022
|  | ISIN | 31.5.2022 | 31.5.2021 | 31.5.2020 |
| --- | --- | --- | --- | --- |
|  |  |  |  |  |
| Class (EUR hedged) K-B-mdist 11 | LU2204822949 |  |  |  |
| Shares outstanding |  | 67 651.6710 | 67 651.6710 | - |
| Net asset value per share in EUR |  | 61.08 | 101.52 | - |
| Issue and redemption price per share in EUR 1 |  | 61.08 | 101.52 | - |
| Class K-X-acc | LU1957417949 |  |  |  |
| Shares outstanding |  | 187 021.1600 | 187 021.1600 | 188 260.5750 |
| Net asset value per share in USD |  | 73.81 | 114.19 | 101.28 |
| Issue and redemption price per share in USD 1 |  | 73.81 | 114.19 | 100.08 |
| Class (EUR hedged) K-X-mdist 12 | LU1957417865 |  |  |  |
| Shares outstanding |  | - | - | 47 055.6450 |
| Net asset value per share in EUR |  | - | - | 91.41 |
| Issue and redemption price per share in EUR 1 |  | - | - | 90.33 |
| Class P-acc | LU0626906662 |  |  |  |
| Shares outstanding |  | 1 294 995.0300 | 1 927 686.9000 | 1 028 251.1590 |
| Net asset value per share in USD |  | 106.37 | 166.88 | 150.12 |
| Issue and redemption price per share in USD 1 |  | 106.37 | 166.88 | 148.35 |
| Class (CHF hedged) P-acc | LU0626907470 |  |  |  |
| Shares outstanding |  | 73 108.5410 | 92 566.6790 | 55 632.6460 |
| Net asset value per share in CHF |  | 90.00 | 142.86 | 130.06 |
| Issue and redemption price per share in CHF 1 |  | 90.00 | 142.86 | 128.53 |
| Class (EUR hedged) P-acc | LU0626907397 |  |  |  |
| Shares outstanding |  | 355 091.1770 | 455 140.8590 | 183 106.2150 |
| Net asset value per share in EUR |  | 93.48 | 148.19 | 134.66 |
| Issue and redemption price per share in EUR 1 |  | 93.48 | 148.19 | 133.07 |
| Class P-dist | LU0725271786 |  |  |  |
| Shares outstanding |  | 208 430.5280 | 255 626.3050 | 142 238.6460 |
| Net asset value per share in USD |  | 67.33 | 110.63 | 103.56 |
| Issue and redemption price per share in USD 1 |  | 67.33 | 110.63 | 102.34 |
| Class P-mdist | LU0626906746 |  |  |  |
| Shares outstanding |  | 4 463 229.2490 | 5 815 571.5640 | 2 298 110.2570 |
| Net asset value per share in USD |  | 54.03 | 90.95 | 87.46 |
| Issue and redemption price per share in USD 1 |  | 54.03 | 90.95 | 86.43 |
| Class (AUD hedged) P-mdist 13 | LU2199720918 |  |  |  |
| Shares outstanding |  | 73 880.7760 | 74 094.3020 | - |
| Net asset value per share in AUD |  | 59.62 | 100.43 | - |
| Issue and redemption price per share in AUD 1 |  | 59.62 | 100.43 | - |
| Class (HKD) P-mdist 14 | LU2184895089 |  |  |  |
| Shares outstanding |  | 107 640.7010 | 174 800.4430 | - |
| Net asset value per share in HKD |  | 601.00 | 1 000.40 | - |
| Issue and redemption price per share in HKD 1 |  | 601.00 | 1 000.40 | - |
| Class (SGD hedged) P-mdist | LU0626907124 |  |  |  |
| Shares outstanding |  | 1 236 409.6820 | 1 218 964.5470 | 419 262.3710 |
| Net asset value per share in SGD |  | 58.39 | 98.30 | 94.42 |
| Issue and redemption price per share in SGD 1 |  | 58.39 | 98.30 | 93.31 |
| Class (ZAR hedged) P-mdist 15 | LU2185891624 |  |  |  |
| Shares outstanding |  | - | 16 399.5190 | - |
| Net asset value per share in ZAR |  | - | 992.21 | - |
| Issue and redemption price per share in ZAR 1 |  | - | 992.21 | - |
| Class Q-acc | LU1240770955 |  |  |  |
| Shares outstanding |  | 1 067 392.9780 | 2 076 936.8840 | 622 481.3330 |
| Net asset value per share in USD |  | 90.69 | 141.42 | 126.45 |
| Issue and redemption price per share in USD 1 |  | 90.69 | 141.42 | 124.96 |
| Class (CHF hedged) Q-acc | LU1240770799 |  |  |  |
| Shares outstanding |  | 120 948.8120 | 220 827.0110 | 210 050.9440 |
| Net asset value per share in CHF |  | 80.30 | 126.70 | 114.65 |
| Issue and redemption price per share in CHF 1 |  | 80.30 | 126.70 | 113.30 |
| Class (EUR hedged) Q-acc | LU1240770872 |  |  |  |
| Shares outstanding |  | 1 620 977.7480 | 1 405 132.3410 | 294 268.2270 |
| Net asset value per share in EUR |  | 82.42 | 129.87 | 117.30 |
| Issue and redemption price per share in EUR 1 |  | 82.42 | 129.87 | 115.92 |
| Class (GBP hedged) Q-acc 5 | LU2183825921 |  |  |  |
| Shares outstanding |  | 42 195.9520 | 65 929.7460 | - |
| Net asset value per share in GBP |  | 69.43 | 108.47 | - |
| Issue and redemption price per share in GBP 1 |  | 69.43 | 108.47 | - |
| Class Q-dist | LU1240771094 |  |  |  |
| Shares outstanding |  | 277 435.3770 | 469 726.9740 | 192 054.3410 |
| Net asset value per share in USD |  | 69.38 | 114.34 | 106.17 |
| Issue and redemption price per share in USD 1 |  | 69.38 | 114.34 | 104.92 |
| Class (EUR hedged) Q-dist 16 | LU2325209497 |  |  |  |
| Shares outstanding |  | 481 768.0000 | 242 331.0000 | - |
| Net asset value per share in EUR |  | 64.08 | 101.62 | - |
| Issue and redemption price per share in EUR 1 |  | 64.08 | 101.62 | - |
| Class (GBP hedged) Q-dist 17 | LU2270292001 |  |  |  |
| Shares outstanding |  | 2 416.4600 | 597.1200 | - |
| Net asset value per share in GBP |  | 64.11 | 102.48 | - |
| Issue and redemption price per share in GBP 1 |  | 64.11 | 102.48 | - |

UBS (Lux) Bond SICAV – Asian High Yield (USD)
Annual report and audited financial statements as of 31 May 2022
|  | ISIN | 31.5.2022 | 31.5.2021 | 31.5.2020 |
| --- | --- | --- | --- | --- |
|  |  |  |  |  |
| Class Q-mdist | LU1240771177 |  |  |  |
| Shares outstanding |  | 946 662.1210 | 2 653 298.7250 | 1 654 829.7440 |
| Net asset value per share in USD |  | 60.20 | 100.71 | 96.24 |
| Issue and redemption price per share in USD 1 |  | 60.20 | 100.71 | 95.10 |
| Class (SGD hedged) Q-mdist 18 | LU2181965513 |  |  |  |
| Shares outstanding |  | 180 802.6530 | 263 706.2490 | - |
| Net asset value per share in SGD |  | 61.10 | 102.24 | - |
| Issue and redemption price per share in SGD 1 |  | 61.10 | 102.24 | - |
| Class U-X-acc | LU0626906829 |  |  |  |
| Shares outstanding |  | 15 141.3550 | 15 279.0000 | 4 824.0000 |
| Net asset value per share in USD |  | 8 254.90 | 12 766.21 | 11 317.92 |
| Issue and redemption price per share in USD 1 |  | 8 254.90 | 12 766.21 | 11 184.37 |
| 1  See note 1 2  First NAV: 6.7.2020 3  First NAV: 10.6.2020 4  First NAV: 2.3.2021 5  First NAV: 24.6.2020 6  First NAV: 16.7.2020 7  First NAV: 30.6.2020 8  First NAV: 21.1.2021 9  First NAV: 12.6.2020 10  First NAV: 31.7.2020 11  First NAV: 7.8.2020 12  The share class (EUR hedged) K-X-mdist was in circulation until 12.8.2020 13  First NAV: 5.8.2020 14  First NAV: 17.8.2020 15  For the period from 22.9.2020 to 1.10.2021 the share class (ZAR hedged) P-mdist was in circulation 16  First NAV: 14.4.2021 17  First NAV: 17.12.2020 18  First NAV: 9.6.2020 |  |  |  |  |
| Performance |  |  |  |  |
|  | Currency | 2021/2022 | 2020/2021 | 2019/2020 |
| Class F-acc | USD | -35.7% | 13.5% | -1.2% |
| Class F-dist | USD | -35.7% | 13.5% | - |
| Class I-A1-acc | USD | -35.8% | 12.0% | -0.2% |
| Class (SEK hedged) I-A1-acc | SEK | -36.0% | - | - |
| Class I-A3-acc | USD | -35.7% | - | - |
| Class (EUR hedged) I-A3-acc | EUR | -36.3% | - | - |
| Class (GBP hedged) I-A3-acc | GBP | -35.8% | - | - |
| Class (GBP hedged) I-A3-dist | GBP | -35.8% | - | - |
| Class I-B-acc | USD | -35.4% | 12.7% | 0.4% |
| Class (EUR hedged) I-B-acc | EUR | -36.0% | - | - |
| Class (EUR hedged) I-B-dist | EUR | -36.0% | - | - |
| Class (CHF hedged) I-X-acc | CHF | -36.1% | - | - |
| Class I-X-dist | USD | -35.3% | 12.8% | 0.5% |
| Class K-1-acc | USD | -35.9% | 13.1% | -1.6% |
| Class K-1-mdist | USD | -35.9% | - | - |
| Class K-B-mdist | USD | -35.4% | - | - |
| Class (EUR hedged) K-B-mdist | EUR | -36.1% | - | - |
| Class K-X-acc | USD | -35.4% | 14.1% | -0.7% |
| Class (EUR hedged) K-X-mdist 1 | EUR | - | - | -3.3% |
| Class P-acc | USD | -36.3% | 12.5% | -2.1% |
| Class (CHF hedged) P-acc | CHF | -37.0% | 11.1% | -5.1% |
| Class (EUR hedged) P-acc | EUR | -36.9% | 11.4% | -4.6% |
| Class P-dist | USD | -36.3% | 12.5% | -2.1% |
| Class P-mdist | USD | -36.3% | 12.5% | -2.1% |
| Class (AUD hedged) P-mdist | AUD | -36.5% | - | - |
| Class (HKD) P-mdist | HKD | -35.5% | - | - |
| Class (SGD hedged) P-mdist | SGD | -36.2% | 12.3% | - |
| Class (ZAR hedged) P-mdist 2 | ZAR | - | - | - |
| Class Q-acc | USD | -35.9% | 13.2% | -1.5% |
| Class (CHF hedged) Q-acc | CHF | -36.6% | 11.8% | -4.5% |
| Class (EUR hedged) Q-acc | EUR | -36.5% | 12.0% | -4.1% |
| Class (GBP hedged) Q-acc | GBP | -36.0% | - | - |
| Class Q-dist | USD | -35.9% | 13.2% | -1.5% |
| Class (EUR hedged) Q-dist | EUR | -36.5% | - | - |
| Class (GBP hedged) Q-dist | GBP | -36.0% | - | - |
| Class Q-mdist | USD | -35.9% | 13.2% | -1.5% |
| Class (SGD hedged) Q-mdist | SGD | -35.8% | - | - |
| Class U-X-acc | USD | -35.3% | 12.8% | 0.5% |
| Benchmark: 3 |  |  |  |  |
| JP Morgan Asian Credit Non-Investment Grade Index | USD | -25.0% | 13.7% | -1.4% |
| JP Morgan Asian Credit Non-Investment Grade Index (hedged SEK) | SEK | -25.0% | - | - |
| JP Morgan Asian Credit Non-Investment Grade Index (hedged EUR) | EUR | -25.9% | 12.4% | -3.9% |
| JP Morgan Asian Credit Non-Investment Grade Index (hedged GBP) | GBP | -25.2% | - | - |
| JP Morgan Asian Credit Non-Investment Grade Index (hedged CHF) | CHF | -25.9% | 12.1% | -4.2% |
| JP Morgan Asian Credit Non-Investment Grade Index (hedged AUD) | AUD | -25.0% | - | - |
| JP Morgan Asian Credit Non-Investment Grade Index | HKD | -24.2% | - | - |

UBS (Lux) Bond SICAV – Asian High Yield (USD) Annual report and audited financial statements as of 31 May 2022
|  | Currency | 2021/2022 | 2020/2021 | 2019/2020 |
| --- | --- | --- | --- | --- |
|  |  |  |  |  |
| JP Morgan Asian Credit Non-Investment Grade Index (hedged SGD) | SGD | -25.0% | 13.5% | - |
| JP Morgan Asian Credit Non-Investment Grade Index (hedged ZAR) | ZAR | -25.0% | - | - |

1 
The share class (EUR hedged) K-X-mdist was in circulation until 12.8.2020. Due to this fact, there is no data for the calculation of the performance available in 2022.
2 
For the period from 22.9.2020 to 1.10.2021 the share class (ZAR hedged) P-mdist was in circulation. Due to this fact, there is no data for the calculation of the performance available in 2022.
3 
The subfund is actively managed. The index is a point of reference against which the performance of the subfund may be measured.
Historical performance is no indicator of current or future performance.
The performance data does not take account of any commissions and costs charged when subscribing and redeeming shares. The performance data were not audited.

## Report of the Portfolio Manager
In the financial year from 1 June 2021 to 31 May 2022, the total performance of the Asian USD high yield bond market was negative as spreads widened and many central banks around the world started embarking on their hiking cycle. Notably, the US Federal Reserve raised interest rates by 25bp in Q1 2022, its first hike since 2018, and hiked again by 50bp in May 2022. The moves in the Asian USD high yield bond market over the financial year were largely attributed to China’s policy stance towards the technology platform, gaming and real estate sectors. These sectors saw increased regulation which resulted in volatility and a sell-off in markets in H2 2021 and Q1 2022. In the later part of Q1 2022, the Ukraine-Russia war contributed to broad-based risk aversion, elevated inflation prints across the world and markets began to price in faster-than-expected rate hikes by central banks. Global bond yields rose significantly over the course of the financial year, contributing to the underperformance of bond markets.
Fund performance over the reporting period was cor- respondingly negative, reflecting the broad Asian USD high yield bond market. As the Asian high yield credit market has a comparatively shorter duration than some of its counterparts (for example in developed markets), the negative impact from duration on the Asian credit market is less. Recent news on supportive policy imple- mentation by the People’s Bank of China (PBoC) and various government bodies included cuts in policy rates, lower home mortgage rates, eased home purchase restrictions and encouragement.

## Structure of the Securities Portfolio
Geographical Breakdown as a % of net assets	
| Cayman Islands | 12.38 |
| --- | --- |
| China | 9.86 |
| Hong Kong | 9.69 |
| British Virgin Islands | 9.64 |
| India | 8.91 |
| Philippines | 5.34 |
| Singapore | 4.94 |
| The Netherlands | 3.36 |
| Pakistan | 3.14 |
| United Kingdom | 3.07 |
| Thailand | 2.69 |
| Mauritius | 2.17 |
| Sri Lanka | 1.76 |
| United States | 1.71 |
| Indonesia | 1.40 |
| Luxembourg | 1.26 |
| Macau | 1.21 |
| Mongolia | 0.69 |
| Japan | 0.63 |
| Vietnam | 0.60 |
| Jersey | 0.19 |
| Total | 84.64 |

Economic Breakdown as a % of net assets	
| Finance & holding companies | 20.59 |
| --- | --- |
| Real Estate | 14.98 |
| Banks & credit institutions | 9.06 |
| Energy & water supply | 8.86 |
| Countries & central governments | 5.44 |
| Building industry & materials | 4.89 |
| Lodging, catering & leisure | 4.82 |
| Mining, coal & steel | 3.45 |
| Traffic & transportation | 3.07 |
| Miscellaneous services | 2.31 |
| Petroleum | 1.91 |
| Internet, software & IT services | 1.68 |
| Investment funds | 1.26 |
| Mortgage & funding institutions | 0.95 |
| Telecommunications | 0.86 |
| Mechanical engineering & industrial equipment | 0.43 |
| Rubber & tyres | 0.07 |
| Textiles, garments & leather goods | 0.01 |
| Total | 84.64 |

UBS (Lux) Bond SICAV – Asian High Yield (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	2 509 699 887.19
| Investments in securities, unrealized appreciation (depreciation) | 	-985 285 247.55	 |
| --- | --- |
| Total investments in securities (Note 1) | 1 524 414 639.64 |
| Cash at banks, deposits on demand and deposit accounts | 242 241 662.22 |
| Other liquid assets (Margins) | 588 791.64 |
| Receivable on securities sales (Note 1) | 17 697 940.00 |
| Receivable on subscriptions | 1 820 574.17 |
| Interest receivable on securities | 33 990 459.44 |
| Prepaid expenses | 235 879.34 |
| Unrealized gain on financial futures (Note 1) | 48 155.21 |
| Unrealized gain on forward foreign exchange contracts (Note 1) | 8 282 189.28 |
| Total Assets | 1 829 320 290.94 |
|  |  |
| Liabilities |  |
| Bank overdraft | -577.37 |
| Interest payable on bank overdraft | -63.69 |
| Payable on securities purchases (Note 1) | -24 112 604.65 |
| Payable on redemptions | -2 588 800.23 |
| Provisions for flat fee (Note 2) | -1 158 006.07 |
| Provisions for taxe d’abonnement (Note 3) | -90 588.28 |
| Provisions for other commissions and fees (Note 2) | 	-263 492.78	 |
| Total provisions | -1 512 087.13 |
| Total Liabilities | -28 214 133.07 |
|  |  |
| Net assets at the end of the financial year | 1 801 106 157.87 |
| Statement of Operations | USD |
| Income | 1.6.2021-31.5.2022 |
| Interest on liquid assets | 2 125.49 |
| Interest on securities | 171 179 795.41 |
| Net income on securities lending (Note 17) | 2 164 552.35 |
| Other income (Note 4) | 6 410 755.54 |
| Total income | 179 757 228.79 |
|  |  |
| Expenses |  |
| Flat fee (Note 2) | -21 551 788.52 |
| Taxe d’abonnement (Note 3) | -824 532.78 |
| Other commissions and fees (Note 2) | -297 763.56 |
| Interest on cash and bank overdraft | -50 590.86 |
| Total expenses | -22 724 675.72 |
|  |  |
| Net income (loss) on investments | 157 032 553.07 |
|  |  |
| Realized gain (loss) (Note 1) |  |
| Realized gain (loss) on market-priced securities without options | -450 926 675.61 |
| Realized gain (loss) on financial futures | 2 153 737.18 |
| Realized gain (loss) on forward foreign exchange contracts | -116 104 233.49 |
| Realized gain (loss) on foreign exchange | 11 008 151.78 |
| Total realized gain (loss) | -553 869 020.14 |
|  |  |
| Net realized gain (loss) of the financial year | -396 836 467.07 |
|  |  |
| Changes in unrealized appreciation (depreciation) (Note 1) |  |
| Unrealized appreciation (depreciation) on market-priced securities without options | -998 553 354.83 |
| Unrealized appreciation (depreciation) on financial futures | 251 280.21 |
| Unrealized appreciation (depreciation) on forward foreign exchange contracts | 10 666 720.28 |
| Total changes in unrealized appreciation (depreciation) | -987 635 354.34 |
|  |  |
| Net increase (decrease) in net assets as a result of operations | -1 384 471 821.41 |

UBS (Lux) Bond SICAV – Asian High Yield (USD) Annual report and audited financial statements as of 31 May 2022
| Changes in Net Assets |  |
| --- | --- |
|  | USD |
|  | 1.6.2021-31.5.2022 |
| Net assets at the beginning of the financial year | 3 667 784 382.44 |
| Subscriptions | 1 219 264 983.90 |
| Redemptions | 	-1 622 445 557.21	 |
| Total net subscriptions (redemptions) | -403 180 573.31 |
| Dividend paid | -79 025 829.85 |
| Net income (loss) on investments | 157 032 553.07 |
| Total realized gain (loss) | -553 869 020.14 |
| Total changes in unrealized appreciation (depreciation) | 	-987 635 354.34	 |
| Net increase (decrease) in net assets as a result of operations | -1 384 471 821.41 |
| Net assets at the end of the financial year | 1 801 106 157.87 |
| 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 | 430 819.4620 |
| Number of shares issued | 5 469.1990 |
| Number of shares redeemed | -311 075.3560 |
| Number of shares outstanding at the end of the financial year | 125 213.3050 |
| Class | F-dist |
| Number of shares outstanding at the beginning of the financial year | 322 200.0000 |
| Number of shares issued | 0.0000 |
| Number of shares redeemed | -236 800.0000 |
| Number of shares outstanding at the end of the financial year | 85 400.0000 |
| Class | I-A1-acc |
| Number of shares outstanding at the beginning of the financial year | 926 763.1530 |
| Number of shares issued | 1 543 357.6490 |
| Number of shares redeemed | -758 195.8850 |
| Number of shares outstanding at the end of the financial year | 1 711 924.9170 |
| Class | (SEK hedged) I-A1-acc |
| Number of shares outstanding at the beginning of the financial year | 144 477.2350 |
| Number of shares issued | 114 284.2950 |
| Number of shares redeemed | -21 014.2700 |
| Number of shares outstanding at the end of the financial year | 237 747.2600 |
| Class | I-A3-acc |
| Number of shares outstanding at the beginning of the financial year | 3 413 187.3720 |
| Number of shares issued | 1 969 072.0480 |
| Number of shares redeemed | -3 691 062.5110 |
| Number of shares outstanding at the end of the financial year | 1 691 196.9090 |
| Class | (EUR hedged) I-A3-acc |
| Number of shares outstanding at the beginning of the financial year | 523 487.6060 |
| Number of shares issued | 142 417.0690 |
| Number of shares redeemed | -105 066.9240 |
| Number of shares outstanding at the end of the financial year | 560 837.7510 |
| Class | (GBP hedged) I-A3-acc |
| Number of shares outstanding at the beginning of the financial year | 458 806.9630 |
| Number of shares issued | 366 761.9030 |
| Number of shares redeemed | -251 463.8290 |
| Number of shares outstanding at the end of the financial year | 574 105.0370 |
| Class | (GBP hedged) I-A3-dist |
| Number of shares outstanding at the beginning of the financial year | 700 365.2590 |
| Number of shares issued | 103 955.7830 |
| Number of shares redeemed | -269 849.4790 |
| Number of shares outstanding at the end of the financial year | 534 471.5630 |
| Class | I-B-acc |
| Number of shares outstanding at the beginning of the financial year | 863 518.5250 |
| Number of shares issued | 403 825.0000 |
| Number of shares redeemed | -375 559.1780 |
| Number of shares outstanding at the end of the financial year | 891 784.3470 |
| Class | (EUR hedged) I-B-acc |
| Number of shares outstanding at the beginning of the financial year | 203 951.0790 |
| Number of shares issued | 155 369.4320 |
| Number of shares redeemed | -84 244.0930 |
| Number of shares outstanding at the end of the financial year | 275 076.4180 |
| Class | (EUR hedged) I-B-dist |
| Number of shares outstanding at the beginning of the financial year | 827 247.3310 |
| Number of shares issued | 0.0000 |
| Number of shares redeemed | 0.0000 |
| Number of shares outstanding at the end of the financial year | 827 247.3310 |
| Class | (CHF hedged) I-X-acc |
| Number of shares outstanding at the beginning of the financial year | 100 000.0000 |
| Number of shares issued | 90 812.3430 |
| Number of shares redeemed | 0.0000 |
| Number of shares outstanding at the end of the financial year | 190 812.3430 |

