# UBS (Lux) Bond SICAV – 2025 I (EUR)
| Most important figures |  |
| --- | --- |
|  | ISIN | 31.5.2021 |
| Net assets in EUR |  | 778 374 440.19 |
| Class I-B-dist 1 | LU2185882045 |  |
| Shares outstanding |  | 2 550 693.0000 |
| Net asset value per share in EUR |  | 106.77 |
| Issue and redemption price per share in EUR 2 |  | 106.54 |
| Class K-1-acc 3 | LU2156499548 |  |
| Shares outstanding |  | 36.2000 |
| Net asset value per share in EUR |  | 3 158 581.00 |
| Issue and redemption price per share in EUR 2 |  | 3 151 632.12 |
| Class K-1-dist 3 | LU2156499621 |  |
| Shares outstanding |  | 12.9000 |
| Net asset value per share in EUR |  | 3 158 672.27 |
| Issue and redemption price per share in EUR 2 |  | 3 151 723.19 |
| Class P-acc 3 | LU2156499035 |  |
| Shares outstanding |  | 828 542.4490 |
| Net asset value per share in EUR |  | 105.20 |
| Issue and redemption price per share in EUR 2 |  | 104.97 |
| Class P-dist 3 | LU2156499118 |  |
| Shares outstanding |  | 531 678.9930 |
| Net asset value per share in EUR |  | 105.19 |
| Issue and redemption price per share in EUR 2 |  | 104.96 |
| Class Q-acc 3 | LU2156499209 |  |
| Shares outstanding |  | 1 230 754.9650 |
| Net asset value per share in EUR |  | 105.32 |
| Issue and redemption price per share in EUR 2 |  | 105.09 |
| Class Q-dist 3 | LU2156499464 |  |
| Shares outstanding |  | 743 070.3230 |
| Net asset value per share in EUR |  | 105.29 |
| Issue and redemption price per share in EUR 2 |  | 105.06 |
| 1  First NAV: 30.6.2020 2  See note 1 3  First NAV: 10.6.2020 |  |  |
| Performance |  |  |
|  | Currency | 2020/2021 |
| Class I-B-dist 1 | EUR | - |
| Class K-1-acc 1 | EUR | - |
| Class K-1-dist 1 | EUR | - |
| Class P-acc 1 | EUR | - |
| Class P-dist 1 | EUR | - |
| Class Q-acc 1 | EUR | - |
| Class Q-dist 1 | EUR | - |
| 1  Due to the recent launch, there is no data for the calculation of the performance available. |  |  |

Historical performance is no indicator of current or future performance.
The performance data does not take account of any commissions and costs charged when subscribing and redeeming shares. The performance data were not audited.
The subfund has no benchmark.
UBS (Lux) Bond SICAV – 2025 I (EUR)
Annual report and audited financial statements as of 31 May 2021

## Report of the Portfolio Manager
From the launch of the subfund on 9 June 2020 through
31 May 2021, developed market government bond yields increased particularly later in the period as the macroeconomic conditions improved and expectations for fiscal stimulus increased. Global central banks mostly maintained policy rates at very low levels and indicated accommodative monetary policy would remain over the course of the reporting period. Credit spreads across most sectors including investment grade, high yield, emerging markets, Asia credit, securitized debt, and EUR corporate debt finished the period lower, with spreads tightening over the course of the reporting period.
The subfund delivered a positive performance from launch through the end of the reporting period. Income and the tightening of credit spreads over the period were the primary drivers of performance more than offsetting the negative effect from a rise in developed market government bond yields. The subfund has fol- lowed a diversified approach, investing across a range of sectors and regions with a fixed maturity approach. The option-adjusted duration of the subfund at the end of the reporting period was lower than at fund launch finishing at 3.2 years.
UBS (Lux) Bond SICAV – 2025 I (EUR)
Annual report and audited financial statements as of 31 May 2021

## Structure of the Securities Portfolio
Geographical Breakdown as a % of net assets	
| United States | 39.76 |
| --- | --- |
| United Kingdom | 11.84 |
| France | 5.12 |
| Luxembourg | 4.24 |
| Cayman Islands | 3.57 |
| The Netherlands | 2.58 |
| Japan | 2.43 |
| Canada | 2.40 |
| Ireland | 2.08 |
| Germany | 2.08 |
| Mexico | 1.96 |
| China | 1.89 |
| India | 1.84 |
| Italy | 1.78 |
| Singapore | 1.60 |
| Australia | 1.38 |
| British Virgin Islands | 0.91 |
| Chile | 0.91 |
| Nigeria | 0.87 |
| Turkey | 0.81 |
| Sweden | 0.78 |
| Oman | 0.66 |
| Austria | 0.58 |
| Jersey | 0.54 |
| Colombia | 0.53 |
| Czech Republic | 0.52 |
| Saudi Arabia | 0.52 |
| Romania | 0.51 |
| South Korea | 0.51 |
| Brazil | 0.46 |
| Indonesia | 0.46 |
| Peru | 0.35 |
| Mauritius | 0.35 |
| Dominican Republic | 0.32 |
| Mongolia | 0.32 |
| Ukraine | 0.32 |
| Multinationals | 0.31 |
| Egypt | 0.28 |
| Pakistan | 0.21 |
| Spain | 0.14 |
| Total | 98.72 |

Economic Breakdown as a % of net assets	
| Finance & holding companies | 31.03 |
| --- | --- |
| Banks & credit institutions | 17.56 |
| Petroleum | 5.26 |
| Real Estate | 4.92 |
| Energy & water supply | 4.55 |
| Traffic & transportation | 4.44 |
| Aerospace industry | 3.41 |
| Vehicles | 3.17 |
| Telecommunications | 3.07 |
| Countries & central governments | 2.99 |
| Mortgage & funding institutions | 2.70 |
| Miscellaneous trading companies | 2.33 |
| Lodging, catering & leisure | 1.60 |
| Computer hardware & network equipment providers | 1.51 |
| Chemicals | 1.49 |
| Mining, coal & steel | 1.48 |
| Electrical devices & components | 1.08 |
| Supranational organisations | 0.87 |
| Miscellaneous services | 0.87 |
| Packaging industry | 0.68 |
| Building industry & materials | 0.65 |
| Electronics & semiconductors | 0.58 |
| Internet, software & IT services | 0.47 |
| Non-ferrous metals | 0.46 |
| Tobacco & alcohol | 0.42 |
| Healthcare & social services | 0.42 |
| Miscellaneous consumer goods | 0.42 |
| Environmental services & recycling | 0.29 |
| Total | 98.72 |


## Statement of Net Assets
Assets	31.5.2021
EUR
Investments in securities, cost	780 048 199.92
| Investments in securities, unrealized appreciation (depreciation) | 	-11 598 492.29	 |
| --- | --- |
| Total investments in securities (Note 1) | 768 449 707.63 |
| Cash at banks, deposits on demand and deposit accounts | 3 551 644.95 |
| Interest receivable on securities | 7 087 847.01 |
| Other receivables | 63 547.72 |
| Unrealized gain on forward foreign exchange contracts (Note 1) | 327 210.76 |
| Total Assets | 779 479 958.07 |
|  |  |
| Liabilities |  |
| Payable on redemptions | -735 408.07 |
| Provisions for flat fee (Note 2) | -264 508.98 |
| Provisions for taxe d’abonnement (Note 3) | -46 966.12 |
| Provisions for other commissions and fees (Note 2) | 	-58 634.71	 |
| Total provisions | -370 109.81 |
| Total Liabilities | -1 105 517.88 |
|  |  |
| Net assets at the end of the period | 778 374 440.19 |
| Statement of Operations | EUR |
| Income | 10.6.2020-31.5.2021 |
| Interest on securities | 23 652 226.78 |
| Income on securities lending (Note 16) | 7 800.45 |
| Other income (Note 4) | 1 001 798.66 |
| Total income | 24 661 825.89 |
|  |  |
| Expenses |  |
| Flat fee (Note 2) | -1 733 184.23 |
| Taxe d’abonnement (Note 3) | -271 702.07 |
| Cost on securities lending (Note 16) | -3 120.18 |
| Other commissions and fees (Note 2) | -58 634.71 |
| Interest on cash and bank overdraft | -128 431.27 |
| Total expenses | -2 195 072.46 |
|  |  |
| Net income (loss) on investments | 22 466 753.43 |
|  |  |
| Realized gain (loss) (Note 1) |  |
| Realized gain (loss) on market-priced securities without options | -3 921 005.84 |
| Realized gain (loss) on forward foreign exchange contracts | 24 823 694.73 |
| Realized gain (loss) on foreign exchange | 4 299 444.41 |
| Total realized gain (loss) | 25 202 133.30 |
|  |  |
| Net realized gain (loss) of the period | 47 668 886.73 |
|  |  |
| Changes in unrealized appreciation (depreciation) (Note 1) |  |
| Unrealized appreciation (depreciation) on market-priced securities without options | -11 598 492.29 |
| Unrealized appreciation (depreciation) on forward foreign exchange contracts | 327 210.76 |
| Total changes in unrealized appreciation (depreciation) | -11 271 281.53 |
|  |  |
| Net increase (decrease) in net assets as a result of operations | 36 397 605.20 |

UBS (Lux) Bond SICAV – 2025 I (EUR)
Annual report and audited financial statements as of 31 May 2021
| Changes in Net Assets |  |
| --- | --- |
|  | EUR |
|  | 10.6.2020-31.5.2021 |
| Net assets at the beginning of the period | 0.00 |
| Subscriptions | 1 150 249 652.32 |
| Redemptions | 	-408 272 817.33	 |
| Total net subscriptions (redemptions) | 741 976 834.99 |
| Net income (loss) on investments | 22 466 753.43 |
| Total realized gain (loss) | 25 202 133.30 |
| Total changes in unrealized appreciation (depreciation) | 	-11 271 281.53	 |
| Net increase (decrease) in net assets as a result of operations | 36 397 605.20 |
| Net assets at the end of the period | 778 374 440.19 |
| Changes in the Number of Shares outstanding |  |
|  | 10.6.2020-31.5.2021 |
| Class | I-B-dist |
| Number of shares outstanding at the beginning of the period | 0.0000 |
| Number of shares issued | 3 115 693.0000 |
| Number of shares redeemed | -565 000.0000 |
| Number of shares outstanding at the end of the period | 2 550 693.0000 |
| Class | K-1-acc |
| Number of shares outstanding at the beginning of the period | 0.0000 |
| Number of shares issued | 38.6000 |
| Number of shares redeemed | -2.4000 |
| Number of shares outstanding at the end of the period | 36.2000 |
| Class | K-1-dist |
| Number of shares outstanding at the beginning of the period | 0.0000 |
| Number of shares issued | 13.2000 |
| Number of shares redeemed | -0.3000 |
| Number of shares outstanding at the end of the period | 12.9000 |
| Class | P-acc |
| Number of shares outstanding at the beginning of the period | 0.0000 |
| Number of shares issued | 938 208.1580 |
| Number of shares redeemed | -109 665.7090 |
| Number of shares outstanding at the end of the period | 828 542.4490 |
| Class | P-dist |
| Number of shares outstanding at the beginning of the period | 0.0000 |
| Number of shares issued | 602 229.7940 |
| Number of shares redeemed | -70 550.8010 |
| Number of shares outstanding at the end of the period | 531 678.9930 |
| Class | Q-acc |
| Number of shares outstanding at the beginning of the period | 0.0000 |
| Number of shares issued | 4 419 333.0440 |
| Number of shares redeemed | -3 188 578.0790 |
| Number of shares outstanding at the end of the period | 1 230 754.9650 |
| Class | Q-dist |
| Number of shares outstanding at the beginning of the period | 0.0000 |
| Number of shares issued | 776 583.9580 |
| Number of shares redeemed | -33 513.6350 |
| Number of shares outstanding at the end of the period | 743 070.3230 |

