ab Asset management

UBS Funds

Annual Report 2019/2020

Investment Company under Luxembourg Law (SICAV)

R.C.S. Luxembourg N° B 56 386

Annual report and audited financial statements as of 31 May 2020

UBS (Lux) Equity SICAV

UBS (Lux) Equity SICAV – All China (USD)
UBS (Lux) Equity SICAV – Asian Smaller Companies (USD)
UBS (Lux) Equity SICAV – Brazil (USD)
UBS (Lux) Equity SICAV – Emerging Markets High Dividend (USD)
UBS (Lux) Equity SICAV – Emerging Markets Sustainable (USD)
UBS (Lux) Equity SICAV – Euro Countries Income (EUR)
UBS (Lux) Equity SICAV – European High Dividend (EUR)
UBS (Lux) Equity SICAV – European Opportunity Unconstrained (EUR)
UBS (Lux) Equity SICAV – German High Dividend (EUR)
UBS (Lux) Equity SICAV – Global Emerging Markets Opportunity (USD)
UBS (Lux) Equity SICAV – Global High Dividend (USD)
UBS (Lux) Equity SICAV – Global Impact (USD)
UBS (Lux) Equity SICAV – Global Income (USD)
UBS (Lux) Equity SICAV – Global Opportunity (USD)
UBS (Lux) Equity SICAV – Global Opportunity Unconstrained (USD)
UBS (Lux) Equity SICAV – Global Quantitative (USD)
UBS (Lux) Equity SICAV – Long Term Themes (USD)
UBS (Lux) Equity SICAV – Russia (USD)
UBS (Lux) Equity SICAV – Small Caps Europe (EUR)
UBS (Lux) Equity SICAV – Swiss Opportunity (CHF)
UBS (Lux) Equity SICAV – US Income (USD)
UBS (Lux) Equity SICAV – US Opportunity (USD)
UBS (Lux) Equity SICAV – US Quantitative Defensive (USD)
UBS (Lux) Equity SICAV – US Total Yield (USD)
UBS (Lux) Equity SICAV – USA Growth (USD)
UBS (Lux) Equity SICAV – USA Growth Sustainable (USD)
UBS (Lux) Equity SICAV – USA Quantitative (USD)
Annual report and audited financial statements as
of 31 May 2020

Table of contents Page ISIN

Management and Administration 6

Features of the Company 8
Audit report 14

UBS (Lux) Equity SICAV 17

UBS (Lux) Equity SICAV – All China (USD) 19 F-acc LU2113587930
I-A1-acc LU1867708205
seeding I-A1-acc LU1807303117
I-A3-acc LU2061828062
I-X-acc LU1807302572
K-1-acc LU1959312759
K-X-acc LU1918007292
P-acc LU1807302812
(HKD) P-acc LU1960683339
(SGD) P-acc LU1993786604
Q-acc LU1807302739
UBS (Lux) Equity SICAV – Asian Smaller Companies (USD) 24 I-A1-acc LU1306439735
I-B-acc LU0794919935
I-B-dist LU2097431832
P-acc LU0746413003
Q-acc LU1240781994
UBS (Lux) Equity SICAV – Brazil (USD) 30 P-acc LU0286682959
Q-acc LU0399009397
UBS (Lux) Equity SICAV – Emerging Markets High Dividend (USD) 32 I-B-acc LU1081985753
I-X-dist LU0883523192
P-acc LU0625543631
(CHF hedged) P-acc LU1081987023
(EUR hedged) P-acc LU1081987536
(CHF hedged) P-dist LU0669577131
P-mdist LU0625543805
Q-acc LU0847991816
(CHF hedged) Q-acc LU1240782026
(EUR hedged) Q-acc LU1081988344
(CHF hedged) Q-dist LU1240782372
UBS (Lux) Equity SICAV – Emerging Markets Sustainable (USD) 35 P-acc LU0346595837
(EUR) P-acc LU0398999499
Q-acc LU0399016178
(EUR) Q-acc LU0979885364
UBS (Lux) Equity SICAV – Euro Countries Income (EUR) 41 F-dist LU2110954588
I-A1-acc LU1432555495
K-1-acc LU1179468605
K-X-acc LU1620846581
(USD hedged) P-8%-mdist LU1216467149
P-acc LU1121265208
(CHF hedged) P-acc LU1121265463
(USD hedged) P-acc LU1121265620
P-dist LU1121265380
(CHF hedged) P-dist LU1121265547
(USD hedged) P-dist LU1121265893
(USD hedged) Q-8%-mdist LU1240783693
Q-acc LU1240784071
(CHF hedged) Q-acc LU1240783347
(USD hedged) Q-acc LU1240783776
Q-dist LU1240784154
(CHF hedged) Q-dist LU1240783420
(USD hedged) Q-dist LU1240783859
(USD hedged) QL-8%-mdist LU2049073666
QL-acc LU2049073310
(CHF hedged) QL-acc LU2049073153
(USD hedged) QL-acc LU2049073237
QL-dist LU2049073740
(CHF hedged) QL-dist LU2049073401
(USD hedged) QL-dist LU2049073583
U-X-UKdist-mdist LU1480127684

1
UBS (Lux) Equity SICAV – European High Dividend (EUR) 51 N-8%-mdist LU1121265976
P-acc LU0566497433
(CHF) P-acc LU0571745792
(USD) P-acc LU0571745446
P-dist LU0566497516
(CHF hedged) P-dist LU0826316233
(GBP) P-dist LU0571744555
P-mdist LU1249369007
Q-acc LU0847997854
(CHF) Q-acc LU1240784311
(USD) Q-acc LU1240784584
Q-dist LU1240784741
(CHF hedged) Q-dist LU1240784238
(GBP) Q-dist LU1240784402
QL-acc LU2049072429
(CHF) QL-acc LU2049072189
(USD) QL-acc LU2049072346
QL-dist LU2049072692
(CHF hedged) QL-dist LU2049072007
(GBP) QL-dist LU2049072262
U-X-acc LU0566497789
UBS (Lux) Equity SICAV – European Opportunity Unconstrained (EUR) 61 I-A1-acc LU0549584471
(USD hedged) I-A1-acc LU1195740300
I-A2-acc LU1952145495
I-A3-acc LU1246874546
I-B-acc LU0971305403
(USD hedged) I-B-acc LU0979669156
I-X-acc LU1001700605
K-1-acc LU0999556193
(USD hedged) K-1-acc LU1032634336
N-acc LU0815274740
P-acc LU0723564463
(AUD hedged) P-acc LU1017644862
(CHF hedged) P-acc LU1031038273
(GBP hedged) P-acc LU1185964712
(HKD hedged) P-acc LU1209147237
(RMB hedged) P-acc LU1017648186
(SEK) P-acc LU1036032347
(SGD hedged) P-acc LU0996708193
(USD hedged) P-acc LU0975313742
Q-acc LU0848002365
(CHF hedged) Q-acc LU1240785128
(GBP hedged) Q-acc LU1059394855
(SEK) Q-acc LU1240785557
(USD hedged) Q-acc LU1059394939
U-X-acc LU0549584711
UBS (Lux) Equity SICAV – German High Dividend (EUR) 71 K-1-acc LU0783236630
P-acc LU0775052292
(CHF hedged) P-acc LU0775053266
P-dist LU0775052615
(CHF hedged) P-dist LU0797316337
Q-acc LU1240785987
(CHF hedged) Q-acc LU1240785714
Q-dist LU1240786019
(CHF hedged) Q-dist LU1240785805
UBS (Lux) Equity SICAV – Global Emerging Markets Opportunity (USD) 76 F-dist LU0399011294
I-A1-acc LU0399011708
I-A3-acc LU0399012185
(EUR) I-A3-dist LU1662453890
I-B-acc LU0399012425
(EUR) I-B-acc LU1776283878
I-X-acc LU0399012771
I-X-dist LU0399012698
P-4%-mdist LU1769817096
(HKD) P-4%-mdist LU1769817179
(SGD hedged) P-4%-mdist LU1815428534
P-acc LU0328353924
(CHF hedged) P-acc LU1953056766
(EUR hedged) P-acc LU1676115329
(SGD hedged) P-acc LU1717043241
(CHF hedged) P-dist LU1953056840
Q-acc LU0399011534
(CHF hedged) Q-acc LU1972674706
(EUR hedged) Q-acc LU1691467994
Q-dist LU0399011450
(CHF hedged) Q-dist LU1972668138
(EUR) Q-dist LU2102294266
U-X-acc LU0399012938

2
UBS (Lux) Equity SICAV – Global High Dividend (USD) 85 F-acc LU0946079901
(EUR hedged) F-acc LU0964818024
I-A1-acc LU0804734431
(CHF hedged) I-A1-acc LU0858845737
(EUR hedged) I-A1-acc LU0815048904
I-X-acc LU0745893759
(CHF hedged) I-X-acc LU0678866319
I-X-dist LU0883523606
K-1-acc LU0803748523
(EUR hedged) N-8%-mdist LU1121266198
(EUR hedged) N-dist LU0815274823
P-acc LU0611173427
(EUR hedged) P-acc LU0611173930
(CHF hedged) P-dist LU0626901861
(EUR hedged) P-dist LU1593401398
P-mdist LU1107510957
(AUD hedged) P-mdist LU1115419902
Q-acc LU0847993192
(EUR hedged) Q-acc LU0848007240
(CHF hedged) Q-dist LU1240786365
Q-mdist LU1240786951
QL-acc LU2049076172
(EUR hedged) QL-acc LU2049075794
(CHF hedged) QL-dist LU2049075521
QL-mdist LU2049076412
UBS (Lux) Equity SICAV – Global Impact (USD) 95 (EUR hedged) I-A2-acc LU1941812213
P-acc LU1679116845
(EUR hedged) P-acc LU1679117579
Q-acc LU1679117140
(EUR hedged) Q-acc LU1679117819
(EUR hedged) Q-dist LU1815428377
UBS (Lux) Equity SICAV – Global Income (USD) 101 F-acc LU1289529007
(CHF hedged) F-acc LU1289529189
(EUR hedged) F-acc LU1308715694
F-dist LU2110954315
I-A1-8%-mdist LU1511577857
I-A1-acc LU1468494312
(GBP hedged) I-A1-UKdist LU1966677178
I-A2-8%-mdist LU1479460237
(EUR) I-A2-acc LU1163232496
(EUR hedged) I-A2-acc LU1163232223
I-B-acc LU1131112242
(GBP hedged) I-B-UKdist-mdist LU1059394772
I-X-acc LU1065469329
(EUR hedged) I-X-acc LU1554280666
I-X-UKdist LU1336832164
(EUR hedged) K-1-acc LU1032914704
K-1-dist LU1032914613
(EUR hedged) K-1-dist LU1032914886
K-X-acc LU1525460769
(EUR hedged) K-X-acc LU1776548098
P-8%-mdist LU1076699146
P-acc LU1013383713
(CHF hedged) P-acc LU1013384109
(EUR hedged) P-acc LU1013383986
P-dist LU1013383804
(CHF hedged) P-dist LU1013384281
(EUR hedged) P-dist LU1013384018
(SGD hedged) P-mdist LU1145057144
Q-8%-mdist LU1240787413
Q-acc LU1043174561
(CHF hedged) Q-acc LU1240787090
(EUR hedged) Q-acc LU1086761837
Q-dist LU1240787504
(CHF hedged) Q-dist LU1240787173
(EUR hedged) Q-dist LU1240787256
QL-8%-mdist LU2049452258
QL-acc LU2049452332
(CHF hedged) QL-acc LU2049451870
(EUR hedged) QL-acc LU2049452092
QL-dist LU2049452415
(CHF hedged) QL-dist LU2049451953
(EUR hedged) QL-dist LU2049452175
U-X-UKdist-mdist LU1435357899

3
UBS (Lux) Equity SICAV – Global Opportunity (USD) 115 P-acc LU2108987350
Q-acc LU2100403745
U-X-acc LU2100403588
UBS (Lux) Equity SICAV – Global Opportunity Unconstrained (USD) 121 I-B-acc LU1323608122
(EUR) I-B-acc LU1776281823
P-4%-mdist LU1278831067
(EUR hedged) P-4%-mdist LU1278831570
P-acc LU1278830929
(HKD) P-acc LU1278831737
(CHF hedged) P-acc LU1278831224
(EUR hedged) P-acc LU1278831497
(SGD hedged) P-acc LU1278831653
Q-acc LU1294558454
(CHF hedged) Q-acc LU1294558611
(EUR hedged) Q-acc LU1294558538
U-X-acc LU1278831141
UBS (Lux) Equity SICAV – Global Quantitative (USD) 129 I-A2-acc LU1838042353
I-B-acc LU1289529346
I-X-acc LU1398086220
(EUR) K-X-acc LU1908350819
U-X-acc LU1289529262
UBS (Lux) Equity SICAV – Long Term Themes (USD) 137 F-acc LU2080290617
(CHF) F-acc LU1996412042
(CHF portfolio hedged) F-acc LU1520731438
(EUR portfolio hedged) F-acc LU1520734028
(GBP portfolio hedged) F-acc LU1865229238
(USD portfolio hedged) F-acc LU1520716801
(CHF) F-dist LU2002522097
(CHF portfolio hedged) F-dist LU1722559736
(USD portfolio hedged) F-dist LU1626163403
F-UKdist LU2080540078
I-A1-acc LU1599408454
I-A3-acc LU1564462890
K-1-acc LU1354389790
(CHF hedged) K-1-acc LU1346285536
(EUR hedged) K-1-acc LU1354389956
(EUR hedged) N-acc LU1577364778
P-acc LU1323610961
(CHF hedged) P-acc LU1323611183
(EUR hedged) P-acc LU1323611001
(EUR hedged) P-qdist LU1669356526
Q-acc LU1323611266
(CHF hedged) Q-acc LU1323611423
(EUR hedged) Q-acc LU1323611340
(GBP hedged) Q-acc LU1340049755
(CHF) U-X-acc LU2159930606
UBS (Lux) Equity SICAV – Russia (USD) 147 I-A1-acc LU0399028009
P-acc LU0246274897
Q-acc LU0399027704
UBS (Lux) Equity SICAV – Small Caps Europe (EUR) 152 F-acc LU0946084497
I-B-acc LU0399031052
K-1-acc LU0399003945
P-acc LU0198839143
(USD hedged) P-acc LU1056569806
Q-acc LU0358729738
(USD hedged) Q-acc LU1240787686
U-X-acc LU0399031482
UBS (Lux) Equity SICAV – Swiss Opportunity (CHF) 158 P-acc LU0546265769
(EUR) P-acc LU0546268359
Q-acc LU1240788148
(EUR) Q-acc LU1240788064
UBS (Lux) Equity SICAV – US Income (USD) 162 F-dist LU2110954661
(EUR hedged) I-A1-dist LU1427883142
I-A2-8%-mdist LU1629764272
I-A3-8%-mdist LU2021186239
K-1-8%-mdist LU1230950575
P-acc LU1149724525
(CHF hedged) P-acc LU1149725092
(EUR hedged) P-acc LU1149724871
P-dist LU1149724798
(CHF hedged) P-dist LU1149725175
(EUR hedged) P-dist LU1149724954
P-mdist LU1217041372
Q-acc LU1240788734
(CHF hedged) Q-acc LU1240788221
(EUR hedged) Q-acc LU1240788577
Q-dist LU1240788817
(CHF hedged) Q-dist LU1240788494
QL-acc LU2049087617
(CHF hedged) QL-acc LU2049085249
(EUR hedged) QL-acc LU2049087021
QL-dist LU2049087708
(CHF hedged) QL-dist LU2049086726
U-X-UKdist-mdist LU1480122297

4
UBS (Lux) Equity SICAV – US Opportunity (USD) 171 I-A1-acc LU0399039113
I-B-acc LU0399039899
I-X-acc LU0399040046
P-acc LU0070848113
(EUR hedged) P-acc LU0236040357
P-dist LU0399005999
Q-acc LU0358729498
(EUR hedged) Q-acc LU0358729571
Q-dist LU0399038909
(GBP) Q-dist LU0399036879
UBS (Lux) Equity SICAV – US Quantitative Defensive (USD) 177 F-acc LU1220256165
(CHF hedged) F-acc LU1252258451
(EUR hedged) F-acc LU1252258295
UBS (Lux) Equity SICAV – US Total Yield (USD) 179 F-acc LU1136807846
F-dist LU1135392162
I-A1-acc LU0997794549
I-A3-acc LU1297653567
(EUR hedged) N-8%-mdist LU1121266354
P-acc LU0868494617
(CHF hedged) P-acc LU0868494880
(EUR hedged) P-acc LU0868495002
P-dist LU0868494708
(CHF hedged) P-dist LU0868494963
(EUR hedged) P-dist LU0868495184
P-mdist LU0942090050
(SGD hedged) P-mdist LU1257167418
Q-acc LU1207007581
(CHF hedged) Q-acc LU1240789112
(EUR hedged) Q-acc LU0979667457
Q-dist LU1240789625
(CHF hedged) Q-dist LU1240789203
(EUR hedged) Q-dist LU1240789468
Q-mdist LU1240789898
QL-acc LU2049450989
(CHF hedged) QL-acc LU2049450559
(EUR hedged) QL-acc LU2049450716
QL-dist LU2049451011
(CHF hedged) QL-dist LU2049450633
(EUR hedged) QL-dist LU2049450807
QL-mdist LU2049451102
UBS (Lux) Equity SICAV – USA Growth (USD) 188 F-acc LU0946081121
(CHF hedged) F-acc LU1050652996
(EUR hedged) F-acc LU1050658415
I-A1-acc LU0399032613
I-A3-acc LU0399033009
I-B-acc LU0399033348
I-X-acc LU0399033694
K-1-acc LU0399004596
P-acc LU0198837287
(CHF hedged) P-acc LU0592661101
(EUR hedged) P-acc LU0511785726
Q-acc LU0358729654
(CHF hedged) Q-acc LU1240790045
(EUR hedged) Q-acc LU0508198768
QL-acc LU2049072932
(CHF hedged) QL-acc LU2049072775
(EUR hedged) QL-acc LU2049072858
U-X-acc LU0236040787
UBS (Lux) Equity SICAV – USA Growth Sustainable (USD) 195 seeding I-A3-acc LU2099993318
UBS (Lux) Equity SICAV – USA Quantitative (USD) 198 F-acc LU0399034312
(CHF hedged) F-acc LU0999556359
(EUR hedged) F-acc LU0999558058
P-acc LU0246276595
(EUR hedged) P-acc LU1157384881
Q-acc LU0399034585
U-X-acc LU0399035988

Notes to the Financial Statements 205

Unaudited Information 227

Sales restrictions
Shares of this Company may not be offered, sold or distributed
within the United States of America.

Internet address

www.ubs.com/funds

5
Management and Administration

Registered Office UBS (Lux) Equity SICAV

– German High Dividend (EUR)
33A, avenue J.F. Kennedy – Global Emerging Markets Opportunity (USD)
L-1855 Luxembourg – Global High Dividend (USD)
– Global Income (USD)
– Global Quantitative (USD)
Board of Directors – Russia (USD)
– Small Caps Europe (EUR)
Thomas Portmann, Chairman – Swiss Opportunity (CHF)
Managing Director, UBS Fund Management – US Income (USD)
(Switzerland) AG, Basel, Switzerland UBS Asset Management Switzerland AG, Zurich
Robert Süttinger, Member
UBS (Lux) Equity SICAV
Managing Director, UBS Asset Management
– Euro Countries Income (EUR)
Switzerland AG, Zurich, Switzerland
– European High Dividend (EUR)
Thomas Rose, Member – European Opportunity Unconstrained (EUR)
Managing Director, UBS Asset Management – Global Opportunity (USD)
Switzerland AG, Zurich, Switzerland – Global Opportunity Unconstrained (USD)
UBS Asset Management (UK) Ltd., London
Tobias Meyer, Member
Executive Director, UBS Asset Management
UBS (Lux) Equity SICAV
Switzerland AG, Zurich, Switzerland
– Asian Smaller Companies (USD)
Iris Eberhard, Member (until 31 March 2020) UBS Asset Management (Singapore) Ltd., Singapore
Managing Director, UBS Asset Management
Switzerland AG, Zurich, Switzerland UBS (Lux) Equity SICAV
– Long Term Themes (USD)
UBS Asset Management (Americas) Inc., Chicago
Management Company UBS Switzerland AG, Zurich

UBS Fund Management (Luxembourg) S.A.

33A, avenue J.F. Kennedy Depositary and main paying agent
L-1855 Luxembourg
R.C.S. Luxembourg N° B 154 210 UBS Europe SE, Luxembourg Branch
33A, avenue J.F. Kennedy
L-1855 Luxembourg
Portfolio Managers

UBS (Lux) Equity SICAV Administrative agent

– All China (USD)
UBS Asset Management (Hong Kong) Limited, Hong Kong Northern Trust Global Services SE
10, rue du Château d’Eau
UBS (Lux) Equity SICAV L-3364 Leudelange
– Emerging Markets Sustainable (USD)
– Global Impact (USD)
– US Opportunity (USD) Auditor of the Company
– US Total Yield (USD)
– USA Growth (USD) PricewaterhouseCoopers, Société coopérative
– USA Growth Sustainable (USD) 2, rue Gerhard Mercator, B.P. 1443, L-1014 Luxembourg
– USA Quantitative (USD)
UBS Asset Management (Americas) Inc., Chicago

UBS (Lux) Equity SICAV

Annual report and audited financial statements as of 31 May 2020

6
Sale in Switzerland – Global Opportunity Unconstrained (USD)
– Global Quantitative (USD)
Representative – Small Caps Europe (EUR)
UBS Fund Management (Switzerland) AG – Swiss Opportunity (CHF)
Aeschenplatz 6, CH-4052 Basel – US Income (USD)
– US Opportunity (USD)
Paying agents – US Quantitative Defensive (USD)
UBS Switzerland AG, Bahnhofstrasse 45, CH-8001 Zurich – USA Quantitative (USD)
and its offices in Switzerland

Sale in Liechtenstein
The sales prospectus, the KIID, the articles of association of the
Company, the annual and semi-annual reports as well as the portfolio
movements of the Company mentioned in this publication are available Paying agent
free of charge from UBS Switzerland AG, Postfach, CH-8001 Zurich Liechtensteinische Landesbank AG
and from UBS Fund Management (Switzerland) AG, P.O. Box, CH-4052 Städtle 44, FL-9490 Vaduz
Basel.

Sale in Austria, in Belgium, in Chile, in the Czech

Sale in Germany Republic, in Denmark, in Finland, in France,
in Greece, in Hungary, in Iceland, in Italy, in Japan,
Paying and information agent in Macao, in Malta, in the Netherlands, in Norway,
UBS Europe SE, Bockenheimer Landstr. 2-4, D-60306 in Portugal, in Singapore, in South Korea, in Spain,
Frankfurt am Main in Sweden, in Taiwan and in the United Kingdom

The sales prospectus, the KIID, the articles of association of the Shares of this Company may be sold in these countries.
Company, the annual and semi-annual reports as well as the portfolio
movements of the Company mentioned in this publication are available
free of charge from UBS Europe SE, Bockenheimer Landstr. 2-4, The sales prospectus, the KIID, the articles of association of the
D-60306 Frankfurt am Main. Company, the annual and semi-annual reports as well as the portfolio
movements of the Company mentioned in this publication are available
free of charge at the sales agencies and at the registered office of the
Company.
Sale in Hongkong

Shares of the following subfunds may not be distributed

in Hong Kong:

UBS (Lux) Equity SICAV

– Asian Smaller Companies (USD)
– Brazil (USD)
– Emerging Markets Sustainable (USD)
– Euro Countries Income (EUR)
– European High Dividend (EUR)
– European Opportunity Unconstrained (EUR)
– German High Dividend (EUR)
– Global High Dividend (USD)
– Global Impact (USD)
– Global Income (USD)

UBS (Lux) Equity SICAV

Annual report and audited financial statements as of 31 May 2020

7
Features of the Company

UBS (Lux) Equity SICAV (hereinafter called the “company”) UBS (Lux) Equity SICAV Currency of account

offers investors various subfunds (“umbrella structure”) – Global Opportunity Unconstrained (USD) USD

which invest in accordance with the investment policy – Global Quantitative (USD) USD

described in the sales prospectus. The specific details on – Long Term Themes (USD) USD

each subfund are defined in the sales prospectus, which – Russia (USD) USD

will be updated on the launch of each new subfund. – Small Caps Europe (EUR) EUR
– Swiss Opportunity (CHF) CHF

The Company was established on 7 October 1996 as – US Income (USD) USD

an open-ended investment fund in the form of a SICAV – US Opportunity (USD) USD

pursuant to Part I of the Luxembourg Law of 30 March – US Total Yield (USD) USD

1988 relating to undertakings for collective investment – USA Growth (USD) USD

and was adapted in March 2005 to conform to the – USA Growth Sustainable (USD) USD

provisions of the Law of 2002; it has been subject to the – USA Quantitative (USD) USD

amended Law of 2010 since 1 July 2011.

Currently the following share classes are available:
Effective 15 June 2011, the company has appointed UBS
Fund Management (Luxembourg) S.A., R.C.S. Luxembourg Various share classes can be offered for the subfunds.
154 210, as its Management Company. Information on which share classes are available for
which subfund can be obtained from the Administrative
The Articles of Incorporation were published in the Agent or at www.ubs.com/funds.
“Mémorial, Recueil des Sociétés et Associations”, here-
inafter called “Mémorial”, of 8 November 1996. The Shares are issued as registered shares only.
consolidated version of the Articles of Incorporation of
the Company is deposited at the Trade and Compa- “P”
nies Register (Registre de Commerce et des Sociétés) in
Shares in classes with “P” in their name are available to
Luxembourg for inspection. Any amendments are shall
all investors. Their smallest tradable unit is 0.001. Unless
be published in the “Recueil Electronique des Sociétés
the Company decides otherwise, the initial issue price of
et Associations” (“RESA”) by meansway of a notice of
these shares amounts to AUD 100, BRL 400, CAD 100,
deposit in the Mémorial, in a Luxembourg daily news-
CHF 100, CZK 2,000, DKK 700, EUR 100, GBP 100,
paper and, if necessary, in the manner described in the
HKD 1,000, JPY 10,000, NOK 900, NZD 100, PLN 500,
official section entitled “Regular reports and publications
RMB 1,000, RUB 3,500, SEK 700, SGD 100, USD 100 or
of the individual distribution countries.” of the sales
ZAR 1,000.
prospectus. Amendments become legally binding fol-
lowing their approval by the general meeting of share-
“N”
holders.
Shares in classes with “N” in their name (shares with
As at 31 May 2020 the following subfunds are active: restrictions on distribution partners or countries) are
issued exclusively through distributors authorised by
UBS (Lux) Equity SICAV Currency of account UBS Asset Management Switzerland AG and domi-
– All China (USD) USD ciled in Spain, Italy, Portugal and Germany, or in other
– Asian Smaller Companies (USD) USD distribution countries insofar as this has been decided
– Emerging Markets Sustainable (USD) USD by the Company. Their smallest tradable unit is 0.001.
– Euro Countries Income (EUR) EUR Unless the Company decides otherwise, the initial issue
– European High Dividend (EUR) EUR price of these shares amounts to AUD 100, BRL 400,
– European Opportunity Unconstrained (EUR) EUR CAD 100, CHF 100, CZK 2,000, DKK 700, EUR 100,
– German High Dividend (EUR) EUR GBP 100, HKD 1,000, JPY 10,000, NOK 900, NZD 100,
– Global Emerging Markets Opportunity (USD) USD PLN 500, RMB 1,000, RUB 3,500, SEK 700, SGD 100,
– Global High Dividend (USD) USD USD 100 or ZAR 1,000.
– Global Impact (USD) USD
– Global Income (USD) USD
– Global Opportunity (USD) USD

UBS (Lux) Equity SICAV

Annual report and audited financial statements as of 31 May 2020

8
“K-1” “Q”
Shares in classes with “K-1” in their name are available to Shares in classes with “Q” in their name are exclu-
all investors. Their smallest tradable unit is 0.1. Unless the sively reserved for financial intermediaries that (i) make
Company decides otherwise, the initial issue price of these investments for their own account, and/or (ii) receive no
shares amounts to AUD 5 million, BRL 20 million, CAD 5 distribution fees in accordance with regulatory require-
million, CHF 5 million, CZK 100 million, DKK 35 million ments, and/or (iii) can only offer their clients classes
EUR 3 million, GBP 2.5 million, HKD 40 million, JPY 500 with no retrocessions, where these are available in the
million, NOK 45 million, NZD 5 million, PLN 25 million, investment fund in question, in accordance with writ-
RMB 35 million, RUB 175 million, SEK 35 million, SGD 5 ten agreements concluded with their clients. Invest-
million, USD 5 million or ZAR 40 million. ments that no longer meet the above conditions may
be forcibly redeemed at the prevailing net asset value
“K-B” or exchanged for another class of the subfund. The
Company and the Management Company are not liable
Shares in classes with “K-B” in their name are exclusi-
for any tax consequences that may result from a forcible
vely reserved for investors who have signed a written
redemption or exchange. Their smallest tradable unit is
agreement with UBS Asset Management Switzerland
0.001. Unless the Company decides otherwise, the ini-
AG or one of its authorised distribution partners on
tial issue price of these shares amounts to AUD 100,
investing in one or more subfunds of this umbrella
BRL 400, CAD 100, CHF 100, CZK 2,000, DKK 700,
fund. The costs for asset management are charged to
EUR 100, GBP 100, HKD 1,000, JPY 10,000, NOK 900,
investors under the aforementioned agreements. Their
PLN 500, RMB 1,000, RUB 3,500, SEK 700, SGD 100,
smallest tradable unit is 0.001. Unless the Company
USD 100, NZD 100 or ZAR 1,000.
decides otherwise, the initial issue price of these sha-
res amounts to AUD 100, BRL 400, CAD 100, CHF 100,
“QL”
CZK 2,000, DKK 700, EUR 100, GBP 100, HKD 1,000,
JPY 10,000, NOK 900, NZD 100, PLN 500, RMB 1,000, Shares in classes with “QL” in their name are exclusively
RUB 3,500, SEK 700, SGD 100, USD 100 or ZAR 1,000. reserved for selected financial intermediaries that: (i) have
received approval from the Management Company prior
“K-X” to first subscription, and (ii) receive no distribution fees in
accordance with regulatory requirements and/or can only
Shares in classes with “K-X” in their name are exclusively
offer their clients classes with no retrocessions, where
reserved for investors who have signed a written agree-
these are available in the investment fund in question, in
ment with UBS Asset Management Switzerland AG or
accordance with written agreements concluded with their
one of its authorised distribution partners on investing in
clients. The Management Company will require a mini-
one or more subfunds of this umbrella fund. The costs
mum investment of CHF 200 million (or the equivalent
for asset management, fund administration (comprising
in another currency). The Management Company may
the costs incurred by the Company, administrative agent
waive the minimum investment temporarily or perma-
and the Depositary) and distribution are charged to inves-
nently. Investments that no longer meet the above condi-
tors under the aforementioned agreements. Their small-
tions may be forcibly redeemed at the prevailing net asset
est tradable unit is 0.001. Unless the Company decides
value or exchanged for another class of the subfund. The
otherwise, the initial issue price of these shares amounts
Company and the Management Company are not liable
to AUD 100, BRL 400, CAD 100, CHF 100, CZK 2,000,
for any tax consequences that may result from a forcible
DKK 700, EUR 100, GBP 100, HKD 1,000, JPY 10,000,
redemption or exchange.
NOK 900, NZD 100, PLN 500, RMB 1,000, RUB 3,500,
SEK 700, SGD 100, USD 100 or ZAR 1,000.
The smallest tradable unit of these shares is 0.001.
Unless the Company decides otherwise, the initial issue
“F”
price of these shares amounts to AUD 100, BRL 400,
Shares in classes with “F” in their name are exclusively CAD 100, CHF 100, CZK 2,000, DKK 700, EUR 100,
reserved for UBS Group AG affiliates. These shares may GBP 100, HKD 1,000, JPY 10,000, NOK 900, NZD 100,
only be acquired by UBS Group AG affiliates, either PLN 500, RMB 1,000, RUB 3,500, SEK 700, SGD 100,
for their own account or as part of discretionary asset USD 100 or ZAR 1,000.
management mandates concluded with UBS Group AG
companies. In the latter case, the shares will be returned “A”
to the Company upon termination of the mandate at
Shares in classes with “A” in their name are available to
the prevailing net asset value and without being sub-
all investors. The maximum flat management fee for this
ject to charges. The smallest tradable unit of these
class does not include distribution costs. Their smallest trad-
shares is 0.001. Unless the Company decides other-
able unit is 0.001. Unless the Company decides otherwise,
wise, the initial issue price of these shares amounts to
the initial issue price for these shares amounts to AUD
AUD 100, BRL 400, CAD 100, CHF 100, CZK 2,000,
100, BRL 400, CAD 100, CHF 100, CZK 2,000, EUR 100,
DKK 700, EUR 100, GBP 100, HKD 1,000, JPY 10,000,
GBP 100, HKD 1,000, JPY 10,000, NOK 900, NZD 100,
NOK 900, NZD 100, PLN 500, RMB 1,000, RUB 3,500,
PLN 500, RMB 1,000, RUB 3,500, SEK 700, SGD 100,
SEK 700, SGD 100, USD 100 or ZAR 1,000.
USD 100 or ZAR 1,000.
UBS (Lux) Equity SICAV
Annual report and audited financial statements as of 31 May 2020

9
“I-A1” than CHF 100 million (or foreign currency equivalent);
or
Shares in classes with “I-A1” in their name are exclu-
(iii) the institutional investor must be an institution for
sively reserved for institutional investors within the
occupational retirement provision that is part of
meaning of Article 174 (2) (c) of the amended Law
UBS Group AG or must be one of its wholly-owned
of 2010. Their smallest tradable unit is 0.001. Unless
group companies.
the Company decides otherwise, the initial issue
price of these shares amounts to AUD 100, BRL 400,
“I-B”
CAD 100, CHF 100, CZK 2,000, EUR 100, GBP 100,
HKD 1,000, JPY 10,000, NOK 900, NZD 100, PLN 500, Shares in classes with “I-B” in their name are exclusively
RMB 1,000, RUB 3,500, SEK 700, SGD 100, USD 100 or reserved for institutional investors within the meaning of
ZAR 1,000. Article 174 (2) (c) of the amended Law of 2010 who have
signed a written agreement with UBS Asset Management
“I-A2” Switzerland AG or one of its authorised contractual part-
ners. A fee covering the costs for fund administration
Shares in classes with “I-A2” in their name are exclusively
(comprising the costs of the Company, the administra-
reserved for institutional investors within the meaning of
tive agent and the Depositary) is charged directly to
Article 174 (2) (c) of the amended Law of 2010. Their
the subfund. The costs for asset management and dis-
smallest tradable unit is 0.001. Unless the Company
tribution are charged to investors under the aforemen-
decides otherwise, the initial issue price of these shares
tioned agreements. Their smallest tradable unit is 0.001.
amounts to AUD 100, BRL 400, CAD 100, CHF 100,
Unless the Company decides otherwise, the initial issue
CZK 2,000, DKK 700, EUR 100, GBP 100, HKD 1,000,
price of these shares amounts to AUD 100, BRL 400,
JPY 10,000, NOK 900, NZD 100, PLN 500, RMB 1,000,
CAD 100, CHF 100, CZK 2,000, DKK 700, EUR 100,
RUB 3,500, SEK 700, SGD 100, USD 100 or ZAR 1,000.
GBP 100, HKD 1,000, JPY 10,000, NOK 900, NZD 100,
The minimum subscription amount for these shares is
PLN 500, RMB 1,000, RUB 3,500, SEK 700, SGD 100,
CHF 10 million (or foreign currency equivalent).
USD 100 or ZAR 1,000.
Upon subscription
(i) a minimum subscription must be made in accordance
“I-X”
with the list above;
(ii) based on a written agreement between the insti- Shares in classes with “I-X” in their name are exclusi-
tutional investor and UBS Asset Management vely reserved for institutional investors within the mea-
Switzerland AG (or one its authorised contractual ning of Article 174 (2) (c) of the amended Law of 2010
partners), the investor’s total assets managed by UBS who have signed a written agreement with UBS Asset
or its holdings in UBS collective investment schemes Management Switzerland AG or one of its authorised
must be more than CHF 30 million (or foreign currency contractual partners. The costs for asset management,
equivalent); or fund administration (comprising the costs incurred by
(iii) the institutional investor must be an institution for the Company, administrative agent and the Depositary)
occupational retirement provision that is part of and distribution are charged to investors under the afo-
UBS Group AG or must be one of its wholly-owned rementioned agreements. Their smallest tradable unit is
group companies. 0.001. Unless the Company decides otherwise, the initial
issue price of these shares amounts to AUD 100, BRL
“I-A3” 400, CAD 100, CHF 100, CZK 2,000, DKK 700, EUR 100,
GBP 100, HKD 1,000, JPY 10,000, NOK 900, NZD 100,
Shares in classes with “I-A3” in their name are exclu-
PLN 500, RMB 1,000, RUB 3,500, SEK 700, SGD 100,
sively reserved for institutional investors within
USD 100 or ZAR 1,000.
the meaning of Article 174 (2) (c) of the amended
Law of 2010. Their smallest tradable unit is 0.001.
“U-X”
Unless the Company decides otherwise, the ini-
tial issue price of these shares amounts to AUD 100, Shares in classes with “U-X” in their name are exclu-
BRL 400, CAD 100, CHF 100, CZK 2,000, DKK 700, sively reserved for institutional investors within the mean-
EUR 100, GBP 100, HKD 1,000, JPY 10,000, NOK 900, ing of Article 174 (2) (c) of the amended Law of 2010
NZD 100, PLN 500, RMB 1,000, RUB 3,500, SEK 700, who have signed a written agreement with UBS Asset
SGD 100, USD 100 or ZAR 1,000. The minimum sub- Management Switzerland AG or one of its authorised
scription amount for these shares is CHF 30 million (or contractual partners. The costs for asset management,
foreign currency equivalent). fund administration (comprising the costs of the Company,
Upon subscription the administrative agent and the Depositary) and dis-
(i) a minimum subscription must be made in accordance tribution are charged to investors under the aforemen-
with the list above; tioned agreements. This share class is exclusively geared
(ii) based on a written agreement between the institu- towards financial products (i.e. funds of funds or other
tional investor and UBS Asset Management Switzerland pooled structures under various legislative frameworks).
AG (or one its authorised contractual partners), the Their smallest tradable unit is 0.001. Unless the Company
investor’s total assets managed by UBS or its holdings decides otherwise, the initial issue price of these shares
in UBS collective investment schemes must be more amounts to AUD 10,000, BRL 40,000, CAD 10,000,

UBS (Lux) Equity SICAV

Annual report and audited financial statements as of 31 May 2020

10
CHF 10,000, CZK 200,000, DKK 70,000, EUR 10,000, in BRL classes, investors should also bear in mind that
GBP 10,000, HKD 100,000, JPY 1 million, NOK 90,000, the availability and tradability of BRL classes, and the
NZD 10,000, PLN 50,000, RMB 100,000, RUB 350,000, conditions under which they may be available or traded,
SEK 70,000, SGD 10,000, USD 10,000 or ZAR 100,000. depend to a large extent on the political and regulatory
developments in Brazil. The risk of fluctuations is hedged
as described above under “hedged”. Potential investors
Additional characteristics
should be aware of the risks of reinvestment, which could
Currencies arise if the BRL class has to be liquidated early due to polit-
ical and/or regulatory circumstances. This does not apply
The share classes may be denominated in AUD, BRL,
to the risk associated with reinvestment due to liquidation
CAD, CHF, CZK, EUR, GBP, HKD, JPY, NZD, PLN, RMB,
of a share class and/or the subfund in accordance with the
RUB, SEK, SGD, USD or ZAR. For share classes issued in
section “Liquidation of the Company and its subfunds;
the currency of account of the subfund, this currency will
merger of subfunds” of the sales prospectus.
not be included in the share class name. The currency of
account features in the name of the relevant subfund.
“RMB hedged”
“hedged” Investors should note that the renminbi (ISO 4217 cur-
rency code: CNY), the official currency of the People’s
For share classes with “hedged” in their name and with
Republic of China (the “PRC”), is traded on two markets,
reference currencies different to the subfund’s currency
namely as onshore RMB (CNY) in mainland China and
of account (“share classes in foreign currencies”), the risk
offshore RMB (CNH) outside mainland China.
of fluctuations in the value of the reference currency is
hedged against the subfund’s currency of account. This
Shares in classes with “RMB hedged” in their name
hedging shall be between 95% until 105% of the total
are shares whose net asset value is calculated in offshore
net assets of the share class in foreign currency. Changes
RMB (CNH).
in the market value of the portfolio, as well as subscrip-
tions and redemptions of share classes in foreign curren-
Onshore RMB (CNY) is not a freely convertible currency
cies, can result in the hedging temporarily surpassing the
and is subject to foreign exchange control policies and
aforementioned range. The Company and the Portfolio
repatriation restrictions imposed by the PRC government.
Manager will take all necessary steps to bring the hedg-
Offshore RMB (CNH), on the other hand, may be traded
ing back within the aforementioned limits.
freely against other currencies, particularly EUR, CHF and
USD. This means the exchange rate between offshore
The hedging described has no effect on possible cur-
RMB (CNH) and other currencies is determined on the
rency risks resulting from investments denominated in a
basis of supply and demand relating to the respective cur-
currency other than the subfund’s currency of account.
rency pair.
“portfolio hedged”
Convertibility between offshore RMB (CNH) and onshore
For share classes with “portfolio hedged” in their name, RMB (CNY) is a regulated currency process subject to
the currency risk of the subfund’s investments is hedged foreign exchange control policies and repatriation restric-
against the reference currency of the share class as fol- tions imposed by the PRC government in coordination
lows: Systematically, between 95% and 105% of the with offshore supervisory and governmental agencies
proportion of investments in developed nation foreign (e.g. the Hong Kong Monetary Authority).
currencies relative to the share class’ total net assets
is hedged, except where this is unfeasible or not cost- Prior to investing in RMB classes, investors should bear in
effective. Emerging market foreign currency invest- mind that the requirements relating to regulatory report-
ments are not hedged. Changes in the market value of ing and fund accounting of offshore RMB (CNH) are not
the subfund’s investments, as well as subscriptions and clearly regulated. Furthermore, investors should be aware
redemptions of share classes, can cause the hedge to that offshore RMB (CNH) and onshore RMB (CNY) have
temporarily exceed the range specified by the Portfo- different exchange rates against other currencies. The
lio Manager. The Company and the Portfolio Manager value of offshore RMB (CNH) can potentially differ signifi-
will take all necessary steps to bring the hedging back cantly from that of onshore RMB (CNY) due to a number
within the aforementioned limits. The hedging described of factors including, without limitation, foreign exchange
is used to hedge the currency risk resulting from invest- control policies and repatriation restrictions imposed by
ments denominated in a currency other than the share the PRC government at certain times, as well as other
class’ reference currency, as described above. external market forces. Any devaluation of offshore
RMB (CNH) could adversely affect the value of investors’
“BRL hedged” investments in the RMB classes. Investors should there-
fore take these factors into account when calculating the
The Brazilian real (ISO 4217 currency code: BRL) may be
conversion of their investments and the ensuing returns
subject to exchange control regulations and repatriation
from offshore RMB (CNH) into their target currency.
limits set by the Brazilian government. Prior to investing

UBS (Lux) Equity SICAV

Annual report and audited financial statements as of 31 May 2020

11
Prior to investing in RMB classes, investors should also bear on any capital gains from the sale of fund units. Some
in mind that the availability and tradability of RMB classes, investors may therefore prefer to subscribe to accumu-
and the conditions under which they may be available lating (-acc) rather than distributing (-dist, -qdist) share
or traded, depend to a large extent on the political and classes. Investors may be taxed at a later point in time on
regulatory developments in the PRC. Thus, no guarantee income and capital arising on accumulating (-acc) share
can be given that offshore RMB (CNH) or the RMB classes classes compared with distributing (-dist) share classes.
will be offered and/or traded in future, nor can there be Investors should consult qualified experts for tax advice
any guarantee as to the conditions under which offshore regarding their individual situation.
RMB (CNH) and/or RMB classes may be made available
or traded. In particular, since the currency of account of “mdist”
the relevant subfunds offering the RMB classes would be
Shares in classes with “-mdist” in their name may make
in a currency other than offshore RMB (CNH), the ability
monthly distributions, gross of fees and expenses. Distri-
of the relevant subfund to make redemption payments in
butions may also be made out of capital. Distributions
offshore RMB (CNH) would be subject to the subfund’s
out of capital result in the reduction of an investor’s origi-
ability to convert its currency of account into offshore
nal capital invested in the subfund. Furthermore, any dis-
RMB (CNH), which may be restricted by the availability of
tributions from the income and/or involving the capital
offshore RMB (CNH) or other circumstances beyond the
result in an immediate reduction of the net asset value
control of the Management Company.
per share of the subfund. Investors in certain countries
may be subject to higher tax rates on distributed capital
The risk of fluctuations is hedged as described above
than on any capital gains from the sale of fund units.
under “hedged”.
Some investors may therefore prefer to invest in accumu-
lating (-acc) rather than distributing (-dist, -mdist) share
Potential investors should be aware of the risks of rein-
classes. Investors may be taxed at a later point in time on
vestment, which could arise if the RMB class has to be
income and capital arising on accumulating (-acc) share
liquidated early due to political and/or regulatory circum-
classes compared with distributing (-dist) share classes.
stances. This does not apply to the risk associated with
Investors should consult qualified experts for tax advice
reinvestment due to liquidation of a share class and/or
regarding their individual situation. The maximum issuing
the subfund in accordance with the section “Liquidation
commission for shares in classes with “-mdist” in their
of the Company and its subfunds; merger of subfunds”
name is 6%.
of the sales prospectus.
“UKdist”
“PF”
For share classes with “UKdist” in their name that
Share classes with “PF” in their name differ from the
are subject to the reporting fund rules, the Company
other share classes to the extent that in addition to the
intends to distribute a sum corresponding to 100% of
flat management fee, a performance fee is paid to the
the reportable income within the meaning of the UK
Portfolio Manager if the conditions set out in the section
reporting fund rules. The Company does not intend to
“Expenses paid by the Company” are met.
make taxable values for these share classes available in
other countries, as they are intended for investors whose
“acc”
investment in the share class is liable to tax in the UK.
The income of share classes with “-acc” in their name is
not distributed unless the Company decides otherwise. “2%”, “4%”, “6%”, “8%”
Shares in classes with “2%” / “4%” / “6%” / “8%” in
“dist”
their name may make monthly (-mdist), quarterly (-qdist)
For share classes with “-dist” in their name, income is or annual (-dist) distributions at the respective afore-
distributed unless the Company decides otherwise. mentioned annual percentage rates, gross of fees and
expenses. The distribution amount is calculated based on
“qdist” the net asset value of the respective share class at the
end of the month (in the case of monthly distributions),
Shares in classes with “-qdist” in their name may make
financial quarter (in the case of quarterly distributions) or
quarterly distributions, gross of fees and expenses. Dis-
financial year (in the case of annual distributions). These
tributions may also be made out of the capital (this may
share classes are suitable for investors who wish for more
include, inter alia, realised and unrealised net gains in
stable distributions, unrelated to past or expected returns
net asset value) (“capital”). Distributions out of capital
or income of the relevant subfund.
result in the reduction of an investor’s original capital
invested in the subfund. Furthermore, any distributions
Distributions may thus also be made from the capital.
from the income and/or involving the capital result in
Distributions out of capital result in the reduction of
an immediate reduction of the net asset value per share
an investor’s original capital invested in the subfund.
of the subfund. Investors in certain countries may be
Furthermore, any distributions from the income and/or
subject to higher tax rates on distributed capital than
involving the capital result in an immediate reduction of

UBS (Lux) Equity SICAV

Annual report and audited financial statements as of 31 May 2020

12
the net asset value per share of the subfund. Investors Only the information contained in the sales prospectus
in certain countries may be subject to higher tax rates and in one of the documents referred to therein shall be
on distributed capital than on any capital gains from the deemed to be valid.
sale of fund units. Some investors may therefore choose
to invest in the accumulating (-acc) instead of the distribut- Information on whether a company subfund is listed
ing (-dist, -qdist, -mdist) share classes. Investors may be on the Luxembourg Stock Exchange can be obtained
taxed at a later point in time on income and capital aris- from the Administrative Agent or the Luxembourg Stock
ing on accumulating (-acc) share classes compared with Exchange website (www.bourse.lu).
distributing (-dist, -qdist, -mdist) share classes. Investors
should consult qualified experts for tax advice regarding The issue and redemption of shares of UBS (Lux) Equity
their individual situation. SICAV are subject to the regulations prevailing in the
country concerned.
“seeding”
The annual and semi-annual reports are available free
Shares with “seeding” in their name are only offered
of charge to shareholders at the registered office of the
for a limited period of time. At the end of this period,
company and the Depositary.
no further subscriptions are permitted unless the Com-
pany decides otherwise. However, these shares may still
No subscription may be accepted on the basis of the
be redeemed in accordance with the conditions for the
financial reports. Subscriptions are accepted only on the
redemption of shares. Unless the Company decides oth-
basis of the current prospectus accompanied by the lat-
erwise, the smallest tradable unit, the initial issue price
est annual report and the latest semi-annual report if
and the minimum subscription amount are those of the
available.
aforementioned asset classes.
The figures stated in this report are historical and not
The entirety of the subfunds’ net assets forms the total
necessarily indicative of future performance.
net assets of the company, which at any time correspond
to the share capital of the company and consist of fully
paid in and non-par-value shares (the “shares“).

At general meetings, shareholders have the right to one

vote per share held, irrespective of the difference in value
of shares in the respective subfunds. Shares of a particu-
lar subfund carry the right of one vote per share held
when voting at meetings affecting this subfund.

The company forms a legal entity. With respect to the

shareholders, each subfund is regarded as being inde-
pendent from the others. The assets of a subfund can
be used to offset only the liabilities which the subfund
concerned has assumed.

The Board of Directors of the Company is empowered, at

all times, to liquidate existing subfunds and/or to estab-
lish new subfunds as well as different share classes with
specific characteristics within these subfunds. The current
sales prospectus shall be updated following the establish-
ing of a new subfund or new share class.

The company is unlimited with regard to duration and

total assets.

The financial year of the company ends on 31 May.

The ordinary general meeting takes place annually on

24 November at 11.30 a.m. at the registered office
of the company. If 24 November happens to be no
working day in Luxembourg, the ordinary general
meeting takes place on the next following working day.

UBS (Lux) Equity SICAV

Annual report and audited financial statements as of 31 May 2020

13
 Audit report

To the Shareholders of
UBS (Lux) Equity SICAV

Our opinion

In our opinion, the accompanying financial statements give a true and fair view of the financial position of
UBS (Lux) Equity SICAV (the “Fund”) and of each of its subfunds as at 31 May 2020, and of the results of their
operations and changes in their net assets for the year then ended in accordance with Luxembourg legal and
regulatory requirements relating to the preparation and presentation of the financial statements.

What we have audited

The Fund’s financial statements comprise:

• the combined statement of net assets for the Fund and the statement of net assets for each of the
subfunds as at 31 May 2020;
• the statement of investments in securities and other net assets as at 31 May 2020;
• the combined statement of operations for the Fund and the statement of operations for each of the
subfunds for the year then ended;
• the combined statement of changes in net assets for the Fund and the statement of changes in net
assets for each of the subfunds for the year then ended; and
• the notes to the financial statements, which include a summary of significant accounting policies.

Basis for opinion

We conducted our audit in accordance with the Law of 23 July 2016 on the audit profession (Law of
23 July 2016) and with International Standards on Auditing (ISAs) as adopted for Luxembourg by the “Com-
mission de Surveillance du Secteur Financier” (CSSF). Our responsibilities under the Law of 23 July 2016 and
ISAs as adopted for Luxembourg by the CSSF are further described in the “Responsibilities of the “Réviseur
d’entreprises agréé” for the audit of the financial statements” section of our report.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
opinion.

We are independent of the Fund in accordance with the International Ethics Standards Board for Accoun-
tants’ Code of Ethics for Professional Accountants (IESBA Code) as adopted for Luxembourg by the CSSF
together with the ethical requirements that are relevant to our audit of the financial statements. We have
fulfilled our other ethical responsibilities under those ethical requirements.

PricewaterhouseCoopers, Société coopérative, 2 rue Gerhard Mercator, B.P. 1443, L-1014 Luxembourg
T : +352 494848 1, F : +352 494848 2900, www.pwc.lu

Cabinet de révision agréé. Expert-comptable (autorisation gouvernementale n°10028256)

R.C.S. Luxembourg B 65 477 - TVA LU25482518

UBS (Lux) Equity SICAV

Annual report and audited financial statements as of 31 May 2020

14
 Other information

The Board of Directors of the Fund is responsible for the other information. The other information comprises
the information stated in the annual report but does not include the financial statements and our audit
report thereon.

Our opinion on the financial statements does not cover the other information and we do not express any
form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information
identified above and, in doing so, consider whether the other information is materially inconsistent with
the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially mis-
stated. If, based on the work we have performed, we conclude that there is a material misstatement of this
other information, we are required to report that fact. We have nothing to report in this regard.

Responsibilities of the Board of Directors of the Fund for the financial statements

The Board of Directors of the Fund is responsible for the preparation and fair presentation of the financial
statements in accordance with Luxembourg legal and regulatory requirements relating to the preparation
and presentation of the financial statements, and for such internal control as the Board of Directors of the
Fund determines is necessary to enable the preparation of financial statements that are free from material
misstatement, whether due to fraud or error.

In preparing the financial statements, the Board of Directors of the Fund is responsible for assessing the
Fund’s and each of its subfunds’ ability to continue as a going concern, disclosing, as applicable, matters
related to going concern and using the going concern basis of accounting unless the Board of Directors of
the Fund either intends to liquidate the Fund or close any of its subfunds or to cease operations, or has no
realistic alternative but to do so.

Responsibilities of the “Réviseur d’entreprises agréé” for the audit of the financial statements

The objectives of our audit are to obtain reasonable assurance about whether the financial statements as
a whole are free from material misstatement, whether due to fraud or error, and to issue an audit report
that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an
audit conducted in accordance with the Law of 23 July 2016 and with ISAs as adopted for Luxembourg by
the CSSF will always detect a material misstatement when it exists. Misstatements can arise from fraud or
error and are considered material if, individually or in the aggregate, they could reasonably be expected to
influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with the Law of 23 July 2016 and with ISAs as adopted for Luxembourg
by the CSSF, we exercise professional judgment and maintain professional scepticism throughout the audit.
We also:

UBS (Lux) Equity SICAV

Annual report and audited financial statements as of 31 May 2020

15
 • identify and assess the risks of material misstatement of the financial statements, whether due to fraud
or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that
is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material mis-
statement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion,
forgery, intentional omissions, misrepresentations, or the override of internal control;

• obtain an understanding of internal control relevant to the audit in order to design audit procedures that
are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effective-
ness of the Fund’s internal control;

• evaluate the appropriateness of accounting policies used and the reasonableness of accounting esti-
mates and related disclosures made by the Board of Directors of the Fund;

• conclude on the appropriateness of the Board of Directors of the Fund’s use of the going concern basis
of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related
to events or conditions that may cast significant doubt on the Fund’s or any of its subfunds’ ability to
continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw
attention in our audit report to the related disclosures in the financial statements or, if such disclosures
are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up
to the date of our audit report. However, future events or conditions may cause the Fund or any of its
subfunds (except for UBS (Lux) Equity SICAV – USA Quantitative (USD) where an intent to liquidate exists)
to cease to continue as a going concern;

• evaluate the overall presentation, structure and content of the financial statements, including the dis-
closures, and whether the financial statements represent the underlying transactions and events in a
manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope
and timing of the audit and significant audit findings, including any significant deficiencies in internal control
that we identify during our audit.

PricewaterhouseCoopers, Société coopérative Luxembourg, 31 August 2020

Represented by

Alain Maechling

Only the German version of the present annual report has been audited by the “Réviseur d’entreprises
agréé”. Consequently, the Audit Report refers to the German version of the report; other versions result
from a conscientious translation made under the responsibility of the Board of Directors of the Fund. In case
of differences between the German version and the translation, the German version shall be the authentic
text.

UBS (Lux) Equity SICAV

Annual report and audited financial statements as of 31 May 2020

16
UBS (Lux) Equity SICAV

Combined Statement of Net Assets

USD
Assets 31.5.2020
Investments in securities, cost 12 788 868 599.19
Investments in securities, unrealized appreciation (depreciation) 719 296 042.23
Total investments in securities (Note 1) 13 508 164 641.42
Cash at banks, deposits on demand and deposit accounts 517 567 534.25*
Other liquid assets (Margins) 290 400.00
Receivable on securities sales (Note 1) 128 236 597.89
Receivable on subscriptions 117 658 673.71
Interest receivable on liquid assets 2 227.59
Receivable on dividends 25 173 901.91
Other receivables 8 345 441.15
Unrealized gain (loss) on forward foreign exchange contracts (Note 1) 37 050 561.88
Unrealized gain (loss) on Synthetic Equity Swaps (Note 1) 8 450 072.51
Total Assets 14 350 940 052.31

Liabilities
Bank overdraft -3 410 354.19
Interest payable on bank overdraft -27 596.67
Payable on securities purchases (Note 1) -199 153 024.83
Payable on redemptions -57 438 951.87
Other liabilities -145 223.23
Provisions for flat fee (Note 2) -5 020 769.47
Provisions for taxe d’abonnement (Note 3) -688 174.83
Provisions for other commissions and fees (Note 2) -1 711 321.14
Total provisions -7 420 265.44
Total Liabilities -267 595 416.23

Net assets at the end of the financial year 14 083 344 636.08
* As at 31 May 2020, cash amounts serves as collateral for the counterparty Goldman Sachs for an amount of USD 850 000.00.

UBS (Lux) Equity SICAV

Annual report and audited financial statements as of 31 May 2020

The notes are an integral part of the financial statements. 17

Combined Statement of Operations
USD
Income 1.6.2019-31.5.2020
Interest on liquid assets 1 608 842.80
Dividends 246 885 821.72
Income on Synthetic Equity Swaps (Note 1) 11 428 925.91
Income on securities lending (Note 16) 6 403 723.95
Other income (Note 4) 10 292 040.69
Total income 276 619 355.07

Expenses
Interest paid on Synthetic Equity Swaps (Note 1) -9 900 015.23
Flat fee (Note 2) -124 721 968.84
Taxe d’abonnement (Note 3) -4 053 779.31
Cost on securities lending (Note 16) -2 561 489.59
Other commissions and fees (Note 2) -1 844 266.07
Interest on cash and bank overdraft -720 431.83
Total expenses -143 801 950.87

Net income (loss) on investments 132 817 404.20

Realized gain (loss) (Note 1)

Realized gain (loss) on market-priced securities without options -32 134 930.82
Realized gain (loss) on options -11 456 293.27
Realized gain (loss) on financial futures 1 547 551.47
Realized gain (loss) on forward foreign exchange contracts -40 602 643.11
Realized gain (loss) on Synthetic Equity Swaps 33 567 024.24
Realized gain (loss) on foreign exchange 21 483 652.87
Total realized gain (loss) -27 595 638.62

Net realized gain (loss) of the financial year 105 221 765.58

Changes in unrealized appreciation (depreciation) (Note 1)

Unrealized appreciation (depreciation) on market-priced securities without options 338 622 759.92
Unrealized appreciation (depreciation) on options -18 511 461.25
Unrealized appreciation (depreciation) on financial futures 687 768.90
Unrealized appreciation (depreciation) on forward foreign exchange contracts 43 010 278.33
Unrealized appreciation (depreciation) on Synthetic Equity Swaps -9 971 644.53
Total changes in unrealized appreciation (depreciation) 353 837 701.37

Net increase (decrease) in net assets as a result of operations 459 059 466.95

Combined Statement of Changes in Net Assets

USD
1.6.2019-31.5.2020
Net assets at the beginning of the financial year 12 881 200 949.03*
Subscriptions 8 894 120 647.93
Redemptions -8 036 479 277.46
Total net subscriptions (redemptions) 857 641 370.47
Dividend paid -114 557 150.37
Net income (loss) on investments 132 817 404.20
Total realized gain (loss) -27 595 638.62
Total changes in unrealized appreciation (depreciation) 353 837 701.37
Net increase (decrease) in net assets as a result of operations 459 059 466.95
Net assets at the end of the financial year 14 083 344 636.08
* Calculated using 31 May 2020 exchange rates. Using 31 May 2019 exchange rates, the combined net asset at the beginning of the year was USD 12 881 783 078.15.

UBS (Lux) Equity SICAV

Annual report and audited financial statements as of 31 May 2020

18 The notes are an integral part of the financial statements.

UBS (Lux) Equity SICAV – All China (USD)

Three-year comparison

ISIN 31.5.2020 31.5.2019 31.5.2018

Net assets in USD 1 617 711 498.95 259 667 025.84 11 045 124.28
Class F-acc1 LU2113587930
Shares outstanding 216 900.0000 - -
Net asset value per share in USD 96.49 - -
Issue and redemption price per share in USD2 96.49 - -
Class I-A1-acc3 LU1867708205
Shares outstanding 1 915 886.8350 549 387.7670 -
Net asset value per share in USD 140.87 114.45 -
Issue and redemption price per share in USD2 140.87 114.45 -
Class seeding I-A1-acc LU1807303117
Shares outstanding 232 464.0000 232 464.0000 100 000.0000
Net asset value per share in USD 116.86 94.73 100.49
Issue and redemption price per share in USD2 116.86 94.73 100.63
Class I-A3-acc4 LU2061828062
Shares outstanding 902 031.7460 - -
Net asset value per share in USD 116.34 - -
Issue and redemption price per share in USD2 116.34 - -
Class I-X-acc5 LU1807302572
Shares outstanding 351 543.8470 70 880.2990 -
Net asset value per share in USD 123.93 99.45 -
Issue and redemption price per share in USD2 123.93 99.45 -
Class K-1-acc6 LU1959312759
Shares outstanding 11.3000 4.9000 -
Net asset value per share in USD 6 102 540.34 4 976 263.82 -
Issue and redemption price per share in USD2 6 102 540.34 4 976 263.82 -
Class K-X-acc7 LU1918007292
Shares outstanding 22 088.1930 18 430.2810 -
Net asset value per share in USD 137.08 110.04 -
Issue and redemption price per share in USD2 137.08 110.04 -
Class P-acc LU1807302812
Shares outstanding 6 006 172.8000 1 023 375.3960 9 920.5130
Net asset value per share in USD 114.09 93.58 100.45
Issue and redemption price per share in USD2 114.09 93.58 100.59
Class (HKD) P-acc8 LU1960683339
Shares outstanding 304 915.3430 34 402.0340 -
Net asset value per share in HKD 1 151.33 955.39 -
Issue and redemption price per share in HKD2 1 151.33 955.39 -
Class (SGD) P-acc9 LU1993786604
Shares outstanding 586 933.0630 4 539.6400 -
Net asset value per share in SGD 125.09 100.11 -
Issue and redemption price per share in SGD2 125.09 100.11 -
Class Q-acc10 LU1807302739
Shares outstanding 2 645 435.1920 449 836.9060 -
Net asset value per share in USD 112.15 91.20 -
Issue and redemption price per share in USD2 112.15 91.20 -
1
First NAV: 18.2.2020
2
See note 1
3
First NAV: 26.11.2018
4
First NAV: 11.10.2019
5
First NAV: 26.2.2019
6
First NAV: 12.3.2019
7
First NAV: 24.1.2019
8
First NAV: 21.3.2019
9
First NAV: 24.5.2019
10
First NAV: 12.6.2018

UBS (Lux) Equity SICAV – All China (USD)

Annual report and audited financial statements as of 31 May 2020

19
Performance

Currency 2019/2020 2018/2019 2018

Class F-acc1 USD - - -
Class I-A1-acc USD 23.1% - -
Class seeding I-A1-acc USD 23.4% -5.7% -
Class I-A3-acc1 USD - - -
Class I-X-acc USD 24.6% - -
Class K-1-acc USD 22.6% - -
Class K-X-acc USD 24.6% - -
Class P-acc USD 21.9% -7.0% -
Class (HKD) P-acc HKD 20.5% - -
Class (SGD) P-acc SGD 25.0% - -
Class Q-acc USD 23.0% - -
1
Due to the recent launch, there is no data for the calculation of the performance available.

Historical performance is no indicator of current or future performance.

The performance data does not take account of any commissions and costs charged when subscribing and redeeming shares.
The performance data were not audited.
The subfund has no benchmark.

Report of the Portfolio Manager Structure of the Securities Portfolio

Geographical Breakdown as a % of net assets
In the financial year, from 1 June 2019 to 31 May 2020, China 62.23
All China equities posted strong positive returns. It was a Hong Kong 17.03
United States 0.12
volatile year where we experienced a re-escalation of con- Total 79.38
flicts between the US and China and the COVID-19 pan-
demic. Sector performance diverged with Health Care, IT
and Consumer Discretionary gaining meaningfully, whe- Economic Breakdown as a % of net assets
Internet, software & IT services 14.13
reas Energy, Utilities and Financials returned negatively. Pharmaceuticals, cosmetics & medical products 9.97
Miscellaneous services 9.81
Healthcare & social services 9.74
The subfund delivered a positive return over the finan- Tobacco & alcohol 7.19
cial year. Stock selection in most sectors was positive, in Banks & credit institutions 6.72
Real Estate 5.42
particular in Communication Services, Consumer Discreti- Insurance 4.17
onary and Consumer Staples. Negative stock selection in Finance & holding companies 3.91
Miscellaneous unclassified companies 2.11
Health Care and IT offset gains partially. TAL Education, Lodging, catering & leisure 1.97
Kweichow Moutai and NetEase were the main contribu- Electrical devices & components 1.57
Chemicals 0.79
tors, whilst Far East Horizon and our cash position impac- Graphic design, publishing & media 0.54
ted performance negatively. Retail trade, department stores 0.53
Food & soft drinks 0.50
Textiles, garments & leather goods 0.18
Miscellaneous consumer goods 0.13
Total 79.38

UBS (Lux) Equity SICAV – All China (USD)

Annual report and audited financial statements as of 31 May 2020

20
Statement of Net Assets
USD
Assets 31.5.2020
Investments in securities, cost 1 233 467 454.79
Investments in securities, unrealized appreciation (depreciation) 50 659 383.67
Total investments in securities (Note 1) 1 284 126 838.46
Cash at banks, deposits on demand and deposit accounts 313 900 217.63
Receivable on securities sales (Note 1) 3 142 171.76
Receivable on subscriptions 33 684 563.54
Receivable on dividends 2 518 069.87
Total Assets 1 637 371 861.26

Liabilities
Payable on securities purchases (Note 1) -12 940 619.67
Payable on redemptions -5 626 365.25
Provisions for flat fee (Note 2) -956 043.49
Provisions for taxe d’abonnement (Note 3) -100 860.08
Provisions for other commissions and fees (Note 2) -36 473.82
Total provisions -1 093 377.39
Total Liabilities -19 660 362.31

Net assets at the end of the financial year 1 617 711 498.95

Statement of Operations
USD
Income 1.6.2019-31.5.2020
Interest on liquid assets 432 324.68
Dividends 10 293 383.12
Income on securities lending (Note 16) 109 957.95
Other income (Note 4) 2 443 683.12
Total income 13 279 348.87

Expenses
Flat fee (Note 2) -10 308 266.60
Taxe d’abonnement (Note 3) -286 693.40
Cost on securities lending (Note 16) -43 983.18
Other commissions and fees (Note 2) -138 397.08
Interest on cash and bank overdraft -149 369.82
Total expenses -10 926 710.08

Net income (loss) on investments 2 352 638.79

Realized gain (loss) (Note 1)

Realized gain (loss) on market-priced securities without options 18 455 933.26
Realized gain (loss) on forward foreign exchange contracts 22 912.54
Realized gain (loss) on foreign exchange -2 183 576.60
Total realized gain (loss) 16 295 269.20

Net realized gain (loss) of the financial year 18 647 907.99

Changes in unrealized appreciation (depreciation) (Note 1)

Unrealized appreciation (depreciation) on market-priced securities without options 55 525 235.89
Total changes in unrealized appreciation (depreciation) 55 525 235.89

Net increase (decrease) in net assets as a result of operations 74 173 143.88

UBS (Lux) Equity SICAV – All China (USD)

Annual report and audited financial statements as of 31 May 2020

The notes are an integral part of the financial statements. 21

Statement of Changes in Net Assets
USD
1.6.2019-31.5.2020
Net assets at the beginning of the financial year 259 667 025.84
Subscriptions 1 774 158 870.45
Redemptions -490 287 541.22
Total net subscriptions (redemptions) 1 283 871 329.23
Net income (loss) on investments 2 352 638.79
Total realized gain (loss) 16 295 269.20
Total changes in unrealized appreciation (depreciation) 55 525 235.89
Net increase (decrease) in net assets as a result of operations 74 173 143.88
Net assets at the end of the financial year 1 617 711 498.95

Changes in the Number of Shares outstanding

1.6.2019-31.5.2020
Class F-acc
Number of shares outstanding at the beginning of the financial year 0.0000
Number of shares issued 217 000.0000
Number of shares redeemed -100.0000
Number of shares outstanding at the end of the financial year 216 900.0000
Class I-A1-acc
Number of shares outstanding at the beginning of the financial year 549 387.7670
Number of shares issued 2 377 779.6550
Number of shares redeemed -1 011 280.5870
Number of shares outstanding at the end of the financial year 1 915 886.8350
Class seeding I-A1-acc
Number of shares outstanding at the beginning of the financial year 232 464.0000
Number of shares issued 0.0000
Number of shares redeemed 0.0000
Number of shares outstanding at the end of the financial year 232 464.0000
Class I-A3-acc
Number of shares outstanding at the beginning of the financial year 0.0000
Number of shares issued 928 539.5670
Number of shares redeemed -26 507.8210
Number of shares outstanding at the end of the financial year 902 031.7460
Class I-X-acc
Number of shares outstanding at the beginning of the financial year 70 880.2990
Number of shares issued 312 055.5700
Number of shares redeemed -31 392.0220
Number of shares outstanding at the end of the financial year 351 543.8470
Class K-1-acc
Number of shares outstanding at the beginning of the financial year 4.9000
Number of shares issued 6.5000
Number of shares redeemed -0.1000
Number of shares outstanding at the end of the financial year 11.3000
Class K-X-acc
Number of shares outstanding at the beginning of the financial year 18 430.2810
Number of shares issued 3 657.9120
Number of shares redeemed 0.0000
Number of shares outstanding at the end of the financial year 22 088.1930
Class P-acc
Number of shares outstanding at the beginning of the financial year 1 023 375.3960
Number of shares issued 7 147 210.5090
Number of shares redeemed -2 164 413.1050
Number of shares outstanding at the end of the financial year 6 006 172.8000
Class (HKD) P-acc
Number of shares outstanding at the beginning of the financial year 34 402.0340
Number of shares issued 328 594.2350
Number of shares redeemed -58 080.9260
Number of shares outstanding at the end of the financial year 304 915.3430
Class (SGD) P-acc
Number of shares outstanding at the beginning of the financial year 4 539.6400
Number of shares issued 679 344.6260
Number of shares redeemed -96 951.2030
Number of shares outstanding at the end of the financial year 586 933.0630
Class Q-acc
Number of shares outstanding at the beginning of the financial year 449 836.9060
Number of shares issued 3 124 894.4010
Number of shares redeemed -929 296.1150
Number of shares outstanding at the end of the financial year 2 645 435.1920

UBS (Lux) Equity SICAV – All China (USD)

Annual report and audited financial statements as of 31 May 2020

22 The notes are an integral part of the financial statements.

Statement of Investments in Securities and other Net Assets as of 31 May 2020

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
Bearer shares

China
HKD CHINA MERCHANTS BK ‘H’CNY1 7 602 500.00 35 596 498.00 2.20
HKD CHINASOFT INTL LTD HKD0.05 (POST B/L CHANGE) 22 994 000.00 11 448 433.13 0.71
CNY DONG-E-E-JIAO CO ‘A’CNY1 924 220.00 4 621 358.68 0.29
CNY FUYAO GLASS GROUP ‘A’CNY1 790 224.00 2 171 965.87 0.13
CNY GREE ELEC APPLICAN ‘A’CNY1 2 226 247.00 17 739 938.44 1.10
HKD INDUSTRIAL & COM B ‘H’CNY1 8 242 000.00 5 315 533.20 0.33
CNY JIANGSU HENGRUI ME ‘A’CNY1 2 427 567.00 26 736 666.32 1.65
CNY JIANGSU YANGHE BRE ‘A’CNY1 536 760.00 7 925 653.21 0.49
CNY KWEICHOW MOUTAI ‘A’CNY1 489 662.00 93 648 131.58 5.79
HKD LONGFOR GROUP HLDG HKD0.10 4 279 000.00 19 372 854.78 1.20
CNY MIDEA GROUP CO LTD CNY1 923 774.00 7 630 029.87 0.47
CNY PING AN BANK CO LT ‘A’CNY1 10 758 770.00 19 573 445.19 1.21
HKD PING AN INSURANCE ‘H’CNY1 4 832 500.00 47 684 531.27 2.95
HKD TENCENT HLDGS LIMI HKD0.00002 2 931 600.00 155 187 338.61 9.59
CNY WANHUA CHEMICAL GR ‘A’CNY1 1 975 190.00 12 848 022.72 0.79
CNY YIBIN WULIANGYE ‘A’CNY1 709 582.00 14 716 756.10 0.91
CNY YUNNAN BAIYAO GRP ‘A’CNY1 1 548 872.00 19 113 794.91 1.18
Total China 501 330 951.88 30.99

Hong Kong
HKD AIA GROUP LTD NPV 2 440 400.00 19 783 836.69 1.22
HKD BOSIDENG INTL HLDG USD0.00001 11 040 000.00 2 833 781.56 0.17
HKD CHINA EVERBRIGHT HKD1 7 340 000.00 10 281 822.57 0.64
HKD CHINA GAS HOLDINGS HKD0.01 7 634 400.00 26 686 303.56 1.65
HKD CHINA JINMAO HOLDI NPV 46 054 000.00 31 840 242.47 1.97
HKD CHINA MENGNIU DAIR HKD0.1 2 281 000.00 8 149 843.60 0.50
HKD CHINA O/SEAS LAND HKD0.10 3 428 000.00 10 435 110.12 0.64
HKD CHINA RES LAND HKD0.10 4 296 000.00 16 928 547.93 1.05
HKD CSPC PHARMACEUTICA HKD0.10 21 006 000.00 41 130 060.92 2.54
HKD FAR EAST HORIZON L HKD0.01 11 776 000.00 10 404 772.49 0.64
HKD HANSOH PHARMACEUTICAL GROUP CO LTD 2 686 000.00 11 658 301.89 0.72
HKD HONG KONG EXCHANGE HKD1 1 385 800.00 48 298 108.39 2.99
HKD LI NING CO LTD HKD0.1 2 573 500.00 8 630 614.94 0.53
HKD SHN INTL HLDGS HKD1 9 462 000.00 15 792 883.81 0.98
HKD SSY GROUP LIMITED HKD0.02 20 890 000.00 12 799 006.80 0.79
Total Hong Kong 275 653 237.74 17.03

Total Bearer shares 776 984 189.62 48.02

Registered shares

China
HKD AK MEDICAL HLDGS L HKD0.01 3 546 000.00 10 817 180.99 0.67
HKD ALIBABA GROUP HLDG USD1 4 408 900.00 110 496 181.30 6.83
HKD ALPHMAB ONCOLOGY USD0.000002 2 687 568.00 6 399 342.85 0.40
HKD CENTRAL CHINA NEW HKD0.01 7 959 000.00 9 034 110.47 0.56
HKD INNOCARE PHARMA LT USD0.000002 4 185 000.00 7 524 929.86 0.46
HKD LVJI TECHNOLOGY HL USD0.01 20 236 000.00 2 270 848.41 0.14
HKD PEIJIA MEDICAL LIM USD0.0001 1 910 000.00 6 245 332.30 0.39
HKD SHANGHAI KINDLY ME CNY1 H 1 706 200.00 12 324 297.82 0.76
HKD YEAHKA LTD USD0.000025 448 800.00 963 275.22 0.06
HKD YIHAI INTERNATIONA USD0.00001 3 566 000.00 31 852 632.92 1.97
Total China 197 928 132.14 12.24

United States
HKD FRONTAGE HOLDINGS NPV 3 642 000.00 1 916 656.67 0.12
Total United States 1 916 656.67 0.12

Total Registered shares 199 844 788.81 12.36

Depository receipts

China
USD ALIBABA GROUP HLDG SPON ADS EACH REP ONE ORD-ADR 230 134.00 45 909 431.66 2.84
USD JUPAI HLDGS LTD ADS EACH REPR 6 SHS 49 665.00 55 128.15 0.00
USD NETEASE INC ADR REP 25 COM USD0.0001 166 304.00 60 908 840.00 3.77
USD NEW ORIENTAL ED & TECH GRP INC SPON ADR 296 700.00 34 147 203.00 2.11
USD TAL EDUCATION GRP ADS EA REPR 2 CL A ORD SHS 2 836 693.00 157 549 929.22 9.74
USD TENCENT MUSIC ENTE SPON ADS EA REP 2 ORD SHS 713 600.00 8 727 328.00 0.54
Total China 307 297 860.03 19.00

Total Depository receipts 307 297 860.03 19.00

Total Transferable securities and money market instruments listed on an official

stock exchange 1 284 126 838.46 79.38

Total investments in securities 1 284 126 838.46 79.38

Cash at banks, deposits on demand and deposit accounts and other liquid assets 313 900 217.63 19.40
Other assets and liabilities 19 684 442.86 1.22
Total net assets 1 617 711 498.95 100.00

UBS (Lux) Equity SICAV – All China (USD)

Annual report and audited financial statements as of 31 May 2020

The notes are an integral part of the financial statements. 23

UBS (Lux) Equity SICAV
– Asian Smaller Companies (USD)

Three-year comparison

ISIN 31.5.2020 31.5.2019 31.5.2018

Net assets in USD 103 990 238.46 52 350 975.75 70 576 771.92
Class I-A1-acc1 LU1306439735
Shares outstanding 52 540.0000 - -
Net asset value per share in USD 121.83 - -
Issue and redemption price per share in USD2 121.83 - -
Class I-B-acc3 LU0794919935
Shares outstanding - 60 597.2870 -
Net asset value per share in USD - 100.40 -
Issue and redemption price per share in USD2 - 100.40 -
Class I-B-dist4 LU2097431832
Shares outstanding 2 598.0120 - -
Net asset value per share in USD 9 934.35 - -
Issue and redemption price per share in USD2 9 934.35 - -
Class P-acc LU0746413003
Shares outstanding 255 335.4690 198 640.5490 330 362.9620
Net asset value per share in USD 199.94 172.09 197.05
Issue and redemption price per share in USD2 199.94 172.09 197.05
Class Q-acc LU1240781994
Shares outstanding 133 970.2200 91 492.2720 36 547.4690
Net asset value per share in USD 154.73 132.06 149.95
Issue and redemption price per share in USD2 154.73 132.06 149.95
1
First NAV: 30.3.2020
2
See note 1
3
For the period from 25.9.2018 to 7.2.2020 the share class I-B-acc was in circulation
4
First NAV: 24.1.2020

Performance

Currency 2019/2020 2018/2019 2017/2018

Class I-A1-acc1 USD - - -
Class I-B-acc2 USD - - -
Class I-B-dist1 USD - - -
Class P-acc USD 16.2% -12.7% 18.3%
Class Q-acc USD 17.2% -11.9% 19.3%
1
Due to the recent launch, there is no data for the calculation of the performance available.
2
For the period from 25.9.2018 to 7.2.2020 the share class I-B-acc was in circulation. Due to this fact, there is no data for the calculation of the performance available.

Historical performance is no indicator of current or future performance.

The performance data does not take account of any commissions and costs charged when subscribing and redeeming shares.
The performance data were not audited.
The subfund has no benchmark.