UBS (Lux) Bond SICAV – Asian High Yield (USD)
Annual report and audited financial statements as of 31 May 2022
| Class | I-X-dist |
| --- | --- |
| Number of shares outstanding at the beginning of the financial year | 2 262 602.4960 |
| Number of shares issued | 938 998.3550 |
| Number of shares redeemed | -421 434.8380 |
| Number of shares outstanding at the end of the financial year | 2 780 166.0130 |
| Class | K-1-acc |
| Number of shares outstanding at the beginning of the financial year | 2.0000 |
| Number of shares issued | 1.9000 |
| Number of shares redeemed | -2.0000 |
| Number of shares outstanding at the end of the financial year | 1.9000 |
| Class | K-1-mdist |
| Number of shares outstanding at the beginning of the financial year | 8.2000 |
| Number of shares issued | 5.0000 |
| Number of shares redeemed | -9.5000 |
| Number of shares outstanding at the end of the financial year | 3.7000 |
| Class | K-B-mdist |
| Number of shares outstanding at the beginning of the financial year | 145 359.9800 |
| Number of shares issued | 0.0000 |
| Number of shares redeemed | 0.0000 |
| Number of shares outstanding at the end of the financial year | 145 359.9800 |
| Class | (EUR hedged) K-B-mdist |
| Number of shares outstanding at the beginning of the financial year | 67 651.6710 |
| Number of shares issued | 0.0000 |
| Number of shares redeemed | 0.0000 |
| Number of shares outstanding at the end of the financial year | 67 651.6710 |
| Class | K-X-acc |
| Number of shares outstanding at the beginning of the financial year | 187 021.1600 |
| Number of shares issued | 0.0000 |
| Number of shares redeemed | 0.0000 |
| Number of shares outstanding at the end of the financial year | 187 021.1600 |
| Class | P-acc |
| Number of shares outstanding at the beginning of the financial year | 1 927 686.9000 |
| Number of shares issued | 464 956.0580 |
| Number of shares redeemed | -1 097 647.9280 |
| Number of shares outstanding at the end of the financial year | 1 294 995.0300 |
| Class | (CHF hedged) P-acc |
| Number of shares outstanding at the beginning of the financial year | 92 566.6790 |
| Number of shares issued | 18 935.4950 |
| Number of shares redeemed | -38 393.6330 |
| Number of shares outstanding at the end of the financial year | 73 108.5410 |
| Class | (EUR hedged) P-acc |
| Number of shares outstanding at the beginning of the financial year | 455 140.8590 |
| Number of shares issued | 140 246.5620 |
| Number of shares redeemed | -240 296.2440 |
| Number of shares outstanding at the end of the financial year | 355 091.1770 |
| Class | P-dist |
| Number of shares outstanding at the beginning of the financial year | 255 626.3050 |
| Number of shares issued | 52 347.9790 |
| Number of shares redeemed | -99 543.7560 |
| Number of shares outstanding at the end of the financial year | 208 430.5280 |
| Class | P-mdist |
| Number of shares outstanding at the beginning of the financial year | 5 815 571.5640 |
| Number of shares issued | 1 118 774.6500 |
| Number of shares redeemed | -2 471 116.9650 |
| Number of shares outstanding at the end of the financial year | 4 463 229.2490 |
| Class | (AUD hedged) P-mdist |
| Number of shares outstanding at the beginning of the financial year | 74 094.3020 |
| Number of shares issued | 18 161.1070 |
| Number of shares redeemed | -18 374.6330 |
| Number of shares outstanding at the end of the financial year | 73 880.7760 |
| Class | (HKD) P-mdist |
| Number of shares outstanding at the beginning of the financial year | 174 800.4430 |
| Number of shares issued | 24 201.5540 |
| Number of shares redeemed | -91 361.2960 |
| Number of shares outstanding at the end of the financial year | 107 640.7010 |
| Class | (SGD hedged) P-mdist |
| Number of shares outstanding at the beginning of the financial year | 1 218 964.5470 |
| Number of shares issued | 438 179.6250 |
| Number of shares redeemed | -420 734.4900 |
| Number of shares outstanding at the end of the financial year | 1 236 409.6820 |
| Class | (ZAR hedged) P-mdist |
| Number of shares outstanding at the beginning of the financial year | 16 399.5190 |
| Number of shares issued | 621.9530 |
| Number of shares redeemed | -17 021.4720 |
| 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 | 2 076 936.8840 |
| Number of shares issued | 506 544.2280 |
| Number of shares redeemed | -1 516 088.1340 |
| Number of shares outstanding at the end of the financial year | 1 067 392.9780 |

UBS (Lux) Bond SICAV – Asian High Yield (USD) Annual report and audited financial statements as of 31 May 2022
| Class |  |  | (CHF hedged) Q-acc |
| --- | --- | --- | --- |
| Number of shares outstanding at the beginning of the financial year |  |  | 220 827.0110 |
| Number of shares issued |  |  | 49 397.0940 |
| Number of shares redeemed |  |  | -149 275.2930 |
| Number of shares outstanding at the end of the financial year |  |  | 120 948.8120 |
| Class |  |  | (EUR hedged) Q-acc |
| Number of shares outstanding at the beginning of the financial year |  |  | 1 405 132.3410 |
| Number of shares issued |  |  | 780 659.3040 |
| Number of shares redeemed |  |  | -564 813.8970 |
| Number of shares outstanding at the end of the financial year |  |  | 1 620 977.7480 |
| Class |  |  | (GBP hedged) Q-acc |
| Number of shares outstanding at the beginning of the financial year |  |  | 65 929.7460 |
| Number of shares issued |  |  | 15 815.6430 |
| Number of shares redeemed |  |  | -39 549.4370 |
| Number of shares outstanding at the end of the financial year |  |  | 42 195.9520 |
| Class |  |  | Q-dist |
| Number of shares outstanding at the beginning of the financial year |  |  | 469 726.9740 |
| Number of shares issued |  |  | 30 336.9310 |
| Number of shares redeemed |  |  | -222 628.5280 |
| Number of shares outstanding at the end of the financial year |  |  | 277 435.3770 |
| Class |  |  | (EUR hedged) Q-dist |
| Number of shares outstanding at the beginning of the financial year |  |  | 242 331.0000 |
| Number of shares issued |  |  | 293 874.4330 |
| Number of shares redeemed |  |  | -54 437.4330 |
| Number of shares outstanding at the end of the financial year |  |  | 481 768.0000 |
| Class |  |  | (GBP hedged) Q-dist |
| Number of shares outstanding at the beginning of the financial year |  |  | 597.1200 |
| Number of shares issued |  |  | 2 224.7580 |
| Number of shares redeemed |  |  | -405.4180 |
| Number of shares outstanding at the end of the financial year |  |  | 2 416.4600 |
| Class |  |  | Q-mdist |
| Number of shares outstanding at the beginning of the financial year |  |  | 2 653 298.7250 |
| Number of shares issued |  |  | 450 820.6950 |
| Number of shares redeemed |  |  | -2 157 457.2990 |
| Number of shares outstanding at the end of the financial year |  |  | 946 662.1210 |
| Class |  |  | (SGD hedged) Q-mdist |
| Number of shares outstanding at the beginning of the financial year |  |  | 263 706.2490 |
| Number of shares issued |  |  | 10 142.2320 |
| Number of shares redeemed |  |  | -93 045.8280 |
| Number of shares outstanding at the end of the financial year |  |  | 180 802.6530 |
| Class |  |  | U-X-acc |
| Number of shares outstanding at the beginning of the financial year |  |  | 15 279.0000 |
| Number of shares issued |  |  | 10 873.3550 |
| Number of shares redeemed |  |  | -11 011.0000 |
| Number of shares outstanding at the end of the financial year |  |  | 15 141.3550 |
| Annual Distribution 1 |  |  |  |
| UBS (Lux) Bond SICAV – Asian High Yield (USD)	Ex-Date | Pay-Date | Currency | Amount per share |
| F-dist	2.8.2021 | 5.8.2021 | USD | 6.09 |
| (GBP hedged) I-A3-dist	2.8.2021 | 5.8.2021 | GBP | 4.88 |
| (EUR hedged) I-B-dist	2.8.2021 | 5.8.2021 | EUR | 5.39 |
| I-X-dist	2.8.2021 | 5.8.2021 | USD | 6.04 |
| P-dist	2.8.2021 | 5.8.2021 | USD | 4.71 |
| Q-dist	2.8.2021 | 5.8.2021 | USD | 5.80 |
| (EUR hedged) Q-dist	2.8.2021 | 5.8.2021 | EUR | 0.61 |
| (GBP hedged) Q-dist	2.8.2021 | 5.8.2021 | GBP | 2.18 |
| Monthly Distribution 1 |  |  |  |
| UBS (Lux) Bond SICAV – Asian High Yield (USD)	Ex-Date | Pay-Date | Currency | Amount per share |
| K-1-mdist	15.6.2021 | 18.6.2021 | USD | 28 526.50 |
| K-1-mdist	15.7.2021 | 20.7.2021 | USD | 28 004.34 |
| K-1-mdist	16.8.2021 | 19.8.2021 | USD | 26 680.56 |
| K-1-mdist	15.9.2021 | 20.9.2021 | USD | 27 309.58 |
| K-1-mdist	15.10.2021 | 20.10.2021 | USD | 25 682.51 |
| K-1-mdist	15.11.2021 | 18.11.2021 | USD | 23 265.90 |
| K-1-mdist	15.12.2021 | 20.12.2021 | USD | 22 690.72 |
| K-1-mdist	17.1.2022 | 20.1.2022 | USD | 22 229.21 |
| K-1-mdist	15.2.2022 | 18.2.2022 | USD | 20 928.02 |
| K-1-mdist	15.3.2022 | 18.3.2022 | USD | 19 219.73 |
| K-1-mdist	19.4.2022 | 22.4.2022 | USD | 18 422.91 |
| K-1-mdist	16.5.2022 | 19.5.2022 | USD | 18 174.23 |
| K-B-mdist	15.6.2021 | 18.6.2021 | USD | 0.57 |
| K-B-mdist	15.7.2021 | 20.7.2021 | USD | 0.56 |
| K-B-mdist	16.8.2021 | 19.8.2021 | USD | 0.54 |
| K-B-mdist	15.9.2021 | 20.9.2021 | USD | 0.55 |
| 1  See note 5 |  |  |  |

UBS (Lux) Bond SICAV – Asian High Yield (USD)
Annual report and audited financial statements as of 31 May 2022
| UBS (Lux) Bond SICAV – Asian High Yield (USD) | Ex-Date | Pay-Date | Currency | Amount per share |
| --- | --- | --- | --- | --- |
| K-B-mdist | 15.10.2021 | 20.10.2021 | USD | 0.52 |
| K-B-mdist | 15.11.2021 | 18.11.2021 | USD | 0.47 |
| K-B-mdist | 15.12.2021 | 20.12.2021 | USD | 0.46 |
| K-B-mdist | 17.1.2022 | 20.1.2022 | USD | 0.45 |
| K-B-mdist | 15.2.2022 | 18.2.2022 | USD | 0.42 |
| K-B-mdist | 15.3.2022 | 18.3.2022 | USD | 0.39 |
| K-B-mdist | 19.4.2022 | 22.4.2022 | USD | 0.37 |
| K-B-mdist | 16.5.2022 | 19.5.2022 | USD | 0.37 |
| (EUR hedged) K-B-mdist | 15.6.2021 | 18.6.2021 | EUR | 0.50 |
| (EUR hedged) K-B-mdist | 15.7.2021 | 20.7.2021 | EUR | 0.49 |
| (EUR hedged) K-B-mdist | 16.8.2021 | 19.8.2021 | EUR | 0.47 |
| (EUR hedged) K-B-mdist | 15.9.2021 | 20.9.2021 | EUR | 0.49 |
| (EUR hedged) K-B-mdist | 15.10.2021 | 20.10.2021 | EUR | 0.46 |
| (EUR hedged) K-B-mdist | 15.11.2021 | 18.11.2021 | EUR | 0.41 |
| (EUR hedged) K-B-mdist | 15.12.2021 | 20.12.2021 | EUR | 0.40 |
| (EUR hedged) K-B-mdist | 17.1.2022 | 20.1.2022 | EUR | 0.40 |
| (EUR hedged) K-B-mdist | 15.2.2022 | 18.2.2022 | EUR | 0.34 |
| (EUR hedged) K-B-mdist | 15.3.2022 | 18.3.2022 | EUR | 0.31 |
| (EUR hedged) K-B-mdist | 19.4.2022 | 22.4.2022 | EUR | 0.30 |
| (EUR hedged) K-B-mdist | 16.5.2022 | 19.5.2022 | EUR | 0.30 |
| P-mdist | 15.6.2021 | 18.6.2021 | USD | 0.51 |
| P-mdist | 15.7.2021 | 20.7.2021 | USD | 0.50 |
| P-mdist | 16.8.2021 | 19.8.2021 | USD | 0.48 |
| P-mdist | 15.9.2021 | 20.9.2021 | USD | 0.49 |
| P-mdist | 15.10.2021 | 20.10.2021 | USD | 0.46 |
| P-mdist | 15.11.2021 | 18.11.2021 | USD | 0.41 |
| P-mdist | 15.12.2021 | 20.12.2021 | USD | 0.40 |
| P-mdist | 17.1.2022 | 20.1.2022 | USD | 0.40 |
| P-mdist | 15.2.2022 | 18.2.2022 | USD | 0.37 |
| P-mdist | 15.3.2022 | 18.3.2022 | USD | 0.34 |
| P-mdist | 19.4.2022 | 22.4.2022 | USD | 0.33 |
| P-mdist | 16.5.2022 | 19.5.2022 | USD | 0.32 |
| (AUD hedged) P-mdist | 15.6.2021 | 18.6.2021 | AUD | 0.55 |
| (AUD hedged) P-mdist | 15.7.2021 | 20.7.2021 | AUD | 0.54 |
| (AUD hedged) P-mdist | 16.8.2021 | 19.8.2021 | AUD | 0.51 |
| (AUD hedged) P-mdist | 15.9.2021 | 20.9.2021 | AUD | 0.52 |
| (AUD hedged) P-mdist | 15.10.2021 | 20.10.2021 | AUD | 0.49 |
| (AUD hedged) P-mdist | 15.11.2021 | 18.11.2021 | AUD | 0.44 |
| (AUD hedged) P-mdist | 15.12.2021 | 20.12.2021 | AUD | 0.43 |
| (AUD hedged) P-mdist | 17.1.2022 | 20.1.2022 | AUD | 0.42 |
| (AUD hedged) P-mdist | 15.2.2022 | 18.2.2022 | AUD | 0.39 |
| (AUD hedged) P-mdist | 15.3.2022 | 18.3.2022 | AUD | 0.36 |
| (AUD hedged) P-mdist | 19.4.2022 | 22.4.2022 | AUD | 0.34 |
| (AUD hedged) P-mdist | 16.5.2022 | 19.5.2022 | AUD | 0.34 |
| (HKD) P-mdist | 15.6.2021 | 18.6.2021 | HKD | 5.50 |
| (HKD) P-mdist | 15.7.2021 | 20.7.2021 | HKD | 5.40 |
| (HKD) P-mdist | 16.8.2021 | 19.8.2021 | HKD | 5.27 |
| (HKD) P-mdist | 15.9.2021 | 20.9.2021 | HKD | 5.40 |
| (HKD) P-mdist | 15.10.2021 | 20.10.2021 | HKD | 5.08 |
| (HKD) P-mdist | 15.11.2021 | 18.11.2021 | HKD | 4.60 |
| (HKD) P-mdist | 15.12.2021 | 20.12.2021 | HKD | 4.49 |
| (HKD) P-mdist | 17.1.2022 | 20.1.2022 | HKD | 4.40 |
| (HKD) P-mdist | 15.2.2022 | 18.2.2022 | HKD | 4.11 |
| (HKD) P-mdist | 15.3.2022 | 18.3.2022 | HKD | 3.78 |
| (HKD) P-mdist | 19.4.2022 | 22.4.2022 | HKD | 3.63 |
| (HKD) P-mdist | 16.5.2022 | 19.5.2022 | HKD | 3.59 |
| (SGD hedged) P-mdist | 15.6.2021 | 18.6.2021 | SGD | 0.53 |
| (SGD hedged) P-mdist | 15.7.2021 | 21.7.2021 | SGD | 0.52 |
| (SGD hedged) P-mdist | 16.8.2021 | 19.8.2021 | SGD | 0.52 |
| (SGD hedged) P-mdist | 15.9.2021 | 20.9.2021 | SGD | 0.53 |
| (SGD hedged) P-mdist | 15.10.2021 | 20.10.2021 | SGD | 0.50 |
| (SGD hedged) P-mdist | 15.11.2021 | 18.11.2021 | SGD | 0.45 |
| (SGD hedged) P-mdist | 15.12.2021 | 20.12.2021 | SGD | 0.44 |
| (SGD hedged) P-mdist | 17.1.2022 | 20.1.2022 | SGD | 0.43 |
| (SGD hedged) P-mdist | 15.2.2022 | 18.2.2022 | SGD | 0.42 |
| (SGD hedged) P-mdist | 15.3.2022 | 18.3.2022 | SGD | 0.38 |
| (SGD hedged) P-mdist | 19.4.2022 | 22.4.2022 | SGD | 0.37 |
| (SGD hedged) P-mdist | 16.5.2022 | 19.5.2022 | SGD | 0.36 |
| (ZAR hedged) P-mdist | 15.6.2021 | 18.6.2021 | ZAR | 9.62 |
| (ZAR hedged) P-mdist | 15.7.2021 | 20.7.2021 | ZAR | 9.44 |
| (ZAR hedged) P-mdist | 16.8.2021 | 19.8.2021 | ZAR | 8.96 |
| (ZAR hedged) P-mdist | 15.9.2021 | 20.9.2021 | ZAR | 9.17 |
| Q-mdist | 15.6.2021 | 18.6.2021 | USD | 0.56 |
| Q-mdist | 15.7.2021 | 20.7.2021 | USD | 0.55 |
| Q-mdist | 16.8.2021 | 19.8.2021 | USD | 0.53 |
| Q-mdist | 15.9.2021 | 20.9.2021 | USD | 0.54 |
| Q-mdist | 15.10.2021 | 20.10.2021 | USD | 0.51 |
| Q-mdist | 15.11.2021 | 18.11.2021 | USD | 0.46 |
| Q-mdist | 15.12.2021 | 20.12.2021 | USD | 0.45 |
| Q-mdist | 17.1.2022 | 20.1.2022 | USD | 0.44 |

UBS (Lux) Bond SICAV – Asian High Yield (USD) Annual report and audited financial statements as of 31 May 2022
| UBS (Lux) Bond SICAV – Asian High Yield (USD) | Ex-Date | Pay-Date | Currency | Amount per share |
| --- | --- | --- | --- | --- |
| Q-mdist | 15.2.2022 | 18.2.2022 | USD | 0.41 |
| Q-mdist | 15.3.2022 | 18.3.2022 | USD | 0.38 |
| Q-mdist | 19.4.2022 | 22.4.2022 | USD | 0.36 |
| Q-mdist | 16.5.2022 | 19.5.2022 | USD | 0.36 |
| (SGD hedged) Q-mdist | 15.6.2021 | 18.6.2021 | SGD | 0.55 |
| (SGD hedged) Q-mdist | 15.7.2021 | 21.7.2021 | SGD | 0.54 |
| (SGD hedged) Q-mdist | 16.8.2021 | 19.8.2021 | SGD | 0.54 |
| (SGD hedged) Q-mdist | 15.9.2021 | 20.9.2021 | SGD | 0.56 |
| (SGD hedged) Q-mdist | 15.10.2021 | 20.10.2021 | SGD | 0.52 |
| (SGD hedged) Q-mdist | 15.11.2021 | 18.11.2021 | SGD | 0.47 |
| (SGD hedged) Q-mdist | 15.12.2021 | 20.12.2021 | SGD | 0.46 |
| (SGD hedged) Q-mdist | 17.1.2022 | 20.1.2022 | SGD | 0.45 |
| (SGD hedged) Q-mdist | 15.2.2022 | 18.2.2022 | SGD | 0.43 |
| (SGD hedged) Q-mdist | 15.3.2022 | 18.3.2022 | SGD | 0.40 |
| (SGD hedged) Q-mdist | 19.4.2022 | 22.4.2022 | SGD | 0.38 |
| (SGD hedged) Q-mdist | 16.5.2022 | 19.5.2022 | SGD | 0.38 |

