# UBS (Lux) Bond Fund – Asia Flexible (USD)*
| Three-year comparison |  |
| --- | --- |
|  | ISIN | 31.3.2023 | 31.3.2022 | 31.3.2021 |
| Net assets in USD |  | 412 455 055.75 | 611 977 496.21 | 670 960 500.68 |
| Class F-acc 1 | LU0464245496 |  |  |  |
| Units outstanding |  | 100.0000 | 223 852.8440 | 328 115.8620 |
| Net asset value per unit in USD |  | 100.15 | 160.66 | 185.35 |
| Issue and redemption price per unit in USD 2 |  | 100.15 | 160.66 | 185.35 |
| Class (EUR hedged) F-acc | LU0464251627 |  |  |  |
| Units outstanding |  | 5 200.0000 | 88 985.0000 | 122 155.5300 |
| Net asset value per unit in EUR |  | 130.15 | 140.14 | 162.91 |
| Issue and redemption price per unit in EUR 2 |  | 130.15 | 140.14 | 162.91 |
| Class (SGD hedged) F-acc 3 | LU0964819261 |  |  |  |
| Units outstanding |  | 133.0000 | - | 50 825.0000 |
| Net asset value per unit in SGD |  | 100.14 | - | 103.62 |
| Issue and redemption price per unit in SGD 2 |  | 100.14 | - | 103.62 |
| Class I-A1-acc | LU0464245819 |  |  |  |
| Units outstanding |  | 67 269.2760 | 217 099.0880 | 574 626.2000 |
| Net asset value per unit in USD |  | 132.25 | 139.03 | 160.47 |
| Issue and redemption price per unit in USD 2 |  | 132.25 | 139.03 | 160.47 |
| Class (EUR hedged) I-A1-acc | LU2257650221 |  |  |  |
| Units outstanding |  | 61 364.7730 | 81 495.8530 | 100.0000 |
| Net asset value per unit in EUR |  | 79.93 | 86.16 | 100.28 |
| Issue and redemption price per unit in EUR 2 |  | 79.93 | 86.16 | 100.28 |
| Class (GBP hedged) I-A2-dist | LU2215770434 |  |  |  |
| Units outstanding |  | 177 532.0120 | 857 878.1260 | 544 453.3450 |
| Net asset value per unit in GBP |  | 78.53 | 86.44 | 101.24 |
| Issue and redemption price per unit in GBP 2 |  | 78.53 | 86.44 | 101.24 |
| Class I-A3-acc | LU0464246205 |  |  |  |
| Units outstanding |  | 419 945.3750 | 335 008.3750 | 100.0000 |
| Net asset value per unit in USD |  | 81.83 | 85.92 | 99.12 |
| Issue and redemption price per unit in USD 2 |  | 81.83 | 85.92 | 99.12 |
| Class I-A3-dist 4 | LU2478388304 |  |  |  |
| Units outstanding |  | 92 903.7060 | - | - |
| Net asset value per unit in USD |  | 98.85 | - | - |
| Issue and redemption price per unit in USD 2 |  | 98.85 | - | - |
| Class (EUR hedged) I-A3-dist 5 | LU2521230677 |  |  |  |
| Units outstanding |  | 8 826.3080 | - | - |
| Net asset value per unit in EUR |  | 102.13 | - | - |
| Issue and redemption price per unit in EUR 2 |  | 102.13 | - | - |
| Class (GBP hedged) I-A3-dist 5 | LU2521230750 |  |  |  |
| Units outstanding |  | 856 827.5860 | - | - |
| Net asset value per unit in GBP |  | 103.20 | - | - |
| Issue and redemption price per unit in GBP 2 |  | 103.20 | - | - |
| Class I-B-acc | LU1881004490 |  |  |  |
| Units outstanding |  | 369 881.0000 | 474 210.0000 | 490 130.0000 |
| Net asset value per unit in USD |  | 103.52 | 108.30 | 124.49 |
| Issue and redemption price per unit in USD 2 |  | 103.52 | 108.30 | 124.49 |
| Class I-X-acc | LU0464246890 |  |  |  |
| Units outstanding |  | 261 455.7820 | 365 139.3860 | 96 676.6320 |
| Net asset value per unit in USD |  | 157.70 | 164.78 | 189.19 |
| Issue and redemption price per unit in USD 2 |  | 157.70 | 164.78 | 189.19 |
| Class I-X-dist | LU0464246627 |  |  |  |
| Units outstanding |  | 26 980.0000 | 26 980.0000 | 77 599.9850 |
| Net asset value per unit in USD |  | 85.63 | 93.53 | 114.08 |
| Issue and redemption price per unit in USD 2 |  | 85.63 | 93.53 | 114.08 |
| Class K-B-acc 6 | LU2333664980 |  |  |  |
| Units outstanding |  | 225 090.2700 | 305 090.2700 | - |
| Net asset value per unit in USD |  | 81.36 | 85.14 | - |
| Issue and redemption price per unit in USD 2 |  | 81.36 | 85.14 | - |
| Class (EUR hedged) N-acc | LU0464250819 |  |  |  |
| Units outstanding | 11 225.7140 | 15 744.7700 | 14 018.7260 |
| Net asset value per unit in EUR | 102.99 | 112.16 | 131.88 |
| Issue and redemption price per unit in EUR 2 | 102.99 | 112.16 | 131.88 |
| 1  The unit class F-acc was in circulation until 13.4.2022 - reactivated 23.3.2023 2  See note 1 3  The unit class (SGD hedged) F-acc was in circulation until 29.3.2022 - reactivated 23.3.2023 4  First NAV: 23.5.2022 5  First NAV: 8.9.2022 6  First NAV: 6.7.2021 |  |  |  |

UBS (Lux) Bond Fund – Asia Flexible (USD)*
- formerly UBS (Lux) Bond Fund – Full Cycle Asian Bond (USD)Annual report and audited financial statement as of 31 March 2023

|  | ISIN | 31.3.2023 | 31.3.2022 | 31.3.2021 |
| --- | --- | --- | --- | --- |
|  |  |  |  |  |
| Class P-acc | LU0464244333 |  |  |  |
| Units outstanding |  | 221 542.4260 | 249 429.2450 | 316 817.3310 |
| Net asset value per unit in USD |  | 136.44 | 144.49 | 168.13 |
| Issue and redemption price per unit in USD 2 |  | 136.44 | 144.49 | 168.13 |
| Class (EUR hedged) P-acc | LU0464250652 |  |  |  |
| Units outstanding |  | 227 107.7810 | 284 373.4010 | 308 087.3580 |
| Net asset value per unit in EUR |  | 118.22 | 128.42 | 150.60 |
| Issue and redemption price per unit in EUR 2 |  | 118.22 | 128.42 | 150.60 |
| Class (SGD hedged) P-acc | LU0464247518 |  |  |  |
| Units outstanding |  | 4 141.4210 | 3 953.3540 | 6 538.3690 |
| Net asset value per unit in SGD |  | 129.20 | 137.36 | 159.68 |
| Issue and redemption price per unit in SGD 2 |  | 129.20 | 137.36 | 159.68 |
| Class (EUR hedged) P-dist | LU0464250496 |  |  |  |
| Units outstanding |  | 58 770.0350 | 64 411.8060 | 60 033.6140 |
| Net asset value per unit in EUR |  | 79.24 | 88.80 | 106.45 |
| Issue and redemption price per unit in EUR 2 |  | 79.24 | 88.80 | 106.45 |
| Class P-mdist | LU0464244259 |  |  |  |
| Units outstanding |  | 238 818.7040 | 281 425.5760 | 399 283.9970 |
| Net asset value per unit in USD |  | 75.38 | 82.93 | 100.09 |
| Issue and redemption price per unit in USD 2 |  | 75.38 | 82.93 | 100.09 |
| Class (SGD hedged) P-mdist | LU0464247435 |  |  |  |
| Units outstanding |  | 59 016.8060 | 65 607.1140 | 86 224.2390 |
| Net asset value per unit in SGD |  | 74.52 | 82.20 | 99.30 |
| Issue and redemption price per unit in SGD 2 |  | 74.52 | 82.20 | 99.30 |
| Class Q-acc | LU0464245652 |  |  |  |
| Units outstanding |  | 76 571.0600 | 107 437.5630 | 181 844.0360 |
| Net asset value per unit in USD |  | 108.84 | 114.66 | 132.72 |
| Issue and redemption price per unit in USD 2 |  | 108.84 | 114.66 | 132.72 |
| Class (EUR hedged) Q-acc | LU0464251973 |  |  |  |
| Units outstanding |  | 92 392.7160 | 93 128.1490 | 233 991.2350 |
| Net asset value per unit in EUR |  | 95.84 | 103.56 | 120.82 |
| Issue and redemption price per unit in EUR 2 |  | 95.84 | 103.56 | 120.82 |
| Class (EUR hedged) Q-dist | LU0464251890 |  |  |  |
| Units outstanding |  | 31 770.5650 | 1 063 229.6110 | 678 287.1150 |
| Net asset value per unit in EUR |  | 76.82 | 86.62 | 103.90 |
| Issue and redemption price per unit in EUR 2 |  | 76.82 | 86.62 | 103.90 |
| Class (GBP hedged) Q-dist | LU2215770780 |  |  |  |
| Units outstanding |  | 27 091.9800 | 13 934.6410 | 5 886.3280 |
| Net asset value per unit in GBP |  | 80.12 | 87.07 | 101.84 |
| Issue and redemption price per unit in GBP 2 |  | 80.12 | 87.07 | 101.84 |
| Class Q-mdist | LU0464245579 |  |  |  |
| Units outstanding |  | 38 999.1000 | 42 672.9890 | 71 003.9970 |
| Net asset value per unit in USD |  | 82.63 | 90.41 | 108.59 |
| Issue and redemption price per unit in USD 2 |  | 82.63 | 90.41 | 108.59 |
| Class U-X-UKdist-mdist | LU1896727721 |  |  |  |
| Units outstanding |  | 1 411.9870 | 1 503.9870 | 1 192.9870 |
| Net asset value per unit in USD |  | 8 707.85 | 9 301.89 | 10 962.14 |
| Issue and redemption price per unit in USD 2 |  | 8 707.85 | 9 301.89 | 10 962.14 |
| 2  See note 1 |  |  |  |  |

UBS (Lux) Bond Fund – Asia Flexible (USD)*
* formerly UBS (Lux) Bond Fund – Full Cycle Asian Bond (USD)
Annual report and audited financial statement as of 31 March 2023
| Performance |  |
| --- | --- |
|  | Currency | 2022/2023 | 2021/2022 | 2020/2021 |
| Class F-acc 1 | USD | - | -13.3% | 11.3% |
| Class (EUR hedged) F-acc | EUR | -7.1% | -14.0% | 10.1% |
| Class (SGD hedged) F-acc 2 | SGD | - | - | 11.1% |
| Class I-A1-acc | USD | -4.9% | -13.4% | 10.2% |
| Class (EUR hedged) I-A1-acc | EUR | -7.2% | -14.1% | - |
| Class (GBP hedged) I-A2-dist | GBP | -5.6% | -13.5% | - |
| Class I-A3-acc | USD | -4.8% | -13.3% | - |
| Class I-A3-dist 3 | USD | - | - | - |
| Class (EUR hedged) I-A3-dist 3 | EUR | - | - | - |
| Class (GBP hedged) I-A3-dist 3 | GBP | - | - | - |
| Class I-B-acc | USD | -4.4% | -13.0% | 10.8% |
| Class I-X-acc | USD | -4.3% | -12.9% | 11.0% |
| Class I-X-dist | USD | -4.3% | -12.9% | 11.0% |
| Class K-B-acc | USD | -4.4% | - | - |
| Class (EUR hedged) N-acc | EUR | -8.2% | -15.0% | 8.8% |
| Class P-acc | USD | -5.6% | -14.1% | 10.2% |
| Class (EUR hedged) P-acc | EUR | -7.9% | -14.7% | 9.0% |
| Class (SGD hedged) P-acc | SGD | -5.9% | -14.0% | 10.0% |
| Class (EUR hedged) P-dist | EUR | -7.9% | -14.7% | 9.0% |
| Class P-mdist | USD | -5.6% | -14.1% | 10.1% |
| Class (SGD hedged) P-mdist | SGD | -5.9% | -14.0% | 10.0% |
| Class Q-acc | USD | -5.1% | -13.6% | 10.9% |
| Class (EUR hedged) Q-acc | EUR | -7.5% | -14.3% | 9.7% |
| Class (EUR hedged) Q-dist | EUR | -7.5% | -14.3% | 9.7% |
| Class (GBP hedged) Q-dist | GBP | -5.9% | -13.7% | - |
| Class Q-mdist | USD | -5.1% | -13.6% | 10.9% |
| Class U-X-UKdist-mdist Benchmark: 4 | USD | -4.3% | -12.9% | 11.0% |
| JP Morgan Asia Credit Index (JACI) | USD | -2.6% | -7.5% | 9.0% |
| JP Morgan Asia Credit Index (JACI) (hedged EUR) | EUR | -5.4% | -8.4% | 7.8% |
| JP Morgan Asia Credit Index (JACI) (hedged GBP) | GBP | -3.8% | -7.7% | - |
| JP Morgan Asia Credit Index (JACI) (hedged SGD) | SGD | -3.3% | -7.4% | 8.8% |
| 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 units. The performance data were not audited.
1 
The unit class F-acc was in circulation until 13.4.2022 - reactivated 23.3.2023. Due to this fact, there is no data for the calculation of the performance available.
2 
The unit class (SGD hedged) F-acc was in circulation until 29.3.2022 - reactivated 23.3.2023. Due to this fact, there is no data for the calculation of the performance available.
3 
Due to the recent launch, there is no data for the calculation of the performance available.
4 
The subfund is actively managed. The index is a point of reference against which the performance of the subfund may be measured.
UBS (Lux) Bond Fund – Asia Flexible (USD)*
- formerly UBS (Lux) Bond Fund – Full Cycle Asian Bond (USD)Annual report and audited financial statement as of 31 March 2023


#### Report of the Portfolio Manager
The Asian USD credit space performance was negative over the financial year from 1 April 2022 to 31 March 2023, largely driven by the rise in US treasuries while spreads widened slightly in both the IG and HY markets during the reporting period. The moves in the Asian USD bond market over the reporting period can be largely attributed to China’s policy stance towards the technol- ogy platform, gaming and real estate sectors leading to a sell-off in markets starting from Q1 2022. Subsequently, the Ukraine-Russia war contributed to broad-based risk aversion, elevated inflation prints across the world result- ing in a volatile market on the back of increasing reces- sion risks.
Fund performance over the reporting period was cor- respondingly negative, reflecting the broad Asian USD bond market. As the Asian USD bond market has a com- paratively shorter duration than some of its counterparts (for example in developed markets), the negative impact from duration on the Asian credit market is lower. The subfund posted a negative performance in the financial year given the underlying market movements described above.

#### Structure of the Securities Portfolio
Geographical Breakdown as a % of net assets	
Hong Kong	14.51
| South Korea | 11.26 |
| --- | --- |
| British Virgin Islands | 10.35 |
| Cayman Islands | 9.34 |
| China | 6.69 |
| Indonesia | 6.25 |
| Singapore | 5.26 |
| India | 5.00 |
| Luxembourg | 4.94 |
| United Kingdom | 3.94 |
| Philippines | 3.80 |
| Japan | 2.39 |
| Thailand | 2.26 |
| Malaysia | 1.87 |
| Australia | 1.85 |
| United States | 1.09 |
| France | 0.74 |
| Macau | 0.60 |
| Sri Lanka | 0.37 |
| Mauritius | 0.29 |
| The Netherlands | 0.27 |
| Mexico | 0.26 |
| Pakistan | 0.25 |
| Canada | 0.23 |
| Isle of Man | 0.21 |
| Mongolia | 0.15 |
| Vietnam | 0.12 |
| Chile | 0.09 |
| Jersey | 0.06 |
| Bermuda | 0.05 |
| Total | 94.49 |

Economic Breakdown as a % of net assets	
| Finance & holding companies | 25.80 |
| --- | --- |
| Banks & credit institutions | 21.72 |
| Investment funds | 8.41 |
| Countries & central governments | 7.23 |
| Petroleum | 3.34 |
| Real Estate | 3.30 |
| Internet, software & IT services | 2.84 |
| Mining, coal & steel | 2.59 |
| Miscellaneous services | 2.45 |
| Miscellaneous unclassified companies | 1.88 |
| Cities & municipal authorities | 1.85 |
| Energy & water supply | 1.77 |
| Telecommunications | 1.77 |
| Chemicals | 1.44 |
| Miscellaneous trading companies | 1.39 |
| Insurance | 1.25 |
| Lodging, catering & leisure | 1.14 |
| Building industry & materials | 0.83 |
| Mortgage & funding institutions | 0.82 |
| Traffic & transportation | 0.71 |
| Computer hardware & network equipment providers | 0.58 |
| Graphic design, publishing & media | 0.57 |
| Food & soft drinks | 0.50 |
| Electronics & semiconductors | 0.31 |
| Total | 94.49 |

UBS (Lux) Bond Fund – Asia Flexible (USD)*
* formerly UBS (Lux) Bond Fund – Full Cycle Asian Bond (USD)
Annual report and audited financial statement as of 31 March 2023

#### Statement of Net Assets
USD
Assets	31.3.2023
Investments in securities, cost	440 838 896.10
| Investments in securities, unrealized appreciation (depreciation) | 	-51 112 712.34	 |
| --- | --- |
| Total investments in securities (Note 1) | 389 726 183.76 |
| Cash at banks, deposits on demand and deposit accounts | 15 225 690.07 |
| Other liquid assets (Margins) | 439 100.79 |
| Receivable on securities sales (Note 1) | 8 277 047.21 |
| Receivable on subscriptions | 225 814.82 |
| Interest receivable on securities | 3 619 509.52 |
| Prepaid expenses | 125 550.38 |
| Unrealized gain on financial futures (Note 1) | 631 890.60 |
| Unrealized gain on forward foreign exchange contracts (Note 1) | 4 989 967.59 |
| Total Assets | 423 260 754.74 |
|  |  |
| Liabilities |  |
| Payable on securities purchases (Note 1) | -8 495 844.85 |
| Payable on redemptions | -1 948 751.07 |
| Provisions for flat fee (Note 2) | -211 754.38 |
| Provisions for taxe d’abonnement (Note 3) | -22 373.84 |
| Provisions for other commissions and fees (Note 2) | 	-126 974.85	 |
| Total provisions | -361 103.07 |
| Total Liabilities | -10 805 698.99 |
|  |  |
| Net assets at the end of the financial year | 412 455 055.75 |
| Statement of Operations | USD |
| Income | 1.4.2022-31.3.2023 |
| Interest on liquid assets | 462 945.66 |
| Interest on securities | 14 356 308.66 |
| Net income on securities lending (Note 14) | 250 847.95 |
| Other income | 1 140 617.85 |
| Total income | 16 210 720.12 |
|  |  |
| Expenses |  |
| Flat fee (Note 2) | -2 687 390.32 |
| Taxe d’abonnement (Note 3) | -101 671.21 |
| Other commissions and fees (Note 2) | -130 755.56 |
| Interest on cash and bank overdraft | -4 140.12 |
| Total expenses | -2 923 957.21 |
|  |  |
| Net income (loss) on investments | 13 286 762.91 |
|  |  |
| Realized gain (loss) (Note 1) |  |
| Realized gain (loss) on market-priced securities without options | -96 663 623.50 |
| Realized gain (loss) on yield-evaluated securities and money market instruments | 153 268.69 |
| Realized gain (loss) on financial futures | -7 106 586.39 |
| Realized gain (loss) on forward foreign exchange contracts | -33 358 784.30 |
| Realized gain (loss) on foreign exchange | 10 210 511.44 |
| Total realized gain (loss) | -126 765 214.06 |
|  |  |
| Net realized gain (loss) of the financial year | -113 478 451.15 |
|  |  |
| Changes in unrealized appreciation (depreciation) (Note 1) |  |
| Unrealized appreciation (depreciation) on market-priced securities without options | 55 471 958.17 |
| Unrealized appreciation (depreciation) on financial futures | 2 097 015.73 |
| Unrealized appreciation (depreciation) on forward foreign exchange contracts | 3 515 930.71 |
| Total changes in unrealized appreciation (depreciation) | 61 084 904.61 |
|  |  |
| Net increase (decrease) in net assets as a result of operations | -52 393 546.54 |

UBS (Lux) Bond Fund – Asia Flexible (USD)*
- formerly UBS (Lux) Bond Fund – Full Cycle Asian Bond (USD)Annual report and audited financial statement as of 31 March 2023

| Statement of Changes in Net Assets |  |
| --- | --- |
|  | USD |
|  | 1.4.2022-31.3.2023 |
| Net assets at the beginning of the financial year | 611 977 496.21 |
| Subscriptions | 193 359 947.17 |
| Redemptions | 	-332 250 798.96	 |
| Total net subscriptions (redemptions) | -138 890 851.79 |
| Dividend paid | -8 238 042.13 |
| Net income (loss) on investments | 13 286 762.91 |
| Total realized gain (loss) | -126 765 214.06 |
| Total changes in unrealized appreciation (depreciation) | 	61 084 904.61	 |
| Net increase (decrease) in net assets as a result of operations | -52 393 546.54 |
| Net assets at the end of the financial year | 412 455 055.75 |
| Development of the outstanding units |  |
|  | 1.4.2022-31.3.2023 |
| Class | F-acc |
| Number of units outstanding at the beginning of the financial year | 223 852.8440 |
| Number of units issued | 100.0000 |
| Number of units redeemed | -223 852.8440 |
| Number of units outstanding at the end of the financial year | 100.0000 |
| Class | (EUR hedged) F-acc |
| Number of units outstanding at the beginning of the financial year | 88 985.0000 |
| Number of units issued | 980.0000 |
| Number of units redeemed | -84 765.0000 |
| Number of units outstanding at the end of the financial year | 5 200.0000 |
| Class | (SGD hedged) F-acc |
| Number of units outstanding at the beginning of the financial year | 0.0000 |
| Number of units issued | 133.0000 |
| Number of units redeemed | 0.0000 |
| Number of units outstanding at the end of the financial year | 133.0000 |
| Class | I-A1-acc |
| Number of units outstanding at the beginning of the financial year | 217 099.0880 |
| Number of units issued | 86 630.3210 |
| Number of units redeemed | -236 460.1330 |
| Number of units outstanding at the end of the financial year | 67 269.2760 |
| Class | (EUR hedged) I-A1-acc |
| Number of units outstanding at the beginning of the financial year | 81 495.8530 |
| Number of units issued | 48 183.0000 |
| Number of units redeemed | -68 314.0800 |
| Number of units outstanding at the end of the financial year | 61 364.7730 |
| Class | (GBP hedged) I-A2-dist |
| Number of units outstanding at the beginning of the financial year | 857 878.1260 |
| Number of units issued | 407 736.3900 |
| Number of units redeemed | -1 088 082.5040 |
| Number of units outstanding at the end of the financial year | 177 532.0120 |
| Class | I-A3-acc |
| Number of units outstanding at the beginning of the financial year | 335 008.3750 |
| Number of units issued | 84 937.0000 |
| Number of units redeemed | 0.0000 |
| Number of units outstanding at the end of the financial year | 419 945.3750 |
| Class | I-A3-dist |
| Number of units outstanding at the beginning of the financial year | 0.0000 |
| Number of units issued | 102 431.3500 |
| Number of units redeemed | -9 527.6440 |
| Number of units outstanding at the end of the financial year | 92 903.7060 |
| Class | (EUR hedged) I-A3-dist |
| Number of units outstanding at the beginning of the financial year | 0.0000 |
| Number of units issued | 8 926.3080 |
| Number of units redeemed | -100.0000 |
| Number of units outstanding at the end of the financial year | 8 826.3080 |
| Class | (GBP hedged) I-A3-dist |
| Number of units outstanding at the beginning of the financial year | 0.0000 |
| Number of units issued | 894 752.4840 |
| Number of units redeemed | -37 924.8980 |
| Number of units outstanding at the end of the financial year | 856 827.5860 |
| Class | I-B-acc |
| Number of units outstanding at the beginning of the financial year | 474 210.0000 |
| Number of units issued | 21 364.0000 |
| Number of units redeemed | -125 693.0000 |
| Number of units outstanding at the end of the financial year | 369 881.0000 |
| Class | I-X-acc |
| Number of units outstanding at the beginning of the financial year | 365 139.3860 |
| Number of units issued | 30 205.3990 |
| Number of units redeemed | -133 889.0030 |
| Number of units outstanding at the end of the financial year | 261 455.7820 |