UBS (Lux) Equity SICAV – Asian Smaller Companies (USD)

Annual report and audited financial statements as of 31 May 2020

24
Report of the Portfolio Manager Structure of the Securities Portfolio
Geographical Breakdown as a % of net assets
Asia ex Japan small and mid cap equities fell in the China 19.35
financial year, from 1 June 2019 to 31 May 2020. The South Korea 15.73
Taiwan 15.54
asset class ended 2019 on a strong positive note after a Hong Kong 14.59
Phase 1 US-China trade deal but the Covid-19 outbreak India 9.36
Thailand 7.62
YTD caused markets to go into a tailspin. The Energy and Singapore 5.38
Financials sectors dived while only IT and Health Care United States 2.58
Philippines 1.56
rose. Meanwhile Philippines, Indonesia and India fell Malaysia 1.25
sharply while Taiwan had the strongest positive returns. Total 92.96

The subfund posted positive performance in the finan-

Economic Breakdown as a % of net assets
cial year, from 1 June 2019 to 31 May 2020, with China Electronics & semiconductors 12.78
and Taiwan contributing most to returns. The Health Pharmaceuticals, cosmetics & medical products 10.20
Internet, software & IT services 7.34
Care, Consumer Discretionary and IT sectors added most Mechanical engineering & industrial equipment 6.26
value. Key contributors were CanSino Biologics, China Electrical devices & components 6.20
Lodging, catering & leisure 5.72
Meidong Auto, S&S Tech and Yihai while the key detrac- Finance & holding companies 5.51
tor was City Union Bank. Our portfolio’s China weight Miscellaneous unclassified companies 5.50
Food & soft drinks 4.67
rose over the financial year as stocks outperformed, with Vehicles 4.37
China recovering first from Covid-19 and a greater focus Retail trade, department stores 4.25
Textiles, garments & leather goods 2.93
on building local IT and health care supply chains. Insurance 2.78
Biotechnology 2.56
Miscellaneous consumer goods 2.31
Real Estate 2.26
Aerospace industry 2.00
Miscellaneous trading companies 1.83
Banks & credit institutions 1.10
Graphic design, publishing & media 1.09
Energy & water supply 0.69
Traffic & transportation 0.61
Total 92.96

UBS (Lux) Equity SICAV – Asian Smaller Companies (USD)

Annual report and audited financial statements as of 31 May 2020

25
Statement of Net Assets
USD
Assets 31.5.2020
Investments in securities, cost 81 526 394.29
Investments in securities, unrealized appreciation (depreciation) 15 147 947.29
Total investments in securities (Note 1) 96 674 341.58
Cash at banks, deposits on demand and deposit accounts 7 191 158.24
Receivable on securities sales (Note 1) 696 719.98
Receivable on subscriptions 118 821.59
Receivable on dividends 320 388.70
Other receivables 39 596.84
Total Assets 105 041 026.93

Liabilities
Payable on securities purchases (Note 1) -929 509.42
Payable on redemptions -59 367.17
Provisions for flat fee (Note 2) -46 936.55
Provisions for taxe d’abonnement (Note 3) -6 340.02
Provisions for other commissions and fees (Note 2) -8 635.31
Total provisions -61 911.88
Total Liabilities -1 050 788.47

Net assets at the end of the financial year 103 990 238.46

Statement of Operations
USD
Income 1.6.2019-31.5.2020
Interest on liquid assets 12 271.61
Dividends 1 784 714.25
Income on securities lending (Note 16) 32 215.50
Other income (Note 4) 239 797.87
Total income 2 068 999.23

Expenses
Flat fee (Note 2) -817 259.97
Taxe d’abonnement (Note 3) -26 952.96
Cost on securities lending (Note 16) -12 886.20
Other commissions and fees (Note 2) -10 972.46
Interest on cash and bank overdraft -4 165.53
Total expenses -872 237.12

Net income (loss) on investments 1 196 762.11

Realized gain (loss) (Note 1)

Realized gain (loss) on market-priced securities without options -1 068 690.08
Realized gain (loss) on forward foreign exchange contracts 4 549.24
Realized gain (loss) on foreign exchange -26 513.42
Total realized gain (loss) -1 090 654.26

Net realized gain (loss) of the financial year 106 107.85

Changes in unrealized appreciation (depreciation) (Note 1)

Unrealized appreciation (depreciation) on market-priced securities without options 9 339 333.41
Total changes in unrealized appreciation (depreciation) 9 339 333.41

Net increase (decrease) in net assets as a result of operations 9 445 441.26

UBS (Lux) Equity SICAV – Asian Smaller Companies (USD)

Annual report and audited financial statements as of 31 May 2020

26 The notes are an integral part of the financial statements.

Statement of Changes in Net Assets
USD
1.6.2019-31.5.2020
Net assets at the beginning of the financial year 52 350 975.75
Subscriptions 79 181 857.21
Redemptions -36 988 035.76
Total net subscriptions (redemptions) 42 193 821.45
Net income (loss) on investments 1 196 762.11
Total realized gain (loss) -1 090 654.26
Total changes in unrealized appreciation (depreciation) 9 339 333.41
Net increase (decrease) in net assets as a result of operations 9 445 441.26
Net assets at the end of the financial year 103 990 238.46

Changes in the Number of Shares outstanding

1.6.2019-31.5.2020
Class I-A1-acc
Number of shares outstanding at the beginning of the financial year 0.0000
Number of shares issued 52 540.0000
Number of shares redeemed 0.0000
Number of shares outstanding at the end of the financial year 52 540.0000
Class I-B-acc
Number of shares outstanding at the beginning of the financial year 60 597.2870
Number of shares issued 20 370.0000
Number of shares redeemed -80 967.2870
Number of shares outstanding at the end of the financial year 0.0000
Class I-B-dist
Number of shares outstanding at the beginning of the financial year 0.0000
Number of shares issued 2 598.0120
Number of shares redeemed 0.0000
Number of shares outstanding at the end of the financial year 2 598.0120
Class P-acc
Number of shares outstanding at the beginning of the financial year 198 640.5490
Number of shares issued 130 623.1660
Number of shares redeemed -73 928.2460
Number of shares outstanding at the end of the financial year 255 335.4690
Class Q-acc
Number of shares outstanding at the beginning of the financial year 91 492.2720
Number of shares issued 150 030.5470
Number of shares redeemed -107 552.5990
Number of shares outstanding at the end of the financial year 133 970.2200

UBS (Lux) Equity SICAV – Asian Smaller Companies (USD)

Annual report and audited financial statements as of 31 May 2020

The notes are an integral part of the financial statements. 27

Statement of Investments in Securities and other Net Assets as of 31 May 2020

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
Bearer shares

China
HKD CHINA MEIDONG AUTO HKD0.1 1 976 000.00 4 541 913.51 4.37
CNY EVE ENERGY CO LTD ‘A’CNY1 79 500.00 722 393.50 0.69
CNY HUALAN BIOLOGICAL ‘A’CNY1 487 401.00 2 808 885.63 2.70
CNY JOYOUNG CO. LTD. ‘A’CNY1 529 738.00 2 401 227.86 2.31
HKD PACIFIC TEXTILES H HKD0.001 1 599 000.00 670 310.53 0.64
HKD STELLA INTL HLDG HKD0.1 914 500.00 956 640.55 0.92
CNY ZHEJIANG SUPOR COO ‘A’CNY1 102 800.00 973 964.40 0.94
Total China 13 075 335.98 12.57

Hong Kong
HKD CAFE DE CORAL HLDG HKD0.10 630 000.00 1 134 410.37 1.09
HKD CHINA EVERBRIGHT HKD1 1 018 000.00 1 426 007.54 1.37
HKD CHINA JINMAO HOLDI NPV 3 396 000.00 2 347 884.30 2.26
HKD FAR EAST HORIZON L HKD0.01 2 445 000.00 2 160 297.96 2.08
HKD LI NING CO LTD HKD0.1 424 000.00 1 421 947.05 1.37
HKD SHN INTL HLDGS HKD1 1 284 000.00 2 143 105.35 2.06
HKD SSY GROUP LIMITED HKD0.02 2 842 000.00 1 741 253.10 1.67
HKD TECHTRONIC INDUSTR HKD0.1 325 000.00 2 796 104.61 2.69
Total Hong Kong 15 171 010.28 14.59

India
INR BAJAJ FINSERV LTD INR5 16 437.00 957 510.34 0.92
INR CITY UNION BANK INR1 635 708.00 1 139 993.12 1.10
INR COLGATE-PALM (IND) INR1.00 55 643.00 1 023 949.67 0.98
INR GODREJ CONSUMER PR INR1 195 842.00 1 641 507.74 1.58
INR MARICO LTD INR1 331 344.00 1 506 502.46 1.45
INR SRF LIMITED INR10 30 822.00 1 421 399.99 1.37
INR TECH MAHINDRA INR5 126 233.00 885 527.84 0.85
Total India 8 576 391.16 8.25

Malaysia
MYR PENTAMASTER CORP MYR0.5 1 100 900.00 1 299 647.22 1.25
Total Malaysia 1 299 647.22 1.25

Philippines
PHP CENTURY PACIFIC FO PHP1 3 018 800.00 893 354.88 0.86
PHP PHILIPPINE SEVEN PHP1 289 875.00 727 264.42 0.70
Total Philippines 1 620 619.30 1.56

Singapore
SGD SATS LTD NPV 337 200.00 635 167.65 0.61
SGD SINGAPORE TECH ENG NPV 923 000.00 2 085 026.38 2.00
SGD VENTURE CORP LTD SGD0.25 265 400.00 2 875 487.73 2.77
Total Singapore 5 595 681.76 5.38

South Korea
KRW COSMAX INC (NEW) KRW500 13 490.00 962 910.04 0.93
KRW DANAWA CO LTD KRW500 37 211.00 793 225.69 0.76
KRW DOUZONE BIZON CO L KRW500 15 647.00 1 516 120.88 1.46
KRW KINX INC KRW500 19 805.00 954 708.26 0.92
KRW KOH YOUNG TECHNOLO KRW500 12 743.00 960 007.95 0.92
KRW S&S TECH CORPORATI KRW500 143 467.00 3 174 125.41 3.05
KRW SEOJIN SYSTEM CO L KRW500 68 560.00 1 494 707.02 1.44
KRW VITZROCELL CO LTD KRW500 110 970.00 1 518 786.72 1.46
KRW WONIK QNC CORPORAT KRW500 254 579.00 2 888 154.37 2.78
Total South Korea 14 262 746.34 13.72

Taiwan
TWD CHAILEASE HOLDING TWD10 728 558.00 2 826 877.83 2.72
TWD GLOBAL PMX CO LTD TWD10 647 000.00 3 232 306.40 3.11
TWD KUNG LONG BATTERIE TWD10 453 000.00 2 172 589.50 2.09
TWD NANYA TECHNOLOGY C TWD10 747 000.00 1 487 780.18 1.43
TWD NIEN MADE ENTERPRI TWD10 222 000.00 1 900 216.48 1.83
Total Taiwan 11 619 770.39 11.18

Total Bearer shares 71 221 202.43 68.50

Registered shares

China
HKD AK MEDICAL HLDGS L HKD0.01 158 000.00 481 983.81 0.46
HKD ALPHMAB ONCOLOGY USD0.000002 286 324.00 681 763.38 0.66
HKD CANSINO BIOLOGICS CNY1 H 113 800.00 2 662 709.36 2.56
HKD YIHAI INTERNATIONA USD0.00001 361 000.00 3 224 565.48 3.10
Total China 7 051 022.03 6.78

India
INR CROMPTON GREAVES C INR2 389 354.00 1 155 195.74 1.11
Total India 1 155 195.74 1.11

South Korea
KRW POINT ENGINEERING KRW100 401 589.00 1 285 720.30 1.24
KRW RFHIC CORPORATION KRW500 27 430.00 798 458.92 0.77
Total South Korea 2 084 179.22 2.01

UBS (Lux) Equity SICAV – Asian Smaller Companies (USD)

Annual report and audited financial statements as of 31 May 2020

28 The notes are an integral part of the financial statements.

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

Taiwan
TWD CHIEF TELECOM INC TWD10 167 000.00 2 272 089.92 2.18
Total Taiwan 2 272 089.92 2.18

Thailand
THB OSOTSPA PCL THB1 (ALIEN) 930 600.00 1 243 335.43 1.20
Total Thailand 1 243 335.43 1.20

United States
USD ACM RESEARCH INC COM USD0.0001 CL A 17 367.00 1 018 574.55 0.98
HKD FRONTAGE HOLDINGS NPV 3 166 000.00 1 666 154.59 1.60
Total United States 2 684 729.14 2.58

Total Registered shares 16 490 551.48 15.86

Depository receipts

Thailand
THB NETBAY PLC THB1 (NVDR) 1 111 600.00 1 214 338.26 1.17
THB PLAN B MEDIA PCL THB0.1(NVDR) 6 585 400.00 1 138 626.22 1.09
THB R&B FOOD SUPPLY PC THB1 (NVDR) 3 903 100.00 815 957.72 0.78
THB SIAM WELLNESS GP THB0.25(NVDR) 6 634 150.00 1 585 021.69 1.52
THB TQM CORPORATION THB1 (NVDR) 604 100.00 1 937 070.10 1.86
Total Thailand 6 691 013.99 6.42

Total Depository receipts 6 691 013.99 6.42

Total Transferable securities and money market instruments listed on an official

stock exchange 94 402 767.90 90.78

Transferable securities and money market instruments traded on another regulated market
Bearer shares

Taiwan
TWD POYA INTERNATIONAL TWD10 118 000.00 2 271 573.68 2.18
Total Taiwan 2 271 573.68 2.18

Total Bearer shares 2 271 573.68 2.18

Total Transferable securities and money market instruments traded on another

regulated market 2 271 573.68 2.18

Total investments in securities 96 674 341.58 92.96

Cash at banks, deposits on demand and deposit accounts and other liquid assets 7 191 158.24 6.92
Other assets and liabilities 124 738.64 0.12
Total net assets 103 990 238.46 100.00

UBS (Lux) Equity SICAV – Asian Smaller Companies (USD)

Annual report and audited financial statements as of 31 May 2020

The notes are an integral part of the financial statements. 29

UBS (Lux) Equity SICAV – Brazil (USD)

Most important figures

ISIN 8.11.2019 31.5.2019 31.5.2018

Net assets in USD 24 111 230.35 85 964 171.78 87 363 593.48
Class P-acc LU0286682959
Shares outstanding 326 566.4700 1 278 957.2430 1 351 954.8030
Net asset value per share in USD 68.98 65.86 58.58
Issue and redemption price per share in USD1 68.98 65.86 58.58
Class Q-acc LU0399009397
Shares outstanding 8 794.7450 10 145.2390 54 149.4910
Net asset value per share in USD 180.08 171.23 150.88
Issue and redemption price per share in USD1 180.08 171.23 150.88
1
See note 1

Structure of the Securities Portfolio

As the subfund UBS (Lux) Equity SICAV – Brazil (USD) was merged into UBS (Lux)
Equity SICAV – Global Emerging Markets Opportunity (USD) as at 8 November
2019, there is no securities portfolio or securities portfolio structure at the end of
the reporting period. See note 12.

UBS (Lux) Equity SICAV – Brazil (USD)

Annual report and audited financial statements as of 31 May 2020

30
Statement of Operations
USD
Income 1.6.2019-31.5.2020
Interest on liquid assets 2 140.48
Dividends 395 120.39
Income on securities lending (Note 16) 308.05
Other income (Note 4) 136 820.12
Total income 534 389.04

Expenses
Flat fee (Note 2) -315 194.12
Taxe d’abonnement (Note 3) -7 649.55
Cost on securities lending (Note 16) -123.22
Other commissions and fees (Note 2) -7 485.73
Interest on cash and bank overdraft -3.70
Total expenses -330 456.32

Net income (loss) on investments 203 932.72

Realized gain (loss) (Note 1)

Realized gain (loss) on market-priced securities without options 8 874 253.11
Realized gain (loss) on foreign exchange -389 413.44
Total realized gain (loss) 8 484 839.67

Net realized gain (loss) of the financial year 8 688 772.39

Changes in unrealized appreciation (depreciation) (Note 1)

Unrealized appreciation (depreciation) on market-priced securities without options -3 595 844.06
Total changes in unrealized appreciation (depreciation) -3 595 844.06

Net increase (decrease) in net assets as a result of operations 5 092 928.33

Statement of Changes in Net Assets

USD
1.6.2019-31.5.2020
Net assets at the beginning of the financial year 85 964 171.78
Subscriptions 1 390.70
Redemptions -91 058 490.81
Total net subscriptions (redemptions) -91 057 100.11
Net income (loss) on investments 203 932.72
Total realized gain (loss) 8 484 839.67
Total changes in unrealized appreciation (depreciation) -3 595 844.06
Net increase (decrease) in net assets as a result of operations 5 092 928.33
Net assets at the end of the financial year 0.00

Changes in the Number of Shares outstanding

1.6.2019-31.5.2020
Class P-acc
Number of shares outstanding at the beginning of the financial year 1 278 957.2430
Number of shares issued 21.1160
Number of shares redeemed -1 278 978.3590
Number of shares outstanding at the end of the financial year 0.0000
Class Q-acc
Number of shares outstanding at the beginning of the financial year 10 145.2390
Number of shares issued 0.0000
Number of shares redeemed -10 145.2390
Number of shares outstanding at the end of the financial year 0.0000

UBS (Lux) Equity SICAV – Brazil (USD)

Annual report and audited financial statements as of 31 May 2020

The notes are an integral part of the financial statements. 31

UBS (Lux) Equity SICAV
– Emerging Markets High Dividend (USD)

Most important figures

ISIN 14.6.2019 31.5.2019 31.5.2018

Net assets in USD 153 084 411.41 202 447 616.03 294 575 430.59
Class I-B-acc LU1081985753
Shares outstanding 9 064.6150 9 064.6150 26 846.8610
Net asset value per share in USD 100.05 98.92 101.26
Issue and redemption price per share in USD1 100.05 98.92 101.26
Class I-X-dist LU0883523192
Shares outstanding 130 122.4070 491 771.4250 606 269.7390
Net asset value per share in USD 85.60 84.63 89.91
Issue and redemption price per share in USD1 85.60 84.63 89.91
Class P-acc LU0625543631
Shares outstanding 571 876.8660 575 085.2390 695 732.4820
Net asset value per share in USD 93.77 92.78 96.94
Issue and redemption price per share in USD1 93.77 92.78 96.94
Class (CHF hedged) P-acc LU1081987023
Shares outstanding 193 375.9270 194 267.9980 249 273.4630
Net asset value per share in CHF 81.09 80.34 86.87
Issue and redemption price per share in CHF1 81.09 80.34 86.87
Class (EUR hedged) P-acc LU1081987536
Shares outstanding 213 096.5870 214 498.2010 296 659.6150
Net asset value per share in EUR 82.76 82.00 88.50
Issue and redemption price per share in EUR1 82.76 82.00 88.50
Class (CHF hedged) P-dist LU0669577131
Shares outstanding 142 821.1090 144 313.6160 185 749.2050
Net asset value per share in CHF 77.09 76.38 83.92
Issue and redemption price per share in CHF1 77.09 76.38 83.92
Class P-mdist LU0625543805
Shares outstanding 37 004.6730 37 155.8430 43 101.6820
Net asset value per share in USD 63.99 63.32 69.52
Issue and redemption price per share in USD1 63.99 63.32 69.52
Class Q-acc LU0847991816
Shares outstanding 187 516.0220 402 681.8640 471 078.7160
Net asset value per share in USD 94.99 93.94 97.20
Issue and redemption price per share in USD1 94.99 93.94 97.20
Class (CHF hedged) Q-acc LU1240782026
Shares outstanding 81 908.2420 82 319.7130 190 353.4920
Net asset value per share in CHF 111.23 110.16 117.93
Issue and redemption price per share in CHF1 111.23 110.16 117.93
Class (EUR hedged) Q-acc LU1081988344
Shares outstanding 40 390.2950 42 158.5470 101 033.9560
Net asset value per share in EUR 86.75 85.92 91.81
Issue and redemption price per share in EUR1 86.75 85.92 91.81
Class (CHF hedged) Q-dist LU1240782372
Shares outstanding 70 380.1320 70 460.1320 163 070.1170
Net asset value per share in CHF 104.75 103.75 114.10
Issue and redemption price per share in CHF1 104.75 103.75 114.10
1
See note 1

Structure of the Securities Portfolio

As the subfund UBS (Lux) Equity SICAV – Emerging Markets High Dividend (USD)
was merged into UBS (Lux) Equity SICAV – Global Emerging Markets Opportunity
(USD) as at 14 June 2019, there is no securities portfolio or securities portfolio
structure at the end of the reporting period. See note 12.

UBS (Lux) Equity SICAV – Emerging Markets High Dividend (USD)

Annual report and audited financial statements as of 31 May 2020

32
Statement of Operations
USD
Income 1.6.2019-31.5.2020
Interest on liquid assets 531.50
Dividends 973 603.67
Other income (Note 4) 174 113.50
Total income 1 148 248.67

Expenses
Flat fee (Note 2) -99 616.62
Taxe d’abonnement (Note 3) -467.97
Other commissions and fees (Note 2) -12 225.47
Interest on cash and bank overdraft -2 829.34
Total expenses -115 139.40

Net income (loss) on investments 1 033 109.27

Realized gain (loss) (Note 1)

Realized gain (loss) on market-priced securities without options -434 995.54
Realized gain (loss) on forward foreign exchange contracts 772 951.55
Realized gain (loss) on foreign exchange -83 199.62
Total realized gain (loss) 254 756.39

Net realized gain (loss) of the financial year 1 287 865.66

Changes in unrealized appreciation (depreciation) (Note 1)

Unrealized appreciation (depreciation) on market-priced securities without options 1 317 726.43
Unrealized appreciation (depreciation) on forward foreign exchange contracts -111 603.91
Total changes in unrealized appreciation (depreciation) 1 206 122.52

Net increase (decrease) in net assets as a result of operations 2 493 988.18

Statement of Changes in Net Assets

USD
1.6.2019-31.5.2020
Net assets at the beginning of the financial year 202 447 616.03
Redemptions -204 941 604.21
Total redemptions -204 941 604.21
Net income (loss) on investments 1 033 109.27
Total realized gain (loss) 254 756.39
Total changes in unrealized appreciation (depreciation) 1 206 122.52
Net increase (decrease) in net assets as a result of operations 2 493 988.18
Net assets at the end of the financial year 0.00

UBS (Lux) Equity SICAV – Emerging Markets High Dividend (USD)

Annual report and audited financial statements as of 31 May 2020

The notes are an integral part of the financial statements. 33

Changes in the Number of Shares outstanding
1.6.2019-31.5.2020
Class I-B-acc
Number of shares outstanding at the beginning of the financial year 9 064.6150
Number of shares issued 0.0000
Number of shares redeemed -9 064.6150
Number of shares outstanding at the end of the financial year 0.0000
Class I-X-dist
Number of shares outstanding at the beginning of the financial year 491 771.4250
Number of shares issued 0.0000
Number of shares redeemed -491 771.4250
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 575 085.2390
Number of shares issued 0.0000
Number of shares redeemed -575 085.2390
Number of shares outstanding at the end of the financial year 0.0000
Class (CHF hedged) P-acc
Number of shares outstanding at the beginning of the financial year 194 267.9980
Number of shares issued 0.0000
Number of shares redeemed -194 267.9980
Number of shares outstanding at the end of the financial year 0.0000
Class (EUR hedged) P-acc
Number of shares outstanding at the beginning of the financial year 214 498.2010
Number of shares issued 0.0000
Number of shares redeemed -214 498.2010
Number of shares outstanding at the end of the financial year 0.0000
Class (CHF hedged) P-dist
Number of shares outstanding at the beginning of the financial year 144 313.6160
Number of shares issued 0.0000
Number of shares redeemed -144 313.6160
Number of shares outstanding at the end of the financial year 0.0000
Class P-mdist
Number of shares outstanding at the beginning of the financial year 37 155.8430
Number of shares issued 0.0000
Number of shares redeemed -37 155.8430
Number of shares outstanding at the end of the financial year 0.0000
Class Q-acc
Number of shares outstanding at the beginning of the financial year 402 681.8640
Number of shares issued 0.0000
Number of shares redeemed -402 681.8640
Number of shares outstanding at the end of the financial year 0.0000
Class (CHF hedged) Q-acc
Number of shares outstanding at the beginning of the financial year 82 319.7130
Number of shares issued 0.0000
Number of shares redeemed -82 319.7130
Number of shares outstanding at the end of the financial year 0.0000
Class (EUR hedged) Q-acc
Number of shares outstanding at the beginning of the financial year 42 158.5470
Number of shares issued 0.0000
Number of shares redeemed -42 158.5470
Number of shares outstanding at the end of the financial year 0.0000
Class (CHF hedged) Q-dist
Number of shares outstanding at the beginning of the financial year 70 460.1320
Number of shares issued 0.0000
Number of shares redeemed -70 460.1320
Number of shares outstanding at the end of the financial year 0.0000

UBS (Lux) Equity SICAV – Emerging Markets High Dividend (USD)

Annual report and audited financial statements as of 31 May 2020

34 The notes are an integral part of the financial statements.

UBS (Lux) Equity SICAV
– Emerging Markets Sustainable (USD)

Three-year comparison

ISIN 31.5.2020 31.5.2019 31.5.2018

Net assets in USD 10 892 250.19 14 112 965.84 16 743 262.22
Class P-acc LU0346595837
Shares outstanding 65 937.3180 90 284.9270 102 704.6120
Net asset value per share in USD 79.39 85.96 95.43
Issue and redemption price per share in USD1 79.39 85.96 95.43
Class (EUR) P-acc LU0398999499
Shares outstanding 28 568.0170 30 999.8520 32 604.8110
Net asset value per share in EUR 110.05 118.94 126.06
Issue and redemption price per share in EUR1 110.05 118.94 126.06
Class Q-acc LU0399016178
Shares outstanding 10 343.3940 9 063.3940 5 153.9430
Net asset value per share in USD 111.79 120.04 132.16
Issue and redemption price per share in USD1 111.79 120.04 132.16
Class (EUR) Q-acc LU0979885364
Shares outstanding 6 843.5810 7 336.7230 8 437.6290
Net asset value per share in EUR 131.87 141.34 148.54
Issue and redemption price per share in EUR1 131.87 141.34 148.54
1
See note 1

Performance

Currency 2019/2020 2018/2019 2017/2018

Class P-acc USD -7.6% -9.9% 14.6%
Class (EUR) P-acc EUR -7.5% -5.6% 10.4%
Class Q-acc USD -6.9% -9.2% 15.6%
Class (EUR) Q-acc EUR -6.7% -4.8% 11.3%
Historical performance is no indicator of current or future performance.
The performance data does not take account of any commissions and costs charged when subscribing and redeeming shares.
The performance data were not audited.
The subfund has no benchmark.

UBS (Lux) Equity SICAV – Emerging Markets Sustainable (USD)

Annual report and audited financial statements as of 31 May 2020

35
Report of the Portfolio Manager Structure of the Securities Portfolio
Geographical Breakdown as a % of net assets
During the financial year, from 1 June 2019 to 31 May China 31.99
2020, Emerging Markets equities posted negative returns South Korea 15.74
Taiwan 12.40
amid trade uncertainty and since the year end we have India 11.39
seen the development of the Covid-19 outbreak initially Hong Kong 7.18
Thailand 5.73
in China and now reaching most continents. At present it South Africa 3.96
is not possible to assess the detailed impact of the emerg- Indonesia 3.16
Brazil 3.00
ing risk on the companies in our portfolio but there is Mexico 2.14
growing concern about the impact on the world econ- Malaysia 1.26
Hungary 1.03
omy. There has been a significant correction in the finan- Total 98.98
cial markets in the last few weeks. The Board and the
Manager continue to watch the efforts of governments
to contain the spread of the virus and monitor the eco- Economic Breakdown as a % of net assets
Banks & credit institutions 17.71
nomic impact, if any, on the companies in our portfolio. Electronics & semiconductors 11.92
Internet, software & IT services 11.82
Miscellaneous services 8.29
The subfund posted a negative performance in the finan- Pharmaceuticals, cosmetics & medical products 7.16
cial year. Stock selection in Information Technology and Food & soft drinks 5.96
Graphic design, publishing & media 3.96
Financials detracted from performance while the posi- Building industry & materials 3.73
tioning in Consumer Discretionary and Energy contrib- Computer hardware & network equipment providers 3.50
Telecommunications 3.47
uted positively. The largest individual stock detractors Chemicals 3.04
Insurance 3.03
included a Mexican bank and an Indian bank. The largest Miscellaneous unclassified companies 3.00
individual stock contributors were a Chinese education Vehicles 2.99
Energy & water supply 2.54
company as well as a pharmaceutical one. Traffic & transportation 1.26
Miscellaneous trading companies 1.09
Aerospace industry 1.08
Forestry, paper & pulp products 0.93
Electrical devices & components 0.88
Packaging industry 0.87
Lodging, catering & leisure 0.75
Total 98.98

UBS (Lux) Equity SICAV – Emerging Markets Sustainable (USD)

Annual report and audited financial statements as of 31 May 2020

36
Statement of Net Assets
USD
Assets 31.5.2020
Investments in securities, cost 10 999 484.61
Investments in securities, unrealized appreciation (depreciation) -218 575.45
Total investments in securities (Note 1) 10 780 909.16
Cash at banks, deposits on demand and deposit accounts 126 904.32
Interest receivable on liquid assets 0.80
Receivable on dividends 30 414.23
Other receivables 45 186.50
Total Assets 10 983 415.01

Liabilities
Bank overdraft -63 434.81
Interest payable on bank overdraft -2.61
Payable on redemptions -17 350.32
Provisions for flat fee (Note 2) -7 799.35
Provisions for taxe d’abonnement (Note 3) -882.75
Provisions for other commissions and fees (Note 2) -1 694.98
Total provisions -10 377.08
Total Liabilities -91 164.82

Net assets at the end of the financial year 10 892 250.19

Statement of Operations
USD
Income 1.6.2019-31.5.2020
Interest on liquid assets 995.81
Dividends 304 750.80
Income on securities lending (Note 16) 1 649.87
Other income (Note 4) 14 245.11
Total income 321 641.59

Expenses
Flat fee (Note 2) -226 304.30
Taxe d’abonnement (Note 3) -5 683.47
Cost on securities lending (Note 16) -659.95
Other commissions and fees (Note 2) -2 208.58
Interest on cash and bank overdraft -711.93
Total expenses -235 568.23

Net income (loss) on investments 86 073.36

Realized gain (loss) (Note 1)

Realized gain (loss) on market-priced securities without options -9 573.44
Realized gain (loss) on forward foreign exchange contracts -711.85
Realized gain (loss) on foreign exchange 10 260.77
Total realized gain (loss) -24.52

Net realized gain (loss) of the financial year 86 048.84

Changes in unrealized appreciation (depreciation) (Note 1)

Unrealized appreciation (depreciation) on market-priced securities without options -908 587.11
Total changes in unrealized appreciation (depreciation) -908 587.11

Net increase (decrease) in net assets as a result of operations -822 538.27

UBS (Lux) Equity SICAV – Emerging Markets Sustainable (USD)

Annual report and audited financial statements as of 31 May 2020

The notes are an integral part of the financial statements. 37

Statement of Changes in Net Assets
USD
1.6.2019-31.5.2020
Net assets at the beginning of the financial year 14 112 965.84
Subscriptions 1 902 861.00
Redemptions -4 301 038.38
Total net subscriptions (redemptions) -2 398 177.38
Net income (loss) on investments 86 073.36
Total realized gain (loss) -24.52
Total changes in unrealized appreciation (depreciation) -908 587.11
Net increase (decrease) in net assets as a result of operations -822 538.27
Net assets at the end of the financial year 10 892 250.19

Changes in the Number of Shares outstanding

1.6.2019-31.5.2020
Class P-acc
Number of shares outstanding at the beginning of the financial year 90 284.9270
Number of shares issued 15 375.5590
Number of shares redeemed -39 723.1680
Number of shares outstanding at the end of the financial year 65 937.3180
Class (EUR) P-acc
Number of shares outstanding at the beginning of the financial year 30 999.8520
Number of shares issued 1 371.2030
Number of shares redeemed -3 803.0380
Number of shares outstanding at the end of the financial year 28 568.0170
Class Q-acc
Number of shares outstanding at the beginning of the financial year 9 063.3940
Number of shares issued 2 056.0000
Number of shares redeemed -776.0000
Number of shares outstanding at the end of the financial year 10 343.3940
Class (EUR) Q-acc
Number of shares outstanding at the beginning of the financial year 7 336.7230
Number of shares issued 776.6120
Number of shares redeemed -1 269.7540
Number of shares outstanding at the end of the financial year 6 843.5810

UBS (Lux) Equity SICAV – Emerging Markets Sustainable (USD)

Annual report and audited financial statements as of 31 May 2020

38 The notes are an integral part of the financial statements.

Statement of Investments in Securities and other Net Assets as of 31 May 2020

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
Bearer shares

Brazil
BRL BCO DO BRASIL SA COM NPV 21 500.00 122 085.77 1.12
Total Brazil 122 085.77 1.12

China
HKD CHINA CONST BK ‘H’CNY1 450 000.00 365 178.69 3.35
HKD CHINA SUNTIEN GREEN ENERGY-H 808 000.00 194 937.43 1.79
HKD GREATVIEW ASEPTIC HKD0.01 257 000.00 95 160.62 0.87
HKD INDUSTRIAL & COM B ‘H’CNY1 596 000.00 392 155.85 3.60
HKD PING AN INSURANCE ‘H’CNY1 33 000.00 329 531.67 3.03
HKD TENCENT HLDGS LIMI HKD0.00002 13 500.00 747 193.91 6.86
HKD TINGYI(CAYMAN ISL) USD 0.005 76 000.00 131 389.50 1.21
Total China 2 255 547.67 20.71

Hong Kong
HKD CHINA EVER INTL HKD0.10 190 000.00 100 748.29 0.93
HKD CHINA MENGNIU DAIR HKD0.1 50 000.00 187 072.64 1.72
HKD CHINA MOBILE LTD NPV 35 500.00 254 193.01 2.33
HKD SINO BIOPHARMACEUT HKD0.025 142 500.00 239 369.11 2.20
Total Hong Kong 781 383.05 7.18

Hungary
HUF OTP BANK HUF100 3 363.00 112 006.79 1.03
Total Hungary 112 006.79 1.03

India
INR AXIS BANK INR2 17 867.00 93 580.75 0.86
INR HCL TECHNOLOGIES INR2 23 270.00 174 779.85 1.60
INR ICICI BANK INR2 29 502.00 132 340.32 1.22
INR INFOSYS LTD INR5 25 110.00 233 844.74 2.15
INR MAHINDRA &MAHINDRA INR5 25 023.00 151 363.24 1.39
INR NTPC LTD INR10 73 953.00 96 235.60 0.88
INR TECH MAHINDRA INR5 18 277.00 131 948.02 1.21
Total India 1 014 092.52 9.31

Indonesia
IDR BK MANDIRI IDR250 556 600.00 170 294.28 1.56
IDR P.T. ASTRA INTL IDR50 533 100.00 174 050.95 1.60
Total Indonesia 344 345.23 3.16

Malaysia
MYR MISC BERHAD MYR1 72 600.00 137 434.85 1.26
Total Malaysia 137 434.85 1.26

Mexico
MXN GRUPO FINANCIERO BANORTE SAB DE CV COM SER’O’NPV 46 000.00 139 789.20 1.28
Total Mexico 139 789.20 1.28

South Africa
ZAR NASPERS ‘N’ ZAR0.02 2 728.00 431 461.76 3.96
Total South Africa 431 461.76 3.96

South Korea
KRW GS ENGINEERING & C KRW5000 7 341.00 170 121.27 1.56
KRW HYUNDAI ENG & CONS KRW5000 5 175.00 143 117.40 1.32
KRW LG CHEMICAL KRW5000 757.00 242 054.17 2.22
KRW LG HOUSEHOLD&HEALT KRW5000 302.00 332 371.90 3.05
KRW SAMSUNG C&T CORPOR KRW100 995.00 81 949.21 0.75
KRW SAMSUNG ELECTRONIC KRW100 13 663.00 564 855.72 5.19
KRW SK HYNIX INC KRW5000 1 339.00 90 387.50 0.83
KRW SK INNOVATION CO KRW5000 893.00 89 411.76 0.82
Total South Korea 1 714 268.93 15.74

Taiwan
TWD COMPAL ELECTRONIC TWD10 231 000.00 145 408.83 1.33
TWD LITE-ON TECHNOLOGY TWD10 145 112.00 236 093.96 2.17
TWD NIEN MADE ENTERPRI TWD10 14 000.00 118 434.64 1.09
TWD PACIFIC HOSPITAL S TWD10 79 000.00 208 386.34 1.91
Total Taiwan 708 323.77 6.50

Thailand
THB AIRPORTS OF THAILA THB1.00(ALIEN MKT) 60 400.00 117 723.99 1.08
THB CHAROEN POK FOODS THB1(ALIEN MKT) 333 900.00 330 646.02 3.04
THB KASIKORNBANK PLC THB10 (ALIEN MKT) 56 400.00 175 529.71 1.61
Total Thailand 623 899.72 5.73

Total Bearer shares 8 384 639.26 76.98

Other shares

Brazil
BRL AES TIETE ENERGIA UNITS (1 COM & 4 PRF) 32 571.00 81 381.02 0.75
Total Brazil 81 381.02 0.75

Total Other shares 81 381.02 0.75

UBS (Lux) Equity SICAV – Emerging Markets Sustainable (USD)

Annual report and audited financial statements as of 31 May 2020

The notes are an integral part of the financial statements. 39

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

Preference shares

Brazil
BRL TELEFONICA BRASIL PRF NPV 14 200.00 123 250.91 1.13
Total Brazil 123 250.91 1.13

Total Preference shares 123 250.91 1.13

Registered shares

India
INR HDFC BANK INR1 17 297.00 225 967.85 2.08
Total India 225 967.85 2.08

Taiwan
TWD ASE TECHNOLOGY HOL TWD10 33 000.00 69 022.48 0.63
Total Taiwan 69 022.48 0.63

Total Registered shares 294 990.33 2.71

Depository receipts

China
USD ALIBABA GROUP HLDG SPON ADS EACH REP ONE ORD-ADR 4 353.00 902 768.67 8.29
USD NEW ORIENTAL ED & TECH GRP INC SPON ADR 2 720.00 326 291.20 2.99
Total China 1 229 059.87 11.28

Mexico
USD CEMEX SAB DE CV SPON ADR 5 ORD 38 884.00 93 321.60 0.86
Total Mexico 93 321.60 0.86

Taiwan
USD TAIWAN SEMICON MAN ADS REP 5 ORD TWD10 11 410.00 574 265.30 5.27
Total Taiwan 574 265.30 5.27

Total Depository receipts 1 896 646.77 17.41

Total Transferable securities and money market instruments listed on an official

stock exchange 10 780 908.29 98.98

Transferable securities and money market instruments not listed on an official stock exchange and not traded on another
regulated market
Bearer shares

Cayman Islands
HKD CHINA METAL RECYCL HKD0.0001 676 800.00 0.87 0.00
Total Cayman Islands 0.87 0.00

Total Bearer shares 0.87 0.00

Total Transferable securities and money market instruments not listed on an official
stock exchange and not traded on another regulated market 0.87 0.00

Total investments in securities 10 780 909.16 98.98

Cash at banks, deposits on demand and deposit accounts and other liquid assets 126 904.32 1.17
Bank overdraft and other short-term liabilities -63 434.81 -0.58
Other assets and liabilities 47 871.52 0.43
Total net assets 10 892 250.19 100.00

UBS (Lux) Equity SICAV – Emerging Markets Sustainable (USD)

Annual report and audited financial statements as of 31 May 2020

40 The notes are an integral part of the financial statements.

UBS (Lux) Equity SICAV
– Euro Countries Income (EUR)

Three-year comparison

ISIN 31.5.2020 31.5.2019 31.5.2018

Net assets in EUR 539 853 500.27 466 548 654.06 400 952 866.39
Class F-dist1 LU2110954588
Shares outstanding 108 183.0000 - -
Net asset value per share in EUR 79.50 - -
Issue and redemption price per share in EUR2 79.50 - -
Class I-A1-acc LU1432555495
Shares outstanding 1 338 727.5470 173 322.6900 69 371.7430
Net asset value per share in EUR 105.09 121.64 119.60
Issue and redemption price per share in EUR2 105.09 121.64 119.60
Class K-1-acc LU1179468605
Shares outstanding 2.5000 2.6000 2.6000
Net asset value per share in EUR 2 916 483.88 3 390 607.67 3 348 144.76
Issue and redemption price per share in EUR2 2 916 483.88 3 390 607.67 3 348 144.76
Class K-X-acc LU1620846581
Shares outstanding 83 948.4010 83 948.4010 83 278.4020
Net asset value per share in EUR 89.52 102.94 100.54
Issue and redemption price per share in EUR2 89.52 102.94 100.54
Class (USD hedged) P-8%-mdist LU1216467149
Shares outstanding 52 317.5500 109 768.7710 154 061.2220
Net asset value per share in USD 65.70 80.75 84.34
Issue and redemption price per share in USD2 65.70 80.75 84.34
Class P-acc LU1121265208
Shares outstanding 521 490.6240 603 863.3270 667 028.3480
Net asset value per share in EUR 97.43 113.84 112.97
Issue and redemption price per share in EUR2 97.43 113.84 112.97
Class (CHF hedged) P-acc LU1121265463
Shares outstanding 68 178.1350 90 281.9190 101 067.6900
Net asset value per share in CHF 94.89 111.23 110.75
Issue and redemption price per share in CHF2 94.89 111.23 110.75
Class (USD hedged) P-acc LU1121265620
Shares outstanding 26 489.0200 38 331.0970 106 925.1040
Net asset value per share in USD 106.88 121.32 117.03
Issue and redemption price per share in USD2 106.88 121.32 117.03
Class P-dist LU1121265380
Shares outstanding 180 638.6300 150 673.9700 111 898.7090
Net asset value per share in EUR 72.85 91.34 95.17
Issue and redemption price per share in EUR2 72.85 91.34 95.17
Class (CHF hedged) P-dist LU1121265547
Shares outstanding 197 825.1880 184 234.0560 161 626.3230
Net asset value per share in CHF 70.95 89.23 93.26
Issue and redemption price per share in CHF2 70.95 89.23 93.26
Class (USD hedged) P-dist LU1121265893
Shares outstanding 30 782.3220 27 323.4410 41 404.5380
Net asset value per share in USD 80.19 97.56 98.73
Issue and redemption price per share in USD2 80.19 97.56 98.73
Class (USD hedged) Q-8%-mdist LU1240783693
Shares outstanding 15 337.8490 32 344.9260 18 548.5380
Net asset value per share in USD 77.21 94.33 97.95
Issue and redemption price per share in USD2 77.21 94.33 97.95
Class Q-acc LU1240784071
Shares outstanding 268 192.1040 686 315.1380 484 125.6930
Net asset value per share in EUR 94.24 109.42 107.92
Issue and redemption price per share in EUR2 94.24 109.42 107.92
Class (CHF hedged) Q-acc LU1240783347
Shares outstanding 65 990.8460 534 597.3080 533 708.2290
Net asset value per share in CHF 92.69 107.87 106.73
Issue and redemption price per share in CHF2 92.69 107.87 106.73
Class (USD hedged) Q-acc LU1240783776
Shares outstanding 93 427.8650 96 023.5450 97 572.4480
Net asset value per share in USD 103.86 117.18 112.33
Issue and redemption price per share in USD2 103.86 117.18 112.33
Class Q-dist LU1240784154
Shares outstanding 374 355.4480 578 987.3140 401 045.8060
Net asset value per share in EUR 72.36 90.72 94.52
Issue and redemption price per share in EUR2 72.36 90.72 94.52

UBS (Lux) Equity SICAV – Euro Countries Income (EUR)

Annual report and audited financial statements as of 31 May 2020

41
 ISIN 31.5.2020 31.5.2019 31.5.2018

Class (CHF hedged) Q-dist LU1240783420

Shares outstanding 159 998.1440 1 260 255.4520 979 496.6480
Net asset value per share in CHF 71.21 89.40 93.45
Issue and redemption price per share in CHF2 71.21 89.40 93.45
Class (USD hedged) Q-dist LU1240783859
Shares outstanding 18 954.6590 48 243.4110 70 295.5200
Net asset value per share in USD 80.00 97.31 98.45
Issue and redemption price per share in USD2 80.00 97.31 98.45
Class (USD hedged) QL-8%-mdist3 LU2049073666
Shares outstanding 810.0000 - -
Net asset value per share in USD 82.85 - -
Issue and redemption price per share in USD2 82.85 - -
Class QL-acc3 LU2049073310
Shares outstanding 351 772.4130 - -
Net asset value per share in EUR 85.02 - -
Issue and redemption price per share in EUR2 85.02 - -
Class (CHF hedged) QL-acc3 LU2049073153
Shares outstanding 434 986.9450 - -
Net asset value per share in CHF 84.88 - -
Issue and redemption price per share in CHF2 84.88 - -
Class (USD hedged) QL-acc3 LU2049073237
Shares outstanding 13 460.1350 - -
Net asset value per share in USD 86.68 - -
Issue and redemption price per share in USD2 86.68 - -
Class QL-dist3 LU2049073740
Shares outstanding 589 702.4130 - -
Net asset value per share in EUR 85.00 - -
Issue and redemption price per share in EUR2 85.00 - -
Class (CHF hedged) QL-dist3 LU2049073401
Shares outstanding 1 051 449.2420 - -
Net asset value per share in CHF 84.86 - -
Issue and redemption price per share in CHF2 84.86 - -
Class (USD hedged) QL-dist3 LU2049073583
Shares outstanding 4 396.8480 - -
Net asset value per share in USD 86.67 - -
Issue and redemption price per share in USD2 86.67 - -
Class U-X-UKdist-mdist LU1480127684
Shares outstanding 671.0530 1 073.0530 460.0530
Net asset value per share in EUR 7 915.19 9 990.27 10 653.08
Issue and redemption price per share in EUR2 7 915.19 9 990.27 10 653.08
1
First NAV: 13.2.2020
2
See note 1
3
First NAV: 9.10.2019

Performance

Currency 2019/2020 2018/2019 2017/2018

Class F-dist1 EUR - - -
Class I-A1-acc EUR -13.6% 1.7% 0.5%
Class K-1-acc EUR -14.0% 1.3% -0.1%
Class K-X-acc EUR -13.0% 2.4% -
Class (USD hedged) P-8%-mdist USD -11.9% 3.7% 1.4%
Class P-acc EUR -14.4% 0.8% -0.7%
Class (CHF hedged) P-acc CHF -14.7% 0.4% -1.1%
Class (USD hedged) P-acc USD -11.9% 3.7% 1.4%
Class P-dist EUR -14.4% 0.8% -0.6%
Class (CHF hedged) P-dist CHF -14.7% 0.4% -1.1%
Class (USD hedged) P-dist USD -11.9% 3.7% 1.5%
Class (USD hedged) Q-8%-mdist USD -11.3% 4.3% 2.1%
Class Q-acc EUR -13.9% 1.4% -0.0%
Class (CHF hedged) Q-acc CHF -14.1% 1.1% -0.5%
Class (USD hedged) Q-acc USD -11.4% 4.3% 2.1%
Class Q-dist EUR -13.9% 1.4% -0.0%
Class (CHF hedged) Q-dist CHF -14.0% 1.1% -0.5%
Class (USD hedged) Q-dist USD -11.4% 4.3% 2.1%
Class (USD hedged) QL-8%-mdist1 USD - - -
Class QL-acc1 EUR - - -
Class (CHF hedged) QL-acc1 CHF - - -
Class (USD hedged) QL-acc1 USD - - -
Class QL-dist1 EUR - - -
Class (CHF hedged) QL-dist1 CHF - - -
Class (USD hedged) QL-dist1 USD - - -
Class U-X-UKdist-mdist EUR -13.0% 2.4% 1.2%
1
Due to the recent launch, there is no data for the calculation of the performance available.

Historical performance is no indicator of current or future performance.

The performance data does not take account of any commissions and costs charged when subscribing and redeeming shares.
The performance data were not audited.
The subfund has no benchmark.

UBS (Lux) Equity SICAV – Euro Countries Income (EUR)

Annual report and audited financial statements as of 31 May 2020

42
Report of the Portfolio Manager Structure of the Securities Portfolio
Geographical Breakdown as a % of net assets
In the financial year, from 1 June 2019 to 31 May 2020, France 29.23
Eurozone equity market returns were negative. While Germany 23.52
Spain 12.98
markets rallied in 2019, a strong sell-off took place in The Netherlands 11.16
February and March 2020, due to fears of the economic Finland 8.62
Italy 8.20
fall-out and the social cost of the coronavirus crisis. Mar- Belgium 2.86
kets have rebounded and sentiment has improved since United Kingdom 2.20
Luxembourg 0.69
then, on the back of unprecedented fiscal and monetary Switzerland -0.07
support. Canada -0.28
United States -0.33
Total 98.78
The subfund posted negative returns in the financial year.
From a sector perspective financials, energy and commu-
nication services detracted as did the exposure to France Economic Breakdown as a % of net assets
Pharmaceuticals, cosmetics & medical products 13.39
and Spain. From a stock perspective ENI, Sodexo, Repsol Energy & water supply 10.12
and Total detracted the most. Exposure to health care Telecommunications 10.06
Insurance 7.33
and Finland as well as Sanofi, Elisa and Siemens Healthi- Retail trade, department stores 5.46
neers offset some of the negative returns. Internet, software & IT services 5.46
Chemicals 5.44
Finance & holding companies 5.42
Petroleum 4.67
Traffic & transportation 4.59
Mechanical engineering & industrial equipment 3.83
Real Estate 3.48
Food & soft drinks 3.14
Rubber & tyres 3.04
Miscellaneous consumer goods 2.54
Textiles, garments & leather goods 2.35
Tobacco & alcohol 2.19
Building industry & materials 2.08
Vehicles 1.93
Mining, coal & steel 0.69
Various capital goods 0.58
Miscellaneous services 0.53
Forestry, paper & pulp products 0.52
Banks & credit institutions -0.06
Total 98.78

UBS (Lux) Equity SICAV – Euro Countries Income (EUR)

Annual report and audited financial statements as of 31 May 2020

43
Statement of Net Assets
EUR
Assets 31.5.2020
Investments in securities, cost 592 089 017.31
Investments in securities, unrealized appreciation (depreciation) -58 837 526.43
Total investments in securities (Note 1) 533 251 490.88
Cash at banks, deposits on demand and deposit accounts 9 030 266.69
Receivable on subscriptions 867 067.71
Receivable on dividends 407 318.03
Other receivables 854 956.88
Unrealized gain (loss) on forward foreign exchange contracts (Note 1) -3 001 979.08
Total Assets 541 409 121.11

Liabilities
Payable on redemptions -1 286 677.93
Provisions for flat fee (Note 2) -187 282.60
Provisions for taxe d’abonnement (Note 3) -33 728.18
Provisions for other commissions and fees (Note 2) -47 932.13
Total provisions -268 942.91
Total Liabilities -1 555 620.84

Net assets at the end of the financial year 539 853 500.27

Statement of Operations
EUR
Income 1.6.2019-31.5.2020
Interest on liquid assets 723.18
Dividends 16 075 664.73
Income on securities lending (Note 16) 634 575.60
Other income (Note 4) 247 798.80
Total income 16 958 762.31

Expenses
Flat fee (Note 2) -5 933 993.68
Taxe d’abonnement (Note 3) -238 785.90
Cost on securities lending (Note 16) -253 830.24
Other commissions and fees (Note 2) -83 502.97
Interest on cash and bank overdraft -45 627.88
Total expenses -6 555 740.67

Net income (loss) on investments 10 403 021.64

Realized gain (loss) (Note 1)

Realized gain (loss) on market-priced securities without options -53 087 826.68
Realized gain (loss) on options -1 206 859.26
Realized gain (loss) on financial futures 1 906 527.53
Realized gain (loss) on forward foreign exchange contracts 9 606 918.22
Realized gain (loss) on foreign exchange 3 099 480.27
Total realized gain (loss) -39 681 759.92

Net realized gain (loss) of the financial year -29 278 738.28

Changes in unrealized appreciation (depreciation) (Note 1)

Unrealized appreciation (depreciation) on market-priced securities without options -44 982 444.03
Unrealized appreciation (depreciation) on options -3 023 184.06
Unrealized appreciation (depreciation) on financial futures 99 790.00
Unrealized appreciation (depreciation) on forward foreign exchange contracts -3 202 019.44
Total changes in unrealized appreciation (depreciation) -51 107 857.53

Net increase (decrease) in net assets as a result of operations -80 386 595.81

UBS (Lux) Equity SICAV – Euro Countries Income (EUR)

Annual report and audited financial statements as of 31 May 2020

44 The notes are an integral part of the financial statements.

Statement of Changes in Net Assets
EUR
1.6.2019-31.5.2020
Net assets at the beginning of the financial year 466 548 654.06
Subscriptions 541 647 829.51
Redemptions -370 476 033.99
Total net subscriptions (redemptions) 171 171 795.52
Dividend paid -17 480 353.50
Net income (loss) on investments 10 403 021.64
Total realized gain (loss) -39 681 759.92
Total changes in unrealized appreciation (depreciation) -51 107 857.53
Net increase (decrease) in net assets as a result of operations -80 386 595.81
Net assets at the end of the financial year 539 853 500.27

Changes in the Number of Shares outstanding

1.6.2019-31.5.2020
Class F-dist
Number of shares outstanding at the beginning of the financial year 0.0000
Number of shares issued 108 779.1370
Number of shares redeemed -596.1370
Number of shares outstanding at the end of the financial year 108 183.0000
Class I-A1-acc
Number of shares outstanding at the beginning of the financial year 173 322.6900
Number of shares issued 1 379 723.1370
Number of shares redeemed -214 318.2800
Number of shares outstanding at the end of the financial year 1 338 727.5470
Class K-1-acc
Number of shares outstanding at the beginning of the financial year 2.6000
Number of shares issued 0.0000
Number of shares redeemed -0.1000
Number of shares outstanding at the end of the financial year 2.5000
Class K-X-acc
Number of shares outstanding at the beginning of the financial year 83 948.4010
Number of shares issued 0.0000
Number of shares redeemed 0.0000
Number of shares outstanding at the end of the financial year 83 948.4010
Class (USD hedged) P-8%-mdist
Number of shares outstanding at the beginning of the financial year 109 768.7710
Number of shares issued 3 873.0340
Number of shares redeemed -61 324.2550
Number of shares outstanding at the end of the financial year 52 317.5500
Class P-acc
Number of shares outstanding at the beginning of the financial year 603 863.3270
Number of shares issued 81 349.4550
Number of shares redeemed -163 722.1580
Number of shares outstanding at the end of the financial year 521 490.6240
Class (CHF hedged) P-acc
Number of shares outstanding at the beginning of the financial year 90 281.9190
Number of shares issued 10 325.0210
Number of shares redeemed -32 428.8050
Number of shares outstanding at the end of the financial year 68 178.1350
Class (USD hedged) P-acc
Number of shares outstanding at the beginning of the financial year 38 331.0970
Number of shares issued 1 184.7610
Number of shares redeemed -13 026.8380
Number of shares outstanding at the end of the financial year 26 489.0200
Class P-dist
Number of shares outstanding at the beginning of the financial year 150 673.9700
Number of shares issued 67 756.0520
Number of shares redeemed -37 791.3920
Number of shares outstanding at the end of the financial year 180 638.6300
Class (CHF hedged) P-dist
Number of shares outstanding at the beginning of the financial year 184 234.0560
Number of shares issued 47 156.0590
Number of shares redeemed -33 564.9270
Number of shares outstanding at the end of the financial year 197 825.1880
Class (USD hedged) P-dist
Number of shares outstanding at the beginning of the financial year 27 323.4410
Number of shares issued 25 214.8810
Number of shares redeemed -21 756.0000
Number of shares outstanding at the end of the financial year 30 782.3220
Class (USD hedged) Q-8%-mdist
Number of shares outstanding at the beginning of the financial year 32 344.9260
Number of shares issued 517.4300
Number of shares redeemed -17 524.5070
Number of shares outstanding at the end of the financial year 15 337.8490

UBS (Lux) Equity SICAV – Euro Countries Income (EUR)

Annual report and audited financial statements as of 31 May 2020

The notes are an integral part of the financial statements. 45

Class Q-acc
Number of shares outstanding at the beginning of the financial year 686 315.1380
Number of shares issued 194 005.7710
Number of shares redeemed -612 128.8050
Number of shares outstanding at the end of the financial year 268 192.1040
Class (CHF hedged) Q-acc
Number of shares outstanding at the beginning of the financial year 534 597.3080
Number of shares issued 32 839.3440
Number of shares redeemed -501 445.8060
Number of shares outstanding at the end of the financial year 65 990.8460
Class (USD hedged) Q-acc
Number of shares outstanding at the beginning of the financial year 96 023.5450
Number of shares issued 52 896.7630
Number of shares redeemed -55 492.4430
Number of shares outstanding at the end of the financial year 93 427.8650
Class Q-dist
Number of shares outstanding at the beginning of the financial year 578 987.3140
Number of shares issued 617 117.8690
Number of shares redeemed -821 749.7350
Number of shares outstanding at the end of the financial year 374 355.4480
Class (CHF hedged) Q-dist
Number of shares outstanding at the beginning of the financial year 1 260 255.4520
Number of shares issued 217 353.7160
Number of shares redeemed -1 317 611.0240
Number of shares outstanding at the end of the financial year 159 998.1440
Class (USD hedged) Q-dist
Number of shares outstanding at the beginning of the financial year 48 243.4110
Number of shares issued 0.0000
Number of shares redeemed -29 288.7520
Number of shares outstanding at the end of the financial year 18 954.6590
Class (USD hedged) QL-8%-mdist
Number of shares outstanding at the beginning of the financial year 0.0000
Number of shares issued 910.0000
Number of shares redeemed -100.0000
Number of shares outstanding at the end of the financial year 810.0000
Class QL-acc
Number of shares outstanding at the beginning of the financial year 0.0000
Number of shares issued 411 752.1340
Number of shares redeemed -59 979.7210
Number of shares outstanding at the end of the financial year 351 772.4130
Class (CHF hedged) QL-acc
Number of shares outstanding at the beginning of the financial year 0.0000
Number of shares issued 477 997.2860
Number of shares redeemed -43 010.3410
Number of shares outstanding at the end of the financial year 434 986.9450
Class (USD hedged) QL-acc
Number of shares outstanding at the beginning of the financial year 0.0000
Number of shares issued 17 352.0120
Number of shares redeemed -3 891.8770
Number of shares outstanding at the end of the financial year 13 460.1350
Class QL-dist
Number of shares outstanding at the beginning of the financial year 0.0000
Number of shares issued 644 656.4610
Number of shares redeemed -54 954.0480
Number of shares outstanding at the end of the financial year 589 702.4130
Class (CHF hedged) QL-dist
Number of shares outstanding at the beginning of the financial year 0.0000
Number of shares issued 1 171 990.1210
Number of shares redeemed -120 540.8790
Number of shares outstanding at the end of the financial year 1 051 449.2420
Class (USD hedged) QL-dist
Number of shares outstanding at the beginning of the financial year 0.0000
Number of shares issued 4 796.8480
Number of shares redeemed -400.0000
Number of shares outstanding at the end of the financial year 4 396.8480
Class U-X-UKdist-mdist
Number of shares outstanding at the beginning of the financial year 1 073.0530
Number of shares issued 72.0000
Number of shares redeemed -474.0000
Number of shares outstanding at the end of the financial year 671.0530

UBS (Lux) Equity SICAV – Euro Countries Income (EUR)

Annual report and audited financial statements as of 31 May 2020

46 The notes are an integral part of the financial statements.

Annual Distribution1
UBS (Lux) Equity SICAV
– Euro Countries Income (EUR) Ex-Date Pay-Date Currency Amount per share
P-dist 1.8.2019 6.8.2019 EUR 6.38
(CHF hedged) P-dist 1.8.2019 6.8.2019 CHF 6.20
(USD hedged) P-dist 1.8.2019 6.8.2019 USD 6.72
Q-dist 1.8.2019 6.8.2019 EUR 6.89
(CHF hedged) Q-dist 1.8.2019 6.8.2019 CHF 6.75
(USD hedged) Q-dist 1.8.2019 6.8.2019 USD 7.28

Monthly Distribution1
UBS (Lux) Equity SICAV
– Euro Countries Income (EUR) Ex-Date Pay-Date Currency Amount per share
(USD hedged) P-8%-mdist 11.6.2019 14.6.2019 USD 0.53
(USD hedged) P-8%-mdist 10.7.2019 15.7.2019 USD 0.55
(USD hedged) P-8%-mdist 12.8.2019 16.8.2019 USD 0.54
(USD hedged) P-8%-mdist 10.9.2019 13.9.2019 USD 0.53
(USD hedged) P-8%-mdist 10.10.2019 15.10.2019 USD 0.54
(USD hedged) P-8%-mdist 11.11.2019 14.11.2019 USD 0.55
(USD hedged) P-8%-mdist 10.12.2019 13.12.2019 USD 0.55
(USD hedged) P-8%-mdist 10.1.2020 15.1.2020 USD 0.55
(USD hedged) P-8%-mdist 10.2.2020 13.2.2020 USD 0.54
(USD hedged) P-8%-mdist 10.3.2020 13.3.2020 USD 0.49
(USD hedged) P-8%-mdist 14.4.2020 17.4.2020 USD 0.40
(USD hedged) P-8%-mdist 11.5.2020 14.5.2020 USD 0.42
(USD hedged) Q-8%-mdist 11.6.2019 14.6.2019 USD 0.62
(USD hedged) Q-8%-mdist 10.7.2019 15.7.2019 USD 0.64
(USD hedged) Q-8%-mdist 12.8.2019 16.8.2019 USD 0.63
(USD hedged) Q-8%-mdist 10.9.2019 13.9.2019 USD 0.62
(USD hedged) Q-8%-mdist 10.10.2019 15.10.2019 USD 0.64
(USD hedged) Q-8%-mdist 11.11.2019 14.11.2019 USD 0.64
(USD hedged) Q-8%-mdist 10.12.2019 13.12.2019 USD 0.65
(USD hedged) Q-8%-mdist 10.1.2020 15.1.2020 USD 0.65
(USD hedged) Q-8%-mdist 10.2.2020 13.2.2020 USD 0.63
(USD hedged) Q-8%-mdist 10.3.2020 13.3.2020 USD 0.57
(USD hedged) Q-8%-mdist 14.4.2020 17.4.2020 USD 0.47
(USD hedged) Q-8%-mdist 11.5.2020 14.5.2020 USD 0.50
(USD hedged) QL-8%-mdist 10.12.2019 13.12.2019 USD 1.19
(USD hedged) QL-8%-mdist 10.1.2020 15.1.2020 USD 0.70
(USD hedged) QL-8%-mdist 10.2.2020 13.2.2020 USD 0.68
(USD hedged) QL-8%-mdist 10.3.2020 13.3.2020 USD 0.62
(USD hedged) QL-8%-mdist 14.4.2020 17.4.2020 USD 0.51
(USD hedged) QL-8%-mdist 11.5.2020 14.5.2020 USD 0.53
U-X-UKdist-mdist 15.7.2019 18.7.2019 EUR 97.60
U-X-UKdist-mdist 30.7.2019 2.8.2019 EUR 167.84
U-X-UKdist-mdist 16.8.2019 21.8.2019 EUR 69.57
U-X-UKdist-mdist 16.9.2019 19.9.2019 EUR 68.54
U-X-UKdist-mdist 15.10.2019 18.10.2019 EUR 50.81
U-X-UKdist-mdist 15.11.2019 20.11.2019 EUR 53.97
U-X-UKdist-mdist 16.12.2019 19.12.2019 EUR 37.36
U-X-UKdist-mdist 15.1.2020 20.1.2020 EUR 73.56
U-X-UKdist-mdist 17.2.2020 20.2.2020 EUR 44.81
U-X-UKdist-mdist 16.3.2020 19.3.2020 EUR 63.76
U-X-UKdist-mdist 15.4.2020 20.4.2020 EUR 65.76
U-X-UKdist-mdist 15.5.2020 20.5.2020 EUR 68.52
1
See note 5

UBS (Lux) Equity SICAV – Euro Countries Income (EUR)

Annual report and audited financial statements as of 31 May 2020

The notes are an integral part of the financial statements. 47

Statement of Investments in Securities and other Net Assets as of 31 May 2020

Description Quantity/ Valuation in EUR as a %

Nominal Unrealized gain of net
(loss) on Futures/ assets
Forward
Exchange Contracts/
Swaps (Note 1)

Transferable securities and money market instruments listed on an official stock exchange
Bearer shares

Belgium
EUR COLRUYT SA NPV 100 582.00 5 469 649.16 1.02
EUR PROXIMUS SA NPV 529 288.00 9 947 967.97 1.84
Total Belgium 15 417 617.13 2.86

Finland
EUR KONE CORPORATION NPV ORD ‘B’ 219 815.00 13 250 448.20 2.45
Total Finland 13 250 448.20 2.45

France
EUR AIR LIQUIDE(L’) EUR5.5 (POST-SUBDIVISION) 99 684.00 12 171 416.40 2.26
EUR AXA EUR2.29 676 349.00 11 078 596.62 2.05
EUR BOUYGUES EUR1 407 503.00 11 222 632.62 2.08
EUR CAPGEMINI EUR8 34 193.00 3 149 175.30 0.58
EUR CARREFOUR EUR2.50 261 207.00 3 566 781.59 0.66
EUR DANONE EUR0.25 214 702.00 13 217 055.12 2.45
EUR DASSAULT SYSTEMES EUR0.50 26 394.00 4 018 486.50 0.74
EUR EDENRED EUR2 283 327.00 10 647 428.66 1.97
EUR HERMES INTL NPV 16 968.00 12 688 670.40 2.35
EUR KLEPIERRE EUR1.40 208 843.00 3 558 684.72 0.66
EUR L’OREAL EUR0.20 50 190.00 13 144 761.00 2.44
EUR ORANGE EUR4 989 393.00 10 729 967.09 1.99
EUR PERNOD RICARD EUR1.55 84 300.00 11 810 430.00 2.19
EUR SANOFI EUR2 143 292.00 12 542 348.76 2.32
EUR SCOR SE EUR7.876972 (POST CONS) 111 142.00 2 465 129.56 0.46
EUR SODEXO EUR4 133 954.00 8 109 575.16 1.50
Total France 144 121 139.50 26.70

Germany
EUR BAYERISCHE MOTOREN WERKE AG EUR1 197 836.00 10 406 173.60 1.93
EUR BEIERSDORF AG NPV 58 813.00 5 543 713.38 1.03
EUR CANCOM SE NPV 48 643.00 2 748 329.50 0.51
EUR DEUTSCHE WOHNEN AG NPV (BR) 67 053.00 2 696 871.66 0.50
EUR FRESENIUS MED CARE NPV 81 507.00 6 161 929.20 1.14
EUR KNORR BREMSE AG NPV 78 278.00 7 450 500.04 1.38
EUR METRO AG (NEW) NPV 442 421.00 3 714 566.72 0.69
EUR SAP AG ORD NPV 118 742.00 13 477 217.00 2.49
EUR TAG IMMOBILIEN AG NPV 123 877.00 2 586 551.76 0.48
Total Germany 54 785 852.86 10.15

Italy
EUR ASSIC GENERALI SPA EUR1 898 295.00 11 215 213.08 2.08
EUR BANCA GENERALI SPA 128 175.00 3 122 343.00 0.58
EUR DIASORIN SPA EUR1 63 299.00 11 931 861.50 2.21
EUR ITALGAS SPA NPV 579 804.00 2 832 922.34 0.52
EUR UNIPOLSAI SPA NPV 1 522 758.00 3 051 607.03 0.57
Total Italy 32 153 946.95 5.96

Luxembourg
EUR APERAM S.A. NPV 150 811.00 3 732 572.25 0.69
Total Luxembourg 3 732 572.25 0.69

The Netherlands
EUR FLOW TRADERS NV EUR0.10 310 408.00 9 784 060.16 1.81
EUR KON KPN NV EUR0.04 5 270 648.00 11 616 508.19 2.15
EUR KONINKLIJKE AHOLD EUR0.01 553 267.00 12 620 020.27 2.34
EUR VOPAK(KON) EUR0.50 238 221.00 11 746 677.51 2.18
Total The Netherlands 45 767 266.13 8.48

Spain
EUR AENA SME S.A. EUR10 68 167.00 8 739 009.40 1.62
EUR AMADEUS IT GROUP EUR0.01 130 026.00 6 103 420.44 1.13
EUR ENAGAS SA EUR1.50 173 433.00 3 505 080.93 0.65
EUR ENDESA SA EUR1.2 648 351.00 13 842 293.85 2.56
EUR IBERDROLA SA EUR0.75 (POST SUBDIVISION) 698 396.00 6 766 060.45 1.25
EUR INDITEX EUR0.03 (POST SUBD) 313 074.00 7 842 503.70 1.45
EUR MERLIN PROPERTIES EUR1 376 099.00 2 839 547.45 0.53
EUR NATURGY ENERGY GRO EUR1 406 525.00 6 786 934.88 1.26
EUR RED ELECTRICA CORP EUR0.5 693 627.00 10 987 051.68 2.03
EUR REPSOL SA EUR1 321 023.00 2 686 962.51 0.50
Total Spain 70 098 865.29 12.98

United Kingdom
EUR UNILEVER EUR0.16 295 275.00 13 727 334.75 2.54
Total United Kingdom 13 727 334.75 2.54

Total Bearer shares 393 055 043.06 72.81

Preference shares

Germany
EUR FUCHS PETROLUB SE NON-VTG PRF NPV 88 827.00 3 181 783.14 0.59
Total Germany 3 181 783.14 0.59

Total Preference shares 3 181 783.14 0.59

UBS (Lux) Equity SICAV – Euro Countries Income (EUR)

Annual report and audited financial statements as of 31 May 2020

48 The notes are an integral part of the financial statements.

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

Registered shares

Finland
EUR ELISA OYJ NPV 143 536.00 8 092 559.68 1.50
EUR FORTUM OYJ EUR3.40 586 996.00 10 108 071.12 1.87
EUR NOKIAN RENKAAT OYJ NPV 129 017.00 2 701 615.98 0.50
EUR ORION CORP SER’B’NPV 199 484.00 9 595 180.40 1.78
EUR UPM-KYMMENE CORP NPV 107 366.00 2 788 295.02 0.52
Total Finland 33 285 722.20 6.17

France
EUR MICHELIN (CGDE) EUR2 150 653.00 13 688 331.58 2.54
Total France 13 688 331.58 2.54

Germany
EUR BASF SE NPV 168 110.00 8 177 710.95 1.52
EUR BAYER AG NPV (REGD) 59 611.00 3 619 579.92 0.67
EUR DEUTSCHE POST AG NPV(REGD) 153 748.00 4 301 869.04 0.80
EUR DEUTSCHE TELEKOM NPV(REGD) 983 716.00 13 944 174.30 2.58
EUR EVONIK INDUSTRIES NPV 120 112.00 2 660 480.80 0.49
EUR LEG IMMOBILIEN AG NPV 54 852.00 6 147 812.16 1.14
EUR SIEMENS AG NPV(REGD) 31 976.00 3 150 595.28 0.58
EUR SIEMENS HEALTHINEE NPV 287 317.00 13 350 184.41 2.47
EUR UNIPER SE NPV 351 322.00 9 872 148.20 1.83
EUR VONOVIA SE NPV 73 322.00 3 796 613.16 0.70
Total Germany 69 021 168.22 12.78

Italy
EUR ENI SPA EUR1 1 139 278.00 9 254 355.19 1.71
EUR SNAM EUR1 681 047.00 2 849 500.65 0.53
Total Italy 12 103 855.84 2.24

The Netherlands
EUR KONINKLIJKE DSM NV EUR1.5 23 600.00 2 715 180.00 0.50
EUR NN GROUP N.V. EUR0.12 423 466.00 11 759 650.82 2.18
Total The Netherlands 14 474 830.82 2.68

Total Registered shares 142 573 908.66 26.41

Total Transferable securities and money market instruments listed on an official

stock exchange 538 810 734.86 99.81

Derivative instruments not listed on an official stock exchange and not traded on another regulated market
Options on shares, classic-styled

EUR
EUR MERRILL LYNCH/AMADEUS IT GROUP CALL 56.61300 24.06.20 -117 020.00 -20 646.52 0.00
EUR MERRILL LYNCH/HERMES INTL NPV CALL 747.60000 24.06.20 -15 270.00 -326 659.76 -0.06
EUR MERRILL LYNCH/SAP AG CALL 118.10300 24.06.20 -106 860.00 -131 959.14 -0.02
EUR MERRILL LYNCH/AENA SME S.A. CALL 146.51630 24.06.20 -61 350.00 -27 675.44 -0.01
EUR BNP/ENI SPA CALL 9.02200 24.06.20 -1 025 350.00 -22 610.68 0.00
EUR CIBC/FUCHS PETROLUB SE CALL 38.01720 24.06.20 -45 850.00 -14 020.52 0.00
EUR CIBC/VOPAK(KON) CALL 50.83260 24.06.20 -148 790.00 -92 398.37 -0.02
EUR CIBC/UPM-KYMMENE CORP CALL 27.83510 24.06.20 -96 620.00 -19 439.02 0.00
EUR CIBC/UNILEVER CALL 47.42850 24.06.20 -265 740.00 -144 869.48 -0.03
EUR CIBC/SANOFI CALL 91.20430 24.06.20 -128 960.00 -119 057.70 -0.02
EUR CIBC/ORANGE CALL 10.86590 24.06.20 -890 450.00 -196 449.99 -0.04
EUR CIBC/KON KPN NV CALL 2.25960 24.06.20 -4 743 580.00 -132 216.67 -0.03
EUR CIBC/DEUTSCHE WOHNEN AG CALL 40.73650 24.06.20 -60 340.00 -21 567.00 0.00
EUR CIBC/DEUTSCHE TELEKOM NP CALL 14.35430 24.06.20 -885 340.00 -117 290.79 -0.02
EUR CIBC/BAYER AG CALL 69.38420 24.06.20 -53 640.00 -15 094.53 0.00
EUR CIBC/CANCOM SE NPV CALL 59.78260 24.06.20 -43 770.00 -49 814.42 -0.01
EUR CIBC/KONINKLIJKE AHOLD CALL 23.39400 24.06.20 -497 940.00 -104 401.21 -0.02
EUR CIBC/CAPGEMINI CALL 95.90490 24.06.20 -30 770.00 -37 452.09 -0.01
EUR CIBC/CARREFOUR CALL 14.03180 24.06.20 -235 080.00 -29 558.98 -0.01
EUR CIBC/DANONE CALL 64.57500 24.06.20 -193 230.00 -69 968.77 -0.01
EUR CIBC/BAYERISCHE MOTOREN CALL 61.86860 24.06.20 -178 050.00 -43 441.39 -0.01
EUR CIBC/BEIERSDORF AG CALL 98.53200 24.06.20 -52 930.00 -38 493.34 -0.01
EUR CIBC/AXA CALL 18.21870 24.06.20 -608 710.00 -47 073.60 -0.01
EUR CIBC/L’OREAL CALL 264.22140 24.06.20 -45 170.00 -241 546.27 -0.05
EUR GOLDMAN SACHS/KNORR BREMSE AG CALL 102.57490 24.06.20 -57 440.00 -78 764.71 -0.02
EUR GOLDMAN SACHS/INDITEX CALL 26.77980 24.06.20 -281 760.00 -96 291.02 -0.02
EUR GOLDMAN SACHS/EVONIK INDUSTRIES N CALL 23.73600 24.06.20 -108 100.00 -15 078.75 0.00
EUR GOLDMAN SACHS/ENAGAS SA CALL 22.39000 24.06.20 -156 080.00 -7 684.50 0.00
EUR GOLDMAN SACHS/ELISA CORPORATION CALL 56.97300 24.06.20 -125 510.00 -150 145.60 -0.03
EUR GOLDMAN SACHS/DIASORIN SPA CALL 189.74640 24.06.20 -56 960.00 -529 242.81 -0.10
EUR GOLDMAN SACHS/COLRUYT SA CALL 57.11770 24.06.20 -57 230.00 -69 094.98 -0.01
EUR GOLDMAN SACHS/METRO AG CALL 9.40240 24.06.20 -348 550.00 -33 371.57 -0.01
EUR GOLDMAN SACHS/KLEPIERRE CALL 20.56560 24.06.20 -187 950.00 -28 826.27 -0.01
EUR GOLDMAN SACHS/PROXIMUS SA CALL 19.86910 24.06.20 -190 760.00 -46 690.61 -0.01
EUR GOLDMAN SACHS/BANCA GENERALI SPA CALL 25.51550 24.06.20 -115 350.00 -23 546.28 0.00
EUR GOLDMAN SACHS/RED ELECTRICA CORP CALL 16.83360 24.06.20 -559 570.00 -81 544.46 -0.02
EUR GOLDMAN SACHS/TAG IMMOBILIEN AG CALL 21.16800 24.06.20 -111 480.00 -39 593.91 -0.01
EUR GOLDMAN SACHS/LEG IMMOBILIEN AG CALL 112.03500 24.06.20 -49 360.00 -156 335.31 -0.03
EUR JPM/SODEXO CALL 71.29190 24.06.20 -108 990.00 -22 269.42 0.00
EUR JPM/DEUTSCHE POST AG CALL 30.51590 24.06.20 -138 370.00 -13 123.01 0.00
EUR JPM/BOUYGUES CALL 31.00750 24.06.20 -366 750.00 -60 839.66 -0.01
EUR JPM/FRESENIUS MED CARE NPV CALL 77.25700 24.06.20 -73 350.00 -103 776.08 -0.02
EUR JPM/REPSOL SA CALL 9.16000 24.06.20 -288 920.00 -3 800.90 0.00
EUR MORGAN STANLEY/NN GROUP N.V CALL 30.24600 24.06.20 -344 280.00 -43 599.63 -0.01
EUR MORGAN STANLEY/NATURGY ENERGY GRO CALL 17.40340 24.06.20 -365 870.00 -86 061.04 -0.02
EUR MORGAN STANLEY/ORION CORP CALL 48.85430 24.06.20 -161 020.00 -342 575.04 -0.06

UBS (Lux) Equity SICAV – Euro Countries Income (EUR)

Annual report and audited financial statements as of 31 May 2020

The notes are an integral part of the financial statements. 49

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

EUR MORGAN STANLEY/PERNOD RICARD CALL 147.99750 24.06.20 -75 870.00 -66 716.63 -0.01
EUR MORGAN STANLEY/SCOR SE CALL 27.05990 24.06.20 -100 020.00 -187.10 0.00
EUR MORGAN STANLEY/SIEMENS HEALTHINEE CALL 48.70050 24.06.20 -206 510.00 -124 907.63 -0.02
EUR MORGAN STANLEY/VONOVIA SE NPV CALL 52.62600 24.06.20 -65 980.00 -46 945.09 -0.01
EUR MORGAN STANLEY/ITALGAS SPA NPV CALL 5.07530 24.06.20 -521 820.00 -65 526.28 -0.01
EUR MORGAN STANLEY/SIEMENS AG CALL 106.29460 24.06.20 -28 770.00 -16 863.52 0.00
EUR MORGAN STANLEY/BASF SE NPV CALL 51.42160 24.06.20 -151 290.00 -32 237.51 -0.01
EUR MORGAN STANLEY/MERLIN PROPERTIES CALL 8.15320 24.06.20 -338 480.00 -24 306.59 0.00
EUR MORGAN STANLEY/AIR LIQUIDE CALL 121.95750 24.06.20 -89 710.00 -279 047.47 -0.05
EUR MORGAN STANLEY/KONE CORPORATION NP CALL 65.62780 24.06.20 -197 830.00 -55 897.98 -0.01
EUR MORGAN STANLEY/DASSAULT SYSTEMES CALL 154.54110 24.06.20 -23 750.00 -74 513.77 -0.01
EUR MORGAN STANLEY/ENDESA SA CALL 22.16550 24.06.20 -358 660.00 -52 633.39 -0.01
EUR MORGAN STANLEY/FLOW TRADERS NV CALL 32.46380 24.06.20 -106 100.00 -63 060.22 -0.01
EUR MORGAN STANLEY/FORTUM OYJ CALL 17.87340 24.06.20 -528 290.00 -111 360.37 -0.02
EUR MORGAN STANLEY/ASSIC GENERALI SPA CALL 13.38140 24.06.20 -808 460.00 -34 245.42 -0.01
EUR MORGAN STANLEY/IBERDROLA SA CALL 10.08420 24.06.20 -628 550.00 -60 690.91 -0.01
EUR UBS/UNIPOLSAI SPA NPV CALL 2.18700 24.06.20 -1 192 840.00 -39 900.50 -0.01
EUR UBS/KONINKLIJKE DSM NV CALL 119.17500 24.06.20 -21 240.00 -21 534.53 0.00
EUR UBS/EDENRED CALL 42.54740 24.06.20 -171 170.00 -4 492.99 0.00
EUR UBS/MICHELIN (CGDE)CALL 103.56060 24.06.20 -119 850.00 -52 474.72 -0.01
EUR UBS/SNAM CALL 4.12930 24.06.20 -612 940.00 -55 984.02 -0.01
EUR UBS/NOKIAN RENKAAT OYJ CALL 24.09760 24.06.20 -116 110.00 -9 741.71 0.00
EUR UBS/UNIPER SE NPV CALL 29.72100 24.06.20 -155 360.00 -129 059.88 -0.02
EUR UBS/APERAM S.A. NPV CALL 26.60720 24.06.20 -135 450.00 -40 954.51 -0.01
Total EUR -5 559 243.98 -1.03

Total Options on shares, classic-styled -5 559 243.98 -1.03

Total Derivative instruments not listed on an official stock exchange and not traded on another
regulated market -5 559 243.98 -1.03

Total investments in securities 533 251 490.88 98.78

Forward Foreign Exchange contracts

Forward Foreign Exchange contracts (Purchase/Sale)

CHF 157 336 300.00 EUR 149 729 416.76 23.6.2020 -2 470 579.64 -0.46
USD 21 281 200.00 EUR 19 690 320.55 23.6.2020 -566 394.96 -0.11
EUR 4 185 116.51 CHF 4 404 900.00 23.6.2020 62 352.40 0.01
EUR 116 465.88 USD 126 500.00 23.6.2020 2 789.18 0.00
CHF 3 222 900.00 EUR 3 039 201.54 23.6.2020 -22 729.78 0.00
USD 422 000.00 EUR 383 630.09 23.6.2020 -4 408.21 0.00
EUR 590 822.68 CHF 625 000.00 23.6.2020 5 854.22 0.00
CHF 4 381 800.00 EUR 4 104 919.10 23.6.2020 -3 775.42 0.00
USD 617 600.00 EUR 560 770.41 23.6.2020 -5 776.50 0.00
CHF 3 662 500.00 EUR 3 426 823.63 23.6.2020 1 091.55 0.00
USD 506 700.00 EUR 455 737.76 23.6.2020 -401.92 0.00
Total Forward Foreign Exchange contracts (Purchase/Sale) -3 001 979.08 -0.56

Cash at banks, deposits on demand and deposit accounts and other liquid assets 9 030 266.69 1.67
Other assets and liabilities 573 721.78 0.11
Total net assets 539 853 500.27 100.00

UBS (Lux) Equity SICAV – Euro Countries Income (EUR)

Annual report and audited financial statements as of 31 May 2020

50 The notes are an integral part of the financial statements.

UBS (Lux) Equity SICAV
– European High Dividend (EUR)

Three-year comparison

ISIN 31.5.2020 31.5.2019 31.5.2018

Net assets in EUR 207 697 734.51 278 537 057.54 347 261 836.79
Class N-8%-mdist LU1121265976
Shares outstanding 87 841.4330 114 815.1610 90 921.4640
Net asset value per share in EUR 61.71 75.21 85.12
Issue and redemption price per share in EUR1 61.71 75.21 85.12
Class P-acc LU0566497433
Shares outstanding 345 925.7710 416 520.0860 519 255.8330
Net asset value per share in EUR 131.77 146.79 151.89
Issue and redemption price per share in EUR1 131.77 146.79 151.89
Class (CHF) P-acc LU0571745792
Shares outstanding 117 163.7110 130 062.4500 146 257.6880
Net asset value per share in CHF 110.09 128.63 136.21
Issue and redemption price per share in CHF1 110.09 128.63 136.21
Class (USD) P-acc LU0571745446
Shares outstanding 35 626.7240 63 223.0260 71 707.3040
Net asset value per share in USD 110.59 123.40 133.70
Issue and redemption price per share in USD1 110.59 123.40 133.70
Class P-dist LU0566497516
Shares outstanding 136 886.4310 149 024.9610 182 407.6120
Net asset value per share in EUR 105.24 120.49 127.57
Issue and redemption price per share in EUR1 105.24 120.49 127.57
Class (CHF hedged) P-dist LU0826316233
Shares outstanding 123 998.5240 173 442.8040 210 115.3970
Net asset value per share in CHF 106.81 122.63 130.14
Issue and redemption price per share in CHF1 106.81 122.63 130.14
Class (GBP) P-dist LU0571744555
Shares outstanding 22 928.1360 32 074.2050 37 628.1310
Net asset value per share in GBP 111.04 124.86 131.08
Issue and redemption price per share in GBP1 111.04 124.86 131.08
Class P-mdist LU1249369007
Shares outstanding 2 112.6920 1 657.9160 4 820.6900
Net asset value per share in EUR 74.14 86.08 92.75
Issue and redemption price per share in EUR1 74.14 86.08 92.75
Class Q-acc LU0847997854
Shares outstanding 125 678.1420 240 022.6980 283 485.6660
Net asset value per share in EUR 88.40 97.82 100.55
Issue and redemption price per share in EUR1 88.40 97.82 100.55
Class (CHF) Q-acc LU1240784311
Shares outstanding 7 237.4670 79 392.2740 97 281.1140
Net asset value per share in CHF 88.51 102.72 108.10
Issue and redemption price per share in CHF1 88.51 102.72 108.10
Class (USD) Q-acc LU1240784584
Shares outstanding 6 853.7390 11 828.2770 20 088.8010
Net asset value per share in USD 89.66 99.41 107.03
Issue and redemption price per share in USD1 89.66 99.41 107.03
Class Q-dist LU1240784741
Shares outstanding 46 002.2730 107 111.3160 106 103.5590
Net asset value per share in EUR 78.64 90.04 95.33
Issue and redemption price per share in EUR1 78.64 90.04 95.33
Class (CHF hedged) Q-dist LU1240784238
Shares outstanding 39 844.7250 261 740.2050 324 375.4680
Net asset value per share in CHF 77.13 88.54 93.96
Issue and redemption price per share in CHF1 77.13 88.54 93.96
Class (GBP) Q-dist LU1240784402
Shares outstanding 6 979.6980 5 587.4860 5 937.7740
Net asset value per share in GBP 101.08 113.62 119.31
Issue and redemption price per share in GBP1 101.08 113.62 119.31
Class QL-acc2 LU2049072429
Shares outstanding 81 303.2030 - -
Net asset value per share in EUR 88.08 - -
Issue and redemption price per share in EUR1 88.08 - -
Class (CHF) QL-acc2 LU2049072189
Shares outstanding 66 664.9450 - -
Net asset value per share in CHF 86.51 - -
Issue and redemption price per share in CHF1 86.51 - -

UBS (Lux) Equity SICAV – European High Dividend (EUR)

Annual report and audited financial statements as of 31 May 2020

51
 ISIN 31.5.2020 31.5.2019 31.5.2018

Class (USD) QL-acc2 LU2049072346

Shares outstanding 720.9140 - -
Net asset value per share in USD 89.43 - -
Issue and redemption price per share in USD1 89.43 - -
Class QL-dist2 LU2049072692
Shares outstanding 43 686.2580 - -
Net asset value per share in EUR 88.07 - -
Issue and redemption price per share in EUR1 88.07 - -
Class (CHF hedged) QL-dist2 LU2049072007
Shares outstanding 145 699.7220 - -
Net asset value per share in CHF 87.95 - -
Issue and redemption price per share in CHF1 87.95 - -
Class (GBP) QL-dist2 LU2049072262
Shares outstanding 477.2800 - -
Net asset value per share in GBP 88.36 - -
Issue and redemption price per share in GBP1 88.36 - -
Class U-X-acc LU0566497789
Shares outstanding 5 445.0000 6 464.0100 8 080.0100
Net asset value per share in EUR 11 617.10 12 744.56 12 985.42
Issue and redemption price per share in EUR1 11 617.10 12 744.56 12 985.42
1
See note 1
2
First NAV: 9.10.2019

Performance

Currency 2019/2020 2018/2019 2017/2018

Class N-8%-mdist EUR -11.1% -4.3% -2.2%
Class P-acc EUR -10.2% -3.4% -1.3%
Class (CHF) P-acc CHF -14.4% -5.6% 4.1%
Class (USD) P-acc USD -10.4% -7.7% 2.5%
Class P-dist EUR -10.2% -3.4% -1.3%
Class (CHF hedged) P-dist CHF -10.5% -3.6% -1.7%
Class (GBP) P-dist GBP -8.6% -2.6% -0.6%
Class P-mdist EUR -10.2% -3.3% -1.3%
Class Q-acc EUR -9.6% -2.7% -0.6%
Class (CHF) Q-acc CHF -13.8% -5.0% 4.8%
Class (USD) Q-acc USD -9.8% -7.1% 3.2%
Class Q-dist EUR -9.6% -2.7% -0.6%
Class (CHF hedged) Q-dist CHF -9.9% -3.0% -1.0%
Class (GBP) Q-dist GBP -8.0% -1.9% 0.1%
Class QL-acc1 EUR - - -
Class (CHF) QL-acc1 CHF - - -
Class (USD) QL-acc1 USD - - -
Class QL-dist1 EUR - - -
Class (CHF hedged) QL-dist1 CHF - - -
Class (GBP) QL-dist1 GBP - - -
Class U-X-acc EUR -8.8% -1.9% 0.3%
1
Due to the recent launch, there is no data for the calculation of the performance available.

