# UBS (Lux) Bond SICAV
– Emerging Economies Corporates (USD)
| Three-year comparison |  |
| --- | --- |
|  | ISIN | 31.5.2022 | 31.5.2021 | 31.5.2020 |
| Net assets in USD |  | 237 752 777.48 | 614 398 458.13 | 546 898 682.50 |
| Class F-acc | LU1611257178 |  |  |  |
| Shares outstanding |  | 757 775.0000 | 821 827.0000 | 1 037 184.0000 |
| Net asset value per share in USD |  | 110.48 | 126.39 | 111.74 |
| Issue and redemption price per share in USD 1 |  | 110.48 | 126.39 | 108.39 |
| Class I-B-acc | LU2107555869 |  |  |  |
| Shares outstanding |  | 78 996.0000 | 107 027.0000 | 14 661.0000 |
| Net asset value per share in USD |  | 96.48 | 109.78 | 96.55 |
| Issue and redemption price per share in USD 1 |  | 96.48 | 109.78 | 93.65 |
| Class I-X-acc | LU1564462544 |  |  |  |
| Shares outstanding |  | 233 485.5820 | 208 614.5530 | 147 789.3620 |
| Net asset value per share in USD |  | 116.67 | 132.59 | 116.47 |
| Issue and redemption price per share in USD 1 |  | 116.67 | 132.59 | 112.98 |
| Class I-X-dist | LU1092615647 |  |  |  |
| Shares outstanding |  | 608 968.0000 | 3 209 002.7900 | 3 295 345.7900 |
| Net asset value per share in USD |  | 94.99 | 113.35 | 105.41 |
| Issue and redemption price per share in USD 1 |  | 94.99 | 113.35 | 102.25 |
| Class K-B-mdist 2 | LU2204822600 |  |  |  |
| Shares outstanding |  | 151 181.4850 | 151 181.4850 | - |
| Net asset value per share in USD |  | 83.97 | 102.16 | - |
| Issue and redemption price per share in USD 1 |  | 83.97 | 102.16 | - |
| Class (EUR hedged) K-B-mdist 3 | LU2204823087 |  |  |  |
| Shares outstanding |  | 143 360.5230 | 143 360.5230 | - |
| Net asset value per share in EUR |  | 81.82 | 100.35 | - |
| Issue and redemption price per share in EUR 1 |  | 81.82 | 100.35 | - |
| Class K-X-acc | LU1564462460 |  |  |  |
| Shares outstanding |  | 150 257.6860 | 245 257.6860 | 256 695.7770 |
| Net asset value per share in USD |  | 116.46 | 132.41 | 116.35 |
| Issue and redemption price per share in USD 1 |  | 116.46 | 132.41 | 112.86 |
| Class (EUR hedged) K-X-mdist 4 | LU1957417782 |  |  |  |
| Shares outstanding |  | - | - | 142 310.9990 |
| Net asset value per share in EUR |  | - | - | 95.58 |
| Issue and redemption price per share in EUR 1 |  | - | - | 92.71 |
| Class (EUR hedged) P-4%-qdist | LU1669357250 |  |  |  |
| Shares outstanding |  | 11 061.6100 | 10 255.4270 | 6 055.4740 |
| Net asset value per share in EUR |  | 77.41 | 94.18 | 88.67 |
| Issue and redemption price per share in EUR 1 |  | 77.41 | 94.18 | 86.01 |
| Class P-acc | LU0896022034 |  |  |  |
| Shares outstanding |  | 16 961.1240 | 21 557.9240 | 17 351.5080 |
| Net asset value per share in USD |  | 117.22 | 135.69 | 121.42 |
| Issue and redemption price per share in USD 1 |  | 117.22 | 135.69 | 117.78 |
| Class (EUR hedged) P-acc | LU0896022620 |  |  |  |
| Shares outstanding |  | 14 031.7130 | 56 154.6290 | 24 280.6800 |
| Net asset value per share in EUR |  | 103.47 | 120.92 | 109.41 |
| Issue and redemption price per share in EUR 1 |  | 103.47 | 120.92 | 106.13 |
| Class P-dist | LU0896022117 |  |  |  |
| Shares outstanding |  | 2 597.0730 | 2 372.6430 | 3 978.1840 |
| Net asset value per share in USD |  | 88.68 | 106.32 | 98.65 |
| Issue and redemption price per share in USD 1 |  | 88.68 | 106.32 | 95.69 |
| Class (EUR hedged) P-dist | LU0896022893 |  |  |  |
| Shares outstanding |  | 12 693.6460 | 12 862.8410 | 14 738.9130 |
| Net asset value per share in EUR |  | 76.80 | 92.75 | 88.34 |
| Issue and redemption price per share in EUR 1 |  | 76.80 | 92.75 | 85.69 |
| Class Q-acc | LU1240772738 |  |  |  |
| Shares outstanding |  | 8 124.6150 | 75 378.1370 | 95 976.5700 |
| Net asset value per share in USD |  | 124.74 | 143.20 | 127.08 |
| Issue and redemption price per share in USD 1 |  | 124.74 | 143.20 | 123.27 |
| Class Q-dist | LU1240772811 |  |  |  |
| Shares outstanding |  | 9 723.5800 | 10 325.6010 | 2 846.3400 |
| Net asset value per share in USD |  | 98.77 | 117.86 | 108.99 |
| Issue and redemption price per share in USD 1 |  | 98.77 | 117.86 | 105.72 |

UBS (Lux) Bond SICAV – Emerging Economies Corporates (USD) Annual report and audited financial statements as of 31 May 2022
| ISIN	31.5.2022 | 31.5.2021 | 31.5.2020 |
| --- | --- | --- |
|  |  |  |
| Class U-X-acc 5	 LU0896021903 |  |  |
| Shares outstanding	1 218.0000 | 1 554.0000 | - |
| Net asset value per share in USD	8 912.53 | 10 129.30 | - |
| Issue and redemption price per share in USD 1	 8 912.53 | 10 129.30 | - |
| 1  See note 1 2  First NAV: 31.7.2020 3  First NAV: 7.8.2020 4  The share class (EUR hedged) K-X-mdist was in circulation until 12.8.2020 5  First NAV: 27.1.2021 |  |  |  |  |
| Performance |  |  |  |  |
|  | Currency | 2021/2022 | 2020/2021 | 2019/2020 |
| Class F-acc | USD | -12.6% | 16.6% | 0.9% |
| Class I-B-acc | USD | -12.1% | 13.7% | - |
| Class I-X-acc | USD | -12.0% | 13.8% | 4.7% |
| Class I-X-dist | USD | -12.0% | 13.8% | 4.7% |
| Class K-B-mdist | USD | -12.1% | - | - |
| Class (EUR hedged) K-B-mdist | EUR | -12.9% | - | - |
| Class K-X-acc | USD | -12.0% | 17.3% | 1.5% |
| Class (EUR hedged) K-X-mdist 1 | EUR | - | - | -1.0% |
| Class (EUR hedged) P-4%-qdist | EUR | -14.4% | 13.9% | -2.8% |
| Class P-acc | USD | -13.6% | 15.2% | -0.3% |
| Class (EUR hedged) P-acc | EUR | -14.4% | 13.9% | -2.8% |
| Class P-dist | USD | -13.6% | 15.2% | -0.3% |
| Class (EUR hedged) P-dist | EUR | -14.4% | 13.9% | -2.8% |
| Class Q-acc | USD | -12.9% | 16.2% | 0.5% |
| Class Q-dist | USD | -12.9% | 16.2% | 0.5% |
| Class U-X-acc | USD | -12.0% | - | - |
| Benchmark: 2 |  |  |  |  |
| JP Morgan CEMBI Diversified USD Index | USD | -11.7% | 10.2% | 3.9% |
| JP Morgan CEMBI Diversified USD Index (hedged EUR) | EUR | -12.7% | 9.1% | 1.4% |

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 
The subfund is actively managed. The index is a point of reference against which the performance of the subfund may be measured.
Historical performance is no indicator of current or future performance.
The performance data does not take account of any commissions and costs charged when subscribing and redeeming shares. The performance data were not audited.
UBS (Lux) Bond SICAV – Emerging Economies Corporates (USD) Annual report and audited financial statements as of 31 May 2022

