# UBS (Lux) Bond SICAV
– Emerging Economies Local Currency Bond (USD)
| Three-year comparison |  |
| --- | --- |
|  | ISIN | 31.5.2021 | 31.5.2020 | 31.5.2019 |
| Net assets in USD |  | 385 737 648.78 | 334 387 742.23 | 297 327 482.25 |
| Class I-A1-acc | LU1390335583 |  |  |  |
| Shares outstanding |  | 41 774.5600 | 42 612.9230 | 47 396.8310 |
| Net asset value per share in USD |  | 120.09 | 110.18 | 109.57 |
| Issue and redemption price per share in USD 1 |  | 120.09 | 110.18 | 109.57 |
| Class I-B-acc | LU1881004227 |  |  |  |
| Shares outstanding |  | 231 183.0480 | 63 330.0000 | 28 107.3540 |
| Net asset value per share in USD |  | 117.77 | 107.49 | 106.35 |
| Issue and redemption price per share in USD 1 |  | 117.77 | 107.49 | 106.35 |
| Class I-X-acc | LU1131112325 |  |  |  |
| Shares outstanding |  | 2 312 406.0520 | 2 027 732.1150 | 1 933 078.7440 |
| Net asset value per share in USD |  | 107.21 | 97.74 | 96.59 |
| Issue and redemption price per share in USD 1 |  | 107.21 | 97.74 | 96.59 |
| Class K-1-acc 2 | LU0775388019 |  |  |  |
| Shares outstanding |  | - | 0.5000 | 0.5000 |
| Net asset value per share in USD |  | - | 5 295 474.00 | 5 282 398.28 |
| Issue and redemption price per share in USD 1 |  | - | 5 295 474.00 | 5 282 398.28 |
| Class P-acc | LU0775387714 |  |  |  |
| Shares outstanding |  | 177 581.8330 | 221 074.9170 | 253 348.3640 |
| Net asset value per share in USD |  | 93.68 | 86.73 | 87.03 |
| Issue and redemption price per share in USD 1 |  | 93.68 | 86.73 | 87.03 |
| Class (EUR hedged) P-acc 3 | LU2064626802 |  |  |  |
| Shares outstanding |  | 120 551.9550 | 146 194.1530 | - |
| Net asset value per share in EUR |  | 99.34 | 93.23 | - |
| Issue and redemption price per share in EUR 1 |  | 99.34 | 93.23 | - |
| Class P-dist | LU0775387805 |  |  |  |
| Shares outstanding |  | 6 848.9080 | 6 906.3400 | 392.0530 |
| Net asset value per share in USD |  | 64.47 | 62.12 | 65.18 |
| Issue and redemption price per share in USD 1 |  | 64.47 | 62.12 | 65.18 |
| Class (EUR hedged) P-dist 3 | LU2064626984 |  |  |  |
| Shares outstanding |  | 251 886.3650 | 211 104.9010 | - |
| Net asset value per share in EUR |  | 97.34 | 93.23 | - |
| Issue and redemption price per share in EUR 1 |  | 97.34 | 93.23 | - |
| Class P-mdist | LU0775387987 |  |  |  |
| Shares outstanding |  | 8 287.3030 | 11 584.1230 | 11 711.5790 |
| Net asset value per share in USD |  | 95.85 | 93.00 | 98.11 |
| Issue and redemption price per share in USD 1 |  | 95.85 | 93.00 | 98.11 |
| Class Q-acc | LU1240772902 |  |  |  |
| Shares outstanding |  | 113 832.3400 | 153 602.3150 | 169 691.0730 |
| Net asset value per share in USD |  | 118.84 | 109.26 | 108.88 |
| Issue and redemption price per share in USD 1 |  | 118.84 | 109.26 | 108.88 |
| Class (EUR hedged) Q-acc 3 | LU2064627016 |  |  |  |
| Shares outstanding |  | 34 554.5650 | 35 676.1630 | - |
| Net asset value per share in EUR |  | 100.42 | 93.58 | - |
| Issue and redemption price per share in EUR 1 |  | 100.42 | 93.58 | - |
| Class (EUR hedged) Q-dist 3 | LU2064627107 |  |  |  |
| Shares outstanding |  | 9 264.8220 | 12 373.5920 | - |
| Net asset value per share in EUR |  | 97.35 | 93.58 | - |
| Issue and redemption price per share in EUR 1 |  | 97.35 | 93.58 | - |
| Class U-X-acc | LU0775388282 |  |  |  |
| Shares outstanding |  | 1 359.4990 | 3 401.4990 | 3 442.4990 |
| Net asset value per share in USD |  | 10 745.73 | 9 796.29 | 9 681.17 |
| Issue and redemption price per share in USD 1 |  | 10 745.73 | 9 796.29 | 9 681.17 |
| Class U-X-UKdist-mdist | LU1957417519 |  |  |  |
| Shares outstanding |  | 969.9200 | 969.9200 | 2 517.8210 |
| Net asset value per share in USD |  | 9 897.35 | 9 488.76 | 9 831.03 |
| Issue and redemption price per share in USD 1 |  | 9 897.35 | 9 488.76 | 9 831.03 |
| 1  See note 1 2  The share class K-1-acc was in circulation until 18.5.2021 3  First NAV: 15.11.2019 |  |  |  |  |

UBS (Lux) Bond SICAV – Emerging Economies Local Currency Bond (USD) Annual report and audited financial statements as of 31 May 2021
| Performance |  |
| --- | --- |
|  | Currency | 2020/2021 | 2019/2020 | 2018/2019 |
| Class I-A1-acc | USD | 9.0% | 0.6% | -0.2% |
| Class I-B-acc | USD | 9.6% | 1.1% | - |
| Class I-X-acc | USD | 9.7% | 1.2% | 0.4% |
| Class K-1-acc 1 | USD | - | 0.2% | - |
| Class P-acc | USD | 8.0% | -0.3% | -1.1% |
| Class (EUR hedged) P-acc | EUR | 6.6% | - | - |
| Class P-dist | USD | 8.0% | -0.4% | -1.1% |
| Class (EUR hedged) P-dist | EUR | 6.5% | - | - |
| Class P-mdist | USD | 8.0% | -0.3% | - |
| Class Q-acc | USD | 8.8% | 0.3% | -0.4% |
| Class (EUR hedged) Q-acc | EUR | 7.3% | - | - |
| Class (EUR hedged) Q-dist | EUR | 7.3% | - | - |
| Class U-X-acc | USD | 9.7% | 1.2% | 0.5% |
| Class U-X-UKdist-mdist | USD | 9.7% | 1.2% | - |
| Benchmark: JP Morgan GBI-EM Global Diversified | USD | 8.4% | 2.1% | 0.3% |
| JP Morgan GBI-EM Global Diversified (hedged EUR) | EUR | -1.2% | - | - |

1 
The share class K-1-acc was in circulation until 18.5.2021. 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 Local Currency Bond (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.
The subfund delivered a positive performance for all share classes during the financial year. The decline in emerg- ing market local currency bond yields and the apprecia- tion of emerging market currencies in many cases both contributed to overall performance. The duration of the subfund at the end of the financial year decreased over the period consistent with the change in the market. The subfund has followed a diversified approach, investing across a range of countries, issuers and currencies which was key to overall performance. In particular, invest- ments in South Africa and China contributed.

## Structure of the Securities Portfolio
Geographical Breakdown as a % of net assets	
| Russian Federation (CIS) | 8.66 |
| --- | --- |
| South Africa | 8.27 |
| China | 8.22 |
| Thailand | 7.88 |
| Indonesia | 7.46 |
| Mexico | 6.82 |
| Malaysia | 6.29 |
| Poland | 6.24 |
| Colombia | 4.80 |
| Czech Republic | 3.39 |
| Hungary | 2.97 |
| United States | 2.95 |
| Peru | 2.65 |
| Luxembourg | 2.46 |
| United Kingdom | 1.63 |
| Brazil | 1.57 |
| Turkey | 1.54 |
| Romania | 1.32 |
| Supranationals | 0.91 |
| Ukraine | 0.87 |
| Pakistan | 0.50 |
| Egypt | 0.50 |
| Uzbekistan | 0.49 |
| Cayman Islands | 0.41 |
| India | 0.39 |
| Oman | 0.37 |
| The Netherlands | 0.34 |
| Uruguay | 0.33 |
| Mauritius | 0.25 |
| Bosnia and Herzegovina | 0.23 |
| Kenya | 0.23 |
| United Arab Emirates | 0.23 |
| Costa Rica | 0.22 |
| Israel | 0.22 |
| Philippines | 0.21 |
| Dominican Republic | 0.20 |
| Hong Kong | 0.14 |
| Kazakhstan | 0.14 |
| Ecuador | 0.09 |
| Ireland | 0.08 |
| Argentina | 0.07 |
| Mongolia | 0.06 |
| Lebanon | 0.03 |
| Total | 92.63 |

Economic Breakdown as a % of net assets	
| Countries & central governments | 79.33 |
| --- | --- |
| Finance & holding companies | 2.22 |
| Supranational organisations | 1.92 |
| Petroleum | 1.91 |
| Investment funds | 1.82 |
| Banks & credit institutions | 1.50 |
| Energy & water supply | 1.11 |
| Cantons, federal states | 0.92 |
| Non-ferrous metals | 0.40 |
| Telecommunications | 0.34 |
| Building industry & materials | 0.29 |
| Mechanical engineering & industrial equipment | 0.25 |
| Miscellaneous unclassified companies | 0.25 |
| Mining, coal & steel | 0.23 |
| Chemicals | 0.14 |
| Total | 92.63 |

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

## Statement of Net Assets
Assets	31.5.2021
USD
Investments in securities, cost	361 642 079.97
Investments in securities, unrealized appreciation (depreciation)	4 320 266.17
Total investments in securities (Note 1)	357 321 813.80
Cash at banks, deposits on demand and deposit accounts	19 112 723.12*
Other liquid assets (Margins)	877 652.82
Receivable on securities sales (Note 1)	401 576.39
Receivable on subscriptions	11.98
Interest receivable on securities	6 294 208.83
Interest receivable on liquid assets	295.75
Other receivables	117 038.34
Unrealized gain on financial futures (Note 1)	75 086.03
Unrealized gain on forward foreign exchange contracts (Note 1)	3 286 934.30
Unrealized loss on swaps (Note 1)	-224 265.28
Bank overdraft	-1 340 179.64
Interest payable on bank overdraft	-44.59
Payable on redemptions	-6 043.09
Provisions for flat fee (Note 2)	-137 182.34
Provisions for taxe d’abonnement (Note 3)	-11 701.64
Provisions for other commissions and fees (Note 2)		-30 276.00		 Total provisions			-179 159.98
Net assets at the end of the financial year	385 737 648.78