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

## Statement of Investments in Securities and other Net Assets as of 31 May 2022
| Description | Quantity/ | Valuation in USD | as a % |
| --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |
| Transferable securities and money market instruments listed on an official stock exchange Notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	ABJA INVESTMENT CO PTE LTD-REG-S 5.45000% 18-24.01.28 | 10 425 000.00 | 10 425 000.00 | 0.58 |
| USD	AGILE GROUP HOLDINGS LTD-REG-S 5.50000% 21-17.05.26 | 6 400 000.00 | 2 336 512.00 | 0.13 |
| USD	ANTON OILFIELD SERVICES GROUP-REG-S 8.75000% 21-26.01.25 | 13 470 000.00 | 11 611 981.88 | 0.64 |
| USD	APL REALTY HOLDINGS PTE LTD-REG-S 5.95000% 17-02.06.24 | 5 200 000.00 | 2 392 975.00 | 0.13 |
| USD	AYC FINANCE LTD-REG-S 3.90000% 21-PRP | 17 625 000.00 | 14 188 125.00 | 0.79 |
| USD	CA MAGNUM HOLDINGS-REG-S 5.37500% 21-31.10.26 | 7 000 000.00 | 6 440 000.00 | 0.36 |
| USD	CENTRAL CHINA REAL ESTATE-REG-S 7.25000% 19-24.04.23 | 3 200 000.00 | 1 270 600.00 | 0.07 |
| USD	CENTRAL CHINA REAL ESTATE-REG-S 7.90000% 19-07.11.23 | 4 500 000.00 | 1 408 500.00 | 0.08 |
| USD	CENTRAL CHINA REAL ESTATE-REG-S 7.25000% 20-16.07.24 | 800 000.00 | 208 650.00 | 0.01 |
| USD	CENTRAL CHINA REAL ESTATE-REG-S 7.65000% 20-27.08.23 | 18 950 000.00 | 6 292 584.37 | 0.35 |
| USD	CENTRAL CHINA REAL ESTATE LTD-REG-S 7.25000% 20-13.08.24 | 6 000 000.00 | 1 581 750.00 | 0.09 |
| USD	CENTRAL CHINA REAL ESTATE LTD-REG-S 7.50000% 21-14.07.25 | 10 000 000.00 | 2 608 125.00 | 0.14 |
| USD	CHAMPION PATH HOLDINGS-REG-S 4.85000% 21-27.01.28 | 4 000 000.00 | 2 720 000.00 | 0.15 |
| USD	CHINA EVERGRANDE GRO-REG-S *DEFAULTED* 12.00000% 20-22.01.24 | 14 000 000.00 | 1 415 750.00 | 0.08 |
| USD	CHINA OIL AND GAS GROUP LTD-REG-S 4.70000% 21-30.06.26 | 8 000 000.00 | 7 551 500.01 | 0.42 |
| USD	CIFI HOLDINGS GROUP CO LTD-REG-S 6.00000% 20-16.07.25 | 22 944 000.00 | 16 978 560.00 | 0.94 |
| USD	CIFI HOLDINGS GROUP CO LTD-REG-S 4.45000% 21-17.08.26 | 13 400 000.00 | 9 581 000.00 | 0.53 |
| USD	CIKARANG LISTRINDO TBK PT-REG-S 4.95000% 16-14.09.26 | 4 000 000.00 | 3 869 500.00 | 0.21 |
| USD	CLIFFTON LTD-REG-S 6.25000% 21-25.10.25 | 14 900 000.00 | 13 973 369.00 | 0.78 |
| USD	COUNTRY GARDEN HOLDINGS CO LTD-REG-S 7.25000% 19-08.04.26 | 5 000 000.00 | 3 200 000.00 | 0.18 |
| USD	EASY TACTIC LTD-REG-S 8.12500% 19-11.07.24 | 1 775 000.00 | 364 762.50 | 0.02 |
| USD	EASY TACTIC LTD-REG-S 8.62500% 20-05.03.24 | 6 000 000.00 | 1 223 625.00 | 0.07 |
| USD	ESTATE SKY LTD-REG-S 5.45000% 21-21.07.25 | 4 175 000.00 | 3 882 708.25 | 0.22 |
| USD	FORTUNE STAR BVI LTD-REG-S 6.85000% 20-02.07.24 | 12 375 000.00 | 11 745 112.50 | 0.65 |
| USD	FORTUNE STAR BVI LTD-REG-S 5.95000% 20-19.10.25 | 18 500 000.00 | 16 558 610.00 | 0.92 |
| USD	FORTUNE STAR BVI LTD-REG-S 5.05000% 21-27.01.27 | 14 550 000.00 | 12 088 576.50 | 0.67 |
| USD	FORTUNE STAR BVI LTD-REG-S 5.00000% 21-18.05.26 | 6 000 000.00 | 5 072 520.00 | 0.28 |
| USD	FRANSHION BRILLIANT LTD-REG-S 4.25000% 19-23.07.29 | 2 000 000.00 | 1 640 000.00 | 0.09 |
| USD	GMR HYDERABAD INTNATL AIRPORT LTD-REG-S 4.25000% 17-27.10.27 | 5 000 000.00 | 4 433 750.00 | 0.25 |
| USD	GREENKO MAURITIUS LTD-REG-S 6.25000% 19-21.02.23 | 5 575 000.00 | 5 588 240.63 | 0.31 |
| USD	HILONG HOLDING LTD-REG-S 9.75000% 21-18.11.24 | 12 554 000.00 | 7 783 480.00 | 0.43 |
| USD	INTERNATIONAL CONT TERM SERV-REG-S 4.75000% 20-17.06.30 | 16 250 000.00 | 15 658 906.25 | 0.87 |
| USD	JINGRUI HOLDINGS LTD-REG-S 14.50000% 20-19.02.23 | 6 000 000.00 | 957 000.00 | 0.05 |
| USD	JSW HYDRO ENERGY LTD-REG-S 4.12500% 21-18.05.31 | 25 250 000.00 | 19 977 800.00 | 1.11 |
| USD	JSW STEEL LTD-REG-S 5.37500% 19-04.04.25 | 2 000 000.00 | 1 960 000.00 | 0.11 |
| USD	KAISA GROUP HOLDINGS-REG-S *DEFAULTED* 10.50000% 20-15.01.25 | 6 400 000.00 | 1 041 200.00 | 0.06 |
| USD	KAISA GROUP HOLDINGS-REG-S *DEFAULTED* 9.95000% 20-23.07.25 | 32 000 000.00 | 5 176 000.00 | 0.29 |
| USD	KAISA GROUP HOLDINGS-REG-S*DEFAULTED* 11.25000% 20-16.04.25 | 33 575 000.00 | 5 430 756.25 | 0.30 |
| USD	KWG GROUP HOLDINGS LTD-REG-S 6.30000% 20-13.02.26 | 30 150 000.00 | 7 688 250.00 | 0.43 |
| USD	LAI SUN MTN LTD-REG-S 5.00000% 21-28.07.26 | 26 338 000.00 | 23 996 815.18 | 1.33 |
| USD	LOGAN GROUP CO LTD-REG-S 4.70000% 21-06.07.26 | 2 700 000.00 | 607 500.00 | 0.03 |
| USD	MANILA WATER CO INC-REG-S 4.37500% 20-30.07.30 | 24 499 000.00 | 22 758 039.81 | 1.26 |
| USD	MEDCO OAK TREE PTE LTD-REG-S 7.37500% 19-14.05.26 | 5 500 000.00 | 5 362 500.00 | 0.30 |
| USD	MEDCO PLATINUM ROAD PTE LTD-REG-S 6.75000% 18-30.01.25 | 17 800 000.00 | 17 402 837.50 | 0.97 |
| USD	MEITUAN DIANPING-REG-S 3.05000% 20-28.10.30 | 25 000 000.00 | 19 004 687.51 | 1.05 |
| USD	MELCO RESORTS FINANCE LTD-REG-S 4.87500% 17-06.06.25 | 750 000.00 | 640 177.50 | 0.03 |
| USD	MELCO RESORTS FINANCE LTD-REG-S 5.37500% 19-04.12.29 | 12 000 000.00 | 8 698 800.00 | 0.48 |
| USD	MELCO RESORTS FINANCE LTD-REG-S 5.75000% 20-21.07.28 | 19 000 000.00 | 14 575 660.00 | 0.81 |
| USD	MGM CHINA HOLDINGS LTD-REG-S 5.25000% 20-18.06.25 | 950 000.00 | 824 600.00 | 0.05 |
| USD	MGM CHINA HOLDINGS LTD-REG-S 4.75000% 21-01.02.27 | 15 000 000.00 | 12 051 750.00 | 0.67 |
| USD	NEW METRO GLOBAL LTD-REG-S 4.50000% 21-02.05.26 | 32 700 000.00 | 17 985 000.00 | 1.00 |
| USD	PAKISTAN, ISLAMIC REPUBLIC OF-REG-S 8.25000% 15-30.09.25 | 6 500 000.00 | 4 941 218.75 | 0.27 |
| USD	PAKISTAN, ISLAMIC REPUBLIC OF-REG-S 6.87500% 17-05.12.27 | 14 250 000.00 | 10 538 765.62 | 0.58 |
| USD	PERIAMA HOLDINGS LLC/DE-REG-S 5.95000% 20-19.04.26 | 31 775 000.00 | 30 821 750.00 | 1.71 |
| USD	POWERLONG REAL ESTATE HOLDINGS-REG-S 6.95000% 19-23.07.23 | 1 500 000.00 | 390 000.00 | 0.02 |
| USD	POWERLONG REAL ESTATE HOLDINGS-REG-S 6.25000% 20-10.08.24 | 8 500 000.00 | 1 954 999.99 | 0.11 |
| USD	REDCO PROPERTIES GROUP LTD 11.00000% 22-06.08.23 | 1 222 733.00 | 284 089.78 | 0.02 |
| USD	REDSUN PROPERTIES GROUP LTD-REG-S 9.70000% 20-16.04.23 | 1 200 000.00 | 216 000.00 | 0.01 |
| USD	REDSUN PROPERTIES GROUP LTD-REG-S 7.30000% 21-21.05.24 | 9 000 000.00 | 1 440 000.00 | 0.08 |
| USD	REDSUN PROPERTIES GROUP LTD-REG-S 9.50000% 21-20.09.23 | 15 750 000.00 | 2 677 500.00 | 0.15 |
| USD	RENEW WIND ENER AP2 / RENEW POWER-REG-S 4.50000% 21-14.07.28 | 26 575 000.00 | 22 854 500.00 | 1.27 |
| USD	RKPF OVERSEAS 2019 A LTD-REG-S 5.90000% 20-05.03.25 | 2 000 000.00 | 1 400 000.00 | 0.08 |
| USD	RKPF OVERSEAS 2020 A LTD-REG-S 5.20000% 21-12.01.26 | 5 000 000.00 | 3 275 000.00 | 0.18 |
| USD	RONSHINE CHINA HOLDINGS LTD-REG-S 8.95000% 19-22.01.23 | 3 100 000.00 | 666 500.00 | 0.04 |
| USD	RONSHINE CHINA HOLDINGS LTD-REG-S 8.10000% 19-09.06.23 | 11 000 000.00 | 1 760 000.00 | 0.10 |
| USD	RONSHINE CHINA HOLDINGS LTD-REG-S 7.35000% 20-15.12.23 | 25 050 000.00 | 3 882 750.00 | 0.22 |
| USD	RONSHINE CHINA HOLDINGS LTD-REG-S 6.75000% 20-05.08.24 | 4 220 000.00 | 590 800.00 | 0.03 |
| USD	RONSHINE CHINA HOLDINGS LTD-REG-S 7.10000% 21-25.01.25 | 8 000 000.00 | 1 040 000.00 | 0.06 |
| USD	SCENERY JOURNEY LTD-REG-S *DEFAULTED* 12.00000% 20-24.10.23 | 28 125 000.00 | 2 888 085.94 | 0.16 |
| USD	SHIMAO PROPERTY HOLDINGS LTD-REG-S 6.12500% 19-21.02.24 | 4 000 000.00 | 560 000.00 | 0.03 |
| USD	SHIMAO PROPERTY HOLDINGS LTD-REG-S 4.60000% 20-13.07.30 | 5 685 000.00 | 710 625.00 | 0.04 |
| USD	SHIMAO PROPERTY HOLDINGS LTD-REG-S 5.20000% 21-16.01.27 | 8 340 000.00 | 1 084 200.00 | 0.06 |
| USD	SHUI ON DEVELOPMENT HOLDING-REG-S 5.50000% 20-03.03.25 | 9 650 000.00 | 8 395 500.00 | 0.47 |
| USD	SHUI ON DEVELOPMENT HOLDING LTD-REG-S 6.15000% 20-24.08.24 | 9 625 000.00 | 8 734 687.50 | 0.48 |
| USD	SOFTBANK GROUP CORP-REG-S 4.00000% 21-06.07.26 | 12 675 000.00 | 11 280 750.00 | 0.63 |
| USD	SRI LANKA, DEMO REP OF-REG-S *DEFAULT* 6.20000% 17-11.05.27 | 18 705 000.00 | 7 129 410.75 | 0.40 |
| USD	SRI LANKA, DEMO REP OF-REG-S *DEFAULT* 5.75000% 18-18.04.23 | 19 000 000.00 | 7 174 590.00 | 0.40 |
| USD	SRI LANKA, DEMO REP OF-REG-S *DEFAULT* 7.55000% 19-28.03.30 | 45 500 000.00 | 17 408 755.00 | 0.97 |
| USD	STAR ENERGY GEOTHERMAL WAYANG-REG-S 6.75000% 18-24.04.33 | 500 000.00 | 406 670.90 | 0.02 |
| USD	STUDIO CITY FINANCE LTD-REG-S 6.00000% 20-15.07.25 | 4 300 000.00 | 3 274 751.00 | 0.18 |
| USD	STUDIO CITY FINANCE LTD-REG-S 6.50000% 20-15.01.28 | 16 475 000.00 | 11 365 608.25 | 0.63 |
| USD	STUDIO CITY FINANCE LTD-REG-S 5.00000% 21-15.01.29 | 13 625 000.00 | 8 382 508.75 | 0.46 |
| USD	SUNAC CHINA HOLDINGS LTD-REG-S 7.00000% 20-09.07.25 | 30 225 000.00 | 4 875 594.75 | 0.27 |
| USD	SUNAC CHINA HOLDINGS LTD-REG-S 6.65000% 20-03.08.24 | 23 200 000.00 | 3 712 000.00 | 0.21 |
| USD	SUNAC CHINA HOLDINGS LTD-REG-S 5.95000% 21-26.04.24 | 21 015 000.00 | 3 362 399.99 | 0.19 |
| USD	SUNAC CHINA HOLDINGS LTD-REG-S 6.50000% 21-26.01.26 | 5 600 000.00 | 901 600.00 | 0.05 |

UBS (Lux) Bond SICAV – Asian High Yield (USD) Annual report and audited financial statements as of 31 May 2022
|  | Description | Quantity/ | Valuation in USD | as a % |
| --- | --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |
|  |  |  |  |  |
| USD | THETA CAPITAL PTE LTD-REG-S 6.75000% 16-31.10.26 | 2 920 000.00 | 2 649 900.00 | 0.15 |
| USD | TIMES CHINA HOLDINGS LTD-REG-S 6.75000% 20-08.07.25 | 15 000 000.00 | 4 725 000.00 | 0.26 |
| USD | TML HOLDINGS PTE LTD-REG-S 5.50000% 20-03.06.24 | 5 330 000.00 | 5 281 230.50 | 0.29 |
| USD | VEDANTA RESOURCES PLC-REG-S 6.12500% 17-09.08.24 | 60 000 000.00 | 47 936 250.00 | 2.66 |
| USD | WYNN MACAU LTD-REG-S 5.12500% 19-15.12.29 | 7 276 000.00 | 5 340 584.00 | 0.30 |
| USD | WYNN MACAU LTD-REG-S 5.50000% 20-15.01.26 | 25 920 000.00 | 21 027 859.20 | 1.17 |
| USD | WYNN MACAU LTD-REG-S 5.62500% 20-26.08.28 | 18 000 000.00 | 13 449 600.00 | 0.75 |
| USD | YANGO JUSTICE INT LTD-REG-S *DEFAULTED* 8.25000% 20-25.11.23 | 17 600 000.00 | 1 232 000.00 | 0.07 |
| USD | YANGO JUSTICE INT LTD-REG-S *DEFAULTED* 7.50000% 20-15.04.24 | 11 925 000.00 | 834 750.00 | 0.05 |
| USD | YANGO JUSTICE INT LTD-REG-S*DEFAULTED* 7.50000% 20-17.02.25 | 14 385 000.00 | 1 006 950.00 | 0.06 |
| USD | YANGO JUSTICE INT LTD-REG-S*DEFAULTED* 7.87500% 21-04.09.24 | 12 500 000.00 | 875 000.00 | 0.05 |
| USD | YANLORD LAND HK CO LTD-REG-S 5.12500% 21-20.05.26 | 1 725 000.00 | 1 508 081.25 | 0.08 |
| USD | YUZHOU GROUP HOLDINGS-REG-S*DEFAULTED* 7.85000% 20-12.08.26 | 26 350 000.00 | 2 766 750.00 | 0.15 |
| USD | YUZHOU PROPERTIES-REG-S*DEFAULTED* 8.37500% 19-30.10.24 | 14 300 000.00 | 1 573 000.00 | 0.09 |
| USD | YUZHOU PROPERTIES-REG-S*DEFAULTED* 7.37500% 20-13.01.26 | 56 927 000.00 | 5 977 335.00 | 0.33 |
| USD | ZHENRO PROP GROUP-REG-S *DEFAULTED* 8.35000% 20-10.03.24 | 5 000 000.00 | 425 000.00 | 0.02 |
| USD | ZHENRO PROP GROUP-REG-S*DEFAULTED* 7.35000% 20-05.02.25 | 19 900 000.00 | 1 691 500.00 | 0.09 |
| Total USD |  |  | 700 916 549.56 | 38.92 |
| Total Notes, fixed rate |  | 700 916 549.56 | 38.92 |
| Notes, floating rate |  |  |  |
| USD |  |  |  |
| USD	GLOBAL LOGISTIC PROPERTIES-REG-S-SUB 4.500%/VAR 21-PRP | 20 500 000.00 | 17 859 600.00 | 0.99 |
| Total USD |  | 17 859 600.00 | 0.99 |
| Total Notes, floating rate |  | 17 859 600.00 | 0.99 |
| Medium term notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	AZURE POWER SOLAR ENERGY PVT LTD-REG-S 5.65000% 19-24.12.24 | 3 000 000.00 | 2 970 562.50 | 0.16 |
| USD	FAR EAST HORIZON LTD-REG-S 4.25000% 21-26.10.26 | 2 000 000.00 | 1 818 500.00 | 0.10 |
| USD	KWG GROUP HOLDINGS LTD-REG-S 7.40000% 19-05.03.24 | 6 000 000.00 | 1 680 000.00 | 0.09 |
| USD	KWG GROUP HOLDINGS LTD-REG-S 5.95000% 20-10.08.25 | 8 000 000.00 | 2 080 000.00 | 0.11 |
| USD	LS FINANCE 2017 LTD-REG-S 4.87500% 19-15.07.24 | 10 000 000.00 | 9 375 000.00 | 0.52 |
| USD	MUTHOOT FINANCE LTD-REG-S 6.12500% 19-31.10.22 | 7 963 000.00 | 7 952 050.87 | 0.44 |
| USD	MUTHOOT FINANCE LTD-REG-S 4.40000% 20-02.09.23 | 4 745 000.00 | 4 685 687.50 | 0.26 |
| USD	NWD MTN LTD-REG-S 4.50000% 20-19.05.30 | 24 911 000.00 | 22 787 088.14 | 1.26 |
| USD	PAKISTAN, ISLAMIC REPUBLIC OF-REG-S 6.00000% 21-08.04.26 | 5 000 000.00 | 3 713 050.00 | 0.21 |
| USD	PAKISTAN, ISLAMIC REPUBLIC OF-REG-S 7.37500% 21-08.04.31 | 55 000 000.00 | 37 406 050.00 | 2.08 |
| USD	REDCO PROPERTIES GROUP LTD-REG-S 9.90000% 20-17.02.24 | 22 695 000.00 | 4 990 063.12 | 0.28 |
| USD	SHRIRAM TRANSPORT FINANCE CO LTD-REG-S 5.95000% 19-24.10.22 | 16 355 000.00 | 16 314 112.50 | 0.91 |
| USD	SHRIRAM TRANSPORT FINANCE CO LTD-REG-S 5.10000% 20-16.07.23 | 10 300 000.00 | 10 042 500.00 | 0.56 |
| USD	SHRIRAM TRANSPORT FINANCE CO LTD-REG-S 4.40000% 21-13.03.24 | 9 800 000.00 | 9 285 500.00 | 0.52 |
| USD	THAIOIL TREASURY CENTER CO LTD-REG-S 3.50000% 19-17.10.49 | 5 165 000.00 | 3 463 132.50 | 0.19 |
| USD	YES BANK IFSC BANKING UNIT BR-REG-S 3.75000% 18-06.02.23 | 8 428 000.00 | 8 295 259.00 | 0.46 |
| Total USD |  | 146 858 556.13 | 8.15 |
| Total Medium term notes, fixed rate |  | 146 858 556.13 | 8.15 |
| Medium term notes, floating rate |  |  |  |
| USD |  |  |  |
| USD	BANGKOK BANK PCL/HONG KONG-REG-S-SUB 5.000%/VAR 20-PRP | 14 525 000.00 | 13 901 332.82 | 0.77 |
| USD	BANK OF EAST ASIA LTD-REG-S-SUB 5.825%/VAR 20-PRP | 14 850 000.00 | 14 924 250.00 | 0.83 |
| USD	KASIKORNBANK PCL-REG-S-SUB 5.275%/VAR 20-PRP | 18 950 000.00 | 18 278 459.38 | 1.02 |
| USD	KASIKORNBANK PCL/HONG KONG-REG-S-SUB 3.343%/VAR 19-02.10.31 | 26 576 000.00 | 24 380 158.00 | 1.35 |
| USD	TMB BANK CAYMAN IS-REG-S-SUB 4.900%/VAR 19-PRP | 2 500 000.00 | 2 373 125.00 | 0.13 |
| Total USD |  | 73 857 325.20 | 4.10 |
| Total Medium term notes, floating rate |  | 73 857 325.20 | 4.10 |
| Bonds, fixed rate |  |  |  |
| USD |  |  |  |
| USD	ABJA INVESTMENT CO PTE LTD-REG-S 5.95000% 14-31.07.24 | 1 760 000.00 | 1 804 000.00 | 0.10 |
| USD	AGILE GROUP HOLDINGS LTD-REG-S 6.05000% 20-13.10.25 | 12 512 000.00 | 4 692 000.00 | 0.26 |
| USD	ALAM SUTERA REALTY TBK PT (PAY IN KIND) STEP UP 20-02.05.24 | 3 375 000.00 | 2 220 750.00 | 0.12 |
| USD	ALAM SUTERA REALTY TBK PT (PAY IN KIND) STEP UP 20-02.11.25 | 9 681 000.00 | 5 178 124.87 | 0.29 |
| USD	AZURE POWER ENERGY LTD-REG-S 3.57500% 21-19.08.26 | 12 630 000.00 | 10 802 233.76 | 0.60 |
| USD	BHARTI AIRTEL INTL NETHERLANDS BV-REG-S 5.35000% 14-20.05.24 | 10 000 000.00 | 10 251 875.00 | 0.57 |
| USD	BIM LAND JSC-REG-S 7.37500% 21-07.05.26 | 13 220 000.00 | 10 900 716.25 | 0.61 |
| USD	CELESTIAL DYNASTY LTD-REG-S 4.25000% 19-27.06.29 | 12 000 000.00 | 11 049 720.00 | 0.61 |
| USD	CENTRAL CHINA REAL ESTATE-REG-S 7.75000% 20-24.05.24 | 11 000 000.00 | 2 875 812.50 | 0.16 |
| USD	CHINA EVERGRANDE GRO-REG-S *DEFAULTED* 8.75000% 17-28.06.25 | 35 400 000.00 | 3 628 500.00 | 0.20 |
| USD	CHINA SCE GROUP HOLDINGS LTD-REG-S 7.25000% 19-19.04.23 | 1 000 000.00 | 670 000.00 | 0.04 |
| USD	CHINA SCE GROUP HOLDINGS LTD-REG-S 7.00000% 20-02.05.25 | 5 000 000.00 | 2 400 000.00 | 0.13 |
| USD	CHINA SCE GROUP HOLDINGS LTD-REG-S- 6.00000% 21-04.02.26 | 26 180 000.00 | 12 042 800.00 | 0.67 |
| USD	CHINA SCE PROPERTY HOLDINGS LTD-REG-S 7.37500% 19-09.04.24 | 14 571 000.00 | 7 722 630.00 | 0.43 |
| USD	CHINA SCE PROPERTY HOLDINGS LTD-REG-S 5.95000% 21-29.09.24 | 3 000 000.00 | 1 530 000.00 | 0.09 |
| USD	CIFI HOLDINGS GROUP CO LTD-REG-S 5.25000% 20-13.05.26 | 1 200 000.00 | 864 000.00 | 0.05 |
| USD	COUNTRY GARDEN HOLDINGS CO LTD-REG-S 6.15000% 19-17.09.25 | 5 246 000.00 | 3 304 980.00 | 0.18 |
| USD	COUNTRY GARDEN HOLDINGS CO LTD-REG-S 5.12500% 20-14.01.27 | 7 550 000.00 | 4 265 750.00 | 0.24 |
| USD	COUNTRY GARDEN HOLDINGS CO LTD-REG-S 5.62500% 20-14.01.30 | 5 000 000.00 | 2 725 000.00 | 0.15 |
| USD	COUNTRY GARDEN HOLDINGS CO LTD-REG-S 5.40000% 20-27.05.25 | 19 203 000.00 | 12 193 905.00 | 0.68 |
| USD	COUNTRY GARDEN HOLDINGS CO LTD-REG-S 4.80000% 20-06.08.30 | 2 000 000.00 | 1 050 000.00 | 0.06 |
| USD	DEVELOPMENT BANK OF MONGOLIA LLC-REG-S 7.25000% 18-23.10.23 | 2 900 000.00 | 2 814 450.00 | 0.16 |
| USD	EASY TACTIC LTD-REG-S 5.87500% 17-13.02.23 | 10 525 000.00 | 2 320 762.50 | 0.13 |
| USD	EASY TACTIC LTD-REG-S 8.12500% 19-27.02.23 | 24 950 000.00 | 5 407 912.50 | 0.30 |
| USD	EASY TACTIC LTD-REG-S 8.62500% 19-27.02.24 | 4 600 000.00 | 932 362.50 | 0.05 |
| USD	EHI CAR SERVICES LTD-REG-S 7.75000% 21-14.11.24 | 16 475 000.00 | 11 532 500.00 | 0.64 |
| USD	FPC RESOURCES LTD-REG-S 4.37500% 20-11.09.27 | 10 075 000.00 | 9 809 271.87 | 0.54 |
| USD	GAJAH TUNGGAL TBK PT-REG-S 8.95000% 21-23.06.26 | 1 601 000.00 | 1 211 556.75 | 0.07 |

