# UBS (Lux) Bond SICAV
– Short Duration High Yield Sustainable (USD)
| Three-year comparison |  |
| --- | --- |
|  | ISIN | 31.5.2021 | 31.5.2020 | 31.5.2019 |
| Net assets in USD |  | 1 051 028 334.04 | 604 427 049.91 | 607 137 667.02 |
| Class (CHF hedged) F-acc | LU0949706443 |  |  |  |
| Shares outstanding |  | 400.0000 | 400.0000 | 400.0000 |
| Net asset value per share in CHF |  | 122.14 | 113.05 | 116.40 |
| Issue and redemption price per share in CHF 1 |  | 122.14 | 113.05 | 116.40 |
| Class (EUR hedged) F-acc | LU0949593064 |  |  |  |
| Shares outstanding |  | 48 100.0000 | 49 270.0000 | 94 493.0000 |
| Net asset value per share in EUR |  | 125.84 | 118.40 | 121.35 |
| Issue and redemption price per share in EUR 1 |  | 125.84 | 118.40 | 121.35 |
| Class I-A1-acc | LU0849031918 |  |  |  |
| Shares outstanding |  | 106 542.3020 | 71 740.1050 | 67 275.9230 |
| Net asset value per share in USD |  | 132.61 | 121.38 | 121.34 |
| Issue and redemption price per share in USD 1 |  | 132.61 | 121.38 | 121.34 |
| Class (CHF hedged) I-A1-acc | LU0913264692 |  |  |  |
| Shares outstanding |  | 36 724.3100 | 37 437.4670 | 74 464.8520 |
| Net asset value per share in CHF |  | 111.90 | 103.69 | 106.86 |
| Issue and redemption price per share in CHF 1 |  | 111.90 | 103.69 | 106.86 |
| Class I-A2-acc | LU0838526746 |  |  |  |
| Shares outstanding |  | 150 828.0620 | 734.2540 | 65 136.4540 |
| Net asset value per share in USD |  | 132.69 | 121.40 | 121.32 |
| Issue and redemption price per share in USD 1 |  | 132.69 | 121.40 | 121.32 |
| Class (EUR hedged) I-A2-acc | LU0612440262 |  |  |  |
| Shares outstanding |  | 33 187.0010 | 252 531.0880 | 90 923.4790 |
| Net asset value per share in EUR |  | 110.32 | 103.83 | 106.48 |
| Issue and redemption price per share in EUR 1 |  | 110.32 | 103.83 | 106.48 |
| Class (EUR hedged) I-A3-qdist 2 | LU2095324419 |  |  |  |
| Shares outstanding |  | 1 875 637.0790 | 1 000 000.0000 | - |
| Net asset value per share in EUR |  | 96.80 | 94.10 | - |
| Issue and redemption price per share in EUR 1 |  | 96.80 | 94.10 | - |
| Class I-B-acc | LU0913264429 |  |  |  |
| Shares outstanding |  | 212 176.5700 | 114 668.7460 | 706.7460 |
| Net asset value per share in USD |  | 135.38 | 123.25 | 122.55 |
| Issue and redemption price per share in USD 1 |  | 135.38 | 123.25 | 122.55 |
| Class (EUR hedged) I-B-acc | LU0965046831 |  |  |  |
| Shares outstanding |  | 150 624.8280 | 68 003.8060 | 104 525.3870 |
| Net asset value per share in EUR |  | 104.34 | 108.01 | 110.20 |
| Issue and redemption price per share in EUR 1 |  | 104.34 | 108.01 | 110.20 |
| Class (EUR hedged) I-B-dist 3 | LU2191347462 |  |  |  |
| Shares outstanding |  | 2 226 418.2000 | - | - |
| Net asset value per share in EUR |  | 106.17 | - | - |
| Issue and redemption price per share in EUR 1 |  | 106.17 | - | - |
| Class I-X-acc | LU0912930210 |  |  |  |
| Shares outstanding |  | 439 347.6680 | 496 910.8850 | 569 708.2820 |
| Net asset value per share in USD |  | 130.54 | 118.77 | 118.02 |
| Issue and redemption price per share in USD 1 |  | 130.54 | 118.77 | 118.02 |
| Class (EUR hedged) I-X-acc | LU1822788235 |  |  |  |
| Shares outstanding |  | 251 169.9450 | 252 514.6590 | 355 901.8440 |
| Net asset value per share in EUR |  | 107.80 | 100.90 | 102.88 |
| Issue and redemption price per share in EUR 1 |  | 107.80 | 100.90 | 102.88 |
| Class I-X-UKdist | LU1336831943 |  |  |  |
| Shares outstanding |  | 73 254.8710 | 73 889.4670 | 72 575.9610 |
| Net asset value per share in USD |  | 101.61 | 97.70 | 102.64 |
| Issue and redemption price per share in USD 1 |  | 101.61 | 97.70 | 102.64 |
| Class (EUR hedged) K-1-acc 4 | LU0599212312 |  |  |  |
| Shares outstanding |  | - | 0.4000 | 0.4000 |
| Net asset value per share in EUR |  | - | 3 513 126.73 | 3 609 344.88 |
| Issue and redemption price per share in EUR 1 |  | - | 3 513 126.73 | 3 609 344.88 |
| Class K-B-mdist 5 | LU2204823756 |  |  |  |
| Shares outstanding |  | 132 267.5700 | - | - |
| Net asset value per share in USD |  | 100.81 | - | - |
| Issue and redemption price per share in USD 1 |  | 100.81 | - | - |
| Class K-X-acc | LU1525457625 |  |  |  |
| Shares outstanding |  | 39 870.2750 | 152 138.0510 | 152 138.0510 |
| Net asset value per share in USD |  | 123.61 | 112.50 | 111.84 |
| Issue and redemption price per share in USD 1 |  | 123.61 | 112.50 | 111.84 |

UBS (Lux) Bond SICAV – Short Duration High Yield Sustainable (USD) Annual report and audited financial statements as of 31 May 2021
|  | ISIN | 31.5.2021 | 31.5.2020 | 31.5.2019 |
| --- | --- | --- | --- | --- |
|  |  |  |  |  |
| Class (EUR hedged) K-X-acc | LU1856010993 |  |  |  |
| Shares outstanding |  | 12 477.8250 | 62 449.8950 | 16 375.3740 |
| Net asset value per share in EUR |  | 107.18 | 100.35 | 102.36 |
| Issue and redemption price per share in EUR 1 |  | 107.18 | 100.35 | 102.36 |
| Class (EUR hedged) N-dist | LU0843236083 |  |  |  |
| Shares outstanding |  | 17 635.4140 | 26 887.4500 | 23 148.6840 |
| Net asset value per share in EUR |  | 76.77 | 76.21 | 82.26 |
| Issue and redemption price per share in EUR 1 |  | 76.77 | 76.21 | 82.26 |
| Class P-acc | LU0577855355 |  |  |  |
| Shares outstanding |  | 499 908.0320 | 606 634.4750 | 718 688.3460 |
| Net asset value per share in USD |  | 134.29 | 123.78 | 124.60 |
| Issue and redemption price per share in USD 1 |  | 134.29 | 123.78 | 124.60 |
| Class (CHF hedged) P-acc | LU0577855785 |  |  |  |
| Shares outstanding |  | 321 684.5330 | 387 677.7760 | 489 348.4600 |
| Net asset value per share in CHF |  | 114.63 | 106.98 | 111.05 |
| Issue and redemption price per share in CHF 1 |  | 114.63 | 106.98 | 111.05 |
| Class (EUR hedged) P-acc | LU0577855942 |  |  |  |
| Shares outstanding |  | 546 822.9250 | 682 001.0940 | 898 797.0720 |
| Net asset value per share in EUR |  | 118.07 | 112.02 | 115.74 |
| Issue and redemption price per share in EUR 1 |  | 118.07 | 112.02 | 115.74 |
| Class P-mdist | LU0590765581 |  |  |  |
| Shares outstanding |  | 115 363.5700 | 119 133.6090 | 131 028.7020 |
| Net asset value per share in USD |  | 80.77 | 77.71 | 82.38 |
| Issue and redemption price per share in USD 1 |  | 80.77 | 77.71 | 82.38 |
| Class (EUR hedged) P-qdist | LU1669357847 |  |  |  |
| Shares outstanding |  | 5 375.6600 | 5 375.6600 | 5 713.0740 |
| Net asset value per share in EUR |  | 88.44 | 87.07 | 93.77 |
| Issue and redemption price per share in EUR 1 |  | 88.44 | 87.07 | 93.77 |
| Class Q-acc | LU1240776721 |  |  |  |
| Shares outstanding |  | 271 148.0380 | 266 206.6660 | 389 721.2880 |
| Net asset value per share in USD |  | 121.84 | 111.70 | 111.84 |
| Issue and redemption price per share in USD 1 |  | 121.84 | 111.70 | 111.84 |
| Class (CHF hedged) Q-acc | LU1240776218 |  |  |  |
| Shares outstanding |  | 231 414.7400 | 260 419.9280 | 314 993.9060 |
| Net asset value per share in CHF |  | 106.50 | 98.86 | 102.07 |
| Issue and redemption price per share in CHF 1 |  | 106.50 | 98.86 | 102.07 |
| Class (EUR hedged) Q-acc | LU0577855512 |  |  |  |
| Shares outstanding |  | 225 301.3300 | 260 154.8430 | 425 382.6140 |
| Net asset value per share in EUR |  | 126.24 | 119.10 | 122.40 |
| Issue and redemption price per share in EUR 1 |  | 126.24 | 119.10 | 122.40 |
| Class Q-dist | LU0803109510 |  |  |  |
| Shares outstanding |  | 22 619.9710 | 11 324.9710 | 18 157.9710 |
| Net asset value per share in USD |  | 88.55 | 85.35 | 89.58 |
| Issue and redemption price per share in USD 1 |  | 88.55 | 85.35 | 89.58 |
| Class Q-mdist | LU1240776994 |  |  |  |
| Shares outstanding |  | 16 521.7410 | 15 652.9050 | 25 620.7960 |
| Net asset value per share in USD |  | 94.54 | 90.50 | 95.44 |
| Issue and redemption price per share in USD 1 |  | 94.54 | 90.50 | 95.44 |
| Class U-X-acc 6 | LU2272237665 |  |  |  |
| Shares outstanding |  | 2 598.0000 | - | - |
| Net asset value per share in USD |  | 10 103.94 | - | - |
| Issue and redemption price per share in USD 1 |  | 10 103.94 | - | - |
| 1  See note 1 2  First NAV: 22.1.2020 3  First NAV: 30.6.2020 4  The share class (EUR hedged) K-1-acc was in circulation until 18.5.2021 5  First NAV: 31.7.2020 6  First NAV: 27.1.2021 |  |  |  |

UBS (Lux) Bond SICAV – Short Duration High Yield Sustainable (USD) Annual report and audited financial statements as of 31 May 2021
| Performance |  |
| --- | --- |
|  | Currency | 2020/2021 | 2019/2020 | 2018/2019 |
| Class (CHF hedged) F-acc | CHF | 8.0% | -2.9% | 1.8% |
| Class (EUR hedged) F-acc | EUR | 6.3% | -2.4% | 2.2% |
| Class I-A1-acc | USD | 9.3% | 0.0% | 5.2% |
| Class (CHF hedged) I-A1-acc | CHF | 7.9% | -3.0% | 1.7% |
| Class I-A2-acc | USD | 9.3% | 0.1% | 5.2% |
| Class (EUR hedged) I-A2-acc | EUR | 6.3% | -2.5% | 2.2% |
| Class (EUR hedged) I-A3-qdist | EUR | 6.5% | - | - |
| Class I-B-acc | USD | 9.8% | 0.6% | 5.7% |
| Class (EUR hedged) I-B-acc | EUR | - | -2.0% | 2.7% |
| Class (EUR hedged) I-B-dist 1 | EUR | - | - | - |
| Class I-X-acc | USD | 9.9% | 0.6% | 5.8% |
| Class (EUR hedged) I-X-acc | EUR | 6.8% | -1.9% | 2.8% |
| Class I-X-UKdist | USD | 9.9% | 0.6% | 5.8% |
| Class (EUR hedged) K-1-acc 2 | EUR | - | -2.7% | 2.0% |
| Class K-B-mdist 1 | USD | - | - | - |
| Class K-X-acc | USD | 9.9% | 0.6% | 5.7% |
| Class (EUR hedged) K-X-acc | EUR | 6.8% | -2.0% | - |
| Class (EUR hedged) N-dist | EUR | 4.9% | -3.7% | 0.9% |
| Class P-acc | USD | 8.5% | -0.7% | 4.4% |
| Class (CHF hedged) P-acc | CHF | 7.2% | -3.7% | 1.0% |
| Class (EUR hedged) P-acc | EUR | 5.4% | -3.2% | 1.4% |
| Class P-mdist | USD | 8.5% | -0.7% | 4.4% |
| Class (EUR hedged) P-qdist | EUR | 5.4% | -3.2% | 1.4% |
| Class Q-acc | USD | 9.1% | -0.1% | 5.0% |
| Class (CHF hedged) Q-acc | CHF | 7.7% | -3.1% | 1.6% |
| Class (EUR hedged) Q-acc | EUR | 6.0% | -2.7% | 2.0% |
| Class Q-dist | USD | 9.1% | -0.1% | 5.0% |
| Class Q-mdist | USD | 9.1% | -0.1% | 5.0% |
| Class U-X-acc 1 1  Due to the recent launch, there is no data for the calculation of the performance available. | USD | - | - | - |

2 
The share class (EUR hedged) K-1-acc was in circulation until 18.5.2021. Due to the recent launch, there is no data for the calculation of the performance available. 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.
The subfund has no benchmark.
UBS (Lux) Bond SICAV – Short Duration High Yield Sustainable (USD) Annual report and audited financial statements as of 31 May 2021

## Report of the Portfolio Manager
For the period from 1 June 2020 to 31 May 2021, the US high yield market generated a strong positive absolute total return driven by the significant spread tightening. The main focus during the period was the substantial intervention by Central Banks around the world to sup- port economies as well as the positive vaccine news and vaccine roll-out programmes. The positive news flow, improving growth outlook and investors searching for yield continues to support the asset class.
The fund has followed a diversified approach - invest- ing across a range of industries and issuers with a focus on shorter-dated issues. Fund duration at the end of the period was 1.3 years. From a credit quality perspective the fund focused on higher-rated, sub-investment grade issuers (BB and B rated bonds) with opportunistic expo- sure to lower rated issuers.