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

## Structure of the Securities Portfolio
Geographical Breakdown as a % of net assets	
| Cayman Islands | 9.00 |
| --- | --- |
| Mexico | 6.38 |
| The Netherlands | 5.43 |
| Luxembourg | 4.96 |
| United Arab Emirates | 4.14 |
| Chile | 3.71 |
| Singapore | 3.65 |
| Hong Kong | 3.60 |
| Mauritius | 3.38 |
| India | 3.19 |
| Colombia | 3.17 |
| Saudi Arabia | 3.15 |
| Canada | 2.97 |
| United States | 2.77 |
| Israel | 2.28 |
| United Kingdom | 2.24 |
| China | 2.11 |
| Thailand | 2.06 |
| Turkey | 2.06 |
| Argentina | 1.81 |
| Bermuda | 1.80 |
| South Korea | 1.74 |
| Indonesia | 1.63 |
| British Virgin Islands | 1.43 |
| Macau | 1.39 |
| Brazil | 1.22 |
| Uzbekistan | 1.19 |
| Nigeria | 1.18 |
| Peru | 0.95 |
| Ukraine | 0.93 |
| Oman | 0.75 |
| Austria | 0.74 |
| Ireland | 0.54 |
| Malaysia | 0.51 |
| Kuwait | 0.45 |
| Morocco | 0.43 |
| Togo | 0.40 |
| Bahrain | 0.33 |
| Isle of Man | 0.31 |
| Angola | 0.30 |
| Qatar | 0.29 |
| Supranationals | 0.29 |
| Guatemala | 0.28 |
| Ecuador | 0.26 |
| Trinidad And Tobago | 0.26 |
| Mongolia | 0.22 |
| Costa Rica | 0.20 |
| Panama | 0.16 |
| Pakistan | 0.12 |
| Total | 92.36 |

Economic Breakdown as a % of net assets	
| Finance & holding companies | 24.42 |
| --- | --- |
| Banks & credit institutions | 13.25 |
| Petroleum | 12.49 |
| Mining, coal & steel | 5.04 |
| Energy & water supply | 4.13 |
| Food & soft drinks | 2.95 |
| Chemicals | 2.87 |
| Telecommunications | 2.70 |
| Lodging, catering & leisure | 2.56 |
| Pharmaceuticals, cosmetics & medical products | 2.13 |
| Real Estate | 2.08 |
| Investment funds | 1.97 |
| Traffic & transportation | 1.77 |
| Electrical devices & components | 1.76 |
| Countries & central governments | 1.53 |
| Miscellaneous services | 1.43 |
| Insurance | 1.22 |
| Forestry, paper & pulp products | 1.16 |
| Miscellaneous unclassified companies | 1.13 |
| Mechanical engineering & industrial equipment | 1.00 |
| Precious metals & stones | 0.91 |
| Supranational organisations | 0.88 |
| Tobacco & alcohol | 0.54 |
| Mortgage & funding institutions | 0.53 |
| Building industry & materials | 0.45 |
| Internet, software & IT services | 0.35 |
| Public, non-profit institutions | 0.34 |
| Vehicles | 0.24 |
| Miscellaneous trading companies | 0.23 |
| Non-ferrous metals | 0.17 |
| Agriculture & fishery | 0.13 |
| Total | 92.36 |

UBS (Lux) Bond SICAV – Emerging Economies Corporates (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	259 686 608.41
| Investments in securities, unrealized appreciation (depreciation) | 	-40 109 529.47	 |
| --- | --- |
| Total investments in securities (Note 1) | 219 577 078.94 |
| Cash at banks, deposits on demand and deposit accounts | 15 174 714.46 |
| Other liquid assets (Margins) | 104 144.57 |
| Receivable on securities sales (Note 1) | 916 407.02 |
| Receivable on subscriptions | 85.61 |
| Interest receivable on securities | 3 252 417.92 |
| Prepaid expenses | 55 751.19 |
| Unrealized gain on financial futures (Note 1) | 362.48 |
| Unrealized gain on forward foreign exchange contracts (Note 1) | 209 676.61 |
| Total Assets | 239 290 638.80 |
|  |  |
| Liabilities |  |
| Bank overdraft | -407.58 |
| Payable on redemptions | -1 430 775.84 |
| Provisions for flat fee (Note 2) | -60 987.70 |
| Provisions for taxe d’abonnement (Note 3) | -8 203.42 |
| Provisions for other commissions and fees (Note 2) | 	-37 486.78	 |
| Total provisions | -106 677.90 |
| Total Liabilities | -1 537 861.32 |
|  |  |
| Net assets at the end of the financial year | 237 752 777.48 |
| Statement of Operations | USD |
| Income | 1.6.2021-31.5.2022 |
| Interest on liquid assets | 1 607.27 |
| Interest on securities | 21 123 684.12 |
| Dividends | 1 071.56 |
| Net income on securities lending (Note 17) | 260 187.21 |
| Other income (Note 4) | 739 039.18 |
| Total income | 22 125 589.34 |
|  |  |
| Expenses |  |
| Flat fee (Note 2) | -954 651.42 |
| Taxe d’abonnement (Note 3) | -64 131.74 |
| Other commissions and fees (Note 2) | -55 278.41 |
| Interest on cash and bank overdraft | -1 182.25 |
| Total expenses | -1 075 243.82 |
|  |  |
| Net income (loss) on investments | 21 050 345.52 |
|  |  |
| Realized gain (loss) (Note 1) |  |
| Realized gain (loss) on market-priced securities without options | 1 928 761.31 |
| Realized gain (loss) on yield-evaluated securities and money market instruments | 569.78 |
| Realized gain (loss) on financial futures | -661 454.32 |
| Realized gain (loss) on forward foreign exchange contracts | -3 770 264.32 |
| Realized gain (loss) on foreign exchange | 94 513.99 |
| Total realized gain (loss) | -2 407 873.56 |
|  |  |
| Net realized gain (loss) of the financial year | 18 642 471.96 |
|  |  |
| Changes in unrealized appreciation (depreciation) (Note 1) |  |
| Unrealized appreciation (depreciation) on market-priced securities without options | -60 127 542.10 |
| Unrealized appreciation (depreciation) on financial futures | -66 442.37 |
| Unrealized appreciation (depreciation) on forward foreign exchange contracts | 289 336.15 |
| Total changes in unrealized appreciation (depreciation) | -59 904 648.32 |
|  |  |
| Net increase (decrease) in net assets as a result of operations | -41 262 176.36 |

UBS (Lux) Bond SICAV – Emerging Economies Corporates (USD) Annual report and audited financial statements as of 31 May 2022
| Changes in Net Assets |  |
| --- | --- |
|  | USD |
|  | 1.6.2021-31.5.2022 |
| Net assets at the beginning of the financial year | 614 398 458.13 |
| Subscriptions | 47 670 728.40 |
| Redemptions | 	-363 624 725.06	 |
| Total net subscriptions (redemptions) | -315 953 996.66 |
| Dividend paid | -19 429 507.63 |
| Net income (loss) on investments | 21 050 345.52 |
| Total realized gain (loss) | -2 407 873.56 |
| Total changes in unrealized appreciation (depreciation) | 	-59 904 648.32	 |
| Net increase (decrease) in net assets as a result of operations | -41 262 176.36 |
| Net assets at the end of the financial year | 237 752 777.48 |
| 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 | 821 827.0000 |
| Number of shares issued | 80 206.0000 |
| Number of shares redeemed | -144 258.0000 |
| Number of shares outstanding at the end of the financial year | 757 775.0000 |
| Class | I-B-acc |
| Number of shares outstanding at the beginning of the financial year | 107 027.0000 |
| Number of shares issued | 129 751.0000 |
| Number of shares redeemed | -157 782.0000 |
| Number of shares outstanding at the end of the financial year | 78 996.0000 |
| Class | I-X-acc |
| Number of shares outstanding at the beginning of the financial year | 208 614.5530 |
| Number of shares issued | 48 084.0000 |
| Number of shares redeemed | -23 212.9710 |
| Number of shares outstanding at the end of the financial year | 233 485.5820 |
| Class | I-X-dist |
| Number of shares outstanding at the beginning of the financial year | 3 209 002.7900 |
| Number of shares issued | 35 731.0000 |
| Number of shares redeemed | -2 635 765.7900 |
| Number of shares outstanding at the end of the financial year | 608 968.0000 |
| Class | K-B-mdist |
| Number of shares outstanding at the beginning of the financial year | 151 181.4850 |
| Number of shares issued | 0.0000 |
| Number of shares redeemed | 0.0000 |
| Number of shares outstanding at the end of the financial year | 151 181.4850 |
| Class | (EUR hedged) K-B-mdist |
| Number of shares outstanding at the beginning of the financial year | 143 360.5230 |
| Number of shares issued | 0.0000 |
| Number of shares redeemed | 0.0000 |
| Number of shares outstanding at the end of the financial year | 143 360.5230 |
| Class | K-X-acc |
| Number of shares outstanding at the beginning of the financial year | 245 257.6860 |
| Number of shares issued | 0.0000 |
| Number of shares redeemed | -95 000.0000 |
| Number of shares outstanding at the end of the financial year | 150 257.6860 |
| Class | (EUR hedged) P-4%-qdist |
| Number of shares outstanding at the beginning of the financial year | 10 255.4270 |
| Number of shares issued | 1 729.5430 |
| Number of shares redeemed | -923.3600 |
| Number of shares outstanding at the end of the financial year | 11 061.6100 |
| Class | P-acc |
| Number of shares outstanding at the beginning of the financial year | 21 557.9240 |
| Number of shares issued | 1 705.1450 |
| Number of shares redeemed | -6 301.9450 |
| Number of shares outstanding at the end of the financial year | 16 961.1240 |
| Class | (EUR hedged) P-acc |
| Number of shares outstanding at the beginning of the financial year | 56 154.6290 |
| Number of shares issued | 88 307.2900 |
| Number of shares redeemed | -130 430.2060 |
| Number of shares outstanding at the end of the financial year | 14 031.7130 |
| Class | P-dist |
| Number of shares outstanding at the beginning of the financial year | 2 372.6430 |
| Number of shares issued | 326.4470 |
| Number of shares redeemed | -102.0170 |
| Number of shares outstanding at the end of the financial year | 2 597.0730 |
| Class | (EUR hedged) P-dist |
| Number of shares outstanding at the beginning of the financial year | 12 862.8410 |
| Number of shares issued | 712.9190 |
| Number of shares redeemed | -882.1140 |
| Number of shares outstanding at the end of the financial year | 12 693.6460 |

