# UBS (Lux) Bond Fund – EUR Flexible
| Three-year comparison |  |
| --- | --- |
|  | ISIN | 31.3.2023 | 31.3.2022 | 31.3.2021 |
| Net assets in EUR |  | 117 400 339.60 | 177 740 627.69 | 217 572 340.82 |
| Class I-A1-acc | LU2092777270 |  |  |  |
| Units outstanding |  | 9 183.5510 | 312 148.5180 | 54 696.3930 |
| Net asset value per unit in EUR |  | 83.45 | 95.30 | 103.54 |
| Issue and redemption price per unit in EUR 1 |  | 83.45 | 95.30 | 103.54 |
| Class P-2%-qdist | LU1669358142 |  |  |  |
| Units outstanding |  | 761.3240 | 658.4010 | 806.2500 |
| Net asset value per unit in EUR |  | 80.91 | 94.70 | 105.45 |
| Issue and redemption price per unit in EUR 1 |  | 80.91 | 94.70 | 105.45 |
| Class P-acc | LU0033050237 |  |  |  |
| Units outstanding |  | 225 679.4660 | 252 566.4880 | 286 619.8160 |
| Net asset value per unit in EUR |  | 357.65 | 410.37 | 447.97 |
| Issue and redemption price per unit in EUR 1 |  | 357.65 | 410.37 | 447.97 |
| Class P-dist | LU0033049577 |  |  |  |
| Units outstanding |  | 275 962.6880 | 290 830.4380 | 311 310.6320 |
| Net asset value per unit in EUR |  | 111.34 | 130.35 | 144.27 |
| Issue and redemption price per unit in EUR 1 |  | 111.34 | 130.35 | 144.27 |
| Class Q-acc | LU0358407707 |  |  |  |
| Units outstanding |  | 30 731.6960 | 33 865.6510 | 215 974.4560 |
| Net asset value per unit in EUR |  | 138.47 | 158.24 | 172.04 |
| Issue and redemption price per unit in EUR 1 |  | 138.47 | 158.24 | 172.04 |
| Class Q-dist | LU0415166585 |  |  |  |
| Units outstanding |  | 10 454.0680 | 10 379.9210 | 12 500.5400 |
| Net asset value per unit in EUR |  | 83.80 | 97.97 | 108.57 |
| Issue and redemption price per unit in EUR 1 |  | 83.80 | 97.97 | 108.57 |
| 1  See note 1 |  |  |  |  |
| Performance |  |  |  |  |
|  | Currency | 2022/2023 | 2021/2022 | 2020/2021 |
| Class I-A1-acc | EUR | -12.4% | -8.0% | 11.3% |
| Class P-2%-qdist | EUR | -12.8% | -8.4% | 11.5% |
| Class P-acc | EUR | -12.8% | -8.4% | 11.5% |
| Class P-dist | EUR | -12.8% | -8.4% | 11.5% |
| Class Q-acc | EUR | -12.5% | -8.0% | 12.0% |
| Class Q-dist | EUR | -12.5% | -8.0% | 12.0% |
| Benchmark: 1 Bloomberg Barclays Euro Aggregate 500mio+ | EUR | -10.6% | -6.4% | 3.2% |
| 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 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 – EUR Flexible
Annual report and audited financial statement as of 31 March 2023

#### Report of the Portfolio Manager
The Euro fixed income market posted a deeply negative performance over the financial year from 1 April 2022 to 31 March 2023. During the period, developed mar- ket government bond yields rose significantly driven by hawkish central banks changing policy rates at a previ- ously unforeseen pace and to levels not seen since the Financial Crisis. In the US, UK and Eurozone headline CPI rose to levels also not seen in decades driven initially by the unleashing of pent-up demand and fiscal stimulus but later exacerbated by high commodity prices due to the ongoing Russian invasion of Ukraine. The ECB raised its policy rate from 0% to 3.50% at the end of the report- ing period. In Corporate credit, spreads widened driven by tightening financial conditions and recession concerns brought on by tighter monetary policy.
The subfund posted a negative performance in the financial year given the underlying market movements as described. All factors including duration, spread and cur- rency contributed negatively to absolute performance.

#### Structure of the Securities Portfolio
Geographical Breakdown as a % of net assets	
United States	12.13
| France | 9.26 |
| --- | --- |
| New Zealand | 8.18 |
| Germany | 7.50 |
| Luxembourg | 6.78 |
| The Netherlands | 6.70 |
| Italy | 5.96 |
| Spain | 5.18 |
| United Kingdom | 4.27 |
| Belgium | 2.87 |
| Slovenia | 1.78 |
| Australia | 1.69 |
| Austria | 1.54 |
| Supranationals | 1.39 |
| Switzerland | 1.36 |
| Brazil | 1.35 |
| Portugal | 1.24 |
| Greece | 0.89 |
| Slovakia | 0.86 |
| Venezuela | 0.77 |
| Romania | 0.70 |
| Cayman Islands | 0.68 |
| Turkey | 0.67 |
| Kazakhstan | 0.61 |
| Japan | 0.59 |
| Peru | 0.53 |
| Ireland | 0.53 |
| Norway | 0.49 |
| Chile | 0.47 |
| Poland | 0.46 |
| Philippines | 0.37 |
| Egypt | 0.35 |
| Canada | 0.32 |
| Finland | 0.30 |
| Indonesia | 0.27 |
| China | 0.25 |
| India | 0.20 |
| Mongolia | 0.17 |
| Argentina | 0.14 |
| Russian Federation (CIS) | 0.14 |
| Colombia | 0.13 |
| Mexico | 0.12 |
| Czech Republic | 0.11 |
| Ecuador | 0.10 |
| Sweden | 0.10 |
| Denmark | 0.09 |
| Bermuda | 0.09 |
| Total | 90.68 |

Economic Breakdown as a % of net assets	
| Countries & central governments | 40.23 |
| --- | --- |
| Banks & credit institutions | 11.82 |
| Finance & holding companies | 9.88 |
| Supranational organisations | 4.68 |
| Mortgage & funding institutions | 4.17 |
| Energy & water supply | 3.02 |
| Investment funds | 2.77 |
| Tobacco & alcohol | 1.99 |
| Traffic & transportation | 1.67 |
| Telecommunications | 1.64 |
| Public, non-profit institutions | 1.28 |
| Real Estate | 1.03 |
| Miscellaneous unclassified companies | 0.94 |
| Insurance | 0.92 |
| Petroleum | 0.89 |
| Miscellaneous services | 0.81 |
| Chemicals | 0.65 |
| Internet, software & IT services | 0.58 |
| Building industry & materials | 0.49 |
| Retail trade, department stores | 0.34 |
| Textiles, garments & leather goods | 0.25 |
| Healthcare & social services | 0.21 |
| Pharmaceuticals, cosmetics & medical products | 0.13 |
| Computer hardware & network equipment providers | 0.13 |
| Electronics & semiconductors | 0.08 |
| Electrical devices & components | 0.08 |
| Total | 90.68 |

UBS (Lux) Bond Fund – EUR Flexible Annual report and audited financial statement as of 31 March 2023

#### Statement of Net Assets
Assets	31.3.2023
EUR
Investments in securities, cost	131 454 666.11
Investments in securities, unrealized appreciation (depreciation)	24 991 353.18
Total investments in securities (Note 1)	106 463 312.93
Cash at banks, deposits on demand and deposit accounts	8 343 341.40*
Other liquid assets (Margins)	3 482 597.01
Receivable on securities sales (Note 1)	400 275.01
Receivable on subscriptions	362.57
Interest receivable on securities	1 099 160.16
Prepaid expenses	41 507.49
Other receivables	12 200.00
Unrealized gain on forward foreign exchange contracts (Note 1)	411 908.87
Unrealized gain on Swaps (Note 1)	1 270 671.55
Unrealized loss on financial futures (Note 1)	-28 247.20
Bank overdraft	-2 872 634.58
Payable on securities purchases (Note 1)	-1 029 977.45
Payable on redemptions	-49 114.07
Provisions for flat fee (Note 2)	-88 906.47
Provisions for taxe d’abonnement (Note 3)	-14 205.13
Provisions for other commissions and fees (Note 2)		-41 912.49		 Total provisions			-145 024.09
Net assets at the end of the financial year	117 400 339.60

#### Statement of Operations
Income	1.4.2022-31.3.2023
EUR
Interest on liquid assets	100 311.98
Interest on securities	3 603 858.09
Dividends	278 560.14
Interest received on swaps (Note 1)	5 136 916.16
Net income on securities lending (Note 14)	86 529.03
Total income	9 254 751.01
Expenses
Other income	48 575.61
Interest paid on swaps (Note 1)	-5 608 300.51
Flat fee (Note 2)	-1 220 541.54
Taxe d’abonnement (Note 3)	-59 867.59
Other commissions and fees (Note 2)	-44 617.45
Total expenses	-7 117 685.37
Net income (loss) on investments	2 137 065.64
Realized gain (loss) (Note 1)
Interest on cash and bank overdraft	-184 358.28
Realized gain (loss) on market-priced securities without options	-7 910 021.25
Realized gain (loss) on options	42 274.50
Realized gain (loss) on yield-evaluated securities and money market instruments	21 228.83
Realized gain (loss) on financial futures	-3 568 134.17
Realized gain (loss) on forward foreign exchange contracts	-4 327 205.36
Realized gain (loss) on swaps	4 595 011.22
Total realized gain (loss)	-9 101 029.58
Net realized gain (loss) of the financial year	-6 963 963.94
Changes in unrealized appreciation (depreciation) (Note 1)
Realized gain (loss) on foreign exchange	2 045 816.65
Unrealized appreciation (depreciation) on market-priced securities without options	-14 282 994.36 Unrealized appreciation (depreciation) on options		-33 285.50
Unrealized appreciation (depreciation) on yield-evaluated securities and money market instruments	-14 927.62
Unrealized appreciation (depreciation) on financial futures	1 509 121.32
Unrealized appreciation (depreciation) on forward foreign exchange contracts	983 139.13
Total changes in unrealized appreciation (depreciation)	-15 141 118.25
Net increase (decrease) in net assets as a result of operations	-22 105 082.19
Unrealized appreciation (depreciation) on swaps	-3 302 171.22
* As at 31 March 2023, cash amounts serve as collateral for the counterparty Bank of America for an amount of EUR 370 000.00 and JP Morgan for an amount of EUR 76 000.00.
UBS (Lux) Bond Fund – EUR Flexible
Annual report and audited financial statement as of 31 March 2023
| Statement of Changes in Net Assets |  |
| --- | --- |
|  |  | EUR |
|  |  | 1.4.2022-31.3.2023 |
| Net assets at the beginning of the financial year |  | 177 740 627.69 |
| Subscriptions |  | 6 116 114.76 |
| Redemptions |  | 	-43 625 388.84	 |
| Total net subscriptions (redemptions) |  | -37 509 274.08 |
| Dividend paid |  | -725 931.82 |
| Net income (loss) on investments |  | 2 137 065.64 |
| Total realized gain (loss) |  | -9 101 029.58 |
| Total changes in unrealized appreciation (depreciation) |  | 	-15 141 118.25	 |
| Net increase (decrease) in net assets as a result of operations |  | -22 105 082.19 |
| Net assets at the end of the financial year |  | 117 400 339.60 |
| Development of the outstanding units |  |  |
|  |  | 1.4.2022-31.3.2023 |
| Class |  | I-A1-acc |
| Number of units outstanding at the beginning of the financial year |  | 312 148.5180 |
| Number of units issued |  | 21 311.0580 |
| Number of units redeemed |  | -324 276.0250 |
| Number of units outstanding at the end of the financial year |  | 9 183.5510 |
| Class |  | P-2%-qdist |
| Number of units outstanding at the beginning of the financial year |  | 658.4010 |
| Number of units issued |  | 157.9230 |
| Number of units redeemed |  | -55.0000 |
| Number of units outstanding at the end of the financial year |  | 761.3240 |
| Class |  | P-acc |
| Number of units outstanding at the beginning of the financial year |  | 252 566.4880 |
| Number of units issued |  | 2 971.8060 |
| Number of units redeemed |  | -29 858.8280 |
| Number of units outstanding at the end of the financial year |  | 225 679.4660 |
| Class |  | P-dist |
| Number of units outstanding at the beginning of the financial year |  | 290 830.4380 |
| Number of units issued |  | 11 752.9910 |
| Number of units redeemed |  | -26 620.7410 |
| Number of units outstanding at the end of the financial year |  | 275 962.6880 |
| Class |  | Q-acc |
| Number of units outstanding at the beginning of the financial year |  | 33 865.6510 |
| Number of units issued |  | 11 686.7550 |
| Number of units redeemed |  | -14 820.7100 |
| Number of units outstanding at the end of the financial year |  | 30 731.6960 |
| Class |  | Q-dist |
| Number of units outstanding at the beginning of the financial year |  | 10 379.9210 |
| Number of units issued |  | 1 345.1470 |
| Number of units redeemed |  | -1 271.0000 |
| Number of units outstanding at the end of the financial year |  | 10 454.0680 |
| Annual Distribution 1 |  |  |
| UBS (Lux) Bond Fund – EUR Flexible	Ex-Date | Pay-Date | Currency	Amount per unit |
| P-dist	1.6.2022 | 7.6.2022 | EUR	2.45 |
| Q-dist	1.6.2022 | 7.6.2022 | EUR	2.08 |
| Quarterly Distribution 1 |  |  |
| UBS (Lux) Bond Fund – EUR Flexible	Ex-Date | Pay-Date | Currency	Amount per unit |
| P-2%-qdist	11.4.2022 | 14.4.2022 | EUR	0.47 |
| P-2%-qdist	11.7.2022 | 14.7.2022 | EUR	0.42 |
| P-2%-qdist	10.10.2022 | 13.10.2022 | EUR	0.40 |
| P-2%-qdist	10.1.2023 | 13.1.2023 | EUR	0.40 |
| 1  See note 4 |  |  |

UBS (Lux) Bond Fund – EUR Flexible 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 EUR | 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 |  |  |  |
| BRL |  |  |  |
| BRL	BRAZIL, FEDERATIVE REPUBLIC OF 10.00000% 20-01.01.31 | 10 000.00 | 1 588 164.69 | 1.35 |
| Total BRL |  | 1 588 164.69 | 1.35 |
| EUR |  |  |  |
| EUR	ALTICE FRANCE HOLDING SA-REG-S 8.00000% 19-15.05.27 | 195 000.00 | 145 264.08 | 0.12 |
| EUR	ALTICE FRANCE-REG-S 5.87500% 18-01.02.27 | 600 000.00 | 529 128.00 | 0.45 |
| EUR	ANHEUSER-BUSCH INBEV SA/NV-REG-S 3.70000% 20-02.04.40 | 100 000.00 | 94 204.37 | 0.08 |
| EUR	ARGENTINA, REPUBLIC OF 0.12500% 20-09.07.30 | 679 000.00 | 158 207.00 | 0.14 |
| EUR	ARGENTINA, REPUBLIC OF 0.50000% 20-09.07.29 | 22 046.00 | 5 226.28 | 0.00 |
| EUR	AT&T INC 1.60000% 20-19.05.28 | 350 000.00 | 315 203.70 | 0.27 |
| EUR	BACARDI LTD-REG-S 2.75000% 13-03.07.23 | 100 000.00 | 99 502.00 | 0.08 |
| EUR	BP CAPITAL MARKETS PLC-REG-S 1.87600% 20-07.04.24 | 700 000.00 | 689 234.07 | 0.59 |
| EUR	CELANESE US HOLDINGS LLC 4.77700% 22-19.07.26 | 530 000.00 | 520 803.97 | 0.44 |
| EUR	CHILE, REPUBLIC OF 0.83000% 19-02.07.31 | 700 000.00 | 548 100.00 | 0.47 |
| EUR	CHINA, PEOPLE’S REPUBLIC OF-REG-S 1.00000% 19-12.11.39 | 435 000.00 | 298 328.43 | 0.25 |
| EUR	CORP ANDINA DE FOMENTO-REG-S 0.25000% 21-04.02.26 | 1 010 000.00 | 905 208.46 | 0.77 |
| EUR	FISERV INC 1.62500% 19-01.07.30 | 200 000.00 | 168 091.20 | 0.14 |
| EUR	GTC AURORA LUXEMBOURG SA-REG-S 2.25000% 21-23.06.26 | 245 000.00 | 192 370.94 | 0.16 |
| EUR	HEIDELBERGCEMENT AG-REG-S 3.75000% 23-31.05.32 | 610 000.00 | 570 703.80 | 0.49 |
| EUR	HOLDING D’INFRAS DES METIERS-REG-S 4.50000% 23-06.04.27 | 240 000.00 | 239 152.80 | 0.20 |
| EUR	INDONESIA, REPUBLIC OF 1.40000% 19-30.10.31 | 400 000.00 | 313 075.00 | 0.27 |
| EUR	LVMH MOET HENNESSY LOUIS VUITTON-REG-S 0.12500% 20-11.02.28 | 200 000.00 | 172 932.00 | 0.15 |
| EUR	MACIF-REG-S-SUB 0.62500% 21-21.06.27 | 300 000.00 | 254 283.56 | 0.22 |
| EUR	PERU, REPUBLIC OF 1.25000% 21-11.03.33 | 400 000.00 | 287 700.00 | 0.25 |
| EUR	TRITAX EUROBOX PLC-REG-S 0.95000% 21-02.06.26 | 140 000.00 | 116 770.75 | 0.10 |
| EUR	TURKEY, REPUBLIC OF 4.37500% 21-08.07.27 | 600 000.00 | 549 000.00 | 0.47 |
| EUR	VERISURE MIDHOLDING AB-REG-S 5.25000% 21-15.02.29 | 145 000.00 | 120 355.80 | 0.10 |
| Total EUR |  | 7 292 846.21 | 6.21 |
| USD |  |  |  |
| USD	ECUADOR GOVT INTERNATIONAL BD-REG-S STEP-UP/DOWN 20-31.07.35 | 198 120.00 | 60 325.44 | 0.05 |
| USD	ECUADOR, REPUBLIC OF-REG-S STEP-UP 0.50000% 20-31.07.30 | 75 600.00 | 32 195.85 | 0.03 |
| USD	ECUADOR, REPUBLIC OF-REG-S STEP-UP 20-31.07.40 | 90 800.00 | 24 983.69 | 0.02 |
| USD	ENBRIDGE INC 5.70000% 23-08.03.33 | 55 000.00 | 52 655.82 | 0.05 |
| USD	INTEL CORP 5.70000% 23-10.02.53 | 105 000.00 | 98 635.41 | 0.08 |
| USD	MEITUAN DIANPING-REG-S 3.05000% 20-28.10.30 | 700 000.00 | 514 143.60 | 0.44 |
| USD	PEGASUS HAVA TASIMACILIGI AS-REG-S 9.25000% 21-30.04.26 | 260 000.00 | 239 954.67 | 0.21 |
| USD	RAKUTEN GROUP INC-REG-S 10.25000% 22-30.11.24 | 450 000.00 | 393 483.37 | 0.34 |
| USD	RELIANCE INDUSTRIES LTD-REG-S 3.62500% 22-12.01.52 | 380 000.00 | 238 314.51 | 0.20 |
| USD	SANTOS FINANCE LTD-REG-S 3.64900% 21-29.04.31 | 320 000.00 | 246 141.77 | 0.21 |
| USD	SHIMAO PRPTY HLDG LTD-REG-S *DEFAULTED* 3.45000% 21-11.01.31 | 200 000.00 | 25 311.80 | 0.02 |
| USD	SHIMAO PRPTY HLDG LTD-REG-S *DEFAULTED* 5.20000% 21-16.01.27 | 200 000.00 | 25 772.01 | 0.02 |
| Total USD |  | 1 951 917.94 | 1.67 |
| Total Notes, fixed rate |  | 10 832 928.84 | 9.23 |
| Notes, zero coupon |  |  |  |
| USD |  |  |  |
| USD	ECUADOR, REPUBLIC OF-REG-S 0.00000% 20-31.07.30 | 16 232.00 | 4 428.89 | 0.00 |
| Total USD |  | 4 428.89 | 0.00 |
| Total Notes, zero coupon |  | 4 428.89 | 0.00 |
| Notes, floating rate |  |  |  |
| EUR |  |  |  |
| EUR	BPCE SA-REG-S-SUB 1.500%/VAR 21-13.01.42 | 400 000.00 | 339 272.00 | 0.29 |
| EUR	BRITISH AMERICAN TOBACCO PLC-REG-S -SUB 3.750%/VAR 21-PRP | 375 000.00 | 278 062.50 | 0.24 |
| EUR	CREDIT SUISSE GROUP-REG-S 2.125%/VAR 22-13.10.26 | 420 000.00 | 381 472.56 | 0.32 |
| EUR	CREDIT SUISSE GROUP-REG-S 2.875%/VAR 22-02.04.32 | 270 000.00 | 223 508.70 | 0.19 |
| EUR	ENI SPA-REG-S-SUB 3.375%/VAR 20-PRP | 100 000.00 | 83 079.40 | 0.07 |
| EUR	MORGAN STANLEY 0.406%VAR 21-29.10.27 | 300 000.00 | 261 894.00 | 0.22 |
| EUR	VIRGIN MONEY UK PLC-REG-S 4.625%/VAR 23-29.10.28 | 355 000.00 | 338 026.03 | 0.29 |
| EUR	WESTPAC BANKING CORP-REG-SUB 0.766%/VAR 21-13.05.31 | 500 000.00 | 433 161.20 | 0.37 |
| EUR	WINTERSHALL DEA FINANCE 2BV-REG-S-SUB 2.498%/VAR 21-PRP | 400 000.00 | 335 100.00 | 0.29 |
| EUR	WINTERSHALL DEA FINANCE 2BV-REG-S-SUB 3.000%/VAR 21-PRP | 400 000.00 | 295 000.00 | 0.25 |
| Total EUR |  | 2 968 576.39 | 2.53 |
| USD |  |  |  |
| USD	BANK OF AMERICA CORP 5.015%/VAR 22-22.07.33 | 300 000.00 | 273 071.23 | 0.23 |
| USD	SANTANDER HOLDINGS USA INC 6.499%/VAR 23-09.03.29 | 200 000.00 | 183 916.05 | 0.16 |
| USD	SOCIETE GENERALE SA-REG-S-SUB 9.375%/VAR 22-PRP | 200 000.00 | 174 191.17 | 0.15 |
| Total USD |  | 631 178.45 | 0.54 |
| Total Notes, floating rate |  | 3 599 754.84 | 3.07 |
| Medium term notes, fixed rate |  |  |  |
| EUR |  |  |  |
| EUR	ABN AMRO BANK NV-REG-S 1.25000% 18-10.01.33 | 500 000.00 | 419 625.00 | 0.36 |
| EUR	AEROPORTI DI ROMA SPA-REG-S 1.75000% 21-30.07.31 | 215 000.00 | 172 547.12 | 0.15 |
| EUR	AKER BP ASA-REG-S 1.12500% 21-12.05.29 | 300 000.00 | 248 388.00 | 0.21 |
| EUR	ANHEUSER-BUSCH INBEV SA/NV-REG-S 1.15000% 18-22.01.27 | 200 000.00 | 183 949.20 | 0.16 |
| EUR	AROUNDTOWN SA-REG-S 2.00000% 18-02.11.26 | 100 000.00 | 76 545.40 | 0.07 |
| EUR	ASB FINANCE LTD-REG-S 0.25000% 21-08.09.28 | 350 000.00 | 289 394.00 | 0.25 |