UBS (Lux) Bond SICAV – 2025 I (EUR)
Annual report and audited financial statements as of 31 May 2021

## Statement of Investments in Securities and other Net Assets as of 31 May 2021
| Description | Quantity/ | Valuation in 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 |  |  |  |
| EUR |  |  |  |
| EUR	AIRBUS SE-REG-S 1.62500% 20-07.04.25 | 10 200 000.00 | 10 806 104.40 | 1.39 |
| EUR	AMS AG-REG-S 6.00000% 20-31.07.25 | 4 250 000.00 | 4 541 975.00 | 0.58 |
| EUR	CAPITAL ONE FINANCIAL CORP 0.80000% 19-12.06.24 | 10 200 000.00 | 10 409 741.58 | 1.34 |
| EUR	CEMEX SAB DE CV-REG-S 2.75000% 17-05.12.24 | 5 000 000.00 | 5 064 062.50 | 0.65 |
| EUR	EG GLOBAL FINANCE PLC-REG-S 6.25000% 19-30.10.25 | 1 000 000.00 | 1 016 270.00 | 0.13 |
| EUR	INTERNATIONAL GAME TECHNOLOGY PLC-REG-S 3.50000% 18-15.07.24 | 3 500 000.00 | 3 690 197.00 | 0.47 |
| EUR	PHILIP MORRIS INTERNATIONAL INC 2.75000% 13-19.03.25 | 3 000 000.00 | 3 304 356.00 | 0.43 |
| EUR	SAZKA GROUP AS-REG-S 4.12500% 19-20.11.24 | 4 050 000.00 | 4 081 640.62 | 0.52 |
| EUR	SYNTHOMER PLC-REG-S 3.87500% 20-01.07.25 | 3 550 000.00 | 3 709 892.00 | 0.48 |
| EUR	TEVA PHARMACEUTICAL FIN 6.00000% 20-31.01.25 | 3 650 000.00 | 3 976 903.13 | 0.51 |
| EUR	UNITED GROUP BV-REG-S 4.87500% 17-01.07.24 | 2 700 000.00 | 2 733 750.00 | 0.35 |
| Total EUR |  | 53 334 892.23 | 6.85 |
| GBP |  |  |  |
| GBP	TALKTALK TELECOM GROUP PLC-REG-S 3.87500% 20-20.02.25 | 3 500 000.00 | 3 987 850.16 | 0.51 |
| Total GBP |  | 3 987 850.16 | 0.51 |
| USD |  |  |  |
| USD	ADANI PORTS AND SPECIAL ECO ZONE-REG-S 3.37500% 19-24.07.24 | 4 400 000.00 | 3 775 978.41 | 0.48 |
| USD	AERCAP IRELAND CAP/ GLBL AVIATION TRUST 6.50000% 20-15.07.25 | 15 600 000.00 | 14 947 272.85 | 1.92 |
| USD	AFRICA FINANCE CORP-REG-S 3.12500% 20-16.06.25 | 8 000 000.00 | 6 768 707.31 | 0.87 |
| USD	AIR LEASE CORP 3.37500% 20-01.07.25 | 13 700 000.00 | 12 029 984.74 | 1.55 |
| USD	ALLY FINANCIAL INC 5.80000% 20-01.05.25 | 9 300 000.00 | 8 888 096.29 | 1.14 |
| USD	BANCO SANTANDER SA-REG-S 5.37500% 20-17.04.25 | 6 400 000.00 | 5 932 360.03 | 0.76 |
| USD	BHARTI AIRTEL LTD-REG-S 4.37500% 15-10.06.25 | 1 200 000.00 | 1 068 764.57 | 0.14 |
| USD	BOEING CO 4.87500% 20-01.05.25 | 12 500 000.00 | 11 485 736.31 | 1.48 |
| USD	BP CAPITAL MARKETS AMERICA INC 3.19400% 20-06.04.25 | 9 200 000.00 | 8 158 367.14 | 1.05 |
| USD	CANADIAN IMPERIAL BANK OF COMMERCE 2.25000% 20-28.01.25 | 6 700 000.00 | 5 748 031.68 | 0.74 |
| USD	CENOVUS ENERGY INC 5.37500% 20-15.07.25 | 700 000.00 | 653 346.16 | 0.08 |
| USD	CENTURYLINK INC 5.62500% 15-01.04.25 | 4 100 000.00 | 3 597 363.10 | 0.46 |
| USD	CIT GROUP INC 5.25000% 18-07.03.25 | 3 100 000.00 | 2 865 088.13 | 0.37 |
| USD	CONTINENTAL RESOURCES INC 3.80000% 14-01.06.24 | 4 100 000.00 | 3 521 275.10 | 0.45 |
| USD	CORP NACIONAL DEL COBRE DE CHILE-REG-S 4.50000% 15-16.09.25 | 4 000 000.00 | 3 688 300.00 | 0.47 |
| USD	COVANTA HOLDING CORP 5.87500% 17-01.07.25 | 2 700 000.00 | 2 280 088.34 | 0.29 |
| USD	CREDICORP LTD-REG-S 2.75000% 20-17.06.25 | 3 300 000.00 | 2 700 404.86 | 0.35 |
| USD	DOMINICAN REPUBLIC-REG-S 5.50000% 15-27.01.25 | 2 800 000.00 | 2 523 126.00 | 0.32 |
| USD	EASY TACTIC LTD-REG-S 8.12500% 19-11.07.24 | 4 700 000.00 | 3 549 313.99 | 0.46 |
| USD	EDISON INTERNATIONAL 4.95000% 20-15.04.25 | 11 700 000.00 | 10 651 921.05 | 1.37 |
| USD	EQT CORP 6.12500% 20-01.02.25 | 4 700 000.00 | 4 489 535.03 | 0.58 |
| USD	EXPORT CREDIT BANK OF TURKEY-REG-S 6.12500% 18-03.05.24 | 4 300 000.00 | 3 612 128.37 | 0.46 |
| USD	EXXON MOBIL CORP 2.99200% 20-19.03.25 | 9 500 000.00 | 8 388 481.43 | 1.08 |
| USD	FANTASIA HOLDINGS GROUP CO LTD-REG-S 11.87500% 20-01.06.23 | 3 525 000.00 | 2 793 526.11 | 0.36 |
| USD	FANTASIA HOLDINGS GROUP CO LTD-REG-S 9.25000% 20-28.07.23 | 600 000.00 | 447 583.12 | 0.06 |
| USD	FIBRIA OVERSEAS FINANCE LTD 4.00000% 17-14.01.25 | 4 100 000.00 | 3 605 210.01 | 0.46 |
| USD	FORD MOTOR CO 9.00000% 20-22.04.25 | 5 500 000.00 | 5 496 041.38 | 0.71 |
| USD	GENERAL MOTORS CO 6.12500% 20-01.10.25 | 8 000 000.00 | 7 778 348.80 | 1.00 |
| USD	GLENCORE FUNDING LLC-144A 1.62500% 20-01.09.25 | 1 750 000.00 | 1 445 035.62 | 0.19 |
| USD	GOLDMAN SACHS GROUP INC 3.50000% 20-01.04.25 | 11 400 000.00 | 10 165 655.29 | 1.31 |
| USD	HEWLETT PACKARD ENTERPRISE CO 4.65000% 20-01.10.24 | 6 300 000.00 | 5 757 690.91 | 0.74 |
| USD	HILLENBRAND INC 5.75000% 20-15.06.25 | 3 200 000.00 | 2 805 499.53 | 0.36 |
| USD	INDONESIA ASAHAN ALUMINIUM TBK PT-REG-S 4.75000% 20-15.05.25 | 4 000 000.00 | 3 570 932.00 | 0.46 |
| USD	ISTAR INC 4.25000% 19-01.08.25 | 4 900 000.00 | 4 060 309.16 | 0.52 |
| USD	JSW STEEL LTD-REG-S 5.37500% 19-04.04.25 | 2 800 000.00 | 2 437 962.62 | 0.31 |
| USD	KAISA GROUP HOLDINGS LTD-REG-S 9.95000% 20-23.07.25 | 1 600 000.00 | 1 248 762.94 | 0.16 |
| USD	LAS VEGAS SANDS CORP 3.20000% 19-08.08.24 | 10 000 000.00 | 8 600 839.73 | 1.10 |
| USD	LLOYDS BANKING GROUP PLC 4.45000% 18-08.05.25 | 10 000 000.00 | 9 207 069.15 | 1.18 |
| USD	MARATHON PETROLEUM CORP 4.70000% 20-01.05.25 | 8 000 000.00 | 7 412 801.11 | 0.95 |
| USD	MEDCO PLATINUM ROAD PTE LTD-REG-S 6.75000% 18-30.01.25 | 3 600 000.00 | 3 085 756.35 | 0.40 |
| USD	MITSUBISHI UFJ FINANCIAL GRP INC 2.19300% 20-25.02.25 | 14 700 000.00 | 12 548 940.28 | 1.61 |
| USD	NAVIENT CORP 6.75000% 17-25.06.25 | 4 000 000.00 | 3 594 650.96 | 0.46 |
| USD	PAKISTAN, ISLAMIC REPUBLIC OF-REG-S 8.25000% 15-30.09.25 | 1 800 000.00 | 1 631 670.97 | 0.21 |
| USD	PETROBRAS GLOBAL FINANCE BV 5.29900% 18-27.01.25 | 3 300 000.00 | 3 017 543.86 | 0.39 |
| USD	PETROLEOS MEXICANOS-REG-S 6.87500% 20-16.10.25 | 1 100 000.00 | 998 110.66 | 0.13 |
| USD	PLAINS ALL AMERICAN PIPELINE LP 4.65000%15-15.10.25 | 1 350 000.00 | 1 235 335.42 | 0.16 |
| USD	REC LTD-REG-S 3.50000% 19-12.12.24 | 4 400 000.00 | 3 782 726.05 | 0.49 |
| USD	RONSHINE CHINA HOLDINGS LTD-REG-S 6.75000% 20-05.08.24 | 2 200 000.00 | 1 695 119.21 | 0.22 |
| USD	SINOPEC GRP OVERSEAS DEV LTD-REG-S 2.15000% 20-13.05.25 | 4 000 000.00 | 3 358 377.30 | 0.43 |
| USD	SOUTHWEST AIRLINES CO 5.25000% 20-04.05.25 | 8 000 000.00 | 7 505 161.60 | 0.96 |
| USD	SPRINGLEAF FINANCE CORP 6.87500% 18-15.03.25 | 1 500 000.00 | 1 386 332.96 | 0.18 |
| USD	SPRINGLEAF FINANCE CORP 8.87500% 20-01.06.25 | 2 900 000.00 | 2 612 051.70 | 0.34 |
| USD	SPRINT CORP 7.62500% 15-15.02.25 | 2 400 000.00 | 2 320 932.40 | 0.30 |
| USD	SUMITOMO MITSUI FIN GP INC 2.34800% 20-15.01.25 | 7 450 000.00 | 6 391 894.66 | 0.82 |
| USD	SUNCOR ENERGY INC 3.10000% 20-15.05.25 | 5 000 000.00 | 4 399 748.25 | 0.57 |
| USD	SYNCHRONY FINANCIAL 4.50000% 15-23.07.25 | 7 600 000.00 | 6 965 924.72 | 0.89 |
| USD	TURKEY, REPUBLIC OF 7.37500% 05-05.02.25 | 3 100 000.00 | 2 722 150.65 | 0.35 |
| USD	UKRAINE, GOVERNMENT OF-REG-S 7.75000% 15-01.09.25 | 2 700 000.00 | 2 448 334.56 | 0.31 |
| USD	VEDANTA RESOURCES PLC-REG-S 6.12500% 17-09.08.24 | 5 700 000.00 | 3 986 888.12 | 0.51 |
| USD	WESTERN MIDSTREAM OPERATING LP 3.10000% 20-01.02.25 | 4 000 000.00 | 3 410 624.46 | 0.44 |
| Total USD |  | 287 255 213.51 | 36.91 |
| Total Notes, fixed rate |  | 344 577 955.90 | 44.27 |