## Structure of the Securities Portfolio
Geographical Breakdown as a % of net assets	
United States	77.92
| Canada | 4.64 |
| --- | --- |
| United Kingdom | 2.60 |
| France | 2.53 |
| Germany | 1.55 |
| The Netherlands | 1.49 |
| Ireland | 1.23 |
| Denmark | 1.00 |
| Luxembourg | 0.84 |
| Multinationals | 0.82 |
| Italy | 0.75 |
| Belgium | 0.74 |
| Curacao | 0.67 |
| Japan | 0.64 |
| Cayman Islands | 0.53 |
| Australia | 0.02 |
| Total | 97.97 |

Economic Breakdown as a % of net assets	
| Finance & holding companies | 26.61 |
| --- | --- |
| Telecommunications | 9.79 |
| Healthcare & social services | 9.37 |
| Petroleum | 5.36 |
| Building industry & materials | 5.06 |
| Internet, software & IT services | 4.11 |
| Traffic & transportation | 3.89 |
| Energy & water supply | 3.41 |
| Lodging, catering & leisure | 3.20 |
| Vehicles | 2.97 |
| Packaging industry | 2.52 |
| Pharmaceuticals, cosmetics & medical products | 2.46 |
| Miscellaneous services | 2.43 |
| Electrical devices & components | 2.39 |
| Textiles, garments & leather goods | 1.68 |
| Real Estate | 1.62 |
| Miscellaneous consumer goods | 1.57 |
| Graphic design, publishing & media | 1.54 |
| Retail trade, department stores | 1.47 |
| Aerospace industry | 1.19 |
| Environmental services & recycling | 0.77 |
| Computer hardware & network equipment providers | 0.70 |
| Agriculture & fishery | 0.66 |
| Miscellaneous unclassified companies | 0.65 |
| Chemicals | 0.64 |
| Mining, coal & steel | 0.57 |
| Non-ferrous metals | 0.50 |
| Investment funds | 0.43 |
| Food & soft drinks | 0.41 |
| Total | 97.97 |

UBS (Lux) Bond SICAV – Short Duration High Yield Sustainable (USD) Annual report and audited financial statements as of 31 May 2021

## Statement of Net Assets
Assets	31.5.2021
USD
Investments in securities, cost	1 027 062 869.72
| Investments in securities, unrealized appreciation (depreciation) | 	2 635 413.66	 |
| --- | --- |
| Total investments in securities (Note 1) | 1 029 698 283.38 |
| Cash at banks, deposits on demand and deposit accounts | 8 265 491.36 |
| Other liquid assets (Margins) | 735 746.75 |
| Receivable on securities sales (Note 1) | 165 195.56 |
| Receivable on subscriptions | 3 198 053.65 |
| Interest receivable on securities | 14 496 774.30 |
| Other receivables | 79 964.93 |
| Unrealized gain on forward foreign exchange contracts (Note 1) | 142 042.96 |
| Total Assets | 1 056 781 552.89 |
|  |  |
| Liabilities |  |
| Unrealized loss on financial futures (Note 1) | -59 218.75 |
| Bank overdraft | -1 406.99 |
| Interest payable on bank overdraft | -33.85 |
| Payable on securities purchases (Note 1) | -2 946 621.42 |
| Payable on redemptions | -2 080 459.95 |
| Provisions for flat fee (Note 2) | -548 330.60 |
| Provisions for taxe d’abonnement (Note 3) | -38 848.97 |
| Provisions for other commissions and fees (Note 2) | 	-78 298.32	 |
| Total provisions | -665 477.89 |
| Total Liabilities | -5 753 218.85 |
|  |  |
| Net assets at the end of the financial year | 1 051 028 334.04 |
| Statement of Operations | USD |
| Income | 1.6.2020-31.5.2021 |
| Interest on liquid assets | 75.99 |
| Interest on securities | 43 583 120.28 |
| Interest received on swaps (Note 1) | 2 986 072.66 |
| Income on securities lending (Note 16) | 48 039.05 |
| Other income (Note 4) | 3 862 766.02 |
| Total income | 50 480 074.00 |
|  |  |
| Expenses |  |
| Interest paid on swaps (Note 1) | -1 026 301.47 |
| Flat fee (Note 2) | -4 428 972.91 |
| Taxe d’abonnement (Note 3) | -227 668.34 |
| Cost on securities lending (Note 16) | -19 215.62 |
| Other commissions and fees (Note 2) | -75 582.45 |
| Interest on cash and bank overdraft | -53 611.00 |
| Total expenses | -5 831 351.79 |
|  |  |
| Net income (loss) on investments | 44 648 722.21 |
|  |  |
| Realized gain (loss) (Note 1) |  |
| Realized gain (loss) on market-priced securities without options | -9 145 551.19 |
| Realized gain (loss) on options | 585 162.00 |
| Realized gain (loss) on financial futures | -155 930.19 |
| Realized gain (loss) on forward foreign exchange contracts | 44 180 453.52 |
| Realized gain (loss) on swaps | 3 893 388.36 |
| Realized gain (loss) on foreign exchange | 10 484 878.13 |
| Total realized gain (loss) | 49 842 400.63 |
|  |  |
| Net realized gain (loss) of the financial year | 94 491 122.84 |
|  |  |
| Changes in unrealized appreciation (depreciation) (Note 1) |  |
| Unrealized appreciation (depreciation) on market-priced securities without options | 30 798 243.35 |
| Unrealized appreciation (depreciation) on options | 274.80 |
| Unrealized appreciation (depreciation) on financial futures | -59 218.75 |
| Unrealized appreciation (depreciation) on forward foreign exchange contracts | -7 793 639.68 |
| Unrealized appreciation (depreciation) on swaps | -6 422.86 |
| Total changes in unrealized appreciation (depreciation) | 22 939 236.86 |
|  |  |
| Net increase (decrease) in net assets as a result of operations | 117 430 359.70 |

UBS (Lux) Bond SICAV – Short Duration High Yield Sustainable (USD) Annual report and audited financial statements as of 31 May 2021
| Changes in Net Assets |  |
| --- | --- |
|  | USD |
|  | 1.6.2020-31.5.2021 |
| Net assets at the beginning of the financial year | 604 427 049.91 |
| Subscriptions | 617 098 042.36 |
| Redemptions | 	-282 511 708.72	 |
| Total net subscriptions (redemptions) | 334 586 333.64 |
| Dividend paid | -5 415 409.21 |
| Net income (loss) on investments | 44 648 722.21 |
| Total realized gain (loss) | 49 842 400.63 |
| Total changes in unrealized appreciation (depreciation) | 	22 939 236.86	 |
| Net increase (decrease) in net assets as a result of operations | 117 430 359.70 |
| Net assets at the end of the financial year | 1 051 028 334.04 |
| Changes in the Number of Shares outstanding |  |
|  | 1.6.2020-31.5.2021 |
| Class | (CHF hedged) F-acc |
| Number of shares outstanding at the beginning of the financial year | 400.0000 |
| Number of shares issued | 0.0000 |
| Number of shares redeemed | 0.0000 |
| Number of shares outstanding at the end of the financial year | 400.0000 |
| Class | (EUR hedged) F-acc |
| Number of shares outstanding at the beginning of the financial year | 49 270.0000 |
| Number of shares issued | 45.0000 |
| Number of shares redeemed | -1 215.0000 |
| Number of shares outstanding at the end of the financial year | 48 100.0000 |
| Class | I-A1-acc |
| Number of shares outstanding at the beginning of the financial year | 71 740.1050 |
| Number of shares issued | 76 552.2910 |
| Number of shares redeemed | -41 750.0940 |
| Number of shares outstanding at the end of the financial year | 106 542.3020 |
| Class | (CHF hedged) I-A1-acc |
| Number of shares outstanding at the beginning of the financial year | 37 437.4670 |
| Number of shares issued | 13 427.1250 |
| Number of shares redeemed | -14 140.2820 |
| Number of shares outstanding at the end of the financial year | 36 724.3100 |
| Class | I-A2-acc |
| Number of shares outstanding at the beginning of the financial year | 734.2540 |
| Number of shares issued | 150 093.8080 |
| Number of shares redeemed | 0.0000 |
| Number of shares outstanding at the end of the financial year | 150 828.0620 |
| Class | (EUR hedged) I-A2-acc |
| Number of shares outstanding at the beginning of the financial year | 252 531.0880 |
| Number of shares issued | 377 803.4880 |
| Number of shares redeemed | -597 147.5750 |
| Number of shares outstanding at the end of the financial year | 33 187.0010 |
| Class | (EUR hedged) I-A3-qdist |
| Number of shares outstanding at the beginning of the financial year | 1 000 000.0000 |
| Number of shares issued | 875 637.0790 |
| Number of shares redeemed | 0.0000 |
| Number of shares outstanding at the end of the financial year | 1 875 637.0790 |
| Class | I-B-acc |
| Number of shares outstanding at the beginning of the financial year | 114 668.7460 |
| Number of shares issued | 117 548.1560 |
| Number of shares redeemed | -20 040.3320 |
| Number of shares outstanding at the end of the financial year | 212 176.5700 |
| Class | (EUR hedged) I-B-acc |
| Number of shares outstanding at the beginning of the financial year | 68 003.8060 |
| Number of shares issued | 150 624.8280 |
| Number of shares redeemed | -68 003.8060 |
| Number of shares outstanding at the end of the financial year | 150 624.8280 |
| Class | (EUR hedged) I-B-dist |
| Number of shares outstanding at the beginning of the financial year | 0.0000 |
| Number of shares issued | 2 230 832.7880 |
| Number of shares redeemed | -4 414.5880 |
| Number of shares outstanding at the end of the financial year | 2 226 418.2000 |
| Class | I-X-acc |
| Number of shares outstanding at the beginning of the financial year | 496 910.8850 |
| Number of shares issued | 21 071.4380 |
| Number of shares redeemed | -78 634.6550 |
| Number of shares outstanding at the end of the financial year | 439 347.6680 |