## Statement of Operations
Income	1.6.2020-31.5.2021
USD
Interest on liquid assets	25 987.98
Interest on securities	16 928 796.83
Interest received on swaps (Note 1)	3 794 495.03
Income on securities lending (Note 16)	17 141.05
Total income	21 102 331.50
Expenses
Other income (Note 4)	335 910.61
Interest paid on swaps (Note 1)	-2 061 635.14
Flat fee (Note 2)	-1 126 894.83
Taxe d’abonnement (Note 3)	-67 218.38
Cost on securities lending (Note 16)	-6 856.42
Other commissions and fees (Note 2)	-30 079.72
Total expenses	-3 306 279.02
Net income (loss) on investments	17 796 052.48
Realized gain (loss) (Note 1)
Interest on cash and bank overdraft	-13 594.53
Realized gain (loss) on market-priced securities without options	-9 196 719.14
Realized gain (loss) on options	-43 800.00
Realized gain (loss) on yield-evaluated securities and money market instruments	-3 365 075.49
Realized gain (loss) on financial futures	1 056 898.73
Realized gain (loss) on forward foreign exchange contracts	7 493 119.33
Realized gain (loss) on swaps	-1 890 034.31
Total realized gain (loss)	-7 320 064.37
Net realized gain (loss) of the financial year	10 475 988.11
Changes in unrealized appreciation (depreciation) (Note 1)
Realized gain (loss) on foreign exchange	-1 374 453.49
Unrealized appreciation (depreciation) on market-priced securities without options	19 771 834.63
Unrealized appreciation (depreciation) on yield-evaluated securities and money market instruments	3 247 592.20
Unrealized appreciation (depreciation) on financial futures	75 086.03
Unrealized appreciation (depreciation) on forward foreign exchange contracts	2 372 748.97
Total changes in unrealized appreciation (depreciation)	23 276 053.77
Net increase (decrease) in net assets as a result of operations	33 752 041.88
Unrealized appreciation (depreciation) on swaps	-2 191 208.06
* As at 31 May 2021, cash amounts serve as collateral for the counterparty Goldman Sachs for an amount of USD 630 000.00 and Credit Suisse for an amount of USD 280 000.00.
UBS (Lux) Bond SICAV – Emerging Economies Local Currency Bond (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 | 334 387 742.23 |
| Subscriptions | 72 630 200.25 |
| Redemptions | 	-53 969 507.47	 |
| Total net subscriptions (redemptions) | 18 660 692.78 |
| Dividend paid | -1 062 828.11 |
| Net income (loss) on investments | 17 796 052.48 |
| Total realized gain (loss) | -7 320 064.37 |
| Total changes in unrealized appreciation (depreciation) | 	23 276 053.77	 |
| Net increase (decrease) in net assets as a result of operations | 33 752 041.88 |
| Net assets at the end of the financial year | 385 737 648.78 |
| Changes in the Number of Shares outstanding |  |
|  | 1.6.2020-31.5.2021 |
| Class | I-A1-acc |
| Number of shares outstanding at the beginning of the financial year | 42 612.9230 |
| Number of shares issued | 0.0000 |
| Number of shares redeemed | -838.3630 |
| Number of shares outstanding at the end of the financial year | 41 774.5600 |
| Class | I-B-acc |
| Number of shares outstanding at the beginning of the financial year | 63 330.0000 |
| Number of shares issued | 246 079.5800 |
| Number of shares redeemed | -78 226.5320 |
| Number of shares outstanding at the end of the financial year | 231 183.0480 |
| Class | I-X-acc |
| Number of shares outstanding at the beginning of the financial year | 2 027 732.1150 |
| Number of shares issued | 292 186.7760 |
| Number of shares redeemed | -7 512.8390 |
| Number of shares outstanding at the end of the financial year | 2 312 406.0520 |
| Class | K-1-acc |
| Number of shares outstanding at the beginning of the financial year | 0.5000 |
| Number of shares issued | 0.0000 |
| Number of shares redeemed | -0.5000 |
| Number of shares outstanding at the end of the financial year | 0.0000 |
| Class | P-acc |
| Number of shares outstanding at the beginning of the financial year | 221 074.9170 |
| Number of shares issued | 113.7570 |
| Number of shares redeemed | -43 606.8410 |
| Number of shares outstanding at the end of the financial year | 177 581.8330 |
| Class | (EUR hedged) P-acc |
| Number of shares outstanding at the beginning of the financial year | 146 194.1530 |
| Number of shares issued | 1 936.9100 |
| Number of shares redeemed | -27 579.1080 |
| Number of shares outstanding at the end of the financial year | 120 551.9550 |
| Class | P-dist |
| Number of shares outstanding at the beginning of the financial year | 6 906.3400 |
| Number of shares issued | 36.1400 |
| Number of shares redeemed | -93.5720 |
| Number of shares outstanding at the end of the financial year | 6 848.9080 |
| Class | (EUR hedged) P-dist |
| Number of shares outstanding at the beginning of the financial year | 211 104.9010 |
| Number of shares issued | 73 037.4890 |
| Number of shares redeemed | -32 256.0250 |
| Number of shares outstanding at the end of the financial year | 251 886.3650 |
| Class | P-mdist |
| Number of shares outstanding at the beginning of the financial year | 11 584.1230 |
| Number of shares issued | 0.0000 |
| Number of shares redeemed | -3 296.8200 |
| Number of shares outstanding at the end of the financial year | 8 287.3030 |
| Class | Q-acc |
| Number of shares outstanding at the beginning of the financial year | 153 602.3150 |
| Number of shares issued | 10 500.0000 |
| Number of shares redeemed | -50 269.9750 |
| Number of shares outstanding at the end of the financial year | 113 832.3400 |
| Class | (EUR hedged) Q-acc |
| Number of shares outstanding at the beginning of the financial year | 35 676.1630 |
| Number of shares issued | 7 150.0000 |
| Number of shares redeemed | -8 271.5980 |
| Number of shares outstanding at the end of the financial year | 34 554.5650 |
| Class | (EUR hedged) Q-dist |
| Number of shares outstanding at the beginning of the financial year | 12 373.5920 |
| Number of shares issued | 0.0000 |
| Number of shares redeemed | -3 108.7700 |
| Number of shares outstanding at the end of the financial year | 9 264.8220 |

UBS (Lux) Bond SICAV – Emerging Economies Local Currency Bond (USD) Annual report and audited financial statements as of 31 May 2021
| Class |  |  | U-X-acc |
| --- | --- | --- | --- |
| Number of shares outstanding at the beginning of the financial year |  |  | 3 401.4990 |
| Number of shares issued |  |  | 106.0000 |
| Number of shares redeemed |  |  | -2 148.0000 |
| Number of shares outstanding at the end of the financial year |  |  | 1 359.4990 |
| Class |  |  | U-X-UKdist-mdist |
| Number of shares outstanding at the beginning of the financial year |  |  | 969.9200 |
| Number of shares issued |  |  | 130.0000 |
| Number of shares redeemed |  |  | -130.0000 |
| Number of shares outstanding at the end of the financial year |  |  | 969.9200 |
| Annual Distribution 1 |  |  |  |
| UBS (Lux) Bond SICAV – Emerging Economies Local Currency Bond (USD)	Ex-Date | Pay-Date | Currency | Amount per share |
| P-dist	3.8.2020 | 6.8.2020 | USD | 2.49 |
| (EUR hedged) P-dist	3.8.2020 | 6.8.2020 | EUR | 1.92 |
| (EUR hedged) Q-dist	3.8.2020 | 6.8.2020 | EUR | 2.93 |
| Monthly Distribution 1 |  |  |  |
| UBS (Lux) Bond SICAV – Emerging Economies Local Currency Bond (USD)	Ex-Date | Pay-Date | Currency | Amount per share |
| P-mdist	15.6.2020 | 18.6.2020 | USD | 0.39 |
| P-mdist	15.7.2020 | 20.7.2020 | USD | 0.39 |
| P-mdist	17.8.2020 | 20.8.2020 | USD | 0.40 |
| P-mdist	15.9.2020 | 18.9.2020 | USD | 0.40 |
| P-mdist	15.10.2020 | 20.10.2020 | USD | 0.39 |
| P-mdist	16.11.2020 | 19.11.2020 | USD | 0.33 |
| P-mdist	15.12.2020 | 18.12.2020 | USD | 0.34 |
| P-mdist	15.1.2021 | 20.1.2021 | USD | 0.36 |
| P-mdist	15.2.2021 | 18.2.2021 | USD | 0.35 |
| P-mdist	15.3.2021 | 18.3.2021 | USD | 0.34 |
| P-mdist	15.4.2021 | 20.4.2021 | USD | 0.33 |
| P-mdist	17.5.2021 | 20.5.2021 | USD | 0.46 |
| U-X-UKdist-mdist	15.4.2020 | 20.4.2020 | USD | 0.00 |
| U-X-UKdist-mdist	15.5.2020 | 20.5.2020 | USD | 0.00 |
| U-X-UKdist-mdist	15.7.2020 | 20.7.2020 | USD | 48.04 |
| U-X-UKdist-mdist	17.8.2020 | 20.8.2020 | USD | 51.16 |
| U-X-UKdist-mdist	15.9.2020 | 18.9.2020 | USD | 42.52 |
| U-X-UKdist-mdist	15.10.2020 | 20.10.2020 | USD | 40.03 |
| U-X-UKdist-mdist	16.11.2020 | 19.11.2020 | USD | 40.51 |
| U-X-UKdist-mdist	15.12.2020 | 18.12.2020 | USD | 57.54 |
| U-X-UKdist-mdist	15.1.2021 | 20.1.2021 | USD | 55.41 |
| U-X-UKdist-mdist	15.2.2021 | 18.2.2021 | USD | 39.69 |
| U-X-UKdist-mdist	15.3.2021 | 18.3.2021 | USD | 38.88 |
| U-X-UKdist-mdist	15.4.2021 | 20.4.2021 | USD | 46.74 |
| U-X-UKdist-mdist	17.5.2021 | 20.5.2021 | USD | 36.54 |
| 1  See note 5 |  |  |  |