UBS (Lux) Bond SICAV – Emerging Economies Corporates (USD) Annual report and audited financial statements as of 31 May 2022
| Class |  |  | Q-acc |
| --- | --- | --- | --- |
| Number of shares outstanding at the beginning of the financial year |  |  | 75 378.1370 |
| Number of shares issued |  |  | 989.4710 |
| Number of shares redeemed |  |  | -68 242.9930 |
| Number of shares outstanding at the end of the financial year |  |  | 8 124.6150 |
| Class |  |  | Q-dist |
| Number of shares outstanding at the beginning of the financial year |  |  | 10 325.6010 |
| Number of shares issued |  |  | 81.0000 |
| Number of shares redeemed |  |  | -683.0210 |
| Number of shares outstanding at the end of the financial year |  |  | 9 723.5800 |
| Class |  |  | U-X-acc |
| Number of shares outstanding at the beginning of the financial year |  |  | 1 554.0000 |
| Number of shares issued |  |  | 81.0000 |
| Number of shares redeemed |  |  | -417.0000 |
| Number of shares outstanding at the end of the financial year |  |  | 1 218.0000 |
| Annual Distribution 1 |  |  |  |
| UBS (Lux) Bond SICAV – Emerging Economies Corporates (USD)	Ex-Date | Pay-Date | Currency | Amount per share |
| I-X-dist	2.8.2021 | 5.8.2021 | USD | 5.44 |
| P-dist	2.8.2021 | 5.8.2021 | USD | 3.68 |
| (EUR hedged) P-dist	2.8.2021 | 5.8.2021 | EUR | 2.99 |
| Q-dist	2.8.2021 | 5.8.2021 | USD | 4.48 |
| Quarterly Distribution 1 |  |  |  |
| UBS (Lux) Bond SICAV – Emerging Economies Corporates (USD)	Ex-Date | Pay-Date | Currency | Amount per share |
| (EUR hedged) P-4%-qdist	12.7.2021 | 15.7.2021 | EUR | 0.94 |
| (EUR hedged) P-4%-qdist	11.10.2021 | 14.10.2021 | EUR | 0.92 |
| (EUR hedged) P-4%-qdist	10.1.2022 | 13.1.2022 | EUR | 0.90 |
| (EUR hedged) P-4%-qdist	11.4.2022 | 14.4.2022 | EUR | 0.80 |
| Monthly Distribution 1 |  |  |  |
| UBS (Lux) Bond SICAV – Emerging Economies Corporates (USD)	Ex-Date | Pay-Date | Currency | Amount per share |
| K-B-mdist	15.6.2021 | 18.6.2021 | USD | 0.57 |
| K-B-mdist	15.7.2021 | 20.7.2021 | USD | 0.57 |
| K-B-mdist	16.8.2021 | 19.8.2021 | USD | 0.57 |
| K-B-mdist	15.9.2021 | 20.9.2021 | USD | 0.57 |
| K-B-mdist	15.10.2021 | 20.10.2021 | USD | 0.56 |
| K-B-mdist	15.11.2021 | 18.11.2021 | USD | 0.55 |
| K-B-mdist	15.12.2021 | 20.12.2021 | USD | 0.54 |
| K-B-mdist	17.1.2022 | 20.1.2022 | USD | 0.55 |
| K-B-mdist	15.2.2022 | 18.2.2022 | USD | 0.53 |
| K-B-mdist	15.3.2022 | 18.3.2022 | USD | 0.50 |
| K-B-mdist	19.4.2022 | 22.4.2022 | USD | 0.49 |
| K-B-mdist	16.5.2022 | 19.5.2022 | USD | 0.38 |
| (EUR hedged) K-B-mdist	15.6.2021 | 18.6.2021 | EUR | 0.56 |
| (EUR hedged) K-B-mdist	15.7.2021 | 20.7.2021 | EUR | 0.56 |
| (EUR hedged) K-B-mdist	16.8.2021 | 19.8.2021 | EUR | 0.56 |
| (EUR hedged) K-B-mdist	15.9.2021 | 20.9.2021 | EUR | 0.56 |
| (EUR hedged) K-B-mdist	15.10.2021 | 20.10.2021 | EUR | 0.55 |
| (EUR hedged) K-B-mdist	15.11.2021 | 18.11.2021 | EUR | 0.54 |
| (EUR hedged) K-B-mdist	15.12.2021 | 20.12.2021 | EUR | 0.53 |
| (EUR hedged) K-B-mdist	17.1.2022 | 20.1.2022 | EUR | 0.53 |
| (EUR hedged) K-B-mdist	15.2.2022 | 18.2.2022 | EUR | 0.52 |
| (EUR hedged) K-B-mdist	15.3.2022 | 18.3.2022 | EUR | 0.49 |
| (EUR hedged) K-B-mdist	19.4.2022 | 22.4.2022 | EUR | 0.48 |
| (EUR hedged) K-B-mdist	16.5.2022 | 19.5.2022 | EUR | 0.28 |
| 1  See note 5 |  |  |  |