UBS (Lux) Bond Fund – EUR Flexible
Annual report and audited financial statement as of 31 March 2023
|  | Description | Quantity/ | Valuation in EUR | as a % |
| --- | --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |
|  |  |  |  |  |
| EUR | ASTRAZENECA PLC-REG-S 0.37500% 21-03.06.29 | 185 000.00 | 154 185.29 | 0.13 |
| EUR | AURIZON NETWORK PTY LTD-REG-S 2.00000% 14-18.09.24 | 100 000.00 | 97 258.20 | 0.08 |
| EUR | AUTOROUTES DU SUD DE LA FRANCE SA-REG-S 2.75000% 22-02.09.32 | 200 000.00 | 185 264.00 | 0.16 |
| EUR | BANQUE FEDER DU CRE MUTUEL SA-REG-S-SUB 5.12500% 23-13.01.33 | 200 000.00 | 200 998.40 | 0.17 |
| EUR | BAT INTERNATIONAL FINANCE PLC-REG-S 0.87500% 15-13.10.23 | 200 000.00 | 196 998.00 | 0.17 |
| EUR | BAT INTERNATIONAL FINANCE PLC-REG-S 1.25000% 15-13.03.27 | 300 000.00 | 266 821.20 | 0.23 |
| EUR | BNP PARIBAS-REG-S 0.12500% 19-04.09.26 | 600 000.00 | 533 958.00 | 0.45 |
| EUR | BPCE SA-REG-S 4.50000% 23-13.01.33 | 700 000.00 | 700 485.45 | 0.60 |
| EUR | CANAL DE ISABEL II GESTION SA-REG-S 1.68000% 15-26.02.25 | 400 000.00 | 384 760.27 | 0.33 |
| EUR | CEZ AS-REG-S 2.37500% 22-06.04.27 | 140 000.00 | 128 690.80 | 0.11 |
| EUR | CITIGROUP INC-REG-S 2.37500% 14-22.05.24 | 300 000.00 | 295 201.80 | 0.25 |
| EUR | COOPERATIEVE RABOBANK UA-REG-S 4.00000% 23-10.01.30 | 500 000.00 | 501 798.00 | 0.43 |
| EUR | CPI PROPERTY GROUP SA-REG-S 2.75000% 20-12.05.26 | 155 000.00 | 123 077.75 | 0.10 |
| EUR | CREDIT SUISSE SCHWEIZ AG-REG-S 3.39000% 22-05.12.25 | 580 000.00 | 568 686.52 | 0.48 |
| EUR | CTP NV-REG-S 0.87500% 22-20.01.26 | 700 000.00 | 583 160.20 | 0.50 |
| EUR | DANSKE BANK AS-REG-S-SUB 1.50000% 20-02.09.30 | 120 000.00 | 109 056.00 | 0.09 |
| EUR | DNB BANK ASA-REG-S 0.05000% 19-14.11.23 | 335 000.00 | 327 981.75 | 0.28 |
| EUR | EDP FINANCE BV-REG-S 3.87500% 22-11.03.30 | 300 000.00 | 299 891.79 | 0.26 |
| EUR | EGYPT, REPUBLIC OF-REG-S 6.37500% 19-11.04.31 | 400 000.00 | 237 950.00 | 0.20 |
| EUR | ELECTRICITE DE FRANCE-REG-S 1.87500% 16-13.10.36 | 2 000 000.00 | 1 481 452.00 | 1.26 |
| EUR | ELECTRICITE DE FRANCE-REG-S 4.62500% 23-25.01.43 | 400 000.00 | 377 376.80 | 0.32 |
| EUR | ELENIA VERKKO OYJ-REG-S 0.37500% 20-06.02.27 | 100 000.00 | 87 240.77 | 0.07 |
| EUR | ENBW INTERNATIONAL FINANCE BV-REG-S 4.04900% 22-22.11.29 | 130 000.00 | 132 326.22 | 0.11 |
| EUR | ENEL FINANCE INTERNATIONAL NV-REG-S 0.37500% 19-17.06.27 | 400 000.00 | 347 956.80 | 0.30 |
| EUR | EUROPEAN FINANCIAL STABILITY FAC-REG-S 1.80000% 17-10.07.48 | 1 700 000.00 | 1 271 974.00 | 1.08 |
| EUR | EUROPEAN STABILITY MECHANISM-REG-S 0.50000% 16-02.03.26 | 1 100 000.00 | 1 023 605.00 | 0.87 |
| EUR | FERROVIE DELLO STATO ITALIANE SPA-REG-S 3.75000% 22-14.04.27 | 375 000.00 | 372 831.00 | 0.32 |
| EUR | FMS WERTMANAGEMENT 0.37500% 15-29.04.30 | 1 800 000.00 | 1 501 297.20 | 1.28 |
| EUR | GENERAL MOTORS FINANCIAL CO INC-REG-S 4.30000% 23-15.02.29 | 320 000.00 | 315 240.96 | 0.27 |
| EUR | GLOBALWORTH REAL ESTATE INVEST-REG-S 3.00000% 18-29.03.25 | 100 000.00 | 86 393.75 | 0.07 |
| EUR | GOLDMAN SACHS GROUP INC-REG-S 0.25000% 21-26.01.28 | 350 000.00 | 291 630.50 | 0.25 |
| EUR | KAZAKHSTAN, REPUBLIC OF-REG-S 2.37500% 18-09.11.28 | 800 000.00 | 720 150.00 | 0.61 |
| EUR | KBC GROUP NV-REG-S 1.12500% 19-25.01.24 | 200 000.00 | 195 954.40 | 0.17 |
| EUR | KREDITANSTALT FUER WIEDERAUFBAU-REG-S 0.37500% 15-23.04.30 | 2 000 000.00 | 1 686 800.00 | 1.44 |
| EUR | METROPOLITAN LIFE GLOBAL FUNDING-REG-S 4.00000% 23-05.04.28 | 340 000.00 | 340 145.04 | 0.29 |
| EUR | MEXICO, UNITED STATES OF 3.00000% 15-06.03.45 | 200 000.00 | 145 475.00 | 0.12 |
| EUR | NATIONAL GAS TRANSMISSION PLC-REG-S 4.25000% 23-05.04.30 | 105 000.00 | 105 319.20 | 0.09 |
| EUR | NATIONAL GRID PLC-REG-S 3.87500% 23-16.01.29 | 265 000.00 | 263 246.23 | 0.22 |
| EUR | NBN CO LTD-REG-S 4.12500% 23-15.03.29 | 250 000.00 | 253 934.02 | 0.22 |
| EUR | NEW YORK LIFE GLOBAL FUNDING-REG-S 0.25000% 20-23.01.27 | 390 000.00 | 339 112.80 | 0.29 |
| EUR | ORANO SA-REG-S 5.37500% 22-15.05.27 | 300 000.00 | 309 444.00 | 0.26 |
| EUR | P3 GROUP SARL-REG-S 0.87500% 22-26.01.26 | 425 000.00 | 364 493.25 | 0.31 |
| EUR | PHILIP MORRIS INTERNATIONAL INC 2.87500% 14-03.03.26 | 1 450 000.00 | 1 413 639.80 | 1.20 |
| EUR | PHILIPPINES, REPUBLIC OF THE 0.87500% 19-17.05.27 | 500 000.00 | 438 531.25 | 0.37 |
| EUR | POLAND, REPUBLIC OF-REG-S 2.00000% 19-08.03.49 | 560 000.00 | 377 405.00 | 0.32 |
| EUR | PPF ARENA 1 BV-REG-S 2.12500% 19-31.01.25 | 450 000.00 | 425 199.60 | 0.36 |
| EUR | RABOBANK NEDERLAND NV-REG-S 1.50000% 18-26.04.38 | 1 500 000.00 | 1 182 615.00 | 1.01 |
| EUR | REDEXIS GAS FINANCE BV-REG-S 1.87500% 15-27.04.27 | 600 000.00 | 552 548.40 | 0.47 |
| EUR | REN FINANCE B V-REG-S 2.50000% 15-12.02.25 | 400 000.00 | 394 891.43 | 0.34 |
| EUR | ROMANIA-REG-S 4.62500% 19-03.04.49 | 1 000 000.00 | 736 250.00 | 0.63 |
| EUR | RWE AG-REG-S 2.75000% 22-24.05.30 | 400 000.00 | 371 543.91 | 0.32 |
| EUR | SELP FINANCE SARL-REG-S 3.75000% 22-10.08.27 | 170 000.00 | 155 876.40 | 0.13 |
| EUR | TORONTO-DOMINION BANK/THE-REG-S 3.63100% 22-13.12.29 | 340 000.00 | 327 286.72 | 0.28 |
| EUR | UNICAJA BANCO SA-REG-S 4.50000% 22-30.06.25 | 200 000.00 | 199 003.60 | 0.17 |
| EUR | VF CORP 4.25000% 23-07.03.29 | 120 000.00 | 119 418.36 | 0.10 |
| EUR | VONOVIA SE-REG-S 0.37500% 21-16.06.27 | 300 000.00 | 244 306.74 | 0.21 |
| EUR | VONOVIA SE-REG-S 1.62500% 21-01.09.51 | 200 000.00 | 90 860.40 | 0.08 |
| EUR | VONOVIA SE-REG-S 5.00000% 22-23.11.30 | 100 000.00 | 93 430.61 | 0.08 |
| EUR | WESTERN POWER DISTRIBUTION EAST-REG-S 3.94900% 22-20.09.32 | 105 000.00 | 102 726.54 | 0.09 |
| EUR | WESTPAC BANKING CORP-REG-S 0.01000% 21-22.09.28 | 925 000.00 | 764 599.45 | 0.65 |
| Total EUR |  |  | 27 290 204.29 | 23.25 |
| GBP |  |  |  |  |
| GBP | FORD MOTOR CREDIT CO LLC 2.74800% 20-14.06.24 | 200 000.00 | 216 232.23 | 0.18 |
| Total GBP |  |  | 216 232.23 | 0.18 |
| USD |  |  |  |  |
| USD | MONGOLIA,GOVERNMENT OF-REG-S 8.75000% 17-09.03.24 | 221 000.00 | 202 562.99 | 0.17 |
| Total USD |  |  | 202 562.99 | 0.17 |
| Total Medium term notes, fixed rate |  | 27 708 999.51 | 23.60 |
| Medium term notes, zero coupon |  |  |  |
| EUR |  |  |  |
| EUR	STEDIN HOLDING NV-REG-S 0.00000% 21-16.11.26 | 270 000.00 | 239 978.16 | 0.20 |
| Total EUR |  | 239 978.16 | 0.20 |
| Total Medium term notes, zero coupon |  | 239 978.16 | 0.20 |
| Medium term notes, floating rate |  |  |  |
| EUR |  |  |  |
| EUR	AXA SA-REG-S-SUB 3.250%/VAR 18-28.05.49 | 100 000.00 | 89 110.40 | 0.08 |
| EUR	BANK OF AMERICA CORP-REG-S 0.808%/VAR 19-09.05.26 | 450 000.00 | 420 194.70 | 0.36 |
| EUR	BARCLAYS PLC-REG-S 3.375%/VAR 20-02.04.25 | 170 000.00 | 168 474.08 | 0.14 |
| EUR	COMMONWEALTH BK OF AUSTRLIA-REG-S-SUB 1.936%/VAR 17-03.10.29 | 200 000.00 | 190 818.00 | 0.16 |
| EUR	DEUTSCHE BANK AG-REG-S 1.000%/VAR 20-19.11.25 | 200 000.00 | 184 612.00 | 0.16 |
| EUR	DEUTSCHE BANK AG-REG-S 1.750%/VAR 20-19.11.30 | 200 000.00 | 156 912.80 | 0.13 |
| EUR	DEUTSCHE BANK AG-REG-S 4.000%/VAR 22-24.06.32 | 500 000.00 | 432 494.00 | 0.37 |
| EUR	IBERDROLA INTERNATIONAL BV-REG-S-SUB 2.625%/VAR 18-PRP | 100 000.00 | 97 937.00 | 0.08 |
| EUR	TOTAL SE-REG-S-SUB 2.625%/VAR 15-PRP | 750 000.00 | 708 062.49 | 0.60 |
| EUR	UBS GROUP AG-REG-S 4.625%/VAR 23-17.03.28 | 400 000.00 | 399 720.00 | 0.34 |
| EUR	VIRGIN MONEY UK PLC-REG-S 0.000%/VAR 21-27.05.24 | 230 000.00 | 228 275.00 | 0.20 |
| Total EUR |  | 3 076 610.47 | 2.62 |
| Total Medium term notes, floating rate |  | 3 076 610.47 | 2.62 |

UBS (Lux) Bond Fund – EUR Flexible Annual report and audited financial statement as of 31 March 2023
| Description | Quantity/ | Valuation in EUR | as a % |
| --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |
| Bonds, fixed rate |  |  |  |
| EUR |  |  |  |
| EUR	ABBOTT IRELAND FINCING DAC-REG-S 0.87500% 18-27.09.23 | 225 000.00 | 222 324.75 | 0.19 |
| EUR	ALSTRIA OFFICE REIT-AG-REG-S 1.50000% 20-23.06.26 | 200 000.00 | 159 056.00 | 0.14 |
| EUR	ALTRIA GROUP INC 2.20000% 19-15.06.27 | 400 000.00 | 367 472.80 | 0.31 |
| EUR	AUSTRIA, REPUBLIC OF 2.40000% 13-23.05.34 | 1 920 000.00 | 1 810 560.00 | 1.54 |
| EUR	AUTOSTRADE PER L’ITALIA SPA REG-S 2.00000% 21-15.01.30 | 755 000.00 | 627 912.48 | 0.54 |
| EUR	BANQUE FEDERATIVE DU CREDIT MUT-REG-S 0.25000% 21-19.07.28 | 300 000.00 | 244 650.00 | 0.21 |
| EUR	BECTON DICKINSON EURO FINANCE SARL 0.33400% 21-13.08.28 | 350 000.00 | 294 155.40 | 0.25 |
| EUR	BELGIUM, KINGDOM OF-144A-REG-S 1.00000% 15-22.06.31 | 1 100 000.00 | 953 741.80 | 0.81 |
| EUR	BELGIUM, KINGDOM OF-144A-REG-S 1.90000% 15-22.06.38 | 2 300 000.00 | 1 936 871.40 | 1.65 |
| EUR	BNZ INTERNATIONAL FUND LTD/LONDON 0.50000% 17-03.07.24 | 900 000.00 | 865 549.80 | 0.74 |
| EUR	BPCE SA-REG-S 0.25000% 20-15.01.26 | 200 000.00 | 181 814.80 | 0.16 |
| EUR	CHUBB INA HOLDINGS INC 2.50000% 18-15.03.38 | 200 000.00 | 163 332.81 | 0.14 |
| EUR	EUROPEAN INVESTMENT BANK 1.00000% 16-14.04.32 | 2 000 000.00 | 1 687 506.86 | 1.44 |
| EUR	EUROPEAN UNION-REG-S 3.00000% 22-04.03.53 | 650 000.00 | 610 721.80 | 0.52 |
| EUR	FINNAIR OYJ-REG-S 4.25000% 21-19.05.25 | 295 000.00 | 261 812.50 | 0.22 |
| EUR	FRANCE, REPUBLIC OF-OAT 4.50000% 09-25.04.41 | 940 000.00 | 1 107 316.24 | 0.94 |
| EUR	FRANCE, REPUBLIC OF-OAT-REG-S 3.25000% 12-25.05.45 | 1 300 000.00 | 1 308 528.00 | 1.11 |
| EUR	FRANCE, REPUBLIC OF-OAT-144A-REG-S 1.50000% 19-25.05.50 | 700 000.00 | 486 795.40 | 0.42 |
| EUR	FRANCE, REPUBLIC OF-OAT-REG-S 0.50000% 19-25.05.29 | 500 000.00 | 439 335.00 | 0.37 |
| EUR	GERMANY, REPUBLIC OF-REG-S 0.50000% 16-15.02.26 | 2 560 000.00 | 2 418 570.24 | 2.06 |
| EUR	GERMANY, REPUBLIC OF-REG-S 0.25000% 18-15.08.28 | 1 000 000.00 | 897 558.00 | 0.76 |
| EUR	GREECE, HELLENIC REPUBLIC OF-144A-REG-S 1.87500% 19-23.07.26 | 1 100 000.00 | 1 047 494.80 | 0.89 |
| EUR	IMPERIAL BRANDS FINANCE PLC-REG-S 1.37500% 17-27.01.25 | 900 000.00 | 860 144.40 | 0.73 |
| EUR	INTERNATIONAL BUSINESS MACHINES CORP 4.00000% 23-06.02.43 | 150 000.00 | 147 300.30 | 0.13 |
| EUR	IRELAND, REPUBLIC OF-REG-S 1.70000% 17-15.05.37 | 730 000.00 | 616 182.78 | 0.53 |
| EUR	ITALY, REPUBLIC OF-BTP-144A-REG-S 3.250% 14-01.09.46 | 2 300 000.00 | 1 937 713.20 | 1.65 |
| EUR	ITALY, REPUBLIC OF-BTP-144A-REG-S 2.70000% 16-01.03.47 | 1 300 000.00 | 991 263.00 | 0.84 |
| EUR	ITALY, REPUBLIC OF-BTP-144A-REG-S 2.25000% 16-01.09.36 | 3 500 000.00 | 2 806 233.47 | 2.39 |
| EUR	JAPAN BANK FOR INTL COOPERATION 3.12500% 23-15.02.28 | 300 000.00 | 296 789.46 | 0.25 |
| EUR	MAPFRE SA-REG-S-SUB 2.87500% 22-13.04.30 | 200 000.00 | 167 212.40 | 0.14 |
| EUR	MPT OPERATING PARTNERSHIP LP/FIN CORP 3.32500% 17-24.03.25 | 300 000.00 | 248 808.00 | 0.21 |
| EUR	NETHERLANDS, KINGDOM OF THE 4.00000% 05-15.01.37 | 1 200 000.00 | 1 369 320.00 | 1.17 |
| EUR	PERU, REPUBLIC OF 3.75000% 16-01.03.30 | 350 000.00 | 332 784.37 | 0.28 |
| EUR	PORTUGAL, REPUBLIC OF-144A-REG-S 2.87500% 15-15.10.25 | 1 000 000.00 | 1 002 688.00 | 0.85 |
| EUR	PORTUGAL, REPUBLIC OF-144A-REG-S 2.25000% 18-18.04.34 | 500 000.00 | 454 187.00 | 0.39 |
| EUR	SLOVAKIA, REPUBLIC OF-REG-S 3.75000% 23-23.02.35 | 350 000.00 | 343 427.00 | 0.29 |
| EUR	SLOVAKIA, REPUBLIC OF-REG-S 0.75000% 19-09.04.30 | 800 000.00 | 664 832.00 | 0.57 |
| EUR	SLOVENIA, REPUBLIC OF-REG-S 1.50000% 15-25.03.35 | 1 800 000.00 | 1 438 920.00 | 1.23 |
| EUR	SLOVENIA, REPUBLIC OF-REG-S 3.12500% 15-07.08.45 | 700 000.00 | 644 672.00 | 0.55 |
| EUR	SPAIN, KINGDOM OF-144A-REG-S 2.90000% 16-31.10.46 | 2 000 000.00 | 1 747 600.00 | 1.49 |
| EUR	SPAIN, KINGDOM OF-144A-REG-S 2.70000% 18-31.10.48 | 2 600 000.00 | 2 153 725.60 | 1.83 |
| EUR	SPAIN, KINGDOM OF-144A-REG-S 1.85000% 19-30.07.35 | 1 000 000.00 | 839 844.00 | 0.72 |
| EUR	TAURON POLSKA ENERGIA SA-REG-S 2.37500% 17-05.07.27 | 200 000.00 | 164 162.50 | 0.14 |
| EUR	UMG GROUPE VYV 1.62500% 19-02.07.29 | 100 000.00 | 83 354.00 | 0.07 |
| EUR	UNITED GROUP BV-REG-S 3.12500% 20-15.02.26 | 335 000.00 | 276 063.45 | 0.24 |
| EUR	VERIZON COMMUNICATIONS INC 0.87500% 19-08.04.27 | 220 000.00 | 198 740.96 | 0.17 |
| EUR	WINTERSHALL DEA FINANCE BV-REG-S 1.33200% 19-25.09.28 | 300 000.00 | 250 019.07 | 0.21 |
| Total EUR |  | 38 129 067.84 | 32.48 |
| GBP |  |  |  |
| GBP	BELLIS ACQUISITION CO PLC-REG-S 3.25000% 21-16.02.26 | 310 000.00 | 288 449.24 | 0.24 |
| GBP	BERKELEY GROUP PLC/THE-REG-S 2.50000% 21-11.08.31 | 160 000.00 | 126 644.53 | 0.11 |
| GBP	ROTHESAY LIFE PLC-REG-S-SUB 3.37500% 19-12.07.26 | 315 000.00 | 327 437.18 | 0.28 |
| GBP	UNITED KING OF GREAT BRIT & N IRL-REG-S 1.25000% 20-22.10.41 | 400 000.00 | 300 368.08 | 0.26 |
| Total GBP |  | 1 042 899.03 | 0.89 |
| NZD |  |  |  |
| NZD	NEW ZEALAND 1.50000% 19-15.05.31 | 800 000.00 | 374 764.61 | 0.32 |
| NZD	NEW ZEALAND 1.75000% 20-15.05.41 | 2 600 000.00 | 1 004 117.43 | 0.86 |
| NZD	NEW ZEALAND 2.75000% 21-15.05.51 | 1 800 000.00 | 767 903.96 | 0.65 |
| NZD	NEW ZEALAND-REG-S 2.75000% 16-15.04.37 | 3 100 000.00 | 1 491 986.79 | 1.27 |
| Total NZD |  | 3 638 772.79 | 3.10 |
| USD |  |  |  |
| USD	COLOMBIA, REPUBLIC OF 6.12500% 09-18.01.41 | 200 000.00 | 150 869.81 | 0.13 |
| USD	COUNTRY GARDEN HOLDINGS CO LTD-REG-S 2.70000% 21-12.07.26 | 200 000.00 | 97 565.47 | 0.08 |
| USD	EGYPT GOVERNMENT INTERNATIONAL-REG-S 10.87500% 23-28.02.26 | 200 000.00 | 168 473.01 | 0.14 |
| Total USD |  | 416 908.29 | 0.35 |
| Total Bonds, fixed rate |  | 43 227 647.95 | 36.82 |
| Bonds, floating rate |  |  |  |
| EUR |  |  |  |
| EUR	ABANCA CORP BANCARIA SA-REG-S-SUB 6.125%/VAR 19-18.01.29 | 300 000.00 | 289 500.00 | 0.25 |
| EUR	BANCO DE CREDITO SOCIAL-REG-S 8.000%/VAR 22-22.09.26 | 300 000.00 | 302 928.00 | 0.26 |
| EUR	BP CAPITAL MARKETS PLC-REG-S 3.250%/VAR 20-PRP | 130 000.00 | 119 925.00 | 0.10 |
| EUR	BP CAPITAL MARKETS PLC-REG-S-SUB 3.625%/VAR 20-PRP | 100 000.00 | 87 000.80 | 0.07 |
| EUR	ELECTRICITE DE FRANCE SA-REG-S-SUB 4.000%/VAR 18-PRP | 200 000.00 | 191 348.00 | 0.16 |
| EUR	RABOBANK NEDERLAND NV-REG-S-SUB 3.250%/VAR 19-PRP | 200 000.00 | 161 500.00 | 0.14 |
| EUR	SES SA-REG-S-SUB 2.875%/VAR 21-PRP | 595 000.00 | 481 950.00 | 0.41 |
| EUR	UNIBAIL-RODAMCO SE-REG-S-SUB 2.125%/VAR 18-PRP | 100 000.00 | 85 007.20 | 0.07 |
| EUR	UNIBAIL-RODAMCO SE-REG-S-SUB 2.875%/VAR 18-PRP | 100 000.00 | 76 500.00 | 0.07 |
| Total EUR |  | 1 795 659.00 | 1.53 |
| USD |  |  |  |
| USD	CREDIT SUISSE GROUP AG-REG-S-SUB 7.500%/VAR 18-PRP | 500 000.00 | 20 709.65 | 0.02 |
| Total USD |  | 20 709.65 | 0.02 |
| Total Bonds, floating rate |  | 1 816 368.65 | 1.55 |