UBS (Lux) Bond SICAV – Emerging Economies Local Currency Bond (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 |  |  |
| Treasury bills, zero coupon |  |  |  |
| BRL |  |  |  |
| BRL	BRAZIL, FEDERATIVE REPUBLIC OF 0.00000% 08.01.21-01.07.24 | 10 000.00 | 1 505 645.45 | 0.39 |
| Total BRL |  | 1 505 645.45 | 0.39 |
| Total Treasury bills, zero coupon |  | 1 505 645.45 | 0.39 |
| Notes, fixed rate |  |  |  |
| BRL |  |  |  |
| BRL	BRAZIL, FEDERATIVE REPUBLIC OF 10.00000% 20-01.01.31 | 16 500.00 | 3 308 808.31 | 0.86 |
| Total BRL |  | 3 308 808.31 | 0.86 |
| COP |  |  |  |
| COP	BOGOTA DISTRIRO CAPITAL-REG-S 9.75000% 07-26.07.28 | 9 000 000 000.00 | 2 646 297.93 | 0.69 |
| COP	COLOMBIA, REPUBLIC OF 4.37500% 12-21.03.23 | 15 600 000 000.00 | 4 230 489.73 | 1.10 |
| COP	EMPRESAS PUBLICAS DE MEDELLIN ESP-REG-S 8.37500% 17-08.11.27 | 6 900 000 000.00 | 1 831 765.35 | 0.47 |
| Total COP |  | 8 708 553.01 | 2.26 |
| DOP |  |  |  |
| DOP	DOMINICAN REPUBLIC-REG-S 8.90000% 18-15.02.23 | 20 150 000.00 | 371 845.27 | 0.10 |
| DOP	DOMINICAN REPUBLIC-REG-S 9.75000% 19-05.06.26 | 20 000 000.00 | 390 594.49 | 0.10 |
| Total DOP |  | 762 439.76 | 0.20 |
| MXN |  |  |  |
| MXN	PETROLEOS MEXICANOS-REG-S 7.19000% 13-12.09.24 | 42 650.00 | 203 133.39 | 0.05 |
| Total MXN |  | 203 133.39 | 0.05 |
| PEN |  |  |  |
| PEN	PERU, REPUBLIC OF-REG-S 5.40000% 19-12.08.34 | 4 500 000.00 | 1 171 635.56 | 0.30 |
| Total PEN |  | 1 171 635.56 | 0.30 |
| PHP |  |  |  |
| PHP	PHILIPPINES, REPUBLIC OF THE 6.25000% 11-14.01.36 | 13 000 000.00 | 320 945.59 | 0.08 |
| Total PHP |  | 320 945.59 | 0.08 |
| USD |  |  |  |
| USD	ARGENTINE REPUBLIC GOVT INTERNATIONAL STEP-UP 20-09.07.46 | 520 000.00 | 173 322.50 | 0.04 |
| USD	BRAZIL, FEDERAL REPUBLIC OF 2.87500% 20-06.06.25 | 1 200 000.00 | 1 234 800.00 | 0.32 |
| USD	CEMEX SAV DE CV-REG-S 3.87500% 21-11.07.31 | 1 130 000.00 | 1 130 706.25 | 0.29 |
| USD	CNAC HK FINBRIDGE CO LTD-REG-S 3.00000% 20-22.09.30 | 600 000.00 | 554 925.00 | 0.14 |
| USD	COSTA RICA, REPUBLIC OF-REG-S 4.25000% 12-26.01.23 | 850 000.00 | 863 971.87 | 0.22 |
| USD	CSN RESOURCES SA-REG-S 7.62500% 18-13.02.23 | 800 000.00 | 830 650.00 | 0.21 |
| USD	ECUADOR, REPUBLIC OF-REG-S STEP-UP 0.50000% 20-31.07.30 | 400 000.00 | 346 000.00 | 0.09 |
| USD	FS LUXEMBOURG SARL-REG-S 10.00000% 20-15.12.25 | 350 000.00 | 383 468.75 | 0.10 |
| USD	HTA GROUP LTD/MAURITIUS-REG-S 7.00000% 20-18.12.25 | 900 000.00 | 958 104.00 | 0.25 |
| USD	IHS NETHERLANDS HOLDCO BV-REG-S 8.00000% 19-18.09.27 | 785 000.00 | 845 592.19 | 0.22 |
| USD	INDONESIA ASAHAN ALUMINIUM TBK PT-REG-S 5.71000% 18-15.11.23 | 1 400 000.00 | 1 544 200.00 | 0.40 |
| USD	IPOTEKA-BANK ATIB-REG-S 5.50000% 20-19.11.25 | 915 000.00 | 957 776.25 | 0.25 |
| USD	JSL EUROPE SA-REG-S 5.20000% 21-26.01.31 | 930 000.00 | 932 325.00 | 0.24 |
| USD	KAZTRANSGAS JSC-REG-S 4.37500% 17-26.09.27 | 480 000.00 | 534 990.00 | 0.14 |
| USD	KENYA, REPUBLIC OF-REG-S 6.87500% 14-24.06.24 | 800 000.00 | 888 150.00 | 0.23 |
| USD	KOSMOS ENERGY LTD-REG-S 7.50000% 21-01.03.28 | 1 425 000.00 | 1 362 656.25 | 0.35 |
| USD	LIQUID TELECOMMUNICATIONS FIN-REG-S 5.50000% 21-04.09.26 | 1 060 000.00 | 1 101 075.00 | 0.29 |
| USD	NATIONAL BANK OF UZBEKISTAN-REG-S 4.85000% 20-21.10.25 | 910 000.00 | 949 130.00 | 0.25 |
| USD	OZTEL HOLDINGS SPC-REG-S 5.62500% 18-24.10.23 | 825 000.00 | 879 295.31 | 0.23 |
| USD	PETROBRAS GLOBAL FINANCE BV 6.75000% 20-03.06.50 | 400 000.00 | 449 800.00 | 0.12 |
| USD	PETROLEOS MEXICANOS 5.37500% 18-13.03.22 | 1 900 000.00 | 1 947 856.25 | 0.50 |
| USD	PETROLEOS MEXICANOS-REG-S 6.87500% 20-16.10.25 | 930 000.00 | 1 031 742.00 | 0.27 |
| USD	TC ZIRAAT BANKASI AS-REG-S 5.37500% 21-02.03.26 | 800 000.00 | 776 000.00 | 0.20 |
| USD	TULLOW OIL PLC-REG-S 10.25000% 21-15.05.26 | 975 000.00 | 1 001 812.50 | 0.26 |
| USD	TURKIYE VAKIFLAR BANKASI TAO-REG-S 6.50000% 20-08.01.26 | 1 000 000.00 | 1 009 687.50 | 0.26 |
| USD	UKRAINE RAILWAYS VIA RL CPTL MKTS-REG-S 8.25000% 19-09.07.24 | 210 000.00 | 215 355.00 | 0.06 |
| USD	UKRAINE, GOVERNMENT OF-REG-S 7.75000% 15-01.09.21 | 900 000.00 | 910 068.75 | 0.24 |
| USD	UKRAINE, GOVERNMENT OF-REG-S 6.87600% 21-21.05.29 | 650 000.00 | 677 950.00 | 0.18 |
| USD	UKRAINE, GOVERNMENT OF-REG-S 7.25300% 20-15.03.33 | 1 665 000.00 | 1 748 562.19 | 0.45 |
| USD	UNIFIN FINANCIERA SAB DE CV-REG-S 9.87500% 21-28.01.29 | 550 000.00 | 536 965.00 | 0.14 |
| USD	VEDANTA RESOURCES PLC-REG-S 7.12500% 13-31.05.23 | 965 000.00 | 909 090.31 | 0.24 |
| Total USD |  | 27 686 027.87 | 7.18 |
| UYU |  |  |  |
| UYU	URUGUAY, REPUBLIC OF 8.25000% 21-21.05.31 | 26 500 000.00 | 600 810.42 | 0.15 |
| UYU	URUGUAY, REPUBLIC OF-REG-S 9.87500% 17-20.06.22 | 16 350 000.00 | 383 641.18 | 0.10 |
| Total UYU |  | 984 451.60 | 0.25 |
| ZAR |  |  |  |
| ZAR	SOUTH AFRICA, REPUBLIC OF 6.25000% 06-31.03.36 | 58 350 000.00 | 2 993 459.61 | 0.78 |
| Total ZAR |  | 2 993 459.61 | 0.78 |
| Total Notes, fixed rate |  | 46 139 454.70 | 11.96 |
| Medium term notes, fixed rate |  |  |  |
| IDR |  |  |  |
| IDR	EUROPEAN BANK FOR RECONSTR & DEVT 6.45000% 17-13.12.22 | 42 900 000 000.00 | 3 077 053.08 | 0.80 |
| IDR	EUROPEAN BANK FOR RECONSTR & DEVT 6.25000% 17-22.12.21 | 50 000 000 000.00 | 3 525 209.52 | 0.91 |
| Total IDR |  | 6 602 262.60 | 1.71 |