UBS (Lux) Bond SICAV – 2025 I (EUR)
Annual report and audited financial statements as of 31 May 2021
| Description | Quantity/ | Valuation in EUR | as a % |
| --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |
| Notes, floating rate |  |  |  |
| USD |  |  |  |
| USD	WYNDHAM WORLDWIDE CORP STEP UP/RATING LINKED 15-01.10.25 | 4 200 000.00 | 3 868 850.45 | 0.50 |
| Total USD |  | 3 868 850.45 | 0.50 |
| Total Notes, floating rate |  | 3 868 850.45 | 0.50 |
| Medium term notes, fixed rate |  |  |  |
| CHF |  |  |  |
| CHF	CELLNEX TELECOM SA 1.11750% 20-17.07.25 | 1 200 000.00 | 1 110 413.60 | 0.14 |
| CHF	HEATHROW FUNDING LTD 0.50000% 16-17.05.24 | 4 600 000.00 | 4 235 668.59 | 0.55 |
| Total CHF |  | 5 346 082.19 | 0.69 |
| EUR |  |  |  |
| EUR	ANGLO AMERICAN CAPITAL PLC-REG-S 1.62500% 17-18.09.25 | 7 300 000.00 | 7 754 060.00 | 1.00 |
| EUR	BANQUE FEDER DU CREDIT MUTUEL-REG-S-SUB 3.00000% 14-21.05.24 | 6 900 000.00 | 7 489 204.80 | 0.96 |
| EUR	BAT INTERNATIONAL FINANCE PLC-REG-S 2.75000% 13-25.03.25 | 5 700 000.00 | 6 202 626.00 | 0.80 |
| EUR	BNP PARIBAS-REG-S-SUB 2.37500% 15-17.02.25 | 7 700 000.00 | 8 250 580.79 | 1.06 |
| EUR	GENERAL MOTORS FINANCIAL CO INC-REG-S 1.69400% 18-26.03.25 | 4 200 000.00 | 4 422 054.00 | 0.57 |
| EUR	GLENCORE FINANCE EUROPE SA-REG-S 1.75000% 15-17.03.25 | 10 400 000.00 | 10 921 060.80 | 1.40 |
| EUR	GOLDMAN SACHS GROUP INC-REG-S 1.25000% 16-01.05.25 | 2 600 000.00 | 2 686 080.80 | 0.35 |
| EUR	HSBC HOLDINGS PLC-SUB 3.00000% 15-30.06.25 | 8 600 000.00 | 9 496 120.00 | 1.22 |
| EUR	LOGICOR FINANCING SARL-REG-S 2.25000% 18-13.05.25 | 10 400 000.00 | 11 147 344.00 | 1.43 |
| EUR	NATWEST MARKETS PLC-REG-S 2.75000% 20-02.04.25 | 12 700 000.00 | 14 021 003.20 | 1.80 |
| EUR	ORANO SA 4.87500% 09-23.09.24 | 2 500 000.00 | 2 828 055.00 | 0.36 |
| EUR	SCHAEFFLER AG-REG-S 2.75000% 20-12.10.25 | 600 000.00 | 636 074.40 | 0.08 |
| EUR	SWEDBANK AB-REG-S 0.25000% 19-09.10.24 | 6 000 000.00 | 6 042 660.00 | 0.78 |
| EUR	SYDNEY AIRPORT FINANCE CO PTY LTD-REG-S 2.75000% 14-23.04.24 | 6 400 000.00 | 6 900 992.00 | 0.89 |
| EUR	TELECOM ITALIA SPA-REG-S 3.00000% 16-30.09.25 | 500 000.00 | 533 579.00 | 0.07 |
| EUR	TELECOM ITALIA SPA-REG-S 2.75000% 19-15.04.25 | 2 900 000.00 | 3 042 100.00 | 0.39 |
| EUR	VOLKSWAGEN LEASING GMBH-REG-S 1.37500% 17-20.01.25 | 11 200 000.00 | 11 702 566.40 | 1.50 |
| Total EUR |  | 114 076 161.19 | 14.66 |
| USD |  |  |  |
| USD	BOC AVIATION LTD-REG-S 3.25000% 20-29.04.25 | 1 100 000.00 | 947 039.28 | 0.12 |
| USD	BOC AVIATION LTD-REG-S 2.62500% 20-17.01.25 | 3 750 000.00 | 3 148 097.17 | 0.41 |
| USD	EGYPT, REPUBLIC OF-REG-S 5.87500% 15-11.06.25 | 2 500 000.00 | 2 199 116.68 | 0.28 |
| USD	KOREA ELECTRIC POWER CORP-REG-S 1.12500% 20-15.06.25 | 3 800 000.00 | 3 102 758.35 | 0.40 |
| USD	KWG GROUP HOLDINGS LTD-REG-S 5.95000% 20-10.08.25 | 600 000.00 | 498 098.39 | 0.06 |
| USD	MDGH - GMTN BV-REG-S 2.50000% 19-07.11.24 | 4 148 000.00 | 3 558 021.51 | 0.46 |
| USD	MEGLOBAL CANADA INC-REG-S 5.00000% 20-18.05.25 | 4 200 000.00 | 3 849 235.68 | 0.49 |
| USD	MONGOLIA,GOVERNMENT OF-REG-S 8.75000% 17-09.03.24 | 2 700 000.00 | 2 522 727.27 | 0.32 |
| USD	MORGAN STANLEY 4.00000% 15-23.07.25 | 11 750 000.00 | 10 744 774.98 | 1.38 |
| USD	OMAN GOVT INTERNATIONAL BOND-REG-S 4.87500% 19-01.02.25 | 6 000 000.00 | 5 129 125.26 | 0.66 |
| USD	QNB FINANCE LTD-REG-S 2.62500% 20-12.05.25 | 6 000 000.00 | 5 109 802.48 | 0.66 |
| USD	QNB FINANCE LTD-REG-S 1.62500% 20-22.09.25 | 700 000.00 | 573 958.20 | 0.07 |
| USD	SAUDI GOVERNMENT INTERNATIONAL BD-REG-S 4.00000% 18-17.04.25 | 4 500 000.00 | 4 068 825.92 | 0.52 |
| Total USD |  | 45 451 581.17 | 5.83 |
| Total Medium term notes, fixed rate |  | 164 873 824.55 | 21.18 |
| Medium term notes, floating rate |  |  |  |
| EUR |  |  |  |
| EUR	BARCLAYS PLC-REG-S 3.375%/VAR 20-02.04.25 | 9 000 000.00 | 9 809 550.00 | 1.26 |
| EUR	MACQUARIE GRP LTD-REG-S 1.250%/3M EURIBOR+83.9BP 18-05.03.25 | 2 500 000.00 | 2 579 090.00 | 0.33 |
| EUR	SANTANDER UK GROUP HOLD PLC-REG-S 0.391%/VAR 20-28.02.25 | 10 900 000.00 | 10 973 553.20 | 1.41 |
| Total EUR |  | 23 362 193.20 | 3.00 |
| Total Medium term notes, floating rate |  | 23 362 193.20 | 3.00 |
| Bonds, fixed rate |  |  |  |
| EUR |  |  |  |
| EUR	ADLER REAL ESTATE AG-REG-S 1.87500% 18-27.04.23 | 3 800 000.00 | 3 831 578.00 | 0.49 |
| EUR	ALTICE FINANCING SA-REG-S 2.25000% 20-15.01.25 | 4 150 000.00 | 4 061 729.50 | 0.52 |
| EUR	CROWN EUROPEAN HOLDINGS SA-REG-S 3.37500% 15-15.05.25 | 2 700 000.00 | 2 905 540.20 | 0.37 |
| EUR	CRYSTAL ALMOND SARL-REG-S 4.25000% 19-15.10.24 | 4 050 000.00 | 4 122 819.00 | 0.53 |
| EUR	FAURECIA SA-REG-S 2.62500% 18-15.06.25 | 3 600 000.00 | 3 646 296.00 | 0.47 |
| EUR	GENERAL ELECTRIC CO 0.87500% 17-17.05.25 | 8 200 000.00 | 8 398 505.60 | 1.08 |
| EUR	IMPERIAL BRANDS FINANCE PLC-REG-S 1.37500% 17-27.01.25 | 8 000 000.00 | 8 265 840.00 | 1.06 |
| EUR	OI EUROPEAN GROUP BV-REG-S 2.87500% 19-15.02.25 | 3 600 000.00 | 3 657 816.00 | 0.47 |
| EUR	QUATRIM SASU-REG-S 5.87500% 19-15.01.24 | 3 800 000.00 | 3 954 052.00 | 0.51 |
| EUR	RCS & RDS SA-REG-S 2.50000% 20-05.02.25 | 4 000 000.00 | 4 002 000.00 | 0.52 |
| Total EUR |  | 46 846 176.30 | 6.02 |
| USD |  |  |  |
| USD	BHARTI AIRTEL INTL NETHERLANDS BV-REG-S 5.35000% 14-20.05.24 | 3 450 000.00 | 3 111 497.05 | 0.40 |
| USD	BRASKEM FINANCE LTD 6.45000% 14-03.02.24 | 3 900 000.00 | 3 600 079.74 | 0.46 |
| USD	CDBL FUNDING 1-REG-S 4.25000% 14-02.12.24 | 4 225 000.00 | 3 759 529.50 | 0.48 |
| USD	CHINA EVERGRANDE GROUP-REG-S 8.75000% 17-28.06.25 | 4 350 000.00 | 2 830 266.22 | 0.36 |
| USD	COUNTRY GARDEN HOLDINGS CO LTD-REG-S 5.12500% 18-17.01.25 | 3 650 000.00 | 3 098 462.35 | 0.40 |
| USD	ECOPETROL SA 4.12500% 14-16.01.25 | 4 800 000.00 | 4 107 471.48 | 0.53 |
| USD	FAB SUKUK CO LTD-REG-S 2.50000% 20-21.01.25 | 3 800 000.00 | 3 231 934.73 | 0.41 |
| USD	GLOBAL LOGISTIC PROPERTIES LTD-REG-S 3.87500% 15-04.06.25 | 6 150 000.00 | 5 291 935.02 | 0.68 |
| USD	GREENKO SOLAR MAURITIUS LTD-REG-S 5.55000% 19-29.01.25 | 3 200 000.00 | 2 690 058.48 | 0.35 |
| USD	KINDER MORGAN INC 4.30000% 14-01.06.25 | 1 000 000.00 | 913 831.38 | 0.12 |
| USD	KOREA NATIONAL OIL CORP-REG-S 0.87500% 20-05.10.25 | 1 100 000.00 | 886 266.93 | 0.11 |
| USD	KWG GROUP HOLDINGS LTD-REG-S 5.87500% 17-10.11.24 | 3 975 000.00 | 3 318 799.08 | 0.43 |
| USD	POWER FINANCE CORP LTD-REG-S 3.75000% 19-18.06.24 | 600 000.00 | 516 132.99 | 0.07 |
| USD	POWER FINANCE CORP LTD-REG-S 3.25000% 19-16.09.24 | 3 200 000.00 | 2 724 082.94 | 0.35 |