UBS (Lux) Bond SICAV – Asian High Yield (USD)
Annual report and audited financial statements as of 31 May 2022
|  | Description | Quantity/ | Valuation in USD | as a % |
| --- | --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |
|  |  |  |  |  |
| USD | GREENKO DUTCH BV-REG-S 3.85000% 21-29.03.26 | 46 050 000.00 | 40 648 335.00 | 2.26 |
| USD | GREENKO INVESTMENT CO-REG-S 4.87500% 16-16.08.23 | 5 067 000.00 | 4 987 194.75 | 0.28 |
| USD | HPCL MITTAL ENERGY LTD-REG-S 5.25000% 17-28.04.27 | 400 000.00 | 371 000.00 | 0.02 |
| USD | KAISA GROUP HOLDINGS-REG-S *DEFAULTED* 9.37500% 17-30.06.24 | 42 100 000.00 | 6 835 987.50 | 0.38 |
| USD | KWG GROUP HOLDINGS LTD-REG-S 6.00000% 21-14.08.26 | 24 825 000.00 | 6 330 375.00 | 0.35 |
| USD | KWG PROPERTY HOLDING LTD-REG-S 7.40000% 20-13.01.27 | 6 000 000.00 | 1 530 000.00 | 0.08 |
| USD | LMIRT CAPITAL PTE LTD-REG-S 7.50000% 21-09.02.26 | 6 425 000.00 | 6 127 843.75 | 0.34 |
| USD | LS FINANCE 2017 LTD-REG-S 4.80000% 21-18.06.26 | 10 700 000.00 | 9 416 000.00 | 0.52 |
| USD | LS FINANCE 2025 LTD-REG-S 4.50000% 15-26.06.25 | 2 750 000.00 | 2 450 800.00 | 0.14 |
| USD | MELCO RESORTS FINANCE LTD-REG-S 5.25000% 19-26.04.26 | 1 000 000.00 | 820 590.00 | 0.05 |
| USD | MODERNLA OVE PTE LTD-REG-S 6.95000% 17-30.04.27 | 10 482 440.00 | 4 768 199.90 | 0.26 |
| USD | MONGOLIA,GOVERNMENT OF-REG-S 5.12500% 20-07.04.26 | 4 000 000.00 | 3 700 000.00 | 0.21 |
| USD | NWD FINANCE BVI LTD-REG-S 4.80000% 20-PRP | 2 000 000.00 | 1 600 720.00 | 0.09 |
| USD | NWD MTN LTD-REG-S 4.12500% 19-18.07.29 | 10 000 000.00 | 9 031 600.00 | 0.50 |
| USD | POWERLONG REAL ESTATE HOLDINGS-REG-S 5.95000% 20-30.04.25 | 22 200 000.00 | 4 884 000.00 | 0.27 |
| USD | POWERLONG REAL ESTATE HOLDING LTD-REG-S 4.90000% 21-13.05.26 | 3 600 000.00 | 756 000.00 | 0.04 |
| USD | PRIME BLOOM HOLDING LTD-REG-S *DEFAULT* 6.95000% 17-05.07.22 | 840 000.00 | 146 370.00 | 0.01 |
| USD | RADIANCE HOLDINGS GROUP CO LTD-REG-S 7.80000% 21-20.03.24 | 3 750 000.00 | 2 644 453.13 | 0.15 |
| USD | REDSUN PROPERTIES GROUP LTD-REG-S 7.30000% 21-13.01.25 | 15 000 000.00 | 2 250 000.00 | 0.12 |
| USD | RENEW POWER PVT LTD-REG-S 5.87500% 20-05.03.27 | 1 000 000.00 | 951 437.50 | 0.05 |
| USD | RENEW POWER SYNTHETIC-REG-S 6.67000% 19-12.03.24 | 12 000 000.00 | 12 096 000.00 | 0.67 |
| USD | RKPF OVERSEAS 2019 A LTD-REG-S 6.00000% 20-04.09.25 | 7 000 000.00 | 4 795 000.00 | 0.27 |
| USD | RKPF OVERSEAS 2020 A LTD-REG-S 5.12500% 21-26.07.26 | 19 250 000.00 | 12 416 250.00 | 0.69 |
| USD | SCENERY JOURNEY LTD-REG-S *DEFAULTED* 13.75000% 18-06.11.23 | 4 000 000.00 | 415 750.00 | 0.02 |
| USD | SEAZEN GROUP LTD-REG-S 4.45000% 21-13.07.25 | 13 775 000.00 | 8 127 250.00 | 0.45 |
| USD | SUNAC CHINA HOLDINGS LTD-REG-S 7.95000% 19-11.10.23 | 15 600 000.00 | 2 574 000.00 | 0.14 |
| USD | SUNAC CHINA HOLDINGS LTD-REG-S 6.800000% 21-20.10.24 | 10 500 000.00 | 1 680 000.00 | 0.09 |
| USD | THETA CAPITAL PTE LTD-REG-S 8.12500% 20-22.01.25 | 14 900 000.00 | 14 508 875.00 | 0.81 |
| USD | TIMES CHINA HOLDINGS LTD-REG-S 6.60000% 17-02.03.23 | 4 000 000.00 | 2 000 000.00 | 0.11 |
| USD | TIMES CHINA HOLDINGS LTD-REG-S 5.75000% 21-14.01.27 | 21 404 000.00 | 6 207 160.00 | 0.34 |
| USD | TIMES CHINA HOLDINGS LTD-REG-S 5.55000% 21-04.06.24 | 24 000 000.00 | 8 640 000.00 | 0.48 |
| USD | TML HOLDINGS PTE LTD-REG-S 4.34000% 21-09.06.26 | 3 000 000.00 | 2 749 312.50 | 0.15 |
| USD | VEDANTA RESOURCES FINANCE II PLC-REG-S 9.25000% 19-23.04.26 | 9 250 000.00 | 7 272 812.50 | 0.40 |
| USD | WANDA PROPERTIES INTERNATIONAL-REG-S 7.25000% 14-29.01.24 | 1 500 000.00 | 1 125 000.00 | 0.06 |
| USD | WANDA PROPERTIES OVERSEAS LTD-REG-S 6.87500% 20-23.07.23 | 15 000 000.00 | 11 850 000.00 | 0.66 |
| USD | WEST CHINA CEMENT LTD-REG-S 4.95000% 21-08.07.26 | 4 000 000.00 | 3 485 520.00 | 0.19 |
| USD | YUZHOU GROUP HOLDINGS-REG-S*DEFAULTED* 6.35000% 21-13.01.27 | 3 000 000.00 | 315 000.00 | 0.02 |
| USD | YUZHOU PROPERTIES-REG-S*DEFAULTED* 8.50000% 19-26.02.24 | 3 000 000.00 | 330 000.00 | 0.02 |
| USD | YUZHOU PROPERTIES-REG-S*DEFAULTED* 8.30000% 19-27.05.25 | 2 525 000.00 | 277 750.00 | 0.02 |
| USD | ZHENRO PROP GROUP-REG-S *DEFAULTED* 6.63000% 21-07.01.26 | 10 450 000.00 | 888 250.00 | 0.05 |
| USD | ZHENRO PROP GROUP-REG-S *DEFAULTED* 6.70000% 21-04.08.26 | 3 500 000.00 | 297 500.00 | 0.02 |
| USD | ZOOMLION HK SPV CO LTD-REG-S 6.12500% 12-20.12.22 | 250 000.00 | 252 080.00 | 0.01 |
| Total USD |  |  | 358 756 030.03 | 19.92 |
| Total Bonds, fixed rate |  | 358 756 030.03 | 19.92 |
| Bonds, floating rate |  |  |  |
| USD |  |  |  |
| USD	AGILE GROUP HOLDINGS LTD-REG-S 7.875%/VAR 19-PRP | 11 000 000.00 | 2 530 000.00 | 0.14 |
| USD	BANK NEGARA INDONESIA PERSERO-REG-S-SUB 4.300%/VAR 21-PRP | 11 350 000.00 | 10 300 125.00 | 0.57 |
| USD	BANK OF EAST ASIA LTD/THE-REG-S-SUB 5.875%/VAR 19-PRP | 8 322 000.00 | 8 386 911.60 | 0.47 |
| USD	CASHLD FLR REG-S-SUB 4.000%/VAR 21-PRP | 4 000 000.00 | 3 608 200.00 | 0.20 |
| USD	ESTATE SKY LTD-REG-S 5.750%/VAR 17-PRP | 1 900 000.00 | 1 825 273.00 | 0.10 |
| USD	GLOBE TELECOM INC-REG-S 4.200%/VAR 21-PRP | 12 350 000.00 | 11 547 250.00 | 0.64 |
| USD	KING TALENT MANAGEMENT LTD-REG-S-SUB 5.600%/VAR 17-PRP | 11 590 000.00 | 11 009 051.25 | 0.61 |
| USD	NETWORK I2I LTD-REG-S-SUB 5.650%/VAR 19-PRP | 375 000.00 | 368 859.37 | 0.02 |
| USD	NWD FINANCE BVI LTD-REG-S 5.250%/VAR 20-PRP | 12 694 000.00 | 12 446 467.00 | 0.69 |
| USD	NWD FINANCE BVI LTD-REG-S 4.125%/VAR 21-PRP | 7 000 000.00 | 6 078 450.00 | 0.34 |
| USD	PETRON CORP-REG-S 5.950%/VAR 21-PRP | 11 800 000.00 | 11 363 400.00 | 0.63 |
| USD	RKPF OVERSEAS 2019 E LTD-REG-S 7.750%/VAR 19-PRP | 4 800 000.00 | 2 952 000.00 | 0.16 |
| USD	ROYAL CAPITAL BV-REG-S 4.875%/VAR 16-PRP | 9 700 000.00 | 9 629 481.00 | 0.53 |
| USD	SINO OCEAN LAND TREASURE-REG-S-SUB 4.900%/VAR 17-PRP | 16 545 000.00 | 10 919 700.00 | 0.61 |
| USD	SMC GLOBAL POWER HOLDINGS CORP-REG-S 7.000%/VAR 20-PRP | 28 475 000.00 | 27 846 841.50 | 1.55 |
| USD	SMC GLOBAL POWER HOLDINGS CORP-REG-S 5.450%/VAR 21-PRP | 7 800 000.00 | 7 010 250.00 | 0.39 |
| Total USD |  | 137 822 259.72 | 7.65 |
| Total Bonds, floating rate |  | 137 822 259.72 | 7.65 |
| Convertible bonds, floating rate |  |  |  |
| USD |  |  |  |
| USD	HDFC BANK LTD-REG-S-SUB COCO 3.700%/VAR 21-PRP | 40 000 000.00 | 35 224 400.00 | 1.96 |
| USD	KRUNG THAI/CAYMAN ISLANDS-REG-S-SUB COCO 4.400%/VAR 21-PRP | 27 000 000.00 | 24 361 830.00 | 1.35 |
| Total USD |  | 59 586 230.00 | 3.31 |
| Total Convertible bonds, floating rate |  | 59 586 230.00 | 3.31 |
| Total Transferable securities and money market instruments listed on an official stock exchange |  | 1 495 656 550.64 | 83.04 |
| Transferable securities and money market instruments traded on another regulated market |  |  |  |
| Bonds, fixed rate |  |  |  |
| USD |  |  |  |
| USD	MONGOLIA,GOVERNMENT OF-REG-S 3.50000% 21-07.07.27 | 7 000 000.00 | 5 915 000.00 | 0.33 |
| Total USD |  | 5 915 000.00 | 0.33 |
| Total Bonds, fixed rate |  | 5 915 000.00 | 0.33 |
| Total Transferable securities and money market instruments traded on another regulated market |  | 5 915 000.00 | 0.33 |

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

Transferable securities and money market instruments not listed on an official stock exchange and not traded on another regulated market
| USD |  |
| --- | --- |
| USD | JINGRUI HOLDINGS LTD-REG-S 12.75000% 22-04.09.23 | 950 000.00 | 149 302.00 | 0.01 |
| Total USD |  |  | 149 302.00 | 0.01 |

Notes, fixed rate
Total Notes, fixed rate	149 302.00	0.01
Total Transferable securities and money market instruments not listed on an official
stock exchange and not traded on another regulated market	149 302.00	0.01
UCITS/Other UCIs in accordance with Article 41 (1) e) of the amended Luxembourg law of 17 December 2010
Investment funds, open end
USD	UBS (LUX) BOND SICAV - CHINA HIGH YIELD (USD) U-X-ACC	4 100.00	22 693 787.00	1.26
Luxembourg
Total Luxembourg	22 693 787.00	1.26
Total Investment funds, open end	22 693 787.00	1.26
Total UCITS/Other UCIs in accordance with Article 41 (1) e) of the amended Luxembourg law of 17 December 2010	22 693 787.00	1.26
Total investments in securities	1 524 414 639.64	84.64
| Derivative instruments |  |
| --- | --- |
| Derivative instruments listed on an official stock exchange Financial Futures on bonds |
|  |  |  |  |
| USD	US ULTRA LONG BOND (CBT) FUTURE 21.09.22 | -18.00 | 20 250.00 | 0.00 |
| USD	US 5YR TREASURY NOTE FUTURE 30.09.22 | 347.00 | -59 641.67 | 0.00 |
| USD	US 10YR TREASURY NOTE FUTURE 21.09.22 | -431.00 | 87 546.88 | 0.00 |
| Total Financial Futures on bonds |  | 48 155.21 | 0.00 |
| Total Derivative instruments listed on an official stock exchange |  | 48 155.21 | 0.00 |
| Total Derivative instruments |  | 48 155.21 | 0.00 |
| Forward Foreign Exchange contracts Currency purchased/Amount purchased/Currency sold/Amount sold/Maturity date |  |  |  |

| CHF | 35 591 500.00 | USD | 36 039 383.04 | 13.6.2022 | 1 011 008.32 | 0.06 |
| --- | --- | --- | --- | --- | --- | --- |
| SEK | 117 606 000.00 | USD | 11 800 899.48 | 13.6.2022 | 197 334.93 | 0.01 |
| EUR | 323 339 700.00 | USD | 341 878 414.03 | 13.6.2022 | 5 140 635.93 | 0.28 |
| GBP | 82 250 700.00 | USD | 101 684 385.44 | 13.6.2022 | 2 041 986.48 | 0.11 |
| SGD | 88 541 300.00 | USD | 63 846 358.53 | 13.6.2022 | 790 063.04 | 0.04 |
| AUD | 4 562 900.00 | USD | 3 199 117.63 | 14.6.2022 | 81 408.02 | 0.00 |
| USD | 51 358.05 | SEK | 514 800.00 | 14.6.2022 | -1 164.25 | 0.00 |
| USD | 496 468.74 | CHF | 491 300.00 | 14.6.2022 | -15 001.77 | 0.00 |
| USD | 50 375.96 | AUD | 73 400.00 | 14.6.2022 | -2 395.43 | 0.00 |
| USD | 17 672 492.31 | EUR | 17 022 100.00 | 13.6.2022 | -596 198.39 | -0.03 |
| USD | 3 652 024.99 | SGD | 5 105 100.00 | 13.6.2022 | -74 771.38 | 0.00 |
| USD | 4 845 360.64 | GBP | 3 974 500.00 | 13.6.2022 | -166 881.99 | -0.01 |
| USD | 98 831.65 | AUD | 142 300.00 | 14.6.2022 | -3 475.83 | 0.00 |
| USD | 1 176 666.67 | CHF | 1 179 000.00 | 13.6.2022 | -50 660.40 | 0.00 |
| USD | 357 635.17 | SEK | 3 599 800.00 | 13.6.2022 | -9 618.58 | 0.00 |
| USD | 988 000.24 | GBP | 790 400.00 | 13.6.2022 | -8 773.34 | 0.00 |
| USD | 3 876 661.20 | CHF | 3 764 000.00 | 13.6.2022 | -41 624.71 | 0.00 |
| USD | 711 130.51 | SGD | 977 100.00 | 13.6.2022 | -2 166.53 | 0.00 |
| USD | 1 585 928.37 | CHF | 1 530 700.00 | 13.6.2022 | -7 514.84 | 0.00 |
| Total Forward Foreign Exchange contracts | 8 282 189.28 | 0.46 |
|  |  |  |
| Cash at banks, deposits on demand and deposit accounts and other liquid assets | 242 830 453.86 | 13.48 |
| Bank overdraft and other short-term liabilities | -577.37 | 0.00 |
| Other assets and liabilities | 25 531 297.25 | 1.42 |
| Total net assets | 1 801 106 157.87 | 100.00 |

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

Translation (ENFR, 2022-05-31):
# UBS (Lux) Bond SICAV – Asian High Yield (USD)
| Comparaison sur trois ans |  |
| --- | --- |
|  | ISIN | 31.5.2022 | 31.5.2021 | 31.5.2020 |
| Actif net en USD |  | 1 801 106 157.87 | 3 667 784 382.44 | 1 293 042 503.64 |
| Catégorie F-acc | LU0949706286 |  |  |  |
| Actions en circulation |  | 125 213.3050 | 430 819.4620 | 334 219.4960 |
| Valeur nette d’inventaire par action en USD |  | 115.49 | 179.53 | 160.00 |
| Prix d’émission et de rachat par action en USD 1 |  | 115.49 | 179.53 | 158.11 |
| Catégorie F-dist | LU2073878949 |  |  |  |
| Actions en circulation |  | 85 400.0000 | 322 200.0000 | 298 000.0000 |
| Valeur nette d’inventaire par action en USD |  | 63.74 | 105.53 | 96.92 |
| Prix d’émission et de rachat par action en USD 1 |  | 63.74 | 105.53 | 95.78 |
| Catégorie I-A1-acc | LU0871581103 |  |  |  |
| Actions en circulation |  | 1 711 924.9170 | 926 763.1530 | 1 639 873.6450 |
| Valeur nette d’inventaire par action en USD |  | 77.66 | 120.91 | 107.93 |
| Prix d’émission et de rachat par action en USD 1 |  | 77.66 | 120.91 | 106.66 |
| Catégorie (SEK hedged) I-A1-acc 2 | LU2191342232 |  |  |  |
| Actions en circulation |  | 237 747.2600 | 144 477.2350 | - |
| Valeur nette d’inventaire par action en SEK |  | 485.59 | 758.72 | - |
| Prix d’émission et de rachat par action en SEK 1 |  | 485.59 | 758.72 | - |
| Catégorie I-A3-acc 3 | LU2177575094 |  |  |  |
| Actions en circulation |  | 1 691 196.9090 | 3 413 187.3720 | - |
| Valeur nette d’inventaire par action en USD |  | 70.01 | 108.85 | - |
| Prix d’émission et de rachat par action en USD 1 |  | 70.01 | 108.85 | - |
| Catégorie (EUR hedged) I-A3-acc 4 | LU2300342909 |  |  |  |
| Actions en circulation |  | 560 837.7510 | 523 487.6060 | - |
| Valeur nette d’inventaire par action en EUR |  | 64.22 | 100.86 | - |
| Prix d’émission et de rachat par action en EUR 1 |  | 64.22 | 100.86 | - |
| Catégorie (GBP hedged) I-A3-acc 5 | LU2177569360 |  |  |  |
| Actions en circulation |  | 574 105.0370 | 458 806.9630 | - |
| Valeur nette d’inventaire par action en GBP |  | 69.90 | 108.85 | - |
| Prix d’émission et de rachat par action en GBP 1 |  | 69.90 | 108.85 | - |
| Catégorie (GBP hedged) I-A3-dist 5 | LU2181694816 |  |  |  |
| Actions en circulation |  | 534 471.5630 | 700 365.2590 | - |
| Valeur nette d’inventaire par action en GBP |  | 66.58 | 108.84 | - |
| Prix d’émission et de rachat par action en GBP 1 |  | 66.58 | 108.84 | - |
| Catégorie I-B-acc | LU1739859327 |  |  |  |
| Actions en circulation |  | 891 784.3470 | 863 518.5250 | 422 930.1780 |
| Valeur nette d’inventaire par action en USD |  | 80.64 | 124.86 | 110.82 |
| Prix d’émission et de rachat par action en USD 1 |  | 80.64 | 124.86 | 109.51 |
| Catégorie (EUR hedged) I-B-acc 6 | LU2198571015 |  |  |  |
| Actions en circulation |  | 275 076.4180 | 203 951.0790 | - |
| Valeur nette d’inventaire par action en EUR |  | 69.11 | 108.05 | - |
| Prix d’émission et de rachat par action en EUR 1 |  | 69.11 | 108.05 | - |
| Catégorie (EUR hedged) I-B-dist 7 | LU2197080505 |  |  |  |
| Actions en circulation |  | 827 247.3310 | 827 247.3310 | - |
| Valeur nette d’inventaire par action en EUR |  | 65.74 | 108.51 | - |
| Prix d’émission et de rachat par action en EUR 1 |  | 65.74 | 108.51 | - |
| Catégorie (CHF hedged) I-X-acc 8 | LU2023725380 |  |  |  |
| Actions en circulation |  | 190 812.3430 | 100 000.0000 | - |
| Valeur nette d’inventaire par action en CHF |  | 65.35 | 102.20 | - |
| Prix d’émission et de rachat par action en CHF 1 |  | 65.35 | 102.20 | - |
| Catégorie I-X-dist | LU0883523861 |  |  |  |
| Actions en circulation |  | 2 780 166.0130 | 2 262 602.4960 | 1 378 211.2250 |
| Valeur nette d’inventaire par action en USD |  | 63.01 | 103.84 | 97.75 |
| Prix d’émission et de rachat par action en USD 1 |  | 63.01 | 103.84 | 96.60 |
| Catégorie K-1-acc | LU0725271869 |  |  |  |
| Actions en circulation |  | 1.9000 | 2.0000 | 2.4000 |
| Valeur nette d’inventaire par action en USD |  | 5 600 753.77 | 8 743 299.01 | 7 824 748.28 |
| Prix d’émission et de rachat par action en USD 1 |  | 5 600 753.77 | 8 743 299.01 | 7 732 416.25 |
| Catégorie K-1-mdist 9 | LU2179105015 |  |  |  |
| Actions en circulation |  | 3.7000 | 8.2000 | - |
| Valeur nette d’inventaire par action en USD |  | 3 046 696.52 | 5 101 609.72 | - |
| Prix d’émission et de rachat par action en USD 1 |  | 3 046 696.52 | 5 101 609.72 | - |
| Catégorie K-B-mdist 10 | LU2204822782 |  |  |  |
| Actions en circulation |  | 145 359.9800 | 145 359.9800 | - |
| Valeur nette d’inventaire par action en USD |  | 61.56 | 102.30 | - |
| Prix d’émission et de rachat par action en USD 1 |  | 61.56 | 102.30 | - |