Historical performance is no indicator of current or future performance.

The performance data does not take account of any commissions and costs charged when subscribing and redeeming shares.
The performance data were not audited.
The subfund has no benchmark.

UBS (Lux) Equity SICAV – European High Dividend (EUR)

Annual report and audited financial statements as of 31 May 2020

52
Report of the Portfolio Manager Structure of the Securities Portfolio
Geographical Breakdown as a % of net assets
In the financial year, from 1 June 2019 to 31 May 2020, United Kingdom 22.77
European equity market returns were negative. While Germany 14.90
France 14.07
markets rallied in 2019, a strong sell-off took place in Switzerland 12.84
February and March 2020, due to fears of the economic Sweden 7.06
Spain 7.00
fall-out and the social cost of the coronavirus crisis. Finland 5.70
Markets have rebounded and sentiment has improved Norway 5.01
The Netherlands 3.00
since then, on the back of unprecedented fiscal and Italy 2.94
monetary support. Denmark 2.06
Belgium 1.07
Australia 1.00
The subfund posted negative returns in the financial Total 99.42
year. From a sector perspective financials, energy and
communication services detracted as did the exposure
Economic Breakdown as a % of net assets
to the UK, France and Spain. From a stock perspective Pharmaceuticals, cosmetics & medical products 11.04
Unibail-Rodamco, Publicis, Royal Dutch Shell and BP Insurance 10.75
Energy & water supply 8.87
detracted the most. Exposure to health care and Den- Telecommunications 7.99
mark as well as Astra Zeneca and Novo Nordisk offset Chemicals 6.02
Petroleum 5.82
some of the negative returns. Food & soft drinks 4.99
Building industry & materials 4.91
Real Estate 3.98
Tobacco & alcohol 3.93
Retail trade, department stores 3.00
Mechanical engineering & industrial equipment 2.91
Electrical devices & components 2.07
Traffic & transportation 2.07
Miscellaneous consumer goods 2.04
Banks & credit institutions 2.04
Agriculture & fishery 2.03
Non-ferrous metals 2.01
Mining, coal & steel 2.00
Rubber & tyres 1.91
Finance & holding companies 1.04
Internet, software & IT services 1.04
Electronics & semiconductors 1.02
Healthcare & social services 1.02
Miscellaneous services 1.01
Various capital goods 1.00
Lodging, catering & leisure 1.00
Vehicles 0.96
Forestry, paper & pulp products 0.95
Total 99.42

UBS (Lux) Equity SICAV – European High Dividend (EUR)

Annual report and audited financial statements as of 31 May 2020

53
Statement of Net Assets
EUR
Assets 31.5.2020
Investments in securities, cost 224 666 819.71
Investments in securities, unrealized appreciation (depreciation) -18 169 385.58
Total investments in securities (Note 1) 206 497 434.13
Cash at banks, deposits on demand and deposit accounts 943 203.59
Receivable on securities sales (Note 1) 17 360 702.31
Receivable on subscriptions 3 095.94
Interest receivable on liquid assets 141.88
Receivable on dividends 395 690.94
Other receivables 498 632.31
Unrealized gain (loss) on forward foreign exchange contracts (Note 1) -431 159.51
Total Assets 225 267 741.59

Liabilities
Interest payable on bank overdraft -4.05
Payable on securities purchases (Note 1) -17 387 970.87
Payable on redemptions -86 592.86
Provisions for flat fee (Note 2) -70 139.52
Provisions for taxe d’abonnement (Note 3) -12 731.49
Provisions for other commissions and fees (Note 2) -12 568.29
Total provisions -95 439.30
Total Liabilities -17 570 007.08

Net assets at the end of the financial year 207 697 734.51

Statement of Operations
EUR
Income 1.6.2019-31.5.2020
Interest on liquid assets 710.52
Dividends 8 686 716.35
Income on securities lending (Note 16) 111 790.38
Other income (Note 4) 21 236.41
Total income 8 820 453.66

Expenses
Flat fee (Note 2) -2 379 316.39
Taxe d’abonnement (Note 3) -93 778.60
Cost on securities lending (Note 16) -44 716.15
Other commissions and fees (Note 2) -36 050.32
Interest on cash and bank overdraft -3 333.65
Total expenses -2 557 195.11

Net income (loss) on investments 6 263 258.55

Realized gain (loss) (Note 1)

Realized gain (loss) on market-priced securities without options -23 066 886.96
Realized gain (loss) on forward foreign exchange contracts 1 723 877.03
Realized gain (loss) on foreign exchange 435 754.54
Total realized gain (loss) -20 907 255.39

Net realized gain (loss) of the financial year -14 643 996.84

Changes in unrealized appreciation (depreciation) (Note 1)

Unrealized appreciation (depreciation) on market-priced securities without options -6 762 738.73
Unrealized appreciation (depreciation) on forward foreign exchange contracts -476 032.63
Total changes in unrealized appreciation (depreciation) -7 238 771.36

Net increase (decrease) in net assets as a result of operations -21 882 768.20

UBS (Lux) Equity SICAV – European High Dividend (EUR)

Annual report and audited financial statements as of 31 May 2020

54 The notes are an integral part of the financial statements.

Statement of Changes in Net Assets
EUR
1.6.2019-31.5.2020
Net assets at the beginning of the financial year 278 537 057.54
Subscriptions 52 706 241.89
Redemptions -98 920 459.61
Total net subscriptions (redemptions) -46 214 217.72
Dividend paid -2 742 337.11
Net income (loss) on investments 6 263 258.55
Total realized gain (loss) -20 907 255.39
Total changes in unrealized appreciation (depreciation) -7 238 771.36
Net increase (decrease) in net assets as a result of operations -21 882 768.20
Net assets at the end of the financial year 207 697 734.51

Changes in the Number of Shares outstanding

1.6.2019-31.5.2020
Class N-8%-mdist
Number of shares outstanding at the beginning of the financial year 114 815.1610
Number of shares issued 10 583.0660
Number of shares redeemed -37 556.7940
Number of shares outstanding at the end of the financial year 87 841.4330
Class P-acc
Number of shares outstanding at the beginning of the financial year 416 520.0860
Number of shares issued 31 663.0630
Number of shares redeemed -102 257.3780
Number of shares outstanding at the end of the financial year 345 925.7710
Class (CHF) P-acc
Number of shares outstanding at the beginning of the financial year 130 062.4500
Number of shares issued 7 104.0840
Number of shares redeemed -20 002.8230
Number of shares outstanding at the end of the financial year 117 163.7110
Class (USD) P-acc
Number of shares outstanding at the beginning of the financial year 63 223.0260
Number of shares issued 2 078.5750
Number of shares redeemed -29 674.8770
Number of shares outstanding at the end of the financial year 35 626.7240
Class P-dist
Number of shares outstanding at the beginning of the financial year 149 024.9610
Number of shares issued 15 558.3810
Number of shares redeemed -27 696.9110
Number of shares outstanding at the end of the financial year 136 886.4310
Class (CHF hedged) P-dist
Number of shares outstanding at the beginning of the financial year 173 442.8040
Number of shares issued 6 649.3470
Number of shares redeemed -56 093.6270
Number of shares outstanding at the end of the financial year 123 998.5240
Class (GBP) P-dist
Number of shares outstanding at the beginning of the financial year 32 074.2050
Number of shares issued 1 480.3520
Number of shares redeemed -10 626.4210
Number of shares outstanding at the end of the financial year 22 928.1360
Class P-mdist
Number of shares outstanding at the beginning of the financial year 1 657.9160
Number of shares issued 556.9120
Number of shares redeemed -102.1360
Number of shares outstanding at the end of the financial year 2 112.6920
Class Q-acc
Number of shares outstanding at the beginning of the financial year 240 022.6980
Number of shares issued 20 295.5280
Number of shares redeemed -134 640.0840
Number of shares outstanding at the end of the financial year 125 678.1420
Class (CHF) Q-acc
Number of shares outstanding at the beginning of the financial year 79 392.2740
Number of shares issued 1 707.5710
Number of shares redeemed -73 862.3780
Number of shares outstanding at the end of the financial year 7 237.4670
Class (USD) Q-acc
Number of shares outstanding at the beginning of the financial year 11 828.2770
Number of shares issued 0.0000
Number of shares redeemed -4 974.5380
Number of shares outstanding at the end of the financial year 6 853.7390
Class Q-dist
Number of shares outstanding at the beginning of the financial year 107 111.3160
Number of shares issued 4 846.6620
Number of shares redeemed -65 955.7050
Number of shares outstanding at the end of the financial year 46 002.2730

UBS (Lux) Equity SICAV – European High Dividend (EUR)

Annual report and audited financial statements as of 31 May 2020

The notes are an integral part of the financial statements. 55

Class (CHF hedged) Q-dist
Number of shares outstanding at the beginning of the financial year 261 740.2050
Number of shares issued 6 090.9660
Number of shares redeemed -227 986.4460
Number of shares outstanding at the end of the financial year 39 844.7250
Class (GBP) Q-dist
Number of shares outstanding at the beginning of the financial year 5 587.4860
Number of shares issued 2 810.9890
Number of shares redeemed -1 418.7770
Number of shares outstanding at the end of the financial year 6 979.6980
Class QL-acc
Number of shares outstanding at the beginning of the financial year 0.0000
Number of shares issued 96 864.5350
Number of shares redeemed -15 561.3320
Number of shares outstanding at the end of the financial year 81 303.2030
Class (CHF) QL-acc
Number of shares outstanding at the beginning of the financial year 0.0000
Number of shares issued 69 137.3890
Number of shares redeemed -2 472.4440
Number of shares outstanding at the end of the financial year 66 664.9450
Class (USD) QL-acc
Number of shares outstanding at the beginning of the financial year 0.0000
Number of shares issued 820.9140
Number of shares redeemed -100.0000
Number of shares outstanding at the end of the financial year 720.9140
Class QL-dist
Number of shares outstanding at the beginning of the financial year 0.0000
Number of shares issued 45 890.4030
Number of shares redeemed -2 204.1450
Number of shares outstanding at the end of the financial year 43 686.2580
Class (CHF hedged) QL-dist
Number of shares outstanding at the beginning of the financial year 0.0000
Number of shares issued 154 387.4700
Number of shares redeemed -8 687.7480
Number of shares outstanding at the end of the financial year 145 699.7220
Class (GBP) QL-dist
Number of shares outstanding at the beginning of the financial year 0.0000
Number of shares issued 577.2800
Number of shares redeemed -100.0000
Number of shares outstanding at the end of the financial year 477.2800
Class U-X-acc
Number of shares outstanding at the beginning of the financial year 6 464.0100
Number of shares issued 476.0000
Number of shares redeemed -1 495.0100
Number of shares outstanding at the end of the financial year 5 445.0000

Annual Distribution1
UBS (Lux) Equity SICAV
– European High Dividend (EUR) Ex-Date Pay-Date Currency Amount per share
P-dist 1.8.2019 6.8.2019 EUR 3.36
(CHF hedged) P-dist 1.8.2019 6.8.2019 CHF 3.38
(GBP) P-dist 1.8.2019 6.8.2019 GBP 3.52
Q-dist 1.8.2019 6.8.2019 EUR 3.11
(CHF hedged) Q-dist 1.8.2019 6.8.2019 CHF 3.03
(GBP) Q-dist 1.8.2019 6.8.2019 GBP 3.93

Monthly Distribution1
UBS (Lux) Equity SICAV
– European High Dividend (EUR) Ex-Date Pay-Date Currency Amount per share
N-8%-mdist 11.6.2019 14.6.2019 EUR 0.50
N-8%-mdist 10.7.2019 15.7.2019 EUR 0.51
N-8%-mdist 12.8.2019 16.8.2019 EUR 0.50
N-8%-mdist 10.9.2019 13.9.2019 EUR 0.49
N-8%-mdist 10.10.2019 15.10.2019 EUR 0.51
N-8%-mdist 11.11.2019 14.11.2019 EUR 0.52
N-8%-mdist 10.12.2019 13.12.2019 EUR 0.52
N-8%-mdist 10.1.2020 15.1.2020 EUR 0.53
N-8%-mdist 10.2.2020 13.2.2020 EUR 0.52
N-8%-mdist 10.3.2020 13.3.2020 EUR 0.47
N-8%-mdist 14.4.2020 17.4.2020 EUR 0.38
N-8%-mdist 11.5.2020 14.5.2020 EUR 0.40
1
See note 5

UBS (Lux) Equity SICAV – European High Dividend (EUR)

Annual report and audited financial statements as of 31 May 2020

56 The notes are an integral part of the financial statements.

UBS (Lux) Equity SICAV
– European High Dividend (EUR) Ex-Date Pay-Date Currency Amount per share
P-mdist 17.6.2019 20.6.2019 EUR 0.30
P-mdist 15.7.2019 18.7.2019 EUR 0.30
P-mdist 16.8.2019 21.8.2019 EUR 0.30
P-mdist 16.9.2019 19.9.2019 EUR 0.30
P-mdist 15.10.2019 18.10.2019 EUR 0.30
P-mdist 15.11.2019 20.11.2019 EUR 0.30
P-mdist 16.12.2019 19.12.2019 EUR 0.30
P-mdist 15.1.2020 20.1.2020 EUR 0.30
P-mdist 17.2.2020 20.2.2020 EUR 0.30
P-mdist 16.3.2020 19.3.2020 EUR 0.30
P-mdist 15.4.2020 20.4.2020 EUR 0.23
P-mdist 15.5.2020 20.5.2020 EUR 0.25

UBS (Lux) Equity SICAV – European High Dividend (EUR)

Annual report and audited financial statements as of 31 May 2020

The notes are an integral part of the financial statements. 57

Statement of Investments in Securities and other Net Assets as of 31 May 2020

Description Quantity/ Valuation in EUR as a %

Nominal Unrealized gain of net
(loss) on Futures/ assets
Forward
Exchange Contracts/
Swaps (Note 1)

Transferable securities and money market instruments listed on an official stock exchange
Bearer shares

Finland
EUR KONE CORPORATION NPV ORD ‘B’ 32 840.00 1 979 595.20 0.95
Total Finland 1 979 595.20 0.95

France
EUR AIR LIQUIDE(L’) EUR5.5 (POST-SUBDIVISION) 16 967.00 2 071 670.70 1.00
EUR AXA EUR2.29 125 962.00 2 063 257.56 0.99
EUR BOUYGUES EUR1 75 559.00 2 080 894.86 1.00
EUR CAPGEMINI EUR8 23 374.00 2 152 745.40 1.04
EUR DANONE EUR0.25 33 686.00 2 073 710.16 1.00
EUR L’OREAL EUR0.20 8 052.00 2 108 818.80 1.01
EUR LEGRAND SA EUR4 34 462.00 2 112 520.60 1.02
EUR ORANGE EUR4 194 366.00 2 107 899.28 1.01
EUR PERNOD RICARD EUR1.55 14 616.00 2 047 701.60 0.99
EUR SANOFI EUR2 23 033.00 2 016 078.49 0.97
EUR SCHNEIDER ELECTRIC EUR8 24 564.00 2 192 091.36 1.06
EUR TOTAL EUR2.5 59 963.00 2 016 255.88 0.97
EUR VIVENDI SA EUR5.50 101 761.00 2 078 977.23 1.00
Total France 27 122 621.92 13.06

Germany
EUR BAYERISCHE MOTOREN WERKE AG EUR1 37 887.00 1 992 856.20 0.96
EUR BEIERSDORF AG NPV 21 449.00 2 021 782.74 0.97
EUR DEUTSCHE WOHNEN AG NPV (BR) 53 293.00 2 143 444.46 1.03
Total Germany 6 158 083.40 2.96

Italy
EUR ASSIC GENERALI SPA EUR1 164 013.00 2 047 702.31 0.99
Total Italy 2 047 702.31 0.99

The Netherlands
EUR KON KPN NV EUR0.04 932 884.00 2 056 076.34 0.99
EUR KONINKLIJKE AHOLD EUR0.01 92 384.00 2 107 279.04 1.01
Total The Netherlands 4 163 355.38 2.00

Norway
NOK ORKLA ASA NOK1.25 254 250.00 2 053 807.44 0.99
NOK YARA INTERNATIONAL NOK1.7 66 632.00 2 049 701.73 0.99
Total Norway 4 103 509.17 1.98

Spain
EUR ACS ACTIVIDADES CO EUR0.5 86 849.00 1 993 184.55 0.96
EUR AENA SME S.A. EUR10 17 750.00 2 275 550.00 1.10
EUR ENDESA SA EUR1.2 97 639.00 2 084 592.65 1.00
EUR IBERDROLA SA EUR0.75 (POST SUBDIVISION) 224 301.00 2 173 028.09 1.05
EUR NATURGY ENERGY GRO EUR1 115 258.00 1 924 232.31 0.93
EUR RED ELECTRICA CORP EUR0.5 127 693.00 2 022 657.12 0.97
EUR REPSOL SA EUR1 246 471.00 2 062 962.27 0.99
Total Spain 14 536 206.99 7.00

Sweden
SEK ICA GRUPPEN AB 51 020.00 2 153 977.24 1.04
SEK SVENSKA HANDELSBKN SER’A’NPV (P/S) 244 822.00 2 083 084.02 1.00
SEK TELIA COMPANY AB NPV 655 034.00 2 018 278.46 0.97
Total Sweden 6 255 339.72 3.01

Switzerland
CHF SWISS RE AG CHF0.10 32 979.00 2 009 660.17 0.97
Total Switzerland 2 009 660.17 0.97

United Kingdom
GBP ASTRAZENECA ORD USD0.25 21 174.00 2 019 168.71 0.97
GBP AVIVA ORD GBP0.25 757 633.00 2 085 774.24 1.00
GBP BARRATT DEVEL ORD GBP0.10 353 423.00 1 952 241.80 0.94
GBP BRIT AMER TOBACCO ORD GBP0.25 58 949.00 2 089 688.05 1.01
GBP BRITISH LAND CO PLC REIT 455 193.00 2 060 593.83 0.99
GBP BT GROUP ORD GBP0.05 1 583 335.00 2 045 729.39 0.99
GBP HALMA ORD GBP0.10 81 923.00 2 121 505.58 1.02
GBP KINGFISHER ORD GBP0.157142857 968 432.00 2 090 262.20 1.01
GBP NATIONAL GRID ORD GBP0.12431289 202 784.00 2 087 022.26 1.00
GBP RECKITT BENCK GRP ORD GBP0.10 26 569.00 2 133 218.57 1.03
GBP SSE PLC ORD GBP0.50 151 352.00 2 088 417.38 1.01
GBP UNITED UTILITIES G ORD GBP0.05 200 556.00 2 045 368.08 0.98
Total United Kingdom 24 818 990.09 11.95

Total Bearer shares 93 195 064.35 44.87

Participation certificates

Switzerland
CHF LINDT & SPRUENGLI PTG CERT CHF10 270.00 2 023 797.38 0.97
CHF SCHINDLER-HLDG AG PTG CERT CHF0.10(POST-SUBD) 9 726.00 2 030 507.44 0.98
Total Switzerland 4 054 304.82 1.95

Total Participation certificates 4 054 304.82 1.95

UBS (Lux) Equity SICAV – European High Dividend (EUR)

Annual report and audited financial statements as of 31 May 2020

58 The notes are an integral part of the financial statements.

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

Other shares

Switzerland
CHF ROCHE HLDGS AG GENUSSCHEINE NPV 6 409.00 1 995 325.82 0.96
Total Switzerland 1 995 325.82 0.96

Total Other shares 1 995 325.82 0.96

Preference shares

Germany
EUR HENKEL AG&CO. KGAA NON-VTG PRF NPV 26 329.00 2 113 692.12 1.02
Total Germany 2 113 692.12 1.02

Total Preference shares 2 113 692.12 1.02

Registered shares

Australia
GBP BHP GROUP PLC ORD USD0.50 118 267.00 2 078 417.52 1.00
Total Australia 2 078 417.52 1.00

Belgium
EUR UCB NPV 24 761.00 2 228 490.00 1.07
Total Belgium 2 228 490.00 1.07

Denmark
DKK COLOPLAST DKK1 B 14 527.00 2 192 637.44 1.06
DKK NOVO-NORDISK AS DKK0.2 SER’B’ 35 574.00 2 082 123.60 1.00
Total Denmark 4 274 761.04 2.06

Finland
EUR ELISA OYJ NPV 36 979.00 2 084 876.02 1.00
EUR FORTUM OYJ EUR3.40 115 996.00 1 997 451.12 0.96
EUR NOKIAN RENKAAT OYJ NPV 89 220.00 1 868 266.80 0.90
EUR SAMPO PLC SER’A’NPV 59 865.00 1 922 863.80 0.93
EUR UPM-KYMMENE CORP NPV 76 352.00 1 982 861.44 0.96
Total Finland 9 856 319.18 4.75

France
EUR MICHELIN (CGDE) EUR2 23 009.00 2 090 597.74 1.01
Total France 2 090 597.74 1.01

Germany
EUR ALLIANZ SE NPV(REGD)(VINKULIERT) 12 567.00 2 046 158.94 0.98
EUR BASF SE NPV 44 320.00 2 155 946.40 1.04
EUR BAYER AG NPV (REGD) 34 089.00 2 069 884.08 1.00
EUR DEUTSCHE POST AG NPV(REGD) 72 425.00 2 026 451.50 0.97
EUR DEUTSCHE TELEKOM NPV(REGD) 146 215.00 2 072 597.63 1.00
EUR E.ON SE NPV 204 606.00 1 944 984.64 0.94
EUR EVONIK INDUSTRIES NPV 89 701.00 1 986 877.15 0.96
EUR MUENCHENER RUECKVE NPV(REGD) 10 218.00 2 090 602.80 1.01
EUR SIEMENS AG NPV(REGD) 21 145.00 2 083 416.85 1.00
EUR SIEMENS HEALTHINEE NPV 45 445.00 2 111 601.93 1.02
EUR VONOVIA SE NPV 40 325.00 2 088 028.50 1.00
Total Germany 22 676 550.42 10.92

Italy
EUR ENI SPA EUR1 246 734.00 2 004 220.28 0.96
EUR SNAM EUR1 491 006.00 2 054 369.10 0.99
Total Italy 4 058 589.38 1.95

The Netherlands
EUR NN GROUP N.V. EUR0.12 74 493.00 2 068 670.61 1.00
Total The Netherlands 2 068 670.61 1.00

Norway
NOK EQUINOR ASA NOK2.50 156 176.00 2 038 828.76 0.98
NOK MOWI ASA NOK7.50 127 973.00 2 166 574.65 1.04
NOK TELENOR ASA ORD NOK6 153 370.00 2 090 852.88 1.01
Total Norway 6 296 256.29 3.03

Sweden
SEK ATLAS COPCO AB SER’A’NPV (POST SPLIT) 57 757.00 2 035 401.24 0.98
SEK BOLIDEN AB NPV (POST SPLIT) 107 055.00 2 086 634.62 1.00
SEK INVESTOR AB SER’B’NPV 45 055.00 2 154 588.99 1.04
SEK SKAND ENSKILDA BKN SER’A’NPV 275 173.00 2 146 435.74 1.03
Total Sweden 8 423 060.59 4.05

Switzerland
CHF ADECCO GROUP AG CHF0.1 (REGD) 49 191.00 2 099 963.19 1.01
CHF EMS-CHEMIE HLDG AG CHF0.01(REGD)(POST RECON) 3 137.00 2 085 688.04 1.01
CHF GIVAUDAN AG CHF10 659.00 2 125 677.85 1.02
CHF LAFARGEHOLCIM LTD CHF2 (REGD) 56 019.00 2 083 214.38 1.00
CHF NOVARTIS AG CHF0.50(REGD) 26 827.00 2 084 384.80 1.01
CHF SWISS LIFE HLDG CHF5.1(REGD) 6 328.00 1 997 939.34 0.96
CHF SWISS PRIME SITE CHF15.3 (REGD) 23 615.00 1 975 587.27 0.95
CHF SWISSCOM AG CHF1(REGD) 4 539.00 2 122 888.50 1.02
CHF ZURICH INSURANCE GRP CHF0.10 7 047.00 2 040 965.55 0.98
Total Switzerland 18 616 308.92 8.96

UBS (Lux) Equity SICAV – European High Dividend (EUR)

Annual report and audited financial statements as of 31 May 2020

The notes are an integral part of the financial statements. 59

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

United Kingdom
GBP ANGLO AMERICAN USD0.54945 109 825.00 2 075 801.38 1.00
GBP BP ORD USD0.25 580 736.00 1 973 456.80 0.95
GBP DIAGEO ORD GBP0.28 101/108 63 979.00 1 984 275.11 0.96
GBP DIRECT LINE INSURA ORD GBP 0.109090909 661 528.00 1 945 451.83 0.94
GBP GLAXOSMITHKLINE ORD GBP0.25 111 252.00 2 067 162.22 0.99
GBP IMPERIAL BRANDS PL GBP0.10 124 973.00 2 036 951.43 0.98
GBP PERSIMMON ORD GBP0.10 81 567.00 2 078 743.74 1.00
GBP RIO TINTO ORD GBP0.10 43 843.00 2 101 658.42 1.01
GBP SMITH & NEPHEW ORD USD0.20 115 636.00 2 110 321.50 1.02
GBP TESCO ORD GBP0.05 803 165.00 2 037 948.00 0.98
GBP UNILEVER PLC ORD GBP0.031111 42 770.00 2 059 254.90 0.99
Total United Kingdom 22 471 025.33 10.82

Total Registered shares 105 139 047.02 50.62

Total Transferable securities and money market instruments listed on an official

stock exchange 206 497 434.13 99.42

Total investments in securities 206 497 434.13 99.42

Forward Foreign Exchange contracts

Forward Foreign Exchange contracts (Purchase/Sale)

CHF 27 774 000.00 EUR 26 431 184.80 23.6.2020 -436 122.36 -0.21
EUR 741 176.73 CHF 780 100.00 23.6.2020 11 042.50 0.00
CHF 767 400.00 EUR 723 659.83 23.6.2020 -5 412.16 0.00
CHF 774 700.00 EUR 725 747.60 23.6.2020 -667.49 0.00
Total Forward Foreign Exchange contracts (Purchase/Sale) -431 159.51 -0.21

Cash at banks, deposits on demand and deposit accounts and other liquid assets 943 203.59 0.45
Other assets and liabilities 688 256.30 0.34
Total net assets 207 697 734.51 100.00

UBS (Lux) Equity SICAV – European High Dividend (EUR)

Annual report and audited financial statements as of 31 May 2020

60 The notes are an integral part of the financial statements.

UBS (Lux) Equity SICAV
– European Opportunity Unconstrained (EUR)

Three-year comparison

ISIN 31.5.2020 31.5.2019 31.5.2018

Net assets in EUR 639 920 969.96 707 630 482.86 971 496 633.23
Class I-A1-acc LU0549584471
Shares outstanding 114 283.5380 30 092.0000 176 093.0260
Net asset value per share in EUR 165.86 153.38 143.46
Issue and redemption price per share in EUR1 165.86 153.30 143.33
Class (USD hedged) I-A1-acc LU1195740300
Shares outstanding 7 638.2760 7 714.8910 2 461.5000
Net asset value per share in USD 130.30 117.31 106.75
Issue and redemption price per share in USD1 130.30 117.25 106.65
Class I-A2-acc2 LU1952145495
Shares outstanding 291 568.4970 169 377.6230 -
Net asset value per share in EUR 112.34 103.84 -
Issue and redemption price per share in EUR1 112.34 103.79 -
Class I-A3-acc LU1246874546
Shares outstanding 5 661.0000 7 784.0000 68 930.0000
Net asset value per share in EUR 117.62 108.66 101.55
Issue and redemption price per share in EUR1 117.62 108.61 101.46
Class I-B-acc LU0971305403
Shares outstanding 10 891.9710 11 062.5420 68 309.2890
Net asset value per share in EUR 174.92 160.34 148.69
Issue and redemption price per share in EUR1 174.92 160.26 148.56
Class (USD hedged) I-B-acc LU0979669156
Shares outstanding 12 346.3890 12 513.6770 12 513.6770
Net asset value per share in USD 193.25 172.42 155.52
Issue and redemption price per share in USD1 193.25 172.33 155.38
Class I-X-acc LU1001700605
Shares outstanding 29 683.1720 68 802.3920 6 827.9330
Net asset value per share in EUR 171.34 156.95 145.44
Issue and redemption price per share in EUR1 171.34 156.87 145.31
Class K-1-acc LU0999556193
Shares outstanding 4.6000 7.4000 9.1000
Net asset value per share in EUR 4 927 909.36 4 574 500.82 4 296 173.26
Issue and redemption price per share in EUR1 4 927 909.36 4 572 213.57 4 292 306.15
Class (USD hedged) K-1-acc LU1032634336
Shares outstanding 0.8000 0.8000 1.6000
Net asset value per share in USD 7 915 027.89 7 153 483.25 6 534 427.69
Issue and redemption price per share in USD1 7 915 027.89 7 149 906.51 6 528 545.86
Class N-acc LU0815274740
Shares outstanding 63 090.1440 83 113.1340 131 975.7520
Net asset value per share in EUR 182.38 171.34 162.86
Issue and redemption price per share in EUR1 182.38 171.25 162.71
Class P-acc LU0723564463
Shares outstanding 1 099 948.6900 1 492 870.0090 2 127 220.5140
Net asset value per share in EUR 215.33 201.37 190.52
Issue and redemption price per share in EUR1 215.33 201.27 190.35
Class (AUD hedged) P-acc3 LU1017644862
Shares outstanding - 27 698.8460 56 997.5360
Net asset value per share in AUD - 150.36 138.92
Issue and redemption price per share in AUD1 - 150.28 138.79
Class (CHF hedged) P-acc LU1031038273
Shares outstanding 33 871.2090 50 766.0980 72 771.9290
Net asset value per share in CHF 133.64 125.44 119.13
Issue and redemption price per share in CHF1 133.64 125.38 119.02
Class (GBP hedged) P-acc LU1185964712
Shares outstanding 12 431.4110 18 652.6010 49 267.2730
Net asset value per share in GBP 117.31 110.18 103.19
Issue and redemption price per share in GBP1 117.31 110.12 103.10
Class (HKD hedged) P-acc4 LU1209147237
Shares outstanding - - 18 122.6260
Net asset value per share in HKD - - 946.93
Issue and redemption price per share in HKD1 - - 946.08
Class (RMB hedged) P-acc3 LU1017648186
Shares outstanding - 2 703.6180 10 049.3970
Net asset value per share in CNH - 1 610.77 1 473.14
Issue and redemption price per share in CNH1 - 1 609.96 1 471.81

UBS (Lux) Equity SICAV – European Opportunity Unconstrained (EUR)

Annual report and audited financial statements as of 31 May 2020

61
 ISIN 31.5.2020 31.5.2019 31.5.2018

Class (SEK) P-acc LU1036032347

Shares outstanding 602 153.4010 637 180.3810 687 682.7610
Net asset value per share in SEK 1 175.99 1 113.30 1 023.91
Issue and redemption price per share in SEK1 1 175.99 1 112.74 1 022.99
Class (SGD hedged) P-acc LU0996708193
Shares outstanding 61 973.9350 96 262.2950 191 242.3430
Net asset value per share in SGD 163.85 150.73 139.65
Issue and redemption price per share in SGD1 163.85 150.65 139.52
Class (USD hedged) P-acc LU0975313742
Shares outstanding 528 237.4310 805 068.1190 1 659 149.4810
Net asset value per share in USD 171.96 156.55 144.07
Issue and redemption price per share in USD1 171.96 156.47 143.94
Class Q-acc LU0848002365
Shares outstanding 202 008.1630 215 010.7920 364 796.4430
Net asset value per share in EUR 177.25 164.09 153.68
Issue and redemption price per share in EUR1 177.25 164.01 153.54
Class (CHF hedged) Q-acc LU1240785128
Shares outstanding 61 139.1620 63 707.8300 91 772.4860
Net asset value per share in CHF 119.55 111.08 104.43
Issue and redemption price per share in CHF1 119.55 111.02 104.34
Class (GBP hedged) Q-acc LU1059394855
Shares outstanding 26 988.0700 31 953.4180 44 084.7070
Net asset value per share in GBP 153.92 143.11 132.67
Issue and redemption price per share in GBP1 153.92 143.04 132.55
Class (SEK) Q-acc LU1240785557
Shares outstanding 705.7300 1 264.8290 1 490.0000
Net asset value per share in SEK 944.26 884.93 805.60
Issue and redemption price per share in SEK1 944.26 884.49 804.87
Class (USD hedged) Q-acc LU1059394939
Shares outstanding 90 465.4380 101 578.1680 106 664.7560
Net asset value per share in USD 165.19 148.91 135.65
Issue and redemption price per share in USD1 165.19 148.84 135.53
Class U-X-acc LU0549584711
Shares outstanding 2 679.6140 2 026.6140 2 222.7850
Net asset value per share in EUR 29 281.31 26 823.38 24 856.33
Issue and redemption price per share in EUR1 29 281.31 26 809.97 24 833.96
1
See note 1
2
First NAV: 4.3.2019
3
The share classes (AUD hedged) P-acc and (RMB hedged) P-acc were in circulation until 14.10.2019
4
The share class (HKD hedged) P-acc was in circulation until 20.2.2019

Performance

Currency 2019/2020 2018/2019 2017/2018

Class I-A1-acc EUR 8.1% 6.9% 1.2%
Class (USD hedged) I-A1-acc USD 11.1% 9.9% 3.2%
Class I-A2-acc EUR 8.2% - -
Class I-A3-acc EUR 8.2% 7.0% 1.3%
Class I-B-acc EUR 9.1% 7.8% 2.2%
Class (USD hedged) I-B-acc USD 12.1% 10.9% 4.2%
Class I-X-acc EUR 9.2% 7.9% 2.2%
Class K-1-acc EUR 7.8% 6.5% 0.8%
Class (USD hedged) K-1-acc USD 10.7% 9.5% 2.8%
Class N-acc EUR 6.5% 5.2% -0.4%
Class P-acc EUR 7.0% 5.7% 0.0%
Class (AUD hedged) P-acc1 AUD - 8.3% 2.1%
Class (CHF hedged) P-acc CHF 6.6% 5.3% -0.6%
Class (GBP hedged) P-acc GBP 6.5% 6.8% 0.7%
Class (HKD hedged) P-acc2 HKD - - 1.1%
Class (RMB hedged) P-acc1 CNH - 9.4% 4.3%
Class (SEK) P-acc SEK 5.7% 8.8% 5.7%
Class (SGD hedged) P-acc SGD 8.8% 8.0% 1.5%
Class (USD hedged) P-acc USD 9.9% 8.7% 2.0%
Class Q-acc EUR 8.1% 6.8% 1.0%
Class (CHF hedged) Q-acc CHF 7.7% 6.4% 0.5%
Class (GBP hedged) Q-acc GBP 7.6% 7.9% 1.7%
Class (SEK) Q-acc SEK 6.8% 9.9% 6.8%
Class (USD hedged) Q-acc USD 11.0% 9.8% 3.0%
Class U-X-acc EUR 9.2% 7.9% 2.2%
1
The share classes (AUD hedged) P-acc and (RMB hedged) P-acc were in circulation until 14.10.2019. Due to this fact, there is no data for the calculation of the performance available.
2
The share class (HKD hedged) P-acc was in circulation until 20.2.2019. Due to this fact, there is no data for the calculation of the performance available.

Historical performance is no indicator of current or future performance.

The performance data does not take account of any commissions and costs charged when subscribing and redeeming shares.
The performance data were not audited.
The subfund has no benchmark.

UBS (Lux) Equity SICAV – European Opportunity Unconstrained (EUR)

Annual report and audited financial statements as of 31 May 2020

62
Report of the Portfolio Manager Structure of the Securities Portfolio
Geographical Breakdown as a % of net assets
In the financial year, from 1 June 2019 to 31 May 2020, France 14.13
European equities entered a bear market amid the Ireland 11.68
Germany 11.67
COVID-19 pandemic and sold off sharply. Governments Switzerland 9.24
and central banks globally responded with fiscal and The Netherlands 8.65
Italy 6.90
monetary stimulus measures to help stabilize economic Finland 6.86
growth and boost liquidity. While there were some signs United States 3.60
United Kingdom 3.53
of a recovery in April, the outlook remained uncertain Sweden 3.51
and volatility remained elevated. Denmark 2.22
Spain 2.08
Norway 1.89
The subfund’s performance was positive over the finan- Belgium 1.17
Portugal 0.84
cial year driven mainly by stock selection in and our expo- Poland 0.71
sure to the IT sector, followed closely by stock selection in Canada 0.41
Total 89.09
consumer discretionary, where both our longs and shorts
contributed to performance. Additionally, we benefited
from our shorts in real estate and longs in energy while Economic Breakdown as a % of net assets
consumer staples was the only notable detractor. Insurance 9.40
Pharmaceuticals, cosmetics & medical products 7.78
Investment funds 7.77
Banks & credit institutions 6.85
Internet, software & IT services 6.21
Petroleum 5.91
Food & soft drinks 5.58
Telecommunications 5.49
Electronics & semiconductors 4.30
Building industry & materials 3.98
Textiles, garments & leather goods 3.87
Energy & water supply 3.75
Miscellaneous consumer goods 3.53
Various capital goods 2.79
Chemicals 2.76
Electrical devices & components 1.71
Mechanical engineering & industrial equipment 1.56
Finance & holding companies 1.54
Vehicles 1.23
Biotechnology 1.03
Tobacco & alcohol 0.73
Computer hardware & network equipment providers 0.71
Precious metals & stones 0.41
Traffic & transportation 0.20
Total 89.09

UBS (Lux) Equity SICAV – European Opportunity Unconstrained (EUR)

Annual report and audited financial statements as of 31 May 2020

63
Statement of Net Assets
EUR
Assets 31.5.2020
Investments in securities, cost 547 935 644.54
Investments in securities, unrealized appreciation (depreciation) 22 194 042.00
Total investments in securities (Note 1) 570 129 686.54
Cash at banks, deposits on demand and deposit accounts 68 093 286.92
Receivable on securities sales (Note 1) 2 673 030.71
Receivable on subscriptions 691 726.78
Interest receivable on liquid assets 82.59
Receivable on dividends 1 260 614.95
Other receivables 2 754 178.59
Unrealized gain (loss) on forward foreign exchange contracts (Note 1) -4 556 292.93
Unrealized gain (loss) on Synthetic Equity Swaps (Note 1) 8 222 036.55
Total Assets 649 268 350.70

Liabilities
Bank overdraft -5 118.21
Interest payable on bank overdraft -24 553.33
Payable on securities purchases (Note 1) -8 188 404.27
Payable on redemptions -547 807.36
Other liabilities -128 661.54
Provisions for flat fee (Note 2) -357 239.48
Provisions for taxe d’abonnement (Note 3) -42 728.17
Provisions for other commissions and fees (Note 2) -52 868.38
Total provisions -452 836.03
Total Liabilities -9 347 380.74

Net assets at the end of the financial year 639 920 969.96

Statement of Operations
EUR
Income 1.6.2019-31.5.2020
Interest on liquid assets 47 371.17
Dividends 8 482 122.27
Income on Synthetic Equity Swaps (Note 1) 9 766 538.07
Income on securities lending (Note 16) 410 259.62
Other income (Note 4) 120 634.54
Total income 18 826 925.67

Expenses
Interest paid on Synthetic Equity Swaps (Note 1) -8 353 458.68
Flat fee (Note 2) -10 952 316.61
Taxe d’abonnement (Note 3) -282 490.75
Cost on securities lending (Note 16) -164 103.85
Other commissions and fees (Note 2) -99 180.02
Interest on cash and bank overdraft -315 996.05
Total expenses -20 167 545.96

Net income (loss) on investments -1 340 620.29

Realized gain (loss) (Note 1)

Realized gain (loss) on market-priced securities without options 28 081 803.28
Realized gain (loss) on financial futures 47 949.47
Realized gain (loss) on forward foreign exchange contracts 7 877 649.65
Realized gain (loss) on Synthetic Equity Swaps 28 793 345.22
Realized gain (loss) on foreign exchange -5 137 424.54
Total realized gain (loss) 59 663 323.08

Net realized gain (loss) of the financial year 58 322 702.79

Changes in unrealized appreciation (depreciation) (Note 1)

Unrealized appreciation (depreciation) on market-priced securities without options -5 786 089.26
Unrealized appreciation (depreciation) on forward foreign exchange contracts 1 363 635.17
Unrealized appreciation (depreciation) on Synthetic Equity Swaps -7 827 215.33
Total changes in unrealized appreciation (depreciation) -12 249 669.42

Net increase (decrease) in net assets as a result of operations 46 073 033.37

UBS (Lux) Equity SICAV – European Opportunity Unconstrained (EUR)

Annual report and audited financial statements as of 31 May 2020

64 The notes are an integral part of the financial statements.

Statement of Changes in Net Assets
EUR
1.6.2019-31.5.2020
Net assets at the beginning of the financial year 707 630 482.86
Subscriptions 124 722 057.81
Redemptions -238 504 604.08
Total net subscriptions (redemptions) -113 782 546.27
Net income (loss) on investments -1 340 620.29
Total realized gain (loss) 59 663 323.08
Total changes in unrealized appreciation (depreciation) -12 249 669.42
Net increase (decrease) in net assets as a result of operations 46 073 033.37
Net assets at the end of the financial year 639 920 969.96

Changes in the Number of Shares outstanding

1.6.2019-31.5.2020
Class I-A1-acc
Number of shares outstanding at the beginning of the financial year 30 092.0000
Number of shares issued 94 151.7570
Number of shares redeemed -9 960.2190
Number of shares outstanding at the end of the financial year 114 283.5380
Class (USD hedged) I-A1-acc
Number of shares outstanding at the beginning of the financial year 7 714.8910
Number of shares issued 0.0000
Number of shares redeemed -76.6150
Number of shares outstanding at the end of the financial year 7 638.2760
Class I-A2-acc
Number of shares outstanding at the beginning of the financial year 169 377.6230
Number of shares issued 173 334.7380
Number of shares redeemed -51 143.8640
Number of shares outstanding at the end of the financial year 291 568.4970
Class I-A3-acc
Number of shares outstanding at the beginning of the financial year 7 784.0000
Number of shares issued 1 475.0000
Number of shares redeemed -3 598.0000
Number of shares outstanding at the end of the financial year 5 661.0000
Class I-B-acc
Number of shares outstanding at the beginning of the financial year 11 062.5420
Number of shares issued 0.0010
Number of shares redeemed -170.5720
Number of shares outstanding at the end of the financial year 10 891.9710
Class (USD hedged) I-B-acc
Number of shares outstanding at the beginning of the financial year 12 513.6770
Number of shares issued 0.0000
Number of shares redeemed -167.2880
Number of shares outstanding at the end of the financial year 12 346.3890
Class I-X-acc
Number of shares outstanding at the beginning of the financial year 68 802.3920
Number of shares issued 2 083.0000
Number of shares redeemed -41 202.2200
Number of shares outstanding at the end of the financial year 29 683.1720
Class K-1-acc
Number of shares outstanding at the beginning of the financial year 7.4000
Number of shares issued 0.5000
Number of shares redeemed -3.3000
Number of shares outstanding at the end of the financial year 4.6000
Class (USD hedged) K-1-acc
Number of shares outstanding at the beginning of the financial year 0.8000
Number of shares issued 0.0000
Number of shares redeemed 0.0000
Number of shares outstanding at the end of the financial year 0.8000
Class N-acc
Number of shares outstanding at the beginning of the financial year 83 113.1340
Number of shares issued 8 956.2750
Number of shares redeemed -28 979.2650
Number of shares outstanding at the end of the financial year 63 090.1440
Class P-acc
Number of shares outstanding at the beginning of the financial year 1 492 870.0090
Number of shares issued 60 923.3720
Number of shares redeemed -453 844.6910
Number of shares outstanding at the end of the financial year 1 099 948.6900

UBS (Lux) Equity SICAV – European Opportunity Unconstrained (EUR)

Annual report and audited financial statements as of 31 May 2020

The notes are an integral part of the financial statements. 65

Class (AUD hedged) P-acc
Number of shares outstanding at the beginning of the financial year 27 698.8460
Number of shares issued 0.0000
Number of shares redeemed -27 698.8460
Number of shares outstanding at the end of the financial year 0.0000
Class (CHF hedged) P-acc
Number of shares outstanding at the beginning of the financial year 50 766.0980
Number of shares issued 1 216.1630
Number of shares redeemed -18 111.0520
Number of shares outstanding at the end of the financial year 33 871.2090
Class (GBP hedged) P-acc
Number of shares outstanding at the beginning of the financial year 18 652.6010
Number of shares issued 0.0000
Number of shares redeemed -6 221.1900
Number of shares outstanding at the end of the financial year 12 431.4110
Class (RMB hedged) P-acc
Number of shares outstanding at the beginning of the financial year 2 703.6180
Number of shares issued 0.0000
Number of shares redeemed -2 703.6180
Number of shares outstanding at the end of the financial year 0.0000
Class (SEK) P-acc
Number of shares outstanding at the beginning of the financial year 637 180.3810
Number of shares issued 28 068.9040
Number of shares redeemed -63 095.8840
Number of shares outstanding at the end of the financial year 602 153.4010
Class (SGD hedged) P-acc
Number of shares outstanding at the beginning of the financial year 96 262.2950
Number of shares issued 314.2000
Number of shares redeemed -34 602.5600
Number of shares outstanding at the end of the financial year 61 973.9350
Class (USD hedged) P-acc
Number of shares outstanding at the beginning of the financial year 805 068.1190
Number of shares issued 10 933.2890
Number of shares redeemed -287 763.9770
Number of shares outstanding at the end of the financial year 528 237.4310
Class Q-acc
Number of shares outstanding at the beginning of the financial year 215 010.7920
Number of shares issued 104 776.7610
Number of shares redeemed -117 779.3900
Number of shares outstanding at the end of the financial year 202 008.1630
Class (CHF hedged) Q-acc
Number of shares outstanding at the beginning of the financial year 63 707.8300
Number of shares issued 10 619.2350
Number of shares redeemed -13 187.9030
Number of shares outstanding at the end of the financial year 61 139.1620
Class (GBP hedged) Q-acc
Number of shares outstanding at the beginning of the financial year 31 953.4180
Number of shares issued 0.0000
Number of shares redeemed -4 965.3480
Number of shares outstanding at the end of the financial year 26 988.0700
Class (SEK) Q-acc
Number of shares outstanding at the beginning of the financial year 1 264.8290
Number of shares issued 145.7300
Number of shares redeemed -704.8290
Number of shares outstanding at the end of the financial year 705.7300
Class (USD hedged) Q-acc
Number of shares outstanding at the beginning of the financial year 101 578.1680
Number of shares issued 20 834.8300
Number of shares redeemed -31 947.5600
Number of shares outstanding at the end of the financial year 90 465.4380
Class U-X-acc
Number of shares outstanding at the beginning of the financial year 2 026.6140
Number of shares issued 1 609.0000
Number of shares redeemed -956.0000
Number of shares outstanding at the end of the financial year 2 679.6140

UBS (Lux) Equity SICAV – European Opportunity Unconstrained (EUR)

Annual report and audited financial statements as of 31 May 2020

66 The notes are an integral part of the financial statements.

Statement of Investments in Securities and other Net Assets as of 31 May 2020

Description Quantity/ Valuation in EUR as a %

Nominal Unrealized gain of net
(loss) on Futures/ assets
Forward
Exchange Contracts/
Swaps (Note 1)

Transferable securities and money market instruments listed on an official stock exchange
Bearer shares

Belgium
EUR EURONAV NPV 145 631.00 1 310 679.00 0.20
Total Belgium 1 310 679.00 0.20

Canada
CAD IVANHOE MINES LTD COM NPV CL’A’ 1 336 150.00 2 598 448.16 0.41
Total Canada 2 598 448.16 0.41

Denmark
DKK ORSTED A/S DKK10 92 891.00 9 805 649.29 1.53
DKK TOPDANMARK AS DKK1 117 157.00 4 379 128.82 0.69
Total Denmark 14 184 778.11 2.22

France
EUR AIR LIQUIDE(L’) EUR5.5 (POST-SUBDIVISION) 104 332.00 12 738 937.20 1.99
EUR AXA EUR2.29 664 477.00 10 884 133.26 1.70
EUR CGG EUR0.01 1 515 226.00 1 465 829.63 0.23
EUR EIFFAGE EUR4 126 599.00 10 381 118.00 1.62
EUR ESSILORLUXOTTICA EUR0.18 54 093.00 6 261 264.75 0.98
EUR LEGRAND SA EUR4 126 846.00 7 775 659.80 1.22
EUR LVMH MOET HENNESSY EUR0.30 18 270.00 6 851 250.00 1.07
EUR PERNOD RICARD EUR1.55 33 405.00 4 680 040.50 0.73
EUR SARTORIUS STEDIM B EUR0.20 (POST SUBD) 29 243.00 7 129 443.40 1.11
EUR TELEPERFORMANCE EUR2.50 50 905.00 10 847 855.50 1.70
EUR WORLDLINE EUR0.68 170 096.00 11 416 843.52 1.78
Total France 90 432 375.56 14.13

Germany
EUR CANCOM SE NPV 88 856.00 5 020 364.00 0.78
EUR ECKERT & ZIEGLER ORD NPV 22 561.00 3 187 869.30 0.50
EUR LPKF LASER & ELECT NPV 234 452.00 4 958 659.80 0.78
EUR ZALANDO SE NPV 168 061.00 10 224 831.24 1.60
Total Germany 23 391 724.34 3.66

Ireland
EUR KERRY GROUP ‘A’ORD EUR0.125(DUBLIN LIST) 88 986.00 9 904 141.80 1.55
Total Ireland 9 904 141.80 1.55

Italy
EUR INFRASTRUTTURE WIR NPV 859 822.00 7 880 268.63 1.23
EUR TELECOM ITALIA SPA DI RISP EUR0.55 29 545 063.00 10 246 227.85 1.60
Total Italy 18 126 496.48 2.83

The Netherlands
EUR ASR NEDERLAND N.V. EUR0.16 178 268.00 4 403 219.60 0.69
EUR SHOP APOTHEKE EURO NPV 106 325.00 9 856 327.50 1.54
Total The Netherlands 14 259 547.10 2.23

Poland
PLN CD PROJEKT SA PLN1.00 50 359.00 4 565 477.34 0.71
Total Poland 4 565 477.34 0.71

Spain
EUR GRIFOLS SA EUR0.25 (CLASS A) POST SUBD 221 248.00 6 221 493.76 0.97
EUR IBERDROLA SA EUR0.75 (POST SUBDIVISION) 696 953.00 6 752 080.66 1.06
Total Spain 12 973 574.42 2.03

Sweden
SEK LUNDIN ENERGY AB NPV 293 840.00 6 366 789.45 0.99
Total Sweden 6 366 789.45 0.99

United Kingdom
EUR UNILEVER EUR0.16 486 471.00 22 616 036.79 3.53
Total United Kingdom 22 616 036.79 3.53

Total Bearer shares 220 730 068.55 34.49

Other shares

Switzerland
CHF ROCHE HLDGS AG GENUSSCHEINE NPV 107 155.00 33 360 764.28 5.21
Total Switzerland 33 360 764.28 5.21

Total Other shares 33 360 764.28 5.21

Preference shares

Germany
EUR DRAEGERWERK KGAA NON-VTG PRF NPV 42 888.00 3 057 914.40 0.48
EUR VOLKSWAGEN AG NON VTG PRF NPV 59 185.00 7 842 012.50 1.23
Total Germany 10 899 926.90 1.71

UBS (Lux) Equity SICAV – European Opportunity Unconstrained (EUR)

Annual report and audited financial statements as of 31 May 2020

The notes are an integral part of the financial statements. 67

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

Spain
EUR GRIFOLS SA EUR0.05 (B) POST CONS 19 563.00 336 874.86 0.05
Total Spain 336 874.86 0.05

Total Preference shares 11 236 801.76 1.76

Registered shares

Belgium
EUR KBC GROUP NV NPV 131 295.00 6 180 055.65 0.97
Total Belgium 6 180 055.65 0.97

Finland
EUR NESTE OIL OYJ NPV 357 031.00 12 967 365.92 2.03
SEK NORDEA HOLDING ABP NPV 1 561 609.00 9 486 067.04 1.48
EUR SAMPO PLC SER’A’NPV 668 079.00 21 458 697.48 3.35
Total Finland 43 912 130.44 6.86

Germany
EUR ALLIANZ SE NPV(REGD)(VINKULIERT) 39 436.00 6 420 969.52 1.00
EUR EXASOL AG ORD NPV 268 174.00 3 424 581.98 0.54
EUR MUENCHENER RUECKVE NPV(REGD) 61 670.00 12 617 682.00 1.97
EUR SIEMENS AG NPV(REGD) 181 459.00 17 879 155.27 2.79
Total Germany 40 342 388.77 6.30

Ireland
EUR CRH ORD EUR0.32 392 047.00 11 486 977.10 1.80
EUR KINGSPAN GROUP ORD EUR0.13(DUBLIN LISTING) 65 022.00 3 611 972.10 0.56
Total Ireland 15 098 949.20 2.36

Italy
EUR ENEL EUR1 1 715 747.00 11 840 370.05 1.85
EUR MEDIOBANCA SPA EUR0.5 1 117 520.00 6 521 846.72 1.02
EUR MONCLER SPA NPV 230 018.00 7 694 102.10 1.20
Total Italy 26 056 318.87 4.07

The Netherlands
EUR ADYEN NV EUR0.01 3 115.00 3 685 045.00 0.58
EUR ASML HOLDING NV EUR0.09 76 973.00 22 549 240.35 3.52
EUR KONINKLIJKE DSM NV EUR1.5 42 928.00 4 938 866.40 0.77
EUR PROSUS N.V. EUR0.05 133 185.00 9 935 601.00 1.55
Total The Netherlands 41 108 752.75 6.42

Norway
NOK DNB ASA NOK10 396 778.00 4 851 372.40 0.76
NOK EQUINOR ASA NOK2.50 553 094.00 7 220 468.93 1.13
Total Norway 12 071 841.33 1.89

Portugal
EUR EDP ENERGIAS PORTU EUR1(REGD) 1 277 239.00 5 393 780.29 0.84
Total Portugal 5 393 780.29 0.84

Sweden
SEK SANDVIK AB NPV (POST SPLIT) 669 003.00 9 955 381.24 1.56
SEK TELE2 AB SHS 514 133.00 6 149 081.75 0.96
Total Sweden 16 104 462.99 2.52

Switzerland
CHF NESTLE SA CHF0.10(REGD) 265 250.00 25 779 498.28 4.03
Total Switzerland 25 779 498.28 4.03

United States
USD MASTERCARD INC COM USD0.0001 CLASS ‘A’ 48 376.00 13 108 728.30 2.05
USD MICROSOFT CORP COM USD0.0000125 60 738.00 9 920 330.69 1.55
Total United States 23 029 058.99 3.60

Total Registered shares 255 077 237.56 39.86

Total Transferable securities and money market instruments listed on an official

stock exchange 520 404 872.15 81.32

UCITS/Other UCIs in accordance with Article 41 (1) e) of the amended Luxembourg law of 17 December 2010
Investment funds, open end

Ireland
EUR UBS (IRL) INVESTOR SELECTION PLC - EQUITY OPPORT L/S FD-I-B 296 483.07 49 550 978.30 7.74
EUR UBS (IRL) SELECT MONEY MARKET FUND-EUR-S-DIST 17.20 170 835.58 0.03
Total Ireland 49 721 813.88 7.77

Luxembourg
USD UBS (LUX) EQUITY SICAV - GLOB OPPORT UNCONST USD-U-X-ACC 0.22 3 000.51 0.00
Total Luxembourg 3 000.51 0.00

Total Investment funds, open end 49 724 814.39 7.77

Total UCITS/Other UCIs in accordance with Article 41 (1) e) of the amended Luxembourg law of 17 December 2010 49 724 814.39 7.77

Total investments in securities 570 129 686.54 89.09

UBS (Lux) Equity SICAV – European Opportunity Unconstrained (EUR)

Annual report and audited financial statements as of 31 May 2020

68 The notes are an integral part of the financial statements.

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

Derivative instruments
Derivative instruments not listed on an official stock exchange and not traded on another regulated market
Synthetic Equity Swaps*

GBP MORGAN STANLEY/GLAXOSMITHKLINE (SYNTHETIC EQUITY SWAP) 483 600.00 58 048.69 0.01
GBP MORGAN STANLEY/PEARSON ORD GBP0.25 (SYNTHETIC EQUITY SWAP) -780 062.00 -31 211.45 0.00
GBP MORGAN STANLEY/PRUDENTIAL ORD (SYNTHETIC EQUITY SWAP) 788 162.00 -713 929.80 -0.11
GBP MORGAN STANLEY/SAINSBURYS (J) ORD -1 291 470.00 58 850.56 0.01
EUR MORGAN STANLEY/OUTOKUMPU NPV (SYNTHETIC EQUITY SWAP) -552 130.00 -130 302.68 -0.02
GBP MORGAN STANLEY/TESCO PLC (SYNTHETIC EQUITY SWAP) 1 871 490.00 -141 442.14 -0.02
EUR MORGAN STANLEY/STOCKMANN OYJ-B (SYNTHETIC EQUITY SWAP) -108 774.00 -18 600.35 0.00
GBP MORGAN STANLEY/ASTRAZENECA (SYNTHETIC EQUITY SWAP) 186 136.00 533 743.37 0.08
EUR MORGAN STANLEY/GERRESHEIMER AG (SYNTHETIC EQUITY SWAP) -33 036.00 -127 188.60 -0.02
SEK MORGAN STANLEY/BILLERUDKORSNAS AB NPV(SYNTHETIC EQUITY SWAP) -111 653.00 -51 155.86 -0.01
GBP MORGAN STANLEY/RIO TINTO PLC (SYNTHETIC EQUITY SWAP) 209 305.00 1 462 067.07 0.23
EUR MORGAN STANLEY/SCHNEIDER ELECTRIC SA (SYNTHETIC EQUITY SWAP) 177 708.00 1 027 152.24 0.16
EUR MORGAN STANLEY/TELECOM ITALIA SPA (SYNTHETIC EQUITY SWAP) -30 349 764.00 898 353.01 0.14
EUR MORGAN STANLEY/THALES SA (SYNTHETIC EQUITY SWAP) -40 900.00 -187 010.20 -0.03
GBP MORGAN STANLEY/DIAGEO PLC (SYNTHETIC EQUITY SWAP) 373 875.00 -329 733.35 -0.05
EUR MORGAN STANLEY/LAGARDERE (SYNTHETIC EQUITY SWAP) -251 936.00 315 866.00 0.05
EUR MORGAN STANLEY/SOLVAY (SYNTHETIC EQUITY SWAP) -14 873.00 41 049.48 0.01
CHF MORGAN STANLEY/TEMENOS AG (SYNTHETIC EQUITY SWAP) -25 047.00 -494 548.54 -0.08
DKK MORGAN STANLEY/CHR HANSEN HOLDING (SYNTHETIC EQUITY SWAP) -40 129.00 -335 955.14 -0.05
GBP MORGAN STANLEY/NEXT PLC (SYNTHETIC EQUITY SWAP) 23 245.00 35 652.59 0.01
EUR MORGAN STANLEY/KLEPIERRE (SYNTHETIC EQUITY SWAP) -191 418.00 270 856.47 0.04
EUR MORGAN STANLEY/SGL CARBON SE (SYNTHETIC EQUITY SWAP) -145 742.00 2 914.84 0.00
GBP MORGAN STANLEY/PETROFAC ORD (SYNTHETIC EQUITY SWAP) -750 169.00 215 944.07 0.03
EUR MORGAN STANLEY/RENAULT (SYNTHETIC EQUITY SWAP) -57 759.00 -121 236.14 -0.02
EUR MORGAN STANLEY/ZARDOYA-OTIS EUR0.10(SYNTHETIC EQUITY SWAP) -422 353.00 -21 117.65 0.00
EUR MORGAN STANLEY/CECONOMY AG ORD NPV (SYNTHETIC EQUITY SWAP) -178 483.00 -57 828.49 -0.01
EUR MORGAN STANLEY/SAP AG (SYNTHETIC EQUITY SWAP) 230 183.00 1 049 634.48 0.16
GBP MORGAN STANLEY/WEIR GROUP ORD (SYNTHETIC EQUITY SWAP) -248 845.00 -31 529.43 0.00
EUR MORGAN STANLEY/BAYER AG NPV (SYNTHETIC EQUITY SWAP) 83 661.00 48 523.38 0.01
EUR MORGAN STANLEY/SODEXO (SYNTHETIC EQUITY SWAP) -44 430.00 531 382.80 0.08
DKK MORGAN STANLEY/H.LUNDBECK (SYNTHETIC EQUITY SWAP) -92 287.00 -115 149.44 -0.02
GBP MS/WPP PLC (SYNTHETIC EQUITY SWAP) -266 357.00 28 419.58 0.00
GBP MORGAN STANLEY/ITV ORD GBP0.10 (SYNTHETIC EQUITY SWAP) -2 741 010.00 -115 155.54 -0.02
GBP MORGAN STANLEY/LONDON STOCK EXCH ORD (SYNTHETIC EQUITY SWAP) 122 962.00 784 449.92 0.12
GBP MORGAN STANLEY/SMITH & NEPHEW (SYNTHETIC EQUITY SWAP) 164 495.00 153 572.83 0.02
GBP MORGAN STANLEY/ROYAL MAIL PLC (SYNTHETIC EQUITY SWAP) -2 150 150.00 -193 569.17 -0.03
TRY MORGAN STANLEY/HACI OMER SABANCI TRY1(SYNTHETIC EQUITY SWAP) -509 600.00 -8 059.15 0.00
SEK MORGAN STANLEY/TELIASONERA AB (SYNTHETIC EQUITY SWAP) -1 094 400.00 153 559.66 0.02
GBP MORGAN STANLEY/TALK TALK TELECOM (SYNTHETIC EQUITY SWAP) -1 666 579.00 -148 182.97 -0.02
DKK MORGAN STANLEY/CARLSBERG(SYNTHETIC EQUITY SWAP) 73 691.00 96 751.87 0.02
DKK MORGAN STANLEY/NOVOZYMES A/S SER’B’ (SYNTHETIC EQUITY SWAP) 144 598.00 636 318.42 0.10
CHF MORGAN STANLEY/DUFRY AG CHF5(SYNTHETIC EQUITY SWAP) -100 591.00 190 779.40 0.03
GBP MORGAN STANLEY/GREGGS ORD(SYNTHETIC EQUITY SWAP) -102 750.00 -18 271.92 0.00
GBP MORGAN STANLEY/SOUTH32 LTD NPV(SYNTHETIC EQUITY SWAP) -767 150.00 341.05 0.00
GBP MS/MARKS & SPENCER (SYNTHETIC EQUITY SWAP) -1 914 863.00 -120 458.25 -0.02
GBP MORGAN STANLEY/RENISHAW ORD (SYNTHETIC EQUITY SWAP) -26 725.00 -96 831.74 -0.02
NOK MORGAN STANLEY/PGS ASA (SYNTHETIC EQUITY SWAP) -1 311 283.00 64 883.73 0.01
DKK MORGAN STANLEY/NOVO-NORDISK AS (SYNTHETIC EQUITY SWAP) 315 005.00 82 411.99 0.01
GBP MORGAN STANLEY/BEAZLEY PLC (SYNTHETIC EQUITY SWAP) 133 696.00 -17 534.08 0.00
EUR MORGAN STANLEY/METRO AG (NEW) NPV (SYNTHETIC EQUITY SWAP) -70 299.00 -32 899.93 -0.01
EUR MORGAN STANLEY/CASINO GUICH-PERR (SYNTHETIC EQUITY SWAP) -65 976.00 23 091.60 0.00
DKK MORGAN STANLEY/ISS A/S(SYNTHETIC EQUITY SWAP) -188 615.00 -246 728.44 -0.04
CHF MORGAN STANLEY/NOVARTIS AG (SYNTHETIC EQUITY SWAP) 146 654.00 105 670.90 0.02
EUR MORGAN STANLEY/HAPAG-LLOYD AG (SYNTHETIC EQUITY SWAP) -31 753.00 1 419 359.10 0.22
CHF MORGAN STANLEY/SIKA AG (SYNTHETIC EQUITY SWAP) 3 885.00 17 450.30 0.00
EUR MORGAN STANLEY/ZOOPLUS AG NPV (SYNTHETIC EQUITY SWAP) -21 952.00 -605 875.20 -0.09
GBP MORGAN STANLEY/FEVERTREE DRINKS ORD (SYNTHETIC EQUITY SWAP) -106 945.00 -373 226.56 -0.06
GBP MORGAN STANLEY/AUTO TRADER GROUP ORD (SYNTHETIC EQUITY SWAP) 136 964.00 151 464.87 0.02
GBP MORGAN STANLEY/BRITVIC ORD (SYNTHETIC EQUITY SWAP) 838 273.00 -130 435.54 -0.02
GBP MORGAN STANLEY/SOFTCAT PLC ORD (SYNTHETIC EQUITY SWAP) 505 320.00 89 860.51 0.01
GBP MORGAN STANLEY/MORRISON(W)SUPRMKT (SYNTHETIC EQUITY SWAP) -1 121 526.00 -46 120.44 -0.01
EUR MS/UNIBAIL-RODAMCO-WE NPV (SYNTHETIC EQUITY SWAP) -12 665.00 76 243.30 0.01
DKK MORGAN STANLEY/AMBU A/S SER’B’ (SYNTHETIC EQUITY SWAP) -22 669.00 -31 326.22 0.00
EUR MORGAN STANLEY/KNORR BREMSE (SYNTHETIC EQUITY SWAP) -20 473.00 -211 281.36 -0.03
EUR MORGAN STANLEY/KONINKLIJKE PHILIPS (SYNTHETIC EQUITY SWAP) 343 659.00 369 433.43 0.06
EUR MORGAN STANLEY/SIEMENS GAMESA RENEWA (SYNTHETIC EQUITY SWAP) -96 190.00 -146 584.41 -0.02
EUR MORGAN STANLEY/POSTNL NV (SYNTHETIC EQUITY SWAP) -494 757.00 114 536.25 0.02
EUR MORGAN STANLEY/K&S AG NPV (SYNTHETIC EQUITY SWAP) -329 407.00 143 621.45 0.02
EUR MORGAN STANLEY/WERELDHAVE NV (SYNTHETIC EQUITY SWAP) -172 454.00 66 394.79 0.01
EUR MORGAN STANLEY/ARCADIS NV (SYNTHETIC EQUITY SWAP) -87 360.00 -207 967.19 -0.03
EUR MORGAN STANLEY/ANIMA HOLDING SPA (SYNTHETIC EQUITY SWAP) 1 307 798.00 748 060.46 0.12
DKK MORGAN STANLEY/GENMAB AS (SYNTHETIC EQUITY SWAP) 36 167.00 2 050 111.90 0.32
GBP MORGAN STANLEY/AVAST PLC ORD (SYNTHETIC EQUITY SWAP) 1 750 649.00 871 684.86 0.14
EUR MORGAN STANLEY/DEUTSCHE EUROSHOP NPV (SYNTHETIC EQUITY SWAP) -206 081.00 6 182.43 0.00
EUR MORGAN STANLEY/COVESTRO AG NPV (SYNTHETIC EQUITY SWAP) -27 966.00 -72 991.26 -0.01
GBP MORGAN STANLEY/HAMMERSON PLC REIT (SYNTHETIC EQUITY SWAP) -1 913 722.00 -64 234.47 -0.01
EUR MS/ISRA VISION SYSTEM NPV (SYNTHETIC EQUITY SWAP) -17 513.00 59 544.20 0.01
EUR MORGAN STANLEY/SIGNIFY NV (SYNTHETIC EQUITY SWAP) -58 579.00 -36 026.09 -0.01
EUR MORGAN STANLEY/ALD INTL FRANCE (SYNTHETIC EQUITY SWAP) -205 681.00 -207 737.81 -0.03
EUR MORGAN STANLEY/EDENRED (SYNTHETIC EQUITY SWAP) -47 460.00 -38 442.60 -0.01

* Positive nominal: the subfund is “Receiver”, negative nominal: the subfund is “Payer”.