UBS (Lux) Bond SICAV – Short Duration High Yield Sustainable (USD) Annual report and audited financial statements as of 31 May 2021
| Class | (EUR hedged) I-X-acc |
| --- | --- |
| Number of shares outstanding at the beginning of the financial year | 252 514.6590 |
| Number of shares issued | 800.0000 |
| Number of shares redeemed | -2 144.7140 |
| Number of shares outstanding at the end of the financial year | 251 169.9450 |
| Class | I-X-UKdist |
| Number of shares outstanding at the beginning of the financial year | 73 889.4670 |
| Number of shares issued | 0.0000 |
| Number of shares redeemed | -634.5960 |
| Number of shares outstanding at the end of the financial year | 73 254.8710 |
| Class | (EUR hedged) K-1-acc |
| Number of shares outstanding at the beginning of the financial year | 0.4000 |
| Number of shares issued | 0.0000 |
| Number of shares redeemed | -0.4000 |
| Number of shares outstanding at the end of the financial year | 0.0000 |
| Class | K-B-mdist |
| Number of shares outstanding at the beginning of the financial year | 0.0000 |
| Number of shares issued | 132 267.5700 |
| Number of shares redeemed | 0.0000 |
| Number of shares outstanding at the end of the financial year | 132 267.5700 |
| Class | K-X-acc |
| Number of shares outstanding at the beginning of the financial year | 152 138.0510 |
| Number of shares issued | 0.0000 |
| Number of shares redeemed | -112 267.7760 |
| Number of shares outstanding at the end of the financial year | 39 870.2750 |
| Class | (EUR hedged) K-X-acc |
| Number of shares outstanding at the beginning of the financial year | 62 449.8950 |
| Number of shares issued | 0.0000 |
| Number of shares redeemed | -49 972.0700 |
| Number of shares outstanding at the end of the financial year | 12 477.8250 |
| Class | (EUR hedged) N-dist |
| Number of shares outstanding at the beginning of the financial year | 26 887.4500 |
| Number of shares issued | 1 577.4570 |
| Number of shares redeemed | -10 829.4930 |
| Number of shares outstanding at the end of the financial year | 17 635.4140 |
| Class | P-acc |
| Number of shares outstanding at the beginning of the financial year | 606 634.4750 |
| Number of shares issued | 19 657.9160 |
| Number of shares redeemed | -126 384.3590 |
| Number of shares outstanding at the end of the financial year | 499 908.0320 |
| Class | (CHF hedged) P-acc |
| Number of shares outstanding at the beginning of the financial year | 387 677.7760 |
| Number of shares issued | 4 340.9040 |
| Number of shares redeemed | -70 334.1470 |
| Number of shares outstanding at the end of the financial year | 321 684.5330 |
| Class | (EUR hedged) P-acc |
| Number of shares outstanding at the beginning of the financial year | 682 001.0940 |
| Number of shares issued | 43 229.7560 |
| Number of shares redeemed | -178 407.9250 |
| Number of shares outstanding at the end of the financial year | 546 822.9250 |
| Class | P-mdist |
| Number of shares outstanding at the beginning of the financial year | 119 133.6090 |
| Number of shares issued | 16 189.0000 |
| Number of shares redeemed | -19 959.0390 |
| Number of shares outstanding at the end of the financial year | 115 363.5700 |
| Class | (EUR hedged) P-qdist |
| Number of shares outstanding at the beginning of the financial year | 5 375.6600 |
| Number of shares issued | 0.0000 |
| Number of shares redeemed | 0.0000 |
| Number of shares outstanding at the end of the financial year | 5 375.6600 |
| Class | Q-acc |
| Number of shares outstanding at the beginning of the financial year | 266 206.6660 |
| Number of shares issued | 50 866.0230 |
| Number of shares redeemed | -45 924.6510 |
| Number of shares outstanding at the end of the financial year | 271 148.0380 |
| Class | (CHF hedged) Q-acc |
| Number of shares outstanding at the beginning of the financial year | 260 419.9280 |
| Number of shares issued | 8 635.2500 |
| Number of shares redeemed | -37 640.4380 |
| Number of shares outstanding at the end of the financial year | 231 414.7400 |
| Class | (EUR hedged) Q-acc |
| Number of shares outstanding at the beginning of the financial year | 260 154.8430 |
| Number of shares issued | 636 948.9080 |
| Number of shares redeemed | -671 802.4210 |
| Number of shares outstanding at the end of the financial year | 225 301.3300 |

UBS (Lux) Bond SICAV – Short Duration High Yield Sustainable (USD) Annual report and audited financial statements as of 31 May 2021
| Class |  |  | Q-dist |
| --- | --- | --- | --- |
| Number of shares outstanding at the beginning of the financial year |  |  | 11 324.9710 |
| Number of shares issued |  |  | 15 125.0000 |
| Number of shares redeemed |  |  | -3 830.0000 |
| Number of shares outstanding at the end of the financial year |  |  | 22 619.9710 |
| Class |  |  | Q-mdist |
| Number of shares outstanding at the beginning of the financial year |  |  | 15 652.9050 |
| Number of shares issued |  |  | 19 407.1910 |
| Number of shares redeemed |  |  | -18 538.3550 |
| Number of shares outstanding at the end of the financial year |  |  | 16 521.7410 |
| Class |  |  | U-X-acc |
| Number of shares outstanding at the beginning of the financial year |  |  | 0.0000 |
| Number of shares issued |  |  | 2 647.0000 |
| Number of shares redeemed |  |  | -49.0000 |
| Number of shares outstanding at the end of the financial year |  |  | 2 598.0000 |
| Annual Distribution 1 |  |  |  |
| UBS (Lux) Bond SICAV – Short Duration High Yield Sustainable (USD)	Ex-Date | Pay-Date | Currency | Amount per share |
| I-X-UKdist	15.6.2020 | 18.6.2020 | USD | 5.29 |
| (EUR hedged) N-dist	3.8.2020 | 6.8.2020 | EUR | 3.09 |
| Q-dist	3.8.2020 | 6.8.2020 | USD | 4.36 |
| Quarterly Distribution 1 |  |  |  |
| UBS (Lux) Bond SICAV – Short Duration High Yield Sustainable (USD)	Ex-Date | Pay-Date | Currency | Amount per share |
| (EUR hedged) I-A3-qdist	15.7.2020 | 20.7.2020 | EUR | 1.14 |
| (EUR hedged) I-A3-qdist	15.10.2020 | 20.10.2020 | EUR | 1.09 |
| (EUR hedged) I-A3-qdist	15.1.2021 | 20.1.2021 | EUR | 1.08 |
| (EUR hedged) I-A3-qdist	15.4.2021 | 20.4.2021 | EUR | 0.00 |
| (EUR hedged) P-qdist	15.7.2020 | 20.7.2020 | EUR | 0.84 |
| (EUR hedged) P-qdist	15.10.2020 | 20.10.2020 | EUR | 0.78 |
| (EUR hedged) P-qdist	15.1.2021 | 20.1.2021 | EUR | 0.79 |
| (EUR hedged) P-qdist	15.4.2021 | 20.4.2021 | EUR | 0.86 |
| Monthly Distribution 1 |  |  |  |
| UBS (Lux) Bond SICAV – Short Duration High Yield Sustainable (USD)	Ex-Date | Pay-Date | Currency | Amount per share |
| K-B-mdist	15.9.2020 | 18.9.2020 | USD | 0.44 |
| K-B-mdist	15.10.2020 | 20.10.2020 | USD | 0.44 |
| K-B-mdist	16.11.2020 | 19.11.2020 | USD | 0.44 |
| K-B-mdist	15.12.2020 | 18.12.2020 | USD | 0.44 |
| K-B-mdist	15.1.2021 | 20.1.2021 | USD | 0.45 |
| K-B-mdist	15.2.2021 | 18.2.2021 | USD | 0.44 |
| K-B-mdist	15.3.2021 | 18.3.2021 | USD | 0.44 |
| K-B-mdist	15.4.2021 | 20.4.2021 | USD | 0.44 |
| K-B-mdist	17.5.2021 | 20.5.2021 | USD | 0.44 |
| P-mdist	15.6.2020 | 18.6.2020 | USD | 0.35 |
| P-mdist	15.7.2020 | 20.7.2020 | USD | 0.35 |
| P-mdist	17.8.2020 | 20.8.2020 | USD | 0.35 |
| P-mdist	15.9.2020 | 18.9.2020 | USD | 0.35 |
| P-mdist	15.10.2020 | 20.10.2020 | USD | 0.35 |
| P-mdist	16.11.2020 | 19.11.2020 | USD | 0.22 |
| P-mdist	15.12.2020 | 18.12.2020 | USD | 0.22 |
| P-mdist	15.1.2021 | 20.1.2021 | USD | 0.22 |
| P-mdist	15.2.2021 | 18.2.2021 | USD | 0.22 |
| P-mdist	15.3.2021 | 18.3.2021 | USD | 0.22 |
| P-mdist	15.4.2021 | 20.4.2021 | USD | 0.22 |
| P-mdist	17.5.2021 | 20.5.2021 | USD | 0.37 |
| Q-mdist	15.6.2020 | 18.6.2020 | USD | 0.41 |
| Q-mdist	15.7.2020 | 20.7.2020 | USD | 0.41 |
| Q-mdist	17.8.2020 | 20.8.2020 | USD | 0.41 |
| Q-mdist	15.9.2020 | 18.9.2020 | USD | 0.41 |
| Q-mdist	15.10.2020 | 20.10.2020 | USD | 0.41 |
| Q-mdist	16.11.2020 | 19.11.2020 | USD | 0.26 |
| Q-mdist	15.12.2020 | 18.12.2020 | USD | 0.26 |
| Q-mdist	15.1.2021 | 20.1.2021 | USD | 0.26 |
| Q-mdist	15.2.2021 | 18.2.2021 | USD | 0.26 |
| Q-mdist	15.3.2021 | 18.3.2021 | USD | 0.26 |
| Q-mdist	15.4.2021 | 20.4.2021 | USD | 0.26 |
| Q-mdist	17.5.2021 | 20.5.2021 | USD | 0.43 |
| 1  See note 5 |  |  |  |

UBS (Lux) Bond SICAV – Short Duration High Yield Sustainable (USD) Annual report and audited financial statements as of 31 May 2021