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

## Statement of Investments in Securities and other Net Assets as of 31 May 2022
| Description | Quantity/ | Valuation in USD | as a % |
| --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |
| Transferable securities and money market instruments listed on an official stock exchange Notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	ABJA INVESTMENT CO PTE LTD-REG-S 5.45000% 18-24.01.28 | 1 000 000.00 | 1 000 000.00 | 0.42 |
| USD	ABU DHABI NATIONAL ENERGY CO PJSC-REG-S 4.87500% 18-23.04.30 | 900 000.00 | 951 918.75 | 0.40 |
| USD	ADANI GREEN ENERGY LTD-REG-S 4.37500% 21-08.09.24 | 1 350 000.00 | 1 269 000.00 | 0.53 |
| USD	ADANI PORTS & SPECIAL ECO ZONE-REG-S 4.20000% 20-04.08.27 | 1 000 000.00 | 946 437.50 | 0.40 |
| USD	AFRICA FINANCE CORP-REG-S 2.87500% 21-28.04.28 | 1 580 000.00 | 1 412 570.56 | 0.59 |
| USD	AFRICAN EXPORT-IMPORT BANK/THE-REG-S 2.63400% 21-17.05.26 | 760 000.00 | 688 892.50 | 0.29 |
| USD	AIA GROUP LTD-REG-S 3.60000% 19-09.04.29 | 1 500 000.00 | 1 463 463.27 | 0.62 |
| USD	AIA GROUP LTD-REG-S 3.37500% 20-07.04.30 | 1 150 000.00 | 1 097 594.50 | 0.46 |
| USD	AKBANK TAS-REG-S 6.80000% 20-06.02.26 | 1 510 000.00 | 1 375 987.50 | 0.58 |
| USD	ALIBABA GROUP HOLDING LTD 4.00000% 17-06.12.37 | 450 000.00 | 391 851.00 | 0.17 |
| USD	ALPEK SA DE CV-REG-S 4.25000% 19-18.09.29 | 1 200 000.00 | 1 112 940.00 | 0.47 |
| USD	ALSEA SAB DE CV-REG-S 7.75000% 21-14.12.26 | 1 000 000.00 | 998 750.00 | 0.42 |
| USD	AMERICA MOVIL SAB DE CV-REG-S 5.37500% 22-04.04.32 | 650 000.00 | 615 225.00 | 0.26 |
| USD	ANGLOGOLD ASHANTI HOLDINGS PLC 3.37500% 21-01.11.28 | 830 000.00 | 727 287.50 | 0.31 |
| USD	BANCO DE BOGOTA SA-REG-S-SUB 6.25000% 16-12.05.26 | 400 000.00 | 393 200.00 | 0.17 |
| USD	BRASKEM IDESA SAPI-REG-S 7.45000% 19-15.11.29 | 1 310 000.00 | 1 230 417.50 | 0.52 |
| USD	BRASKEM IDESA SAPI-REG-S 6.99000% 21-20.02.32 | 600 000.00 | 529 806.00 | 0.22 |
| USD	BRF SA-REG-S 4.87500% 19-24.01.30 | 350 000.00 | 300 125.00 | 0.13 |
| USD	CELULOSA ARAUCO Y CONSTITUCION SA-REG-S 5.50000% 19-30.04.49 | 400 000.00 | 364 075.00 | 0.15 |
| USD	CEMIG GERACAO E TRANSMISSAO SA-REG-S 9.25000% 17-05.12.24 | 1 880 000.00 | 1 994 327.50 | 0.84 |
| USD	CENTRAIS ELETRICAS BRASILEIRAS SA-REG-S 4.62500% 20-04.02.30 | 300 000.00 | 265 612.50 | 0.11 |
| USD	CENTRAL AMERICAN BOTTLING CORP-REG-S 5.25000% 22-27.04.29 | 1 500 000.00 | 1 427 156.25 | 0.60 |
| USD	CHINA EVERGRANDE GRO-REG-S *DEFAULTED* 10.00000% 19-11.04.23 | 1 100 000.00 | 109 862.50 | 0.05 |
| USD	CHINA EVERGRANDE GRO-REG-S *DEFAULTED* 12.00000% 20-22.01.24 | 500 000.00 | 50 562.50 | 0.02 |
| USD	CIFI HOLDINGS GROUP CO LTD-REG-S 4.45000% 21-17.08.26 | 1 210 000.00 | 865 150.00 | 0.36 |
| USD	CITIC LTD-REG-S 6.80000% 12-17.01.23 | 300 000.00 | 307 181.25 | 0.13 |
| USD	CNAC HK FINBRIDGE CO LTD-REG-S 5.12500% 18-14.03.28 | 1 100 000.00 | 1 119 800.00 | 0.47 |
| USD	COCA-COLA FEMSA 1.85000% 20-01.09.32 | 600 000.00 | 483 267.00 | 0.20 |
| USD	COLBUN SA-REG-S 3.95000% 17-11.10.27 | 1 625 000.00 | 1 541 515.63 | 0.65 |
| USD	CONSORCIO TRANSMANTARO SA-REG-S 5.20000% 22-11.04.38 | 650 000.00 | 604 621.87 | 0.25 |
| USD	COUNTRY GARDEN HOLDINGS CO LTD-REG-S 8.00000% 18-27.01.24 | 1 000 000.00 | 745 000.00 | 0.31 |
| USD	CREDICORP LTD-REG-S 2.75000% 20-17.06.25 | 1 240 000.00 | 1 160 020.00 | 0.49 |
| USD	CSN ISLANDS XI CORP-REG-S 6.75000% 20-28.01.28 | 1 290 000.00 | 1 259 362.50 | 0.53 |
| USD	CSN RESOURCES SA-REG-S 7.62500% 19-17.04.26 | 339 000.00 | 348 915.75 | 0.15 |
| USD	CT TRUST-REG-S 5.12500% 22-03.02.32 | 750 000.00 | 675 375.00 | 0.28 |
| USD	DAE FUNDING LLC-REG-S 3.37500% 21-20.03.28 | 350 000.00 | 311 643.50 | 0.13 |
| USD	DELHI INTERNATIONAL AIRPORT LTD-REG-S 6.45000% 19-04.06.29 | 500 000.00 | 430 000.00 | 0.18 |
| USD	ECOPETROL SA 4.62500% 21-02.11.31 | 640 000.00 | 550 400.00 | 0.23 |
| USD	ECOPETROL SA 5.87500% 14-28.05.45 | 830 000.00 | 676 450.00 | 0.28 |
| USD	ECOPETROL SA 5.87500% 21-02.11.51 | 800 000.00 | 627 360.00 | 0.26 |
| USD	ECUADOR, REPUBLIC OF-REG-S STEP-UP 0.50000% 20-31.07.30 | 750 000.00 | 620 531.25 | 0.26 |
| USD	EMBRAER NETHERLANDS FINANCE BV-REG-S 6.95000% 20-17.01.28 | 830 000.00 | 850 418.00 | 0.36 |
| USD	EMPRESA ELECTRICA GUACOLDA SA-REG-S 4.56000% 15-30.04.25 | 1 500 000.00 | 488 250.00 | 0.21 |
| USD	ENEL CHILE SA 4.87500% 18-12.06.28 | 1 130 000.00 | 1 118 587.00 | 0.47 |
| USD	FIRST QUANTUM MINERALS LTD-REG-S 7.50000% 17-01.04.25 | 2 200 000.00 | 2 230 937.50 | 0.94 |
| USD	FLEX LTD 4.87500% 20-12.05.30 | 750 000.00 | 738 937.50 | 0.31 |
| USD	FLEX LTD 5.00000% 13-15.02.23 | 750 000.00 | 759 127.50 | 0.32 |
| USD	FOMENTO ECONOMICO MEXIC SAB DE CV 3.50000% 20-16.01.50 | 760 000.00 | 625 419.20 | 0.26 |
| USD	FRESNILLO PLC-REG-S 4.25000% 20-02.10.50 | 500 000.00 | 395 406.25 | 0.17 |
| USD	GOLD FIELDS OROGEN HOLDINGS BVI-REG-S 5.12500% 19-15.05.24 | 1 000 000.00 | 1 014 550.00 | 0.43 |
| USD	GRUPO AVAL LTD-REG-S 4.37500% 20-04.02.30 | 750 000.00 | 613 500.00 | 0.26 |
| USD	HERITAGE PETROLEUM CO LTD-REG-S 9.00000% 22-12.08.29 | 600 000.00 | 617 100.00 | 0.26 |
| USD	HTA GROUP LTD/MAURITIUS-REG-S 7.00000% 20-18.12.25 | 2 440 000.00 | 2 366 800.00 | 1.00 |
| USD	IHS NETHERLANDS HOLDCO BV-REG-S 8.00000% 19-18.09.27 | 1 000 000.00 | 963 750.00 | 0.41 |
| USD	INDOFOOD CBP SUKSES MAKMUR TBK PT-REG-S 3.39800% 21-09.06.31 | 2 000 000.00 | 1 655 220.00 | 0.70 |
| USD	INDUSTRIAS PENOLES SAB DE CV-REG-S 5.65000% 19-12.09.49 | 500 000.00 | 472 593.75 | 0.20 |
| USD	INDUSTRIAS PENOLES SAB DE CV-REG-S 4.75000% 20-06.08.50 | 800 000.00 | 667 650.00 | 0.28 |
| USD	INSTITUTO COSTARRICENSE DE ELECT-REG-S 6.75000% 21-07.10.31 | 500 000.00 | 482 906.25 | 0.20 |
| USD	INVESTMENT ENERGY RESOURCES LTD-REG-S 6.25000% 21-26.04.29 | 1 880 000.00 | 1 775 190.00 | 0.75 |
| USD	IPOTEKA-BANK ATIB-REG-S 5.50000% 20-19.11.25 | 600 000.00 | 534 900.00 | 0.23 |
| USD	ISRAEL ELECTRIC CORP LTD-144A-REG-S 5.00000% 14-12.11.24 | 1 666 000.00 | 1 706 817.00 | 0.72 |
| USD	JSL EUROPE SA-REG-S 5.20000% 21-26.01.31 | 1 000 000.00 | 815 000.00 | 0.34 |
| USD	JSW HYDRO ENERGY LTD-REG-S 4.12500% 21-18.05.31 | 700 000.00 | 553 840.00 | 0.23 |
| USD	JSW STEEL LTD-REG-S 5.37500% 19-04.04.25 | 800 000.00 | 784 000.00 | 0.33 |
| USD	KAISA GROUP HOLDINGS-REG-S*DEFAULTED* 11.95000% 19-22.10.22 | 600 000.00 | 98 362.50 | 0.04 |
| USD	KLABIN AUSTRIA GMBH-REG-S 7.00000% 19-03.04.49 | 500 000.00 | 487 500.00 | 0.21 |
| USD	KOREA GAS CORP-REG-S 3.50000% 15-21.07.25 | 1 130 000.00 | 1 133 390.00 | 0.48 |
| USD	KOSMOS ENERGY LTD-REG-S 7.12500% 19-04.04.26 | 1 880 000.00 | 1 792 815.00 | 0.75 |
| USD	KOSMOS ENERGY LTD-REG-S 7.50000% 21-01.03.28 | 1 400 000.00 | 1 309 000.00 | 0.55 |
| USD	KUWAIT PROJECTS CO SPC LTD-REG-S 4.22900% 19-29.10.26 | 750 000.00 | 647 250.00 | 0.27 |
| USD	LEVIATHAN BOND LTD-144A-REG-S 6.75000% 20-30.06.30 | 2 190 000.00 | 2 161 530.00 | 0.91 |
| USD	LIQUID TELECOMMUNICATIONS FIN-REG-S 5.50000% 21-04.09.26 | 2 000 000.00 | 1 860 000.00 | 0.78 |
| USD	LLPL CAPITAL PTE LTD-REG-S 6.87500% 19-04.02.39 | 830 000.00 | 705 558.89 | 0.30 |
| USD	LUKOIL CAPITAL DAC-REG-S 3.60000% 21-26.10.31 | 2 400 000.00 | 1 236 000.00 | 0.52 |
| USD	MEDCO BELL PTE LTD-REG-S 6.37500% 20-30.01.27 | 700 000.00 | 651 000.00 | 0.27 |
| USD	MEDCO OAK TREE PTE LTD-REG-S 7.37500% 19-14.05.26 | 810 000.00 | 789 750.00 | 0.33 |
| USD	MELCO RESORTS FINANCE LTD-REG-S 4.87500% 17-06.06.25 | 500 000.00 | 428 398.45 | 0.18 |
| USD	METINVEST BV-REG-S 8.50000% 18-23.04.26 | 900 000.00 | 542 250.00 | 0.23 |
| USD	MHP LUX SA-REG-S 6.95000% 18-03.04.26 | 1 770 000.00 | 946 950.00 | 0.40 |
| USD	MHP SA-REG-S 7.75000% 17-10.05.24 | 1 480 000.00 | 791 800.00 | 0.33 |
| USD	MILLICOM INTERNATIONAL CELLULAR-REG-S 6.25000% 19-25.03.29 | 910 000.00 | 801 391.50 | 0.34 |
| USD	MINERVA LUXEMBOURG SA-REG-S 4.37500% 21-18.03.31 | 1 150 000.00 | 961 975.00 | 0.40 |
| USD	MTN MAURITIUS INVESTMENTS LTD-REG-S 4.75500% 14-11.11.24 | 1 640 000.00 | 1 626 470.00 | 0.68 |
| USD	NATIONAL BANK OF UZBEKISTAN-REG-S 4.85000% 20-21.10.25 | 1 500 000.00 | 1 376 062.50 | 0.58 |
| USD	NATIONAL CENTRAL COOLING CO-REG-S 2.50000% 20-21.10.27 | 1 180 000.00 | 1 080 658.75 | 0.45 |
| USD	OCP SA-REG-S 5.12500% 21-23.06.51 | 750 000.00 | 554 203.13 | 0.23 |
| USD	OCP SA-REG-S 6.87500% 14-25.04.44 | 500 000.00 | 460 093.75 | 0.19 |
| USD	OIL AND GAS HOLDING CO BSCC/THE-REG-S 7.62500% 18-07.11.24 | 750 000.00 | 780 375.00 | 0.33 |