UBS (Lux) Bond Fund – Asia Flexible (USD)*
- formerly UBS (Lux) Bond Fund – Full Cycle Asian Bond (USD)Annual report and audited financial statement as of 31 March 2023

| Class | I-X-dist |
| --- | --- |
| Number of units outstanding at the beginning of the financial year | 26 980.0000 |
| Number of units issued | 0.0000 |
| Number of units redeemed | 0.0000 |
| Number of units outstanding at the end of the financial year | 26 980.0000 |
| Class | K-B-acc |
| Number of units outstanding at the beginning of the financial year | 305 090.2700 |
| Number of units issued | 0.0000 |
| Number of units redeemed | -80 000.0000 |
| Number of units outstanding at the end of the financial year | 225 090.2700 |
| Class | (EUR hedged) N-acc |
| Number of units outstanding at the beginning of the financial year | 15 744.7700 |
| Number of units issued | 916.2320 |
| Number of units redeemed | -5 435.2880 |
| Number of units outstanding at the end of the financial year | 11 225.7140 |
| Class | P-acc |
| Number of units outstanding at the beginning of the financial year | 249 429.2450 |
| Number of units issued | 24 077.0630 |
| Number of units redeemed | -51 963.8820 |
| Number of units outstanding at the end of the financial year | 221 542.4260 |
| Class | (EUR hedged) P-acc |
| Number of units outstanding at the beginning of the financial year | 284 373.4010 |
| Number of units issued | 9 846.4930 |
| Number of units redeemed | -67 112.1130 |
| Number of units outstanding at the end of the financial year | 227 107.7810 |
| Class | (SGD hedged) P-acc |
| Number of units outstanding at the beginning of the financial year | 3 953.3540 |
| Number of units issued | 1 820.6140 |
| Number of units redeemed | -1 632.5470 |
| Number of units outstanding at the end of the financial year | 4 141.4210 |
| Class | (EUR hedged) P-dist |
| Number of units outstanding at the beginning of the financial year | 64 411.8060 |
| Number of units issued | 2 781.0370 |
| Number of units redeemed | -8 422.8080 |
| Number of units outstanding at the end of the financial year | 58 770.0350 |
| Class | P-mdist |
| Number of units outstanding at the beginning of the financial year | 281 425.5760 |
| Number of units issued | 90 571.1030 |
| Number of units redeemed | -133 177.9750 |
| Number of units outstanding at the end of the financial year | 238 818.7040 |
| Class | (SGD hedged) P-mdist |
| Number of units outstanding at the beginning of the financial year | 65 607.1140 |
| Number of units issued | 0.0000 |
| Number of units redeemed | -6 590.3080 |
| Number of units outstanding at the end of the financial year | 59 016.8060 |
| Class | Q-acc |
| Number of units outstanding at the beginning of the financial year | 107 437.5630 |
| Number of units issued | 5 254.9860 |
| Number of units redeemed | -36 121.4890 |
| Number of units outstanding at the end of the financial year | 76 571.0600 |
| Class | (EUR hedged) Q-acc |
| Number of units outstanding at the beginning of the financial year | 93 128.1490 |
| Number of units issued | 3 481.6060 |
| Number of units redeemed | -4 217.0390 |
| Number of units outstanding at the end of the financial year | 92 392.7160 |
| Class | (EUR hedged) Q-dist |
| Number of units outstanding at the beginning of the financial year | 1 063 229.6110 |
| Number of units issued | 34 997.9990 |
| Number of units redeemed | -1 066 457.0450 |
| Number of units outstanding at the end of the financial year | 31 770.5650 |
| Class | (GBP hedged) Q-dist |
| Number of units outstanding at the beginning of the financial year | 13 934.6410 |
| Number of units issued | 17 331.4930 |
| Number of units redeemed | -4 174.1540 |
| Number of units outstanding at the end of the financial year | 27 091.9800 |
| Class | Q-mdist |
| Number of units outstanding at the beginning of the financial year | 42 672.9890 |
| Number of units issued | 5 958.8470 |
| Number of units redeemed | -9 632.7360 |
| Number of units outstanding at the end of the financial year | 38 999.1000 |
| Class | U-X-UKdist-mdist |
| Number of units outstanding at the beginning of the financial year | 1 503.9870 |
| Number of units issued | 229.0000 |
| Number of units redeemed | -321.0000 |
| Number of units outstanding at the end of the financial year | 1 411.9870 |

UBS (Lux) Bond Fund – Asia Flexible (USD)*
- formerly UBS (Lux) Bond Fund – Full Cycle Asian Bond (USD)Annual report and audited financial statement as of 31 March 2023

| Annual Distribution 1 |  |
| --- | --- |
| UBS (Lux) Bond Fund |  |  |  |  |
| – Asia Flexible (USD)* | Ex-Date | Pay-Date | Currency | Amount per unit |
| (GBP hedged) I-A2-dist | 1.6.2022 | 7.6.2022 | GBP | 3.12 |
| I-X-dist | 1.6.2022 | 7.6.2022 | USD | 3.90 |
| (EUR hedged) P-dist | 1.6.2022 | 7.6.2022 | EUR | 2.61 |
| (EUR hedged) Q-dist | 1.6.2022 | 7.6.2022 | EUR | 3.43 |
| (EUR hedged) Q-dist | 15.11.2022 | 18.11.2022 | EUR | 0.22 |
| (GBP hedged) Q-dist | 1.6.2022 | 7.6.2022 | GBP | 1.85 |
| Monthly Distribution 1 |  |  |  |  |
| UBS (Lux) Bond Fund |  |  |  |  |
| – Asia Flexible (USD)* | Ex-Date | Pay-Date | Currency | Amount per unit |
| P-mdist | 19.4.2022 | 22.4.2022 | USD | 0.25 |
| P-mdist | 16.5.2022 | 19.5.2022 | USD | 0.25 |
| P-mdist | 15.6.2022 | 21.6.2022 | USD | 0.24 |
| P-mdist | 15.7.2022 | 20.7.2022 | USD | 0.23 |
| P-mdist | 16.8.2022 | 19.8.2022 | USD | 0.23 |
| P-mdist | 15.9.2022 | 20.9.2022 | USD | 0.23 |
| P-mdist | 17.10.2022 | 20.10.2022 | USD | 0.22 |
| P-mdist | 15.11.2022 | 18.11.2022 | USD | 0.23 |
| P-mdist | 15.12.2022 | 20.12.2022 | USD | 0.24 |
| P-mdist | 17.1.2023 | 20.1.2023 | USD | 0.25 |
| P-mdist | 15.2.2023 | 21.2.2023 | USD | 0.26 |
| P-mdist | 15.3.2023 | 20.3.2023 | USD | 0.25 |
| (SGD hedged) P-mdist | 19.4.2022 | 22.4.2022 | SGD | 0.26 |
| (SGD hedged) P-mdist | 16.5.2022 | 19.5.2022 | SGD | 0.24 |
| (SGD hedged) P-mdist | 15.6.2022 | 21.6.2022 | SGD | 0.23 |
| (SGD hedged) P-mdist | 15.7.2022 | 20.7.2022 | SGD | 0.22 |
| (SGD hedged) P-mdist | 16.8.2022 | 19.8.2022 | SGD | 0.22 |
| (SGD hedged) P-mdist | 15.9.2022 | 20.9.2022 | SGD | 0.22 |
| (SGD hedged) P-mdist | 17.10.2022 | 20.10.2022 | SGD | 0.21 |
| (SGD hedged) P-mdist | 15.11.2022 | 18.11.2022 | SGD | 0.22 |
| (SGD hedged) P-mdist | 15.12.2022 | 20.12.2022 | SGD | 0.23 |
| (SGD hedged) P-mdist | 17.1.2023 | 20.1.2023 | SGD | 0.23 |
| (SGD hedged) P-mdist | 15.2.2023 | 21.2.2023 | SGD | 0.24 |
| (SGD hedged) P-mdist | 15.3.2023 | 20.3.2023 | SGD | 0.24 |
| Q-mdist | 19.4.2022 | 22.4.2022 | USD | 0.27 |
| Q-mdist | 16.5.2022 | 19.5.2022 | USD | 0.27 |
| Q-mdist | 15.6.2022 | 21.6.2022 | USD | 0.26 |
| Q-mdist | 15.7.2022 | 20.7.2022 | USD | 0.25 |
| Q-mdist | 16.8.2022 | 19.8.2022 | USD | 0.25 |
| Q-mdist | 15.9.2022 | 20.9.2022 | USD | 0.25 |
| Q-mdist | 17.10.2022 | 20.10.2022 | USD | 0.24 |
| Q-mdist | 15.11.2022 | 18.11.2022 | USD | 0.25 |
| Q-mdist | 15.12.2022 | 20.12.2022 | USD | 0.26 |
| Q-mdist | 17.1.2023 | 20.1.2023 | USD | 0.27 |
| Q-mdist | 15.2.2023 | 21.2.2023 | USD | 0.28 |
| Q-mdist | 15.3.2023 | 20.3.2023 | USD | 0.28 |
| U-X-UKdist-mdist | 19.4.2022 | 22.4.2022 | USD | 0.00 |
| U-X-UKdist-mdist | 16.5.2022 | 19.5.2022 | USD | 15.68 |
| U-X-UKdist-mdist | 15.6.2022 | 21.6.2022 | USD | 0.00 |
| U-X-UKdist-mdist | 15.7.2022 | 20.7.2022 | USD | 0.00 |
| U-X-UKdist-mdist | 16.8.2022 | 19.8.2022 | USD | 0.00 |
| U-X-UKdist-mdist | 15.9.2022 | 20.9.2022 | USD | 15.81 |
| U-X-UKdist-mdist | 17.10.2022 | 20.10.2022 | USD | 26.87 |
| U-X-UKdist-mdist | 15.11.2022 | 18.11.2022 | USD | 10.09 |
| U-X-UKdist-mdist | 15.12.2022 | 20.12.2022 | USD | 32.14 |
| U-X-UKdist-mdist | 17.1.2023 | 20.1.2023 | USD | 34.81 |
| U-X-UKdist-mdist | 15.2.2023 | 21.2.2023 | USD | 32.59 |
| U-X-UKdist-mdist | 15.3.2023 | 20.3.2023 | USD | 21.79 |
| 1  See note 4 * formerly UBS (Lux) Bond Fund – Full Cycle Asian Bond (USD) |  |  |  |  |

UBS (Lux) Bond Fund – Asia Flexible (USD)*
- formerly UBS (Lux) Bond Fund – Full Cycle Asian Bond (USD)Annual report and audited financial statement as of 31 March 2023


#### Statement of Investments in Securities and other Net Assets as of 31 March 2023
| 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	ADANI ELECTRICITY MUMBAI LTD-REG-S 3.86700% 21-22.07.31 | 1 100 000.00 | 756 448.00 | 0.18 |
| USD	ADANI PORTS & SPL ECO ZONE LTD-REG-S 5.00000% 21-02.08.41 | 700 000.00 | 440 256.25 | 0.11 |
| USD	AIRPORT AUTHORITY-REG-S 3.25000% 22-12.01.52 | 1 650 000.00 | 1 259 259.87 | 0.31 |
| USD	AIRPORT AUTHORITY-REG-S 4.75000% 23-12.01.28 | 3 175 000.00 | 3 227 286.54 | 0.78 |
| USD	AIRPORT AUTHORITY-REG-S 4.87500% 23-12.01.33 | 3 050 000.00 | 3 128 957.79 | 0.76 |
| USD	ALIBABA GROUP HOLDING LTD 2.80000% 17-06.06.23 | 2 400 000.00 | 2 386 950.00 | 0.58 |
| USD	ALIBABA GROUP HOLDING LTD 3.15000% 21-09.02.51 | 3 600 000.00 | 2 295 674.99 | 0.56 |
| USD	ANTON OILFIELD SERVICES GROUP-REG-S 8.75000% 21-26.01.25 | 400 000.00 | 330 200.00 | 0.08 |
| USD	APL REALTY HOLDINGS PTE LTD-REG-S 5.95000% 17-02.06.24 | 1 000 000.00 | 510 812.50 | 0.12 |
| USD	AYC FINANCE LTD-REG-S 3.90000% 21-PRP | 800 000.00 | 497 104.00 | 0.12 |
| USD	BAIDU INC 4.12500% 15-30.06.25 | 800 000.00 | 781 792.00 | 0.19 |
| USD	BHARTI AIRTEL LTD-REG-S 4.37500% 15-10.06.25 | 4 250 000.00 | 4 160 484.37 | 1.01 |
| USD	CA MAGNUM HOLDINGS-REG-S 5.37500% 21-31.10.26 | 575 000.00 | 507 437.50 | 0.12 |
| USD	CENTRAL CHINA REAL ESTATE-REG-S 7.25000% 20-16.07.24 | 800 000.00 | 170 000.00 | 0.04 |
| USD	CHAMPION PATH HOLDINGS-REG-S 4.50000% 21-27.01.26 | 300 000.00 | 264 000.00 | 0.06 |
| USD	CHINA HUANENG GP HK TREASURY MGT-REG-S 2.60000% 19-10.12.24 | 3 300 000.00 | 3 167 769.00 | 0.77 |
| USD	CHINA OIL AND GAS GROUP LTD-REG-S 4.70000% 21-30.06.26 | 350 000.00 | 284 659.38 | 0.07 |
| USD	CIFI HOL GROUP CO LTD REG-S*DEFAULTED* 4.37500% 21-12.04.27 | 1 800 000.00 | 369 000.00 | 0.09 |
| USD	CLIFFTON LTD-REG-S 6.25000% 21-25.10.25 | 750 000.00 | 708 750.00 | 0.17 |
| USD	CNAC HK FINBRIDGE CO LTD-REG-S 5.12500% 18-14.03.28 | 1 375 000.00 | 1 339 593.75 | 0.32 |
| USD	CNAC HK FINBRIDGE CO LTD-REG-S 3.87500% 19-19.06.29 | 1 200 000.00 | 1 086 684.00 | 0.26 |
| USD	CNOOC CURTIS FUNDING NO.1 PTY LTD-REG-S 4.50000% 13-03.10.23 | 1 700 000.00 | 1 694 951.00 | 0.41 |
| USD	CNOOC FINANCE 2015 USA LLC 4.37500% 18-02.05.28 | 1 050 000.00 | 1 041 663.00 | 0.25 |
| USD	CRCC YUXIANG LTD-REG-S 3.50000% 13-16.05.23 | 1 500 000.00 | 1 497 690.00 | 0.36 |
| USD	DEVELOPMENT BK OF THE PHILIPPINES-REG-S 2.37500% 21-11.03.31 | 2 000 000.00 | 1 569 750.00 | 0.38 |
| USD	EASY TACTIC LTD (PIK) 6.50000% 22-11.07.27 | 518 750.00 | 119 597.81 | 0.03 |
| USD	EASY TACTIC LTD (PIK) 6.50000% 22-11.07.28 | 1 511 508.00 | 368 998.92 | 0.09 |
| USD	EHI CAR SERVICES LTD-REG-S 7.00000% 21-21.09.26 | 600 000.00 | 387 000.00 | 0.09 |
| USD	ENN CLEAN ENERGY INTERNAT INVEST-REG-S 3.37500% 21-12.05.26 | 300 000.00 | 267 431.25 | 0.07 |
| USD	EXPORT-IMPORT BANK OF KOREA 3.62500% 18-27.11.23 | 5 000 000.00 | 4 961 850.00 | 1.20 |
| USD	EXPORT-IMPORT BANK OF KOREA 5.12500% 23-11.01.33 | 1 050 000.00 | 1 093 354.50 | 0.27 |
| USD	FORTUNE STAR BVI LTD-REG-S 5.95000% 20-19.10.25 | 400 000.00 | 308 575.00 | 0.07 |
| USD	FORTUNE STAR BVI LTD-REG-S 5.05000% 21-27.01.27 | 500 000.00 | 344 000.00 | 0.08 |
| USD	FORTUNE STAR BVI LTD-REG-S 5.00000% 21-18.05.26 | 435 000.00 | 308 236.65 | 0.07 |
| USD	FRANSHION BRILLIANT LTD-REG-S 4.25000% 19-23.07.29 | 900 000.00 | 710 043.75 | 0.17 |
| USD	HAIDILAO INTERNATIONAL HOLDING-REG-S 2.15000% 21-14.01.26 | 900 000.00 | 787 500.00 | 0.19 |
| USD	HKT CAPITAL NO 6 LTD-REG-S 3.00000% 22-18.01.32 | 2 300 000.00 | 1 951 412.00 | 0.47 |
| USD	HUARONG FINANCE 2017 CO-REG-S 4.75000% 17-27.04.27 | 1 000 000.00 | 801 750.00 | 0.19 |
| USD	INDOFOOD CBP SUKSES MAKMUR TBK PT-REG-S 4.74500% 21-09.06.51 | 1 775 000.00 | 1 278 195.25 | 0.31 |
| USD	INDONESIA, REPUBLIC OF 3.50000% 17-11.01.28 | 2 650 000.00 | 2 537 375.00 | 0.62 |
| USD	INDONESIA, REPUBLIC OF 4.65000% 22-20.09.32 | 1 975 000.00 | 1 962 873.50 | 0.48 |
| USD	INTERNATIONAL CONT TERM SERV-REG-S 4.75000% 20-17.06.30 | 250 000.00 | 232 937.50 | 0.06 |
| USD	JINGRUI HOLDINGS LTD-REG-S *DEFAULTED* 14.50000% 20-19.02.23 | 200 000.00 | 17 316.04 | 0.00 |
| USD	JMH CO LTD-REG-S 2.50000% 21-09.04.31 | 3 075 000.00 | 2 605 414.07 | 0.63 |
| USD	JOY TREASURE ASSETS HOLDINGS INC-REG-S 2.75000% 20-17.11.30 | 1 000 000.00 | 768 912.43 | 0.19 |
| USD	JSW HYDRO ENERGY LTD-REG-S 4.12500% 21-18.05.31 | 200 000.00 | 145 394.43 | 0.04 |
| USD	JSW STEEL LTD-REG-S 5.05000% 21-05.04.32 | 600 000.00 | 487 800.00 | 0.12 |
| USD	KAISA GROUP HOLDINGS-REG-S *DEFAULTED* 10.50000% 20-15.01.25 | 1 250 000.00 | 154 337.50 | 0.04 |
| USD	KOREA DEVELOPMENT BANK 2.12500% 19-01.10.24 | 3 000 000.00 | 2 883 300.00 | 0.70 |
| USD	KOREA DEVELOPMENT BANK 4.37500% 23-15.02.33 | 2 000 000.00 | 1 969 100.08 | 0.48 |
| USD	KOREA ELECTRIC POWER CORP-REG-S 5.50000% 22-06.04.28 | 1 000 000.00 | 1 036 590.00 | 0.25 |
| USD	KOREA MINE REHABILITATION & MIN-REG-S 4.12500% 22-20.04.27 | 1 100 000.00 | 1 053 426.00 | 0.26 |
| USD	KOREA MINE REHABILITATION & MIN-REG-S 5.37500% 23-11.05.28 | 2 900 000.00 | 2 878 081.22 | 0.70 |
| USD	KOREA NATIONAL OIL CORP-REG-S 4.87500% 23-03.04.28 | 1 550 000.00 | 1 552 650.50 | 0.38 |
| USD	KOREA NATIONAL OIL CORP-REG-S 4.75000% 23-03.04.26 | 1 400 000.00 | 1 390 298.00 | 0.34 |
| USD	KOREA NATIONAL OIL CORP-REG-S 2.62500% 16-14.04.26 | 200 000.00 | 186 898.00 | 0.05 |
| USD	KOREA, REPUBLIC OF 2.00000% 19-19.06.24 | 2 500 000.00 | 2 424 025.00 | 0.59 |
| USD	KWG GROUP HOLDINGS LTD-REG-S 6.30000% 20-13.02.26 | 1 675 000.00 | 427 125.00 | 0.10 |
| USD	LAI SUN MTN LTD-REG-S 5.00000% 21-28.07.26 | 700 000.00 | 549 500.00 | 0.13 |
| USD	LENOVO GROUP LTD-REG-S 3.42100% 20-02.11.30 | 1 900 000.00 | 1 585 075.00 | 0.38 |
| USD	LENOVO GROUP LTD-REG-S 6.53600% 22-27.07.32 | 800 000.00 | 805 150.00 | 0.20 |
| USD	LEVC FINANCE LTD-REG-S 1.37500% 21-25.03.24 | 6 012 000.00 | 5 792 682.24 | 1.40 |
| USD	LLPL CAPITAL PTE LTD-REG-S 6.87500% 19-04.02.39 | 225 000.00 | 164 789.34 | 0.04 |
| USD	MALAYSIA SOVEREIGN SUKUK BHD-REG-S 3.04300% 15-22.04.25 | 3 500 000.00 | 3 413 156.24 | 0.83 |
| USD	MEDCO BELL PTE LTD-REG-S 6.37500% 20-30.01.27 | 200 000.00 | 181 000.00 | 0.04 |
| USD	MEITUAN DIANPING-REG-S 3.05000% 20-28.10.30 | 4 115 000.00 | 3 283 718.97 | 0.80 |
| USD	MELCO RESORTS FINANCE LTD-REG-S 5.75000% 20-21.07.28 | 1 550 000.00 | 1 321 956.25 | 0.32 |
| USD	NEW METRO GLOBAL LTD-REG-S 4.50000% 21-02.05.26 | 1 142 000.00 | 742 300.00 | 0.18 |
| USD	NONGHYUP BANK-REG-S 3.87500% 18-30.07.23 | 1 250 000.00 | 1 243 593.75 | 0.30 |
| USD	NTT FINANCE CORP-REG-S 1.16200% 21-03.04.26 | 1 200 000.00 | 1 079 992.44 | 0.26 |
| USD	ONGC VIDESH VANKORNEFT PTE LTD-REG-S 3.75000% 16-27.07.26 | 300 000.00 | 283 556.25 | 0.07 |
| USD	PAKUWON JATI TBK PT-REG-S 4.87500% 21-29.04.28 | 250 000.00 | 218 796.87 | 0.05 |
| USD	PERTAMINA PT-REG-S 1.40000% 21-09.02.26 | 3 500 000.00 | 3 169 635.00 | 0.77 |
| USD	PERUSAHAAN PENERBIT SBSN-REG-S 4.32500% 15-28.05.25 | 3 400 000.00 | 3 382 999.99 | 0.82 |
| USD	PHILIPPINES, REPUBLIC OF 2.65000% 20-10.12.45 | 575 000.00 | 391 718.75 | 0.10 |
| USD	PHILIPPINES, REPUBLIC OF THE 5.60900% 22-13.04.33 | 975 000.00 | 1 035 937.50 | 0.25 |
| USD	PHILIPPINES, REPUBLIC OF THE 5.17000% 22-13.10.27 | 2 475 000.00 | 2 540 241.00 | 0.62 |
| USD	POSCO-REG-S 4.50000% 22-04.08.27 | 3 000 000.00 | 2 928 375.01 | 0.71 |
| USD	POSCO-REG-S 5.75000% 23-17.01.28 | 1 425 000.00 | 1 457 632.50 | 0.35 |
| USD	POSCO-REG-S 5.87500% 23-17.01.33 | 400 000.00 | 422 992.00 | 0.10 |
| USD	POWERLONG REAL ESTATE HOLDINGS-REG-S 6.95000% 19-23.07.23 | 200 000.00 | 53 500.00 | 0.01 |
| USD	POWERLONG REAL ESTATE HOLDINGS-REG-S 6.25000% 20-10.08.24 | 800 000.00 | 189 900.00 | 0.05 |
| USD	REDSUN PROPERTIES GRP-REG-S *DEFAULTED* 9.50000% 21-20.09.23 | 1 650 000.00 | 200 755.50 | 0.05 |
| USD	RELIANCE INDUSTRIES LTD-REG-S 2.87500% 22-12.01.32 | 2 800 000.00 | 2 298 968.00 | 0.56 |
| USD	RENEW WIND ENER AP2 / RENEW POWER-REG-S 4.50000% 21-14.07.28 | 400 000.00 | 336 000.00 | 0.08 |
| USD	RONSHINE CHNA HOL LTD-REG-S *DEFAULTED* 7.35000% 20-15.12.23 | 3 275 000.00 | 221 062.50 | 0.05 |