UBS (Lux) Bond SICAV – Asian High Yield (USD)
Rapport annuel et états financiers révisés au 31 mai 2022
|  | ISIN | 31.5.2022 | 31.5.2021 | 31.5.2020 |
| --- | --- | --- | --- | --- |
|  |  |  |  |  |
| Catégorie (EUR hedged) K-B-mdist 11 | LU2204822949 |  |  |  |
| Actions en circulation |  | 67 651.6710 | 67 651.6710 | - |
| Valeur nette d’inventaire par action en EUR |  | 61.08 | 101.52 | - |
| Prix d’émission et de rachat par action en EUR 1 |  | 61.08 | 101.52 | - |
| Catégorie K-X-acc | LU1957417949 |  |  |  |
| Actions en circulation |  | 187 021.1600 | 187 021.1600 | 188 260.5750 |
| Valeur nette d’inventaire par action en USD |  | 73.81 | 114.19 | 101.28 |
| Prix d’émission et de rachat par action en USD 1 |  | 73.81 | 114.19 | 100.08 |
| Catégorie (EUR hedged) K-X-mdist 12 | LU1957417865 |  |  |  |
| Actions en circulation |  | - | - | 47 055.6450 |
| Valeur nette d’inventaire par action en EUR |  | - | - | 91.41 |
| Prix d’émission et de rachat par action en EUR 1 |  | - | - | 90.33 |
| Catégorie P-acc | LU0626906662 |  |  |  |
| Actions en circulation |  | 1 294 995.0300 | 1 927 686.9000 | 1 028 251.1590 |
| Valeur nette d’inventaire par action en USD |  | 106.37 | 166.88 | 150.12 |
| Prix d’émission et de rachat par action en USD 1 |  | 106.37 | 166.88 | 148.35 |
| Catégorie (CHF hedged) P-acc | LU0626907470 |  |  |  |
| Actions en circulation |  | 73 108.5410 | 92 566.6790 | 55 632.6460 |
| Valeur nette d’inventaire par action en CHF |  | 90.00 | 142.86 | 130.06 |
| Prix d’émission et de rachat par action en CHF 1 |  | 90.00 | 142.86 | 128.53 |
| Catégorie (EUR hedged) P-acc | LU0626907397 |  |  |  |
| Actions en circulation |  | 355 091.1770 | 455 140.8590 | 183 106.2150 |
| Valeur nette d’inventaire par action en EUR |  | 93.48 | 148.19 | 134.66 |
| Prix d’émission et de rachat par action en EUR 1 |  | 93.48 | 148.19 | 133.07 |
| Catégorie P-dist | LU0725271786 |  |  |  |
| Actions en circulation |  | 208 430.5280 | 255 626.3050 | 142 238.6460 |
| Valeur nette d’inventaire par action en USD |  | 67.33 | 110.63 | 103.56 |
| Prix d’émission et de rachat par action en USD 1 |  | 67.33 | 110.63 | 102.34 |
| Catégorie P-mdist | LU0626906746 |  |  |  |
| Actions en circulation |  | 4 463 229.2490 | 5 815 571.5640 | 2 298 110.2570 |
| Valeur nette d’inventaire par action en USD |  | 54.03 | 90.95 | 87.46 |
| Prix d’émission et de rachat par action en USD 1 |  | 54.03 | 90.95 | 86.43 |
| Catégorie (AUD hedged) P-mdist 13 | LU2199720918 |  |  |  |
| Actions en circulation |  | 73 880.7760 | 74 094.3020 | - |
| Valeur nette d’inventaire par action en AUD |  | 59.62 | 100.43 | - |
| Prix d’émission et de rachat par action en AUD 1 |  | 59.62 | 100.43 | - |
| Catégorie (HKD) P-mdist 14 | LU2184895089 |  |  |  |
| Actions en circulation |  | 107 640.7010 | 174 800.4430 | - |
| Valeur nette d’inventaire par action en HKD |  | 601.00 | 1 000.40 | - |
| Prix d’émission et de rachat par action en HKD 1 |  | 601.00 | 1 000.40 | - |
| Catégorie (SGD hedged) P-mdist | LU0626907124 |  |  |  |
| Actions en circulation |  | 1 236 409.6820 | 1 218 964.5470 | 419 262.3710 |
| Valeur nette d’inventaire par action en SGD |  | 58.39 | 98.30 | 94.42 |
| Prix d’émission et de rachat par action en SGD 1 |  | 58.39 | 98.30 | 93.31 |
| Catégorie (ZAR hedged) P-mdist 15 | LU2185891624 |  |  |  |
| Actions en circulation |  | - | 16 399.5190 | - |
| Valeur nette d’inventaire par action en ZAR |  | - | 992.21 | - |
| Prix d’émission et de rachat par action en ZAR 1 |  | - | 992.21 | - |
| Catégorie Q-acc | LU1240770955 |  |  |  |
| Actions en circulation |  | 1 067 392.9780 | 2 076 936.8840 | 622 481.3330 |
| Valeur nette d’inventaire par action en USD |  | 90.69 | 141.42 | 126.45 |
| Prix d’émission et de rachat par action en USD 1 |  | 90.69 | 141.42 | 124.96 |
| Catégorie (CHF hedged) Q-acc | LU1240770799 |  |  |  |
| Actions en circulation |  | 120 948.8120 | 220 827.0110 | 210 050.9440 |
| Valeur nette d’inventaire par action en CHF |  | 80.30 | 126.70 | 114.65 |
| Prix d’émission et de rachat par action en CHF 1 |  | 80.30 | 126.70 | 113.30 |
| Catégorie (EUR hedged) Q-acc | LU1240770872 |  |  |  |
| Actions en circulation |  | 1 620 977.7480 | 1 405 132.3410 | 294 268.2270 |
| Valeur nette d’inventaire par action en EUR |  | 82.42 | 129.87 | 117.30 |
| Prix d’émission et de rachat par action en EUR 1 |  | 82.42 | 129.87 | 115.92 |
| Catégorie (GBP hedged) Q-acc 5 | LU2183825921 |  |  |  |
| Actions en circulation |  | 42 195.9520 | 65 929.7460 | - |
| Valeur nette d’inventaire par action en GBP |  | 69.43 | 108.47 | - |
| Prix d’émission et de rachat par action en GBP 1 |  | 69.43 | 108.47 | - |
| Catégorie Q-dist | LU1240771094 |  |  |  |
| Actions en circulation |  | 277 435.3770 | 469 726.9740 | 192 054.3410 |
| Valeur nette d’inventaire par action en USD |  | 69.38 | 114.34 | 106.17 |
| Prix d’émission et de rachat par action en USD 1 |  | 69.38 | 114.34 | 104.92 |
| Catégorie (EUR hedged) Q-dist 16 | LU2325209497 |  |  |  |
| Actions en circulation |  | 481 768.0000 | 242 331.0000 | - |
| Valeur nette d’inventaire par action en EUR |  | 64.08 | 101.62 | - |
| Prix d’émission et de rachat par action en EUR 1 |  | 64.08 | 101.62 | - |
| Catégorie (GBP hedged) Q-dist 17 | LU2270292001 |  |  |  |
| Actions en circulation |  | 2 416.4600 | 597.1200 | - |
| Valeur nette d’inventaire par action en GBP |  | 64.11 | 102.48 | - |
| Prix d’émission et de rachat par action en GBP 1 |  | 64.11 | 102.48 | - |

UBS (Lux) Bond SICAV – Asian High Yield (USD) Rapport annuel et états financiers révisés au 31 mai 2022
|  | ISIN | 31.5.2022 | 31.5.2021 | 31.5.2020 |
| --- | --- | --- | --- | --- |
|  |  |  |  |  |
| Catégorie Q-mdist | LU1240771177 |  |  |  |
| Actions en circulation |  | 946 662.1210 | 2 653 298.7250 | 1 654 829.7440 |
| Valeur nette d’inventaire par action en USD |  | 60.20 | 100.71 | 96.24 |
| Prix d’émission et de rachat par action en USD 1 |  | 60.20 | 100.71 | 95.10 |
| Catégorie (SGD hedged) Q-mdist 18 | LU2181965513 |  |  |  |
| Actions en circulation |  | 180 802.6530 | 263 706.2490 | - |
| Valeur nette d’inventaire par action en SGD |  | 61.10 | 102.24 | - |
| Prix d’émission et de rachat par action en SGD 1 |  | 61.10 | 102.24 | - |
| Catégorie U-X-acc | LU0626906829 |  |  |  |
| Actions en circulation |  | 15 141.3550 | 15 279.0000 | 4 824.0000 |
| Valeur nette d’inventaire par action en USD |  | 8 254.90 | 12 766.21 | 11 317.92 |
| Prix d’émission et de rachat par action en USD 1 |  | 8 254.90 | 12 766.21 | 11 184.37 |
| 1  Voir note 1 2  Première VNI 6.7.2020 3  Première VNI 10.6.2020 4  Première VNI 2.3.2021 5  Première VNI 24.6.2020 6  Première VNI 16.7.2020 7  Première VNI 30.6.2020 8  Première VNI 21.1.2021 9  Première VNI 12.6.2020 10  Première VNI 31.7.2020 11  Première VNI 7.8.2020 12  La catégorie d’actions (EUR hedged) K-X-mdist était en circulation jusqu’au 12.8.2020 13  Première VNI 5.8.2020 14  Première VNI 17.8.2020 15  La catégorie d’actions (ZAR hedged) P-mdist était en circulation pour la période allant du 22.9.2020 au 1.10.2021 16  Première VNI 14.4.2021 17  Première VNI 17.12.2020 18  Première VNI 9.6.2020 |  |  |  |  |
| Performance |  |  |  |  |
|  | Devise | 2021/2022 | 2020/2021 | 2019/2020 |
| Catégorie F-acc | USD | -35.7% | 13.5% | -1.2% |
| Catégorie F-dist | USD | -35.7% | 13.5% | - |
| Catégorie I-A1-acc | USD | -35.8% | 12.0% | -0.2% |
| Catégorie (SEK hedged) I-A1-acc | SEK | -36.0% | - | - |
| Catégorie I-A3-acc | USD | -35.7% | - | - |
| Catégorie (EUR hedged) I-A3-acc | EUR | -36.3% | - | - |
| Catégorie (GBP hedged) I-A3-acc | GBP | -35.8% | - | - |
| Catégorie (GBP hedged) I-A3-dist | GBP | -35.8% | - | - |
| Catégorie I-B-acc | USD | -35.4% | 12.7% | 0.4% |
| Catégorie (EUR hedged) I-B-acc | EUR | -36.0% | - | - |
| Catégorie (EUR hedged) I-B-dist | EUR | -36.0% | - | - |
| Catégorie (CHF hedged) I-X-acc | CHF | -36.1% | - | - |
| Catégorie I-X-dist | USD | -35.3% | 12.8% | 0.5% |
| Catégorie K-1-acc | USD | -35.9% | 13.1% | -1.6% |
| Catégorie K-1-mdist | USD | -35.9% | - | - |
| Catégorie K-B-mdist | USD | -35.4% | - | - |
| Catégorie (EUR hedged) K-B-mdist | EUR | -36.1% | - | - |
| Catégorie K-X-acc | USD | -35.4% | 14.1% | -0.7% |
| Catégorie (EUR hedged) K-X-mdist 1 | EUR | - | - | -3.3% |
| Catégorie P-acc | USD | -36.3% | 12.5% | -2.1% |
| Catégorie (CHF hedged) P-acc | CHF | -37.0% | 11.1% | -5.1% |
| Catégorie (EUR hedged) P-acc | EUR | -36.9% | 11.4% | -4.6% |
| Catégorie P-dist | USD | -36.3% | 12.5% | -2.1% |
| Catégorie P-mdist | USD | -36.3% | 12.5% | -2.1% |
| Catégorie (AUD hedged) P-mdist | AUD | -36.5% | - | - |
| Catégorie (HKD) P-mdist | HKD | -35.5% | - | - |
| Catégorie (SGD hedged) P-mdist | SGD | -36.2% | 12.3% | - |
| Catégorie (ZAR hedged) P-mdist 2 | ZAR | - | - | - |
| Catégorie Q-acc | USD | -35.9% | 13.2% | -1.5% |
| Catégorie (CHF hedged) Q-acc | CHF | -36.6% | 11.8% | -4.5% |
| Catégorie (EUR hedged) Q-acc | EUR | -36.5% | 12.0% | -4.1% |
| Catégorie (GBP hedged) Q-acc | GBP | -36.0% | - | - |
| Catégorie Q-dist | USD | -35.9% | 13.2% | -1.5% |
| Catégorie (EUR hedged) Q-dist | EUR | -36.5% | - | - |
| Catégorie (GBP hedged) Q-dist | GBP | -36.0% | - | - |
| Catégorie Q-mdist | USD | -35.9% | 13.2% | -1.5% |
| Catégorie (SGD hedged) Q-mdist | SGD | -35.8% | - | - |
| Catégorie U-X-acc | USD | -35.3% | 12.8% | 0.5% |
| Benchmark: 3 |  |  |  |  |
| JP Morgan Asian Credit Non-Investment Grade Index | USD | -25.0% | 13.7% | -1.4% |
| JP Morgan Asian Credit Non-Investment Grade Index (hedged SEK) | SEK | -25.0% | - | - |
| JP Morgan Asian Credit Non-Investment Grade Index (hedged EUR) | EUR | -25.9% | 12.4% | -3.9% |
| JP Morgan Asian Credit Non-Investment Grade Index (hedged GBP) | GBP | -25.2% | - | - |
| JP Morgan Asian Credit Non-Investment Grade Index (hedged CHF) | CHF | -25.9% | 12.1% | -4.2% |
| JP Morgan Asian Credit Non-Investment Grade Index (hedged AUD) | AUD | -25.0% | - | - |
| JP Morgan Asian Credit Non-Investment Grade Index | HKD | -24.2% | - | - |

UBS (Lux) Bond SICAV – Asian High Yield (USD)
Rapport annuel et états financiers révisés au 31 mai 2022
|  | Devise | 2021/2022 | 2020/2021 | 2019/2020 |
| --- | --- | --- | --- | --- |
|  |  |  |  |  |
| JP Morgan Asian Credit Non-Investment Grade Index (hedged SGD) | SGD | -25.0% | 13.5% | - |
| JP Morgan Asian Credit Non-Investment Grade Index (hedged ZAR) | ZAR | -25.0% | - | - |

1 
La catégorie d’actions (EUR hedged) K-X-mdist était en circulation jusqu’au 12.8.2020. Dès lors, aucune donnée n’est disponible pour calculer la performance en 2022.
2 
La catégorie d’actions (ZAR hedged) P-mdist était en circulation pour la période allant du 22.9.2020 au 1.10.2021. Dès lors, aucune donnée n’est disponible pour calculer la performance en 2022.
3 
Le compartiment est géré activement. L’indice est un point de référence par rapport auquel le rendement du compartiment peut être mesuré.
La performance historique n’est pas un indicateur de la performance actuelle ou future.
Les données de performance ne tiennent pas compte des commissions et des frais prélevés lors de l’émission et du rachat des actions. Les données de performance ne sont pas auditées.

## Rapport du Gestionnaire de portefeuille
Au cours de l’exercice financier compris entre le 1
er 
juin 2021 et le 31 mai 2022, la performance totale du mar- ché des obligations asiatiques à haut rendement en USD s’est révélée négative, eu égard à l’élargissement des écarts et au début d’un cycle de hausse des taux pour de nombreuses banques centrales dans le monde. Notons que la Réserve fédérale américaine a relevé ses taux d’intérêt de 25 pb au premier trimestre 2022, sa premi- ère hausse depuis 2018, puis à nouveau de 50 pb en mai 2022. L’évolution du marché des obligations asiatiques à haut rendement en USD était largement imputable à 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 généralisée 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 centra- les. Les rendements obligataires mondiaux ont fortement progressé au cours de l’exercice financier, contribuant ainsi à la sous-performance 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 la duration est plus courte sur le marché du crédit asiatique à haut ren- dement présente que sur certains marchés (les marchés développés par exemple), l’impact négatif de la duration est moindre sur le marché du crédit asiatique. L’actualité récente concernant la mise en œuvre d’une politique de soutien par la People’s Bank of China (PBoC) et les dif- férents organes gouvernementaux, a inclus notamment des baisses de taux directeurs et des taux hypothécaires, un assouplissement des restrictions et de l’octroi de prêts pour l’acquisition de la résidence principale.

## Structure du portefeuille-titres
Répartition géographique en % de l’actif net	
| Iles Caïmans | 12.38 |
| --- | --- |
| Chine | 9.86 |
| Hong Kong | 9.69 |
| Iles Vierges britanniques | 9.64 |
| Inde | 8.91 |
| Philippines | 5.34 |
| Singapour | 4.94 |
| Pays-Bas | 3.36 |
| Pakistan | 3.14 |
| Grande-Bretagne | 3.07 |
| Thaïlande | 2.69 |
| Ile Maurice | 2.17 |
| Sri Lanka | 1.76 |
| Etats-Unis | 1.71 |
| Indonésie | 1.40 |
| Luxembourg | 1.26 |
| Macao | 1.21 |
| Mongolie | 0.69 |
| Japon | 0.63 |
| Vietnam | 0.60 |
| Jersey | 0.19 |
| Total | 84.64 |

Répartition économique en % de l’actif net	
| Etablissements financiers et sociétés de participation | 20.59 |
| --- | --- |
| Immobilier | 14.98 |
| Banques & instituts de crédit | 9.06 |
| Distribution d’énergie & d’eau | 8.86 |
| Gouvernements nationaux et centraux | 5.44 |
| Bâtiment et matériaux de construction | 4.89 |
| Restauration et loisirs | 4.82 |
| Industrie minière, charbon et acier | 3.45 |
| Trafic et transport | 3.07 |
| Services divers | 2.31 |
| Pétrole | 1.91 |
| Internet, logiciels et services informatiques | 1.68 |
| Fonds de placement | 1.26 |
| Emetteurs d’obligations sécurisées (Pfandbriefe) et |  |
| sociétés de refinancement | 0.95 |
| Télécommunications | 0.86 |
| Machines et appareils | 0.43 |
| Pneus et caoutchouc | 0.07 |
| Textiles, habillement & maroquinerie | 0.01 |
| Total | 84.64 |

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

## Etat des actifs nets
Actif	31.5.2022
USD
Portefeuille-titres, cours d’achat	2 509 699 887.19
| Portefeuille-titres, plus- (moins-) value non-réalisée | 	-985 285 247.55	 |
| --- | --- |
| Total portefeuille-titres (note 1) | 1 524 414 639.64 |
| Avoirs en banque, dépôts à vue et à terme | 242 241 662.22 |
| Autres liquidités (marges) | 588 791.64 |
| A recevoir sur ventes de titres (note 1) | 17 697 940.00 |
| A recevoir sur souscriptions | 1 820 574.17 |
| Intérêts à recevoir sur titres | 33 990 459.44 |
| Frais payés d’avance | 235 879.34 |
| Bénéfice non réalisé sur contrats financiers à terme (note 1) | 48 155.21 |
| Bénéfice non réalisé sur contrats de change à terme (note 1) | 8 282 189.28 |
| Total Actif | 1 829 320 290.94 |
|  |  |
| Passif |  |
| Crédit en compte courant | -577.37 |
| Intérêts à payer sur crédit en compte courant | -63.69 |
| A payer sur achats de titres (note 1) | -24 112 604.65 |
| A payer sur rachats | -2 588 800.23 |
| Provisions pour commission de gestion forfaitaire (note 2) | -1 158 006.07 |
| Provisions pour taxe d’abonnement (note 3) | -90 588.28 |
| Provisions pour autres commissions et frais (note 2) | 	-263 492.78	 |
| Total des Provisions pour frais | -1 512 087.13 |
| Total Passif | -28 214 133.07 |
|  |  |
| Actifs nets à la fin de l’exercice | 1 801 106 157.87 |
| Etat des opérations | USD |
| Revenus | 1.6.2021-31.5.2022 |
| Revenus d’intérêts sur liquidités | 2 125.49 |
| Intérêts sur titres | 171 179 795.41 |
| Revenus nets sur prêts de titres (note 17) | 2 164 552.35 |
| Autres revenus (note 4) | 6 410 755.54 |
| Total des Revenus | 179 757 228.79 |
|  |  |
| Charges |  |
| Commission de gestion forfaitaire (note 2) | -21 551 788.52 |
| Taxe d’abonnement (note 3) | -824 532.78 |
| Autres commissions et frais (note 2) | -297 763.56 |
| Charges d’intérêts sur liquidités et crédit en compte courant | -50 590.86 |
| Total des Charges | -22 724 675.72 |
|  |  |
| Revenus (Pertes) net(te)s des investissements | 157 032 553.07 |
|  |  |
| Bénéfices (pertes) réalisé(e)s (note 1) |  |
| Bénéfice (perte) réalisé(e) sur titres évalués à la valeur de marché hors options | -450 926 675.61 |
| Bénéfice (perte) réalisé(e) sur contrats financiers à terme | 2 153 737.18 |
| Bénéfice (perte) réalisé(e) sur contrats de change à terme | -116 104 233.49 |
| Bénéfice (perte) réalisé(e) de change réalisé(e) | 11 008 151.78 |
| Total des Bénéfices (pertes) réalisé(e)s | -553 869 020.14 |
|  |  |
| Bénéfice (perte) net(te) réalisé(e) au cours de l’exercice | -396 836 467.07 |
|  |  |
| Variations des plus- (moins-) values non-réalisées (note 1) |  |
| Plus- (Moins-) value non réalisée sur titres évalués à la valeur de marché hors options | -998 553 354.83 |
| Plus- (Moins-) value non réalisée sur contrats financiers à terme | 251 280.21 |
| Plus- (Moins-) value non réalisée sur contrats de change à terme | 10 666 720.28 |
| Total des Variations des plus- (moins-) values non-réalisées | -987 635 354.34 |
|  |  |
| Augmentation/(diminution) nette de l’actif net issue de l’activité | -1 384 471 821.41 |