UBS (Lux) Bond SICAV – Emerging Economies Corporates (USD) Annual report and audited financial statements as of 31 May 2022
|  | Description | Quantity/ | Valuation in USD | as a % |
| --- | --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |
|  |  |  |  |  |
| USD | OLEODUCTO CENTRAL SA-REG-S 4.00000% 20-14.07.27 | 1 860 000.00 | 1 655 400.00 | 0.70 |
| USD | OOREDOO INTERNATIONAL FINANCE LTD-REG-S 3.25000% 12-21.02.23 | 750 000.00 | 750 937.50 | 0.32 |
| USD | ORBIA ADVANCE CORP SAB DE CV-REG-S 1.87500% 21-11.05.26 | 300 000.00 | 269 212.50 | 0.11 |
| USD | ORBIA ADVANCE CORP SAB DE CV-REG-S 2.87500% 21-11.05.31 | 500 000.00 | 410 718.75 | 0.17 |
| USD | OZTEL HOLDINGS SPC-REG-S 5.62500% 18-24.10.23 | 1 500 000.00 | 1 503 093.75 | 0.63 |
| USD | PAKISTAN WATER & POWER DEVEL AUTH-REG-S 7.50000% 21-04.06.31 | 500 000.00 | 282 555.00 | 0.12 |
| USD | PAMPA ENERGIA SA-REG-S 7.50000% 17-24.01.27 | 720 000.00 | 646 560.00 | 0.27 |
| USD | PANAMA, REPUBLIC OF 3.87000% 19-23.07.60 | 500 000.00 | 381 812.50 | 0.16 |
| USD | PERU, REPUBLIC OF 3.30000% 21-11.03.41 | 600 000.00 | 485 100.00 | 0.20 |
| USD | PETROBRAS GLOBAL FINANCE BV 5.60000% 20-03.01.31 | 1 400 000.00 | 1 377 950.00 | 0.58 |
| USD | PETROLEOS MEXICANOS 6.70000% 22-16.02.32 | 2 050 000.00 | 1 765 849.50 | 0.74 |
| USD | PETRORIO LUXEMBOURG SARL-REG-S 6.12500% 21-09.06.26 | 1 400 000.00 | 1 340 325.00 | 0.56 |
| USD | PROSUS NV-REG-S 3.68000% 20-21.01.30 | 500 000.00 | 417 906.25 | 0.18 |
| USD | RIO ENERGY SA/UGEN SA/UENSA SA-REG-S 6.87500% 18-01.02.25 | 895 000.00 | 704 700.62 | 0.30 |
| USD | RUMO LUXEMBOURG SARL-REG-S 4.20000% 21-18.01.32 | 1 200 000.00 | 999 750.01 | 0.42 |
| USD | SA GLOBAL SUKUK LTD-REG-S 2.69400% 21-17.06.31 | 1 490 000.00 | 1 357 769.95 | 0.57 |
| USD | SANDS CHINA LTD 5.40000% 19-08.08.28 | 3 000 000.00 | 2 675 451.90 | 1.13 |
| USD | SASOL FINANCING USA LLC 6.50000% 18-27.09.28 | 1 500 000.00 | 1 443 750.00 | 0.61 |
| USD | SASOL FINANCING USA LLC 5.50000% 21-18.03.31 | 1 500 000.00 | 1 301 250.00 | 0.55 |
| USD | SB CAPITAL SA FOR SBERBK-REG-S-SUB LPN 5.12500% 12-29.10.22 | 550 000.00 | 11 000.00 | 0.00 |
| USD | SIGMA FINANCE NETHERLANDS BV-REG-S 4.87500% 18-27.03.28 | 700 000.00 | 689 631.26 | 0.29 |
| USD | STUDIO CITY FINANCE LTD-REG-S 6.50000% 20-15.01.28 | 1 500 000.00 | 1 042 808.40 | 0.44 |
| USD | SUNAC CHINA HOLDINGS LTD-REG-S 8.35000% 18-19.04.23 | 1 120 000.00 | 190 400.00 | 0.08 |
| USD | SUZANO AUSTRIA GMBH 3.12500% 19-15.01.32 | 1 000 000.00 | 834 700.00 | 0.35 |
| USD | SUZANO AUSTRIA GMBH 2.50000% 21-15.09.28 | 500 000.00 | 430 650.00 | 0.18 |
| USD | TEVA PHARMACEUTICAL FINANCE NL III BV 3.15000% 16-01.10.26 | 750 000.00 | 667 500.00 | 0.28 |
| USD | TEVA PHARMACEUTICAL FINANCE NL III BV 6.75000% 18-01.03.28 | 1 880 000.00 | 1 894 006.00 | 0.80 |
| USD | TRUST F/1401-REG-S 6.39000% 19-15.01.50 | 1 130 000.00 | 985 430.62 | 0.41 |
| USD | TULLOW OIL PLC-REG-S 10.25000% 21-15.05.26 | 489 000.00 | 473 107.50 | 0.20 |
| USD | TURKIYE IS BANKASI-REG-S 6.12500% 17-25.04.24 | 1 800 000.00 | 1 713 150.00 | 0.72 |
| USD | UKRAINE RAILWAYS VIA RL CPTL MKTS-REG-S 8.25000% 19-09.07.24 | 750 000.00 | 225 000.00 | 0.09 |
| USD | UKRAINE, GOVERNMENT OF-REG-S 7.37500% 17-25.09.32 | 2 100 000.00 | 759 150.00 | 0.32 |
| USD | UKRAINE, GOVERNMENT OF-REG-S 6.87600% 21-21.05.29 | 750 000.00 | 271 875.00 | 0.11 |
| USD | UNIFIN FINANCIERA SAB DE CV-REG-S 9.87500% 21-28.01.29 | 870 000.00 | 382 800.00 | 0.16 |
| USD | UZBEKNEFTEGAZ JSC-REG-S 4.75000% 21-16.11.28 | 1 150 000.00 | 920 000.00 | 0.39 |
| USD | VEDANTA RESOURCES PLC-REG-S 6.12500% 17-09.08.24 | 2 500 000.00 | 1 997 343.75 | 0.84 |
| USD | WYNN MACAU LTD-REG-S 4.87500% 17-01.10.24 | 750 000.00 | 641 746.87 | 0.27 |
| USD | WYNN MACAU LTD-REG-S 5.12500% 19-15.12.29 | 970 000.00 | 715 617.50 | 0.30 |
| USD | YPF SA-REG-S 6.95000% 17-21.07.27 | 600 000.00 | 401 175.00 | 0.17 |
| USD | YPF SA-REG-S 8.50000% 15-28.07.25 | 1 060 000.00 | 811 271.00 | 0.34 |
| USD | YPF SA-REG-S 8.75000% 14-04.04.24 | 1 210 000.00 | 750 124.38 | 0.32 |
| USD | YUZHOU GROUP HOLDINGS-REG-S*DEFAULTED* 7.85000% 20-12.08.26 | 210 000.00 | 22 050.00 | 0.01 |
| USD | YUZHOU PROPERTIES-REG-S*DEFAULTED* 7.37500% 20-13.01.26 | 400 000.00 | 42 000.00 | 0.02 |
| Total USD |  |  | 115 139 971.51 | 48.43 |
| Total Notes, fixed rate |  | 115 139 971.51 | 48.43 |
| Notes, floating rate |  |  |  |
| USD |  |  |  |
| USD	ALFA BD ISS OJSC ALFA BK-REG-S-SUB 5.950%/VAR 19-15.04.30 | 1 880 000.00 | 37 600.00 | 0.02 |
| USD	BANCO SANTANDER SA-REG-S-SUB 5.950%/VAR 18-01.10.28 | 830 000.00 | 826 783.75 | 0.35 |
| USD	BANCOLOMBIA SA-SUB 4.875%/VAR 17-18.10.27 | 750 000.00 | 718 500.00 | 0.30 |
| USD	BANGKOK BANK -REG-S-SUB 3.466%/VAR 21-23.09.36 | 400 000.00 | 343 268.00 | 0.15 |
| USD	BRASKEM NETHERLANDS FINANCE-REG-S-SUB 8.500%/VAR 20-23.01.81 | 1 170 000.00 | 1 238 737.50 | 0.52 |
| USD	BURGAN BANK SAK-REG-S-SUB 2.750%/VAR 20-15.12.31 | 1 280 000.00 | 1 075 440.00 | 0.45 |
| USD	DP WORLD SALAAM-REG-S-SUB 6.000%/VAR 20-PRP | 2 110 000.00 | 2 115 934.38 | 0.89 |
| USD	ECOBANK TRANSNATIONAL INC-REG-S-SUB 8.750%/VAR 21-17.06.31 | 1 050 000.00 | 948 360.00 | 0.40 |
| USD	GAZPROM PJSC VIA GAZ FIN PLC-REG-S-SUB 4.598%/VAR 20-PRP | 1 000 000.00 | 150 000.00 | 0.06 |
| USD	GRUPO BIMBO SA DE CV-REG-S-SUB 5.950%/VAR 18-PRP | 2 000 000.00 | 2 002 500.00 | 0.84 |
| USD	NBK TIER 2 LTD-REG-S-SUB 2.500%/VAR 20-24.11.30 | 750 000.00 | 692 484.38 | 0.29 |
| Total USD |  | 10 149 608.01 | 4.27 |
| Total Notes, floating rate |  | 10 149 608.01 | 4.27 |
| Medium term notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	ABQ FINANCE LTD-REG-S 1.87500% 20-08.09.25 | 750 000.00 | 702 187.50 | 0.30 |
| USD	AIA GROUP LTD-REG-S 4.50000% 16-16.03.46 | 350 000.00 | 343 091.28 | 0.14 |
| USD	AXIATA SPV5 LABUAN LTD-REG-S 3.06400% 20-19.08.50 | 1 650 000.00 | 1 209 965.62 | 0.51 |
| USD	BANCO DE CREDITO E INVERSIONES SA-REG-S 2.87500% 21-14.10.31 | 1 730 000.00 | 1 465 958.75 | 0.62 |
| USD	BANK MUSCAT SAOG-REG-S 4.75000% 21-17.03.26 | 1 000 000.00 | 980 000.00 | 0.41 |
| USD	BANK NEGARA INDONESIA PERSERO-REG-S-SUB 3.75000% 21-30.03.26 | 390 000.00 | 367 575.00 | 0.15 |
| USD	BANK OF CHINA LTD-REG-S-SUB 5.00000% 14-13.11.24 | 1 000 000.00 | 1 034 950.00 | 0.44 |
| USD	BOC AVIATION LTD-REG-S 2.62500% 20-17.01.25 | 790 000.00 | 766 930.63 | 0.32 |
| USD	CBQ FINANCE LTD-REG-S 2.00000% 21-12.05.26 | 820 000.00 | 762 600.00 | 0.32 |
| USD	CHINA CINDA FINANCE 2015 I LTD-REG-S 4.25000% 15-23.04.25 | 500 000.00 | 502 662.50 | 0.21 |
| USD	CHINA EVERGRANDE GRO-REG-S *DEFAULTED* 9.50000% 17-29.03.24 | 510 000.00 | 51 255.00 | 0.02 |
| USD	DP WORLD CRESCENT LTD-REG-S 3.87500% 19-18.07.29 | 760 000.00 | 719 720.00 | 0.30 |
| USD	EMAAR SUKUK LTD-REG-S 3.87500% 19-17.09.29 | 750 000.00 | 718 500.00 | 0.30 |
| USD	EQUATE PETROCHEMICAL BV-REG-S 2.62500% 21-28.04.28 | 1 130 000.00 | 1 022 650.00 | 0.43 |
| USD	FREEPORT INDONESIA PT-144A 5.31500% 22-14.04.32 | 855 000.00 | 834 548.40 | 0.35 |
| USD	FREEPORT INDONESIA-REG-S 5.31500% 22-14.04.32 | 200 000.00 | 195 264.00 | 0.08 |
| USD	GC TREASURY CENTER CO LTD-REG-S 2.98000% 21-18.03.31 | 950 000.00 | 813 021.88 | 0.34 |
| USD	GC TREASURY CENTER CO LTD-REG-S 4.30000% 21-18.03.51 | 760 000.00 | 622 392.50 | 0.26 |
| USD	GREENKO POWER II LTD-REG-S 4.30000% 21-13.12.28 | 850 000.00 | 762 637.00 | 0.32 |
| USD	MAF SUKUK LTD-REG-S 3.93250% 19-28.02.30 | 1 130 000.00 | 1 086 071.25 | 0.46 |
| USD	MEGLOBAL CANADA INC-REG-S 5.87500% 20-18.05.30 | 750 000.00 | 801 937.50 | 0.34 |
| USD	MEGLOBAL CANADA INC-REG-S 5.00000% 20-18.05.25 | 1 000 000.00 | 1 015 500.00 | 0.43 |
| USD	NATIONAL BANK OF OMAN LTD-REG-S 5.62500% 18-25.09.23 | 800 000.00 | 796 150.00 | 0.34 |
| USD	OVERSEA-CHINESE BANKING CORP-REG-S-SUB 4.25000% 14-19.06.24 | 1 000 000.00 | 1 017 445.60 | 0.43 |
| USD	POWER FINANCE CORP LTD-REG-S 3.95000% 20-23.04.30 | 1 530 000.00 | 1 377 286.87 | 0.58 |
| USD	PTT TREASURY CENTER CO LTD-REG-S 3.70000% 20-16.07.70 | 760 000.00 | 554 705.00 | 0.23 |
| USD	PTTEP TREASURY CENTER CO LTD-REG-S 3.90300% 19-06.12.59 | 760 000.00 | 612 871.60 | 0.26 |
| USD	QNB FINANCE LTD-REG-S 2.62500% 20-12.05.25 | 1 950 000.00 | 1 889 062.50 | 0.79 |