## Statement of Investments in Securities and other Net Assets as of 31 May 2021
| Description | Quantity/ | Valuation in USD | as a % |
| --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |
| Transferable securities and money market instruments listed on an official stock exchange |  |  |  |
| Notes, fixed rate |  |  |  |
| EUR |  |  |  |
| EUR	ALTICE FRANCE HOLDING SA-REG-S 8.00000% 19-15.05.27 | 2 000 000.00 | 2 631 074.34 | 0.25 |
| EUR	DKT FINANCE APS-REG-S 7.00000% 18-17.06.23 | 4 880 000.00 | 6 073 929.57 | 0.58 |
| EUR	HOUSE OF FINANCE NV/THE-REG-S 4.37500% 19-15.07.26 | 6 280 000.00 | 7 765 789.31 | 0.74 |
| EUR	NIDDA HEALTHCARE HOLDING AG-REG-S 3.50000% 17-30.09.24 | 9 365 000.00 | 11 448 399.74 | 1.09 |
| EUR	NIDDA HEALTHCARE HOLDING AG-REG-S 3.50000% 20-30.09.24 | 4 000 000.00 | 4 846 584.60 | 0.46 |
| EUR	SOFTBANK GROUP CORP-REG-S 4.00000% 18-20.04.23 | 5 250 000.00 | 6 726 334.12 | 0.64 |
| Total EUR |  | 39 492 111.68 | 3.76 |
| GBP |  |  |  |
| GBP	PINNACLE BIDCO PLC-REG-S 6.37500% 18-15.02.25 | 2 000 000.00 | 2 869 513.82 | 0.27 |
| Total GBP |  | 2 869 513.82 | 0.27 |
| USD |  |  |  |
| USD	AERCAP IRE CAP LTD/GLB AVIA TRUST 4.50000% 20-15.09.23 | 4 825 000.00 | 5 183 531.61 | 0.49 |
| USD	AERCAP IRE CAP LTD/GLB AVIA TRUST 3.15000% 20-15.02.24 | 4 850 000.00 | 5 089 116.45 | 0.48 |
| USD	ALTICE FRANCE-144A 7.37500% 16-01.05.26 | 3 294 000.00 | 3 425 496.48 | 0.33 |
| USD	AMERICAN AXLE & MANUFACTURING INC 6.25000% 18-01.04.25 | 4 392 000.00 | 4 536 277.20 | 0.43 |
| USD	APACHE CORP 4.62500% 20-15.11.25 | 3 145 000.00 | 3 337 568.35 | 0.32 |
| USD	ARDAGH PACKAGING FINANCE/MP-144A 4.12500% 19-15.08.26 | 2 620 000.00 | 2 682 225.00 | 0.26 |
| USD	BALL CORP 4.00000% 13-15.11.23 | 1 835 000.00 | 1 947 393.75 | 0.19 |
| USD	BALL CORP 5.00000% 12-15.03.22 | 2 525 000.00 | 2 607 567.50 | 0.25 |
| USD	BUCKEYE PARTNERS L P 4.15000% 13-01.07.23 | 4 845 000.00 | 5 010 844.35 | 0.48 |
| USD	CABLEVISION SYSTEMS CORP 5.87500% 12-15.09.22 | 9 384 000.00 | 9 829 740.00 | 0.94 |
| USD	CENOVUS ENERGY INC 5.37500% 20-15.07.25 | 2 900 000.00 | 3 309 370.99 | 0.31 |
| USD	CENTURYLINK INC 5.80000% 12-15.03.22 | 3 525 000.00 | 3 634 944.75 | 0.35 |
| USD	CENTURYLINK INC 6.45000% 11-15.06.21 | 495 000.00 | 495 841.50 | 0.05 |
| USD	CENTURYLINK INC 6.75000% 13-01.12.23 | 21 441 000.00 | 23 626 909.95 | 2.25 |
| USD	CENTURYLINK INC 7.50000% 16-01.04.24 | 6 010 000.00 | 6 731 200.00 | 0.64 |
| USD	CIT GROUP INC 4.75000% 18-16.02.24 | 5 230 000.00 | 5 690 893.75 | 0.54 |
| USD	CIT GROUP INC 5.00000% 13-01.08.23 | 4 275 000.00 | 4 643 718.75 | 0.44 |
| USD	COVANTA HOLDING CORP 5.87500% 17-01.07.25 | 7 880 000.00 | 8 136 100.00 | 0.77 |
| USD	CSC HOLDINGS LLC 6.75000% 11-15.11.21 | 2 585 000.00 | 2 645 747.50 | 0.25 |
| USD	EPR PROPERTIES 5.25000% 13-15.07.23 | 6 040 000.00 | 6 330 108.39 | 0.60 |
| USD	EQT CORP 3.00000% 17-01.10.22 | 825 000.00 | 842 985.00 | 0.08 |
| USD	EQT CORP 3.90000% 17-01.10.27 | 6 900 000.00 | 7 368 510.00 | 0.70 |
| USD	EQT MIDSTREAM PARTNERS LP 4.75000% 18-15.07.23 | 609 000.00 | 636 344.10 | 0.06 |
| USD	FORD MOTOR CO 9.00000% 20-22.04.25 | 9 885 000.00 | 12 077 196.45 | 1.15 |
| USD	FORD MOTOR CREDIT CO LLC 5.87500% 11-02.08.21 | 4 020 000.00 | 4 040 100.00 | 0.38 |
| USD	FORD MOTOR CREDIT CO LLC 4.25000% 12-20.09.22 | 2 895 000.00 | 2 987 350.50 | 0.28 |
| USD	FORD MOTOR CREDIT CO LLC 3.81300% 18-12.10.21 | 6 300 000.00 | 6 365 053.17 | 0.61 |
| USD	FORD MOTOR CREDIT CO LLC 5.59600% 19-07.01.22 | 10 925 000.00 | 11 194 246.63 | 1.06 |
| USD	HCA INC 5.87500% 12-01.05.23 | 5 675 000.00 | 6 165 944.25 | 0.59 |
| USD	HILLENBRAND INC 5.75000% 20-15.06.25 | 8 225 000.00 | 8 816 542.00 | 0.84 |
| USD	HILTON GRAND VACATION BORROWER LLC 6.12500% 18-01.12.24 | 5 325 000.00 | 5 591 250.00 | 0.53 |
| USD	ISTAR INC 4.75000% 19-01.10.24 | 7 550 000.00 | 7 891 637.50 | 0.75 |
| USD	KB HOME 7.00000% 13-15.12.21 | 5 000 000.00 | 5 087 500.00 | 0.48 |
| USD	KB HOME 7.62500% 15-15.05.23 | 9 165 000.00 | 9 944 025.00 | 0.95 |
| USD	LEVEL 3 FINANCING INC 5.37500% 16-01.05.25 | 2 630 000.00 | 2 688 149.30 | 0.26 |
| USD	M/I HOMES INC 5.62500% 17-01.08.25 | 4 340 000.00 | 4 481 050.00 | 0.43 |
| USD	MGM RESORTS INTL 5.75000% 18-15.06.25 | 2 391 000.00 | 2 627 111.25 | 0.25 |
| USD	MGM RESORTS INTL 7.75000% 12-15.03.22 | 2 100 000.00 | 2 197 125.00 | 0.21 |
| USD	MOLINA HEALTHCARE INC 5.37500% 16-15.11.22 | 5 400 000.00 | 5 644 188.00 | 0.54 |
| USD	MURPHY OIL CORP 6.87500% 16-15.08.24 | 4 385 000.00 | 4 490 240.00 | 0.43 |
| USD	NETFLIX INC 5.50000% 15-15.02.22 | 4 425 000.00 | 4 568 812.50 | 0.43 |
| USD	NETFLIX INC 5.87500% 15-15.02.25 | 12 705 000.00 | 14 640 225.60 | 1.39 |
| USD	NEWFIELD EXPLORATION CO 5.75000% 11-30.01.22 | 2 750 000.00 | 2 840 927.49 | 0.27 |
| USD	NRG ENERGY INC 6.62500% 17-15.01.27 | 3 360 000.00 | 3 486 974.40 | 0.33 |
| USD	NRG ENERGY INC 7.25000% 17-15.05.26 | 2 430 000.00 | 2 523 506.40 | 0.24 |
| USD	NUSTAR LOGISTICS LP 4.75000% 12-01.02.22 | 6 090 000.00 | 6 150 900.00 | 0.59 |
| USD	PENSKE AUTOMOTIVE GROUP INC-SUB 3.50000% 20-01.09.25 | 6 025 000.00 | 6 206 955.00 | 0.59 |
| USD	PULTEGROUP INC 5.50000% 16-01.03.26 | 3 125 000.00 | 3 656 250.00 | 0.35 |
| USD	RADIAN GROUP INC 4.50000% 17-01.10.24 | 3 465 000.00 | 3 655 575.00 | 0.35 |
| USD	SEALED AIR CORP-144A 5.12500% 14-01.12.24 | 5 150 000.00 | 5 607 062.50 | 0.53 |
| USD	SPRINGLEAF FINANCE CORP 6.12500% 17-15.05.22 | 1 600 000.00 | 1 665 440.00 | 0.16 |
| USD	SPRINGLEAF FINANCE CORP 5.62500% 17-15.03.23 | 5 405 000.00 | 5 722 543.75 | 0.54 |
| USD	SPRINGLEAF FINANCE CORP 8.87500% 20-01.06.25 | 1 085 000.00 | 1 194 856.25 | 0.11 |
| USD	SPRINT CORP 7.25000% 14-15.09.21 | 3 475 000.00 | 3 528 619.25 | 0.34 |
| USD	SPRINT CORP 7.62500% 18-01.03.26 | 3 903 000.00 | 4 742 145.00 | 0.45 |
| USD	SPRINT CORP 7.87500% 14-15.09.23 | 12 180 000.00 | 13 801 279.80 | 1.31 |
| USD	T-MOBILE USA INC 2.25000% 21-15.02.26 | 1 065 000.00 | 1 073 999.25 | 0.10 |
| USD	T-MOBILE USA INC 2.62500% 21-15.04.26 | 2 000 000.00 | 2 035 580.00 | 0.19 |
| USD	T-MOBILE USA INC 4.00000% 17-15.04.22 | 4 399 000.00 | 4 497 977.50 | 0.43 |
| USD	TELECOM ITALIA SPA-144A 5.30300% 14-30.05.24 | 7 275 000.00 | 7 911 562.50 | 0.75 |
| USD	TENET HEALTHCARE CORP 4.62500% 17-15.07.24 | 9 355 000.00 | 9 489 712.00 | 0.90 |
| USD	TEVA PHARMACEUTICAL FINANCE CO BV 3.65000% 11-10.11.21 | 7 035 000.00 | 7 053 906.56 | 0.67 |
| USD	TEVA PHARMACEUTICAL FINANCE NL III BV 2.20000% 16-21.07.21 | 2 759 000.00 | 2 750 895.43 | 0.26 |
| USD	TOLL BROTHERS FINANCE CORP 4.37500% 13-15.04.23 | 2 635 000.00 | 2 760 162.50 | 0.26 |
| USD	VIRGIN AUSTRALIA HOLD-REG-S *DEFAULTED* 7.87500% 16-15.10.21 | 1 926 000.00 | 178 155.00 | 0.02 |
| USD	VIRGIN MEDIA SECURED FINANCE PLC-144A 5.50000% 16-15.08.26 | 9 425 000.00 | 9 773 725.00 | 0.93 |
| USD	WYNDHAM WORLDWIDE CORP 3.90000% 13-01.03.23 | 4 187 000.00 | 4 317 843.75 | 0.41 |
| USD	ZIGGO BV-144A 5.50000% 16-15.01.27 | 5 331 000.00 | 5 524 248.75 | 0.53 |
| Total USD |  | 361 390 985.60 | 34.38 |
| Total Notes, fixed rate |  | 403 752 611.10 | 38.41 |

UBS (Lux) Bond SICAV – Short Duration High Yield Sustainable (USD) Annual report and audited financial statements as of 31 May 2021
| Description | Quantity/ | Valuation in USD | as a % |
| --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |
| Notes, floating rate |  |  |  |
| GBP |  |  |  |
| GBP	PREMIER FOODS FINANCE PLC-REG-S 3M LIBOR+500BP 17-15.07.22 | 785 856.00 | 1 117 094.30 | 0.11 |
| Total GBP |  | 1 117 094.30 | 0.11 |
| USD |  |  |  |
| USD	WYNDHAM WORLDWIDE CORP STEP UP/RATING LINKED 17-01.04.24 | 2 060 000.00 | 2 248 078.00 | 0.21 |
| Total USD |  | 2 248 078.00 | 0.21 |
| Total Notes, floating rate |  | 3 365 172.30 | 0.32 |
| Medium term notes, fixed rate |  |  |  |
| EUR |  |  |  |
| EUR	CASINO GUICHARD PERRACHON SA-REG-S STEP-UP 14-07.03.24 | 6 200 000.00 | 7 728 248.38 | 0.74 |
| Total EUR |  | 7 728 248.38 | 0.74 |
| USD |  |  |  |
| USD	NAVIENT CORP 7.25000% 12-25.01.22 | 6 798 000.00 | 7 044 427.50 | 0.67 |
| Total USD |  | 7 044 427.50 | 0.67 |
| Total Medium term notes, fixed rate |  | 14 772 675.88 | 1.41 |
| Bonds, fixed rate |  |  |  |
| EUR |  |  |  |
| EUR	ALTICE FINANCING SA-REG-S 2.25000% 20-15.01.25 | 5 170 000.00 | 6 186 650.69 | 0.59 |
| EUR	ALTICE FRANCE-REG-S 2.12500% 20-15.02.25 | 2 000 000.00 | 2 392 554.88 | 0.23 |
| EUR	LOXAM SAS-REG-S 3.25000% 19-14.01.25 | 2 675 000.00 | 3 303 294.64 | 0.31 |
| EUR	LOXAM SAS-REG-S 6.00000% 17-15.04.25 | 3 345 000.00 | 4 171 600.44 | 0.40 |
| Total EUR |  | 16 054 100.65 | 1.53 |
| GBP |  |  |  |
| GBP	MILLER HOMES GROUP HOLDINGS PLC-REG-S 5.50000% 17-15.10.24 | 3 500 000.00 | 5 096 762.53 | 0.48 |
| Total GBP |  | 5 096 762.53 | 0.48 |
| USD |  |  |  |
| USD	ALLY FINANCIAL INC 4.62500% 15-19.05.22 | 12 550 000.00 | 13 055 953.50 | 1.24 |
| USD	HCA INC 5.37500% 15-01.02.25 | 6 460 000.00 | 7 227 125.00 | 0.69 |
| Total USD |  | 20 283 078.50 | 1.93 |
| Total Bonds, fixed rate |  | 41 433 941.68 | 3.94 |
| Bonds, floating rate |  |  |  |
| EUR |  |  |  |
| EUR	PICARD GROUPE SA-REG-S 3M EURIBOR+300BP 17-30.11.23 | 4 575 000.00 | 5 589 148.85 | 0.53 |
| Total EUR |  | 5 589 148.85 | 0.53 |
| Total Bonds, floating rate |  | 5 589 148.85 | 0.53 |
| Total Transferable securities and money market instruments listed on an official stock exchange |  | 468 913 549.81 | 44.61 |
| Transferable securities and money market instruments traded on another regulated market |  |  |  |
| Notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	ALBERTSONS COS INC/SAFEWAY INC-144A 3.25000% 20-15.03.26 | 4 605 000.00 | 4 633 781.25 | 0.44 |
| USD	ALBERTSONS COS LLC / SAFEWAY INC-144A 3.50000% 20-15.02.23 | 9 160 000.00 | 9 388 633.60 | 0.89 |
| USD	AMERICAN AIRLINES GROUP INC-144A 5.00000% 19-01.06.22 | 5 210 000.00 | 5 196 975.00 | 0.49 |
| USD	AMERICAN AIRLINES INC-144A 5.50000% 21-20.04.26 | 5 275 000.00 | 5 551 937.50 | 0.53 |
| USD	ARCONIC CORP-144A 6.00000% 20-15.05.25 | 4 875 000.00 | 5 205 573.75 | 0.50 |
| USD	AVIS BUDGET CAR RENT LLC/FIN INC-144A 5.25000% 15-15.03.25 | 3 400 000.00 | 3 463 750.00 | 0.33 |
| USD	BEACON ROOFING SUPPLY INC-144A 4.50000% 19-15.11.26 | 6 895 000.00 | 7 196 656.25 | 0.68 |
| USD	BERRY GLOBAL INC-144A 4.87500% 19-15.07.26 | 5 470 000.00 | 5 777 687.50 | 0.55 |
| USD	BOYD GAMING CORP 6.00000% 18-15.08.26 | 4 220 000.00 | 4 386 268.00 | 0.42 |
| USD	BOYD GAMING CORP-144A 8.62500% 20-01.06.25 | 6 040 000.00 | 6 644 000.00 | 0.63 |
| USD	CAESARS ENTERTAINMENT INC-144A 6.25000% 20-01.07.25 | 5 445 000.00 | 5 738 594.40 | 0.55 |
| USD	CALPINE CORP-144A 5.25000% 16-01.06.26 | 2 644 000.00 | 2 721 416.32 | 0.26 |
| USD	CATALENT PHARMA SOLUTIONS INC-144A 5.00000% 19-15.07.27 | 4 060 000.00 | 4 234 580.00 | 0.40 |
| USD	CCO HOLDINGS LLC/CAPITAL CORP-144A 5.75000% 15-15.02.26 | 7 277 000.00 | 7 524 418.00 | 0.72 |
| USD	CCO HOLDINGS LLC/CAPITAL CORP-144A 5.50000% 16-01.05.26 | 2 375 000.00 | 2 455 037.50 | 0.23 |
| USD	CCO HOLDINGS LLC/CAPITAL CORP-144A 5.12500% 17-01.05.27 | 3 825 000.00 | 3 997 125.00 | 0.38 |
| USD	CENOVUS ENERGY INC 3.00000% 12-15.08.22 | 2 250 000.00 | 2 299 772.47 | 0.22 |
| USD	CENTENE CORP 4.25000% 20-15.12.27 | 17 625 000.00 | 18 506 250.00 | 1.76 |
| USD	CENTENE CORP-144A 5.37500% 18-01.06.26 | 1 150 000.00 | 1 197 955.00 | 0.11 |
| USD	CHENIERE ENERGY PARTNERS LP 5.62500% 19-01.10.26 | 3 180 000.00 | 3 311 175.00 | 0.31 |
| USD	CHS/COMMUNITY HEALTH SYSTEMS INC-144A 8.00000% 19-15.03.26 | 7 009 000.00 | 7 502 223.33 | 0.71 |
| USD	CLOUD CRANE LLC-144A 10.12500% 16-01.08.24 | 6 100 000.00 | 6 328 750.00 | 0.60 |
| USD	COGENT COMMUNICATIONS GROUP INC-144A 5.37500% 15-01.03.22 | 2 999 000.00 | 3 051 482.50 | 0.29 |
| USD	COMMSCOPE INC-144A 5.50000% 19-01.03.24 | 4 825 000.00 | 4 963 477.50 | 0.47 |
| USD	CROWN AMERICAS LLC 4.50000% 13-15.01.23 | 6 500 000.00 | 6 833 125.00 | 0.65 |
| USD	CSC HOLDINGS LLC-144A 5.25000% 14-01.06.24 | 9 790 000.00 | 10 609 912.50 | 1.01 |
| USD	DCP MIDSTREAM OPERATING LP-144A 4.75000% 11-30.09.21 | 3 700 000.00 | 3 709 250.00 | 0.35 |
| USD	DELTA AIR LINES INC / SKYMILES LTD-144A 4.50000% 20-20.10.25 | 815 000.00 | 879 996.73 | 0.08 |
| USD	DELTA AIR LINES INC-144A 7.00000% 20-01.05.25 | 9 405 000.00 | 10 936 407.40 | 1.04 |
| USD	DKT FINANCE APS-144A 9.37500% 18-17.06.23 | 4 300 000.00 | 4 406 898.00 | 0.42 |
| USD	EQT CORP-144A 3.12500% 21-15.05.26 | 1 675 000.00 | 1 708 039.38 | 0.16 |
| USD	FIRST QUANTUM MINERALS LTD-144A 6.50000% 18-01.03.24 | 5 906 000.00 | 6 042 576.25 | 0.57 |