UBS (Lux) Equity SICAV – European Opportunity Unconstrained (EUR)

Annual report and audited financial statements as of 31 May 2020

The notes are an integral part of the financial statements. 69

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

SEK MORGAN STANLEY/ELECTROLUX PROFESS SE (SYNTHETIC EQUITY SWAP) -379 695.00 -354 724.91 -0.06
EUR MORGAN STANLEY/STROEER SE NPV (SYNTHETIC EQUITY SWAP) -60 434.00 -441 168.20 -0.07
GBP MORGAN STANLEY/BERKELEY GP HLDGS ORD (SYNTHETIC EQUITY SWAP) 150 120.00 -146 826.23 -0.02
EUR MORGAN STANLEY/ISRA VISION AG NPV (SYNTHETIC EQUITY SWAP) -40 890.00 -4 089.00 0.00
EUR MORGAN STANLEY/VALLOUREC SA (SYNTHETIC EQUITY SWAP) -29 085.00 311 239.89 0.05
EUR MORGAN STANLEY/NATIXIS (SYNTHETIC EQUITY SWAP) -793 833.00 -84 940.13 -0.01
GBP MORGAN STANLEY/HOMESERVE ORD (SYNTHETIC EQUITY SWAP) 216 008.00 -33 813.12 -0.01
Total Synthetic Equity Swaps 8 222 036.55 1.28

Total Derivative instruments not listed on an official stock exchange and not traded on another
regulated market 8 222 036.55 1.28

Total Derivative instruments 8 222 036.55 1.28

Forward Foreign Exchange contracts

Forward Foreign Exchange contracts (Purchase/Sale)

EUR 9 426 647.92 TRY 71 540 000.00 23.6.2020 54 022.48 0.01

SGD 9 697 000.00 EUR 6 285 696.54 23.6.2020 -120 099.50 -0.02
CHF 37 155 000.00 EUR 35 358 632.94 23.6.2020 -583 427.90 -0.09
GBP 117 810 000.00 EUR 131 882 377.17 23.6.2020 -987 051.73 -0.14
CHF 11 356 900.00 EUR 10 807 817.48 23.6.2020 -178 332.18 -0.03
GBP 5 213 600.00 EUR 5 836 363.31 23.6.2020 -43 681.29 -0.01
USD 9 610 000.00 EUR 8 891 602.94 23.6.2020 -255 768.26 -0.04
USD 107 068 100.00 EUR 99 064 207.37 23.6.2020 -2 849 596.45 -0.45
EUR 321 416.39 CHF 340 600.00 23.6.2020 2 631.98 0.00
NOK 329 969 557.75 EUR 30 120 000.00 23.6.2020 390 761.30 0.06
EUR 17 265 000.00 CHF 18 356 905.93 23.6.2020 83 862.40 0.01
EUR 80 154.87 SGD 124 300.00 23.6.2020 1 121.80 0.00
EUR 24 581.39 GBP 22 000.00 23.6.2020 137.82 0.00
EUR 36 909.40 CHF 39 200.00 23.6.2020 220.18 0.00
CHF 385 900.00 EUR 363 904.52 23.6.2020 -2 721.59 0.00
USD 4 124 200.00 EUR 3 749 211.38 23.6.2020 -43 081.37 -0.01
SGD 272 200.00 EUR 175 116.25 23.6.2020 -2 044.63 0.00
GBP 198 300.00 EUR 221 078.52 23.6.2020 -753.05 0.00
CHF 116 800.00 EUR 110 415.52 23.6.2020 -1 096.61 0.00
GBP 56 600.00 EUR 63 274.03 23.6.2020 -387.39 0.00
USD 873 900.00 EUR 801 964.28 23.6.2020 -16 651.49 0.00
USD 2 062 900.00 EUR 1 873 078.48 23.6.2020 -19 294.57 0.00
CHF 209 900.00 EUR 196 636.66 23.6.2020 -180.85 0.00
SGD 177 600.00 EUR 113 774.09 23.6.2020 -851.53 0.00
GBP 98 400.00 EUR 109 749.88 23.6.2020 -420.45 0.00
EUR 6 130 000.00 GBP 5 502 445.54 23.6.2020 16 389.95 0.00
Total Forward Foreign Exchange contracts (Purchase/Sale) -4 556 292.93 -0.71

Cash at banks, deposits on demand and deposit accounts and other liquid assets 68 093 286.92 10.64
Bank overdraft and other short-term liabilities -5 118.21 0.00
Other assets and liabilities -1 962 628.91 -0.30
Total net assets 639 920 969.96 100.00

UBS (Lux) Equity SICAV – European Opportunity Unconstrained (EUR)

Annual report and audited financial statements as of 31 May 2020

70 The notes are an integral part of the financial statements.

UBS (Lux) Equity SICAV
– German High Dividend (EUR)

Three-year comparison

ISIN 31.5.2020 31.5.2019 31.5.2018

Net assets in EUR 47 939 606.88 67 244 113.91 95 133 949.69
Class K-1-acc1 LU0783236630
Shares outstanding - - 0.5000
Net asset value per share in EUR - - 6 271 329.46
Issue and redemption price per share in EUR2 - - 6 271 329.46
Class P-acc LU0775052292
Shares outstanding 67 619.9820 87 566.8810 99 953.6960
Net asset value per share in EUR 166.60 180.74 198.85
Issue and redemption price per share in EUR2 166.15 180.56 198.85
Class (CHF hedged) P-acc LU0775053266
Shares outstanding 35 637.2700 45 767.0120 61 962.0370
Net asset value per share in CHF 162.08 176.10 194.16
Issue and redemption price per share in CHF2 161.64 175.92 194.16
Class P-dist LU0775052615
Shares outstanding 51 177.3090 63 245.8100 82 659.8900
Net asset value per share in EUR 154.39 168.76 187.28
Issue and redemption price per share in EUR2 153.97 168.59 187.28
Class (CHF hedged) P-dist LU0797316337
Shares outstanding 25 328.5750 29 906.4110 41 456.1920
Net asset value per share in CHF 150.30 164.52 182.92
Issue and redemption price per share in CHF2 149.89 164.36 182.92
Class Q-acc LU1240785987
Shares outstanding 33 184.6880 59 324.7720 78 450.0500
Net asset value per share in EUR 107.69 115.93 126.55
Issue and redemption price per share in EUR2 107.40 115.81 126.55
Class (CHF hedged) Q-acc LU1240785714
Shares outstanding 79 368.0390 102 699.5130 138 138.0050
Net asset value per share in CHF 105.92 114.20 124.93
Issue and redemption price per share in CHF2 105.63 114.09 124.93
Class Q-dist LU1240786019
Shares outstanding 24 615.5440 33 079.3580 36 475.2110
Net asset value per share in EUR 100.67 110.04 122.11
Issue and redemption price per share in EUR2 100.40 109.93 122.11
Class (CHF hedged) Q-dist LU1240785805
Shares outstanding 63 499.8700 84 582.4710 96 432.1060
Net asset value per share in CHF 99.07 108.43 120.54
Issue and redemption price per share in CHF2 98.80 108.32 120.54
1
The share class K-1-acc was in circulation until 18.12.2018.
2
See note 1

Performance

Currency 2019/2020 2018/2019 2017/2018

Class K-1-acc1 EUR - - 4.7%
Class P-acc EUR -8.0% -9.2% 3.8%
Class (CHF hedged) P-acc CHF -8.1% -9.4% 3.4%
Class P-dist EUR -8.0% -9.2% 3.8%
Class (CHF hedged) P-dist CHF -8.1% -9.4% 3.4%
Class Q-acc EUR -7.3% -8.5% 4.6%
Class (CHF hedged) Q-acc CHF -7.4% -8.7% 4.2%
Class Q-dist EUR -7.3% -8.5% 4.6%
Class (CHF hedged) Q-dist CHF -7.4% -8.7% 4.2%
1
The share class K-1-acc was in circulation until 18.12.2018. Due to this fact, there is no data for the calculation of the performance available.

Historical performance is no indicator of current or future performance.

The performance data does not take account of any commissions and costs charged when subscribing and redeeming shares.
The performance data were not audited.
The subfund has no benchmark.

UBS (Lux) Equity SICAV – German High Dividend (EUR)

Annual report and audited financial statements as of 31 May 2020

71
Report of the Portfolio Manager Structure of the Securities Portfolio
Geographical Breakdown as a % of net assets
In the financial year, from 1 June 2019 to 31 May 2020, Germany 90.39
the broader German equity market was slightly negative. France 1.87
Luxembourg 0.81
Volatility increased and market sentiment weakened sig- Total 93.07
nificantly since we saw the development of the Covid-19
outbreak initially in China and now reaching most conti-
nents. At present it is not possible to assess the detailed Economic Breakdown as a % of net assets
Internet, software & IT services 13.11
impact of the emerging risk on the companies in our Insurance 12.34
portfolio but there is growing concern about the impact Chemicals 11.56
Finance & holding companies 8.58
on the world economy. There was a significant correction Telecommunications 7.86
in the financial markets in February and March followed Vehicles 6.59
Traffic & transportation 5.91
by a strong market rebound in April and May. Real Estate 4.82
Various capital goods 4.63
Electronics & semiconductors 4.24
In the financial year, the subfund performed negatively Energy & water supply 3.49
with a continued focus on German companies with good Pharmaceuticals, cosmetics & medical products 3.46
Aerospace industry 1.87
quality and attractive dividend yields. Exposure to the Food & soft drinks 1.19
Information Technology sector supported performance, Textiles, garments & leather goods 1.10
Lodging, catering & leisure 0.82
while Financial Services contributed negatively. The main Banks & credit institutions 0.77
positive contributors on a stock level were Deutsche Miscellaneous services 0.73
Total 93.07
Börse, Bayer and Merck. Negative contribution came
from Aurelius, Deutsche Pfandbriefbank and Tui. Some
of the portfolio companies delayed, reduced or omitted
dividend payments for 2019. The Board and the Man-
ager continue to watch the efforts of governments to
contain the spread of the virus and monitor the eco-
nomic impact, if any, on the companies in our portfolio.

UBS (Lux) Equity SICAV – German High Dividend (EUR)

Annual report and audited financial statements as of 31 May 2020

72
Statement of Net Assets
EUR
Assets 31.5.2020
Investments in securities, cost 40 684 684.36
Investments in securities, unrealized appreciation (depreciation) 3 931 329.07
Total investments in securities (Note 1) 44 616 013.43
Cash at banks, deposits on demand and deposit accounts 1 086 175.46
Receivable on securities sales (Note 1) 1 765 677.63
Receivable on subscriptions 128 148.61
Receivable on dividends 90 033.28
Other receivables 684 627.36
Unrealized gain (loss) on forward foreign exchange contracts (Note 1) -354 054.26
Total Assets 48 016 621.51

Liabilities
Payable on redemptions -37 585.78
Provisions for flat fee (Note 2) -27 103.04
Provisions for taxe d’abonnement (Note 3) -3 885.22
Provisions for other commissions and fees (Note 2) -8 440.59
Total provisions -39 428.85
Total Liabilities -77 014.63

Net assets at the end of the financial year 47 939 606.88

Statement of Operations
EUR
Income 1.6.2019-31.5.2020
Interest on liquid assets 345.07
Dividends 1 057 451.98
Income on securities lending (Note 16) 168 709.00
Other income (Note 4) 13 395.69
Total income 1 239 901.74

Expenses
Flat fee (Note 2) -887 672.54
Taxe d’abonnement (Note 3) -28 411.90
Cost on securities lending (Note 16) -67 483.60
Other commissions and fees (Note 2) -8 440.59
Interest on cash and bank overdraft -4 342.51
Total expenses -996 351.14

Net income (loss) on investments 243 550.60

Realized gain (loss) (Note 1)

Realized gain (loss) on market-priced securities without options 3 283 263.69
Realized gain (loss) on forward foreign exchange contracts 1 379 116.46
Realized gain (loss) on foreign exchange 453 227.85
Total realized gain (loss) 5 115 608.00

Net realized gain (loss) of the financial year 5 359 158.60

Changes in unrealized appreciation (depreciation) (Note 1)

Unrealized appreciation (depreciation) on market-priced securities without options -7 048 474.14
Unrealized appreciation (depreciation) on forward foreign exchange contracts -385 998.18
Total changes in unrealized appreciation (depreciation) -7 434 472.32

Net increase (decrease) in net assets as a result of operations -2 075 313.72

UBS (Lux) Equity SICAV – German High Dividend (EUR)

Annual report and audited financial statements as of 31 May 2020

The notes are an integral part of the financial statements. 73

Statement of Changes in Net Assets
EUR
1.6.2019-31.5.2020
Net assets at the beginning of the financial year 67 244 113.91
Subscriptions 3 019 269.93
Redemptions -19 946 944.29
Total net subscriptions (redemptions) -16 927 674.36
Dividend paid -301 518.95
Net income (loss) on investments 243 550.60
Total realized gain (loss) 5 115 608.00
Total changes in unrealized appreciation (depreciation) -7 434 472.32
Net increase (decrease) in net assets as a result of operations -2 075 313.72
Net assets at the end of the financial year 47 939 606.88

Changes in the Number of Shares outstanding

1.6.2019-31.5.2020
Class P-acc
Number of shares outstanding at the beginning of the financial year 87 566.8810
Number of shares issued 7 926.9360
Number of shares redeemed -27 873.8350
Number of shares outstanding at the end of the financial year 67 619.9820
Class (CHF hedged) P-acc
Number of shares outstanding at the beginning of the financial year 45 767.0120
Number of shares issued 615.4920
Number of shares redeemed -10 745.2340
Number of shares outstanding at the end of the financial year 35 637.2700
Class P-dist
Number of shares outstanding at the beginning of the financial year 63 245.8100
Number of shares issued 3 112.7070
Number of shares redeemed -15 181.2080
Number of shares outstanding at the end of the financial year 51 177.3090
Class (CHF hedged) P-dist
Number of shares outstanding at the beginning of the financial year 29 906.4110
Number of shares issued 548.8780
Number of shares redeemed -5 126.7140
Number of shares outstanding at the end of the financial year 25 328.5750
Class Q-acc
Number of shares outstanding at the beginning of the financial year 59 324.7720
Number of shares issued 887.4270
Number of shares redeemed -27 027.5110
Number of shares outstanding at the end of the financial year 33 184.6880
Class (CHF hedged) Q-acc
Number of shares outstanding at the beginning of the financial year 102 699.5130
Number of shares issued 3 605.0220
Number of shares redeemed -26 936.4960
Number of shares outstanding at the end of the financial year 79 368.0390
Class Q-dist
Number of shares outstanding at the beginning of the financial year 33 079.3580
Number of shares issued 2 314.8520
Number of shares redeemed -10 778.6660
Number of shares outstanding at the end of the financial year 24 615.5440
Class (CHF hedged) Q-dist
Number of shares outstanding at the beginning of the financial year 84 582.4710
Number of shares issued 1 332.4830
Number of shares redeemed -22 415.0840
Number of shares outstanding at the end of the financial year 63 499.8700

Annual Distribution1
UBS (Lux) Equity SICAV
– German High Dividend (EUR) Ex-Date Pay-Date Currency Amount per share
P-dist 1.8.2019 6.8.2019 EUR 1.32
(CHF hedged) P-dist 1.8.2019 6.8.2019 CHF 1.26
Q-dist 1.8.2019 6.8.2019 EUR 1.74
(CHF hedged) Q-dist 1.8.2019 6.8.2019 CHF 1.69
1
See note 5

UBS (Lux) Equity SICAV – German High Dividend (EUR)

Annual report and audited financial statements as of 31 May 2020

74 The notes are an integral part of the financial statements.

Statement of Investments in Securities and other Net Assets as of 31 May 2020

Description Quantity/ Valuation in EUR as a %

Nominal Unrealized gain of net
(loss) on Futures/ assets
Forward
Exchange Contracts/
Swaps (Note 1)

Transferable securities and money market instruments listed on an official stock exchange
Bearer shares

France
EUR AIRBUS EUR1 15 812.00 896 540.40 1.87
Total France 896 540.40 1.87

Germany
EUR AMADEUS FIRE AG NPV 3 484.00 351 884.00 0.74
EUR AURELIUS EQUITY OP NPV 21 984.00 349 325.76 0.73
EUR COMMERZBANK AG NPV 105 622.00 369 782.62 0.77
EUR DEUTSCHE PFAND AG NPV 91 024.00 564 348.80 1.18
EUR DWS GROUP SE NPV 20 831.00 704 816.89 1.47
EUR HELLA GMBH & CO.KG NPV 15 796.00 554 439.60 1.16
EUR MERCK KGAA NPV 16 095.00 1 660 199.25 3.46
EUR SAP AG ORD NPV 36 030.00 4 089 405.00 8.53
EUR SILTRONIC AG NPV 6 237.00 546 984.90 1.14
EUR SOFTWARE AG NPV 28 675.00 997 316.50 2.08
EUR SUEDZUCKER AG NPV 42 524.00 571 947.80 1.19
EUR WIRECARD AG NPV 6 455.00 610 384.80 1.27
Total Germany 11 370 835.92 23.72

Luxembourg
EUR CORESTATE CAPHLDG NPV 21 461.00 389 087.93 0.81
Total Luxembourg 389 087.93 0.81

Total Bearer shares 12 656 464.25 26.40

Preference shares

Germany
EUR SIXT SE NON VTG PRF NPV 14 122.00 694 096.30 1.45
EUR VOLKSWAGEN AG NON VTG PRF NPV 14 791.00 1 959 807.50 4.09
Total Germany 2 653 903.80 5.54

Total Preference shares 2 653 903.80 5.54

Registered shares

Germany
EUR ALLIANZ SE NPV(REGD)(VINKULIERT) 23 666.00 3 853 298.12 8.04
EUR BASF SE NPV 33 797.00 1 644 055.07 3.43
EUR BAYER AG NPV (REGD) 52 825.00 3 207 534.00 6.69
EUR DAIMLER AG ORD NPV(REGD) 19 255.00 642 731.90 1.34
EUR DEUTSCHE BOERSE AG NPV(REGD) 16 595.00 2 454 400.50 5.12
EUR DEUTSCHE POST AG NPV(REGD) 76 387.00 2 137 308.26 4.46
EUR DEUTSCHE TELEKOM NPV(REGD) 265 662.00 3 765 758.85 7.85
EUR E.ON SE NPV 175 949.00 1 672 571.19 3.49
EUR EVONIK INDUSTRIES NPV 31 249.00 692 165.35 1.44
EUR FREENET AG NPV (REGD) 37 890.00 590 136.75 1.23
EUR HUGO BOSS AG NPV (REGD) 21 556.00 528 984.24 1.10
EUR INFINEON TECHNOLOG AG NPV (REGD) 78 884.00 1 487 436.70 3.10
EUR LEG IMMOBILIEN AG NPV 17 487.00 1 959 942.96 4.09
EUR MUENCHENER RUECKVE NPV(REGD) 10 070.00 2 060 322.00 4.30
EUR SIEMENS AG NPV(REGD) 22 513.00 2 218 205.89 4.63
EUR TUI AG NPV (REGD) 80 576.00 390 793.60 0.82
Total Germany 29 305 645.38 61.13

Total Registered shares 29 305 645.38 61.13

Total Transferable securities and money market instruments listed on an official

stock exchange 44 616 013.43 93.07

Total investments in securities 44 616 013.43 93.07

Forward Foreign Exchange contracts

Forward Foreign Exchange contracts (Purchase/Sale)

CHF 22 002 000.00 EUR 20 938 249.01 23.6.2020 -345 487.30 -0.72
CHF 609 200.00 EUR 573 661.66 23.6.2020 -3 481.20 -0.01
CHF 794 100.00 EUR 748 837.99 23.6.2020 -5 600.46 -0.01
EUR 240 026.94 CHF 255 200.00 23.6.2020 1 172.62 0.00
CHF 922 500.00 EUR 864 208.29 23.6.2020 -794.84 0.00
CHF 459 400.00 EUR 429 838.30 23.6.2020 136.92 0.00
Total Forward Foreign Exchange contracts (Purchase/Sale) -354 054.26 -0.74

Cash at banks, deposits on demand and deposit accounts and other liquid assets 1 086 175.46 2.27
Other assets and liabilities 2 591 472.25 5.40
Total net assets 47 939 606.88 100.00

UBS (Lux) Equity SICAV – German High Dividend (EUR)

Annual report and audited financial statements as of 31 May 2020

The notes are an integral part of the financial statements. 75

UBS (Lux) Equity SICAV
– Global Emerging Markets Opportunity (USD)

Three-year comparison

ISIN 31.5.2020 31.5.2019 31.5.2018

Net assets in USD 1 169 411 136.00 1 006 249 761.65 630 625 253.64
Class F-dist1 LU0399011294
Shares outstanding 389 061.6630 192 306.4870 -
Net asset value per share in USD 100.01 99.71 -
Issue and redemption price per share in USD2 100.01 99.71 -
Class I-A1-acc LU0399011708
Shares outstanding 594 770.6420 330 755.6330 251 919.8450
Net asset value per share in USD 145.31 144.06 161.68
Issue and redemption price per share in USD2 145.31 144.06 161.99
Class I-A3-acc LU0399012185
Shares outstanding 1 097 471.3100 1 674 256.9970 119 704.4650
Net asset value per share in USD 89.44 88.58 99.33
Issue and redemption price per share in USD2 89.44 88.58 99.52
Class (EUR) I-A3-dist LU1662453890
Shares outstanding 879 233.5210 734 334.5210 540 000.0000
Net asset value per share in EUR 98.18 98.65 105.85
Issue and redemption price per share in EUR2 98.18 98.65 106.05
Class I-B-acc3 LU0399012425
Shares outstanding 9 066.6170 - -
Net asset value per share in USD 99.77 - -
Issue and redemption price per share in USD2 99.77 - -
Class (EUR) I-B-acc4 LU1776283878
Shares outstanding - - 619 356.0000
Net asset value per share in EUR - - 100.82
Issue and redemption price per share in EUR2 - - 101.01
Class I-X-acc5 LU0399012771
Shares outstanding 610 811.4630 626 164.4680 -
Net asset value per share in USD 95.84 94.13 -
Issue and redemption price per share in USD2 95.84 94.13 -
Class I-X-dist3 LU0399012698
Shares outstanding 95 729.2190 - -
Net asset value per share in USD 99.95 - -
Issue and redemption price per share in USD2 99.95 - -
Class P-4%-mdist LU1769817096
Shares outstanding 1 781.7780 357.1980 1 294.7560
Net asset value per share in USD 80.03 83.32 98.30
Issue and redemption price per share in USD2 80.03 83.32 98.49
Class (HKD) P-4%-mdist LU1769817179
Shares outstanding 2 331.0810 5 787.7640 5 787.7640
Net asset value per share in HKD 791.72 834.43 985.79
Issue and redemption price per share in HKD2 791.72 834.43 987.66
Class (SGD hedged) P-4%-mdist6 LU1815428534
Shares outstanding 6 203.6950 667.4940 -
Net asset value per share in SGD 84.23 88.72 -
Issue and redemption price per share in SGD2 84.23 88.72 -
Class P-acc LU0328353924
Shares outstanding 949 045.0720 712 415.4830 822 389.2390
Net asset value per share in USD 140.59 140.73 159.55
Issue and redemption price per share in USD2 140.59 140.73 159.85
Class (CHF hedged) P-acc7 LU1953056766
Shares outstanding 138 890.9990 270.9040 -
Net asset value per share in CHF 93.69 96.67 -
Issue and redemption price per share in CHF2 93.69 96.67 -
Class (EUR hedged) P-acc LU1676115329
Shares outstanding 271 997.7080 118 682.1540 134 208.3090
Net asset value per share in EUR 83.29 86.16 100.98
Issue and redemption price per share in EUR2 83.29 86.16 101.17
Class (SGD hedged) P-acc LU1717043241
Shares outstanding 74 511.5240 98 230.2810 92 348.7100
Net asset value per share in SGD 86.65 87.75 100.54
Issue and redemption price per share in SGD2 86.65 87.75 100.73

UBS (Lux) Equity SICAV – Global Emerging Markets Opportunity (USD)

Annual report and audited financial statements as of 31 May 2020

76
 ISIN 31.5.2020 31.5.2019 31.5.2018

Class (CHF hedged) P-dist7 LU1953056840

Shares outstanding 92 870.0580 141.2360 -
Net asset value per share in CHF 93.54 96.67 -
Issue and redemption price per share in CHF2 93.54 96.67 -
Class Q-acc LU0399011534
Shares outstanding 506 645.4660 86 122.3990 13 872.5820
Net asset value per share in USD 83.59 82.90 93.13
Issue and redemption price per share in USD2 83.59 82.90 93.31
Class (CHF hedged) Q-acc3 LU1972674706
Shares outstanding 89 621.2070 - -
Net asset value per share in CHF 96.04 - -
Issue and redemption price per share in CHF2 96.04 - -
Class (EUR hedged) Q-acc LU1691467994
Shares outstanding 101 092.8630 64 949.7210 96 243.6650
Net asset value per share in EUR 84.02 86.12 99.97
Issue and redemption price per share in EUR2 84.02 86.12 100.16
Class Q-dist LU0399011450
Shares outstanding 424 578.3230 964 132.1070 858 244.9070
Net asset value per share in USD 102.63 103.31 116.21
Issue and redemption price per share in USD2 102.63 103.31 116.43
Class (CHF hedged) Q-dist3 LU1972668138
Shares outstanding 69 386.7020 - -
Net asset value per share in CHF 96.04 - -
Issue and redemption price per share in CHF2 96.04 - -
Class (EUR) Q-dist8 LU2102294266
Shares outstanding 24 087.0000 - -
Net asset value per share in EUR 86.35 - -
Issue and redemption price per share in EUR2 86.35 - -
Class U-X-acc LU0399012938
Shares outstanding 18 144.8370 16 134.5370 5 922.5370
Net asset value per share in USD 26 495.90 26 020.68 28 924.62
Issue and redemption price per share in USD2 26 495.90 26 020.68 28 979.58
1
First NAV: 17.8.2018
2
See note 1
3
First NAV: 14.6.2019
4
For the period from 22.2.2018 to 14.5.2019 the share class (EUR) I-B-acc was in circulation
5
The share class I-X-acc was in circulation until 16.9.2016 - reactivated 31.7.2018
6
First NAV: 30.7.2018
7
First NAV: 13.5.2019
8
First NAV: 28.1.2020

Performance

Currency 2019/2020 2018/2019 2017/2018

Class F-dist USD 1.0% - -
Class I-A1-acc USD 0.9% -10.9% 20.3%
Class I-A3-acc USD 1.0% -10.8% -
Class (EUR) I-A3-dist EUR 1.1% -6.6% -
Class I-B-acc1 USD - - -
Class (EUR) I-B-acc2 EUR - - -
Class I-X-acc USD 1.8% - -
Class I-X-dist1 USD - - -
Class P-4%-mdist USD -0.1% -12.0% -
Class (HKD) P-4%-mdist HKD -1.3% -12.0% -
Class (SGD hedged) P-4%-mdist SGD -1.3% - -
Class P-acc USD -0.1% -12.0% 19.3%
Class (CHF hedged) P-acc CHF -3.1% - -
Class (EUR hedged) P-acc EUR -3.3% -14.8% -
Class (SGD hedged) P-acc SGD -1.3% -12.9% -
Class (CHF hedged) P-dist CHF -3.1% - -
Class Q-acc USD 0.8% -11.2% -
Class (CHF hedged) Q-acc1 CHF - - -
Class (EUR hedged) Q-acc EUR -2.4% -14.0% -
Class Q-dist USD 0.8% -11.1% -
Class (CHF hedged) Q-dist1 CHF - - -
Class (EUR) Q-dist1 EUR - - -
Class U-X-acc USD 1.8% -10.0% 21.5%
1
Due to the recent launch, there is no data for the calculation of the performance available.
2
For the period from 22.2.2018 to 14.5.2019 the share class (EUR) I-B-acc was in circulation. Due to this fact, there is no data for the calculation of the performance available.

Historical performance is no indicator of current or future performance.

The performance data does not take account of any commissions and costs charged when subscribing and redeeming shares.
The performance data were not audited.
The subfund has no benchmark.

UBS (Lux) Equity SICAV – Global Emerging Markets Opportunity (USD)

Annual report and audited financial statements as of 31 May 2020

77
Report of the Portfolio Manager Structure of the Securities Portfolio
Geographical Breakdown as a % of net assets
During the financial year, from 1 June 2019 to 31 May China 41.32
2020, Emerging Markets equities posted negative returns South Korea 12.40
Taiwan 7.66
due to the Covid-19 induced pandemic. Lockdown across India 7.43
most countries has led to a slowdown of economic activi- Russian Federation (CIS) 5.40
Indonesia 5.09
ties. On a market level, Taiwan, China and Korea have Brazil 4.01
posted positive returns among the larger markets. In con- South Africa 3.49
Argentina 3.13
trast, Brazil and South Africa were among the weaker Hong Kong 2.58
performers. Hungary 2.58
The Netherlands 2.06
Mexico 1.40
The subfund posted a positive result for almost all share Total 98.55
classes (with the exception of non-hedged share classes
and (HKD) P-4%-mdist, P-4%-mdist and P-acc) over the
Economic Breakdown as a % of net assets
financial year. The subfund’s exposure to Consumer Dis- Internet, software & IT services 19.30
cretionary and Consumer Staples contributed most to Electronics & semiconductors 18.17
Banks & credit institutions 16.38
performance. On the other hand, Financials detracted Miscellaneous services 9.18
from value. Pharmaceuticals, cosmetics & medical products 5.50
Petroleum 5.05
Tobacco & alcohol 4.05
Healthcare & social services 3.91
Insurance 3.88
Graphic design, publishing & media 3.49
Electrical devices & components 2.91
Real Estate 2.58
Vehicles 2.48
Mining, coal & steel 1.67
Total 98.55

UBS (Lux) Equity SICAV – Global Emerging Markets Opportunity (USD)

Annual report and audited financial statements as of 31 May 2020

78
Statement of Net Assets
USD
Assets 31.5.2020
Investments in securities, cost 1 151 649 025.27
Investments in securities, unrealized appreciation (depreciation) 766 875.70
Total investments in securities (Note 1) 1 152 415 900.97
Cash at banks, deposits on demand and deposit accounts 9 472 820.23
Receivable on securities sales (Note 1) 4 171 334.59
Receivable on subscriptions 1 368 726.00
Interest receivable on liquid assets 221.40
Receivable on dividends 1 293 938.77
Unrealized gain (loss) on forward foreign exchange contracts (Note 1) 1 419 294.42
Total Assets 1 170 142 236.38

Liabilities
Bank overdraft -10.35
Interest payable on bank overdraft -12.32
Payable on redemptions -392 000.05
Provisions for flat fee (Note 2) -282 005.70
Provisions for taxe d’abonnement (Note 3) -39 237.91
Provisions for other commissions and fees (Note 2) -17 834.05
Total provisions -339 077.66
Total Liabilities -731 100.38

Net assets at the end of the financial year 1 169 411 136.00

Statement of Operations
USD
Income 1.6.2019-31.5.2020
Interest on liquid assets 82 759.38
Dividends 29 834 491.30
Income on securities lending (Note 16) 135 578.62
Other income (Note 4) 2 162 650.60
Total income 32 215 479.90

Expenses
Flat fee (Note 2) -7 873 792.72
Taxe d’abonnement (Note 3) -233 164.90
Cost on securities lending (Note 16) -54 231.45
Other commissions and fees (Note 2) -157 968.43
Interest on cash and bank overdraft -19 550.00
Total expenses -8 338 707.50

Net income (loss) on investments 23 876 772.40

Realized gain (loss) (Note 1)

Realized gain (loss) on market-priced securities without options -74 834 029.28
Realized gain (loss) on forward foreign exchange contracts -3 583 334.98
Realized gain (loss) on foreign exchange 645 750.79
Total realized gain (loss) -77 771 613.47

Net realized gain (loss) of the financial year -53 894 841.07

Changes in unrealized appreciation (depreciation) (Note 1)

Unrealized appreciation (depreciation) on market-priced securities without options 6 869 747.68
Unrealized appreciation (depreciation) on forward foreign exchange contracts 1 392 468.28
Total changes in unrealized appreciation (depreciation) 8 262 215.96

Net increase (decrease) in net assets as a result of operations -45 632 625.11

UBS (Lux) Equity SICAV – Global Emerging Markets Opportunity (USD)

Annual report and audited financial statements as of 31 May 2020

The notes are an integral part of the financial statements. 79

Statement of Changes in Net Assets
USD
1.6.2019-31.5.2020
Net assets at the beginning of the financial year 1 006 249 761.65
Subscriptions 825 218 348.60
Redemptions -613 849 070.09
Total net subscriptions (redemptions) 211 369 278.51
Dividend paid -2 575 279.05
Net income (loss) on investments 23 876 772.40
Total realized gain (loss) -77 771 613.47
Total changes in unrealized appreciation (depreciation) 8 262 215.96
Net increase (decrease) in net assets as a result of operations -45 632 625.11
Net assets at the end of the financial year 1 169 411 136.00

Changes in the Number of Shares outstanding

1.6.2019-31.5.2020
Class F-dist
Number of shares outstanding at the beginning of the financial year 192 306.4870
Number of shares issued 294 477.8250
Number of shares redeemed -97 722.6490
Number of shares outstanding at the end of the financial year 389 061.6630
Class I-A1-acc
Number of shares outstanding at the beginning of the financial year 330 755.6330
Number of shares issued 393 618.7270
Number of shares redeemed -129 603.7180
Number of shares outstanding at the end of the financial year 594 770.6420
Class I-A3-acc
Number of shares outstanding at the beginning of the financial year 1 674 256.9970
Number of shares issued 606 731.8270
Number of shares redeemed -1 183 517.5140
Number of shares outstanding at the end of the financial year 1 097 471.3100
Class (EUR) I-A3-dist
Number of shares outstanding at the beginning of the financial year 734 334.5210
Number of shares issued 144 899.0000
Number of shares redeemed 0.0000
Number of shares outstanding at the end of the financial year 879 233.5210
Class I-B-acc
Number of shares outstanding at the beginning of the financial year 0.0000
Number of shares issued 9 066.6170
Number of shares redeemed 0.0000
Number of shares outstanding at the end of the financial year 9 066.6170
Class I-X-acc
Number of shares outstanding at the beginning of the financial year 626 164.4680
Number of shares issued 32 620.3280
Number of shares redeemed -47 973.3330
Number of shares outstanding at the end of the financial year 610 811.4630
Class I-X-dist
Number of shares outstanding at the beginning of the financial year 0.0000
Number of shares issued 116 753.9090
Number of shares redeemed -21 024.6900
Number of shares outstanding at the end of the financial year 95 729.2190
Class P-4%-mdist
Number of shares outstanding at the beginning of the financial year 357.1980
Number of shares issued 1 424.5800
Number of shares redeemed 0.0000
Number of shares outstanding at the end of the financial year 1 781.7780
Class (HKD) P-4%-mdist
Number of shares outstanding at the beginning of the financial year 5 787.7640
Number of shares issued 20.0000
Number of shares redeemed -3 476.6830
Number of shares outstanding at the end of the financial year 2 331.0810
Class (SGD hedged) P-4%-mdist
Number of shares outstanding at the beginning of the financial year 667.4940
Number of shares issued 14 924.3840
Number of shares redeemed -9 388.1830
Number of shares outstanding at the end of the financial year 6 203.6950
Class P-acc
Number of shares outstanding at the beginning of the financial year 712 415.4830
Number of shares issued 770 866.6250
Number of shares redeemed -534 237.0360
Number of shares outstanding at the end of the financial year 949 045.0720
Class (CHF hedged) P-acc
Number of shares outstanding at the beginning of the financial year 270.9040
Number of shares issued 169 835.3650
Number of shares redeemed -31 215.2700
Number of shares outstanding at the end of the financial year 138 890.9990

UBS (Lux) Equity SICAV – Global Emerging Markets Opportunity (USD)

Annual report and audited financial statements as of 31 May 2020

80 The notes are an integral part of the financial statements.

Class (EUR hedged) P-acc
Number of shares outstanding at the beginning of the financial year 118 682.1540
Number of shares issued 234 817.0780
Number of shares redeemed -81 501.5240
Number of shares outstanding at the end of the financial year 271 997.7080
Class (SGD hedged) P-acc
Number of shares outstanding at the beginning of the financial year 98 230.2810
Number of shares issued 17 736.6700
Number of shares redeemed -41 455.4270
Number of shares outstanding at the end of the financial year 74 511.5240
Class (CHF hedged) P-dist
Number of shares outstanding at the beginning of the financial year 141.2360
Number of shares issued 114 494.9050
Number of shares redeemed -21 766.0830
Number of shares outstanding at the end of the financial year 92 870.0580
Class Q-acc
Number of shares outstanding at the beginning of the financial year 86 122.3990
Number of shares issued 555 771.1550
Number of shares redeemed -135 248.0880
Number of shares outstanding at the end of the financial year 506 645.4660
Class (CHF hedged) Q-acc
Number of shares outstanding at the beginning of the financial year 0.0000
Number of shares issued 107 949.4320
Number of shares redeemed -18 328.2250
Number of shares outstanding at the end of the financial year 89 621.2070
Class (EUR hedged) Q-acc
Number of shares outstanding at the beginning of the financial year 64 949.7210
Number of shares issued 89 717.6570
Number of shares redeemed -53 574.5150
Number of shares outstanding at the end of the financial year 101 092.8630
Class Q-dist
Number of shares outstanding at the beginning of the financial year 964 132.1070
Number of shares issued 161 764.9720
Number of shares redeemed -701 318.7560
Number of shares outstanding at the end of the financial year 424 578.3230
Class (CHF hedged) Q-dist
Number of shares outstanding at the beginning of the financial year 0.0000
Number of shares issued 83 570.0080
Number of shares redeemed -14 183.3060
Number of shares outstanding at the end of the financial year 69 386.7020
Class (EUR) Q-dist
Number of shares outstanding at the beginning of the financial year 0.0000
Number of shares issued 24 307.0000
Number of shares redeemed -220.0000
Number of shares outstanding at the end of the financial year 24 087.0000
Class U-X-acc
Number of shares outstanding at the beginning of the financial year 16 134.5370
Number of shares issued 13 240.3000
Number of shares redeemed -11 230.0000
Number of shares outstanding at the end of the financial year 18 144.8370

Annual Distribution1
UBS (Lux) Equity SICAV
– Global Emerging Markets Opportunity (USD) Ex-Date Pay-Date Currency Amount per share
F-dist 1.8.2019 6.8.2019 USD 0.67
(EUR) I-A3-dist 1.8.2019 6.8.2019 EUR 1.63
(CHF hedged) P-dist 1.8.2019 6.8.2019 CHF 0.16
Q-dist 1.8.2019 6.8.2019 USD 1.53

Monthly Distribution1
UBS (Lux) Equity SICAV
– Global Emerging Markets Opportunity (USD) Ex-Date Pay-Date Currency Amount per share
P-4%-mdist 11.6.2019 14.6.2019 USD 0.27
P-4%-mdist 10.7.2019 15.7.2019 USD 0.29
P-4%-mdist 12.8.2019 16.8.2019 USD 0.28
P-4%-mdist 10.9.2019 13.9.2019 USD 0.27
P-4%-mdist 10.10.2019 15.10.2019 USD 0.28
P-4%-mdist 11.11.2019 14.11.2019 USD 0.29
P-4%-mdist 10.12.2019 13.12.2019 USD 0.29
P-4%-mdist 10.1.2020 15.1.2020 USD 0.31
P-4%-mdist 10.2.2020 13.2.2020 USD 0.30
P-4%-mdist 10.3.2020 13.3.2020 USD 0.28
P-4%-mdist 14.4.2020 17.4.2020 USD 0.23
1
See note 5

UBS (Lux) Equity SICAV – Global Emerging Markets Opportunity (USD)

Annual report and audited financial statements as of 31 May 2020

The notes are an integral part of the financial statements. 81

UBS (Lux) Equity SICAV
– Global Emerging Markets Opportunity (USD) Ex-Date Pay-Date Currency Amount per share
P-4%-mdist 11.5.2020 14.5.2020 USD 0.25
(HKD) P-4%-mdist 11.6.2019 14.6.2019 HKD 2.78
(HKD) P-4%-mdist 10.7.2019 15.7.2019 HKD 2.96
(HKD) P-4%-mdist 12.8.2019 16.8.2019 HKD 2.86
(HKD) P-4%-mdist 10.9.2019 13.9.2019 HKD 2.74
(HKD) P-4%-mdist 10.10.2019 15.10.2019 HKD 2.81
(HKD) P-4%-mdist 11.11.2019 14.11.2019 HKD 2.97
(HKD) P-4%-mdist 10.12.2019 13.12.2019 HKD 2.94
(HKD) P-4%-mdist 10.1.2020 15.1.2020 HKD 3.17
(HKD) P-4%-mdist 10.2.2020 13.2.2020 HKD 2.99
(HKD) P-4%-mdist 10.3.2020 13.3.2020 HKD 2.87
(HKD) P-4%-mdist 14.4.2020 17.4.2020 HKD 2.34
(HKD) P-4%-mdist 11.5.2020 14.5.2020 HKD 2.56
(SGD hedged) P-4%-mdist 11.6.2019 14.6.2019 SGD 0.29
(SGD hedged) P-4%-mdist 10.7.2019 15.7.2019 SGD 0.31
(SGD hedged) P-4%-mdist 12.8.2019 16.8.2019 SGD 0.30
(SGD hedged) P-4%-mdist 10.9.2019 13.9.2019 SGD 0.29
(SGD hedged) P-4%-mdist 10.10.2019 15.10.2019 SGD 0.29
(SGD hedged) P-4%-mdist 11.11.2019 14.11.2019 SGD 0.31
(SGD hedged) P-4%-mdist 10.12.2019 13.12.2019 SGD 0.31
(SGD hedged) P-4%-mdist 10.1.2020 15.1.2020 SGD 0.33
(SGD hedged) P-4%-mdist 10.2.2020 13.2.2020 SGD 0.32
(SGD hedged) P-4%-mdist 10.3.2020 13.3.2020 SGD 0.30
(SGD hedged) P-4%-mdist 14.4.2020 17.4.2020 SGD 0.25
(SGD hedged) P-4%-mdist 11.5.2020 14.5.2020 SGD 0.27

UBS (Lux) Equity SICAV – Global Emerging Markets Opportunity (USD)

Annual report and audited financial statements as of 31 May 2020

82 The notes are an integral part of the financial statements.

Statement of Investments in Securities and other Net Assets as of 31 May 2020

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
Bearer shares

Brazil
BRL VALE SA COM NPV 1 640 902.00 16 012 926.67 1.37
Total Brazil 16 012 926.67 1.37

China
HKD CHINA MERCHANTS BK ‘H’CNY1 7 980 000.00 38 402 012.65 3.28
CNY GREE ELEC APPLICAN ‘A’CNY1 4 188 535.00 33 980 263.92 2.91
CNY JIANGSU HENGRUI ME ‘A’CNY1 3 766 710.00 42 286 928.48 3.62
CNY KWEICHOW MOUTAI ‘A’CNY1 238 627.00 47 404 140.51 4.05
HKD PING AN INSURANCE ‘H’CNY1 4 546 500.00 45 400 477.36 3.88
HKD TENCENT HLDGS LIMI HKD0.00002 1 599 700.00 88 539 711.01 7.57
Total China 296 013 533.93 25.31

Hong Kong
HKD CHINA JINMAO HOLDI NPV 42 200 000.00 30 216 746.23 2.58
Total Hong Kong 30 216 746.23 2.58

Hungary
HUF OTP BANK HUF100 906 063.00 30 176 986.58 2.58
Total Hungary 30 176 986.58 2.58

India
INR TATA CONSULTANCY S INR1 1 562 000.00 42 181 462.56 3.61
Total India 42 181 462.56 3.61

Indonesia
IDR BK MANDIRI IDR250 99 500 000.00 30 442 474.14 2.60
IDR P.T. ASTRA INTL IDR50 88 970 400.00 29 047 801.23 2.49
Total Indonesia 59 490 275.37 5.09

Mexico
MXN GRUPO FINANCIERO BANORTE SAB DE CV COM SER’O’NPV 5 390 000.00 16 379 647.30 1.40
Total Mexico 16 379 647.30 1.40

The Netherlands
USD YANDEX N.V. COM USD0.01 CL ‘A’ 600 000.00 24 138 000.00 2.06
Total The Netherlands 24 138 000.00 2.06

South Africa
ZAR NASPERS ‘N’ ZAR0.02 257 928.00 40 794 013.65 3.49
Total South Africa 40 794 013.65 3.49

South Korea
KRW LG HOUSEHOLD&HEALT KRW5000 20 028.00 22 042 200.07 1.88
KRW SAMSUNG ELECTRONIC KRW100 1 926 024.00 79 625 680.51 6.81
KRW SK HYNIX INC KRW5000 641 866.00 43 328 349.96 3.71
Total South Korea 144 996 230.54 12.40

Taiwan
TWD TAIWAN SEMICON MAN TWD10 9 096 000.00 89 520 998.94 7.66
Total Taiwan 89 520 998.94 7.66

Total Bearer shares 789 920 821.77 67.55

Registered shares

Argentina
USD MERCADOLIBRE INC COM STK USD0.001 42 900.00 36 536 643.00 3.13
Total Argentina 36 536 643.00 3.13

China
HKD ALIBABA GROUP HLDG USD1 170 000.00 4 447 942.20 0.38
Total China 4 447 942.20 0.38

India
INR HDFC BANK INR1 3 420 986.00 44 691 730.15 3.82
Total India 44 691 730.15 3.82

Total Registered shares 85 676 315.35 7.33

Depository receipts

Brazil
USD PETROL BRASILEIROS ADS EACH 1 REP 2 COM NPV 1 771 500.00 13 516 545.00 1.16
USD PETROL BRASILEIROS SPON ADR REP 2 PRF SHS 1 848 300.00 13 936 182.00 1.19
USD VALE S.A. SPONS ADR REPR 1 COM NPV 354 000.00 3 455 040.00 0.29
Total Brazil 30 907 767.00 2.64

China
USD ALIBABA GROUP HLDG SPON ADS EACH REP ONE ORD-ADR 496 087.00 102 883 482.93 8.80
USD NETEASE INC ADR REP 25 COM USD0.0001 89 500.00 34 269 550.00 2.93
USD TAL EDUCATION GRP ADS EA REPR 2 CL A ORD SHS 809 042.00 45 678 511.32 3.90
Total China 182 831 544.25 15.63

UBS (Lux) Equity SICAV – Global Emerging Markets Opportunity (USD)

Annual report and audited financial statements as of 31 May 2020

The notes are an integral part of the financial statements. 83

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

Russian Federation (CIS)

USD OIL CO LUKOIL PJSC ADR EACH REPR 1 ORD RUB0.02 426 178.00 31 639 454.72 2.71
Total Russian Federation (CIS) 31 639 454.72 2.71

Total Depository receipts 245 378 765.97 20.98

Total Transferable securities and money market instruments listed on an official

stock exchange 1 120 975 903.09 95.86

Transferable securities and money market instruments traded on another regulated market
Bearer shares

Russian Federation (CIS)

USD SBERBANK PAO 11 077 111.00 31 439 997.88 2.69
Total Russian Federation (CIS) 31 439 997.88 2.69

Total Bearer shares 31 439 997.88 2.69

Total Transferable securities and money market instruments traded on another

regulated market 31 439 997.88 2.69

Total investments in securities 1 152 415 900.97 98.55

Forward Foreign Exchange contracts

Forward Foreign Exchange contracts (Purchase/Sale)

SGD 6 580 400.00 USD 4 613 195.18 23.6.2020 42 763.31 0.00

EUR 29 441 700.00 USD 31 820 442.15 23.6.2020 942 426.90 0.08
CHF 34 862 100.00 USD 35 881 825.60 23.6.2020 428 070.98 0.04
EUR 921 000.00 USD 1 013 152.31 23.6.2020 11 741.03 0.00
SGD 210 200.00 USD 148 865.25 23.6.2020 -138.35 0.00
CHF 1 092 500.00 USD 1 132 473.48 23.6.2020 5 397.22 0.00
USD 157 119.41 EUR 144 100.00 23.6.2020 -3 235.78 0.00
USD 16 079.88 SGD 22 900.00 23.6.2020 -123.00 0.00
USD 118 628.84 CHF 115 100.00 23.6.2020 -1 251.18 0.00
USD 748 854.98 EUR 682 400.00 23.6.2020 -10 523.11 0.00
USD 70 146.93 SGD 99 400.00 23.6.2020 -183.49 0.00
USD 689 775.19 CHF 666 300.00 23.6.2020 -4 195.74 0.00
EUR 684 700.00 USD 757 087.85 23.6.2020 4 849.69 0.00
CHF 667 900.00 USD 692 084.48 23.6.2020 3 552.90 0.00
SGD 102 100.00 USD 72 097.76 23.6.2020 143.04 0.00
Total Forward Foreign Exchange contracts (Purchase/Sale) 1 419 294.42 0.12

Cash at banks, deposits on demand and deposit accounts and other liquid assets 9 472 820.23 0.81
Bank overdraft and other short-term liabilities -10.35 0.00
Other assets and liabilities 6 103 130.73 0.52
Total net assets 1 169 411 136.00 100.00

UBS (Lux) Equity SICAV – Global Emerging Markets Opportunity (USD)

Annual report and audited financial statements as of 31 May 2020

84 The notes are an integral part of the financial statements.

UBS (Lux) Equity SICAV – Global High Dividend (USD)

Three-year comparison

ISIN 31.5.2020 31.5.2019 31.5.2018

Net assets in USD 522 199 151.79 568 442 856.70 650 181 087.88
Class F-acc LU0946079901
Shares outstanding 168 658.8060 166 090.1230 203 418.6610
Net asset value per share in USD 179.79 184.24 178.27
Issue and redemption price per share in USD1 179.79 184.24 178.27
Class (EUR hedged) F-acc LU0964818024
Shares outstanding 26 764.0000 16 315.0000 23 040.0000
Net asset value per share in EUR 154.09 162.89 162.36
Issue and redemption price per share in EUR1 154.09 162.89 162.36
Class I-A1-acc LU0804734431
Shares outstanding 14 526.0130 5 668.3210 2 653.3210
Net asset value per share in USD 161.03 165.21 160.06
Issue and redemption price per share in USD1 161.03 165.21 160.06
Class (CHF hedged) I-A1-acc LU0858845737
Shares outstanding 65 422.0220 65 985.2290 77 969.6910
Net asset value per share in CHF 147.60 156.70 156.90
Issue and redemption price per share in CHF1 147.60 156.70 156.90
Class (EUR hedged) I-A1-acc LU0815048904
Shares outstanding 2 549.6580 1 516.6180 1 516.6180
Net asset value per share in EUR 152.82 161.74 161.41
Issue and redemption price per share in EUR1 152.82 161.74 161.41
Class I-X-acc LU0745893759
Shares outstanding 667 748.4930 654 487.4880 672 495.4870
Net asset value per share in USD 189.82 193.51 186.27
Issue and redemption price per share in USD1 189.82 193.51 186.27
Class (CHF hedged) I-X-acc LU0678866319
Shares outstanding 224 111.8660 202 110.6250 180 424.3110
Net asset value per share in CHF 178.20 187.94 186.99
Issue and redemption price per share in CHF1 178.20 187.94 186.99
Class I-X-dist2 LU0883523606
Shares outstanding - - 71 100.0000
Net asset value per share in USD - - 136.60
Issue and redemption price per share in USD1 - - 136.60
Class K-1-acc LU0803748523
Shares outstanding 1.1000 0.1000 0.6000
Net asset value per share in USD 7 527 975.62 7 746 688.80 7 527 280.57
Issue and redemption price per share in USD1 7 527 975.62 7 746 688.80 7 527 280.57
Class (EUR hedged) N-8%-mdist LU1121266198
Shares outstanding 136 700.6800 122 827.5950 93 416.4980
Net asset value per share in EUR 67.85 79.19 87.23
Issue and redemption price per share in EUR1 67.85 79.19 87.23
Class (EUR hedged) N-dist LU0815274823
Shares outstanding 3 581.6780 3 674.8700 5 247.1060
Net asset value per share in EUR 127.10 138.34 141.75
Issue and redemption price per share in EUR1 127.10 138.34 141.75
Class P-acc LU0611173427
Shares outstanding 523 773.7010 599 012.2090 605 271.8420
Net asset value per share in USD 167.59 173.49 169.59
Issue and redemption price per share in USD1 167.59 173.49 169.59
Class (EUR hedged) P-acc LU0611173930
Shares outstanding 321 586.7380 373 455.9260 438 903.0580
Net asset value per share in EUR 149.61 159.78 160.90
Issue and redemption price per share in EUR1 149.61 159.78 160.90
Class (CHF hedged) P-dist LU0626901861
Shares outstanding 541 779.7660 591 651.5850 652 371.8190
Net asset value per share in CHF 121.39 132.53 136.25
Issue and redemption price per share in CHF1 121.39 132.53 136.25
Class (EUR hedged) P-dist LU1593401398
Shares outstanding 17 036.0480 8 384.1810 1 415.0000
Net asset value per share in EUR 91.79 99.91 102.42
Issue and redemption price per share in EUR1 91.79 99.91 102.42
Class P-mdist LU1107510957
Shares outstanding 38 917.4450 47 910.9220 83 141.1000
Net asset value per share in USD 101.31 107.99 108.73
Issue and redemption price per share in USD1 101.31 107.99 108.73

UBS (Lux) Equity SICAV – Global High Dividend (USD)

Annual report and audited financial statements as of 31 May 2020

85
 ISIN 31.5.2020 31.5.2019 31.5.2018

Class (AUD hedged) P-mdist2 LU1115419902

Shares outstanding - - 39 238.2890
Net asset value per share in AUD - - 112.91
Issue and redemption price per share in AUD1 - - 112.91
Class Q-acc LU0847993192
Shares outstanding 113 269.8900 223 725.1690 271 968.4510
Net asset value per share in USD 120.92 124.35 120.75
Issue and redemption price per share in USD1 120.92 124.35 120.75
Class (EUR hedged) Q-acc LU0848007240
Shares outstanding 105 080.2650 129 186.0480 228 963.0130
Net asset value per share in EUR 123.28 130.79 130.84
Issue and redemption price per share in EUR1 123.28 130.79 130.84
Class (CHF hedged) Q-dist LU1240786365
Shares outstanding 71 015.1250 409 256.7740 496 289.1190
Net asset value per share in CHF 97.73 106.68 109.69
Issue and redemption price per share in CHF1 97.73 106.68 109.69
Class Q-mdist LU1240786951
Shares outstanding 15 911.7990 20 355.4930 8 659.1170
Net asset value per share in USD 104.56 111.32 111.37
Issue and redemption price per share in USD1 104.56 111.32 111.37
Class QL-acc3 LU2049076172
Shares outstanding 54 124.4280 - -
Net asset value per share in USD 92.63 - -
Issue and redemption price per share in USD1 92.63 - -
Class (EUR hedged) QL-acc3 LU2049075794
Shares outstanding 32 934.4420 - -
Net asset value per share in EUR 90.66 - -
Issue and redemption price per share in EUR1 90.66 - -
Class (CHF hedged) QL-dist3 LU2049075521
Shares outstanding 275 634.1750 - -
Net asset value per share in CHF 90.49 - -
Issue and redemption price per share in CHF1 90.49 - -
Class QL-mdist3 LU2049076412
Shares outstanding 3 519.8960 - -
Net asset value per share in USD 90.14 - -
Issue and redemption price per share in USD1 90.14 - -
1
See note 1
2
The share classes I-X-dist and (AUD hedged) P-mdist were in circulation until 20.2.2019
3
First NAV: 9.10.2019

Performance

Currency 2019/2020 2018/2019 2017/2018

Class F-acc USD -2.4% 3.3% 5.8%
Class (EUR hedged) F-acc EUR -5.4% 0.3% 3.5%
Class I-A1-acc USD -2.5% 3.2% 5.7%
Class (CHF hedged) I-A1-acc CHF -5.8% -0.1% 3.0%
Class (EUR hedged) I-A1-acc EUR -5.5% 0.2% 3.3%
Class I-X-acc USD -1.9% 3.9% 6.4%
Class (CHF hedged) I-X-acc CHF -5.2% 0.5% 3.7%
Class I-X-dist1 USD - - 6.4%
Class K-1-acc USD -2.8% 2.9% 5.4%
Class (EUR hedged) N-8%-mdist EUR -7.3% -1.7% 1.4%
Class (EUR hedged) N-dist EUR -7.3% -1.7% 1.4%
Class P-acc USD -3.4% 2.3% 4.8%
Class (EUR hedged) P-acc EUR -6.4% -0.7% 2.4%
Class (CHF hedged) P-dist CHF -6.7% -1.0% 2.1%
Class (EUR hedged) P-dist EUR -6.4% -0.7% 2.4%
Class P-mdist USD -3.4% 2.3% 4.8%
Class (AUD hedged) P-mdist1 AUD - - 4.9%
Class Q-acc USD -2.8% 3.0% 5.5%
Class (EUR hedged) Q-acc EUR -5.7% 0.0% 3.1%
Class (CHF hedged) Q-dist CHF -6.0% -0.4% 2.7%
Class Q-mdist USD -2.8% 3.0% 5.5%
Class QL-acc2 USD - - -
Class (EUR hedged) QL-acc2 EUR - - -
Class (CHF hedged) QL-dist2 CHF - - -
Class QL-mdist2 USD - - -
1
The share classes I-X-dist and (AUD hedged) P-mdist were in circulation until 20.2.2019. Due to this fact, there is no data for the calculation of the performance available.
2
Due to the recent launch, there is no data for the calculation of the performance available.

Historical performance is no indicator of current or future performance.

The performance data does not take account of any commissions and costs charged when subscribing and redeeming shares.
The performance data were not audited.
The subfund has no benchmark.

UBS (Lux) Equity SICAV – Global High Dividend (USD)

Annual report and audited financial statements as of 31 May 2020

86
Report of the Portfolio Manager Structure of the Securities Portfolio
Geographical Breakdown as a % of net assets
In the financial year, from 1 June 2019 to 31 May 2020, United States 47.33
Global equity market returns were positive. Markets rallied Japan 10.84
China 6.57
in 2019 and despite a strong sell-off in February and March France 5.01
2020, due to fears of the economic fall-out and the social Switzerland 4.95
United Kingdom 4.89
cost of the coronavirus crisis, markets rebounded strongly Spain 3.17
in April and May 2020 as investor sentiment improved on Ireland 3.04
Australia 3.03
the back of unprecedented fiscal and monetary support. Germany 2.04
Canada 1.95
Taiwan 1.91
The subfund posted negative returns over the financial South Korea 0.99
year. At the sector and country level the exposure to Denmark 0.98
Brazil 0.97
energy and financials as well as Spain, France and the UK Hong Kong 0.91
detracted. Stock-wise Simon Property Group, Wells Fargo, Total 98.58
Exxon Mobile and Ford detracted. Exposure to information
technology and the US as well as Tokyo Electron, Novo
Economic Breakdown as a % of net assets
Nordisk and Intel offset some of the negative returns. Telecommunications 10.56
Pharmaceuticals, cosmetics & medical products 8.82
Energy & water supply 8.12
Electronics & semiconductors 7.67
Insurance 7.03
Finance & holding companies 5.95
Banks & credit institutions 5.91
Food & soft drinks 4.98
Computer hardware & network equipment providers 4.00
Real Estate 3.85
Retail trade, department stores 3.80
Mechanical engineering & industrial equipment 3.06
Miscellaneous services 2.98
Petroleum 2.98
Tobacco & alcohol 2.92
Building industry & materials 2.87
Internet, software & IT services 2.04
Non-ferrous metals 2.02
Miscellaneous trading companies 2.00
Electrical devices & components 1.99
Vehicles 1.02
Rubber & tyres 1.01
Biotechnology 1.01
Chemicals 1.01
Mining, coal & steel 0.98
Total 98.58

UBS (Lux) Equity SICAV – Global High Dividend (USD)

Annual report and audited financial statements as of 31 May 2020

87
Statement of Net Assets
USD
Assets 31.5.2020
Investments in securities, cost 532 406 975.98
Investments in securities, unrealized appreciation (depreciation) -17 643 836.81
Total investments in securities (Note 1) 514 763 139.17
Cash at banks, deposits on demand and deposit accounts 6 376 891.46
Receivable on securities sales (Note 1) 1 186 404.83
Receivable on subscriptions 685 754.61
Interest receivable on liquid assets 708.48
Receivable on dividends 1 709 972.30
Other receivables 492 243.68
Unrealized gain (loss) on forward foreign exchange contracts (Note 1) 1 621 180.21
Total Assets 526 836 294.74

Liabilities
Bank overdraft -3 332 363.52
Interest payable on bank overdraft -265.34
Payable on redemptions -1 055 320.95
Provisions for flat fee (Note 2) -168 277.49
Provisions for taxe d’abonnement (Note 3) -28 313.05
Provisions for other commissions and fees (Note 2) -52 602.60
Total provisions -249 193.14
Total Liabilities -4 637 142.95

Net assets at the end of the financial year 522 199 151.79

Statement of Operations
USD
Income 1.6.2019-31.5.2020
Interest on liquid assets 46 022.67
Dividends 20 050 187.28
Income on securities lending (Note 16) 363 688.38
Other income (Note 4) 71 706.18
Total income 20 531 604.51

Expenses
Flat fee (Note 2) -5 134 212.08
Taxe d’abonnement (Note 3) -193 813.60
Cost on securities lending (Note 16) -145 475.35
Other commissions and fees (Note 2) -82 561.79
Interest on cash and bank overdraft -34 709.15
Total expenses -5 590 771.97

Net income (loss) on investments 14 940 832.54

Realized gain (loss) (Note 1)

Realized gain (loss) on market-priced securities without options -43 212 266.39
Realized gain (loss) on forward foreign exchange contracts 8 712 445.80
Realized gain (loss) on foreign exchange -1 406 291.79
Total realized gain (loss) -35 906 112.38

Net realized gain (loss) of the financial year -20 965 279.84

Changes in unrealized appreciation (depreciation) (Note 1)

Unrealized appreciation (depreciation) on market-priced securities without options 1 202 600.43
Unrealized appreciation (depreciation) on forward foreign exchange contracts 2 213 721.04
Total changes in unrealized appreciation (depreciation) 3 416 321.47

Net increase (decrease) in net assets as a result of operations -17 548 958.37

UBS (Lux) Equity SICAV – Global High Dividend (USD)

Annual report and audited financial statements as of 31 May 2020

88 The notes are an integral part of the financial statements.

Statement of Changes in Net Assets
USD
1.6.2019-31.5.2020
Net assets at the beginning of the financial year 568 442 856.70
Subscriptions 149 728 599.05
Redemptions -174 768 846.42
Total net subscriptions (redemptions) -25 040 247.37
Dividend paid -3 654 499.17
Net income (loss) on investments 14 940 832.54
Total realized gain (loss) -35 906 112.38
Total changes in unrealized appreciation (depreciation) 3 416 321.47
Net increase (decrease) in net assets as a result of operations -17 548 958.37
Net assets at the end of the financial year 522 199 151.79

Changes in the Number of Shares outstanding

1.6.2019-31.5.2020
Class F-acc
Number of shares outstanding at the beginning of the financial year 166 090.1230
Number of shares issued 63 830.6160
Number of shares redeemed -61 261.9330
Number of shares outstanding at the end of the financial year 168 658.8060
Class (EUR hedged) F-acc
Number of shares outstanding at the beginning of the financial year 16 315.0000
Number of shares issued 17 711.0000
Number of shares redeemed -7 262.0000
Number of shares outstanding at the end of the financial year 26 764.0000
Class I-A1-acc
Number of shares outstanding at the beginning of the financial year 5 668.3210
Number of shares issued 15 447.6860
Number of shares redeemed -6 589.9940
Number of shares outstanding at the end of the financial year 14 526.0130
Class (CHF hedged) I-A1-acc
Number of shares outstanding at the beginning of the financial year 65 985.2290
Number of shares issued 21 339.5770
Number of shares redeemed -21 902.7840
Number of shares outstanding at the end of the financial year 65 422.0220
Class (EUR hedged) I-A1-acc
Number of shares outstanding at the beginning of the financial year 1 516.6180
Number of shares issued 1 432.9420
Number of shares redeemed -399.9020
Number of shares outstanding at the end of the financial year 2 549.6580
Class I-X-acc
Number of shares outstanding at the beginning of the financial year 654 487.4880
Number of shares issued 13 261.1160
Number of shares redeemed -0.1110
Number of shares outstanding at the end of the financial year 667 748.4930
Class (CHF hedged) I-X-acc
Number of shares outstanding at the beginning of the financial year 202 110.6250
Number of shares issued 70 286.9430
Number of shares redeemed -48 285.7020
Number of shares outstanding at the end of the financial year 224 111.8660
Class K-1-acc
Number of shares outstanding at the beginning of the financial year 0.1000
Number of shares issued 1.0000
Number of shares redeemed 0.0000
Number of shares outstanding at the end of the financial year 1.1000
Class (EUR hedged) N-8%-mdist
Number of shares outstanding at the beginning of the financial year 122 827.5950
Number of shares issued 68 401.6730
Number of shares redeemed -54 528.5880
Number of shares outstanding at the end of the financial year 136 700.6800
Class (EUR hedged) N-dist
Number of shares outstanding at the beginning of the financial year 3 674.8700
Number of shares issued 901.4760
Number of shares redeemed -994.6680
Number of shares outstanding at the end of the financial year 3 581.6780
Class P-acc
Number of shares outstanding at the beginning of the financial year 599 012.2090
Number of shares issued 73 812.6530
Number of shares redeemed -149 051.1610
Number of shares outstanding at the end of the financial year 523 773.7010
Class (EUR hedged) P-acc
Number of shares outstanding at the beginning of the financial year 373 455.9260
Number of shares issued 74 834.5040
Number of shares redeemed -126 703.6920
Number of shares outstanding at the end of the financial year 321 586.7380

UBS (Lux) Equity SICAV – Global High Dividend (USD)

Annual report and audited financial statements as of 31 May 2020

The notes are an integral part of the financial statements. 89

Class (CHF hedged) P-dist
Number of shares outstanding at the beginning of the financial year 591 651.5850
Number of shares issued 59 110.0800
Number of shares redeemed -108 981.8990
Number of shares outstanding at the end of the financial year 541 779.7660
Class (EUR hedged) P-dist
Number of shares outstanding at the beginning of the financial year 8 384.1810
Number of shares issued 11 665.9310
Number of shares redeemed -3 014.0640
Number of shares outstanding at the end of the financial year 17 036.0480
Class P-mdist
Number of shares outstanding at the beginning of the financial year 47 910.9220
Number of shares issued 8 348.5090
Number of shares redeemed -17 341.9860
Number of shares outstanding at the end of the financial year 38 917.4450
Class Q-acc
Number of shares outstanding at the beginning of the financial year 223 725.1690
Number of shares issued 82 815.9180
Number of shares redeemed -193 271.1970
Number of shares outstanding at the end of the financial year 113 269.8900
Class (EUR hedged) Q-acc
Number of shares outstanding at the beginning of the financial year 129 186.0480
Number of shares issued 29 689.5060
Number of shares redeemed -53 795.2890
Number of shares outstanding at the end of the financial year 105 080.2650
Class (CHF hedged) Q-dist
Number of shares outstanding at the beginning of the financial year 409 256.7740
Number of shares issued 14 967.4370
Number of shares redeemed -353 209.0860
Number of shares outstanding at the end of the financial year 71 015.1250
Class Q-mdist
Number of shares outstanding at the beginning of the financial year 20 355.4930
Number of shares issued 10 424.2150
Number of shares redeemed -14 867.9090
Number of shares outstanding at the end of the financial year 15 911.7990
Class QL-acc
Number of shares outstanding at the beginning of the financial year 0.0000
Number of shares issued 79 221.2590
Number of shares redeemed -25 096.8310
Number of shares outstanding at the end of the financial year 54 124.4280
Class (EUR hedged) QL-acc
Number of shares outstanding at the beginning of the financial year 0.0000
Number of shares issued 42 444.2080
Number of shares redeemed -9 509.7660
Number of shares outstanding at the end of the financial year 32 934.4420
Class (CHF hedged) QL-dist
Number of shares outstanding at the beginning of the financial year 0.0000
Number of shares issued 300 110.8910
Number of shares redeemed -24 476.7160
Number of shares outstanding at the end of the financial year 275 634.1750
Class QL-mdist
Number of shares outstanding at the beginning of the financial year 0.0000
Number of shares issued 3 750.5300
Number of shares redeemed -230.6340
Number of shares outstanding at the end of the financial year 3 519.8960

Annual Distribution1
UBS (Lux) Equity SICAV – Global High Dividend (USD) Ex-Date Pay-Date Currency Amount per share
(EUR hedged) N-dist 1.8.2019 6.8.2019 EUR 1.29
(CHF hedged) P-dist 1.8.2019 6.8.2019 CHF 2.59
(EUR hedged) P-dist 1.8.2019 6.8.2019 EUR 1.95
(CHF hedged) Q-dist 1.8.2019 6.8.2019 CHF 2.80

Monthly Distribution1
UBS (Lux) Equity SICAV – Global High Dividend (USD) Ex-Date Pay-Date Currency Amount per share
(EUR hedged) N-8%-mdist 11.6.2019 14.6.2019 EUR 0.52
(EUR hedged) N-8%-mdist 10.7.2019 15.7.2019 EUR 0.54
(EUR hedged) N-8%-mdist 12.8.2019 16.8.2019 EUR 0.54
(EUR hedged) N-8%-mdist 10.9.2019 13.9.2019 EUR 0.52
(EUR hedged) N-8%-mdist 10.10.2019 15.10.2019 EUR 0.54
(EUR hedged) N-8%-mdist 11.11.2019 14.11.2019 EUR 0.54
1
See note 5

UBS (Lux) Equity SICAV – Global High Dividend (USD)

Annual report and audited financial statements as of 31 May 2020

90 The notes are an integral part of the financial statements.

UBS (Lux) Equity SICAV – Global High Dividend (USD) Ex-Date Pay-Date Currency Amount per share
(EUR hedged) N-8%-mdist 10.12.2019 13.12.2019 EUR 0.54
(EUR hedged) N-8%-mdist 10.1.2020 15.1.2020 EUR 0.55
(EUR hedged) N-8%-mdist 10.2.2020 13.2.2020 EUR 0.53
(EUR hedged) N-8%-mdist 10.3.2020 13.3.2020 EUR 0.48
(EUR hedged) N-8%-mdist 14.4.2020 17.4.2020 EUR 0.41
(EUR hedged) N-8%-mdist 11.5.2020 14.5.2020 EUR 0.44
P-mdist 17.6.2019 20.6.2019 USD 0.27
P-mdist 15.7.2019 18.7.2019 USD 0.27
P-mdist 16.8.2019 21.8.2019 USD 0.27
P-mdist 16.9.2019 19.9.2019 USD 0.27
P-mdist 15.10.2019 18.10.2019 USD 0.27
P-mdist 15.11.2019 20.11.2019 USD 0.27
P-mdist 16.12.2019 19.12.2019 USD 0.27
P-mdist 15.1.2020 21.1.2020 USD 0.27
P-mdist 17.2.2020 20.2.2020 USD 0.27
P-mdist 16.3.2020 19.3.2020 USD 0.27
P-mdist 15.4.2020 20.4.2020 USD 0.23
P-mdist 15.5.2020 20.5.2020 USD 0.25
Q-mdist 17.6.2019 20.6.2019 USD 0.28
Q-mdist 15.7.2019 18.7.2019 USD 0.28
Q-mdist 30.7.2019 2.8.2019 USD 0.61
Q-mdist 16.8.2019 21.8.2019 USD 0.28
Q-mdist 16.9.2019 19.9.2019 USD 0.28
Q-mdist 15.10.2019 18.10.2019 USD 0.28
Q-mdist 15.11.2019 20.11.2019 USD 0.28
Q-mdist 16.12.2019 19.12.2019 USD 0.28
Q-mdist 15.1.2020 21.1.2020 USD 0.28
Q-mdist 17.2.2020 20.2.2020 USD 0.28
Q-mdist 16.3.2020 19.3.2020 USD 0.28
Q-mdist 15.4.2020 20.4.2020 USD 0.24
Q-mdist 15.5.2020 20.5.2020 USD 0.26
QL-mdist 16.12.2019 19.12.2019 USD 0.42
QL-mdist 15.1.2020 21.1.2020 USD 0.42
QL-mdist 17.2.2020 20.2.2020 USD 0.42
QL-mdist 16.3.2020 19.3.2020 USD 0.42
QL-mdist 15.4.2020 20.4.2020 USD 0.42
QL-mdist 15.5.2020 20.5.2020 USD 0.42

UBS (Lux) Equity SICAV – Global High Dividend (USD)

Annual report and audited financial statements as of 31 May 2020

The notes are an integral part of the financial statements. 91

Statement of Investments in Securities and other Net Assets as of 31 May 2020

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
Bearer shares

Australia
AUD CMNWLTH BK OF AUST NPV 127 798.00 5 408 059.91 1.04
AUD WESFARMERS LTD NPV 197 487.00 5 292 178.82 1.01
Total Australia 10 700 238.73 2.05

China
CNY ANHUI CONCH CEMENT ‘A’CNY1 609 515.00 4 845 002.80 0.93
HKD BANK OF CHINA LTD ‘H’HKD1 13 322 000.00 4 864 051.09 0.93
HKD CHINA CONST BK ‘H’CNY1 6 305 000.00 4 953 870.47 0.95
CNY GREE ELEC APPLICAN ‘A’CNY1 638 900.00 5 091 100.26 0.97
CNY HUAXIN CEMENT CO ‘A’CNY1 1 359 608.00 4 728 260.58 0.91
HKD INDUSTRIAL & COM B ‘H’CNY1 7 779 000.00 5 018 062.19 0.96
CNY POLY DEVELOPMENTS AND HOLDINGS GROUP CO LTD ‘A’CNY1 2 401 998.00 4 827 123.16 0.92
Total China 34 327 470.55 6.57

France
EUR L’OREAL EUR0.20 18 807.00 5 478 939.22 1.05
EUR ORANGE EUR4 433 993.00 5 235 446.68 1.00
EUR SANOFI EUR2 51 623.00 5 026 221.54 0.96
EUR SCHNEIDER ELECTRIC EUR8 53 339.00 5 294 755.25 1.02
EUR TOTAL EUR2.5 137 241.00 5 133 193.39 0.98
Total France 26 168 556.08 5.01

Hong Kong
HKD CHINA MOBILE LTD NPV 684 500.00 4 777 635.14 0.91
Total Hong Kong 4 777 635.14 0.91

Ireland
USD SEAGATE TECH PLC COM USD0.00001 101 794.00 5 399 153.76 1.03
Total Ireland 5 399 153.76 1.03

South Korea
KRW SAMSUNG ELECTRONIC KRW100 125 714.00 5 146 513.38 0.99
Total South Korea 5 146 513.38 0.99

Spain
EUR ENDESA SA EUR1.2 232 708.00 5 526 506.08 1.06
EUR IBERDROLA SA EUR0.75 (POST SUBDIVISION) 519 786.00 5 601 446.18 1.07
EUR INDITEX EUR0.03 (POST SUBD) 194 712.00 5 425 526.73 1.04
Total Spain 16 553 478.99 3.17

Switzerland
CHF SWISS RE AG CHF0.10 77 824.00 5 275 214.82 1.01
Total Switzerland 5 275 214.82 1.01

Taiwan
TWD HON HAI PRECISION TWD10 2 010 000.00 5 074 371.34 0.97
TWD TAIWAN SEMICON MAN TWD10 505 000.00 4 911 240.62 0.94
Total Taiwan 9 985 611.96 1.91

United Kingdom
GBP BRIT AMER TOBACCO ORD GBP0.25 129 344.00 5 100 265.25 0.98
GBP SSE PLC ORD GBP0.50 323 767.00 4 969 391.06 0.95
Total United Kingdom 10 069 656.31 1.93

United States
USD BLACKROCK INC COM STK USD0.01 10 106.00 5 342 435.84 1.02
USD COCA-COLA CO COM USD0.25 110 028.00 5 136 107.04 0.98
USD DOMINION ENERGY IN COM STK NPV 61 540.00 5 231 515.40 1.00
USD DUKE ENERGY CORP COM USD0.001 (POST REV SPLT 57 861.00 4 954 637.43 0.95
USD EQUITY RESIDENTIAL SBI USD0.01 82 900.00 5 020 424.00 0.96
USD FASTENAL COM USD0.01 126 553.00 5 221 576.78 1.00
USD JOHNSON & JOHNSON COM USD1 34 319.00 5 104 951.25 0.98
USD LYONDELLBASELL IND COM USD0.01 82 002.00 5 228 447.52 1.00
USD MAXIM INTEGRATED COM USD0.001 90 998.00 5 248 764.64 1.01
USD PEPSICO INC CAP USD0.016666 38 051.00 5 005 609.05 0.96
USD PHILIP MORRIS INTL COM STK NPV ‘WI’ 70 327.00 5 159 188.72 0.99
USD PROGRESSIVE CP(OH) COM USD1 66 309.00 5 150 883.12 0.99
USD PUBLIC STORAGE COM USD0.10 25 800.00 5 230 692.00 1.00
USD REALTY INCOME CORP 91 200.00 5 044 272.00 0.97
USD SOUTHERN CO COM 90 776.00 5 180 586.32 0.99
Total United States 77 260 091.11 14.80

Total Bearer shares 205 663 620.83 39.38

Other shares

Switzerland
CHF ROCHE HLDGS AG GENUSSCHEINE NPV 14 115.00 4 888 165.40 0.94
Total Switzerland 4 888 165.40 0.94

Total Other shares 4 888 165.40 0.94

UBS (Lux) Equity SICAV – Global High Dividend (USD)

Annual report and audited financial statements as of 31 May 2020

92 The notes are an integral part of the financial statements.

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

Preference shares

Brazil
BRL ITAUSA INV ITAU SA PRF NPV 3 089 900.00 5 040 694.15 0.97
Total Brazil 5 040 694.15 0.97

Total Preference shares 5 040 694.15 0.97

Registered shares

Australia
GBP BHP GROUP PLC ORD USD0.50 262 233.00 5 126 229.18 0.98
Total Australia 5 126 229.18 0.98

Canada
CAD BCE INC COM NEW 122 422.00 5 068 883.71 0.97
CAD ENBRIDGE INC COM NPV 158 114.00 5 122 518.39 0.98
Total Canada 10 191 402.10 1.95

Denmark
DKK NOVO-NORDISK AS DKK0.2 SER’B’ 78 931.00 5 138 813.67 0.98
Total Denmark 5 138 813.67 0.98

Germany
EUR ALLIANZ SE NPV(REGD)(VINKULIERT) 29 257.00 5 298 817.98 1.01
EUR MUENCHENER RUECKVE NPV(REGD) 23 572.00 5 364 676.29 1.03
Total Germany 10 663 494.27 2.04

Ireland
USD ACCENTURE PLC SHS CL A ‘NEW’ 25 481.00 5 137 479.22 0.98
USD EATON CORP PLC COM USD0.01 63 000.00 5 348 700.00 1.03
Total Ireland 10 486 179.22 2.01

Japan
JPY BRIDGESTONE CORP NPV 158 400.00 5 259 171.16 1.01
JPY CANON INC NPV 242 500.00 4 994 732.48 0.96
JPY ITOCHU CORP NPV 241 500.00 5 178 122.29 0.99
JPY KDDI CORP NPV 168 100.00 4 893 132.26 0.94
JPY MITSUI & CO NPV 347 600.00 5 276 834.87 1.01
JPY NIPPON TEL&TEL CP NPV 220 000.00 4 990 764.42 0.95
JPY NTT DOCOMO NPV 179 200.00 4 909 349.83 0.94
JPY SOFTBANK CORP NPV 403 700.00 5 118 617.02 0.98
JPY SUMITOMO MITSUI FG NPV 186 900.00 5 410 879.52 1.04
JPY TOKIO MARINE HLDG NPV 120 300.00 5 212 423.12 1.00
JPY TOYOTA MOTOR CORP NPV 84 700.00 5 310 702.23 1.02
Total Japan 56 554 729.20 10.84

Switzerland
CHF LAFARGEHOLCIM LTD CHF2 (REGD) 131 345.00 5 433 174.04 1.04
CHF SWISSCOM AG CHF1(REGD) 9 514.00 4 949 617.15 0.95
CHF ZURICH INSURANCE GRP CHF0.10 16 446.00 5 298 258.56 1.01
Total Switzerland 15 681 049.75 3.00

United Kingdom
GBP ANGLO AMERICAN USD0.54945 258 959.00 5 444 488.10 1.04
GBP GLAXOSMITHKLINE ORD GBP0.25 237 512.00 4 909 008.08 0.94
GBP RIO TINTO ORD GBP0.10 95 358.00 5 084 642.94 0.98
Total United Kingdom 15 438 139.12 2.96

United States
USD ABBVIE INC COM USD0.01 56 896.00 5 272 552.32 1.01
USD AIR PRODS & CHEMS COM USD1 21 726.00 5 250 087.90 1.01
USD ALTRIA GROUP INC COM USD0.333333 127 530.00 4 980 046.50 0.95
USD ANALOG DEVICES INC COM 42 828.00 4 837 422.60 0.93
USD ARCHER DANIELS MIDLAND CO COM 140 039.00 5 504 933.09 1.05
USD AT&T INC COM USD1 164 356.00 5 072 026.16 0.97
USD AUTO DATA PROCESS COM USD0.10 36 583.00 5 359 043.67 1.03
USD BEST BUY CO INC COM USD0.10 61 837.00 4 828 851.33 0.92
USD BROADCOM CORP COM USD1.00 17 193.00 5 007 805.11 0.96
USD CHEVRON CORP COM USD0.75 55 952.00 5 130 798.40 0.98
USD CISCO SYSTEMS COM USD0.001 110 347.00 5 276 793.54 1.01
USD CONSOLIDATED EDISON INC COM 70 598.00 5 299 085.88 1.01
USD CUMMINS INC COM 31 736.00 5 382 425.60 1.03
USD GENERAL MLS INC COM 84 641.00 5 335 768.64 1.02
USD GILEAD SCIENCES COM USD0.001 67 556.00 5 257 883.48 1.01
USD HORMEL FOODS CORP COM USD0.0586 103 291.00 5 043 699.53 0.97
USD INTEL CORP COM USD0.001 76 404.00 4 808 103.72 0.92
USD INTL BUSINESS MCHN COM USD0.20 41 850.00 5 227 065.00 1.00
USD KINDER MORGAN INC USD0.01 334 183.00 5 280 091.40 1.01
USD MERCK & CO INC COM USD0.50 64 876.00 5 236 790.72 1.00
USD METLIFE INC COM USD0.01 148 607.00 5 351 338.07 1.02
USD PAYCHEX INC COM 73 212.00 5 291 763.36 1.01
USD PFIZER INC COM USD0.05 130 953.00 5 001 095.07 0.96
USD PPL CORP COM USD0.01 196 455.00 5 488 952.70 1.05
USD PRINCIPAL FINL GP COM USD0.01 128 798.00 4 974 178.76 0.95
USD PRUDENTIAL FINL COM USD0.01 84 702.00 5 163 433.92 0.99
USD QUALCOMM INC COM USD0.0001 60 439.00 4 888 306.32 0.94
USD T ROWE PRICE GROUP COM USD0.20 43 050.00 5 204 745.00 1.00

UBS (Lux) Equity SICAV – Global High Dividend (USD)

Annual report and audited financial statements as of 31 May 2020

The notes are an integral part of the financial statements. 93

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

USD TARGET CORP COM STK USD0.0833 40 484.00 4 952 407.72 0.95
USD TEXAS INSTRUMENTS COM USD1 42 161.00 5 006 197.14 0.96
USD VERIZON COMMUN COM USD0.10 91 582.00 5 254 975.16 1.01
USD WALMART INC COM USD0.10 37 557.00 4 659 321.42 0.89
USD WELLS FARGO & CO COM USD1 2/3 198 815.00 5 262 633.05 1.01
Total United States 169 890 622.28 32.53

Total Registered shares 299 170 658.79 57.29

Total Transferable securities and money market instruments listed on an official

stock exchange 514 763 139.17 98.58

Total investments in securities 514 763 139.17 98.58

Forward Foreign Exchange contracts

Forward Foreign Exchange contracts (Purchase/Sale)

USD 20 663 462.51 TWD 614 800 000.00 15.6.2020 172 519.75 0.03
USD 30 377 994.80 CNY 216 185 000.00 15.6.2020 145 924.44 0.03
TWD 164 000 000.00 USD 5 499 480.23 15.6.2020 -33 451.26 -0.01
USD 4 032 523.14 BRL 23 310 000.00 15.6.2020 -257 894.51 -0.05
CNY 4 610 000.00 USD 648 957.59 15.6.2020 -4 278.98 0.00
USD 29 310 076.58 GBP 23 865 000.00 15.6.2020 -195 714.40 -0.04
USD 9 221 059.41 AUD 14 210 000.00 15.6.2020 -211 645.17 -0.04
USD 54 449 847.68 JPY 5 824 100 000.00 15.6.2020 381 774.44 0.07
USD 10 408 834.67 CAD 14 615 000.00 15.6.2020 -164 945.75 -0.03
USD 4 024 230.35 DKK 27 660 000.00 15.6.2020 -104 697.12 -0.02
USD 24 594 279.48 CHF 23 845 000.00 15.6.2020 -235 468.31 -0.04
CHF 140 780 900.00 USD 145 204 646.68 15.6.2020 1 390 205.08 0.27
USD 61 287 409.18 EUR 56 515 000.00 15.6.2020 -1 592 589.85 -0.30
EUR 79 666 800.00 USD 86 394 262.93 15.6.2020 2 245 006.41 0.43
USD 693 003.30 EUR 637 500.00 15.6.2020 -16 295.11 0.00
USD 3 986 070.81 CHF 3 875 500.00 15.6.2020 -49 479.10 -0.01
USD 854 736.97 EUR 790 800.00 15.6.2020 -25 126.84 0.00
EUR 3 400 000.00 USD 3 674 937.60 15.6.2020 107 987.23 0.02
USD 3 273 532.29 EUR 3 020 700.00 15.6.2020 -87 373.90 -0.02
USD 490 183.15 EUR 447 700.00 15.6.2020 -7 939.04 0.00
CHF 2 835 700.00 USD 2 938 737.42 15.6.2020 14 070.96 0.00
EUR 1 667 200.00 USD 1 833 648.25 15.6.2020 21 320.07 0.00
TWD 18 200 000.00 USD 609 409.01 15.6.2020 -2 813.11 0.00
USD 2 704 697.04 GBP 2 220 000.00 15.6.2020 -40 027.70 -0.01
USD 407 418.20 CHF 395 500.00 15.6.2020 -4 415.11 0.00
USD 462 497.96 EUR 424 400.00 15.6.2020 -9 700.07 0.00
USD 5 023 758.27 KRW 6 185 000 000.00 15.6.2020 24 969.28 0.00
CAD 760 000.00 USD 550 557.87 15.6.2020 -706.82 0.00
EUR 6 525 000.00 USD 7 169 741.78 15.6.2020 90 136.02 0.02
GBP 2 015 000.00 USD 2 490 344.55 15.6.2020 925.88 0.00
USD 1 703 916.40 JPY 183 300 000.00 15.6.2020 2 249.56 0.00
USD 10 010 507.88 CNY 71 450 000.00 15.6.2020 18 688.71 0.00
CHF 4 993 400.00 USD 5 167 713.17 15.6.2020 31 903.63 0.01
EUR 2 397 300.00 USD 2 649 234.89 15.6.2020 18 060.90 0.00
Total Forward Foreign Exchange contracts (Purchase/Sale) 1 621 180.21 0.31

Cash at banks, deposits on demand and deposit accounts and other liquid assets 6 376 891.46 1.22
Bank overdraft and other short-term liabilities -3 332 363.52 -0.64
Other assets and liabilities 2 770 304.47 0.53
Total net assets 522 199 151.79 100.00

UBS (Lux) Equity SICAV – Global High Dividend (USD)

Annual report and audited financial statements as of 31 May 2020

94 The notes are an integral part of the financial statements.

UBS (Lux) Equity SICAV – Global Impact (USD)

Three-year comparison

ISIN 31.5.2020 31.5.2019 31.5.2018

Net assets in USD 66 594 475.79 92 712 397.12 9 734 574.40
Class (EUR hedged) I-A2-acc1 LU1941812213
Shares outstanding - 125 384.6010 -
Net asset value per share in EUR - 96.90 -
Issue and redemption price per share in EUR2 - 96.90 -
Class P-acc LU1679116845
Shares outstanding 15 822.2060 19 563.8800 10 270.3620
Net asset value per share in USD 96.19 94.70 102.71
Issue and redemption price per share in USD2 96.19 94.70 102.71
Class (EUR hedged) P-acc LU1679117579
Shares outstanding 494 941.4730 586 715.8010 18 613.4470
Net asset value per share in EUR 89.06 90.35 100.92
Issue and redemption price per share in EUR2 89.06 90.35 100.92
Class Q-acc LU1679117140
Shares outstanding 14 733.2760 19 206.4450 10 400.0000
Net asset value per share in USD 97.98 95.78 103.16
Issue and redemption price per share in USD2 97.98 95.78 103.16
Class (EUR hedged) Q-acc LU1679117819
Shares outstanding 76 803.6180 92 868.5290 12 000.0000
Net asset value per share in EUR 90.71 91.38 101.36
Issue and redemption price per share in EUR2 90.71 91.38 101.36
Class (EUR hedged) Q-dist LU1815428377
Shares outstanding 71 050.9390 71 050.9390 35 000.0000
Net asset value per share in EUR 86.63 87.85 97.76
Issue and redemption price per share in EUR2 86.63 87.85 97.76
1
For the period from 13.2.2019 to 14.6.2019 the share class (EUR hedged) I-A2-acc was in circulation
2
See note 1

Performance

Currency 2019/2020 2018/2019 2017/2018

Class (EUR hedged) I-A2-acc1 EUR - - -
Class P-acc USD 1.6% -7.8% -
Class (EUR hedged) P-acc EUR -1.4% -10.5% -
Class Q-acc USD 2.3% -7.2% -
Class (EUR hedged) Q-acc EUR -0.7% -9.8% -
Class (EUR hedged) Q-dist EUR -0.7% -9.8% -
1
For the period from 13.2.2019 to 14.6.2019 the share class (EUR hedged) I-A2-acc was in circulation. Due to this fact, there is no data for the calculation of the performance available.