UBS (Lux) Bond SICAV – Emerging Economies Corporates (USD) Annual report and audited financial statements as of 31 May 2022
|  | Description | Quantity/ | Valuation in USD | as a % |
| --- | --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |
|  |  |  |  |  |
| USD | QNB FINANCE LTD-REG-S 1.37500% 21-26.01.26 | 750 000.00 | 686 250.00 | 0.29 |
| USD | QTEL INTERNATIONAL FINANCE LTD-REG-S 2.62500% 21-08.04.31 | 1 130 000.00 | 997 225.00 | 0.42 |
| USD | SAUDI ARABIAN OIL CO-REG-S 3.50000% 19-16.04.29 | 2 500 000.00 | 2 443 500.00 | 1.03 |
| USD | SAUDI ARABIAN OIL CO-REG-S 4.25000% 19-16.04.39 | 2 340 000.00 | 2 240 550.00 | 0.94 |
| USD | SHINHAN BANK-REG-S-SUB 3.87500% 16-24.03.26 | 710 000.00 | 701 735.60 | 0.30 |
| USD | SHRIRAM TRANSPORT FINANCE CO LTD-REG-S 5.10000% 20-16.07.23 | 600 000.00 | 585 000.00 | 0.25 |
| USD | SHRIRAM TRANSPORT FINANCE CO LTD-REG-S 4.40000% 21-13.03.24 | 300 000.00 | 284 250.00 | 0.12 |
| USD | SINGTEL GROUP TREASURY PTE LTD-REG-S 3.25000% 15-30.06.25 | 600 000.00 | 599 074.26 | 0.25 |
| USD | SINO OCEAN LAND TREASURY FINANCE-REG-S 6.00000 14-30.07.24 | 530 000.00 | 453 452.10 | 0.19 |
| USD | TENCENT HOLDINGS LTD-REG-S 3.68000% 21-22.04.41 | 510 000.00 | 412 651.20 | 0.17 |
| USD | THAIOIL TREASURY CENTER CO LTD-REG-S 4.62500% 18-20.11.28 | 700 000.00 | 687 443.75 | 0.29 |
| USD | THAIOIL TREASURY CENTER CO LTD-REG-S 2.50000% 20-18.06.30 | 1 550 000.00 | 1 270 321.88 | 0.53 |
| USD | YAPI VE KREDI BANKASI AS-REG-S 6.10000% 18-16.03.23 | 710 000.00 | 701 923.75 | 0.30 |
| USD | YAPI VE KREDI BANKASI AS-REG-S 8.25000% 19-15.10.24 | 550 000.00 | 540 134.37 | 0.23 |
| Total USD |  |  | 35 630 452.29 | 14.99 |
| Total Medium term notes, fixed rate |  | 35 630 452.29 | 14.99 |
| Medium term notes, floating rate |  |  |  |
| USD |  |  |  |
| USD	BANGKOK BANK PCL/HONG KONG-REG-S-SUB 3.733%/VAR 19-25.09.34 | 2 000 000.00 | 1 791 625.00 | 0.75 |
| USD	DBS GROUP HOLDINGS LTD-REG-S-SUB 3.300%/VAR 20-PRP | 830 000.00 | 796 534.40 | 0.33 |
| USD	UNITED OVERSEAS BANK LTD-REG-S-SUB 3.750%/VAR 19-15.04.29 | 1 580 000.00 | 1 582 645.55 | 0.67 |
| Total USD |  | 4 170 804.95 | 1.75 |
| Total Medium term notes, floating rate |  | 4 170 804.95 | 1.75 |
| Bonds, fixed rate |  |  |  |
| USD |  |  |  |
| USD	AKBANK TAS-REG-S 5.12500% 15-31.03.25 | 640 000.00 | 572 800.00 | 0.24 |
| USD	ALMARAI SUKUK LTD-REG-S 4.31100% 19-05.03.24 | 750 000.00 | 756 937.50 | 0.32 |
| USD	ANGOLAN GOVT INTERNATIONAL BOND-REG-S 8.25000% 18-09.05.28 | 750 000.00 | 721 875.00 | 0.30 |
| USD	ARABIAN CENTRES SUKUK II LTD-REG-S 5.62500% 21-07.10.26 | 1 000 000.00 | 923 312.50 | 0.39 |
| USD	CIA CERVECERIAS UNIDAS SA-REG-S 3.35000% 22-19.01.32 | 750 000.00 | 660 843.75 | 0.28 |
| USD	COUNTRY GARDEN HOLDINGS CO LTD-REG-S 6.15000% 19-17.09.25 | 2 200 000.00 | 1 386 000.00 | 0.58 |
| USD	DAR AL-ARKAN SUKUK CO LTD-REG-S 6.75000% 19-15.02.25 | 1 500 000.00 | 1 503 093.75 | 0.63 |
| USD	DEVELOPMENT BANK OF MONGOLIA LLC-REG-S 7.25000% 18-23.10.23 | 550 000.00 | 533 775.00 | 0.22 |
| USD	ENERGEAN ISRAEL FINANCE LTD-144A-REG-S 5.37500% 21-30.03.28 | 1 685 000.00 | 1 560 562.75 | 0.66 |
| USD	GAZPROM NEFT OAO VIA GPN CAP-REG-S LPN 6.00000% 13-27.11.23 | 400 000.00 | 400 000.00 | 0.17 |
| USD	GAZPROM PJSC-REG-S 3.00000% 20-29.06.27 | 900 000.00 | 247 500.00 | 0.10 |
| USD	GREENKO SOLAR MAURITIUS LTD-REG-S 5.55000% 19-29.01.25 | 790 000.00 | 768 275.00 | 0.32 |
| USD	GREENKO SOLAR MAURITIUS LTD-REG-S 5.95000% 19-29.07.26 | 1 170 000.00 | 1 137 825.00 | 0.48 |
| USD	GRUPOSURA FINANCE-REG-S 5.50000% 16-29.04.26 | 600 000.00 | 582 600.00 | 0.25 |
| USD	HUTCHISON WHAMPOA INTERNATIONAL14-REG-S 3.62500% 14-31.10.24 | 570 000.00 | 575 272.50 | 0.24 |
| USD	IHS HOLDING LTD-REG-S 5.62500% 21-29.11.26 | 1 500 000.00 | 1 368 750.00 | 0.58 |
| USD	IHS HOLDING LTD-REG-S 6.25000% 21-29.11.28 | 1 200 000.00 | 1 094 880.00 | 0.46 |
| USD	JSW STEEL LTD-REG-S 5.95000% 19-18.04.24 | 850 000.00 | 856 375.00 | 0.36 |
| USD	KAISA GROUP HOLDINGS-REG-S *DEFAULT* 11.70000% 21-11.11.25 | 1 100 000.00 | 177 925.00 | 0.07 |
| USD	KOREA GAS CORP-REG-S 2.87500% 19-16.07.29 | 860 000.00 | 813 398.75 | 0.34 |
| USD	KUWAIT PROJECTS CO SPC LTD-REG-S 5.00000% 16-15.03.23 | 1 090 000.00 | 1 074 876.25 | 0.45 |
| USD	LONGFOR PROPERTIES CO LTD-REG-S 4.50000% 18-16.01.28 | 390 000.00 | 352 665.30 | 0.15 |
| USD	MAF SUKUK LTD-REG-S 4.63800% 19-14.05.29 | 750 000.00 | 759 712.50 | 0.32 |
| USD	MAR SUKUK LTD-REG-S 2.21000% 20-02.09.25 | 1 320 000.00 | 1 250 700.00 | 0.53 |
| USD	OIL INDIA LTD-REG-S 5.12500% 19-04.02.29 | 500 000.00 | 496 500.00 | 0.21 |
| USD	OZTEL HOLDINGS SPC-REG-S 6.62500% 18-24.04.28 | 1 020 000.00 | 1 037 403.75 | 0.44 |
| USD	PAN AMERICAN ENERGY LLC/ARGENTINA-REG-S 9.12500% 21-30.04.27 | 900 000.00 | 980 887.50 | 0.41 |
| USD	PERUSAHAAN GAS NEGARA PT-REG-S 5.12500% 14-16.05.24 | 800 000.00 | 815 900.00 | 0.34 |
| USD	POSCO-REG-S 4.00000% 18-01.08.23 | 750 000.00 | 759 046.87 | 0.32 |
| USD	SAUDI ELECTRICITY GLOBAL SUKIK CO REG-S 5.50000% 14-08.04.44 | 350 000.00 | 354 112.50 | 0.15 |
| USD	SAUDI ELECTRICITY GLOBAL SUKUK CO-REG-S 4.22200% 18-27.01.24 | 500 000.00 | 505 000.00 | 0.21 |
| USD	SAUDI TELECOM CO-REG-S 3.89000% 19-13.05.29 | 800 000.00 | 788 150.00 | 0.33 |
| USD	SEPLAT PETROLEUM DEVELOPMENT CO-REG-S 7.75000% 21-01.04.26 | 1 510 000.00 | 1 392 975.00 | 0.59 |
| USD	SUNAC CHINA HOLDINGS LTD-REG-S 6.50000% 20-10.01.25 | 570 000.00 | 91 057.50 | 0.04 |
| USD	VTB BK OJSC VIA VTB CPTL-REG-S-SUB LPN 6.95000% 12-17.10.22 | 1 730 000.00 | 86 500.00 | 0.04 |
| USD	YUZHOU PROPERTIES-REG-S*DEFAULTED* 8.50000% 19-26.02.24 | 1 150 000.00 | 126 500.00 | 0.05 |
| Total USD |  | 27 513 988.67 | 11.57 |
| Total Bonds, fixed rate |  | 27 513 988.67 | 11.57 |
| Bonds, floating rate |  |  |  |
| USD |  |  |  |
| USD	ADIB CAPITAL INVEST 2 LTD-REG-S-SUB 7.125%/VAR 18-PRP | 650 000.00 | 668 200.00 | 0.28 |
| USD	BANCO DAVIVIENDA SA-REG-S-SUB 6.650%/VAR 21-PRP | 1 800 000.00 | 1 561 500.00 | 0.66 |
| USD	BANCO DO BRASIL CAYMAN-REG-S-SUB 9.250%/VAR 12-PRP | 1 660 000.00 | 1 699 217.50 | 0.72 |
| USD	BANCOLOMBIA SA-SUB 4.625%/VAR 19-18.12.29 | 1 500 000.00 | 1 365 000.00 | 0.57 |
| USD	BANK OF CHINA HONG KONG LTD-REG-S-SUB 5.900%/VAR 18-PRP | 1 350 000.00 | 1 397 197.62 | 0.59 |
| USD	EMIRATES NBD PJSC-REG-S-SUB 6.125%/VAR 19-PRP | 1 200 000.00 | 1 197 000.00 | 0.50 |
| USD	NBK TIER 1 FINANCING LTD-REG-S-SUB 3.625%/VAR 21-PRP | 1 510 000.00 | 1 352 676.87 | 0.57 |
| USD	SHINHAN FINANCIAL GROUP CO LTD-REG-S-SUB 2.875%VAR 21-PRP | 830 000.00 | 734 550.00 | 0.31 |
| USD	UKRAINE, GOVERNMENT OF-REG-S VAR 15-31.05.40 | 1 015 000.00 | 385 700.00 | 0.16 |
| USD	UKREXIMBANK BIZ FINANCE PLC-REG-S-SUB 9.950%/VAR 19-14.11.29 | 900 000.00 | 374 040.00 | 0.16 |
| Total USD |  | 10 735 081.99 | 4.52 |
| Total Bonds, floating rate |  | 10 735 081.99 | 4.52 |
| Total Transferable securities and money market instruments listed on an official stock exchange |  | 203 339 907.42 | 85.53 |