UBS (Lux) Bond Fund – Asia Flexible (USD)*
- formerly UBS (Lux) Bond Fund – Full Cycle Asian Bond (USD)Annual report and audited financial statement as of 31 March 2023

|  | Description | Quantity/ | Valuation in USD | as a % |
| --- | --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |
|  |  |  |  |  |
| USD | SANDS CHINA LTD STEP-UP 21-18.06.30 | 900 000.00 | 796 608.27 | 0.19 |
| USD | SANDS CHINA LTD STEP-UP 22-08.03.29 | 2 100 000.00 | 1 749 037.50 | 0.42 |
| USD | SHIMAO PRPTY HLDG LTD-REG-S *DEFAULTED* 5.20000% 21-16.01.27 | 1 600 000.00 | 224 000.00 | 0.05 |
| USD | SHUI ON DEVELOPMENT HOLDING-REG-S 5.50000% 20-03.03.25 | 200 000.00 | 170 162.50 | 0.04 |
| USD | SHUI ON DEVELOPMENT HOLDINGLT-REG-S 5.50000% 21-29.06.26 | 450 000.00 | 342 225.00 | 0.08 |
| USD | SINO-OCEAN LAND TREASURE IV LTD-REG-S 3.25000% 21-05.05.26 | 850 000.00 | 447 914.64 | 0.11 |
| USD | SINOPEC GROUP OVERSEAS DEVELOP-REG-S 4.37500% 14-10.04.24 | 3 178 000.00 | 3 157 215.88 | 0.77 |
| USD | SINOPEC GROUP OVERSEAS DEVELOPMNT-REG-S 3.25000% 15-28.04.25 | 1 500 000.00 | 1 447 260.00 | 0.35 |
| USD | SINOPEC GRP OVERSEAS DEV LTD-REG-S 2.15000% 20-13.05.25 | 400 000.00 | 377 736.00 | 0.09 |
| USD | SK HYNIX INC-REG-S 6.37500% 23-17.01.28 | 1 100 000.00 | 1 099 813.00 | 0.27 |
| USD | SK HYNIX INC-REG-S 6.50000% 23-17.01.33 | 200 000.00 | 195 412.50 | 0.05 |
| USD | SRI LANKA, DEMO REP OF-REG-S *DEFAULT* 6.75000% 18-18.04.28 | 1 250 000.00 | 435 937.50 | 0.11 |
| USD | SRI LANKA, DEMO REP OF-REG-S *DEFAULT* 7.55000% 19-28.03.30 | 1 000 000.00 | 349 875.00 | 0.08 |
| USD | STATE BANK OF INDIA LONDON-REG-S 4.37500% 19-24.01.24 | 4 840 000.00 | 4 798 557.50 | 1.16 |
| USD | STATE BANK OF INDIA LONDON-REG-S 4.50000% 18-28.09.23 | 750 000.00 | 747 892.50 | 0.18 |
| USD | STUDIO CITY FINANCE LTD-REG-S 6.50000% 20-15.01.28 | 950 000.00 | 800 341.09 | 0.19 |
| USD | SUMITOMO MITSUI FINANCIAL GROUP INC 5.76600% 23-13.01.33 | 2 175 000.00 | 2 251 478.43 | 0.55 |
| USD | SUMITOMO MITSUI TRUST BANK LTD-REG-S 4.95000% 22-15.09.27 | 3 100 000.00 | 3 101 677.10 | 0.75 |
| USD | TENCENT HOLDINGS LTD-REG-S 3.28000% 19-11.04.24 | 600 000.00 | 589 788.00 | 0.14 |
| USD | TIMES CHINA HOLD LTD-REG-S *DEFAULTED* 6.75000% 20-08.07.25 | 1 800 000.00 | 270 000.00 | 0.07 |
| USD | TSMC GLOBAL LTD-REG-S 2.25000% 21-23.04.31 | 2 650 000.00 | 2 216 009.50 | 0.54 |
| USD | VEDANTA RESOURCES PLC-REG-S 6.12500% 17-09.08.24 | 686 000.00 | 401 310.00 | 0.10 |
| USD | WANDA PROPERTIES GLOBAL CO LTD-REG-S 11.00000% 23-13.02.26 | 500 000.00 | 420 000.00 | 0.10 |
| USD | WESTPAC BANKING CORP 5.35000% 22-18.10.24 | 1 500 000.00 | 1 510 497.13 | 0.37 |
| USD | WYNN MACAU LTD-REG-S 5.50000% 17-01.10.27 | 500 000.00 | 438 062.50 | 0.11 |
| USD | WYNN MACAU LTD-REG-S 5.12500% 19-15.12.29 | 600 000.00 | 487 500.00 | 0.12 |
| USD | WYNN MACAU LTD-REG-S 5.50000% 20-15.01.26 | 450 000.00 | 416 984.09 | 0.10 |
| USD | YANGO JUSTICE INT LTD-REG-S *DEFAULTED* 7.50000% 20-15.04.24 | 1 675 000.00 | 33 500.00 | 0.01 |
| USD | YANGO JUSTICE INT LTD-REG-S*DEFAULTED* 7.50000% 20-17.02.25 | 275 000.00 | 5 500.00 | 0.00 |
| USD | YUZHOU PROPERTIES-REG-S *DEFAULTED* 7.37500% 20-13.01.26 | 1 824 000.00 | 170 908.80 | 0.04 |
| USD | ZHENRO PROP GROUP-REG-S *DEFAULTED* 8.30000% 20-15.09.23 | 1 000 000.00 | 75 000.00 | 0.02 |
| Total USD |  |  | 140 702 162.87 | 34.11 |
| Total Notes, fixed rate |  | 140 702 162.87 | 34.11 |
| Notes, floating rate |  |  |  |
| USD |  |  |  |
| USD	IND & COM BK CHINA MACAU-REG-S-SUB 2.875%/VAR 19-12.09.29 | 1 700 000.00 | 1 635 740.00 | 0.40 |
| USD	NANYANG COMMERCIAL BANK LTD-REG-S-SUB 7.350%/VAR 23-PRP | 400 000.00 | 379 812.69 | 0.09 |
| USD	OVERSEA-CHINESE BKNG-REG-S-SUB 1.832%/VAR 20-10.09.30 | 3 476 000.00 | 3 183 077.48 | 0.77 |
| USD	STANDARD CHARTERED PLC-REG-S 6.301%/VAR 23-09.01.29 | 6 300 000.00 | 6 438 265.53 | 1.56 |
| USD	STANDARD CHARTERED PLC-REG-S-SUB 4.866%/VAR 18-15.03.33 | 1 275 000.00 | 1 170 635.11 | 0.28 |
| USD	STANDARD CHARTERED PLC-REG-S-SUB 3.603%/VAR 22-12.01.33 | 1 350 000.00 | 1 091 300.13 | 0.27 |
| Total USD |  | 13 898 830.94 | 3.37 |
| Total Notes, floating rate |  | 13 898 830.94 | 3.37 |
| Medium term notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	BANGKOK BANK PCL/HONG KONG-REG-S 4.30000% 22-15.06.27 | 850 000.00 | 832 408.48 | 0.20 |
| USD	BANK MANDIRI PERSERO TBK PT-REG-S 4.75000% 20-13.05.25 | 2 550 000.00 | 2 510 634.37 | 0.61 |
| USD	BANK MANDIRI PERSERO TBK PT-REG-S 5.50000% 23-04.04.26 | 850 000.00 | 855 406.00 | 0.21 |
| USD	BANK NEGARA INDONESIA PERSERO-REG-S-SUB 3.75000% 21-30.03.26 | 525 000.00 | 476 495.25 | 0.12 |
| USD	BANK OF CHINA LTD/HUNGARY-REG-S 1.62500% 22-16.02.24 | 1 600 000.00 | 1 555 872.00 | 0.38 |
| USD	BANK OF CHINA LTD/PARIS 0.95000% 20-21.09.23 | 3 130 000.00 | 3 073 034.00 | 0.74 |
| USD	BANK OF CHINA/HONG KONG-REG-S 3.62500% 19-17.04.29 | 400 000.00 | 378 608.00 | 0.09 |
| USD	BANK OF EAST ASIA LTD-REG-S-SUB 4.00000% 20-29.05.30 | 700 000.00 | 637 294.00 | 0.15 |
| USD	BOC AVIATION LTD-REG-S 3.50000% 19-10.10.24 | 1 450 000.00 | 1 410 400.50 | 0.34 |
| USD	BOC AVIATION USA CORP-REG-S 1.62500% 21-29.04.24 | 3 600 000.00 | 3 454 020.86 | 0.84 |
| USD	BOCOM LEASING MGT HONG KONG-REG-S 4.37500% 19-22.01.24 | 950 000.00 | 941 568.75 | 0.23 |
| USD	CDBL FUNDING 1-REG-S 3.50000% 20-24.10.27 | 4 308 000.00 | 4 038 965.40 | 0.98 |
| USD	CHINA CINDA 2020 I MANAGEMENT LTD-REG-S 3.12500% 20-18.03.30 | 1 500 000.00 | 1 226 325.00 | 0.30 |
| USD	CHINA CINDA 2020 I MANAGEMENT-REG-S 2.50000% 21-20.01.28 | 1 800 000.00 | 1 541 025.00 | 0.37 |
| USD	CHINA CONSTRUCTION BANK CORP/HK-REG-S 1.25000% 20-04.08.25 | 2 750 000.00 | 2 530 467.50 | 0.61 |
| USD	CHINA DEVELOPMENT BANK CORP-REG-S 1.00000% 20-27.10.25 | 1 000 000.00 | 914 720.00 | 0.22 |
| USD	CHINA DEVELOPMENT BANK/HONG KONG-REG-S 0.62500% 21-09.09.24 | 500 000.00 | 471 520.00 | 0.11 |
| USD	CHINA GRT WALL INT HLDGS III LTD-REG-S 3.87500% 17-31.08.27 | 200 000.00 | 173 000.00 | 0.04 |
| USD	CHINA OVERSEAS FINAN CAYMAN VIII-REG-S 3.45000% 19-15.07.29 | 200 000.00 | 180 287.50 | 0.04 |
| USD	CICC HONG KONG FIN 2016 MTN LTD-REG-S 2.00000% 21-26.01.26 | 1 975 000.00 | 1 811 035.50 | 0.44 |
| USD	CITIC LTD-REG-S 3.50000% 22-17.02.32 | 2 950 000.00 | 2 603 345.50 | 0.63 |
| USD	CITIC LTD-REG-S 4.00000% 18-11.01.28 | 850 000.00 | 817 725.50 | 0.20 |
| USD	CLP POWER HONG KONG FINANCING LTD-REG-S 2.87500% 12-26.04.23 | 950 000.00 | 948 945.50 | 0.23 |
| USD	CMB INTERNATIONAL LEASING MGT LTD-REG-S 2.75000% 20-12.08.30 | 2 750 000.00 | 2 223 718.75 | 0.54 |
| USD	EXPORT IMPORT BANK OF THAILAND-REG-S 1.45700% 20-15.10.25 | 2 275 000.00 | 2 074 891.00 | 0.50 |
| USD	EXPORT-IMPORT BANK OF INDIA-REG-S 2.25000% 21-13.01.31 | 625 000.00 | 497 193.75 | 0.12 |
| USD	FAR EAST HORIZON LTD-REG-S 2.62500% 21-03.03.24 | 1 275 000.00 | 1 191 168.75 | 0.29 |
| USD	FAR EAST HORIZON LTD-REG-S 4.25000% 21-26.10.26 | 200 000.00 | 168 412.50 | 0.04 |
| USD	GC TREASURY CENTER CO LTD-REG-S 4.30000% 21-18.03.51 | 1 700 000.00 | 1 223 787.51 | 0.30 |
| USD	GC TREASURY CENTER CO LTD-REG-S 5.20000% 22-30.03.52 | 200 000.00 | 165 162.50 | 0.04 |
| USD	GLP CHINA HOLDINGS LTD-REG-S 2.95000% 21-29.03.26 | 550 000.00 | 401 603.12 | 0.10 |
| USD	HONG KONG GOVERNMENT INTERNATIONA-REG-S 4.62500% 23-11.01.33 | 1 250 000.00 | 1 312 972.00 | 0.32 |
| USD	HONG KONG GOVERNMENT INTERNATIONA-REG-S 5.25000% 23-11.01.53 | 1 225 000.00 | 1 358 525.61 | 0.33 |
| USD	HONGKONG ELECTRIC FINANCE LTD-REG-S 1.87500% 20-27.08.30 | 1 550 000.00 | 1 266 274.24 | 0.31 |
| USD	HONGKONG LAND FINANCE CO LTD-REG-S 2.25000% 21-15.07.31 | 1 400 000.00 | 1 156 689.49 | 0.28 |
| USD	HUARONG FINANCE 2017 CO-REG-S 4.25000% 17-07.11.27 | 3 000 000.00 | 2 295 000.00 | 0.56 |
| USD	ICBCIL FINANCE CO LTD-REG-S 1.75000% 20-25.08.25 | 800 000.00 | 737 900.00 | 0.18 |
| USD	INDIAN RAILWAY FINANCE CORP LTD-REG-S 3.73000% 19-29.03.24 | 6 500 000.00 | 6 389 500.00 | 1.55 |
| USD	INDONESIA, REPUBLIC OF-REG-S 5.12500% 15-15.01.45 | 1 000 000.00 | 978 860.00 | 0.24 |
| USD	INDONESIA, REPUBLIC OF-REG-S 3.85000% 17-18.07.27 | 400 000.00 | 389 000.00 | 0.09 |
| USD	INDONESIA, REPUBLIC OF-REG-S 4.75000% 17-18.07.47 | 300 000.00 | 279 033.00 | 0.07 |
| USD	INDUSTRIAL COMMERCIAL BANK CHINA-REG-S 1.20000% 20-09.09.25 | 3 025 000.00 | 2 770 658.00 | 0.67 |

UBS (Lux) Bond Fund – Asia Flexible (USD)*
- formerly UBS (Lux) Bond Fund – Full Cycle Asian Bond (USD)Annual report and audited financial statement as of 31 March 2023

|  | Description | Quantity/ | Valuation in USD | as a % |
| --- | --- | --- | --- | --- |
|  |  | Nominal | Unrealized gain | of net |
|  |  |  | (loss) on Futures/ | assets |
|  |  |  | Forward |  |
|  |  |  | Exchange Contracts/ |  |
|  |  |  | Swaps (Note 1) |  |
|  |  |  |  |  |
| USD | INVENTIVE GLOBAL INVESTMENTS LTD-REG-S 1.10000% 21-01.09.24 | 3 251 000.00 | 3 078 631.98 | 0.75 |
| USD | KASIKORNBANK PCL/HONG KONG-REG-S 3.25600% 18-12.07.23 | 3 125 000.00 | 3 105 078.13 | 0.75 |
| USD | LI & FUNG LTD-REG-S-SUB 5.25000% 16-PRP | 350 000.00 | 192 500.00 | 0.05 |
| USD | LINK FINANCE CAYMAN 2009 LTD-REG-S 3.60000% 14-03.09.24 | 3 000 000.00 | 2 952 463.50 | 0.72 |
| USD | NAN FUNG TREASURY LTD-REG-S 3.62500% 20-27.08.30 | 1 300 000.00 | 1 112 963.96 | 0.27 |
| USD | OVERSEA-CHINESE BANKING CORP-REG-S-SUB 4.25000% 14-19.06.24 | 1 000 000.00 | 989 226.80 | 0.24 |
| USD | PAKISTAN, ISLAMIC REPUBLIC OF-REG-S 7.37500% 21-08.04.31 | 3 000 000.00 | 1 042 500.00 | 0.25 |
| USD | PERTAMINA PERSERO PT-REG-S 4.70000% 19-30.07.49 | 2 000 000.00 | 1 650 000.00 | 0.40 |
| USD | PERTAMINA PT-REG-S 6.45000% 14-30.05.44 | 800 000.00 | 822 400.00 | 0.20 |
| USD | PERTAMINA PT-REG-S 6.50000% 18-07.11.48 | 450 000.00 | 463 021.88 | 0.11 |
| USD | PERU PERS PT PERSUSAHAAN LIST NEG-REG-S 4.00000% 20-30.06.50 | 1 000 000.00 | 712 687.50 | 0.17 |
| USD | PERUSAHAAN LISTRIK NEGARA PT-REG-S 6.15000% 18-21.05.48 | 750 000.00 | 720 609.37 | 0.17 |
| USD | PSA TREASURY PTE LTD-REG-S 2.50000% 16-12.04.26 | 2 400 000.00 | 2 260 968.00 | 0.55 |
| USD | PSA TREASURY PTE LTD-REG-S 2.12500% 19-05.09.29 | 500 000.00 | 435 074.35 | 0.11 |
| USD | PTT TREASURY CENTER CO LTD-REG-S 5.87500% 19-03.08.35 | 3 320 000.00 | 3 338 127.20 | 0.81 |
| USD | REC LTD-REG-S 2.25000% 21-01.09.26 | 1 895 000.00 | 1 692 235.00 | 0.41 |
| USD | REDCO PROPERTIES GRP-REG-S *DEFAULTED* 9.90000% 20-17.02.24 | 2 050 000.00 | 243 437.50 | 0.06 |
| USD | RHB BANK BHD-REG-S 1.65800% 21-29.06.26 | 850 000.00 | 764 600.50 | 0.18 |
| USD | RHB BANK BHD-REG-S 3.76600% 19-19.02.24 | 200 000.00 | 197 803.66 | 0.05 |
| USD | SHINHAN FIN GROUP CO LTD-REG-S 1.35000% 20-10.01.26 | 275 000.00 | 248 941.00 | 0.06 |
| USD | SHRIRAM TRANSPORT FINANCE CO LTD-REG-S 4.40000% 21-13.03.24 | 600 000.00 | 579 000.00 | 0.14 |
| USD | SIAM COMMERCIAL BK CAYMAN ISLAND-REG-S 2.75000% 17-16.05.23 | 2 450 000.00 | 2 440 506.25 | 0.59 |
| USD | SIAM COMMERCIAL BK CAYMAN ISLAND-REG-S 3.90000% 19-11.02.24 | 1 250 000.00 | 1 234 919.75 | 0.30 |
| USD | SINGAPORE AIRLINES LTD-REG-S 3.00000% 21-20.07.26 | 700 000.00 | 668 179.36 | 0.16 |
| USD | SINGAPORE EXCHANGE LTD-REG-S 1.23400% 21-03.09.26 | 4 225 000.00 | 3 799 077.75 | 0.92 |
| USD | SINGTEL GROUP TREASURY PTE LTD-REG-S 3.25000% 15-30.06.25 | 1 000 000.00 | 972 406.70 | 0.24 |
| USD | SINOCHEM OFFSHORE CAPITAL CO LTD-REG-S 2.37500% 21-23.09.31 | 1 200 000.00 | 937 725.00 | 0.23 |
| USD | SP GROUP TREASURY PTE LTD-REG-S 3.37500% 19-27.02.29 | 600 000.00 | 566 451.60 | 0.14 |
| USD | SP POWERASSETS LTD-REG-S 3.25000% 15-24.11.25 | 750 000.00 | 725 865.53 | 0.18 |
| USD | STATE BANK OF INDIA/LONDON-REG-S 1.80000% 21-13.07.26 | 300 000.00 | 270 546.00 | 0.07 |
| USD | STATE GRID OVERSEAS INVESTMENT-REG-S 3.50000% 17-04.05.27 | 2 250 000.00 | 2 174 917.50 | 0.53 |
| USD | STATE GRID OVERSEAS INVESTMENT-REG-S 4.25000% 18-02.05.28 | 2 257 000.00 | 2 232 031.93 | 0.54 |
| USD | SUMITOMO CORP-REG-S 5.55000% 23-09.03.28 | 2 175 000.00 | 2 206 885.50 | 0.53 |
| USD | SUN HUNG KAI PROP CAP MRKT LTD-REG-S 2.87500% 20-21.01.30 | 900 000.00 | 800 906.32 | 0.19 |
| USD | SWIRE PACIFIC MTN FINANCING LTD-REG-S 4.50000% 13-09.10.23 | 1 200 000.00 | 1 198 375.68 | 0.29 |
| USD | TENCENT HOLDINGS LTD-REG-S 3.92500% 18-19.01.38 | 200 000.00 | 165 042.00 | 0.04 |
| USD | TENCENT HOLDINGS LTD-REG-S 3.24000% 20-03.06.50 | 2 450 000.00 | 1 581 475.00 | 0.38 |
| USD | TENCENT HOLDINGS LTD-REG-S 3.84000% 21-22.04.51 | 4 000 000.00 | 2 897 680.00 | 0.70 |
| USD | THAIOIL TREASURY CENTER CO LTD-REG-S 3.50000% 19-17.10.49 | 2 100 000.00 | 1 262 362.50 | 0.31 |
| USD | THAIOIL TREASURY CENTER CO LTD-REG-S 3.75000% 20-18.06.50 | 200 000.00 | 125 100.00 | 0.03 |
| USD | VANKE REAL ESTAT HONG KONG CO LTD-REG-S 3.50000% 19-12.11.29 | 750 000.00 | 613 125.00 | 0.15 |
| USD | WHEELOCK MTN BVI LTD-REG-S 2.37500% 21-25.01.26 | 970 000.00 | 904 088.50 | 0.22 |
| USD | WOORI BANK-REG-S 4.87500% 23-26.01.28 | 1 550 000.00 | 1 548 171.00 | 0.37 |
| Total USD |  |  | 116 191 564.03 | 28.17 |
| Total Medium term notes, fixed rate |  | 116 191 564.03 | 28.17 |
| Medium term notes, floating rate |  |  |  |
| USD |  |  |  |
| USD	BANGKOK BANK PCL/HONG KONG-REG-S-SUB 5.000%/VAR 20-PRP | 275 000.00 | 250 645.31 | 0.06 |
| USD	DAH SING BANK LTD-REG-S-SUB 3.000%/VAR 21-02.11.31 | 1 700 000.00 | 1 483 318.00 | 0.36 |
| USD	DBS GROUP HOLDINGS LTD-REG-S-SUB 4.520%/VAR 18-11.12.28 | 800 000.00 | 794 464.00 | 0.19 |
| USD	KASIKORNBANK PCL-REG-S-SUB 5.275%/VAR 20-PRP | 350 000.00 | 319 987.50 | 0.08 |
| USD	KEB HANA BANK-REG-S-SUB 3.500%/VAR 21-PRP | 1 000 000.00 | 845 540.00 | 0.21 |
| USD	SHINHAN FIN GROUP CO LTD-REG-S-SUB 3.340%/VAR 19-05.02.30 | 4 425 000.00 | 4 211 493.75 | 1.02 |
| Total USD |  | 7 905 448.56 | 1.92 |
| Total Medium term notes, floating rate |  | 7 905 448.56 | 1.92 |
| Bonds, fixed rate |  |  |  |
| USD |  |  |  |
| USD	AGILE GROUP HOLDINGS LTD-REG-S 6.05000% 20-13.10.25 | 1 400 000.00 | 641 200.00 | 0.16 |
| USD	BAIDU INC 3.87500% 18-29.09.23 | 388 000.00 | 385 532.32 | 0.09 |
| USD	BANK RAKYAT INDONESIA-REG-S 3.95000% 19-28.03.24 | 725 000.00 | 713 218.75 | 0.17 |
| USD	BANK TABUNGAN NEGARA PERSERO-REG-S-SUB 4.20000% 20-23.01.25 | 250 000.00 | 232 500.00 | 0.06 |
| USD	BIM LAND JSC-REG-S 7.37500% 21-07.05.26 | 1 200 000.00 | 478 536.00 | 0.12 |
| USD	CHEUNG KONGINFRA FIN BV-REG-S-SUB 4.00000% 21-PRP | 550 000.00 | 396 460.38 | 0.10 |
| USD	CHINA EVERGRANDE GRO-REG-S *DEFAULTED* 8.75000% 17-28.06.25 | 1 000 000.00 | 75 000.00 | 0.02 |
| USD	CHINA SCE PROPERTY HOLDINGS LTD-REG-S 5.95000% 21-29.09.24 | 2 075 000.00 | 1 099 750.00 | 0.27 |
| USD	CHINDATA GROUP HOLDINGS LTD-REG-S 10.50000% 23-23.02.26 | 400 000.00 | 381 000.00 | 0.09 |
| USD	CMHI FINANCE BVI CO LTD-REG-S 4.37500% 18-06.08.23 | 1 000 000.00 | 997 920.00 | 0.24 |
| USD	CMHI FINANCE BVI CO LTD-REG-S 5.00000% 18-06.08.28 | 1 450 000.00 | 1 466 584.38 | 0.36 |
| USD	COUNTRY GARDEN HOLDINGS CO LTD-REG-S 5.12500% 20-14.01.27 | 2 000 000.00 | 1 106 600.00 | 0.27 |
| USD	COUNTRY GARDEN HOLDINGS CO LTD-REG-S 5.62500% 20-14.01.30 | 1 400 000.00 | 741 645.66 | 0.18 |
| USD	COUNTRY GARDEN HOLDINGS CO LTD-REG-S 4.20000% 20-06.02.26 | 1 600 000.00 | 920 000.00 | 0.22 |
| USD	COUNTRY GARDEN HOLDINGS CO LTD-REG-S 3.12500% 20-22.10.25 | 500 000.00 | 287 170.00 | 0.07 |
| USD	EHI CAR SERVICES LTD-REG-S 7.75000% 21-14.11.24 | 625 000.00 | 481 568.75 | 0.12 |
| USD	FPC RESOURCES LTD-REG-S 4.37500% 20-11.09.27 | 200 000.00 | 184 475.00 | 0.04 |
| USD	GOHL CAPITAL LTD-REG-S 4.25000% 17-24.01.27 | 950 000.00 | 864 084.38 | 0.21 |
| USD	GREENKO DUTCH BV-REG-S 3.85000% 21-29.03.26 | 815 000.00 | 683 648.49 | 0.17 |
| USD	HARVEST OPERATIONS CORP-REG-S 1.00000% 21-26.04.24 | 1 000 000.00 | 957 370.00 | 0.23 |
| USD	HUTCHISON WHAMPOA INTERNATIONAL14-REG-S 3.62500% 14-31.10.24 | 5 972 000.00 | 5 859 935.42 | 1.42 |
| USD	INDUSTRIAL BANK OF KOREA-REG-S 0.62500% 21-17.09.24 | 7 475 000.00 | 7 033 199.09 | 1.71 |
| USD	KAISA GROUP HOLDINGS-REG-S *DEFAULT* 11.70000% 21-11.11.25 | 1 000 000.00 | 122 420.00 | 0.03 |
| USD	KWG GROUP HOLDINGS LTD-REG-S 5.87500% 17-10.11.24 | 800 000.00 | 224 760.00 | 0.05 |
| USD	KWG GROUP HOLDINGS LTD 7.87500% 22-30.08.24 | 700 000.00 | 238 000.00 | 0.06 |
| USD	LMIRT CAPITAL PTE LTD-REG-S 7.50000% 21-09.02.26 | 350 000.00 | 206 675.00 | 0.05 |
| USD	LONGFOR GROUP HOLDINGS LTD-REG-S 3.95000% 19-16.09.29 | 1 000 000.00 | 734 875.00 | 0.18 |
| USD	LS FINANCE 2017 LTD-REG-S 4.80000% 21-18.06.26 | 750 000.00 | 630 000.00 | 0.15 |
| USD	MALAYSIA WAKALA SUKUK BHD-REG-S 3.07500% 21-28.04.51 | 500 000.00 | 381 343.75 | 0.09 |
| USD	MINEJESA CAPITAL BV-REG-S 5.62500% 17-10.08.37 | 550 000.00 | 427 728.12 | 0.10 |