UBS (Lux) Bond SICAV – Short Duration High Yield Sustainable (USD) Annual report and audited financial statements as of 31 May 2021
|  | Description | Quantity/ | Valuation in USD | as a % |
| --- | --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |
|  |  |  |  |  |
| USD | GANNETT CO INC-144A 5.50000% 14-15.09.2024 | 1 923 000.00 | 1 966 267.50 | 0.19 |
| USD | GRAY TELEVISION INC-144A 5.87500% 16-15.07.26 | 6 930 000.00 | 7 157 650.50 | 0.68 |
| USD | HANESBRANDS INC-144A 4.62500% 16-15.05.24 | 9 440 000.00 | 10 024 524.80 | 0.95 |
| USD | HANESBRANDS INC-144A 5.37500% 20-15.05.25 | 2 555 000.00 | 2 695 754.95 | 0.26 |
| USD | HESS MIDSTREAM PARTNERS LP-144A 5.62500% 19-15.02.26 | 5 475 000.00 | 5 675 713.50 | 0.54 |
| USD | HILCORP ENERGY I LP/FINANCE CO-144A 5.75000% 15-01.10.25 | 6 965 000.00 | 7 052 062.50 | 0.67 |
| USD | ICAHN ENTERPRISES FINANCE CORP 4.75000% 20-15.09.24 | 5 090 000.00 | 5 304 543.50 | 0.50 |
| USD | LADDER CAPITAL FIN HLDG LLLP/CORP-144A 5.25000% 17-15.03.22 | 4 470 000.00 | 4 509 112.50 | 0.43 |
| USD | LAMB WESTON HOLDINGS INC-144A 4.87500% 16-01.11.26 | 6 707 000.00 | 6 947 445.95 | 0.66 |
| USD | LENNAR CORP 5.25000% 18-01.06.26 | 2 585 000.00 | 2 985 675.00 | 0.28 |
| USD | LGI HOMES INC-144A 6.87500% 18-15.07.26 | 4 375 000.00 | 4 554 375.00 | 0.43 |
| USD | LIFEPOINT HEALTH INC-144A 6.75000% 20-15.04.25 | 5 575 000.00 | 5 895 562.50 | 0.56 |
| USD | MATTEL INC 3.15000% 13-15.03.23 | 4 083 000.00 | 4 173 458.87 | 0.40 |
| USD | MEG ENERGY CORP-144A 6.50000% 17-15.01.25 | 5 095 000.00 | 5 266 956.25 | 0.50 |
| USD | MEG ENERGY CORP-144A 7.12500% 20-01.02.27 | 3 825 000.00 | 4 102 312.50 | 0.39 |
| USD | MERITOR INC 6.25000% 14-15.02.24 | 2 043 000.00 | 2 053 930.05 | 0.20 |
| USD | MERITOR INC-144A 6.25000% 20-01.06.25 | 5 925 000.00 | 6 287 906.25 | 0.60 |
| USD | MGM RESORTS INTL 6.00000% 14-15.03.23 | 5 125 000.00 | 5 468 503.12 | 0.52 |
| USD | MUELLER WATER PRODUCTS INC-144A 5.50000% 18-15.06.26 | 4 306 000.00 | 4 428 721.00 | 0.42 |
| USD | NAVIENT CORP 5.50000% 13-25.01.23 | 270 000.00 | 282 487.50 | 0.03 |
| USD | NETFLIX INC 5.75000% 14-01.03.24 | 1 575 000.00 | 1 765 968.75 | 0.17 |
| USD | NEWELL BRANDS INC 4.87500% 20-01.06.25 | 8 390 000.00 | 9 340 922.60 | 0.89 |
| USD | NOVA CHEMICALS CORP-144A 5.00000% 14-01.05.25 | 4 630 000.00 | 4 930 243.92 | 0.47 |
| USD | OI EUROPEAN GROUP BV-144A 4.00000% 17-15.03.23 | 7 210 000.00 | 7 417 287.50 | 0.71 |
| USD | OWENS-BROCKWAY GLASS CONTAINER INC-144A 5.87500% 15-15.08.23 | 8 565 000.00 | 9 218 081.25 | 0.88 |
| USD | PANTHER BF AGGR 2/PANTHER FIN CO-144A 6.25000% 19-15.05.26 | 3 500 000.00 | 3 736 950.00 | 0.36 |
| USD | PERFORMANCE FOOD GROUP INC-144A 6.87500% 20-01.05.25 | 4 000 000.00 | 4 265 000.00 | 0.41 |
| USD | PICASSO FINANCE SUB INC -144A 6.12500% 20-15.06.25 | 11 247 000.00 | 11 865 585.00 | 1.13 |
| USD | PRIME SEC SER BORROWER LLC/FIN INC-144A 5.25000% 19-15.04.24 | 3 025 000.00 | 3 221 625.00 | 0.31 |
| USD | QUINTILES IMS INC-144A 5.00000% 16-15.10.26 | 4 755 000.00 | 4 933 312.50 | 0.47 |
| USD | REALOGY GROUP/CO ISSUER-144A 4.87500% 16-01.06.23 | 5 745 000.00 | 5 974 800.00 | 0.57 |
| USD | SCIENTIFIC GAMES INTERNATIONAL-144A 5.00000% 17-15.10.25 | 8 330 000.00 | 8 579 900.00 | 0.82 |
| USD | SEALED AIR CORP-144A 5.25000% 13-01.04.23 | 3 205 000.00 | 3 377 268.75 | 0.32 |
| USD | SEALED AIR CORP-144A 4.87500% 14-01.12.22 | 1 615 000.00 | 1 681 618.75 | 0.16 |
| USD | SERVICE CORP INTERNATIONAL 8.00000% 09-15.11.21 | 3 620 000.00 | 3 739 460.00 | 0.36 |
| USD | SIRIUS XM RADIO INC-144A 5.37500% 16-15.07.26 | 5 880 000.00 | 6 064 514.40 | 0.58 |
| USD | SIRIUS XM RADIO INC-144A 3.87500% 17-01.08.22 | 6 583 000.00 | 6 611 899.37 | 0.63 |
| USD | SIRIUS XM RADIO INC-144A 4.62500% 19-15.07.24 | 8 355 000.00 | 8 563 875.00 | 0.81 |
| USD | SUNOCO LP/FINANCE CORP 5.50000% 18-15.02.26 | 2 745 000.00 | 2 828 448.00 | 0.27 |
| USD | TAYLOR MOR/MOR HOLDINGS II INC-144A 5.62500% 14-01.03.24 | 2 210 000.00 | 2 402 292.10 | 0.23 |
| USD | TEGNA INC-144A 4.75000% 20-15.03.26 | 6 615 000.00 | 7 025 923.80 | 0.67 |
| USD | TENET HEALTHCARE CORP-144A 4.62500% 19-01.09.24 | 5 375 000.00 | 5 495 937.50 | 0.52 |
| USD | TERRAFORM POWER OPERATING LLC-144A 4.25000% 17-31.01.23 | 16 656 000.00 | 17 144 020.80 | 1.63 |
| USD | TRANSDIGM INC-144A 6.25000% 19-15.03.26 | 3 250 000.00 | 3 425 760.00 | 0.33 |
| USD | TRANSDIGM INC-144A 8.00000% 20-15.12.25 | 8 225 000.00 | 8 896 242.25 | 0.85 |
| USD | TRI POINTE HOLDINGS INC 5.87500% 15-15.06.24 | 7 630 000.00 | 8 471 131.20 | 0.81 |
| USD | UNITED AIRLINES INC-144A 4.37500% 21-15.04.28 | 1 095 000.00 | 1 134 693.75 | 0.11 |
| USD | VALEANT PHARMACEUTICALS INTL-144A 7.00000% 17-15.03.24 | 2 496 000.00 | 2 548 166.40 | 0.24 |
| USD | VALEANT PHARMACEUTICALS INTL-144A 9.25000% 18-01.04.26 | 8 585 000.00 | 9 271 800.00 | 0.88 |
| USD | VICI PROPERTIES LP /VCI NTE CO INC-144A 4.25000% 19-01.12.26 | 4 140 000.00 | 4 259 025.00 | 0.40 |
| USD | VICI PROPERTIES LP /VCI NTE CO INC-144A 3.50000% 20-15.02.25 | 6 265 000.00 | 6 381 529.00 | 0.61 |
| USD | VIDEOTRON LTD-144A 5.37500% 14-15.06.24 | 7 220 000.00 | 7 878 825.00 | 0.75 |
| USD | VIDEOTRON LTEE 5.00000% 12-15.07.22 | 4 000 000.00 | 4 150 000.00 | 0.39 |
| USD | VIRGIN AUSTRALIA HOLD-144A *DEFAULTED* 7.87500% 16-15.10.21 | 95 000.00 | 8 668.75 | 0.00 |
| USD | VISTRA OPERATIONS CO LLC-144A 5.50000% 18-01.09.26 | 8 580 000.00 | 8 858 354.93 | 0.84 |
| USD | WILLIAM CARTER CO-144A 5.50000% 20-15.05.25 | 4 699 000.00 | 4 951 571.25 | 0.47 |
| USD | WR GRACE & CO-CONN-144A 5.62500% 14-01.10.24 | 1 675 000.00 | 1 842 500.00 | 0.18 |
| Total USD |  |  | 485 499 891.39 | 46.19 |
| Total Notes, fixed rate |  | 485 499 891.39 | 46.19 |
| Notes, floating rate |  |  |  |
| USD |  |  |  |
| USD	WESTERN MIDSTREAM OPERATING LP 3M LIBOR+185BP 20-13.01.23 | 5 405 000.00 | 5 391 600.30 | 0.52 |
| Total USD |  | 5 391 600.30 | 0.52 |
| Total Notes, floating rate |  | 5 391 600.30 | 0.52 |
| Bonds, fixed rate |  |  |  |
| USD |  |  |  |
| USD	CONTINENTAL RESOURCES INC 4.50000% 13-15.04.23 | 4 740 000.00 | 4 948 560.00 | 0.47 |
| Total USD |  | 4 948 560.00 | 0.47 |
| Total Bonds, fixed rate |  | 4 948 560.00 | 0.47 |
| Total Transferable securities and money market instruments traded on another regulated market |  | 495 840 051.69 | 47.18 |

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 | ARAMARK SERVICES INC-144A 6.37500% 20-01.05.25 | 7 108 000.00 | 7 552 250.00 | 0.72 |
| USD | ARDAGH PACKAGING FINANCE PLC-144A 5.25000% 20-30.04.25 | 8 210 000.00 | 8 610 237.50 | 0.82 |
| USD | CASCADES INC/CASCADES USA INC-144A 5.12500% 19-15.01.26 | 4 220 000.00 | 4 473 200.00 | 0.42 |
| USD | CDW LLC/CDW FINANCE CORP 4.12500% 20-01.05.25 | 5 845 000.00 | 6 110 889.05 | 0.58 |
| USD | IHS MARKIT LTD-144A 5.00000% 16-01.11.22 | 1 500 000.00 | 1 573 899.91 | 0.15 |
| USD | INTERNATIONAL GAME TECHNOLOGY PLC-144A 4.12500% 21-15.04.26 | 6 705 000.00 | 6 922 912.50 | 0.66 |
| USD | MATTEL INC-144A 3.37500% 21-01.04.26 | 2 845 000.00 | 2 948 842.50 | 0.28 |
| USD | NCR CORP-144A 8.12500% 20-15.04.25 | 1 175 000.00 | 1 280 750.00 | 0.12 |