UBS (Lux) Bond SICAV – Emerging Economies Corporates (USD) Annual report and audited financial statements as of 31 May 2022
| Description | Quantity/ | Valuation in USD | as a % |
| --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |
| Transferable securities and money market instruments traded on another regulated market |  |  |  |
| Notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	AMAGGI LUXEMBOURG INTERNATIONAL-REG-S 5.25000% 21-28.01.28 | 750 000.00 | 705 937.50 | 0.30 |
| USD	CELULOSA ARAUCO Y CONSTITUCION SA-REG-S 4.20000% 19-29.01.30 | 600 000.00 | 561 750.00 | 0.24 |
| USD	CENCOSUD SA-REG-S 5.15000% 15-12.02.25 | 400 000.00 | 400 790.00 | 0.17 |
| USD	CSN RESOURCES SA REG-S 5.87500% 22-08.04.32 | 1 150 000.00 | 1 009 125.00 | 0.42 |
| USD	INVERSIONES CMPC SA-REG-S 3.85000% 20-13.01.30 | 600 000.00 | 546 000.00 | 0.23 |
| USD	METALSA SA DE CV-REG-S 3.75000% 21-04.05.31 | 760 000.00 | 566 817.50 | 0.24 |
| USD	MINERA MEXICO SA DE CV-REG-S 4.50000% 19-26.01.50 | 980 000.00 | 817 258.75 | 0.34 |
| USD	MV24 CAPITAL BV-REG-S 6.74800% 19-01.06.34 | 900 000.00 | 739 329.87 | 0.31 |
| Total USD |  | 5 347 008.62 | 2.25 |
| Total Notes, fixed rate |  | 5 347 008.62 | 2.25 |
| Bonds, fixed rate |  |  |  |
| USD |  |  |  |
| USD	INVERSIONES CMPC SA-REG-S 4.37500% 13-15.05.23 | 790 000.00 | 791 204.75 | 0.33 |
| Total USD |  | 791 204.75 | 0.33 |
| Total Bonds, fixed rate |  | 791 204.75 | 0.33 |
| Total Transferable securities and money market instruments traded on another regulated market |  | 6 138 213.37 | 2.58 |