UBS (Lux) Bond Fund – Asia Flexible (USD)*
- formerly UBS (Lux) Bond Fund – Full Cycle Asian Bond (USD)Annual report and audited financial statement as of 31 March 2023

|  | Description | Quantity/ | Valuation in USD | as a % |
| --- | --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |
|  |  |  |  |  |
| USD | MINERA Y METALURGICA DEL BOLEO-REG-S 3.25000% 19-17.04.24 | 1 100 000.00 | 1 075 800.00 | 0.26 |
| USD | MONGOLIA,GOVERNMENT OF-REG-S 4.45000% 21-07.07.31 | 300 000.00 | 222 783.00 | 0.05 |
| USD | NWD MTN LTD-REG-S 4.12500% 19-18.07.29 | 1 425 000.00 | 1 180 840.50 | 0.29 |
| USD | OIL INDIA LTD-REG-S 5.12500% 19-04.02.29 | 268 000.00 | 262 187.75 | 0.06 |
| USD | PERUSAHAAN LISTRIK NEGARA PT-REG-S 5.37500% 18-25.01.29 | 1 538 000.00 | 1 526 634.18 | 0.37 |
| USD | PHILIPPINES, REPUBLIC OF THE 4.20000% 14-21.01.24 | 4 000 000.00 | 3 974 000.00 | 0.96 |
| USD | PHILIPPINES, REPUBLIC OF THE 3.95000% 15-20.01.40 | 2 525 000.00 | 2 165 187.50 | 0.52 |
| USD | PHILIPPINES, REPUBLIC OF THE 3.70000% 16-01.03.41 | 2 250 000.00 | 1 867 747.50 | 0.45 |
| USD | POWERLONG REAL ESTATE HOLDINGS-REG-S 5.95000% 20-30.04.25 | 500 000.00 | 113 205.00 | 0.03 |
| USD | POWERLONG REAL ESTATE HOLDING LTD-REG-S 4.90000% 21-13.05.26 | 2 200 000.00 | 495 000.00 | 0.12 |
| USD | RKPF OVERSEAS 2020 A LTD-REG-S 5.12500% 21-26.07.26 | 900 000.00 | 614 250.00 | 0.15 |
| USD | SHINHAN CARD CO LTD-REG-S 1.37500% 21-23.06.26 | 2 200 000.00 | 1 934 922.00 | 0.47 |
| USD | SINO-OCEAN LAND TREASURE FIN II-REG-S 5.95000% 15-04.02.27 | 250 000.00 | 115 000.00 | 0.03 |
| USD | SRI LANKA, DEMO REP OF-REG-S *DEFAULT* 6.85000% 15-03.11.25 | 2 050 000.00 | 742 228.13 | 0.18 |
| USD | STATE GRID OVERSEAS INV 2013 LTD-REG-S 3.12500% 13-22.05.23 | 3 250 000.00 | 3 242 492.50 | 0.79 |
| USD | SUNAC CHINA HOLDINGS-REG-S *DEFAULTED* 6.50000% 20-10.01.25 | 900 000.00 | 216 549.00 | 0.05 |
| USD | TALENT YIELD INTERNATIONAL LTD-REG-S 3.12500% 21-06.05.31 | 200 000.00 | 173 787.50 | 0.04 |
| USD | VEDANTA RESOURCES FINANCE II PLC-REG-S 8.95000% 21-11.03.25 | 400 000.00 | 244 000.00 | 0.06 |
| USD | WEST CHINA CEMENT LTD-REG-S 4.95000% 21-08.07.26 | 300 000.00 | 238 931.25 | 0.06 |
| USD | WOORI BANK-REG-S-SUB 4.75000% 14-30.04.24 | 700 000.00 | 692 475.00 | 0.17 |
| USD | XIAOMI BEST TIME INTER LTD-REG-S 4.10000% 21-14.07.51 | 2 900 000.00 | 1 783 645.00 | 0.43 |
| USD | YUZHOU PROPERTIES-REG-S *DEFAULTED* 8.30000% 19-27.05.25 | 2 275 000.00 | 212 075.50 | 0.05 |
| Total USD |  |  | 52 046 941.80 | 12.62 |
| Total Bonds, fixed rate |  | 52 046 941.80 | 12.62 |
| Bonds, floating rate |  |  |  |
| USD |  |  |  |
| USD	ASAHI MUTUAL LIFE INSURANCE-REG-S-SUB 6.900%/VAR 23-PRP | 1 250 000.00 | 1 212 500.00 | 0.29 |
| USD	BANK NEGARA INDONESIA PERSERO-REG-S-SUB 4.300%/VAR 21-PRP | 500 000.00 | 400 000.00 | 0.10 |
| USD	BANK OF COMMUNICATIONS H/K-REG-S 2.304%/VAR 21-08.07.31 | 2 100 000.00 | 1 887 543.00 | 0.46 |
| USD	BANK OF EAST ASIA LTD/THE-REG-S-SUB 5.875%/VAR 19-PRP | 250 000.00 | 220 625.00 | 0.05 |
| USD	CHINA TAIPING INSURANCE-REG-S-SUB 6.400%/VAR 23-PRP | 3 850 000.00 | 3 933 622.00 | 0.95 |
| USD	GLOBAL LOGISTIC PROPERTIES-REG-S-SUB 4.600%/VAR 21-PRP | 813 000.00 | 382 110.00 | 0.09 |
| USD	GLOBE TELECOM INC-REG-S 4.200%/VAR 21-PRP | 900 000.00 | 816 918.75 | 0.20 |
| USD	INDUSTRIAL & COMM BK OF CHINA-REG-S 3.200%/VAR 21-PRP | 200 000.00 | 187 000.00 | 0.05 |
| USD	NETWORK I2I LTD-REG-S-SUB 5.650%/VAR 19-PRP | 400 000.00 | 378 200.00 | 0.09 |
| USD	NWD FINANCE BVI LTD-REG-S 4.125%/VAR 21-PRP | 2 000 000.00 | 1 480 000.00 | 0.36 |
| USD	SHINHAN FINANCIAL GROUP CO LTD-REG-S-SUB 2.875%VAR 21-PRP | 1 350 000.00 | 1 137 206.25 | 0.28 |
| USD	SINO OCEAN LAND TREASURE-REG-S-SUB 4.900%/VAR 17-PRP | 525 000.00 | 166 457.81 | 0.04 |
| USD	SMC GLOBAL POWER HOLDINGS CORP-REG-S 5.450%/VAR 21-PRP | 1 400 000.00 | 1 063 387.50 | 0.26 |
| USD	STANDARD CHARTERED PLC-REG-S-SUB COCO 4.300%/VAR 21-PRP | 700 000.00 | 503 433.36 | 0.12 |
| Total USD |  | 13 769 003.67 | 3.34 |
| Total Bonds, floating rate |  | 13 769 003.67 | 3.34 |
| Convertible bonds, fixed rate |  |  |  |
| USD |  |  |  |
| USD	STANDARD CHARTERED PLC-REG-S-SUB COCO 4.75000% 21-PRP | 800 000.00 | 566 999.93 | 0.14 |
| Total USD |  | 566 999.93 | 0.14 |
| Total Convertible bonds, fixed rate |  | 566 999.93 | 0.14 |
| Convertible bonds, floating rate |  |  |  |
| USD |  |  |  |
| USD	KRUNG THAI/CAYMAN ISLANDS-REG-S-SUB COCO 4.400%/VAR 21-PRP | 925 000.00 | 814 277.50 | 0.20 |
| Total USD |  | 814 277.50 | 0.20 |
| Total Convertible bonds, floating rate |  | 814 277.50 | 0.20 |
| Total Transferable securities and money market instruments listed on an official stock exchange |  | 345 895 229.30 | 83.87 |
| Transferable securities and money market instruments traded on another regulated market |  |  |  |
| Notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	AUSTRALIA & NEW ZEALAND BK GROUP LTD 5.08800% 22-08.12.25 | 1 500 000.00 | 1 508 258.10 | 0.37 |
| USD	COMMONWEALTH BANK OF AUSTRALIA-REG-S 2.85000% 16-18.05.26 | 1 500 000.00 | 1 416 090.00 | 0.34 |
| USD	NATIONAL AUSTRALIA BANK NEW YORK BRANCH 4.96600% 23-12.01.26 | 1 500 000.00 | 1 507 136.70 | 0.36 |
| Total USD |  | 4 431 484.80 | 1.07 |
| Total Notes, fixed rate |  | 4 431 484.80 | 1.07 |
| Medium term notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	DBS GROUP HOLDINGS-REG-S 1.16900% 21-22.11.24 | 2 000 000.00 | 1 885 580.00 | 0.46 |
| USD	HDFC BANK LTD/GIFT CITY-REG-S 5.68600% 23-02.03.26 | 2 175 000.00 | 2 199 490.50 | 0.53 |
| USD	PETRONAS CAPITAL LTD-REG-S 3.50000% 15-18.03.25 | 3 000 000.00 | 2 939 670.00 | 0.71 |
| Total USD |  | 7 024 740.50 | 1.70 |
| Total Medium term notes, fixed rate |  | 7 024 740.50 | 1.70 |

UBS (Lux) Bond Fund – Asia Flexible (USD)*
- formerly UBS (Lux) Bond Fund – Full Cycle Asian Bond (USD)Annual report and audited financial statement as of 31 March 2023

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

Bonds, fixed rate
USD
| USD | MONGOLIA,GOVERNMENT OF-REG-S 3.50000% 21-07.07.27 | 500 000.00 | 398 805.00 | 0.10 |
| --- | --- | --- | --- | --- |
| Total USD | 398 805.00 | 0.10 |
| Total Bonds, fixed rate | 398 805.00 | 0.10 |
| Total Transferable securities and money market instruments traded on another regulated market | 11 855 030.30 | 2.87 |
| UCITS/Other UCIs in accordance with Article 41 (1) e) of the amended Luxembourg law of 17 December 2010 |  |  |
| Investment funds, open end |  |  |
| Hong Kong |  |  |
| USD	UBS (HK) FUND SERIES - ASIA INCOME BOND (USD)-E USD ACC	1 420.00 | 11 605 948.26 | 2.81 |
| Total Hong Kong | 11 605 948.26 | 2.81 |
| Luxembourg |  |  |
| USD	UBS (LUX) BD SICAV-ASIAN INVEST GR BDS SUSTAIN (USD) U-X-ACC	1 470.00 | 17 358 450.90 | 4.21 |
| USD	UBS (LUX) BOND SICAV - CHINA HIGH YIELD (USD) U-X-ACC	550.00 | 3 011 525.00 | 0.73 |
| Total Luxembourg | 20 369 975.90 | 4.94 |
| Total Investment funds, open end | 31 975 924.16 | 7.75 |
| Total UCITS/Other UCIs in accordance with Article 41 (1) e) of the amended Luxembourg law of 17 December 2010 | 31 975 924.16 | 7.75 |
| Total investments in securities | 389 726 183.76 | 94.49 |

| Derivative instruments |  |
| --- | --- |
| Derivative instruments listed on an official stock exchange Financial Futures on bonds |
|  |  |  |  |
| USD	US ULTRA LONG BOND (CBT) FUTURE 21.06.23 | 104.00 | 664 625.00 | 0.16 |
| USD	US 10YR TREASURY NOTE FUTURE 21.06.23 | 110.00 | 129 687.50 | 0.03 |
| USD	US 5YR TREASURY NOTE FUTURE 30.06.23 | -54.00 | -162 421.90 | -0.04 |
| Total Financial Futures on bonds |  | 631 890.60 | 0.15 |
| Total Derivative instruments listed on an official stock exchange |  | 631 890.60 | 0.15 |
| Total Derivative instruments |  | 631 890.60 | 0.15 |
| Forward Foreign Exchange contracts Currency purchased/Amount purchased/Currency sold/Amount sold/Maturity date |  |  |  |

| USD | 12 185 000.00 | KRW | 15 117 929 500.00 | 12.4.2023 | 583 473.97 | 0.14 |
| --- | --- | --- | --- | --- | --- | --- |
| KRW | 15 117 929 500.00 | USD | 12 260 100.15 | 12.4.2023 | -658 574.12 | -0.16 |
| USD | 4 130 213.13 | AUD | 5 875 000.00 | 12.4.2023 | 194 011.20 | 0.05 |
| USD | 8 273 206.32 | KRW | 10 205 000 000.00 | 12.4.2023 | 441 871.14 | 0.11 |
| AUD | 5 875 000.00 | USD | 4 197 366.14 | 12.4.2023 | -261 164.21 | -0.06 |
| KRW | 10 205 000 000.00 | USD | 8 355 166.20 | 12.4.2023 | -523 831.02 | -0.13 |
| GBP | 100 681 800.00 | USD | 120 714 961.16 | 13.4.2023 | 3 801 298.56 | 0.92 |
| SGD | 4 840 100.00 | USD | 3 575 662.18 | 13.4.2023 | 65 990.86 | 0.01 |
| EUR | 49 547 000.00 | USD | 52 540 134.27 | 13.4.2023 | 1 322 896.08 | 0.32 |
| GBP | 1 087 900.00 | USD | 1 321 444.06 | 13.4.2023 | 23 995.13 | 0.01 |
| Total Forward Foreign Exchange contracts | 4 989 967.59 | 1.21 |
|  |  |  |
| Cash at banks, deposits on demand and deposit accounts and other liquid assets | 15 664 790.86 | 3.80 |
| Other assets and liabilities | 1 442 222.94 | 0.35 |
| Total net assets | 412 455 055.75 | 100.00 |

UBS (Lux) Bond Fund – Asia Flexible (USD)*
- formerly UBS (Lux) Bond Fund – Full Cycle Asian Bond (USD)Annual report and audited financial statement as of 31 March 2023

Translation (ENDE, 2023-03-31):
# UBS (Lux) Bond Fund – Asia Flexible (USD)*
| Dreijahresvergleich |  |
| --- | --- |
|  | ISIN | 31.3.2023 | 31.3.2022 | 31.3.2021 |
| Nettovermögen in USD |  | 412 455 055.75 | 611 977 496.21 | 670 960 500.68 |
| Klasse F-acc 1 | LU0464245496 |  |  |  |
| Anteile im Umlauf |  | 100.0000 | 223 852.8440 | 328 115.8620 |
| Nettoinventarwert pro Anteil in USD |  | 100.15 | 160.66 | 185.35 |
| Ausgabe- und Rücknahmepreis pro Anteil in USD 2 |  | 100.15 | 160.66 | 185.35 |
| Klasse (EUR hedged) F-acc | LU0464251627 |  |  |  |
| Anteile im Umlauf |  | 5 200.0000 | 88 985.0000 | 122 155.5300 |
| Nettoinventarwert pro Anteil in EUR |  | 130.15 | 140.14 | 162.91 |
| Ausgabe- und Rücknahmepreis pro Anteil in EUR 2 |  | 130.15 | 140.14 | 162.91 |
| Klasse (SGD hedged) F-acc 3 | LU0964819261 |  |  |  |
| Anteile im Umlauf |  | 133.0000 | - | 50 825.0000 |
| Nettoinventarwert pro Anteil in SGD |  | 100.14 | - | 103.62 |
| Ausgabe- und Rücknahmepreis pro Anteil in SGD 2 |  | 100.14 | - | 103.62 |
| Klasse I-A1-acc | LU0464245819 |  |  |  |
| Anteile im Umlauf |  | 67 269.2760 | 217 099.0880 | 574 626.2000 |
| Nettoinventarwert pro Anteil in USD |  | 132.25 | 139.03 | 160.47 |
| Ausgabe- und Rücknahmepreis pro Anteil in USD 2 |  | 132.25 | 139.03 | 160.47 |
| Klasse (EUR hedged) I-A1-acc | LU2257650221 |  |  |  |
| Anteile im Umlauf |  | 61 364.7730 | 81 495.8530 | 100.0000 |
| Nettoinventarwert pro Anteil in EUR |  | 79.93 | 86.16 | 100.28 |
| Ausgabe- und Rücknahmepreis pro Anteil in EUR 2 |  | 79.93 | 86.16 | 100.28 |
| Klasse (GBP hedged) I-A2-dist | LU2215770434 |  |  |  |
| Anteile im Umlauf |  | 177 532.0120 | 857 878.1260 | 544 453.3450 |
| Nettoinventarwert pro Anteil in GBP |  | 78.53 | 86.44 | 101.24 |
| Ausgabe- und Rücknahmepreis pro Anteil in GBP 2 |  | 78.53 | 86.44 | 101.24 |
| Klasse I-A3-acc | LU0464246205 |  |  |  |
| Anteile im Umlauf |  | 419 945.3750 | 335 008.3750 | 100.0000 |
| Nettoinventarwert pro Anteil in USD |  | 81.83 | 85.92 | 99.12 |
| Ausgabe- und Rücknahmepreis pro Anteil in USD 2 |  | 81.83 | 85.92 | 99.12 |
| Klasse I-A3-dist 4 | LU2478388304 |  |  |  |
| Anteile im Umlauf |  | 92 903.7060 | - | - |
| Nettoinventarwert pro Anteil in USD |  | 98.85 | - | - |
| Ausgabe- und Rücknahmepreis pro Anteil in USD 2 |  | 98.85 | - | - |
| Klasse (EUR hedged) I-A3-dist 5 | LU2521230677 |  |  |  |
| Anteile im Umlauf |  | 8 826.3080 | - | - |
| Nettoinventarwert pro Anteil in EUR |  | 102.13 | - | - |
| Ausgabe- und Rücknahmepreis pro Anteil in EUR 2 |  | 102.13 | - | - |
| Klasse (GBP hedged) I-A3-dist 5 | LU2521230750 |  |  |  |
| Anteile im Umlauf |  | 856 827.5860 | - | - |
| Nettoinventarwert pro Anteil in GBP |  | 103.20 | - | - |
| Ausgabe- und Rücknahmepreis pro Anteil in GBP 2 |  | 103.20 | - | - |
| Klasse I-B-acc | LU1881004490 |  |  |  |
| Anteile im Umlauf |  | 369 881.0000 | 474 210.0000 | 490 130.0000 |
| Nettoinventarwert pro Anteil in USD |  | 103.52 | 108.30 | 124.49 |
| Ausgabe- und Rücknahmepreis pro Anteil in USD 2 |  | 103.52 | 108.30 | 124.49 |
| Klasse I-X-acc | LU0464246890 |  |  |  |
| Anteile im Umlauf |  | 261 455.7820 | 365 139.3860 | 96 676.6320 |
| Nettoinventarwert pro Anteil in USD |  | 157.70 | 164.78 | 189.19 |
| Ausgabe- und Rücknahmepreis pro Anteil in USD 2 |  | 157.70 | 164.78 | 189.19 |
| Klasse I-X-dist | LU0464246627 |  |  |  |
| Anteile im Umlauf |  | 26 980.0000 | 26 980.0000 | 77 599.9850 |
| Nettoinventarwert pro Anteil in USD |  | 85.63 | 93.53 | 114.08 |
| Ausgabe- und Rücknahmepreis pro Anteil in USD 2 |  | 85.63 | 93.53 | 114.08 |
| Klasse K-B-acc 6 | LU2333664980 |  |  |  |
| Anteile im Umlauf |  | 225 090.2700 | 305 090.2700 | - |
| Nettoinventarwert pro Anteil in USD |  | 81.36 | 85.14 | - |
| Ausgabe- und Rücknahmepreis pro Anteil in USD 2 |  | 81.36 | 85.14 | - |
| Klasse (EUR hedged) N-acc | LU0464250819 |  |  |  |
| Anteile im Umlauf | 11 225.7140 | 15 744.7700 | 14 018.7260 |
| Nettoinventarwert pro Anteil in EUR | 102.99 | 112.16 | 131.88 |
| Ausgabe- und Rücknahmepreis pro Anteil in EUR 2 | 102.99 | 112.16 | 131.88 |
| 1  Die Anteilsklasse F-acc war bis zum 13.4.2022 im Umlauf - reaktiviert 23.3.2023 2  Siehe Erläuterung 1 3  Die Anteilsklasse (SGD hedged) F-acc war bis zum 29.3.2022 im Umlauf - reaktiviert 23.3.2023 4  Erste NAV 23.5.2022 5  Erste NAV 8.9.2022 6  Erste NAV 6.7.2021 |  |  |  |