UBS (Lux) Bond SICAV – Short Duration High Yield Sustainable (USD) Annual report and audited financial statements as of 31 May 2021
|  | Description | Quantity/ | Valuation in USD | as a % |
| --- | --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |
|  |  |  |  |  |
| USD | NORDSTROM INC-144A 2.30000% 21-08.04.24 | 2 100 000.00 | 2 107 568.00 | 0.20 |
| USD | SERVICE PROPERTIES TRUST 7.50000% 20-15.09.25 | 2 545 000.00 | 2 844 863.64 | 0.27 |
| Total USD |  |  | 44 425 413.10 | 4.22 |
| Total Notes, fixed rate |  | 44 425 413.10 | 4.22 |
| Total Transferable securities and money market instruments not listed on an official stock exchange and not traded on another regulated market |  | 44 425 413.10 | 4.22 |
| Recently issued transferable securities and money market instruments |  |  |  |
| Notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	JAGUAR HOLDINGS/PHARMA PROD DEV-144A 4.62500% 20-15.06.25 | 7 515 000.00 | 7 871 962.50 | 0.75 |
| USD	L BRANDS INC-144A 9.37500% 20-01.07.25 | 4 420 000.00 | 5 631 743.00 | 0.54 |
| USD	SQUARE INC-144A 2.75000% 21-01.06.26 | 560 000.00 | 564 536.00 | 0.05 |
| USD	WESCO DISTRIBUTION INC-144A 7.12500% 20-15.06.25 | 5 955 000.00 | 6 431 072.48 | 0.61 |
| Total USD |  | 20 499 313.98 | 1.95 |
| Total Notes, fixed rate |  | 20 499 313.98 | 1.95 |
| Total Recently issued transferable securities and money market instruments |  | 20 499 313.98 | 1.95 |
| Derivative instruments not listed on an official stock exchange and not traded on another | regulated market |  |  |
| Options on other swaps, classic-styled |  |  |  |
| USD |  |  |  |
| USD	GOLDMAN SACH/CDX.NA.HY.36 SWAPTION PUT 106.00000 21-21.07.21 | -12 000 000.00 | -32 104.80 | 0.00 |
| USD	GOLDMAN SACH/CDX.NA.HY.36 SWAPTION PUT 103.00000 21-21.07.21 | -12 000 000.00 | -17 296.80 | 0.00 |
| USD	GOLDMAN SACH/CDX.NA.HY.36 SWAPTION PUT 108.50000 21-21.07.21 | 12 000 000.00 | 69 356.40 | 0.01 |
| Total USD |  | 19 954.80 | 0.01 |
| Total Options on other swaps, classic-styled |  | 19 954.80 | 0.01 |
| Total Derivative instruments not listed on an official stock exchange and not traded on another regulated market |  | 19 954.80 | 0.01 |
| Total investments in securities | 1 | 029 698 283.38 | 97.97 |
| Derivative instruments |  |  |  |
| Derivative instruments listed on an official stock exchange |  |  |  |
| Financial Futures on bonds |  |  |  |
|  |  |  |  |
| USD	US 10YR TREASURY NOTE FUTURE 21.09.21 | -301.00 | -47 031.25 | 0.00 |
| USD	US 5YR TREASURY NOTE FUTURE 30.09.21 | -195.00 | -12 187.50 | -0.01 |
| Total Financial Futures on bonds |  | -59 218.75 | -0.01 |
| Total Derivative instruments listed on an official stock exchange |  | -59 218.75 | -0.01 |
| Total Derivative instruments |  | -59 218.75 | -0.01 |
| Forward Foreign Exchange contracts |  |  |  |
| Currency purchased/Amount purchased/Currency sold/Amount sold/Maturity date |  |  |  |

| USD | 6 221 984.47 | GBP | 4 380 000.00 | 21.6.2021 | -4 324.54 | 0.00 |
| --- | --- | --- | --- | --- | --- | --- |
| EUR | 560 110 900.00 | USD | 684 637 275.79 | 21.6.2021 | 405 839.48 | 0.03 |
| CHF | 65 213 000.00 | USD | 72 759 458.21 | 21.6.2021 | -217 163.25 | -0.02 |
| USD | 72 887 209.94 | EUR | 59 630 000.00 | 21.6.2021 | -43 206.10 | 0.00 |
| USD | 2 136 389.53 | EUR | 1 747 000.00 | 21.6.2021 | -277.20 | 0.00 |
| USD | 254 625.01 | CHF | 228 800.00 | 21.6.2021 | 110.16 | 0.00 |
| USD | 265 257.06 | CHF | 237 500.00 | 21.6.2021 | 1 064.41 | 0.00 |
| Total Forward Foreign Exchange contracts | 142 042.96 | 0.01 |
|  |  |  |
| Cash at banks, deposits on demand and deposit accounts and other liquid assets | 9 001 238.11 | 0.86 |
| Bank overdraft and other short-term liabilities | -1 406.99 | 0.00 |
| Other assets and liabilities | 12 247 395.33 | 1.17 |
| Total net assets | 1 051 028 334.04 | 100.00 |

UBS (Lux) Bond SICAV – Short Duration High Yield Sustainable (USD) Annual report and audited financial statements as of 31 May 2021

Translation (ENDE, 2021-05-31):
# UBS (Lux) Bond SICAV
– Asian Investment Grade Bonds (USD)
| Dreijahresvergleich |  |
| --- | --- |
|  | ISIN | 31.5.2021 |  | 31.5.2020 | 31.5.2019 |
| Nettovermögen in USD |  | 89 439 023.89 |  | 71 802 087.51 | 44 893 595.89 |
| Klasse I-B-acc | LU1377678567 |  |  |  |  |
| Aktien im Umlauf |  | 142 946.0000 |  | 173 273.0000 | 20 000.0000 |
| Nettoinventarwert pro Aktie in USD |  | 128.30 |  | 121.44 | 112.65 |
| Ausgabe- und Rücknahmepreis pro Aktie in USD 1 |  | 128.30 |  | 121.44 | 112.65 |
| Klasse U-X-acc | LU1377216947 |  |  |  |  |
| Aktien im Umlauf |  | 5 522.0000 |  | 4 168.0000 | 3 777.0000 |
| Nettoinventarwert pro Aktie in USD |  | 12 875.47 |  | 12 178.50 | 11 289.55 |
| Ausgabe- und Rücknahmepreis pro Aktie in USD 1 |  | 12 875.47 |  | 12 178.50 | 11 289.55 |
| 1  Siehe Erläuterung 1 |  |  |  |  |  |
| Performance |  |  |  |  |  |
|  |  | Währung | 2020/2021 | 2019/2020 | 2018/2019 |
| Klasse I-B-acc |  | USD | 5.6% | 7.8% | 8.9% |
| Klasse U-X-acc |  | USD | 5.7% | 7.9% | 8.9% |
| Benchmark: JP Morgan Asia Credit Index - Investment Grade |  | USD | 3.3% | 6.9% | 7.7% |
| Die historische Performance stellt keinen Indikator für die laufende oder | zukünftige Performance dar. |  |  |  |  |

Die Performancedaten lassen die bei der Ausgabe und Rücknahme der Aktien erhobenen Kommissionen und Kosten unberücksichtigt. Die Performancedaten sind ungeprüft.

## Bericht des Portfolio Managers
Im Berichtsjahr vom 1. Juni 2020 bis zum 31. Mai 2021 war der Gesamtertrag des Marktes für asiatische Invest- ment-Grade-Anleihen in USD positiv, da sich die Risi- koprämien dank der allgemeinen Interventionen von Zentralbanken erheblich verengten. Zusätzlich wurde der Markt nach den Verwerfungen im ersten Quartal des Jahres 2020 aufgrund der beispiellosen Covid-19- Situation durch fiskalpolitische Impulse unterstützt. Im dritten Quartal 2020 entwickelten sich die asiatischen Kreditmärkte positiv. Diese Entwicklung wurde von der Hoffnung auf eine Erholung, der optimistischen Markt- stimmung und fiskalpolitischen Interventionen in aller Welt getragen. Vor allem China hatte in Bezug auf die Konjunkturerholung nach den schweren Marktstörun- gen zu Beginn des Jahres 2020 einen Vorsprung gegen- über den anderen Ländern. Die fortgesetzten politischen Spannungen zwischen China und den USA sorgten indes für eine erhöhte Volatilität an den Märkten. Die Renditen chinesischer Staatsanleihen standen im gesamten dritten Quartal unter Druck, da der Ausblick der People’s Bank of China (PBoC) nicht so moderat ausfiel wie von den Märkten erhofft. Die asiatischen Hochzinsmärkte been- deten das vierte Quartal mit einem deutlichen Plus, da sie durch positive Impfstoffmeldungen, die fortgesetzt starke Konjunkturerholung in China und die Verabschie- dung eines USD 2300 Mrd. schweren Konjunkturpakets in den USA Rückenwind erhielten. Im ersten Quartal 2021 entwickelten sich asiatische Kredittitel mit Invest- ment-Grade-Rating positiv, da die Anleger angesichts der steigenden Renditen von US-Treasuries und der volati- len Kreditmärkte in China weniger risikoreiche Anlagen bevorzugten.
Der Fonds erzielte im Berichtszeitraum eine positive Per- formance, sowohl absolut als auch im Vergleich zur Ben- chmark. Die wichtigsten positiven Faktoren waren das Durationsmanagement bei USD-Anlagen und das Kre- ditmanagement bei Unternehmensanleihen. Die vorsich- tige Positionierung in chinesischen Quasi-Staatsanleihen und Finanzierungsinstrumenten lokaler Verwaltungen (LGFVs) kam der Performance zugute, da sich die Risiko- prämien in diesem Bereich ausweiteten, nachdem es zu Zahlungsausfällen bei inländischen Staatsunternehmen gekommen war. Im Hinblick auf das Kreditmanagement bei Unternehmensanleihen leistete die Titelauswahl bei Industrie- und Finanzunternehmen, erstklassigen Immo- bilienentwicklern und Versorgern einen positiven Beitrag zur Wertentwicklung. Wir hielten eine kurze USD-Dura- tion im Vergleich zur Benchmark, da wir angesichts der starken Belebung der Wirtschaftsaktivität und der fiskal- politischen Impulse mit höheren Treasury-Renditen rech- neten. Dies kam der Performance im Berichtszeitraum zugute. Unter fundamentalen Gesichtspunkten erhol- ten sich die Bonitätskennzahlen asiatischer Hochzins- Unternehmensanleihen im Laufe des Jahres 2020 von den wirtschaftlichen Störungen im ersten Quartal. Die Anlegernachfrage nach Renditen und Erträgen ist nach wie vor gross, was einen vorteilhaften technischen Hin- tergrund für asiatische Anleihen schafft.
UBS (Lux) Bond SICAV – Asian Investment Grade Bonds (USD) Jahresbericht und geprüfter Jahresabschluss per 31. Mai 2021
UBS (Lux) Bond SICAV – Asian Investment Grade Bonds (USD) Jahresbericht und geprüfter Jahresabschluss per 31. Mai 2021

## Struktur des Wertpapierbestandes
Geographische Aufteilung in % des Nettovermögens	
| Singapur | 17.38 |
| --- | --- |
| Hongkong | 14.06 |
| Cayman-Inseln | 11.00 |
| China | 9.45 |
| Indonesien | 7.42 |
| Südkorea | 6.58 |
| Britische Jungferninseln | 6.38 |
| Philippinen | 5.72 |
| Indien | 3.64 |
| Thailand | 3.40 |
| Malaysia | 2.34 |
| Japan | 2.32 |
| Frankreich | 1.40 |
| Australien | 0.85 |
| Grossbritannien | 0.60 |
| Macau | 0.35 |
| Mexiko | 0.24 |
| Total | 93.13 |

Wirtschaftliche Aufteilung in % des Nettovermögens	
| Finanz- & Beteiligungsgesellschaften | 26.05 |
| --- | --- |
| Banken & Kreditinstitute | 21.32 |
| Länder- & Zentralregierungen | 8.54 |
| Immobilien | 7.59 |
| Energie- & Wasserversorgung | 6.38 |
| Internet, Software & IT-Dienste | 5.15 |
| Diverse Handelsfirmen | 4.43 |
| Erdöl | 2.89 |
| Verkehr & Transport | 2.78 |
| Städte, Gemeinden | 2.60 |
| Grafisches Gewerbe, Verlage & Medien | 1.53 |
| Diverse Dienstleistungen | 1.10 |
| Pfandbriefinstitute & Refinanzierungsgesellschaften | 1.02 |
| Chemie | 0.81 |
| Telekommunikation | 0.70 |
| Bergbau, Kohle & Stahl | 0.24 |
| Total | 93.13 |


