# UBS (Lux) Bond SICAV
– Emerging Economies Corporates (USD)
| Three-year comparison |  |
| --- | --- |
|  | ISIN | 31.5.2021 | 31.5.2020 | 31.5.2019 |
| Net assets in USD |  | 614 398 458.13 | 546 898 682.50 | 452 291 254.26 |
| Class F-acc | LU1611257178 |  |  |  |
| Shares outstanding |  | 821 827.0000 | 1 037 184.0000 | 718 283.0000 |
| Net asset value per share in USD |  | 126.39 | 111.74 | 107.42 |
| Issue and redemption price per share in USD 1 |  | 126.39 | 108.39 | 107.42 |
| Class I-B-acc 2 | LU2107555869 |  |  |  |
| Shares outstanding |  | 107 027.0000 | 14 661.0000 | - |
| Net asset value per share in USD |  | 109.78 | 96.55 | - |
| Issue and redemption price per share in USD 1 |  | 109.78 | 93.65 | - |
| Class I-X-acc | LU1564462544 |  |  |  |
| Shares outstanding |  | 208 614.5530 | 147 789.3620 | 103 336.0910 |
| Net asset value per share in USD |  | 132.59 | 116.47 | 111.24 |
| Issue and redemption price per share in USD 1 |  | 132.59 | 112.98 | 111.24 |
| Class I-X-dist | LU1092615647 |  |  |  |
| Shares outstanding |  | 3 209 002.7900 | 3 295 345.7900 | 2 728 323.7900 |
| Net asset value per share in USD |  | 113.35 | 105.41 | 106.12 |
| Issue and redemption price per share in USD 1 |  | 113.35 | 102.25 | 106.12 |
| Class K-B-mdist 3 | LU2204822600 |  |  |  |
| Shares outstanding |  | 151 181.4850 | - | - |
| Net asset value per share in USD |  | 102.16 | - | - |
| Issue and redemption price per share in USD 1 |  | 102.16 | - | - |
| Class (EUR hedged) K-B-mdist 4 | LU2204823087 |  |  |  |
| Shares outstanding |  | 143 360.5230 | - | - |
| Net asset value per share in EUR |  | 100.35 | - | - |
| Issue and redemption price per share in EUR 1 |  | 100.35 | - | - |
| Class K-X-acc | LU1564462460 |  |  |  |
| Shares outstanding |  | 245 257.6860 | 256 695.7770 | 145 616.3300 |
| Net asset value per share in USD |  | 132.41 | 116.35 | 111.17 |
| Issue and redemption price per share in USD 1 |  | 132.41 | 112.86 | 111.17 |
| Class (EUR hedged) K-X-mdist 5 | LU1957417782 |  |  |  |
| Shares outstanding |  | - | 142 310.9990 | 188 898.0000 |
| Net asset value per share in EUR |  | - | 95.58 | 100.25 |
| Issue and redemption price per share in EUR 1 |  | - | 92.71 | 100.25 |
| Class (EUR hedged) P-4%-qdist | LU1669357250 |  |  |  |
| Shares outstanding |  | 10 255.4270 | 6 055.4740 | 2 042.3670 |
| Net asset value per share in EUR |  | 94.18 | 88.67 | 92.11 |
| Issue and redemption price per share in EUR 1 |  | 94.18 | 86.01 | 92.11 |
| Class P-acc | LU0896022034 |  |  |  |
| Shares outstanding |  | 21 557.9240 | 17 351.5080 | 23 642.5500 |
| Net asset value per share in USD |  | 135.69 | 121.42 | 118.10 |
| Issue and redemption price per share in USD 1 |  | 135.69 | 117.78 | 118.10 |
| Class (CHF hedged) P-acc 6 | LU0896022380 |  |  |  |
| Shares outstanding |  | - | - | 29 793.7000 |
| Net asset value per share in CHF |  | - | - | 106.48 |
| Issue and redemption price per share in CHF 1 |  | - | - | 106.48 |
| Class (EUR hedged) P-acc | LU0896022620 |  |  |  |
| Shares outstanding |  | 56 154.6290 | 24 280.6800 | 34 400.9000 |
| Net asset value per share in EUR |  | 120.92 | 109.41 | 109.21 |
| Issue and redemption price per share in EUR 1 |  | 120.92 | 106.13 | 109.21 |
| Class P-dist | LU0896022117 |  |  |  |
| Shares outstanding |  | 2 372.6430 | 3 978.1840 | 4 551.9950 |
| Net asset value per share in USD |  | 106.32 | 98.65 | 99.40 |
| Issue and redemption price per share in USD 1 |  | 106.32 | 95.69 | 99.40 |
| Class (CHF hedged) P-dist 6 | LU0896022463 |  |  |  |
| Shares outstanding |  | - | - | 35 809.9710 |
| Net asset value per share in CHF |  | - | - | 89.49 |
| Issue and redemption price per share in CHF 1 |  | - | - | 89.49 |
| Class (EUR hedged) P-dist | LU0896022893 |  |  |  |
| Shares outstanding |  | 12 862.8410 | 14 738.9130 | 14 208.7130 |
| Net asset value per share in EUR |  | 92.75 | 88.34 | 91.51 |
| Issue and redemption price per share in EUR 1 |  | 92.75 | 85.69 | 91.51 |
| Class Q-acc | LU1240772738 |  |  |  |
| Shares outstanding |  | 75 378.1370 | 95 976.5700 | 141 103.7870 |
| Net asset value per share in USD |  | 143.20 | 127.08 | 122.61 |
| Issue and redemption price per share in USD 1 |  | 143.20 | 123.27 | 122.61 |

UBS (Lux) Bond SICAV – Emerging Economies Corporates (USD) Annual report and audited financial statements as of 31 May 2021
|  | ISIN | 31.5.2021 | 31.5.2020 | 31.5.2019 |
| --- | --- | --- | --- | --- |
|  |  |  |  |  |
| Class (CHF hedged) Q-acc 6 | LU1240772225 |  |  |  |
| Shares outstanding |  | - | - | 26 011.8660 |
| Net asset value per share in CHF |  | - | - | 111.90 |
| Issue and redemption price per share in CHF 1 |  | - | - | 111.90 |
| Class Q-dist | LU1240772811 |  |  |  |
| Shares outstanding |  | 10 325.6010 | 2 846.3400 | 2 924.8180 |
| Net asset value per share in USD |  | 117.86 | 108.99 | 109.79 |
| Issue and redemption price per share in USD 1 |  | 117.86 | 105.72 | 109.79 |
| Class (CHF hedged) Q-dist 6 | LU1240772498 |  |  |  |
| Shares outstanding |  | - | - | 8 763.5030 |
| Net asset value per share in CHF |  | - | - | 100.05 |
| Issue and redemption price per share in CHF 1 |  | - | - | 100.05 |
| Class U-X-acc 7 | LU0896021903 |  |  |  |
| Shares outstanding | 1 554.0000 | -	- |
| Net asset value per share in USD | 10 129.30 | -	- |
| Issue and redemption price per share in USD 1 | 10 129.30 | -	- |
| 1  See note 1 2  First NAV: 2.3.2020 3  First NAV:31.7.2020 4  First NAV:7.8.2020 5  The share class (EUR hedged) K-X-mdist was in circulation until 12.8.2020 |  |  |

6 
The share classes (CHF hedged) P-acc, (CHF hedged) P-dist, (CHF hedged) Q-acc, (CHF hedged) Q-dist were in circulation until 14.10.2019
7 
First NAV:27.1.2021
| Performance |  |
| --- | --- |
|  | Currency | 2020/2021 | 2019/2020 | 2018/2019 |
| Class F-acc | USD | 16.6% | 0.9% | 7.2% |
| Class I-B-acc | USD | 13.7% | - | - |
| Class I-X-acc | USD | 13.8% | 4.7% | 7.9% |
| Class I-X-dist | USD | 13.8% | 4.7% | 7.9% |
| Class K-B-mdist 1 | USD | - | - | - |
| Class (EUR hedged) K-B-mdist 1 | EUR | - | - | - |
| Class K-X-acc | USD | 17.3% | 1.5% | 7.9% |
| Class (EUR hedged) K-X-mdist 2 | EUR | - | -1.0% | - |
| Class (EUR hedged) P-4%-qdist | EUR | 13.9% | -2.8% | 3.0% |
| Class P-acc | USD | 15.2% | -0.3% | 6.0% |
| Class (CHF hedged) P-acc 3 | CHF | - | - | 2.6% |
| Class (EUR hedged) P-acc | EUR | 13.9% | -2.8% | 3.0% |
| Class P-dist | USD | 15.2% | -0.3% | 6.0% |
| Class (CHF hedged) P-dist 3 | CHF | - | - | 2.6% |
| Class (EUR hedged) P-dist | EUR | 13.9% | -2.8% | 3.0% |
| Class Q-acc | USD | 16.2% | 0.5% | 6.8% |
| Class (CHF hedged) Q-acc 3 | CHF | - | - | 3.4% |
| Class Q-dist | USD | 16.2% | 0.5% | 6.8% |
| Class (CHF hedged) Q-dist 3 | CHF | - | - | 3.4% |
| Class U-X-acc 1 | USD | - | - | - |
| Benchmark: JP Morgan CEMBI Diversified USD Index | USD | 10.2% | 3.9% | 7.8% |
| JP Morgan CEMBI Diversified USD Index (hedged EUR) | EUR | 9.1% | 1.4% | 4.7% |

1 
Due to the recent launch, there is no data for the calculation of the performance available.
2 
The share class (EUR hedged) K-X-mdist was in circulation until 12.8.2020. Due to this fact, no data is available for calculating the performance in 2021.
3 
The share class (CHF hedged) P-acc, (CHF hedged) P-dist, (CHF hedged) Q-acc and (CHF hedged) Q-dist was in circulation until 14.10.2019. Due to this fact, no data is available for calculating the performance in 2021.
Historical performance is no indicator of current or future performance.
The performance data does not take account of any commissions and costs charged when subscribing and redeeming shares. The performance data were not audited.
UBS (Lux) Bond SICAV – Emerging Economies Corporates (USD) Annual report and audited financial statements as of 31 May 2021

## Report of the Portfolio Manager
In the financial year, from 1 June 2020 to 31 May 2021, US Treasury yields dipped earlier in the period to a record low as new lockdowns were introduced to curb the rise in COVID-19 infections. Subsequently yields rose as a flurry of developments including the Democrats wining the US Presidency, progress on effective vaccines for the pandemic and expectations of large stimulus spending after the US Senate run-off in Georgia solidified a blue wave in US politics. The Fed held its policy rate at the effective lower bound and re-iterated its commitment to keeping rates at or near zero until at least 2023 even as signs emerged of rising inflation. Spreads of emerging market sovereigns, quasi-sovereigns, and corporates fin- ished the financial year lower driven by improved senti- ment in developed economies, rising commodity prices which benefited net exporters in the region and the rollout of vaccines in EM countries. On the EM macro- economic front, several central banks including Russia, Brazil, Turkey and South Africa hiked interest rates to arrest higher-than-expected inflation or prevent a further slide in their currencies against the US dollar. From an industry standpoint, pulp & paper, metals & mining and infrastructure generated the best returns while financials, TMT and utilities lagged.
The subfund generated a positive performance in the financial year. The negative impact of rising US Treasury yields was more than offset by the narrowing of EM spreads during the financial year. The option-adjusted duration of the subfund at the end of the financial year had increased modestly over the financial year consis- tent with the change in the market. The subfund has followed a diversified approach, investing across a range of emerging corporate issuers and countries which was key to overall performance. In particular, investments in issuers in Brazil, Mexico and India contributed.