UBS (Lux) Bond SICAV – 2025 I (EUR)
Annual report and audited financial statements as of 31 May 2021
|  | Description | Quantity/ | Valuation in EUR | as a % |
| --- | --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |
|  |  |  |  |  |
| USD | SEAGATE HDD CAYMAN-144A 4.75000% 14-01.01.25 | 3 800 000.00 | 3 390 940.17 | 0.44 |
| USD | SHIMAO PROPERTY HOLDINGS LIMITED-REG-S 5.20000% 18-30.01.25 | 3 625 000.00 | 3 077 536.50 | 0.39 |
| USD | WANDA PROPERTIES INTERNATIONAL-REG-S 7.25000% 14-19.01.24 | 4 350 000.00 | 3 530 717.09 | 0.45 |
| USD | YUZHOU PROPERTIES CO LTD-REG-S 8.30000% 19-27.05.25 | 5 000 000.00 | 3 792 990.63 | 0.49 |
| Total USD |  |  | 53 872 532.28 | 6.92 |
| Total Bonds, fixed rate |  | 100 718 708.58 | 12.94 |
| Total Transferable securities and money market instruments listed on an official stock exchange |  | 637 401 532.68 | 81.89 |
| Transferable securities and money market instruments traded on another regulated market |  |  |  |
| Asset Backed Securities, fixed rate |  |  |  |
| USD |  |  |  |
| USD	AMERICAN CREDIT ACCEPT RECEI TRUST-144A 3.93000% 18-10.04.24 | 2 450 000.00 | 962 509.42 | 0.12 |
| USD	DRIVE AUTO RECEIVABLES TRUST 4.30000% 18-16.09.24 | 1 973 000.00 | 1 473 142.91 | 0.19 |
| USD	DT AUTO OWNER TRUST-144A 6.03000% 17-15.01.24 | 3 000 000.00 | 1 794 407.14 | 0.23 |
| USD	DT AUTO OWNER TRUST-144A 4.19000% 18-15.07.24 | 2 900 000.00 | 2 438 847.46 | 0.31 |
| USD	EXETER AUTOMOBILE RECEIVABLES-144A 4.35000% 18-16.09.24 | 2 000 000.00 | 1 692 635.34 | 0.22 |
| USD	EXETER AUTOMOBILE RECEIVABLES TRST-144A 4.35000% 18-17.06.24 | 2 000 000.00 | 1 685 404.49 | 0.22 |
| USD	FLAGSHIP CREDIT AUTO TRUST-144A 3.89000% 16-15.11.22 | 418 000.00 | 188 459.22 | 0.03 |
| USD	FLAGSHIP CREDIT AUTO TRUST-144A 3.62000% 17-15.07.23 | 300 000.00 | 249 313.58 | 0.03 |
| USD	FLAGSHIP CREDIT AUTO TRUST -144A 3.89000% 18-16.09.24 | 500 000.00 | 418 993.34 | 0.05 |
| Total USD |  | 10 903 712.90 | 1.40 |
| Total Asset Backed Securities, fixed rate |  | 10 903 712.90 | 1.40 |
| Notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	AVOLON HOLDINGS FUNDING LTD-144A 2.87500% 20-15.02.25 | 1 500 000.00 | 1 263 150.32 | 0.16 |
| USD	DAIMLER FINANCE NORTH AMERICA LLC-144A 3.30000% 15-19.05.25 | 8 000 000.00 | 7 084 522.17 | 0.91 |
| USD	DELL INTERNATIONAL LLC / EMC CORP-144A 5.85000% 20-15.07.25 | 7 000 000.00 | 6 708 142.05 | 0.86 |
| USD	DELTA AIR LINES INC-144A 7.00000% 20-01.05.25 | 10 800 000.00 | 10 271 585.46 | 1.32 |
| USD	GENESIS ENERGY LP 5.62500% 14-15.06.24 | 3 500 000.00 | 2 862 634.44 | 0.37 |
| USD	HARLEY-DAVIDSON FIN.SERV INC-144A 3.35000% 20-08.06.25 | 13 550 000.00 | 11 832 712.90 | 1.52 |
| USD	INTESA SANPAOLO SPA-144A 3.25000% 19-23.09.24 | 11 814 000.00 | 10 310 547.93 | 1.32 |
| USD	NEWELL BRANDS INC 4.87500% 20-01.06.25 | 3 550 000.00 | 3 232 615.23 | 0.42 |
| USD	NIELSEN CO LUXEMBOURG SARL/THE-144A 5.00000% 17-01.02.25 | 3 300 000.00 | 2 773 279.35 | 0.36 |
| USD	NOVA CHEMICALS CORP-144A 5.00000% 14-01.05.25 | 4 600 000.00 | 4 006 296.57 | 0.51 |
| USD	QVC INC 4.85000% 14-01.04.24 | 3 100 000.00 | 2 750 991.69 | 0.35 |
| USD	SYDNEY AIRPORT FINANCE CO PTY LTD-144A 3.37500% 15-30.04.25 | 1 400 000.00 | 1 229 274.89 | 0.16 |
| USD	SYSCO CORP 3.75000% 15-01.10.25 | 6 800 000.00 | 6 140 331.43 | 0.79 |
| USD	VIACOMCBS INC 4.75000% 20-15.05.25 | 8 900 000.00 | 8 260 033.03 | 1.06 |
| Total USD |  | 78 726 117.46 | 10.11 |
| Total Notes, fixed rate |  | 78 726 117.46 | 10.11 |
| Medium term notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	PETROLEOS MEXICANOS 4.25000% 16-15.01.25 | 3 900 000.00 | 3 263 668.27 | 0.42 |
| Total USD |  | 3 263 668.27 | 0.42 |
| Total Medium term notes, fixed rate |  | 3 263 668.27 | 0.42 |
| Bonds, fixed rate |  |  |  |
| USD |  |  |  |
| USD	PACIFIC GAS & ELECTRIC CO 3.45000% 20-01.07.25 | 9 000 000.00 | 7 718 272.36 | 0.99 |
| Total USD |  | 7 718 272.36 | 0.99 |
| Total Bonds, fixed rate |  | 7 718 272.36 | 0.99 |
| Total Transferable securities and money market instruments traded on another regulated market |  | 100 611 770.99 | 12.92 |

Transferable securities and money market instruments not listed on an official stock exchange and not traded on another regulated market
Notes, fixed rate
| USD |  |
| --- | --- |
| USD | ARDAGH PACKAGING FINANCE PLC-144A 5.25000% 20-30.04.25 | 2 800 000.00 | 2 401 750.30 | 0.31 |
| USD | BMW US CAPITAL LLC-144A 3.90000% 20-09.04.25 | 13 400 000.00 | 12 133 973.06 | 1.56 |
| USD | GE CAPITAL FUNDING LLC 3.45000% 21-15.05.25 | 11 296 000.00 | 10 076 785.99 | 1.29 |
| USD | TENET HEALTHCARE CORP-144A 7.50000% 20-01.04.25 | 3 700 000.00 | 3 244 456.51 | 0.42 |
| Total USD |  |  | 27 856 965.86 | 3.58 |
| Total Notes, fixed rate | 27 856 965.86 | 3.58 |
| Total Transferable securities and money market instruments not listed on an official stock exchange and not traded on another regulated market | 27 856 965.86 | 3.58 |

UBS (Lux) Bond SICAV – 2025 I (EUR)
Annual report and audited financial statements as of 31 May 2021
| Description	Quantity/ | Valuation in EUR | as a % |
| --- | --- | --- |
| Nominal | Unrealized gain | of net |
|  | (loss) on Futures/ | assets |
|  | Forward |  |
|  | Exchange Contracts/ |  |
|  | Swaps (Note 1) |  |
| Recently issued transferable securities and money market instruments Notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	XEROX HOLDINGS CORP-144A 5.00000% 20-15.08.25 | 3 000 000.00 | 2 579 438.10 | 0.33 |
| Total USD |  | 2 579 438.10 | 0.33 |
| Total Notes, fixed rate |  | 2 579 438.10 | 0.33 |
| Total Recently issued transferable securities and money market instruments |  | 2 579 438.10 | 0.33 |
| Total investments in securities |  | 768 449 707.63 | 98.72 |
| Forward Foreign Exchange contracts Currency purchased/Amount purchased/Currency sold/Amount sold/Maturity date |  |  |  |

| EUR | 5 400 715.27 | CHF | 5 915 000.00 | 21.6.2021 | 20 892.29 | 0.00 |
| --- | --- | --- | --- | --- | --- | --- |
| EUR | 518 782 041.92 | USD | 634 120 000.00 | 21.6.2021 | 307 367.37 | 0.04 |
| EUR | 4 484 648.79 | GBP | 3 860 000.00 | 21.6.2021 | -1 771.58 | 0.00 |
| EUR | 4 910 818.31 | USD | 6 000 000.00 | 21.6.2021 | 5 046.46 | 0.00 |
| EUR | 1 594 140.22 | USD | 1 955 000.00 | 21.6.2021 | -4 323.78 | 0.00 |
| Total Forward Foreign Exchange contracts | 327 210.76 | 0.04 |
|  |  |  |
| Cash at banks, deposits on demand and deposit accounts and other liquid assets | 3 551 644.95 | 0.46 |
| Other assets and liabilities | 6 045 876.85 | 0.78 |
| Total net assets | 778 374 440.19 | 100.00 |

UBS (Lux) Bond SICAV – 2025 I (EUR)
Annual report and audited financial statements as of 31 May 2021

Translation (ENDE, 2021-05-31):
# UBS (Lux) Bond SICAV – 2025 I (EUR)
| Wichtigste Daten |  |
| --- | --- |
|  | ISIN | 31.5.2021 |
| Nettovermögen in EUR |  | 778 374 440.19 |
| Klasse I-B-dist 1 | LU2185882045 |  |
| Aktien im Umlauf |  | 2 550 693.0000 |
| Nettoinventarwert pro Aktie in EUR |  | 106.77 |
| Ausgabe- und Rücknahmepreis pro Aktie in EUR 2 |  | 106.54 |
| Klasse K-1-acc 3 | LU2156499548 |  |
| Aktien im Umlauf |  | 36.2000 |
| Nettoinventarwert pro Aktie in EUR |  | 3 158 581.00 |
| Ausgabe- und Rücknahmepreis pro Aktie in EUR 2 |  | 3 151 632.12 |
| Klasse K-1-dist 3 | LU2156499621 |  |
| Aktien im Umlauf |  | 12.9000 |
| Nettoinventarwert pro Aktie in EUR |  | 3 158 672.27 |
| Ausgabe- und Rücknahmepreis pro Aktie in EUR 2 |  | 3 151 723.19 |
| Klasse P-acc 3 | LU2156499035 |  |
| Aktien im Umlauf |  | 828 542.4490 |
| Nettoinventarwert pro Aktie in EUR |  | 105.20 |
| Ausgabe- und Rücknahmepreis pro Aktie in EUR 2 |  | 104.97 |
| Klasse P-dist 3 | LU2156499118 |  |
| Aktien im Umlauf |  | 531 678.9930 |
| Nettoinventarwert pro Aktie in EUR |  | 105.19 |
| Ausgabe- und Rücknahmepreis pro Aktie in EUR 2 |  | 104.96 |
| Klasse Q-acc 3 | LU2156499209 |  |
| Aktien im Umlauf |  | 1 230 754.9650 |
| Nettoinventarwert pro Aktie in EUR |  | 105.32 |
| Ausgabe- und Rücknahmepreis pro Aktie in EUR 2 |  | 105.09 |
| Klasse Q-dist 3 | LU2156499464 |  |
| Aktien im Umlauf |  | 743 070.3230 |
| Nettoinventarwert pro Aktie in EUR |  | 105.29 |
| Ausgabe- und Rücknahmepreis pro Aktie in EUR 2 |  | 105.06 |
| 1  Erste NAV 30.6.2020 2  Siehe Erläuterung 1 3  Erste NAV 10.6.2020 |  |  |
| Performance |  |  |
|  | Währung | 2020/2021 |
| Klasse I-B-dist 1 | EUR | - |
| Klasse K-1-acc 1 | EUR | - |
| Klasse K-1-dist 1 | EUR | - |
| Klasse P-acc 1 | EUR | - |
| Klasse P-dist 1 | EUR | - |
| Klasse Q-acc 1 | EUR | - |
| Klasse Q-dist 1 | EUR | - |
| 1  Auf Grund der Neulancierung liegen keine Daten für die Berechnung der Performance vor. |  |  |