UBS (Lux) Bond Fund – Asia Flexible (USD)*
- ehemals UBS (Lux) Bond Fund – Full Cycle Asian Bond (USD)Jahresbericht und geprüfter Jahresabschluss per 31. März 2023

|  | ISIN | 31.3.2023 | 31.3.2022 | 31.3.2021 |
| --- | --- | --- | --- | --- |
|  |  |  |  |  |
| Klasse P-acc | LU0464244333 |  |  |  |
| Anteile im Umlauf |  | 221 542.4260 | 249 429.2450 | 316 817.3310 |
| Nettoinventarwert pro Anteil in USD |  | 136.44 | 144.49 | 168.13 |
| Ausgabe- und Rücknahmepreis pro Anteil in USD 2 |  | 136.44 | 144.49 | 168.13 |
| Klasse (EUR hedged) P-acc | LU0464250652 |  |  |  |
| Anteile im Umlauf |  | 227 107.7810 | 284 373.4010 | 308 087.3580 |
| Nettoinventarwert pro Anteil in EUR |  | 118.22 | 128.42 | 150.60 |
| Ausgabe- und Rücknahmepreis pro Anteil in EUR 2 |  | 118.22 | 128.42 | 150.60 |
| Klasse (SGD hedged) P-acc | LU0464247518 |  |  |  |
| Anteile im Umlauf |  | 4 141.4210 | 3 953.3540 | 6 538.3690 |
| Nettoinventarwert pro Anteil in SGD |  | 129.20 | 137.36 | 159.68 |
| Ausgabe- und Rücknahmepreis pro Anteil in SGD 2 |  | 129.20 | 137.36 | 159.68 |
| Klasse (EUR hedged) P-dist | LU0464250496 |  |  |  |
| Anteile im Umlauf |  | 58 770.0350 | 64 411.8060 | 60 033.6140 |
| Nettoinventarwert pro Anteil in EUR |  | 79.24 | 88.80 | 106.45 |
| Ausgabe- und Rücknahmepreis pro Anteil in EUR 2 |  | 79.24 | 88.80 | 106.45 |
| Klasse P-mdist | LU0464244259 |  |  |  |
| Anteile im Umlauf |  | 238 818.7040 | 281 425.5760 | 399 283.9970 |
| Nettoinventarwert pro Anteil in USD |  | 75.38 | 82.93 | 100.09 |
| Ausgabe- und Rücknahmepreis pro Anteil in USD 2 |  | 75.38 | 82.93 | 100.09 |
| Klasse (SGD hedged) P-mdist | LU0464247435 |  |  |  |
| Anteile im Umlauf |  | 59 016.8060 | 65 607.1140 | 86 224.2390 |
| Nettoinventarwert pro Anteil in SGD |  | 74.52 | 82.20 | 99.30 |
| Ausgabe- und Rücknahmepreis pro Anteil in SGD 2 |  | 74.52 | 82.20 | 99.30 |
| Klasse Q-acc | LU0464245652 |  |  |  |
| Anteile im Umlauf |  | 76 571.0600 | 107 437.5630 | 181 844.0360 |
| Nettoinventarwert pro Anteil in USD |  | 108.84 | 114.66 | 132.72 |
| Ausgabe- und Rücknahmepreis pro Anteil in USD 2 |  | 108.84 | 114.66 | 132.72 |
| Klasse (EUR hedged) Q-acc | LU0464251973 |  |  |  |
| Anteile im Umlauf |  | 92 392.7160 | 93 128.1490 | 233 991.2350 |
| Nettoinventarwert pro Anteil in EUR |  | 95.84 | 103.56 | 120.82 |
| Ausgabe- und Rücknahmepreis pro Anteil in EUR 2 |  | 95.84 | 103.56 | 120.82 |
| Klasse (EUR hedged) Q-dist | LU0464251890 |  |  |  |
| Anteile im Umlauf |  | 31 770.5650 | 1 063 229.6110 | 678 287.1150 |
| Nettoinventarwert pro Anteil in EUR |  | 76.82 | 86.62 | 103.90 |
| Ausgabe- und Rücknahmepreis pro Anteil in EUR 2 |  | 76.82 | 86.62 | 103.90 |
| Klasse (GBP hedged) Q-dist | LU2215770780 |  |  |  |
| Anteile im Umlauf |  | 27 091.9800 | 13 934.6410 | 5 886.3280 |
| Nettoinventarwert pro Anteil in GBP |  | 80.12 | 87.07 | 101.84 |
| Ausgabe- und Rücknahmepreis pro Anteil in GBP 2 |  | 80.12 | 87.07 | 101.84 |
| Klasse Q-mdist | LU0464245579 |  |  |  |
| Anteile im Umlauf |  | 38 999.1000 | 42 672.9890 | 71 003.9970 |
| Nettoinventarwert pro Anteil in USD |  | 82.63 | 90.41 | 108.59 |
| Ausgabe- und Rücknahmepreis pro Anteil in USD 2 |  | 82.63 | 90.41 | 108.59 |
| Klasse U-X-UKdist-mdist | LU1896727721 |  |  |  |
| Anteile im Umlauf |  | 1 411.9870 | 1 503.9870 | 1 192.9870 |
| Nettoinventarwert pro Anteil in USD |  | 8 707.85 | 9 301.89 | 10 962.14 |
| Ausgabe- und Rücknahmepreis pro Anteil in USD 2 |  | 8 707.85 | 9 301.89 | 10 962.14 |
| 2  Siehe Erläuterung 1 |  |  |  |  |

UBS (Lux) Bond Fund – Asia Flexible (USD)*
* ehemals UBS (Lux) Bond Fund – Full Cycle Asian Bond (USD)
Jahresbericht und geprüfter Jahresabschluss per 31. März 2023
| Performance |  |
| --- | --- |
|  | Währung | 2022/2023 | 2021/2022 | 2020/2021 |
| Klasse F-acc 1 | USD | - | -13.3% | 11.3% |
| Klasse (EUR hedged) F-acc | EUR | -7.1% | -14.0% | 10.1% |
| Klasse (SGD hedged) F-acc 2 | SGD | - | - | 11.1% |
| Klasse I-A1-acc | USD | -4.9% | -13.4% | 10.2% |
| Klasse (EUR hedged) I-A1-acc | EUR | -7.2% | -14.1% | - |
| Klasse (GBP hedged) I-A2-dist | GBP | -5.6% | -13.5% | - |
| Klasse I-A3-acc | USD | -4.8% | -13.3% | - |
| Klasse I-A3-dist 3 | USD | - | - | - |
| Klasse (EUR hedged) I-A3-dist 3 | EUR | - | - | - |
| Klasse (GBP hedged) I-A3-dist 3 | GBP | - | - | - |
| Klasse I-B-acc | USD | -4.4% | -13.0% | 10.8% |
| Klasse I-X-acc | USD | -4.3% | -12.9% | 11.0% |
| Klasse I-X-dist | USD | -4.3% | -12.9% | 11.0% |
| Klasse K-B-acc | USD | -4.4% | - | - |
| Klasse (EUR hedged) N-acc | EUR | -8.2% | -15.0% | 8.8% |
| Klasse P-acc | USD | -5.6% | -14.1% | 10.2% |
| Klasse (EUR hedged) P-acc | EUR | -7.9% | -14.7% | 9.0% |
| Klasse (SGD hedged) P-acc | SGD | -5.9% | -14.0% | 10.0% |
| Klasse (EUR hedged) P-dist | EUR | -7.9% | -14.7% | 9.0% |
| Klasse P-mdist | USD | -5.6% | -14.1% | 10.1% |
| Klasse (SGD hedged) P-mdist | SGD | -5.9% | -14.0% | 10.0% |
| Klasse Q-acc | USD | -5.1% | -13.6% | 10.9% |
| Klasse (EUR hedged) Q-acc | EUR | -7.5% | -14.3% | 9.7% |
| Klasse (EUR hedged) Q-dist | EUR | -7.5% | -14.3% | 9.7% |
| Klasse (GBP hedged) Q-dist | GBP | -5.9% | -13.7% | - |
| Klasse Q-mdist | USD | -5.1% | -13.6% | 10.9% |
| Klasse U-X-UKdist-mdist Benchmark: 4 | USD | -4.3% | -12.9% | 11.0% |
| JP Morgan Asia Credit Index (JACI) | USD | -2.6% | -7.5% | 9.0% |
| JP Morgan Asia Credit Index (JACI) (hedged EUR) | EUR | -5.4% | -8.4% | 7.8% |
| JP Morgan Asia Credit Index (JACI) (hedged GBP) | GBP | -3.8% | -7.7% | - |
| JP Morgan Asia Credit Index (JACI) (hedged SGD) Die historische Performance stellt keinen Indikator für die laufende oder zukünftige Performance dar. | SGD | -3.3% | -7.4% | 8.8% |

Die Performancedaten lassen die bei der Ausgabe und Rücknahme der Anteile erhobenen Kommissionen und Kosten unberücksichtigt. Die Performancedaten sind ungeprüft.
1 
Die Anteilsklasse F-acc war bis zum 13.4.2022 im Umlauf - reaktiviert 23.3.2023. Auf Grund dessen liegen keine Daten für die Berechnung der Performance vor.
2 
Die Anteilsklasse (SGD hedged) F-acc war bis zum 29.3.2022 im Umlauf - reaktiviert 23.3.2023. Auf Grund dessen liegen keine Daten für die Berechnung der Performance vor.
3 
Auf Grund der Neulancierung liegen keine Daten für die Berechnung der Performance vor.
4 
Der Subfonds wird aktiv verwaltet. Der Index ist ein Bezugspunkt, an dem die Wertentwicklung des Subfonds gemessen werden kann.
UBS (Lux) Bond Fund – Asia Flexible (USD)*
- ehemals UBS (Lux) Bond Fund – Full Cycle Asian Bond (USD)Jahresbericht und geprüfter Jahresabschluss per 31. März 2023


### Bericht des Portfolio Managers
Auf USD lautende asiatische Unternehmensanleihen ent- wickelten sich im Rechnungsjahr vom 1. April 2022 bis zum 31. März 2023 negativ. Diese Entwicklung wurde hauptsächlich durch den Anstieg der Renditen von US- Treasuries und die leichte Ausweitung der Spreads an den Investment-Grade- und Hochzinsmärkten im Berichts- zeitraum angetrieben. Die Bewegungen asiatischer USD- Anleihen im Berichtszeitraum waren zum grossen Teil auf die politische Haltung Chinas gegenüber Technologie- plattformen, Glücksspiel- und Immobilienunternehmen zurückzuführen, die ab dem 1. Quartal 2022 zu einem Abverkauf an den Märkten führte. Später wurde die allgemeine Risikoaversion durch den Ukraine-Russland- Krieg noch weiter verstärkt. Weltweit erhöhte Inflations- zahlen und die wachsende Rezessionsgefahr resultierten in einem volatilen Markt.
Der Fonds entwickelte sich im Berichtszeitraum entspre- chend negativ, und widerspiegelte den breiteren Markt für asiatische USD-Investment-Grade-Anleihen. Da der Markt für asiatische USD-Anleihen eine vergleichsweise kürzere Duration aufweist als einige andere Märkte (zum Beispiel in den Industrieländern), war der negative Effekt der Duration auf den asiatischen Kreditmarkt geringer. Vor dem Hintergrund der oben beschriebenen Markt- bewegungen wies der Subfonds im Rechnungsjahr eine negative Wertentwicklung aus.

### Struktur des Wertpapierbestandes
Geographische Aufteilung in % des Nettovermögens	
Hongkong	14.51
| Südkorea | 11.26 |
| --- | --- |
| Britische Jungferninseln | 10.35 |
| Cayman-Inseln | 9.34 |
| China | 6.69 |
| Indonesien | 6.25 |
| Singapur | 5.26 |
| Indien | 5.00 |
| Luxemburg | 4.94 |
| Grossbritannien | 3.94 |
| Philippinen | 3.80 |
| Japan | 2.39 |
| Thailand | 2.26 |
| Malaysia | 1.87 |
| Australien | 1.85 |
| Vereinigte Staaten | 1.09 |
| Frankreich | 0.74 |
| Macau | 0.60 |
| Sri Lanka | 0.37 |
| Mauritius | 0.29 |
| Niederlande | 0.27 |
| Mexiko | 0.26 |
| Pakistan | 0.25 |
| Kanada | 0.23 |
| Isle of Man | 0.21 |
| Mongolei | 0.15 |
| Vietnam | 0.12 |
| Chile | 0.09 |
| Jersey | 0.06 |
| Bermuda | 0.05 |
| Total | 94.49 |

Wirtschaftliche Aufteilung in % des Nettovermögens	
Finanz- & Beteiligungsgesellschaften	25.80
| Banken & Kreditinstitute | 21.72 |
| --- | --- |
| Anlagefonds | 8.41 |
| Länder- & Zentralregierungen | 7.23 |
| Erdöl | 3.34 |
| Immobilien | 3.30 |
| Internet, Software & IT-Dienste | 2.84 |
| Bergbau, Kohle & Stahl | 2.59 |
| Diverse Dienstleistungen | 2.45 |
| Diverse nicht klassierte Gesellschaften | 1.88 |
| Städte, Gemeinden | 1.85 |
| Energie- & Wasserversorgung | 1.77 |
| Telekommunikation | 1.77 |
| Chemie | 1.44 |
| Diverse Handelsfirmen | 1.39 |
| Versicherungen | 1.25 |
| Gastgewerbe & Freizeit | 1.14 |
| Baugewerbe & Baumaterial | 0.83 |
| Pfandbriefinstitute & Refinanzierungsgesellschaften | 0.82 |
| Verkehr & Transport | 0.71 |
| Computer & Netzwerkausrüster | 0.58 |
| Grafisches Gewerbe, Verlage & Medien | 0.57 |
| Nahrungsmittel & Softdrinks | 0.50 |
| Elektronik & Halbleiter | 0.31 |
| Total | 94.49 |

UBS (Lux) Bond Fund – Asia Flexible (USD)*
* ehemals UBS (Lux) Bond Fund – Full Cycle Asian Bond (USD)
Jahresbericht und geprüfter Jahresabschluss per 31. März 2023

### Nettovermögensaufstellung
USD
Aktiva	31.3.2023
Wertpapierbestand, Einstandswert	440 838 896.10
| Wertpapierbestand, nicht realisierte Werterhöhung (-minderung) | 	-51 112 712.34	 |
| --- | --- |
| Total Wertpapierbestand (Erläuterung 1) | 389 726 183.76 |
| Bankguthaben, Sicht- und Fristgelder | 15 225 690.07 |
| Andere liquide Mittel (Margins) | 439 100.79 |
| Forderungen aus Wertpapierverkäufen (Erläuterung 1) | 8 277 047.21 |
| Forderungen aus Zeichnungen | 225 814.82 |
| Zinsforderungen aus Wertpapieren | 3 619 509.52 |
| Vorausbezahlte Kosten | 125 550.38 |
| Nicht realisierter Kursgewinn aus Finanzterminkontrakten (Erläuterung 1) | 631 890.60 |
| Nicht realisierter Kursgewinn aus Devisenterminkontrakten (Erläuterung 1) | 4 989 967.59 |
| Total Aktiva | 423 260 754.74 |
|  |  |
| Passiva |  |
| Verbindlichkeiten aus Wertpapierkäufen (Erläuterung 1) | -8 495 844.85 |
| Verbindlichkeiten aus Rücknahmen | -1 948 751.07 |
| Rückstellungen für pauschale Verwaltungskommission (Erläuterung 2) | -211 754.38 |
| Rückstellungen für Abonnementsabgabe (Erläuterung 3) | -22 373.84 |
| Rückstellungen für sonstige Kommissionen und Gebühren (Erläuterung 2) | 	-126 974.85	 |
| Total Rückstellungen für Aufwendungen | -361 103.07 |
| Total Passiva | -10 805 698.99 |
|  |  |
| Nettovermögen am Ende des Geschäftsjahres | 412 455 055.75 |
| Ertrags- und Aufwandsrechnung | USD |
| Erträge | 1.4.2022-31.3.2023 |
| Zinsertrag auf liquide Mittel | 462 945.66 |
| Zinsen auf Wertpapiere | 14 356 308.66 |
| Nettoerträge aus Securities Lending (Erläuterung 14) | 250 847.95 |
| Sonstige Erträge | 1 140 617.85 |
| Total Erträge | 16 210 720.12 |
|  |  |
| Aufwendungen |  |
| Pauschale Verwaltungskommission (Erläuterung 2) | -2 687 390.32 |
| Abonnementsabgabe (Erläuterung 3) | -101 671.21 |
| Sonstige Kommissionen und Gebühren (Erläuterung 2) | -130 755.56 |
| Zinsaufwand auf liquide Mittel und Kontokorrentkredit | -4 140.12 |
| Total Aufwendungen | -2 923 957.21 |
|  |  |
| Nettoerträge (-verluste) aus Anlagen | 13 286 762.91 |
|  |  |
| Realisierte Gewinne (Verluste) (Erläuterung 1) |  |
| Realisierter Kursgewinn (-verlust) aus marktbewerteten Wertpapieren ausser Optionen | -96 663 623.50 |
| Realisierter Kursgewinn (-verlust) aus renditebewerteten Wertpapieren und Geldmarktinstrumenten | 153 268.69 |
| Realisierter Kursgewinn (-verlust) aus Finanzterminkontrakten | -7 106 586.39 |
| Realisierter Kursgewinn (-verlust) aus Devisenterminkontrakten | -33 358 784.30 |
| Realisierter Währungsgewinn (-verlust) | 10 210 511.44 |
| Total der realisierten Gewinne (Verluste) | -126 765 214.06 |
|  |  |
| Realisierter Nettogewinn (-verlust) des Geschäftsjahres | -113 478 451.15 |
|  |  |
| Veränderungen der nicht realisierten Werterhöhung (-minderung) (Erläuterung 1) |  |
| Nicht realisierte Werterhöhung (-minderung) marktbewerteter Wertpapiere ausser Optionen | 55 471 958.17 |
| Nicht realisierte Werterhöhung (-minderung) von Finanzterminkontrakten | 2 097 015.73 |
| Nicht realisierte Werterhöhung (-minderung) von Devisenterminkontrakten | 3 515 930.71 |
| Total der Veränderungen der nicht realisierten Werterhöhung (-minderung) | 61 084 904.61 |
|  |  |
| Nettoerhöhung (-minderung) des Nettovermögens infolge Geschäftstätigkeit | -52 393 546.54 |

UBS (Lux) Bond Fund – Asia Flexible (USD)*
- ehemals UBS (Lux) Bond Fund – Full Cycle Asian Bond (USD)Jahresbericht und geprüfter Jahresabschluss per 31. März 2023

| Veränderung des Nettovermögens |  |
| --- | --- |
|  | USD |
|  | 1.4.2022-31.3.2023 |
| Nettovermögen zu Beginn des Geschäftsjahres | 611 977 496.21 |
| Zeichnungen | 193 359 947.17 |
| Rücknahmen | 	-332 250 798.96	 |
| Total Mittelzufluss (-abfluss) | -138 890 851.79 |
| Ausbezahlte Dividende | -8 238 042.13 |
| Nettoerträge (-verluste) aus Anlagen | 13 286 762.91 |
| Total der realisierten Gewinne (Verluste) | -126 765 214.06 |
| Total der Veränderungen der nicht realisierten Werterhöhung (-minderung) | 	61 084 904.61	 |
| Nettoerhöhung (-minderung) des Nettovermögens infolge Geschäftstätigkeit | -52 393 546.54 |
| Nettovermögen am Ende des Geschäftsjahres | 412 455 055.75 |
| Entwicklung der Anteile im Umlauf |  |
|  | 1.4.2022-31.3.2023 |
| Klasse | F-acc |
| Anzahl der Anteile im Umlauf zu Beginn des Geschäftsjahres | 223 852.8440 |
| Anzahl der ausgegebenen Anteile | 100.0000 |
| Anzahl der zurückgegebenen Anteile | -223 852.8440 |
| Anzahl der Anteile im Umlauf am Ende des Geschäftsjahres | 100.0000 |
| Klasse | (EUR hedged) F-acc |
| Anzahl der Anteile im Umlauf zu Beginn des Geschäftsjahres | 88 985.0000 |
| Anzahl der ausgegebenen Anteile | 980.0000 |
| Anzahl der zurückgegebenen Anteile | -84 765.0000 |
| Anzahl der Anteile im Umlauf am Ende des Geschäftsjahres | 5 200.0000 |
| Klasse | (SGD hedged) F-acc |
| Anzahl der Anteile im Umlauf zu Beginn des Geschäftsjahres | 0.0000 |
| Anzahl der ausgegebenen Anteile | 133.0000 |
| Anzahl der zurückgegebenen Anteile | 0.0000 |
| Anzahl der Anteile im Umlauf am Ende des Geschäftsjahres | 133.0000 |
| Klasse | I-A1-acc |
| Anzahl der Anteile im Umlauf zu Beginn des Geschäftsjahres | 217 099.0880 |
| Anzahl der ausgegebenen Anteile | 86 630.3210 |
| Anzahl der zurückgegebenen Anteile | -236 460.1330 |
| Anzahl der Anteile im Umlauf am Ende des Geschäftsjahres | 67 269.2760 |
| Klasse | (EUR hedged) I-A1-acc |
| Anzahl der Anteile im Umlauf zu Beginn des Geschäftsjahres | 81 495.8530 |
| Anzahl der ausgegebenen Anteile | 48 183.0000 |
| Anzahl der zurückgegebenen Anteile | -68 314.0800 |
| Anzahl der Anteile im Umlauf am Ende des Geschäftsjahres | 61 364.7730 |
| Klasse | (GBP hedged) I-A2-dist |
| Anzahl der Anteile im Umlauf zu Beginn des Geschäftsjahres | 857 878.1260 |
| Anzahl der ausgegebenen Anteile | 407 736.3900 |
| Anzahl der zurückgegebenen Anteile | -1 088 082.5040 |
| Anzahl der Anteile im Umlauf am Ende des Geschäftsjahres | 177 532.0120 |
| Klasse | I-A3-acc |
| Anzahl der Anteile im Umlauf zu Beginn des Geschäftsjahres | 335 008.3750 |
| Anzahl der ausgegebenen Anteile | 84 937.0000 |
| Anzahl der zurückgegebenen Anteile | 0.0000 |
| Anzahl der Anteile im Umlauf am Ende des Geschäftsjahres | 419 945.3750 |
| Klasse | I-A3-dist |
| Anzahl der Anteile im Umlauf zu Beginn des Geschäftsjahres | 0.0000 |
| Anzahl der ausgegebenen Anteile | 102 431.3500 |
| Anzahl der zurückgegebenen Anteile | -9 527.6440 |
| Anzahl der Anteile im Umlauf am Ende des Geschäftsjahres | 92 903.7060 |
| Klasse | (EUR hedged) I-A3-dist |
| Anzahl der Anteile im Umlauf zu Beginn des Geschäftsjahres | 0.0000 |
| Anzahl der ausgegebenen Anteile | 8 926.3080 |
| Anzahl der zurückgegebenen Anteile | -100.0000 |
| Anzahl der Anteile im Umlauf am Ende des Geschäftsjahres | 8 826.3080 |
| Klasse | (GBP hedged) I-A3-dist |
| Anzahl der Anteile im Umlauf zu Beginn des Geschäftsjahres | 0.0000 |
| Anzahl der ausgegebenen Anteile | 894 752.4840 |
| Anzahl der zurückgegebenen Anteile | -37 924.8980 |
| Anzahl der Anteile im Umlauf am Ende des Geschäftsjahres | 856 827.5860 |
| Klasse | I-B-acc |
| Anzahl der Anteile im Umlauf zu Beginn des Geschäftsjahres | 474 210.0000 |
| Anzahl der ausgegebenen Anteile | 21 364.0000 |
| Anzahl der zurückgegebenen Anteile | -125 693.0000 |
| Anzahl der Anteile im Umlauf am Ende des Geschäftsjahres | 369 881.0000 |
| Klasse | I-X-acc |
| Anzahl der Anteile im Umlauf zu Beginn des Geschäftsjahres | 365 139.3860 |
| Anzahl der ausgegebenen Anteile | 30 205.3990 |
| Anzahl der zurückgegebenen Anteile | -133 889.0030 |
| Anzahl der Anteile im Umlauf am Ende des Geschäftsjahres | 261 455.7820 |