## Nettovermögensaufstellung
Aktiva	31.5.2021
USD
Wertpapierbestand, Einstandswert	83 072 520.11
| Wertpapierbestand, nicht realisierte Werterhöhung (-minderung) | 	221 075.07	 |
| --- | --- |
| Total Wertpapierbestand (Erläuterung 1) | 83 293 595.18 |
| Bankguthaben, Sicht- und Fristgelder | 4 439 522.76 |
| Andere liquide Mittel (Margins) | 242 802.87 |
| Forderungen aus Wertpapierverkäufen (Erläuterung 1) | 1 581 206.50 |
| Forderungen aus Zeichnungen | 724 477.28 |
| Zinsforderungen aus Wertpapieren | 697 590.19 |
| Sonstige Forderungen | 37 761.80 |
| Nicht realisierter Kursgewinn aus Finanzterminkontrakten (Erläuterung 1) | 6 429.66 |
| Total Aktiva | 91 023 386.24 |
|  |  |
| Passiva |  |
| Verbindlichkeiten aus Wertpapierkäufen (Erläuterung 1) | -1 575 000.00 |
| Rückstellungen für pauschale Verwaltungskommission (Erläuterung 2) | -1 546.80 |
| Rückstellungen für Abonnementsabgabe (Erläuterung 3) | -1 498.84 |
| Rückstellungen für sonstige Kommissionen und Gebühren (Erläuterung 2) | 	-6 316.71	 |
| Total Rückstellungen für Aufwendungen | -9 362.35 |
| Total Passiva | -1 584 362.35 |
|  |  |
| Nettovermögen am Ende des Geschäftsjahres | 89 439 023.89 |
| Ertrags- und Aufwandsrechnung | USD |
| Erträge | 1.6.2020-31.5.2021 |
| Zinsen auf Wertpapiere | 2 255 998.42 |
| Erträge aus Securities Lending (Erläuterung 16) | 21 489.92 |
| Sonstige Erträge (Erläuterung 4) | 288 032.60 |
| Total Erträge | 2 565 520.94 |
|  |  |
| Aufwendungen |  |
| Pauschale Verwaltungskommission (Erläuterung 2) | -10 518.42 |
| Abonnementsabgabe (Erläuterung 3) | -7 921.18 |
| Kosten aus Securities Lending (Erläuterung 16) | -8 595.97 |
| Sonstige Kommissionen und Gebühren (Erläuterung 2) | -6 166.81 |
| Zinsaufwand auf liquide Mittel und Kontokorrentkredit | -639.00 |
| Total Aufwendungen | -33 841.38 |
|  |  |
| Nettoerträge (-verluste) aus Anlagen | 2 531 679.56 |
|  |  |
| Realisierte Gewinne (Verluste) (Erläuterung 1) |  |
| Realisierter Kursgewinn (-verlust) aus marktbewerteten Wertpapieren ausser Optionen | 1 816 695.51 |
| Realisierter Kursgewinn (-verlust) aus renditebewerteten Wertpapieren und Geldmarktinstrumenten | -1 492.29 |
| Realisierter Kursgewinn (-verlust) aus Finanzterminkontrakten | 763 288.65 |
| Realisierter Währungsgewinn (-verlust) | 1 524.50 |
| Total der realisierten Gewinne (Verluste) | 2 580 016.37 |
|  |  |
| Realisierter Nettogewinn (-verlust) des Geschäftsjahres | 5 111 695.93 |
|  |  |
| Veränderungen der nicht realisierten Werterhöhung (-minderung) (Erläuterung 1) |  |
| Nicht realisierte Werterhöhung (-minderung) marktbewerteter Wertpapiere ausser Optionen | -1 361 326.65 |
| Nicht realisierte Werterhöhung (-minderung) renditebewerteter Wertpapiere und Geldmarktinstrumente | 1 938.00 |
| Nicht realisierte Werterhöhung (-minderung) von Finanzterminkontrakten | -12 046.96 |
| Total der Veränderungen der nicht realisierten Werterhöhung (-minderung) | -1 371 435.61 |
|  |  |
| Nettoerhöhung (-minderung) des Nettovermögens infolge Geschäftstätigkeit | 3 740 260.32 |

UBS (Lux) Bond SICAV – Asian Investment Grade Bonds (USD) Jahresbericht und geprüfter Jahresabschluss per 31. Mai 2021
| Veränderung des Nettovermögens |  |
| --- | --- |
|  | USD |
|  | 1.6.2020-31.5.2021 |
| Nettovermögen zu Beginn des Geschäftsjahres | 71 802 087.51 |
| Zeichnungen | 62 660 911.43 |
| Rücknahmen | 	-48 764 235.37	 |
| Total Mittelzufluss (-abfluss) | 13 896 676.06 |
| Nettoerträge (-verluste) aus Anlagen | 2 531 679.56 |
| Total der realisierten Gewinne (Verluste) | 2 580 016.37 |
| Total der Veränderungen der nicht realisierten Werterhöhung (-minderung) | 	-1 371 435.61	 |
| Nettoerhöhung (-minderung) des Nettovermögens infolge Geschäftstätigkeit | 3 740 260.32 |
| Nettovermögen am Ende des Geschäftsjahres | 89 439 023.89 |
| Entwicklung der Aktien im Umlauf |  |
|  | 1.6.2020-31.5.2021 |
| Klasse | I-B-acc |
| Anzahl der Aktien im Umlauf zu Beginn des Geschäftsjahres | 173 273.0000 |
| Anzahl der ausgegebenen Aktien | 140 122.0000 |
| Anzahl der zurückgegebenen Aktien | -170 449.0000 |
| Anzahl der Aktien im Umlauf am Ende des Geschäftsjahres | 142 946.0000 |
| Klasse | U-X-acc |
| Anzahl der Aktien im Umlauf zu Beginn des Geschäftsjahres | 4 168.0000 |
| Anzahl der ausgegebenen Aktien | 3 498.0000 |
| Anzahl der zurückgegebenen Aktien | -2 144.0000 |
| Anzahl der Aktien im Umlauf am Ende des Geschäftsjahres | 5 522.0000 |

UBS (Lux) Bond SICAV – Asian Investment Grade Bonds (USD) Jahresbericht und geprüfter Jahresabschluss per 31. Mai 2021

## Aufstellung der Wertpapierbestände und anderer Nettovermögenswerte per 31. Mai 2021
| Bezeichnung | Anzahl/ | Bewertung in USD | in % des |
| --- | --- | --- | --- |
|  | Nominal | NR Kursgewinn | Netto- |
|  |  | (-verlust) auf Futures/ | vermögens |
|  |  | Devisentermin- |  |
|  |  | kontrakten/ |  |
|  |  | Swaps (Erl. 1) |  |
| Wertpapiere und Geldmarktinstrumente, die an einer offiziellen Börse gehandelt werden Notes, fester Zins |  |  |  |
| USD |  |  |  |
| USD	AIRPORT AUTHORITY-REG-S 1.62500% 21-04.02.31 | 2 200 000.00 | 2 103 497.66 | 2.35 |
| USD	BAIDU INC 3.07500% 20-07.04.25 | 250 000.00 | 264 462.50 | 0.30 |
| USD	BHARTI AIRTEL LTD-REG-S 3.25000% 21-03.06.31 | 425 000.00 | 417 715.50 | 0.47 |
| USD	CNAC HK FINBRIDGE CO LTD-REG-S 5.12500% 18-14.03.28 | 350 000.00 | 375 987.50 | 0.42 |
| USD	CNAC HK FINBRIDGE CO LTD-REG-S 3.87500% 19-19.06.29 | 350 000.00 | 346 580.50 | 0.39 |
| USD	EXPORT-IMPORT BANK OF CHINA-REG-S 2.87500% 16-26.04.26 | 200 000.00 | 214 162.50 | 0.24 |
| USD	HUTCHINSON WHAMPOA INTL 11 LTSD-REG-S 4.62500% 12-13.01.22 | 200 000.00 | 205 023.90 | 0.23 |
| USD	HUTCHISON WHAMPOA INTL 12 II LTD-REG-S 3.25000% 12-08.11.22 | 200 000.00 | 208 076.90 | 0.23 |
| USD	INDONESIA, REPUBLIC OF-REG-S 5.25000% 12-17.01.42 | 200 000.00 | 243 475.00 | 0.27 |
| USD	JMH CO LTD-REG-S 2.50000% 21-09.04.31 | 1 775 000.00 | 1 776 480.70 | 1.99 |
| USD	KOREA NATIONAL OIL CORP-REG-S 2.37500% 21-07.04.31 | 2 600 000.00 | 2 580 438.12 | 2.89 |
| USD	MEITUAN DIANPING-REG-S 3.05000% 20-28.10.30 | 2 596 000.00 | 2 508 462.88 | 2.80 |
| USD	PHILIPPINES, REPUBLIC OF THE 2.45700% 20-05.05.30 | 400 000.00 | 414 544.00 | 0.46 |
| USD	PHILIPPINES, REPUBLIC OF 2.65000% 20-10.12.45 | 925 000.00 | 843 079.68 | 0.94 |
| USD	POWER SECTOR ASST & LIAB MGT CORP-REG-S 7.39000% 09-02.12.24 | 1 000 000.00 | 1 219 562.50 | 1.36 |
| USD	STATE BANK OF INDIA LONDON-REG-S 4.37500% 19-24.01.24 | 500 000.00 | 538 531.25 | 0.60 |
| USD	WOORI BANK-REG-S 1.75000% 21-23.03.26 | 1 600 000.00 | 1 614 369.28 | 1.81 |
| Total USD |  | 15 874 450.37 | 17.75 |
| Total Notes, fester Zins |  | 15 874 450.37 | 17.75 |
| Notes, variabler Zins |  |  |  |
| USD |  |  |  |
| USD	CHINA DEV BANK FIN LEASING-REG-S-SUB 2.875%/VAR 20-28.09.30 | 1 325 000.00 | 1 337 521.25 | 1.50 |
| USD	IND & COM BK CHINA MACAU-REG-S-SUB 2.875%/VAR 19-12.09.29 | 300 000.00 | 311 868.75 | 0.35 |
| USD	OVERSEA-CHINESE BKNG-REG-S-SUB 1.832%/VAR 20-10.09.30 | 3 000 000.00 | 3 004 800.00 | 3.36 |
| Total USD |  | 4 654 190.00 | 5.21 |
| Total Notes, variabler Zins |  | 4 654 190.00 | 5.21 |
| Medium-Term Notes, fester Zins |  |  |  |
| USD |  |  |  |
| USD	AIRPORT AUTHORITY HONG KONG-REG-S 3.45000% 19-21.02.29 | 200 000.00 | 220 982.00 | 0.25 |
| USD	BANK MANDIRI PERSERO TBK PT-REG-S 4.75000% 20-13.05.25 | 1 000 000.00 | 1 108 312.50 | 1.24 |
| USD	BANK MANDIRI PERSERO TBK PT-REG-S 2.00000% 21-19.04.26 | 625 000.00 | 621 287.50 | 0.69 |
| USD	BANK OF CHINA LTD/PARIS 0.95000% 20-21.09.23 | 1 250 000.00 | 1 252 665.38 | 1.40 |
| USD	BANK OF CHINA/HONG KONG-REG-S 3.62500% 19-17.04.29 | 200 000.00 | 214 162.50 | 0.24 |
| USD	BANK OF EAST ASIA LTD-REG-S-SUB 4.00000% 20-29.05.30 | 400 000.00 | 419 724.00 | 0.47 |
| USD	BDO UNIBANK INC-REG-S 2.12500% 20-13.01.26 | 250 000.00 | 254 765.63 | 0.28 |
| USD	BOC AVIATION LTD-REG-S 3.50000% 19-10.10.24 | 200 000.00 | 212 960.00 | 0.24 |
| USD	BOC AVIATION LTD-REG-S 2.62500% 20-17.09.30 | 1 300 000.00 | 1 266 931.25 | 1.42 |
| USD	BOCOM LEASING MGT HONG KONG-REG-S 4.37500% 19-22.01.24 | 500 000.00 | 536 187.50 | 0.60 |
| USD	CASTLE PEAK POWER FINANCE CO LTD-REG-S 2.20000% 20-22.06.30 | 200 000.00 | 195 520.00 | 0.22 |
| USD	CASTLE PEAK POWER FINANCE CO LTD-REG-S 2.12500% 21-03.03.31 | 600 000.00 | 584 190.01 | 0.65 |
| USD	CDBL FUNDING 2-REG-S 2.00000% 21-04.03.26 | 1 200 000.00 | 1 191 888.00 | 1.33 |
| USD	CITIC LTD-REG-S 2.85000% 20-25.02.30 | 500 000.00 | 500 406.26 | 0.56 |
| USD	CITIC LTD-REG-S 4.00000% 18-11.01.28 | 500 000.00 | 545 406.25 | 0.61 |
| USD	CLP POWER HONG KONG FINANCING LTD-REG-S 2.12500% 20-30.06.30 | 575 000.00 | 562 735.25 | 0.63 |
| USD	CMB INTERNATIONAL LEASING MGT LTD-REG-S 2.75000% 20-12.08.30 | 875 000.00 | 846 453.13 | 0.95 |
| USD	FAR EAST HORIZON LTD-REG-S 2.62500% 21-03.03.24 | 850 000.00 | 846 812.50 | 0.95 |
| USD	GC TREASURY CENTER CO LTD-REG-S 2.98000% 21-18.03.31 | 600 000.00 | 600 720.00 | 0.67 |
| USD	GC TREASURY CENTER CO LTD-REG-S 4.30000% 21-18.03.51 | 525 000.00 | 550 856.25 | 0.62 |
| USD	HUARONG FINANCE-REG-S 3.75000% 19-29.05.24 | 275 000.00 | 187 687.50 | 0.21 |
| USD	ICBCIL FINANCE CO LTD-REG-S 3.62500% 16-19.05.26 | 250 000.00 | 268 437.50 | 0.30 |
| USD	INDONESIA, REPUBLIC OF-REG-S 3.85000% 17-18.07.27 | 2 800 000.00 | 3 113 775.00 | 3.48 |
| USD	INDONESIA, REPUBLIC OF-REG-S 4.75000% 17-18.07.47 | 550 000.00 | 636 728.12 | 0.71 |
| USD	INDUSTRIAL COMMERCIAL BANK CHINA-REG-S 1.20000% 20-09.09.25 | 325 000.00 | 322 928.13 | 0.36 |
| USD	NAN FUNG TREASURY LTD-REG-S 3.87500% 17-03.10.27 | 250 000.00 | 264 900.00 | 0.30 |
| USD	NAN FUNG TREASURY LTD-REG-S 5.00000% 18-05.09.28 | 1 000 000.00 | 1 109 040.00 | 1.24 |
| USD	NWD MTN LTD-REG-S 4.50000% 20-19.05.30 | 200 000.00 | 212 012.68 | 0.24 |
| USD	OVERSEA-CHINESE BANKING CORP-REG-S-SUB 4.25000% 14-19.06.24 | 700 000.00 | 764 443.75 | 0.85 |
| USD	PETRONAS CAPITAL LTD-REG-S 3.40400% 21-28.04.61 | 1 875 000.00 | 1 845 468.75 | 2.06 |
| USD	PTT TREASURY CENTER CO LTD-REG-S 3.70000% 20-16.07.70 | 1 350 000.00 | 1 288 659.38 | 1.44 |
| USD	PTT TREASURY CENTER CO LTD-REG-S 4.50000% 19-25.10.42 | 553 000.00 | 604 083.37 | 0.68 |
| USD	REC LTD-REG-S 2.25000% 21-01.09.26 | 2 700 000.00 | 2 637 276.57 | 2.95 |
| USD	SANTOS FIN LTD-REG-S 4.12500% 17-14.09.27 | 500 000.00 | 537 011.40 | 0.60 |
| USD	SANTOS FINANCE LTD-REG-S 5.25000% 19-13.03.29 | 200 000.00 | 223 643.28 | 0.25 |
| USD	SHINHAN FIN GROUP CO LTD-REG-S 1.35000% 20-10.01.26 | 925 000.00 | 922 465.50 | 1.03 |
| USD	SIAM COMMERCIAL BK CAYMAN ISLAND-REG-S 2.75000% 17-16.05.23 | 525 000.00 | 544 129.69 | 0.61 |
| USD	SIAM COMMERCIAL BK CAYMAN ISLAND-REG-S 4.40000% 19-11.02.29 | 375 000.00 | 425 226.57 | 0.48 |
| USD	SINGAPORE AIRLINES LTD-REG-S 3.00000% 21-20.07.26 | 2 450 000.00 | 2 488 097.50 | 2.78 |
| USD	SINGTEL GROUP TREASURY PTE LTD-REG-S 3.25000% 15-30.06.25 | 200 000.00 | 216 791.84 | 0.24 |
| USD	SINGTEL GROUP TREASURY PTE LTD-REG-S 3.87500% 18-28.08.28 | 350 000.00 | 393 720.00 | 0.44 |
| USD	SINGTEL GROUP TREASURY PTE LTD-REG-S 1.87500% 20-10.06.30 | 1 400 000.00 | 1 372 066.78 | 1.53 |
| USD	SP POWERASSETS LTD-REG-S 3.25000% 15-24.11.25 | 200 000.00 | 219 419.50 | 0.25 |
| USD	STATE BANK OF INDIA/LONDON-REG-S 1.80000% 21-13.07.26 | 200 000.00 | 198 293.38 | 0.22 |
| USD	STATE GRID OVERSEAS INVESTMENT-REG-S 3.50000% 17-04.05.27 | 200 000.00 | 220 537.50 | 0.25 |
| USD	SUN HUNG KAI PROP CAP MRKT LTD-REG-S 2.87500% 20-21.01.30 | 400 000.00 | 412 596.00 | 0.46 |
| USD	SUN HUNG KAI PROPERTIES LTD-REG-S 4.50000% 12-14.02.22 | 200 000.00 | 205 020.00 | 0.23 |
| USD	SWIRE PROPERTIES MTN FINANCING-REG-S 3.62500% 16-13.01.26 | 1 550 000.00 | 1 676 976.00 | 1.87 |
| USD	TEMASEK FINANCIAL I LTD-REG-S 2.50000% 20-06.10.70 | 600 000.00 | 561 716.04 | 0.63 |
| USD	TENCENT HOLDINGS LTD-REG-S 3.92500% 18-19.01.38 | 200 000.00 | 211 725.00 | 0.24 |