UBS (Lux) Bond SICAV – Asian High Yield (USD)
Rapport annuel et états financiers révisés au 31 mai 2022
| Variations de l’actif net |  |
| --- | --- |
|  | USD |
|  | 1.6.2021-31.5.2022 |
| Actif net au début de l’exercice | 3 667 784 382.44 |
| Souscriptions | 1 219 264 983.90 |
| Rachats | 	-1 622 445 557.21	 |
| Souscriptions (Rachats) net(te)s | -403 180 573.31 |
| Dividendes versés | -79 025 829.85 |
| Revenus (Pertes) net(te)s des investissements | 157 032 553.07 |
| Total des Bénéfices (pertes) réalisé(e)s | -553 869 020.14 |
| Total des Variations des plus- (moins-) values non-réalisées | 	-987 635 354.34	 |
| Augmentation/(diminution) nette de l’actif net issue de l’activité | -1 384 471 821.41 |
| Actifs nets à la fin de l’exercice | 1 801 106 157.87 |
| Evolution des actions en circulation |  |
|  | 1.6.2021-31.5.2022 |
| Catégorie | F-acc |
| Nombre d’actions en circulation au début de l’exercice | 430 819.4620 |
| Nombre d’actions émises | 5 469.1990 |
| Nombre d’actions rachetées | -311 075.3560 |
| Nombre d’actions en circulation à la fin de l’exercice | 125 213.3050 |
| Catégorie | F-dist |
| Nombre d’actions en circulation au début de l’exercice | 322 200.0000 |
| Nombre d’actions émises | 0.0000 |
| Nombre d’actions rachetées | -236 800.0000 |
| Nombre d’actions en circulation à la fin de l’exercice | 85 400.0000 |
| Catégorie | I-A1-acc |
| Nombre d’actions en circulation au début de l’exercice | 926 763.1530 |
| Nombre d’actions émises | 1 543 357.6490 |
| Nombre d’actions rachetées | -758 195.8850 |
| Nombre d’actions en circulation à la fin de l’exercice | 1 711 924.9170 |
| Catégorie | (SEK hedged) I-A1-acc |
| Nombre d’actions en circulation au début de l’exercice | 144 477.2350 |
| Nombre d’actions émises | 114 284.2950 |
| Nombre d’actions rachetées | -21 014.2700 |
| Nombre d’actions en circulation à la fin de l’exercice | 237 747.2600 |
| Catégorie | I-A3-acc |
| Nombre d’actions en circulation au début de l’exercice | 3 413 187.3720 |
| Nombre d’actions émises | 1 969 072.0480 |
| Nombre d’actions rachetées | -3 691 062.5110 |
| Nombre d’actions en circulation à la fin de l’exercice | 1 691 196.9090 |
| Catégorie | (EUR hedged) I-A3-acc |
| Nombre d’actions en circulation au début de l’exercice | 523 487.6060 |
| Nombre d’actions émises | 142 417.0690 |
| Nombre d’actions rachetées | -105 066.9240 |
| Nombre d’actions en circulation à la fin de l’exercice | 560 837.7510 |
| Catégorie | (GBP hedged) I-A3-acc |
| Nombre d’actions en circulation au début de l’exercice | 458 806.9630 |
| Nombre d’actions émises | 366 761.9030 |
| Nombre d’actions rachetées | -251 463.8290 |
| Nombre d’actions en circulation à la fin de l’exercice | 574 105.0370 |
| Catégorie | (GBP hedged) I-A3-dist |
| Nombre d’actions en circulation au début de l’exercice | 700 365.2590 |
| Nombre d’actions émises | 103 955.7830 |
| Nombre d’actions rachetées | -269 849.4790 |
| Nombre d’actions en circulation à la fin de l’exercice | 534 471.5630 |
| Catégorie | I-B-acc |
| Nombre d’actions en circulation au début de l’exercice | 863 518.5250 |
| Nombre d’actions émises | 403 825.0000 |
| Nombre d’actions rachetées | -375 559.1780 |
| Nombre d’actions en circulation à la fin de l’exercice | 891 784.3470 |
| Catégorie | (EUR hedged) I-B-acc |
| Nombre d’actions en circulation au début de l’exercice | 203 951.0790 |
| Nombre d’actions émises | 155 369.4320 |
| Nombre d’actions rachetées | -84 244.0930 |
| Nombre d’actions en circulation à la fin de l’exercice | 275 076.4180 |
| Catégorie | (EUR hedged) I-B-dist |
| Nombre d’actions en circulation au début de l’exercice | 827 247.3310 |
| Nombre d’actions émises | 0.0000 |
| Nombre d’actions rachetées | 0.0000 |
| Nombre d’actions en circulation à la fin de l’exercice | 827 247.3310 |
| Catégorie | (CHF hedged) I-X-acc |
| Nombre d’actions en circulation au début de l’exercice | 100 000.0000 |
| Nombre d’actions émises | 90 812.3430 |
| Nombre d’actions rachetées | 0.0000 |
| Nombre d’actions en circulation à la fin de l’exercice | 190 812.3430 |

UBS (Lux) Bond SICAV – Asian High Yield (USD) Rapport annuel et états financiers révisés au 31 mai 2022
| Catégorie | I-X-dist |
| --- | --- |
| Nombre d’actions en circulation au début de l’exercice | 2 262 602.4960 |
| Nombre d’actions émises | 938 998.3550 |
| Nombre d’actions rachetées | -421 434.8380 |
| Nombre d’actions en circulation à la fin de l’exercice | 2 780 166.0130 |
| Catégorie | K-1-acc |
| Nombre d’actions en circulation au début de l’exercice | 2.0000 |
| Nombre d’actions émises | 1.9000 |
| Nombre d’actions rachetées | -2.0000 |
| Nombre d’actions en circulation à la fin de l’exercice | 1.9000 |
| Catégorie | K-1-mdist |
| Nombre d’actions en circulation au début de l’exercice | 8.2000 |
| Nombre d’actions émises | 5.0000 |
| Nombre d’actions rachetées | -9.5000 |
| Nombre d’actions en circulation à la fin de l’exercice | 3.7000 |
| Catégorie | K-B-mdist |
| Nombre d’actions en circulation au début de l’exercice | 145 359.9800 |
| Nombre d’actions émises | 0.0000 |
| Nombre d’actions rachetées | 0.0000 |
| Nombre d’actions en circulation à la fin de l’exercice | 145 359.9800 |
| Catégorie | (EUR hedged) K-B-mdist |
| Nombre d’actions en circulation au début de l’exercice | 67 651.6710 |
| Nombre d’actions émises | 0.0000 |
| Nombre d’actions rachetées | 0.0000 |
| Nombre d’actions en circulation à la fin de l’exercice | 67 651.6710 |
| Catégorie | K-X-acc |
| Nombre d’actions en circulation au début de l’exercice | 187 021.1600 |
| Nombre d’actions émises | 0.0000 |
| Nombre d’actions rachetées | 0.0000 |
| Nombre d’actions en circulation à la fin de l’exercice | 187 021.1600 |
| Catégorie | P-acc |
| Nombre d’actions en circulation au début de l’exercice | 1 927 686.9000 |
| Nombre d’actions émises | 464 956.0580 |
| Nombre d’actions rachetées | -1 097 647.9280 |
| Nombre d’actions en circulation à la fin de l’exercice | 1 294 995.0300 |
| Catégorie | (CHF hedged) P-acc |
| Nombre d’actions en circulation au début de l’exercice | 92 566.6790 |
| Nombre d’actions émises | 18 935.4950 |
| Nombre d’actions rachetées | -38 393.6330 |
| Nombre d’actions en circulation à la fin de l’exercice | 73 108.5410 |
| Catégorie | (EUR hedged) P-acc |
| Nombre d’actions en circulation au début de l’exercice | 455 140.8590 |
| Nombre d’actions émises | 140 246.5620 |
| Nombre d’actions rachetées | -240 296.2440 |
| Nombre d’actions en circulation à la fin de l’exercice | 355 091.1770 |
| Catégorie | P-dist |
| Nombre d’actions en circulation au début de l’exercice | 255 626.3050 |
| Nombre d’actions émises | 52 347.9790 |
| Nombre d’actions rachetées | -99 543.7560 |
| Nombre d’actions en circulation à la fin de l’exercice | 208 430.5280 |
| Catégorie | P-mdist |
| Nombre d’actions en circulation au début de l’exercice | 5 815 571.5640 |
| Nombre d’actions émises | 1 118 774.6500 |
| Nombre d’actions rachetées | -2 471 116.9650 |
| Nombre d’actions en circulation à la fin de l’exercice | 4 463 229.2490 |
| Catégorie | (AUD hedged) P-mdist |
| Nombre d’actions en circulation au début de l’exercice | 74 094.3020 |
| Nombre d’actions émises | 18 161.1070 |
| Nombre d’actions rachetées | -18 374.6330 |
| Nombre d’actions en circulation à la fin de l’exercice | 73 880.7760 |
| Catégorie | (HKD) P-mdist |
| Nombre d’actions en circulation au début de l’exercice | 174 800.4430 |
| Nombre d’actions émises | 24 201.5540 |
| Nombre d’actions rachetées | -91 361.2960 |
| Nombre d’actions en circulation à la fin de l’exercice | 107 640.7010 |
| Catégorie | (SGD hedged) P-mdist |
| Nombre d’actions en circulation au début de l’exercice | 1 218 964.5470 |
| Nombre d’actions émises | 438 179.6250 |
| Nombre d’actions rachetées | -420 734.4900 |
| Nombre d’actions en circulation à la fin de l’exercice | 1 236 409.6820 |
| Catégorie | (ZAR hedged) P-mdist |
| Nombre d’actions en circulation au début de l’exercice | 16 399.5190 |
| Nombre d’actions émises | 621.9530 |
| Nombre d’actions rachetées | -17 021.4720 |
| Nombre d’actions en circulation à la fin de l’exercice | 0.0000 |
| Catégorie | Q-acc |
| Nombre d’actions en circulation au début de l’exercice | 2 076 936.8840 |
| Nombre d’actions émises | 506 544.2280 |
| Nombre d’actions rachetées | -1 516 088.1340 |
| Nombre d’actions en circulation à la fin de l’exercice | 1 067 392.9780 |

UBS (Lux) Bond SICAV – Asian High Yield (USD)
Rapport annuel et états financiers révisés au 31 mai 2022
| Catégorie |  |  | (CHF hedged) Q-acc |
| --- | --- | --- | --- |
| Nombre d’actions en circulation au début de l’exercice |  |  | 220 827.0110 |
| Nombre d’actions émises |  |  | 49 397.0940 |
| Nombre d’actions rachetées |  |  | -149 275.2930 |
| Nombre d’actions en circulation à la fin de l’exercice |  |  | 120 948.8120 |
| Catégorie |  |  | (EUR hedged) Q-acc |
| Nombre d’actions en circulation au début de l’exercice |  |  | 1 405 132.3410 |
| Nombre d’actions émises |  |  | 780 659.3040 |
| Nombre d’actions rachetées |  |  | -564 813.8970 |
| Nombre d’actions en circulation à la fin de l’exercice |  |  | 1 620 977.7480 |
| Catégorie |  |  | (GBP hedged) Q-acc |
| Nombre d’actions en circulation au début de l’exercice |  |  | 65 929.7460 |
| Nombre d’actions émises |  |  | 15 815.6430 |
| Nombre d’actions rachetées |  |  | -39 549.4370 |
| Nombre d’actions en circulation à la fin de l’exercice |  |  | 42 195.9520 |
| Catégorie |  |  | Q-dist |
| Nombre d’actions en circulation au début de l’exercice |  |  | 469 726.9740 |
| Nombre d’actions émises |  |  | 30 336.9310 |
| Nombre d’actions rachetées |  |  | -222 628.5280 |
| Nombre d’actions en circulation à la fin de l’exercice |  |  | 277 435.3770 |
| Catégorie |  |  | (EUR hedged) Q-dist |
| Nombre d’actions en circulation au début de l’exercice |  |  | 242 331.0000 |
| Nombre d’actions émises |  |  | 293 874.4330 |
| Nombre d’actions rachetées |  |  | -54 437.4330 |
| Nombre d’actions en circulation à la fin de l’exercice |  |  | 481 768.0000 |
| Catégorie |  |  | (GBP hedged) Q-dist |
| Nombre d’actions en circulation au début de l’exercice |  |  | 597.1200 |
| Nombre d’actions émises |  |  | 2 224.7580 |
| Nombre d’actions rachetées |  |  | -405.4180 |
| Nombre d’actions en circulation à la fin de l’exercice |  |  | 2 416.4600 |
| Catégorie |  |  | Q-mdist |
| Nombre d’actions en circulation au début de l’exercice |  |  | 2 653 298.7250 |
| Nombre d’actions émises |  |  | 450 820.6950 |
| Nombre d’actions rachetées |  |  | -2 157 457.2990 |
| Nombre d’actions en circulation à la fin de l’exercice |  |  | 946 662.1210 |
| Catégorie |  |  | (SGD hedged) Q-mdist |
| Nombre d’actions en circulation au début de l’exercice |  |  | 263 706.2490 |
| Nombre d’actions émises |  |  | 10 142.2320 |
| Nombre d’actions rachetées |  |  | -93 045.8280 |
| Nombre d’actions en circulation à la fin de l’exercice |  |  | 180 802.6530 |
| Catégorie |  |  | U-X-acc |
| Nombre d’actions en circulation au début de l’exercice |  |  | 15 279.0000 |
| Nombre d’actions émises |  |  | 10 873.3550 |
| Nombre d’actions rachetées |  |  | -11 011.0000 |
| Nombre d’actions en circulation à la fin de l’exercice |  |  | 15 141.3550 |
| Distribution annuelle 1 |  |  |  |
| UBS (Lux) Bond SICAV – Asian High Yield (USD)	Date de détachement | Date de versement | Devise | Montant par action |
| F-dist	2.8.2021 | 5.8.2021 | USD | 6.09 |
| (GBP hedged) I-A3-dist	2.8.2021 | 5.8.2021 | GBP | 4.88 |
| (EUR hedged) I-B-dist	2.8.2021 | 5.8.2021 | EUR | 5.39 |
| I-X-dist	2.8.2021 | 5.8.2021 | USD | 6.04 |
| P-dist	2.8.2021 | 5.8.2021 | USD | 4.71 |
| Q-dist	2.8.2021 | 5.8.2021 | USD | 5.80 |
| (EUR hedged) Q-dist	2.8.2021 | 5.8.2021 | EUR | 0.61 |
| (GBP hedged) Q-dist	2.8.2021 | 5.8.2021 | GBP | 2.18 |
| Distribution mensuelle 1 |  |  |  |
| UBS (Lux) Bond SICAV – Asian High Yield (USD)	Date de détachement | Date de versement | Devise | Montant par action |
| K-1-mdist	15.6.2021 | 18.6.2021 | USD | 28 526.50 |
| K-1-mdist	15.7.2021 | 20.7.2021 | USD | 28 004.34 |
| K-1-mdist	16.8.2021 | 19.8.2021 | USD | 26 680.56 |
| K-1-mdist	15.9.2021 | 20.9.2021 | USD | 27 309.58 |
| K-1-mdist	15.10.2021 | 20.10.2021 | USD | 25 682.51 |
| K-1-mdist	15.11.2021 | 18.11.2021 | USD | 23 265.90 |
| K-1-mdist	15.12.2021 | 20.12.2021 | USD | 22 690.72 |
| K-1-mdist	17.1.2022 | 20.1.2022 | USD | 22 229.21 |
| K-1-mdist	15.2.2022 | 18.2.2022 | USD | 20 928.02 |
| K-1-mdist	15.3.2022 | 18.3.2022 | USD | 19 219.73 |
| K-1-mdist	19.4.2022 | 22.4.2022 | USD | 18 422.91 |
| K-1-mdist	16.5.2022 | 19.5.2022 | USD | 18 174.23 |
| K-B-mdist	15.6.2021 | 18.6.2021 | USD | 0.57 |
| K-B-mdist	15.7.2021 | 20.7.2021 | USD | 0.56 |
| K-B-mdist	16.8.2021 | 19.8.2021 | USD | 0.54 |
| K-B-mdist	15.9.2021 | 20.9.2021 | USD | 0.55 |
| 1  Voir note 5 |  |  |  |

UBS (Lux) Bond SICAV – Asian High Yield (USD) Rapport annuel et états financiers révisés au 31 mai 2022
| UBS (Lux) Bond SICAV |  |
| --- | --- |
| – Asian High Yield (USD) | Date de détachement | Date de versement | Devise | Montant par action |
| K-B-mdist | 15.10.2021 | 20.10.2021 | USD | 0.52 |
| K-B-mdist | 15.11.2021 | 18.11.2021 | USD | 0.47 |
| K-B-mdist | 15.12.2021 | 20.12.2021 | USD | 0.46 |
| K-B-mdist | 17.1.2022 | 20.1.2022 | USD | 0.45 |
| K-B-mdist | 15.2.2022 | 18.2.2022 | USD | 0.42 |
| K-B-mdist | 15.3.2022 | 18.3.2022 | USD | 0.39 |
| K-B-mdist | 19.4.2022 | 22.4.2022 | USD | 0.37 |
| K-B-mdist | 16.5.2022 | 19.5.2022 | USD | 0.37 |
| (EUR hedged) K-B-mdist | 15.6.2021 | 18.6.2021 | EUR | 0.50 |
| (EUR hedged) K-B-mdist | 15.7.2021 | 20.7.2021 | EUR | 0.49 |
| (EUR hedged) K-B-mdist | 16.8.2021 | 19.8.2021 | EUR | 0.47 |
| (EUR hedged) K-B-mdist | 15.9.2021 | 20.9.2021 | EUR | 0.49 |
| (EUR hedged) K-B-mdist | 15.10.2021 | 20.10.2021 | EUR | 0.46 |
| (EUR hedged) K-B-mdist | 15.11.2021 | 18.11.2021 | EUR | 0.41 |
| (EUR hedged) K-B-mdist | 15.12.2021 | 20.12.2021 | EUR | 0.40 |
| (EUR hedged) K-B-mdist | 17.1.2022 | 20.1.2022 | EUR | 0.40 |
| (EUR hedged) K-B-mdist | 15.2.2022 | 18.2.2022 | EUR | 0.34 |
| (EUR hedged) K-B-mdist | 15.3.2022 | 18.3.2022 | EUR | 0.31 |
| (EUR hedged) K-B-mdist | 19.4.2022 | 22.4.2022 | EUR | 0.30 |
| (EUR hedged) K-B-mdist | 16.5.2022 | 19.5.2022 | EUR | 0.30 |
| P-mdist | 15.6.2021 | 18.6.2021 | USD | 0.51 |
| P-mdist | 15.7.2021 | 20.7.2021 | USD | 0.50 |
| P-mdist | 16.8.2021 | 19.8.2021 | USD | 0.48 |
| P-mdist | 15.9.2021 | 20.9.2021 | USD | 0.49 |
| P-mdist | 15.10.2021 | 20.10.2021 | USD | 0.46 |
| P-mdist | 15.11.2021 | 18.11.2021 | USD | 0.41 |
| P-mdist | 15.12.2021 | 20.12.2021 | USD | 0.40 |
| P-mdist | 17.1.2022 | 20.1.2022 | USD | 0.40 |
| P-mdist | 15.2.2022 | 18.2.2022 | USD | 0.37 |
| P-mdist | 15.3.2022 | 18.3.2022 | USD | 0.34 |
| P-mdist | 19.4.2022 | 22.4.2022 | USD | 0.33 |
| P-mdist | 16.5.2022 | 19.5.2022 | USD | 0.32 |
| (AUD hedged) P-mdist | 15.6.2021 | 18.6.2021 | AUD | 0.55 |
| (AUD hedged) P-mdist | 15.7.2021 | 20.7.2021 | AUD | 0.54 |
| (AUD hedged) P-mdist | 16.8.2021 | 19.8.2021 | AUD | 0.51 |
| (AUD hedged) P-mdist | 15.9.2021 | 20.9.2021 | AUD | 0.52 |
| (AUD hedged) P-mdist | 15.10.2021 | 20.10.2021 | AUD | 0.49 |
| (AUD hedged) P-mdist | 15.11.2021 | 18.11.2021 | AUD | 0.44 |
| (AUD hedged) P-mdist | 15.12.2021 | 20.12.2021 | AUD | 0.43 |
| (AUD hedged) P-mdist | 17.1.2022 | 20.1.2022 | AUD | 0.42 |
| (AUD hedged) P-mdist | 15.2.2022 | 18.2.2022 | AUD | 0.39 |
| (AUD hedged) P-mdist | 15.3.2022 | 18.3.2022 | AUD | 0.36 |
| (AUD hedged) P-mdist | 19.4.2022 | 22.4.2022 | AUD | 0.34 |
| (AUD hedged) P-mdist | 16.5.2022 | 19.5.2022 | AUD | 0.34 |
| (HKD) P-mdist | 15.6.2021 | 18.6.2021 | HKD | 5.50 |
| (HKD) P-mdist | 15.7.2021 | 20.7.2021 | HKD | 5.40 |
| (HKD) P-mdist | 16.8.2021 | 19.8.2021 | HKD | 5.27 |
| (HKD) P-mdist | 15.9.2021 | 20.9.2021 | HKD | 5.40 |
| (HKD) P-mdist | 15.10.2021 | 20.10.2021 | HKD | 5.08 |
| (HKD) P-mdist | 15.11.2021 | 18.11.2021 | HKD | 4.60 |
| (HKD) P-mdist | 15.12.2021 | 20.12.2021 | HKD | 4.49 |
| (HKD) P-mdist | 17.1.2022 | 20.1.2022 | HKD | 4.40 |
| (HKD) P-mdist | 15.2.2022 | 18.2.2022 | HKD | 4.11 |
| (HKD) P-mdist | 15.3.2022 | 18.3.2022 | HKD | 3.78 |
| (HKD) P-mdist | 19.4.2022 | 22.4.2022 | HKD | 3.63 |
| (HKD) P-mdist | 16.5.2022 | 19.5.2022 | HKD | 3.59 |
| (SGD hedged) P-mdist | 15.6.2021 | 18.6.2021 | SGD | 0.53 |
| (SGD hedged) P-mdist | 15.7.2021 | 21.7.2021 | SGD | 0.52 |
| (SGD hedged) P-mdist | 16.8.2021 | 19.8.2021 | SGD | 0.52 |
| (SGD hedged) P-mdist | 15.9.2021 | 20.9.2021 | SGD | 0.53 |
| (SGD hedged) P-mdist | 15.10.2021 | 20.10.2021 | SGD | 0.50 |
| (SGD hedged) P-mdist | 15.11.2021 | 18.11.2021 | SGD | 0.45 |
| (SGD hedged) P-mdist | 15.12.2021 | 20.12.2021 | SGD | 0.44 |
| (SGD hedged) P-mdist | 17.1.2022 | 20.1.2022 | SGD | 0.43 |
| (SGD hedged) P-mdist | 15.2.2022 | 18.2.2022 | SGD | 0.42 |
| (SGD hedged) P-mdist | 15.3.2022 | 18.3.2022 | SGD | 0.38 |
| (SGD hedged) P-mdist | 19.4.2022 | 22.4.2022 | SGD | 0.37 |
| (SGD hedged) P-mdist | 16.5.2022 | 19.5.2022 | SGD | 0.36 |
| (ZAR hedged) P-mdist | 15.6.2021 | 18.6.2021 | ZAR | 9.62 |
| (ZAR hedged) P-mdist | 15.7.2021 | 20.7.2021 | ZAR | 9.44 |
| (ZAR hedged) P-mdist | 16.8.2021 | 19.8.2021 | ZAR | 8.96 |
| (ZAR hedged) P-mdist | 15.9.2021 | 20.9.2021 | ZAR | 9.17 |
| Q-mdist | 15.6.2021 | 18.6.2021 | USD | 0.56 |
| Q-mdist | 15.7.2021 | 20.7.2021 | USD | 0.55 |
| Q-mdist | 16.8.2021 | 19.8.2021 | USD | 0.53 |
| Q-mdist | 15.9.2021 | 20.9.2021 | USD | 0.54 |
| Q-mdist | 15.10.2021 | 20.10.2021 | USD | 0.51 |
| Q-mdist | 15.11.2021 | 18.11.2021 | USD | 0.46 |
| Q-mdist | 15.12.2021 | 20.12.2021 | USD | 0.45 |
| Q-mdist | 17.1.2022 | 20.1.2022 | USD | 0.44 |