UBS (Lux) Bond SICAV – Emerging Economies Local Currency Bond (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 |  |  |  |  |
| USD | BANCO DO BRASIL CAYMAN-REG-S 4.87500% 18-19.04.23 | 1 500 000.00 | 1 600 124.99 | 0.42 |
| USD | BANK MUSCAT SAOG-REG-S 4.75000% 21-17.03.26 | 1 380 000.00 | 1 441 668.75 | 0.38 |
| USD | EGYPT, REPUBLIC OF-REG-S 7.50000% 17-31.01.27 | 790 000.00 | 898 526.25 | 0.23 |
| USD | EGYPT, REPUBLIC OF-REG-S 3.87500% 21-16.02.26 | 1 020 000.00 | 1 010 756.25 | 0.26 |
| USD | ESKOM HOLDINGS SOC LTD-REG-S 8.45000% 18-10.08.28 | 825 000.00 | 929 826.56 | 0.24 |
| USD | LEBANON, REPUBLIC OF *DEFAULT* 6.37500% 10-09.03.20 | 750 000.00 | 97 406.25 | 0.03 |
| USD | PAKISTAN, ISLAMIC REPUBLIC OF-REG-S 6.00000% 21-08.04.26 | 1 100 000.00 | 1 126 125.00 | 0.29 |
| USD | REC LTD-REG-S 5.25000% 18-13.11.23 | 1 400 000.00 | 1 514 012.50 | 0.39 |
| Total USD |  |  | 8 618 446.55 | 2.24 |
| Total Medium term notes, fixed rate |  | 15 220 709.15 | 3.95 |
| Bonds, fixed rate |  |  |  |
| ARS |  |  |  |
| ARS	ARGENTINA, REPUBLIC OF 18.20000% 16-03.10.21 | 5 430 000.00 | 53 158.83 | 0.01 |
| ARS	ARGENTINA, REPUBLIC OF 16.00000% 16-17.10.23 | 9 590 000.00 | 59 385.84 | 0.02 |
| Total ARS |  | 112 544.67 | 0.03 |
| CNY |  |  |  |
| CNY	CHINA, PEOPLE’S REPUBLIC OF 3.19000% 19-11.04.24 | 10 000 000.00 | 1 591 718.03 | 0.41 |
| CNY	CHINA, PEOPLE’S REPUBLIC OF 3.29000% 19-23.05.29 | 15 000 000.00 | 2 394 407.06 | 0.62 |
| CNY	CHINA, PEOPLE’S REPUBLIC OF 3.25000% 19-06.06.26 | 15 000 000.00 | 2 393 560.56 | 0.62 |
| CNY	CHINA, PEOPLE’S REPUBLIC OF 2.94000% 19-17.10.24 | 20 000 000.00 | 3 156 070.12 | 0.82 |
| CNY	CHINA, PEOPLE’S REPUBLIC OF 3.13000% 19-21.11.29 | 40 000 000.00 | 6 292 613.78 | 1.63 |
| CNY	CHINA, PEOPLE’S REPUBLIC OF 3.12000% 19-05.12.26 | 10 000 000.00 | 1 583 037.07 | 0.41 |
| CNY	CHINA, PEOPLE’S REPUBLIC OF 2.68000% 20-21.05.30 | 47 000 000.00 | 7 129 104.70 | 1.85 |
| CNY	CHINA, PEOPLE’S REPUBLIC OF 2.85000% 20-04.06.27 | 10 000 000.00 | 1 555 542.73 | 0.41 |
| CNY	CHINA, PEOPLE’S REPUBLIC OF 3.81000% 20-14.09.50 | 5 000 000.00 | 816 777.67 | 0.21 |
| CNY	CHINA, PEOPLE’S REPUBLIC OF 3.27000% 20-19.11.30 | 30 000 000.00 | 4 792 780.35 | 1.24 |
| Total CNY |  | 31 705 612.07 | 8.22 |
| COP |  |  |  |
| COP	COLOMBIA, REPUBLIC OF 7.50000% 11-26.08.26 | 11 400 000 000.00 | 3 290 873.02 | 0.85 |
| COP	COLOMBIA, REPUBLIC OF 7.75000% 14-18.09.30 | 5 150 000 000.00 | 1 436 721.89 | 0.37 |
| COP	COLOMBIA, REPUBLIC OF 7.00000% 17-30.06.32 | 8 800 000 000.00 | 2 277 058.80 | 0.59 |
| COP	COLOMBIA, REPUBLIC OF 7.25000% 18-18.10.34 | 1 470 000 000.00 | 380 023.46 | 0.10 |
| COP	COLOMBIA, REPUBLIC OF 9.85000% 07-28.06.27 | 7 150 000 000.00 | 2 266 715.69 | 0.59 |
| Total COP |  | 9 651 392.86 | 2.50 |
| CZK |  |  |  |
| CZK	CZECH REPUBLIC 2.00000% 17-13.10.33 | 23 850 000.00 | 1 162 738.72 | 0.30 |
| CZK	CZECH REPUBLIC 2.50000% 13-25.08.28 | 27 000 000.00 | 1 370 126.99 | 0.36 |
| CZK	CZECH REPUBLIC 2.75000% 18-23.07.29 | 119 800 000.00 | 6 220 348.64 | 1.61 |
| CZK	CZECH REPUBLIC 4.70000% 07-12.09.22 | 26 900 000.00 | 1 362 415.40 | 0.35 |
| CZK	CZECH REPUBLIC-REG-S 0.95000% 15-15.05.30 | 50 800 000.00 | 2 276 384.86 | 0.59 |
| CZK	CZECH REPUBLIC-REG-S 0.45000% 15-25.10.23 | 14 800 000.00 | 698 837.22 | 0.18 |
| Total CZK |  | 13 090 851.83 | 3.39 |
| EUR |  |  |  |
| EUR	REPUBLIC OF SRPSKA TREASURY BOND-REG-S 4.75000% 21-27.04.26 | 730 000.00 | 891 865.10 | 0.23 |
| Total EUR |  | 891 865.10 | 0.23 |
| HUF |  |  |  |
| HUF	HUNGARY, REPUBLIC OF 6.00000% 06-24.11.23 | 462 900 000.00 | 1 811 269.51 | 0.47 |
| HUF	HUNGARY, REPUBLIC OF 6.75000% 11-22.10.28 | 772 000 000.00 | 3 521 239.11 | 0.92 |
| HUF	HUNGARY, REPUBLIC OF 3.25000% 15-22.10.31 | 504 000 000.00 | 1 856 782.78 | 0.48 |
| HUF	HUNGARY, REPUBLIC OF 3.00000% 16-27.10.27 | 1 156 000 000.00 | 4 253 560.94 | 1.10 |
| Total HUF |  | 11 442 852.34 | 2.97 |
| IDR |  |  |  |
| IDR	INDONESIA, REPUBLIC OF 8.25000% 11-15.06.32 | 27 556 000 000.00 | 2 137 133.41 | 0.55 |
| IDR	INDONESIA, REPUBLIC OF 7.00000% 11-15.05.27 | 5 822 000 000.00 | 431 145.94 | 0.11 |
| IDR	INDONESIA, REPUBLIC OF 6.12500% 13-15.05.28 | 52 800 000 000.00 | 3 688 234.71 | 0.96 |
| IDR	INDONESIA, REPUBLIC OF 8.37500% 13-15.03.34 | 20 800 000 000.00 | 1 613 893.30 | 0.42 |
| IDR	INDONESIA, REPUBLIC OF 9.00000% 13-15.03.29 | 24 100 000 000.00 | 1 955 171.26 | 0.51 |
| IDR	INDONESIA, REPUBLIC OF 8.25000% 15-15.05.36 | 46 800 000 000.00 | 3 608 318.75 | 0.94 |
| IDR	INDONESIA, REPUBLIC OF 7.50000% 17-15.05.38 | 23 500 000 000.00 | 1 699 141.88 | 0.44 |
| IDR	INDONESIA, REPUBLIC OF 8.25000% 18-15.05.29 | 23 860 000 000.00 | 1 863 017.91 | 0.48 |
| IDR	INDONESIA, REPUBLIC OF 8.37500% 19-15.04.39 | 67 000 000 000.00 | 5 231 441.74 | 1.36 |
| IDR	INDONESIA, REPUBLIC OF 7.50000% 19-15.06.35 | 3 400 000 000.00 | 247 261.87 | 0.06 |
| IDR	INDONESIA, REPUBLIC OF 7.00000% 19-15.09.30 | 10 700 000 000.00 | 776 274.39 | 0.20 |
| IDR	INDONESIA, REPUBLIC OF 6.50000% 20-15.02.31 | 56 700 000 000.00 | 3 978 528.77 | 1.03 |
| Total IDR |  | 27 229 563.93 | 7.06 |
| MXN |  |  |  |
| MXN	MEXICO, UNITED MEXICAN STATES 8.00000% 03-07.12.23 | 45 000.00 | 240 409.55 | 0.06 |
| MXN	MEXICO, UNITED MEXICAN STATES 10.00000% 05-05.12.24 | 848 300.00 | 4 832 177.07 | 1.25 |
| MXN	MEXICO, UNITED MEXICAN STATES 10.00000% 06-20.11.36 | 123 700.00 | 790 195.66 | 0.21 |
| MXN	MEXICO, UNITED MEXICAN STATES 7.50000% 07-03.06.27 | 938 140.00 | 4 996 935.16 | 1.30 |
| MXN	MEXICO, UNITED MEXICAN STATES 8.50000% 09-31.05.29 | 580 000.00 | 3 279 999.82 | 0.85 |
| MXN	MEXICO, UNITED MEXICAN STATES 7.75000% 11-29.05.31 | 310 000.00 | 1 683 109.91 | 0.44 |
| MXN	MEXICO, UNITED MEXICAN STATES 7.75000% 11-13.11.42 | 339 650.00 | 1 751 433.35 | 0.45 |
| MXN	MEXICO, UNITED MEXICAN STATES 5.75000% 15-05.03.26 | 33 330.00 | 165 119.48 | 0.04 |
| MXN	MEXICO, UNITED MEXICAN STATES 8.00000% 17-07.11.47 | 644 500.00 | 3 392 221.06 | 0.88 |
| MXN	MEXICO, UNITED STATES OF 6.50000% 12-09.06.22 | 60 000.00 | 306 756.52 | 0.08 |
| Total MXN |  | 21 438 357.58 | 5.56 |
| PEN |  |  |  |
| PEN	FONDO MIVIVIENDA SA-REG-S 7.00000% 17-14.02.24 | 4 125 000.00 | 1 179 528.48 | 0.31 |
| Total PEN |  | 1 179 528.48 | 0.31 |