UBS (Lux) Bond SICAV – Asian Investment Grade Bonds (USD) Jahresbericht und geprüfter Jahresabschluss per 31. Mai 2021
|  | Bezeichnung | Anzahl/ | Bewertung in USD | in % des |
| --- | --- | --- | --- | --- |
|  | Nominal | NR Kursgewinn | Netto- |
|  |  | (-verlust) auf Futures/ | vermögens |
|  |  | Devisentermin- |  |
|  |  | kontrakten/ |  |
|  |  | Swaps (Erl. 1) |  |
|  |  |  |  |  |
| USD | TENCENT HOLDINGS LTD-REG-S 2.39000% 20-03.06.30 | 1 175 000.00 | 1 156 881.50 | 1.29 |
| USD | TENCENT HOLDINGS LTD-REG-S 3.84000% 21-22.04.51 | 1 800 000.00 | 1 835 532.00 | 2.05 |
| USD | WHEELOCK MTN BVI LTD-REG-S 2.37500% 21-25.01.26 | 575 000.00 | 576 098.25 | 0.64 |
| Total USD |  |  | 40 186 354.39 | 44.93 |
| Total Medium-Term Notes, fester Zins |  | 40 186 354.39 | 44.93 |
| Medium-Term Notes, variabler Zins |  |  |  |
| USD |  |  |  |
| USD	DAH SING BANK LTD-REG-S-SUB 4.250%/VAR 16-30.11.26 | 2 100 000.00 | 2 119 277.58 | 2.37 |
| USD	DBS GROUP HOLDINGS LTD-REG-S-SUB 4.520%/VAR 18-11.12.28 | 200 000.00 | 216 234.00 | 0.24 |
| USD	DBS GROUP HOLDINGS LTD-REG-S-SUB 3.600%/VAR 16-PRP | 2 050 000.00 | 2 062 226.20 | 2.31 |
| USD	HUARONG FINANCE 2019 CO LTD-REG-S 3M LIBOR+125BP 20-24.02.25 | 400 000.00 | 256 125.00 | 0.29 |
| USD	SHINHAN FIN GROUP CO LTD-REG-S-SUB 3.340%/VAR 19-05.02.30 | 525 000.00 | 550 528.12 | 0.61 |
| USD	UNITED OVERSEAS BANK LTD-REG-S-SUB 3.750%/VAR 19-15.04.29 | 400 000.00 | 427 753.48 | 0.48 |
| USD	UNITED OVERSEAS BANK LTD-REG-S-SUB 3.500%/VAR 16-16.09.26 | 2 000 000.00 | 2 014 161.40 | 2.25 |
| USD	WING LUNG BANK LTD-REG-S-SUB 3.750%/H15T5Y+175BP 17-22.11.27 | 200 000.00 | 204 922.00 | 0.23 |
| Total USD |  | 7 851 227.78 | 8.78 |
| Total Medium-Term Notes, variabler Zins |  | 7 851 227.78 | 8.78 |
| Anleihen, fester Zins |  |  |  |
| USD |  |  |  |
| USD	CMHI FINANCE BVI CO LTD-REG-S 5.00000% 18-06.08.28 | 250 000.00 | 282 109.38 | 0.32 |
| USD	COUNTRY GARDEN HOLDINGS CO LTD-REG-S 6.15000% 19-17.09.25 | 300 000.00 | 329 625.00 | 0.37 |
| USD	COUNTRY GARDEN HOLDINGS CO LTD-REG-S 5.62500% 20-14.01.30 | 1 650 000.00 | 1 791 075.00 | 2.00 |
| USD	COUNTRY GARDEN HOLDINGS CO LTD-REG-S 5.40000% 20-27.05.25 | 1 650 000.00 | 1 766 325.00 | 1.97 |
| USD	HKT CAPITAL NO 5 LTD-REG-S 3.25000% 19-30.09.29 | 200 000.00 | 209 206.00 | 0.23 |
| USD	ITOCHU CORP-REG-S 1.56400% 21-30.03.26 | 2 050 000.00 | 2 072 087.93 | 2.32 |
| USD	LONGFOR PROPERTIES-REG-S 3.85000% 20-13.01.32 | 400 000.00 | 415 825.00 | 0.46 |
| USD	MALAYSIA WAKALA SUKUK BHD-REG-S 3.07500% 21-28.04.51 | 250 000.00 | 250 733.73 | 0.28 |
| USD	MINERA Y METALURGICA DEL BOLEO-REG-S 3.25000% 19-17.04.24 | 200 000.00 | 212 662.50 | 0.24 |
| USD	NWD MTN LTD-REG-S 4.12500% 19-18.07.29 | 525 000.00 | 540 608.25 | 0.60 |
| USD	PERUSAHAAN PENERBIT SBSN-REG-S 4.15000% 17-29.03.27 | 225 000.00 | 251 128.12 | 0.28 |
| USD	PERUSAHAAN PENERBIT SBSN-REG-S 3.80000% 20-23.06.50 | 650 000.00 | 661 293.75 | 0.74 |
| USD	PHILIPPINES, REPUBLIC OF THE 3.70000% 16-01.03.41 | 2 250 000.00 | 2 386 828.13 | 2.67 |
| USD	SHIMAO PROPERTY HOLDINGS LIMITED-REG-S 5.20000% 18-30.01.25 | 2 000 000.00 | 2 076 000.00 | 2.32 |
| USD	TALENT YIELD INTERNATIONAL LTD-REG-S 3.12500% 21-06.05.31 | 500 000.00 | 506 168.85 | 0.57 |
| USD	WOORI BANK-REG-S-SUB 4.75000% 14-30.04.24 | 200 000.00 | 220 100.00 | 0.25 |
| Total USD |  | 13 971 776.64 | 15.62 |
| Total Anleihen, fester Zins |  | 13 971 776.64 | 15.62 |
| Anleihen, variabler Zins |  |  |  |
| USD |  |  |  |
| USD	BANK OF CHINA HONG KONG LTD-REG-S-SUB 5.900%/VAR 18-PRP | 500 000.00 | 538 750.00 | 0.60 |
| Total USD |  | 538 750.00 | 0.60 |
| Total Anleihen, variabler Zins | 538 750.00 | 0.60 |
| Total Wertpapiere und Geldmarktinstrumente, die an einer offiziellen Börse gehandelt werden | 83 076 749.18 | 92.89 |
| Wertpapiere und Geldmarktinstrumente, die an einem anderen geregelten Markt gehandelt werden |  |  |
| Notes, fester Zins |  |  |
| USD |  |  |
| USD	ALIBABA GROUP HOLDING LTD 3.60000% 15-28.11.24	200 000.00 | 216 846.00 | 0.24 |
| Total USD | 216 846.00 | 0.24 |
| Total Notes, fester Zins | 216 846.00 | 0.24 |
| Total Wertpapiere und Geldmarktinstrumente, die an einem anderen geregelten Markt gehandelt werden | 216 846.00 | 0.24 |
| Total des Wertpapierbestandes | 83 293 595.18 | 93.13 |
| Derivative Instrumente |  |  |
| Derivative Instrumente, die an einer offiziellen Börse gehandelt werden |  |  |
| Finanzterminkontrakte auf Anleihen |  |  |
|  |  |  |
| USD	US 10YR TREASURY NOTE FUTURE 21.09.21	-75.00 | 4 687.50 | 0.01 |
| USD	US 5YR TREASURY NOTE FUTURE 30.09.21	-59.00 | -1 382.84 | 0.00 |
| USD	US ULTRA LONG BOND (CBT) FUTURE 21.09.21	-10.00 | 3 125.00 | 0.00 |
| Total Finanzterminkontrakte auf Anleihen | 6 429.66 | 0.01 |
| Total Derivative Instrumente, die an einer offiziellen Börse gehandelt werden | 6 429.66 | 0.01 |
| Total Derivative Instrumente | 6 429.66 | 0.01 |
|  |  |  |
| Bankguthaben, Sicht- und Fristgelder und andere liquide Mittel | 4 682 325.63 | 5.24 |
| Andere Aktiva und Passiva | 1 456 673.42 | 1.62 |
| Total des Nettovermögens | 89 439 023.89 | 100.00 |

UBS (Lux) Bond SICAV – Asian Investment Grade Bonds (USD) Jahresbericht und geprüfter Jahresabschluss per 31. Mai 2021