UBS (Lux) Bond Fund – EUR Flexible
Annual report and audited financial statement as of 31 March 2023
| Description	Quantity/ | Valuation in EUR | as a % |
| --- | --- | --- |
| Nominal | Unrealized gain | of net |
|  | (loss) on Futures/ | assets |
|  | Forward |  |
|  | Exchange Contracts/ |  |
|  | Swaps (Note 1) |  |
| Treasury notes, floating rate |  |  |
| USD |  |  |
| USD	AMERICA, UNITED STATES OF 0.750%/CPI LINKED 15-15.02.45	1 700 000.00 | 1 692 731.37 | 1.44 |
| Total USD | 1 692 731.37 | 1.44 |
| Total Treasury notes, floating rate | 1 692 731.37 | 1.44 |
| Total Transferable securities and money market instruments listed on an official stock exchange | 92 199 448.68 | 78.53 |
| Transferable securities and money market instruments traded on another regulated market |  |  |
| Asset Backed Securities, floating rate |  |  |
| USD |  |  |
| USD	SOFI PROFESSIONA LOAN PROGRAM LLC-144A VAR 17-26.03.40	475 000.00 | 400 813.61 | 0.34 |
| Total USD | 400 813.61 | 0.34 |
| Total Asset Backed Securities, floating rate | 400 813.61 | 0.34 |
| Mortgage Backed Securities, fixed rate |  |  |
| USD |  |  |
| USD	BENCHMARK MORTGAGE TRUST-SUB 3.97900% 19-01.03.62	750 000.00 | 618 316.78 | 0.53 |
| USD	MSBAM LYNCH TRUST-SUB 3.99400% 16-01.12.49	313 000.00 | 263 781.31 | 0.22 |
| Total USD | 882 098.09 | 0.75 |
| Total Mortgage Backed Securities, fixed rate | 882 098.09 | 0.75 |
| Mortgage Backed Securities, floating rate |  |  |
| USD |  |  |
| USD	AVENTURA MALL TRUST-144A FLR 18-01.07.40	650 000.00 | 559 927.10 | 0.48 |
| USD	BAMLL COMMERCIAL MORT SET-144A 1M LIBOR+135BP 18-15.09.34	550 000.00 | 485 799.77 | 0.41 |
| USD	BANK 2017-BNK9 VAR 17-01.11.54	450 000.00 | 379 311.25 | 0.32 |
| USD	BBCMS TRUST CBM-144A 1M LIBOR+119.1098BP 18-15.07.37	550 000.00 | 485 984.29 | 0.42 |
| USD	BENCHMARK MORTGAGE TRUST VAR 18-01.02.51	250 000.00 | 210 974.89 | 0.18 |
| USD	CAMB COMM MORTGAGE TRUST-144A-SUB 1M LIBOR+145BP 19-15.12.37	175 000.00 | 157 229.19 | 0.13 |
| USD	CAMB COMM MORTGAGE TRUST-144A-SUB 1M LIBOR+175BP 19-15.12.37	430 000.00 | 385 837.98 | 0.33 |
| USD	CORE TRUST CORE-144A 1M LIBOR+110BP 19-15.12.31	230 000.00 | 38 694.43 | 0.03 |
| USD	GS MORTGAGE SECURITIES TRUST-144A VAR 17-01.01.43	1 225 000.00 | 999 020.45 | 0.85 |
| USD	JP MORGAN CHASE MORTGAGE SECURITIES-144A-SUB FLR 18-01.01.31	685 000.00 | 629 769.69 | 0.54 |
| Total USD | 4 332 549.04 | 3.69 |
| Total Mortgage Backed Securities, floating rate | 4 332 549.04 | 3.69 |
| Notes, fixed rate |  |  |
| USD |  |  |
| USD	AVOLON HOLDINGS FUNDING LTD-144A 2.12500% 21-21.02.26	165 000.00 | 134 147.45 | 0.11 |
| USD	SOCIETE GENERALE SA-SUB-144A 7.36700% 23-10.01.53	415 000.00 | 372 361.28 | 0.32 |
| Total USD | 506 508.73 | 0.43 |
| Total Notes, fixed rate | 506 508.73 | 0.43 |
| Bonds, fixed rate |  |  |
| RUB |  |  |
| RUB	RUSSIA, FEDERATION OF 7.65000% 19-10.04.30	270 000 000.00 | 159 920.08 | 0.14 |
| Total RUB | 159 920.08 | 0.14 |
| Total Bonds, fixed rate | 159 920.08 | 0.14 |
| Bonds, floating rate |  |  |
| NZD |  |  |
| NZD	NEW ZEALAND 2.500%/CPI LINKED 17-20.09.40	6 800 000.00 | 4 812 042.90 | 4.10 |
| Total NZD | 4 812 042.90 | 4.10 |
| Total Bonds, floating rate | 4 812 042.90 | 4.10 |
| Total Transferable securities and money market instruments traded on another regulated market | 11 093 932.45 | 9.45 |
| UCITS/Other UCIs in accordance with Article 41 (1) e) of the amended Luxembourg law of 17 December | 2010 |  |
| Investment funds, open end |  |  |
| Luxembourg |  |  |
| EUR	UBS (LUX) BOND FUND - EURO HIGH YIELD (EUR) I-X-ACC	100.00 | 13 637.00 | 0.01 |
| USD	UBS (LUX) BOND SICAV - ASIAN HIGH YIELD (USD) I-X-DIST	33 200.00 | 1 712 789.36 | 1.46 |
| USD	UBS (LUX) BOND SICAV - CHINA HIGH YIELD (USD) U-X-ACC	285.00 | 1 436 345.44 | 1.22 |
| Total Luxembourg | 3 162 771.80 | 2.69 |
| Total Investment funds, open end | 3 162 771.80 | 2.69 |
| Total UCITS/Other UCIs in accordance with Article 41 (1) e) of the amended Luxembourg law of 17 December 2010 | 3 162 771.80 | 2.69 |

UBS (Lux) Bond Fund – EUR Flexible Annual report and audited financial statement as of 31 March 2023
| Description | Quantity/ | Valuation in EUR | as a % |
| --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |

Derivative instruments not listed on an official stock exchange and not traded on another regulated market
Options on other swaps, classic-styled
| EUR |  |
| --- | --- |
| EUR | JPM/ITRX.XOVER.S38-V1 SWAPTION PUT 550.00000% 23-19.04.23 | -5 000 000.00 | -2 944.00 | 0.00 |
| EUR | JPM/ITRX XOVER EUROPE SWAPTION PUT 500.00000% 23-19.04.23 | -5 000 000.00 | -6 490.00 | -0.01 |
| EUR | JPM/ITRX XOVER EUROPE SWAPTION PUT 450.00000% 23-19.04.23 | 5 000 000.00 | 16 594.00 | 0.02 |
| Total EUR |  |  | 7 160.00 | 0.01 |
| Total Options on other swaps, classic-styled |  | 7 160.00 | 0.01 |
| Total Derivative instruments not listed on an official stock exchange and not traded on another regulated market |  | 7 160.00 | 0.01 |
| Total investments in securities |  | 106 463 312.93 | 90.68 |
| Derivative instruments |  |  |  |
| Derivative instruments listed on an official stock exchange |  |  |  |
| Financial Futures on bonds |  |  |  |
|  |  |  |  |
| EUR	EURO BTP ITALY GOVERNMENT FUTURE 08.06.23 | 6.00 | 27 720.00 | 0.02 |
| EUR	SHORT EURO BTP ITALY GOVERMENT FUTURE 08.06.23 | 65.00 | 82 230.00 | 0.07 |
| EUR	EURO-BUND FUTURE 08.06.23 | 40.00 | 203 600.00 | 0.17 |
| EUR	EURO-BOBL FUTURE 08.06.23 | 92.00 | 255 760.00 | 0.22 |
| EUR	EURO-SCHATZ FUTURE 08.06.23 | -71.00 | 36 150.00 | 0.03 |
| EUR	EURO-BUXL FUTURE 08.06.23 | -12.00 | -112 560.00 | -0.10 |
| EUR	EURO-OAT FUTURE 08.06.23 | 70.00 | 322 000.00 | 0.28 |
| GBP	LONG GILT FUTURE 28.06.23 | -12.00 | -32 776.25 | -0.03 |
| USD	US 10YR ULTRA NOTE FUTURE 21.06.23 | -40.00 | -145 542.82 | -0.12 |
| AUD	AUSTRALIA 3YR BOND FUTURE 15.06.23 | -251.00 | -113 136.26 | -0.10 |
| CAD	CAN 5YR BOND FUTURE 21.06.23 | -17.00 | 8 902.66 | 0.01 |
| USD	US ULTRA LONG BOND (CBT) FUTURE 21.06.23 | -5.00 | 6 356.71 | 0.01 |
| USD	US LONG BOND FUTURE 21.06.23 | 12.00 | 59 971.71 | 0.05 |
| USD	US 10YR TREASURY NOTE FUTURE 21.06.23 | 44.00 | 127 709.51 | 0.11 |
| JPY	JAPAN GOVERNMENT 10Y BOND (OSE) FUTURE 13.06.23 | -26.00 | -382 791.65 | -0.33 |
| USD	US 5YR TREASURY NOTE FUTURE 30.06.23 | 58.00 | 90 158.94 | 0.08 |
| CAD	CAN 10YR BOND FUTURE 21.06.23 | -217.00 | -461 999.75 | -0.39 |
| Total Financial Futures on bonds | -28 247.20 | -0.02 |
| Total Derivative instruments listed on an official stock exchange | -28 247.20 | -0.02 |
| Derivative instruments not listed on an official stock exchange and not traded on another regulated market |  |  |
| Swaps and forward swaps on interest rates |  |  |

| PLN PLN | LCH/INTEREST RATE SWAP PAY 2.11600% 20-23.01.30 LCH/INTEREST RATE SWAP REC 6MWIB 20-23.01.30 | -24 500 000.00 | 1 010 218.17 | 0.86 |
| --- | --- | --- | --- | --- |
| PLN | LCH/INTEREST RATE SWAP PAY 1.91900% 20-10.02.30 | -29 000 000.00 | 1 257 514.44 | 1.07 |
| PLN | LCH/INTEREST RATE SWAP REC 6MWIB 20-10.02.30 |  |  |  |
| PLN | LCH/INTEREST RATE SWAP PAY 0.88000% 20-07.05.30 | -10 000 000.00 | 607 841.67 | 0.52 |
| PLN | LCH/INTEREST RATE SWAP REC 6MWIB 20-07.05.30 |  |  |  |
| NZD | LCH/INTEREST RATE SWAP PAY 1.67500% 24-30.10.29 | -18 000 000.00 | 1 024 175.51 | 0.87 |
| NZD | LCH/INTEREST RATE SWAP REC 3MFRA 24-30.10.29 |  |  |  |
| NZD | LCH/INTEREST RATE SWAP PAY 1.58300% 24-24.09.29 | -19 000 000.00 | 1 133 306.35 | 0.97 |
| NZD | LCH/INTEREST RATE SWAP REC 3MFRA 24-24.09.29 |  |  |  |
| CNY | CITI/INTEREST RATE SWAP PAY 2.80500% 21-02.04.26 | -55 000 000.00 | -51 865.26 | -0.04 |
| CNY | CITI/INTEREST RATE SWAP REC CNRR007 21-02.04.26 |  |  |  |
| PLN | LCH/INTEREST RATE SWAP PAY 3.79250% 22-17.01.32 | -8 000 000.00 | 202 293.90 | 0.17 |
| PLN | LCH/INTEREST RATE SWAP REC 6MWIB 22-17.01.32 |  |  |  |
| KRW | JPMORGAN/INTEREST RATE SWAP PAY 2.15900% 22-25.01.32 | -2 250 000 000.00 | 122 414.20 | 0.10 |
| KRW | JPMORGAN/INTEREST RATE SWAP REC 3MKWCD 22-25.01.32 |  |  |  |
| CNY | LCH/INTEREST RATE SWAP PAY 2.79400% 23-10.01.28 | -23 000 000.00 | -628.73 | 0.00 |
| CNY | LCH/INTEREST RATE SWAP REC CNRR007 23-10.01.28 |  |  |  |
| SEK | LCH/INTEREST RATE SWAP PAY 2.74000% 23-10.02.28 | -36 000 000.00 | 42 712.87 | 0.04 |
| SEK | LCH/INTEREST RATE SWAP REC 3MS 23-10.02.28 |  |  |  |
| SEK | LCH/INTEREST RATE SWAP PAY 3.39500% 23-10.03.28 | -20 000 000.00 | -29 414.47 | -0.03 |
| SEK | LCH/INTEREST RATE SWAP REC 3MS 23-10.02.28 |  |  |  |
| USD | LCH/INTEREST RATE SWAP PAY 3.19431% 23-10.03.53 | -1 800 000.00 | -72 224.28 | -0.06 |
| USD | LCH/INTEREST RATE SWAP TP PAY SOFR O/N 23-10.03.53 |  |  |  |
| NOK | LCH/INTEREST RATE SWAP PAY 3.03500% 23-21.03.28 | -15 000 000.00 | 9 212.03 | 0.01 |
| NOK | LCH/INTEREST RATE SWAP REC NIBOR6M 23-21.03.28 |  |  |  |
| INR | LCH/INTEREST RATE SWAP PAY 6.34300% 23-21.03.28 | -127 500 000.00 | -34.17 | 0.00 |
| INR | LCH/INTEREST RATE SWAP REC O/N MIBOR 23-21.03.28 |  |  |  |
| INR | LCH/INTEREST RATE SWAP PAY 6.21500% 23-21.03.28 | -127 500 000.00 | 59.23 | 0.00 |
| INR | LCH/INTEREST RATE SWAP REC O/N MIBOR 23-21.03.28 |  |  |  |
| CNY | JPMORGAN/INTEREST RATE SWAP PAY CNRR007 20-10.06.25 | -50 000 000.00 | -38 160.73 | -0.03 |
| CNY | JPMORGAN/INTEREST RATE SWAP REC 2.23500% 20-10.06.25 |  |  |  |
| MXN | CME/INTEREST RATE SWAP PAY MXI 18-26.06.28 | -135 000 000.00 | -141 997.28 | -0.12 |
| MXN | CME/INTEREST RATE SWAP REC 8.07000% 18-26.06.28 |  |  |  |
| MXN | CME/INTEREST RATE SWAP PAY MXI 18-12.07.28 | -120 000 000.00 | -99 922.36 | -0.09 |
| MXN | CME/INTEREST RATE SWAP REC 8.13500% 18-12.07.28 |  |  |  |
| NZD | LCH/INTEREST RATE SWAP PAY 3MFRA 21-22.06.26 | -11 000 000.00 | -614 363.33 | -0.52 |
| NZD | LCH/INTEREST RATE SWAP REC 1.32000% 21-22.06.26 |  |  |  |
| HUF | LCH/INTEREST RATE SWAP PAY 6ML 21-10.08.26 | -2 200 000 000.00 | -1 255 885.89 | -1.07 |
| HUF | LCH/INTEREST RATE SWAP REC 2.59600% 21-10.08.26 |  |  |  |
| HUF | LCH/INTEREST RATE SWAP PAY 6ML 21-17.09.26 | -1 220 000 000.00 | -648 299.20 | -0.55 |
| HUF | LCH/INTEREST RATE SWAP REC 2.83500% 21-17.09.26 |  |  |  |
| MXN | CME/INTEREST RATE SWAP PAY MXI 21-22.09.31 | -64 000 000.00 | -176 517.89 | -0.15 |
| MXN | CME/INTEREST RATE SWAP REC 7.50000% 21-22.09.31 |  |  |  |