Historical performance is no indicator of current or future performance.

The performance data does not take account of any commissions and costs charged when subscribing and redeeming shares.
The performance data were not audited.
The subfund has no benchmark.

UBS (Lux) Equity SICAV – Global Impact (USD)

Annual report and audited financial statements as of 31 May 2020

95
Report of the Portfolio Manager Structure of the Securities Portfolio
Geographical Breakdown as a % of net assets
Global Equity markets posted a positive performance United States 39.89
during the financial year from 1 June 2019 to 31 May Japan 8.00
Germany 6.54
2020. Volatility was elevated, with trade war uncertain- United Kingdom 5.52
ties and since the year end we have seen the devel- Denmark 4.72
Hong Kong 3.87
opment of the Covid-19 outbreak initially in China and Ireland 3.67
now reaching most continents. At present it is not pos- China 2.99
Italy 2.54
sible to assess the detailed impact of the emerging risk The Netherlands 2.44
on the companies in our portfolio but there is growing Norway 2.24
Switzerland 2.06
concern about the impact on the world economy. There Austria 1.81
has been a significant correction in the financial markets Mexico 1.61
Thailand 1.55
in the last few weeks. The Board and the Manager con- Indonesia 1.53
tinue to watch the efforts of governments to contain the Spain 1.34
Australia 1.33
spread of the virus and monitor the economic impact, if New Zealand 1.10
any, on the companies in our portfolio. Total 94.75

The subfund posted a positive performance for non- Economic Breakdown as a % of net assets
hedged share classes in the financial year. Allocation to Pharmaceuticals, cosmetics & medical products 13.79
sectors, notably the positioning in Healthcare and Finan- Electronics & semiconductors 12.85
Finance & holding companies 7.39
cials, contributed positively. However, stock selection Biotechnology 7.39
Banks & credit institutions 6.50
within these two sectors detracted. Stock selection in Food & soft drinks 5.72
Industrials contributed positively. The largest individual Telecommunications 5.02
Vehicles 4.59
stock detractors were Emerging Markets banks. Top Traffic & transportation 3.59
contributors to performance include companies involved Environmental services & recycling 2.96
Building industry & materials 2.86
in drug discoveries, education and data centers infra- Real Estate 2.65
structure. Chemicals 2.50
Retail trade, department stores 2.44
Petroleum 2.24
Internet, software & IT services 2.14
Rubber & tyres 1.85
Miscellaneous consumer goods 1.84
Mechanical engineering & industrial equipment 1.70
Miscellaneous unclassified companies 1.55
Energy & water supply 1.44
Healthcare & social services 1.25
Investment funds 0.49
Total 94.75

UBS (Lux) Equity SICAV – Global Impact (USD)

Annual report and audited financial statements as of 31 May 2020

96
Statement of Net Assets
USD
Assets 31.5.2020
Investments in securities, cost 65 362 924.68
Investments in securities, unrealized appreciation (depreciation) -2 264 686.47
Total investments in securities (Note 1) 63 098 238.21
Cash at banks, deposits on demand and deposit accounts 1 644 841.13
Receivable on subscriptions 1 630.44
Receivable on dividends 186 129.45
Other receivables 100 167.58
Unrealized gain (loss) on forward foreign exchange contracts (Note 1) 1 724 621.53
Total Assets 66 755 628.34

Liabilities
Payable on securities purchases (Note 1) -757.05
Payable on redemptions -107 258.10
Other liabilities -2 106.57
Provisions for flat fee (Note 2) -34 903.60
Provisions for taxe d’abonnement (Note 3) -5 397.08
Provisions for other commissions and fees (Note 2) -10 730.15
Total provisions -51 030.83
Total Liabilities -161 152.55

Net assets at the end of the financial year 66 594 475.79

Statement of Operations
USD
Income 1.6.2019-31.5.2020
Interest on liquid assets 20 559.44
Dividends 1 245 641.95
Income on securities lending (Note 16) 42 455.45
Other income (Note 4) 24 716.13
Total income 1 333 372.97

Expenses
Flat fee (Note 2) -1 024 996.51
Taxe d’abonnement (Note 3) -36 297.93
Cost on securities lending (Note 16) -16 982.18
Other commissions and fees (Note 2) -10 679.90
Interest on cash and bank overdraft -671.26
Total expenses -1 089 627.78

Net income (loss) on investments 243 745.19

Realized gain (loss) (Note 1)

Realized gain (loss) on market-priced securities without options -36 226.01
Realized gain (loss) on forward foreign exchange contracts -4 253 801.59
Realized gain (loss) on foreign exchange 780 840.15
Total realized gain (loss) -3 509 187.45

Net realized gain (loss) of the financial year -3 265 442.26

Changes in unrealized appreciation (depreciation) (Note 1)

Unrealized appreciation (depreciation) on market-priced securities without options 1 376 175.42
Unrealized appreciation (depreciation) on forward foreign exchange contracts 1 722 242.71
Total changes in unrealized appreciation (depreciation) 3 098 418.13

Net increase (decrease) in net assets as a result of operations -167 024.13

UBS (Lux) Equity SICAV – Global Impact (USD)

Annual report and audited financial statements as of 31 May 2020

The notes are an integral part of the financial statements. 97

Statement of Changes in Net Assets
USD
1.6.2019-31.5.2020
Net assets at the beginning of the financial year 92 712 397.12
Subscriptions 6 063 476.41
Redemptions -31 967 230.60
Total net subscriptions (redemptions) -25 903 754.19
Dividend paid -47 143.01
Net income (loss) on investments 243 745.19
Total realized gain (loss) -3 509 187.45
Total changes in unrealized appreciation (depreciation) 3 098 418.13
Net increase (decrease) in net assets as a result of operations -167 024.13
Net assets at the end of the financial year 66 594 475.79

Changes in the Number of Shares outstanding

1.6.2019-31.5.2020
Class (EUR hedged) I-A2-acc
Number of shares outstanding at the beginning of the financial year 125 384.6010
Number of shares issued 0.0000
Number of shares redeemed -125 384.6010
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 19 563.8800
Number of shares issued 1 403.6570
Number of shares redeemed -5 145.3310
Number of shares outstanding at the end of the financial year 15 822.2060
Class (EUR hedged) P-acc
Number of shares outstanding at the beginning of the financial year 586 715.8010
Number of shares issued 11 868.8930
Number of shares redeemed -103 643.2210
Number of shares outstanding at the end of the financial year 494 941.4730
Class Q-acc
Number of shares outstanding at the beginning of the financial year 19 206.4450
Number of shares issued 36 178.0000
Number of shares redeemed -40 651.1690
Number of shares outstanding at the end of the financial year 14 733.2760
Class (EUR hedged) Q-acc
Number of shares outstanding at the beginning of the financial year 92 868.5290
Number of shares issued 9 759.4870
Number of shares redeemed -25 824.3980
Number of shares outstanding at the end of the financial year 76 803.6180
Class (EUR hedged) Q-dist
Number of shares outstanding at the beginning of the financial year 71 050.9390
Number of shares issued 0.0000
Number of shares redeemed 0.0000
Number of shares outstanding at the end of the financial year 71 050.9390

Annual Distribution1
UBS (Lux) Equity SICAV – Global Impact (USD) Ex-Date Pay-Date Currency Amount per share
(EUR hedged) Q-dist 1.8.2019 6.8.2019 EUR 0.60
1
See note 5

UBS (Lux) Equity SICAV – Global Impact (USD)

Annual report and audited financial statements as of 31 May 2020

98 The notes are an integral part of the financial statements.

Statement of Investments in Securities and other Net Assets as of 31 May 2020

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
Bearer shares

Australia
AUD SIMS LTD NPV 171 082.00 883 529.72 1.33
Total Australia 883 529.72 1.33

Austria
EUR ERSTE GROUP BK AG NPV 54 935.00 1 207 778.82 1.81
Total Austria 1 207 778.82 1.81

China
HKD CHINA SUNTIEN GREEN ENERGY-H 4 371 000.00 958 676.30 1.44
Total China 958 676.30 1.44

Denmark
DKK GENMAB AS DKK1 (BEARER) 5 533.00 1 701 013.33 2.55
Total Denmark 1 701 013.33 2.55

Germany
EUR CONTINENTAL AG ORD NPV 12 503.00 1 229 998.06 1.85
Total Germany 1 229 998.06 1.85

Hong Kong
HKD CHINA MENGNIU DAIR HKD0.1 259 000.00 925 596.70 1.39
HKD CHINA MOBILE LTD NPV 237 000.00 1 654 199.46 2.48
Total Hong Kong 2 579 796.16 3.87

Indonesia
IDR BK MANDIRI IDR250 3 320 300.00 1 015 860.77 1.53
Total Indonesia 1 015 860.77 1.53

Mexico
MXN GRUPO FINANCIERO BANORTE SAB DE CV COM SER’O’NPV 353 430.00 1 074 036.87 1.61
Total Mexico 1 074 036.87 1.61

The Netherlands
EUR KONINKLIJKE AHOLD EUR0.01 63 990.00 1 623 599.30 2.44
Total The Netherlands 1 623 599.30 2.44

New Zealand
NZD FISHER & PAYKEL HE NPV 39 631.00 735 754.07 1.10
Total New Zealand 735 754.07 1.10

Thailand
THB KASIKORNBANK PLC THB10 (ALIEN MKT) 337 500.00 1 031 809.96 1.55
Total Thailand 1 031 809.96 1.55

United Kingdom
USD LIVANOVA PLC ORD GBP1.00 (DI) 15 516.00 829 950.84 1.25
GBP SPECTRIS ORD GBP0.05 27 515.00 872 190.61 1.31
Total United Kingdom 1 702 141.45 2.56

United States
USD DIGITAL REALTY TRU COM STK USD0.01 12 270.00 1 761 481.20 2.64
USD ECOLAB INC COM 7 818.00 1 661 950.44 2.50
USD INCYTE CORPORATION COM USD0.001 22 863.00 2 329 968.33 3.50
USD IPG PHOTONICS CORP COM USD0.0001 11 067.00 1 719 811.80 2.58
USD IRONWOOD PHARMACEU COM CL A USD0.001 135 925.00 1 322 550.25 1.99
USD TRIMBLE INC COM NPV 46 678.00 1 826 043.36 2.74
USD UNIVERSAL DISPLAY COM USD0.01 7 935.00 1 163 271.00 1.75
USD VMWARE INC COM STK USD0.01 CLASS ‘A’ 9 138.00 1 427 995.26 2.14
Total United States 13 213 071.64 19.84

Total Bearer shares 28 957 066.45 43.48

Preference shares

Germany
EUR HENKEL AG&CO. KGAA NON-VTG PRF NPV 13 706.00 1 223 938.37 1.84
Total Germany 1 223 938.37 1.84

Total Preference shares 1 223 938.37 1.84

Registered shares

Denmark
DKK H.LUNDBECK A/S DKK5 37 643.00 1 446 014.33 2.17
Total Denmark 1 446 014.33 2.17

Germany
EUR INFINEON TECHNOLOG AG NPV (REGD) 90 595.00 1 900 182.25 2.85
Total Germany 1 900 182.25 2.85

UBS (Lux) Equity SICAV – Global Impact (USD)

Annual report and audited financial statements as of 31 May 2020

The notes are an integral part of the financial statements. 99

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

Ireland
USD APTIV PLC COM USD0.01 17 917.00 1 350 045.95 2.03
EUR KINGSPAN GROUP ORD EUR0.13(DUBLIN LISTING) 12 385.00 765 282.06 1.15
Total Ireland 2 115 328.01 3.18

Italy
EUR PRYSMIAN SPA EUR0.10 79 392.00 1 690 727.33 2.54
Total Italy 1 690 727.33 2.54

Japan
JPY SUMITOMO MITSUI FG NPV 54 600.00 1 580 706.38 2.38
JPY TAKEDA PHARMACEUTI NPV 65 090.00 2 532 066.57 3.80
JPY WEST JAPAN RAILWAY NPV 18 800.00 1 212 965.16 1.82
Total Japan 5 325 738.11 8.00

Norway
NOK EQUINOR ASA NOK2.50 102 837.00 1 493 335.24 2.24
Total Norway 1 493 335.24 2.24

Switzerland
CHF ALCON AG CHF0.04 21 285.00 1 370 995.94 2.06
Total Switzerland 1 370 995.94 2.06

United Kingdom
USD LINDE PLC COM EUR0.001 9 745.00 1 971 803.30 2.96
Total United Kingdom 1 971 803.30 2.96

United States
USD ABBOTT LABS COM 14 430.00 1 369 695.60 2.06
USD AGCO CORP COM USD0.01 20 555.00 1 135 252.65 1.70
USD BUNGE LIMITED COM USD0.01 20 536.00 801 314.72 1.20
USD CONAGRA BRANDS IN COM USD5 59 916.00 2 084 477.64 3.13
USD ELANCO ANIMAL HEAL COM NPV 45 657.00 977 516.37 1.47
USD LAB CORP AMER HLDG COM USD0.1 4 564.00 800 160.48 1.20
USD LKQ CORP COM 62 065.00 1 704 304.90 2.56
USD LYFT INC COM USD0.00001 CLASS A 37 631.00 1 176 345.06 1.77
USD MASCO CORP COM 24 403.00 1 138 399.95 1.71
USD MICRON TECHNOLOGY COM USD0.10 22 476.00 1 076 825.16 1.62
USD STERICYCLE INC COM 19 832.00 1 087 388.56 1.63
Total United States 13 351 681.09 20.05

Total Registered shares 30 665 805.60 46.05

Depository receipts

China
USD NEW ORIENTAL ED & TECH GRP INC SPON ADR 8 623.00 1 034 415.08 1.55
Total China 1 034 415.08 1.55

Spain
USD GRIFOLS SA SPON ADR EA REPR 1 ORD 47 100.00 891 603.00 1.34
Total Spain 891 603.00 1.34

Total Depository receipts 1 926 018.08 2.89

Total Transferable securities and money market instruments listed on an official

stock exchange 62 772 828.50 94.26

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 SPDR ETFS EUROPE I PLC - SPDR MSCI ACWI ETF 2 473.00 325 409.71 0.49
Total Ireland 325 409.71 0.49

Total Investment funds, open end 325 409.71 0.49

Total UCITS/Other UCIs in accordance with Article 41 (1) e) of the amended Luxembourg law of 17 December 2010 325 409.71 0.49

Total investments in securities 63 098 238.21 94.75

Forward Foreign Exchange contracts

Forward Foreign Exchange contracts (Purchase/Sale)

EUR 52 543 000.00 USD 56 788 211.69 23.6.2020 1 681 898.00 2.53
EUR 1 804 200.00 USD 1 984 652.48 23.6.2020 23 070.18 0.03
USD 72 067.06 EUR 65 600.00 23.6.2020 -932.94 0.00
USD 118 958.11 EUR 109 100.00 23.6.2020 -2 448.91 0.00
EUR 2 015 300.00 USD 2 219 534.53 23.6.2020 23 101.25 0.03
USD 71 709.87 EUR 64 500.00 23.6.2020 -66.05 0.00
Total Forward Foreign Exchange contracts (Purchase/Sale) 1 724 621.53 2.59

Cash at banks, deposits on demand and deposit accounts and other liquid assets 1 644 841.13 2.47
Other assets and liabilities 126 774.92 0.19
Total net assets 66 594 475.79 100.00

UBS (Lux) Equity SICAV – Global Impact (USD)

Annual report and audited financial statements as of 31 May 2020

100 The notes are an integral part of the financial statements.

UBS (Lux) Equity SICAV – Global Income (USD)

Three-year comparison

ISIN 31.5.2020 31.5.2019 31.5.2018

Net assets in USD 759 488 578.62 929 172 597.46 1 113 314 407.72
Class F-acc1 LU1289529007
Shares outstanding - - 5 339.0000
Net asset value per share in USD - - 127.81
Issue and redemption price per share in USD2 - - 127.64
Class (CHF hedged) F-acc LU1289529189
Shares outstanding 6 404.3420 5 924.2670 31 512.9450
Net asset value per share in CHF 110.76 119.12 120.73
Issue and redemption price per share in CHF2 110.76 119.12 120.57
Class (EUR hedged) F-acc3 LU1308715694
Shares outstanding - 10 256.8940 10 129.9640
Net asset value per share in EUR - 113.53 114.68
Issue and redemption price per share in EUR2 - 113.53 114.53
Class F-dist4 LU2110954315
Shares outstanding 161 420.0000 - -
Net asset value per share in USD 85.51 - -
Issue and redemption price per share in USD2 85.51 - -
Class I-A1-8%-mdist LU1511577857
Shares outstanding 302 318.0530 302 318.0530 249 171.7950
Net asset value per share in USD 80.18 90.51 96.22
Issue and redemption price per share in USD2 80.18 90.51 96.09
Class I-A1-acc LU1468494312
Shares outstanding 20 622.2170 141 717.2770 107 027.7110
Net asset value per share in USD 109.12 113.78 111.69
Issue and redemption price per share in USD2 109.12 113.78 111.54
Class (GBP hedged) I-A1-UKdist5 LU1966677178
Shares outstanding 84 679.6490 - -
Net asset value per share in GBP 88.19 - -
Issue and redemption price per share in GBP2 88.19 - -
Class I-A2-8%-mdist LU1479460237
Shares outstanding 511 681.2380 715 081.3030 915 081.3030
Net asset value per share in USD 81.71 92.19 97.95
Issue and redemption price per share in USD2 81.71 92.19 97.82
Class (EUR) I-A2-acc6 LU1163232496
Shares outstanding - 4 831.3230 30 747.6990
Net asset value per share in EUR - 124.08 116.17
Issue and redemption price per share in EUR2 - 124.08 116.02
Class (EUR hedged) I-A2-acc LU1163232223
Shares outstanding 17 310.6210 125 813.8330 301 619.8400
Net asset value per share in EUR 104.94 112.59 113.79
Issue and redemption price per share in EUR2 104.94 112.59 113.64
Class I-B-acc LU1131112242
Shares outstanding 32 828.5200 33 719.4240 35 454.6050
Net asset value per share in USD 123.07 127.48 124.30
Issue and redemption price per share in USD2 123.07 127.48 124.14
Class (GBP hedged) I-B-UKdist-mdist LU1059394772
Shares outstanding 628 331.6710 624 084.0220 502 233.1220
Net asset value per share in GBP 71.47 83.77 90.73
Issue and redemption price per share in GBP2 71.47 83.77 90.61
Class I-X-acc LU1065469329
Shares outstanding 61 432.1330 57 592.5280 50 115.6560
Net asset value per share in USD 123.09 127.42 124.16
Issue and redemption price per share in USD2 123.09 127.42 124.00
Class (EUR hedged) I-X-acc LU1554280666
Shares outstanding 68 393.0270 67 076.8780 515 834.5980
Net asset value per share in EUR 96.17 102.46 102.83
Issue and redemption price per share in EUR2 96.17 102.46 102.70
Class I-X-UKdist LU1336832164
Shares outstanding 120 510.0750 104 230.8770 102 776.3760
Net asset value per share in USD 91.38 103.12 107.96
Issue and redemption price per share in USD2 91.38 103.12 107.82

UBS (Lux) Equity SICAV – Global Income (USD)

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101
 ISIN 31.5.2020 31.5.2019 31.5.2018

Class (EUR hedged) K-1-acc LU1032914704

Shares outstanding 0.8000 0.8000 0.7000
Net asset value per share in EUR 3 054 194.01 3 294 900.14 3 348 042.19
Issue and redemption price per share in EUR2 3 054 194.01 3 294 900.14 3 343 689.74
Class K-1-dist LU1032914613
Shares outstanding 2.8000 1.4000 0.4000
Net asset value per share in USD 4 382 232.04 4 952 618.19 5 178 989.98
Issue and redemption price per share in USD2 4 382 232.04 4 952 618.19 5 172 257.29
Class (EUR hedged) K-1-dist LU1032914886
Shares outstanding 0.8000 0.8000 0.8000
Net asset value per share in EUR 2 287 071.83 2 666 405.24 2 875 295.61
Issue and redemption price per share in EUR2 2 287 071.83 2 666 405.24 2 871 557.73
Class K-X-acc LU1525460769
Shares outstanding 105 478.0910 100 645.8910 100 645.8910
Net asset value per share in USD 112.83 116.85 113.90
Issue and redemption price per share in USD2 112.83 116.85 113.75
Class (EUR hedged) K-X-acc7 LU1776548098
Shares outstanding 44 891.0120 206 012.3200 -
Net asset value per share in EUR 94.59 100.78 -
Issue and redemption price per share in EUR2 94.59 100.78 -
Class P-8%-mdist LU1076699146
Shares outstanding 567 327.6510 901 469.1980 1 261 922.2900
Net asset value per share in USD 69.68 79.49 85.42
Issue and redemption price per share in USD2 69.68 79.49 85.31
Class P-acc LU1013383713
Shares outstanding 422 424.6120 539 917.1170 717 834.4000
Net asset value per share in USD 120.07 126.59 125.64
Issue and redemption price per share in USD2 120.07 126.59 125.48
Class (CHF hedged) P-acc LU1013384109
Shares outstanding 253 929.7580 286 890.1040 324 766.3310
Net asset value per share in CHF 105.51 114.84 117.79
Issue and redemption price per share in CHF2 105.51 114.84 117.64
Class (EUR hedged) P-acc LU1013383986
Shares outstanding 296 642.2660 318 233.3780 408 759.9430
Net asset value per share in EUR 108.49 117.76 120.37
Issue and redemption price per share in EUR2 108.49 117.76 120.21
Class P-dist LU1013383804
Shares outstanding 151 245.7110 180 140.2050 218 245.1890
Net asset value per share in USD 86.95 98.25 102.71
Issue and redemption price per share in USD2 86.95 98.25 102.58
Class (CHF hedged) P-dist LU1013384281
Shares outstanding 345 114.9530 296 926.1430 243 109.6390
Net asset value per share in CHF 76.03 88.83 96.09
Issue and redemption price per share in CHF2 76.03 88.83 95.97
Class (EUR hedged) P-dist LU1013384018
Shares outstanding 239 556.4920 257 820.1210 288 922.3950
Net asset value per share in EUR 78.13 91.05 98.15
Issue and redemption price per share in EUR2 78.13 91.05 98.02
Class (SGD hedged) P-mdist LU1145057144
Shares outstanding 211 533.5600 227 855.0670 175 780.1030
Net asset value per share in SGD 73.82 85.30 91.90
Issue and redemption price per share in SGD2 73.82 85.30 91.78
Class Q-8%-mdist LU1240787413
Shares outstanding 66 969.1660 101 548.1820 52 284.3150
Net asset value per share in USD 79.21 89.72 95.73
Issue and redemption price per share in USD2 79.21 89.72 95.61
Class Q-acc LU1043174561
Shares outstanding 300 500.0040 461 501.4550 525 710.1010
Net asset value per share in USD 125.82 131.70 129.77
Issue and redemption price per share in USD2 125.82 131.70 129.60
Class (CHF hedged) Q-acc LU1240787090
Shares outstanding 120 312.3010 646 889.8250 658 809.8980
Net asset value per share in CHF 100.97 109.10 111.10
Issue and redemption price per share in CHF2 100.97 109.10 110.96
Class (EUR hedged) Q-acc LU1086761837
Shares outstanding 154 194.0990 231 355.0780 406 915.6070
Net asset value per share in EUR 103.01 111.01 112.66
Issue and redemption price per share in EUR2 103.01 111.01 112.51
Class Q-dist LU1240787504
Shares outstanding 262 114.6700 445 848.3700 441 482.7240
Net asset value per share in USD 88.06 99.51 104.04
Issue and redemption price per share in USD2 88.06 99.51 103.90
Class (CHF hedged) Q-dist LU1240787173
Shares outstanding 80 884.8670 831 376.4560 649 559.2290
Net asset value per share in CHF 77.61 90.70 98.14
Issue and redemption price per share in CHF2 77.61 90.70 98.01

UBS (Lux) Equity SICAV – Global Income (USD)

Annual report and audited financial statements as of 31 May 2020

102
 ISIN 31.5.2020 31.5.2019 31.5.2018

Class (EUR hedged) Q-dist LU1240787256

Shares outstanding 131 778.5360 155 670.0890 137 142.9910
Net asset value per share in EUR 79.25 92.39 99.62
Issue and redemption price per share in EUR2 79.25 92.39 99.49
Class QL-8%-mdist8 LU2049452258
Shares outstanding 50 094.7600 - -
Net asset value per share in USD 88.23 - -
Issue and redemption price per share in USD2 88.23 - -
Class QL-acc8 LU2049452332
Shares outstanding 171 779.2630 - -
Net asset value per share in USD 92.22 - -
Issue and redemption price per share in USD2 92.22 - -
Class (CHF hedged) QL-acc8 LU2049451870
Shares outstanding 496 353.8290 - -
Net asset value per share in CHF 90.35 - -
Issue and redemption price per share in CHF2 90.35 - -
Class (EUR hedged) QL-acc8 LU2049452092
Shares outstanding 36 775.1700 - -
Net asset value per share in EUR 90.45 - -
Issue and redemption price per share in EUR2 90.45 - -
Class QL-dist8 LU2049452415
Shares outstanding 167 755.6750 - -
Net asset value per share in USD 92.21 - -
Issue and redemption price per share in USD2 92.21 - -
Class (CHF hedged) QL-dist8 LU2049451953
Shares outstanding 752 490.4840 - -
Net asset value per share in CHF 90.34 - -
Issue and redemption price per share in CHF2 90.34 - -
Class (EUR hedged) QL-dist8 LU2049452175
Shares outstanding 56 169.7760 - -
Net asset value per share in EUR 90.45 - -
Issue and redemption price per share in EUR2 90.45 - -
Class U-X-UKdist-mdist LU1435357899
Shares outstanding 5 068.3950 5 741.3950 5 933.3950
Net asset value per share in USD 8 453.83 9 663.14 10 243.87
Issue and redemption price per share in USD2 8 453.83 9 663.14 10 230.55
1
The share class F-acc was in circulation until 28.9.2018
2
See note 1
3
The share class (EUR hedged) F-acc was in circulation until 6.3.2020
4
First NAV: 13.2.2020
5
First NAV: 30.7.2019
6
The share class (EUR) I-A2-acc was in circulation until 18.10.2019
7
First NAV: 2.11.2018
8
First NAV: 9.10.2019

Performance

Currency 2019/2020 2018/2019 2017/2018

Class F-acc1 USD - - 2.3%
Class (CHF hedged) F-acc CHF -7.0% -1.2% -0.5%
Class (EUR hedged) F-acc2 EUR - -0.9% -0.1%
Class F-dist3 USD - - -
Class I-A1-8%-mdist USD -4.1% 1.9% -
Class I-A1-acc USD -4.1% 1.9% 2.3%
Class (GBP hedged) I-A1-UKdist3 GBP - - -
Class I-A2-8%-mdist USD -4.1% 1.9% 2.3%
Class (EUR) I-A2-acc4 EUR - 6.8% -1.4%
Class (EUR hedged) I-A2-acc EUR -6.8% -1.1% 0.0%
Class I-B-acc USD -3.5% 2.6% 3.0%
Class (GBP hedged) I-B-UKdist-mdist GBP -6.3% 0.7% 1.5%
Class I-X-acc USD -3.4% 2.6% 3.1%
Class (EUR hedged) I-X-acc EUR -6.1% -0.4% 0.7%
Class I-X-UKdist USD -3.4% 2.6% 3.1%
Class (EUR hedged) K-1-acc EUR -7.3% -1.5% -0.7%
Class K-1-dist USD -4.6% 1.5% 1.7%
Class (EUR hedged) K-1-dist EUR -7.3% -1.5% -0.7%
Class K-X-acc USD -3.4% 2.7% 2.9%
Class (EUR hedged) K-X-acc EUR -6.1% - -
Class P-8%-mdist USD -5.1% 0.9% 1.0%
Class P-acc USD -5.2% 0.9% 1.0%
Class (CHF hedged) P-acc CHF -8.1% -2.4% -1.7%
Class (EUR hedged) P-acc EUR -7.9% -2.0% -1.3%
Class P-dist USD -5.2% 0.9% 1.0%
Class (CHF hedged) P-dist CHF -8.1% -2.4% -1.6%
Class (EUR hedged) P-dist EUR -7.9% -2.1% -1.3%
Class (SGD hedged) P-mdist SGD -6.2% 0.2% 0.5%
Class Q-8%-mdist USD -4.5% 1.6% 1.8%
Class Q-acc USD -4.5% 1.6% 1.8%
Class (CHF hedged) Q-acc CHF -7.5% -1.7% -0.9%

UBS (Lux) Equity SICAV – Global Income (USD)

Annual report and audited financial statements as of 31 May 2020

103
 Currency 2019/2020 2018/2019 2017/2018

Class (EUR hedged) Q-acc EUR -7.2% -1.3% -0.6%

Class Q-dist USD -4.5% 1.6% 1.8%
Class (CHF hedged) Q-dist CHF -7.5% -1.7% -0.9%
Class (EUR hedged) Q-dist EUR -7.2% -1.3% -0.6%
Class QL-8%-mdist3 USD - - -
Class QL-acc3 USD - - -
Class (CHF hedged) QL-acc3 CHF - - -
Class (EUR hedged) QL-acc3 EUR - - -
Class QL-dist3 USD - - -
Class (CHF hedged) QL-dist3 CHF - - -
Class (EUR hedged) QL-dist3 EUR - - -
Class U-X-UKdist-mdist USD -3.4% 2.6% 3.1%
1
The share class F-acc was in circulation until 28.9.2018. Due to this fact, there is no data for the calculation of the performance available.
2
The share class (EUR hedged) F-acc was in circulation until 6.3.2020. Due to this fact, there is no data for the calculation of the performance available.
3
Due to the recent launch, there is no data for the calculation of the performance available.
4
The share class (EUR) I-A2-acc was in circulation until 18.10.2019. Due to this fact, there is no data for the calculation of the performance available.

Historical performance is no indicator of current or future performance.

The performance data does not take account of any commissions and costs charged when subscribing and redeeming shares.
The performance data were not audited.
The subfund has no benchmark.

Report of the Portfolio Manager Structure of the Securities Portfolio

Geographical Breakdown as a % of net assets
In the financial year, from 1 June 2019 to 31 May 2020, United States 48.21
Global equity market returns were positive. Markets ral- Japan 11.74
China 7.39
lied in 2019 and despite a strong sell-off in February United Kingdom 6.51
and March 2020, due to fears of the economic fall-out Taiwan 4.36
Switzerland 3.66
and the social cost of the coronavirus crisis, markets France 3.12
rebounded strongly in April and May 2020 as investor Ireland 2.37
Finland 1.67
sentiment improved on the back of unprecedented fiscal Hong Kong 1.67
and monetary support. Macau 1.59
Canada 1.53
Singapore 1.50
The subfund posted negative returns over the finan- South Korea 0.71
Spain 0.58
cial year. At the sector and country level the exposure Italy 0.57
to energy, financials and real estate as well as the UK Brazil 0.52
Malaysia 0.50
and France detracted. Stock-wise Simon Property Group, Mexico 0.49
Ford, Exxon Mobile and Metlife detracted. Exposure to Total 98.69

information technology and the US as well as Taiwan

Semiconductor and NTTDoCoMo offset some of the Economic Breakdown as a % of net assets
negative returns. Telecommunications 14.43
Pharmaceuticals, cosmetics & medical products 13.07
Tobacco & alcohol 5.90
Insurance 5.79
Petroleum 4.94
Internet, software & IT services 4.91
Energy & water supply 4.88
Electronics & semiconductors 4.64
Computer hardware & network equipment providers 4.16
Food & soft drinks 4.15
Banks & credit institutions 4.09
Real Estate 3.71
Retail trade, department stores 2.94
Electrical devices & components 2.88
Biotechnology 2.60
Non-ferrous metals 2.49
Finance & holding companies 2.26
Mechanical engineering & industrial equipment 2.22
Building industry & materials 2.21
Lodging, catering & leisure 1.59
Vehicles 1.12
Rubber & tyres 0.87
Aerospace industry 0.61
Miscellaneous services 0.59
Miscellaneous trading companies 0.59
Traffic & transportation 0.53
Chemicals 0.52
Total 98.69

UBS (Lux) Equity SICAV – Global Income (USD)

Annual report and audited financial statements as of 31 May 2020

104
Statement of Net Assets
USD
Assets 31.5.2020
Investments in securities, cost 810 222 589.21
Investments in securities, unrealized appreciation (depreciation) -60 695 811.57
Total investments in securities (Note 1) 749 526 777.64
Cash at banks, deposits on demand and deposit accounts 4 633 760.64
Receivable on securities sales (Note 1) 77 923 225.71
Receivable on subscriptions 1 718 764.79
Interest receivable on liquid assets 718.48
Receivable on dividends 3 222 586.76
Other receivables 373 912.98
Unrealized gain (loss) on forward foreign exchange contracts (Note 1) 3 562 536.95
Total Assets 840 962 283.95

Liabilities
Payable on securities purchases (Note 1) -78 307 177.33
Payable on redemptions -2 686 109.29
Provisions for flat fee (Note 2) -292 653.13
Provisions for taxe d’abonnement (Note 3) -47 144.98
Provisions for other commissions and fees (Note 2) -140 620.60
Total provisions -480 418.71
Total Liabilities -81 473 705.33

Net assets at the end of the financial year 759 488 578.62

Statement of Operations
USD
Income 1.6.2019-31.5.2020
Interest on liquid assets 46 909.02
Dividends 34 707 426.33
Income on securities lending (Note 16) 752 628.05
Other income (Note 4) 264 701.62
Total income 35 771 665.02

Expenses
Flat fee (Note 2) -9 516 085.28
Taxe d’abonnement (Note 3) -333 954.42
Cost on securities lending (Note 16) -301 051.22
Other commissions and fees (Note 2) -130 689.70
Interest on cash and bank overdraft -35 670.21
Total expenses -10 317 450.83

Net income (loss) on investments 25 454 214.19

Realized gain (loss) (Note 1)

Realized gain (loss) on market-priced securities without options -66 677 171.96
Realized gain (loss) on options -6 250 187.09
Realized gain (loss) on forward foreign exchange contracts 7 217 915.28
Realized gain (loss) on foreign exchange 1 987 450.56
Total realized gain (loss) -63 721 993.21

Net realized gain (loss) of the financial year -38 267 779.02

Changes in unrealized appreciation (depreciation) (Note 1)

Unrealized appreciation (depreciation) on market-priced securities without options -13 828 263.43
Unrealized appreciation (depreciation) on options -5 721 804.43
Unrealized appreciation (depreciation) on forward foreign exchange contracts 4 529 648.26
Total changes in unrealized appreciation (depreciation) -15 020 419.60

Net increase (decrease) in net assets as a result of operations -53 288 198.62

UBS (Lux) Equity SICAV – Global Income (USD)

Annual report and audited financial statements as of 31 May 2020

The notes are an integral part of the financial statements. 105

Statement of Changes in Net Assets
USD
1.6.2019-31.5.2020
Net assets at the beginning of the financial year 929 172 597.46
Subscriptions 398 012 933.30
Redemptions -472 114 001.29
Total net subscriptions (redemptions) -74 101 067.99
Dividend paid -42 294 752.23
Net income (loss) on investments 25 454 214.19
Total realized gain (loss) -63 721 993.21
Total changes in unrealized appreciation (depreciation) -15 020 419.60
Net increase (decrease) in net assets as a result of operations -53 288 198.62
Net assets at the end of the financial year 759 488 578.62

Changes in the Number of Shares outstanding

1.6.2019-31.5.2020
Class (CHF hedged) F-acc
Number of shares outstanding at the beginning of the financial year 5 924.2670
Number of shares issued 480.0750
Number of shares redeemed 0.0000
Number of shares outstanding at the end of the financial year 6 404.3420
Class (EUR hedged) F-acc
Number of shares outstanding at the beginning of the financial year 10 256.8940
Number of shares issued 0.0000
Number of shares redeemed -10 256.8940
Number of shares outstanding at the end of the financial year 0.0000
Class F-dist
Number of shares outstanding at the beginning of the financial year 0.0000
Number of shares issued 162 342.0000
Number of shares redeemed -922.0000
Number of shares outstanding at the end of the financial year 161 420.0000
Class I-A1-8%-mdist
Number of shares outstanding at the beginning of the financial year 302 318.0530
Number of shares issued 0.0000
Number of shares redeemed 0.0000
Number of shares outstanding at the end of the financial year 302 318.0530
Class I-A1-acc
Number of shares outstanding at the beginning of the financial year 141 717.2770
Number of shares issued 72 907.3210
Number of shares redeemed -194 002.3810
Number of shares outstanding at the end of the financial year 20 622.2170
Class (GBP hedged) I-A1-UKdist
Number of shares outstanding at the beginning of the financial year 0.0000
Number of shares issued 84 679.6490
Number of shares redeemed 0.0000
Number of shares outstanding at the end of the financial year 84 679.6490
Class I-A2-8%-mdist
Number of shares outstanding at the beginning of the financial year 715 081.3030
Number of shares issued 0.0000
Number of shares redeemed -203 400.0650
Number of shares outstanding at the end of the financial year 511 681.2380
Class (EUR) I-A2-acc
Number of shares outstanding at the beginning of the financial year 4 831.3230
Number of shares issued 0.0000
Number of shares redeemed -4 831.3230
Number of shares outstanding at the end of the financial year 0.0000
Class (EUR hedged) I-A2-acc
Number of shares outstanding at the beginning of the financial year 125 813.8330
Number of shares issued 0.0000
Number of shares redeemed -108 503.2120
Number of shares outstanding at the end of the financial year 17 310.6210
Class I-B-acc
Number of shares outstanding at the beginning of the financial year 33 719.4240
Number of shares issued 4 477.1520
Number of shares redeemed -5 368.0560
Number of shares outstanding at the end of the financial year 32 828.5200
Class (GBP hedged) I-B-UKdist-mdist
Number of shares outstanding at the beginning of the financial year 624 084.0220
Number of shares issued 212 976.0000
Number of shares redeemed -208 728.3510
Number of shares outstanding at the end of the financial year 628 331.6710
Class I-X-acc
Number of shares outstanding at the beginning of the financial year 57 592.5280
Number of shares issued 3 839.6050
Number of shares redeemed 0.0000
Number of shares outstanding at the end of the financial year 61 432.1330

UBS (Lux) Equity SICAV – Global Income (USD)

Annual report and audited financial statements as of 31 May 2020

106 The notes are an integral part of the financial statements.

Class (EUR hedged) I-X-acc
Number of shares outstanding at the beginning of the financial year 67 076.8780
Number of shares issued 1 820.1680
Number of shares redeemed -504.0190
Number of shares outstanding at the end of the financial year 68 393.0270
Class I-X-UKdist
Number of shares outstanding at the beginning of the financial year 104 230.8770
Number of shares issued 20 113.1570
Number of shares redeemed -3 833.9590
Number of shares outstanding at the end of the financial year 120 510.0750
Class (EUR hedged) K-1-acc
Number of shares outstanding at the beginning of the financial year 0.8000
Number of shares issued 0.0000
Number of shares redeemed 0.0000
Number of shares outstanding at the end of the financial year 0.8000
Class K-1-dist
Number of shares outstanding at the beginning of the financial year 1.4000
Number of shares issued 1.4000
Number of shares redeemed 0.0000
Number of shares outstanding at the end of the financial year 2.8000
Class (EUR hedged) K-1-dist
Number of shares outstanding at the beginning of the financial year 0.8000
Number of shares issued 0.0000
Number of shares redeemed 0.0000
Number of shares outstanding at the end of the financial year 0.8000
Class K-X-acc
Number of shares outstanding at the beginning of the financial year 100 645.8910
Number of shares issued 4 832.2000
Number of shares redeemed 0.0000
Number of shares outstanding at the end of the financial year 105 478.0910
Class (EUR hedged) K-X-acc
Number of shares outstanding at the beginning of the financial year 206 012.3200
Number of shares issued 246 380.0740
Number of shares redeemed -407 501.3820
Number of shares outstanding at the end of the financial year 44 891.0120
Class P-8%-mdist
Number of shares outstanding at the beginning of the financial year 901 469.1980
Number of shares issued 109 434.6250
Number of shares redeemed -443 576.1720
Number of shares outstanding at the end of the financial year 567 327.6510
Class P-acc
Number of shares outstanding at the beginning of the financial year 539 917.1170
Number of shares issued 38 441.8310
Number of shares redeemed -155 934.3360
Number of shares outstanding at the end of the financial year 422 424.6120
Class (CHF hedged) P-acc
Number of shares outstanding at the beginning of the financial year 286 890.1040
Number of shares issued 25 655.9150
Number of shares redeemed -58 616.2610
Number of shares outstanding at the end of the financial year 253 929.7580
Class (EUR hedged) P-acc
Number of shares outstanding at the beginning of the financial year 318 233.3780
Number of shares issued 83 789.5010
Number of shares redeemed -105 380.6130
Number of shares outstanding at the end of the financial year 296 642.2660
Class P-dist
Number of shares outstanding at the beginning of the financial year 180 140.2050
Number of shares issued 19 681.1110
Number of shares redeemed -48 575.6050
Number of shares outstanding at the end of the financial year 151 245.7110
Class (CHF hedged) P-dist
Number of shares outstanding at the beginning of the financial year 296 926.1430
Number of shares issued 107 439.4930
Number of shares redeemed -59 250.6830
Number of shares outstanding at the end of the financial year 345 114.9530
Class (EUR hedged) P-dist
Number of shares outstanding at the beginning of the financial year 257 820.1210
Number of shares issued 29 658.0100
Number of shares redeemed -47 921.6390
Number of shares outstanding at the end of the financial year 239 556.4920
Class (SGD hedged) P-mdist
Number of shares outstanding at the beginning of the financial year 227 855.0670
Number of shares issued 9 749.2450
Number of shares redeemed -26 070.7520
Number of shares outstanding at the end of the financial year 211 533.5600
Class Q-8%-mdist
Number of shares outstanding at the beginning of the financial year 101 548.1820
Number of shares issued 32 834.2670
Number of shares redeemed -67 413.2830
Number of shares outstanding at the end of the financial year 66 969.1660

UBS (Lux) Equity SICAV – Global Income (USD)

Annual report and audited financial statements as of 31 May 2020

The notes are an integral part of the financial statements. 107

Class Q-acc
Number of shares outstanding at the beginning of the financial year 461 501.4550
Number of shares issued 114 013.9490
Number of shares redeemed -275 015.4000
Number of shares outstanding at the end of the financial year 300 500.0040
Class (CHF hedged) Q-acc
Number of shares outstanding at the beginning of the financial year 646 889.8250
Number of shares issued 38 344.1490
Number of shares redeemed -564 921.6730
Number of shares outstanding at the end of the financial year 120 312.3010
Class (EUR hedged) Q-acc
Number of shares outstanding at the beginning of the financial year 231 355.0780
Number of shares issued 39 628.8220
Number of shares redeemed -116 789.8010
Number of shares outstanding at the end of the financial year 154 194.0990
Class Q-dist
Number of shares outstanding at the beginning of the financial year 445 848.3700
Number of shares issued 103 949.0500
Number of shares redeemed -287 682.7500
Number of shares outstanding at the end of the financial year 262 114.6700
Class (CHF hedged) Q-dist
Number of shares outstanding at the beginning of the financial year 831 376.4560
Number of shares issued 161 192.7860
Number of shares redeemed -911 684.3750
Number of shares outstanding at the end of the financial year 80 884.8670
Class (EUR hedged) Q-dist
Number of shares outstanding at the beginning of the financial year 155 670.0890
Number of shares issued 43 972.6600
Number of shares redeemed -67 864.2130
Number of shares outstanding at the end of the financial year 131 778.5360
Class QL-8%-mdist
Number of shares outstanding at the beginning of the financial year 0.0000
Number of shares issued 60 875.3420
Number of shares redeemed -10 780.5820
Number of shares outstanding at the end of the financial year 50 094.7600
Class QL-acc
Number of shares outstanding at the beginning of the financial year 0.0000
Number of shares issued 226 197.4720
Number of shares redeemed -54 418.2090
Number of shares outstanding at the end of the financial year 171 779.2630
Class (CHF hedged) QL-acc
Number of shares outstanding at the beginning of the financial year 0.0000
Number of shares issued 543 328.5210
Number of shares redeemed -46 974.6920
Number of shares outstanding at the end of the financial year 496 353.8290
Class (EUR hedged) QL-acc
Number of shares outstanding at the beginning of the financial year 0.0000
Number of shares issued 58 145.7780
Number of shares redeemed -21 370.6080
Number of shares outstanding at the end of the financial year 36 775.1700
Class QL-dist
Number of shares outstanding at the beginning of the financial year 0.0000
Number of shares issued 196 071.8940
Number of shares redeemed -28 316.2190
Number of shares outstanding at the end of the financial year 167 755.6750
Class (CHF hedged) QL-dist
Number of shares outstanding at the beginning of the financial year 0.0000
Number of shares issued 810 065.7710
Number of shares redeemed -57 575.2870
Number of shares outstanding at the end of the financial year 752 490.4840
Class (EUR hedged) QL-dist
Number of shares outstanding at the beginning of the financial year 0.0000
Number of shares issued 62 010.7710
Number of shares redeemed -5 840.9950
Number of shares outstanding at the end of the financial year 56 169.7760
Class U-X-UKdist-mdist
Number of shares outstanding at the beginning of the financial year 5 741.3950
Number of shares issued 414.0000
Number of shares redeemed -1 087.0000
Number of shares outstanding at the end of the financial year 5 068.3950

UBS (Lux) Equity SICAV – Global Income (USD)

Annual report and audited financial statements as of 31 May 2020

108 The notes are an integral part of the financial statements.

Annual Distribution1
UBS (Lux) Equity SICAV – Global Income (USD) Ex-Date Pay-Date Currency Amount per share
I-X-UKdist 17.6.2019 20.6.2019 USD 4.05
I-X-UKdist 30.7.2019 2.8.2019 USD 4.85
K-1-dist 1.8.2019 6.8.2019 USD 375 075.17
(EUR hedged) K-1-dist 1.8.2019 6.8.2019 EUR 206 455.80
P-dist 1.8.2019 6.8.2019 USD 6.85
(CHF hedged) P-dist 1.8.2019 6.8.2019 CHF 6.29
(EUR hedged) P-dist 1.8.2019 6.8.2019 EUR 6.48
Q-dist 1.8.2019 6.8.2019 USD 7.65
(CHF hedged) Q-dist 1.8.2019 6.8.2019 CHF 7.09
(EUR hedged) Q-dist 1.8.2019 6.8.2019 EUR 7.25

Monthly Distribution1
UBS (Lux) Equity SICAV – Global Income (USD) Ex-Date Pay-Date Currency Amount per share
I-A1-8%-mdist 11.6.2019 14.6.2019 USD 0.60
I-A1-8%-mdist 10.7.2019 15.7.2019 USD 0.62
I-A1-8%-mdist 12.8.2019 16.8.2019 USD 0.62
I-A1-8%-mdist 10.9.2019 13.9.2019 USD 0.60
I-A1-8%-mdist 10.10.2019 15.10.2019 USD 0.62
I-A1-8%-mdist 11.11.2019 14.11.2019 USD 0.62
I-A1-8%-mdist 10.12.2019 13.12.2019 USD 0.62
I-A1-8%-mdist 10.1.2020 15.1.2020 USD 0.64
I-A1-8%-mdist 10.2.2020 13.2.2020 USD 0.62
I-A1-8%-mdist 10.3.2020 13.3.2020 USD 0.57
I-A1-8%-mdist 14.4.2020 17.4.2020 USD 0.50
I-A1-8%-mdist 11.5.2020 14.5.2020 USD 0.53
I-A2-8%-mdist 11.6.2019 14.6.2019 USD 0.61
I-A2-8%-mdist 10.7.2019 15.7.2019 USD 0.63
I-A2-8%-mdist 12.8.2019 16.8.2019 USD 0.63
I-A2-8%-mdist 10.9.2019 13.9.2019 USD 0.61
I-A2-8%-mdist 10.10.2019 15.10.2019 USD 0.63
I-A2-8%-mdist 11.11.2019 14.11.2019 USD 0.63
I-A2-8%-mdist 10.12.2019 13.12.2019 USD 0.64
I-A2-8%-mdist 10.1.2020 15.1.2020 USD 0.65
I-A2-8%-mdist 10.2.2020 13.2.2020 USD 0.63
I-A2-8%-mdist 10.3.2020 13.3.2020 USD 0.58
I-A2-8%-mdist 14.4.2020 17.4.2020 USD 0.51
I-A2-8%-mdist 11.5.2020 14.5.2020 USD 0.54
(GBP hedged) I-B-UKdist-mdist 6.6.2019 12.6.2019 GBP 1.09
(GBP hedged) I-B-UKdist-mdist 15.7.2019 18.7.2019 GBP 0.71
(GBP hedged) I-B-UKdist-mdist 16.8.2019 21.8.2019 GBP 0.52
(GBP hedged) I-B-UKdist-mdist 16.9.2019 19.9.2019 GBP 0.80
(GBP hedged) I-B-UKdist-mdist 15.10.2019 18.10.2019 GBP 0.61
(GBP hedged) I-B-UKdist-mdist 15.11.2019 20.11.2019 GBP 0.54
(GBP hedged) I-B-UKdist-mdist 16.12.2019 19.12.2019 GBP 0.40
(GBP hedged) I-B-UKdist-mdist 15.1.2020 20.1.2020 GBP 0.75
(GBP hedged) I-B-UKdist-mdist 18.2.2020 21.2.2020 GBP 0.43
(GBP hedged) I-B-UKdist-mdist 16.3.2020 19.3.2020 GBP 0.64
(GBP hedged) I-B-UKdist-mdist 15.4.2020 20.4.2020 GBP 0.60
(GBP hedged) I-B-UKdist-mdist 15.5.2020 20.5.2020 GBP 0.51
P-8%-mdist 11.6.2019 14.6.2019 USD 0.52
P-8%-mdist 10.7.2019 15.7.2019 USD 0.54
P-8%-mdist 12.8.2019 16.8.2019 USD 0.54
P-8%-mdist 10.9.2019 13.9.2019 USD 0.52
P-8%-mdist 10.10.2019 15.10.2019 USD 0.54
P-8%-mdist 11.11.2019 14.11.2019 USD 0.54
P-8%-mdist 10.12.2019 13.12.2019 USD 0.55
P-8%-mdist 10.1.2020 15.1.2020 USD 0.55
P-8%-mdist 10.2.2020 13.2.2020 USD 0.54
P-8%-mdist 10.3.2020 13.3.2020 USD 0.50
P-8%-mdist 14.4.2020 17.4.2020 USD 0.43
P-8%-mdist 11.5.2020 14.5.2020 USD 0.46
(SGD hedged) P-mdist 17.6.2019 20.6.2019 SGD 0.56
(SGD hedged) P-mdist 15.7.2019 18.7.2019 SGD 0.56
(SGD hedged) P-mdist 16.8.2019 21.8.2019 SGD 0.56
(SGD hedged) P-mdist 16.9.2019 19.9.2019 SGD 0.56
(SGD hedged) P-mdist 15.10.2019 18.10.2019 SGD 0.57
(SGD hedged) P-mdist 15.11.2019 20.11.2019 SGD 0.57
(SGD hedged) P-mdist 16.12.2019 19.12.2019 SGD 0.57
(SGD hedged) P-mdist 15.1.2020 20.1.2020 SGD 0.57
(SGD hedged) P-mdist 18.2.2020 21.2.2020 SGD 0.57
(SGD hedged) P-mdist 16.3.2020 19.3.2020 SGD 0.57
(SGD hedged) P-mdist 15.4.2020 20.4.2020 SGD 0.48
(SGD hedged) P-mdist 15.5.2020 20.5.2020 SGD 0.50
1
See note 5

UBS (Lux) Equity SICAV – Global Income (USD)

Annual report and audited financial statements as of 31 May 2020

The notes are an integral part of the financial statements. 109

UBS (Lux) Equity SICAV – Global Income (USD) Ex-Date Pay-Date Currency Amount per share
Q-8%-mdist 11.6.2019 14.6.2019 USD 0.59
Q-8%-mdist 10.7.2019 15.7.2019 USD 0.61
Q-8%-mdist 12.8.2019 16.8.2019 USD 0.61
Q-8%-mdist 10.9.2019 13.9.2019 USD 0.59
Q-8%-mdist 10.10.2019 15.10.2019 USD 0.61
Q-8%-mdist 11.11.2019 14.11.2019 USD 0.61
Q-8%-mdist 10.12.2019 13.12.2019 USD 0.62
Q-8%-mdist 10.1.2020 15.1.2020 USD 0.63
Q-8%-mdist 10.2.2020 13.2.2020 USD 0.62
Q-8%-mdist 10.3.2020 13.3.2020 USD 0.56
Q-8%-mdist 14.4.2020 17.4.2020 USD 0.49
Q-8%-mdist 11.5.2020 14.5.2020 USD 0.52
QL-8%-mdist 10.12.2019 13.12.2019 USD 1.17
QL-8%-mdist 10.1.2020 15.1.2020 USD 0.70
QL-8%-mdist 10.2.2020 13.2.2020 USD 0.69
QL-8%-mdist 10.3.2020 13.3.2020 USD 0.63
QL-8%-mdist 14.4.2020 17.4.2020 USD 0.55
QL-8%-mdist 11.5.2020 14.5.2020 USD 0.58
U-X-UKdist-mdist 15.7.2019 18.7.2019 USD 84.31
U-X-UKdist-mdist 30.7.2019 2.8.2019 USD 140.52
U-X-UKdist-mdist 16.8.2019 21.8.2019 USD 59.75
U-X-UKdist-mdist 16.9.2019 19.9.2019 USD 93.96
U-X-UKdist-mdist 15.10.2019 18.10.2019 USD 72.20
U-X-UKdist-mdist 15.11.2019 20.11.2019 USD 61.85
U-X-UKdist-mdist 16.12.2019 19.12.2019 USD 52.80
U-X-UKdist-mdist 15.1.2020 21.1.2020 USD 83.81
U-X-UKdist-mdist 18.2.2020 21.2.2020 USD 37.12
U-X-UKdist-mdist 16.3.2020 19.3.2020 USD 71.15
U-X-UKdist-mdist 15.4.2020 20.4.2020 USD 97.50
U-X-UKdist-mdist 15.5.2020 20.5.2020 USD 75.57

UBS (Lux) Equity SICAV – Global Income (USD)

Annual report and audited financial statements as of 31 May 2020

110 The notes are an integral part of the financial statements.

Statement of Investments in Securities and other Net Assets as of 31 May 2020

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
Bearer shares

Brazil
BRL BB SEGURIDADE PART COM NPV 842 400.00 3 921 097.38 0.52
Total Brazil 3 921 097.38 0.52

China
CNY AGRICULTURAL BK CH ‘A’CNY1 20 306 800.00 9 662 326.46 1.27
HKD ANHUI CONCH CEMENT ‘H’CNY1 1 128 500.00 8 451 738.49 1.11
HKD CHINA CONST BK ‘H’CNY1 9 379 000.00 7 369 127.86 0.97
CNY GREE ELEC APPLICAN ‘A’CNY1 2 238 933.00 17 841 027.34 2.35
HKD INDUSTRIAL & COM B ‘H’CNY1 19 844 000.00 12 800 928.91 1.69
Total China 56 125 149.06 7.39

Finland
EUR KONE CORPORATION NPV ORD ‘B’ 122 964.00 8 245 038.45 1.08
Total Finland 8 245 038.45 1.08

France
EUR BOUYGUES EUR1 146 322.00 4 482 445.56 0.59
EUR ORANGE EUR4 322 760.00 3 893 594.52 0.51
EUR SANOFI EUR2 186 186.00 18 127 812.87 2.39
Total France 26 503 852.95 3.49

Hong Kong
HKD MTR CORP HKD1 839 000.00 4 021 268.22 0.53
HKD SUN HUNG KAI PROP NPV 752 000.00 8 634 756.81 1.14
Total Hong Kong 12 656 025.03 1.67

Ireland
USD SEAGATE TECH PLC COM USD0.00001 175 452.00 9 305 974.08 1.22
Total Ireland 9 305 974.08 1.22

Italy
EUR ASSIC GENERALI SPA EUR1 310 149.00 4 307 253.09 0.57
Total Italy 4 307 253.09 0.57

Japan
JPY SEKISUI HOUSE NPV 200 600.00 3 821 706.07 0.50
Total Japan 3 821 706.07 0.50

Macau
HKD SANDS CHINA LTD USD0.01 REG’S’ 3 109 600.00 12 095 786.35 1.59
Total Macau 12 095 786.35 1.59

Malaysia
MYR MALAYAN BKG BERHAD MYR1 2 198 000.00 3 791 834.39 0.50
Total Malaysia 3 791 834.39 0.50

Mexico
MXN WAL-MART DE MEXICO COM NPV 1 473 000.00 3 684 205.65 0.48
Total Mexico 3 684 205.65 0.48

Singapore
SGD OVERSEA-CHINESE BK NPV 672 900.00 4 070 535.59 0.54
Total Singapore 4 070 535.59 0.54

South Korea
KRW KT&G CORPORATION KRW5000 79 923.00 5 414 461.12 0.71
Total South Korea 5 414 461.12 0.71

Spain
EUR ENDESA SA EUR1.2 184 394.00 4 379 112.72 0.58
Total Spain 4 379 112.72 0.58

Taiwan
TWD CHUNGHWA TELECOM TWD10 1 210 000.00 4 453 122.39 0.59
TWD HON HAI PRECISION TWD10 6 352 000.00 16 036 023.27 2.11
TWD NOVATEK MICROELECT TWD10 585 000.00 3 994 171.51 0.53
TWD TAIWAN SEMICON MAN TWD10 891 000.00 8 665 179.00 1.14
Total Taiwan 33 148 496.17 4.37

United Kingdom
GBP BAE SYSTEMS ORD GBP0.025 754 922.00 4 631 084.56 0.61
GBP NATIONAL GRID ORD GBP0.12431289 799 448.00 9 152 191.03 1.21
Total United Kingdom 13 783 275.59 1.82

United States
USD DOMINION ENERGY IN COM STK NPV 230 163.00 19 566 156.63 2.58
USD DUKE ENERGY CORP COM USD0.001 (POST REV SPLT 116 830.00 10 004 152.90 1.32
USD JOHNSON & JOHNSON COM USD1 128 678.00 19 140 852.50 2.52
USD PHILIP MORRIS INTL COM STK NPV ‘WI’ 248 975.00 18 264 806.00 2.40
USD PROGRESSIVE CP(OH) COM USD1 250 935.00 19 492 630.80 2.57
USD PUBLIC STORAGE COM USD0.10 96 500.00 19 564 410.00 2.57
Total United States 106 033 008.83 13.96

Total Bearer shares 311 286 812.52 40.99

UBS (Lux) Equity SICAV – Global Income (USD)

Annual report and audited financial statements as of 31 May 2020

The notes are an integral part of the financial statements. 111

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

Other shares

Switzerland
CHF ROCHE HLDGS AG GENUSSCHEINE NPV 24 784.00 8 582 946.60 1.13
Total Switzerland 8 582 946.60 1.13

Total Other shares 8 582 946.60 1.13

Registered shares

Canada
CAD BCE INC COM NEW 317 596.00 13 150 064.45 1.73
Total Canada 13 150 064.45 1.73

Finland
EUR FORTUM OYJ EUR3.40 233 433.00 4 471 331.38 0.59
Total Finland 4 471 331.38 0.59

Ireland
USD ACCENTURE PLC SHS CL A ‘NEW’ 22 287.00 4 493 504.94 0.59
USD EATON CORP PLC COM USD0.01 49 100.00 4 168 590.00 0.55
Total Ireland 8 662 094.94 1.14

Japan
JPY BRIDGESTONE CORP NPV 198 500.00 6 590 564.87 0.87
JPY CANON INC NPV 510 300.00 10 510 564.90 1.38
JPY JAPAN TOBACCO INC NPV 211 100.00 4 188 297.71 0.55
JPY KDDI CORP NPV 288 700.00 8 403 612.64 1.11
JPY MITSUI & CO NPV 292 900.00 4 446 446.87 0.58
JPY MS&AD INSURANCE GROUP HOLDINGS INC NPV 143 200.00 4 206 878.02 0.55
JPY NTT DOCOMO NPV 625 700.00 17 141 630.53 2.26
JPY SOFTBANK CORP NPV 1 364 200.00 17 297 045.67 2.28
JPY SUBARU CORPORATION NPV 386 500.00 8 532 884.00 1.12
JPY TOKIO MARINE HLDG NPV 92 300.00 3 999 224.06 0.53
Total Japan 85 317 149.27 11.23

Singapore
SGD SINGAPORE TELECOMM NPV 4 157 300.00 7 323 954.29 0.96
Total Singapore 7 323 954.29 0.96

Switzerland
CHF EMS-CHEMIE HLDG AG CHF0.01(REGD)(POST RECON) 5 373.00 3 973 682.21 0.52
CHF ZURICH INSURANCE GRP CHF0.10 50 342.00 16 218 225.25 2.14
Total Switzerland 20 191 907.46 2.66

United Kingdom
GBP GLAXOSMITHKLINE ORD GBP0.25 876 861.00 18 123 369.49 2.39
GBP RIO TINTO ORD GBP0.10 355 166.00 18 938 026.13 2.49
Total United Kingdom 37 061 395.62 4.88

United States
USD ALTRIA GROUP INC COM USD0.333333 434 159.00 16 953 908.95 2.23
USD AT&T INC COM USD1 592 651.00 18 289 209.86 2.41
USD AUTO DATA PROCESS COM USD0.10 121 952.00 17 864 748.48 2.35
USD CHEVRON CORP COM USD0.75 196 173.00 17 989 064.10 2.37
USD CISCO SYSTEMS COM USD0.001 82 943.00 3 966 334.26 0.52
USD CUMMINS INC COM 26 195.00 4 442 672.00 0.59
USD EXXON MOBIL CORP COM NPV 330 461.00 15 026 061.67 1.98
USD GENERAL MLS INC COM 232 437.00 14 652 828.48 1.93
USD GILEAD SCIENCES COM USD0.001 254 192.00 19 783 763.36 2.61
USD HORMEL FOODS CORP COM USD0.0586 345 494.00 16 870 472.02 2.22
USD INTL BUSINESS MCHN COM USD0.20 146 789.00 18 333 946.10 2.41
USD MERCK & CO INC COM USD0.50 202 677.00 16 360 087.44 2.15
USD PAYCHEX INC COM 268 974.00 19 441 440.72 2.56
USD PFIZER INC COM USD0.05 496 180.00 18 949 114.20 2.50
USD PPL CORP COM USD0.01 141 520.00 3 954 068.80 0.52
USD VERIZON COMMUN COM USD0.10 342 574.00 19 656 896.12 2.59
USD WALMART INC COM USD0.10 150 184.00 18 631 827.04 2.45
Total United States 261 166 443.60 34.39

Total Registered shares 437 344 341.01 57.58

Total Transferable securities and money market instruments listed on an official

stock exchange 757 214 100.13 99.70

Derivative instruments not listed on an official stock exchange and not traded on another regulated market
Options on shares, classic-styled

CHF
CHF CIBC/ZURICH INSURANCE GR CALL 295.67630 10.06.20 -19 390.00 -320 393.56 -0.04
CHF GOLDMAN SACHS/EMS-CHEMIE HLDG AG CALL 747.93700 23.06.20 -4 970.00 -6 411.64 0.00
CHF MORGAN STANLEY/ZURICH INSURANCE GR CALL 331.22960 23.06.20 -23 920.00 -43 941.17 -0.01
CHF UBS/ROCHE HLDGS AG CALL 357.97130 23.06.20 -22 920.00 -23 053.95 0.00
Total CHF -393 800.32 -0.05

EUR
EUR SOCIETE GENERALE/SANOFI CALL 93.96450 10.06.20 -70 810.00 -4 990.79 0.00
EUR CIBC/SANOFI CALL 92.94440 23.06.20 -86 110.00 -45 118.15 -0.02
EUR CIBC/BOUYGUES CALL 30.58900 23.06.20 -135 340.00 -30 313.70 0.00
EUR GOLDMAN SACHS/ORANGE CALL 11.21770 23.06.20 -298 550.00 -33 039.83 -0.01
EUR GOLDMAN SACHS/FORTUM OYJ CALL 18.13470 23.06.20 -215 920.00 -32 373.46 0.00
EUR GOLDMAN SACHS/KONE CORPORATION NP CALL 65.92890 23.06.20 -113 740.00 -26 726.69 0.00

UBS (Lux) Equity SICAV – Global Income (USD)

Annual report and audited financial statements as of 31 May 2020

112 The notes are an integral part of the financial statements.

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

EUR MORGAN STANLEY/ASSIC GENERALI SPA CALL 13.41380 23.06.20 -286 880.00 -10 528.41 0.00
EUR MORGAN STANLEY/ENDESA SA CALL 22.75350 23.06.20 -170 560.00 -8 298.40 0.00
Total EUR -191 389.43 -0.03

GBP
GBP CIBC/RIO TINTO CALL 39.84170 10.06.20 -145 110.00 -620 476.91 -0.08
GBP SOCIETE GENERALE/GLAXOSMITHKLINE CALL 18.10150 10.06.20 -334 440.00 -602.97 0.00
GBP CIBC/RIO TINTO CALL 46.38440 23.06.20 -166 560.00 -63 853.50 -0.01
GBP GOLDMAN SACHS/NATIONAL GRID CALL 9.82740 23.06.20 -739 480.00 -54 628.38 -0.01
GBP GOLDMAN SACHS/GLAXOSMITHKLINE CALL 17.67780 23.06.20 -405 540.00 -32 320.50 0.00
GBP UBS/BAE SYSTEMS CALL 5.42070 23.06.20 -698 300.00 -18 040.28 0.00
Total GBP -789 922.54 -0.10

HKD
HKD MORGAN STANLEY/INDUSTRIAL & CALL 5.34960 10.06.20 -7 613 620.00 -3 270.55 0.00
HKD GOLDMAN SACHS/INDUSTRIAL & CALL 5.01990 23.06.20 -9 177 850.00 -25 048.02 0.00
HKD GOLDMAN SACHS/CHINA CONST BK CALL 6.49520 23.06.20 -8 675 570.00 -20 727.91 0.00
HKD GOLDMAN SACHS/ANHUI CONCH CEMENT CALL 58.73950 23.06.20 -1 043 860.00 -85 987.48 -0.01
HKD GOLDMAN SACHS/MTR CORP CALL 39.13840 23.06.20 -776 070.00 -34 591.50 -0.01
HKD GOLDMAN SACHS/SUN HUNG KAI PROP N CALL 99.10940 23.06.20 -695 600.00 -28 860.56 0.00
HKD UBS/SANDS CHINA CALL 34.21600 23.06.20 -1 438 190.00 -31 851.35 -0.01
Total HKD -230 337.37 -0.03

JPY
JPY GOLDMAN SACHS/NTT DOCOMO NPV CALL 3239.25000 10.06.20 -218 400.00 -759.37 0.00
JPY MORGAN STANLEY/SOFTBANK CORP CALL 1494.67500 10.06.20 -429 600.00 -2 173.46 0.00
JPY GOLDMAN SACHS/NTT DOCOMO NPV CALL 3146.77920 23.06.20 -289 380.00 -36 775.75 0.00
JPY GOLDMAN SACHS/SOFTBANK CORP CALL 1430.10000 23.06.20 -630 940.00 -72 554.83 -0.01
JPY GOLDMAN SACHS/SEKISUI HOUSE NPV CALL 2105.22100 23.06.20 -185 550.00 -50 168.29 -0.01
JPY GOLDMAN SACHS/JAPAN TOBACCO INC CALL 2258.02500 23.06.20 -195 260.00 -5 060.02 0.00
JPY GOLDMAN SACHS/MS&AD INSURANCE GRO CALL 3226.21920 23.06.20 -132 460.00 -59 290.66 -0.01
JPY GOLDMAN SACHS/MITSUI & CO NPV CALL 1726.59740 23.06.20 -270 930.00 -29 142.52 0.00
JPY GOLDMAN SACHS/CANON INC CALL 2475.57000 23.06.20 -472 020.00 -9 891.81 0.00
JPY GOLDMAN SACHS/SUBARU CORPORATION CALL 2582.36640 23.06.20 -357 510.00 -19 493.39 0.00
JPY GOLDMAN SACHS/BRIDGESTONE CORP CALL 3748.15650 23.06.20 -183 610.00 -42 870.65 -0.01
JPY GOLDMAN SACHS/KDDI CORP CALL 3322.15950 23.06.20 -267 040.00 -71 481.05 -0.01
JPY MORGAN STANLEY/TOKIO MARINE HLDG N CALL 4919.18400 23.06.20 -85 370.00 -38 979.13 -0.01
Total JPY -438 640.93 -0.06

KRW
KRW UBS/KT&G CORPORATION KR CALL 87758.50000 23.06.20 -73 920.00 -88 852.24 -0.01
Total KRW -88 852.24 -0.01

SGD
SGD GOLDMAN SACHS/SINGAPORE TELECOMM CALL 2.63550 23.06.20 -3 845 500.00 -11 292.59 0.00
SGD GOLDMAN SACHS/OVERSEA-CHINESE BK CALL 9.08250 23.06.20 -622 430.00 -9 313.03 0.00
Total SGD -20 605.62 0.00

TWD
TWD MORGAN STANLEY/HON HAI PRECISION CALL 81.90000 10.06.20 -2 382 000.00 -4 691.15 0.00
TWD GOLDMAN SACHS/NOVATEK MICROELECT CALL 216.46440 23.06.20 -541 120.00 -53 584.59 -0.01
TWD MORGAN STANLEY/HON HAI PRECISION T CALL 78.01500 23.06.20 -2 937 800.00 -108 131.18 -0.01
TWD UBS/TAIWAN SEMICON MAN CALL 304.26400 23.06.20 -824 170.00 -65 312.34 -0.01
Total TWD -231 719.26 -0.03

USD
USD BNP/PHILIP MORRIS INTL CALL 72.57440 10.06.20 -95 420.00 -179 681.39 -0.02
USD BNP/AUTO DATA PROCESS CALL 143.52850 10.06.20 -48 590.00 -229 390.38 -0.03
USD BNP/CHEVRON CORP CALL 95.58890 10.06.20 -79 480.00 -67 374.05 -0.01
USD BNP/INTL BUSINESS MCHN CALL 122.13960 10.06.20 -55 830.00 -227 974.54 -0.03
USD BNP/JOHNSON & JOHNSON CALL 153.45660 10.06.20 -44 970.00 -16 875.40 0.00
USD BNP/PFIZER INC CALL 38.90250 10.06.20 -138 610.00 -36 784.17 0.00
USD BNP/PUBLIC STORAGE CALL 187.28950 10.06.20 -36 180.00 -573 588.48 -0.09
USD BNP/EXXON MOBIL CORP CALL 46.48010 10.06.20 -123 920.00 -91 924.66 -0.01
USD BNP/PAYCHEX INC CALL 65.07730 10.06.20 -102 550.00 -749 910.30 -0.10
USD GOLDMAN SACHS/AT&T INC CALL 29.62090 10.06.20 -225 450.00 -328 382.53 -0.04
USD GOLDMAN SACHS/VERIZON COMMUN CALL 57.59250 10.06.20 -122 180.00 -70 609.38 -0.01
USD MORGAN STANLEY/ALTRIA GROUP INC CALL 39.11620 10.06.20 -162 810.00 -120 581.50 -0.02
USD MORGAN STANLEY/MERCK & CO INC CALL 81.78450 10.06.20 -76 000.00 -55 910.26 -0.01
USD MORGAN STANLEY/GENERAL MLS INC CALL 66.73800 10.06.20 -89 140.00 -4 496.03 0.00
USD MORGAN STANLEY/GILEAD SCIENCES CALL 85.90650 10.06.20 -87 450.00 -12 947.56 0.00
USD MORGAN STANLEY/DOMINION ENERGY IN CALL 82.10720 10.06.20 -89 800.00 -248 589.59 -0.03
USD MORGAN STANLEY/PROGRESSIVE CP(OH) CALL 77.23470 10.06.20 -84 050.00 -162 492.56 -0.02
USD UBS/PPL CORP CALL 26.14580 10.06.20 -131 000.00 -209 593.19 -0.03
USD BNP/EXXON MOBIL CORP CALL 49.27680 23.06.20 -152 830.00 -70 152.33 -0.01
USD CIBC/PUBLIC STORAGE CALL 209.23760 23.06.20 -44 630.00 -88 665.40 -0.01
USD CIBC/MERCK & CO INC CALL 82.35970 23.06.20 -93 730.00 -93 249.06 -0.01
USD CIBC/GENERAL MLS INC CALL 65.00550 23.06.20 -107 500.00 -71 870.46 -0.01
USD CIBC/HORMEL FOODS CORP CALL 50.27400 23.06.20 -175 000.00 -77 475.41 -0.01
USD CIBC/VERIZON COMMUN CALL 58.50600 23.06.20 -158 440.00 -85 267.21 -0.01
USD GOLDMAN SACHS/CHEVRON CORP CALL 98.56670 23.06.20 -90 730.00 -86 469.38 -0.01
USD GOLDMAN SACHS/EATON CORP PLC CALL 90.92740 23.06.20 -45 410.00 -24 128.55 0.00
USD GOLDMAN SACHS/CUMMINS INC CALL 179.75670 23.06.20 -24 230.00 -34 017.89 0.00
USD MORGAN STANLEY/ALTRIA GROUP INC CALL 40.26150 23.06.20 -200 790.00 -73 571.44 -0.01
USD MORGAN STANLEY/GILEAD SCIENCES CALL 81.95570 23.06.20 -117 560.00 -137 404.45 -0.02
USD SOCIETE GENERALE/SEAGATE TECH PLC CALL 54.44160 23.06.20 -162 290.00 -148 143.50 -0.02
USD SOCIETE GENERALE/PAYCHEX INC CALL 75.86420 23.06.20 -124 400.00 -83 788.29 -0.01
USD SOCIETE GENERALE/INTL BUSINESS MCHN CALL 131.06780 23.06.20 -67 890.00 -76 353.79 -0.01
USD SOCIETE GENERALE/DUKE ENERGY CORP CALL 90.12150 23.06.20 -108 060.00 -54 425.91 -0.01
USD SOCIETE GENERALE/CISCO SYSTEMS CALL 47.87480 23.06.20 -76 720.00 -78 795.59 -0.01
USD SOCIETE GENERALE/DOMINION ENERGY IN CALL 86.88060 23.06.20 -106 450.00 -105 071.05 -0.01
USD UBS/PHILIP MORRIS INTL CALL 76.45040 23.06.20 -115 150.00 -59 348.26 -0.01
USD UBS/AT&T INC CALL 33.01680 23.06.20 -274 100.00 -59 892.57 -0.01
USD UBS/PROGRESSIVE CP(OH) CALL 81.41520 23.06.20 -130 000.00 -117 457.34 -0.02
USD UBS/PFIZER INC CALL 40.08900 23.06.20 -280 000.00 -60 635.83 -0.01
USD UBS/JOHNSON & JOHNSON CALL 154.31850 23.06.20 -59 510.00 -55 746.98 -0.01

UBS (Lux) Equity SICAV – Global Income (USD)

Annual report and audited financial statements as of 31 May 2020

The notes are an integral part of the financial statements. 113

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

USD UBS/ACCENTURE PLC CALL 213.56850 23.06.20 -20 610.00 -23 946.38 0.00
USD UBS/WALMART INC CALL 129.87450 23.06.20 -75 100.00 -51 581.74 -0.01
USD UBS/AUTO DATA PROCESS CALL 152.04000 23.06.20 -56 400.00 -97 490.00 -0.01
Total USD -5 302 054.78 -0.70

Total Options on shares, classic-styled -7 687 322.49 -1.01

Total Derivative instruments not listed on an official stock exchange and not traded on another
regulated market -7 687 322.49 -1.01

Total investments in securities 749 526 777.64 98.69

Forward Foreign Exchange contracts

Forward Foreign Exchange contracts (Purchase/Sale)

USD 5 006 585.79 MYR 21 666 000.00 15.6.2020 18 729.66 0.00

USD 5 443 037.97 KRW 6 665 000 000.00 15.6.2020 56 307.39 0.01
USD 33 243 706.52 TWD 989 100 000.00 15.6.2020 277 552.50 0.04
USD 55 872 268.67 CNY 397 615 000.00 15.6.2020 268 389.32 0.04
USD 3 636 363.64 BRL 21 020 000.00 15.6.2020 -232 558.67 -0.03
USD 57 692 891.16 GBP 46 975 000.00 15.6.2020 -385 237.11 -0.05
GBP 50 391 600.00 USD 61 889 028.08 15.6.2020 413 256.30 0.06
USD 7 314 271.49 SGD 10 365 000.00 15.6.2020 -19 297.09 0.00
USD 87 476 329.35 JPY 9 356 700 000.00 15.6.2020 613 339.21 0.08
SGD 15 181 300.00 USD 10 712 990.81 15.6.2020 28 263.86 0.00
USD 15 874 424.94 HKD 123 085 000.00 15.6.2020 -1 946.14 0.00
USD 23 324 620.96 CAD 32 750 000.00 15.6.2020 -369 618.44 -0.05
USD 15 620 900.09 CHF 15 145 000.00 15.6.2020 -149 556.20 -0.02
CHF 179 055 000.00 USD 184 681 430.59 15.6.2020 1 768 160.10 0.23
USD 1 460 692.61 CNH 10 395 000.00 15.6.2020 11 058.51 0.00
USD 61 406 698.13 EUR 56 625 000.00 15.6.2020 -1 595 689.64 -0.21
EUR 100 704 100.00 USD 109 208 057.72 15.6.2020 2 837 836.47 0.37
USD 1 014 882.95 EUR 933 600.00 15.6.2020 -23 863.70 0.00
EUR 3 145 000.00 USD 3 391 835.95 15.6.2020 107 369.52 0.01
USD 1 805 335.66 EUR 1 665 900.00 15.6.2020 -48 186.24 -0.01
USD 3 126 668.95 CHF 3 033 200.00 15.6.2020 -31 795.76 0.01
USD 979 474.93 GBP 804 100.00 15.6.2020 -14 684.15 0.00
USD 173 257.54 SGD 246 800.00 15.6.2020 -1 361.34 0.00
USD 417 994.86 EUR 384 900.00 15.6.2020 -10 254.48 0.00
USD 711 577.11 CHF 689 800.00 15.6.2020 -6 710.16 0.00
USD 90 278.98 SGD 128 100.00 15.6.2020 -355.86 0.00
CHF 2 210 000.00 USD 2 290 302.11 15.6.2020 10 966.19 0.00
EUR 1 206 600.00 USD 1 327 063.32 15.6.2020 15 429.94 0.00
GBP 619 900.00 USD 760 331.28 15.6.2020 6 089.83 0.00
SGD 183 400.00 USD 129 778.61 15.6.2020 -17.25 0.00
EUR 594 800.00 USD 654 739.78 15.6.2020 7 049.54 0.00
CHF 4 111 500.00 USD 4 255 027.17 15.6.2020 26 269.04 0.00
EUR 2 294 200.00 USD 2 535 300.00 15.6.2020 17 284.16 0.00
GBP 1 145 500.00 USD 1 410 409.48 15.6.2020 5 843.76 0.00
SGD 355 200.00 USD 250 733.60 15.6.2020 581.75 0.00
USD 3 561 253.24 MXN 79 250 000.00 15.6.2020 -12 925.65 0.00
USD 4 465 111.42 SGD 6 325 000.00 15.6.2020 -10 028.11 0.00
USD 11 747 180.78 CHF 11 340 000.00 15.6.2020 -61 137.10 -0.01
USD 3 240 402.16 JPY 348 700 000.00 15.6.2020 3 243.26 0.00
GBP 6 390 000.00 USD 7 872 754.77 15.6.2020 27 601.58 0.00
CAD 14 620 000.00 USD 10 624 366.86 15.6.2020 -46 969.00 -0.01
USD 9 523 471.80 HKD 73 855 000.00 15.6.2020 -2 866.80 0.00
EUR 11 000 000.00 USD 12 164 218.00 15.6.2020 74 656.45 0.01
CNH 10 395 000.00 USD 1 450 895.66 15.6.2020 -1 261.56 0.00
USD 856 120.85 CHF 825 000.00 15.6.2020 -2 949.90 0.00
USD 1 378 297.88 EUR 1 241 900.00 15.6.2020 -3 471.04 0.00
Total Forward Foreign Exchange contracts (Purchase/Sale) 3 562 536.95 0.47

Cash at banks, deposits on demand and deposit accounts and other liquid assets 4 633 760.64 0.61
Other assets and liabilities 1 765 503.39 0.23
Total net assets 759 488 578.62 100.00

UBS (Lux) Equity SICAV – Global Income (USD)

Annual report and audited financial statements as of 31 May 2020

114 The notes are an integral part of the financial statements.

UBS (Lux) Equity SICAV – Global Opportunity (USD)

Most important figures

ISIN 31.5.2020
Net assets in USD 339 421 987.25
Class P-acc1 LU2108987350
Shares outstanding 200.0000
Net asset value per share in USD 91.54
Issue and redemption price per share in USD2 91.54
Class Q-acc3 LU2100403745
Shares outstanding 415.0000
Net asset value per share in USD 91.97
Issue and redemption price per share in USD2 91.97
Class U-X-acc3 LU2100403588
Shares outstanding 36 791.0000
Net asset value per share in USD 9 224.14
Issue and redemption price per share in USD2 9 224.14
1
First NAV: 21.2.2020
2
See note 1
3
First NAV: 14.2.2020

Performance

Currency 2020
Class P-acc1 USD -
Class Q-acc1 USD -
Class U-X-acc1 USD -
1
Due to the recent launch, there is no data for the calculation of the performance available.