Die historische Performance stellt keinen Indikator für die laufende oder zukünftige Performance dar.
Die Performancedaten lassen die bei der Ausgabe und Rücknahme der Aktien erhobenen Kommissionen und Kosten unberücksichtigt. Die Performancedaten sind ungeprüft.
Der Subfonds verfügt über keine Benchmark.
UBS (Lux) Bond SICAV – 2025 I (EUR)
Jahresbericht und geprüfter Jahresabschluss per 31. Mai 2021

## Bericht des Portfolio Managers
Ab der Lancierung des Subfonds am 9. Juni 2020 bis zum 31 Mai 2021 stiegen die Renditen von Staatsanleihen aus Industrienationen, vor allem später im Berichtszeitraum, da sich die gesamtwirtschaftliche Lage verbesserte und die Erwartungen an fiskalpolitische Impulse stiegen. Die globalen Zentralbanken hielten die Leitzinsen zumeist auf sehr tiefen Niveaus und deuteten an, dass die expan- sive Geldpolitik während des Berichtszeitraums beibehal- ten werden würde. In den meisten Sektoren, so auch bei Investment-Grade-, Hochzins- und Schwellenländeran- leihen, asiatischen Kredittiteln, verbrieften Schuldpapie- ren und EUR-Unternehmensanleihen, verengten sich die Kreditrisikoprämien während des gesamten Berichtszeit- raums und schlossen auf einem tieferen Niveau.
Der Subfonds erzielte von der Lancierung bis zum Ende des Berichtszeitraums eine positive Performance. Die wichtigsten Faktoren für die Wertentwicklung waren Zinserträge und die Verengung der Kreditrisikoprämien während des Berichtszeitraums. Sie glichen den Effekt der steigenden Renditen bei Staatsanleihen von Indus- trienationen mehr als aus. Der Subfonds verfolgt einen diversifizierten, auf eine feste Laufzeit ausgerichteten Ansatz und investiert in ein breites Spektrum von Sek- toren und Regionen. Die optionsbereinigte Duration des Subfonds lag mit 3,2 Jahren am Ende des Berichtszeit- raums unter dem Niveau bei der Lancierung.

## Struktur des Wertpapierbestandes
Geographische Aufteilung in % des Nettovermögens	
| Vereinigte Staaten | 39.76 |
| --- | --- |
| Grossbritannien | 11.84 |
| Frankreich | 5.12 |
| Luxemburg | 4.24 |
| Cayman-Inseln | 3.57 |
| Niederlande | 2.58 |
| Japan | 2.43 |
| Kanada | 2.40 |
| Irland | 2.08 |
| Deutschland | 2.08 |
| Mexiko | 1.96 |
| China | 1.89 |
| Indien | 1.84 |
| Italien | 1.78 |
| Singapur | 1.60 |
| Australien | 1.38 |
| Britische Jungferninseln | 0.91 |
| Chile | 0.91 |
| Nigeria | 0.87 |
| Türkei | 0.81 |
| Schweden | 0.78 |
| Oman | 0.66 |
| Österreich | 0.58 |
| Jersey | 0.54 |
| Kolumbien | 0.53 |
| Tschechische Republik | 0.52 |
| Saudiarabia | 0.52 |
| Rumänien | 0.51 |
| Südkorea | 0.51 |
| Brasilien | 0.46 |
| Indonesien | 0.46 |
| Peru | 0.35 |
| Mauritius | 0.35 |
| Dominikanische Republik | 0.32 |
| Mongolei | 0.32 |
| Ukraine | 0.32 |
| Multinational | 0.31 |
| Ägypten | 0.28 |
| Pakistan | 0.21 |
| Spanien | 0.14 |
| Total | 98.72 |

Wirtschaftliche Aufteilung in % des Nettovermögens	
| Finanz- & Beteiligungsgesellschaften | 31.03 |
| --- | --- |
| Banken & Kreditinstitute | 17.56 |
| Erdöl | 5.26 |
| Immobilien | 4.92 |
| Energie- & Wasserversorgung | 4.55 |
| Verkehr & Transport | 4.44 |
| Flugzeug- & Raumfahrtindustrie | 3.41 |
| Fahrzeuge | 3.17 |
| Telekommunikation | 3.07 |
| Länder- & Zentralregierungen | 2.99 |
| Pfandbriefinstitute & Refinanzierungsgesellschaften | 2.70 |
| Diverse Handelsfirmen | 2.33 |
| Gastgewerbe & Freizeit | 1.60 |
| Computer & Netzwerkausrüster | 1.51 |
| Chemie | 1.49 |
| Bergbau, Kohle & Stahl | 1.48 |
| Elektrische Geräte & Komponenten | 1.08 |
| Supranationale Organisationen | 0.87 |
| Diverse Dienstleistungen | 0.87 |
| Verpackungsindustrie | 0.68 |
| Baugewerbe & Baumaterial | 0.65 |
| Elektronik & Halbleiter | 0.58 |
| Internet, Software & IT-Dienste | 0.47 |
| Nichteisenmetalle | 0.46 |
| Tabak & alkoholische Getränke | 0.42 |
| Gesundheits- & Sozialwesen | 0.42 |
| Diverse Konsumgüter | 0.42 |
| Umwelt & Recycling | 0.29 |
| Total | 98.72 |

UBS (Lux) Bond SICAV – 2025 I (EUR)
Jahresbericht und geprüfter Jahresabschluss per 31. Mai 2021

## Nettovermögensaufstellung
Aktiva	31.5.2021
EUR
Wertpapierbestand, Einstandswert	780 048 199.92
| Wertpapierbestand, nicht realisierte Werterhöhung (-minderung) | 	-11 598 492.29	 |
| --- | --- |
| Total Wertpapierbestand (Erläuterung 1) | 768 449 707.63 |
| Bankguthaben, Sicht- und Fristgelder | 3 551 644.95 |
| Zinsforderungen aus Wertpapieren | 7 087 847.01 |
| Sonstige Forderungen | 63 547.72 |
| Nicht realisierter Kursgewinn aus Devisenterminkontrakten (Erläuterung 1) | 327 210.76 |
| Total Aktiva | 779 479 958.07 |
|  |  |
| Passiva |  |
| Verbindlichkeiten aus Rücknahmen | -735 408.07 |
| Rückstellungen für pauschale Verwaltungskommission (Erläuterung 2) | -264 508.98 |
| Rückstellungen für Abonnementsabgabe (Erläuterung 3) | -46 966.12 |
| Rückstellungen für sonstige Kommissionen und Gebühren (Erläuterung 2) | 	-58 634.71	 |
| Total Rückstellungen für Aufwendungen | -370 109.81 |
| Total Passiva | -1 105 517.88 |
|  |  |
| Nettovermögen am Ende der Berichtsperiode | 778 374 440.19 |
| Ertrags- und Aufwandsrechnung | EUR |
| Erträge | 10.6.2020-31.5.2021 |
| Zinsen auf Wertpapiere | 23 652 226.78 |
| Erträge aus Securities Lending (Erläuterung 16) | 7 800.45 |
| Sonstige Erträge (Erläuterung 4) | 1 001 798.66 |
| Total Erträge | 24 661 825.89 |
|  |  |
| Aufwendungen |  |
| Pauschale Verwaltungskommission (Erläuterung 2) | -1 733 184.23 |
| Abonnementsabgabe (Erläuterung 3) | -271 702.07 |
| Kosten aus Securities Lending (Erläuterung 16) | -3 120.18 |
| Sonstige Kommissionen und Gebühren (Erläuterung 2) | -58 634.71 |
| Zinsaufwand auf liquide Mittel und Kontokorrentkredit | -128 431.27 |
| Total Aufwendungen | -2 195 072.46 |
|  |  |
| Nettoerträge (-verluste) aus Anlagen | 22 466 753.43 |
|  |  |
| Realisierte Gewinne (Verluste) (Erläuterung 1) |  |
| Realisierter Kursgewinn (-verlust) aus marktbewerteten Wertpapieren ausser Optionen | -3 921 005.84 |
| Realisierter Kursgewinn (-verlust) aus Devisenterminkontrakten | 24 823 694.73 |
| Realisierter Währungsgewinn (-verlust) | 4 299 444.41 |
| Total der realisierten Gewinne (Verluste) | 25 202 133.30 |
|  |  |
| Realisierter Nettogewinn (-verlust) der Berichtsperiode | 47 668 886.73 |
|  |  |
| Veränderungen der nicht realisierten Werterhöhung (-minderung) (Erläuterung 1) |  |
| Nicht realisierte Werterhöhung (-minderung) marktbewerteter Wertpapiere ausser Optionen | -11 598 492.29 |
| Nicht realisierte Werterhöhung (-minderung) von Devisenterminkontrakten | 327 210.76 |
| Total der Veränderungen der nicht realisierten Werterhöhung (-minderung) | -11 271 281.53 |
|  |  |
| Nettoerhöhung (-minderung) des Nettovermögens infolge Geschäftstätigkeit | 36 397 605.20 |

UBS (Lux) Bond SICAV – 2025 I (EUR)
Jahresbericht und geprüfter Jahresabschluss per 31. Mai 2021
| Veränderung des Nettovermögens |  |
| --- | --- |
|  | EUR |
|  | 10.6.2020-31.5.2021 |
| Nettovermögen zu Beginn der Berichtsperiode | 0.00 |
| Zeichnungen | 1 150 249 652.32 |
| Rücknahmen | 	-408 272 817.33	 |
| Total Mittelzufluss (-abfluss) | 741 976 834.99 |
| Nettoerträge (-verluste) aus Anlagen | 22 466 753.43 |
| Total der realisierten Gewinne (Verluste) | 25 202 133.30 |
| Total der Veränderungen der nicht realisierten Werterhöhung (-minderung) | 	-11 271 281.53	 |
| Nettoerhöhung (-minderung) des Nettovermögens infolge Geschäftstätigkeit | 36 397 605.20 |
| Nettovermögen am Ende der Berichtsperiode | 778 374 440.19 |
| Entwicklung der Aktien im Umlauf |  |
|  | 10.6.2020-31.5.2021 |
| Klasse | I-B-dist |
| Anzahl der Aktien im Umlauf zu Beginn der Berichtsperiode | 0.0000 |
| Anzahl der ausgegebenen Aktien | 3 115 693.0000 |
| Anzahl der zurückgegebenen Aktien | -565 000.0000 |
| Anzahl der Aktien im Umlauf am Ende der Berichtsperiode | 2 550 693.0000 |
| Klasse | K-1-acc |
| Anzahl der Aktien im Umlauf zu Beginn der Berichtsperiode | 0.0000 |
| Anzahl der ausgegebenen Aktien | 38.6000 |
| Anzahl der zurückgegebenen Aktien | -2.4000 |
| Anzahl der Aktien im Umlauf am Ende der Berichtsperiode | 36.2000 |
| Klasse | K-1-dist |
| Anzahl der Aktien im Umlauf zu Beginn der Berichtsperiode | 0.0000 |
| Anzahl der ausgegebenen Aktien | 13.2000 |
| Anzahl der zurückgegebenen Aktien | -0.3000 |
| Anzahl der Aktien im Umlauf am Ende der Berichtsperiode | 12.9000 |
| Klasse | P-acc |
| Anzahl der Aktien im Umlauf zu Beginn der Berichtsperiode | 0.0000 |
| Anzahl der ausgegebenen Aktien | 938 208.1580 |
| Anzahl der zurückgegebenen Aktien | -109 665.7090 |
| Anzahl der Aktien im Umlauf am Ende der Berichtsperiode | 828 542.4490 |
| Klasse | P-dist |
| Anzahl der Aktien im Umlauf zu Beginn der Berichtsperiode | 0.0000 |
| Anzahl der ausgegebenen Aktien | 602 229.7940 |
| Anzahl der zurückgegebenen Aktien | -70 550.8010 |
| Anzahl der Aktien im Umlauf am Ende der Berichtsperiode | 531 678.9930 |
| Klasse | Q-acc |
| Anzahl der Aktien im Umlauf zu Beginn der Berichtsperiode | 0.0000 |
| Anzahl der ausgegebenen Aktien | 4 419 333.0440 |
| Anzahl der zurückgegebenen Aktien | -3 188 578.0790 |
| Anzahl der Aktien im Umlauf am Ende der Berichtsperiode | 1 230 754.9650 |
| Klasse | Q-dist |
| Anzahl der Aktien im Umlauf zu Beginn der Berichtsperiode | 0.0000 |
| Anzahl der ausgegebenen Aktien | 776 583.9580 |
| Anzahl der zurückgegebenen Aktien | -33 513.6350 |
| Anzahl der Aktien im Umlauf am Ende der Berichtsperiode | 743 070.3230 |