UBS (Lux) Bond Fund – EUR Flexible
Annual report and audited financial statement as of 31 March 2023
|  | Description | Quantity/ | Valuation in EUR | as a % |
| --- | --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |
|  |  |  |  |  |
| MXN | CME/INTEREST RATE SWAP PAY MXI 21-16.10.26 | -80 000 000.00 | -190 548.38 | -0.16 |
| MXN | CME/INTEREST RATE SWAP REC 7.44000% 21-16.10.26 |  |  |  |
| MXN | CME/INTEREST RATE SWAP PAY MXI 21-19.10.26 | -80 000 000.00 | -182 587.39 | -0.16 |
| MXN | CME/INTEREST RATE SWAP REC 7.49250% 21-19.10.26 |  |  |  |
| ZAR | LCH/INTEREST RATE SWAP PAY 3MZAR 22-06.01.32 | -26 000 000.00 | -102 551.70 | -0.09 |
| ZAR | LCH/INTEREST RATE SWAP REC 7.67000% 22-06.01.32 |  |  |  |
| HUF | LCH/INTEREST RATE SWAP PAY 6MHUF 22-17.01.27 | -1 150 000 000.00 | -550 978.83 | -0.47 |
| HUF | LCH/INTEREST RATE SWAP REC 4.82000% 22-17.01.27 |  |  |  |
| KRW | JPMORGAN/INTEREST RATE SWAP PAY 3MKWCD 22-25.01.24 | -23 000 000 000.00 | -255 628.78 | -0.22 |
| KRW | JPMORGAN/INTEREST RATE SWAP REC 2.02000% 22-25.01.24 |  |  |  |
| NZD | LCH/INTEREST RATE SWAP PAY 3MFRA 22-29.11.27 | -2 500 000.00 | 25 251.83 | 0.02 |
| NZD | LCH/INTEREST RATE SWAP REC 4.60500% 22-29.11.27 |  |  |  |
| MXN | CME/INTEREST RATE SWAP PAY MXI 22-01.12.27 | -50 000 000.00 | -9 280.77 | -0.01 |
| MXN | CME/INTEREST RATE SWAP REC 8.51000% 22-01.12.27 |  |  |  |
| ZAR | LCH/INTEREST RATE SWAP PAY 3MZAR 22-12.12.32 | -20 000 000.00 | 14 864.35 | 0.01 |
| ZAR | LCH/INTEREST RATE SWAP REC 9.22100% 22-12.12.32 |  |  |  |
| NZD | LCH/INTEREST RATE SWAP PAY 3MFRA 22-19.12.27 | -4 000 000.00 | 46 571.98 | 0.04 |
| NZD | LCH/INTEREST RATE SWAP REC 4.65000% 22-19.12.27 |  |  |  |
| NZD | LCH/INTEREST RATE SWAP PAY 3MFRA 22-19.12.27 | -4 000 000.00 | 49 158.95 | 0.04 |
| NZD | LCH/INTEREST RATE SWAP REC 4.67500% 22-19.12.27 |  |  |  |
| BRL | MORGAN STANLE/INTEREST RATE SWAP PAY BZD 22-02.01.25 | -20 000 000.00 | 64 248.95 | 0.05 |
| BRL | MORGAN STANLE/INTEREST RATE SWAP REC 13.40000% 22-02.01.25 |  |  |  |
| BRL | CITI/INTEREST RATE SWAP PAY BZD 22-02.01.25 | -20 000 000.00 | 86 395.52 | 0.07 |
| BRL | CITI/INTEREST RATE SWAP REC 13.81500% 22-02.01.25 |  |  |  |
| NZD | LCH/INTEREST RATE SWAP PAY 3MFRA 23-11.01.28 | -2 750 000.00 | 7 872.25 | 0.01 |
| NZD | LCH/INTEREST RATE SWAP REC 4.56500% 23-11.01.28 |  |  |  |
| BRL | CME/INTEREST RATE SWAP PAY BZD 23-02.01.25 | -29 000 000.00 | 41 901.34 | 0.04 |
| BRL | CME/INTEREST RATE SWAP REC 12.70000% 23-02.01.25 |  |  |  |
| EUR | LCH/INTEREST RATE SWAP PAY 6MEIB 23-10.02.28 | -3 000 000.00 | -12 611.28 | -0.01 |
| EUR | LCH/INTEREST RATE SWAP REC 2.95640% 23-10.02.28 |  |  |  |
| BRL | CME/INTEREST RATE SWAP PAY BZD 23-02.01.25 | -20 000 000.00 | 30 335.37 | 0.03 |
| BRL | CME/INTEREST RATE SWAP REC 12.67000% 23-02.01.25 |  |  |  |
| EUR | LCH/INTEREST RATE SWAP PAY 6MEIB 23-10.03.28 | -2 000 000.00 | 34 052.34 | 0.03 |
| EUR | LCH/INTEREST RATE SWAP REC 3.45360% 23-10.03.28 |  |  |  |
| Total Swaps and forward swaps on interest rates |  | 1 376 900.53 | 1.17 |
| Credit default swaps* |  |  |  |
|  |  |  |  |
| USD	BOA/MEX CREDIT DEFAULT SWAP PAY 1.00000% 19-20.06.24 | -3 200 000.00 | -24 791.07 | -0.02 |
| USD	BOA/TURKEY CREDIT DEFAULT SWAP REC 1.00000% 19-20.06.24 | 3 200 000.00 | -81 437.91 | -0.07 |
| Total Credit default swaps |  | -106 228.98 | -0.09 |
| Total Derivative instruments not listed on an official stock exchange and not traded on another regulated market |  | 1 270 671.55 | 1.08 |
| Total Derivative instruments |  | 1 242 424.35 | 1.06 |
| Forward Foreign Exchange contracts |  |  |  |
| Currency purchased/Amount purchased/Currency sold/Amount sold/Maturity date |  |  |  |

| KRW | 133 000 000.00 | USD | 101 824.03 | 6.4.2023 | 257.64 | 0.00 |
| --- | --- | --- | --- | --- | --- | --- |
| USD | 594 852.41 | PHP | 33 050 000.00 | 5.4.2023 | -12 320.40 | -0.01 |
| MYR | 4 456 000.00 | USD | 994 864.93 | 6.4.2023 | 14 697.39 | 0.01 |
| IDR | 27 603 800 000.00 | USD | 1 806 011.36 | 6.4.2023 | 34 539.08 | 0.03 |
| USD | 31 696.18 | CNY | 220 000.00 | 6.4.2023 | -312.89 | 0.00 |
| COP | 2 809 935 000.00 | USD | 579 995.87 | 5.4.2023 | 21 059.58 | 0.02 |
| USD | 625 616.00 | CLP | 520 500 000.00 | 6.4.2023 | -30 015.10 | -0.03 |
| INR | 151 370 000.00 | USD | 1 821 880.13 | 6.4.2023 | 18 379.31 | 0.02 |
| USD | 2 488 083.89 | BRL | 13 050 000.00 | 6.4.2023 | -77 846.16 | -0.07 |
| EUR | 575 932.43 | CHF | 575 000.00 | 6.4.2023 | -3 505.12 | 0.00 |
| AUD | 5 145 000.00 | EUR | 3 254 979.74 | 6.4.2023 | -83 508.79 | -0.07 |
| CAD | 300 000.00 | EUR | 207 140.26 | 6.4.2023 | -3 135.87 | 0.00 |
| EUR | 1 054 169.49 | HUF | 399 600 000.00 | 6.4.2023 | 5 017.49 | 0.00 |
| EUR | 600 364.46 | CZK | 14 140 000.00 | 6.4.2023 | -1 694.10 | 0.00 |
| THB | 16 090 000.00 | EUR | 435 363.77 | 11.4.2023 | -2 129.15 | 0.00 |
| EUR | 1 703 137.66 | SGD | 2 440 000.00 | 6.4.2023 | 14 100.40 | 0.01 |
| EUR | 5 293 507.26 | GBP | 4 705 000.00 | 6.4.2023 | -60 450.84 | -0.05 |
| EUR | 490 431.85 | JPY | 71 000 000.00 | 6.4.2023 | -743.68 | 0.00 |
| EUR | 10 822 617.13 | NZD | 18 510 000.00 | 6.4.2023 | 165 148.48 | 0.14 |
| NOK | 28 750 000.00 | EUR | 2 591 044.34 | 11.4.2023 | -64 496.43 | -0.05 |
| EUR | 24 045 378.74 | USD | 25 595 000.00 | 6.4.2023 | 491 488.22 | 0.42 |
| PLN | 2 100 000.00 | EUR | 446 652.60 | 6.4.2023 | 1 845.63 | 0.00 |
| EUR | 157 003.21 | MXN | 3 050 000.00 | 11.4.2023 | 1 808.05 | 0.00 |
| AUD | 805 000.00 | SGD | 730 055.31 | 6.4.2023 | -9 149.23 | -0.01 |
| USD | 545 000.00 | PHP | 30 024 050.00 | 5.4.2023 | -6 951.11 | -0.01 |
| USD | 1 140 000.00 | EUR | 1 073 056.41 | 6.4.2023 | -23 967.32 | -0.02 |
| AUD | 530 000.00 | EUR | 336 166.43 | 6.4.2023 | -9 464.86 | -0.01 |
| GBP | 450 000.00 | CAD | 731 741.31 | 6.4.2023 | 14 475.52 | 0.01 |
| EUR | 553 431.49 | AUD | 870 000.00 | 6.4.2023 | 17 147.77 | 0.02 |
| EUR | 540 542.98 | USD | 575 000.00 | 6.4.2023 | 11 397.17 | 0.01 |
| MXN | 4 918 830.38 | USD | 270 000.00 | 11.4.2023 | 1 867.65 | 0.00 |
| USD | 270 000.00 | CLP | 219 172 500.00 | 6.4.2023 | -6 594.77 | -0.01 |
| GBP | 219 951.71 | CAD | 360 000.00 | 6.4.2023 | 5 485.04 | 0.01 |
| USD | 226 564.19 | AUD | 335 000.00 | 6.4.2023 | 1 996.58 | 0.00 |
| USD | 249 919.01 | INR | 20 520 000.00 | 6.4.2023 | 215.95 | 0.00 |
| SGD | 340 000.00 | USD | 252 906.00 | 6.4.2023 | 2 620.49 | 0.00 |
| NZD | 1 800 000.00 | EUR | 1 043 582.32 | 6.4.2023 | -7 199.63 | -0.01 |
| USD | 1 000 000.00 | EUR | 936 472.51 | 6.4.2023 | -16 218.92 | -0.01 |
| USD | 1 350 000.00 | EUR | 1 263 828.27 | 6.4.2023 | -21 485.93 | -0.02 |
| BRL | 9 967 000.00 | USD | 1 913 991.19 | 6.4.2023 | 46 812.99 | 0.04 |
| GBP | 440 000.00 | USD | 522 257.91 | 6.4.2023 | 20 083.07 | 0.02 |
| USD | 525 000.00 | INR | 43 212 225.00 | 6.4.2023 | -736.47 | 0.00 |

* Positive nominal: the subfund is “Receiver”, negative nominal: the subfund is “Payer”.
UBS (Lux) Bond Fund – EUR Flexible Annual report and audited financial statement as of 31 March 2023
| Description	Quantity/ | Valuation in EUR | as a % |
| --- | --- | --- |
| Nominal | Unrealized gain | of net |
|  | (loss) on Futures/ | assets |
|  | Forward |  |
|  | Exchange Contracts/ |  |
|  | Swaps (Note 1) |  |

Forward Foreign Exchange contracts (Continued)
Currency purchased/Amount purchased/Currency sold/Amount sold/Maturity date
| GBP | 435 000.00 | CAD | 708 857.12 | 6.4.2023 | 12 967.95 | 0.01 |
| --- | --- | --- | --- | --- | --- | --- |
| USD | 685 000.00 | EUR | 648 480.19 | 6.4.2023 | -18 106.48 | -0.02 |
| CZK | 2 860 000.00 | EUR | 120 860.37 | 6.4.2023 | 913.85 | 0.00 |
| CAD | 180 000.00 | EUR | 123 965.23 | 6.4.2023 | -1 562.60 | 0.00 |
| USD | 241 091.56 | IDR | 3 732 700 000.00 | 6.4.2023 | -7 536.33 | -0.01 |
| PLN | 675 000.00 | EUR | 143 924.01 | 6.4.2023 | 236.14 | 0.00 |
| EUR | 209 220.04 | MXN | 4 110 000.00 | 11.4.2023 | 88.20 | 0.00 |
| AUD | 775 000.00 | NZD | 833 489.25 | 6.4.2023 | -2 172.95 | 0.00 |
| CAD | 550 000.00 | USD | 401 519.76 | 6.4.2023 | 4 508.90 | 0.00 |
| JPY | 27 700 000.00 | EUR | 195 123.12 | 6.4.2023 | -3 495.48 | 0.00 |
| NOK | 6 160 000.00 | SEK | 6 154 456.00 | 11.4.2023 | -4 952.53 | 0.00 |
| CAD | 215 000.00 | USD | 157 100.12 | 6.4.2023 | 1 631.51 | 0.00 |
| PLN | 910 000.00 | USD | 207 554.81 | 6.4.2023 | 3 346.83 | 0.00 |
| USD | 725 935.58 | CAD | 1 000 000.00 | 6.4.2023 | -11 971.51 | -0.01 |
| USD | 530 000.00 | JPY | 69 645 180.00 | 6.4.2023 | 5 929.68 | 0.01 |
| GBP | 85 000.00 | EUR | 96 854.63 | 6.4.2023 | -130.63 | 0.00 |
| EUR | 260 103.97 | JPY | 36 500 000.00 | 6.4.2023 | 7 598.24 | 0.01 |
| USD | 201 232.07 | MXN | 3 860 000.00 | 11.4.2023 | -11 282.17 | -0.01 |
| USD | 130 000.00 | EUR | 122 224.33 | 6.4.2023 | -2 591.36 | 0.00 |
| USD | 600 208.55 | GBP | 490 000.00 | 6.4.2023 | -5 241.98 | 0.00 |
| EUR | 331 997.83 | AUD | 530 000.00 | 6.4.2023 | 5 296.26 | 0.01 |
| USD | 265 000.00 | EUR | 245 644.01 | 6.4.2023 | -1 776.81 | 0.00 |
| JPY | 16 900 000.00 | EUR | 118 838.00 | 6.4.2023 | -1 924.39 | 0.00 |
| EUR | 158 613.06 | JPY | 22 700 000.00 | 6.4.2023 | 1 575.25 | 0.00 |
| EUR | 236 464.05 | NZD | 410 000.00 | 6.4.2023 | 399.10 | 0.00 |
| EUR | 256 392.42 | MXN | 5 180 000.00 | 11.4.2023 | -7 184.93 | -0.01 |
| GBP | 415 000.00 | USD | 508 064.58 | 6.4.2023 | 4 693.37 | 0.00 |
| USD | 905 000.00 | EUR | 841 071.03 | 6.4.2023 | -8 241.54 | -0.01 |
| INR | 87 640 000.00 | USD | 1 063 205.14 | 4.5.2023 | 976.81 | 0.00 |
| USD | 1 065 116.37 | INR | 87 637 775.00 | 6.4.2023 | -1 148.20 | 0.00 |
| USD | 250 000.00 | IDR | 3 767 768 750.00 | 4.5.2023 | -1 774.63 | 0.00 |
| USD | 1 162 169.63 | PHP | 63 100 000.00 | 4.5.2023 | 847.36 | 0.00 |
| PHP | 63 074 050.00 | USD | 1 161 370.83 | 5.4.2023 | -524.05 | 0.00 |
| CNY | 220 000.00 | USD | 31 976.74 | 6.4.2023 | 54.87 | 0.00 |
| USD | 32 058.76 | CNY | 220 000.00 | 4.5.2023 | -69.73 | 0.00 |
| USD | 602 731.66 | COP | 2 809 935 000.00 | 5.4.2023 | -132.88 | 0.00 |
| COP | 2 809 935 000.00 | USD | 599 197.14 | 4.5.2023 | -234.97 | 0.00 |
| MYR | 4 456 000.00 | USD | 1 013 994.77 | 5.5.2023 | -463.96 | 0.00 |
| IDR | 23 871 100 000.00 | USD | 1 586 014.22 | 4.5.2023 | 9 329.86 | 0.01 |
| USD | 1 011 118.67 | MYR | 4 456 000.00 | 6.4.2023 | 263.64 | 0.00 |
| USD | 1 586 119.60 | IDR | 23 871 100 000.00 | 6.4.2023 | -7 471.33 | -0.01 |
| KRW | 133 000 000.00 | USD | 102 631.38 | 4.5.2023 | -394.77 | 0.00 |
| USD | 102 449.55 | KRW | 133 000 000.00 | 6.4.2023 | 318.33 | 0.00 |
| USD | 597 066.84 | BRL | 3 090 000.00 | 4.5.2023 | -8 436.98 | -0.01 |
| BRL | 3 083 000.00 | USD | 598 176.17 | 6.4.2023 | 8 829.74 | 0.01 |
| CLP | 739 672 500.00 | USD | 935 287.98 | 6.4.2023 | 87.29 | 0.00 |
| USD | 933 022.20 | CLP | 739 700 000.00 | 4.5.2023 | 790.04 | 0.00 |
| USD | 965 000.00 | EUR | 886 342.43 | 6.4.2023 | 1 702.28 | 0.00 |
| EUR | 128 134.52 | NOK | 1 460 000.00 | 11.4.2023 | -170.17 | 0.00 |
| Total Forward Foreign Exchange contracts | 411 908.87 | 0.35 |
|  |  |  |
| Cash at banks, deposits on demand and deposit accounts and other liquid assets | 11 825 938.41* | 10.07 |
| Bank overdraft and other short-term liabilities | -2 872 634.58 | -2.45 |
| Other assets and liabilities | 329 389.62 | 0.29 |
| Total net assets | 117 400 339.60 | 100.00 |
| * As at 31 March 2023, cash amounts serve as collateral for the counterparty Bank of America for an amount of EUR 370 000.00 and JP Morgan for an amount of EUR 76 000.00. |  |  |

UBS (Lux) Bond Fund – EUR Flexible
Annual report and audited financial statement as of 31 March 2023

Translation (ENDE, 2023-03-31):
# UBS (Lux) Bond Fund – EUR Flexible
| Dreijahresvergleich |  |
| --- | --- |
|  | ISIN | 31.3.2023 | 31.3.2022 | 31.3.2021 |
| Nettovermögen in EUR |  | 117 400 339.60 | 177 740 627.69 | 217 572 340.82 |
| Klasse I-A1-acc | LU2092777270 |  |  |  |
| Anteile im Umlauf |  | 9 183.5510 | 312 148.5180 | 54 696.3930 |
| Nettoinventarwert pro Anteil in EUR |  | 83.45 | 95.30 | 103.54 |
| Ausgabe- und Rücknahmepreis pro Anteil in EUR 1 |  | 83.45 | 95.30 | 103.54 |
| Klasse P-2%-qdist | LU1669358142 |  |  |  |
| Anteile im Umlauf |  | 761.3240 | 658.4010 | 806.2500 |
| Nettoinventarwert pro Anteil in EUR |  | 80.91 | 94.70 | 105.45 |
| Ausgabe- und Rücknahmepreis pro Anteil in EUR 1 |  | 80.91 | 94.70 | 105.45 |
| Klasse P-acc | LU0033050237 |  |  |  |
| Anteile im Umlauf |  | 225 679.4660 | 252 566.4880 | 286 619.8160 |
| Nettoinventarwert pro Anteil in EUR |  | 357.65 | 410.37 | 447.97 |
| Ausgabe- und Rücknahmepreis pro Anteil in EUR 1 |  | 357.65 | 410.37 | 447.97 |
| Klasse P-dist | LU0033049577 |  |  |  |
| Anteile im Umlauf |  | 275 962.6880 | 290 830.4380 | 311 310.6320 |
| Nettoinventarwert pro Anteil in EUR |  | 111.34 | 130.35 | 144.27 |
| Ausgabe- und Rücknahmepreis pro Anteil in EUR 1 |  | 111.34 | 130.35 | 144.27 |
| Klasse Q-acc | LU0358407707 |  |  |  |
| Anteile im Umlauf |  | 30 731.6960 | 33 865.6510 | 215 974.4560 |
| Nettoinventarwert pro Anteil in EUR |  | 138.47 | 158.24 | 172.04 |
| Ausgabe- und Rücknahmepreis pro Anteil in EUR 1 |  | 138.47 | 158.24 | 172.04 |
| Klasse Q-dist | LU0415166585 |  |  |  |
| Anteile im Umlauf |  | 10 454.0680 | 10 379.9210 | 12 500.5400 |
| Nettoinventarwert pro Anteil in EUR |  | 83.80 | 97.97 | 108.57 |
| Ausgabe- und Rücknahmepreis pro Anteil in EUR 1 |  | 83.80 | 97.97 | 108.57 |
| 1  Siehe Erläuterung 1 |  |  |  |  |
| Performance |  |  |  |  |
|  | Währung | 2022/2023 | 2021/2022 | 2020/2021 |
| Klasse I-A1-acc | EUR | -12.4% | -8.0% | 11.3% |
| Klasse P-2%-qdist | EUR | -12.8% | -8.4% | 11.5% |
| Klasse P-acc | EUR | -12.8% | -8.4% | 11.5% |
| Klasse P-dist | EUR | -12.8% | -8.4% | 11.5% |
| Klasse Q-acc | EUR | -12.5% | -8.0% | 12.0% |
| Klasse Q-dist | EUR | -12.5% | -8.0% | 12.0% |
| Benchmark: 1 Bloomberg Barclays Euro Aggregate 500mio+ | EUR | -10.6% | -6.4% | 3.2% |
| Die historische Performance stellt keinen Indikator für die laufende oder zukünftige Performance dar. |  |  |  |  |

Die Performancedaten lassen die bei der Ausgabe und Rücknahme der Anteile erhobenen Kommissionen und Kosten unberücksichtigt. Die Performancedaten sind ungeprüft.
1 
Der Subfonds wird aktiv verwaltet. Der Index ist ein Bezugspunkt, an dem die Wertentwicklung des Subfonds gemessen werden kann.
UBS (Lux) Bond Fund – EUR Flexible
Jahresbericht und geprüfter Jahresabschluss per 31. März 2023

### Bericht des Portfolio Managers
Der Euro-Anleihenmarkt verbuchte im Rechnungs- jahr vom 1. April 2022 bis zum 31. März 2023 eine stark negative Wertentwicklung. Im Berichtszeitraum stiegen die Renditen der Staatsanleihen von Industrie- nationen steil an, da die Zentralbanken eine restriktive Geldpolitik verfolgten und die Leitzinsen mit einem bis- her ungeahnten Tempo auf Niveaus anhoben, die seit der Finanzkrise nicht mehr beobachtet worden waren. In den USA, Grossbritannien und der Eurozone stiegen die Gesamt-Konsumentenpreisindizes ebenfalls auf die höchsten Werte seit Jahrzehnten. Zunächst wurden die Preise durch die Freisetzung der aufgestauten Nachfrage und die fiskalpolitischen Stimulationsmassnahmen in die Höhe getrieben. Doch später wurde die Teuerung durch die hohen Rohstoffpreise infolge der andauernden russi- schen Invasion in der Ukraine verstärkt. Die Europäische Zentralbank hob ihren Leitzins von 0% auf 3.50% am Ende des Berichtszeitraums an. Die Kreditrisikoprämien von Unternehmensanleihen weiteten sich aus, da die restriktivere Geldpolitik zu einer Verschärfung der Finan- zierungsbedingungen führte und Besorgnis über eine Rezession hervorrief.
Vor dem Hintergrund der beschriebenen Marktbewe- gungen wies der Subfonds im Rechnungsjahr eine nega- tive Wertentwicklung aus. Alle Faktoren, einschliesslich der Duration, der Spreads und der Währungspositionen, beeinträchtigten die absolute Performance.