## Structure of the Securities Portfolio
Geographical Breakdown as a % of net assets	
| Mexico | 8.04 |
| --- | --- |
| The Netherlands | 7.71 |
| Cayman Islands | 7.51 |
| Luxembourg | 4.54 |
| Turkey | 4.00 |
| United Arab Emirates | 3.97 |
| Colombia | 3.62 |
| United Kingdom | 3.57 |
| China | 3.55 |
| Singapore | 3.44 |
| Saudi Arabia | 3.06 |

UBS (Lux) Bond SICAV – Emerging Economies Corporates (USD) Annual report and audited financial statements as of 31 May 2021
Geographical Breakdown as a % of net assets (Cont.)	
| Ireland | 2.97 |
| --- | --- |
| India | 2.92 |
| United States | 2.69 |
| Hong Kong | 2.43 |
| Canada | 2.39 |
| Chile | 2.21 |
| Israel | 2.12 |
| Mauritius | 2.07 |
| Argentina | 2.06 |
| South Korea | 1.78 |
| Brazil | 1.75 |
| Bermuda | 1.65 |
| Macau | 1.39 |
| Panama | 1.35 |
| British Virgin Islands | 1.21 |
| Ukraine | 1.12 |
| Oman | 1.11 |
| Thailand | 1.10 |
| Indonesia | 1.00 |
| Nigeria | 0.71 |
| Peru | 0.66 |
| Supranationals | 0.57 |
| Malaysia | 0.53 |
| Kuwait | 0.51 |
| Kazakhstan | 0.49 |
| Uzbekistan | 0.47 |
| Egypt | 0.40 |
| Guatemala | 0.33 |
| Qatar | 0.32 |
| Ecuador | 0.31 |
| Spain | 0.30 |
| Cyprus | 0.24 |
| Bahrain | 0.24 |
| Bosnia and Herzegovina | 0.23 |
| Angola | 0.23 |
| Curacao | 0.22 |
| Jersey | 0.21 |
| Austria | 0.20 |
| Mongolia | 0.20 |
| Trinidad And Tobago | 0.20 |
| Morocco | 0.20 |
| Pakistan | 0.17 |
| Costa Rica | 0.16 |
| Isle of Man | 0.10 |
| Total | 96.53 |

Economic Breakdown as a % of net assets	
| Finance & holding companies | 28.72 |
| --- | --- |
| Banks & credit institutions | 12.66 |
| Petroleum | 11.84 |
| Mining, coal & steel | 5.09 |
| Energy & water supply | 3.91 |
| Telecommunications | 3.45 |
| Real Estate | 3.22 |
| Investment funds | 2.72 |
| Chemicals | 2.13 |
| Countries & central governments | 1.93 |
| Lodging, catering & leisure | 1.83 |
| Miscellaneous services | 1.79 |
| Pharmaceuticals, cosmetics & medical products | 1.75 |
| Food & soft drinks | 1.74 |
| Electrical devices & components | 1.41 |
| Traffic & transportation | 1.30 |
| Insurance | 1.21 |
| Supranational organisations | 1.18 |
| Internet, software & IT services | 1.12 |
| Building industry & materials | 0.88 |
| Non-ferrous metals | 0.86 |
| Miscellaneous unclassified companies | 0.85 |
| Forestry, paper & pulp products | 0.78 |
| Mechanical engineering & industrial equipment | 0.76 |
| Precious metals & stones | 0.71 |
| Mortgage & funding institutions | 0.67 |
| Miscellaneous consumer goods | 0.50 |
| Vehicles | 0.37 |
| Agriculture & fishery | 0.25 |
| Cantons, federal states | 0.24 |
| Public, non-profit institutions | 0.20 |
| Miscellaneous trading companies | 0.19 |
| Tobacco & alcohol | 0.16 |
| Retail trade, department stores | 0.11 |
| Total | 96.53 |


## Statement of Net Assets
Assets	31.5.2021
USD
Investments in securities, cost	573 053 816.20
| Investments in securities, unrealized appreciation (depreciation) | 	20 018 012.63	 |
| --- | --- |
| Total investments in securities (Note 1) | 593 071 828.83 |
| Cash at banks, deposits on demand and deposit accounts | 4 757 818.79 |
| Other liquid assets (Margins) | 707 654.69 |
| Receivable on securities sales (Note 1) | 1 147 361.11 |
| Receivable on subscriptions | 9 934 889.26 |
| Interest receivable on securities | 6 562 659.46 |
| Receivable on dividends | 546.74 |
| Other receivables | 72 193.00 |
| Unrealized gain on financial futures (Note 1) | 66 804.85 |
| Total Assets | 616 321 756.73 |
|  |  |
| Liabilities |  |
| Unrealized loss on forward foreign exchange contracts (Note 1) | -79 659.54 |
| Bank overdraft | -14 975.88 |
| Payable on securities purchases (Note 1) | -1 050 000.00 |
| Payable on redemptions | -571 859.28 |
| Provisions for flat fee (Note 2) | -134 020.03 |
| Provisions for taxe d’abonnement (Note 3) | -17 390.12 |
| Provisions for other commissions and fees (Note 2) | 	-55 393.75	 |
| Total provisions | -206 803.90 |
| Total Liabilities | -1 923 298.60 |
|  |  |
| Net assets at the end of the financial year | 614 398 458.13 |
| Statement of Operations | USD |
| Income | 1.6.2020-31.5.2021 |
| Interest on liquid assets | 361.20 |
| Interest on securities | 31 157 187.36 |
| Dividends | 27 684.65 |
| Interest received on swaps (Note 1) | 324 304.86 |
| Income on securities lending (Note 16) | 392 499.43 |
| Other income (Note 4) | 2 731 571.97 |
| Total income | 34 633 609.47 |
|  |  |
| Expenses |  |
| Interest paid on swaps (Note 1) | -108 604.17 |
| Flat fee (Note 2) | -1 073 532.56 |
| Taxe d’abonnement (Note 3) | -100 576.22 |
| Cost on securities lending (Note 16) | -156 999.77 |
| Other commissions and fees (Note 2) | -54 069.12 |
| Interest on cash and bank overdraft | -3 932.04 |
| Total expenses | -1 497 713.88 |
|  |  |
| Net income (loss) on investments | 33 135 895.59 |
|  |  |
| Realized gain (loss) (Note 1) |  |
| Realized gain (loss) on market-priced securities without options | 8 861 277.38 |
| Realized gain (loss) on yield-evaluated securities and money market instruments | 4 080.17 |
| Realized gain (loss) on financial futures | 2 391 928.03 |
| Realized gain (loss) on forward foreign exchange contracts | 2 114 635.83 |
| Realized gain (loss) on swaps | -339 813.50 |
| Realized gain (loss) on foreign exchange | 10 902.50 |
| Total realized gain (loss) | 13 043 010.41 |
|  |  |
| Net realized gain (loss) of the financial year | 46 178 906.00 |
|  |  |
| Changes in unrealized appreciation (depreciation) (Note 1) |  |
| Unrealized appreciation (depreciation) on market-priced securities without options | 35 071 383.10 |
| Unrealized appreciation (depreciation) on yield-evaluated securities and money market instruments | -4 168.54 |
| Unrealized appreciation (depreciation) on financial futures | 624 757.92 |
| Unrealized appreciation (depreciation) on forward foreign exchange contracts | -560 415.71 |
| Total changes in unrealized appreciation (depreciation) | 35 131 556.77 |
|  |  |
| Net increase (decrease) in net assets as a result of operations | 81 310 462.77 |

UBS (Lux) Bond SICAV – Emerging Economies Corporates (USD) Annual report and audited financial statements as of 31 May 2021
| Changes in Net Assets |  |
| --- | --- |
|  | USD |
|  | 1.6.2020-31.5.2021 |
| Net assets at the beginning of the financial year | 546 898 682.50 |
| Subscriptions | 291 626 420.68 |
| Redemptions | 	-283 825 066.08	 |
| Total net subscriptions (redemptions) | 7 801 354.60 |
| Dividend paid | -21 612 041.74 |
| Net income (loss) on investments | 33 135 895.59 |
| Total realized gain (loss) | 13 043 010.41 |
| Total changes in unrealized appreciation (depreciation) | 	35 131 556.77	 |
| Net increase (decrease) in net assets as a result of operations | 81 310 462.77 |
| Net assets at the end of the financial year | 614 398 458.13 |
| Changes in the Number of Shares outstanding |  |
|  | 1.6.2020-31.5.2021 |
| Class | F-acc |
| Number of shares outstanding at the beginning of the financial year | 1 037 184.0000 |
| Number of shares issued | 20 680.0000 |
| Number of shares redeemed | -236 037.0000 |
| Number of shares outstanding at the end of the financial year | 821 827.0000 |
| Class | I-B-acc |
| Number of shares outstanding at the beginning of the financial year | 14 661.0000 |
| Number of shares issued | 163 548.0000 |
| Number of shares redeemed | -71 182.0000 |
| Number of shares outstanding at the end of the financial year | 107 027.0000 |
| Class | I-X-acc |
| Number of shares outstanding at the beginning of the financial year | 147 789.3620 |
| Number of shares issued | 79 164.1910 |
| Number of shares redeemed | -18 339.0000 |
| Number of shares outstanding at the end of the financial year | 208 614.5530 |
| Class | I-X-dist |
| Number of shares outstanding at the beginning of the financial year | 3 295 345.7900 |
| Number of shares issued | 1 540 312.0000 |
| Number of shares redeemed | -1 626 655.0000 |
| Number of shares outstanding at the end of the financial year | 3 209 002.7900 |
| Class | K-B-mdist |
| Number of shares outstanding at the beginning of the financial year | 0.0000 |
| Number of shares issued | 151 181.4850 |
| Number of shares redeemed | 0.0000 |
| Number of shares outstanding at the end of the financial year | 151 181.4850 |
| Class | (EUR hedged) K-B-mdist |
| Number of shares outstanding at the beginning of the financial year | 0.0000 |
| Number of shares issued | 143 360.5230 |
| Number of shares redeemed | 0.0000 |
| Number of shares outstanding at the end of the financial year | 143 360.5230 |
| Class | K-X-acc |
| Number of shares outstanding at the beginning of the financial year | 256 695.7770 |
| Number of shares issued | 70 954.1670 |
| Number of shares redeemed | -82 392.2580 |
| Number of shares outstanding at the end of the financial year | 245 257.6860 |
| Class | (EUR hedged) K-X-mdist |
| Number of shares outstanding at the beginning of the financial year | 142 310.9990 |
| Number of shares issued | 0.0000 |
| Number of shares redeemed | -142 310.9990 |
| Number of shares outstanding at the end of the financial year | 0.0000 |
| Class | (EUR hedged) P-4%-qdist |
| Number of shares outstanding at the beginning of the financial year | 6 055.4740 |
| Number of shares issued | 4 678.6570 |
| Number of shares redeemed | -478.7040 |
| Number of shares outstanding at the end of the financial year | 10 255.4270 |
| Class | P-acc |
| Number of shares outstanding at the beginning of the financial year | 17 351.5080 |
| Number of shares issued | 4 334.9570 |
| Number of shares redeemed | -128.5410 |
| Number of shares outstanding at the end of the financial year | 21 557.9240 |
| Class | (EUR hedged) P-acc |
| Number of shares outstanding at the beginning of the financial year | 24 280.6800 |
| Number of shares issued | 258 186.1230 |
| Number of shares redeemed | -226 312.1740 |
| Number of shares outstanding at the end of the financial year | 56 154.6290 |
| Class | P-dist |
| Number of shares outstanding at the beginning of the financial year | 3 978.1840 |
| Number of shares issued | 0.0000 |
| Number of shares redeemed | -1 605.5410 |
| Number of shares outstanding at the end of the financial year | 2 372.6430 |