UBS (Lux) Bond SICAV – Emerging Economies Local Currency Bond (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) |  |
| PLN |  |  |  |  |
| PLN | POLAND, REPUBLIC OF 5.75000% 01-23.09.22 | 7 170 000.00 | 2 100 588.92 | 0.55 |
| PLN | POLAND, REPUBLIC OF 5.75000% 10-25.10.21 | 8 450 000.00 | 2 359 905.55 | 0.61 |
| PLN | POLAND, REPUBLIC OF 4.00000% 12-25.10.23 | 4 600 000.00 | 1 362 576.47 | 0.35 |
| PLN | POLAND, REPUBLIC OF 2.75000% 13-25.04.28 | 26 200 000.00 | 7 726 931.19 | 2.00 |
| PLN | POLAND, REPUBLIC OF 2.50000% 15-25.07.26 | 15 970 000.00 | 4 623 655.38 | 1.20 |
| PLN | POLAND, REPUBLIC OF 2.25000% 16-25.04.22 | 8 400 000.00 | 2 337 342.45 | 0.61 |
| PLN | POLAND, REPUBLIC OF 2.75000% 19-25.10.29 | 9 600 000.00 | 2 825 345.40 | 0.73 |
| PLN | POLAND, REPUBLIC OF 1.25000% 20-25.10.30 | 2 000 000.00 | 516 577.26 | 0.13 |
| Total PLN |  |  | 23 852 922.62 | 6.18 |
| RON |  |  |  |  |
| RON | ROMANIA 3.50000% 15-19.12.22 | 1 275 000.00 | 323 754.32 | 0.08 |
| RON | ROMANIA 5.00000% 18-12.02.29 | 800 000.00 | 222 902.75 | 0.06 |
| RON | ROMANIA 5.80000% 12-26.07.27 | 13 000 000.00 | 3 763 783.97 | 0.97 |
| RON | ROMANIA 5.85000% 13-26.04.23 | 3 000 000.00 | 795 715.74 | 0.21 |
| Total RON |  |  | 5 106 156.78 | 1.32 |
| RUB |  |  |  |  |
| RUB | RUSSIA, FEDERATION OF 7.00000% 13-25.01.23 | 49 500 000.00 | 685 729.95 | 0.18 |
| RUB | RUSSIA, FEDERATION OF 7.05000% 13-19.01.28 | 404 400 000.00 | 5 588 975.39 | 1.45 |
| RUB | RUSSIA, FEDERATION OF 7.00000% 13-16.08.23 | 163 050 000.00 | 2 263 909.43 | 0.58 |
| RUB | RUSSIA, FEDERATION OF 7.70000% 17-23.03.33 | 200 780 000.00 | 2 859 709.18 | 0.74 |
| RUB | RUSSIA, FEDERATION OF 6.90000% 18-23.05.29 | 99 200 000.00 | 1 350 254.76 | 0.35 |
| Total RUB |  |  | 12 748 578.71 | 3.30 |
| THB |  |  |  |  |
| THB | THAILAND, KINGDOM OF 3.65000% 10-17.12.21 | 237 450 000.00 | 7 700 533.51 | 2.00 |
| THB | THAILAND, KINGDOM OF 3.85000% 10-12.12.25 | 16 000 000.00 | 576 034.11 | 0.15 |
| THB | THAILAND, KINGDOM OF 2.12500% 16-17.12.26 | 48 100 000.00 | 1 610 577.72 | 0.42 |
| THB | THAILAND, KINGDOM OF 2.87500% 18-17.12.28 | 125 700 000.00 | 4 387 113.10 | 1.14 |
| THB | THAILAND, KINGDOM OF 4.87500% 09-22.06.29 | 83 100 000.00 | 3 287 685.81 | 0.85 |
| THB | THAILAND, KINGDOM OF 1.60000% 19-17.12.29 | 14 000 000.00 | 444 382.19 | 0.11 |
| THB | THAILAND, KINGDOM OF 3.40000% 15-17.06.36 | 68 000 000.00 | 2 493 323.46 | 0.65 |
| THB | THAILAND, KINGDOM OF 3.30000% 18-17.06.38 | 106 600 000.00 | 3 813 257.24 | 0.99 |
| THB | THAILAND, KINGDOM OF 4.67500% 13-29.06.44 | 5 450 000.00 | 233 594.26 | 0.06 |
| THB | THAILAND, KINGDOM OF 2.87500% 16-17.06.46 | 64 100 000.00 | 2 104 994.33 | 0.54 |
| THB | THAILAND, KINGDOM OF 3.65000% 10-20.06.31 | 52 700 000.00 | 1 976 578.83 | 0.51 |
| THB | THAILAND, KINGDOM OF 3.77500% 12-25.06.32 | 7 800 000.00 | 294 466.69 | 0.08 |
| THB | THAILAND, KINGDOM OF 2.00000% 21-17.12.31 | 45 000 000.00 | 1 458 354.40 | 0.38 |
| Total THB |  |  | 30 380 895.65 | 7.88 |
| TRY |  |  |  |  |
| TRY | TURKEY, REPUBLIC OF 12.40000% 18-08.03.28 | 9 300 000.00 | 860 140.97 | 0.22 |
| TRY | TURKEY, REPUBLIC OF 10.50000% 17-11.08.27 | 2 800 000.00 | 238 983.10 | 0.06 |
| TRY | TURKEY, REPUBLIC OF 8.00000% 15-12.03.25 | 5 850 000.00 | 504 134.84 | 0.13 |
| TRY | TURKEY, REPUBLIC OF 11.70000% 20-13.11.30 | 10 400 000.00 | 886 424.63 | 0.23 |
| TRY | TURKEY, REPUBLIC OF 12.20000% 18-18.01.23 | 5 300 000.00 | 576 002.01 | 0.15 |
| TRY | TURKEY, REPUBLIC OF 11.00000% 17-24.02.27 | 8 000 000.00 | 710 177.84 | 0.19 |
| TRY | TURKEY, REPUBLIC OF 9.00000% 14-24.07.24 | 4 000 000.00 | 373 020.32 | 0.10 |
| Total TRY |  |  | 4 148 883.71 | 1.08 |
| USD |  |  |  |  |
| USD | ARAGVI FINANCE INTERNATIONAL DAC-REG-S 8.45000% 21-29.04.26 | 300 000.00 | 311 906.25 | 0.08 |
| USD | ENERGEAN ISRAEL FINANCE LTD-144A-REG-S 4.50000% 21-30.03.24 | 830 000.00 | 854 225.63 | 0.22 |
| USD | MONGOLIA,GOVERNMENT OF-REG-S 5.12500% 20-07.04.26 | 200 000.00 | 213 500.00 | 0.05 |
| USD | THIRD PAKISTAN INTERNATIONAL SUK-REG-S 5.50000% 16-13.10.21 | 800 000.00 | 806 400.00 | 0.21 |
| Total USD |  |  | 2 186 031.88 | 0.56 |
| UYU |  |  |  |  |
| UYU | URUGUAY, REPUBLIC OF-REG-S 8.50000% 17-15.03.28 | 11 800 000.00 | 273 161.24 | 0.07 |
| Total UYU |  |  | 273 161.24 | 0.07 |
| ZAR |  |  |  |  |
| ZAR | SOUTH AFRICA, REPUBLIC OF 10.5000% 98-21.12.26 | 8 600 000.00 | 716 312.93 | 0.19 |
| ZAR | SOUTH AFRICA, REPUBLIC OF 7.00000% 10-28.02.31 | 20 400 000.00 | 1 272 104.45 | 0.33 |
| ZAR | SOUTH AFRICA, REPUBLIC OF 6.50000% 10-28.02.41 | 38 400 000.00 | 1 861 387.66 | 0.48 |
| ZAR | SOUTH AFRICA, REPUBLIC OF 7.75000% 12-28.02.23 | 32 650 000.00 | 2 486 459.56 | 0.65 |
| ZAR | SOUTH AFRICA, REPUBLIC OF 8.75000% 12-28.02.48 | 146 500 000.00 | 8 939 929.72 | 2.32 |
| ZAR | SOUTH AFRICA, REPUBLIC OF 8.75000% 14-31.01.44 | 33 000 000.00 | 2 012 772.22 | 0.52 |
| ZAR | SOUTH AFRICA, REPUBLIC OF 8.00000% 13-31.01.30 | 28 700 000.00 | 1 978 803.71 | 0.51 |
| ZAR | SOUTH AFRICA, REPUBLIC OF 8.87500% 15-28.02.35 | 133 000 000.00 | 8 722 140.96 | 2.26 |
| Total ZAR |  |  | 27 989 911.21 | 7.26 |
| Total Bonds, fixed rate |  | 223 429 110.66 | 57.92 |
| Bonds, zero coupon |  |  |  |
| USD |  |  |  |
| USD	ECUADOR SOCIAL BOND SARL-REG-S 0.00000% 20-30.01.35 | 450 000.00 | 335 927.95 | 0.09 |
| Total USD |  | 335 927.95 | 0.09 |
| Total Bonds, zero coupon |  | 335 927.95 | 0.09 |
| Bonds, floating rate |  |  |  |
| PLN |  |  |  |
| PLN	POLAND, REPUBLIC OF 2.750%/CPI LINKED 08-25.08.23 | 570 000.00 | 229 116.44 | 0.06 |
| Total PLN |  | 229 116.44 | 0.06 |
| Total Bonds, floating rate |  | 229 116.44 | 0.06 |