Transferable securities and money market instruments not listed on an official stock exchange and not traded on another regulated market
Notes, fixed rate
| USD |  |
| --- | --- |
| USD | FIRST QUANTUM MINERALS LTD-REG-S 6.87500% 20-15.10.27 | 3 010 000.00 | 3 002 475.00 | 1.26 |
| USD | SOCIEDAD DE TRANSMISION AUSTRAL-REG-S 4.00000% 22-27.01.32 | 1 000 000.00 | 888 312.50 | 0.38 |
| USD | TEVA PHARMACEUTICAL FINANCE NETHERLANDS 7.12500% 20-31.01.25 | 2 450 000.00 | 2 499 673.75 | 1.05 |
| Total USD |  |  | 6 390 461.25 | 2.69 |
| Total Notes, fixed rate | 6 390 461.25 | 2.69 |
| Total Transferable securities and money market instruments not listed on an official stock exchange and not traded on another regulated market | 6 390 461.25 | 2.69 |
| UCITS/Other UCIs in accordance with Article 41 (1) e) of the amended Luxembourg law of 17 December 2010 |  |  |
| Investment funds, open end |  |  |
| Luxembourg |  |  |
| USD	UBS (LUX) BOND SICAV - CHINA HIGH YIELD (USD) U-X-ACC	670.00 | 3 708 496.90 | 1.56 |
| Total Luxembourg | 3 708 496.90 | 1.56 |
| Total Investment funds, open end | 3 708 496.90 | 1.56 |
| Total UCITS/Other UCIs in accordance with Article 41 (1) e) of the amended Luxembourg law of 17 December 2010 | 3 708 496.90 | 1.56 |
| Total investments in securities | 219 577 078.94 | 92.36 |

| Derivative instruments |  |
| --- | --- |
| Derivative instruments listed on an official stock exchange Financial Futures on bonds |
|  |  |  |  |
| USD	US ULTRA LONG BOND (CBT) FUTURE 21.09.22 | -4.00 | 10 437.50 | 0.00 |
| USD	US LONG BOND FUTURE 21.09.22 | 14.00 | -17 281.25 | -0.01 |
| USD	US 5YR TREASURY NOTE FUTURE 30.09.22 | 17.00 | -6 773.45 | 0.00 |
| USD	US 10YR ULTRA NOTE FUTURE 21.09.22 | -46.00 | 42 531.25 | 0.02 |
| USD	US 10YR TREASURY NOTE FUTURE 21.09.22 | 33.00 | -20 882.83 | -0.01 |
| JPY	JAPAN GOVERNMENT 10Y BOND (OSE) FUTURE 12.09.22 | -3.00 | -3 731.20 | 0.00 |
| USD	US 2YR TREASURY NOTE FUTURE 30.09.22 | 24.00 | -3 937.54 | 0.00 |
| Total Financial Futures on bonds |  | 362.48 | 0.00 |
| Total Derivative instruments listed on an official stock exchange |  | 362.48 | 0.00 |
| Total Derivative instruments |  | 362.48 | 0.00 |
| Forward Foreign Exchange contracts Currency purchased/Amount purchased/Currency sold/Amount sold/Maturity date |  |  |  |

| EUR | 14 916 900.00 | USD | 15 770 876.12 | 13.6.2022 | 215 335.50 | 0.09 |
| --- | --- | --- | --- | --- | --- | --- |
| USD | 179 099.53 | EUR | 172 400.00 | 13.6.2022 | -5 658.89 | 0.00 |
| Total Forward Foreign Exchange contracts | 209 676.61 | 0.09 |
|  |  |  |
| Cash at banks, deposits on demand and deposit accounts and other liquid assets | 15 278 859.03 | 6.43 |
| Bank overdraft and other short-term liabilities | -407.58 | 0.00 |
| Other assets and liabilities | 2 687 208.00 | 1.12 |
| Total net assets | 237 752 777.48 | 100.00 |
| UBS (Lux) Bond SICAV – Emerging Economies Corporates (USD) Annual report and audited financial statements as of 31 May 2022 |  |  |

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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