### Struktur des Wertpapierbestandes
Geographische Aufteilung in % des Nettovermögens	
| Vereinigte Staaten | 12.13 |
| --- | --- |
| Frankreich | 9.26 |
| Neuseeland | 8.18 |
| Deutschland | 7.50 |
| Luxemburg | 6.78 |
| Niederlande | 6.70 |
| Italien | 5.96 |
| Spanien | 5.18 |
| Grossbritannien | 4.27 |
| Belgien | 2.87 |
| Slowenien | 1.78 |
| Australien | 1.69 |
| Österreich | 1.54 |
| Supranational | 1.39 |
| Schweiz | 1.36 |
| Brasilien | 1.35 |
| Portugal | 1.24 |
| Griechenland | 0.89 |
| Slowakei | 0.86 |
| Venezuela | 0.77 |
| Rumänien | 0.70 |
| Cayman-Inseln | 0.68 |
| Türkei | 0.67 |
| Kasachstan | 0.61 |
| Japan | 0.59 |
| Peru | 0.53 |
| Irland | 0.53 |
| Norwegen | 0.49 |
| Chile | 0.47 |
| Polen | 0.46 |
| Philippinen | 0.37 |
| Ägypten | 0.35 |
| Kanada | 0.32 |
| Finnland | 0.30 |
| Indonesien | 0.27 |
| China | 0.25 |
| Indien | 0.20 |
| Mongolei | 0.17 |
| Argentinien | 0.14 |
| Russische Föderation (GUS) | 0.14 |
| Kolumbien | 0.13 |
| Mexiko | 0.12 |
| Tschechische Republik | 0.11 |
| Ecuador | 0.10 |
| Schweden | 0.10 |
| Dänemark | 0.09 |
| Bermuda | 0.09 |
| Total | 90.68 |

Wirtschaftliche Aufteilung in % des Nettovermögens	
| Länder- & Zentralregierungen | 40.23 |
| --- | --- |
| Banken & Kreditinstitute | 11.82 |
| Finanz- & Beteiligungsgesellschaften | 9.88 |
| Supranationale Organisationen | 4.68 |
| Pfandbriefinstitute & Refinanzierungsgesellschaften | 4.17 |
| Energie- & Wasserversorgung | 3.02 |
| Anlagefonds | 2.77 |
| Tabak & alkoholische Getränke | 1.99 |
| Verkehr & Transport | 1.67 |
| Telekommunikation | 1.64 |
| Öffentlich-rechtliche Körperschaften | 1.28 |
| Immobilien | 1.03 |
| Diverse nicht klassierte Gesellschaften | 0.94 |
| Versicherungen | 0.92 |
| Erdöl | 0.89 |
| Diverse Dienstleistungen | 0.81 |
| Chemie | 0.65 |
| Internet, Software & IT-Dienste | 0.58 |
| Baugewerbe & Baumaterial | 0.49 |
| Detailhandel, Warenhäuser | 0.34 |
| Textilien, Kleidung & Lederwaren | 0.25 |
| Gesundheits- & Sozialwesen | 0.21 |
| Pharmazeutik, Kosmetik & medizinische Produkte | 0.13 |
| Computer & Netzwerkausrüster | 0.13 |
| Elektronik & Halbleiter | 0.08 |
| Elektrische Geräte & Komponenten | 0.08 |
| Total | 90.68 |

UBS (Lux) Bond Fund – EUR Flexible Jahresbericht und geprüfter Jahresabschluss per 31. März 2023

### Nettovermögensaufstellung
Aktiva	31.3.2023
EUR
Wertpapierbestand, Einstandswert	131 454 666.11
Wertpapierbestand, nicht realisierte Werterhöhung (-minderung)	24 991 353.18
Total Wertpapierbestand (Erläuterung 1)	106 463 312.93
Bankguthaben, Sicht- und Fristgelder	8 343 341.40*
Andere liquide Mittel (Margins)	3 482 597.01
Forderungen aus Wertpapierverkäufen (Erläuterung 1)	400 275.01
Forderungen aus Zeichnungen	362.57
Zinsforderungen aus Wertpapieren	1 099 160.16
Vorausbezahlte Kosten	41 507.49
Sonstige Forderungen	12 200.00
Nicht realisierter Kursgewinn aus Devisenterminkontrakten (Erläuterung 1)	411 908.87
Nicht realisierter Kursgewinn aus Swaps (Erläuterung 1)	1 270 671.55
Nicht realisierter Kursverlust aus Finanzterminkontrakten (Erläuterung 1)	-28 247.20
Kontokorrentkredit	-2 872 634.58
Verbindlichkeiten aus Wertpapierkäufen (Erläuterung 1)	-1 029 977.45
Verbindlichkeiten aus Rücknahmen	-49 114.07
Rückstellungen für pauschale Verwaltungskommission (Erläuterung 2)	-88 906.47
Rückstellungen für Abonnementsabgabe (Erläuterung 3)	-14 205.13
Rückstellungen für sonstige Kommissionen und Gebühren (Erläuterung 2)		-41 912.49		 Total Rückstellungen für Aufwendungen			-145 024.09
Nettovermögen am Ende des Geschäftsjahres	117 400 339.60

### Ertrags- und Aufwandsrechnung
Erträge	1.4.2022-31.3.2023
EUR
Zinsertrag auf liquide Mittel	100 311.98
Zinsen auf Wertpapiere	3 603 858.09
Dividenden	278 560.14
Zinsertrag auf Swaps (Erläuterung 1)	5 136 916.16
Nettoerträge aus Securities Lending (Erläuterung 14)	86 529.03
Total Erträge	9 254 751.01
Aufwendungen
Sonstige Erträge	48 575.61
Zinsaufwand auf Swaps (Erläuterung 1)	-5 608 300.51
Pauschale Verwaltungskommission (Erläuterung 2)	-1 220 541.54
Abonnementsabgabe (Erläuterung 3)	-59 867.59
Sonstige Kommissionen und Gebühren (Erläuterung 2)	-44 617.45
Nettoerträge (-verluste) aus Anlagen	2 137 065.64
Total Aufwendungen	-7 117 685.37
Zinsaufwand auf liquide Mittel und Kontokorrentkredit	-184 358.28
Realisierte Gewinne (Verluste) (Erläuterung 1)
Realisierter Kursgewinn (-verlust) aus marktbewerteten Wertpapieren ausser Optionen	-7 910 021.25 Realisierter Kursgewinn (-verlust) aus Optionen		42 274.50
Realisierter Kursgewinn (-verlust) aus renditebewerteten Wertpapieren und Geldmarktinstrumenten	21 228.83
Realisierter Kursgewinn (-verlust) aus Finanzterminkontrakten	-3 568 134.17
Realisierter Kursgewinn (-verlust) aus Devisenterminkontrakten	-4 327 205.36
Realisierter Kursgewinn (-verlust) aus Swaps	4 595 011.22
Total der realisierten Gewinne (Verluste)	-9 101 029.58
Realisierter Nettogewinn (-verlust) des Geschäftsjahres	-6 963 963.94
Veränderungen der nicht realisierten Werterhöhung (-minderung) (Erläuterung 1)
Realisierter Währungsgewinn (-verlust)	2 045 816.65
Nicht realisierte Werterhöhung (-minderung) marktbewerteter Wertpapiere ausser Optionen	-14 282 994.36 Nicht realisierte Werterhöhung (-minderung) von Optionen		-33 285.50
Nicht realisierte Werterhöhung (-minderung) renditebewerteter Wertpapiere und Geldmarktinstrumente	-14 927.62
Nicht realisierte Werterhöhung (-minderung) von Finanzterminkontrakten	1 509 121.32
Nicht realisierte Werterhöhung (-minderung) von Devisenterminkontrakten	983 139.13
Total der Veränderungen der nicht realisierten Werterhöhung (-minderung)	-15 141 118.25
Nettoerhöhung (-minderung) des Nettovermögens infolge Geschäftstätigkeit	-22 105 082.19
Nicht realisierte Werterhöhung (-minderung) von Swaps	-3 302 171.22
* Zum 31. März 2023 wurden gegenüber Bank of America Bankguthaben in Höhe von EUR 370 000.00 und JP Morgan Bankguthaben in Höhe von EUR 76 000.00 als Sicherheit eingesetzt.
UBS (Lux) Bond Fund – EUR Flexible
Jahresbericht und geprüfter Jahresabschluss per 31. März 2023
| Veränderung des Nettovermögens |  |
| --- | --- |
|  |  | EUR |
|  |  | 1.4.2022-31.3.2023 |
| Nettovermögen zu Beginn des Geschäftsjahres |  | 177 740 627.69 |
| Zeichnungen |  | 6 116 114.76 |
| Rücknahmen |  | 	-43 625 388.84	 |
| Total Mittelzufluss (-abfluss) |  | -37 509 274.08 |
| Ausbezahlte Dividende |  | -725 931.82 |
| Nettoerträge (-verluste) aus Anlagen |  | 2 137 065.64 |
| Total der realisierten Gewinne (Verluste) |  | -9 101 029.58 |
| Total der Veränderungen der nicht realisierten Werterhöhung (-minderung) |  | 	-15 141 118.25	 |
| Nettoerhöhung (-minderung) des Nettovermögens infolge Geschäftstätigkeit |  | -22 105 082.19 |
| Nettovermögen am Ende des Geschäftsjahres |  | 117 400 339.60 |
| Entwicklung der Anteile im Umlauf |  |  |
|  |  | 1.4.2022-31.3.2023 |
| Klasse |  | I-A1-acc |
| Anzahl der Anteile im Umlauf zu Beginn des Geschäftsjahres |  | 312 148.5180 |
| Anzahl der ausgegebenen Anteile |  | 21 311.0580 |
| Anzahl der zurückgegebenen Anteile |  | -324 276.0250 |
| Anzahl der Anteile im Umlauf am Ende des Geschäftsjahres |  | 9 183.5510 |
| Klasse |  | P-2%-qdist |
| Anzahl der Anteile im Umlauf zu Beginn des Geschäftsjahres |  | 658.4010 |
| Anzahl der ausgegebenen Anteile |  | 157.9230 |
| Anzahl der zurückgegebenen Anteile |  | -55.0000 |
| Anzahl der Anteile im Umlauf am Ende des Geschäftsjahres |  | 761.3240 |
| Klasse |  | P-acc |
| Anzahl der Anteile im Umlauf zu Beginn des Geschäftsjahres |  | 252 566.4880 |
| Anzahl der ausgegebenen Anteile |  | 2 971.8060 |
| Anzahl der zurückgegebenen Anteile |  | -29 858.8280 |
| Anzahl der Anteile im Umlauf am Ende des Geschäftsjahres |  | 225 679.4660 |
| Klasse |  | P-dist |
| Anzahl der Anteile im Umlauf zu Beginn des Geschäftsjahres |  | 290 830.4380 |
| Anzahl der ausgegebenen Anteile |  | 11 752.9910 |
| Anzahl der zurückgegebenen Anteile |  | -26 620.7410 |
| Anzahl der Anteile im Umlauf am Ende des Geschäftsjahres |  | 275 962.6880 |
| Klasse |  | Q-acc |
| Anzahl der Anteile im Umlauf zu Beginn des Geschäftsjahres |  | 33 865.6510 |
| Anzahl der ausgegebenen Anteile |  | 11 686.7550 |
| Anzahl der zurückgegebenen Anteile |  | -14 820.7100 |
| Anzahl der Anteile im Umlauf am Ende des Geschäftsjahres |  | 30 731.6960 |
| Klasse |  | Q-dist |
| Anzahl der Anteile im Umlauf zu Beginn des Geschäftsjahres |  | 10 379.9210 |
| Anzahl der ausgegebenen Anteile |  | 1 345.1470 |
| Anzahl der zurückgegebenen Anteile |  | -1 271.0000 |
| Anzahl der Anteile im Umlauf am Ende des Geschäftsjahres |  | 10 454.0680 |
| Jährliche Ausschüttung 1 |  |  |
| UBS (Lux) Bond Fund – EUR Flexible	Ex-Date | Pay-Date | Währung	Betrag pro Anteil |
| P-dist	1.6.2022 | 7.6.2022 | EUR	2.45 |
| Q-dist	1.6.2022 | 7.6.2022 | EUR	2.08 |
| Vierteljährliche Ausschüttung 1 |  |  |
| UBS (Lux) Bond Fund – EUR Flexible	Ex-Date | Pay-Date | Währung	Betrag pro Anteil |
| P-2%-qdist	11.4.2022 | 14.4.2022 | EUR	0.47 |
| P-2%-qdist	11.7.2022 | 14.7.2022 | EUR	0.42 |
| P-2%-qdist	10.10.2022 | 13.10.2022 | EUR	0.40 |
| P-2%-qdist	10.1.2023 | 13.1.2023 | EUR	0.40 |
| 1  Siehe Erläuterung 4 |  |  |

UBS (Lux) Bond Fund – EUR Flexible Jahresbericht und geprüfter Jahresabschluss per 31. März 2023

### Aufstellung der Wertpapierbestände und anderer Nettovermögenswerte per 31. März 2023
| Bezeichnung | Anzahl/ | Bewertung in EUR | 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 |  |  |  |
| BRL |  |  |  |
| BRL	BRAZIL, FEDERATIVE REPUBLIC OF 10.00000% 20-01.01.31 | 10 000.00 | 1 588 164.69 | 1.35 |
| Total BRL |  | 1 588 164.69 | 1.35 |
| EUR |  |  |  |
| EUR	ALTICE FRANCE HOLDING SA-REG-S 8.00000% 19-15.05.27 | 195 000.00 | 145 264.08 | 0.12 |
| EUR	ALTICE FRANCE-REG-S 5.87500% 18-01.02.27 | 600 000.00 | 529 128.00 | 0.45 |
| EUR	ANHEUSER-BUSCH INBEV SA/NV-REG-S 3.70000% 20-02.04.40 | 100 000.00 | 94 204.37 | 0.08 |
| EUR	ARGENTINA, REPUBLIC OF 0.12500% 20-09.07.30 | 679 000.00 | 158 207.00 | 0.14 |
| EUR	ARGENTINA, REPUBLIC OF 0.50000% 20-09.07.29 | 22 046.00 | 5 226.28 | 0.00 |
| EUR	AT&T INC 1.60000% 20-19.05.28 | 350 000.00 | 315 203.70 | 0.27 |
| EUR	BACARDI LTD-REG-S 2.75000% 13-03.07.23 | 100 000.00 | 99 502.00 | 0.08 |
| EUR	BP CAPITAL MARKETS PLC-REG-S 1.87600% 20-07.04.24 | 700 000.00 | 689 234.07 | 0.59 |
| EUR	CELANESE US HOLDINGS LLC 4.77700% 22-19.07.26 | 530 000.00 | 520 803.97 | 0.44 |
| EUR	CHILE, REPUBLIC OF 0.83000% 19-02.07.31 | 700 000.00 | 548 100.00 | 0.47 |
| EUR	CHINA, PEOPLE’S REPUBLIC OF-REG-S 1.00000% 19-12.11.39 | 435 000.00 | 298 328.43 | 0.25 |
| EUR	CORP ANDINA DE FOMENTO-REG-S 0.25000% 21-04.02.26 | 1 010 000.00 | 905 208.46 | 0.77 |
| EUR	FISERV INC 1.62500% 19-01.07.30 | 200 000.00 | 168 091.20 | 0.14 |
| EUR	GTC AURORA LUXEMBOURG SA-REG-S 2.25000% 21-23.06.26 | 245 000.00 | 192 370.94 | 0.16 |
| EUR	HEIDELBERGCEMENT AG-REG-S 3.75000% 23-31.05.32 | 610 000.00 | 570 703.80 | 0.49 |
| EUR	HOLDING D’INFRAS DES METIERS-REG-S 4.50000% 23-06.04.27 | 240 000.00 | 239 152.80 | 0.20 |
| EUR	INDONESIA, REPUBLIC OF 1.40000% 19-30.10.31 | 400 000.00 | 313 075.00 | 0.27 |
| EUR	LVMH MOET HENNESSY LOUIS VUITTON-REG-S 0.12500% 20-11.02.28 | 200 000.00 | 172 932.00 | 0.15 |
| EUR	MACIF-REG-S-SUB 0.62500% 21-21.06.27 | 300 000.00 | 254 283.56 | 0.22 |
| EUR	PERU, REPUBLIC OF 1.25000% 21-11.03.33 | 400 000.00 | 287 700.00 | 0.25 |
| EUR	TRITAX EUROBOX PLC-REG-S 0.95000% 21-02.06.26 | 140 000.00 | 116 770.75 | 0.10 |
| EUR	TURKEY, REPUBLIC OF 4.37500% 21-08.07.27 | 600 000.00 | 549 000.00 | 0.47 |
| EUR	VERISURE MIDHOLDING AB-REG-S 5.25000% 21-15.02.29 | 145 000.00 | 120 355.80 | 0.10 |
| Total EUR |  | 7 292 846.21 | 6.21 |
| USD |  |  |  |
| USD	ECUADOR GOVT INTERNATIONAL BD-REG-S STEP-UP/DOWN 20-31.07.35 | 198 120.00 | 60 325.44 | 0.05 |
| USD	ECUADOR, REPUBLIC OF-REG-S STEP-UP 0.50000% 20-31.07.30 | 75 600.00 | 32 195.85 | 0.03 |
| USD	ECUADOR, REPUBLIC OF-REG-S STEP-UP 20-31.07.40 | 90 800.00 | 24 983.69 | 0.02 |
| USD	ENBRIDGE INC 5.70000% 23-08.03.33 | 55 000.00 | 52 655.82 | 0.05 |
| USD	INTEL CORP 5.70000% 23-10.02.53 | 105 000.00 | 98 635.41 | 0.08 |
| USD	MEITUAN DIANPING-REG-S 3.05000% 20-28.10.30 | 700 000.00 | 514 143.60 | 0.44 |
| USD	PEGASUS HAVA TASIMACILIGI AS-REG-S 9.25000% 21-30.04.26 | 260 000.00 | 239 954.67 | 0.21 |
| USD	RAKUTEN GROUP INC-REG-S 10.25000% 22-30.11.24 | 450 000.00 | 393 483.37 | 0.34 |
| USD	RELIANCE INDUSTRIES LTD-REG-S 3.62500% 22-12.01.52 | 380 000.00 | 238 314.51 | 0.20 |
| USD	SANTOS FINANCE LTD-REG-S 3.64900% 21-29.04.31 | 320 000.00 | 246 141.77 | 0.21 |
| USD	SHIMAO PRPTY HLDG LTD-REG-S *DEFAULTED* 3.45000% 21-11.01.31 | 200 000.00 | 25 311.80 | 0.02 |
| USD	SHIMAO PRPTY HLDG LTD-REG-S *DEFAULTED* 5.20000% 21-16.01.27 | 200 000.00 | 25 772.01 | 0.02 |
| Total USD |  | 1 951 917.94 | 1.67 |
| Total Notes, fester Zins |  | 10 832 928.84 | 9.23 |
| Notes, Nullcoupon |  |  |  |
| USD |  |  |  |
| USD	ECUADOR, REPUBLIC OF-REG-S 0.00000% 20-31.07.30 | 16 232.00 | 4 428.89 | 0.00 |
| Total USD |  | 4 428.89 | 0.00 |
| Total Notes, Nullcoupon |  | 4 428.89 | 0.00 |
| Notes, variabler Zins |  |  |  |
| EUR |  |  |  |
| EUR	BPCE SA-REG-S-SUB 1.500%/VAR 21-13.01.42 | 400 000.00 | 339 272.00 | 0.29 |
| EUR	BRITISH AMERICAN TOBACCO PLC-REG-S -SUB 3.750%/VAR 21-PRP | 375 000.00 | 278 062.50 | 0.24 |
| EUR	CREDIT SUISSE GROUP-REG-S 2.125%/VAR 22-13.10.26 | 420 000.00 | 381 472.56 | 0.32 |
| EUR	CREDIT SUISSE GROUP-REG-S 2.875%/VAR 22-02.04.32 | 270 000.00 | 223 508.70 | 0.19 |
| EUR	ENI SPA-REG-S-SUB 3.375%/VAR 20-PRP | 100 000.00 | 83 079.40 | 0.07 |
| EUR	MORGAN STANLEY 0.406%VAR 21-29.10.27 | 300 000.00 | 261 894.00 | 0.22 |
| EUR	VIRGIN MONEY UK PLC-REG-S 4.625%/VAR 23-29.10.28 | 355 000.00 | 338 026.03 | 0.29 |
| EUR	WESTPAC BANKING CORP-REG-SUB 0.766%/VAR 21-13.05.31 | 500 000.00 | 433 161.20 | 0.37 |
| EUR	WINTERSHALL DEA FINANCE 2BV-REG-S-SUB 2.498%/VAR 21-PRP | 400 000.00 | 335 100.00 | 0.29 |
| EUR	WINTERSHALL DEA FINANCE 2BV-REG-S-SUB 3.000%/VAR 21-PRP | 400 000.00 | 295 000.00 | 0.25 |
| Total EUR |  | 2 968 576.39 | 2.53 |
| USD |  |  |  |
| USD	BANK OF AMERICA CORP 5.015%/VAR 22-22.07.33 | 300 000.00 | 273 071.23 | 0.23 |
| USD	SANTANDER HOLDINGS USA INC 6.499%/VAR 23-09.03.29 | 200 000.00 | 183 916.05 | 0.16 |
| USD	SOCIETE GENERALE SA-REG-S-SUB 9.375%/VAR 22-PRP | 200 000.00 | 174 191.17 | 0.15 |
| Total USD |  | 631 178.45 | 0.54 |
| Total Notes, variabler Zins |  | 3 599 754.84 | 3.07 |
| Medium-Term Notes, fester Zins |  |  |  |
| EUR |  |  |  |
| EUR	ABN AMRO BANK NV-REG-S 1.25000% 18-10.01.33 | 500 000.00 | 419 625.00 | 0.36 |
| EUR	AEROPORTI DI ROMA SPA-REG-S 1.75000% 21-30.07.31 | 215 000.00 | 172 547.12 | 0.15 |
| EUR	AKER BP ASA-REG-S 1.12500% 21-12.05.29 | 300 000.00 | 248 388.00 | 0.21 |
| EUR	ANHEUSER-BUSCH INBEV SA/NV-REG-S 1.15000% 18-22.01.27 | 200 000.00 | 183 949.20 | 0.16 |
| EUR	AROUNDTOWN SA-REG-S 2.00000% 18-02.11.26 | 100 000.00 | 76 545.40 | 0.07 |
| EUR	ASB FINANCE LTD-REG-S 0.25000% 21-08.09.28 | 350 000.00 | 289 394.00 | 0.25 |