UBS (Lux) Bond SICAV – Emerging Economies Local Currency Bond (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) |  |
| Convertible bonds, fixed rate |  |  |
| USD |  |  |
| USD	GLOBAL INVESTMENT FINANCIAL *DEFAULT* 11.00000% 96-06.04.06	2 000 000.00 | 20.00 | 0.00 |
| Total USD | 20.00 | 0.00 |
| Total Convertible bonds, fixed rate | 20.00 | 0.00 |
| Total Transferable securities and money market instruments listed on an official stock exchange | 286 859 984.35 | 74.37 |
| Transferable securities and money market instruments traded on another regulated market |  |  |
| Treasury bills, zero coupon |  |  |
| USD |  |  |
| USD	UNITED STATES OF AMERICA TB 0.00000% 16.02.21-20.07.21	10 000 000.00 | 9 999 931.90 | 2.59 |
| Total USD | 9 999 931.90 | 2.59 |
| Total Treasury bills, zero coupon | 9 999 931.90 | 2.59 |
| Medium term notes, fixed rate |  |  |
| USD |  |  |
| USD	SHARP EQUIPAMENTOS ELETR-REG-S*DEFAULT* 9.62500% 97-30.10.05	1 080 000.00 | 10.80 | 0.00 |
| Total USD | 10.80 | 0.00 |
| Total Medium term notes, fixed rate | 10.80 | 0.00 |
| Bonds, fixed rate |  |  |
| MYR |  |  |
| MYR	MALAYSIA 2.63200% 20-15.04.31	5 727 000.00 | 1 316 251.91 | 0.34 |
| MYR	MALAYSIA 3.41800% 12-15.08.22	2 950 000.00 | 728 141.83 | 0.19 |
| MYR	MALAYSIA 3.62000% 16-30.11.21	16 950 000.00 | 4 145 958.90 | 1.08 |
| MYR	MALAYSIA 3.73300% 13-15.06.28	27 350 000.00 | 6 922 825.76 | 1.80 |
| MYR	MALAYSIA 3.80000% 16-17.08.23	3 100 000.00 | 778 701.66 | 0.20 |
| MYR	MALAYSIA 3.82800% 19-05.07.34	3 000 000.00 | 722 367.20 | 0.19 |
| MYR	MALAYSIA 3.88500% 19-15.08.29	6 018 000.00 | 1 531 701.16 | 0.40 |
| MYR	MALAYSIA 4.06500% 20-15.06.50	9 000 000.00 | 2 044 720.57 | 0.53 |
| MYR	MALAYSIA 4.07000% 16-30.09.26	3 550 000.00 | 913 376.40 | 0.24 |
| MYR	MALAYSIA 4.16000% 11-15.07.21	2 600 000.00 | 631 845.08 | 0.16 |
| MYR	MALAYSIA 4.25400% 15-31.05.35	500 000.00 | 124 366.47 | 0.03 |
| MYR	MALAYSIA 4.49800% 10-15.04.30	1 950 000.00 | 514 572.12 | 0.13 |
| MYR	MALAYSIA 4.76200% 17-07.04.37	9 980 000.00 | 2 596 133.01 | 0.67 |
| MYR	MALAYSIA 4.92100% 18-06.07.48	1 100 000.00 | 285 541.27 | 0.07 |
| Total MYR | 23 256 503.34 | 6.03 |
| PEN |  |  |
| PEN	PERU, REPUBLIC OF 6.95000% 08-12.08.31	6 700 000.00 | 2 052 612.35 | 0.53 |
| Total PEN | 2 052 612.35 | 0.53 |
| PHP |  |  |
| PHP	PHILIPPINES, REPUBLIC OF THE 3.90000% 12-26.11.22	24 000 000.00 | 504 455.39 | 0.13 |
| Total PHP | 504 455.39 | 0.13 |
| RUB |  |  |
| RUB	RUSSIA, FEDERATION OF 8.15000% 12-03.02.27	219 400 000.00 | 3 200 641.02 | 0.83 |
| RUB	RUSSIA, FEDERATION OF 7.50000% 15-18.08.21	358 000 000.00 | 4 896 954.45 | 1.27 |
| RUB	RUSSIA, FEDERATION OF 8.50000% 15-17.09.31	29 500 000.00 | 443 476.29 | 0.11 |
| RUB	RUSSIA, FEDERATION OF 7.75000% 16-16.09.26	206 150 000.00 | 2 947 013.29 | 0.77 |
| RUB	RUSSIA, FEDERATION OF 7.10000% 17-16.10.24	35 000 000.00 | 487 512.29 | 0.13 |
| RUB	RUSSIA, FEDERATION OF 7.25000% 18-10.05.34	132 500 000.00 | 1 823 022.72 | 0.47 |
| RUB	RUSSIA, FEDERATION OF 7.65000% 19-10.04.30	366 000 000.00 | 5 214 982.92 | 1.35 |
| RUB	RUSSIA, FEDERATION OF 7.70000% 19-16.03.39	114 300 000.00 | 1 643 820.67 | 0.43 |
| Total RUB | 20 657 423.65 | 5.36 |
| USD |  |  |
| USD	1MDB GLOBAL INV-REG-S 4.40000% 13-09.03.23	1 000 000.00 | 1 007 687.50 | 0.26 |
| Total USD | 1 007 687.50 | 0.26 |
| Total Bonds, fixed rate | 47 478 682.23 | 12.31 |
| Total Transferable securities and money market instruments traded on another regulated market | 57 478 624.93 | 14.90 |

Transferable securities and money market instruments not listed on an official stock exchange and not traded on another regulated market
Bearer shares
| Mexico |  |
| --- | --- |
| MXN | HIPOTECARIA SU CASITA SA DE CV | 15 777.00 | 0.01 | 0.00 |
| Total Mexico | 0.01 | 0.00 |
| Total Bearer shares | 0.01 | 0.00 |

UBS (Lux) Bond SICAV – Emerging Economies Local Currency Bond (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) |  |
| Investment funds, closed end |  |  |  |
| Bermuda |  |  |  |
| USD	SIDEK CREDITOR TRUST-B1 | 889 210.59 | 8.89 | 0.00 |
| USD	SIDEK CREDITOR TRUST-A1 | 222 274.28 | 2.22 | 0.00 |
| Total Bermuda |  | 11.11 | 0.00 |
| Total Investment funds, closed end |  | 11.11 | 0.00 |
| Domestic Certificates of Deposits, zero coupon |  |  |  |
| USD |  |  |  |
| USD	LOJAS ARAPUA INTL INC-DEFAULT CD 0.00000% 10.06.97-05.06.98 | 1 000 000.00 | 10.00 | 0.00 |
| Total USD |  | 10.00 | 0.00 |
| Total Domestic Certificates of Deposits, zero coupon |  | 10.00 | 0.00 |
| Notes, fixed rate |  |  |  |
| PEN |  |  |  |
| PEN	PERU, REPUBLIC OF-REG-S 6.35000% 16-12.08.28 | 13 650 000.00 | 4 089 772.42 | 1.06 |
| PEN	TELEFONICA DEL PERU SAA-REG-S 7.37500% 19-10.04.27 | 5 000 000.00 | 1 310 167.00 | 0.34 |
| Total PEN |  | 5 399 939.42 | 1.40 |
| Total Notes, fixed rate |  | 5 399 939.42 | 1.40 |
| Bonds, fixed rate |  |  |  |
| COP |  |  |  |
| COP	COLOMBIA, REPUBLIC OF-REG-S 6.00000% 12-28.04.28 | 572 000 000.00 | 148 821.78 | 0.04 |
| Total COP |  | 148 821.78 | 0.04 |
| PEN |  |  |  |
| PEN	PERU, REPUBLIC OF-REG-S 5.35000% 19-12.08.40 | 1 700 000.00 | 413 006.70 | 0.10 |
| Total PEN |  | 413 006.70 | 0.10 |
| Total Bonds, fixed rate | 561 828.48 | 0.14 |
| Total Transferable securities and money market instruments not listed on an official stock exchange and not traded on another regulated market | 5 961 789.02 | 1.54 |
| UCITS/Other UCIs in accordance with Article 41 (1) e) of the amended Luxembourg law of 17 December 2010 |  |  |
| Investment funds, open end |  |  |
| Luxembourg |  |  |
| USD	UBS (LUX) BOND SICAV - ASIAN HIGH YIELD (USD) U-X-ACC	550.00 | 7 021 415.50 | 1.82 |
| Total Luxembourg | 7 021 415.50 | 1.82 |
| Total Investment funds, open end | 7 021 415.50 | 1.82 |
| Total UCITS/Other UCIs in accordance with Article 41 (1) e) of the amended Luxembourg law of 17 December 2010 | 7 021 415.50 | 1.82 |
| Total investments in securities | 357 321 813.80 | 92.63 |

| Derivative instruments |  |
| --- | --- |
| Derivative instruments listed on an official stock exchange |
| Financial Futures on bonds |
|  |  |  |  |
| USD	US 10YR TREASURY NOTE FUTURE 21.09.21 | -83.00 | 15 929.72 | 0.00 |
| USD	US LONG BOND FUTURE 21.09.21 | -24.00 | 17 812.51 | 0.00 |
| USD	US 10YR ULTRA NOTE FUTURE 21.09.21 | -108.00 | 41 343.80 | 0.02 |
| Total Financial Futures on bonds |  | 75 086.03 | 0.02 |
| Total Derivative instruments listed on an official stock exchange |  | 75 086.03 | 0.02 |
| Derivative instruments not listed on an official stock exchange and not traded on | another regulated market |  |  |
| Swaps and forward swaps on interest rates |  |  |  |
|  |  |  |  |
| MXN	CME/INTEREST RATE SWAP REC 7.27500% 17-06.05.22 MXN	CME/INTEREST RATE SWAP PAYER MXI 17-06.05.22 | 42 000 000.00 | 55 936.22 | 0.01 |
| MXN	CME/INTEREST RATE SWAP REC 7.99500% 17-22.12.22 MXN	CME/INTEREST RATE SWAP PAYER MXI 17-22.12.22 | 70 000 000.00 | 167 342.61 | 0.04 |
| BRL	BANK OF AMERICA/INTEREST RATE SWAP REC 9.76000% 17-02.01.23 BRL	BANK OF AMERICA/INTEREST RATE SWAP PAYER BZD 17-02.01.23 | 15 800 000.00 | 511 574.01 | 0.13 |
| CLP	HSBC/INTEREST RATE SWAP REC 4.43250% 18-01.10.28 CLP	HSBC/INTEREST RATE SWAP PAYER CLICP 18-01.10.28 | 1 400 000 000.00 | 142 845.84 | 0.04 |
| MXN	CME/INTEREST RATE SWAP REC 8.78500% 18-26.10.28 MXN	CME/INTEREST RATE SWAP PAYER MXI 18-26.10.28 | 1 000 000 000.00 | 68 672.21 | 0.02 |
| CLP	CREDIT SUISSE/INTEREST RATE SWAP REC 4.04000% 19-04.02.29 CLP	CREDIT SUISSE/INTEREST RATE SWAP PAYER CLICP 19-04.02.29 | 30 000 000.00 | 213 060.94 | 0.05 |
| CLP	CREDIT SUISSE/INTEREST RATE SWAP REC 2.88000% 19-05.08.29 CLP	CREDIT SUISSE/INTEREST RATE SWAP PAYER CLICP 19-05.08.29 | 3 000 000 000.00 | -187 596.39 | -0.05 |
| MXN	CME/INTEREST RATE SWAP REC 6.76500% 19-10.10.29 MXN	CME/INTEREST RATE SWAP PAYER MXIBTIIE19-10.10.29 | 43 000 000.00 | 26 896.71 | 0.01 |