UBS (Lux) Bond SICAV – Emerging Economies Corporates (USD) Annual report and audited financial statements as of 31 May 2021
| Class |  |  | (EUR hedged) P-dist |
| --- | --- | --- | --- |
| Number of shares outstanding at the beginning of the financial year |  |  | 14 738.9130 |
| Number of shares issued |  |  | 1 100.4510 |
| Number of shares redeemed |  |  | -2 976.5230 |
| Number of shares outstanding at the end of the financial year |  |  | 12 862.8410 |
| Class |  |  | Q-acc |
| Number of shares outstanding at the beginning of the financial year |  |  | 95 976.5700 |
| Number of shares issued |  |  | 4 975.5670 |
| Number of shares redeemed |  |  | -25 574.0000 |
| Number of shares outstanding at the end of the financial year |  |  | 75 378.1370 |
| Class |  |  | Q-dist |
| Number of shares outstanding at the beginning of the financial year |  |  | 2 846.3400 |
| Number of shares issued |  |  | 8 599.2610 |
| Number of shares redeemed |  |  | -1 120.0000 |
| Number of shares outstanding at the end of the financial year |  |  | 10 325.6010 |
| Class |  |  | U-X-acc |
| Number of shares outstanding at the beginning of the financial year |  |  | 0.0000 |
| Number of shares issued |  |  | 1 561.0000 |
| Number of shares redeemed |  |  | -7.0000 |
| Number of shares outstanding at the end of the financial year |  |  | 1 554.0000 |
| Annual Distribution 1 |  |  |  |
| UBS (Lux) Bond SICAV – Emerging Economies Corporates (USD)	Ex-Date | Pay-Date | Currency | Amount per share |
| I-X-dist	3.8.2020 | 6.8.2020 | USD | 6.21 |
| P-dist	3.8.2020 | 6.8.2020 | USD | 3.73 |
| (EUR hedged) P-dist	3.8.2020 | 6.8.2020 | EUR | 4.66 |
| Q-dist	3.8.2020 | 6.8.2020 | USD | 4.66 |
| Quarterly Distribution 1 |  |  |  |
| UBS (Lux) Bond SICAV – Emerging Economies Corporates (USD)	Ex-Date | Pay-Date | Currency | Amount per share |
| (EUR hedged) P-4%-qdist	10.7.2020 | 15.7.2020 | EUR | 0.90 |
| (EUR hedged) P-4%-qdist	12.10.2020 | 15.10.2020 | EUR | 0.92 |
| (EUR hedged) P-4%-qdist	11.1.2021 | 14.1.2021 | EUR | 0.95 |
| (EUR hedged) P-4%-qdist	12.4.2021 | 15.4.2021 | EUR | 0.93 |
| Monthly Distribution 1 |  |  |  |
| UBS (Lux) Bond SICAV – Emerging Economies Corporates (USD)	Ex-Date | Pay-Date | Currency | Amount per share |
| K-B-mdist	15.9.2020 | 18.9.2020 | USD | 0.57 |
| K-B-mdist	15.10.2020 | 20.10.2020 | USD | 0.56 |
| K-B-mdist	16.11.2020 | 19.11.2020 | USD | 0.56 |
| K-B-mdist	15.12.2020 | 18.12.2020 | USD | 0.57 |
| K-B-mdist	15.1.2021 | 20.1.2021 | USD | 0.58 |
| K-B-mdist	15.2.2021 | 18.2.2021 | USD | 0.58 |
| K-B-mdist	15.3.2021 | 18.3.2021 | USD | 0.58 |
| K-B-mdist	15.4.2021 | 20.4.2021 | USD | 0.57 |
| K-B-mdist	17.5.2021 | 20.5.2021 | USD | 0.57 |
| (EUR hedged) K-B-mdist	15.9.2020 | 18.9.2020 | EUR | 0.56 |
| (EUR hedged) K-B-mdist	15.10.2020 | 20.10.2020 | EUR | 0.55 |
| (EUR hedged) K-B-mdist	16.11.2020 | 19.11.2020 | EUR | 0.55 |
| (EUR hedged) K-B-mdist	15.12.2020 | 18.12.2020 | EUR | 0.57 |
| (EUR hedged) K-B-mdist	15.1.2021 | 20.1.2021 | EUR | 0.57 |
| (EUR hedged) K-B-mdist	15.2.2021 | 18.2.2021 | EUR | 0.57 |
| (EUR hedged) K-B-mdist	15.3.2021 | 18.3.2021 | EUR | 0.57 |
| (EUR hedged) K-B-mdist	15.4.2021 | 20.4.2021 | EUR | 0.56 |
| (EUR hedged) K-B-mdist	17.5.2021 | 20.5.2021 | EUR | 0.56 |
| (EUR hedged) K-X-mdist	15.6.2020 | 18.6.2020 | EUR | 0.56 |
| (EUR hedged) K-X-mdist	15.7.2020 | 20.7.2020 | EUR | 0.56 |
| 1  See note 5 |  |  |  |

UBS (Lux) Bond SICAV – Emerging Economies Corporates (USD) Annual report and audited financial statements as of 31 May 2021