UBS (Lux) Bond Fund – Asia Flexible (USD)*
- ehemals UBS (Lux) Bond Fund – Full Cycle Asian Bond (USD)Jahresbericht und geprüfter Jahresabschluss per 31. März 2023

| Klasse | I-X-dist |
| --- | --- |
| Anzahl der Anteile im Umlauf zu Beginn des Geschäftsjahres | 26 980.0000 |
| Anzahl der ausgegebenen Anteile | 0.0000 |
| Anzahl der zurückgegebenen Anteile | 0.0000 |
| Anzahl der Anteile im Umlauf am Ende des Geschäftsjahres | 26 980.0000 |
| Klasse | K-B-acc |
| Anzahl der Anteile im Umlauf zu Beginn des Geschäftsjahres | 305 090.2700 |
| Anzahl der ausgegebenen Anteile | 0.0000 |
| Anzahl der zurückgegebenen Anteile | -80 000.0000 |
| Anzahl der Anteile im Umlauf am Ende des Geschäftsjahres | 225 090.2700 |
| Klasse | (EUR hedged) N-acc |
| Anzahl der Anteile im Umlauf zu Beginn des Geschäftsjahres | 15 744.7700 |
| Anzahl der ausgegebenen Anteile | 916.2320 |
| Anzahl der zurückgegebenen Anteile | -5 435.2880 |
| Anzahl der Anteile im Umlauf am Ende des Geschäftsjahres | 11 225.7140 |
| Klasse | P-acc |
| Anzahl der Anteile im Umlauf zu Beginn des Geschäftsjahres | 249 429.2450 |
| Anzahl der ausgegebenen Anteile | 24 077.0630 |
| Anzahl der zurückgegebenen Anteile | -51 963.8820 |
| Anzahl der Anteile im Umlauf am Ende des Geschäftsjahres | 221 542.4260 |
| Klasse | (EUR hedged) P-acc |
| Anzahl der Anteile im Umlauf zu Beginn des Geschäftsjahres | 284 373.4010 |
| Anzahl der ausgegebenen Anteile | 9 846.4930 |
| Anzahl der zurückgegebenen Anteile | -67 112.1130 |
| Anzahl der Anteile im Umlauf am Ende des Geschäftsjahres | 227 107.7810 |
| Klasse | (SGD hedged) P-acc |
| Anzahl der Anteile im Umlauf zu Beginn des Geschäftsjahres | 3 953.3540 |
| Anzahl der ausgegebenen Anteile | 1 820.6140 |
| Anzahl der zurückgegebenen Anteile | -1 632.5470 |
| Anzahl der Anteile im Umlauf am Ende des Geschäftsjahres | 4 141.4210 |
| Klasse | (EUR hedged) P-dist |
| Anzahl der Anteile im Umlauf zu Beginn des Geschäftsjahres | 64 411.8060 |
| Anzahl der ausgegebenen Anteile | 2 781.0370 |
| Anzahl der zurückgegebenen Anteile | -8 422.8080 |
| Anzahl der Anteile im Umlauf am Ende des Geschäftsjahres | 58 770.0350 |
| Klasse | P-mdist |
| Anzahl der Anteile im Umlauf zu Beginn des Geschäftsjahres | 281 425.5760 |
| Anzahl der ausgegebenen Anteile | 90 571.1030 |
| Anzahl der zurückgegebenen Anteile | -133 177.9750 |
| Anzahl der Anteile im Umlauf am Ende des Geschäftsjahres | 238 818.7040 |
| Klasse | (SGD hedged) P-mdist |
| Anzahl der Anteile im Umlauf zu Beginn des Geschäftsjahres | 65 607.1140 |
| Anzahl der ausgegebenen Anteile | 0.0000 |
| Anzahl der zurückgegebenen Anteile | -6 590.3080 |
| Anzahl der Anteile im Umlauf am Ende des Geschäftsjahres | 59 016.8060 |
| Klasse | Q-acc |
| Anzahl der Anteile im Umlauf zu Beginn des Geschäftsjahres | 107 437.5630 |
| Anzahl der ausgegebenen Anteile | 5 254.9860 |
| Anzahl der zurückgegebenen Anteile | -36 121.4890 |
| Anzahl der Anteile im Umlauf am Ende des Geschäftsjahres | 76 571.0600 |
| Klasse | (EUR hedged) Q-acc |
| Anzahl der Anteile im Umlauf zu Beginn des Geschäftsjahres | 93 128.1490 |
| Anzahl der ausgegebenen Anteile | 3 481.6060 |
| Anzahl der zurückgegebenen Anteile | -4 217.0390 |
| Anzahl der Anteile im Umlauf am Ende des Geschäftsjahres | 92 392.7160 |
| Klasse | (EUR hedged) Q-dist |
| Anzahl der Anteile im Umlauf zu Beginn des Geschäftsjahres | 1 063 229.6110 |
| Anzahl der ausgegebenen Anteile | 34 997.9990 |
| Anzahl der zurückgegebenen Anteile | -1 066 457.0450 |
| Anzahl der Anteile im Umlauf am Ende des Geschäftsjahres | 31 770.5650 |
| Klasse | (GBP hedged) Q-dist |
| Anzahl der Anteile im Umlauf zu Beginn des Geschäftsjahres | 13 934.6410 |
| Anzahl der ausgegebenen Anteile | 17 331.4930 |
| Anzahl der zurückgegebenen Anteile | -4 174.1540 |
| Anzahl der Anteile im Umlauf am Ende des Geschäftsjahres | 27 091.9800 |
| Klasse | Q-mdist |
| Anzahl der Anteile im Umlauf zu Beginn des Geschäftsjahres | 42 672.9890 |
| Anzahl der ausgegebenen Anteile | 5 958.8470 |
| Anzahl der zurückgegebenen Anteile | -9 632.7360 |
| Anzahl der Anteile im Umlauf am Ende des Geschäftsjahres | 38 999.1000 |
| Klasse | U-X-UKdist-mdist |
| Anzahl der Anteile im Umlauf zu Beginn des Geschäftsjahres | 1 503.9870 |
| Anzahl der ausgegebenen Anteile | 229.0000 |
| Anzahl der zurückgegebenen Anteile | -321.0000 |
| Anzahl der Anteile im Umlauf am Ende des Geschäftsjahres | 1 411.9870 |

UBS (Lux) Bond Fund – Asia Flexible (USD)*
- ehemals UBS (Lux) Bond Fund – Full Cycle Asian Bond (USD)Jahresbericht und geprüfter Jahresabschluss per 31. März 2023

| Jährliche Ausschüttung 1 |  |
| --- | --- |
| UBS (Lux) Bond Fund |  |  |  |  |
| – Asia Flexible (USD)* | Ex-Date | Pay-Date | Währung | Betrag pro Anteil |
| (GBP hedged) I-A2-dist | 1.6.2022 | 7.6.2022 | GBP | 3.12 |
| I-X-dist | 1.6.2022 | 7.6.2022 | USD | 3.90 |
| (EUR hedged) P-dist | 1.6.2022 | 7.6.2022 | EUR | 2.61 |
| (EUR hedged) Q-dist | 1.6.2022 | 7.6.2022 | EUR | 3.43 |
| (EUR hedged) Q-dist | 15.11.2022 | 18.11.2022 | EUR | 0.22 |
| (GBP hedged) Q-dist | 1.6.2022 | 7.6.2022 | GBP | 1.85 |
| Monatliche Ausschüttung 1 |  |  |  |  |
| UBS (Lux) Bond Fund |  |  |  |  |
| – Asia Flexible (USD)* | Ex-Date | Pay-Date | Währung | Betrag pro Anteil |
| P-mdist | 19.4.2022 | 22.4.2022 | USD | 0.25 |
| P-mdist | 16.5.2022 | 19.5.2022 | USD | 0.25 |
| P-mdist | 15.6.2022 | 21.6.2022 | USD | 0.24 |
| P-mdist | 15.7.2022 | 20.7.2022 | USD | 0.23 |
| P-mdist | 16.8.2022 | 19.8.2022 | USD | 0.23 |
| P-mdist | 15.9.2022 | 20.9.2022 | USD | 0.23 |
| P-mdist | 17.10.2022 | 20.10.2022 | USD | 0.22 |
| P-mdist | 15.11.2022 | 18.11.2022 | USD | 0.23 |
| P-mdist | 15.12.2022 | 20.12.2022 | USD | 0.24 |
| P-mdist | 17.1.2023 | 20.1.2023 | USD | 0.25 |
| P-mdist | 15.2.2023 | 21.2.2023 | USD | 0.26 |
| P-mdist | 15.3.2023 | 20.3.2023 | USD | 0.25 |
| (SGD hedged) P-mdist | 19.4.2022 | 22.4.2022 | SGD | 0.26 |
| (SGD hedged) P-mdist | 16.5.2022 | 19.5.2022 | SGD | 0.24 |
| (SGD hedged) P-mdist | 15.6.2022 | 21.6.2022 | SGD | 0.23 |
| (SGD hedged) P-mdist | 15.7.2022 | 20.7.2022 | SGD | 0.22 |
| (SGD hedged) P-mdist | 16.8.2022 | 19.8.2022 | SGD | 0.22 |
| (SGD hedged) P-mdist | 15.9.2022 | 20.9.2022 | SGD | 0.22 |
| (SGD hedged) P-mdist | 17.10.2022 | 20.10.2022 | SGD | 0.21 |
| (SGD hedged) P-mdist | 15.11.2022 | 18.11.2022 | SGD | 0.22 |
| (SGD hedged) P-mdist | 15.12.2022 | 20.12.2022 | SGD | 0.23 |
| (SGD hedged) P-mdist | 17.1.2023 | 20.1.2023 | SGD | 0.23 |
| (SGD hedged) P-mdist | 15.2.2023 | 21.2.2023 | SGD | 0.24 |
| (SGD hedged) P-mdist | 15.3.2023 | 20.3.2023 | SGD | 0.24 |
| Q-mdist | 19.4.2022 | 22.4.2022 | USD | 0.27 |
| Q-mdist | 16.5.2022 | 19.5.2022 | USD | 0.27 |
| Q-mdist | 15.6.2022 | 21.6.2022 | USD | 0.26 |
| Q-mdist | 15.7.2022 | 20.7.2022 | USD | 0.25 |
| Q-mdist | 16.8.2022 | 19.8.2022 | USD | 0.25 |
| Q-mdist | 15.9.2022 | 20.9.2022 | USD | 0.25 |
| Q-mdist | 17.10.2022 | 20.10.2022 | USD | 0.24 |
| Q-mdist | 15.11.2022 | 18.11.2022 | USD | 0.25 |
| Q-mdist | 15.12.2022 | 20.12.2022 | USD | 0.26 |
| Q-mdist | 17.1.2023 | 20.1.2023 | USD | 0.27 |
| Q-mdist | 15.2.2023 | 21.2.2023 | USD | 0.28 |
| Q-mdist | 15.3.2023 | 20.3.2023 | USD | 0.28 |
| U-X-UKdist-mdist | 19.4.2022 | 22.4.2022 | USD | 0.00 |
| U-X-UKdist-mdist | 16.5.2022 | 19.5.2022 | USD | 15.68 |
| U-X-UKdist-mdist | 15.6.2022 | 21.6.2022 | USD | 0.00 |
| U-X-UKdist-mdist | 15.7.2022 | 20.7.2022 | USD | 0.00 |
| U-X-UKdist-mdist | 16.8.2022 | 19.8.2022 | USD | 0.00 |
| U-X-UKdist-mdist | 15.9.2022 | 20.9.2022 | USD | 15.81 |
| U-X-UKdist-mdist | 17.10.2022 | 20.10.2022 | USD | 26.87 |
| U-X-UKdist-mdist | 15.11.2022 | 18.11.2022 | USD | 10.09 |
| U-X-UKdist-mdist | 15.12.2022 | 20.12.2022 | USD | 32.14 |
| U-X-UKdist-mdist | 17.1.2023 | 20.1.2023 | USD | 34.81 |
| U-X-UKdist-mdist | 15.2.2023 | 21.2.2023 | USD | 32.59 |
| U-X-UKdist-mdist | 15.3.2023 | 20.3.2023 | USD | 21.79 |
| 1  Siehe Erläuterung 4 * ehemals UBS (Lux) Bond Fund – Full Cycle Asian Bond (USD) |  |  |  |  |

UBS (Lux) Bond Fund – Asia Flexible (USD)*
- ehemals UBS (Lux) Bond Fund – Full Cycle Asian Bond (USD)Jahresbericht und geprüfter Jahresabschluss per 31. März 2023


### Aufstellung der Wertpapierbestände und anderer Nettovermögenswerte per 31. März 2023
| 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	ADANI ELECTRICITY MUMBAI LTD-REG-S 3.86700% 21-22.07.31 | 1 100 000.00 | 756 448.00 | 0.18 |
| USD	ADANI PORTS & SPL ECO ZONE LTD-REG-S 5.00000% 21-02.08.41 | 700 000.00 | 440 256.25 | 0.11 |
| USD	AIRPORT AUTHORITY-REG-S 3.25000% 22-12.01.52 | 1 650 000.00 | 1 259 259.87 | 0.31 |
| USD	AIRPORT AUTHORITY-REG-S 4.75000% 23-12.01.28 | 3 175 000.00 | 3 227 286.54 | 0.78 |
| USD	AIRPORT AUTHORITY-REG-S 4.87500% 23-12.01.33 | 3 050 000.00 | 3 128 957.79 | 0.76 |
| USD	ALIBABA GROUP HOLDING LTD 2.80000% 17-06.06.23 | 2 400 000.00 | 2 386 950.00 | 0.58 |
| USD	ALIBABA GROUP HOLDING LTD 3.15000% 21-09.02.51 | 3 600 000.00 | 2 295 674.99 | 0.56 |
| USD	ANTON OILFIELD SERVICES GROUP-REG-S 8.75000% 21-26.01.25 | 400 000.00 | 330 200.00 | 0.08 |
| USD	APL REALTY HOLDINGS PTE LTD-REG-S 5.95000% 17-02.06.24 | 1 000 000.00 | 510 812.50 | 0.12 |
| USD	AYC FINANCE LTD-REG-S 3.90000% 21-PRP | 800 000.00 | 497 104.00 | 0.12 |
| USD	BAIDU INC 4.12500% 15-30.06.25 | 800 000.00 | 781 792.00 | 0.19 |
| USD	BHARTI AIRTEL LTD-REG-S 4.37500% 15-10.06.25 | 4 250 000.00 | 4 160 484.37 | 1.01 |
| USD	CA MAGNUM HOLDINGS-REG-S 5.37500% 21-31.10.26 | 575 000.00 | 507 437.50 | 0.12 |
| USD	CENTRAL CHINA REAL ESTATE-REG-S 7.25000% 20-16.07.24 | 800 000.00 | 170 000.00 | 0.04 |
| USD	CHAMPION PATH HOLDINGS-REG-S 4.50000% 21-27.01.26 | 300 000.00 | 264 000.00 | 0.06 |
| USD	CHINA HUANENG GP HK TREASURY MGT-REG-S 2.60000% 19-10.12.24 | 3 300 000.00 | 3 167 769.00 | 0.77 |
| USD	CHINA OIL AND GAS GROUP LTD-REG-S 4.70000% 21-30.06.26 | 350 000.00 | 284 659.38 | 0.07 |
| USD	CIFI HOL GROUP CO LTD REG-S*DEFAULTED* 4.37500% 21-12.04.27 | 1 800 000.00 | 369 000.00 | 0.09 |
| USD	CLIFFTON LTD-REG-S 6.25000% 21-25.10.25 | 750 000.00 | 708 750.00 | 0.17 |
| USD	CNAC HK FINBRIDGE CO LTD-REG-S 5.12500% 18-14.03.28 | 1 375 000.00 | 1 339 593.75 | 0.32 |
| USD	CNAC HK FINBRIDGE CO LTD-REG-S 3.87500% 19-19.06.29 | 1 200 000.00 | 1 086 684.00 | 0.26 |
| USD	CNOOC CURTIS FUNDING NO.1 PTY LTD-REG-S 4.50000% 13-03.10.23 | 1 700 000.00 | 1 694 951.00 | 0.41 |
| USD	CNOOC FINANCE 2015 USA LLC 4.37500% 18-02.05.28 | 1 050 000.00 | 1 041 663.00 | 0.25 |
| USD	CRCC YUXIANG LTD-REG-S 3.50000% 13-16.05.23 | 1 500 000.00 | 1 497 690.00 | 0.36 |
| USD	DEVELOPMENT BK OF THE PHILIPPINES-REG-S 2.37500% 21-11.03.31 | 2 000 000.00 | 1 569 750.00 | 0.38 |
| USD	EASY TACTIC LTD (PIK) 6.50000% 22-11.07.27 | 518 750.00 | 119 597.81 | 0.03 |
| USD	EASY TACTIC LTD (PIK) 6.50000% 22-11.07.28 | 1 511 508.00 | 368 998.92 | 0.09 |
| USD	EHI CAR SERVICES LTD-REG-S 7.00000% 21-21.09.26 | 600 000.00 | 387 000.00 | 0.09 |
| USD	ENN CLEAN ENERGY INTERNAT INVEST-REG-S 3.37500% 21-12.05.26 | 300 000.00 | 267 431.25 | 0.07 |
| USD	EXPORT-IMPORT BANK OF KOREA 3.62500% 18-27.11.23 | 5 000 000.00 | 4 961 850.00 | 1.20 |
| USD	EXPORT-IMPORT BANK OF KOREA 5.12500% 23-11.01.33 | 1 050 000.00 | 1 093 354.50 | 0.27 |
| USD	FORTUNE STAR BVI LTD-REG-S 5.95000% 20-19.10.25 | 400 000.00 | 308 575.00 | 0.07 |
| USD	FORTUNE STAR BVI LTD-REG-S 5.05000% 21-27.01.27 | 500 000.00 | 344 000.00 | 0.08 |
| USD	FORTUNE STAR BVI LTD-REG-S 5.00000% 21-18.05.26 | 435 000.00 | 308 236.65 | 0.07 |
| USD	FRANSHION BRILLIANT LTD-REG-S 4.25000% 19-23.07.29 | 900 000.00 | 710 043.75 | 0.17 |
| USD	HAIDILAO INTERNATIONAL HOLDING-REG-S 2.15000% 21-14.01.26 | 900 000.00 | 787 500.00 | 0.19 |
| USD	HKT CAPITAL NO 6 LTD-REG-S 3.00000% 22-18.01.32 | 2 300 000.00 | 1 951 412.00 | 0.47 |
| USD	HUARONG FINANCE 2017 CO-REG-S 4.75000% 17-27.04.27 | 1 000 000.00 | 801 750.00 | 0.19 |
| USD	INDOFOOD CBP SUKSES MAKMUR TBK PT-REG-S 4.74500% 21-09.06.51 | 1 775 000.00 | 1 278 195.25 | 0.31 |
| USD	INDONESIA, REPUBLIC OF 3.50000% 17-11.01.28 | 2 650 000.00 | 2 537 375.00 | 0.62 |
| USD	INDONESIA, REPUBLIC OF 4.65000% 22-20.09.32 | 1 975 000.00 | 1 962 873.50 | 0.48 |
| USD	INTERNATIONAL CONT TERM SERV-REG-S 4.75000% 20-17.06.30 | 250 000.00 | 232 937.50 | 0.06 |
| USD	JINGRUI HOLDINGS LTD-REG-S *DEFAULTED* 14.50000% 20-19.02.23 | 200 000.00 | 17 316.04 | 0.00 |
| USD	JMH CO LTD-REG-S 2.50000% 21-09.04.31 | 3 075 000.00 | 2 605 414.07 | 0.63 |
| USD	JOY TREASURE ASSETS HOLDINGS INC-REG-S 2.75000% 20-17.11.30 | 1 000 000.00 | 768 912.43 | 0.19 |
| USD	JSW HYDRO ENERGY LTD-REG-S 4.12500% 21-18.05.31 | 200 000.00 | 145 394.43 | 0.04 |
| USD	JSW STEEL LTD-REG-S 5.05000% 21-05.04.32 | 600 000.00 | 487 800.00 | 0.12 |
| USD	KAISA GROUP HOLDINGS-REG-S *DEFAULTED* 10.50000% 20-15.01.25 | 1 250 000.00 | 154 337.50 | 0.04 |
| USD	KOREA DEVELOPMENT BANK 2.12500% 19-01.10.24 | 3 000 000.00 | 2 883 300.00 | 0.70 |
| USD	KOREA DEVELOPMENT BANK 4.37500% 23-15.02.33 | 2 000 000.00 | 1 969 100.08 | 0.48 |
| USD	KOREA ELECTRIC POWER CORP-REG-S 5.50000% 22-06.04.28 | 1 000 000.00 | 1 036 590.00 | 0.25 |
| USD	KOREA MINE REHABILITATION & MIN-REG-S 4.12500% 22-20.04.27 | 1 100 000.00 | 1 053 426.00 | 0.26 |
| USD	KOREA MINE REHABILITATION & MIN-REG-S 5.37500% 23-11.05.28 | 2 900 000.00 | 2 878 081.22 | 0.70 |
| USD	KOREA NATIONAL OIL CORP-REG-S 4.87500% 23-03.04.28 | 1 550 000.00 | 1 552 650.50 | 0.38 |
| USD	KOREA NATIONAL OIL CORP-REG-S 4.75000% 23-03.04.26 | 1 400 000.00 | 1 390 298.00 | 0.34 |
| USD	KOREA NATIONAL OIL CORP-REG-S 2.62500% 16-14.04.26 | 200 000.00 | 186 898.00 | 0.05 |
| USD	KOREA, REPUBLIC OF 2.00000% 19-19.06.24 | 2 500 000.00 | 2 424 025.00 | 0.59 |
| USD	KWG GROUP HOLDINGS LTD-REG-S 6.30000% 20-13.02.26 | 1 675 000.00 | 427 125.00 | 0.10 |
| USD	LAI SUN MTN LTD-REG-S 5.00000% 21-28.07.26 | 700 000.00 | 549 500.00 | 0.13 |
| USD	LENOVO GROUP LTD-REG-S 3.42100% 20-02.11.30 | 1 900 000.00 | 1 585 075.00 | 0.38 |
| USD	LENOVO GROUP LTD-REG-S 6.53600% 22-27.07.32 | 800 000.00 | 805 150.00 | 0.20 |
| USD	LEVC FINANCE LTD-REG-S 1.37500% 21-25.03.24 | 6 012 000.00 | 5 792 682.24 | 1.40 |
| USD	LLPL CAPITAL PTE LTD-REG-S 6.87500% 19-04.02.39 | 225 000.00 | 164 789.34 | 0.04 |
| USD	MALAYSIA SOVEREIGN SUKUK BHD-REG-S 3.04300% 15-22.04.25 | 3 500 000.00 | 3 413 156.24 | 0.83 |
| USD	MEDCO BELL PTE LTD-REG-S 6.37500% 20-30.01.27 | 200 000.00 | 181 000.00 | 0.04 |
| USD	MEITUAN DIANPING-REG-S 3.05000% 20-28.10.30 | 4 115 000.00 | 3 283 718.97 | 0.80 |
| USD	MELCO RESORTS FINANCE LTD-REG-S 5.75000% 20-21.07.28 | 1 550 000.00 | 1 321 956.25 | 0.32 |
| USD	NEW METRO GLOBAL LTD-REG-S 4.50000% 21-02.05.26 | 1 142 000.00 | 742 300.00 | 0.18 |
| USD	NONGHYUP BANK-REG-S 3.87500% 18-30.07.23 | 1 250 000.00 | 1 243 593.75 | 0.30 |
| USD	NTT FINANCE CORP-REG-S 1.16200% 21-03.04.26 | 1 200 000.00 | 1 079 992.44 | 0.26 |
| USD	ONGC VIDESH VANKORNEFT PTE LTD-REG-S 3.75000% 16-27.07.26 | 300 000.00 | 283 556.25 | 0.07 |
| USD	PAKUWON JATI TBK PT-REG-S 4.87500% 21-29.04.28 | 250 000.00 | 218 796.87 | 0.05 |
| USD	PERTAMINA PT-REG-S 1.40000% 21-09.02.26 | 3 500 000.00 | 3 169 635.00 | 0.77 |
| USD	PERUSAHAAN PENERBIT SBSN-REG-S 4.32500% 15-28.05.25 | 3 400 000.00 | 3 382 999.99 | 0.82 |
| USD	PHILIPPINES, REPUBLIC OF 2.65000% 20-10.12.45 | 575 000.00 | 391 718.75 | 0.10 |
| USD	PHILIPPINES, REPUBLIC OF THE 5.60900% 22-13.04.33 | 975 000.00 | 1 035 937.50 | 0.25 |
| USD	PHILIPPINES, REPUBLIC OF THE 5.17000% 22-13.10.27 | 2 475 000.00 | 2 540 241.00 | 0.62 |
| USD	POSCO-REG-S 4.50000% 22-04.08.27 | 3 000 000.00 | 2 928 375.01 | 0.71 |
| USD	POSCO-REG-S 5.75000% 23-17.01.28 | 1 425 000.00 | 1 457 632.50 | 0.35 |
| USD	POSCO-REG-S 5.87500% 23-17.01.33 | 400 000.00 | 422 992.00 | 0.10 |
| USD	POWERLONG REAL ESTATE HOLDINGS-REG-S 6.95000% 19-23.07.23 | 200 000.00 | 53 500.00 | 0.01 |
| USD	POWERLONG REAL ESTATE HOLDINGS-REG-S 6.25000% 20-10.08.24 | 800 000.00 | 189 900.00 | 0.05 |
| USD	REDSUN PROPERTIES GRP-REG-S *DEFAULTED* 9.50000% 21-20.09.23 | 1 650 000.00 | 200 755.50 | 0.05 |
| USD	RELIANCE INDUSTRIES LTD-REG-S 2.87500% 22-12.01.32 | 2 800 000.00 | 2 298 968.00 | 0.56 |
| USD	RENEW WIND ENER AP2 / RENEW POWER-REG-S 4.50000% 21-14.07.28 | 400 000.00 | 336 000.00 | 0.08 |
| USD	RONSHINE CHNA HOL LTD-REG-S *DEFAULTED* 7.35000% 20-15.12.23 | 3 275 000.00 | 221 062.50 | 0.05 |