Historical performance is no indicator of current or future performance.

The performance data does not take account of any commissions and costs charged when subscribing and redeeming shares.
The performance data were not audited.
The subfund has no benchmark.

UBS (Lux) Equity SICAV – Global Opportunity (USD)

Annual report and audited financial statements as of 31 May 2020

115
Report of the Portfolio Manager Structure of the Securities Portfolio
Geographical Breakdown as a % of net assets
Over the reporting period, from the launch in February United States 62.89
2020 until 31 May 2020, global equities entered a Japan 5.16
Ireland 4.44
bear market amid the COVID-19 pandemic and sold France 3.96
off sharply. Governments and central banks globally China 3.31
Germany 2.97
responded with fiscal and monetary stimulus measures The Netherlands 2.81
to stabilize economic growth and boost liquidity. While Finland 2.49
Denmark 2.32
there were some signs of a recovery in April, the outlook Switzerland 2.21
remained uncertain and volatility remained elevated. United Kingdom 2.18
Norway 0.89
Australia 0.75
The subfund’s performance was negative over the report- Sweden 0.70
Total 97.08
ing period. Stock selection in financials was the largest
contributor to performance, followed by the positive sec-
tor allocation effects from our underweight to energy. Economic Breakdown as a % of net assets
Additionally, stock selection in industrials and our expo- Internet, software & IT services 23.00
Banks & credit institutions 9.79
sure to the IT sector added value. Some of this was offset Pharmaceuticals, cosmetics & medical products 8.49
by our holdings in communication services and consumer Insurance 6.83
Electronics & semiconductors 6.54
staples. Finance & holding companies 6.42
Retail trade, department stores 5.86
Miscellaneous services 3.68
Food & soft drinks 3.60
Telecommunications 3.58
Energy & water supply 3.21
Healthcare & social services 2.83
Miscellaneous consumer goods 2.62
Mechanical engineering & industrial equipment 2.45
Chemicals 2.01
Petroleum 1.85
Building industry & materials 1.17
Electrical devices & components 1.04
Biotechnology 0.75
Various capital goods 0.71
Tobacco & alcohol 0.65
Total 97.08

UBS (Lux) Equity SICAV – Global Opportunity (USD)

Annual report and audited financial statements as of 31 May 2020

116
Statement of Net Assets
USD
Assets 31.5.2020
Investments in securities, cost 315 810 637.43
Investments in securities, unrealized appreciation (depreciation) 13 706 823.24
Total investments in securities (Note 1) 329 517 460.67
Cash at banks, deposits on demand and deposit accounts 10 732 848.17
Receivable on securities sales (Note 1) 2 322 823.76
Receivable on dividends 284 491.31
Other receivables 50 118.41
Total Assets 342 907 742.32

Liabilities
Payable on securities purchases (Note 1) -3 472 877.73
Provisions for flat fee (Note 2) -26.33
Provisions for taxe d’abonnement (Note 3) -5 505.28
Provisions for other commissions and fees (Note 2) -7 345.73
Total provisions -12 877.34
Total Liabilities -3 485 755.07

Net assets at the end of the period 339 421 987.25

Statement of Operations
USD
Income 14.2.2020-31.5.2020
Interest on liquid assets 849.17
Dividends 1 060 116.62
Other income (Note 4) 305 893.05
Total income 1 366 858.84

Expenses
Flat fee (Note 2) -130.83
Taxe d’abonnement (Note 3) -9 134.64
Other commissions and fees (Note 2) -7 802.61
Interest on cash and bank overdraft -12.59
Total expenses -17 080.67

Net income (loss) on investments 1 349 778.17

Realized gain (loss) (Note 1)

Realized gain (loss) on market-priced securities without options -10 670 944.59
Realized gain (loss) on forward foreign exchange contracts 293 067.05
Realized gain (loss) on foreign exchange -450 453.82
Total realized gain (loss) -10 828 331.36

Net realized gain (loss) of the period -9 478 553.19

Changes in unrealized appreciation (depreciation) (Note 1)

Unrealized appreciation (depreciation) on market-priced securities without options 13 706 823.24
Total changes in unrealized appreciation (depreciation) 13 706 823.24

Net increase (decrease) in net assets as a result of operations 4 228 270.05

UBS (Lux) Equity SICAV – Global Opportunity (USD)

Annual report and audited financial statements as of 31 May 2020

The notes are an integral part of the financial statements. 117

Statement of Changes in Net Assets
USD
14.2.2020-31.5.2020
Net assets at the beginning of the period 0.00
Subscriptions 338 847 978.54
Redemptions -3 654 261.34
Total net subscriptions (redemptions) 335 193 717.20
Net income (loss) on investments 1 349 778.17
Total realized gain (loss) -10 828 331.36
Total changes in unrealized appreciation (depreciation) 13 706 823.24
Net increase (decrease) in net assets as a result of operations 4 228 270.05
Net assets at the end of the period 339 421 987.25

Changes in the Number of Shares outstanding

14.2.2020-31.5.2020
Class P-acc
Number of shares outstanding at the beginning of the period 0.0000
Number of shares issued 200.0000
Number of shares redeemed 0.0000
Number of shares outstanding at the end of the period 200.0000
Class Q-acc
Number of shares outstanding at the beginning of the period 0.0000
Number of shares issued 415.0000
Number of shares redeemed 0.0000
Number of shares outstanding at the end of the period 415.0000
Class U-X-acc
Number of shares outstanding at the beginning of the period 0.0000
Number of shares issued 37 249.0000
Number of shares redeemed -458.0000
Number of shares outstanding at the end of the period 36 791.0000

UBS (Lux) Equity SICAV – Global Opportunity (USD)

Annual report and audited financial statements as of 31 May 2020

118 The notes are an integral part of the financial statements.

Statement of Investments in Securities and other Net Assets as of 31 May 2020

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
Bearer shares

Australia
AUD CSL NPV 13 801.00 2 530 480.09 0.75
Total Australia 2 530 480.09 0.75

Denmark
DKK ORSTED A/S DKK10 27 766.00 3 260 299.49 0.96
Total Denmark 3 260 299.49 0.96

France
EUR AIR LIQUIDE(L’) EUR5.5 (POST-SUBDIVISION) 24 668.00 3 350 356.82 0.99
EUR EIFFAGE EUR4 18 444.00 1 682 327.04 0.50
EUR PERNOD RICARD EUR1.55 14 234.00 2 218 229.90 0.65
EUR SCHNEIDER ELECTRIC EUR8 35 488.00 3 522 755.85 1.04
EUR TELEPERFORMANCE EUR2.50 11 218.00 2 659 134.74 0.78
Total France 13 432 804.35 3.96

The Netherlands
EUR KONINKLIJKE PHILIPS NV EUR0.20 74 958.00 3 401 051.08 1.00
Total The Netherlands 3 401 051.08 1.00

United Kingdom
GBP ASTRAZENECA ORD USD0.25 26 364.00 2 796 549.17 0.82
EUR UNILEVER EUR0.16 89 225.00 4 614 105.94 1.36
Total United Kingdom 7 410 655.11 2.18

United States
USD ALPHABET INC CAP STK USD0.001 CL C 8 710.00 12 445 893.20 3.67
USD COCA-COLA CO COM USD0.25 140 742.00 6 569 836.56 1.94
USD JP MORGAN CHASE & COM USD1 32 382.00 3 151 092.42 0.93
USD MARSH & MCLENNAN COM USD1 60 023.00 6 357 636.16 1.87
USD MOODYS CORP COM USD0.01 21 574.00 5 769 103.34 1.70
USD NEXTERA ENERGY INC COM USD0.01 26 459.00 6 761 862.04 1.99
USD PRIMERICA INC COM USD0.01 30 964.00 3 518 748.96 1.04
USD PROGRESSIVE CP(OH) COM USD1 35 761.00 2 777 914.48 0.82
USD RESMED INC COM USD0.004 25 719.00 4 136 129.58 1.22
USD VEEVA SYSTEMS INC COM USD0.00001 CL ‘A’ 21 920.00 4 797 630.40 1.41
USD VMWARE INC COM STK USD0.01 CLASS ‘A’ 12 011.00 1 876 958.97 0.55
USD ZOETIS INC COM USD0.01 CL ‘A’ 48 296.00 6 731 979.44 1.98
Total United States 64 894 785.55 19.12

Total Bearer shares 94 930 075.67 27.97

Other shares

Switzerland
CHF ROCHE HLDGS AG GENUSSCHEINE NPV 14 165.00 4 905 480.90 1.44
Total Switzerland 4 905 480.90 1.44

Total Other shares 4 905 480.90 1.44

Registered shares

Denmark
DKK NOVO-NORDISK AS DKK0.2 SER’B’ 70 923.00 4 617 451.72 1.36
Total Denmark 4 617 451.72 1.36

Finland
SEK NORDEA HOLDING ABP NPV 329 659.00 2 227 513.18 0.66
EUR SAMPO PLC SER’A’NPV 173 810.00 6 210 002.22 1.83
Total Finland 8 437 515.40 2.49

Germany
EUR DEUTSCHE BOERSE AG NPV(REGD) 20 304.00 3 340 344.34 0.98
EUR MUENCHENER RUECKVE NPV(REGD) 19 015.00 4 327 563.19 1.28
EUR SIEMENS AG NPV(REGD) 22 082.00 2 420 183.79 0.71
Total Germany 10 088 091.32 2.97

Ireland
USD ACCENTURE PLC SHS CL A ‘NEW’ 35 512.00 7 159 929.44 2.11
EUR CRH ORD EUR0.32 69 776.00 2 274 129.27 0.67
USD MEDTRONIC PLC USD0.0001 57 100.00 5 628 918.00 1.66
Total Ireland 15 062 976.71 4.44

Japan
JPY HITACHI NPV 89 600.00 2 873 420.92 0.85
JPY NIPPON TEL&TEL CP NPV 108 200.00 2 454 548.68 0.72
JPY NOMURA RESEARCH IN NPV 143 800.00 3 801 386.77 1.12
JPY SOFTBANK GROUP CO NPV 68 000.00 3 049 853.83 0.90
JPY SONY CORP NPV 45 300.00 2 890 353.21 0.85
JPY TOKYO ELECTRON NPV 12 200.00 2 434 677.70 0.72
Total Japan 17 504 241.11 5.16

The Netherlands
EUR ASML HOLDING NV EUR0.09 9 702.00 3 161 522.17 0.93
EUR PROSUS N.V. EUR0.05 36 174.00 3 001 765.91 0.88
Total The Netherlands 6 163 288.08 1.81

UBS (Lux) Equity SICAV – Global Opportunity (USD)

Annual report and audited financial statements as of 31 May 2020

The notes are an integral part of the financial statements. 119

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

Norway
NOK EQUINOR ASA NOK2.50 208 423.00 3 026 589.76 0.89
Total Norway 3 026 589.76 0.89

Sweden
SEK SANDVIK AB NPV (POST SPLIT) 142 785.00 2 363 490.58 0.70
Total Sweden 2 363 490.58 0.70

Switzerland
CHF NESTLE SA CHF0.10(REGD) 24 242.00 2 620 770.40 0.77
Total Switzerland 2 620 770.40 0.77

United States
USD ADOBE INC COM USD0.0001 33 587.00 12 984 734.20 3.83
USD AIR PRODS & CHEMS COM USD1 14 365.00 3 471 302.25 1.02
USD AMAZON COM INC COM USD0.01 5 413.00 13 220 548.81 3.90
USD AMER EXPRESS CO COM USD0.20 31 051.00 2 952 018.57 0.87
USD AUTO DATA PROCESS COM USD0.10 23 179.00 3 395 491.71 1.00
USD CHARTER COMMUN INC COM USD0.001 CLASS ‘A’ 12 944.00 7 041 536.00 2.07
USD DANAHER CORP COM USD0.01 35 615.00 5 933 815.15 1.75
USD DOLLAR TREE INC 38 174.00 3 736 089.38 1.10
USD EVERSOURCE ENERGY COM USD5 49 249.00 4 122 141.30 1.21
USD GLOBAL PAYMENTS COM NPV 37 594.00 6 747 747.06 1.99
USD GOLDMAN SACHS GRP COM USD0.01 12 522.00 2 460 447.78 0.73
USD HOME DEPOT INC COM USD0.05 26 788.00 6 656 282.24 1.96
USD MASTERCARD INC COM USD0.0001 CLASS ‘A’ 51 276.00 15 428 435.64 4.55
USD MICROSOFT CORP COM USD0.0000125 125 301.00 22 961 408.25 6.76
USD MONDELEZ INTL INC COM USD0.01 58 024.00 3 024 210.88 0.89
USD PAYPAL HOLDINGS IN COM USD0.0001 57 791.00 8 958 182.91 2.64
USD PROCTER & GAMBLE COM NPV 36 984.00 4 287 185.28 1.26
USD THERMO FISHER SCIE COM USD1 21 327.00 7 447 175.13 2.19
USD UNITEDHEALTH GRP COM USD0.01 22 094.00 6 735 355.90 1.98
USD VISA INC COM STK USD0.0001 35 898.00 7 008 725.52 2.07
Total United States 148 572 833.96 43.77

Total Registered shares 218 457 249.04 64.36

Depository receipts

China
USD ALIBABA GROUP HLDG SPON ADS EACH REP ONE ORD-ADR 25 754.00 5 341 122.06 1.57
USD BAIDU INC ADS EACH REPR 10 ORD CLS’A 28 300.00 3 015 365.00 0.89
USD TAL EDUCATION GRP ADS EA REPR 2 CL A ORD SHS 50 800.00 2 868 168.00 0.85
Total China 11 224 655.06 3.31

Total Depository receipts 11 224 655.06 3.31

Total Transferable securities and money market instruments listed on an official

stock exchange 329 517 460.67 97.08

Total investments in securities 329 517 460.67 97.08

Cash at banks, deposits on demand and deposit accounts and other liquid assets 10 732 848.17 3.16
Other assets and liabilities -828 321.59 -0.24
Total net assets 339 421 987.25 100.00

UBS (Lux) Equity SICAV – Global Opportunity (USD)

Annual report and audited financial statements as of 31 May 2020

120 The notes are an integral part of the financial statements.

UBS (Lux) Equity SICAV – Global Opportunity
Unconstrained (USD)

Three-year comparison

ISIN 31.5.2020 31.5.2019 31.5.2018

Net assets in USD 65 434 843.59 59 744 560.53 153 360 213.31
Class I-B-acc LU1323608122
Shares outstanding 178 908.5460 116 376.6610 95 128.5560
Net asset value per share in USD 141.72 124.73 119.50
Issue and redemption price per share in USD1 141.72 124.73 119.50
Class (EUR) I-B-acc LU1776281823
Shares outstanding 10 220.0000 28 569.0000 816 943.0000
Net asset value per share in EUR 126.74 111.34 102.14
Issue and redemption price per share in EUR1 126.74 111.34 102.14
Class P-4%-mdist LU1278831067
Shares outstanding 8 617.6770 18 430.5070 20 512.4410
Net asset value per share in USD 113.61 106.07 107.88
Issue and redemption price per share in USD1 113.61 106.07 107.88
Class (EUR hedged) P-4%-mdist LU1278831570
Shares outstanding 6 100.9840 5 108.9310 5 164.0760
Net asset value per share in EUR 102.20 98.36 103.09
Issue and redemption price per share in EUR1 102.20 98.36 103.09
Class P-acc LU1278830929
Shares outstanding 51 412.8950 61 912.3910 181 576.7940
Net asset value per share in USD 136.31 122.39 119.64
Issue and redemption price per share in USD1 136.31 122.39 119.64
Class (HKD) P-acc2 LU1278831737
Shares outstanding - - 195.9450
Net asset value per share in HKD - - 1 209.88
Issue and redemption price per share in HKD1 - - 1 209.88
Class (CHF hedged) P-acc3 LU1278831224
Shares outstanding - - 3 250.9140
Net asset value per share in CHF - - 113.01
Issue and redemption price per share in CHF1 - - 113.01
Class (EUR hedged) P-acc LU1278831497
Shares outstanding 19 431.6250 28 147.3500 31 734.0300
Net asset value per share in EUR 122.59 113.47 114.28
Issue and redemption price per share in EUR1 122.59 113.47 114.28
Class (SGD hedged) P-acc3 LU1278831653
Shares outstanding - - 14 405.3790
Net asset value per share in SGD - - 116.36
Issue and redemption price per share in SGD1 - - 116.36
Class Q-acc LU1294558454
Shares outstanding 14 128.7450 30 170.1640 37 132.1820
Net asset value per share in USD 146.14 129.88 125.68
Issue and redemption price per share in USD1 146.14 129.88 125.68
Class (CHF hedged) Q-acc3 LU1294558611
Shares outstanding - - 8 390.6280
Net asset value per share in CHF - - 118.66
Issue and redemption price per share in CHF1 - - 118.66
Class (EUR hedged) Q-acc LU1294558538
Shares outstanding 27 026.7150 30 092.9800 34 095.8680
Net asset value per share in EUR 131.37 120.37 120.00
Issue and redemption price per share in EUR1 131.37 120.37 120.00
Class U-X-acc LU1278831141
Shares outstanding 1 416.7210 1 518.8950 290.9740
Net asset value per share in USD 15 030.26 13 218.99 12 655.35
Issue and redemption price per share in USD1 15 030.26 13 218.99 12 655.35
1
See note 1
2
The share class (HKD) P-acc was in circulation until 19.2.2019
3
The share classes (CHF hedged) P-acc, (SGD hedged) P-acc and (CHF hedged) Q-acc were in circulation until 29.1.2019

UBS (Lux) Equity SICAV – Global Opportunity Unconstrained (USD)

Annual report and audited financial statements as of 31 May 2020

121
Performance

Currency 2019/2020 2018/2019 2017/2018

Class I-B-acc USD 13.6% 4.4% 17.3%
Class (EUR) I-B-acc EUR 13.8% 9.0% -
Class P-4%-mdist USD 11.4% 2.3% 15.0%
Class (EUR hedged) P-4%-mdist EUR 8.0% -0.7% 12.1%
Class P-acc USD 11.4% 2.3% 15.0%
Class (HKD) P-acc1 HKD - - 15.6%
Class (CHF hedged) P-acc2 CHF - - 11.8%
Class (EUR hedged) P-acc EUR 8.0% -0.7% 12.1%
Class (SGD hedged) P-acc2 SGD - - 14.0%
Class Q-acc USD 12.5% 3.3% 16.1%
Class (CHF hedged) Q-acc2 CHF - - 13.0%
Class (EUR hedged) Q-acc EUR 9.1% 0.3% 13.3%
Class U-X-acc USD 13.7% 4.5% 17.4%
1
The share class (HKD) P-acc was in circulation until 19.2.2019. Due to this fact, there is no data for the calculation of the performance available.
2
The share classes (CHF hedged) P-acc, (SGD hedged) P-acc and (CHF hedged) Q-acc were in circulation until 29.1.2019. Due to this fact, there is no data for the calculation of the performance available.

Historical performance is no indicator of current or future performance.

The performance data does not take account of any commissions and costs charged when subscribing and redeeming shares.
The performance data were not audited.
The subfund has no benchmark.

Report of the Portfolio Manager Structure of the Securities Portfolio

Geographical Breakdown as a % of net assets
In the financial year from 1 June 2019 to 31 May 2020, United States 71.55
global equities entered a bear market amid the COVID- China 6.24
Japan 5.22
19 pandemic and sold off sharply. Governments and cen- Ireland 3.81
tral banks globally responded with fiscal and monetary South Korea 2.14
The Netherlands 1.26
stimulus measures to help stabilize economic growth and Canada 0.67
boost liquidity. While there were some signs of a recov- South Africa 0.66
Norway 0.62
ery in April, the outlook remained uncertain and volatility United Kingdom 0.57
remained elevated. Australia 0.48
Germany 0.21
Bermuda 0.13
The subfund’s performance was positive over the financial Argentina 0.09
Total 93.65
year driven mainly by stock selection in consumer discre-
tionary. We benefited from our exposure to the IT sector
while our shorts in real estate and longs in industrials also Economic Breakdown as a % of net assets
added value. Consumer staples was the largest detractor Internet, software & IT services 25.13
Banks & credit institutions 11.49
as both longs and shorts weighed on performance. Our Retail trade, department stores 7.95
holdings in materials and communication services also Finance & holding companies 7.24
Pharmaceuticals, cosmetics & medical products 5.85
detracted. Electronics & semiconductors 5.72
Energy & water supply 4.02
Miscellaneous services 3.80
Insurance 3.34
Food & soft drinks 3.31
Telecommunications 3.13
Healthcare & social services 2.40
Mechanical engineering & industrial equipment 2.10
Chemicals 1.66
Miscellaneous consumer goods 1.49
Petroleum 1.29
Vehicles 1.03
Precious metals & stones 0.99
Graphic design, publishing & media 0.66
Biotechnology 0.66
Miscellaneous unclassified companies 0.26
Traffic & transportation 0.13
Total 93.65

UBS (Lux) Equity SICAV – Global Opportunity Unconstrained (USD)

Annual report and audited financial statements as of 31 May 2020

122
Statement of Net Assets
USD
Assets 31.5.2020
Investments in securities, cost 52 637 676.49
Investments in securities, unrealized appreciation (depreciation) 8 641 560.55
Total investments in securities (Note 1) 61 279 237.04
Cash at banks, deposits on demand and deposit accounts 3 782 678.15*
Receivable on securities sales (Note 1) 1 491 085.96
Receivable on subscriptions 15.26
Receivable on dividends 95 959.35
Other receivables 65 409.32
Unrealized gain (loss) on forward foreign exchange contracts (Note 1) 338 469.37
Unrealized gain (loss) on Synthetic Equity Swaps (Note 1) -695 709.85
Total Assets 66 357 144.60

Liabilities
Bank overdraft -330.61
Payable on securities purchases (Note 1) -543 959.16
Payable on redemptions -354 778.70
Provisions for flat fee (Note 2) -11 882.48
Provisions for taxe d’abonnement (Note 3) -2 185.16
Provisions for other commissions and fees (Note 2) -9 164.90
Total provisions -23 232.54
Total Liabilities -922 301.01

Net assets at the end of the financial year 65 434 843.59

Statement of Operations
USD
Income 1.6.2019-31.5.2020
Interest on liquid assets 77 331.25
Dividends 541 081.74
Income on Synthetic Equity Swaps (Note 1) 565 117.29
Income on securities lending (Note 16) 22 613.78
Other income (Note 4) 21 105.32
Total income 1 227 249.38

Expenses
Interest paid on Synthetic Equity Swaps (Note 1) -608 045.47
Flat fee (Note 2) -352 386.04
Taxe d’abonnement (Note 3) -14 043.80
Cost on securities lending (Note 16) -9 045.51
Other commissions and fees (Note 2) -10 769.79
Interest on cash and bank overdraft -5 806.00
Total expenses -1 000 096.61

Net income (loss) on investments 227 152.77

Realized gain (loss) (Note 1)

Realized gain (loss) on market-priced securities without options 2 162 550.72
Realized gain (loss) on forward foreign exchange contracts -887 764.61
Realized gain (loss) on Synthetic Equity Swaps 1 538 746.68
Realized gain (loss) on foreign exchange 155 998.72
Total realized gain (loss) 2 969 531.51

Net realized gain (loss) of the financial year 3 196 684.28

Changes in unrealized appreciation (depreciation) (Note 1)

Unrealized appreciation (depreciation) on market-priced securities without options 4 840 022.58
Unrealized appreciation (depreciation) on forward foreign exchange contracts 444 104.78
Unrealized appreciation (depreciation) on Synthetic Equity Swaps -1 265 041.56
Total changes in unrealized appreciation (depreciation) 4 019 085.80

Net increase (decrease) in net assets as a result of operations 7 215 770.08

* As at 31 May 2020, cash amounts serves as collateral for the counterparty Goldman Sachs for an amount of USD 850 000.00.

UBS (Lux) Equity SICAV – Global Opportunity Unconstrained (USD)

Annual report and audited financial statements as of 31 May 2020

The notes are an integral part of the financial statements. 123

Statement of Changes in Net Assets
USD
1.6.2019-31.5.2020
Net assets at the beginning of the financial year 59 744 560.53
Subscriptions 28 013 534.82
Redemptions -29 449 198.72
Total net subscriptions (redemptions) -1 435 663.90
Dividend paid -89 823.12
Net income (loss) on investments 227 152.77
Total realized gain (loss) 2 969 531.51
Total changes in unrealized appreciation (depreciation) 4 019 085.80
Net increase (decrease) in net assets as a result of operations 7 215 770.08
Net assets at the end of the financial year 65 434 843.59

Changes in the Number of Shares outstanding

1.6.2019-31.5.2020
Class I-B-acc
Number of shares outstanding at the beginning of the financial year 116 376.6610
Number of shares issued 100 264.6390
Number of shares redeemed -37 732.7540
Number of shares outstanding at the end of the financial year 178 908.5460
Class (EUR) I-B-acc
Number of shares outstanding at the beginning of the financial year 28 569.0000
Number of shares issued 0.0000
Number of shares redeemed -18 349.0000
Number of shares outstanding at the end of the financial year 10 220.0000
Class P-4%-mdist
Number of shares outstanding at the beginning of the financial year 18 430.5070
Number of shares issued 21.8550
Number of shares redeemed -9 834.6850
Number of shares outstanding at the end of the financial year 8 617.6770
Class (EUR hedged) P-4%-mdist
Number of shares outstanding at the beginning of the financial year 5 108.9310
Number of shares issued 1 792.0940
Number of shares redeemed -800.0410
Number of shares outstanding at the end of the financial year 6 100.9840
Class P-acc
Number of shares outstanding at the beginning of the financial year 61 912.3910
Number of shares issued 2 138.8350
Number of shares redeemed -12 638.3310
Number of shares outstanding at the end of the financial year 51 412.8950
Class (EUR hedged) P-acc
Number of shares outstanding at the beginning of the financial year 28 147.3500
Number of shares issued 1 633.1780
Number of shares redeemed -10 348.9030
Number of shares outstanding at the end of the financial year 19 431.6250
Class Q-acc
Number of shares outstanding at the beginning of the financial year 30 170.1640
Number of shares issued 2 108.5040
Number of shares redeemed -18 149.9230
Number of shares outstanding at the end of the financial year 14 128.7450
Class (EUR hedged) Q-acc
Number of shares outstanding at the beginning of the financial year 30 092.9800
Number of shares issued 4 116.6010
Number of shares redeemed -7 182.8660
Number of shares outstanding at the end of the financial year 27 026.7150
Class U-X-acc
Number of shares outstanding at the beginning of the financial year 1 518.8950
Number of shares issued 1 022.8410
Number of shares redeemed -1 125.0150
Number of shares outstanding at the end of the financial year 1 416.7210

UBS (Lux) Equity SICAV – Global Opportunity Unconstrained (USD)

Annual report and audited financial statements as of 31 May 2020

124 The notes are an integral part of the financial statements.

Monthly Distribution1
UBS (Lux) Equity SICAV
– Global Opportunity Unconstrained (USD) Ex-Date Pay-Date Currency Amount per share
P-4%-mdist 11.6.2019 14.6.2019 USD 0.35
P-4%-mdist 10.7.2019 15.7.2019 USD 0.38
P-4%-mdist 12.8.2019 16.8.2019 USD 0.38
P-4%-mdist 10.9.2019 13.9.2019 USD 0.37
P-4%-mdist 10.10.2019 15.10.2019 USD 0.36
P-4%-mdist 11.11.2019 14.11.2019 USD 0.36
P-4%-mdist 10.12.2019 13.12.2019 USD 0.37
P-4%-mdist 10.1.2020 15.1.2020 USD 0.38
P-4%-mdist 10.2.2020 13.2.2020 USD 0.39
P-4%-mdist 10.3.2020 13.3.2020 USD 0.36
P-4%-mdist 14.4.2020 17.4.2020 USD 0.32
P-4%-mdist 11.5.2020 14.5.2020 USD 0.36
(EUR hedged) P-4%-mdist 11.6.2019 14.6.2019 EUR 0.32
(EUR hedged) P-4%-mdist 10.7.2019 15.7.2019 EUR 0.35
(EUR hedged) P-4%-mdist 12.8.2019 16.8.2019 EUR 0.35
(EUR hedged) P-4%-mdist 10.9.2019 13.9.2019 EUR 0.34
(EUR hedged) P-4%-mdist 10.10.2019 15.10.2019 EUR 0.33
(EUR hedged) P-4%-mdist 11.11.2019 14.11.2019 EUR 0.33
(EUR hedged) P-4%-mdist 10.12.2019 13.12.2019 EUR 0.34
(EUR hedged) P-4%-mdist 10.1.2020 15.1.2020 EUR 0.35
(EUR hedged) P-4%-mdist 10.2.2020 13.2.2020 EUR 0.35
(EUR hedged) P-4%-mdist 10.3.2020 13.3.2020 EUR 0.32
(EUR hedged) P-4%-mdist 14.4.2020 17.4.2020 EUR 0.29
(EUR hedged) P-4%-mdist 11.5.2020 14.5.2020 EUR 0.32
1
See note 5

UBS (Lux) Equity SICAV – Global Opportunity Unconstrained (USD)

Annual report and audited financial statements as of 31 May 2020

The notes are an integral part of the financial statements. 125

Statement of Investments in Securities and other Net Assets as of 31 May 2020

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
Bearer shares

Argentina
USD GEOPARK LIMITED COM USD0.001 7 240.00 61 322.80 0.09
Total Argentina 61 322.80 0.09

Australia
AUD NEWCREST MINING NPV 15 406.00 312 726.46 0.48
Total Australia 312 726.46 0.48

Bermuda
NOK FRONTLINE LTD COM USD1 (POST REV SPLIT) 9 628.00 86 373.32 0.13
Total Bermuda 86 373.32 0.13

Canada
CAD IVANHOE MINES LTD COM NPV CL’A’ 151 948.00 335 292.58 0.52
CAD MEG ENERGY CORP COM NPV 42 833.00 99 164.81 0.15
Total Canada 434 457.39 0.67

China
HKD CHINA MEIDONG AUTO HKD0.1 160 000.00 367 849.31 0.56
HKD WUXI BIOLOGICS (CA USD0.000025 27 500.00 432 137.79 0.66
HKD ZHONGSHENG GROUP H HKD0.0001 REG’S 59 500.00 305 521.87 0.47
Total China 1 105 508.97 1.69

Germany
EUR SERVICEWARE SE NPV 10 763.00 139 476.40 0.21
Total Germany 139 476.40 0.21

The Netherlands
EUR SHOP APOTHEKE EURO NPV 7 971.00 821 928.43 1.26
Total The Netherlands 821 928.43 1.26

South Korea
KRW NCSOFT CORPN KRW500 1 361.00 868 173.89 1.33
KRW SAMSUNG SDI KRW5000 1 831.00 530 767.47 0.81
Total South Korea 1 398 941.36 2.14

United Kingdom
USD WILLIS TOWERS WATS COM USD0.000304635 1 848.00 374 959.20 0.57
Total United Kingdom 374 959.20 0.57

United States
USD ALPHABET INC CAP STK USD0.001 CL C 1 787.00 2 553 480.04 3.90
USD COCA-COLA CO COM USD0.25 31 921.00 1 490 072.28 2.28
USD EDWARDS LIFESCIENCES CORP COM 3 391.00 762 025.52 1.16
USD JP MORGAN CHASE & COM USD1 6 873.00 668 811.63 1.02
USD MARSH & MCLENNAN COM USD1 9 377.00 993 211.84 1.52
USD MOODYS CORP COM USD0.01 4 443.00 1 188 102.63 1.82
USD NEXTERA ENERGY INC COM USD0.01 7 162.00 1 830 320.72 2.80
USD PROGRESSIVE CP(OH) COM USD1 10 526.00 817 659.68 1.25
USD RESMED INC COM USD0.004 4 565.00 734 143.30 1.12
USD VEEVA SYSTEMS INC COM USD0.00001 CL ‘A’ 4 309.00 943 110.83 1.44
USD VMWARE INC COM STK USD0.01 CLASS ‘A’ 1 525.00 238 311.75 0.36
USD ZOETIS INC COM USD0.01 CL ‘A’ 8 249.00 1 149 828.11 1.76
Total United States 13 369 078.33 20.43

Total Bearer shares 18 104 772.66 27.67

Registered shares

China
CNY CONTEMPORARY AMPER A CNY1 22 369.00 455 575.54 0.70
Total China 455 575.54 0.70

Ireland
USD ACCENTURE PLC SHS CL A ‘NEW’ 6 501.00 1 310 731.62 2.00
USD MEDTRONIC PLC USD0.0001 12 000.00 1 182 960.00 1.81
Total Ireland 2 493 691.62 3.81

Japan
JPY NOMURA RESEARCH IN NPV 43 600.00 1 152 576.24 1.76
JPY SOFTBANK GROUP CO NPV 27 100.00 1 215 456.45 1.86
JPY SONY CORP NPV 16 400.00 1 046 397.19 1.60
Total Japan 3 414 429.88 5.22

Norway
NOK PEXIP HOLDING ASA NOK0.015 45 314.00 407 260.28 0.62
Total Norway 407 260.28 0.62

UBS (Lux) Equity SICAV – Global Opportunity Unconstrained (USD)

Annual report and audited financial statements as of 31 May 2020

126 The notes are an integral part of the financial statements.

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

United States
USD ADOBE INC COM USD0.0001 6 190.00 2 393 054.00 3.66
USD AIR PRODS & CHEMS COM USD1 4 506.00 1 088 874.90 1.66
USD AMAZON COM INC COM USD0.01 1 120.00 2 735 454.40 4.18
USD AMER EXPRESS CO COM USD0.20 8 443.00 802 676.01 1.23
USD APACHE CORP COM USD0.625 10 900.00 117 611.00 0.18
USD BEST BUY CO INC COM USD0.10 5 503.00 429 729.27 0.66
USD CHARTER COMMUN INC COM USD0.001 CLASS ‘A’ 2 436.00 1 325 184.00 2.02
USD DANAHER CORP COM USD0.01 5 502.00 916 688.22 1.40
USD DOLLAR TREE INC 5 676.00 555 510.12 0.85
USD EVERSOURCE ENERGY COM USD5 9 527.00 797 409.90 1.22
USD GLOBAL PAYMENTS COM NPV 6 762.00 1 213 711.38 1.85
USD GOLDMAN SACHS GRP COM USD0.01 3 365.00 661 188.85 1.01
USD HESS CORPORATION COM USD1 13 276.00 630 211.72 0.96
USD HOME DEPOT INC COM USD0.05 3 940.00 979 011.20 1.50
USD INTEL CORP COM USD0.001 5 265.00 331 326.45 0.51
USD LOWE’S COS INC COM USD0.50 8 106.00 1 056 617.10 1.61
USD MASTERCARD INC COM USD0.0001 CLASS ‘A’ 10 782.00 3 244 195.98 4.96
USD MICROSOFT CORP COM USD0.0000125 26 981.00 4 944 268.25 7.56
USD MONDELEZ INTL INC COM USD0.01 12 993.00 677 195.16 1.03
USD PAYPAL HOLDINGS IN COM USD0.0001 13 622.00 2 111 546.22 3.23
USD PROCTER & GAMBLE COM NPV 8 396.00 973 264.32 1.49
USD THERMO FISHER SCIE COM USD1 5 249.00 1 832 898.31 2.80
USD UNITEDHEALTH GRP COM USD0.01 3 865.00 1 178 245.25 1.80
USD VIACOMCBS INC COM USD0.001 CL B 15 059.00 312 323.66 0.48
USD VISA INC COM STK USD0.0001 7 593.00 1 482 457.32 2.26
USD VOYA FINL INC COM USD0.01 14 644.00 659 712.20 1.01
Total United States 33 450 365.19 51.12

Total Registered shares 40 221 322.51 61.47

Depository receipts

China
USD ALIBABA GROUP HLDG SPON ADS EACH REP ONE 5 683.00 1 178 597.37 1.80
USD BAIDU INC ADS EACH REPR 10 ORD CLS’A 7 350.00 783 142.50 1.20
USD NEW ORIENTAL ED & TECH GRP INC SPON ADR 1 400.00 167 944.00 0.26
USD TAL EDUCATION GRP ADS EA REPR 2 CL A ORD 6 900.00 389 574.00 0.59
Total China 2 519 257.87 3.85

South Africa
USD NASPERS SPON ADR EACH REP 0.2 ORD 13 200.00 433 884.00 0.66
Total South Africa 433 884.00 0.66

Total Depository receipts 2 953 141.87 4.51

Total Transferable securities and money market instruments listed on an official

stock exchange 61 279 237.04 93.65

Total investments in securities 61 279 237.04 93.65

Derivative instruments
Derivative instruments not listed on an official stock exchange and not traded on another regulated market
Synthetic Equity Swaps*

SEK GOLDMAN SACHS/SANDVIK AB NPV (SYNTHETIC EQUITY SWAP) 52 547.00 25 664.39 0.04
EUR GOLDMAN SACHS/SIEMENS AG (SYNTHETIC EQUITY SWAP) 11 274.00 -2 508.13 0.00
GBP GOLDMAN SACHS/WPP PLC (SYNTHETIC EQUITY SWAP) -22 427.00 2 661.74 0.00
USD GOLDMAN SACHS/HUTCHISON PORT HL NPV(SYNTHETIC EQUITY SWAP) -2 554 800.00 38 322.00 0.06
GBP GOLDMAN SACHS/ASTRAZENECA ORD (SYNTHETIC EQUITY SWAP) 9 529.00 30 394.21 0.05
USD GOLDMAN SACHS/CATERPILLAR INC DEL CO (SYNTHETIC EQUITY SWAP) -1 495.00 -5 606.25 -0.01
USD GOLDMAN SACHS/TRANSOCEAN LTD (SYNTHETIC EQUITY SWAP) -124 190.00 -3 230.10 0.00
CHF GOLDMAN SACHS/DUFRY AG(SYNTHETIC EQUITY SWAP) -5 748.00 18 547.73 0.03
CHF GOLDMAN SACHS/NOVARTIS AG (SYNTHETIC EQUITY SWAP) 10 463.00 8 386.08 0.01
CHF GOLDMAN SACHS/NESTLE SA(SYNTHETIC EQUITY SWAP) 6 580.00 13 424.38 0.02
DKK GOLDMAN SACHS/NOVO-NORDISK AS(SYNTHETIC EQUITY SWAP) 17 984.00 5 233.60 0.01
GBP GOLDMAN SACHS/SOUTH32 LTD NPV(SYNTHETIC EQUITY SWAP) -55 996.00 27.69 0.00
EUR GOLDMAN SACHS/SAMPO OYJ SER’A’ (SYNTHETIC EQUITY SWAP) 48 631.00 101 698.02 0.15
EUR GOLDMAN SACHS/MONCLER SPA NPV (SYNTHETIC EQUITY SWAP) 14 902.00 -14 089.80 -0.02
EUR GOLDMAN SACHS/VARTA AG (SYNTHETIC EQUITY SWAP) 2 163.00 39 458.61 0.06
JPY GOLDMAN SACHS/HITACHI NPV(SYNTHETIC EQUITY SWAP) 16 400.00 32 576.23 0.05
USD GOLDMAN SACHS/SNAP-ON INC COM (SYNTHETIC EQUITY SWAP) -2 491.00 1 494.60 0.00
USD GOLDMAN SACHS/KRATOS DEFENSE (SYNTHETIC EQUITY SWAP) -5 721.00 -20 195.13 -0.03
EUR GOLDMAN SACHS/EIFFAGE (SYNTHETIC EQUITY SWAP) 5 790.00 47 015.70 0.07
DKK GOLDMAN SACHS/ISS A/S (SYNTHETIC EQUITY SWAP) -14 199.00 -20 660.57 -0.03
EUR GOLDMAN SACHS/SCHNEIDER ELECTRIC (SYNTHETIC EQUITY SWAP) 10 780.00 69 308.75 0.11
USD GOLDMAN SACHS/GTT COMMUNICATIONS COM (SYNTHETIC EQUITY SWAP) -20 307.00 68 434.59 0.10
HKD GOLDMAN SACHS/CANVEST ENVIRONMENT(SYNTHETIC EQUITY SWAP) -668 000.00 12 927.36 0.02
USD GOLDMAN SACHS/FRANKS INTERNATIONAL(SYNTHETIC EQUITY SWAP) -33 963.00 6 113.34 0.01
USD GOLDMAN SACHS/MACY’S INC (SYNTHETIC EQUITY SWAP) -34 917.00 -30 255.84 -0.05
USD GOLDMAN SACHS/HANESBRANDS INC COM (SYNTHETIC EQUITY SWAP) -24 686.00 1 974.88 0.00
USD GOLDMAN SACHS/NEWOCEAN ENERGY HL (SYNTHETIC EQUITY SWAP) -892 000.00 42 636.64 0.06
USD GOLDMAN SACHS/SAMSUNG HEAVY (SYNTHETIC EQUITY SWAP) -41 517.00 -15 378.91 -0.02
* Positive nominal: the subfund is “Receiver”, negative nominal: the subfund is “Payer”.

UBS (Lux) Equity SICAV – Global Opportunity Unconstrained (USD)

Annual report and audited financial statements as of 31 May 2020

The notes are an integral part of the financial statements. 127

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

SEK GOLDMAN SACHS/BILLERUDKORSNAS AB NPV (SYNTHETIC EQUITY SWAP) -11 924.00 -6 076.99 -0.01
HKD GOLDMAN SACHS/361 DEGREES INTERN (SYNTHETIC EQUITY SWAP) -905 000.00 17 513.87 0.03
EUR GOLDMAN SACHS/AIR LIQUIDE POST-SUB (SYNTHETIC EQUITY SWAP) 6 715.00 38 741.52 0.06
USD GOLDMAN SACHS/AT&T INC COM (SYNTHETIC EQUITY SWAP) -8 184.00 -13 482.32 -0.02
USD GOLDMAN SACHS/MACERICH CO COM (SYNTHETIC EQUITY SWAP) -19 800.00 13 068.00 0.02
USD GOLDMAN SACHS/WAYFAIR INC COM(SYNTHETIC EQUITY SWAP) -7 661.00 -363 974.11 -0.56
CHF GOLDMAN SACHS/ROCHE HLDGS AG GENUSSCHEINE NPV (SYNTHETIC EQUITY SWAP) 3 358.00 -60 636.24 -0.09
USD GOLDMAN SACHS/IQIYI INC SPON EACH AD (SYNTHETIC EQUITY SWAP) -9 700.00 3 686.00 0.01
GBP GOLDMAN SACHS/UNILEVER PLC (SYNTHETIC EQUITY SWAP) 28 924.00 82 245.10 0.13
EUR GOLDMAN SACHS/KNORR BREMSE (SYNTHETIC EQUITY SWAP) -3 113.00 -35 735.53 -0.05
USD GOLDMAN SACHS/WILEY(JOHN) & SONS CLASS’A’COM (SYNTHETIC EQUITY SWAP) -4 572.00 -12 115.80 -0.02
EUR GOLDMAN SACH/KONINKLIJKE PHILIPS (SYNTHETIC EQUITY SWAP) 21 488.00 25 694.84 0.04
GBP GOLDMAN SACHS/SOFTCAT PLC ORD (SYNTHETIC EQUITY SWAP) 41 103.00 8 130.50 0.01
DKK GOLDMAN SACHS/H.LUNDBECK (SYNTHETIC EQUITY SWAP) -4 039.00 -5 605.79 -0.01
EUR GOLDMAN SACHS/ASML HOLDING NV (SYNTHETIC EQUITY SWAP) 3 809.00 94 483.79 0.14
USD GOLDMAN SACHS/8X8 INC NEW COM (SYNTHETIC EQUITY SWAP) -24 397.00 59 040.74 0.09
EUR GOLDMAN SACHS/HAPAG-LLOYD AG (SYNTHETIC EQUITY SWAP) -1 421.00 70 655.03 0.11
USD GOLDMAN SACHS/OMNICOM GROUP INC COM (SYNTHETIC EQUITY SWAP) -4 802.00 10 756.48 0.02
GBP GOLDMAN SACHS/GREGGS ORD (SYNTHETIC EQUITY SWAP) -9 595.00 -1 897.97 0.00
USD GOLDMAN SACHS/CLOROX CO DEL COM (SYNTHETIC EQUITY SWAP) -5 053.00 -100 099.93 -0.15
USD GOLDMAN SACHS/CHEWY INC (SYNTHETIC EQUITY SWAP) -9 291.00 -11 149.20 -0.02
EUR GOLDMAN SACHS/LEGRAND SA (SYNTHETIC EQUITY SWAP) 14 664.00 -3 588.53 -0.02
USD GOLDMAN SACHS/LIBERTY GLOBAL (SYNTHETIC EQUITY SWAP) -26 800.00 -62 176.00 -0.11
HKD GOLDMAN SACHS/PETROCHINA CO (SYNTHETIC EQUITY SWAP) -1 024 000.00 17 174.56 0.03
USD GOLDMAN SACHS/BLACKBAUD INC COM (SYNTHETIC EQUITY SWAP) -2 745.00 -9 195.75 -0.01
EUR GOLDMAN SACHS/UNIBAIL-RODAMCO-WE NPV (SYNTHETIC EQUITY SWAP) -1 677.00 11 229.77 0.02
USD GOLDMAN SACHS/ASCENA RETAIL GRP COM (SYNTHETIC EQUITY SWAP) -19 863.00 -4 369.86 -0.01
USD GOLDMAN SACHS/AMER EAGLE OUTFITT COM (SYNTHETIC EQUITY SWAP) -29 529.00 -35 730.09 -0.05
EUR GOLDMAN SACHS/CRH ORD (SYNTHETIC EQUITY SWAP) 28 065.00 58 825.63 0.09
GBP GOLDMAN SACHS/PETROFAC ORD (SYNTHETIC EQUITY SWAP) -58 919.00 18 865.96 0.03
GBP GOLDMAN SACHS/DOMINO’S PIZZA GRP ORD (SYNTHETIC EQUITY SWAP) -35 982.00 -6 850.62 -0.01
USD GOLDMANSACHS/FAR EASTONE TELECO (SYNTHETIC EQUITY SWAP) -181 000.00 12 856.26 0.02
EUR GOLDMAN SACHS/PROSUS NV (SYNTHETIC EQUITY SWAP) 4 586.00 27 648.71 0.04
SEK GOLDMAN SACHS/LUNDIN PETROLEUM (SYNTHETIC EQUITY SWAP) 32 872.00 -93 188.55 -0.14
EUR GOLDMAN SACHS/KLEPIERRE (SYNTHETIC EQUITY SWAP) -16 643.00 26 195.68 0.04
JPY GOLDMAN SACHS/DENTSU GROUP INC (SYNTHETIC EQUITY SWAP) -17 993.00 -101 376.07 -0.15
JPY GOLDMAN SACHS/NIPPON TEL&TEL CP NPV (SYNTHETIC EQUITY SWAP) 26 600.00 246.90 0.00
EUR GOLDMAN SACHS/POSTNL NV (SYNTHETIC EQUITY SWAP) -44 919.00 11 567.05 0.02
USD GOLDMAN SACHS/TWITTER INC COM (SYNTHETIC EQUITY SWAP) -6 714.00 -15 375.06 -0.02
USD GOLDMAN SACHS/DELL TECHNOLOGIES (SYNTHETIC EQUITY SWAP) -7 179.00 -49 894.05 -0.08
GBP GOLDMAN SACHS/ROYAL MAIL PLC (SYNTHETIC EQUITY SWAP) -195 766.00 -19 604.07 -0.03
USD GOLDMAN SACHS/KOHLS CORP COM (SYNTHETIC EQUITY SWAP) -15 874.00 -12 064.24 -0.02
HKD GOLDMAN SACHS/CN UNICOM (SYNTHETIC EQUITY SWAP) -598 000.00 40 118.69 0.06
USD GOLDMAN SACHS/MADISON SQUARE GAR CLASS A (SYNTHETIC EQUITY SWAP) -1 377.00 950.13 0.00
SEK GOLDMAN SACHS/ELECTROLUX PROFESS SE (SYNTHETIC EQUITY SWAP) -33 969.00 -42 017.85 -0.06
USD GOLDMAN SACHS/VIACOMCBS INC COM (SYNTHETIC EQUITY SWAP) -12 326.00 -60 397.40 -0.09
USD GOLDMAN SACHS/COGENT COMMUNICATI COM (SYNTHETIC EQUITY SWAP) -3 782.00 27 646.42 0.04
USD GOLDMAN SACHS/LULULEMON ATHLETIC COM STK (SYNTHETIC EQUITY SWAP) -1 691.00 -129 555.97 -0.20
USD GOLDMAN SACHS/ZOOM VIDEO COMMUNI COM (SYNTHETIC EQUITY SWAP) -3 822.00 -169 352.82 -0.26
DKK GOLDMAN SACHS/CARLSBERG SER’B’ (SYNTHETIC EQUITY SWAP) 5 093.00 6 080.56 0.01
USD GOLDMAN SACHS/MADISON SQUARE G.E COM (SYNTHETIC EQUITY SWAP) -1 377.00 4 778.19 0.01
USD GOLDMAN SACHS/PELOTON INTERACTIVE (SYNTHETIC EQUITY SWAP) -1 729.00 -18 483.01 -0.03
USD GOLDMAN SACHS/NABORS INDS LTD COM (SYNTHETIC EQUITY SWAP) -13 210.00 -242 264.33 -0.37
USD GOLDMAN SACHS/PHILIP MORRIS INTL COM (SYNTHETIC EQUITY SWAP) -4 085.00 5 065.40 0.01
USD GOLDMAN SACHS/GROUPON INC COM (SYNTHETIC EQUITY SWAP) -253 871.00 -13 962.91 -0.02
EUR GOLDMAN SACHS/STROEER SE NPV (SYNTHETIC EQUITY SWAP) -4 747.00 -38 546.38 -0.06
USD GOLDMAN SACHS/ARISTA NETWORKS IN COM (SYNTHETIC EQUITY SWAP) -828.00 -19 796.40 -0.03
USD GOLDMAN SACHS/LIVE NATION INC COM (SYNTHETIC EQUITY SWAP) -10 869.00 -104 634.78 -0.16
EUR GOLDMAN SACHS/IMMOBEL NPV (SYNTHETIC EQUITY SWAP) 8 370.00 1 135.87 0.00
USD GOLDMAN SACHS/WORLD WRESTLING ENTMT (SYNTHETIC EQUITY SWAP) -7 305.00 -33 882.05 -0.05
EUR GOLDMAN SACHS/LAGARDERE SCA (SYNTHETIC EQUITY SWAP) -18 083.00 32 414.71 0.05
USD GOLDMAN SACHS/U S SILICA HLDGS I COM (SYNTHETIC EQUITY SWAP) -41 248.00 5 312.74 0.01
USD GOLDMAN SACHS/PATTERSON UTI ENERGY INC COM (SYNTHETIC EQUITY SWAP) -30 664.00 14 865.91 0.02
Total Synthetic Equity Swaps -695 709.85 -1.06

Total Derivative instruments not listed on an official stock exchange and not traded on another
regulated market -695 709.85 -1.06

Total Derivative instruments -695 709.85 -1.06

Forward Foreign Exchange contracts

Forward Foreign Exchange contracts (Purchase/Sale)

GBP 2 355 000.00 USD 2 891 970.62 15.6.2020 19 663.06 0.03

USD 1 226 922.60 TRY 8 745 000.00 15.6.2020 -51 264.99 -0.08
EUR 6 353 800.00 USD 6 893 021.59 15.6.2020 176 374.81 0.27
EUR 4 275 000.00 USD 4 637 434.50 15.6.2020 119 037.16 0.18
USD 517 928.38 GBP 425 000.00 15.6.2020 -7 525.68 -0.01
USD 144 029.72 EUR 133 300.00 15.6.2020 -4 283.19 -0.01
NOK 32 190 000.00 USD 3 223 615.06 15.6.2020 88 389.33 0.14
EUR 43 000.00 USD 47 080.36 15.6.2020 762.51 0.00
EUR 214 800.00 USD 236 252.51 15.6.2020 2 739.33 0.01
EUR 30 900.00 USD 33 941.58 15.6.2020 438.53 0.00
USD 18 635.05 EUR 17 100.00 15.6.2020 -390.84 0.00
USD 52 947.18 EUR 48 100.00 15.6.2020 -570.08 0.00
USD 154 620.70 EUR 139 900.00 15.6.2020 -1 035.53 0.00
USD 1 090 425.32 GBP 885 000.00 15.6.2020 -3 755.49 -0.01
USD 43 505.34 EUR 39 200.00 15.6.2020 -109.56 0.00
Total Forward Foreign Exchange contracts (Purchase/Sale) 338 469.37 0.52

Cash at banks, deposits on demand and deposit accounts and other liquid assets 3 782 678.15* 5.78
Bank overdraft and other short-term liabilities -330.61 0.00
Other assets and liabilities 730 499.49 1.11
Total net assets 65 434 843.59 100.00

* As at 31 May 2020, cash amounts serves as collateral for the counterparty Goldman Sachs for an amount of USD 850 000.00.

UBS (Lux) Equity SICAV – Global Opportunity Unconstrained (USD)

Annual report and audited financial statements as of 31 May 2020

128 The notes are an integral part of the financial statements.

UBS (Lux) Equity SICAV – Global Quantitative (USD)

Three-year comparison

ISIN 31.5.2020 31.5.2019 31.5.2018

Net assets in USD 781 044 157.72 1 459 541 551.76 1 859 178 721.04
Class I-A2-acc1 LU1838042353
Shares outstanding - 168 895.0000 -
Net asset value per share in USD - 92.98 -
Issue and redemption price per share in USD2 - 92.98 -
Class I-B-acc3 LU1289529346
Shares outstanding 142 417.0000 - -
Net asset value per share in USD 104.41 - -
Issue and redemption price per share in USD2 104.41 - -
Class I-X-acc LU1398086220
Shares outstanding 143 745.7660 234 384.0250 146 550.3720
Net asset value per share in USD 128.08 127.24 142.49
Issue and redemption price per share in USD2 128.08 127.24 142.49
Class (EUR) K-X-acc4 LU1908350819
Shares outstanding 100 000.0000 100 000.0000 -
Net asset value per share in EUR 98.81 98.02 -
Issue and redemption price per share in EUR2 98.81 98.02 -
Class U-X-acc LU1289529262
Shares outstanding 53 431.1790 102 428.7420 119 835.7940
Net asset value per share in USD 13 789.18 13 698.22 15 340.13
Issue and redemption price per share in USD2 13 789.18 13 698.22 15 340.13
1
For the period from 6.11.2018 to 24.2.2020 the share class I-A2-acc was in circulation
2
See note 1
3
First NAV: 20.5.2020
4
First NAV: 26.11.2018

Performance

Currency 2019/2020 2018/2019 2017/2018

Class I-A2-acc1 USD - - -
Class I-B-acc2 USD - - -
Class I-X-acc USD 0.7% -10.7% 17.4%
Class (EUR) K-X-acc EUR 0.8% - -
Class U-X-acc USD 0.7% -10.7% 17.4%
1
For the period from 6.11.2018 to 24.2.2020 the share class I-A2-acc was in circulation. Due to this fact, there is no data for the calculation of the performance available.
2
Due to the recent launch, there is no data for the calculation of the performance available.

Historical performance is no indicator of current or future performance.

The performance data does not take account of any commissions and costs charged when subscribing and redeeming shares.
The performance data were not audited.
The subfund has no benchmark.

UBS (Lux) Equity SICAV – Global Quantitative (USD)

Annual report and audited financial statements as of 31 May 2020

129
Report of the Portfolio Manager Structure of the Securities Portfolio
Geographical Breakdown as a % of net assets
In the financial year, from 1 June 2019 to 31 May 2020, United States 58.28
Global equity market returns were positive. Markets Japan 11.01
Switzerland 3.99
rallied in 2019 and despite a strong sell-off in February Spain 3.84
and March 2020, due to fears of the economic fall-out United Kingdom 3.83
Ireland 3.69
and the social cost of the coronavirus crisis, markets France 2.46
rebounded strongly in April and May 2020 as investor Australia 1.74
Canada 1.63
sentiment improved on the back of unprecedented fiscal Singapore 1.40
and monetary support. Israel 1.12
Sweden 1.05
Italy 0.90
The subfund posted positive returns over the financial The Netherlands 0.80
Hong Kong 0.72
year. At the sector and country level the exposure to Finland 0.69
information technology and health care as well as the Portugal 0.67
Germany 0.64
US contributed. Stock-wise Apple, Microsoft, Intel and Austria 0.53
Amazon.com contributed. Exposure to financials, energy, Denmark 0.15
Total 99.14
the UK, France and Spain as well as Alliance Data System
and Simon Property Group offset some of the positive
returns. Economic Breakdown as a % of net assets
Internet, software & IT services 11.37
Finance & holding companies 8.72
Computer hardware & network equipment providers 8.68
Retail trade, department stores 7.95
Pharmaceuticals, cosmetics & medical products 7.56
Banks & credit institutions 6.52
Telecommunications 5.52
Energy & water supply 5.30
Building industry & materials 4.21
Biotechnology 3.90
Food & soft drinks 3.51
Mechanical engineering & industrial equipment 2.94
Real Estate 2.77
Traffic & transportation 2.71
Electronics & semiconductors 2.35
Miscellaneous trading companies 1.64
Vehicles 1.46
Insurance 1.38
Petroleum 1.24
Miscellaneous services 1.15
Mining, coal & steel 1.10
Lodging, catering & leisure 1.06
Investment funds 0.98
Photographic & optics 0.94
Non-ferrous metals 0.91
Tobacco & alcohol 0.82
Forestry, paper & pulp products 0.78
Miscellaneous consumer goods 0.64
Precious metals & stones 0.28
Healthcare & social services 0.21
Miscellaneous unclassified companies 0.18
Textiles, garments & leather goods 0.15
Electrical devices & components 0.14
Aerospace industry 0.07
Total 99.14

UBS (Lux) Equity SICAV – Global Quantitative (USD)

Annual report and audited financial statements as of 31 May 2020

130
Statement of Net Assets
USD
Assets 31.5.2020
Investments in securities, cost 766 398 840.71
Investments in securities, unrealized appreciation (depreciation) 7 966 895.72
Total investments in securities (Note 1) 774 365 736.43
Cash at banks, deposits on demand and deposit accounts 13 304 036.82
Receivable on securities sales (Note 1) 2 525 181.40
Receivable on dividends 2 179 817.64
Other receivables 642 851.96
Unrealized gain (loss) on forward foreign exchange contracts (Note 1) 339 772.62
Total Assets 793 357 396.87

Liabilities
Payable on securities purchases (Note 1) -2 491.00
Payable on redemptions -11 992 956.84
Provisions for flat fee (Note 2) -79.13
Provisions for taxe d’abonnement (Note 3) -13 372.41
Provisions for other commissions and fees (Note 2) -304 339.77
Total provisions -317 791.31
Total Liabilities -12 313 239.15

Net assets at the end of the financial year 781 044 157.72

Statement of Operations
USD
Income 1.6.2019-31.5.2020
Interest on liquid assets 50 478.21
Dividends 25 197 823.42
Income on securities lending (Note 16) 687 775.25
Other income (Note 4) 576 653.55
Total income 26 512 730.43

Expenses
Flat fee (Note 2) -59 757.22
Taxe d’abonnement (Note 3) -108 398.45
Cost on securities lending (Note 16) -275 110.10
Other commissions and fees (Note 2) -162 547.26
Interest on cash and bank overdraft -9 295.13
Total expenses -615 108.16

Net income (loss) on investments 25 897 622.27

Realized gain (loss) (Note 1)

Realized gain (loss) on market-priced securities without options -65 783 022.12
Realized gain (loss) on forward foreign exchange contracts 666 825.64
Realized gain (loss) on foreign exchange -614 960.31
Total realized gain (loss) -65 731 156.79

Net realized gain (loss) of the financial year -39 833 534.52

Changes in unrealized appreciation (depreciation) (Note 1)

Unrealized appreciation (depreciation) on market-priced securities without options 40 662 516.10
Unrealized appreciation (depreciation) on forward foreign exchange contracts 947 052.05
Total changes in unrealized appreciation (depreciation) 41 609 568.15

Net increase (decrease) in net assets as a result of operations 1 776 033.63

UBS (Lux) Equity SICAV – Global Quantitative (USD)

Annual report and audited financial statements as of 31 May 2020

The notes are an integral part of the financial statements. 131

Statement of Changes in Net Assets
USD
1.6.2019-31.5.2020
Net assets at the beginning of the financial year 1 459 541 551.76
Subscriptions 89 613 786.99
Redemptions -769 887 214.66
Total net subscriptions (redemptions) -680 273 427.67
Net income (loss) on investments 25 897 622.27
Total realized gain (loss) -65 731 156.79
Total changes in unrealized appreciation (depreciation) 41 609 568.15
Net increase (decrease) in net assets as a result of operations 1 776 033.63
Net assets at the end of the financial year 781 044 157.72

Changes in the Number of Shares outstanding

1.6.2019-31.5.2020
Class I-A2-acc
Number of shares outstanding at the beginning of the financial year 168 895.0000
Number of shares issued 0.0000
Number of shares redeemed -168 895.0000
Number of shares outstanding at the end of the financial year 0.0000
Class I-B-acc
Number of shares outstanding at the beginning of the financial year 0.0000
Number of shares issued 142 417.0000
Number of shares redeemed 0.0000
Number of shares outstanding at the end of the financial year 142 417.0000
Class I-X-acc
Number of shares outstanding at the beginning of the financial year 234 384.0250
Number of shares issued 104 808.6460
Number of shares redeemed -195 446.9050
Number of shares outstanding at the end of the financial year 143 745.7660
Class (EUR) K-X-acc
Number of shares outstanding at the beginning of the financial year 100 000.0000
Number of shares issued 0.0000
Number of shares redeemed 0.0000
Number of shares outstanding at the end of the financial year 100 000.0000
Class U-X-acc
Number of shares outstanding at the beginning of the financial year 102 428.7420
Number of shares issued 3 905.4450
Number of shares redeemed -52 903.0080
Number of shares outstanding at the end of the financial year 53 431.1790

UBS (Lux) Equity SICAV – Global Quantitative (USD)

Annual report and audited financial statements as of 31 May 2020

132 The notes are an integral part of the financial statements.

Statement of Investments in Securities and other Net Assets as of 31 May 2020

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
Bearer shares

Australia
AUD AGL ENERGY NPV 290 105.00 3 227 501.67 0.41
AUD FORTESCUE METALS G NPV 238 097.00 2 196 878.16 0.28
AUD QANTAS AIRWAYS NPV 357 410.00 946 622.54 0.12
AUD RIO TINTO LIMITED NPV 115 073.00 7 134 401.72 0.92
Total Australia 13 505 404.09 1.73

Austria
EUR OMV AG NPV(VAR) 125 383.00 4 145 041.86 0.53
Total Austria 4 145 041.86 0.53

Canada
CAD KIRKLAND LAKE GOLD COM NPV 116 591.00 4 474 860.76 0.57
Total Canada 4 474 860.76 0.57

Denmark
DKK PANDORA A/S DKK1 23 491.00 1 169 869.82 0.15
Total Denmark 1 169 869.82 0.15

France
EUR ATOS SE EUR1 14 696.00 1 108 660.02 0.14
EUR BNP PARIBAS EUR2 156 669.00 5 621 103.44 0.72
EUR CIE DE ST-GOBAIN EUR4 151 620.00 4 902 786.52 0.63
EUR CNP ASSURANCES EUR1 132 027.00 1 388 563.51 0.18
EUR EIFFAGE EUR4 38 214.00 3 485 602.12 0.45
EUR NATIXIS EUR1.6 333 222.00 738 724.37 0.09
EUR SANOFI EUR2 7 962.00 775 212.13 0.10
EUR VEOLIA ENVIRONNEME EUR5 55 587.00 1 217 166.85 0.15
Total France 19 237 818.96 2.46

Germany
EUR HOCHTIEF AG NPV 35 613.00 3 133 476.93 0.40
Total Germany 3 133 476.93 0.40

Hong Kong
HKD HK ELECTRIC INVEST UNITS (STAPLED) 3 882 000.00 3 846 440.46 0.49
HKD KERRY PROPERTIES HKD1 339 500.00 801 554.64 0.10
HKD WH GROUP LTD USD0.0001 1 137 500.00 980 325.12 0.13
Total Hong Kong 5 628 320.22 0.72

Ireland
USD SEAGATE TECH PLC COM USD0.00001 130 087.00 6 899 814.48 0.88
Total Ireland 6 899 814.48 0.88

Israel
ILS BANK HAPOALIM B.M. ILS1 637 225.00 3 912 402.17 0.50
ILS BK LEUMI LE ISRAEL ILS1 642 714.00 3 401 243.81 0.44
USD CHECK POINT SFTWRE ORD ILS0.01 12 800.00 1 403 776.00 0.18
Total Israel 8 717 421.98 1.12

Italy
EUR ASSIC GENERALI SPA EUR1 53 372.00 741 213.78 0.09
EUR LEONARDO SPA EUR4.40 82 256.00 512 385.79 0.07
EUR TELECOM ITALIA SPA EUR0.55 2 037 211.00 752 342.43 0.10
Total Italy 2 005 942.00 0.26

Japan
JPY DAITO TRUST CONST NPV 7 500.00 792 569.74 0.10
JPY KAWASAKI HEAVY IND NPV 98 400.00 1 558 178.88 0.20
JPY NIPPON STEEL CORP NPV 444 500.00 4 095 333.03 0.52
JPY NOMURA REAL ESTATE HOLDINGS INC 179 000.00 3 312 999.52 0.42
JPY OBAYASHI CORP NPV 85 600.00 792 158.54 0.10
JPY OLYMPUS CORP NPV 422 600.00 7 341 123.19 0.94
JPY SHIONOGI & CO NPV 36 000.00 2 125 548.82 0.27
JPY SUMITOMO HEAVY IND NPV 202 800.00 4 630 695.73 0.59
Total Japan 24 648 607.45 3.14

The Netherlands
EUR KONINKLIJKE AHOLD EUR0.01 245 257.00 6 222 833.14 0.80
Total The Netherlands 6 222 833.14 0.80

Singapore
SGD SINGAPORE EXCHANGE SGD0.01 730 900.00 4 281 768.78 0.55
SGD WILMAR INTERNATIONAL LTD 2 355 200.00 6 632 019.24 0.85
Total Singapore 10 913 788.02 1.40

Spain
EUR AMADEUS IT GROUP EUR0.01 66 621.00 3 478 529.51 0.45
EUR CAIXABANK SA EUR1 2 562 268.00 4 786 808.14 0.61
EUR ENAGAS SA EUR1.50 271 608.00 6 105 909.04 0.78
EUR IBERDROLA SA EUR0.75 (POST SUBDIVISION) 653 148.00 7 038 614.67 0.90
EUR INDITEX EUR0.03 (POST SUBD) 87 852.00 2 447 940.41 0.31
EUR NATURGY ENERGY GRO EUR1 197 254.00 3 663 141.55 0.47
EUR RED ELECTRICA CORP EUR0.5 140 019.00 2 467 082.13 0.32
Total Spain 29 988 025.45 3.84

UBS (Lux) Equity SICAV – Global Quantitative (USD)

Annual report and audited financial statements as of 31 May 2020

The notes are an integral part of the financial statements. 133

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

United Kingdom
GBP BARRATT DEVEL ORD GBP0.10 837 704.00 5 147 197.67 0.66
USD LIBERTY GLOBAL INC USD0.01 A 66 000.00 1 401 840.00 0.18
GBP WHITBREAD ORD GBP0.76797385 69 054.00 2 158 190.51 0.28
Total United Kingdom 8 707 228.18 1.12

United States
USD AKAMAI TECHNOLOGIES INC COM 28 519.00 3 017 310.20 0.39
USD ALIGN TECHNOLOGY INC COM 5 480.00 1 345 997.60 0.17
USD ALPHABET INC CAP STK USD0.001 CL C 3 707.00 5 297 006.44 0.68
USD CADENCE DESIGN SYS COM USD0.01 72 508.00 6 619 255.32 0.85
USD CAMPBELL SOUP CO CAP USD0.0375 44 234.00 2 255 049.32 0.29
USD DISCOVERY INC COM USD0.01 SER A 297 847.00 6 478 172.25 0.83
USD EXPEDTRS INTL WASH COM USD0.01 86 642.00 6 616 849.54 0.85
USD FORTINET INC COM USD0.001 6 571.00 914 683.20 0.12
USD JOHNSON & JOHNSON COM USD1 9 235.00 1 373 706.25 0.17
USD JP MORGAN CHASE & COM USD1 7 687.00 748 021.97 0.09
USD JUNIPER NETWORKS COM USD0.00001 83 807.00 2 033 157.82 0.26
USD MARKETAXESS HLDGS INC COM 1 486.00 755 764.74 0.10
USD METTLER TOLEDO INTERNATIONAL COM 3 039.00 2 416 005.00 0.31
USD MYLAN NV EUR0.01 193 000.00 3 294 510.00 0.42
USD PHILIP MORRIS INTL COM STK NPV ‘WI’ 13 960.00 1 024 105.60 0.13
USD PULTE GROUP INC COM USD0.01 222 328.00 7 552 482.16 0.97
USD RALPH LAUREN CORP CLASS ‘A’ COM USD0.01 15 568.00 1 175 539.68 0.15
USD SYNOPSYS INC COM USD0.01 6 455.00 1 167 774.05 0.15
USD TAKE TWO INTERACTI COM USD0.01 49 689.00 6 766 151.13 0.87
USD WESTERN UN CO COM 267 215.00 5 349 644.30 0.68
Total United States 66 201 186.57 8.48