## Statement of Investments in Securities and other Net Assets as of 31 May 2021
| Description | Quantity/ | Valuation in USD | as a % |
| --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |
| Transferable securities and money market instruments listed on an official stock exchange Notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	ABJA INVESTMENT CO PTE LTD-REG-S 5.45000% 18-24.01.28 | 2 500 000.00 | 2 653 700.00 | 0.43 |
| USD	ABU DHABI NATIONAL ENERGY CO PJSC-REG-S 4.87500% 18-23.04.30 | 2 050 000.00 | 2 455 900.00 | 0.40 |
| USD	ADANI ELECTRICITY MUMBAI LTD-REG-S 3.94900% 20-12.02.30 | 1 450 000.00 | 1 474 940.00 | 0.24 |
| USD	ADANI PORTS & SPECIAL ECO ZONE-REG-S 4.20000% 20-04.08.27 | 2 500 000.00 | 2 659 062.50 | 0.43 |
| USD	AFRICA FINANCE CORP-REG-S 2.87500% 21-28.04.28 | 2 850 000.00 | 2 841 450.00 | 0.46 |
| USD	AFRICAN EXPORT-IMPORT BANK/THE-REG-S 2.63400% 21-17.05.26 | 1 900 000.00 | 1 921 736.00 | 0.31 |
| USD	AFRICAN EXPORT-IMPORT BANK/THE-REG-S 3.79800% 21-17.05.31 | 1 550 000.00 | 1 567 949.00 | 0.25 |
| USD	AIA GROUP LTD-REG-S 3.60000% 19-09.04.29 | 2 800 000.00 | 3 062 918.15 | 0.50 |
| USD	AIA GROUP LTD-REG-S 3.37500% 20-07.04.30 | 1 785 000.00 | 1 919 555.71 | 0.31 |
| USD	AKBANK TAS-REG-S 6.80000% 20-06.02.26 | 2 600 000.00 | 2 717 000.00 | 0.44 |
| USD	ALIBABA GROUP HOLDING LTD 4.00000% 17-06.12.37 | 650 000.00 | 706 387.50 | 0.11 |
| USD	ALIBABA GROUP HOLDING LTD 2.12500% 21-09.02.31 | 2 500 000.00 | 2 427 300.00 | 0.39 |
| USD	ALPEK SA DE CV-REG-S 4.25000% 19-18.09.29 | 2 950 000.00 | 3 149 906.75 | 0.51 |
| USD	ANGLOGOLD ASHANTI HOLDINGS PLC 6.50000% 10-15.04.40 | 500 000.00 | 606 031.26 | 0.10 |
| USD	ARCELIK-REG-S 5.00000% 13-03.04.23 | 700 000.00 | 722 680.00 | 0.12 |
| USD	ARGENTINA, REPUBLIC OF STEP-UP 20-09.07.30 | 756 600.00 | 278 428.80 | 0.05 |
| USD	ARGENTINA, REPUBLIC OF 1.00000% 20-09.07.29 | 26 288.00 | 10 199.74 | 0.00 |
| USD	ARGENTINE REPUBLIC GOVT INTERNATIONAL STEP-UP 20-09.07.46 | 1 035 000.00 | 344 978.43 | 0.06 |
| USD	AXTEL SAB DE CV-REG-S 6.37500% 17-14.11.24 | 2 017 000.00 | 2 099 949.13 | 0.34 |
| USD	BANCO DE BOGOTA SA-REG-S-SUB 6.25000% 16-12.05.26 | 600 000.00 | 660 000.00 | 0.11 |
| USD	BANCO SANTANDER SA-REG-S 5.37500% 20-17.04.25 | 2 945 000.00 | 3 337 605.31 | 0.54 |
| USD	BBVA BANCOMER SA/TEXAS-REG-S-SUB 6.75000% 12-30.09.22 | 1 600 000.00 | 1 702 000.00 | 0.28 |
| USD	BRF SA-REG-S 4.87500% 19-24.01.30 | 1 500 000.00 | 1 558 406.25 | 0.25 |
| USD	CABLE ONDA SA-REG-S 4.50000% 19-30.01.30 | 1 600 000.00 | 1 686 800.00 | 0.27 |
| USD	CELULOSA ARAUCO Y CONSTITUCION SA-REG-S 5.50000% 19-30.04.49 | 800 000.00 | 942 900.00 | 0.15 |
| USD	CEMEX SAV DE CV-REG-S 3.87500% 21-11.07.31 | 3 500 000.00 | 3 502 187.50 | 0.57 |
| USD	CEMIG GERACAO E TRANSMISSAO SA-REG-S 9.25000% 17-05.12.24 | 3 250 000.00 | 3 747 250.00 | 0.61 |
| USD	CENTRAIS ELETRICAS BRASILEIRAS SA-REG-S 4.62500% 20-04.02.30 | 800 000.00 | 822 400.00 | 0.13 |
| USD	CENTRAL AMERICAN BOTTLING CORP-REG-S 5.75000% 17-31.01.27 | 1 950 000.00 | 2 043 210.00 | 0.33 |
| USD	CHINA EVERGRANDE GROUP-REG-S 9.50000% 19-11.04.22 | 2 100 000.00 | 2 007 862.50 | 0.33 |
| USD	CHINA EVERGRANDE GROUP-REG-S 10.00000% 19-11.04.23 | 1 750 000.00 | 1 598 843.75 | 0.26 |
| USD	CIFI HOLDINGS GROUP CO LTD-REG-S 4.45000% 21-17.08.26 | 2 200 000.00 | 2 202 750.00 | 0.36 |
| USD	CIKARANG LISTRINDO TBK PT-REG-S 4.95000% 16-14.09.26 | 300 000.00 | 309 243.75 | 0.05 |
| USD	CITIC LTD-REG-S 6.80000% 12-17.01.23 | 800 000.00 | 869 650.00 | 0.14 |
| USD	CK HUTCHISON INTNL 17 II LTD-REG-S 2.75000% 17-29.03.23 | 2 230 000.00 | 2 316 830.62 | 0.38 |
| USD	CNAC HK FINBRIDGE CO LTD-REG-S 5.12500% 18-14.03.28 | 2 400 000.00 | 2 578 200.00 | 0.42 |
| USD	COCA-COLA FEMSA 1.85000% 20-01.09.32 | 1 000 000.00 | 938 000.00 | 0.15 |
| USD	COLBUN SA-REG-S 3.95000% 17-11.10.27 | 2 145 000.00 | 2 336 012.25 | 0.38 |
| USD	COLOMBIA TELECOMUNICACIONES SA-REG-S 4.95000% 20-17.07.30 | 1 000 000.00 | 1 028 100.00 | 0.17 |
| USD	COUNTRY GARDEN HOLDINGS CO LTD-REG-S 8.00000% 18-27.01.24 | 2 230 000.00 | 2 355 855.63 | 0.38 |
| USD	CREDICORP LTD-REG-S 2.75000% 20-17.06.25 | 1 650 000.00 | 1 650 825.00 | 0.27 |
| USD	CSN RESOURCES SA-REG-S 7.62500% 18-13.02.23 | 1 000 000.00 | 1 038 312.50 | 0.17 |
| USD	CSN RESOURCES SA-REG-S 7.62500% 19-17.04.26 | 2 000 000.00 | 2 149 750.00 | 0.35 |
| USD	DAE FUNDING LLC-REG-S 3.37500% 21-20.03.28 | 550 000.00 | 552 475.00 | 0.09 |
| USD	DELHI INTERNATIONAL AIRPORT LTD-REG-S 6.45000% 19-04.06.29 | 1 000 000.00 | 1 006 125.00 | 0.16 |
| USD	ECOPETROL SA 6.87500% 20-29.04.30 | 5 790 000.00 | 6 839 437.50 | 1.11 |
| USD	ECUADOR, REPUBLIC OF-REG-S STEP-UP 0.50000% 20-31.07.30 | 2 200 000.00 | 1 903 000.00 | 0.31 |
| USD	EMBRAER NETHERLANDS FINANCE BV-REG-S 6.95000% 20-17.01.28 | 1 500 000.00 | 1 702 781.25 | 0.28 |
| USD	EMPRESA ELECTRICA GUACOLDA SA-REG-S 4.56000% 15-30.04.25 | 2 000 000.00 | 1 496 625.00 | 0.24 |
| USD	EMPRESA NACIONAL DEL PETROLEO-REG-S 4.37500% 14-30.10.24 | 2 150 000.00 | 2 318 667.50 | 0.38 |
| USD	ENEL CHILE SA 4.87500% 18-12.06.28 | 1 500 000.00 | 1 720 593.75 | 0.28 |
| USD	ENFRAGEN ENERGIA SUR SA-REG-S 5.37500% 20-30.12.30 | 1 830 000.00 | 1 816 293.30 | 0.30 |
| USD	EUROTORG LLC VIA BONITRON DAC-REG-S 9.00000% 20-22.10.25 | 1 550 000.00 | 1 655 884.38 | 0.27 |
| USD	FENIX POWER PERU SA-REG-S 4.31700% 17-20.09.27 | 650 000.00 | 569 249.45 | 0.09 |
| USD	FIRST QUANTUM MINERALS LTD-144A 7.25000% 17-01.04.23 | 3 000 000.00 | 3 060 000.00 | 0.50 |
| USD	FIRST QUANTUM MINERALS LTD-REG-S 7.50000% 17-01.04.25 | 2 600 000.00 | 2 696 362.50 | 0.44 |
| USD	FLEX LTD 4.87500% 20-12.05.30 | 1 450 000.00 | 1 666 401.23 | 0.27 |
| USD	FLEX LTD 5.00000% 13-15.02.23 | 1 000 000.00 | 1 066 437.50 | 0.17 |
| USD	FOMENTO ECONOMICO MEXIC SAB DE CV 3.50000% 20-16.01.50 | 1 000 000.00 | 1 008 275.00 | 0.16 |
| USD	FS LUXEMBOURG SARL-REG-S 10.00000% 20-15.12.25 | 1 580 000.00 | 1 731 087.50 | 0.28 |
| USD	GENNEIA SA-REG-S 8.75000% 17-20.01.22 | 2 600 000.00 | 2 343 250.00 | 0.38 |
| USD	GOLD FIELDS OROGEN HOLDINGS BVI-REG-S 5.12500% 19-15.05.24 | 2 800 000.00 | 3 049 900.00 | 0.50 |
| USD	GOLD FIELDS OROGEN HOLDINGS-REG-S 6.12500% 19-15.05.29 | 1 500 000.00 | 1 767 937.49 | 0.29 |
| USD	GRUPO AVAL LTD-REG-S 4.37500% 20-04.02.30 | 1 355 000.00 | 1 329 017.87 | 0.22 |
| USD	HTA GROUP LTD/MAURITIUS-REG-S 7.00000% 20-18.12.25 | 4 360 000.00 | 4 641 481.60 | 0.76 |
| USD	IHS NETHERLANDS HOLDCO BV-REG-S 7.12500% 19-18.03.25 | 3 550 000.00 | 3 700 431.25 | 0.60 |
| USD	IHS NETHERLANDS HOLDCO BV-REG-S 8.00000% 19-18.09.27 | 2 200 000.00 | 2 369 812.50 | 0.39 |
| USD	INDONESIA ASAHAN ALUMINIUM TBK PT-REG-S 4.75000% 20-15.05.25 | 840 000.00 | 916 860.00 | 0.15 |
| USD	INDONESIA ASAHAN ALUMINIUM TBK PT-REG-S 5.45000% 20-15.05.30 | 1 300 000.00 | 1 498 900.00 | 0.24 |
| USD	INDUSTRIAS PENOLES SAB DE CV-REG-S 5.65000% 19-12.09.49 | 2 460 000.00 | 2 878 661.25 | 0.47 |
| USD	INDUSTRIAS PENOLES SAB DE CV-REG-S 4.75000% 20-06.08.50 | 1 400 000.00 | 1 466 062.50 | 0.24 |
| USD	INSTITUTO COSTARRICENSE DE ELEC-REG-S 6.95000% 11-10.11.21 | 1 000 000.00 | 1 004 875.00 | 0.16 |
| USD	INTERPIPE HOLDINGS PLC-REG-S 8.37500% 21-13.05.26 | 1 500 000.00 | 1 499 531.25 | 0.24 |
| USD	INVESTMENT ENERGY RESOURCES LTD-REG-S 6.25000% 21-26.04.29 | 2 800 000.00 | 3 010 000.00 | 0.49 |
| USD	IPOTEKA-BANK ATIB-REG-S 5.50000% 20-19.11.25 | 800 000.00 | 837 400.00 | 0.14 |
| USD	ISRAEL ELECTRIC CORP LTD-144A-REG-S 5.00000% 14-12.11.24 | 3 046 000.00 | 3 406 760.63 | 0.55 |
| USD	JSL EUROPE SA-REG-S 5.20000% 21-26.01.31 | 3 300 000.00 | 3 308 250.00 | 0.54 |
| USD	JSW HYDRO ENERGY LTD-REG-S 4.12500% 21-18.05.31 | 3 150 000.00 | 3 178 546.88 | 0.52 |
| USD	JSW STEEL LTD-REG-S 5.37500% 19-04.04.25 | 1 400 000.00 | 1 490 387.50 | 0.24 |
| USD	KAISA GROUP HOLDINGS LTD-REG-S 11.95000% 19-22.10.22 | 1 200 000.00 | 1 261 350.00 | 0.21 |
| USD	KLABIN AUSTRIA GMBH-REG-S 7.00000% 19-03.04.49 | 1 000 000.00 | 1 240 500.00 | 0.20 |
| USD	KOC HOLDING AS-REG-S 5.25000% 16-15.03.23 | 1 000 000.00 | 1 026 150.00 | 0.17 |
| USD	KOREA GAS CORP-REG-S 3.50000% 15-21.07.25 | 2 050 000.00 | 2 250 259.37 | 0.37 |
| USD	KOSMOS ENERGY LTD-REG-S 7.12500% 19-04.04.26 | 3 300 000.00 | 3 202 031.25 | 0.52 |
| USD	KOSMOS ENERGY LTD-REG-S 7.50000% 21-01.03.28 | 4 575 000.00 | 4 374 843.75 | 0.71 |
| USD	KUWAIT PROJECTS CO SPC LTD-REG-S 4.22900% 19-29.10.26 | 1 750 000.00 | 1 725 718.75 | 0.28 |
| USD	LEVIATHAN BOND LTD-144A-REG-S 6.75000% 20-30.06.30 | 3 930 000.00 | 4 404 793.13 | 0.72 |
| USD	LIQUID TELECOMMUNICATIONS FIN-REG-S 5.50000% 21-04.09.26 | 4 790 000.00 | 4 975 612.50 | 0.81 |