UBS (Lux) Bond Fund – Asia Flexible (USD)*
- ehemals UBS (Lux) Bond Fund – Full Cycle Asian Bond (USD)Jahresbericht und geprüfter Jahresabschluss per 31. März 2023

|  | Bezeichnung | Anzahl/ | Bewertung in USD | in % des |
| --- | --- | --- | --- | --- |
|  | Nominal | NR Kursgewinn | Netto- |
|  |  | (-verlust) auf Futures/ | vermögens |
|  |  | Devisentermin- |  |
|  |  | kontrakten/ |  |
|  |  | Swaps (Erl. 1) |  |
|  |  |  |  |  |
| USD | SANDS CHINA LTD STEP-UP 21-18.06.30 | 900 000.00 | 796 608.27 | 0.19 |
| USD | SANDS CHINA LTD STEP-UP 22-08.03.29 | 2 100 000.00 | 1 749 037.50 | 0.42 |
| USD | SHIMAO PRPTY HLDG LTD-REG-S *DEFAULTED* 5.20000% 21-16.01.27 | 1 600 000.00 | 224 000.00 | 0.05 |
| USD | SHUI ON DEVELOPMENT HOLDING-REG-S 5.50000% 20-03.03.25 | 200 000.00 | 170 162.50 | 0.04 |
| USD | SHUI ON DEVELOPMENT HOLDINGLT-REG-S 5.50000% 21-29.06.26 | 450 000.00 | 342 225.00 | 0.08 |
| USD | SINO-OCEAN LAND TREASURE IV LTD-REG-S 3.25000% 21-05.05.26 | 850 000.00 | 447 914.64 | 0.11 |
| USD | SINOPEC GROUP OVERSEAS DEVELOP-REG-S 4.37500% 14-10.04.24 | 3 178 000.00 | 3 157 215.88 | 0.77 |
| USD | SINOPEC GROUP OVERSEAS DEVELOPMNT-REG-S 3.25000% 15-28.04.25 | 1 500 000.00 | 1 447 260.00 | 0.35 |
| USD | SINOPEC GRP OVERSEAS DEV LTD-REG-S 2.15000% 20-13.05.25 | 400 000.00 | 377 736.00 | 0.09 |
| USD | SK HYNIX INC-REG-S 6.37500% 23-17.01.28 | 1 100 000.00 | 1 099 813.00 | 0.27 |
| USD | SK HYNIX INC-REG-S 6.50000% 23-17.01.33 | 200 000.00 | 195 412.50 | 0.05 |
| USD | SRI LANKA, DEMO REP OF-REG-S *DEFAULT* 6.75000% 18-18.04.28 | 1 250 000.00 | 435 937.50 | 0.11 |
| USD | SRI LANKA, DEMO REP OF-REG-S *DEFAULT* 7.55000% 19-28.03.30 | 1 000 000.00 | 349 875.00 | 0.08 |
| USD | STATE BANK OF INDIA LONDON-REG-S 4.37500% 19-24.01.24 | 4 840 000.00 | 4 798 557.50 | 1.16 |
| USD | STATE BANK OF INDIA LONDON-REG-S 4.50000% 18-28.09.23 | 750 000.00 | 747 892.50 | 0.18 |
| USD | STUDIO CITY FINANCE LTD-REG-S 6.50000% 20-15.01.28 | 950 000.00 | 800 341.09 | 0.19 |
| USD | SUMITOMO MITSUI FINANCIAL GROUP INC 5.76600% 23-13.01.33 | 2 175 000.00 | 2 251 478.43 | 0.55 |
| USD | SUMITOMO MITSUI TRUST BANK LTD-REG-S 4.95000% 22-15.09.27 | 3 100 000.00 | 3 101 677.10 | 0.75 |
| USD | TENCENT HOLDINGS LTD-REG-S 3.28000% 19-11.04.24 | 600 000.00 | 589 788.00 | 0.14 |
| USD | TIMES CHINA HOLD LTD-REG-S *DEFAULTED* 6.75000% 20-08.07.25 | 1 800 000.00 | 270 000.00 | 0.07 |
| USD | TSMC GLOBAL LTD-REG-S 2.25000% 21-23.04.31 | 2 650 000.00 | 2 216 009.50 | 0.54 |
| USD | VEDANTA RESOURCES PLC-REG-S 6.12500% 17-09.08.24 | 686 000.00 | 401 310.00 | 0.10 |
| USD | WANDA PROPERTIES GLOBAL CO LTD-REG-S 11.00000% 23-13.02.26 | 500 000.00 | 420 000.00 | 0.10 |
| USD | WESTPAC BANKING CORP 5.35000% 22-18.10.24 | 1 500 000.00 | 1 510 497.13 | 0.37 |
| USD | WYNN MACAU LTD-REG-S 5.50000% 17-01.10.27 | 500 000.00 | 438 062.50 | 0.11 |
| USD | WYNN MACAU LTD-REG-S 5.12500% 19-15.12.29 | 600 000.00 | 487 500.00 | 0.12 |
| USD | WYNN MACAU LTD-REG-S 5.50000% 20-15.01.26 | 450 000.00 | 416 984.09 | 0.10 |
| USD | YANGO JUSTICE INT LTD-REG-S *DEFAULTED* 7.50000% 20-15.04.24 | 1 675 000.00 | 33 500.00 | 0.01 |
| USD | YANGO JUSTICE INT LTD-REG-S*DEFAULTED* 7.50000% 20-17.02.25 | 275 000.00 | 5 500.00 | 0.00 |
| USD | YUZHOU PROPERTIES-REG-S *DEFAULTED* 7.37500% 20-13.01.26 | 1 824 000.00 | 170 908.80 | 0.04 |
| USD | ZHENRO PROP GROUP-REG-S *DEFAULTED* 8.30000% 20-15.09.23 | 1 000 000.00 | 75 000.00 | 0.02 |
| Total USD |  |  | 140 702 162.87 | 34.11 |
| Total Notes, fester Zins |  | 140 702 162.87 | 34.11 |
| Notes, variabler Zins |  |  |  |
| USD |  |  |  |
| USD	IND & COM BK CHINA MACAU-REG-S-SUB 2.875%/VAR 19-12.09.29 | 1 700 000.00 | 1 635 740.00 | 0.40 |
| USD	NANYANG COMMERCIAL BANK LTD-REG-S-SUB 7.350%/VAR 23-PRP | 400 000.00 | 379 812.69 | 0.09 |
| USD	OVERSEA-CHINESE BKNG-REG-S-SUB 1.832%/VAR 20-10.09.30 | 3 476 000.00 | 3 183 077.48 | 0.77 |
| USD	STANDARD CHARTERED PLC-REG-S 6.301%/VAR 23-09.01.29 | 6 300 000.00 | 6 438 265.53 | 1.56 |
| USD	STANDARD CHARTERED PLC-REG-S-SUB 4.866%/VAR 18-15.03.33 | 1 275 000.00 | 1 170 635.11 | 0.28 |
| USD	STANDARD CHARTERED PLC-REG-S-SUB 3.603%/VAR 22-12.01.33 | 1 350 000.00 | 1 091 300.13 | 0.27 |
| Total USD |  | 13 898 830.94 | 3.37 |
| Total Notes, variabler Zins |  | 13 898 830.94 | 3.37 |
| Medium-Term Notes, fester Zins |  |  |  |
| USD |  |  |  |
| USD	BANGKOK BANK PCL/HONG KONG-REG-S 4.30000% 22-15.06.27 | 850 000.00 | 832 408.48 | 0.20 |
| USD	BANK MANDIRI PERSERO TBK PT-REG-S 4.75000% 20-13.05.25 | 2 550 000.00 | 2 510 634.37 | 0.61 |
| USD	BANK MANDIRI PERSERO TBK PT-REG-S 5.50000% 23-04.04.26 | 850 000.00 | 855 406.00 | 0.21 |
| USD	BANK NEGARA INDONESIA PERSERO-REG-S-SUB 3.75000% 21-30.03.26 | 525 000.00 | 476 495.25 | 0.12 |
| USD	BANK OF CHINA LTD/HUNGARY-REG-S 1.62500% 22-16.02.24 | 1 600 000.00 | 1 555 872.00 | 0.38 |
| USD	BANK OF CHINA LTD/PARIS 0.95000% 20-21.09.23 | 3 130 000.00 | 3 073 034.00 | 0.74 |
| USD	BANK OF CHINA/HONG KONG-REG-S 3.62500% 19-17.04.29 | 400 000.00 | 378 608.00 | 0.09 |
| USD	BANK OF EAST ASIA LTD-REG-S-SUB 4.00000% 20-29.05.30 | 700 000.00 | 637 294.00 | 0.15 |
| USD	BOC AVIATION LTD-REG-S 3.50000% 19-10.10.24 | 1 450 000.00 | 1 410 400.50 | 0.34 |
| USD	BOC AVIATION USA CORP-REG-S 1.62500% 21-29.04.24 | 3 600 000.00 | 3 454 020.86 | 0.84 |
| USD	BOCOM LEASING MGT HONG KONG-REG-S 4.37500% 19-22.01.24 | 950 000.00 | 941 568.75 | 0.23 |
| USD	CDBL FUNDING 1-REG-S 3.50000% 20-24.10.27 | 4 308 000.00 | 4 038 965.40 | 0.98 |
| USD	CHINA CINDA 2020 I MANAGEMENT LTD-REG-S 3.12500% 20-18.03.30 | 1 500 000.00 | 1 226 325.00 | 0.30 |
| USD	CHINA CINDA 2020 I MANAGEMENT-REG-S 2.50000% 21-20.01.28 | 1 800 000.00 | 1 541 025.00 | 0.37 |
| USD	CHINA CONSTRUCTION BANK CORP/HK-REG-S 1.25000% 20-04.08.25 | 2 750 000.00 | 2 530 467.50 | 0.61 |
| USD	CHINA DEVELOPMENT BANK CORP-REG-S 1.00000% 20-27.10.25 | 1 000 000.00 | 914 720.00 | 0.22 |
| USD	CHINA DEVELOPMENT BANK/HONG KONG-REG-S 0.62500% 21-09.09.24 | 500 000.00 | 471 520.00 | 0.11 |
| USD	CHINA GRT WALL INT HLDGS III LTD-REG-S 3.87500% 17-31.08.27 | 200 000.00 | 173 000.00 | 0.04 |
| USD	CHINA OVERSEAS FINAN CAYMAN VIII-REG-S 3.45000% 19-15.07.29 | 200 000.00 | 180 287.50 | 0.04 |
| USD	CICC HONG KONG FIN 2016 MTN LTD-REG-S 2.00000% 21-26.01.26 | 1 975 000.00 | 1 811 035.50 | 0.44 |
| USD	CITIC LTD-REG-S 3.50000% 22-17.02.32 | 2 950 000.00 | 2 603 345.50 | 0.63 |
| USD	CITIC LTD-REG-S 4.00000% 18-11.01.28 | 850 000.00 | 817 725.50 | 0.20 |
| USD	CLP POWER HONG KONG FINANCING LTD-REG-S 2.87500% 12-26.04.23 | 950 000.00 | 948 945.50 | 0.23 |
| USD	CMB INTERNATIONAL LEASING MGT LTD-REG-S 2.75000% 20-12.08.30 | 2 750 000.00 | 2 223 718.75 | 0.54 |
| USD	EXPORT IMPORT BANK OF THAILAND-REG-S 1.45700% 20-15.10.25 | 2 275 000.00 | 2 074 891.00 | 0.50 |
| USD	EXPORT-IMPORT BANK OF INDIA-REG-S 2.25000% 21-13.01.31 | 625 000.00 | 497 193.75 | 0.12 |
| USD	FAR EAST HORIZON LTD-REG-S 2.62500% 21-03.03.24 | 1 275 000.00 | 1 191 168.75 | 0.29 |
| USD	FAR EAST HORIZON LTD-REG-S 4.25000% 21-26.10.26 | 200 000.00 | 168 412.50 | 0.04 |
| USD	GC TREASURY CENTER CO LTD-REG-S 4.30000% 21-18.03.51 | 1 700 000.00 | 1 223 787.51 | 0.30 |
| USD	GC TREASURY CENTER CO LTD-REG-S 5.20000% 22-30.03.52 | 200 000.00 | 165 162.50 | 0.04 |
| USD	GLP CHINA HOLDINGS LTD-REG-S 2.95000% 21-29.03.26 | 550 000.00 | 401 603.12 | 0.10 |
| USD	HONG KONG GOVERNMENT INTERNATIONA-REG-S 4.62500% 23-11.01.33 | 1 250 000.00 | 1 312 972.00 | 0.32 |
| USD	HONG KONG GOVERNMENT INTERNATIONA-REG-S 5.25000% 23-11.01.53 | 1 225 000.00 | 1 358 525.61 | 0.33 |
| USD	HONGKONG ELECTRIC FINANCE LTD-REG-S 1.87500% 20-27.08.30 | 1 550 000.00 | 1 266 274.24 | 0.31 |
| USD	HONGKONG LAND FINANCE CO LTD-REG-S 2.25000% 21-15.07.31 | 1 400 000.00 | 1 156 689.49 | 0.28 |
| USD	HUARONG FINANCE 2017 CO-REG-S 4.25000% 17-07.11.27 | 3 000 000.00 | 2 295 000.00 | 0.56 |
| USD	ICBCIL FINANCE CO LTD-REG-S 1.75000% 20-25.08.25 | 800 000.00 | 737 900.00 | 0.18 |
| USD	INDIAN RAILWAY FINANCE CORP LTD-REG-S 3.73000% 19-29.03.24 | 6 500 000.00 | 6 389 500.00 | 1.55 |
| USD	INDONESIA, REPUBLIC OF-REG-S 5.12500% 15-15.01.45 | 1 000 000.00 | 978 860.00 | 0.24 |
| USD	INDONESIA, REPUBLIC OF-REG-S 3.85000% 17-18.07.27 | 400 000.00 | 389 000.00 | 0.09 |
| USD	INDONESIA, REPUBLIC OF-REG-S 4.75000% 17-18.07.47 | 300 000.00 | 279 033.00 | 0.07 |
| USD	INDUSTRIAL COMMERCIAL BANK CHINA-REG-S 1.20000% 20-09.09.25 | 3 025 000.00 | 2 770 658.00 | 0.67 |

UBS (Lux) Bond Fund – Asia Flexible (USD)*
- ehemals UBS (Lux) Bond Fund – Full Cycle Asian Bond (USD)Jahresbericht und geprüfter Jahresabschluss per 31. März 2023