UBS (Lux) Bond Fund – EUR Flexible
Jahresbericht und geprüfter Jahresabschluss per 31. März 2023
|  | Bezeichnung | Anzahl/ | Bewertung in EUR | in % des |
| --- | --- | --- | --- | --- |
|  | Nominal | NR Kursgewinn | Netto- |
|  |  | (-verlust) auf Futures/ | vermögens |
|  |  | Devisentermin- |  |
|  |  | kontrakten/ |  |
|  |  | Swaps (Erl. 1) |  |
|  |  |  |  |  |
| EUR | ASTRAZENECA PLC-REG-S 0.37500% 21-03.06.29 | 185 000.00 | 154 185.29 | 0.13 |
| EUR | AURIZON NETWORK PTY LTD-REG-S 2.00000% 14-18.09.24 | 100 000.00 | 97 258.20 | 0.08 |
| EUR | AUTOROUTES DU SUD DE LA FRANCE SA-REG-S 2.75000% 22-02.09.32 | 200 000.00 | 185 264.00 | 0.16 |
| EUR | BANQUE FEDER DU CRE MUTUEL SA-REG-S-SUB 5.12500% 23-13.01.33 | 200 000.00 | 200 998.40 | 0.17 |
| EUR | BAT INTERNATIONAL FINANCE PLC-REG-S 0.87500% 15-13.10.23 | 200 000.00 | 196 998.00 | 0.17 |
| EUR | BAT INTERNATIONAL FINANCE PLC-REG-S 1.25000% 15-13.03.27 | 300 000.00 | 266 821.20 | 0.23 |
| EUR | BNP PARIBAS-REG-S 0.12500% 19-04.09.26 | 600 000.00 | 533 958.00 | 0.45 |
| EUR | BPCE SA-REG-S 4.50000% 23-13.01.33 | 700 000.00 | 700 485.45 | 0.60 |
| EUR | CANAL DE ISABEL II GESTION SA-REG-S 1.68000% 15-26.02.25 | 400 000.00 | 384 760.27 | 0.33 |
| EUR | CEZ AS-REG-S 2.37500% 22-06.04.27 | 140 000.00 | 128 690.80 | 0.11 |
| EUR | CITIGROUP INC-REG-S 2.37500% 14-22.05.24 | 300 000.00 | 295 201.80 | 0.25 |
| EUR | COOPERATIEVE RABOBANK UA-REG-S 4.00000% 23-10.01.30 | 500 000.00 | 501 798.00 | 0.43 |
| EUR | CPI PROPERTY GROUP SA-REG-S 2.75000% 20-12.05.26 | 155 000.00 | 123 077.75 | 0.10 |
| EUR | CREDIT SUISSE SCHWEIZ AG-REG-S 3.39000% 22-05.12.25 | 580 000.00 | 568 686.52 | 0.48 |
| EUR | CTP NV-REG-S 0.87500% 22-20.01.26 | 700 000.00 | 583 160.20 | 0.50 |
| EUR | DANSKE BANK AS-REG-S-SUB 1.50000% 20-02.09.30 | 120 000.00 | 109 056.00 | 0.09 |
| EUR | DNB BANK ASA-REG-S 0.05000% 19-14.11.23 | 335 000.00 | 327 981.75 | 0.28 |
| EUR | EDP FINANCE BV-REG-S 3.87500% 22-11.03.30 | 300 000.00 | 299 891.79 | 0.26 |
| EUR | EGYPT, REPUBLIC OF-REG-S 6.37500% 19-11.04.31 | 400 000.00 | 237 950.00 | 0.20 |
| EUR | ELECTRICITE DE FRANCE-REG-S 1.87500% 16-13.10.36 | 2 000 000.00 | 1 481 452.00 | 1.26 |
| EUR | ELECTRICITE DE FRANCE-REG-S 4.62500% 23-25.01.43 | 400 000.00 | 377 376.80 | 0.32 |
| EUR | ELENIA VERKKO OYJ-REG-S 0.37500% 20-06.02.27 | 100 000.00 | 87 240.77 | 0.07 |
| EUR | ENBW INTERNATIONAL FINANCE BV-REG-S 4.04900% 22-22.11.29 | 130 000.00 | 132 326.22 | 0.11 |
| EUR | ENEL FINANCE INTERNATIONAL NV-REG-S 0.37500% 19-17.06.27 | 400 000.00 | 347 956.80 | 0.30 |
| EUR | EUROPEAN FINANCIAL STABILITY FAC-REG-S 1.80000% 17-10.07.48 | 1 700 000.00 | 1 271 974.00 | 1.08 |
| EUR | EUROPEAN STABILITY MECHANISM-REG-S 0.50000% 16-02.03.26 | 1 100 000.00 | 1 023 605.00 | 0.87 |
| EUR | FERROVIE DELLO STATO ITALIANE SPA-REG-S 3.75000% 22-14.04.27 | 375 000.00 | 372 831.00 | 0.32 |
| EUR | FMS WERTMANAGEMENT 0.37500% 15-29.04.30 | 1 800 000.00 | 1 501 297.20 | 1.28 |
| EUR | GENERAL MOTORS FINANCIAL CO INC-REG-S 4.30000% 23-15.02.29 | 320 000.00 | 315 240.96 | 0.27 |
| EUR | GLOBALWORTH REAL ESTATE INVEST-REG-S 3.00000% 18-29.03.25 | 100 000.00 | 86 393.75 | 0.07 |
| EUR | GOLDMAN SACHS GROUP INC-REG-S 0.25000% 21-26.01.28 | 350 000.00 | 291 630.50 | 0.25 |
| EUR | KAZAKHSTAN, REPUBLIC OF-REG-S 2.37500% 18-09.11.28 | 800 000.00 | 720 150.00 | 0.61 |
| EUR | KBC GROUP NV-REG-S 1.12500% 19-25.01.24 | 200 000.00 | 195 954.40 | 0.17 |
| EUR | KREDITANSTALT FUER WIEDERAUFBAU-REG-S 0.37500% 15-23.04.30 | 2 000 000.00 | 1 686 800.00 | 1.44 |
| EUR | METROPOLITAN LIFE GLOBAL FUNDING-REG-S 4.00000% 23-05.04.28 | 340 000.00 | 340 145.04 | 0.29 |
| EUR | MEXICO, UNITED STATES OF 3.00000% 15-06.03.45 | 200 000.00 | 145 475.00 | 0.12 |
| EUR | NATIONAL GAS TRANSMISSION PLC-REG-S 4.25000% 23-05.04.30 | 105 000.00 | 105 319.20 | 0.09 |
| EUR | NATIONAL GRID PLC-REG-S 3.87500% 23-16.01.29 | 265 000.00 | 263 246.23 | 0.22 |
| EUR | NBN CO LTD-REG-S 4.12500% 23-15.03.29 | 250 000.00 | 253 934.02 | 0.22 |
| EUR | NEW YORK LIFE GLOBAL FUNDING-REG-S 0.25000% 20-23.01.27 | 390 000.00 | 339 112.80 | 0.29 |
| EUR | ORANO SA-REG-S 5.37500% 22-15.05.27 | 300 000.00 | 309 444.00 | 0.26 |
| EUR | P3 GROUP SARL-REG-S 0.87500% 22-26.01.26 | 425 000.00 | 364 493.25 | 0.31 |
| EUR | PHILIP MORRIS INTERNATIONAL INC 2.87500% 14-03.03.26 | 1 450 000.00 | 1 413 639.80 | 1.20 |
| EUR | PHILIPPINES, REPUBLIC OF THE 0.87500% 19-17.05.27 | 500 000.00 | 438 531.25 | 0.37 |
| EUR | POLAND, REPUBLIC OF-REG-S 2.00000% 19-08.03.49 | 560 000.00 | 377 405.00 | 0.32 |
| EUR | PPF ARENA 1 BV-REG-S 2.12500% 19-31.01.25 | 450 000.00 | 425 199.60 | 0.36 |
| EUR | RABOBANK NEDERLAND NV-REG-S 1.50000% 18-26.04.38 | 1 500 000.00 | 1 182 615.00 | 1.01 |
| EUR | REDEXIS GAS FINANCE BV-REG-S 1.87500% 15-27.04.27 | 600 000.00 | 552 548.40 | 0.47 |
| EUR | REN FINANCE B V-REG-S 2.50000% 15-12.02.25 | 400 000.00 | 394 891.43 | 0.34 |
| EUR | ROMANIA-REG-S 4.62500% 19-03.04.49 | 1 000 000.00 | 736 250.00 | 0.63 |
| EUR | RWE AG-REG-S 2.75000% 22-24.05.30 | 400 000.00 | 371 543.91 | 0.32 |
| EUR | SELP FINANCE SARL-REG-S 3.75000% 22-10.08.27 | 170 000.00 | 155 876.40 | 0.13 |
| EUR | TORONTO-DOMINION BANK/THE-REG-S 3.63100% 22-13.12.29 | 340 000.00 | 327 286.72 | 0.28 |
| EUR | UNICAJA BANCO SA-REG-S 4.50000% 22-30.06.25 | 200 000.00 | 199 003.60 | 0.17 |
| EUR | VF CORP 4.25000% 23-07.03.29 | 120 000.00 | 119 418.36 | 0.10 |
| EUR | VONOVIA SE-REG-S 0.37500% 21-16.06.27 | 300 000.00 | 244 306.74 | 0.21 |
| EUR | VONOVIA SE-REG-S 1.62500% 21-01.09.51 | 200 000.00 | 90 860.40 | 0.08 |
| EUR | VONOVIA SE-REG-S 5.00000% 22-23.11.30 | 100 000.00 | 93 430.61 | 0.08 |
| EUR | WESTERN POWER DISTRIBUTION EAST-REG-S 3.94900% 22-20.09.32 | 105 000.00 | 102 726.54 | 0.09 |
| EUR | WESTPAC BANKING CORP-REG-S 0.01000% 21-22.09.28 | 925 000.00 | 764 599.45 | 0.65 |
| Total EUR |  |  | 27 290 204.29 | 23.25 |
| GBP |  |  |  |  |
| GBP | FORD MOTOR CREDIT CO LLC 2.74800% 20-14.06.24 | 200 000.00 | 216 232.23 | 0.18 |
| Total GBP |  |  | 216 232.23 | 0.18 |
| USD |  |  |  |  |
| USD | MONGOLIA,GOVERNMENT OF-REG-S 8.75000% 17-09.03.24 | 221 000.00 | 202 562.99 | 0.17 |
| Total USD |  |  | 202 562.99 | 0.17 |
| Total Medium-Term Notes, fester Zins |  | 27 708 999.51 | 23.60 |
| Medium-Term Notes, Nullcoupon |  |  |  |
| EUR |  |  |  |
| EUR	STEDIN HOLDING NV-REG-S 0.00000% 21-16.11.26 | 270 000.00 | 239 978.16 | 0.20 |
| Total EUR |  | 239 978.16 | 0.20 |
| Total Medium-Term Notes, Nullcoupon |  | 239 978.16 | 0.20 |
| Medium-Term Notes, variabler Zins |  |  |  |
| EUR |  |  |  |
| EUR	AXA SA-REG-S-SUB 3.250%/VAR 18-28.05.49 | 100 000.00 | 89 110.40 | 0.08 |
| EUR	BANK OF AMERICA CORP-REG-S 0.808%/VAR 19-09.05.26 | 450 000.00 | 420 194.70 | 0.36 |
| EUR	BARCLAYS PLC-REG-S 3.375%/VAR 20-02.04.25 | 170 000.00 | 168 474.08 | 0.14 |
| EUR	COMMONWEALTH BK OF AUSTRLIA-REG-S-SUB 1.936%/VAR 17-03.10.29 | 200 000.00 | 190 818.00 | 0.16 |
| EUR	DEUTSCHE BANK AG-REG-S 1.000%/VAR 20-19.11.25 | 200 000.00 | 184 612.00 | 0.16 |
| EUR	DEUTSCHE BANK AG-REG-S 1.750%/VAR 20-19.11.30 | 200 000.00 | 156 912.80 | 0.13 |
| EUR	DEUTSCHE BANK AG-REG-S 4.000%/VAR 22-24.06.32 | 500 000.00 | 432 494.00 | 0.37 |
| EUR	IBERDROLA INTERNATIONAL BV-REG-S-SUB 2.625%/VAR 18-PRP | 100 000.00 | 97 937.00 | 0.08 |
| EUR	TOTAL SE-REG-S-SUB 2.625%/VAR 15-PRP | 750 000.00 | 708 062.49 | 0.60 |
| EUR	UBS GROUP AG-REG-S 4.625%/VAR 23-17.03.28 | 400 000.00 | 399 720.00 | 0.34 |
| EUR	VIRGIN MONEY UK PLC-REG-S 0.000%/VAR 21-27.05.24 | 230 000.00 | 228 275.00 | 0.20 |
| Total EUR |  | 3 076 610.47 | 2.62 |
| Total Medium-Term Notes, variabler Zins |  | 3 076 610.47 | 2.62 |