UBS (Lux) Bond SICAV – Emerging Economies Corporates (USD) Annual report and audited financial statements as of 31 May 2021
|  | Description | Quantity/ | Valuation in USD | as a % |
| --- | --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |
|  |  |  |  |  |
| USD | LLPL CAPITAL PTE LTD-REG-S 6.87500% 19-04.02.39 | 1 100 000.00 | 1 161 204.00 | 0.19 |
| USD | MEDCO BELL PTE LTD-REG-S 6.37500% 20-30.01.27 | 2 500 000.00 | 2 569 218.75 | 0.42 |
| USD | MEDCO OAK TREE PTE LTD-REG-S 7.37500% 19-14.05.26 | 1 800 000.00 | 1 964 587.50 | 0.32 |
| USD | MELCO RESORTS FINANCE LTD-REG-S 4.87500% 17-06.06.25 | 1 200 000.00 | 1 230 789.60 | 0.20 |
| USD | METINVEST BV-REG-S 7.65000% 20-01.10.27 | 470 000.00 | 512 535.00 | 0.08 |
| USD | METINVEST BV-REG-S 8.50000% 18-23.04.26 | 4 100 000.00 | 4 619 675.00 | 0.75 |
| USD | MHP LUX SA-REG-S 6.95000% 18-03.04.26 | 1 700 000.00 | 1 767 787.50 | 0.29 |
| USD | MHP SA-REG-S 7.75000% 17-10.05.24 | 2 650 000.00 | 2 836 825.00 | 0.46 |
| USD | MILLICOM INTERNATIONAL CELLULAR-REG-S 6.25000% 19-25.03.29 | 1 700 000.00 | 1 684 912.50 | 0.27 |
| USD | MILLICOM INTERNATIONAL CELLULAR-REG-S 4.50000% 20-27.04.31 | 1 400 000.00 | 1 460 270.00 | 0.24 |
| USD | MILLICOM INTERNATIONAL CELLULAR-REG-S 6.62500% 18-15.10.26 | 700 000.00 | 669 296.25 | 0.11 |
| USD | MINERVA LUXEMBOURG SA-REG-S 4.37500% 21-18.03.31 | 3 000 000.00 | 2 942 812.50 | 0.48 |
| USD | MTN MAURITIUS INVESTMENTS LTD-REG-S 4.75500% 14-11.11.24 | 3 000 000.00 | 3 192 750.00 | 0.52 |
| USD | NAK NAFTOGAZ UKRAINE VIA KONDOR-REG-S 7.62500% 19-08.11.26 | 1 250 000.00 | 1 265 859.38 | 0.21 |
| USD | NATIONAL BANK OF UZBEKISTAN-REG-S 4.85000% 20-21.10.25 | 1 950 000.00 | 2 033 850.00 | 0.33 |
| USD | NATIONAL CENTRAL COOLING CO-REG-S 2.50000% 20-21.10.27 | 1 900 000.00 | 1 883 375.00 | 0.31 |
| USD | NOVOLIPETSK STEEL VIA STEEL FUND-REG-S 4.50000% 16-15.06.23 | 600 000.00 | 639 300.00 | 0.10 |
| USD | OCP SA-REG-S 6.87500% 14-25.04.44 | 1 000 000.00 | 1 220 500.00 | 0.20 |
| USD | OIL AND GAS HOLDING CO BSCC/THE-REG-S 7.62500% 18-07.11.24 | 500 000.00 | 560 718.75 | 0.09 |
| USD | OIL AND GAS HOLDING CO BSCC/THE-REG-S 8.37500% 18-07.11.28 | 765 000.00 | 893 998.13 | 0.15 |
| USD | OLEODUCTO CENTRAL SA-REG-S 4.00000% 20-14.07.27 | 3 350 000.00 | 3 457 870.00 | 0.56 |
| USD | OOREDOO INTERNATIONAL FINANCE LTD-REG-S 3.25000% 12-21.02.23 | 1 300 000.00 | 1 354 843.75 | 0.22 |
| USD | ORBIA ADVANCE CORP SAB DE CV-REG-S 1.87500% 21-11.05.26 | 1 650 000.00 | 1 653 382.50 | 0.27 |
| USD | ORBIA ADVANCE CORP SAB DE CV-REG-S 2.87500% 21-11.05.31 | 1 650 000.00 | 1 631 932.50 | 0.27 |
| USD | ORIFLAME INVESTMENT HOLDING PLC-REG-S 5.12500% 21-04.05.26 | 1 300 000.00 | 1 313 000.00 | 0.21 |
| USD | OZTEL HOLDINGS SPC-REG-S 5.62500% 18-24.10.23 | 2 500 000.00 | 2 664 531.25 | 0.43 |
| USD | PAKISTAN WATER & POWER DEVEL AUTH-REG-S 7.50000% 21-04.06.31 | 1 050 000.00 | 1 057 021.88 | 0.17 |
| USD | PAMPA ENERGIA SA-REG-S 7.50000% 17-24.01.27 | 1 350 000.00 | 1 141 846.88 | 0.19 |
| USD | PETKIM PETROKIMYA HOLDING AS-REG-S 5.87500% 18-26.01.23 | 1 540 000.00 | 1 575 131.25 | 0.26 |
| USD | PETROBRAS GLOBAL FINANCE BV 6.75000% 20-03.06.50 | 1 500 000.00 | 1 686 750.00 | 0.27 |
| USD | PETROBRAS GLOBAL FINANCE BV 5.60000% 20-03.01.31 | 4 225 000.00 | 4 658 062.50 | 0.76 |
| USD | PETROLEOS MEXICANOS 6.49000% 20-23.01.27 | 3 050 000.00 | 3 256 332.50 | 0.53 |
| USD | PETROLEOS MEXICANOS-REG-S 6.87500% 20-16.10.25 | 2 500 000.00 | 2 773 500.00 | 0.45 |
| USD | PROSUS NV-REG-S 3.68000% 20-21.01.30 | 2 365 000.00 | 2 498 918.12 | 0.41 |
| USD | PROSUS NV-REG-S 4.02700% 20-03.08.50 | 2 000 000.00 | 1 905 000.00 | 0.31 |
| USD | QATAR, STATE OF-REG-S 4.40000% 20-16.04.50 | 500 000.00 | 593 750.00 | 0.10 |
| USD | QTEL INTERNATIONAL FINANCE LTD-REG-S 5.00000% 10-19.10.25 | 1 300 000.00 | 1 492 968.75 | 0.24 |
| USD | RIO ENERGY SA/UGEN SA/UENSA SA-REG-S 6.87500% 18-01.02.25 | 1 185 000.00 | 892 453.12 | 0.15 |
| USD | RSHB CAPITAL SA-REG-S LPN 8.50000% 13-16.10.23 | 445 000.00 | 499 373.43 | 0.08 |
| USD | SANDS CHINA LTD 3.80000% 21-08.01.26 | 500 000.00 | 536 176.40 | 0.09 |
| USD | SANDS CHINA LTD 4.37500% 21-18.06.30 | 600 000.00 | 646 338.00 | 0.10 |
| USD | SANDS CHINA LTD 5.40000% 19-08.08.28 | 5 550 000.00 | 6 361 704.70 | 1.04 |
| USD | SASOL FINANCING USA LLC 6.50000% 18-27.09.28 | 2 600 000.00 | 2 934 750.00 | 0.48 |
| USD | SASOL FINANCING USA LLC 5.50000% 21-18.03.31 | 4 200 000.00 | 4 368 840.00 | 0.71 |
| USD | SAUDI ARABIAN OIL CO-REG-S 3.50000% 20-24.11.70 | 2 000 000.00 | 1 860 000.00 | 0.30 |
| USD | SB CAPITAL SA FOR SBERBK-REG-S-SUB LPN 5.12500% 12-29.10.22 | 800 000.00 | 834 000.00 | 0.14 |
| USD | SIGMA FINANCE NETHERLANDS BV-REG-S 4.87500% 18-27.03.28 | 2 000 000.00 | 2 272 250.00 | 0.37 |
| USD | STUDIO CITY FINANCE LTD-REG-S 5.00000% 21-15.01.29 | 500 000.00 | 508 218.75 | 0.08 |
| USD | SUNAC CHINA HOLDINGS LTD-REG-S 8.35000% 18-19.04.23 | 1 350 000.00 | 1 407 628.12 | 0.23 |
| USD | SURA ASSET MANAGEMENT SA-REG-S 4.37500% 17-11.04.27 | 600 000.00 | 646 425.00 | 0.10 |
| USD | SUZANO AUSTRIA GMBH 5.00000% 19-15.01.30 | 2 200 000.00 | 2 459 050.00 | 0.40 |
| USD | TC ZIRAAT BANKASI AS-REG-S 5.37500% 21-02.03.26 | 1 000 000.00 | 970 000.00 | 0.16 |
| USD | TEVA PHARMACEUTICAL FINANCE CO BV 2.95000% 12-18.12.22 | 1 350 000.00 | 1 350 253.13 | 0.22 |
| USD | TEVA PHARMACEUTICAL FINANCE NL III BV 3.15000% 16-01.10.26 | 3 350 000.00 | 3 149 000.00 | 0.51 |
| USD | TEVA PHARMACEUTICAL FINANCE NL III BV 6.75000% 18-01.03.28 | 2 500 000.00 | 2 701 750.00 | 0.44 |
| USD | TRINIDAD PETROLEUM HOLDINGS LTD-REG-S 9.75000% 19-15.06.26 | 1 100 000.00 | 1 226 500.00 | 0.20 |
| USD | TRUST F/1401-144A 5.25000% 15-30.01.26 | 1 700 000.00 | 1 904 000.00 | 0.31 |
| USD | TRUST F/1401-REG-S 6.39000% 19-15.01.50 | 3 900 000.00 | 4 474 762.50 | 0.73 |
| USD | TULLOW OIL PLC-REG-S 10.25000% 21-15.05.26 | 3 300 000.00 | 3 390 750.00 | 0.55 |
| USD | TURK SISE VE CAM FABRIKA-REG-S 6.95000% 19-14.03.26 | 2 100 000.00 | 2 323 518.76 | 0.38 |
| USD | TURK TELEKOMUNIKASYON AS-REG-S 4.87500% 14-19.06.24 | 1 700 000.00 | 1 768 000.00 | 0.29 |
| USD | TURK TELEKOMUNIKASYON AS-REG-S 6.87500% 19-28.02.25 | 2 200 000.00 | 2 413 537.50 | 0.39 |
| USD | TURKCELL ILETISIM HIZMETLERI AS-REG-S 5.75000% 15-15.10.25 | 1 700 000.00 | 1 817 193.76 | 0.30 |
| USD | TURKIYE IS BANKASI-REG-S 6.12500% 17-25.04.24 | 2 250 000.00 | 2 314 406.25 | 0.38 |
| USD | TURKIYE VAKIFLAR BANKASI TAO-REG-S 6.50000% 20-08.01.26 | 3 150 000.00 | 3 180 515.62 | 0.52 |
| USD | UKRAINE RAILWAYS VIA RL CPTL MKTS-REG-S 8.25000% 19-09.07.24 | 1 000 000.00 | 1 025 500.00 | 0.17 |
| USD | UKRAINE, GOVERNMENT OF-REG-S 6.87600% 21-21.05.29 | 1 100 000.00 | 1 147 300.00 | 0.19 |
| USD | UKRAINE, GOVERNMENT OF-REG-S 7.25300% 20-15.03.33 | 2 735 000.00 | 2 872 262.81 | 0.47 |
| USD | UNIFIN FINANCIERA SAB DE CV-REG-S 9.87500% 21-28.01.29 | 1 550 000.00 | 1 513 265.00 | 0.25 |
| USD | VEDANTA RESOURCES PLC-REG-S 7.12500% 13-31.05.23 | 300 000.00 | 282 618.75 | 0.05 |
| USD | VEDANTA RESOURCES PLC-REG-S 6.12500% 17-09.08.24 | 4 450 000.00 | 3 805 584.38 | 0.62 |
| USD | VOLCAN CIA MINERA SAA-REG-S 4.37500% 21-11.02.26 | 1 900 000.00 | 1 854 637.50 | 0.30 |
| USD | WYNN MACAU LTD-REG-S 4.87500% 17-01.10.24 | 1 600 000.00 | 1 627 444.49 | 0.26 |
| USD | WYNN MACAU LTD-REG-S 5.12500% 19-15.12.29 | 1 300 000.00 | 1 345 732.18 | 0.22 |
| USD | WYNN MACAU LTD-REG-S 5.62500% 20-26.08.28 | 200 000.00 | 210 750.00 | 0.03 |
| USD | YPF ENERGIA ELECTRICA SA-REG-S 10.00000% 19-25.07.26 | 950 000.00 | 801 443.75 | 0.13 |
| USD | YPF SA-REG-S 6.95000% 17-21.07.27 | 1 850 000.00 | 1 206 315.62 | 0.20 |
| USD | YPF SA-REG-S 8.50000% 15-28.07.25 | 2 400 000.00 | 1 783 200.00 | 0.29 |
| USD | YPF SA-REG-S 8.75000% 14-04.04.24 | 2 450 000.00 | 2 075 150.00 | 0.34 |
| USD | YUZHOU GROUP HOLDINGS CO LTD-REG-S 7.85000% 20-12.08.26 | 450 000.00 | 392 146.88 | 0.06 |
| USD | YUZHOU PROPERTIES CO LTD-REG-S 7.37500% 20-13.01.26 | 800 000.00 | 702 000.00 | 0.11 |
| Total USD |  |  | 329 653 941.50 | 53.65 |
| Total Notes, fixed rate |  | 329 653 941.50 | 53.65 |
| Notes, floating rate |  |  |  |
| USD |  |  |  |
| USD	ALFA BD ISS OJSC ALFA BK-REG-S-SUB 5.950%/VAR 19-15.04.30 | 3 050 000.00 | 3 159 228.12 | 0.51 |
| USD	BANCO GENERAL SA-REG-S-SUB 5.250%/VAR 21-PRP | 1 800 000.00 | 1 826 437.50 | 0.30 |
| USD	BANCO SANTANDER SA-REG-S-SUB 5.950%/VAR 18-01.10.28 | 1 500 000.00 | 1 630 593.75 | 0.27 |
| USD	BANCOLOMBIA SA-SUB 4.875%/VAR 17-18.10.27 | 950 000.00 | 967 693.75 | 0.16 |
| USD	BRASKEM NETHERLANDS FINANCE-REG-S-SUB 8.500%/VAR 20-23.01.81 | 2 050 000.00 | 2 377 103.12 | 0.39 |
| USD	BURGAN BANK SAK-REG-S-SUB 2.750%/VAR 20-15.12.31 | 1 700 000.00 | 1 610 750.00 | 0.26 |
| USD	GAZPROM PJSC VIA GAZ FIN PLC-REG-S-SUB 4.598%/VAR 20-PRP | 1 750 000.00 | 1 792 984.37 | 0.29 |
| USD	GLOBAL BANK CORP-REG-S 5.250%/VAR 19-16.04.29 | 2 115 000.00 | 2 202 640.31 | 0.36 |