UBS (Lux) Bond SICAV – Asian High Yield (USD)
Rapport annuel et états financiers révisés au 31 mai 2022
| UBS (Lux) Bond SICAV |  |  |  |  |
| --- | --- | --- | --- | --- |
| – Asian High Yield (USD) | Date de détachement | Date de versement | Devise | Montant par action |
| Q-mdist | 15.2.2022 | 18.2.2022 | USD | 0.41 |
| Q-mdist | 15.3.2022 | 18.3.2022 | USD | 0.38 |
| Q-mdist | 19.4.2022 | 22.4.2022 | USD | 0.36 |
| Q-mdist | 16.5.2022 | 19.5.2022 | USD | 0.36 |
| (SGD hedged) Q-mdist | 15.6.2021 | 18.6.2021 | SGD | 0.55 |
| (SGD hedged) Q-mdist | 15.7.2021 | 21.7.2021 | SGD | 0.54 |
| (SGD hedged) Q-mdist | 16.8.2021 | 19.8.2021 | SGD | 0.54 |
| (SGD hedged) Q-mdist | 15.9.2021 | 20.9.2021 | SGD | 0.56 |
| (SGD hedged) Q-mdist | 15.10.2021 | 20.10.2021 | SGD | 0.52 |
| (SGD hedged) Q-mdist | 15.11.2021 | 18.11.2021 | SGD | 0.47 |
| (SGD hedged) Q-mdist | 15.12.2021 | 20.12.2021 | SGD | 0.46 |
| (SGD hedged) Q-mdist | 17.1.2022 | 20.1.2022 | SGD | 0.45 |
| (SGD hedged) Q-mdist | 15.2.2022 | 18.2.2022 | SGD | 0.43 |
| (SGD hedged) Q-mdist | 15.3.2022 | 18.3.2022 | SGD | 0.40 |
| (SGD hedged) Q-mdist | 19.4.2022 | 22.4.2022 | SGD | 0.38 |
| (SGD hedged) Q-mdist | 16.5.2022 | 19.5.2022 | SGD | 0.38 |

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

## Etat du portefeuille-titres et autres actifs nets au 31 mai 2022
| Dénomination | Nombre/ | Evaluation en USD | en % |
| --- | --- | --- | --- |
|  | Nominal | Bénéfice/(perte) non | de |
|  |  | réalisé(e) sur futures/ | l’actif |
|  |  | Contrats de | net |
|  |  | change à terme/ |  |
|  |  | Swaps (note 1) |  |
| Titres et instruments du marché monétaire négociés sur une bourse officielle Billets, taux fixe |  |  |  |
| USD |  |  |  |
| USD	ABJA INVESTMENT CO PTE LTD-REG-S 5.45000% 18-24.01.28 | 10 425 000.00 | 10 425 000.00 | 0.58 |
| USD	AGILE GROUP HOLDINGS LTD-REG-S 5.50000% 21-17.05.26 | 6 400 000.00 | 2 336 512.00 | 0.13 |
| USD	ANTON OILFIELD SERVICES GROUP-REG-S 8.75000% 21-26.01.25 | 13 470 000.00 | 11 611 981.88 | 0.64 |
| USD	APL REALTY HOLDINGS PTE LTD-REG-S 5.95000% 17-02.06.24 | 5 200 000.00 | 2 392 975.00 | 0.13 |
| USD	AYC FINANCE LTD-REG-S 3.90000% 21-PRP | 17 625 000.00 | 14 188 125.00 | 0.79 |
| USD	CA MAGNUM HOLDINGS-REG-S 5.37500% 21-31.10.26 | 7 000 000.00 | 6 440 000.00 | 0.36 |
| USD	CENTRAL CHINA REAL ESTATE-REG-S 7.25000% 19-24.04.23 | 3 200 000.00 | 1 270 600.00 | 0.07 |
| USD	CENTRAL CHINA REAL ESTATE-REG-S 7.90000% 19-07.11.23 | 4 500 000.00 | 1 408 500.00 | 0.08 |
| USD	CENTRAL CHINA REAL ESTATE-REG-S 7.25000% 20-16.07.24 | 800 000.00 | 208 650.00 | 0.01 |
| USD	CENTRAL CHINA REAL ESTATE-REG-S 7.65000% 20-27.08.23 | 18 950 000.00 | 6 292 584.37 | 0.35 |
| USD	CENTRAL CHINA REAL ESTATE LTD-REG-S 7.25000% 20-13.08.24 | 6 000 000.00 | 1 581 750.00 | 0.09 |
| USD	CENTRAL CHINA REAL ESTATE LTD-REG-S 7.50000% 21-14.07.25 | 10 000 000.00 | 2 608 125.00 | 0.14 |
| USD	CHAMPION PATH HOLDINGS-REG-S 4.85000% 21-27.01.28 | 4 000 000.00 | 2 720 000.00 | 0.15 |
| USD	CHINA EVERGRANDE GRO-REG-S *DEFAULTED* 12.00000% 20-22.01.24 | 14 000 000.00 | 1 415 750.00 | 0.08 |
| USD	CHINA OIL AND GAS GROUP LTD-REG-S 4.70000% 21-30.06.26 | 8 000 000.00 | 7 551 500.01 | 0.42 |
| USD	CIFI HOLDINGS GROUP CO LTD-REG-S 6.00000% 20-16.07.25 | 22 944 000.00 | 16 978 560.00 | 0.94 |
| USD	CIFI HOLDINGS GROUP CO LTD-REG-S 4.45000% 21-17.08.26 | 13 400 000.00 | 9 581 000.00 | 0.53 |
| USD	CIKARANG LISTRINDO TBK PT-REG-S 4.95000% 16-14.09.26 | 4 000 000.00 | 3 869 500.00 | 0.21 |
| USD	CLIFFTON LTD-REG-S 6.25000% 21-25.10.25 | 14 900 000.00 | 13 973 369.00 | 0.78 |
| USD	COUNTRY GARDEN HOLDINGS CO LTD-REG-S 7.25000% 19-08.04.26 | 5 000 000.00 | 3 200 000.00 | 0.18 |
| USD	EASY TACTIC LTD-REG-S 8.12500% 19-11.07.24 | 1 775 000.00 | 364 762.50 | 0.02 |
| USD	EASY TACTIC LTD-REG-S 8.62500% 20-05.03.24 | 6 000 000.00 | 1 223 625.00 | 0.07 |
| USD	ESTATE SKY LTD-REG-S 5.45000% 21-21.07.25 | 4 175 000.00 | 3 882 708.25 | 0.22 |
| USD	FORTUNE STAR BVI LTD-REG-S 6.85000% 20-02.07.24 | 12 375 000.00 | 11 745 112.50 | 0.65 |
| USD	FORTUNE STAR BVI LTD-REG-S 5.95000% 20-19.10.25 | 18 500 000.00 | 16 558 610.00 | 0.92 |
| USD	FORTUNE STAR BVI LTD-REG-S 5.05000% 21-27.01.27 | 14 550 000.00 | 12 088 576.50 | 0.67 |
| USD	FORTUNE STAR BVI LTD-REG-S 5.00000% 21-18.05.26 | 6 000 000.00 | 5 072 520.00 | 0.28 |
| USD	FRANSHION BRILLIANT LTD-REG-S 4.25000% 19-23.07.29 | 2 000 000.00 | 1 640 000.00 | 0.09 |
| USD	GMR HYDERABAD INTNATL AIRPORT LTD-REG-S 4.25000% 17-27.10.27 | 5 000 000.00 | 4 433 750.00 | 0.25 |
| USD	GREENKO MAURITIUS LTD-REG-S 6.25000% 19-21.02.23 | 5 575 000.00 | 5 588 240.63 | 0.31 |
| USD	HILONG HOLDING LTD-REG-S 9.75000% 21-18.11.24 | 12 554 000.00 | 7 783 480.00 | 0.43 |
| USD	INTERNATIONAL CONT TERM SERV-REG-S 4.75000% 20-17.06.30 | 16 250 000.00 | 15 658 906.25 | 0.87 |
| USD	JINGRUI HOLDINGS LTD-REG-S 14.50000% 20-19.02.23 | 6 000 000.00 | 957 000.00 | 0.05 |
| USD	JSW HYDRO ENERGY LTD-REG-S 4.12500% 21-18.05.31 | 25 250 000.00 | 19 977 800.00 | 1.11 |
| USD	JSW STEEL LTD-REG-S 5.37500% 19-04.04.25 | 2 000 000.00 | 1 960 000.00 | 0.11 |
| USD	KAISA GROUP HOLDINGS-REG-S *DEFAULTED* 10.50000% 20-15.01.25 | 6 400 000.00 | 1 041 200.00 | 0.06 |
| USD	KAISA GROUP HOLDINGS-REG-S *DEFAULTED* 9.95000% 20-23.07.25 | 32 000 000.00 | 5 176 000.00 | 0.29 |
| USD	KAISA GROUP HOLDINGS-REG-S*DEFAULTED* 11.25000% 20-16.04.25 | 33 575 000.00 | 5 430 756.25 | 0.30 |
| USD	KWG GROUP HOLDINGS LTD-REG-S 6.30000% 20-13.02.26 | 30 150 000.00 | 7 688 250.00 | 0.43 |
| USD	LAI SUN MTN LTD-REG-S 5.00000% 21-28.07.26 | 26 338 000.00 | 23 996 815.18 | 1.33 |
| USD	LOGAN GROUP CO LTD-REG-S 4.70000% 21-06.07.26 | 2 700 000.00 | 607 500.00 | 0.03 |
| USD	MANILA WATER CO INC-REG-S 4.37500% 20-30.07.30 | 24 499 000.00 | 22 758 039.81 | 1.26 |
| USD	MEDCO OAK TREE PTE LTD-REG-S 7.37500% 19-14.05.26 | 5 500 000.00 | 5 362 500.00 | 0.30 |
| USD	MEDCO PLATINUM ROAD PTE LTD-REG-S 6.75000% 18-30.01.25 | 17 800 000.00 | 17 402 837.50 | 0.97 |
| USD	MEITUAN DIANPING-REG-S 3.05000% 20-28.10.30 | 25 000 000.00 | 19 004 687.51 | 1.05 |
| USD	MELCO RESORTS FINANCE LTD-REG-S 4.87500% 17-06.06.25 | 750 000.00 | 640 177.50 | 0.03 |
| USD	MELCO RESORTS FINANCE LTD-REG-S 5.37500% 19-04.12.29 | 12 000 000.00 | 8 698 800.00 | 0.48 |
| USD	MELCO RESORTS FINANCE LTD-REG-S 5.75000% 20-21.07.28 | 19 000 000.00 | 14 575 660.00 | 0.81 |
| USD	MGM CHINA HOLDINGS LTD-REG-S 5.25000% 20-18.06.25 | 950 000.00 | 824 600.00 | 0.05 |
| USD	MGM CHINA HOLDINGS LTD-REG-S 4.75000% 21-01.02.27 | 15 000 000.00 | 12 051 750.00 | 0.67 |
| USD	NEW METRO GLOBAL LTD-REG-S 4.50000% 21-02.05.26 | 32 700 000.00 | 17 985 000.00 | 1.00 |
| USD	PAKISTAN, ISLAMIC REPUBLIC OF-REG-S 8.25000% 15-30.09.25 | 6 500 000.00 | 4 941 218.75 | 0.27 |
| USD	PAKISTAN, ISLAMIC REPUBLIC OF-REG-S 6.87500% 17-05.12.27 | 14 250 000.00 | 10 538 765.62 | 0.58 |
| USD	PERIAMA HOLDINGS LLC/DE-REG-S 5.95000% 20-19.04.26 | 31 775 000.00 | 30 821 750.00 | 1.71 |
| USD	POWERLONG REAL ESTATE HOLDINGS-REG-S 6.95000% 19-23.07.23 | 1 500 000.00 | 390 000.00 | 0.02 |
| USD	POWERLONG REAL ESTATE HOLDINGS-REG-S 6.25000% 20-10.08.24 | 8 500 000.00 | 1 954 999.99 | 0.11 |
| USD	REDCO PROPERTIES GROUP LTD 11.00000% 22-06.08.23 | 1 222 733.00 | 284 089.78 | 0.02 |
| USD	REDSUN PROPERTIES GROUP LTD-REG-S 9.70000% 20-16.04.23 | 1 200 000.00 | 216 000.00 | 0.01 |
| USD	REDSUN PROPERTIES GROUP LTD-REG-S 7.30000% 21-21.05.24 | 9 000 000.00 | 1 440 000.00 | 0.08 |
| USD	REDSUN PROPERTIES GROUP LTD-REG-S 9.50000% 21-20.09.23 | 15 750 000.00 | 2 677 500.00 | 0.15 |
| USD	RENEW WIND ENER AP2 / RENEW POWER-REG-S 4.50000% 21-14.07.28 | 26 575 000.00 | 22 854 500.00 | 1.27 |
| USD	RKPF OVERSEAS 2019 A LTD-REG-S 5.90000% 20-05.03.25 | 2 000 000.00 | 1 400 000.00 | 0.08 |
| USD	RKPF OVERSEAS 2020 A LTD-REG-S 5.20000% 21-12.01.26 | 5 000 000.00 | 3 275 000.00 | 0.18 |
| USD	RONSHINE CHINA HOLDINGS LTD-REG-S 8.95000% 19-22.01.23 | 3 100 000.00 | 666 500.00 | 0.04 |
| USD	RONSHINE CHINA HOLDINGS LTD-REG-S 8.10000% 19-09.06.23 | 11 000 000.00 | 1 760 000.00 | 0.10 |
| USD	RONSHINE CHINA HOLDINGS LTD-REG-S 7.35000% 20-15.12.23 | 25 050 000.00 | 3 882 750.00 | 0.22 |
| USD	RONSHINE CHINA HOLDINGS LTD-REG-S 6.75000% 20-05.08.24 | 4 220 000.00 | 590 800.00 | 0.03 |
| USD	RONSHINE CHINA HOLDINGS LTD-REG-S 7.10000% 21-25.01.25 | 8 000 000.00 | 1 040 000.00 | 0.06 |
| USD	SCENERY JOURNEY LTD-REG-S *DEFAULTED* 12.00000% 20-24.10.23 | 28 125 000.00 | 2 888 085.94 | 0.16 |
| USD	SHIMAO PROPERTY HOLDINGS LTD-REG-S 6.12500% 19-21.02.24 | 4 000 000.00 | 560 000.00 | 0.03 |
| USD	SHIMAO PROPERTY HOLDINGS LTD-REG-S 4.60000% 20-13.07.30 | 5 685 000.00 | 710 625.00 | 0.04 |
| USD	SHIMAO PROPERTY HOLDINGS LTD-REG-S 5.20000% 21-16.01.27 | 8 340 000.00 | 1 084 200.00 | 0.06 |
| USD	SHUI ON DEVELOPMENT HOLDING-REG-S 5.50000% 20-03.03.25 | 9 650 000.00 | 8 395 500.00 | 0.47 |
| USD	SHUI ON DEVELOPMENT HOLDING LTD-REG-S 6.15000% 20-24.08.24 | 9 625 000.00 | 8 734 687.50 | 0.48 |
| USD	SOFTBANK GROUP CORP-REG-S 4.00000% 21-06.07.26 | 12 675 000.00 | 11 280 750.00 | 0.63 |
| USD	SRI LANKA, DEMO REP OF-REG-S *DEFAULT* 6.20000% 17-11.05.27 | 18 705 000.00 | 7 129 410.75 | 0.40 |
| USD	SRI LANKA, DEMO REP OF-REG-S *DEFAULT* 5.75000% 18-18.04.23 | 19 000 000.00 | 7 174 590.00 | 0.40 |
| USD	SRI LANKA, DEMO REP OF-REG-S *DEFAULT* 7.55000% 19-28.03.30 | 45 500 000.00 | 17 408 755.00 | 0.97 |
| USD	STAR ENERGY GEOTHERMAL WAYANG-REG-S 6.75000% 18-24.04.33 | 500 000.00 | 406 670.90 | 0.02 |
| USD	STUDIO CITY FINANCE LTD-REG-S 6.00000% 20-15.07.25 | 4 300 000.00 | 3 274 751.00 | 0.18 |
| USD	STUDIO CITY FINANCE LTD-REG-S 6.50000% 20-15.01.28 | 16 475 000.00 | 11 365 608.25 | 0.63 |
| USD	STUDIO CITY FINANCE LTD-REG-S 5.00000% 21-15.01.29 | 13 625 000.00 | 8 382 508.75 | 0.46 |
| USD	SUNAC CHINA HOLDINGS LTD-REG-S 7.00000% 20-09.07.25 | 30 225 000.00 | 4 875 594.75 | 0.27 |
| USD	SUNAC CHINA HOLDINGS LTD-REG-S 6.65000% 20-03.08.24 | 23 200 000.00 | 3 712 000.00 | 0.21 |
| USD	SUNAC CHINA HOLDINGS LTD-REG-S 5.95000% 21-26.04.24 | 21 015 000.00 | 3 362 399.99 | 0.19 |
| USD	SUNAC CHINA HOLDINGS LTD-REG-S 6.50000% 21-26.01.26 | 5 600 000.00 | 901 600.00 | 0.05 |

UBS (Lux) Bond SICAV – Asian High Yield (USD)
Rapport annuel et états financiers révisés au 31 mai 2022
|  | Dénomination | Nombre/ | Evaluation en USD | en % |
| --- | --- | --- | --- | --- |
|  | Nominal | Bénéfice/(perte) non | de |
|  |  | réalisé(e) sur futures/ | l’actif |
|  |  | Contrats de | net |
|  |  | change à terme/ |  |
|  |  | Swaps (note 1) |  |
|  |  |  |  |  |
| USD | THETA CAPITAL PTE LTD-REG-S 6.75000% 16-31.10.26 | 2 920 000.00 | 2 649 900.00 | 0.15 |
| USD | TIMES CHINA HOLDINGS LTD-REG-S 6.75000% 20-08.07.25 | 15 000 000.00 | 4 725 000.00 | 0.26 |
| USD | TML HOLDINGS PTE LTD-REG-S 5.50000% 20-03.06.24 | 5 330 000.00 | 5 281 230.50 | 0.29 |
| USD | VEDANTA RESOURCES PLC-REG-S 6.12500% 17-09.08.24 | 60 000 000.00 | 47 936 250.00 | 2.66 |
| USD | WYNN MACAU LTD-REG-S 5.12500% 19-15.12.29 | 7 276 000.00 | 5 340 584.00 | 0.30 |
| USD | WYNN MACAU LTD-REG-S 5.50000% 20-15.01.26 | 25 920 000.00 | 21 027 859.20 | 1.17 |
| USD | WYNN MACAU LTD-REG-S 5.62500% 20-26.08.28 | 18 000 000.00 | 13 449 600.00 | 0.75 |
| USD | YANGO JUSTICE INT LTD-REG-S *DEFAULTED* 8.25000% 20-25.11.23 | 17 600 000.00 | 1 232 000.00 | 0.07 |
| USD | YANGO JUSTICE INT LTD-REG-S *DEFAULTED* 7.50000% 20-15.04.24 | 11 925 000.00 | 834 750.00 | 0.05 |
| USD | YANGO JUSTICE INT LTD-REG-S*DEFAULTED* 7.50000% 20-17.02.25 | 14 385 000.00 | 1 006 950.00 | 0.06 |
| USD | YANGO JUSTICE INT LTD-REG-S*DEFAULTED* 7.87500% 21-04.09.24 | 12 500 000.00 | 875 000.00 | 0.05 |
| USD | YANLORD LAND HK CO LTD-REG-S 5.12500% 21-20.05.26 | 1 725 000.00 | 1 508 081.25 | 0.08 |
| USD | YUZHOU GROUP HOLDINGS-REG-S*DEFAULTED* 7.85000% 20-12.08.26 | 26 350 000.00 | 2 766 750.00 | 0.15 |
| USD | YUZHOU PROPERTIES-REG-S*DEFAULTED* 8.37500% 19-30.10.24 | 14 300 000.00 | 1 573 000.00 | 0.09 |
| USD | YUZHOU PROPERTIES-REG-S*DEFAULTED* 7.37500% 20-13.01.26 | 56 927 000.00 | 5 977 335.00 | 0.33 |
| USD | ZHENRO PROP GROUP-REG-S *DEFAULTED* 8.35000% 20-10.03.24 | 5 000 000.00 | 425 000.00 | 0.02 |
| USD | ZHENRO PROP GROUP-REG-S*DEFAULTED* 7.35000% 20-05.02.25 | 19 900 000.00 | 1 691 500.00 | 0.09 |
| Total USD |  |  | 700 916 549.56 | 38.92 |
| Total des Billets, taux fixe |  | 700 916 549.56 | 38.92 |
| Billets, taux variable |  |  |  |
| USD |  |  |  |
| USD	GLOBAL LOGISTIC PROPERTIES-REG-S-SUB 4.500%/VAR 21-PRP | 20 500 000.00 | 17 859 600.00 | 0.99 |
| Total USD |  | 17 859 600.00 | 0.99 |
| Total des Billets, taux variable |  | 17 859 600.00 | 0.99 |
| Medium-Term Notes, taux fixe |  |  |  |
| USD |  |  |  |
| USD	AZURE POWER SOLAR ENERGY PVT LTD-REG-S 5.65000% 19-24.12.24 | 3 000 000.00 | 2 970 562.50 | 0.16 |
| USD	FAR EAST HORIZON LTD-REG-S 4.25000% 21-26.10.26 | 2 000 000.00 | 1 818 500.00 | 0.10 |
| USD	KWG GROUP HOLDINGS LTD-REG-S 7.40000% 19-05.03.24 | 6 000 000.00 | 1 680 000.00 | 0.09 |
| USD	KWG GROUP HOLDINGS LTD-REG-S 5.95000% 20-10.08.25 | 8 000 000.00 | 2 080 000.00 | 0.11 |
| USD	LS FINANCE 2017 LTD-REG-S 4.87500% 19-15.07.24 | 10 000 000.00 | 9 375 000.00 | 0.52 |
| USD	MUTHOOT FINANCE LTD-REG-S 6.12500% 19-31.10.22 | 7 963 000.00 | 7 952 050.87 | 0.44 |
| USD	MUTHOOT FINANCE LTD-REG-S 4.40000% 20-02.09.23 | 4 745 000.00 | 4 685 687.50 | 0.26 |
| USD	NWD MTN LTD-REG-S 4.50000% 20-19.05.30 | 24 911 000.00 | 22 787 088.14 | 1.26 |
| USD	PAKISTAN, ISLAMIC REPUBLIC OF-REG-S 6.00000% 21-08.04.26 | 5 000 000.00 | 3 713 050.00 | 0.21 |
| USD	PAKISTAN, ISLAMIC REPUBLIC OF-REG-S 7.37500% 21-08.04.31 | 55 000 000.00 | 37 406 050.00 | 2.08 |
| USD	REDCO PROPERTIES GROUP LTD-REG-S 9.90000% 20-17.02.24 | 22 695 000.00 | 4 990 063.12 | 0.28 |
| USD	SHRIRAM TRANSPORT FINANCE CO LTD-REG-S 5.95000% 19-24.10.22 | 16 355 000.00 | 16 314 112.50 | 0.91 |
| USD	SHRIRAM TRANSPORT FINANCE CO LTD-REG-S 5.10000% 20-16.07.23 | 10 300 000.00 | 10 042 500.00 | 0.56 |
| USD	SHRIRAM TRANSPORT FINANCE CO LTD-REG-S 4.40000% 21-13.03.24 | 9 800 000.00 | 9 285 500.00 | 0.52 |
| USD	THAIOIL TREASURY CENTER CO LTD-REG-S 3.50000% 19-17.10.49 | 5 165 000.00 | 3 463 132.50 | 0.19 |
| USD	YES BANK IFSC BANKING UNIT BR-REG-S 3.75000% 18-06.02.23 | 8 428 000.00 | 8 295 259.00 | 0.46 |
| Total USD |  | 146 858 556.13 | 8.15 |
| Total des Medium-Term Notes, taux fixe |  | 146 858 556.13 | 8.15 |
| Medium-Term Notes, taux variable |  |  |  |
| USD |  |  |  |
| USD	BANGKOK BANK PCL/HONG KONG-REG-S-SUB 5.000%/VAR 20-PRP | 14 525 000.00 | 13 901 332.82 | 0.77 |
| USD	BANK OF EAST ASIA LTD-REG-S-SUB 5.825%/VAR 20-PRP | 14 850 000.00 | 14 924 250.00 | 0.83 |
| USD	KASIKORNBANK PCL-REG-S-SUB 5.275%/VAR 20-PRP | 18 950 000.00 | 18 278 459.38 | 1.02 |
| USD	KASIKORNBANK PCL/HONG KONG-REG-S-SUB 3.343%/VAR 19-02.10.31 | 26 576 000.00 | 24 380 158.00 | 1.35 |
| USD	TMB BANK CAYMAN IS-REG-S-SUB 4.900%/VAR 19-PRP | 2 500 000.00 | 2 373 125.00 | 0.13 |
| Total USD |  | 73 857 325.20 | 4.10 |
| Total des Medium-Term Notes, taux variable |  | 73 857 325.20 | 4.10 |
| Obligations, taux fixe |  |  |  |
| USD |  |  |  |
| USD	ABJA INVESTMENT CO PTE LTD-REG-S 5.95000% 14-31.07.24 | 1 760 000.00 | 1 804 000.00 | 0.10 |
| USD	AGILE GROUP HOLDINGS LTD-REG-S 6.05000% 20-13.10.25 | 12 512 000.00 | 4 692 000.00 | 0.26 |
| USD	ALAM SUTERA REALTY TBK PT (PAY IN KIND) STEP UP 20-02.05.24 | 3 375 000.00 | 2 220 750.00 | 0.12 |
| USD	ALAM SUTERA REALTY TBK PT (PAY IN KIND) STEP UP 20-02.11.25 | 9 681 000.00 | 5 178 124.87 | 0.29 |
| USD	AZURE POWER ENERGY LTD-REG-S 3.57500% 21-19.08.26 | 12 630 000.00 | 10 802 233.76 | 0.60 |
| USD	BHARTI AIRTEL INTL NETHERLANDS BV-REG-S 5.35000% 14-20.05.24 | 10 000 000.00 | 10 251 875.00 | 0.57 |
| USD	BIM LAND JSC-REG-S 7.37500% 21-07.05.26 | 13 220 000.00 | 10 900 716.25 | 0.61 |
| USD	CELESTIAL DYNASTY LTD-REG-S 4.25000% 19-27.06.29 | 12 000 000.00 | 11 049 720.00 | 0.61 |
| USD	CENTRAL CHINA REAL ESTATE-REG-S 7.75000% 20-24.05.24 | 11 000 000.00 | 2 875 812.50 | 0.16 |
| USD	CHINA EVERGRANDE GRO-REG-S *DEFAULTED* 8.75000% 17-28.06.25 | 35 400 000.00 | 3 628 500.00 | 0.20 |
| USD	CHINA SCE GROUP HOLDINGS LTD-REG-S 7.25000% 19-19.04.23 | 1 000 000.00 | 670 000.00 | 0.04 |
| USD	CHINA SCE GROUP HOLDINGS LTD-REG-S 7.00000% 20-02.05.25 | 5 000 000.00 | 2 400 000.00 | 0.13 |
| USD	CHINA SCE GROUP HOLDINGS LTD-REG-S- 6.00000% 21-04.02.26 | 26 180 000.00 | 12 042 800.00 | 0.67 |
| USD	CHINA SCE PROPERTY HOLDINGS LTD-REG-S 7.37500% 19-09.04.24 | 14 571 000.00 | 7 722 630.00 | 0.43 |
| USD	CHINA SCE PROPERTY HOLDINGS LTD-REG-S 5.95000% 21-29.09.24 | 3 000 000.00 | 1 530 000.00 | 0.09 |
| USD	CIFI HOLDINGS GROUP CO LTD-REG-S 5.25000% 20-13.05.26 | 1 200 000.00 | 864 000.00 | 0.05 |
| USD	COUNTRY GARDEN HOLDINGS CO LTD-REG-S 6.15000% 19-17.09.25 | 5 246 000.00 | 3 304 980.00 | 0.18 |
| USD	COUNTRY GARDEN HOLDINGS CO LTD-REG-S 5.12500% 20-14.01.27 | 7 550 000.00 | 4 265 750.00 | 0.24 |
| USD	COUNTRY GARDEN HOLDINGS CO LTD-REG-S 5.62500% 20-14.01.30 | 5 000 000.00 | 2 725 000.00 | 0.15 |
| USD	COUNTRY GARDEN HOLDINGS CO LTD-REG-S 5.40000% 20-27.05.25 | 19 203 000.00 | 12 193 905.00 | 0.68 |
| USD	COUNTRY GARDEN HOLDINGS CO LTD-REG-S 4.80000% 20-06.08.30 | 2 000 000.00 | 1 050 000.00 | 0.06 |
| USD	DEVELOPMENT BANK OF MONGOLIA LLC-REG-S 7.25000% 18-23.10.23 | 2 900 000.00 | 2 814 450.00 | 0.16 |
| USD	EASY TACTIC LTD-REG-S 5.87500% 17-13.02.23 | 10 525 000.00 | 2 320 762.50 | 0.13 |
| USD	EASY TACTIC LTD-REG-S 8.12500% 19-27.02.23 | 24 950 000.00 | 5 407 912.50 | 0.30 |
| USD	EASY TACTIC LTD-REG-S 8.62500% 19-27.02.24 | 4 600 000.00 | 932 362.50 | 0.05 |
| USD	EHI CAR SERVICES LTD-REG-S 7.75000% 21-14.11.24 | 16 475 000.00 | 11 532 500.00 | 0.64 |
| USD	FPC RESOURCES LTD-REG-S 4.37500% 20-11.09.27 | 10 075 000.00 | 9 809 271.87 | 0.54 |
| USD	GAJAH TUNGGAL TBK PT-REG-S 8.95000% 21-23.06.26 | 1 601 000.00 | 1 211 556.75 | 0.07 |