UBS (Lux) Bond Fund – EUR Flexible Jahresbericht und geprüfter Jahresabschluss per 31. März 2023
| Bezeichnung | Anzahl/ | Bewertung in EUR | in % des |
| --- | --- | --- | --- |
|  | Nominal | NR Kursgewinn | Netto- |
|  |  | (-verlust) auf Futures/ | vermögens |
|  |  | Devisentermin- |  |
|  |  | kontrakten/ |  |
|  |  | Swaps (Erl. 1) |  |
| Anleihen, fester Zins |  |  |  |
| EUR |  |  |  |
| EUR	ABBOTT IRELAND FINCING DAC-REG-S 0.87500% 18-27.09.23 | 225 000.00 | 222 324.75 | 0.19 |
| EUR	ALSTRIA OFFICE REIT-AG-REG-S 1.50000% 20-23.06.26 | 200 000.00 | 159 056.00 | 0.14 |
| EUR	ALTRIA GROUP INC 2.20000% 19-15.06.27 | 400 000.00 | 367 472.80 | 0.31 |
| EUR	AUSTRIA, REPUBLIC OF 2.40000% 13-23.05.34 | 1 920 000.00 | 1 810 560.00 | 1.54 |
| EUR	AUTOSTRADE PER L’ITALIA SPA REG-S 2.00000% 21-15.01.30 | 755 000.00 | 627 912.48 | 0.54 |
| EUR	BANQUE FEDERATIVE DU CREDIT MUT-REG-S 0.25000% 21-19.07.28 | 300 000.00 | 244 650.00 | 0.21 |
| EUR	BECTON DICKINSON EURO FINANCE SARL 0.33400% 21-13.08.28 | 350 000.00 | 294 155.40 | 0.25 |
| EUR	BELGIUM, KINGDOM OF-144A-REG-S 1.00000% 15-22.06.31 | 1 100 000.00 | 953 741.80 | 0.81 |
| EUR	BELGIUM, KINGDOM OF-144A-REG-S 1.90000% 15-22.06.38 | 2 300 000.00 | 1 936 871.40 | 1.65 |
| EUR	BNZ INTERNATIONAL FUND LTD/LONDON 0.50000% 17-03.07.24 | 900 000.00 | 865 549.80 | 0.74 |
| EUR	BPCE SA-REG-S 0.25000% 20-15.01.26 | 200 000.00 | 181 814.80 | 0.16 |
| EUR	CHUBB INA HOLDINGS INC 2.50000% 18-15.03.38 | 200 000.00 | 163 332.81 | 0.14 |
| EUR	EUROPEAN INVESTMENT BANK 1.00000% 16-14.04.32 | 2 000 000.00 | 1 687 506.86 | 1.44 |
| EUR	EUROPEAN UNION-REG-S 3.00000% 22-04.03.53 | 650 000.00 | 610 721.80 | 0.52 |
| EUR	FINNAIR OYJ-REG-S 4.25000% 21-19.05.25 | 295 000.00 | 261 812.50 | 0.22 |
| EUR	FRANCE, REPUBLIC OF-OAT 4.50000% 09-25.04.41 | 940 000.00 | 1 107 316.24 | 0.94 |
| EUR	FRANCE, REPUBLIC OF-OAT-REG-S 3.25000% 12-25.05.45 | 1 300 000.00 | 1 308 528.00 | 1.11 |
| EUR	FRANCE, REPUBLIC OF-OAT-144A-REG-S 1.50000% 19-25.05.50 | 700 000.00 | 486 795.40 | 0.42 |
| EUR	FRANCE, REPUBLIC OF-OAT-REG-S 0.50000% 19-25.05.29 | 500 000.00 | 439 335.00 | 0.37 |
| EUR	GERMANY, REPUBLIC OF-REG-S 0.50000% 16-15.02.26 | 2 560 000.00 | 2 418 570.24 | 2.06 |
| EUR	GERMANY, REPUBLIC OF-REG-S 0.25000% 18-15.08.28 | 1 000 000.00 | 897 558.00 | 0.76 |
| EUR	GREECE, HELLENIC REPUBLIC OF-144A-REG-S 1.87500% 19-23.07.26 | 1 100 000.00 | 1 047 494.80 | 0.89 |
| EUR	IMPERIAL BRANDS FINANCE PLC-REG-S 1.37500% 17-27.01.25 | 900 000.00 | 860 144.40 | 0.73 |
| EUR	INTERNATIONAL BUSINESS MACHINES CORP 4.00000% 23-06.02.43 | 150 000.00 | 147 300.30 | 0.13 |
| EUR	IRELAND, REPUBLIC OF-REG-S 1.70000% 17-15.05.37 | 730 000.00 | 616 182.78 | 0.53 |
| EUR	ITALY, REPUBLIC OF-BTP-144A-REG-S 3.250% 14-01.09.46 | 2 300 000.00 | 1 937 713.20 | 1.65 |
| EUR	ITALY, REPUBLIC OF-BTP-144A-REG-S 2.70000% 16-01.03.47 | 1 300 000.00 | 991 263.00 | 0.84 |
| EUR	ITALY, REPUBLIC OF-BTP-144A-REG-S 2.25000% 16-01.09.36 | 3 500 000.00 | 2 806 233.47 | 2.39 |
| EUR	JAPAN BANK FOR INTL COOPERATION 3.12500% 23-15.02.28 | 300 000.00 | 296 789.46 | 0.25 |
| EUR	MAPFRE SA-REG-S-SUB 2.87500% 22-13.04.30 | 200 000.00 | 167 212.40 | 0.14 |
| EUR	MPT OPERATING PARTNERSHIP LP/FIN CORP 3.32500% 17-24.03.25 | 300 000.00 | 248 808.00 | 0.21 |
| EUR	NETHERLANDS, KINGDOM OF THE 4.00000% 05-15.01.37 | 1 200 000.00 | 1 369 320.00 | 1.17 |
| EUR	PERU, REPUBLIC OF 3.75000% 16-01.03.30 | 350 000.00 | 332 784.37 | 0.28 |
| EUR	PORTUGAL, REPUBLIC OF-144A-REG-S 2.87500% 15-15.10.25 | 1 000 000.00 | 1 002 688.00 | 0.85 |
| EUR	PORTUGAL, REPUBLIC OF-144A-REG-S 2.25000% 18-18.04.34 | 500 000.00 | 454 187.00 | 0.39 |
| EUR	SLOVAKIA, REPUBLIC OF-REG-S 3.75000% 23-23.02.35 | 350 000.00 | 343 427.00 | 0.29 |
| EUR	SLOVAKIA, REPUBLIC OF-REG-S 0.75000% 19-09.04.30 | 800 000.00 | 664 832.00 | 0.57 |
| EUR	SLOVENIA, REPUBLIC OF-REG-S 1.50000% 15-25.03.35 | 1 800 000.00 | 1 438 920.00 | 1.23 |
| EUR	SLOVENIA, REPUBLIC OF-REG-S 3.12500% 15-07.08.45 | 700 000.00 | 644 672.00 | 0.55 |
| EUR	SPAIN, KINGDOM OF-144A-REG-S 2.90000% 16-31.10.46 | 2 000 000.00 | 1 747 600.00 | 1.49 |
| EUR	SPAIN, KINGDOM OF-144A-REG-S 2.70000% 18-31.10.48 | 2 600 000.00 | 2 153 725.60 | 1.83 |
| EUR	SPAIN, KINGDOM OF-144A-REG-S 1.85000% 19-30.07.35 | 1 000 000.00 | 839 844.00 | 0.72 |
| EUR	TAURON POLSKA ENERGIA SA-REG-S 2.37500% 17-05.07.27 | 200 000.00 | 164 162.50 | 0.14 |
| EUR	UMG GROUPE VYV 1.62500% 19-02.07.29 | 100 000.00 | 83 354.00 | 0.07 |
| EUR	UNITED GROUP BV-REG-S 3.12500% 20-15.02.26 | 335 000.00 | 276 063.45 | 0.24 |
| EUR	VERIZON COMMUNICATIONS INC 0.87500% 19-08.04.27 | 220 000.00 | 198 740.96 | 0.17 |
| EUR	WINTERSHALL DEA FINANCE BV-REG-S 1.33200% 19-25.09.28 | 300 000.00 | 250 019.07 | 0.21 |
| Total EUR |  | 38 129 067.84 | 32.48 |
| GBP |  |  |  |
| GBP	BELLIS ACQUISITION CO PLC-REG-S 3.25000% 21-16.02.26 | 310 000.00 | 288 449.24 | 0.24 |
| GBP	BERKELEY GROUP PLC/THE-REG-S 2.50000% 21-11.08.31 | 160 000.00 | 126 644.53 | 0.11 |
| GBP	ROTHESAY LIFE PLC-REG-S-SUB 3.37500% 19-12.07.26 | 315 000.00 | 327 437.18 | 0.28 |
| GBP	UNITED KING OF GREAT BRIT & N IRL-REG-S 1.25000% 20-22.10.41 | 400 000.00 | 300 368.08 | 0.26 |
| Total GBP |  | 1 042 899.03 | 0.89 |
| NZD |  |  |  |
| NZD	NEW ZEALAND 1.50000% 19-15.05.31 | 800 000.00 | 374 764.61 | 0.32 |
| NZD	NEW ZEALAND 1.75000% 20-15.05.41 | 2 600 000.00 | 1 004 117.43 | 0.86 |
| NZD	NEW ZEALAND 2.75000% 21-15.05.51 | 1 800 000.00 | 767 903.96 | 0.65 |
| NZD	NEW ZEALAND-REG-S 2.75000% 16-15.04.37 | 3 100 000.00 | 1 491 986.79 | 1.27 |
| Total NZD |  | 3 638 772.79 | 3.10 |
| USD |  |  |  |
| USD	COLOMBIA, REPUBLIC OF 6.12500% 09-18.01.41 | 200 000.00 | 150 869.81 | 0.13 |
| USD	COUNTRY GARDEN HOLDINGS CO LTD-REG-S 2.70000% 21-12.07.26 | 200 000.00 | 97 565.47 | 0.08 |
| USD	EGYPT GOVERNMENT INTERNATIONAL-REG-S 10.87500% 23-28.02.26 | 200 000.00 | 168 473.01 | 0.14 |
| Total USD |  | 416 908.29 | 0.35 |
| Total Anleihen, fester Zins |  | 43 227 647.95 | 36.82 |
| Anleihen, variabler Zins |  |  |  |
| EUR |  |  |  |
| EUR	ABANCA CORP BANCARIA SA-REG-S-SUB 6.125%/VAR 19-18.01.29 | 300 000.00 | 289 500.00 | 0.25 |
| EUR	BANCO DE CREDITO SOCIAL-REG-S 8.000%/VAR 22-22.09.26 | 300 000.00 | 302 928.00 | 0.26 |
| EUR	BP CAPITAL MARKETS PLC-REG-S 3.250%/VAR 20-PRP | 130 000.00 | 119 925.00 | 0.10 |
| EUR	BP CAPITAL MARKETS PLC-REG-S-SUB 3.625%/VAR 20-PRP | 100 000.00 | 87 000.80 | 0.07 |
| EUR	ELECTRICITE DE FRANCE SA-REG-S-SUB 4.000%/VAR 18-PRP | 200 000.00 | 191 348.00 | 0.16 |
| EUR	RABOBANK NEDERLAND NV-REG-S-SUB 3.250%/VAR 19-PRP | 200 000.00 | 161 500.00 | 0.14 |
| EUR	SES SA-REG-S-SUB 2.875%/VAR 21-PRP | 595 000.00 | 481 950.00 | 0.41 |
| EUR	UNIBAIL-RODAMCO SE-REG-S-SUB 2.125%/VAR 18-PRP | 100 000.00 | 85 007.20 | 0.07 |
| EUR	UNIBAIL-RODAMCO SE-REG-S-SUB 2.875%/VAR 18-PRP | 100 000.00 | 76 500.00 | 0.07 |
| Total EUR |  | 1 795 659.00 | 1.53 |
| USD |  |  |  |
| USD	CREDIT SUISSE GROUP AG-REG-S-SUB 7.500%/VAR 18-PRP | 500 000.00 | 20 709.65 | 0.02 |
| Total USD |  | 20 709.65 | 0.02 |
| Total Anleihen, variabler Zins |  | 1 816 368.65 | 1.55 |

UBS (Lux) Bond Fund – EUR Flexible
Jahresbericht und geprüfter Jahresabschluss per 31. März 2023
Treasury-Notes, variabler Zins
USD
| USD | AMERICA, UNITED STATES OF 0.750%/CPI LINKED 15-15.02.45 | 1 700 000.00 | 1 692 731.37 | 1.44 |
| --- | --- | --- | --- | --- |
| Total USD | 1 692 731.37 | 1.44 |
| Total Treasury-Notes, variabler Zins | 1 692 731.37 | 1.44 |
| Total Wertpapiere und Geldmarktinstrumente, die an einer offiziellen Börse gehandelt werden | 92 199 448.68 | 78.53 |
| Wertpapiere und Geldmarktinstrumente, die an einem anderen geregelten Markt gehandelt werden |  |  |
| Asset Backed Securities, variabler Zins |  |  |
| USD |  |  |
| USD	SOFI PROFESSIONA LOAN PROGRAM LLC-144A VAR 17-26.03.40	475 000.00 | 400 813.61 | 0.34 |
| Total USD | 400 813.61 | 0.34 |
| Total Asset Backed Securities, variabler Zins | 400 813.61 | 0.34 |
| Mortgage Backed Securities, fester Zins |  |  |
| USD |  |  |
| USD	BENCHMARK MORTGAGE TRUST-SUB 3.97900% 19-01.03.62	750 000.00 | 618 316.78 | 0.53 |
| USD	MSBAM LYNCH TRUST-SUB 3.99400% 16-01.12.49	313 000.00 | 263 781.31 | 0.22 |
| Total USD | 882 098.09 | 0.75 |
| Total Mortgage Backed Securities, fester Zins | 882 098.09 | 0.75 |
| Mortgage Backed Securities, variabler Zins |  |  |
| USD |  |  |
| USD	AVENTURA MALL TRUST-144A FLR 18-01.07.40	650 000.00 | 559 927.10 | 0.48 |
| USD	BAMLL COMMERCIAL MORT SET-144A 1M LIBOR+135BP 18-15.09.34	550 000.00 | 485 799.77 | 0.41 |
| USD	BANK 2017-BNK9 VAR 17-01.11.54	450 000.00 | 379 311.25 | 0.32 |
| USD	BBCMS TRUST CBM-144A 1M LIBOR+119.1098BP 18-15.07.37	550 000.00 | 485 984.29 | 0.42 |
| USD	BENCHMARK MORTGAGE TRUST VAR 18-01.02.51	250 000.00 | 210 974.89 | 0.18 |
| USD	CAMB COMM MORTGAGE TRUST-144A-SUB 1M LIBOR+145BP 19-15.12.37	175 000.00 | 157 229.19 | 0.13 |
| USD	CAMB COMM MORTGAGE TRUST-144A-SUB 1M LIBOR+175BP 19-15.12.37	430 000.00 | 385 837.98 | 0.33 |
| USD	CORE TRUST CORE-144A 1M LIBOR+110BP 19-15.12.31	230 000.00 | 38 694.43 | 0.03 |
| USD	GS MORTGAGE SECURITIES TRUST-144A VAR 17-01.01.43	1 225 000.00 | 999 020.45 | 0.85 |
| USD	JP MORGAN CHASE MORTGAGE SECURITIES-144A-SUB FLR 18-01.01.31	685 000.00 | 629 769.69 | 0.54 |
| Total USD | 4 332 549.04 | 3.69 |
| Total Mortgage Backed Securities, variabler Zins | 4 332 549.04 | 3.69 |
| Notes, fester Zins |  |  |
| USD |  |  |
| USD	AVOLON HOLDINGS FUNDING LTD-144A 2.12500% 21-21.02.26	165 000.00 | 134 147.45 | 0.11 |
| USD	SOCIETE GENERALE SA-SUB-144A 7.36700% 23-10.01.53	415 000.00 | 372 361.28 | 0.32 |
| Total USD | 506 508.73 | 0.43 |
| Total Notes, fester Zins | 506 508.73 | 0.43 |
| Anleihen, fester Zins |  |  |
| RUB |  |  |
| RUB	RUSSIA, FEDERATION OF 7.65000% 19-10.04.30	270 000 000.00 | 159 920.08 | 0.14 |
| Total RUB | 159 920.08 | 0.14 |
| Total Anleihen, fester Zins | 159 920.08 | 0.14 |
| Anleihen, variabler Zins |  |  |
| NZD |  |  |
| NZD	NEW ZEALAND 2.500%/CPI LINKED 17-20.09.40	6 800 000.00 | 4 812 042.90 | 4.10 |
| Total NZD | 4 812 042.90 | 4.10 |
| Total Anleihen, variabler Zins | 4 812 042.90 | 4.10 |
| Total Wertpapiere und Geldmarktinstrumente, die an einem anderen geregelten Markt gehandelt werden | 11 093 932.45 | 9.45 |

OGAW/Andere OGA im Sinne des Artikels 41 (1) e) des abgeänderten luxemburgischen Gesetzes vom 17. Dezember 2010
Investment Fonds, open end
Luxemburg
| EUR | UBS (LUX) BOND FUND - EURO HIGH YIELD (EUR) I-X-ACC | 100.00 | 13 637.00 | 0.01 |
| --- | --- | --- | --- | --- |
| USD | UBS (LUX) BOND SICAV - ASIAN HIGH YIELD (USD) I-X-DIST | 33 200.00 | 1 712 789.36 | 1.46 |
| USD | UBS (LUX) BOND SICAV - CHINA HIGH YIELD (USD) U-X-ACC | 285.00 | 1 436 345.44 | 1.22 |
| Total Luxemburg | 3 162 771.80 | 2.69 |
| Total Investment Fonds, open end | 3 162 771.80 | 2.69 |
| Total OGAW/Andere OGA im Sinne des Artikels 41 (1) e) des abgeänderten luxemburgischen Gesetzes vom 17. Dezember 2010 | 3 162 771.80 | 2.69 |

UBS (Lux) Bond Fund – EUR Flexible Jahresbericht und geprüfter Jahresabschluss per 31. März 2023
| Bezeichnung | Anzahl/ | Bewertung in EUR | in % des |
| --- | --- | --- | --- |
|  | Nominal | NR Kursgewinn | Netto- |
|  |  | (-verlust) auf Futures/ | vermögens |
|  |  | Devisentermin- |  |
|  |  | kontrakten/ |  |
|  |  | Swaps (Erl. 1) |  |

Derivative Instrumente, die nicht an einer offiziellen Börse oder einem anderen geregelten Markt gehandelt werden
Optionen auf weitere Swaps, klassisch
| EUR |  |
| --- | --- |
| EUR | JPM/ITRX.XOVER.S38-V1 SWAPTION PUT 550.00000% 23-19.04.23 | -5 000 000.00 | -2 944.00 | 0.00 |
| EUR | JPM/ITRX XOVER EUROPE SWAPTION PUT 500.00000% 23-19.04.23 | -5 000 000.00 | -6 490.00 | -0.01 |
| EUR | JPM/ITRX XOVER EUROPE SWAPTION PUT 450.00000% 23-19.04.23 | 5 000 000.00 | 16 594.00 | 0.02 |
| Total EUR |  |  | 7 160.00 | 0.01 |
| Total Optionen auf weitere Swaps, klassisch |  | 7 160.00 | 0.01 |
| Total Derivative Instrumente, die nicht an einer offiziellen Börse oder einem anderen geregelten Markt gehandelt werden |  | 7 160.00 | 0.01 |
| Total des Wertpapierbestandes |  | 106 463 312.93 | 90.68 |
| Derivative Instrumente |  |  |  |
| Derivative Instrumente, die an einer offiziellen Börse gehandelt werden |  |  |  |
| Finanzterminkontrakte auf Anleihen |  |  |  |
|  |  |  |  |
| EUR	EURO BTP ITALY GOVERNMENT FUTURE 08.06.23 | 6.00 | 27 720.00 | 0.02 |
| EUR	SHORT EURO BTP ITALY GOVERMENT FUTURE 08.06.23 | 65.00 | 82 230.00 | 0.07 |
| EUR	EURO-BUND FUTURE 08.06.23 | 40.00 | 203 600.00 | 0.17 |
| EUR	EURO-BOBL FUTURE 08.06.23 | 92.00 | 255 760.00 | 0.22 |
| EUR	EURO-SCHATZ FUTURE 08.06.23 | -71.00 | 36 150.00 | 0.03 |
| EUR	EURO-BUXL FUTURE 08.06.23 | -12.00 | -112 560.00 | -0.10 |
| EUR	EURO-OAT FUTURE 08.06.23 | 70.00 | 322 000.00 | 0.28 |
| GBP	LONG GILT FUTURE 28.06.23 | -12.00 | -32 776.25 | -0.03 |
| USD	US 10YR ULTRA NOTE FUTURE 21.06.23 | -40.00 | -145 542.82 | -0.12 |
| AUD	AUSTRALIA 3YR BOND FUTURE 15.06.23 | -251.00 | -113 136.26 | -0.10 |
| CAD	CAN 5YR BOND FUTURE 21.06.23 | -17.00 | 8 902.66 | 0.01 |
| USD	US ULTRA LONG BOND (CBT) FUTURE 21.06.23 | -5.00 | 6 356.71 | 0.01 |
| USD	US LONG BOND FUTURE 21.06.23 | 12.00 | 59 971.71 | 0.05 |
| USD	US 10YR TREASURY NOTE FUTURE 21.06.23 | 44.00 | 127 709.51 | 0.11 |
| JPY	JAPAN GOVERNMENT 10Y BOND (OSE) FUTURE 13.06.23 | -26.00 | -382 791.65 | -0.33 |
| USD	US 5YR TREASURY NOTE FUTURE 30.06.23 | 58.00 | 90 158.94 | 0.08 |
| CAD	CAN 10YR BOND FUTURE 21.06.23 | -217.00 | -461 999.75 | -0.39 |
| Total Finanzterminkontrakte auf Anleihen |  | -28 247.20 | -0.02 |
| Total Derivative Instrumente, die an einer offiziellen Börse gehandelt werden |  | -28 247.20 | -0.02 |

Derivative Instrumente, die nicht an einer offiziellen Börse oder einem anderen geregelten Markt gehandelt werden
Swaps und Forward-Swaps auf Zinssätze
| PLN PLN | LCH/INTEREST RATE SWAP PAY 2.11600% 20-23.01.30 LCH/INTEREST RATE SWAP REC 6MWIB 20-23.01.30 | -24 500 000.00 | 1 010 218.17 | 0.86 |
| --- | --- | --- | --- | --- |
| PLN | LCH/INTEREST RATE SWAP PAY 1.91900% 20-10.02.30 | -29 000 000.00 | 1 257 514.44 | 1.07 |
| PLN | LCH/INTEREST RATE SWAP REC 6MWIB 20-10.02.30 |  |  |  |
| PLN | LCH/INTEREST RATE SWAP PAY 0.88000% 20-07.05.30 | -10 000 000.00 | 607 841.67 | 0.52 |
| PLN | LCH/INTEREST RATE SWAP REC 6MWIB 20-07.05.30 |  |  |  |
| NZD | LCH/INTEREST RATE SWAP PAY 1.67500% 24-30.10.29 | -18 000 000.00 | 1 024 175.51 | 0.87 |
| NZD | LCH/INTEREST RATE SWAP REC 3MFRA 24-30.10.29 |  |  |  |
| NZD | LCH/INTEREST RATE SWAP PAY 1.58300% 24-24.09.29 | -19 000 000.00 | 1 133 306.35 | 0.97 |
| NZD | LCH/INTEREST RATE SWAP REC 3MFRA 24-24.09.29 |  |  |  |
| CNY | CITI/INTEREST RATE SWAP PAY 2.80500% 21-02.04.26 | -55 000 000.00 | -51 865.26 | -0.04 |
| CNY | CITI/INTEREST RATE SWAP REC CNRR007 21-02.04.26 |  |  |  |
| PLN | LCH/INTEREST RATE SWAP PAY 3.79250% 22-17.01.32 | -8 000 000.00 | 202 293.90 | 0.17 |
| PLN | LCH/INTEREST RATE SWAP REC 6MWIB 22-17.01.32 |  |  |  |
| KRW | JPMORGAN/INTEREST RATE SWAP PAY 2.15900% 22-25.01.32 | -2 250 000 000.00 | 122 414.20 | 0.10 |
| KRW | JPMORGAN/INTEREST RATE SWAP REC 3MKWCD 22-25.01.32 |  |  |  |
| CNY | LCH/INTEREST RATE SWAP PAY 2.79400% 23-10.01.28 | -23 000 000.00 | -628.73 | 0.00 |
| CNY | LCH/INTEREST RATE SWAP REC CNRR007 23-10.01.28 |  |  |  |
| SEK | LCH/INTEREST RATE SWAP PAY 2.74000% 23-10.02.28 | -36 000 000.00 | 42 712.87 | 0.04 |
| SEK | LCH/INTEREST RATE SWAP REC 3MS 23-10.02.28 |  |  |  |
| SEK | LCH/INTEREST RATE SWAP PAY 3.39500% 23-10.03.28 | -20 000 000.00 | -29 414.47 | -0.03 |
| SEK | LCH/INTEREST RATE SWAP REC 3MS 23-10.02.28 |  |  |  |
| USD | LCH/INTEREST RATE SWAP PAY 3.19431% 23-10.03.53 | -1 800 000.00 | -72 224.28 | -0.06 |
| USD | LCH/INTEREST RATE SWAP TP PAY SOFR O/N 23-10.03.53 |  |  |  |
| NOK | LCH/INTEREST RATE SWAP PAY 3.03500% 23-21.03.28 | -15 000 000.00 | 9 212.03 | 0.01 |
| NOK | LCH/INTEREST RATE SWAP REC NIBOR6M 23-21.03.28 |  |  |  |
| INR | LCH/INTEREST RATE SWAP PAY 6.34300% 23-21.03.28 | -127 500 000.00 | -34.17 | 0.00 |
| INR | LCH/INTEREST RATE SWAP REC O/N MIBOR 23-21.03.28 |  |  |  |
| INR | LCH/INTEREST RATE SWAP PAY 6.21500% 23-21.03.28 | -127 500 000.00 | 59.23 | 0.00 |
| INR | LCH/INTEREST RATE SWAP REC O/N MIBOR 23-21.03.28 |  |  |  |
| CNY | JPMORGAN/INTEREST RATE SWAP PAY CNRR007 20-10.06.25 | -50 000 000.00 | -38 160.73 | -0.03 |
| CNY | JPMORGAN/INTEREST RATE SWAP REC 2.23500% 20-10.06.25 |  |  |  |
| MXN | CME/INTEREST RATE SWAP PAY MXI 18-26.06.28 | -135 000 000.00 | -141 997.28 | -0.12 |
| MXN | CME/INTEREST RATE SWAP REC 8.07000% 18-26.06.28 |  |  |  |
| MXN | CME/INTEREST RATE SWAP PAY MXI 18-12.07.28 | -120 000 000.00 | -99 922.36 | -0.09 |
| MXN | CME/INTEREST RATE SWAP REC 8.13500% 18-12.07.28 |  |  |  |
| NZD | LCH/INTEREST RATE SWAP PAY 3MFRA 21-22.06.26 | -11 000 000.00 | -614 363.33 | -0.52 |
| NZD | LCH/INTEREST RATE SWAP REC 1.32000% 21-22.06.26 |  |  |  |
| HUF | LCH/INTEREST RATE SWAP PAY 6ML 21-10.08.26 | -2 200 000 000.00 | -1 255 885.89 | -1.07 |
| HUF | LCH/INTEREST RATE SWAP REC 2.59600% 21-10.08.26 |  |  |  |
| HUF | LCH/INTEREST RATE SWAP PAY 6ML 21-17.09.26 | -1 220 000 000.00 | -648 299.20 | -0.55 |
| HUF | LCH/INTEREST RATE SWAP REC 2.83500% 21-17.09.26 |  |  |  |
| MXN | CME/INTEREST RATE SWAP PAY MXI 21-22.09.31 | -64 000 000.00 | -176 517.89 | -0.15 |
| MXN | CME/INTEREST RATE SWAP REC 7.50000% 21-22.09.31 |  |  |  |