UBS (Lux) Bond SICAV – Emerging Economies Local Currency Bond (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) |  |
|  |  |  |  |  |
| CLP | BOA/INTEREST RATE SWAP REC 3.13000% 19-19.11.29 | 900 000 000.00 | -46 893.51 | -0.01 |
| CLP | BOA/INTEREST RATE SWAP PAYER CLICP 19-19.11.29 |  |  |  |
| MXN | CME/INTEREST RATE SWAP REC 5.92750% 20-09.05.30 | 62 000 000.00 | -161 117.91 | -0.04 |
| MXN | CME/INTEREST RATE SWAP PAYER MXI 20-09.05.30 |  |  |  |
| BRL | HSBC/INTEREST RATE SWAP REC 6.53750% 20-04.01.27 | 24 000 000.00 | -179 080.00 | -0.05 |
| BRL | HSBC/INTEREST RATE SWAP PAYER BZD 20-04.01.27 |  |  |  |
| BRL | CREDIT SUISSE/INTEREST RATE SWAP REC 4.79500% 21-02.01.23 | 51 000 000.00 | -171 488.78 | -0.04 |
| BRL | CREDIT SUISSE/INTEREST RATE SWAP PAYER BZD 21-02.01.23 |  |  |  |
| BRL | CREDIT SUISSE/INTEREST RATE SWAP REC 7.90000% 21-04.01.27 | 47 000 000.00 | -42 007.65 | -0.01 |
| BRL | CREDIT SUISSE/INTEREST RATE PAYER BZD 21-04.01.27 |  |  |  |
| PLN | LCH/INTEREST RATE SWAP REC 2.38500% 17-15.05.22 | 4 750 000.00 | 25 777.68 | 0.01 |
| PLN | LCH/INTEREST RATE SWAP PAY 6MWIB 17-15.05.22 |  |  |  |
| Total Swaps and forward swaps on interest rates |  | 423 921.98 | 0.11 |
| Swaps and forward swaps on currencies |  |  |  |
|  |  |  |  |
| TRY	GOLDMAN SACHS/CCY SWAP USD/TRY REC 10.87000% 17-15.05.22 | 2 740 914.16 | -648 187.26 | -0.17 |
| TRY	GOLDMAN SACHS/CCY SWAP USD/TRY PAYER 3ML 17-15.05.22 |  |  |  |
| Total Swaps and forward swaps on currencies |  | -648 187.26 | -0.17 |
| Total Derivative instruments not listed on an official stock exchange and not traded on another regulated market |  | -224 265.28 | -0.06 |
| Total Derivative instruments |  | -149 179.25 | -0.04 |
| Forward Foreign Exchange contracts |  |  |  |
| Currency purchased/Amount purchased/Currency sold/Amount sold/Maturity date |  |  |  |

| TRY | 13 800 000.00 | USD | 1 687 737.91 | 17.2.2022 | -275 077.04 | -0.07 |
| --- | --- | --- | --- | --- | --- | --- |
| MYR | 19 859 000.00 | USD | 4 816 638.37 | 17.6.2021 | -4 579.70 | 0.00 |
| IDR | 62 210 000 000.00 | USD | 4 272 371.40 | 17.6.2021 | 88 180.15 | 0.02 |
| USD | 271 939.15 | PHP | 13 300 000.00 | 17.6.2021 | -6 791.57 | 0.00 |
| USD | 979 358.71 | RUB | 72 840 000.00 | 17.6.2021 | -11 546.97 | 0.00 |
| CNY | 49 095 000.00 | USD | 7 489 702.52 | 17.6.2021 | 205 286.47 | 0.05 |
| CLP | 8 923 300 000.00 | USD | 12 378 858.29 | 17.6.2021 | -16 368.67 | 0.00 |
| COP | 5 878 000 000.00 | USD | 1 637 782.11 | 17.6.2021 | -54 039.96 | -0.01 |
| BRL | 114 910 000.00 | USD | 20 529 907.81 | 17.6.2021 | 1 337 717.96 | 0.35 |
| USD | 5 953 281.12 | PEN | 22 045 000.00 | 17.6.2021 | 170 491.43 | 0.04 |
| RON | 14 509 000.00 | USD | 3 519 150.49 | 17.6.2021 | 86 706.20 | 0.02 |
| THB | 55 040 000.00 | USD | 1 782 729.81 | 17.6.2021 | -20 721.73 | -0.01 |
| USD | 2 347 277.56 | ZAR | 35 390 000.00 | 17.6.2021 | -226 986.70 | -0.06 |
| PLN | 21 335 000.00 | USD | 5 519 681.86 | 17.6.2021 | 304 960.80 | 0.08 |
| USD | 8 914 786.89 | EUR | 7 470 000.00 | 17.6.2021 | -221 032.44 | -0.06 |
| TRY | 28 270 000.00 | USD | 3 611 256.59 | 17.6.2021 | -303 673.88 | -0.08 |
| CZK | 47 320 000.00 | USD | 2 156 778.47 | 17.6.2021 | 117 135.60 | 0.03 |
| MXN | 291 580 000.00 | USD | 13 970 476.77 | 17.6.2021 | 649 772.94 | 0.17 |
| USD | 1 548 941.81 | EUR | 1 300 000.00 | 17.6.2021 | -40 959.81 | -0.01 |
| HUF | 771 200 000.00 | USD | 2 495 807.50 | 17.6.2021 | 218 851.79 | 0.06 |
| USD | 395 654.51 | RUB | 29 500 000.00 | 17.6.2021 | -5 659.57 | 0.00 |
| USD | 3 583 753.65 | KRW | 4 050 000 000.00 | 17.6.2021 | -68 440.87 | -0.02 |
| USD | 3 601 868.69 | TWD | 101 000 000.00 | 17.6.2021 | -69 720.84 | -0.02 |
| MXN | 68 300 000.00 | USD | 3 324 415.98 | 17.6.2021 | 100 246.39 | 0.03 |
| BRL | 43 200 000.00 | USD | 7 828 923.52 | 17.6.2021 | 392 131.51 | 0.10 |
| ZAR | 3 630 000.00 | USD | 243 431.52 | 17.6.2021 | 20 614.23 | 0.02 |
| RON | 989 000.00 | USD | 239 030.29 | 17.6.2021 | 6 761.44 | 0.00 |
| USD | 236 599.83 | COP | 854 000 000.00 | 17.6.2021 | 6 501.87 | 0.00 |
| USD | 200 077.63 | MXN | 4 180 000.00 | 17.6.2021 | -9 513.71 | 0.00 |
| USD | 206 961.15 | CNY | 1 370 000.00 | 17.6.2021 | -7 768.15 | 0.00 |
| USD | 3 186 716.57 | TRY | 28 270 000.00 | 17.6.2021 | -120 866.14 | -0.03 |
| USD | 1 930 027.96 | IDR | 28 300 000 000.00 | 17.6.2021 | -53 633.97 | -0.01 |
| CZK | 8 770 000.00 | USD | 395 418.91 | 17.6.2021 | 26 014.45 | 0.01 |
| USD | 258 845.34 | BRL | 1 480 000.00 | 17.6.2021 | -22 801.92 | -0.01 |
| USD | 551 789.82 | CLP | 394 000 000.00 | 17.6.2021 | 5 935.61 | 0.00 |
| KRW | 156 000 000.00 | USD | 138 125.22 | 17.6.2021 | 2 551.90 | 0.00 |
| USD | 355 566.17 | RUB | 27 400 000.00 | 17.6.2021 | -17 179.79 | 0.00 |
| USD | 424 054.26 | RON | 1 780 000.00 | 17.6.2021 | -18 321.16 | 0.00 |
| USD | 914 591.50 | PLN | 3 570 000.00 | 17.6.2021 | -60 049.90 | -0.02 |
| USD | 317 502.67 | PEN | 1 190 000.00 | 17.6.2021 | 5 344.82 | 0.00 |
| USD | 781 416.59 | MXN | 16 000 000.00 | 17.6.2021 | -20 846.92 | -0.01 |
| USD | 616 125.15 | MYR | 2 560 000.00 | 17.6.2021 | -4 191.59 | 0.00 |
| USD | 1 486 921.44 | CNY | 9 840 000.00 | 17.6.2021 | -55 367.83 | -0.01 |
| USD | 517 669.46 | THB | 16 200 000.00 | 17.6.2021 | -944.84 | 0.00 |
| TRY | 14 400 000.00 | USD | 1 690 425.56 | 17.6.2021 | -5 629.27 | 0.00 |
| USD | 1 400 305.69 | TRY | 13 800 000.00 | 17.2.2022 | -12 355.18 | 0.00 |
| EUR | 8 770 000.00 | USD | 10 441 663.73 | 17.6.2021 | 284 057.22 | 0.07 |
| MXN | 5 740 000.00 | USD | 282 903.18 | 17.6.2021 | 4 908.86 | 0.00 |
| USD | 178 699.37 | ZAR | 2 630 000.00 | 17.6.2021 | -12 606.51 | 0.00 |
| MYR | 705 000.00 | USD | 170 619.55 | 17.6.2021 | 209.87 | 0.00 |
| CLP | 129 000 000.00 | USD | 181 623.63 | 17.6.2021 | -2 904.86 | 0.00 |
| CNY | 977 000.00 | USD | 148 405.81 | 17.6.2021 | 4 725.96 | 0.00 |
| RUB | 15 600 000.00 | USD | 199 925.41 | 17.6.2021 | 12 294.92 | 0.00 |
| THB | 6 540 000.00 | USD | 207 382.04 | 17.6.2021 | 1 984.47 | 0.00 |
| USD | 445 922.95 | COP | 1 630 000 000.00 | 17.6.2021 | 6 743.01 | 0.00 |
| USD | 141 592.25 | TRY | 1 200 000.00 | 17.6.2021 | 1 192.56 | 0.00 |
| KRW | 3 860 000 000.00 | USD | 3 456 613.24 | 17.6.2021 | 24 243.75 | 0.01 |
| TWD | 100 000 000.00 | USD | 3 533 568.90 | 17.6.2021 | 101 668.26 | 0.03 |
| ZAR | 42 600 000.00 | USD | 2 934 121.13 | 17.6.2021 | 164 597.64 | 0.04 |
| THB | 8 590 000.00 | USD | 274 880.88 | 17.6.2021 | 112.75 | 0.00 |
| RUB | 18 500 000.00 | USD | 242 241.72 | 17.6.2021 | 9 429.82 | 0.00 |
| IDR | 3 690 000 000.00 | USD | 252 186.99 | 17.6.2021 | 6 460.10 | 0.00 |
| IDR | 1 800 000 000.00 | USD | 123 000.39 | 17.6.2021 | 3 168.92 | 0.00 |
| PLN | 709 000.00 | USD | 186 640.44 | 17.6.2021 | 6 922.80 | 0.00 |
| RUB | 8 790 000.00 | USD | 115 125.44 | 17.6.2021 | 4 452.55 | 0.00 |
| USD | 169 374.11 | THB | 5 330 000.00 | 17.6.2021 | -1 256.40 | 0.00 |