Total Bearer shares 215 599 639.91 27.60

Other shares

Switzerland
CHF ROCHE HLDGS AG GENUSSCHEINE NPV 3 150.00 1 090 876.44 0.14
Total Switzerland 1 090 876.44 0.14

Total Other shares 1 090 876.44 0.14

Registered shares

Canada
CAD CANADIAN NAT RES LTD COM 80 249.00 1 460 181.12 0.19
CAD IA FINANCIAL CORP COM NPV 53 229.00 1 693 299.91 0.21
CAD MAGNA INTL INC COM NPV 122 556.00 5 148 025.87 0.66
Total Canada 8 301 506.90 1.06

Finland
EUR UPM-KYMMENE CORP NPV 187 561.00 5 418 211.43 0.69
Total Finland 5 418 211.43 0.69

Germany
EUR TELEFONICA DEUTSCH NPV 248 735.00 765 297.92 0.10
EUR UNIPER SE NPV 34 217.00 1 069 521.97 0.14
Total Germany 1 834 819.89 0.24

Ireland
USD ACCENTURE PLC SHS CL A ‘NEW’ 44 685.00 9 009 389.70 1.15
EUR CRH ORD EUR0.32 39 042.00 1 272 451.20 0.16
USD JAZZ PHARMA PLC COM USD0.0001 25 277.00 3 016 051.64 0.39
USD MEDTRONIC PLC USD0.0001 87 900.00 8 665 182.00 1.11
Total Ireland 21 963 074.54 2.81

Israel
ILS ISRACARD LTD NPV 0.42 1.15 0.00
Total Israel 1.15 0.00

Italy
EUR INTESA SANPAOLO NPV 2 466 591.00 4 259 339.28 0.54
EUR UNICREDIT SPA NPV (POST REV SPLIT) 89 384.00 762 201.95 0.10
Total Italy 5 021 541.23 0.64

Japan
JPY ASAHI GROUP HLDGS NPV 143 500.00 5 405 142.29 0.69
JPY ASTELLAS PHARMA NPV 123 200.00 2 189 320.11 0.28
JPY FUJI FILM HLD CORP NPV 58 300.00 2 695 431.41 0.34
JPY FUJITSU NPV 26 800.00 2 761 219.68 0.35
JPY HOYA CORP NPV 10 700.00 1 004 102.67 0.13
JPY ITOCHU CORP NPV 330 200.00 7 079 983.35 0.91
JPY KDDI CORP NPV 242 400.00 7 055 890.90 0.90
JPY LAWSON INC NPV 115 100.00 6 367 438.67 0.81
JPY MARUBENI CORP NPV 776 800.00 3 773 141.91 0.48
JPY MEDIPAL HOLDINGS CORP NPV 77 800.00 1 543 218.09 0.20
JPY MITSUBISHI HVY IND NPV 139 500.00 3 609 377.21 0.46
JPY NIPPON TEL&TEL CP NPV 267 700.00 6 072 852.88 0.78
JPY NOMURA HOLDINGS NPV 283 200.00 1 216 812.37 0.16
JPY NTT DOCOMO NPV 188 900.00 5 175 090.31 0.66
JPY OSAKA GAS CO NPV 56 800.00 1 135 103.74 0.15
JPY SEVEN & I HOLDINGS NPV 82 200.00 2 813 119.25 0.36
JPY SONY CORP NPV 25 200.00 1 607 878.60 0.21
Total Japan 61 505 123.44 7.87

UBS (Lux) Equity SICAV – Global Quantitative (USD)

Annual report and audited financial statements as of 31 May 2020

134 The notes are an integral part of the financial statements.

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

Portugal
EUR EDP ENERGIAS PORTU EUR1(REGD) 1 113 508.00 5 230 652.66 0.67
Total Portugal 5 230 652.66 0.67

Sweden
SEK SANDVIK AB NPV (POST SPLIT) 115 379.00 1 909 844.73 0.25
SEK VOLVO AB SER’B’NPV (POST SPLIT) 444 092.00 6 282 975.15 0.80
Total Sweden 8 192 819.88 1.05

Switzerland
CHF KUEHNE&NAGEL INTL CHF1(REGD)(POST-SUBD) 26 693.00 3 845 436.87 0.49
CHF NESTLE SA CHF0.10(REGD) 111 264.00 12 028 603.14 1.54
CHF NOVARTIS AG CHF0.50(REGD) 10 088.00 871 871.18 0.11
CHF SONOVA HOLDING AG CHF0.05 (REGD) 25 509.00 5 589 304.15 0.72
CHF ZURICH INSURANCE GRP CHF0.10 23 988.00 7 727 996.25 0.99
Total Switzerland 30 063 211.59 3.85

United Kingdom
GBP BERKELEY GP HLDGS ORD GBP0.05 81 131.00 4 107 377.35 0.53
GBP MORRISON(W)SUPRMKT ORD GBP0.10 2 049 036.00 4 729 527.72 0.61
GBP NEXT ORD GBP0.10 17 354.00 1 043 559.05 0.13
GBP SAINSBURY(J) ORD GBP0.28571428 1 957 037.00 4 693 800.60 0.60
GBP TAYLOR WIMPEY ORD GBP0.01 389 598.00 691 663.77 0.09
GBP UNILEVER PLC ORD GBP0.031111 40 021.00 2 143 385.33 0.27
GBP VODAFONE GROUP ORD USD0.2095238(POST CONS) 1 976 876.00 3 251 024.50 0.42
Total United Kingdom 20 660 338.32 2.65

United States
USD ABBVIE INC COM USD0.01 72 156.15 6 686 710.42 0.86
USD AGNC INV CORP COM USD0.01 62 333.00 806 589.02 0.10
USD ALEXION PHARMACEUT COM USD0.0001 60 666.00 7 273 853.40 0.93
USD ALPHABET INC CAP STK USD0.001 CL A 3 649.00 5 230 914.48 0.67
USD AMAZON COM INC COM USD0.01 6 809.00 16 630 097.33 2.13
USD AMER FINL GP OHIO COM NPV 15 775.00 950 286.00 0.12
USD AMERIPRISE FINL INC COM 51 617.00 7 229 993.19 0.93
USD AMGEN INC COM USD0.0001 36 679.00 8 425 166.30 1.08
USD APPLE INC COM NPV 102 510.00 32 592 029.40 4.17
USD APPLIED MATLS INC COM 18 099.00 1 016 801.82 0.13
USD ARCHER DANIELS MIDLAND CO COM 22 488.00 884 003.28 0.11
USD ATHENE HOLDING LTD COM USD0.001 CL A 73 778.00 2 131 446.42 0.27
USD AUTO DATA PROCESS COM USD0.10 20 987.00 3 074 385.63 0.39
USD BEST BUY CO INC COM USD0.10 80 652.00 6 298 114.68 0.81
USD BIOGEN INC COM STK USD0.0005 22 191.00 6 814 634.19 0.87
USD BOOKING HLDGS INC COM USD0.008 2 248.00 3 685 416.16 0.47
USD BRISTOL-MYRS SQUIB COM STK USD0.10 31 969.00 1 909 188.68 0.25
USD CATERPILLAR INC DEL COM 28 106.00 3 376 373.78 0.43
USD CBRE GROUP INC CLASS ‘A’ USD0.01 144 181.00 6 341 080.38 0.81
USD CENTURYLINK INC COM 519 822.00 5 109 850.26 0.65
USD CH ROBINSON WORLDW COM USD0.1 71 330.00 5 787 002.90 0.74
USD CHURCH & DWIGHT INC COM 50 518.00 3 792 386.26 0.49
USD CIGNA CORP COM USD0.25 4 162.00 821 245.84 0.11
USD CISCO SYSTEMS COM USD0.001 221 443.00 10 589 404.26 1.36
USD CITIZENS FINL GP COM USD0.01 48 406.00 1 166 584.60 0.15
USD CITRIX SYSTEMS INC COM USD0.001 36 303.00 5 377 200.36 0.69
USD COMERICA INC COM 76 075.00 2 765 326.25 0.35
USD CUMMINS INC COM 41 412.00 7 023 475.20 0.90
USD D R HORTON INC COM 18 446.00 1 020 063.80 0.13
USD DAVITA INC COM USD0.001 77 233.00 6 252 783.68 0.80
USD DELL TECHNOLOGIES COM USD0.01 CL C 90 968.00 4 515 651.52 0.58
USD DISCOVER FINL SVCS COM STK USD0.01 26 693.00 1 268 184.43 0.16
USD EBAY INC COM USD0.001 157 482.00 7 171 730.28 0.92
USD ELECTRONIC ARTS INC COM 15 582.00 1 914 716.16 0.25
USD ELI LILLY AND CO COM NPV 14 274.00 2 183 208.30 0.28
USD FACEBOOK INC COM USD0.000006 CL ‘A’ 16 761.00 3 772 733.49 0.48
USD FIFTH THIRD BANCORP COM 252 886.00 4 903 459.54 0.63
USD FLEETCOR TECHNOLOG COM STK USD0.001 3 559.00 867 648.61 0.11
USD GENERAL MLS INC COM 36 716.00 2 314 576.64 0.30
USD GILEAD SCIENCES COM USD0.001 102 452.00 7 973 839.16 1.02
USD HCA HEALTHCARE INC COM USD0.01 20 765.00 2 219 778.50 0.28
USD HERSHEY COMPANY COM USD1.00 44 110.00 5 984 844.80 0.77
USD HEWLETT PACKARD EN COM USD0.01 273 438.00 2 655 082.98 0.34
USD HORMEL FOODS CORP COM USD0.0586 16 687.00 814 826.21 0.11
USD HOST HOTELS & RESO COM STK USD0.01 611 600.00 7 302 504.00 0.94
USD HP INC COM USD0.01 290 481.00 4 397 882.34 0.56
USD INTEL CORP COM USD0.001 183 512.00 11 548 410.16 1.48
USD INTL PAPER CO COM USD1.00 19 075.00 649 503.75 0.08
USD IRON MTN INC NEW COM NPV 110 400.00 2 843 904.00 0.36
USD KEYSIGHT TECHNOLOG COM USD0.01 ‘WD’ 10 356.00 1 119 794.28 0.14
USD KLA CORPORATION COM USD0.001 4 334.00 762 610.64 0.10
USD KROGER CO COM USD1 62 113.00 2 026 126.06 0.26
USD MCKESSON CORP COM USD0.01 35 629.00 5 653 253.43 0.72
USD MERCK & CO INC COM USD0.50 76 591.00 6 182 425.52 0.79
USD MICROSOFT CORP COM USD0.0000125 112 290.00 20 577 142.50 2.64
USD MSCI INC COM STK USS0.01 17 925.00 5 894 636.25 0.76
USD NETAPP INC COM USD0.001 71 415.00 3 180 824.10 0.41
USD NORTONLIFELOCK INC COM USD0.01 306 550.00 6 983 209.00 0.89
USD NRG ENERGY INC COM USD0.01 177 124.00 6 385 320.20 0.82
USD NVIDIA CORP COM USD0.001 6 594.00 2 341 001.88 0.30
USD ORACLE CORP COM USD0.01 153 374.00 8 246 919.98 1.06
USD PACCAR INC COM STK USD1 11 030.00 814 675.80 0.10
USD PAYCHEX INC COM 20 543.00 1 484 848.04 0.19
USD PFIZER INC COM USD0.05 195 980.00 7 484 476.20 0.96

UBS (Lux) Equity SICAV – Global Quantitative (USD)

Annual report and audited financial statements as of 31 May 2020

The notes are an integral part of the financial statements. 135

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

USD QUALCOMM INC COM USD0.0001 104 646.00 8 463 768.48 1.08
USD REGIONS FINANCIAL CORP NEW COM 409 088.00 4 626 785.28 0.59
USD ROBERT HALF INTL COM USD0.001 52 957.00 2 687 038.18 0.34
USD SCHEIN HENRY INC COM 14 691.00 892 037.52 0.11
USD SEI INVESTMENT COM USD0.01 48 551.00 2 632 435.22 0.34
USD SIMON PROP GROUP COM USD0.0001 61 658.00 3 557 666.60 0.46
USD SIRIUS XM HLDGS IN COM USD0.001 1 025 572.00 5 968 829.04 0.76
USD SOUTHWEST AIRLINES COM USD1 119 775.00 3 844 777.50 0.49
USD SYNCHRONY FINANCIA COM USD0.001 113 608.00 2 314 194.96 0.30
USD SYSCO CORP COM USD1 35 834.00 1 976 603.44 0.25
USD TARGET CORP COM STK USD0.0833 36 444.00 4 458 194.52 0.57
USD UNIVERSAL HEALTH S CLASS’B’COM USD0.01 15 318.00 1 615 283.10 0.21
USD VALERO ENERGY CORP NEW COM 61 228.00 4 080 233.92 0.52
USD VISTRA ENERGY CORP COM USD0.01 107 874.00 2 204 944.56 0.28
USD WALGREENS BOOTS AL COM USD0.01 17 545.00 753 382.30 0.10
USD YUM BRANDS INC COM 63 788.00 5 723 697.24 0.73
Total United States 381 302 028.58 48.82

Total Registered shares 549 493 329.61 70.35

Investment funds, closed end

United States
USD VENTAS INC REIT 219 300.00 7 664 535.00 0.98
Total United States 7 664 535.00 0.98

Total Investment funds, closed end 7 664 535.00 0.98

Rights

United Kingdom
GBP WHITBREAD PLC-NIL RIGHTS 09.06.20 34 527.00 427 711.02 0.06
Total United Kingdom 427 711.02 0.06

Total Rights 427 711.02 0.06

Total Transferable securities and money market instruments listed on an official

stock exchange 774 276 091.98 99.13

Transferable securities and money market instruments not listed on an official stock exchange and not traded on another
regulated market
Rights

Australia
AUD FLIGHT CENTRE TRAVEL GROUP LTD RIGHTS 01.05.20 22 967.24 89 644.45 0.01
Total Australia 89 644.45 0.01

Total Rights 89 644.45 0.01

Total Transferable securities and money market instruments not listed on an official
stock exchange and not traded on another regulated market 89 644.45 0.01

Total investments in securities 774 365 736.43 99.14

Forward Foreign Exchange contracts

Forward Foreign Exchange contracts (Purchase/Sale)

CAD 17 340 000.00 USD 12 344 121.65 23.6.2020 201 254.95 0.02
DKK 29 050 000.00 USD 4 211 889.14 23.6.2020 125 227.76 0.02
AUD 4 835 000.00 USD 3 115 405.17 23.6.2020 94 120.21 0.01
USD 23 148 843.19 JPY 2 482 500 000.00 23.6.2020 99 687.16 0.01
USD 8 643 957.29 SGD 12 330 000.00 23.6.2020 -80 127.59 -0.01
HKD 24 055 000.00 USD 3 102 291.00 23.6.2020 -113.72 0.00
USD 5 325 883.68 ILS 18 870 000.00 23.6.2020 -61 880.57 -0.01
GBP 4 970 000.00 USD 6 020 816.05 23.6.2020 124 120.92 0.02
USD 4 652 822.48 EUR 4 305 000.00 23.6.2020 -137 802.76 -0.02
USD 648 427.67 CHF 630 000.00 23.6.2020 -7 735.75 0.00
USD 4 909 455.32 CHF 4 730 000.00 23.6.2020 -16 977.99 0.00
Total Forward Foreign Exchange contracts (Purchase/Sale) 339 772.62 0.04

Cash at banks, deposits on demand and deposit accounts and other liquid assets 13 304 036.82 1.70
Other assets and liabilities -6 965 388.15 -0.88
Total net assets 781 044 157.72 100.00

UBS (Lux) Equity SICAV – Global Quantitative (USD)

Annual report and audited financial statements as of 31 May 2020

136 The notes are an integral part of the financial statements.

UBS (Lux) Equity SICAV – Long Term Themes (USD)

Three-year comparison

ISIN 31.5.2020 31.5.2019 31.5.2018

Net assets in USD 3 423 004 186.26 1 796 476 088.51 1 966 394 534.61
Class F-acc1 LU2080290617
Shares outstanding 10 570 887.8440 - -
Net asset value per share in USD 91.60 - -
Issue and redemption price per share in USD2 91.60 - -
Class (CHF) F-acc3 LU1996412042
Shares outstanding 2 887 047.2990 - -
Net asset value per share in CHF 99.14 - -
Issue and redemption price per share in CHF2 99.14 - -
Class (CHF portfolio hedged) F-acc LU1520731438
Shares outstanding 619 529.9180 484 431.2810 426 257.4260
Net asset value per share in CHF 116.34 111.06 119.49
Issue and redemption price per share in CHF2 116.34 111.06 119.49
Class (EUR portfolio hedged) F-acc LU1520734028
Shares outstanding 970 987.2440 709 042.9410 569 504.0620
Net asset value per share in EUR 118.49 112.59 120.74
Issue and redemption price per share in EUR2 118.49 112.59 120.74
Class (GBP portfolio hedged) F-acc4 LU1865229238
Shares outstanding 70 714.0000 46 823.0000 -
Net asset value per share in GBP 105.54 99.67 -
Issue and redemption price per share in GBP2 105.54 99.67 -
Class (USD portfolio hedged) F-acc LU1520716801
Shares outstanding 835 977.2560 441 739.7020 103 158.5110
Net asset value per share in USD 128.73 118.86 124.24
Issue and redemption price per share in USD2 128.73 118.86 124.24
Class (CHF) F-dist5 LU2002522097
Shares outstanding 43 719.4520 - -
Net asset value per share in CHF 97.54 - -
Issue and redemption price per share in CHF2 97.54 - -
Class (CHF portfolio hedged) F-dist LU1722559736
Shares outstanding 55 327.0000 75 060.0000 50 655.0000
Net asset value per share in CHF 93.80 90.29 97.48
Issue and redemption price per share in CHF2 93.80 90.29 97.48
Class (USD portfolio hedged) F-dist LU1626163403
Shares outstanding 434 915.0940 338 417.5650 172 948.6190
Net asset value per share in USD 116.13 108.09 113.72
Issue and redemption price per share in USD2 116.13 108.09 113.72
Class F-UKdist6 LU2080540078
Shares outstanding 236 964.4620 - -
Net asset value per share in USD 91.60 - -
Issue and redemption price per share in USD2 91.60 - -
Class I-A1-acc LU1599408454
Shares outstanding 525 818.9860 415 206.9420 428 557.1280
Net asset value per share in USD 118.46 110.49 117.62
Issue and redemption price per share in USD2 118.46 110.49 117.62
Class I-A3-acc7 LU1564462890
Shares outstanding 100.0000 - -
Net asset value per share in USD 137.25 - -
Issue and redemption price per share in USD2 137.25 - -
Class K-1-acc LU1354389790
Shares outstanding 0.5000 0.8000 1.9000
Net asset value per share in USD 6 061 013.02 5 671 124.25 6 056 361.52
Issue and redemption price per share in USD2 6 061 013.02 5 671 124.25 6 056 361.52
Class (CHF hedged) K-1-acc LU1346285536
Shares outstanding 1.1000 1.1000 1.1000
Net asset value per share in CHF 4 809 480.12 4 651 659.18 5 134 976.85
Issue and redemption price per share in CHF2 4 809 480.12 4 651 659.18 5 134 976.85
Class (EUR hedged) K-1-acc LU1354389956
Shares outstanding 0.4000 0.4000 0.5000
Net asset value per share in EUR 3 516 546.30 3 390 794.63 3 733 613.74
Issue and redemption price per share in EUR2 3 516 546.30 3 390 794.63 3 733 613.74
Class (EUR hedged) N-acc LU1577364778
Shares outstanding 60 439.7910 64 244.0740 35 388.3750
Net asset value per share in EUR 105.38 103.08 115.14
Issue and redemption price per share in EUR2 105.38 103.08 115.14

UBS (Lux) Equity SICAV – Long Term Themes (USD)

Annual report and audited financial statements as of 31 May 2020

137
 ISIN 31.5.2020 31.5.2019 31.5.2018

Class P-acc LU1323610961

Shares outstanding 1 455 999.7030 1 853 192.2310 2 415 974.1830
Net asset value per share in USD 149.59 140.97 151.64
Issue and redemption price per share in USD2 149.59 140.97 151.64
Class (CHF hedged) P-acc LU1323611183
Shares outstanding 990 460.3820 1 044 464.9850 988 219.6040
Net asset value per share in CHF 132.89 129.47 143.96
Issue and redemption price per share in CHF2 132.89 129.47 143.96
Class (EUR hedged) P-acc LU1323611001
Shares outstanding 1 915 508.3380 1 928 247.3040 2 139 415.6130
Net asset value per share in EUR 134.71 130.83 145.11
Issue and redemption price per share in EUR2 134.71 130.83 145.11
Class (EUR hedged) P-qdist LU1669356526
Shares outstanding 20 280.9430 20 748.1330 11 295.4040
Net asset value per share in EUR 100.75 97.87 108.56
Issue and redemption price per share in EUR2 100.75 97.87 108.56
Class Q-acc LU1323611266
Shares outstanding 1 506 011.9960 1 746 150.4450 1 469 355.4120
Net asset value per share in USD 154.75 144.72 154.46
Issue and redemption price per share in USD2 154.75 144.72 154.46
Class (CHF hedged) Q-acc LU1323611423
Shares outstanding 1 524 538.9450 1 623 075.1890 1 473 103.9510
Net asset value per share in CHF 137.47 132.89 146.61
Issue and redemption price per share in CHF2 137.47 132.89 146.61
Class (EUR hedged) Q-acc LU1323611340
Shares outstanding 1 388 951.1850 1 745 698.6520 1 795 185.9630
Net asset value per share in EUR 139.35 134.31 147.81
Issue and redemption price per share in EUR2 139.35 134.31 147.81
Class (GBP hedged) Q-acc LU1340049755
Shares outstanding 402 809.1780 462 694.6450 455 215.5470
Net asset value per share in GBP 142.86 137.92 150.16
Issue and redemption price per share in GBP2 142.86 137.92 150.16
Class (CHF) U-X-acc8 LU2159930606
Shares outstanding 26 462.0000 - -
Net asset value per share in CHF 10 660.38 - -
Issue and redemption price per share in CHF2 10 660.38 - -
1
First NAV: 24.12.2019
2
See note 1
3
First NAV: 3.10.19
4
First NAV: 11.10.2018
5
First NAV: 20.6.2019
6
First NAV: 24.12.2019
7
First NAV: 24.3.2020
8
First NAV: 7.5.2020

Performance

Currency 2019/2020 2018/2019 2017/2018

Class F-acc1 USD - - -
Class (CHF) F-acc1 CHF - - -
Class (CHF portfolio hedged) F-acc CHF 4.8% -7.1% 12.7%
Class (EUR portfolio hedged) F-acc EUR 5.2% -6.8% 13.7%
Class (GBP portfolio hedged) F-acc GBP 5.9% - -
Class (USD portfolio hedged) F-acc USD 8.3% -4.3% 15.9%
Class (CHF) F-dist1 CHF - - -
Class (CHF portfolio hedged) F-dist CHF 4.8% -7.1% -
Class (USD portfolio hedged) F-dist USD 8.3% -4.3% -
Class F-UKdist1 USD - - -
Class I-A1-acc USD 7.2% -6.1% 16.0%
Class I-A3-acc1 USD - - -
Class K-1-acc USD 6.9% -6.4% -
Class (CHF hedged) K-1-acc CHF 3.4% -9.4% -
Class (EUR hedged) K-1-acc EUR 3.7% -9.2% 12.7%
Class (EUR hedged) N-acc EUR 2.2% -10.5% 11.1%
Class P-acc USD 6.1% -7.0% 14.6%
Class (CHF hedged) P-acc CHF 2.6% -10.1% 11.5%
Class (EUR hedged) P-acc EUR 3.0% -9.8% 11.8%
Class (EUR hedged) P-qdist EUR 2.9% -9.8% -
Class Q-acc USD 6.9% -6.3% 15.5%
Class (CHF hedged) Q-acc CHF 3.4% -9.4% 12.4%
Class (EUR hedged) Q-acc EUR 3.8% -9.1% 12.7%
Class (GBP hedged) Q-acc GBP 3.6% -8.2% 13.7%
Class (CHF) U-X-acc1 CHF - - -
1
Due to the recent launch, there is no data for the calculation of the performance available.

Historical performance is no indicator of current or future performance.

The performance data does not take account of any commissions and costs charged when subscribing and redeeming shares.
The performance data were not audited.
The subfund has no benchmark.

UBS (Lux) Equity SICAV – Long Term Themes (USD)

Annual report and audited financial statements as of 31 May 2020

138
Report of the Portfolio Manager Structure of the Securities Portfolio
Geographical Breakdown as a % of net assets
Global Equity markets posted a positive performance United States 45.18
during the financial year from 1 June 2019 to 31 May Japan 8.08
United Kingdom 7.51
2020. Volatility was elevated, with trade war uncertain- Ireland 3.77
ties and since the year end we have seen the develop- Norway 3.51
The Netherlands 3.25
ment of the Covid-19 outbreak initially in China and Italy 3.14
now reaching most continents. At present it is not pos- Hong Kong 3.08
Switzerland 3.02
sible to assess the detailed impact of the emerging risk China 2.55
on the companies in our portfolio but there is growing Germany 2.48
Indonesia 1.86
concern about the impact on the world economy. There Thailand 1.81
has been a significant correction in the financial mar- Australia 1.39
France 1.29
kets in the last few weeks. The Board and the Manager India 1.22
continue to watch the efforts of governments to con- Belgium 1.14
Denmark 0.97
tain the spread of the virus and monitor the economic Mexico 0.95
impact, if any, on the companies in our portfolio. New Zealand 0.71
Israel 0.70
Sweden 0.63
The subfund posted a positive performance. Allocation Finland 0.52
Total 98.76
to sectors, notably the positioning in Energy and
Healthcare, contributed positively. Stock selection in
Financials and Industrials contributed as well. However, Economic Breakdown as a % of net assets
Electronics & semiconductors 12.44
stock selection in Information Technology detracted. Internet, software & IT services 10.67
In terms of themes, positioning in Obesity and stock Finance & holding companies 9.42
Pharmaceuticals, cosmetics & medical products 6.39
selection within the theme were positive. Positioning Retail trade, department stores 5.27
in Energy Efficiency and Automation were favorable as Banks & credit institutions 4.53
Food & soft drinks 4.29
well. Stock selection in Food revolution detracted. The Telecommunications 3.94
two largest themes in the subfund are Energy Efficiency Mechanical engineering & industrial equipment 3.94
Vehicles 3.49
and Automation and Robotics. Healthcare & social services 3.30
Biotechnology 3.10
Chemicals 2.92
Petroleum 2.70
Miscellaneous unclassified companies 2.52
Real Estate 2.40
Textiles, garments & leather goods 2.38
Environmental services & recycling 2.10
Traffic & transportation 2.02
Aerospace industry 1.81
Insurance 1.50
Agriculture & fishery 1.33
Miscellaneous services 1.31
Rubber & tyres 1.22
Packaging industry 1.08
Computer hardware & network equipment providers 1.04
Building industry & materials 0.95
Electrical devices & components 0.70
Total 98.76

UBS (Lux) Equity SICAV – Long Term Themes (USD)

Annual report and audited financial statements as of 31 May 2020

139
Statement of Net Assets
USD
Assets 31.5.2020
Investments in securities, cost 3 207 097 183.47
Investments in securities, unrealized appreciation (depreciation) 173 589 044.72
Total investments in securities (Note 1) 3 380 686 228.19
Cash at banks, deposits on demand and deposit accounts 20 558 199.59
Receivable on securities sales (Note 1) 1 354 645.20
Receivable on subscriptions 9 050 742.46
Receivable on dividends 7 210 115.60
Other receivables 557 221.49
Unrealized gain (loss) on forward foreign exchange contracts (Note 1) 21 212 978.04
Total Assets 3 440 630 130.57

Liabilities
Payable on redemptions -15 948 322.90
Provisions for flat fee (Note 2) -1 192 015.65
Provisions for taxe d’abonnement (Note 3) -146 183.15
Provisions for other commissions and fees (Note 2) -339 422.61
Total provisions -1 677 621.41
Total Liabilities -17 625 944.31

Net assets at the end of the financial year 3 423 004 186.26

Statement of Operations
USD
Income 1.6.2019-31.5.2020
Interest on liquid assets 384 416.64
Dividends 31 193 498.67
Income on securities lending (Note 16) 1 024 074.02
Other income (Note 4) 2 163 952.01
Total income 34 765 941.34

Expenses
Flat fee (Note 2) -26 050 697.47
Taxe d’abonnement (Note 3) -829 211.35
Cost on securities lending (Note 16) -409 629.61
Other commissions and fees (Note 2) -311 882.04
Interest on cash and bank overdraft -15 450.41
Total expenses -27 616 870.88

Net income (loss) on investments 7 149 070.46

Realized gain (loss) (Note 1)

Realized gain (loss) on market-priced securities without options -32 550 537.22
Realized gain (loss) on forward foreign exchange contracts -41 118 906.35
Realized gain (loss) on foreign exchange 9 421 043.66
Total realized gain (loss) -64 248 399.91

Net realized gain (loss) of the financial year -57 099 329.45

Changes in unrealized appreciation (depreciation) (Note 1)

Unrealized appreciation (depreciation) on market-priced securities without options 116 177 006.04
Unrealized appreciation (depreciation) on forward foreign exchange contracts 20 342 942.63
Total changes in unrealized appreciation (depreciation) 136 519 948.67

Net increase (decrease) in net assets as a result of operations 79 420 619.22

UBS (Lux) Equity SICAV – Long Term Themes (USD)

Annual report and audited financial statements as of 31 May 2020

140 The notes are an integral part of the financial statements.

Statement of Changes in Net Assets
USD
1.6.2019-31.5.2020
Net assets at the beginning of the financial year 1 796 476 088.51
Subscriptions 2 347 909 243.25
Redemptions -800 428 148.92
Total net subscriptions (redemptions) 1 547 481 094.33
Dividend paid -373 615.80
Net income (loss) on investments 7 149 070.46
Total realized gain (loss) -64 248 399.91
Total changes in unrealized appreciation (depreciation) 136 519 948.67
Net increase (decrease) in net assets as a result of operations 79 420 619.22
Net assets at the end of the financial year 3 423 004 186.26

Changes in the Number of Shares outstanding

1.6.2019-31.5.2020
Class F-acc
Number of shares outstanding at the beginning of the financial year 0.0000
Number of shares issued 11 992 508.9420
Number of shares redeemed -1 421 621.0980
Number of shares outstanding at the end of the financial year 10 570 887.8440
Class (CHF) F-acc
Number of shares outstanding at the beginning of the financial year 0.0000
Number of shares issued 3 077 737.1780
Number of shares redeemed -190 689.8790
Number of shares outstanding at the end of the financial year 2 887 047.2990
Class (CHF portfolio hedged) F-acc
Number of shares outstanding at the beginning of the financial year 484 431.2810
Number of shares issued 450 654.7030
Number of shares redeemed -315 556.0660
Number of shares outstanding at the end of the financial year 619 529.9180
Class (EUR portfolio hedged) F-acc
Number of shares outstanding at the beginning of the financial year 709 042.9410
Number of shares issued 847 284.6900
Number of shares redeemed -585 340.3870
Number of shares outstanding at the end of the financial year 970 987.2440
Class (GBP portfolio hedged) F-acc
Number of shares outstanding at the beginning of the financial year 46 823.0000
Number of shares issued 81 281.0000
Number of shares redeemed -57 390.0000
Number of shares outstanding at the end of the financial year 70 714.0000
Class (USD portfolio hedged) F-acc
Number of shares outstanding at the beginning of the financial year 441 739.7020
Number of shares issued 734 386.3390
Number of shares redeemed -340 148.7850
Number of shares outstanding at the end of the financial year 835 977.2560
Class (CHF) F-dist
Number of shares outstanding at the beginning of the financial year 0.0000
Number of shares issued 64 604.5070
Number of shares redeemed -20 885.0550
Number of shares outstanding at the end of the financial year 43 719.4520
Class (CHF portfolio hedged) F-dist
Number of shares outstanding at the beginning of the financial year 75 060.0000
Number of shares issued 16 735.0000
Number of shares redeemed -36 468.0000
Number of shares outstanding at the end of the financial year 55 327.0000
Class (USD portfolio hedged) F-dist
Number of shares outstanding at the beginning of the financial year 338 417.5650
Number of shares issued 169 505.4870
Number of shares redeemed -73 007.9580
Number of shares outstanding at the end of the financial year 434 915.0940
Class F-UKdist
Number of shares outstanding at the beginning of the financial year 0.0000
Number of shares issued 251 539.4620
Number of shares redeemed -14 575.0000
Number of shares outstanding at the end of the financial year 236 964.4620
Class I-A1-acc
Number of shares outstanding at the beginning of the financial year 415 206.9420
Number of shares issued 118 591.0110
Number of shares redeemed -7 978.9670
Number of shares outstanding at the end of the financial year 525 818.9860
Class I-A3-acc
Number of shares outstanding at the beginning of the financial year 0.0000
Number of shares issued 100.0000
Number of shares redeemed 0.0000
Number of shares outstanding at the end of the financial year 100.0000

UBS (Lux) Equity SICAV – Long Term Themes (USD)

Annual report and audited financial statements as of 31 May 2020

The notes are an integral part of the financial statements. 141

Class K-1-acc
Number of shares outstanding at the beginning of the financial year 0.8000
Number of shares issued 0.0000
Number of shares redeemed -0.3000
Number of shares outstanding at the end of the financial year 0.5000
Class (CHF hedged) K-1-acc
Number of shares outstanding at the beginning of the financial year 1.1000
Number of shares issued 0.0000
Number of shares redeemed 0.0000
Number of shares outstanding at the end of the financial year 1.1000
Class (EUR hedged) K-1-acc
Number of shares outstanding at the beginning of the financial year 0.4000
Number of shares issued 0.2000
Number of shares redeemed -0.2000
Number of shares outstanding at the end of the financial year 0.4000
Class (EUR hedged) N-acc
Number of shares outstanding at the beginning of the financial year 64 244.0740
Number of shares issued 16 288.6540
Number of shares redeemed -20 092.9370
Number of shares outstanding at the end of the financial year 60 439.7910
Class P-acc
Number of shares outstanding at the beginning of the financial year 1 853 192.2310
Number of shares issued 254 375.1400
Number of shares redeemed -651 567.6680
Number of shares outstanding at the end of the financial year 1 455 999.7030
Class (CHF hedged) P-acc
Number of shares outstanding at the beginning of the financial year 1 044 464.9850
Number of shares issued 162 458.0020
Number of shares redeemed -216 462.6050
Number of shares outstanding at the end of the financial year 990 460.3820
Class (EUR hedged) P-acc
Number of shares outstanding at the beginning of the financial year 1 928 247.3040
Number of shares issued 655 483.6260
Number of shares redeemed -668 222.5920
Number of shares outstanding at the end of the financial year 1 915 508.3380
Class (EUR hedged) P-qdist
Number of shares outstanding at the beginning of the financial year 20 748.1330
Number of shares issued 5 148.3580
Number of shares redeemed -5 615.5480
Number of shares outstanding at the end of the financial year 20 280.9430
Class Q-acc
Number of shares outstanding at the beginning of the financial year 1 746 150.4450
Number of shares issued 333 199.3500
Number of shares redeemed -573 337.7990
Number of shares outstanding at the end of the financial year 1 506 011.9960
Class (CHF hedged) Q-acc
Number of shares outstanding at the beginning of the financial year 1 623 075.1890
Number of shares issued 186 280.5210
Number of shares redeemed -284 816.7650
Number of shares outstanding at the end of the financial year 1 524 538.9450
Class (EUR hedged) Q-acc
Number of shares outstanding at the beginning of the financial year 1 745 698.6520
Number of shares issued 282 548.4390
Number of shares redeemed -639 295.9060
Number of shares outstanding at the end of the financial year 1 388 951.1850
Class (GBP hedged) Q-acc
Number of shares outstanding at the beginning of the financial year 462 694.6450
Number of shares issued 78 502.6740
Number of shares redeemed -138 388.1410
Number of shares outstanding at the end of the financial year 402 809.1780
Class (CHF) U-X-acc
Number of shares outstanding at the beginning of the financial year 0.0000
Number of shares issued 26 462.0000
Number of shares redeemed 0.0000
Number of shares outstanding at the end of the financial year 26 462.0000

Annual Distribution1
UBS (Lux) Equity SICAV
– Long Term Themes (USD) Ex-Date Pay-Date Currency Amount per share
(CHF portfolio hedged) F-dist 1.8.2019 6.8.2019 CHF 0.93
(USD portfolio hedged) F-dist 1.8.2019 6.8.2019 USD 0.79
1
See note 5

UBS (Lux) Equity SICAV – Long Term Themes (USD)

Annual report and audited financial statements as of 31 May 2020

142 The notes are an integral part of the financial statements.

Statement of Investments in Securities and other Net Assets as of 31 May 2020

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
Bearer shares

Australia
AUD BRAMBLES LTD NPV 4 770 728.00 36 861 659.63 1.08
AUD SIMS LTD NPV 2 046 375.00 10 568 225.38 0.31
Total Australia 47 429 885.01 1.39

Belgium
EUR GALAPAGOS NV NPV 192 123.00 39 183 365.29 1.14
Total Belgium 39 183 365.29 1.14

China
HKD PING AN INSURANCE ‘H’CNY1 2 469 000.00 24 368 275.06 0.71
Total China 24 368 275.06 0.71

Denmark
DKK GENMAB AS DKK1 (BEARER) 108 316.00 33 299 649.29 0.97
Total Denmark 33 299 649.29 0.97

France
EUR ORPEA EUR2.5 374 674.00 44 010 766.68 1.29
Total France 44 010 766.68 1.29

Germany
EUR CONTINENTAL AG ORD NPV 423 071.00 41 620 131.69 1.22
Total Germany 41 620 131.69 1.22

Hong Kong
HKD CHINA MOBILE LTD NPV 9 086 000.00 63 417 958.98 1.85
HKD GUANGDONG INVEST HKD0.50 21 414 000.00 42 159 416.85 1.23
Total Hong Kong 105 577 375.83 3.08

Indonesia
IDR BANK CENTRAL ASIA IDR62.5 35 893 000.00 63 752 388.90 1.86
Total Indonesia 63 752 388.90 1.86

Ireland
EUR KERRY GROUP ‘A’ORD EUR0.125(DUBLIN LIST) 225 454.00 27 912 232.14 0.82
Total Ireland 27 912 232.14 0.82

Israel
USD SOLAREDGE TECHNOLO USD0.0001 169 000.00 23 981 100.00 0.70
Total Israel 23 981 100.00 0.70

Italy
EUR BANCA MEDIOLANUM NPV 5 387 066.00 35 893 894.16 1.05
Total Italy 35 893 894.16 1.05

Japan
JPY KISSEI PHARM CO NPV 359 218.00 9 102 567.86 0.26
JPY NABTESCO CORP NPV 1 123 000.00 34 867 360.02 1.02
Total Japan 43 969 927.88 1.28

The Netherlands
USD NXP SEMICONDUCTORS EUR0.20 354 872.00 34 103 199.20 1.00
USD UNIQURE N.V. COM EUR0.05 624 900.00 41 968 284.00 1.22
Total The Netherlands 76 071 483.20 2.22

New Zealand
NZD FISHER & PAYKEL HE NPV 1 313 849.00 24 391 757.77 0.71
Total New Zealand 24 391 757.77 0.71

Thailand
THB AIRPORTS OF THAILA THB1.00(ALIEN MKT) 31 748 100.00 61 879 352.33 1.81
Total Thailand 61 879 352.33 1.81

United Kingdom
USD LIVANOVA PLC ORD GBP1.00 (DI) 154 100.00 8 242 809.00 0.24
GBP SAGE GROUP GBP0.01051948 8 441 804.00 72 116 921.78 2.11
GBP SPECTRIS ORD GBP0.05 2 258 565.00 71 593 646.63 2.09
Total United Kingdom 151 953 377.41 4.44

United States
USD DIGITAL REALTY TRU COM STK USD0.01 572 429.00 82 177 907.24 2.40
USD ECOLAB INC COM 469 762.00 99 862 005.96 2.92
USD INCYTE CORPORATION COM USD0.001 302 063.00 30 783 240.33 0.90
USD IPG PHOTONICS CORP COM USD0.0001 339 663.00 52 783 630.20 1.54
USD MSA SAFETY INC COM NPV 418 743.00 49 805 292.42 1.46
USD PTC INC COM USD0.01 1 155 914.00 88 288 711.32 2.58
USD TRIMBLE INC COM NPV 1 218 073.00 47 651 015.76 1.39
USD VMWARE INC COM STK USD0.01 CLASS ‘A’ 450 730.00 70 435 577.10 2.06
Total United States 521 787 380.33 15.25

Total Bearer shares 1 367 082 342.97 39.94

UBS (Lux) Equity SICAV – Long Term Themes (USD)

Annual report and audited financial statements as of 31 May 2020

The notes are an integral part of the financial statements. 143

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

Registered shares

Finland
EUR NESTE OIL OYJ NPV 441 206.00 17 824 965.95 0.52
Total Finland 17 824 965.95 0.52

Germany
EUR INFINEON TECHNOLOG AG NPV (REGD) 2 050 081.00 42 999 365.72 1.26
Total Germany 42 999 365.72 1.26

Ireland
USD ALLEGION PLC CIM USD0.01 233 400.00 23 269 980.00 0.68
USD APTIV PLC COM USD0.01 1 032 700.00 77 813 945.00 2.27
Total Ireland 101 083 925.00 2.95

Italy
EUR PRYSMIAN SPA EUR0.10 3 356 649.00 71 482 998.23 2.09
Total Italy 71 482 998.23 2.09

Japan
JPY HOYA CORP NPV 582 200.00 54 634 446.09 1.60
JPY KUBOTA CORP NPV 2 032 000.00 27 339 156.49 0.80
JPY NEC CORP NPV 789 900.00 35 449 635.98 1.03
JPY TAKEDA PHARMACEUTI NPV 2 152 700.00 83 742 198.69 2.45
JPY WEST JAPAN RAILWAY NPV 487 700.00 31 466 122.69 0.92
Total Japan 232 631 559.94 6.80

The Netherlands
EUR ASML HOLDING NV EUR0.09 108 518.00 35 361 993.71 1.03
Total The Netherlands 35 361 993.71 1.03

Norway
NOK EQUINOR ASA NOK2.50 5 133 487.00 74 545 319.78 2.18
NOK MOWI ASA NOK7.50 2 424 120.00 45 651 061.56 1.33
Total Norway 120 196 381.34 3.51

Sweden
SEK HEXAGON AB SER’B’NPV 390 382.00 21 437 467.33 0.63
Total Sweden 21 437 467.33 0.63

Switzerland
CHF ALCON AG CHF0.04 896 317.00 57 733 002.97 1.69
CHF NESTLE SA CHF0.10(REGD) 175 043.00 18 923 666.05 0.55
CHF SWISS LIFE HLDG CHF5.1(REGD) 76 445.00 26 847 655.87 0.78
Total Switzerland 103 504 324.89 3.02

United Kingdom
USD AON PLC COM USD0.01 CL A 331 245.00 65 238 702.75 1.91
USD LINDE PLC COM EUR0.001 196 730.00 39 806 348.20 1.16
Total United Kingdom 105 045 050.95 3.07

United States
USD ABBOTT LABS COM 328 329.00 31 164 988.68 0.91
USD AGCO CORP COM USD0.01 924 809.00 51 077 201.07 1.49
USD AMAZON COM INC COM USD0.01 42 754.00 104 421 086.98 3.05
USD AMERIPRISE FINL INC COM 484 591.00 67 876 661.37 1.98
USD BUNGE LIMITED COM USD0.01 1 197 791.00 46 737 804.82 1.37
USD CONAGRA BRANDS IN COM USD5 1 531 643.00 53 285 859.97 1.56
USD COSTCO WHSL CORP NEW COM 246 162.00 75 933 592.14 2.22
USD ELI LILLY AND CO COM NPV 204 694.00 31 307 947.30 0.91
USD LYFT INC COM USD0.00001 CLASS A 1 206 434.00 37 713 126.84 1.10
USD MICRON TECHNOLOGY COM USD0.10 825 944.00 39 570 977.04 1.16
USD NIKE INC CLASS’B’COM NPV 831 605.00 81 979 620.90 2.38
USD ON SEMICONDUCTOR COM USD0.01 2 849 474.00 46 987 826.26 1.37
USD PALO ALTO NETWORKS COM USD0.0001 318 079.00 74 834 446.33 2.19
USD SALESFORCE.COM INC COM USD0.001 340 135.00 59 452 196.65 1.74
USD STERICYCLE INC COM 1 118 397.00 61 321 707.51 1.79
USD T ROWE PRICE GROUP COM USD0.20 369 808.00 44 709 787.20 1.31
USD UNITEDHEALTH GRP COM USD0.01 199 527.00 60 825 805.95 1.78
USD VOYA FINL INC COM USD0.01 1 230 679.00 55 442 088.95 1.62
Total United States 1 024 642 725.96 29.93

Total Registered shares 1 876 210 759.02 54.81

Depository receipts

China
USD NEW ORIENTAL ED & TECH GRP INC SPON ADR 524 300.00 62 895 028.00 1.84
Total China 62 895 028.00 1.84

India
USD MAHINDRA & MAHINDRA GDR REG S 7 414 415.00 41 817 300.60 1.22
Total India 41 817 300.60 1.22

Mexico
USD CEMEX SAB DE CV SPON ADR 5 ORD 13 616 999.00 32 680 797.60 0.95
Total Mexico 32 680 797.60 0.95

Total Depository receipts 137 393 126.20 4.01

Total Transferable securities and money market instruments listed on an official

stock exchange 3 380 686 228.19 98.76

Total investments in securities 3 380 686 228.19 98.76

UBS (Lux) Equity SICAV – Long Term Themes (USD)

Annual report and audited financial statements as of 31 May 2020

144 The notes are an integral part of the financial statements.

 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

Forward Foreign Exchange contracts (Purchase/Sale)

USD 1 533 205.36 SEK 15 088 400.00 23.6.2020 -69 116.57 0.00
USD 1 014 766.45 SEK 9 986 400.00 23.6.2020 -45 745.45 0.00
USD 1 905 908.28 SEK 18 756 200.00 23.6.2020 -85 917.93 0.00
USD 107 457.69 SEK 1 057 500.00 23.6.2020 -4 844.17 0.00
USD 1 034 172.76 AUD 1 605 000.00 23.6.2020 -31 243.63 0.00
USD 3 703 094.69 HKD 28 713 600.00 23.6.2020 135.74 0.00
USD 10 990 729.46 JPY 1 178 654 400.00 23.6.2020 47 330.00 0.00
USD 2 014 788.52 NOK 20 533 200.00 23.6.2020 -97 994.34 0.00
USD 2 429 820.58 HKD 18 840 700.00 23.6.2020 89.07 0.00
USD 707 039.11 AUD 1 097 300.00 23.6.2020 -21 360.52 0.00
USD 7 249 312.25 JPY 777 421 900.00 23.6.2020 31 218.12 0.00
USD 1 331 760.96 NOK 13 572 300.00 23.6.2020 -64 773.57 0.00
USD 4 654 984.10 HKD 36 094 500.00 23.6.2020 170.64 0.00
USD 1 363 303.88 AUD 2 115 800.00 23.6.2020 -41 187.08 0.00
USD 13 819 390.35 JPY 1 482 002 200.00 23.6.2020 59 511.22 0.00
USD 2 498 625.46 NOK 25 464 100.00 23.6.2020 -121 526.98 0.00
USD 262 550.16 HKD 2 035 800.00 23.6.2020 9.63 0.00
USD 77 063.59 AUD 119 600.00 23.6.2020 -2 328.19 0.00
USD 779 278.18 JPY 83 570 400.00 23.6.2020 3 355.85 0.00
USD 140 895.47 NOK 1 435 900.00 23.6.2020 -6 852.81 0.00
EUR 91 919 200.00 USD 99 345 811.76 23.6.2020 2 942 327.60 0.09
USD 10 718 506.28 GBP 8 847 800.00 23.6.2020 -220 965.21 -0.01
USD 7 734 169.02 EUR 7 156 000.00 23.6.2020 -229 063.09 -0.01
USD 7 034 905.61 GBP 5 807 100.00 23.6.2020 -145 026.67 0.00
USD 14 822 130.71 EUR 13 714 100.00 23.6.2020 -438 987.45 -0.01
USD 13 478 269.06 GBP 11 125 900.00 23.6.2020 -277 858.54 -0.01
USD 833 941.42 EUR 771 600.00 23.6.2020 -24 698.87 0.00
GBP 5 758 700.00 USD 6 976 272.31 23.6.2020 143 817.93 0.00
EUR 424 295 600.00 USD 458 576 563.00 23.6.2020 13 581 674.47 0.40
GBP 52 976 800.00 USD 64 177 780.18 23.6.2020 1 323 044.09 0.04
USD 6 397 922.56 CHF 6 216 100.00 23.6.2020 -76 327.36 0.00
USD 8 007 155.35 CHF 7 779 600.00 23.6.2020 -95 525.54 0.00
CHF 317 378 300.00 USD 326 661 698.82 23.6.2020 3 897 081.30 0.11
CHF 66 971 000.00 USD 68 929 919.38 23.6.2020 822 335.46 0.02
USD 451 429.17 CHF 438 600.00 23.6.2020 -5 385.56 0.00
USD 469 657.12 CHF 455 100.00 23.6.2020 -4 342.84 0.00
USD 588 265.83 EUR 541 600.00 23.6.2020 -14 429.32 0.00
USD 423 918.30 GBP 346 300.00 23.6.2020 -4 249.04 0.00
USD 455 275.94 JPY 49 154 900.00 23.6.2020 -1 110.35 0.00
EUR 811 400.00 USD 887 893.11 23.6.2020 15 036.81 0.00
USD 281 551.28 GBP 230 000.00 23.6.2020 -2 822.06 0.00
CHF 272 700.00 USD 281 172.17 23.6.2020 2 852.85 0.00
USD 535 877.22 JPY 57 857 200.00 23.6.2020 -1 306.92 0.00
GBP 100 700.00 USD 123 270.50 23.6.2020 1 235.57 0.00
CHF 11 049 800.00 USD 11 453 815.00 23.6.2020 54 874.81 0.00
USD 270 128.35 CHF 260 600.00 23.6.2020 -1 294.17 0.00
USD 162 396.29 HKD 1 259 100.00 23.6.2020 20.43 0.00
EUR 14 714 500.00 USD 16 186 214.86 23.6.2020 188 153.35 0.01
GBP 1 875 100.00 USD 2 299 941.03 23.6.2020 18 443.54 -0.01
USD 286 444.69 EUR 260 400.00 23.6.2020 -3 329.72 0.00
USD 411 268.85 GBP 335 300.00 23.6.2020 -3 298.02 0.00
USD 154 541.23 HKD 1 198 200.00 23.6.2020 19.14 0.00
USD 228 899.70 CHF 220 500.00 23.6.2020 -757.50 0.00
EUR 2 633 700.00 USD 2 897 219.59 23.6.2020 33 574.77 0.00
USD 296 148.16 JPY 31 785 600.00 23.6.2020 1 029.83 0.00
USD 93 057.50 HKD 721 500.00 23.6.2020 11.53 0.00
CHF 2 135 800.00 USD 2 217 160.94 23.6.2020 7 337.21 0.00
USD 177 439.16 EUR 161 300.00 23.6.2020 -2 056.28 0.00
USD 41 241.94 JPY 4 426 500.00 23.6.2020 143.41 0.00
USD 11 788.57 HKD 91 400.00 23.6.2020 1.46 0.00
USD 19 931.40 CHF 19 200.00 23.6.2020 -65.96 0.00
USD 26 511.37 EUR 24 100.00 23.6.2020 -307.23 0.00
GBP 258 700.00 USD 317 275.89 23.6.2020 2 582.30 0.00
USD 920 173.37 EUR 837 600.00 23.6.2020 -11 912.04 0.00
EUR 204 300.00 USD 224 325.08 23.6.2020 3 020.97 0.00
USD 227 807.44 JPY 24 528 300.00 23.6.2020 70.64 0.00
USD 1 249 223.73 EUR 1 145 700.00 23.6.2020 -25 716.88 0.00
USD 527 954.15 CHF 512 200.00 23.6.2020 -5 517.13 0.00
USD 588 446.78 GBP 482 800.00 23.6.2020 -8 489.95 0.00
USD 52 890.06 AUD 80 800.00 23.6.2020 -745.86 0.00
USD 63 654.07 EUR 58 400.00 23.6.2020 -1 333.74 0.00
USD 134 011.01 GBP 109 900.00 23.6.2020 -1 869.99 0.00
USD 151 069.43 EUR 138 600.00 23.6.2020 -3 165.33 0.00
GBP 45 400.00 USD 55 360.32 23.6.2020 772.50 0.00
USD 9 046.73 EUR 8 300.00 23.6.2020 -189.55 0.00
USD 4 121.77 NOK 41 400.00 23.6.2020 -138.12 0.00
USD 1 199 189.09 CHF 1 163 300.00 23.6.2020 -12 421.88 0.00
USD 171 731.35 JPY 18 513 600.00 23.6.2020 -161.04 0.00
USD 7 119.27 SEK 68 400.00 23.6.2020 -144.51 0.00
GBP 174 100.00 USD 213 391.15 23.6.2020 1 867.10 0.00
JPY 14 125 400.00 USD 131 026.60 23.6.2020 122.87 0.00
EUR 187 200.00 USD 205 882.71 23.6.2020 2 434.37 0.00
HKD 276 000.00 USD 35 583.04 23.6.2020 10.43 0.00
NOK 437 700.00 USD 44 319.98 23.6.2020 717.57 0.00
CHF 13 564 900.00 USD 14 041 528.45 23.6.2020 86 711.56 0.00
EUR 17 498 200.00 USD 19 340 064.03 23.6.2020 132 019.28 0.00
GBP 2 272 100.00 USD 2 797 620.83 23.6.2020 11 616.85 0.00
USD 183 374.30 JPY 19 739 800.00 23.6.2020 97.07 0.00
USD 35 226.06 JPY 3 792 000.00 23.6.2020 18.65 0.00
EUR 2 531 200.00 USD 2 798 773.41 23.6.2020 17 958.44 0.00

UBS (Lux) Equity SICAV – Long Term Themes (USD)

Annual report and audited financial statements as of 31 May 2020

The notes are an integral part of the financial statements. 145

 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)

Forward Foreign Exchange contracts (Purchase/Sale)

USD 185 135.98 CHF 178 800.00 23.6.2020 -1 089.45 0.00

USD 341 254.19 GBP 277 100.00 23.6.2020 -1 353.86 0.00
USD 113 564.27 HKD 880 900.00 23.6.2020 -38.22 0.00
USD 169 915.07 CHF 164 100.00 23.6.2020 -999.88 0.00
USD 216 378.06 GBP 175 700.00 23.6.2020 -858.44 0.00
GBP 223 800.00 USD 275 614.18 23.6.2020 1 093.44 0.00
USD 12 208.58 HKD 94 700.00 23.6.2020 -4.11 0.00
USD 20 294.55 CHF 19 600.00 23.6.2020 -119.42 0.00
USD 27 642.75 EUR 25 000.00 23.6.2020 -177.37 0.00
USD 52 730.34 SEK 497 000.00 23.6.2020 -48.88 0.00
USD 42 692.39 EUR 38 400.00 23.6.2020 -39.32 0.00
CHF 386 400.00 USD 402 005.12 23.6.2020 441.78 0.00
USD 88 703.39 JPY 9 559 100.00 23.6.2020 -49.56 0.00
USD 108 104.47 GBP 87 700.00 23.6.2020 -328.32 0.00
USD 290 488.26 JPY 31 304 400.00 23.6.2020 -162.29 0.00
USD 65 536.29 SEK 617 700.00 23.6.2020 -60.74 0.00
USD 154 885.73 HKD 1 201 100.00 23.6.2020 -10.35 0.00
USD 182 887.97 EUR 164 500.00 23.6.2020 -168.44 0.00
Total Forward Foreign Exchange contracts (Purchase/Sale) 21 212 978.04 0.62

Cash at banks, deposits on demand and deposit accounts and other liquid assets 20 558 199.59 0.60
Other assets and liabilities 546 780.44 0.02
Total net assets 3 423 004 186.26 100.00

UBS (Lux) Equity SICAV – Long Term Themes (USD)

Annual report and audited financial statements as of 31 May 2020

146 The notes are an integral part of the financial statements.

UBS (Lux) Equity SICAV – Russia (USD)

Three-year comparison

ISIN 31.5.2020 31.5.2019 31.5.2018

Net assets in USD 82 449 240.11 138 033 010.86 185 110 287.76
Class I-A1-acc LU0399028009
Shares outstanding 2 664.3330 24 880.0000 12 950.0000
Net asset value per share in USD 115.92 116.13 107.95
Issue and redemption price per share in USD1 115.92 115.97 107.95
Class P-acc LU0246274897
Shares outstanding 655 414.8260 951 257.8980 1 401 834.1090
Net asset value per share in USD 113.07 115.01 108.53
Issue and redemption price per share in USD1 113.07 114.85 108.53
Class Q-acc LU0399027704
Shares outstanding 56 633.7040 180 544.2490 237 316.3490
Net asset value per share in USD 141.79 142.58 133.03
Issue and redemption price per share in USD1 141.79 142.38 133.03
1
See note 1

Performance

Currency 2019/2020 2018/2019 2017/2018

Class I-A1-acc USD -0.2% 7.6% 15.3%
Class P-acc USD -1.5% 5.8% 13.6%
Class Q-acc USD -0.4% 7.0% 14.9%
Historical performance is no indicator of current or future performance.
The performance data does not take account of any commissions and costs charged when subscribing and redeeming shares.
The performance data were not audited.
The subfund has no benchmark.

Report of the Portfolio Manager Structure of the Securities Portfolio

Geographical Breakdown as a % of net assets
Russian equities posted losses over the financial year from Russian Federation (CIS) 82.66
1 June 2019 to 31 May 2020. The market ended up higher Cyprus 8.09
The Netherlands 6.41
in the second half of the calendar year 2019. However, Total 97.16
in the first half of calendar year 2020, the market was
negatively impacted by Covid-19. While performance has
partially recovered after the low in March, it was not able Economic Breakdown as a % of net assets
Petroleum 33.43
to offset the loss incurred earlier in the year. Internet, software & IT services 10.69
Finance & holding companies 10.56
Mining, coal & steel 9.78
The subfund posted slightly negative returns in the Non-ferrous metals 9.19
financial year. These were driven by losses from energy Precious metals & stones 7.33
Banks & credit institutions 4.72
and financial companies. Both sectors suffered from the Telecommunications 4.41
slowdown in economic activity due to Covid-19. Energy Energy & water supply 4.09
Chemicals 2.96
companies were especially hit by the Covid-19-induced Total 97.16
destruction of demand for oil. In contrast, share prices
of companies within the consumer staples and materials
sectors increased but were not able to offset the losses.

UBS (Lux) Equity SICAV – Russia (USD)

Annual report and audited financial statements as of 31 May 2020

147
Statement of Net Assets
USD
Assets 31.5.2020
Investments in securities, cost 75 746 129.08
Investments in securities, unrealized appreciation (depreciation) 4 364 913.51
Total investments in securities (Note 1) 80 111 042.59
Cash at banks, deposits on demand and deposit accounts 3 832 964.21
Receivable on subscriptions 289 314.42
Interest receivable on liquid assets 28.39
Receivable on dividends 353 656.31
Other receivables 18 971.37
Total Assets 84 605 977.29

Liabilities
Payable on securities purchases (Note 1) -1 602 076.56
Payable on redemptions -464 259.22
Provisions for flat fee (Note 2) -69 051.78
Provisions for taxe d’abonnement (Note 3) -6 661.99
Provisions for other commissions and fees (Note 2) -14 687.63
Total provisions -90 401.40
Total Liabilities -2 156 737.18

Net assets at the end of the financial year 82 449 240.11

Statement of Operations
USD
Income 1.6.2019-31.5.2020
Interest on liquid assets 9 221.57
Dividends 7 190 425.25
Income on securities lending (Note 16) 49 860.67
Other income (Note 4) 129 885.93
Total income 7 379 393.42

Expenses
Flat fee (Note 2) -2 205 019.47
Taxe d’abonnement (Note 3) -46 557.46
Cost on securities lending (Note 16) -19 944.27
Other commissions and fees (Note 2) -14 626.74
Interest on cash and bank overdraft -214.76
Total expenses -2 286 362.70

Net income (loss) on investments 5 093 030.72

Realized gain (loss) (Note 1)

Realized gain (loss) on market-priced securities without options 8 952 660.46
Realized gain (loss) on foreign exchange -13 237.98
Total realized gain (loss) 8 939 422.48

Net realized gain (loss) of the financial year 14 032 453.20

Changes in unrealized appreciation (depreciation) (Note 1)

Unrealized appreciation (depreciation) on market-priced securities without options -8 851 506.50
Total changes in unrealized appreciation (depreciation) -8 851 506.50

Net increase (decrease) in net assets as a result of operations 5 180 946.70

UBS (Lux) Equity SICAV – Russia (USD)

Annual report and audited financial statements as of 31 May 2020

148 The notes are an integral part of the financial statements.

Statement of Changes in Net Assets
USD
1.6.2019-31.5.2020
Net assets at the beginning of the financial year 138 033 010.86
Subscriptions 51 611 059.22
Redemptions -112 375 776.67
Total net subscriptions (redemptions) -60 764 717.45
Net income (loss) on investments 5 093 030.72
Total realized gain (loss) 8 939 422.48
Total changes in unrealized appreciation (depreciation) -8 851 506.50
Net increase (decrease) in net assets as a result of operations 5 180 946.70
Net assets at the end of the financial year 82 449 240.11

Changes in the Number of Shares outstanding

1.6.2019-31.5.2020
Class I-A1-acc
Number of shares outstanding at the beginning of the financial year 24 880.0000
Number of shares issued 10 060.9480
Number of shares redeemed -32 276.6150
Number of shares outstanding at the end of the financial year 2 664.3330
Class P-acc
Number of shares outstanding at the beginning of the financial year 951 257.8980
Number of shares issued 423 956.7240
Number of shares redeemed -719 799.7960
Number of shares outstanding at the end of the financial year 655 414.8260
Class Q-acc
Number of shares outstanding at the beginning of the financial year 180 544.2490
Number of shares issued 2 058.0100
Number of shares redeemed -125 968.5550
Number of shares outstanding at the end of the financial year 56 633.7040

UBS (Lux) Equity SICAV – Russia (USD)

Annual report and audited financial statements as of 31 May 2020

The notes are an integral part of the financial statements. 149

Statement of Investments in Securities and other Net Assets as of 31 May 2020

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
Bearer shares

The Netherlands
USD YANDEX N.V. COM USD0.01 CL ‘A’ 131 500.00 5 290 245.00 6.41
Total The Netherlands 5 290 245.00 6.41

Russian Federation (CIS)

GBP POLYMETAL INTL PLC ORD NPV 181 852.00 3 657 880.42 4.44
Total Russian Federation (CIS) 3 657 880.42 4.44

Total Bearer shares 8 948 125.42 10.85

Preference shares

Russian Federation (CIS)

USD SBERBANK PAO 334 000.00 858 625.80 1.04
Total Russian Federation (CIS) 858 625.80 1.04

Total Preference shares 858 625.80 1.04

Depository receipts

Cyprus
USD TCS GROUP HLDG PLC GDR EACH REPR 1 A REGS 384 083.00 6 667 680.88 8.09
Total Cyprus 6 667 680.88 8.09

Russian Federation (CIS)

USD GAZPROM NEFT PJSC LEVEL 1 ADR REPR 5 ORD RUB 155 223.00 3 663 262.80 4.44
USD GAZPROM SPON ADR EA REP 2 ORD SHS 673 756.00 3 742 040.83 4.54
USD MAIL.RU GROUP LTD-GDR REGS 197 500.00 3 527 350.00 4.28
USD MOBILE TELESYSTEMS OJSC SPONSORED ADR 409 000.00 3 636 010.00 4.41
USD NOVATEK OAO GDR EACH REPR 10 SHS’REG S’ 14 071.00 2 036 073.70 2.47
USD NOVOLIPETSK STEEL GDR EACH REP 10 RUB1 ‘REGS’ 110 569.00 2 125 136.18 2.58
USD OIL CO LUKOIL PJSC ADR EACH REPR 1 ORD RUB0.02 106 937.00 7 939 002.88 9.63
USD ROSNEFT OJSC GDR EACH REPR 1 ORD ‘REGS’ 754 655.00 3 927 224.62 4.76
USD SEVERSTAL GDR EACH REPR 1 ORD ‘REGS’ 170 227.00 2 233 378.24 2.71
USD TATNEFT PJSC ADS (REPR 6 ORD RUB0.1)-ADR 22 414.00 1 008 630.00 1.22
Total Russian Federation (CIS) 33 838 109.25 41.04

Total Depository receipts 40 505 790.13 49.13

Total Transferable securities and money market instruments listed on an official

stock exchange 50 312 541.35 61.02

Transferable securities and money market instruments traded on another regulated market
Bearer shares

Russian Federation (CIS)

USD ALROSA ZAO RUB0.50(RUB) 2 615 100.00 2 443 283.48 2.96
USD INTER RAO UES PJSC RUB2.809767(RUB) 48 151 468.00 3 369 997.50 4.09
USD MAGNITOGORSK IRON RUB1(RUB) 6 471 944.00 3 704 994.11 4.49
USD POLYUS GOLD OAO RUB1 36 593.00 6 046 751.56 7.34
USD SBERBANK PAO 1 070 000.00 3 036 964.94 3.68
USD TATNEFT RUB1 212 639.00 1 601 386.55 1.94
Total Russian Federation (CIS) 20 203 378.14 24.50

Total Bearer shares 20 203 378.14 24.50

Preference shares

Russian Federation (CIS)

USD SURGUTNEFTEGAZ RUB1 PRF(RUB) 6 710 970.00 3 363 975.72 4.08
USD TATNEFT RUB1 PRF(RUB) 321 404.00 2 315 851.38 2.81
Total Russian Federation (CIS) 5 679 827.10 6.89

Total Preference shares 5 679 827.10 6.89

Total Transferable securities and money market instruments traded on another

regulated market 25 883 205.24 31.39

UBS (Lux) Equity SICAV – Russia (USD)

Annual report and audited financial statements as of 31 May 2020

150 The notes are an integral part of the financial statements.

 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 not listed on an official stock exchange and not traded on another
regulated market
Depository receipts

Russian Federation (CIS)

USD MMC NORILSK NICKEL ADR EACH REPR 1/10 SHARE (S) 123 200.00 3 915 296.00 4.75
Total Russian Federation (CIS) 3 915 296.00 4.75

Total Depository receipts 3 915 296.00 4.75

Total Transferable securities and money market instruments not listed on an official
stock exchange and not traded on another regulated market 3 915 296.00 4.75

Total investments in securities 80 111 042.59 97.16

Cash at banks, deposits on demand and deposit accounts and other liquid assets 3 832 964.21 4.65
Other assets and liabilities -1 494 766.69 -1.81
Total net assets 82 449 240.11 100.00

UBS (Lux) Equity SICAV – Russia (USD)

Annual report and audited financial statements as of 31 May 2020

The notes are an integral part of the financial statements. 151

UBS (Lux) Equity SICAV – Small Caps Europe (EUR)

Three-year comparison

ISIN 31.5.2020 31.5.2019 31.5.2018

Net assets in EUR 203 747 298.49 212 107 522.62 285 205 532.64
Class F-acc LU0946084497
Shares outstanding 1 545.0000 5 444.2420 10 700.4020
Net asset value per share in EUR 402.76 390.48 420.56
Issue and redemption price per share in EUR1 402.76 390.48 420.56
Class I-B-acc LU0399031052
Shares outstanding 252 831.9930 254 006.9930 253 848.9930
Net asset value per share in EUR 252.46 243.22 260.30
Issue and redemption price per share in EUR1 252.46 243.22 260.30
Class K-1-acc LU0399003945
Shares outstanding 0.9000 0.9000 1.9000
Net asset value per share in EUR 6 430 271.61 6 256 661.39 6 762 346.94
Issue and redemption price per share in EUR1 6 430 271.61 6 256 661.39 6 762 346.94
Class P-acc LU0198839143
Shares outstanding 68 111.3940 110 376.5440 220 267.3740
Net asset value per share in EUR 369.23 362.48 395.34
Issue and redemption price per share in EUR1 369.23 362.48 395.34
Class (USD hedged) P-acc LU1056569806
Shares outstanding 29 834.9030 35 676.7570 76 568.2020
Net asset value per share in USD 146.91 140.00 148.36
Issue and redemption price per share in USD1 146.91 140.00 148.36
Class Q-acc LU0358729738
Shares outstanding 24 606.5310 36 746.5760 50 469.3670
Net asset value per share in EUR 141.78 137.95 149.11
Issue and redemption price per share in EUR1 141.78 137.95 149.11
Class (USD hedged) Q-acc LU1240787686
Shares outstanding 11 164.4050 23 927.0030 2 297.3920
Net asset value per share in USD 128.05 120.93 127.02
Issue and redemption price per share in USD1 128.05 120.93 127.02
Class U-X-acc LU0399031482
Shares outstanding 8 456.5220 7 969.3900 8 010.1140
Net asset value per share in EUR 11 783.27 11 344.96 12 133.73
Issue and redemption price per share in EUR1 11 783.27 11 344.96 12 133.73
1
See note 1

Performance

Currency 2019/2020 2018/2019 2017/2018

Class F-acc EUR 3.1% -7.2% 11.3%
Class I-B-acc EUR 3.8% -6.6% 12.5%
Class K-1-acc EUR 2.8% -7.5% 10.9%
Class P-acc EUR 1.9% -8.3% 9.9%
Class (USD hedged) P-acc USD 4.9% -5.6% 12.4%
Class Q-acc EUR 2.8% -7.5% 10.9%
Class (USD hedged) Q-acc USD 5.9% -4.8% 13.4%
Class U-X-acc EUR 3.9% -6.5% 12.6%
Historical performance is no indicator of current or future performance.
The performance data does not take account of any commissions and costs charged when subscribing and redeeming shares.
The performance data were not audited.
The subfund has no benchmark.

UBS (Lux) Equity SICAV – Small Caps Europe (EUR)

Annual report and audited financial statements as of 31 May 2020

152
Report of the Portfolio Manager Structure of the Securities Portfolio
Geographical Breakdown as a % of net assets
In the financial year, from 1 June 2019 to 31 May 2020, United Kingdom 23.93
European small cap equities markets were slightly nega- Switzerland 12.96
Germany 9.55
tive. Volatility increased and market sentiment weak- Ireland 8.52
ened significantly since we saw the development of the France 7.93
Sweden 7.30
Covid-19 outbreak initially in China and now reaching Italy 6.27
most continents. At present it is not possible to assess the The Netherlands 4.64
Finland 4.20
detailed impact of the emerging risk on the companies Denmark 3.45
in our portfolio but there is growing concern about the Norway 2.55
Faroe Islands 2.31
impact on the world economy. There was a significant Belgium 1.33
correction in the financial markets in February and March. Jersey 1.21
Luxembourg 1.16
United Arab Emirates 1.03
In the financial year, the subfund performed positively in Total 98.34
absolute terms and outperformed the European small cap
market. Performance was mostly driven by stock selec-
Economic Breakdown as a % of net assets
tion as we focus on companies with good quality and Finance & holding companies 19.17
attractive growth potential. Industrials, Communication Internet, software & IT services 14.27
Miscellaneous services 8.68
Services and Technology contributed positively, while Building industry & materials 6.53
Consumer Goods and Financials contributed negatively. Pharmaceuticals, cosmetics & medical products 6.39
Real Estate 5.52
The Board and the Manager continue to watch the efforts Telecommunications 4.22
Agriculture & fishery 3.40
of governments to contain the spread of the virus and Electronics & semiconductors 3.20
monitor the economic impact, if any, on the companies Miscellaneous consumer goods 2.61
Petroleum 2.52
in our portfolio. Graphic design, publishing & media 2.22
Insurance 2.13
Banks & credit institutions 2.06
Rubber & tyres 2.01
Mining, coal & steel 1.75
Forestry, paper & pulp products 1.49
Aerospace industry 1.49
Healthcare & social services 1.45
Retail trade, department stores 1.43
Mechanical engineering & industrial equipment 1.39
Investment funds 1.17
Computer hardware & network equipment providers 0.93
Energy & water supply 0.82
Tobacco & alcohol 0.70
Textiles, garments & leather goods 0.51
Food & soft drinks 0.28
Total 98.34

UBS (Lux) Equity SICAV – Small Caps Europe (EUR)

Annual report and audited financial statements as of 31 May 2020

153
Statement of Net Assets
EUR
Assets 31.5.2020
Investments in securities, cost 172 273 126.03
Investments in securities, unrealized appreciation (depreciation) 28 083 695.19
Total investments in securities (Note 1) 200 356 821.22
Cash at banks, deposits on demand and deposit accounts 4 213 299.41
Receivable on securities sales (Note 1) 3 406 166.65
Receivable on subscriptions 58 479.77
Interest receivable on liquid assets 269.28
Receivable on dividends 382 104.52
Other receivables 422 185.68
Unrealized gain (loss) on forward foreign exchange contracts (Note 1) -144 368.52
Total Assets 208 694 958.01

Liabilities
Payable on securities purchases (Note 1) -4 677 839.96
Payable on redemptions -207 131.24
Provisions for flat fee (Note 2) -26 799.69
Provisions for taxe d’abonnement (Note 3) -5 873.23
Provisions for other commissions and fees (Note 2) -30 015.40
Total provisions -62 688.32
Total Liabilities -4 947 659.52

Net assets at the end of the financial year 203 747 298.49

Statement of Operations
EUR
Income 1.6.2019-31.5.2020
Interest on liquid assets 1 508.84
Dividends 3 527 184.05
Income on securities lending (Note 16) 191 169.48
Other income (Note 4) 129 554.95
Total income 3 849 417.32

Expenses
Flat fee (Note 2) -946 566.50
Taxe d’abonnement (Note 3) -41 078.86
Cost on securities lending (Note 16) -76 467.79
Other commissions and fees (Note 2) -30 015.40
Interest on cash and bank overdraft -3 187.10
Total expenses -1 097 315.65

Net income (loss) on investments 2 752 101.67

Realized gain (loss) (Note 1)

Realized gain (loss) on market-priced securities without options 8 099 656.97
Realized gain (loss) on forward foreign exchange contracts 261 853.23
Realized gain (loss) on foreign exchange 71 259.34
Total realized gain (loss) 8 432 769.54

Net realized gain (loss) of the financial year 11 184 871.21

Changes in unrealized appreciation (depreciation) (Note 1)

Unrealized appreciation (depreciation) on market-priced securities without options -1 948 715.50
Unrealized appreciation (depreciation) on forward foreign exchange contracts -144 260.05
Total changes in unrealized appreciation (depreciation) -2 092 975.55

Net increase (decrease) in net assets as a result of operations 9 091 895.66

UBS (Lux) Equity SICAV – Small Caps Europe (EUR)

Annual report and audited financial statements as of 31 May 2020

154 The notes are an integral part of the financial statements.

Statement of Changes in Net Assets
EUR
1.6.2019-31.5.2020
Net assets at the beginning of the financial year 212 107 522.62
Subscriptions 24 385 216.45
Redemptions -41 837 336.24
Total net subscriptions (redemptions) -17 452 119.79
Net income (loss) on investments 2 752 101.67
Total realized gain (loss) 8 432 769.54
Total changes in unrealized appreciation (depreciation) -2 092 975.55
Net increase (decrease) in net assets as a result of operations 9 091 895.66
Net assets at the end of the financial year 203 747 298.49

Changes in the Number of Shares outstanding

1.6.2019-31.5.2020
Class F-acc
Number of shares outstanding at the beginning of the financial year 5 444.2420
Number of shares issued 1 150.0010
Number of shares redeemed -5 049.2430
Number of shares outstanding at the end of the financial year 1 545.0000
Class I-B-acc
Number of shares outstanding at the beginning of the financial year 254 006.9930
Number of shares issued 0.0000
Number of shares redeemed -1 175.0000
Number of shares outstanding at the end of the financial year 252 831.9930
Class K-1-acc
Number of shares outstanding at the beginning of the financial year 0.9000
Number of shares issued 0.0000
Number of shares redeemed 0.0000
Number of shares outstanding at the end of the financial year 0.9000
Class P-acc
Number of shares outstanding at the beginning of the financial year 110 376.5440
Number of shares issued 24 096.1770
Number of shares redeemed -66 361.3270
Number of shares outstanding at the end of the financial year 68 111.3940
Class (USD hedged) P-acc
Number of shares outstanding at the beginning of the financial year 35 676.7570
Number of shares issued 253.1550
Number of shares redeemed -6 095.0090
Number of shares outstanding at the end of the financial year 29 834.9030
Class Q-acc
Number of shares outstanding at the beginning of the financial year 36 746.5760
Number of shares issued 56 721.8040
Number of shares redeemed -68 861.8490
Number of shares outstanding at the end of the financial year 24 606.5310
Class (USD hedged) Q-acc
Number of shares outstanding at the beginning of the financial year 23 927.0030
Number of shares issued 1 272.4810
Number of shares redeemed -14 035.0790
Number of shares outstanding at the end of the financial year 11 164.4050
Class U-X-acc
Number of shares outstanding at the beginning of the financial year 7 969.3900
Number of shares issued 523.1230
Number of shares redeemed -35.9910
Number of shares outstanding at the end of the financial year 8 456.5220

UBS (Lux) Equity SICAV – Small Caps Europe (EUR)

Annual report and audited financial statements as of 31 May 2020

The notes are an integral part of the financial statements. 155

Statement of Investments in Securities and other Net Assets as of 31 May 2020

Description Quantity/ Valuation in EUR as a %

Nominal Unrealized gain of net
(loss) on Futures/ assets
Forward
Exchange Contracts/
Swaps (Note 1)

Transferable securities and money market instruments listed on an official stock exchange
Bearer shares

Belgium
EUR KBC ANCORA NPV (POST SPLIT) 90 261.00 2 709 635.22 1.33
Total Belgium 2 709 635.22 1.33

Denmark
DKK ROYAL UNIBREW A/S DKK2 (POST SPLIT) 19 804.00 1 426 808.11 0.70
Total Denmark 1 426 808.11 0.70

Faroe Islands
NOK P/F BAKKAFROST DKK1 84 023.00 4 701 529.14 2.31
Total Faroe Islands 4 701 529.14 2.31

Finland
EUR HUHTAMAKI OYJ NPV’I’ 83 604.00 3 036 497.28 1.49
EUR SANOMA OYJ NPV 260 000.00 2 267 200.00 1.11
Total Finland 5 303 697.28 2.60

France
EUR NEXITY EUR5 97 286.00 2 679 256.44 1.31
EUR ORPEA EUR2.5 28 065.00 2 963 664.00 1.45
EUR RUBIS EUR1.25(POST SPLIT) 105 861.00 4 541 436.90 2.23
EUR SOPRA STERIA GROUP EUR1.00 26 751.00 2 838 281.10 1.39
EUR TELEPERFORMANCE EUR2.50 14 774.00 3 148 339.40 1.55
Total France 16 170 977.84 7.93

Germany
EUR CANCOM SE NPV 42 362.00 2 393 453.00 1.17
EUR DEUTSCHE PFAND AG NPV 381 523.00 2 365 442.60 1.16
EUR INSTONE REAL ESTAT NPV 70 788.00 1 378 950.24 0.68
EUR LPKF LASER & ELECT NPV 68 650.00 1 451 947.50 0.71
EUR SOFTWARE AG NPV 58 515.00 2 035 151.70 1.00
Total Germany 9 624 945.04 4.72

Ireland
EUR APPLEGREEN PLC ORD EUR0.01 572 173.00 2 151 370.48 1.06
GBP DCC ORD EUR0.25 63 970.00 4 786 332.53 2.35
GBP KEYWORDS STUDIOS P ORD GBP0.01 184 552.00 3 692 101.83 1.81
Total Ireland 10 629 804.84 5.22

Italy
EUR ANIMA HLDG SPA NPV 421 832.00 1 602 961.60 0.79
EUR BANCA MEDIOLANUM NPV 340 669.00 2 040 607.31 1.00
EUR FINECOBANK SPA EUR0.33 350 715.00 3 684 261.08 1.81
EUR INFRASTRUTTURE WIR NPV 593 949.00 5 443 542.59 2.67
Total Italy 12 771 372.58 6.27

Jersey
GBP JTC PLC ORD GBP0.01 509 390.00 2 462 759.95 1.21
Total Jersey 2 462 759.95 1.21

Luxembourg
EUR STABILUS S.A. EUR0.01 48 449.00 2 361 404.26 1.16
Total Luxembourg 2 361 404.26 1.16

The Netherlands
EUR ASR NEDERLAND N.V. EUR0.16 176 029.00 4 347 916.30 2.13
EUR JUST EAT TAKEAWAY EUR0.04 30 192.00 2 945 531.52 1.45
EUR VAN LANSCHOT KEMPE CVA REP CLASS ‘A’ NPV 155 205.00 2 151 141.30 1.06
Total The Netherlands 9 444 589.12 4.64

Norway
NOK GRIEG SEAFOOD NOK4.00 241 207.00 2 217 491.00 1.09
Total Norway 2 217 491.00 1.09

Sweden
SEK SSAB AB SER’B’NPV 1 630 852.00 3 569 458.37 1.75
SEK SWECO AB SER’B’NPV 54 500.00 2 054 836.70 1.01
SEK THULE GROUP AB NPV 111 075.00 2 287 976.07 1.12
SEK TRELLEBORG AB SER’B’NPV 336 567.00 4 094 445.43 2.01
Total Sweden 12 006 716.57 5.89

Switzerland
CHF GALENICA AG CHF0.1 60 906.00 4 046 589.75 1.99
GBP IWG PLC ORD GBP0.01 1 171 976.00 3 853 002.57 1.89
Total Switzerland 7 899 592.32 3.88

United Kingdom
GBP ABCAM ORD GBP0.002 177 282.00 2 965 401.84 1.45
GBP ASOS PLC ORD GBP0.035 87 304.00 2 907 089.22 1.43
GBP DECHRA PHARMA ORD GBP0.01 76 629.00 2 369 368.96 1.16
GBP FDM GROUP PLC ORD GBP0.01 396 392.00 3 965 060.34 1.95
GBP MCCARTHY & STONE P ORD GBP0.08 (WI) 1 889 782.00 1 499 658.35 0.74
GBP POLYPIPE GROUP PLC ORDS GBP0.001 (WI) 766 211.00 3 678 870.83 1.81
GBP ROTORK ORD GBP0.005 691 869.00 2 043 907.60 1.00
GBP SMART METERING SYS ORD GBP0.01 239 084.00 1 674 069.46 0.82
GBP SPECTRIS ORD GBP0.05 106 325.00 3 029 952.51 1.49
GBP SPIRAX-SARCO ENG ORD GBP0.269230769 11 607.00 1 273 267.19 0.62

UBS (Lux) Equity SICAV – Small Caps Europe (EUR)

Annual report and audited financial statements as of 31 May 2020

156 The notes are an integral part of the financial statements.

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

GBP ULTRA ELECTRONIC ORD GBP0.05 137 862.00 3 026 175.32 1.48
GBP VISTRY GROUP PLC GBP0.50 280 497.00 2 383 351.63 1.17
Total United Kingdom 30 816 173.25 15.12

Total Bearer shares 130 547 496.52 64.07

Registered shares

Denmark
DKK NETCOMPANY GROUP DKK1 102 373.00 5 598 323.26 2.75
Total Denmark 5 598 323.26 2.75

Finland
EUR KOJAMO OYJ NPV 178 123.00 3 263 213.36 1.60
Total Finland 3 263 213.36 1.60

Germany
EUR HUGO BOSS AG NPV (REGD) 42 583.00 1 044 986.82 0.51
EUR LEG IMMOBILIEN AG NPV 34 965.00 3 918 877.20 1.92
EUR SCOUT24 AG NPV 38 304.00 2 633 400.00 1.29
EUR STROEER SE&CO KGAA NPV 34 572.00 2 252 365.80 1.11
Total Germany 9 849 629.82 4.83

Ireland
EUR KINGSPAN GROUP ORD EUR0.13(DUBLIN LISTING) 66 249.00 3 680 131.95 1.81
EUR SMURFIT KAPPA GRP ORD EUR0.001 103 639.00 3 032 477.14 1.49
Total Ireland 6 712 609.09 3.30

Norway
NOK AKER BP ASA NOK1 206 400.00 2 980 830.32 1.46
Total Norway 2 980 830.32 1.46

Sweden
SEK EMBRACER GROUP AB SER’B’NPV (POST SPLIT) 263 889.00 2 880 322.86 1.41
Total Sweden 2 880 322.86 1.41

Switzerland
CHF MEDACTA GROUP SA CHF0.10 38 069.00 2 910 477.70 1.43
CHF SFS GROUP AG CHF0.1 48 424.00 3 928 714.85 1.93
CHF SIG COMBIBLOC GROU CHF0.1 174 000.00 2 614 962.95 1.28
CHF SOFTWAREONE HLD AG CHF0.01 167 834.00 3 337 410.51 1.64
CHF STADLER RAIL AG 54 028.00 2 054 675.96 1.01
CHF TECAN GROUP AG CHF0.10(REGD) 11 598.00 3 642 300.78 1.79
Total Switzerland 18 488 542.75 9.08

United Arab Emirates

GBP NETWORK INTL HLDGS ORD GBP0.1 (WI) 406 582.00 2 099 470.43 1.03
Total United Arab Emirates 2 099 470.43 1.03

United Kingdom
GBP AJ BELL PLC ORD GBP0.000125 (WI) 615 493.00 2 719 209.46 1.34
GBP ASHTEAD GROUP ORD GBP0.10 58 469.00 1 555 072.98 0.76
GBP CODEMASTERS GROUP ORD GBP0.01 555 150.00 1 897 308.16 0.93
GBP QUILTER PLC ORD GBP0.07 1 934 589.00 2 784 459.42 1.37
GBP RIGHTMOVE ORD GBP0.001 460 610.00 3 001 993.41 1.47
GBP SSP GROUP PLC ORD GBP0.01085 185 549.00 575 367.37 0.28
GBP TRAINLINE PLC ORD GBP0.01 557 921.00 3 023 561.57 1.49
Total United Kingdom 15 556 972.37 7.64

Total Registered shares 67 429 914.26 33.10

Investment funds, closed end

United Kingdom
GBP SYNCONA LTD-GBP-DIST 1 049 438.00 2 379 410.44 1.17
Total United Kingdom 2 379 410.44 1.17

Total Investment funds, closed end 2 379 410.44 1.17

Total Transferable securities and money market instruments listed on an official

stock exchange 200 356 821.22 98.34

Total investments in securities 200 356 821.22 98.34

Forward Foreign Exchange contracts

Forward Foreign Exchange contracts (Purchase/Sale)

USD 5 261 900.00 EUR 4 867 127.30 23.6.2020 -138 625.90 -0.07
USD 73 200.00 EUR 66 861.13 23.6.2020 -1 081.41 0.00
USD 185 500.00 EUR 168 633.60 23.6.2020 -1 937.73 0.00
USD 76 100.00 EUR 69 799.29 23.6.2020 -1 413.54 0.00
USD 138 400.00 EUR 125 749.13 23.6.2020 -1 378.73 0.00
EUR 27 387.14 USD 30 400.00 23.6.2020 68.79 0.00
Total Forward Foreign Exchange contracts (Purchase/Sale) -144 368.52 -0.07

Cash at banks, deposits on demand and deposit accounts and other liquid assets 4 213 299.41 2.07
Other assets and liabilities -678 453.62 -0.34
Total net assets 203 747 298.49 100.00

UBS (Lux) Equity SICAV – Small Caps Europe (EUR)

Annual report and audited financial statements as of 31 May 2020

The notes are an integral part of the financial statements. 157

UBS (Lux) Equity SICAV – Swiss Opportunity (CHF)

Three-year comparison

ISIN 31.5.2020 31.5.2019 31.5.2018

Net assets in CHF 59 959 780.27 61 681 967.56 72 175 572.41
Class P-acc LU0546265769
Shares outstanding 232 509.3200 239 797.9380 282 545.3900
Net asset value per share in CHF 183.20 178.59 167.52
Issue and redemption price per share in CHF1 183.20 178.59 167.52
Class (EUR) P-acc LU0546268359
Shares outstanding 28 631.6830 31 070.8890 36 802.3050
Net asset value per share in EUR 229.75 213.54 195.57
Issue and redemption price per share in EUR1 229.75 213.54 195.57
Class Q-acc LU1240788148
Shares outstanding 73 590.7870 82 244.8510 129 454.5950
Net asset value per share in CHF 135.88 131.83 123.06
Issue and redemption price per share in CHF1 135.88 131.83 123.06
Class (EUR) Q-acc LU1240788064
Shares outstanding 2 259.0420 3 998.0380 4 853.2230
Net asset value per share in EUR 139.18 128.74 117.38
Issue and redemption price per share in EUR1 139.18 128.74 117.38
1
See note 1

Performance

Currency 2019/2020 2018/2019 2017/2018

Class P-acc CHF 2.6% 6.6% -0.2%
Class (EUR) P-acc EUR 7.6% 9.2% -5.4%
Class Q-acc CHF 3.1% 7.1% 0.3%
Class (EUR) Q-acc EUR 8.1% 9.7% -5.0%
Historical performance is no indicator of current or future performance.
The performance data does not take account of any commissions and costs charged when subscribing and redeeming shares.
The performance data were not audited.
The subfund has no benchmark.