UBS (Lux) Bond SICAV – Emerging Economies Corporates (USD) Annual report and audited financial statements as of 31 May 2021
|  | Description | Quantity/ | Valuation in USD | as a % |
| --- | --- | --- | --- | --- |
|  |  | Nominal | Unrealized gain | of net |
|  |  |  | (loss) on Futures/ | assets |
|  |  |  | Forward |  |
|  |  |  | Exchange Contracts/ |  |
|  |  |  | Swaps (Note 1) |  |
|  |  |  |  |  |
| USD | GRUPO BIMBO SA DE CV-REG-S-SUB 5.950%/VAR 18-PRP | 3 500 000.00 | 3 717 218.75 | 0.60 |
| USD | NBK TIER 2 LTD-REG-S-SUB 2.500%/VAR 20-24.11.30 | 1 400 000.00 | 1 403 325.00 | 0.23 |
| USD | WOORI BANK-REG-S-SUB VAR 16-PRP | 1 100 000.00 | 1 107 425.00 | 0.18 |
| Total USD |  |  | 21 795 399.67 | 3.55 |
| Total Notes, floating rate |  | 21 795 399.67 | 3.55 |
| Medium term notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	ABQ FINANCE LTD-REG-S 1.87500% 20-08.09.25 | 1 400 000.00 | 1 399 562.50 | 0.23 |
| USD	ADCB FINANCE CAYMAN LTD-REG-S-SUB 4.50000% 13-06.03.23 | 1 000 000.00 | 1 059 875.00 | 0.17 |
| USD	AFRICAN EXPORT-IMPORT BANK/THE-REG-S 3.99400% 19-21.09.29 | 900 000.00 | 941 940.00 | 0.15 |
| USD	AIA GROUP LTD-REG-S 3.12500% 13-13.03.23 | 1 700 000.00 | 1 766 193.75 | 0.29 |
| USD	AIA GROUP LTD-REG-S 4.50000% 16-16.03.46 | 550 000.00 | 677 085.42 | 0.11 |
| USD	AXIATA SPV5 LABUAN LTD-REG-S 3.06400% 20-19.08.50 | 3 550 000.00 | 3 260 009.37 | 0.53 |
| USD	BANK MUSCAT SAOG-REG-S 4.75000% 21-17.03.26 | 4 555 000.00 | 4 758 551.57 | 0.78 |
| USD	BANK NEGARA INDONESIA PERSERO-REG-S-SUB 3.75000% 21-30.03.26 | 800 000.00 | 813 600.00 | 0.13 |
| USD	BANK OF CHINA LTD-REG-S-SUB 5.00000% 14-13.11.24 | 2 250 000.00 | 2 519 015.63 | 0.41 |
| USD	BOC AVIATION LTD-REG-S 2.62500% 20-17.01.25 | 1 050 000.00 | 1 077 725.88 | 0.18 |
| USD	CBQ FINANCE LTD-REG-S 2.00000% 21-12.05.26 | 1 500 000.00 | 1 497 187.50 | 0.24 |
| USD	CHINA EVERGRANDE GROUP-REG-S 9.50000% 17-29.03.24 | 1 000 000.00 | 859 250.00 | 0.14 |
| USD	DOHA FINANCE LTD-REG-S 2.37500% 21-31.03.26 | 1 500 000.00 | 1 507 031.25 | 0.25 |
| USD	DP WORLD CRESCENT LTD-REG-S 3.87500% 19-18.07.29 | 1 000 000.00 | 1 066 250.00 | 0.17 |
| USD	DP WORLD PLC-REG-S 5.62500% 18-25.09.48 | 1 350 000.00 | 1 647 675.00 | 0.27 |
| USD	DUBAI, GOVERNMENT OF-REG-S 3.90000% 20-09.09.50 | 750 000.00 | 690 937.50 | 0.11 |
| USD	EGYPT, REPUBLIC OF-REG-S 3.87500% 21-16.02.26 | 1 500 000.00 | 1 486 406.25 | 0.24 |
| USD	EMAAR SUKUK LTD-REG-S 3.87500% 19-17.09.29 | 1 400 000.00 | 1 420 387.49 | 0.23 |
| USD	EQUATE PETROCHEMICAL BV-REG-S 4.25000% 16-03.11.26 | 2 550 000.00 | 2 831 010.00 | 0.46 |
| USD	EQUATE PETROCHEMICAL BV-REG-S 2.62500% 21-28.04.28 | 2 400 000.00 | 2 411 250.00 | 0.39 |
| USD	GC TREASURY CENTER CO LTD-REG-S 2.98000% 21-18.03.31 | 1 400 000.00 | 1 401 680.00 | 0.23 |
| USD	GC TREASURY CENTER CO LTD-REG-S 4.30000% 21-18.03.51 | 1 400 000.00 | 1 468 950.00 | 0.24 |
| USD	MAF SUKUK LTD-REG-S 3.93250% 19-28.02.30 | 1 950 000.00 | 2 099 053.12 | 0.34 |
| USD	MEGLOBAL CANADA INC-REG-S 5.87500% 20-18.05.30 | 1 000 000.00 | 1 228 937.50 | 0.20 |
| USD	MEGLOBAL CANADA INC-REG-S 5.00000% 20-18.05.25 | 3 000 000.00 | 3 361 620.00 | 0.55 |
| USD	NATIONAL BANK OF OMAN LTD-REG-S 5.62500% 18-25.09.23 | 1 950 000.00 | 2 041 162.50 | 0.33 |
| USD	OVERSEA-CHINESE BANKING CORP-REG-S-SUB 4.25000% 14-19.06.24 | 2 700 000.00 | 2 948 568.75 | 0.48 |
| USD	POWER FINANCE CORP LTD-REG-S 3.95000% 20-23.04.30 | 3 480 000.00 | 3 558 952.50 | 0.58 |
| USD	PTT TREASURY CENTER CO LTD-REG-S 3.70000% 20-16.07.70 | 1 250 000.00 | 1 193 203.12 | 0.19 |
| USD	PTTEP TREASURY CENTER CO LTD-REG-S 3.90300% 19-06.12.59 | 1 210 000.00 | 1 229 133.12 | 0.20 |
| USD	QNB FINANCE LTD-REG-S 2.62500% 20-12.05.25 | 2 600 000.00 | 2 707 250.00 | 0.44 |
| USD	QNB FINANCE LTD-REG-S 1.62500% 20-22.09.25 | 1 800 000.00 | 1 804 500.00 | 0.29 |
| USD	QNB FINANCE LTD-REG-S 1.37500% 21-26.01.26 | 1 335 000.00 | 1 316 226.56 | 0.21 |
| USD	QTEL INTERNATIONAL FINANCE LTD-REG-S 2.62500% 21-08.04.31 | 1 500 000.00 | 1 509 825.00 | 0.25 |
| USD	SAUDI ARABIAN OIL CO-REG-S 3.50000% 19-16.04.29 | 4 510 000.00 | 4 847 686.25 | 0.79 |
| USD	SAUDI ARABIAN OIL CO-REG-S 4.25000% 19-16.04.39 | 4 800 000.00 | 5 285 400.00 | 0.86 |
| USD	SHINHAN BANK-REG-S-SUB 3.87500% 16-24.03.26 | 1 300 000.00 | 1 429 130.43 | 0.23 |
| USD	SHRIRAM TRANSPORT FINANCE CO LTD-REG-S 5.10000% 20-16.07.23 | 1 300 000.00 | 1 307 556.25 | 0.21 |
| USD	SHRIRAM TRANSPORT FINANCE CO LTD-REG-S 4.40000% 21-13.03.24 | 800 000.00 | 790 649.99 | 0.13 |
| USD	SINGTEL GROUP TREASURY PTE LTD-REG-S 3.25000% 15-30.06.25 | 800 000.00 | 867 167.36 | 0.14 |
| USD	SINO OCEAN LAND TREASURY FINANCE-REG-S 6.00000 14-30.07.24 | 530 000.00 | 583 331.25 | 0.10 |
| USD	SWIRE PACIFIC MTN FINANCING LTD-REG-S 4.50000% 13-09.10.23 | 1 300 000.00 | 1 409 330.00 | 0.23 |
| USD	TENCENT HOLDINGS LTD-REG-S 3.68000% 21-22.04.41 | 2 400 000.00 | 2 458 200.00 | 0.40 |
| USD	THAIOIL TREASURY CENTER CO LTD-REG-S 4.62500% 18-20.11.28 | 1 300 000.00 | 1 459 087.50 | 0.24 |
| USD	TURKIYE BANKASI AS-REG-S 5.37500% 16-06.10.21 | 700 000.00 | 704 068.75 | 0.12 |
| USD	YAPI VE KREDI BANKASI AS-REG-S 6.10000% 18-16.03.23 | 1 150 000.00 | 1 185 793.75 | 0.19 |
| USD	YAPI VE KREDI BANKASI AS-REG-S 8.25000% 19-15.10.24 | 900 000.00 | 974 250.00 | 0.16 |
| Total USD |  | 84 861 657.81 | 13.81 |
| Total Medium term notes, fixed rate |  | 84 861 657.81 | 13.81 |
| Medium term notes, floating rate |  |  |  |
| USD |  |  |  |
| USD	BANGKOK BANK PCL/HONG KONG-REG-S-SUB 3.733%/VAR 19-25.09.34 | 1 600 000.00 | 1 633 300.00 | 0.27 |
| USD	DBS GROUP HOLDINGS LTD-REG-S-SUB 3.600%/VAR 16-PRP | 1 500 000.00 | 1 508 946.00 | 0.24 |
| USD	DBS GROUP HOLDINGS LTD-REG-S-SUB 3.300%/VAR 20-PRP | 1 500 000.00 | 1 531 875.00 | 0.25 |
| USD	UNITED OVERSEAS BANK LTD-REG-S-SUB 3.750%/VAR 19-15.04.29 | 2 825 000.00 | 3 021 008.95 | 0.49 |
| USD	WOORI BANK-REG-S-SUB 5.250%/VAR 17-PRP | 1 150 000.00 | 1 181 481.25 | 0.19 |
| Total USD |  | 8 876 611.20 | 1.44 |
| Total Medium term notes, floating rate |  | 8 876 611.20 | 1.44 |
| Bonds, fixed rate |  |  |  |
| EUR |  |  |  |
| EUR	REPUBLIC OF SRPSKA TREASURY BOND-REG-S 4.75000% 21-27.04.26 | 1 180 000.00 | 1 441 644.95 | 0.24 |
| Total EUR |  | 1 441 644.95 | 0.24 |
| USD |  |  |  |
| USD	AHB SUKUK CO LTD-REG-S 4.37500% 18-19.09.23 | 850 000.00 | 918 425.00 | 0.15 |
| USD	AKBANK TAS-REG-S 5.12500% 15-31.03.25 | 850 000.00 | 852 018.75 | 0.14 |
| USD	ALMARAI SUKUK LTD-REG-S 4.31100% 19-05.03.24 | 1 450 000.00 | 1 565 818.75 | 0.25 |
| USD	ALTICE FINANCING SA-REG-S 7.50000% 16-15.05.26 | 3 150 000.00 | 3 264 187.50 | 0.53 |
| USD	ANGOLAN GOVT INTERNATIONAL BOND-REG-S 9.50000% 15-12.11.25 | 1 300 000.00 | 1 428 212.50 | 0.23 |
| USD	ARABIAN CENTRES SUKUK II LTD-REG-S 5.62500% 21-07.10.26 | 1 100 000.00 | 1 163 250.00 | 0.19 |
| USD	ARAGVI FINANCE INTERNATIONAL DAC-REG-S 8.45000% 21-29.04.26 | 550 000.00 | 571 828.13 | 0.09 |
| USD	BHARTI AIRTEL INTL NETHERLANDS BV-REG-S 5.35000% 14-20.05.24 | 1 000 000.00 | 1 102 687.51 | 0.18 |
| USD	BIZ FINANCE PLC FOR UKREXIMBANK-REG-S 9.75000% 15-22.01.25 | 1 177 000.00 | 632 637.50 | 0.10 |
| USD	CHINA OVERSEAS FINANCE CAYMAN-REG-S 5.95000% 14-08.05.24 | 1 000 000.00 | 1 123 625.00 | 0.18 |
| USD	CNOOC FINANCE 2013 LTD 3.00000% 13-09.05.23 | 1 100 000.00 | 1 141 112.50 | 0.19 |
| USD	COUNTRY GARDEN HOLDINGS CO LTD-REG-S 6.15000% 19-17.09.25 | 2 600 000.00 | 2 856 750.00 | 0.46 |
| USD	DAR AL-ARKAN SUKUK CO LTD-REG-S 6.75000% 19-15.02.25 | 2 507 000.00 | 2 595 998.50 | 0.42 |
| USD	DEVELOPMENT BANK OF MONGOLIA LLC-REG-S 7.25000% 18-23.10.23 | 1 150 000.00 | 1 237 903.13 | 0.20 |