|  | Bezeichnung | Anzahl/ | Bewertung in USD | in % des |
| --- | --- | --- | --- | --- |
|  |  | Nominal | NR Kursgewinn | Netto- |
|  |  |  | (-verlust) auf Futures/ | vermögens |
|  |  |  | Devisentermin- |  |
|  |  |  | kontrakten/ |  |
|  |  |  | Swaps (Erl. 1) |  |
|  |  |  |  |  |
| USD | INVENTIVE GLOBAL INVESTMENTS LTD-REG-S 1.10000% 21-01.09.24 | 3 251 000.00 | 3 078 631.98 | 0.75 |
| USD | KASIKORNBANK PCL/HONG KONG-REG-S 3.25600% 18-12.07.23 | 3 125 000.00 | 3 105 078.13 | 0.75 |
| USD | LI & FUNG LTD-REG-S-SUB 5.25000% 16-PRP | 350 000.00 | 192 500.00 | 0.05 |
| USD | LINK FINANCE CAYMAN 2009 LTD-REG-S 3.60000% 14-03.09.24 | 3 000 000.00 | 2 952 463.50 | 0.72 |
| USD | NAN FUNG TREASURY LTD-REG-S 3.62500% 20-27.08.30 | 1 300 000.00 | 1 112 963.96 | 0.27 |
| USD | OVERSEA-CHINESE BANKING CORP-REG-S-SUB 4.25000% 14-19.06.24 | 1 000 000.00 | 989 226.80 | 0.24 |
| USD | PAKISTAN, ISLAMIC REPUBLIC OF-REG-S 7.37500% 21-08.04.31 | 3 000 000.00 | 1 042 500.00 | 0.25 |
| USD | PERTAMINA PERSERO PT-REG-S 4.70000% 19-30.07.49 | 2 000 000.00 | 1 650 000.00 | 0.40 |
| USD | PERTAMINA PT-REG-S 6.45000% 14-30.05.44 | 800 000.00 | 822 400.00 | 0.20 |
| USD | PERTAMINA PT-REG-S 6.50000% 18-07.11.48 | 450 000.00 | 463 021.88 | 0.11 |
| USD | PERU PERS PT PERSUSAHAAN LIST NEG-REG-S 4.00000% 20-30.06.50 | 1 000 000.00 | 712 687.50 | 0.17 |
| USD | PERUSAHAAN LISTRIK NEGARA PT-REG-S 6.15000% 18-21.05.48 | 750 000.00 | 720 609.37 | 0.17 |
| USD | PSA TREASURY PTE LTD-REG-S 2.50000% 16-12.04.26 | 2 400 000.00 | 2 260 968.00 | 0.55 |
| USD | PSA TREASURY PTE LTD-REG-S 2.12500% 19-05.09.29 | 500 000.00 | 435 074.35 | 0.11 |
| USD | PTT TREASURY CENTER CO LTD-REG-S 5.87500% 19-03.08.35 | 3 320 000.00 | 3 338 127.20 | 0.81 |
| USD | REC LTD-REG-S 2.25000% 21-01.09.26 | 1 895 000.00 | 1 692 235.00 | 0.41 |
| USD | REDCO PROPERTIES GRP-REG-S *DEFAULTED* 9.90000% 20-17.02.24 | 2 050 000.00 | 243 437.50 | 0.06 |
| USD | RHB BANK BHD-REG-S 1.65800% 21-29.06.26 | 850 000.00 | 764 600.50 | 0.18 |
| USD | RHB BANK BHD-REG-S 3.76600% 19-19.02.24 | 200 000.00 | 197 803.66 | 0.05 |
| USD | SHINHAN FIN GROUP CO LTD-REG-S 1.35000% 20-10.01.26 | 275 000.00 | 248 941.00 | 0.06 |
| USD | SHRIRAM TRANSPORT FINANCE CO LTD-REG-S 4.40000% 21-13.03.24 | 600 000.00 | 579 000.00 | 0.14 |
| USD | SIAM COMMERCIAL BK CAYMAN ISLAND-REG-S 2.75000% 17-16.05.23 | 2 450 000.00 | 2 440 506.25 | 0.59 |
| USD | SIAM COMMERCIAL BK CAYMAN ISLAND-REG-S 3.90000% 19-11.02.24 | 1 250 000.00 | 1 234 919.75 | 0.30 |
| USD | SINGAPORE AIRLINES LTD-REG-S 3.00000% 21-20.07.26 | 700 000.00 | 668 179.36 | 0.16 |
| USD | SINGAPORE EXCHANGE LTD-REG-S 1.23400% 21-03.09.26 | 4 225 000.00 | 3 799 077.75 | 0.92 |
| USD | SINGTEL GROUP TREASURY PTE LTD-REG-S 3.25000% 15-30.06.25 | 1 000 000.00 | 972 406.70 | 0.24 |
| USD | SINOCHEM OFFSHORE CAPITAL CO LTD-REG-S 2.37500% 21-23.09.31 | 1 200 000.00 | 937 725.00 | 0.23 |
| USD | SP GROUP TREASURY PTE LTD-REG-S 3.37500% 19-27.02.29 | 600 000.00 | 566 451.60 | 0.14 |
| USD | SP POWERASSETS LTD-REG-S 3.25000% 15-24.11.25 | 750 000.00 | 725 865.53 | 0.18 |
| USD | STATE BANK OF INDIA/LONDON-REG-S 1.80000% 21-13.07.26 | 300 000.00 | 270 546.00 | 0.07 |
| USD | STATE GRID OVERSEAS INVESTMENT-REG-S 3.50000% 17-04.05.27 | 2 250 000.00 | 2 174 917.50 | 0.53 |
| USD | STATE GRID OVERSEAS INVESTMENT-REG-S 4.25000% 18-02.05.28 | 2 257 000.00 | 2 232 031.93 | 0.54 |
| USD | SUMITOMO CORP-REG-S 5.55000% 23-09.03.28 | 2 175 000.00 | 2 206 885.50 | 0.53 |
| USD | SUN HUNG KAI PROP CAP MRKT LTD-REG-S 2.87500% 20-21.01.30 | 900 000.00 | 800 906.32 | 0.19 |
| USD | SWIRE PACIFIC MTN FINANCING LTD-REG-S 4.50000% 13-09.10.23 | 1 200 000.00 | 1 198 375.68 | 0.29 |
| USD | TENCENT HOLDINGS LTD-REG-S 3.92500% 18-19.01.38 | 200 000.00 | 165 042.00 | 0.04 |
| USD | TENCENT HOLDINGS LTD-REG-S 3.24000% 20-03.06.50 | 2 450 000.00 | 1 581 475.00 | 0.38 |
| USD | TENCENT HOLDINGS LTD-REG-S 3.84000% 21-22.04.51 | 4 000 000.00 | 2 897 680.00 | 0.70 |
| USD | THAIOIL TREASURY CENTER CO LTD-REG-S 3.50000% 19-17.10.49 | 2 100 000.00 | 1 262 362.50 | 0.31 |
| USD | THAIOIL TREASURY CENTER CO LTD-REG-S 3.75000% 20-18.06.50 | 200 000.00 | 125 100.00 | 0.03 |
| USD | VANKE REAL ESTAT HONG KONG CO LTD-REG-S 3.50000% 19-12.11.29 | 750 000.00 | 613 125.00 | 0.15 |
| USD | WHEELOCK MTN BVI LTD-REG-S 2.37500% 21-25.01.26 | 970 000.00 | 904 088.50 | 0.22 |
| USD | WOORI BANK-REG-S 4.87500% 23-26.01.28 | 1 550 000.00 | 1 548 171.00 | 0.37 |
| Total USD |  |  | 116 191 564.03 | 28.17 |
| Total Medium-Term Notes, fester Zins |  | 116 191 564.03 | 28.17 |
| Medium-Term Notes, variabler Zins |  |  |  |
| USD |  |  |  |
| USD	BANGKOK BANK PCL/HONG KONG-REG-S-SUB 5.000%/VAR 20-PRP | 275 000.00 | 250 645.31 | 0.06 |
| USD	DAH SING BANK LTD-REG-S-SUB 3.000%/VAR 21-02.11.31 | 1 700 000.00 | 1 483 318.00 | 0.36 |
| USD	DBS GROUP HOLDINGS LTD-REG-S-SUB 4.520%/VAR 18-11.12.28 | 800 000.00 | 794 464.00 | 0.19 |
| USD	KASIKORNBANK PCL-REG-S-SUB 5.275%/VAR 20-PRP | 350 000.00 | 319 987.50 | 0.08 |
| USD	KEB HANA BANK-REG-S-SUB 3.500%/VAR 21-PRP | 1 000 000.00 | 845 540.00 | 0.21 |
| USD	SHINHAN FIN GROUP CO LTD-REG-S-SUB 3.340%/VAR 19-05.02.30 | 4 425 000.00 | 4 211 493.75 | 1.02 |
| Total USD |  | 7 905 448.56 | 1.92 |
| Total Medium-Term Notes, variabler Zins |  | 7 905 448.56 | 1.92 |
| Anleihen, fester Zins |  |  |  |
| USD |  |  |  |
| USD	AGILE GROUP HOLDINGS LTD-REG-S 6.05000% 20-13.10.25 | 1 400 000.00 | 641 200.00 | 0.16 |
| USD	BAIDU INC 3.87500% 18-29.09.23 | 388 000.00 | 385 532.32 | 0.09 |
| USD	BANK RAKYAT INDONESIA-REG-S 3.95000% 19-28.03.24 | 725 000.00 | 713 218.75 | 0.17 |
| USD	BANK TABUNGAN NEGARA PERSERO-REG-S-SUB 4.20000% 20-23.01.25 | 250 000.00 | 232 500.00 | 0.06 |
| USD	BIM LAND JSC-REG-S 7.37500% 21-07.05.26 | 1 200 000.00 | 478 536.00 | 0.12 |
| USD	CHEUNG KONGINFRA FIN BV-REG-S-SUB 4.00000% 21-PRP | 550 000.00 | 396 460.38 | 0.10 |
| USD	CHINA EVERGRANDE GRO-REG-S *DEFAULTED* 8.75000% 17-28.06.25 | 1 000 000.00 | 75 000.00 | 0.02 |
| USD	CHINA SCE PROPERTY HOLDINGS LTD-REG-S 5.95000% 21-29.09.24 | 2 075 000.00 | 1 099 750.00 | 0.27 |
| USD	CHINDATA GROUP HOLDINGS LTD-REG-S 10.50000% 23-23.02.26 | 400 000.00 | 381 000.00 | 0.09 |
| USD	CMHI FINANCE BVI CO LTD-REG-S 4.37500% 18-06.08.23 | 1 000 000.00 | 997 920.00 | 0.24 |
| USD	CMHI FINANCE BVI CO LTD-REG-S 5.00000% 18-06.08.28 | 1 450 000.00 | 1 466 584.38 | 0.36 |
| USD	COUNTRY GARDEN HOLDINGS CO LTD-REG-S 5.12500% 20-14.01.27 | 2 000 000.00 | 1 106 600.00 | 0.27 |
| USD	COUNTRY GARDEN HOLDINGS CO LTD-REG-S 5.62500% 20-14.01.30 | 1 400 000.00 | 741 645.66 | 0.18 |
| USD	COUNTRY GARDEN HOLDINGS CO LTD-REG-S 4.20000% 20-06.02.26 | 1 600 000.00 | 920 000.00 | 0.22 |
| USD	COUNTRY GARDEN HOLDINGS CO LTD-REG-S 3.12500% 20-22.10.25 | 500 000.00 | 287 170.00 | 0.07 |
| USD	EHI CAR SERVICES LTD-REG-S 7.75000% 21-14.11.24 | 625 000.00 | 481 568.75 | 0.12 |
| USD	FPC RESOURCES LTD-REG-S 4.37500% 20-11.09.27 | 200 000.00 | 184 475.00 | 0.04 |
| USD	GOHL CAPITAL LTD-REG-S 4.25000% 17-24.01.27 | 950 000.00 | 864 084.38 | 0.21 |
| USD	GREENKO DUTCH BV-REG-S 3.85000% 21-29.03.26 | 815 000.00 | 683 648.49 | 0.17 |
| USD	HARVEST OPERATIONS CORP-REG-S 1.00000% 21-26.04.24 | 1 000 000.00 | 957 370.00 | 0.23 |
| USD	HUTCHISON WHAMPOA INTERNATIONAL14-REG-S 3.62500% 14-31.10.24 | 5 972 000.00 | 5 859 935.42 | 1.42 |
| USD	INDUSTRIAL BANK OF KOREA-REG-S 0.62500% 21-17.09.24 | 7 475 000.00 | 7 033 199.09 | 1.71 |
| USD	KAISA GROUP HOLDINGS-REG-S *DEFAULT* 11.70000% 21-11.11.25 | 1 000 000.00 | 122 420.00 | 0.03 |
| USD	KWG GROUP HOLDINGS LTD-REG-S 5.87500% 17-10.11.24 | 800 000.00 | 224 760.00 | 0.05 |
| USD	KWG GROUP HOLDINGS LTD 7.87500% 22-30.08.24 | 700 000.00 | 238 000.00 | 0.06 |
| USD	LMIRT CAPITAL PTE LTD-REG-S 7.50000% 21-09.02.26 | 350 000.00 | 206 675.00 | 0.05 |
| USD	LONGFOR GROUP HOLDINGS LTD-REG-S 3.95000% 19-16.09.29 | 1 000 000.00 | 734 875.00 | 0.18 |
| USD	LS FINANCE 2017 LTD-REG-S 4.80000% 21-18.06.26 | 750 000.00 | 630 000.00 | 0.15 |
| USD	MALAYSIA WAKALA SUKUK BHD-REG-S 3.07500% 21-28.04.51 | 500 000.00 | 381 343.75 | 0.09 |
| USD	MINEJESA CAPITAL BV-REG-S 5.62500% 17-10.08.37 | 550 000.00 | 427 728.12 | 0.10 |

UBS (Lux) Bond Fund – Asia Flexible (USD)*
- ehemals UBS (Lux) Bond Fund – Full Cycle Asian Bond (USD)Jahresbericht und geprüfter Jahresabschluss per 31. März 2023

|  | Bezeichnung | Anzahl/ | Bewertung in USD | in % des |
| --- | --- | --- | --- | --- |
|  |  | Nominal | NR Kursgewinn | Netto- |
|  |  |  | (-verlust) auf Futures/ | vermögens |
|  |  |  | Devisentermin- |  |
|  |  |  | kontrakten/ |  |
|  |  |  | Swaps (Erl. 1) |  |
|  |  |  |  |  |
| USD | MINERA Y METALURGICA DEL BOLEO-REG-S 3.25000% 19-17.04.24 | 1 100 000.00 | 1 075 800.00 | 0.26 |
| USD | MONGOLIA,GOVERNMENT OF-REG-S 4.45000% 21-07.07.31 | 300 000.00 | 222 783.00 | 0.05 |
| USD | NWD MTN LTD-REG-S 4.12500% 19-18.07.29 | 1 425 000.00 | 1 180 840.50 | 0.29 |
| USD | OIL INDIA LTD-REG-S 5.12500% 19-04.02.29 | 268 000.00 | 262 187.75 | 0.06 |
| USD | PERUSAHAAN LISTRIK NEGARA PT-REG-S 5.37500% 18-25.01.29 | 1 538 000.00 | 1 526 634.18 | 0.37 |
| USD | PHILIPPINES, REPUBLIC OF THE 4.20000% 14-21.01.24 | 4 000 000.00 | 3 974 000.00 | 0.96 |
| USD | PHILIPPINES, REPUBLIC OF THE 3.95000% 15-20.01.40 | 2 525 000.00 | 2 165 187.50 | 0.52 |
| USD | PHILIPPINES, REPUBLIC OF THE 3.70000% 16-01.03.41 | 2 250 000.00 | 1 867 747.50 | 0.45 |
| USD | POWERLONG REAL ESTATE HOLDINGS-REG-S 5.95000% 20-30.04.25 | 500 000.00 | 113 205.00 | 0.03 |
| USD | POWERLONG REAL ESTATE HOLDING LTD-REG-S 4.90000% 21-13.05.26 | 2 200 000.00 | 495 000.00 | 0.12 |
| USD | RKPF OVERSEAS 2020 A LTD-REG-S 5.12500% 21-26.07.26 | 900 000.00 | 614 250.00 | 0.15 |
| USD | SHINHAN CARD CO LTD-REG-S 1.37500% 21-23.06.26 | 2 200 000.00 | 1 934 922.00 | 0.47 |
| USD | SINO-OCEAN LAND TREASURE FIN II-REG-S 5.95000% 15-04.02.27 | 250 000.00 | 115 000.00 | 0.03 |
| USD | SRI LANKA, DEMO REP OF-REG-S *DEFAULT* 6.85000% 15-03.11.25 | 2 050 000.00 | 742 228.13 | 0.18 |
| USD | STATE GRID OVERSEAS INV 2013 LTD-REG-S 3.12500% 13-22.05.23 | 3 250 000.00 | 3 242 492.50 | 0.79 |
| USD | SUNAC CHINA HOLDINGS-REG-S *DEFAULTED* 6.50000% 20-10.01.25 | 900 000.00 | 216 549.00 | 0.05 |
| USD | TALENT YIELD INTERNATIONAL LTD-REG-S 3.12500% 21-06.05.31 | 200 000.00 | 173 787.50 | 0.04 |
| USD | VEDANTA RESOURCES FINANCE II PLC-REG-S 8.95000% 21-11.03.25 | 400 000.00 | 244 000.00 | 0.06 |
| USD | WEST CHINA CEMENT LTD-REG-S 4.95000% 21-08.07.26 | 300 000.00 | 238 931.25 | 0.06 |
| USD | WOORI BANK-REG-S-SUB 4.75000% 14-30.04.24 | 700 000.00 | 692 475.00 | 0.17 |
| USD | XIAOMI BEST TIME INTER LTD-REG-S 4.10000% 21-14.07.51 | 2 900 000.00 | 1 783 645.00 | 0.43 |
| USD | YUZHOU PROPERTIES-REG-S *DEFAULTED* 8.30000% 19-27.05.25 | 2 275 000.00 | 212 075.50 | 0.05 |
| Total USD |  |  | 52 046 941.80 | 12.62 |
| Total Anleihen, fester Zins |  | 52 046 941.80 | 12.62 |
| Anleihen, variabler Zins |  |  |  |
| USD |  |  |  |
| USD	ASAHI MUTUAL LIFE INSURANCE-REG-S-SUB 6.900%/VAR 23-PRP | 1 250 000.00 | 1 212 500.00 | 0.29 |
| USD	BANK NEGARA INDONESIA PERSERO-REG-S-SUB 4.300%/VAR 21-PRP | 500 000.00 | 400 000.00 | 0.10 |
| USD	BANK OF COMMUNICATIONS H/K-REG-S 2.304%/VAR 21-08.07.31 | 2 100 000.00 | 1 887 543.00 | 0.46 |
| USD	BANK OF EAST ASIA LTD/THE-REG-S-SUB 5.875%/VAR 19-PRP | 250 000.00 | 220 625.00 | 0.05 |
| USD	CHINA TAIPING INSURANCE-REG-S-SUB 6.400%/VAR 23-PRP | 3 850 000.00 | 3 933 622.00 | 0.95 |
| USD	GLOBAL LOGISTIC PROPERTIES-REG-S-SUB 4.600%/VAR 21-PRP | 813 000.00 | 382 110.00 | 0.09 |
| USD	GLOBE TELECOM INC-REG-S 4.200%/VAR 21-PRP | 900 000.00 | 816 918.75 | 0.20 |
| USD	INDUSTRIAL & COMM BK OF CHINA-REG-S 3.200%/VAR 21-PRP | 200 000.00 | 187 000.00 | 0.05 |
| USD	NETWORK I2I LTD-REG-S-SUB 5.650%/VAR 19-PRP | 400 000.00 | 378 200.00 | 0.09 |
| USD	NWD FINANCE BVI LTD-REG-S 4.125%/VAR 21-PRP | 2 000 000.00 | 1 480 000.00 | 0.36 |
| USD	SHINHAN FINANCIAL GROUP CO LTD-REG-S-SUB 2.875%VAR 21-PRP | 1 350 000.00 | 1 137 206.25 | 0.28 |
| USD	SINO OCEAN LAND TREASURE-REG-S-SUB 4.900%/VAR 17-PRP | 525 000.00 | 166 457.81 | 0.04 |
| USD	SMC GLOBAL POWER HOLDINGS CORP-REG-S 5.450%/VAR 21-PRP | 1 400 000.00 | 1 063 387.50 | 0.26 |
| USD	STANDARD CHARTERED PLC-REG-S-SUB COCO 4.300%/VAR 21-PRP | 700 000.00 | 503 433.36 | 0.12 |
| Total USD |  | 13 769 003.67 | 3.34 |
| Total Anleihen, variabler Zins |  | 13 769 003.67 | 3.34 |
| Wandelanleihen, fester Zins |  |  |  |
| USD |  |  |  |
| USD	STANDARD CHARTERED PLC-REG-S-SUB COCO 4.75000% 21-PRP | 800 000.00 | 566 999.93 | 0.14 |
| Total USD |  | 566 999.93 | 0.14 |
| Total Wandelanleihen, fester Zins |  | 566 999.93 | 0.14 |
| Wandelanleihen, variabler Zins |  |  |  |
| USD |  |  |  |
| USD	KRUNG THAI/CAYMAN ISLANDS-REG-S-SUB COCO 4.400%/VAR 21-PRP | 925 000.00 | 814 277.50 | 0.20 |
| Total USD |  | 814 277.50 | 0.20 |
| Total Wandelanleihen, variabler Zins | 814 277.50 | 0.20 |
| Total Wertpapiere und Geldmarktinstrumente, die an einer offiziellen Börse gehandelt werden | 345 895 229.30 | 83.87 |
| Wertpapiere und Geldmarktinstrumente, die an einem anderen geregelten Markt gehandelt werden |  |  |
| Notes, fester Zins |  |  |
| USD |  |  |
| USD	AUSTRALIA & NEW ZEALAND BK GROUP LTD 5.08800% 22-08.12.25	1 500 000.00 | 1 508 258.10 | 0.37 |
| USD	COMMONWEALTH BANK OF AUSTRALIA-REG-S 2.85000% 16-18.05.26	1 500 000.00 | 1 416 090.00 | 0.34 |
| USD	NATIONAL AUSTRALIA BANK NEW YORK BRANCH 4.96600% 23-12.01.26	1 500 000.00 | 1 507 136.70 | 0.36 |
| Total USD | 4 431 484.80 | 1.07 |
| Total Notes, fester Zins | 4 431 484.80 | 1.07 |
| Medium-Term Notes, fester Zins |  |  |
| USD |  |  |
| USD	DBS GROUP HOLDINGS-REG-S 1.16900% 21-22.11.24	2 000 000.00 | 1 885 580.00 | 0.46 |
| USD	HDFC BANK LTD/GIFT CITY-REG-S 5.68600% 23-02.03.26	2 175 000.00 | 2 199 490.50 | 0.53 |
| USD	PETRONAS CAPITAL LTD-REG-S 3.50000% 15-18.03.25	3 000 000.00 | 2 939 670.00 | 0.71 |
| Total USD | 7 024 740.50 | 1.70 |
| Total Medium-Term Notes, fester Zins | 7 024 740.50 | 1.70 |

UBS (Lux) Bond Fund – Asia Flexible (USD)*
- ehemals UBS (Lux) Bond Fund – Full Cycle Asian Bond (USD)Jahresbericht und geprüfter Jahresabschluss per 31. März 2023

| Bezeichnung | Anzahl/ | Bewertung in USD | in % des |
| --- | --- | --- | --- |
|  | Nominal | NR Kursgewinn | Netto- |
|  |  | (-verlust) auf Futures/ | vermögens |
|  |  | Devisentermin- |  |
|  |  | kontrakten/ |  |
|  |  | Swaps (Erl. 1) |  |
| Anleihen, fester Zins |  |  |  |
| USD |  |  |  |
| USD	MONGOLIA,GOVERNMENT OF-REG-S 3.50000% 21-07.07.27 | 500 000.00 | 398 805.00 | 0.10 |
| Total USD |  | 398 805.00 | 0.10 |
| Total Anleihen, fester Zins |  | 398 805.00 | 0.10 |
| Total Wertpapiere und Geldmarktinstrumente, die an einem anderen geregelten Markt gehandelt werden |  | 11 855 030.30 | 2.87 |

OGAW/Andere OGA im Sinne des Artikels 41 (1) e) des abgeänderten luxemburgischen Gesetzes vom 17. Dezember 2010
Investment Fonds, open end
Hongkong
| USD | UBS (HK) FUND SERIES - ASIA INCOME BOND (USD)-E USD ACC | 1 420.00 | 11 605 948.26 | 2.81 |
| --- | --- | --- | --- | --- |
| Total Hongkong |  | 11 605 948.26 | 2.81 |
| Luxemburg |  |  |  |
| USD	UBS (LUX) BD SICAV-ASIAN INVEST GR BDS SUSTAIN (USD) U-X-ACC | 1 470.00 | 17 358 450.90 | 4.21 |
| USD	UBS (LUX) BOND SICAV - CHINA HIGH YIELD (USD) U-X-ACC | 550.00 | 3 011 525.00 | 0.73 |
| Total Luxemburg |  | 20 369 975.90 | 4.94 |
| Total Investment Fonds, open end |  | 31 975 924.16 | 7.75 |
| Total OGAW/Andere OGA im Sinne des Artikels 41 (1) e) des abgeänderten luxemburgischen Gesetzes vom 17. Dezember 2010 | 31 975 924.16 | 7.75 |
| Total des Wertpapierbestandes |  | 389 726 183.76 | 94.49 |

| Derivative Instrumente |  |
| --- | --- |
| Derivative Instrumente, die an einer offiziellen Börse gehandelt werden Finanzterminkontrakte auf Anleihen |
|  |  |  |  |
| USD	US ULTRA LONG BOND (CBT) FUTURE 21.06.23 | 104.00 | 664 625.00 | 0.16 |
| USD	US 10YR TREASURY NOTE FUTURE 21.06.23 | 110.00 | 129 687.50 | 0.03 |
| USD	US 5YR TREASURY NOTE FUTURE 30.06.23 | -54.00 | -162 421.90 | -0.04 |
| Total Finanzterminkontrakte auf Anleihen |  | 631 890.60 | 0.15 |
| Total Derivative Instrumente, die an einer offiziellen Börse gehandelt werden |  | 631 890.60 | 0.15 |
| Total Derivative Instrumente |  | 631 890.60 | 0.15 |
| Devisenterminkontrakte Gekaufte Währung/ Gekaufter Betrag/Verkaufte Währung/Verkaufter Betrag/Fälligkeitsdatum |  |  |  |

| USD | 12 185 000.00 | KRW | 15 117 929 500.00 | 12.4.2023 | 583 473.97 | 0.14 |
| --- | --- | --- | --- | --- | --- | --- |
| KRW | 15 117 929 500.00 | USD | 12 260 100.15 | 12.4.2023 | -658 574.12 | -0.16 |
| USD | 4 130 213.13 | AUD | 5 875 000.00 | 12.4.2023 | 194 011.20 | 0.05 |
| USD | 8 273 206.32 | KRW | 10 205 000 000.00 | 12.4.2023 | 441 871.14 | 0.11 |
| AUD | 5 875 000.00 | USD | 4 197 366.14 | 12.4.2023 | -261 164.21 | -0.06 |
| KRW | 10 205 000 000.00 | USD | 8 355 166.20 | 12.4.2023 | -523 831.02 | -0.13 |
| GBP | 100 681 800.00 | USD | 120 714 961.16 | 13.4.2023 | 3 801 298.56 | 0.92 |
| SGD | 4 840 100.00 | USD | 3 575 662.18 | 13.4.2023 | 65 990.86 | 0.01 |
| EUR | 49 547 000.00 | USD | 52 540 134.27 | 13.4.2023 | 1 322 896.08 | 0.32 |
| GBP | 1 087 900.00 | USD | 1 321 444.06 | 13.4.2023 | 23 995.13 | 0.01 |
| Total Devisenterminkontrakte | 4 989 967.59 | 1.21 |
|  |  |  |
| Bankguthaben, Sicht- und Fristgelder und andere liquide Mittel | 15 664 790.86 | 3.80 |
| Andere Aktiva und Passiva | 1 442 222.94 | 0.35 |
| Total des Nettovermögens | 412 455 055.75 | 100.00 |

UBS (Lux) Bond Fund – Asia Flexible (USD)*
- ehemals UBS (Lux) Bond Fund – Full Cycle Asian Bond (USD)Jahresbericht und geprüfter Jahresabschluss per 31. März 2023