UBS (Lux) Bond SICAV – Asian High Yield (USD) Rapport annuel et états financiers révisés au 31 mai 2022
|  | Dénomination | Nombre/ | Evaluation en USD | en % |
| --- | --- | --- | --- | --- |
|  | Nominal | Bénéfice/(perte) non | de |
|  |  | réalisé(e) sur futures/ | l’actif |
|  |  | Contrats de | net |
|  |  | change à terme/ |  |
|  |  | Swaps (note 1) |  |
|  |  |  |  |  |
| USD | GREENKO DUTCH BV-REG-S 3.85000% 21-29.03.26 | 46 050 000.00 | 40 648 335.00 | 2.26 |
| USD | GREENKO INVESTMENT CO-REG-S 4.87500% 16-16.08.23 | 5 067 000.00 | 4 987 194.75 | 0.28 |
| USD | HPCL MITTAL ENERGY LTD-REG-S 5.25000% 17-28.04.27 | 400 000.00 | 371 000.00 | 0.02 |
| USD | KAISA GROUP HOLDINGS-REG-S *DEFAULTED* 9.37500% 17-30.06.24 | 42 100 000.00 | 6 835 987.50 | 0.38 |
| USD | KWG GROUP HOLDINGS LTD-REG-S 6.00000% 21-14.08.26 | 24 825 000.00 | 6 330 375.00 | 0.35 |
| USD | KWG PROPERTY HOLDING LTD-REG-S 7.40000% 20-13.01.27 | 6 000 000.00 | 1 530 000.00 | 0.08 |
| USD | LMIRT CAPITAL PTE LTD-REG-S 7.50000% 21-09.02.26 | 6 425 000.00 | 6 127 843.75 | 0.34 |
| USD | LS FINANCE 2017 LTD-REG-S 4.80000% 21-18.06.26 | 10 700 000.00 | 9 416 000.00 | 0.52 |
| USD | LS FINANCE 2025 LTD-REG-S 4.50000% 15-26.06.25 | 2 750 000.00 | 2 450 800.00 | 0.14 |
| USD | MELCO RESORTS FINANCE LTD-REG-S 5.25000% 19-26.04.26 | 1 000 000.00 | 820 590.00 | 0.05 |
| USD | MODERNLA OVE PTE LTD-REG-S 6.95000% 17-30.04.27 | 10 482 440.00 | 4 768 199.90 | 0.26 |
| USD | MONGOLIA,GOVERNMENT OF-REG-S 5.12500% 20-07.04.26 | 4 000 000.00 | 3 700 000.00 | 0.21 |
| USD | NWD FINANCE BVI LTD-REG-S 4.80000% 20-PRP | 2 000 000.00 | 1 600 720.00 | 0.09 |
| USD | NWD MTN LTD-REG-S 4.12500% 19-18.07.29 | 10 000 000.00 | 9 031 600.00 | 0.50 |
| USD | POWERLONG REAL ESTATE HOLDINGS-REG-S 5.95000% 20-30.04.25 | 22 200 000.00 | 4 884 000.00 | 0.27 |
| USD | POWERLONG REAL ESTATE HOLDING LTD-REG-S 4.90000% 21-13.05.26 | 3 600 000.00 | 756 000.00 | 0.04 |
| USD | PRIME BLOOM HOLDING LTD-REG-S *DEFAULT* 6.95000% 17-05.07.22 | 840 000.00 | 146 370.00 | 0.01 |
| USD | RADIANCE HOLDINGS GROUP CO LTD-REG-S 7.80000% 21-20.03.24 | 3 750 000.00 | 2 644 453.13 | 0.15 |
| USD | REDSUN PROPERTIES GROUP LTD-REG-S 7.30000% 21-13.01.25 | 15 000 000.00 | 2 250 000.00 | 0.12 |
| USD | RENEW POWER PVT LTD-REG-S 5.87500% 20-05.03.27 | 1 000 000.00 | 951 437.50 | 0.05 |
| USD | RENEW POWER SYNTHETIC-REG-S 6.67000% 19-12.03.24 | 12 000 000.00 | 12 096 000.00 | 0.67 |
| USD | RKPF OVERSEAS 2019 A LTD-REG-S 6.00000% 20-04.09.25 | 7 000 000.00 | 4 795 000.00 | 0.27 |
| USD | RKPF OVERSEAS 2020 A LTD-REG-S 5.12500% 21-26.07.26 | 19 250 000.00 | 12 416 250.00 | 0.69 |
| USD | SCENERY JOURNEY LTD-REG-S *DEFAULTED* 13.75000% 18-06.11.23 | 4 000 000.00 | 415 750.00 | 0.02 |
| USD | SEAZEN GROUP LTD-REG-S 4.45000% 21-13.07.25 | 13 775 000.00 | 8 127 250.00 | 0.45 |
| USD | SUNAC CHINA HOLDINGS LTD-REG-S 7.95000% 19-11.10.23 | 15 600 000.00 | 2 574 000.00 | 0.14 |
| USD | SUNAC CHINA HOLDINGS LTD-REG-S 6.800000% 21-20.10.24 | 10 500 000.00 | 1 680 000.00 | 0.09 |
| USD | THETA CAPITAL PTE LTD-REG-S 8.12500% 20-22.01.25 | 14 900 000.00 | 14 508 875.00 | 0.81 |
| USD | TIMES CHINA HOLDINGS LTD-REG-S 6.60000% 17-02.03.23 | 4 000 000.00 | 2 000 000.00 | 0.11 |
| USD | TIMES CHINA HOLDINGS LTD-REG-S 5.75000% 21-14.01.27 | 21 404 000.00 | 6 207 160.00 | 0.34 |
| USD | TIMES CHINA HOLDINGS LTD-REG-S 5.55000% 21-04.06.24 | 24 000 000.00 | 8 640 000.00 | 0.48 |
| USD | TML HOLDINGS PTE LTD-REG-S 4.34000% 21-09.06.26 | 3 000 000.00 | 2 749 312.50 | 0.15 |
| USD | VEDANTA RESOURCES FINANCE II PLC-REG-S 9.25000% 19-23.04.26 | 9 250 000.00 | 7 272 812.50 | 0.40 |
| USD | WANDA PROPERTIES INTERNATIONAL-REG-S 7.25000% 14-29.01.24 | 1 500 000.00 | 1 125 000.00 | 0.06 |
| USD | WANDA PROPERTIES OVERSEAS LTD-REG-S 6.87500% 20-23.07.23 | 15 000 000.00 | 11 850 000.00 | 0.66 |
| USD | WEST CHINA CEMENT LTD-REG-S 4.95000% 21-08.07.26 | 4 000 000.00 | 3 485 520.00 | 0.19 |
| USD | YUZHOU GROUP HOLDINGS-REG-S*DEFAULTED* 6.35000% 21-13.01.27 | 3 000 000.00 | 315 000.00 | 0.02 |
| USD | YUZHOU PROPERTIES-REG-S*DEFAULTED* 8.50000% 19-26.02.24 | 3 000 000.00 | 330 000.00 | 0.02 |
| USD | YUZHOU PROPERTIES-REG-S*DEFAULTED* 8.30000% 19-27.05.25 | 2 525 000.00 | 277 750.00 | 0.02 |
| USD | ZHENRO PROP GROUP-REG-S *DEFAULTED* 6.63000% 21-07.01.26 | 10 450 000.00 | 888 250.00 | 0.05 |
| USD | ZHENRO PROP GROUP-REG-S *DEFAULTED* 6.70000% 21-04.08.26 | 3 500 000.00 | 297 500.00 | 0.02 |
| USD | ZOOMLION HK SPV CO LTD-REG-S 6.12500% 12-20.12.22 | 250 000.00 | 252 080.00 | 0.01 |
| Total USD |  |  | 358 756 030.03 | 19.92 |
| Total des Obligations, taux fixe |  | 358 756 030.03 | 19.92 |
| Obligations, taux variable |  |  |  |
| USD |  |  |  |
| USD	AGILE GROUP HOLDINGS LTD-REG-S 7.875%/VAR 19-PRP | 11 000 000.00 | 2 530 000.00 | 0.14 |
| USD	BANK NEGARA INDONESIA PERSERO-REG-S-SUB 4.300%/VAR 21-PRP | 11 350 000.00 | 10 300 125.00 | 0.57 |
| USD	BANK OF EAST ASIA LTD/THE-REG-S-SUB 5.875%/VAR 19-PRP | 8 322 000.00 | 8 386 911.60 | 0.47 |
| USD	CASHLD FLR REG-S-SUB 4.000%/VAR 21-PRP | 4 000 000.00 | 3 608 200.00 | 0.20 |
| USD	ESTATE SKY LTD-REG-S 5.750%/VAR 17-PRP | 1 900 000.00 | 1 825 273.00 | 0.10 |
| USD	GLOBE TELECOM INC-REG-S 4.200%/VAR 21-PRP | 12 350 000.00 | 11 547 250.00 | 0.64 |
| USD	KING TALENT MANAGEMENT LTD-REG-S-SUB 5.600%/VAR 17-PRP | 11 590 000.00 | 11 009 051.25 | 0.61 |
| USD	NETWORK I2I LTD-REG-S-SUB 5.650%/VAR 19-PRP | 375 000.00 | 368 859.37 | 0.02 |
| USD	NWD FINANCE BVI LTD-REG-S 5.250%/VAR 20-PRP | 12 694 000.00 | 12 446 467.00 | 0.69 |
| USD	NWD FINANCE BVI LTD-REG-S 4.125%/VAR 21-PRP | 7 000 000.00 | 6 078 450.00 | 0.34 |
| USD	PETRON CORP-REG-S 5.950%/VAR 21-PRP | 11 800 000.00 | 11 363 400.00 | 0.63 |
| USD	RKPF OVERSEAS 2019 E LTD-REG-S 7.750%/VAR 19-PRP | 4 800 000.00 | 2 952 000.00 | 0.16 |
| USD	ROYAL CAPITAL BV-REG-S 4.875%/VAR 16-PRP | 9 700 000.00 | 9 629 481.00 | 0.53 |
| USD	SINO OCEAN LAND TREASURE-REG-S-SUB 4.900%/VAR 17-PRP | 16 545 000.00 | 10 919 700.00 | 0.61 |
| USD	SMC GLOBAL POWER HOLDINGS CORP-REG-S 7.000%/VAR 20-PRP | 28 475 000.00 | 27 846 841.50 | 1.55 |
| USD	SMC GLOBAL POWER HOLDINGS CORP-REG-S 5.450%/VAR 21-PRP | 7 800 000.00 | 7 010 250.00 | 0.39 |
| Total USD |  | 137 822 259.72 | 7.65 |
| Total des Obligations, taux variable |  | 137 822 259.72 | 7.65 |
| Obligations convertibles, taux variable |  |  |  |
| USD |  |  |  |
| USD	HDFC BANK LTD-REG-S-SUB COCO 3.700%/VAR 21-PRP | 40 000 000.00 | 35 224 400.00 | 1.96 |
| USD	KRUNG THAI/CAYMAN ISLANDS-REG-S-SUB COCO 4.400%/VAR 21-PRP | 27 000 000.00 | 24 361 830.00 | 1.35 |
| Total USD |  | 59 586 230.00 | 3.31 |
| Total des Obligations convertibles, taux variable |  | 59 586 230.00 | 3.31 |
| Total des Titres et instruments du marché monétaire négociés sur une bourse officielle |  | 1 495 656 550.64 | 83.04 |
| Titres et instruments du marché monétaire négociés sur un autre marché réglementé |  |  |  |
| Obligations, taux fixe |  |  |  |
| USD |  |  |  |
| USD	MONGOLIA,GOVERNMENT OF-REG-S 3.50000% 21-07.07.27 | 7 000 000.00 | 5 915 000.00 | 0.33 |
| Total USD |  | 5 915 000.00 | 0.33 |
| Total des Obligations, taux fixe |  | 5 915 000.00 | 0.33 |
| Total des Titres et instruments du marché monétaire négociés sur un autre marché réglementé |  | 5 915 000.00 | 0.33 |

UBS (Lux) Bond SICAV – Asian High Yield (USD)
Rapport annuel et états financiers révisés au 31 mai 2022
| Dénomination	Nombre/ | Evaluation en USD | en % |
| --- | --- | --- |
| Nominal | Bénéfice/(perte) non | de |
|  | réalisé(e) sur futures/ | l’actif |
|  | Contrats de | net |
|  | change à terme/ |  |
|  | Swaps (note 1) |  |

Titres et instruments du marché monétaire non négociés sur une bourse officielle ou un autre marché réglementé
Billets, taux fixe
| USD |  |
| --- | --- |
| USD | JINGRUI HOLDINGS LTD-REG-S 12.75000% 22-04.09.23 | 950 000.00 | 149 302.00 | 0.01 |
| Total USD |  |  | 149 302.00 | 0.01 |
| Total des Billets, taux fixe | 149 302.00 | 0.01 |
| Total des Titres et instruments du marché monétaire non négociés sur une bourse officielle ou un autre marché réglementé | 149 302.00 | 0.01 |

OPCVM/Autres OPC au sens de l’article 41 (1) e) de la loi luxembourgeoise du 17 décembre 2010, telle que modifiée
Fonds d’investissement, ouvert
Luxembourg
| USD | UBS (LUX) BOND SICAV - CHINA HIGH YIELD (USD) U-X-ACC | 4 100.00 | 22 693 787.00 | 1.26 |
| --- | --- | --- | --- | --- |
| Total Luxembourg | 22 693 787.00 | 1.26 |
| Total des Fonds d’investissement, ouvert | 22 693 787.00 | 1.26 |
| Total des OPCVM/Autres OPC au sens de l’article 41 (1) e) de la loi luxembourgeoise du 17 décembre 2010, telle que modifiée | 22 693 787.00 | 1.26 |
| Total du Portefeuille-titres | 1 524 414 639.64 | 84.64 |

| 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 | -18.00 | 20 250.00 | 0.00 |
| USD	US 5YR TREASURY NOTE FUTURE 30.09.22 | 347.00 | -59 641.67 | 0.00 |
| USD	US 10YR TREASURY NOTE FUTURE 21.09.22 | -431.00 | 87 546.88 | 0.00 |
| Total des Contrats financiers à terme sur obligations |  | 48 155.21 | 0.00 |
| Total des Instruments dérivés négociés sur une bourse officielle |  | 48 155.21 | 0.00 |
| Total des Instruments dérivés |  | 48 155.21 | 0.00 |
| Contrats de change à terme Devise achetée/Montant acheté/Devise vendue/Montant vendu/Date de maturité |  |  |  |

| CHF | 35 591 500.00 | USD | 36 039 383.04 | 13.6.2022 | 1 011 008.32 | 0.06 |
| --- | --- | --- | --- | --- | --- | --- |
| SEK | 117 606 000.00 | USD | 11 800 899.48 | 13.6.2022 | 197 334.93 | 0.01 |
| EUR | 323 339 700.00 | USD | 341 878 414.03 | 13.6.2022 | 5 140 635.93 | 0.28 |
| GBP | 82 250 700.00 | USD | 101 684 385.44 | 13.6.2022 | 2 041 986.48 | 0.11 |
| SGD | 88 541 300.00 | USD | 63 846 358.53 | 13.6.2022 | 790 063.04 | 0.04 |
| AUD | 4 562 900.00 | USD | 3 199 117.63 | 14.6.2022 | 81 408.02 | 0.00 |
| USD | 51 358.05 | SEK | 514 800.00 | 14.6.2022 | -1 164.25 | 0.00 |
| USD | 496 468.74 | CHF | 491 300.00 | 14.6.2022 | -15 001.77 | 0.00 |
| USD | 50 375.96 | AUD | 73 400.00 | 14.6.2022 | -2 395.43 | 0.00 |
| USD | 17 672 492.31 | EUR | 17 022 100.00 | 13.6.2022 | -596 198.39 | -0.03 |
| USD | 3 652 024.99 | SGD | 5 105 100.00 | 13.6.2022 | -74 771.38 | 0.00 |
| USD | 4 845 360.64 | GBP | 3 974 500.00 | 13.6.2022 | -166 881.99 | -0.01 |
| USD | 98 831.65 | AUD | 142 300.00 | 14.6.2022 | -3 475.83 | 0.00 |
| USD | 1 176 666.67 | CHF | 1 179 000.00 | 13.6.2022 | -50 660.40 | 0.00 |
| USD | 357 635.17 | SEK | 3 599 800.00 | 13.6.2022 | -9 618.58 | 0.00 |
| USD | 988 000.24 | GBP | 790 400.00 | 13.6.2022 | -8 773.34 | 0.00 |
| USD | 3 876 661.20 | CHF | 3 764 000.00 | 13.6.2022 | -41 624.71 | 0.00 |
| USD | 711 130.51 | SGD | 977 100.00 | 13.6.2022 | -2 166.53 | 0.00 |
| USD | 1 585 928.37 | CHF | 1 530 700.00 | 13.6.2022 | -7 514.84 | 0.00 |
| Total des Contrats de change à terme | 8 282 189.28 | 0.46 |
|  |  |  |
| Avoirs en banque, dépôts à vue et à terme et autres liquidités | 242 830 453.86 | 13.48 |
| Crédit en compte courant et autres engagements à court terme | -577.37 | 0.00 |
| Autres actifs et passifs | 25 531 297.25 | 1.42 |
| Total de l’Actif net | 1 801 106 157.87 | 100.00 |

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