UBS (Lux) Bond SICAV – Emerging Economies Corporates (USD) Annual report and audited financial statements as of 31 May 2021
|  | Description | Quantity/ | Valuation in USD | as a % |
| --- | --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |
|  |  |  |  |  |
| USD | ENERGEAN ISRAEL FINANCE LTD-144A-REG-S 4.87500% 21-30.03.26 | 520 000.00 | 538 037.50 | 0.09 |
| USD | ENERGEAN ISRAEL FINANCE LTD-144A-REG-S 5.37500% 21-30.03.28 | 2 245 000.00 | 2 323 462.75 | 0.38 |
| USD | ENERGEAN ISRAEL FINANCE LTD-144A-REG-S 5.87500% 21-30.03.31 | 2 270 000.00 | 2 346 612.50 | 0.38 |
| USD | EVRAZ PLC-REG-S 6.75000% 16-31.01.22 | 1 100 000.00 | 1 139 531.25 | 0.19 |
| USD | FORTUNE STAR BVI LTD-REG-S 5.25000% 17-23.03.22 | 900 000.00 | 908 043.75 | 0.15 |
| USD | GAZ CAPITAL SA/GAZPROM-REG-S LPN 5.15000% 19-11.02.26 | 2 400 000.00 | 2 680 200.00 | 0.44 |
| USD | GAZPROM NEFT OAO VIA GPN CAP-REG-S LPN 6.00000% 13-27.11.23 | 600 000.00 | 659 362.50 | 0.11 |
| USD | GAZPROM PJSC-REG-S 3.00000% 20-29.06.27 | 1 700 000.00 | 1 719 975.00 | 0.28 |
| USD | GLOBAL LOGISTIC PROPERTIES LTD-REG-S 3.87500% 15-04.06.25 | 700 000.00 | 736 443.75 | 0.12 |
| USD | GREENKO SOLAR MAURITIUS LTD-REG-S 5.55000% 19-29.01.25 | 1 350 000.00 | 1 387 546.87 | 0.23 |
| USD | GREENKO SOLAR MAURITIUS LTD-REG-S 5.95000% 19-29.07.26 | 3 250 000.00 | 3 487 250.00 | 0.57 |
| USD | GRUPOSURA FINANCE-REG-S 5.50000% 16-29.04.26 | 1 900 000.00 | 2 047 630.00 | 0.33 |
| USD | HUTCHISON WHAMPOA INTERNATIONAL14-REG-S 3.62500% 14-31.10.24 | 950 000.00 | 1 038 646.87 | 0.17 |
| USD | JSW STEEL LTD-REG-S 5.95000% 19-18.04.24 | 1 600 000.00 | 1 715 300.00 | 0.28 |
| USD | KAISA GROUP HOLDINGS LTD-REG-S 11.70000% 21-11.11.25 | 1 700 000.00 | 1 712 750.00 | 0.28 |
| USD | KOREA GAS CORP-REG-S 2.87500% 19-16.07.29 | 1 150 000.00 | 1 216 700.00 | 0.20 |
| USD | KUWAIT PROJECTS CO SPC LTD-REG-S 5.00000% 16-15.03.23 | 1 450 000.00 | 1 500 115.62 | 0.24 |
| USD | LONGFOR PROPERTIES CO LTD-REG-S 4.50000% 18-16.01.28 | 600 000.00 | 659 550.00 | 0.11 |
| USD | MAF SUKUK LTD-REG-S 4.63800% 19-14.05.29 | 1 800 000.00 | 2 017 462.50 | 0.33 |
| USD | MAR SUKUK LTD-REG-S 2.21000% 20-02.09.25 | 2 500 000.00 | 2 549 687.50 | 0.41 |
| USD | METINVEST BV-REG-S 7.75000% 18-23.04.23 | 1 200 000.00 | 1 280 475.00 | 0.21 |
| USD | NOVATEK OAO VIA NOVATEK FIN-REG-S LPN 4.42200% 12-13.12.22 | 1 000 000.00 | 1 046 750.00 | 0.17 |
| USD | OIL INDIA LTD-REG-S 5.12500% 19-04.02.29 | 700 000.00 | 780 412.50 | 0.13 |
| USD | OZTEL HOLDINGS SPC-REG-S 6.62500% 18-24.04.28 | 1 850 000.00 | 2 067 721.88 | 0.34 |
| USD | PAN AMERICAN ENERGY LLC/ARGENTINA-REG-S 9.12500% 21-30.04.27 | 1 650 000.00 | 1 798 293.75 | 0.29 |
| USD | PERUSAHAAN GAS NEGARA PT-REG-S 5.12500% 14-16.05.24 | 2 350 000.00 | 2 586 175.00 | 0.42 |
| USD | POSCO-REG-S 4.00000% 18-01.08.23 | 1 600 000.00 | 1 705 800.00 | 0.28 |
| USD | SAUDI ELECTRICITY GLOBAL SUKIK CO REG-S 5.50000% 14-08.04.44 | 750 000.00 | 942 562.50 | 0.15 |
| USD | SAUDI ELECTRICITY GLOBAL SUKUK CO-REG-S 4.22200% 18-27.01.24 | 1 850 000.00 | 2 008 175.00 | 0.33 |
| USD | SAUDI TELECOM CO-REG-S 3.89000% 19-13.05.29 | 2 000 000.00 | 2 205 375.00 | 0.36 |
| USD | SEPLAT PETROLEUM DEVELOPMENT CO-REG-S 7.75000% 21-01.04.26 | 1 500 000.00 | 1 545 000.00 | 0.25 |
| USD | SUNAC CHINA HOLDINGS LTD-REG-S 6.50000% 20-10.01.25 | 1 100 000.00 | 1 127 843.75 | 0.18 |
| USD | UEP PENONOME II SA-REG-S 6.50000% 20-01.10.38 | 1 600 000.00 | 1 594 610.37 | 0.26 |
| USD | VEDANTA RESOURCES FINANCE II PLC-REG-S 8.00000% 19-23.04.23 | 1 000 000.00 | 960 187.50 | 0.16 |
| USD | VTB BK OJSC VIA VTB CPTL-REG-S-SUB LPN 6.95000% 12-17.10.22 | 2 800 000.00 | 2 964 150.00 | 0.48 |
| USD | WOORI BANK-REG-S-SUB 4.75000% 14-30.04.24 | 500 000.00 | 550 250.00 | 0.09 |
| USD | YUZHOU PROPERTIES CO LTD-REG-S 8.50000% 19-26.02.24 | 1 800 000.00 | 1 737 000.00 | 0.28 |
| Total USD |  |  | 79 739 545.38 | 12.98 |
| Total Bonds, fixed rate |  | 81 181 190.33 | 13.22 |
| Bonds, zero coupon |  |  |  |
| USD |  |  |  |
| USD	ECUADOR SOCIAL BOND SARL-REG-S 0.00000% 20-30.01.35 | 675 000.00 | 503 891.92 | 0.08 |
| Total USD |  | 503 891.92 | 0.08 |
| Total Bonds, zero coupon |  | 503 891.92 | 0.08 |
| Bonds, floating rate |  |  |  |
| USD |  |  |  |
| USD	ADIB CAPITAL INVEST 2 LTD-REG-S-SUB 7.125%/VAR 18-PRP | 860 000.00 | 940 517.50 | 0.15 |
| USD	BANCO DAVIVIENDA SA-REG-S-SUB 6.650%/VAR 21-PRP | 4 000 000.00 | 4 100 000.00 | 0.67 |
| USD	BANCO DO BRASIL CAYMAN-REG-S-SUB 9.250%/VAR 12-PRP | 2 900 000.00 | 3 171 512.50 | 0.52 |
| USD	BANCOLOMBIA SA-SUB 4.625%/VAR 19-18.12.29 | 2 950 000.00 | 2 987 428.12 | 0.49 |
| USD	BANK OF CHINA HONG KONG LTD-REG-S-SUB 5.900%/VAR 18-PRP | 1 800 000.00 | 1 939 500.00 | 0.32 |
| USD	BURGAN BANK SAK-REG-S-SUB 5.749%/VAR 19-PRP | 1 500 000.00 | 1 506 375.00 | 0.24 |
| USD	EMIRATES NBD PJSC-REG-S-SUB 6.125%/VAR 19-PRP | 2 200 000.00 | 2 353 312.50 | 0.38 |
| USD	NBK TIER 1 FINANCING LTD-REG-S-SUB 3.625%/VAR 21-PRP | 5 400 000.00 | 5 415 187.50 | 0.88 |
| USD	SHINHAN FINANCIAL GROUP CO LTD-REG-S-SUB 2.875%VAR 21-PRP | 1 500 000.00 | 1 492 650.00 | 0.24 |
| USD	UKREXIMBANK BIZ FINANCE PLC-REG-S-SUB 9.950%/VAR 19-14.11.29 | 900 000.00 | 913 218.75 | 0.15 |
| Total USD |  | 24 819 701.87 | 4.04 |
| Total Bonds, floating rate |  | 24 819 701.87 | 4.04 |
| Total Transferable securities and money market instruments listed on an official stock exchange |  | 551 692 394.30 | 89.79 |
| Transferable securities and money market instruments traded on another regulated market |  |  |  |
| Notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	AMAGGI LUXEMBOURG INTERNATIONAL-REG-S 5.25000% 21-28.01.28 | 1 800 000.00 | 1 883 070.00 | 0.31 |
| USD	C&W SENIOR FIN DESIGNATD ACT V CO-REG-S 7.50000% 18-15.10.26 | 800 000.00 | 840 000.00 | 0.14 |
| USD	CELULOSA ARAUCO Y CONSTITUCION SA-REG-S 5.15000% 19-29.01.50 | 800 000.00 | 904 900.00 | 0.15 |
| USD	CENCOSUD SA-REG-S 5.15000% 15-12.02.25 | 800 000.00 | 886 150.00 | 0.14 |
| USD	ECOPETROL SA 5.87500% 14-28.05.45 | 1 500 000.00 | 1 548 750.00 | 0.25 |
| USD	FRESNILLO PLC-REG-S 4.25000% 20-02.10.50 | 1 000 000.00 | 992 500.00 | 0.16 |
| USD	METALSA SA DE CV-REG-S 3.75000% 21-04.05.31 | 2 300 000.00 | 2 277 431.25 | 0.37 |
| USD	MINERA MEXICO SA DE CV-REG-S 4.50000% 19-26.01.50 | 1 800 000.00 | 1 939 500.00 | 0.32 |
| USD	MV24 CAPITAL BV-REG-S 6.74800% 19-01.06.34 | 2 000 000.00 | 2 029 856.40 | 0.33 |
| USD	SACI FALABELLA-REG-S 3.75000% 17-30.10.27 | 660 000.00 | 704 055.00 | 0.11 |
| Total USD |  | 14 006 212.65 | 2.28 |
| Total Notes, fixed rate |  | 14 006 212.65 | 2.28 |