UBS (Lux) Bond Fund – EUR Flexible
Jahresbericht und geprüfter Jahresabschluss per 31. März 2023
|  | Bezeichnung | Anzahl/ | Bewertung in EUR | in % des |
| --- | --- | --- | --- | --- |
|  | Nominal | NR Kursgewinn | Netto- |
|  |  | (-verlust) auf Futures/ | vermögens |
|  |  | Devisentermin- |  |
|  |  | kontrakten/ |  |
|  |  | Swaps (Erl. 1) |  |
|  |  |  |  |  |
| MXN | CME/INTEREST RATE SWAP PAY MXI 21-16.10.26 | -80 000 000.00 | -190 548.38 | -0.16 |
| MXN | CME/INTEREST RATE SWAP REC 7.44000% 21-16.10.26 |  |  |  |
| MXN | CME/INTEREST RATE SWAP PAY MXI 21-19.10.26 | -80 000 000.00 | -182 587.39 | -0.16 |
| MXN | CME/INTEREST RATE SWAP REC 7.49250% 21-19.10.26 |  |  |  |
| ZAR | LCH/INTEREST RATE SWAP PAY 3MZAR 22-06.01.32 | -26 000 000.00 | -102 551.70 | -0.09 |
| ZAR | LCH/INTEREST RATE SWAP REC 7.67000% 22-06.01.32 |  |  |  |
| HUF | LCH/INTEREST RATE SWAP PAY 6MHUF 22-17.01.27 | -1 150 000 000.00 | -550 978.83 | -0.47 |
| HUF | LCH/INTEREST RATE SWAP REC 4.82000% 22-17.01.27 |  |  |  |
| KRW | JPMORGAN/INTEREST RATE SWAP PAY 3MKWCD 22-25.01.24 | -23 000 000 000.00 | -255 628.78 | -0.22 |
| KRW | JPMORGAN/INTEREST RATE SWAP REC 2.02000% 22-25.01.24 |  |  |  |
| NZD | LCH/INTEREST RATE SWAP PAY 3MFRA 22-29.11.27 | -2 500 000.00 | 25 251.83 | 0.02 |
| NZD | LCH/INTEREST RATE SWAP REC 4.60500% 22-29.11.27 |  |  |  |
| MXN | CME/INTEREST RATE SWAP PAY MXI 22-01.12.27 | -50 000 000.00 | -9 280.77 | -0.01 |
| MXN | CME/INTEREST RATE SWAP REC 8.51000% 22-01.12.27 |  |  |  |
| ZAR | LCH/INTEREST RATE SWAP PAY 3MZAR 22-12.12.32 | -20 000 000.00 | 14 864.35 | 0.01 |
| ZAR | LCH/INTEREST RATE SWAP REC 9.22100% 22-12.12.32 |  |  |  |
| NZD | LCH/INTEREST RATE SWAP PAY 3MFRA 22-19.12.27 | -4 000 000.00 | 46 571.98 | 0.04 |
| NZD | LCH/INTEREST RATE SWAP REC 4.65000% 22-19.12.27 |  |  |  |
| NZD | LCH/INTEREST RATE SWAP PAY 3MFRA 22-19.12.27 | -4 000 000.00 | 49 158.95 | 0.04 |
| NZD | LCH/INTEREST RATE SWAP REC 4.67500% 22-19.12.27 |  |  |  |
| BRL | MORGAN STANLE/INTEREST RATE SWAP PAY BZD 22-02.01.25 | -20 000 000.00 | 64 248.95 | 0.05 |
| BRL | MORGAN STANLE/INTEREST RATE SWAP REC 13.40000% 22-02.01.25 |  |  |  |
| BRL | CITI/INTEREST RATE SWAP PAY BZD 22-02.01.25 | -20 000 000.00 | 86 395.52 | 0.07 |
| BRL | CITI/INTEREST RATE SWAP REC 13.81500% 22-02.01.25 |  |  |  |
| NZD | LCH/INTEREST RATE SWAP PAY 3MFRA 23-11.01.28 | -2 750 000.00 | 7 872.25 | 0.01 |
| NZD | LCH/INTEREST RATE SWAP REC 4.56500% 23-11.01.28 |  |  |  |
| BRL | CME/INTEREST RATE SWAP PAY BZD 23-02.01.25 | -29 000 000.00 | 41 901.34 | 0.04 |
| BRL | CME/INTEREST RATE SWAP REC 12.70000% 23-02.01.25 |  |  |  |
| EUR | LCH/INTEREST RATE SWAP PAY 6MEIB 23-10.02.28 | -3 000 000.00 | -12 611.28 | -0.01 |
| EUR | LCH/INTEREST RATE SWAP REC 2.95640% 23-10.02.28 |  |  |  |
| BRL | CME/INTEREST RATE SWAP PAY BZD 23-02.01.25 | -20 000 000.00 | 30 335.37 | 0.03 |
| BRL | CME/INTEREST RATE SWAP REC 12.67000% 23-02.01.25 |  |  |  |
| EUR | LCH/INTEREST RATE SWAP PAY 6MEIB 23-10.03.28 | -2 000 000.00 | 34 052.34 | 0.03 |
| EUR | LCH/INTEREST RATE SWAP REC 3.45360% 23-10.03.28 |  |  |  |
| Total Swaps und Forward-Swaps auf Zinssätze |  | 1 376 900.53 | 1.17 |
| Credit-Default-Swaps* |  |  |  |
|  |  |  |  |
| USD	BOA/MEX CREDIT DEFAULT SWAP PAY 1.00000% 19-20.06.24 | -3 200 000.00 | -24 791.07 | -0.02 |
| USD	BOA/TURKEY CREDIT DEFAULT SWAP REC 1.00000% 19-20.06.24 | 3 200 000.00 | -81 437.91 | -0.07 |
| Total Credit-Default-Swaps |  | -106 228.98 | -0.09 |
| Total Derivative Instrumente, die nicht an einer offiziellen Börse oder einem anderen geregelten Markt gehandelt werden |  | 1 270 671.55 | 1.08 |
| Total Derivative Instrumente |  | 1 242 424.35 | 1.06 |
| Devisenterminkontrakte |  |  |  |
| Gekaufte Währung/ Gekaufter Betrag/Verkaufte Währung/Verkaufter Betrag/Fälligkeitsdatum |  |  |  |

| KRW | 133 000 000.00 | USD | 101 824.03 | 6.4.2023 | 257.64 | 0.00 |
| --- | --- | --- | --- | --- | --- | --- |
| USD | 594 852.41 | PHP | 33 050 000.00 | 5.4.2023 | -12 320.40 | -0.01 |
| MYR | 4 456 000.00 | USD | 994 864.93 | 6.4.2023 | 14 697.39 | 0.01 |
| IDR | 27 603 800 000.00 | USD | 1 806 011.36 | 6.4.2023 | 34 539.08 | 0.03 |
| USD | 31 696.18 | CNY | 220 000.00 | 6.4.2023 | -312.89 | 0.00 |
| COP | 2 809 935 000.00 | USD | 579 995.87 | 5.4.2023 | 21 059.58 | 0.02 |
| USD | 625 616.00 | CLP | 520 500 000.00 | 6.4.2023 | -30 015.10 | -0.03 |
| INR | 151 370 000.00 | USD | 1 821 880.13 | 6.4.2023 | 18 379.31 | 0.02 |
| USD | 2 488 083.89 | BRL | 13 050 000.00 | 6.4.2023 | -77 846.16 | -0.07 |
| EUR | 575 932.43 | CHF | 575 000.00 | 6.4.2023 | -3 505.12 | 0.00 |
| AUD | 5 145 000.00 | EUR | 3 254 979.74 | 6.4.2023 | -83 508.79 | -0.07 |
| CAD | 300 000.00 | EUR | 207 140.26 | 6.4.2023 | -3 135.87 | 0.00 |
| EUR | 1 054 169.49 | HUF | 399 600 000.00 | 6.4.2023 | 5 017.49 | 0.00 |
| EUR | 600 364.46 | CZK | 14 140 000.00 | 6.4.2023 | -1 694.10 | 0.00 |
| THB | 16 090 000.00 | EUR | 435 363.77 | 11.4.2023 | -2 129.15 | 0.00 |
| EUR | 1 703 137.66 | SGD | 2 440 000.00 | 6.4.2023 | 14 100.40 | 0.01 |
| EUR | 5 293 507.26 | GBP | 4 705 000.00 | 6.4.2023 | -60 450.84 | -0.05 |
| EUR | 490 431.85 | JPY | 71 000 000.00 | 6.4.2023 | -743.68 | 0.00 |
| EUR | 10 822 617.13 | NZD | 18 510 000.00 | 6.4.2023 | 165 148.48 | 0.14 |
| NOK | 28 750 000.00 | EUR | 2 591 044.34 | 11.4.2023 | -64 496.43 | -0.05 |
| EUR | 24 045 378.74 | USD | 25 595 000.00 | 6.4.2023 | 491 488.22 | 0.42 |
| PLN | 2 100 000.00 | EUR | 446 652.60 | 6.4.2023 | 1 845.63 | 0.00 |
| EUR | 157 003.21 | MXN | 3 050 000.00 | 11.4.2023 | 1 808.05 | 0.00 |
| AUD | 805 000.00 | SGD | 730 055.31 | 6.4.2023 | -9 149.23 | -0.01 |
| USD | 545 000.00 | PHP | 30 024 050.00 | 5.4.2023 | -6 951.11 | -0.01 |
| USD | 1 140 000.00 | EUR | 1 073 056.41 | 6.4.2023 | -23 967.32 | -0.02 |
| AUD | 530 000.00 | EUR | 336 166.43 | 6.4.2023 | -9 464.86 | -0.01 |
| GBP | 450 000.00 | CAD | 731 741.31 | 6.4.2023 | 14 475.52 | 0.01 |
| EUR | 553 431.49 | AUD | 870 000.00 | 6.4.2023 | 17 147.77 | 0.02 |
| EUR | 540 542.98 | USD | 575 000.00 | 6.4.2023 | 11 397.17 | 0.01 |
| MXN | 4 918 830.38 | USD | 270 000.00 | 11.4.2023 | 1 867.65 | 0.00 |
| USD | 270 000.00 | CLP | 219 172 500.00 | 6.4.2023 | -6 594.77 | -0.01 |
| GBP | 219 951.71 | CAD | 360 000.00 | 6.4.2023 | 5 485.04 | 0.01 |
| USD | 226 564.19 | AUD | 335 000.00 | 6.4.2023 | 1 996.58 | 0.00 |
| USD | 249 919.01 | INR | 20 520 000.00 | 6.4.2023 | 215.95 | 0.00 |
| SGD | 340 000.00 | USD | 252 906.00 | 6.4.2023 | 2 620.49 | 0.00 |
| NZD | 1 800 000.00 | EUR | 1 043 582.32 | 6.4.2023 | -7 199.63 | -0.01 |
| USD | 1 000 000.00 | EUR | 936 472.51 | 6.4.2023 | -16 218.92 | -0.01 |
| USD | 1 350 000.00 | EUR | 1 263 828.27 | 6.4.2023 | -21 485.93 | -0.02 |
| BRL | 9 967 000.00 | USD | 1 913 991.19 | 6.4.2023 | 46 812.99 | 0.04 |
| GBP | 440 000.00 | USD | 522 257.91 | 6.4.2023 | 20 083.07 | 0.02 |
| USD | 525 000.00 | INR | 43 212 225.00 | 6.4.2023 | -736.47 | 0.00 |

* Nominal positiv: der Subfonds ist «Receiver», Nominal negativ: der Subfonds ist «Payer».
UBS (Lux) Bond Fund – EUR Flexible Jahresbericht und geprüfter Jahresabschluss per 31. März 2023
| Bezeichnung	Anzahl/ | Bewertung in EUR | in % des |
| --- | --- | --- |
| Nominal | NR Kursgewinn | Netto- |
|  | (-verlust) auf Futures/ | vermögens |
|  | Devisentermin- |  |
|  | kontrakten/ |  |
|  | Swaps (Erl. 1) |  |

Devisenterminkontrakte (Fortsetzung)
Gekaufte Währung/ Gekaufter Betrag/Verkaufte Währung/Verkaufter Betrag/Fälligkeitsdatum
| GBP | 435 000.00 | CAD | 708 857.12 | 6.4.2023 | 12 967.95 | 0.01 |
| --- | --- | --- | --- | --- | --- | --- |
| USD | 685 000.00 | EUR | 648 480.19 | 6.4.2023 | -18 106.48 | -0.02 |
| CZK | 2 860 000.00 | EUR | 120 860.37 | 6.4.2023 | 913.85 | 0.00 |
| CAD | 180 000.00 | EUR | 123 965.23 | 6.4.2023 | -1 562.60 | 0.00 |
| USD | 241 091.56 | IDR | 3 732 700 000.00 | 6.4.2023 | -7 536.33 | -0.01 |
| PLN | 675 000.00 | EUR | 143 924.01 | 6.4.2023 | 236.14 | 0.00 |
| EUR | 209 220.04 | MXN | 4 110 000.00 | 11.4.2023 | 88.20 | 0.00 |
| AUD | 775 000.00 | NZD | 833 489.25 | 6.4.2023 | -2 172.95 | 0.00 |
| CAD | 550 000.00 | USD | 401 519.76 | 6.4.2023 | 4 508.90 | 0.00 |
| JPY | 27 700 000.00 | EUR | 195 123.12 | 6.4.2023 | -3 495.48 | 0.00 |
| NOK | 6 160 000.00 | SEK | 6 154 456.00 | 11.4.2023 | -4 952.53 | 0.00 |
| CAD | 215 000.00 | USD | 157 100.12 | 6.4.2023 | 1 631.51 | 0.00 |
| PLN | 910 000.00 | USD | 207 554.81 | 6.4.2023 | 3 346.83 | 0.00 |
| USD | 725 935.58 | CAD | 1 000 000.00 | 6.4.2023 | -11 971.51 | -0.01 |
| USD | 530 000.00 | JPY | 69 645 180.00 | 6.4.2023 | 5 929.68 | 0.01 |
| GBP | 85 000.00 | EUR | 96 854.63 | 6.4.2023 | -130.63 | 0.00 |
| EUR | 260 103.97 | JPY | 36 500 000.00 | 6.4.2023 | 7 598.24 | 0.01 |
| USD | 201 232.07 | MXN | 3 860 000.00 | 11.4.2023 | -11 282.17 | -0.01 |
| USD | 130 000.00 | EUR | 122 224.33 | 6.4.2023 | -2 591.36 | 0.00 |
| USD | 600 208.55 | GBP | 490 000.00 | 6.4.2023 | -5 241.98 | 0.00 |
| EUR | 331 997.83 | AUD | 530 000.00 | 6.4.2023 | 5 296.26 | 0.01 |
| USD | 265 000.00 | EUR | 245 644.01 | 6.4.2023 | -1 776.81 | 0.00 |
| JPY | 16 900 000.00 | EUR | 118 838.00 | 6.4.2023 | -1 924.39 | 0.00 |
| EUR | 158 613.06 | JPY | 22 700 000.00 | 6.4.2023 | 1 575.25 | 0.00 |
| EUR | 236 464.05 | NZD | 410 000.00 | 6.4.2023 | 399.10 | 0.00 |
| EUR | 256 392.42 | MXN | 5 180 000.00 | 11.4.2023 | -7 184.93 | -0.01 |
| GBP | 415 000.00 | USD | 508 064.58 | 6.4.2023 | 4 693.37 | 0.00 |
| USD | 905 000.00 | EUR | 841 071.03 | 6.4.2023 | -8 241.54 | -0.01 |
| INR | 87 640 000.00 | USD | 1 063 205.14 | 4.5.2023 | 976.81 | 0.00 |
| USD | 1 065 116.37 | INR | 87 637 775.00 | 6.4.2023 | -1 148.20 | 0.00 |
| USD | 250 000.00 | IDR | 3 767 768 750.00 | 4.5.2023 | -1 774.63 | 0.00 |
| USD | 1 162 169.63 | PHP | 63 100 000.00 | 4.5.2023 | 847.36 | 0.00 |
| PHP | 63 074 050.00 | USD | 1 161 370.83 | 5.4.2023 | -524.05 | 0.00 |
| CNY | 220 000.00 | USD | 31 976.74 | 6.4.2023 | 54.87 | 0.00 |
| USD | 32 058.76 | CNY | 220 000.00 | 4.5.2023 | -69.73 | 0.00 |
| USD | 602 731.66 | COP | 2 809 935 000.00 | 5.4.2023 | -132.88 | 0.00 |
| COP | 2 809 935 000.00 | USD | 599 197.14 | 4.5.2023 | -234.97 | 0.00 |
| MYR | 4 456 000.00 | USD | 1 013 994.77 | 5.5.2023 | -463.96 | 0.00 |
| IDR | 23 871 100 000.00 | USD | 1 586 014.22 | 4.5.2023 | 9 329.86 | 0.01 |
| USD | 1 011 118.67 | MYR | 4 456 000.00 | 6.4.2023 | 263.64 | 0.00 |
| USD | 1 586 119.60 | IDR | 23 871 100 000.00 | 6.4.2023 | -7 471.33 | -0.01 |
| KRW | 133 000 000.00 | USD | 102 631.38 | 4.5.2023 | -394.77 | 0.00 |
| USD | 102 449.55 | KRW | 133 000 000.00 | 6.4.2023 | 318.33 | 0.00 |
| USD | 597 066.84 | BRL | 3 090 000.00 | 4.5.2023 | -8 436.98 | -0.01 |
| BRL | 3 083 000.00 | USD | 598 176.17 | 6.4.2023 | 8 829.74 | 0.01 |
| CLP | 739 672 500.00 | USD | 935 287.98 | 6.4.2023 | 87.29 | 0.00 |
| USD | 933 022.20 | CLP | 739 700 000.00 | 4.5.2023 | 790.04 | 0.00 |
| USD | 965 000.00 | EUR | 886 342.43 | 6.4.2023 | 1 702.28 | 0.00 |
| EUR | 128 134.52 | NOK | 1 460 000.00 | 11.4.2023 | -170.17 | 0.00 |
| Total Devisenterminkontrakte | 411 908.87 | 0.35 |
|  |  |  |
| Bankguthaben, Sicht- und Fristgelder und andere liquide Mittel | 11 825 938.41* | 10.07 |
| Kontokorrentkredit und andere kurzfristige Verbindlichkeiten | -2 872 634.58 | -2.45 |
| Andere Aktiva und Passiva | 329 389.62 | 0.29 |
| Total des Nettovermögens | 117 400 339.60 | 100.00 |
| * Zum 31. März 2023 wurden gegenüber Bank of America Bankguthaben in Höhe von EUR 370 000.00 und JP Morgan Bankguthaben in Höhe von EUR 76 000.00 als Sicherheit eingesetzt. |  |  |

UBS (Lux) Bond Fund – EUR Flexible
Jahresbericht und geprüfter Jahresabschluss per 31. März 2023