UBS (Lux) Bond SICAV – 2025 I (EUR)
Jahresbericht und geprüfter Jahresabschluss per 31. Mai 2021

## Aufstellung der Wertpapierbestände und anderer Nettovermögenswerte per 31. Mai 2021
| 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 |  |  |  |
| EUR |  |  |  |
| EUR	AIRBUS SE-REG-S 1.62500% 20-07.04.25 | 10 200 000.00 | 10 806 104.40 | 1.39 |
| EUR	AMS AG-REG-S 6.00000% 20-31.07.25 | 4 250 000.00 | 4 541 975.00 | 0.58 |
| EUR	CAPITAL ONE FINANCIAL CORP 0.80000% 19-12.06.24 | 10 200 000.00 | 10 409 741.58 | 1.34 |
| EUR	CEMEX SAB DE CV-REG-S 2.75000% 17-05.12.24 | 5 000 000.00 | 5 064 062.50 | 0.65 |
| EUR	EG GLOBAL FINANCE PLC-REG-S 6.25000% 19-30.10.25 | 1 000 000.00 | 1 016 270.00 | 0.13 |
| EUR	INTERNATIONAL GAME TECHNOLOGY PLC-REG-S 3.50000% 18-15.07.24 | 3 500 000.00 | 3 690 197.00 | 0.47 |
| EUR	PHILIP MORRIS INTERNATIONAL INC 2.75000% 13-19.03.25 | 3 000 000.00 | 3 304 356.00 | 0.43 |
| EUR	SAZKA GROUP AS-REG-S 4.12500% 19-20.11.24 | 4 050 000.00 | 4 081 640.62 | 0.52 |
| EUR	SYNTHOMER PLC-REG-S 3.87500% 20-01.07.25 | 3 550 000.00 | 3 709 892.00 | 0.48 |
| EUR	TEVA PHARMACEUTICAL FIN 6.00000% 20-31.01.25 | 3 650 000.00 | 3 976 903.13 | 0.51 |
| EUR	UNITED GROUP BV-REG-S 4.87500% 17-01.07.24 | 2 700 000.00 | 2 733 750.00 | 0.35 |
| Total EUR |  | 53 334 892.23 | 6.85 |
| GBP |  |  |  |
| GBP	TALKTALK TELECOM GROUP PLC-REG-S 3.87500% 20-20.02.25 | 3 500 000.00 | 3 987 850.16 | 0.51 |
| Total GBP |  | 3 987 850.16 | 0.51 |
| USD |  |  |  |
| USD	ADANI PORTS AND SPECIAL ECO ZONE-REG-S 3.37500% 19-24.07.24 | 4 400 000.00 | 3 775 978.41 | 0.48 |
| USD	AERCAP IRELAND CAP/ GLBL AVIATION TRUST 6.50000% 20-15.07.25 | 15 600 000.00 | 14 947 272.85 | 1.92 |
| USD	AFRICA FINANCE CORP-REG-S 3.12500% 20-16.06.25 | 8 000 000.00 | 6 768 707.31 | 0.87 |
| USD	AIR LEASE CORP 3.37500% 20-01.07.25 | 13 700 000.00 | 12 029 984.74 | 1.55 |
| USD	ALLY FINANCIAL INC 5.80000% 20-01.05.25 | 9 300 000.00 | 8 888 096.29 | 1.14 |
| USD	BANCO SANTANDER SA-REG-S 5.37500% 20-17.04.25 | 6 400 000.00 | 5 932 360.03 | 0.76 |
| USD	BHARTI AIRTEL LTD-REG-S 4.37500% 15-10.06.25 | 1 200 000.00 | 1 068 764.57 | 0.14 |
| USD	BOEING CO 4.87500% 20-01.05.25 | 12 500 000.00 | 11 485 736.31 | 1.48 |
| USD	BP CAPITAL MARKETS AMERICA INC 3.19400% 20-06.04.25 | 9 200 000.00 | 8 158 367.14 | 1.05 |
| USD	CANADIAN IMPERIAL BANK OF COMMERCE 2.25000% 20-28.01.25 | 6 700 000.00 | 5 748 031.68 | 0.74 |
| USD	CENOVUS ENERGY INC 5.37500% 20-15.07.25 | 700 000.00 | 653 346.16 | 0.08 |
| USD	CENTURYLINK INC 5.62500% 15-01.04.25 | 4 100 000.00 | 3 597 363.10 | 0.46 |
| USD	CIT GROUP INC 5.25000% 18-07.03.25 | 3 100 000.00 | 2 865 088.13 | 0.37 |
| USD	CONTINENTAL RESOURCES INC 3.80000% 14-01.06.24 | 4 100 000.00 | 3 521 275.10 | 0.45 |
| USD	CORP NACIONAL DEL COBRE DE CHILE-REG-S 4.50000% 15-16.09.25 | 4 000 000.00 | 3 688 300.00 | 0.47 |
| USD	COVANTA HOLDING CORP 5.87500% 17-01.07.25 | 2 700 000.00 | 2 280 088.34 | 0.29 |
| USD	CREDICORP LTD-REG-S 2.75000% 20-17.06.25 | 3 300 000.00 | 2 700 404.86 | 0.35 |
| USD	DOMINICAN REPUBLIC-REG-S 5.50000% 15-27.01.25 | 2 800 000.00 | 2 523 126.00 | 0.32 |
| USD	EASY TACTIC LTD-REG-S 8.12500% 19-11.07.24 | 4 700 000.00 | 3 549 313.99 | 0.46 |
| USD	EDISON INTERNATIONAL 4.95000% 20-15.04.25 | 11 700 000.00 | 10 651 921.05 | 1.37 |
| USD	EQT CORP 6.12500% 20-01.02.25 | 4 700 000.00 | 4 489 535.03 | 0.58 |
| USD	EXPORT CREDIT BANK OF TURKEY-REG-S 6.12500% 18-03.05.24 | 4 300 000.00 | 3 612 128.37 | 0.46 |
| USD	EXXON MOBIL CORP 2.99200% 20-19.03.25 | 9 500 000.00 | 8 388 481.43 | 1.08 |
| USD	FANTASIA HOLDINGS GROUP CO LTD-REG-S 11.87500% 20-01.06.23 | 3 525 000.00 | 2 793 526.11 | 0.36 |
| USD	FANTASIA HOLDINGS GROUP CO LTD-REG-S 9.25000% 20-28.07.23 | 600 000.00 | 447 583.12 | 0.06 |
| USD	FIBRIA OVERSEAS FINANCE LTD 4.00000% 17-14.01.25 | 4 100 000.00 | 3 605 210.01 | 0.46 |
| USD	FORD MOTOR CO 9.00000% 20-22.04.25 | 5 500 000.00 | 5 496 041.38 | 0.71 |
| USD	GENERAL MOTORS CO 6.12500% 20-01.10.25 | 8 000 000.00 | 7 778 348.80 | 1.00 |
| USD	GLENCORE FUNDING LLC-144A 1.62500% 20-01.09.25 | 1 750 000.00 | 1 445 035.62 | 0.19 |
| USD	GOLDMAN SACHS GROUP INC 3.50000% 20-01.04.25 | 11 400 000.00 | 10 165 655.29 | 1.31 |
| USD	HEWLETT PACKARD ENTERPRISE CO 4.65000% 20-01.10.24 | 6 300 000.00 | 5 757 690.91 | 0.74 |
| USD	HILLENBRAND INC 5.75000% 20-15.06.25 | 3 200 000.00 | 2 805 499.53 | 0.36 |
| USD	INDONESIA ASAHAN ALUMINIUM TBK PT-REG-S 4.75000% 20-15.05.25 | 4 000 000.00 | 3 570 932.00 | 0.46 |
| USD	ISTAR INC 4.25000% 19-01.08.25 | 4 900 000.00 | 4 060 309.16 | 0.52 |
| USD	JSW STEEL LTD-REG-S 5.37500% 19-04.04.25 | 2 800 000.00 | 2 437 962.62 | 0.31 |
| USD	KAISA GROUP HOLDINGS LTD-REG-S 9.95000% 20-23.07.25 | 1 600 000.00 | 1 248 762.94 | 0.16 |
| USD	LAS VEGAS SANDS CORP 3.20000% 19-08.08.24 | 10 000 000.00 | 8 600 839.73 | 1.10 |
| USD	LLOYDS BANKING GROUP PLC 4.45000% 18-08.05.25 | 10 000 000.00 | 9 207 069.15 | 1.18 |
| USD	MARATHON PETROLEUM CORP 4.70000% 20-01.05.25 | 8 000 000.00 | 7 412 801.11 | 0.95 |
| USD	MEDCO PLATINUM ROAD PTE LTD-REG-S 6.75000% 18-30.01.25 | 3 600 000.00 | 3 085 756.35 | 0.40 |
| USD	MITSUBISHI UFJ FINANCIAL GRP INC 2.19300% 20-25.02.25 | 14 700 000.00 | 12 548 940.28 | 1.61 |
| USD	NAVIENT CORP 6.75000% 17-25.06.25 | 4 000 000.00 | 3 594 650.96 | 0.46 |
| USD	PAKISTAN, ISLAMIC REPUBLIC OF-REG-S 8.25000% 15-30.09.25 | 1 800 000.00 | 1 631 670.97 | 0.21 |
| USD	PETROBRAS GLOBAL FINANCE BV 5.29900% 18-27.01.25 | 3 300 000.00 | 3 017 543.86 | 0.39 |
| USD	PETROLEOS MEXICANOS-REG-S 6.87500% 20-16.10.25 | 1 100 000.00 | 998 110.66 | 0.13 |
| USD	PLAINS ALL AMERICAN PIPELINE LP 4.65000%15-15.10.25 | 1 350 000.00 | 1 235 335.42 | 0.16 |
| USD	REC LTD-REG-S 3.50000% 19-12.12.24 | 4 400 000.00 | 3 782 726.05 | 0.49 |
| USD	RONSHINE CHINA HOLDINGS LTD-REG-S 6.75000% 20-05.08.24 | 2 200 000.00 | 1 695 119.21 | 0.22 |
| USD	SINOPEC GRP OVERSEAS DEV LTD-REG-S 2.15000% 20-13.05.25 | 4 000 000.00 | 3 358 377.30 | 0.43 |
| USD	SOUTHWEST AIRLINES CO 5.25000% 20-04.05.25 | 8 000 000.00 | 7 505 161.60 | 0.96 |
| USD	SPRINGLEAF FINANCE CORP 6.87500% 18-15.03.25 | 1 500 000.00 | 1 386 332.96 | 0.18 |
| USD	SPRINGLEAF FINANCE CORP 8.87500% 20-01.06.25 | 2 900 000.00 | 2 612 051.70 | 0.34 |
| USD	SPRINT CORP 7.62500% 15-15.02.25 | 2 400 000.00 | 2 320 932.40 | 0.30 |
| USD	SUMITOMO MITSUI FIN GP INC 2.34800% 20-15.01.25 | 7 450 000.00 | 6 391 894.66 | 0.82 |
| USD	SUNCOR ENERGY INC 3.10000% 20-15.05.25 | 5 000 000.00 | 4 399 748.25 | 0.57 |
| USD	SYNCHRONY FINANCIAL 4.50000% 15-23.07.25 | 7 600 000.00 | 6 965 924.72 | 0.89 |
| USD	TURKEY, REPUBLIC OF 7.37500% 05-05.02.25 | 3 100 000.00 | 2 722 150.65 | 0.35 |
| USD	UKRAINE, GOVERNMENT OF-REG-S 7.75000% 15-01.09.25 | 2 700 000.00 | 2 448 334.56 | 0.31 |
| USD	VEDANTA RESOURCES PLC-REG-S 6.12500% 17-09.08.24 | 5 700 000.00 | 3 986 888.12 | 0.51 |
| USD	WESTERN MIDSTREAM OPERATING LP 3.10000% 20-01.02.25 | 4 000 000.00 | 3 410 624.46 | 0.44 |
| Total USD |  | 287 255 213.51 | 36.91 |
| Total Notes, fester Zins |  | 344 577 955.90 | 44.27 |