UBS (Lux) Bond SICAV – Emerging Economies Corporates (USD) Annual report and audited financial statements as of 31 May 2021
| Description | Quantity/ | Valuation in USD | as a % |
| --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |

Bonds, fixed rate
| USD |  |
| --- | --- |
| USD | INVERSIONES CMPC SA-REG-S 4.37500% 13-15.05.23 | 1 600 000.00 | 1 685 300.00 | 0.28 |
| USD | TENGIZCHEVROIL FINANCE CO INT-REG-S 4.00000% 16-15.08.26 | 1 155 000.00 | 1 246 533.75 | 0.20 |
| Total USD |  |  | 2 931 833.75 | 0.48 |
| Total Bonds, fixed rate | 2 931 833.75 | 0.48 |
| Total Transferable securities and money market instruments traded on another regulated market | 16 938 046.40 | 2.76 |

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 | AEROVIAS DE MEXICO SA-REG-S *DEFAULTED* 7.00000% 20-05.02.25 | 2 150 000.00 | 1 579 175.00 | 0.26 |
| USD | COLBUN SA-REG-S 3.15000% 20-06.03.30 | 600 000.00 | 611 550.00 | 0.10 |
| USD | FIRST QUANTUM MINERALS LTD-REG-S 6.87500% 20-15.10.27 | 4 000 000.00 | 4 365 000.00 | 0.71 |
| USD | MULTIBANK INC-REG-S 4.37500% 17-09.11.22 | 950 000.00 | 969 902.50 | 0.16 |
| USD | TENGIZCHEVROIL FINANCE CO INTL-REG-S 3.25000% 20-15.08.30 | 1 880 000.00 | 1 903 500.00 | 0.31 |
| USD | TENGIZCHEVROIL FINANCE CO INTL-REG-S 2.62500% 20-15.08.25 | 1 100 000.00 | 1 122 756.25 | 0.18 |
| USD | TEVA PHARMACEUTICAL FINANCE NETHERLANDS 7.12500% 20-31.01.25 | 3 250 000.00 | 3 534 984.38 | 0.57 |
| Total USD |  |  | 14 086 868.13 | 2.29 |
| Total Notes, fixed rate | 14 086 868.13 | 2.29 |
| Total Transferable securities and money market instruments not listed on an official stock exchange and not traded on another regulated market | 14 086 868.13 | 2.29 |
| UCITS/Other UCIs in accordance with Article 41 (1) e) of the amended Luxembourg law of 17 December 2010 |  |  |
| Investment funds, open end |  |  |
| Ireland |  |  |
| USD	UBS (IRL) SELECT MONEY MARKET FUND-USD-S-DIST	1 035.45 | 10 354 520.00 | 1.69 |
| Total Ireland | 10 354 520.00 | 1.69 |
| Total Investment funds, open end | 10 354 520.00 | 1.69 |
| Total UCITS/Other UCIs in accordance with Article 41 (1) e) of the amended Luxembourg law of 17 December 2010 | 10 354 520.00 | 1.69 |
| Total investments in securities | 593 071 828.83 | 96.53 |
| Derivative instruments |  |  |
| Derivative instruments listed on an official stock exchange |  |  |
| Financial Futures on bonds |  |  |
|  |  |  |
| USD	US 10YR TREASURY NOTE FUTURE 21.09.21	-173.00 | 39 195.40 | 0.00 |
| USD	US LONG BOND FUTURE 21.09.21	92.00 | -69 000.00 | -0.01 |
| USD	US 10YR ULTRA NOTE FUTURE 21.09.21	-137.00 | 46 046.94 | 0.01 |
| USD	US 2YR TREASURY NOTE FUTURE 30.09.21	20.00 | 156.26 | 0.00 |
| USD	US 5YR TREASURY NOTE FUTURE 30.09.21	44.00 | -2 750.00 | 0.00 |
| USD	US ULTRA LONG BOND (CBT) FUTURE 21.09.21	-54.00 | 53 156.25 | 0.01 |
| Total Financial Futures on bonds | 66 804.85 | 0.01 |
| Total Derivative instruments listed on an official stock exchange | 66 804.85 | 0.01 |
| Total Derivative instruments | 66 804.85 | 0.01 |
| Forward Foreign Exchange contracts |  |  |
| Currency purchased/Amount purchased/Currency sold/Amount sold/Maturity date |  |  |

| EUR | 22 665 800.00 | USD | 27 804 839.50 | 28.6.2021 | -79 659.54 | -0.01 |
| --- | --- | --- | --- | --- | --- | --- |
| Total Forward Foreign Exchange contracts | -79 659.54 | -0.01 |
|  |  |  |
| Cash at banks, deposits on demand and deposit accounts and other liquid assets | 5 465 473.48 | 0.89 |
| Bank overdraft and other short-term liabilities | -14 975.88 | 0.00 |
| Other assets and liabilities | 15 888 986.39 | 2.58 |
| Total net assets | 614 398 458.13 | 100.00 |

UBS (Lux) Bond SICAV – Emerging Economies Corporates (USD) Annual report and audited financial statements as of 31 May 2021

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

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

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

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

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


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

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

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

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

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

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