UBS (Lux) Bond SICAV – Emerging Economies Local Currency Bond (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) |  |

Forward Foreign Exchange contracts (Continued)
Currency purchased/Amount purchased/Currency sold/Amount sold/Maturity date
| ZAR | 3 090 000.00 | USD | 214 615.14 | 17.6.2021 | 10 151.08 | 0.00 |
| --- | --- | --- | --- | --- | --- | --- |
| CNY | 1 360 000.00 | USD | 209 140.36 | 17.6.2021 | 4 021.57 | 0.00 |
| USD | 2 303 186.38 | BRL | 12 700 000.00 | 17.6.2021 | -113 651.56 | -0.03 |
| CZK | 3 280 000.00 | USD | 152 252.08 | 17.6.2021 | 5 364.96 | 0.00 |
| USD | 814 646.30 | EUR | 675 000.00 | 17.6.2021 | -10 879.54 | 0.00 |
| RUB | 268 000 000.00 | USD | 3 556 013.18 | 17.6.2021 | 89 823.20 | 0.02 |
| USD | 171 600.04 | THB | 5 410 000.00 | 17.6.2021 | -1 591.52 | 0.00 |
| USD | 1 142 948.17 | RUB | 86 100 000.00 | 17.6.2021 | -28 344.79 | -0.01 |
| USD | 995 607.61 | MYR | 4 080 000.00 | 17.6.2021 | 6 977.80 | 0.00 |
| BRL | 2 560 000.00 | USD | 471 038.49 | 17.6.2021 | 16 135.14 | 0.00 |
| USD | 271 869.96 | CLP | 192 000 000.00 | 17.6.2021 | 5 869.94 | 0.00 |
| MYR | 937 000.00 | USD | 228 230.42 | 17.6.2021 | -1 184.80 | 0.00 |
| USD | 187 858.28 | IDR | 2 720 000 000.00 | 17.6.2021 | -2 797.57 | 0.00 |
| USD | 397 178.98 | COP | 1 520 000 000.00 | 17.6.2021 | -12 363.05 | 0.00 |
| USD | 164 580.92 | PEN | 626 000.00 | 17.6.2021 | 370.15 | 0.00 |
| USD | 174 043.09 | RON | 712 000.00 | 17.6.2021 | -2 907.08 | 0.00 |
| TRY | 1 590 000.00 | USD | 187 991.48 | 17.6.2021 | -1 961.89 | 0.00 |
| USD | 249 608.89 | MXN | 5 060 000.00 | 17.6.2021 | -4 106.95 | 0.00 |
| USD | 177 632.40 | ZAR | 2 570 000.00 | 17.6.2021 | -9 309.08 | 0.00 |
| USD | 885 296.38 | CNY | 5 750 000.00 | 17.6.2021 | -15 939.73 | 0.00 |
| EUR | 32 808 500.00 | USD | 39 457 211.42 | 4.6.2021 | 656 975.90 | 0.17 |
| CZK | 3 310 000.00 | USD | 157 405.20 | 17.6.2021 | 1 653.46 | 0.00 |
| HUF | 58 700 000.00 | USD | 199 425.23 | 17.6.2021 | 7 201.46 | 0.00 |
| MXN | 5 450 000.00 | USD | 272 844.63 | 17.6.2021 | 426.38 | 0.00 |
| PLN | 836 000.00 | USD | 223 099.20 | 17.6.2021 | 5 136.15 | 0.00 |
| THB | 6 270 000.00 | USD | 201 899.86 | 17.6.2021 | -1 176.92 | 0.00 |
| RUB | 20 000 000.00 | USD | 268 330.31 | 17.6.2021 | 3 747.03 | 0.00 |
| BRL | 868 000.00 | USD | 165 965.58 | 17.6.2021 | -783.27 | 0.00 |
| IDR | 2 060 000 000.00 | USD | 145 203.36 | 17.6.2021 | -809.59 | 0.00 |
| EUR | 796 700.00 | USD | 969 113.05 | 4.6.2021 | 4 993.45 | 0.00 |
| USD | 734 609.38 | EUR | 607 200.00 | 4.6.2021 | -7 799.89 | 0.00 |
| MYR | 607 000.00 | USD | 147 044.57 | 17.6.2021 | 38.35 | 0.00 |
| USD | 3 470 899.47 | CLP | 2 460 000 000.00 | 17.6.2021 | 62 774.17 | 0.02 |
| USD | 175 376.95 | THB | 5 490 000.00 | 17.6.2021 | -375.67 | 0.00 |
| RON | 11 000 000.00 | USD | 2 692 962.38 | 17.6.2021 | 40 818.28 | 0.01 |
| CNY | 1 060 000.00 | USD | 163 877.15 | 17.6.2021 | 2 263.77 | 0.00 |
| MXN | 6 020 000.00 | USD | 301 743.59 | 17.6.2021 | 108.06 | 0.00 |
| COP | 713 000 000.00 | USD | 193 487.11 | 17.6.2021 | -1 379.56 | 0.00 |
| PEN | 2 510 000.00 | USD | 685 118.46 | 17.6.2021 | -26 701.49 | -0.01 |
| PLN | 1 570 000.00 | USD | 420 850.79 | 17.6.2021 | 7 773.02 | 0.00 |
| USD | 2 718 707.94 | RUB | 202 000 000.00 | 17.6.2021 | -29 273.22 | -0.01 |
| IDR | 1 760 000 000.00 | USD | 122 690.83 | 17.6.2021 | 674.72 | 0.00 |
| USD | 298 752.92 | MXN | 5 940 000.00 | 17.6.2021 | 912.59 | 0.00 |
| USD | 194 965.89 | COP | 713 000 000.00 | 17.6.2021 | 2 858.34 | 0.00 |
| IDR | 2 170 000 000.00 | USD | 151 143.68 | 17.6.2021 | 960.43 | 0.00 |
| USD | 260 505.80 | BRL | 1 370 000.00 | 17.6.2021 | -208.21 | 0.00 |
| USD | 237 572.35 | ZAR | 3 340 000.00 | 17.6.2021 | -5 378.84 | 0.00 |
| USD | 190 386.17 | RUB | 14 100 000.00 | 17.6.2021 | -1 428.36 | 0.00 |
| USD | 139 883.83 | MYR | 578 000.00 | 17.6.2021 | -172.06 | 0.00 |
| USD | 131 141.09 | THB | 4 130 000.00 | 17.6.2021 | -1 073.54 | 0.00 |
| USD | 194 962.94 | PLN | 722 000.00 | 17.6.2021 | -2 149.41 | 0.00 |
| USD | 197 250.91 | CNY | 1 270 000.00 | 17.6.2021 | -1 804.72 | 0.00 |
| CZK | 5 540 000.00 | USD | 265 018.51 | 17.6.2021 | 1 200.51 | 0.00 |
| PLN | 2 470 000.00 | USD | 669 763.67 | 17.6.2021 | 4 568.06 | 0.00 |
| TRY | 1 610 000.00 | USD | 189 741.43 | 17.6.2021 | -1 371.85 | 0.00 |
| HUF | 74 400 000.00 | USD | 259 467.15 | 17.6.2021 | 2 424.25 | 0.00 |
| THB | 24 600 000.00 | USD | 783 763.98 | 17.6.2021 | 3 761.43 | 0.00 |
| MYR | 2 540 000.00 | USD | 612 786.49 | 17.6.2021 | 2 684.03 | 0.00 |
| RON | 751 000.00 | USD | 185 489.90 | 17.6.2021 | 1 152.76 | 0.00 |
| CNY | 5 730 000.00 | USD | 888 909.57 | 17.6.2021 | 9 191.80 | 0.00 |
| USD | 3 163 211.06 | COP | 11 900 000 000.00 | 17.6.2021 | -43 071.95 | -0.01 |
| EUR | 6 883 400.00 | USD | 8 414 730.72 | 4.6.2021 | 1 441.83 | 0.00 |
| PLN | 2 950 000.00 | USD | 805 116.28 | 17.6.2021 | 259.67 | 0.00 |
| TRY | 2 510 000.00 | USD | 292 703.90 | 17.6.2021 | 965.45 | 0.00 |
| HUF | 184 000 000.00 | USD | 643 442.59 | 17.6.2021 | 4 245.83 | 0.00 |
| CLP | 389 000 000.00 | USD | 529 057.35 | 17.6.2021 | 9 869.78 | 0.00 |
| PEN | 604 000.00 | USD | 158 115.18 | 17.6.2021 | 324.60 | 0.00 |
| RON | 2 020 000.00 | USD | 501 631.67 | 17.6.2021 | 389.87 | 0.00 |
| COP | 2 450 000 000.00 | USD | 655 606.10 | 17.6.2021 | 4 510.99 | 0.00 |
| CNY | 1 560 000.00 | USD | 243 140.25 | 17.6.2021 | 1 369.02 | 0.00 |
| Total Forward Foreign Exchange contracts | 3 286 934.30 | 0.85 |
|  |  |  |
| Cash at banks, deposits on demand and deposit accounts and other liquid assets | 19 990 375.94* | 5.18 |
| Bank overdraft and other short-term liabilities | -1 340 179.64 | -0.35 |
| Other assets and liabilities | 6 627 883.63 | 1.73 |
| Total net assets | 385 737 648.78 | 100.00 |
| * As at 31 May 2021, cash amounts serve as collateral for the counterparty Goldman Sachs for an amount of USD 630 000.00 and Credit Suisse for an amount of USD 280 000.00. |  |  |

UBS (Lux) Bond SICAV – Emerging Economies Local Currency Bond (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