UBS (Lux) Bond SICAV – 2025 I (EUR)
Jahresbericht und geprüfter Jahresabschluss per 31. Mai 2021
| Bezeichnung | Anzahl/ | Bewertung in EUR | in % des |
| --- | --- | --- | --- |
|  | Nominal | NR Kursgewinn | Netto- |
|  |  | (-verlust) auf Futures/ | vermögens |
|  |  | Devisentermin- |  |
|  |  | kontrakten/ |  |
|  |  | Swaps (Erl. 1) |  |
| Notes, variabler Zins |  |  |  |
| USD |  |  |  |
| USD	WYNDHAM WORLDWIDE CORP STEP UP/RATING LINKED 15-01.10.25 | 4 200 000.00 | 3 868 850.45 | 0.50 |
| Total USD |  | 3 868 850.45 | 0.50 |
| Total Notes, variabler Zins |  | 3 868 850.45 | 0.50 |
| Medium-Term Notes, fester Zins |  |  |  |
| CHF |  |  |  |
| CHF	CELLNEX TELECOM SA 1.11750% 20-17.07.25 | 1 200 000.00 | 1 110 413.60 | 0.14 |
| CHF	HEATHROW FUNDING LTD 0.50000% 16-17.05.24 | 4 600 000.00 | 4 235 668.59 | 0.55 |
| Total CHF |  | 5 346 082.19 | 0.69 |
| EUR |  |  |  |
| EUR	ANGLO AMERICAN CAPITAL PLC-REG-S 1.62500% 17-18.09.25 | 7 300 000.00 | 7 754 060.00 | 1.00 |
| EUR	BANQUE FEDER DU CREDIT MUTUEL-REG-S-SUB 3.00000% 14-21.05.24 | 6 900 000.00 | 7 489 204.80 | 0.96 |
| EUR	BAT INTERNATIONAL FINANCE PLC-REG-S 2.75000% 13-25.03.25 | 5 700 000.00 | 6 202 626.00 | 0.80 |
| EUR	BNP PARIBAS-REG-S-SUB 2.37500% 15-17.02.25 | 7 700 000.00 | 8 250 580.79 | 1.06 |
| EUR	GENERAL MOTORS FINANCIAL CO INC-REG-S 1.69400% 18-26.03.25 | 4 200 000.00 | 4 422 054.00 | 0.57 |
| EUR	GLENCORE FINANCE EUROPE SA-REG-S 1.75000% 15-17.03.25 | 10 400 000.00 | 10 921 060.80 | 1.40 |
| EUR	GOLDMAN SACHS GROUP INC-REG-S 1.25000% 16-01.05.25 | 2 600 000.00 | 2 686 080.80 | 0.35 |
| EUR	HSBC HOLDINGS PLC-SUB 3.00000% 15-30.06.25 | 8 600 000.00 | 9 496 120.00 | 1.22 |
| EUR	LOGICOR FINANCING SARL-REG-S 2.25000% 18-13.05.25 | 10 400 000.00 | 11 147 344.00 | 1.43 |
| EUR	NATWEST MARKETS PLC-REG-S 2.75000% 20-02.04.25 | 12 700 000.00 | 14 021 003.20 | 1.80 |
| EUR	ORANO SA 4.87500% 09-23.09.24 | 2 500 000.00 | 2 828 055.00 | 0.36 |
| EUR	SCHAEFFLER AG-REG-S 2.75000% 20-12.10.25 | 600 000.00 | 636 074.40 | 0.08 |
| EUR	SWEDBANK AB-REG-S 0.25000% 19-09.10.24 | 6 000 000.00 | 6 042 660.00 | 0.78 |
| EUR	SYDNEY AIRPORT FINANCE CO PTY LTD-REG-S 2.75000% 14-23.04.24 | 6 400 000.00 | 6 900 992.00 | 0.89 |
| EUR	TELECOM ITALIA SPA-REG-S 3.00000% 16-30.09.25 | 500 000.00 | 533 579.00 | 0.07 |
| EUR	TELECOM ITALIA SPA-REG-S 2.75000% 19-15.04.25 | 2 900 000.00 | 3 042 100.00 | 0.39 |
| EUR	VOLKSWAGEN LEASING GMBH-REG-S 1.37500% 17-20.01.25 | 11 200 000.00 | 11 702 566.40 | 1.50 |
| Total EUR |  | 114 076 161.19 | 14.66 |
| USD |  |  |  |
| USD	BOC AVIATION LTD-REG-S 3.25000% 20-29.04.25 | 1 100 000.00 | 947 039.28 | 0.12 |
| USD	BOC AVIATION LTD-REG-S 2.62500% 20-17.01.25 | 3 750 000.00 | 3 148 097.17 | 0.41 |
| USD	EGYPT, REPUBLIC OF-REG-S 5.87500% 15-11.06.25 | 2 500 000.00 | 2 199 116.68 | 0.28 |
| USD	KOREA ELECTRIC POWER CORP-REG-S 1.12500% 20-15.06.25 | 3 800 000.00 | 3 102 758.35 | 0.40 |
| USD	KWG GROUP HOLDINGS LTD-REG-S 5.95000% 20-10.08.25 | 600 000.00 | 498 098.39 | 0.06 |
| USD	MDGH - GMTN BV-REG-S 2.50000% 19-07.11.24 | 4 148 000.00 | 3 558 021.51 | 0.46 |
| USD	MEGLOBAL CANADA INC-REG-S 5.00000% 20-18.05.25 | 4 200 000.00 | 3 849 235.68 | 0.49 |
| USD	MONGOLIA,GOVERNMENT OF-REG-S 8.75000% 17-09.03.24 | 2 700 000.00 | 2 522 727.27 | 0.32 |
| USD	MORGAN STANLEY 4.00000% 15-23.07.25 | 11 750 000.00 | 10 744 774.98 | 1.38 |
| USD	OMAN GOVT INTERNATIONAL BOND-REG-S 4.87500% 19-01.02.25 | 6 000 000.00 | 5 129 125.26 | 0.66 |
| USD	QNB FINANCE LTD-REG-S 2.62500% 20-12.05.25 | 6 000 000.00 | 5 109 802.48 | 0.66 |
| USD	QNB FINANCE LTD-REG-S 1.62500% 20-22.09.25 | 700 000.00 | 573 958.20 | 0.07 |
| USD	SAUDI GOVERNMENT INTERNATIONAL BD-REG-S 4.00000% 18-17.04.25 | 4 500 000.00 | 4 068 825.92 | 0.52 |
| Total USD |  | 45 451 581.17 | 5.83 |
| Total Medium-Term Notes, fester Zins |  | 164 873 824.55 | 21.18 |
| Medium-Term Notes, variabler Zins |  |  |  |
| EUR |  |  |  |
| EUR	BARCLAYS PLC-REG-S 3.375%/VAR 20-02.04.25 | 9 000 000.00 | 9 809 550.00 | 1.26 |
| EUR	MACQUARIE GRP LTD-REG-S 1.250%/3M EURIBOR+83.9BP 18-05.03.25 | 2 500 000.00 | 2 579 090.00 | 0.33 |
| EUR	SANTANDER UK GROUP HOLD PLC-REG-S 0.391%/VAR 20-28.02.25 | 10 900 000.00 | 10 973 553.20 | 1.41 |
| Total EUR |  | 23 362 193.20 | 3.00 |
| Total Medium-Term Notes, variabler Zins |  | 23 362 193.20 | 3.00 |
| Anleihen, fester Zins |  |  |  |
| EUR |  |  |  |
| EUR	ADLER REAL ESTATE AG-REG-S 1.87500% 18-27.04.23 | 3 800 000.00 | 3 831 578.00 | 0.49 |
| EUR	ALTICE FINANCING SA-REG-S 2.25000% 20-15.01.25 | 4 150 000.00 | 4 061 729.50 | 0.52 |
| EUR	CROWN EUROPEAN HOLDINGS SA-REG-S 3.37500% 15-15.05.25 | 2 700 000.00 | 2 905 540.20 | 0.37 |
| EUR	CRYSTAL ALMOND SARL-REG-S 4.25000% 19-15.10.24 | 4 050 000.00 | 4 122 819.00 | 0.53 |
| EUR	FAURECIA SA-REG-S 2.62500% 18-15.06.25 | 3 600 000.00 | 3 646 296.00 | 0.47 |
| EUR	GENERAL ELECTRIC CO 0.87500% 17-17.05.25 | 8 200 000.00 | 8 398 505.60 | 1.08 |
| EUR	IMPERIAL BRANDS FINANCE PLC-REG-S 1.37500% 17-27.01.25 | 8 000 000.00 | 8 265 840.00 | 1.06 |
| EUR	OI EUROPEAN GROUP BV-REG-S 2.87500% 19-15.02.25 | 3 600 000.00 | 3 657 816.00 | 0.47 |
| EUR	QUATRIM SASU-REG-S 5.87500% 19-15.01.24 | 3 800 000.00 | 3 954 052.00 | 0.51 |
| EUR	RCS & RDS SA-REG-S 2.50000% 20-05.02.25 | 4 000 000.00 | 4 002 000.00 | 0.52 |
| Total EUR |  | 46 846 176.30 | 6.02 |
| USD |  |  |  |
| USD	BHARTI AIRTEL INTL NETHERLANDS BV-REG-S 5.35000% 14-20.05.24 | 3 450 000.00 | 3 111 497.05 | 0.40 |
| USD	BRASKEM FINANCE LTD 6.45000% 14-03.02.24 | 3 900 000.00 | 3 600 079.74 | 0.46 |
| USD	CDBL FUNDING 1-REG-S 4.25000% 14-02.12.24 | 4 225 000.00 | 3 759 529.50 | 0.48 |
| USD	CHINA EVERGRANDE GROUP-REG-S 8.75000% 17-28.06.25 | 4 350 000.00 | 2 830 266.22 | 0.36 |
| USD	COUNTRY GARDEN HOLDINGS CO LTD-REG-S 5.12500% 18-17.01.25 | 3 650 000.00 | 3 098 462.35 | 0.40 |
| USD	ECOPETROL SA 4.12500% 14-16.01.25 | 4 800 000.00 | 4 107 471.48 | 0.53 |
| USD	FAB SUKUK CO LTD-REG-S 2.50000% 20-21.01.25 | 3 800 000.00 | 3 231 934.73 | 0.41 |
| USD	GLOBAL LOGISTIC PROPERTIES LTD-REG-S 3.87500% 15-04.06.25 | 6 150 000.00 | 5 291 935.02 | 0.68 |
| USD	GREENKO SOLAR MAURITIUS LTD-REG-S 5.55000% 19-29.01.25 | 3 200 000.00 | 2 690 058.48 | 0.35 |
| USD	KINDER MORGAN INC 4.30000% 14-01.06.25 | 1 000 000.00 | 913 831.38 | 0.12 |
| USD	KOREA NATIONAL OIL CORP-REG-S 0.87500% 20-05.10.25 | 1 100 000.00 | 886 266.93 | 0.11 |
| USD	KWG GROUP HOLDINGS LTD-REG-S 5.87500% 17-10.11.24 | 3 975 000.00 | 3 318 799.08 | 0.43 |
| USD	POWER FINANCE CORP LTD-REG-S 3.75000% 19-18.06.24 | 600 000.00 | 516 132.99 | 0.07 |
| USD	POWER FINANCE CORP LTD-REG-S 3.25000% 19-16.09.24 | 3 200 000.00 | 2 724 082.94 | 0.35 |

UBS (Lux) Bond SICAV – 2025 I (EUR)
Jahresbericht und geprüfter Jahresabschluss per 31. Mai 2021
|  | Bezeichnung | Anzahl/ | Bewertung in EUR | in % des |
| --- | --- | --- | --- | --- |
|  | Nominal | NR Kursgewinn | Netto- |
|  |  | (-verlust) auf Futures/ | vermögens |
|  |  | Devisentermin- |  |
|  |  | kontrakten/ |  |
|  |  | Swaps (Erl. 1) |  |
|  |  |  |  |  |
| USD | SEAGATE HDD CAYMAN-144A 4.75000% 14-01.01.25 | 3 800 000.00 | 3 390 940.17 | 0.44 |
| USD | SHIMAO PROPERTY HOLDINGS LIMITED-REG-S 5.20000% 18-30.01.25 | 3 625 000.00 | 3 077 536.50 | 0.39 |
| USD | WANDA PROPERTIES INTERNATIONAL-REG-S 7.25000% 14-19.01.24 | 4 350 000.00 | 3 530 717.09 | 0.45 |
| USD | YUZHOU PROPERTIES CO LTD-REG-S 8.30000% 19-27.05.25 | 5 000 000.00 | 3 792 990.63 | 0.49 |
| Total USD |  |  | 53 872 532.28 | 6.92 |
| Total Anleihen, fester Zins | 100 718 708.58 | 12.94 |
| Total Wertpapiere und Geldmarktinstrumente, die an einer offiziellen Börse gehandelt werden | 637 401 532.68 | 81.89 |
| Wertpapiere und Geldmarktinstrumente, die an einem anderen geregelten Markt gehandelt werden |  |  |
| Asset Backed Securities, fester Zins |  |  |
| USD |  |  |
| USD	AMERICAN CREDIT ACCEPT RECEI TRUST-144A 3.93000% 18-10.04.24	2 450 000.00 | 962 509.42 | 0.12 |
| USD	DRIVE AUTO RECEIVABLES TRUST 4.30000% 18-16.09.24	1 973 000.00 | 1 473 142.91 | 0.19 |
| USD	DT AUTO OWNER TRUST-144A 6.03000% 17-15.01.24	3 000 000.00 | 1 794 407.14 | 0.23 |
| USD	DT AUTO OWNER TRUST-144A 4.19000% 18-15.07.24	2 900 000.00 | 2 438 847.46 | 0.31 |
| USD	EXETER AUTOMOBILE RECEIVABLES-144A 4.35000% 18-16.09.24	2 000 000.00 | 1 692 635.34 | 0.22 |
| USD	EXETER AUTOMOBILE RECEIVABLES TRST-144A 4.35000% 18-17.06.24	2 000 000.00 | 1 685 404.49 | 0.22 |
| USD	FLAGSHIP CREDIT AUTO TRUST-144A 3.89000% 16-15.11.22	418 000.00 | 188 459.22 | 0.03 |
| USD	FLAGSHIP CREDIT AUTO TRUST-144A 3.62000% 17-15.07.23	300 000.00 | 249 313.58 | 0.03 |
| USD	FLAGSHIP CREDIT AUTO TRUST -144A 3.89000% 18-16.09.24	500 000.00 | 418 993.34 | 0.05 |
| Total USD | 10 903 712.90 | 1.40 |
| Total Asset Backed Securities, fester Zins | 10 903 712.90 | 1.40 |
| Notes, fester Zins |  |  |
| USD |  |  |
| USD	AVOLON HOLDINGS FUNDING LTD-144A 2.87500% 20-15.02.25	1 500 000.00 | 1 263 150.32 | 0.16 |
| USD	DAIMLER FINANCE NORTH AMERICA LLC-144A 3.30000% 15-19.05.25	8 000 000.00 | 7 084 522.17 | 0.91 |
| USD	DELL INTERNATIONAL LLC / EMC CORP-144A 5.85000% 20-15.07.25	7 000 000.00 | 6 708 142.05 | 0.86 |
| USD	DELTA AIR LINES INC-144A 7.00000% 20-01.05.25	10 800 000.00 | 10 271 585.46 | 1.32 |
| USD	GENESIS ENERGY LP 5.62500% 14-15.06.24	3 500 000.00 | 2 862 634.44 | 0.37 |
| USD	HARLEY-DAVIDSON FIN.SERV INC-144A 3.35000% 20-08.06.25	13 550 000.00 | 11 832 712.90 | 1.52 |
| USD	INTESA SANPAOLO SPA-144A 3.25000% 19-23.09.24	11 814 000.00 | 10 310 547.93 | 1.32 |
| USD	NEWELL BRANDS INC 4.87500% 20-01.06.25	3 550 000.00 | 3 232 615.23 | 0.42 |
| USD	NIELSEN CO LUXEMBOURG SARL/THE-144A 5.00000% 17-01.02.25	3 300 000.00 | 2 773 279.35 | 0.36 |
| USD	NOVA CHEMICALS CORP-144A 5.00000% 14-01.05.25	4 600 000.00 | 4 006 296.57 | 0.51 |
| USD	QVC INC 4.85000% 14-01.04.24	3 100 000.00 | 2 750 991.69 | 0.35 |
| USD	SYDNEY AIRPORT FINANCE CO PTY LTD-144A 3.37500% 15-30.04.25	1 400 000.00 | 1 229 274.89 | 0.16 |
| USD	SYSCO CORP 3.75000% 15-01.10.25	6 800 000.00 | 6 140 331.43 | 0.79 |
| USD	VIACOMCBS INC 4.75000% 20-15.05.25	8 900 000.00 | 8 260 033.03 | 1.06 |
| Total USD | 78 726 117.46 | 10.11 |
| Total Notes, fester Zins | 78 726 117.46 | 10.11 |
| Medium-Term Notes, fester Zins |  |  |
| USD |  |  |
| USD	PETROLEOS MEXICANOS 4.25000% 16-15.01.25	3 900 000.00 | 3 263 668.27 | 0.42 |
| Total USD | 3 263 668.27 | 0.42 |
| Total Medium-Term Notes, fester Zins | 3 263 668.27 | 0.42 |
| Anleihen, fester Zins |  |  |
| USD |  |  |
| USD	PACIFIC GAS & ELECTRIC CO 3.45000% 20-01.07.25	9 000 000.00 | 7 718 272.36 | 0.99 |
| Total USD | 7 718 272.36 | 0.99 |
| Total Anleihen, fester Zins | 7 718 272.36 | 0.99 |
| Total Wertpapiere und Geldmarktinstrumente, die an einem anderen geregelten Markt gehandelt werden | 100 611 770.99 | 12.92 |

Wertpapiere und Geldmarktinstrumente, die nicht an einer offiziellen Börse oder einem anderen geregelten Markt gehandelt werden
Notes, fester Zins
| USD |  |
| --- | --- |
| USD | ARDAGH PACKAGING FINANCE PLC-144A 5.25000% 20-30.04.25 | 2 800 000.00 | 2 401 750.30 | 0.31 |
| USD | BMW US CAPITAL LLC-144A 3.90000% 20-09.04.25 | 13 400 000.00 | 12 133 973.06 | 1.56 |
| USD | GE CAPITAL FUNDING LLC 3.45000% 21-15.05.25 | 11 296 000.00 | 10 076 785.99 | 1.29 |
| USD | TENET HEALTHCARE CORP-144A 7.50000% 20-01.04.25 | 3 700 000.00 | 3 244 456.51 | 0.42 |
| Total USD |  |  | 27 856 965.86 | 3.58 |
| Total Notes, fester Zins | 27 856 965.86 | 3.58 |
| Total Wertpapiere und Geldmarktinstrumente, die nicht an einer offiziellen Börse oder einem anderen geregelten Markt gehandelt werden | 27 856 965.86 | 3.58 |

UBS (Lux) Bond SICAV – 2025 I (EUR)
Jahresbericht und geprüfter Jahresabschluss per 31. Mai 2021
| Bezeichnung	Anzahl/ | Bewertung in EUR | in % des |
| --- | --- | --- |
| Nominal | NR Kursgewinn | Netto- |
|  | (-verlust) auf Futures/ | vermögens |
|  | Devisentermin- |  |
|  | kontrakten/ |  |
|  | Swaps (Erl. 1) |  |
| Neuemittierte Wertpapiere und Geldmarktinstrumente Notes, fester Zins |  |  |  |
| USD |  |  |  |
| USD	XEROX HOLDINGS CORP-144A 5.00000% 20-15.08.25 | 3 000 000.00 | 2 579 438.10 | 0.33 |
| Total USD |  | 2 579 438.10 | 0.33 |
| Total Notes, fester Zins |  | 2 579 438.10 | 0.33 |
| Total Neuemittierte Wertpapiere und Geldmarktinstrumente |  | 2 579 438.10 | 0.33 |
| Total des Wertpapierbestandes |  | 768 449 707.63 | 98.72 |
| Devisenterminkontrakte Gekaufte Währung/ Gekaufter Betrag/Verkaufte Währung/Verkaufter Betrag/Fälligkeitsdatum |  |  |  |

| EUR | 5 400 715.27 | CHF | 5 915 000.00 | 21.6.2021 | 20 892.29 | 0.00 |
| --- | --- | --- | --- | --- | --- | --- |
| EUR | 518 782 041.92 | USD | 634 120 000.00 | 21.6.2021 | 307 367.37 | 0.04 |
| EUR | 4 484 648.79 | GBP | 3 860 000.00 | 21.6.2021 | -1 771.58 | 0.00 |
| EUR | 4 910 818.31 | USD | 6 000 000.00 | 21.6.2021 | 5 046.46 | 0.00 |
| EUR | 1 594 140.22 | USD | 1 955 000.00 | 21.6.2021 | -4 323.78 | 0.00 |
| Total Devisenterminkontrakte | 327 210.76 | 0.04 |
|  |  |  |
| Bankguthaben, Sicht- und Fristgelder und andere liquide Mittel | 3 551 644.95 | 0.46 |
| Andere Aktiva und Passiva | 6 045 876.85 | 0.78 |
| Total des Nettovermögens | 778 374 440.19 | 100.00 |

UBS (Lux) Bond SICAV – 2025 I (EUR)
Jahresbericht und geprüfter Jahresabschluss per 31. Mai 2021