Report of the Portfolio Manager Structure of the Securities Portfolio

Geographical Breakdown as a % of net assets
The Swiss stock market gained in value during the finan- Switzerland 96.38
cial year from 1 June 2019 to 31 May 2020. After a posi- Austria 1.22
Total 97.60
tive performance until mid February 2020, the spread of
the coronavirus led to a significant market correction.
Risks increased and global economic growth was severely Economic Breakdown as a % of net assets
impaired. At present, the impact on our positions in the Pharmaceuticals, cosmetics & medical products 23.38
Finance & holding companies 17.85
fund cannot be accurately assessed. The Board of Direc- Food & soft drinks 13.34
tors and the Manager will continue to track the mea- Insurance 11.12
Building industry & materials 5.96
sures of government authorities and monitor any conse- Chemicals 4.85
quences for our fund holdings. Banks & credit institutions 3.34
Computer hardware & network equipment providers 3.29
Telecommunications 3.21
The performance of the sub-fund was positive during the Watches & jewellery 2.13
Energy & water supply 2.07
financial year, particularly thanks to the healthcare and Mechanical engineering & industrial equipment 1.79
chemicals sectors. The insurance and consumer goods Electrical devices & components 1.33
Electronics & semiconductors 1.22
sectors had a negative impact. At stock level, Roche and Internet, software & IT services 1.21
Logitech in particular contributed positively while our Miscellaneous services 0.94
Biotechnology 0.57
positions in Swiss Re and Swiss Life were negative. Valu- Total 97.60
ation differences still offer opportunities in stocks with an
attractive risk/return potential.

UBS (Lux) Equity SICAV – Swiss Opportunity (CHF)

Annual report and audited financial statements as of 31 May 2020

158
Statement of Net Assets
CHF
Assets 31.5.2020
Investments in securities, cost 52 097 524.44
Investments in securities, unrealized appreciation (depreciation) 6 424 431.32
Total investments in securities (Note 1) 58 521 955.76
Cash at banks, deposits on demand and deposit accounts 1 218 057.16
Receivable on securities sales (Note 1) 925 148.84
Receivable on subscriptions 4 338.48
Other receivables 23 834.15
Total Assets 60 693 334.39

Liabilities
Payable on securities purchases (Note 1) -643 018.98
Payable on redemptions -44 841.75
Provisions for flat fee (Note 2) -32 114.88
Provisions for taxe d’abonnement (Note 3) -4 859.38
Provisions for other commissions and fees (Note 2) -8 719.13
Total provisions -45 693.39
Total Liabilities -733 554.12

Net assets at the end of the financial year 59 959 780.27

Statement of Operations
CHF
Income 1.6.2019-31.5.2020
Dividends 1 228 447.71
Income on securities lending (Note 16) 22 172.83
Other income (Note 4) 5 175.07
Total income 1 255 795.61

Expenses
Flat fee (Note 2) -891 556.37
Taxe d’abonnement (Note 3) -31 086.39
Cost on securities lending (Note 16) -8 869.13
Other commissions and fees (Note 2) -8 845.31
Interest on cash and bank overdraft -21.35
Total expenses -940 378.55

Net income (loss) on investments 315 417.06

Realized gain (loss) (Note 1)

Realized gain (loss) on market-priced securities without options 3 329 543.48
Realized gain (loss) on foreign exchange 3 328.93
Total realized gain (loss) 3 332 872.41

Net realized gain (loss) of the financial year 3 648 289.47

Changes in unrealized appreciation (depreciation) (Note 1)

Unrealized appreciation (depreciation) on market-priced securities without options -2 129 757.87
Total changes in unrealized appreciation (depreciation) -2 129 757.87

Net increase (decrease) in net assets as a result of operations 1 518 531.60

UBS (Lux) Equity SICAV – Swiss Opportunity (CHF)

Annual report and audited financial statements as of 31 May 2020

The notes are an integral part of the financial statements. 159

Statement of Changes in Net Assets
CHF
1.6.2019-31.5.2020
Net assets at the beginning of the financial year 61 681 967.56
Subscriptions 7 286 709.01
Redemptions -10 527 427.90
Total net subscriptions (redemptions) -3 240 718.89
Net income (loss) on investments 315 417.06
Total realized gain (loss) 3 332 872.41
Total changes in unrealized appreciation (depreciation) -2 129 757.87
Net increase (decrease) in net assets as a result of operations 1 518 531.60
Net assets at the end of the financial year 59 959 780.27

Changes in the Number of Shares outstanding

1.6.2019-31.5.2020
Class P-acc
Number of shares outstanding at the beginning of the financial year 239 797.9380
Number of shares issued 25 624.3580
Number of shares redeemed -32 912.9760
Number of shares outstanding at the end of the financial year 232 509.3200
Class (EUR) P-acc
Number of shares outstanding at the beginning of the financial year 31 070.8890
Number of shares issued 3 822.4320
Number of shares redeemed -6 261.6380
Number of shares outstanding at the end of the financial year 28 631.6830
Class Q-acc
Number of shares outstanding at the beginning of the financial year 82 244.8510
Number of shares issued 3 342.3550
Number of shares redeemed -11 996.4190
Number of shares outstanding at the end of the financial year 73 590.7870
Class (EUR) Q-acc
Number of shares outstanding at the beginning of the financial year 3 998.0380
Number of shares issued 6 723.2650
Number of shares redeemed -8 462.2610
Number of shares outstanding at the end of the financial year 2 259.0420

UBS (Lux) Equity SICAV – Swiss Opportunity (CHF)

Annual report and audited financial statements as of 31 May 2020

160 The notes are an integral part of the financial statements.

Statement of Investments in Securities and other Net Assets as of 31 May 2020

Description Quantity/ Valuation in CHF 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
Bearer shares

Austria
CHF AMS AG NPV (BR) 50 793.00 733 958.85 1.22
Total Austria 733 958.85 1.22

Switzerland
CHF COMET HOLDINGS CHF1 (REGD) 6 756.00 794 505.60 1.33
CHF DAETWYLER HLDG CHF0.05 (POST SUBDIVISION) 6 536.00 1 160 793.60 1.94
CHF GALENICA AG CHF0.1 17 586.00 1 248 606.00 2.08
CHF IDORSIA AG CHF0.05 19 373.00 566 079.06 0.94
CHF SWATCH GROUP CHF2.25(BR) 6 651.00 1 276 326.90 2.13
CHF SWISS RE AG CHF0.10 33 611.00 2 188 748.32 3.65
CHF VIFOR PHARMA AG CHF0.01 8 712.00 1 272 823.20 2.12
Total Switzerland 8 507 882.68 14.19

Total Bearer shares 9 241 841.53 15.41

Participation certificates

Switzerland
CHF SCHINDLER-HLDG AG PTG CERT CHF0.10(POST-SUBD) 2 263.00 504 875.30 0.84
Total Switzerland 504 875.30 0.84

Total Participation certificates 504 875.30 0.84

Other shares

Switzerland
CHF ROCHE HLDGS AG GENUSSCHEINE NPV 17 122.00 5 696 489.40 9.50
Total Switzerland 5 696 489.40 9.50

Total Other shares 5 696 489.40 9.50

Registered shares

Switzerland
CHF BARRY CALLEBAUT AG CHF0.02 (REGD) 567.00 1 095 444.00 1.83
CHF BKW AG CHF2.5 16 210.00 1 241 686.00 2.07
CHF CEMBRA MONEY BANK CHF1.00 (REGD) 14 460.00 1 372 977.00 2.29
CHF EMMI AG CHF10 (REGD) 1 662.00 1 379 460.00 2.30
CHF FORBO HLDGS AG CHF0.10(REGD) 639.00 876 708.00 1.46
CHF GEBERIT CHF0.10(REGD) 3 276.00 1 530 874.80 2.55
CHF GIVAUDAN AG CHF10 843.00 2 905 821.00 4.85
CHF LAFARGEHOLCIM LTD CHF2 (REGD) 51 418.00 2 043 351.32 3.41
CHF LOGITECH INTL CHF0.25(REGD) (POST-SUBD) 34 814.00 1 973 257.52 3.29
CHF MEDACTA GROUP SA CHF0.10 14 672.00 1 198 702.40 2.00
CHF MOLECULAR PARTNERS CHF0.1 15 700.00 339 120.00 0.57
CHF NESTLE SA CHF0.10(REGD) 53 184.00 5 523 690.24 9.21
CHF NOVARTIS AG CHF0.50(REGD) 69 860.00 5 800 475.80 9.68
CHF ORIOR AG CHF4.00 10 568.00 782 032.00 1.31
CHF SFS GROUP AG CHF0.1 10 050.00 871 335.00 1.45
CHF SIG COMBIBLOC GROU CHF0.1 44 842.00 720 162.52 1.20
CHF SOFTWAREONE HLD AG CHF0.01 34 084.00 724 285.00 1.21
CHF SONOVA HOLDING AG CHF0.05 (REGD) 6 206.00 1 306 363.00 2.18
CHF STADLER RAIL AG 19 352.00 786 465.28 1.31
CHF SULZER AG CHF0.01 7 488.00 569 462.40 0.95
CHF SWISS LIFE HLDG CHF5.1(REGD) 3 372.00 1 137 712.80 1.90
CHF SWISSCOM AG CHF1(REGD) 3 854.00 1 926 229.20 3.21
CHF UBS GROUP CHF0.10 (REGD) 210 376.00 2 166 872.80 3.61
CHF VALIANT HOLDING AG CHF3.30(REGD) 9 738.00 835 520.40 1.39
CHF VONTOBEL HLDGS AG CHF1(REGD) 10 789.00 630 617.05 1.05
CHF ZURICH INSURANCE GRP CHF0.10 10 792.00 3 340 124.00 5.57
Total Switzerland 43 078 749.53 71.85

Total Registered shares 43 078 749.53 71.85

Total Transferable securities and money market instruments listed on an official

stock exchange 58 521 955.76 97.60

Total investments in securities 58 521 955.76 97.60

Cash at banks, deposits on demand and deposit accounts and other liquid assets 1 218 057.16 2.03
Other assets and liabilities 219 767.35 0.37
Total net assets 59 959 780.27 100.00

UBS (Lux) Equity SICAV – Swiss Opportunity (CHF)

Annual report and audited financial statements as of 31 May 2020

The notes are an integral part of the financial statements. 161

UBS (Lux) Equity SICAV – US Income (USD)

Three-year comparison

ISIN 31.5.2020 31.5.2019 31.5.2018

Net assets in USD 660 033 338.14 599 358 416.94 509 672 014.24
Class F-dist1 LU2110954661
Shares outstanding 108 907.0000 - -
Net asset value per share in USD 87.85 - -
Issue and redemption price per share in USD2 87.85 - -
Class (EUR hedged) I-A1-dist3 LU1427883142
Shares outstanding - 42 900.0000 42 900.0000
Net asset value per share in EUR - 103.82 107.21
Issue and redemption price per share in EUR2 - 103.82 107.21
Class I-A2-8%-mdist4 LU1629764272
Shares outstanding - 176 259.9380 100 120.2880
Net asset value per share in USD - 99.19 99.41
Issue and redemption price per share in USD2 - 99.19 99.41
Class I-A3-8%-mdist5 LU2021186239
Shares outstanding 400 000.0000 - -
Net asset value per share in USD 91.32 - -
Issue and redemption price per share in USD2 91.32 - -
Class K-1-8%-mdist LU1230950575
Shares outstanding 0.1000 0.1000 1.0000
Net asset value per share in USD 4 583 073.80 4 973 145.30 5 007 320.37
Issue and redemption price per share in USD2 4 583 073.80 4 973 145.30 5 007 320.37
Class P-acc LU1149724525
Shares outstanding 300 194.8500 341 326.2090 397 286.5900
Net asset value per share in USD 134.20 135.19 126.40
Issue and redemption price per share in USD2 134.20 135.19 126.40
Class (CHF hedged) P-acc LU1149725092
Shares outstanding 88 757.1110 93 019.0020 109 369.3910
Net asset value per share in CHF 118.02 123.04 118.88
Issue and redemption price per share in CHF2 118.02 123.04 118.88
Class (EUR hedged) P-acc LU1149724871
Shares outstanding 184 153.8780 147 582.7390 108 154.8630
Net asset value per share in EUR 121.05 125.67 121.00
Issue and redemption price per share in EUR2 121.05 125.67 121.00
Class P-dist LU1149724798
Shares outstanding 201 239.7310 237 632.0680 202 125.9140
Net asset value per share in USD 98.29 106.94 107.15
Issue and redemption price per share in USD2 98.29 106.94 107.15
Class (CHF hedged) P-dist LU1149725175
Shares outstanding 311 556.4810 196 402.4900 141 435.3920
Net asset value per share in CHF 86.00 97.14 100.66
Issue and redemption price per share in CHF2 86.00 97.14 100.66
Class (EUR hedged) P-dist LU1149724954
Shares outstanding 53 232.0750 32 978.9490 18 358.2010
Net asset value per share in EUR 88.31 99.28 102.51
Issue and redemption price per share in EUR2 88.31 99.28 102.51
Class P-mdist LU1217041372
Shares outstanding 225 119.5670 321 063.5070 303 802.0340
Net asset value per share in USD 91.56 99.87 100.98
Issue and redemption price per share in USD2 91.56 99.87 100.98
Class Q-acc LU1240788734
Shares outstanding 272 429.0040 710 767.1320 592 847.1790
Net asset value per share in USD 136.74 136.90 127.21
Issue and redemption price per share in USD2 136.74 136.90 127.21
Class (CHF hedged) Q-acc LU1240788221
Shares outstanding 96 206.4570 736 487.0100 740 093.9900
Net asset value per share in CHF 120.92 125.14 120.16
Issue and redemption price per share in CHF2 120.92 125.14 120.16
Class (EUR hedged) Q-acc LU1240788577
Shares outstanding 100 565.0690 137 410.9690 110 371.5150
Net asset value per share in EUR 119.74 123.49 118.15
Issue and redemption price per share in EUR2 119.74 123.49 118.15

UBS (Lux) Equity SICAV – US Income (USD)

Annual report and audited financial statements as of 31 May 2020

162
 ISIN 31.5.2020 31.5.2019 31.5.2018

Class Q-dist LU1240788817

Shares outstanding 259 120.5700 629 350.0690 490 469.2950
Net asset value per share in USD 103.26 111.92 112.14
Issue and redemption price per share in USD2 103.26 111.92 112.14
Class (CHF hedged) Q-dist LU1240788494
Shares outstanding 208 270.7900 1 259 585.9040 910 163.8440
Net asset value per share in CHF 91.10 102.13 105.86
Issue and redemption price per share in CHF2 91.10 102.13 105.86
Class QL-acc6 LU2049087617
Shares outstanding 495 238.1620 - -
Net asset value per share in USD 94.79 - -
Issue and redemption price per share in USD2 94.79 - -
Class (CHF hedged) QL-acc6 LU2049085249
Shares outstanding 828 241.0560 - -
Net asset value per share in CHF 92.70 - -
Issue and redemption price per share in CHF2 92.70 - -
Class (EUR hedged) QL-acc6 LU2049087021
Shares outstanding 50 541.5410 - -
Net asset value per share in EUR 93.15 - -
Issue and redemption price per share in EUR2 93.15 - -
Class QL-dist6 LU2049087708
Shares outstanding 595 379.2030 - -
Net asset value per share in USD 94.77 - -
Issue and redemption price per share in USD2 94.77 - -
Class (CHF hedged) QL-dist6 LU2049086726
Shares outstanding 1 603 577.1630 - -
Net asset value per share in CHF 92.68 - -
Issue and redemption price per share in CHF2 92.68 - -
Class U-X-UKdist-mdist LU1480122297
Shares outstanding 1 114.9000 1 086.9000 683.9000
Net asset value per share in USD 10 310.06 11 014.78 10 983.39
Issue and redemption price per share in USD2 10 310.06 11 014.78 10 983.39
1
First NAV: 13.2.2020
2
See note 1
3
The share class (EUR hedged) I-A1-dist was in circulation until 30.4.2020
4
For the period from 6.7.2017 to 6.1.2020 the share class I-A2-8%-mdist was in circulation
5
First NAV: 26.8.2019
6
First NAV: 9.10.2019

Performance

Currency 2019/2020 2018/2019 2017/2018

Class F-dist1 USD - - -
Class (EUR hedged) I-A1-dist2 EUR - 4.9% 3.7%
Class I-A2-8%-mdist3 USD - 8.0% -
Class I-A3-8%-mdist1 USD - - -
Class K-1-8%-mdist USD -0.2% 7.6% 5.6%
Class P-acc USD -0.7% 7.0% 5.1%
Class (CHF hedged) P-acc CHF -4.1% 3.5% 2.3%
Class (EUR hedged) P-acc EUR -3.7% 3.9% 2.7%
Class P-dist USD -0.5% 6.9% 5.1%
Class (CHF hedged) P-dist CHF -4.1% 3.5% 2.3%
Class (EUR hedged) P-dist EUR -3.6% 3.9% 2.7%
Class P-mdist USD -0.7% 7.0% 5.1%
Class Q-acc USD -0.1% 7.6% 5.8%
Class (CHF hedged) Q-acc CHF -3.4% 4.1% 2.9%
Class (EUR hedged) Q-acc EUR -3.0% 4.5% 3.3%
Class Q-dist USD -0.1% 7.6% 5.8%
Class (CHF hedged) Q-dist CHF -3.4% 4.1% 2.9%
Class QL-acc1 USD - - -
Class (CHF hedged) QL-acc1 CHF - - -
Class (EUR hedged) QL-acc1 EUR - - -
Class QL-dist1 USD - - -
Class (CHF hedged) QL-dist1 CHF - - -
Class U-X-UKdist-mdist USD 0.9% 8.7% 6.9%
1
Due to the recent launch, there is no data for the calculation of the performance available.
2
The share class (EUR hedged) I-A1-dist was in circulation until 30.4.2020. Due to this fact, there is no data for the calculation of the performance available.
3
For the period from 6.7.2017 to 6.1.2020 the share class I-A2-8%-mdist was in circulation. Due to this fact, there is no data for the calculation of the performance available.

Historical performance is no indicator of current or future performance.

The performance data does not take account of any commissions and costs charged when subscribing and redeeming shares.
The performance data were not audited.
The subfund has no benchmark.

UBS (Lux) Equity SICAV – US Income (USD)

Annual report and audited financial statements as of 31 May 2020

163
Report of the Portfolio Manager Structure of the Securities Portfolio
Geographical Breakdown as a % of net assets
In the financial year, from 1 June 2019 to 31 May 2020, United States 95.11
US equity market returns were positive. Markets rallied in Ireland 3.15
Guernsey 0.92
2019 and despite a strong sell-off in February and March Bermuda 0.55
2020, due to fears of the economic fall-out and the social United Kingdom -0.20
Switzerland -0.24
cost of the coronavirus crisis, markets rebounded strongly Canada -0.25
in April and May 2020 as investor sentiment improved on France -0.44
Total 98.60
the back of unprecedented fiscal and monetary support.

The subfund posted negative returns (except in the fee- Economic Breakdown as a % of net assets
less U-X-UKdist-mdist share class) over the financial year. Internet, software & IT services 12.28
Retail trade, department stores 11.47
At the sector level the exposure to real estate, financials Pharmaceuticals, cosmetics & medical products 10.77
and energy contributed negatively. Stock-wise Darden Finance & holding companies 9.92
Food & soft drinks 6.58
Restaurants, Phillips66 and Aflac detracted. Exposure to Insurance 6.49
health care, consumer staples and Clorox, Amgen and Electronics & semiconductors 4.79
Traffic & transportation 4.46
Newmont Gold offset some of the negative returns. Real Estate 4.44
Miscellaneous consumer goods 4.23
Biotechnology 4.12
Computer hardware & network equipment providers 3.85
Miscellaneous services 3.15
Aerospace industry 2.70
Banks & credit institutions 2.64
Precious metals & stones 2.59
Healthcare & social services 1.75
Graphic design, publishing & media 1.09
Energy & water supply 0.69
Telecommunications 0.59
Total 98.60

UBS (Lux) Equity SICAV – US Income (USD)

Annual report and audited financial statements as of 31 May 2020

164
Statement of Net Assets
USD
Assets 31.5.2020
Investments in securities, cost 642 713 778.38
Investments in securities, unrealized appreciation (depreciation) 8 055 101.12
Total investments in securities (Note 1) 650 768 879.50
Cash at banks, deposits on demand and deposit accounts 6 247 584.26
Other liquid assets (Margins) 290 400.00
Receivable on securities sales (Note 1) 2 133.29
Receivable on subscriptions 1 010 660.89
Receivable on dividends 863 728.97
Other receivables 56 171.28
Unrealized gain (loss) on forward foreign exchange contracts (Note 1) 4 792 818.83
Total Assets 664 032 377.02

Liabilities
Payable on redemptions -3 614 709.89
Provisions for flat fee (Note 2) -249 283.90
Provisions for taxe d’abonnement (Note 3) -49 757.90
Provisions for other commissions and fees (Note 2) -85 287.19
Total provisions -384 328.99
Total Liabilities -3 999 038.88

Net assets at the end of the financial year 660 033 338.14

Statement of Operations
USD
Income 1.6.2019-31.5.2020
Interest on liquid assets 119 655.24
Dividends 11 212 531.40
Income on securities lending (Note 16) 267 428.32
Other income (Note 4) 64 173.02
Total income 11 663 787.98

Expenses
Flat fee (Note 2) -7 539 502.76
Taxe d’abonnement (Note 3) -325 029.57
Cost on securities lending (Note 16) -106 971.33
Other commissions and fees (Note 2) -98 306.34
Interest on cash and bank overdraft -10 948.22
Total expenses -8 080 758.22

Net income (loss) on investments 3 583 029.76

Realized gain (loss) (Note 1)

Realized gain (loss) on market-priced securities without options -12 579 695.56
Realized gain (loss) on options -3 863 656.28
Realized gain (loss) on financial futures -1 423 673.68
Realized gain (loss) on forward foreign exchange contracts -6 625 339.09
Realized gain (loss) on foreign exchange 6 814 086.28
Total realized gain (loss) -17 678 278.33

Net realized gain (loss) of the financial year -14 095 248.57

Changes in unrealized appreciation (depreciation) (Note 1)

Unrealized appreciation (depreciation) on market-priced securities without options 779 735.31
Unrealized appreciation (depreciation) on options -9 426 818.03
Unrealized appreciation (depreciation) on financial futures 203 485.00
Unrealized appreciation (depreciation) on forward foreign exchange contracts 3 972 375.40
Total changes in unrealized appreciation (depreciation) -4 471 222.32

Net increase (decrease) in net assets as a result of operations -18 566 470.89

UBS (Lux) Equity SICAV – US Income (USD)

Annual report and audited financial statements as of 31 May 2020

The notes are an integral part of the financial statements. 165

Statement of Changes in Net Assets
USD
1.6.2019-31.5.2020
Net assets at the beginning of the financial year 599 358 416.94
Subscriptions 635 579 613.97
Redemptions -527 873 673.91
Total net subscriptions (redemptions) 107 705 940.06
Dividend paid -28 464 547.97
Net income (loss) on investments 3 583 029.76
Total realized gain (loss) -17 678 278.33
Total changes in unrealized appreciation (depreciation) -4 471 222.32
Net increase (decrease) in net assets as a result of operations -18 566 470.89
Net assets at the end of the financial year 660 033 338.14

Changes in the Number of Shares outstanding

1.6.2019-31.5.2020
Class F-dist
Number of shares outstanding at the beginning of the financial year 0.0000
Number of shares issued 110 497.0000
Number of shares redeemed -1 590.0000
Number of shares outstanding at the end of the financial year 108 907.0000
Class (EUR hedged) I-A1-dist
Number of shares outstanding at the beginning of the financial year 42 900.0000
Number of shares issued 0.0000
Number of shares redeemed -42 900.0000
Number of shares outstanding at the end of the financial year 0.0000
Class I-A2-8%-mdist
Number of shares outstanding at the beginning of the financial year 176 259.9380
Number of shares issued 76 797.5420
Number of shares redeemed -253 057.4800
Number of shares outstanding at the end of the financial year 0.0000
Class I-A3-8%-mdist
Number of shares outstanding at the beginning of the financial year 0.0000
Number of shares issued 400 000.0000
Number of shares redeemed 0.0000
Number of shares outstanding at the end of the financial year 400 000.0000
Class K-1-8%-mdist
Number of shares outstanding at the beginning of the financial year 0.1000
Number of shares issued 0.0000
Number of shares redeemed 0.0000
Number of shares outstanding at the end of the financial year 0.1000
Class P-acc
Number of shares outstanding at the beginning of the financial year 341 326.2090
Number of shares issued 80 824.0010
Number of shares redeemed -121 955.3600
Number of shares outstanding at the end of the financial year 300 194.8500
Class (CHF hedged) P-acc
Number of shares outstanding at the beginning of the financial year 93 019.0020
Number of shares issued 15 119.9690
Number of shares redeemed -19 381.8600
Number of shares outstanding at the end of the financial year 88 757.1110
Class (EUR hedged) P-acc
Number of shares outstanding at the beginning of the financial year 147 582.7390
Number of shares issued 103 787.1470
Number of shares redeemed -67 216.0080
Number of shares outstanding at the end of the financial year 184 153.8780
Class P-dist
Number of shares outstanding at the beginning of the financial year 237 632.0680
Number of shares issued 80 688.4750
Number of shares redeemed -117 080.8120
Number of shares outstanding at the end of the financial year 201 239.7310
Class (CHF hedged) P-dist
Number of shares outstanding at the beginning of the financial year 196 402.4900
Number of shares issued 150 110.9590
Number of shares redeemed -34 956.9680
Number of shares outstanding at the end of the financial year 311 556.4810
Class (EUR hedged) P-dist
Number of shares outstanding at the beginning of the financial year 32 978.9490
Number of shares issued 39 654.4000
Number of shares redeemed -19 401.2740
Number of shares outstanding at the end of the financial year 53 232.0750
Class P-mdist
Number of shares outstanding at the beginning of the financial year 321 063.5070
Number of shares issued 143 644.4040
Number of shares redeemed -239 588.3440
Number of shares outstanding at the end of the financial year 225 119.5670

UBS (Lux) Equity SICAV – US Income (USD)

Annual report and audited financial statements as of 31 May 2020

166 The notes are an integral part of the financial statements.

Class Q-acc
Number of shares outstanding at the beginning of the financial year 710 767.1320
Number of shares issued 132 142.1420
Number of shares redeemed -570 480.2700
Number of shares outstanding at the end of the financial year 272 429.0040
Class (CHF hedged) Q-acc
Number of shares outstanding at the beginning of the financial year 736 487.0100
Number of shares issued 59 389.2100
Number of shares redeemed -699 669.7630
Number of shares outstanding at the end of the financial year 96 206.4570
Class (EUR hedged) Q-acc
Number of shares outstanding at the beginning of the financial year 137 410.9690
Number of shares issued 40 890.4410
Number of shares redeemed -77 736.3410
Number of shares outstanding at the end of the financial year 100 565.0690
Class Q-dist
Number of shares outstanding at the beginning of the financial year 629 350.0690
Number of shares issued 267 303.5520
Number of shares redeemed -637 533.0510
Number of shares outstanding at the end of the financial year 259 120.5700
Class (CHF hedged) Q-dist
Number of shares outstanding at the beginning of the financial year 1 259 585.9040
Number of shares issued 380 781.9960
Number of shares redeemed -1 432 097.1100
Number of shares outstanding at the end of the financial year 208 270.7900
Class QL-acc
Number of shares outstanding at the beginning of the financial year 0.0000
Number of shares issued 600 628.9320
Number of shares redeemed -105 390.7700
Number of shares outstanding at the end of the financial year 495 238.1620
Class (CHF hedged) QL-acc
Number of shares outstanding at the beginning of the financial year 0.0000
Number of shares issued 907 878.5850
Number of shares redeemed -79 637.5290
Number of shares outstanding at the end of the financial year 828 241.0560
Class (EUR hedged) QL-acc
Number of shares outstanding at the beginning of the financial year 0.0000
Number of shares issued 74 004.5590
Number of shares redeemed -23 463.0180
Number of shares outstanding at the end of the financial year 50 541.5410
Class QL-dist
Number of shares outstanding at the beginning of the financial year 0.0000
Number of shares issued 715 682.9560
Number of shares redeemed -120 303.7530
Number of shares outstanding at the end of the financial year 595 379.2030
Class (CHF hedged) QL-dist
Number of shares outstanding at the beginning of the financial year 0.0000
Number of shares issued 1 766 902.0550
Number of shares redeemed -163 324.8920
Number of shares outstanding at the end of the financial year 1 603 577.1630
Class U-X-UKdist-mdist
Number of shares outstanding at the beginning of the financial year 1 086.9000
Number of shares issued 141.0000
Number of shares redeemed -113.0000
Number of shares outstanding at the end of the financial year 1 114.9000

Annual Distribution1
UBS (Lux) Equity SICAV – US Income (USD) Ex-Date Pay-Date Currency Amount per share
(EUR hedged) I-A1-dist 1.8.2019 6.8.2019 EUR 8.30
P-dist 1.8.2019 6.8.2019 USD 8.55
(CHF hedged) P-dist 1.8.2019 6.8.2019 CHF 7.77
(EUR hedged) P-dist 1.8.2019 6.8.2019 EUR 7.94
Q-dist 1.8.2019 6.8.2019 USD 8.95
(CHF hedged) Q-dist 1.8.2019 6.8.2019 CHF 8.17

Monthly Distribution1
UBS (Lux) Equity SICAV – US Income (USD) Ex-Date Pay-Date Currency Amount per share
I-A2-8%-mdist 11.6.2019 14.6.2019 USD 0.66
I-A2-8%-mdist 10.7.2019 15.7.2019 USD 0.68
I-A2-8%-mdist 12.8.2019 16.8.2019 USD 0.68
I-A2-8%-mdist 10.9.2019 13.9.2019 USD 0.69
I-A2-8%-mdist 10.10.2019 15.10.2019 USD 0.69
I-A2-8%-mdist 11.11.2019 14.11.2019 USD 0.69
1
See note 5

UBS (Lux) Equity SICAV – US Income (USD)

Annual report and audited financial statements as of 31 May 2020

The notes are an integral part of the financial statements. 167

UBS (Lux) Equity SICAV – US Income (USD) Ex-Date Pay-Date Currency Amount per share
I-A2-8%-mdist 10.12.2019 13.12.2019 USD 0.70
I-A3-8%-mdist 10.10.2019 15.10.2019 USD 0.80
I-A3-8%-mdist 11.11.2019 14.11.2019 USD 0.68
I-A3-8%-mdist 10.12.2019 13.12.2019 USD 0.70
I-A3-8%-mdist 10.1.2020 15.1.2020 USD 0.70
I-A3-8%-mdist 10.2.2020 13.2.2020 USD 0.69
I-A3-8%-mdist 10.3.2020 13.3.2020 USD 0.62
I-A3-8%-mdist 14.4.2020 17.4.2020 USD 0.54
I-A3-8%-mdist 11.5.2020 14.5.2020 USD 0.59
K-1-8%-mdist 11.6.2019 14.6.2019 USD 33 154.30
K-1-8%-mdist 10.7.2019 15.7.2019 USD 34 452.21
K-1-8%-mdist 12.8.2019 16.8.2019 USD 34 374.37
K-1-8%-mdist 10.9.2019 13.9.2019 USD 34 586.16
K-1-8%-mdist 10.10.2019 15.10.2019 USD 34 744.29
K-1-8%-mdist 11.11.2019 14.11.2019 USD 34 578.72
K-1-8%-mdist 10.12.2019 13.12.2019 USD 35 268.42
K-1-8%-mdist 10.1.2020 15.1.2020 USD 35 615.04
K-1-8%-mdist 10.2.2020 13.2.2020 USD 34 833.28
K-1-8%-mdist 10.3.2020 13.3.2020 USD 31 573.94
K-1-8%-mdist 14.4.2020 17.4.2020 USD 27 557.65
K-1-8%-mdist 11.5.2020 14.5.2020 USD 29 645.64
P-mdist 17.6.2019 20.6.2019 USD 0.65
P-mdist 15.7.2019 18.7.2019 USD 0.68
P-mdist 16.8.2019 21.8.2019 USD 0.68
P-mdist 16.9.2019 19.9.2019 USD 0.68
P-mdist 15.10.2019 18.10.2019 USD 0.68
P-mdist 15.11.2019 20.11.2019 USD 0.68
P-mdist 16.12.2019 19.12.2019 USD 0.69
P-mdist 15.1.2020 21.1.2020 USD 0.69
P-mdist 18.2.2020 21.2.2020 USD 0.69
P-mdist 16.3.2020 19.3.2020 USD 0.69
P-mdist 15.4.2020 20.4.2020 USD 0.55
P-mdist 15.5.2020 20.5.2020 USD 0.55
U-X-UKdist-mdist 15.7.2019 18.7.2019 USD 72.73
U-X-UKdist-mdist 30.7.2019 2.8.2019 USD 54.64
U-X-UKdist-mdist 16.8.2019 21.8.2019 USD 42.06
U-X-UKdist-mdist 16.9.2019 19.9.2019 USD 64.88
U-X-UKdist-mdist 15.10.2019 18.10.2019 USD 74.87
U-X-UKdist-mdist 15.11.2019 20.11.2019 USD 75.43
U-X-UKdist-mdist 16.12.2019 19.12.2019 USD 48.32
U-X-UKdist-mdist 15.1.2020 21.1.2020 USD 87.17
U-X-UKdist-mdist 18.2.2020 21.2.2020 USD 46.24
U-X-UKdist-mdist 16.3.2020 19.3.2020 USD 59.85
U-X-UKdist-mdist 15.4.2020 20.4.2020 USD 109.11
U-X-UKdist-mdist 15.5.2020 20.5.2020 USD 89.47

UBS (Lux) Equity SICAV – US Income (USD)

Annual report and audited financial statements as of 31 May 2020

168 The notes are an integral part of the financial statements.

Statement of Investments in Securities and other Net Assets as of 31 May 2020

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
Bearer shares

Bermuda
USD ASSURED GUARANTY COM USD0.01 140 600.00 3 645 758.00 0.55
Total Bermuda 3 645 758.00 0.55

Guernsey
USD AMDOCS ORD GBP0.01 96 759.00 6 024 215.34 0.91
Total Guernsey 6 024 215.34 0.91

United States
USD AFLAC INC COM USD0.10 98 704.00 3 599 734.88 0.54
USD CERNER CORP COM 114 364.00 8 337 135.60 1.26
USD CLOROX CO DEL COM 84 043.00 17 333 868.75 2.63
USD DOLBY LABORATORIES INC COM 103 263.00 6 271 161.99 0.95
USD EQUITY COMMONWEALT USD0.01( BNF INT) 179 364.00 6 044 566.80 0.92
USD EXPEDTRS INTL WASH COM USD0.01 136 517.00 10 425 803.29 1.58
USD FIRST CTZNS BANCSHARES INC N C CL A 9 549.00 3 676 365.00 0.56
USD HANOVER INS GROUP COM USD0.01 56 354.00 5 655 123.90 0.86
USD HONEYWELL INTL INC COM USD1 122 130.00 17 812 660.50 2.70
USD HUNT J B TRANS SVCS INC COM 32 229.00 3 856 844.43 0.58
USD INTERCONTINENTAL E COM USD0.01 204 203.00 19 858 741.75 3.01
USD JOHNSON & JOHNSON COM USD1 126 738.00 18 852 277.50 2.86
USD LANDSTAR SYSTEMS COM USD0.01 30 467.00 3 542 093.42 0.54
USD MONSTER BEV CORP USD0.005(NEW) 219 431.00 15 779 283.21 2.39
USD PEPSICO INC CAP USD0.016666 131 464.00 17 294 089.20 2.62
USD PUBLIC STORAGE COM USD0.10 66 000.00 13 380 840.00 2.03
USD WATERS CORP COM 82 753.00 16 538 187.05 2.50
USD WERNER ENTERPRISES COM USD0.01 76 122.00 3 518 358.84 0.53
Total United States 191 777 136.11 29.06

Total Bearer shares 201 447 109.45 30.52

Registered shares

Ireland
USD ACCENTURE PLC SHS CL A ‘NEW’ 103 060.00 20 778 957.20 3.15
Total Ireland 20 778 957.20 3.15

United States
USD ALLSTATE CORP COM 165 227.00 16 160 852.87 2.45
USD ALPHABET INC CAP STK USD0.001 CL A 7 597.00 10 890 451.44 1.65
USD AMGEN INC COM USD0.0001 66 175.00 15 200 397.50 2.30
USD APPLE INC COM NPV 60 622.00 19 274 158.68 2.92
USD ASSURANT INC COM 31 582.00 3 239 681.56 0.49
USD AUTO DATA PROCESS COM USD0.10 46 912.00 6 872 138.88 1.04
USD BAXTER INTL INC COM USD1 112 899.00 10 162 038.99 1.54
USD BIOGEN INC COM STK USD0.0005 39 118.00 12 012 746.62 1.82
USD BOOKING HLDGS INC COM USD0.008 7 126.00 11 682 506.92 1.77
USD BRISTOL-MYRS SQUIB COM STK USD0.10 49 906.00 2 980 386.32 0.45
USD CH ROBINSON WORLDW COM USD0.1 99 348.00 8 060 103.24 1.22
USD CISCO SYSTEMS COM USD0.001 127 943.00 6 118 234.26 0.93
USD CITRIX SYSTEMS INC COM USD0.001 21 552.00 3 192 282.24 0.48
USD COGNIZANT TECHNOLO COM CL’A’USD0.01 243 744.00 12 918 432.00 1.96
USD COSTCO WHSL CORP NEW COM 10 479.00 3 232 457.13 0.49
USD DOLLAR GENERAL CP COM USD0.875 50 133.00 9 600 970.83 1.45
USD EBAY INC COM USD0.001 75 939.00 3 458 262.06 0.52
USD ELI LILLY AND CO COM NPV 91 801.00 14 040 962.95 2.13
USD EVERGY INC COM NPV 295 896.00 18 253 824.24 2.77
USD HERSHEY COMPANY COM USD1.00 34 028.00 4 616 919.04 0.70
USD HORMEL FOODS CORP COM USD0.0586 371 284.00 18 129 797.72 2.75
USD HOST HOTELS & RESO COM STK USD0.01 826 300.00 9 866 022.00 1.50
USD MERCK & CO INC COM USD0.50 232 836.00 18 794 521.92 2.85
USD MICROSOFT CORP COM USD0.0000125 79 421.00 14 553 898.25 2.21
USD MONDELEZ INTL INC COM USD0.01 65 506.00 3 414 172.72 0.52
USD NEWMONT CORPORATIO COM USD1.60 291 856.00 17 064 820.32 2.59
USD NRG ENERGY INC COM USD0.01 127 105.00 4 582 135.25 0.69
USD OMNICOM GROUP INC COM USD0.15 130 640.00 7 157 765.60 1.08
USD ORACLE CORP COM USD0.01 184 733.00 9 933 093.41 1.50
USD PAYCHEX INC COM 230 375.00 16 651 505.00 2.52
USD PFIZER INC COM USD0.05 163 354.00 6 238 489.26 0.95
USD PROCTER & GAMBLE COM NPV 91 468.00 10 602 970.56 1.61
USD ROSS STORES INC COM USD0.01 180 583.00 17 509 327.68 2.65
USD TARGET CORP COM STK USD0.0833 68 556.00 8 386 455.48 1.27
USD TEXAS INSTRUMENTS COM USD1 43 295.00 5 140 848.30 0.78
USD TRACTOR SUPPLY CO COM USD0.008 121 631.00 14 841 414.62 2.25
USD TRAVELERS CO INC COM NPV 98 232.00 10 508 859.36 1.59
USD UNIVERSAL HEALTH S CLASS’B’COM USD0.01 30 601.00 3 226 875.45 0.49
USD VERIZON COMMUN COM USD0.10 68 332.00 3 920 890.16 0.59
USD VISA INC COM STK USD0.0001 108 626.00 21 208 140.24 3.21
USD VISTRA ENERGY CORP COM USD0.01 279 694.00 5 716 945.36 0.87
USD WALMART INC COM USD0.10 150 686.00 18 694 105.16 2.83
USD XILINX INC COM USD0.01 39 817.00 3 661 173.15 0.55
Total United States 441 772 034.74 66.93

Total Registered shares 462 550 991.94 70.08

Total Transferable securities and money market instruments listed on an official

stock exchange 663 998 101.39 100.60

UBS (Lux) Equity SICAV – US Income (USD)

Annual report and audited financial statements as of 31 May 2020

The notes are an integral part of the financial statements. 169

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

Derivative instruments not listed on an official stock exchange and not traded on another regulated market
Options on shares, classic-styled

USD
USD BNP/WALMART INC CALL 135.04090 18.06.20 -113 010.00 -15 894.92 0.00
USD BNP/TARGET CORP CALL 132.41220 18.06.20 -51 410.00 -17 193.67 0.00
USD BNP/HONEYWELL INTL INC CALL 134.86500 18.06.20 -93 110.00 -1 150 803.67 -0.17
USD CIBC/JOHNSON & JOHNSON CALL 156.90890 18.06.20 -96 570.00 -33 143.79 -0.01
USD CIBC/CLOROX CO DEL CALL 220.32150 18.06.20 -64 070.00 -46 226.55 -0.01
USD CIBC/EBAY INC CALL 44.58190 18.06.20 -56 950.00 -98 061.15 -0.01
USD CIBC/VISA INC CALL 194.92140 18.06.20 -81 460.00 -409 369.84 -0.06
USD CIBC/PFIZER INC CALL 39.64800 18.06.20 -122 510.00 -29 869.03 0.00
USD CIBC/PAYCHEX INC CALL 68.13650 18.06.20 -175 730.00 -852 408.42 -0.13
USD CIBC/ELI LILLY AND CO CALL 167.98770 18.06.20 -70 070.00 -6 878.08 0.00
USD CIBC/AMGEN INC CALL 253.41100 18.06.20 -50 490.00 -7 530.82 0.00
USD CIBC/BAXTER INTL INC CALL 91.25650 18.06.20 -84 670.00 -87 944.30 -0.01
USD CIBC/BIOGEN INC CALL 346.77200 18.06.20 -29 890.00 -13 309.76 0.00
USD CIBC/MERCK & CO INC CALL 83.76900 18.06.20 -177 920.00 -79 596.50 -0.01
USD GOLDMAN SACHS/PEPSICO INC CALL 141.65990 18.06.20 -100 220.00 -4 506.21 0.00
USD GOLDMAN SACHS/FIRST CTZNS BANCSHA CALL 371.53390 18.06.20 -7 160.00 -230 411.29 -0.03
USD GOLDMAN SACHS/XILINX INC CALL 91.11190 18.06.20 -29 860.00 -100 336.61 -0.02
USD GOLDMAN SACHS/AUTO DATA PROCESS CALL 144.30300 18.06.20 -35 180.00 -167 989.71 -0.03
USD GOLDMAN SACHS/AMDOCS CALL 64.06730 18.06.20 -72 560.00 -54 098.63 -0.01
USD GOLDMAN SACHS/CISCO SYSTEMS CALL 46.98380 18.06.20 -95 950.00 -143 579.50 -0.02
USD GOLDMAN SACHS/MONSTER BEV CORP CALL 69.66700 18.06.20 -167 420.00 -516 831.03 -0.08
USD GOLDMAN SACHS/ORACLE CORP CALL 56.03700 18.06.20 -138 540.00 -82 460.13 -0.01
USD MORGAN STANLEY/CH ROBINSON WORLDW CALL 75.98000 18.06.20 -74 510.00 -393 067.29 -0.06
USD MORGAN STANLEY/EVERGY INC CALL 65.24150 18.06.20 -226 140.00 -110 044.19 -0.02
USD MORGAN STANLEY/DOLBY LABORATORIES CALL 59.05260 18.06.20 -77 440.00 -229 630.96 -0.03
USD MORGAN STANLEY/DOLLAR GENERAL CP CALL 195.58050 18.06.20 -37 590.00 -104 095.45 -0.02
USD MORGAN STANLEY/CITRIX SYSTEMS INC CALL 157.32790 18.06.20 -16 160.00 -15 009.49 0.00
USD MORGAN STANLEY/COSTCO WHSL CORP CALL 314.35000 18.06.20 -7 850.00 -23 532.01 0.00
USD MORGAN STANLEY/ALLSTATE CORP CALL 101.84680 18.06.20 -126 360.00 -125 610.71 -0.02
USD MORGAN STANLEY/ASSURANT INC CALL 101.35080 18.06.20 -23 680.00 -101 120.12 -0.01
USD MORGAN STANLEY/ASSURED GUARANTY CALL 29.25060 18.06.20 -105 450.00 -35 643.74 -0.01
USD MORGAN STANLEY/AFLAC INC CALL 36.74100 18.06.20 -74 020.00 -82 250.90 -0.01
USD MORGAN STANLEY/NEWMONT CORPORATIO CALL 76.99180 18.06.20 -222 390.00 -582.41 0.00
USD MORGAN STANLEY/HORMEL FOODS CORP CALL 50.68020 18.06.20 -283 050.00 -69 444.53 -0.01
USD MORGAN STANLEY/COGNIZANT TECHNOLO CALL 54.76140 18.06.20 -186 690.00 -180 737.50 -0.03
USD MORGAN STANLEY/HANOVER INS GROUP CALL 95.20450 18.06.20 -42 260.00 -297 057.84 -0.04
USD MORGAN STANLEY/LANDSTAR SYSTEMS CALL 114.57980 18.06.20 -22 850.00 -103 236.27 -0.01
USD MORGAN STANLEY/HOST HOTELS & RESO CALL 12.08000 18.06.20 -619 720.00 -346 114.09 -0.05
USD MORGAN STANLEY/WATERS CORP CALL 193.59340 18.06.20 -63 290.00 -633 095.38 -0.10
USD MORGAN STANLEY/VISTRA ENERGY CORP CALL 20.64060 18.06.20 -209 770.00 -113 537.11 -0.02
USD MORGAN STANLEY/TRACTOR SUPPLY CO CALL 118.13270 18.06.20 -93 120.00 -552 915.15 -0.08
USD MORGAN STANLEY/WERNER ENTERPRISES CALL 45.12410 18.06.20 -57 090.00 -125 816.02 -0.02
USD MORGAN STANLEY/ROSS STORES INC CALL 97.29610 18.06.20 -137 650.00 -502 881.67 -0.08
USD MORGAN STANLEY/PUBLIC STORAGE CALL 187.07370 18.06.20 -50 470.00 -758 159.50 -0.11
USD MORGAN STANLEY/PROCTER & GAMBLE CALL 120.34050 18.06.20 -68 600.00 -47 501.74 -0.01
USD MORGAN STANLEY/OMNICOM GROUP INC CALL 55.83220 18.06.20 -97 980.00 -118 794.62 -0.02
USD MORGAN STANLEY/MONDELEZ INTL INC CALL 52.45800 18.06.20 -49 120.00 -42 506.31 -0.01
USD MORGAN STANLEY/HUNT J B TRANS SVCS CALL 107.08060 18.06.20 -24 170.00 -321 454.16 -0.05
USD MORGAN STANLEY/INTERCONTINENTAL CALL 97.86310 18.06.20 -153 150.00 -251 165.48 -0.04
USD MORGAN STANLEY/UNIVERSAL HEALTH CALL 106.62640 18.06.20 -22 950.00 -112 066.50 -0.02
USD SOCIETE GENERALE/MICROSOFT CORP CALL 193.69170 18.06.20 -60 600.00 -42 256.86 -0.01
USD SOCIETE GENERALE/VERIZON COMMUN CALL 57.44550 18.06.20 -51 240.00 -46 262.38 -0.01
USD SOCIETE GENERALE/TEXAS INSTRUMENTS CALL 116.89920 18.06.20 -32 470.00 -144 781.97 -0.02
USD SOCIETE GENERALE/ALPHABET INC CALL 1441.71300 18.06.20 -5 810.00 -169 955.22 -0.03
USD SOCIETE GENERALE/EXPEDTRS INTL WASH CALL 75.08550 18.06.20 -102 380.00 -269 271.50 -0.04
USD SOCIETE GENERALE/CERNER CORP CALL 69.01660 18.06.20 -85 770.00 -369 874.18 -0.06
USD SOCIETE GENERALE/APPLE INC CALL 326.94190 18.06.20 -46 180.00 -162 217.19 -0.02
USD SOCIETE GENERALE/ACCENTURE PLC CALL 198.95820 18.06.20 -78 500.00 -514 501.03 -0.08
USD UBS/BOOKING HLDGS INC CALL 1544.47470 18.06.20 -5 440.00 -669 999.47 -0.10
USD UBS/BRISTOL-MYRS SQUIB CALL 67.29450 18.06.20 -37 420.00 -7.98 0.00
USD UBS/HERSHEY COMPANY CALL 136.76860 18.06.20 -25 520.00 -62 758.67 -0.01
USD UBS/NRG ENERGY INC CALL 35.86000 18.06.20 -95 320.00 -123 415.40 -0.02
USD UBS/TRAVELERS CO INC CALL 97.53480 18.06.20 -73 670.00 -708 405.29 -0.11
Total USD -13 229 221.89 -2.00

Total Options on shares, classic-styled -13 229 221.89 -2.00

Total Derivative instruments not listed on an official stock exchange and not traded on another
regulated market -13 229 221.89 -2.00

Total investments in securities 650 768 879.50 98.60

Forward Foreign Exchange contracts

Forward Foreign Exchange contracts (Purchase/Sale)

EUR 41 585 000.00 USD 44 944 860.08 23.6.2020 1 331 133.13 0.20
CHF 280 696 300.00 USD 288 906 740.66 23.6.2020 3 446 663.81 0.52
CHF 3 404 500.00 USD 3 528 979.09 23.6.2020 16 907.21 0.01
EUR 422 100.00 USD 464 317.60 23.6.2020 5 397.36 0.00
EUR 167 600.00 USD 184 122.56 23.6.2020 2 383.55 0.00
USD 570 886.54 CHF 552 500.00 23.6.2020 -4 558.37 0.00
USD 1 161 664.06 CHF 1 127 000.00 23.6.2020 -12 139.40 0.00
USD 114 394.43 EUR 103 500.00 23.6.2020 -780.88 0.00
EUR 956 400.00 USD 1 063 307.35 23.6.2020 979.29 0.00
CHF 5 976 500.00 USD 6 217 866.38 23.6.2020 6 833.13 0.00
Total Forward Foreign Exchange contracts (Purchase/Sale) 4 792 818.83 0.73

Cash at banks, deposits on demand and deposit accounts and other liquid assets 6 537 984.26 0.99
Other assets and liabilities -2 066 344.45 -0.32
Total net assets 660 033 338.14 100.00

UBS (Lux) Equity SICAV – US Income (USD)

Annual report and audited financial statements as of 31 May 2020

170 The notes are an integral part of the financial statements.

UBS (Lux) Equity SICAV – US Opportunity (USD)

Three-year comparison

ISIN 31.5.2020 31.5.2019 31.5.2018

Net assets in USD 141 964 419.95 151 090 027.79 167 843 917.52
Class I-A1-acc LU0399039113
Shares outstanding 6 651.1270 6 651.1270 6 651.1270
Net asset value per share in USD 133.31 123.70 127.62
Issue and redemption price per share in USD1 133.31 123.70 127.62
Class I-B-acc LU0399039899
Shares outstanding 115 084.5660 80 272.2020 79 177.0730
Net asset value per share in USD 202.52 186.33 190.60
Issue and redemption price per share in USD1 202.52 186.33 190.60
Class I-X-acc LU0399040046
Shares outstanding 75 028.9820 153 590.1600 90 849.3180
Net asset value per share in USD 137.89 126.78 129.61
Issue and redemption price per share in USD1 137.89 126.78 129.61
Class P-acc LU0070848113
Shares outstanding 263 049.4360 300 901.1480 333 384.5290
Net asset value per share in USD 345.96 324.75 338.95
Issue and redemption price per share in USD1 345.96 324.75 338.95
Class (EUR hedged) P-acc LU0236040357
Shares outstanding 7 587.0820 7 955.3900 11 184.3980
Net asset value per share in EUR 236.43 229.15 246.61
Issue and redemption price per share in EUR1 236.43 229.15 246.61
Class P-dist LU0399005999
Shares outstanding 12 185.9400 14 470.9500 14 654.6780
Net asset value per share in USD 175.17 164.43 171.62
Issue and redemption price per share in USD1 175.17 164.43 171.62
Class Q-acc LU0358729498
Shares outstanding 51 164.7270 55 228.6710 69 339.7760
Net asset value per share in USD 193.16 179.48 185.43
Issue and redemption price per share in USD1 193.16 179.48 185.43
Class (EUR hedged) Q-acc LU0358729571
Shares outstanding 8 313.7420 19 816.8480 43 862.0350
Net asset value per share in EUR 123.80 118.77 126.52
Issue and redemption price per share in EUR1 123.80 118.77 126.52
Class Q-dist LU0399038909
Shares outstanding 8 430.5970 8 430.5970 14 813.9050
Net asset value per share in USD 134.94 125.44 129.60
Issue and redemption price per share in USD1 134.94 125.44 129.60
Class (GBP) Q-dist LU0399036879
Shares outstanding 580.0000 580.0000 670.0000
Net asset value per share in GBP 175.55 160.09 156.64
Issue and redemption price per share in GBP1 175.55 160.09 156.64
1
See note 1

Performance

Currency 2019/2020 2018/2019 2017/2018

Class I-A1-acc USD 7.8% -3.1% 12.1%
Class I-B-acc USD 8.7% -2.2% 13.1%
Class I-X-acc USD 8.8% -2.2% 13.2%
Class P-acc USD 6.5% -4.2% 10.8%
Class (EUR hedged) P-acc EUR 3.2% -7.1% 8.2%
Class P-dist USD 6.5% -4.2% 10.8%
Class Q-acc USD 7.6% -3.2% 12.0%
Class (EUR hedged) Q-acc EUR 4.2% -6.1% 9.3%
Class Q-dist USD 7.6% -3.2% 12.0%
Class (GBP) Q-dist GBP 9.7% 2.2% 8.6%
Historical performance is no indicator of current or future performance.
The performance data does not take account of any commissions and costs charged when subscribing and redeeming shares.
The performance data were not audited.
The subfund has no benchmark.

UBS (Lux) Equity SICAV – US Opportunity (USD)

Annual report and audited financial statements as of 31 May 2020

171
Report of the Portfolio Manager Structure of the Securities Portfolio
Geographical Breakdown as a % of net assets
In the financial year, from 1 June 2019 to 31 May 2020, United States 96.45
the US equity market was volatile. The broad upward The Netherlands 1.02
Ireland 1.00
trend in markets for risky assets seen since the summer Total 98.47
of last year came to an abrupt end as February drew to a
close, as investors reassessed the likelihood of the corona-
virus outbreak having a major impact on economic activ- Economic Breakdown as a % of net assets
Pharmaceuticals, cosmetics & medical products 11.71
ity worldwide. A sharp sell-off was followed by a swift Internet, software & IT services 10.36
recovery to the pre-crisis levels. The market turbulence Electronics & semiconductors 10.14
Finance & holding companies 9.98
reflects the huge amount of uncertainty that Covid-19 Insurance 8.04
has created over the outlook for both economic activity Retail trade, department stores 5.02
Vehicles 3.96
and corporate profits in coming periods, both from the Real Estate 3.79
impact of the disease itself as well as steps taken by gov- Banks & credit institutions 3.66
Lodging, catering & leisure 3.35
ernments in attempting to contain its spread. Food & soft drinks 3.23
Healthcare & social services 2.95
Chemicals 2.63
The subfund delivered positive returns in the financial Petroleum 2.31
year, driven mainly by the contribution from the IT and Tobacco & alcohol 2.16
Biotechnology 1.93
Consumer Discretionary sectors. Securities in the Finan- Traffic & transportation 1.89
cial and Industrial sectors detracted from returns. Within Mechanical engineering & industrial equipment 1.60
Telecommunications 1.54
the subfund we have a preference for stocks in Con- Energy & water supply 1.50
Miscellaneous services 1.49
sumer Discretionary, Healthcare and Financials. We are Mining, coal & steel 1.30
cautious when it comes to stock selection within IT. Various capital goods 1.13
Computer hardware & network equipment providers 1.05
Environmental services & recycling 0.94
Aerospace industry 0.81
Total 98.47

UBS (Lux) Equity SICAV – US Opportunity (USD)

Annual report and audited financial statements as of 31 May 2020

172
Statement of Net Assets
USD
Assets 31.5.2020
Investments in securities, cost 136 588 035.08
Investments in securities, unrealized appreciation (depreciation) 3 203 945.27
Total investments in securities (Note 1) 139 791 980.35
Cash at banks, deposits on demand and deposit accounts 2 166 994.65
Receivable on subscriptions 67 712.19
Receivable on dividends 89 282.44
Other receivables 2 200.32
Unrealized gain (loss) on forward foreign exchange contracts (Note 1) 84 041.57
Total Assets 142 202 211.52

Liabilities
Payable on redemptions -149 251.13
Provisions for flat fee (Note 2) -78 307.02
Provisions for taxe d’abonnement (Note 3) -9 266.01
Provisions for other commissions and fees (Note 2) -967.41
Total provisions -88 540.44
Total Liabilities -237 791.57

Net assets at the end of the financial year 141 964 419.95

Statement of Operations
USD
Income 1.6.2019-31.5.2020
Interest on liquid assets 19 968.36
Dividends 1 752 112.77
Income on securities lending (Note 16) 57 897.72
Other income (Note 4) 23 084.82
Total income 1 853 063.67

Expenses
Flat fee (Note 2) -2 239 940.87
Taxe d’abonnement (Note 3) -59 771.96
Cost on securities lending (Note 16) -23 159.09
Other commissions and fees (Note 2) -21 418.89
Interest on cash and bank overdraft -376.14
Total expenses -2 344 666.95

Net income (loss) on investments -491 603.28

Realized gain (loss) (Note 1)

Realized gain (loss) on market-priced securities without options 11 879 168.58
Realized gain (loss) on forward foreign exchange contracts -211 583.28
Realized gain (loss) on foreign exchange 922.63
Total realized gain (loss) 11 668 507.93

Net realized gain (loss) of the financial year 11 176 904.65

Changes in unrealized appreciation (depreciation) (Note 1)

Unrealized appreciation (depreciation) on market-priced securities without options -1 874 352.96
Unrealized appreciation (depreciation) on forward foreign exchange contracts 83 864.35
Total changes in unrealized appreciation (depreciation) -1 790 488.61

Net increase (decrease) in net assets as a result of operations 9 386 416.04

UBS (Lux) Equity SICAV – US Opportunity (USD)

Annual report and audited financial statements as of 31 May 2020

The notes are an integral part of the financial statements. 173

Statement of Changes in Net Assets
USD
1.6.2019-31.5.2020
Net assets at the beginning of the financial year 151 090 027.79
Subscriptions 22 574 136.00
Redemptions -41 085 575.77
Total net subscriptions (redemptions) -18 511 439.77
Dividend paid -584.11
Net income (loss) on investments -491 603.28
Total realized gain (loss) 11 668 507.93
Total changes in unrealized appreciation (depreciation) -1 790 488.61
Net increase (decrease) in net assets as a result of operations 9 386 416.04
Net assets at the end of the financial year 141 964 419.95

Changes in the Number of Shares outstanding

1.6.2019-31.5.2020
Class I-A1-acc
Number of shares outstanding at the beginning of the financial year 6 651.1270
Number of shares issued 0.0000
Number of shares redeemed 0.0000
Number of shares outstanding at the end of the financial year 6 651.1270
Class I-B-acc
Number of shares outstanding at the beginning of the financial year 80 272.2020
Number of shares issued 62 888.3320
Number of shares redeemed -28 075.9680
Number of shares outstanding at the end of the financial year 115 084.5660
Class I-X-acc
Number of shares outstanding at the beginning of the financial year 153 590.1600
Number of shares issued 8 813.6800
Number of shares redeemed -87 374.8580
Number of shares outstanding at the end of the financial year 75 028.9820
Class P-acc
Number of shares outstanding at the beginning of the financial year 300 901.1480
Number of shares issued 15 495.7550
Number of shares redeemed -53 347.4670
Number of shares outstanding at the end of the financial year 263 049.4360
Class (EUR hedged) P-acc
Number of shares outstanding at the beginning of the financial year 7 955.3900
Number of shares issued 920.3960
Number of shares redeemed -1 288.7040
Number of shares outstanding at the end of the financial year 7 587.0820
Class P-dist
Number of shares outstanding at the beginning of the financial year 14 470.9500
Number of shares issued 48.1310
Number of shares redeemed -2 333.1410
Number of shares outstanding at the end of the financial year 12 185.9400
Class Q-acc
Number of shares outstanding at the beginning of the financial year 55 228.6710
Number of shares issued 8 266.9450
Number of shares redeemed -12 330.8890
Number of shares outstanding at the end of the financial year 51 164.7270
Class (EUR hedged) Q-acc
Number of shares outstanding at the beginning of the financial year 19 816.8480
Number of shares issued 10 187.2000
Number of shares redeemed -21 690.3060
Number of shares outstanding at the end of the financial year 8 313.7420
Class Q-dist
Number of shares outstanding at the beginning of the financial year 8 430.5970
Number of shares issued 130.0000
Number of shares redeemed - 130.0000
Number of shares outstanding at the end of the financial year 8 430.5970
Class (GBP) Q-dist
Number of shares outstanding at the beginning of the financial year 580.0000
Number of shares issued 0.0000
Number of shares redeemed 0.0000
Number of shares outstanding at the end of the financial year 580.0000

Annual Distribution1
UBS (Lux) Equity SICAV – US Opportunity (USD) Ex-Date Pay-Date Currency Amount per share
P-dist 1.8.2019 6.8.2019 USD 0.00
Q-dist 1.8.2019 6.8.2019 USD 0.06
(GBP) Q-dist 1.8.2019 6.8.2019 GBP 0.10
1
See note 5

UBS (Lux) Equity SICAV – US Opportunity (USD)

Annual report and audited financial statements as of 31 May 2020

174 The notes are an integral part of the financial statements.

Statement of Investments in Securities and other Net Assets as of 31 May 2020

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
Bearer shares

The Netherlands
USD NXP SEMICONDUCTORS EUR0.20 15 128.00 1 453 800.80 1.02
Total The Netherlands 1 453 800.80 1.02

United States
USD ALIGN TECHNOLOGY INC COM 9 234.00 2 268 055.08 1.60
USD ALNYLAM PHARMACEUTICALS INC COM 7 758.00 1 049 424.66 0.74
USD BIO RAD LABS INC CL A 4 452.00 2 187 356.64 1.54
USD BRIGHT HORIZONS FA COM USD0.001 13 746.00 1 537 902.48 1.08
USD COHERUS BIOSCIENCE COM USD0.0001 36 210.00 674 954.40 0.48
USD CREE INC COM 16 477.00 868 173.13 0.61
USD INCYTE CORPORATION COM USD0.001 20 231.00 2 061 741.21 1.45
USD IPG PHOTONICS CORP COM USD0.0001 11 396.00 1 770 938.40 1.25
USD IRONWOOD PHARMACEU COM CL A USD0.001 116 908.00 1 137 514.84 0.80
USD JABIL INC COM USD0.001 31 264.00 935 418.88 0.66
USD JOHNSON & JOHNSON COM USD1 30 582.00 4 549 072.50 3.20
USD MARSH & MCLENNAN COM USD1 58 527.00 6 199 179.84 4.37
USD MIRATI THERAPEUTIC COM NPV 9 268.00 919 292.92 0.65
USD PHILIP MORRIS INTL COM STK NPV ‘WI’ 41 815.00 3 067 548.40 2.16
USD PROGRESSIVE CP(OH) COM USD1 37 995.00 2 951 451.60 2.08
USD PTC INC COM USD0.01 11 518.00 879 744.84 0.62
USD STRYKER CORP COM USD0.10 12 087.00 2 365 788.51 1.67
USD TAKE TWO INTERACTI COM USD0.01 6 128.00 834 449.76 0.59
USD THOR INDS INC COM 23 625.00 2 036 475.00 1.43
USD TRIMBLE INC COM NPV 74 769.00 2 924 963.28 2.06
USD UNIVERSAL DISPLAY COM USD0.01 5 440.00 797 504.00 0.56
USD VMWARE INC COM STK USD0.01 CLASS ‘A’ 6 599.00 1 031 225.73 0.73
USD WAYFAIR INC COM USD0.001 A 5 318.00 912 302.90 0.64
USD YELP INC COM USD0.000001 26 290.00 571 544.60 0.40
Total United States 44 532 023.60 31.37

Total Bearer shares 45 985 824.40 32.39

Registered shares

Ireland
USD APTIV PLC COM USD0.01 18 933.00 1 426 601.55 1.00
Total Ireland 1 426 601.55 1.00

United States
USD AGCO CORP COM USD0.01 41 141.00 2 272 217.43 1.60
USD AMAZON COM INC COM USD0.01 2 919.00 7 129 278.03 5.02
USD AMERIPRISE FINL INC COM 34 946.00 4 894 886.22 3.45
USD APACHE CORP COM USD0.625 70 099.00 756 368.21 0.53
USD ARVINAS INC COM USD0.001 9 929.00 330 337.83 0.23
USD AVANTOR INC COM USD0.01 126 965.00 2 408 526.05 1.70
USD CARNIVAL CORP COM USD0.01(PAIRED STOCK) 169 569.00 2 669 016.06 1.88
USD DOLLAR TREE INC 21 658.00 2 119 668.46 1.49
USD EXPEDIA GROUP INC COM USD0.001 12 133.00 964 330.84 0.68
USD FACEBOOK INC COM USD0.000006 CL ‘A’ 21 146.00 4 759 753.14 3.35
USD GODADDY INC COM CL A USD0.001 14 615.00 1 129 008.75 0.80
USD HESS CORPORATION COM USD1 53 196.00 2 525 214.12 1.78
USD INGERSOLL RAND INC COM USD1.00 121 187.00 3 417 473.40 2.41
USD KARUNA THERAPEUTICS INC COM USD0.0001 6 722.00 630 926.92 0.44
USD KLA CORPORATION COM USD0.001 6 009.00 1 057 343.64 0.74
USD LAB CORP AMER HLDG COM USD0.1 12 013.00 2 106 119.16 1.48
USD LIVERAMP HOLDINGS COM USD0.10 44 432.00 2 240 705.76 1.58
USD LKQ CORP COM 78 419.00 2 153 385.74 1.52
USD LYFT INC COM USD0.00001 CLASS A 19 500.00 609 570.00 0.43
USD MADISON SQUARE G.E COM USD0.01 CLASS A 6 100.00 483 303.00 0.34
USD METLIFE INC COM USD0.01 62 777.00 2 260 599.77 1.59
USD MICRON TECHNOLOGY COM USD0.10 41 017.00 1 965 124.47 1.38
USD MOHAWK INDS COM USD0.01 17 289.00 1 611 334.80 1.14
USD MONDELEZ INTL INC COM USD0.01 88 012.00 4 587 185.44 3.23
USD ON SEMICONDUCTOR COM USD0.01 106 559.00 1 757 157.91 1.24
USD PALO ALTO NETWORKS COM USD0.0001 4 015.00 944 609.05 0.67
USD PROLOGIS INC COM USD0.01 35 500.00 3 248 250.00 2.29
USD SIMON PROP GROUP COM USD0.0001 21 167.00 1 221 335.90 0.86
USD SOUTHWEST AIRLINES COM USD1 64 669.00 2 075 874.90 1.46
USD SPIRIT AEROSYSTEMS COM STK USD0.01 CLASS ‘A’ 53 337.00 1 155 812.79 0.81
USD STEEL DYNAMICS INC COM 69 288.00 1 840 289.28 1.30
USD STERICYCLE INC COM 24 328.00 1 333 904.24 0.94
USD SYNCHRONY FINANCIA COM USD0.001 69 508.00 1 415 877.96 1.00
USD TWITTER INC COM USD0.000005 26 497.00 820 612.09 0.58
USD UBER TECHNOLOGIES COM USD0.00001 30 231.00 1 097 989.92 0.77
USD UNITEDHEALTH GRP COM USD0.01 13 725.00 4 184 066.25 2.95
USD VAIL RESORTS INC COM 8 073.00 1 601 118.09 1.13
USD VIACOMCBS INC COM USD0.001 CL B 105 156.00 2 180 935.44 1.54
USD VISA INC COM STK USD0.0001 16 845.00 3 288 817.80 2.32
USD WALT DISNEY CO. DISNEY COM USD0.01 12 004.00 1 408 069.20 0.99

UBS (Lux) Equity SICAV – US Opportunity (USD)

Annual report and audited financial statements as of 31 May 2020

The notes are an integral part of the financial statements. 175

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

USD WELLS FARGO & CO COM USD1 2/3 72 167.00 1 910 260.49 1.35
USD WESTERN DIGITAL CORP COM 33 622.00 1 491 808.14 1.05
USD WESTLAKE CHEM CORP COM USD0.01 27 757.00 1 324 008.90 0.93
USD WILLIAMS COS INC COM USD1 104 447.00 2 133 852.21 1.50
USD XILINX INC COM USD0.01 9 388.00 863 226.60 0.61
Total United States 92 379 554.40 65.08

Total Registered shares 93 806 155.95 66.08

Total Transferable securities and money market instruments listed on an official

stock exchange 139 791 980.35 98.47

Total investments in securities 139 791 980.35 98.47

Forward Foreign Exchange contracts

Forward Foreign Exchange contracts (Purchase/Sale)

EUR 2 470 100.00 USD 2 669 671.73 23.6.2020 79 067.74 0.06

EUR 45 500.00 USD 49 420.41 23.6.2020 1 212.21 0.00
EUR 48 300.00 USD 52 905.30 23.6.2020 843.18 0.00
EUR 50 700.00 USD 55 770.91 23.6.2020 648.30 0.00
EUR 56 600.00 USD 61 714.29 23.6.2020 1 270.47 0.00
EUR 132 500.00 USD 146 446.98 23.6.2020 999.67 0.00
Total Forward Foreign Exchange contracts (Purchase/Sale) 84 041.57 0.06

Cash at banks, deposits on demand and deposit accounts and other liquid assets 2 166 994.65 1.53
Other assets and liabilities -78 596.62 -0.06
Total net assets 141 964 419.95 100.00

UBS (Lux) Equity SICAV – US Opportunity (USD)

Annual report and audited financial statements as of 31 May 2020

176 The notes are an integral part of the financial statements.

UBS (Lux) Equity SICAV
– US Quantitative Defensive (USD)

Most important figures

ISIN 25.3.2020 31.5.2019 31.5.2018

Net assets in USD 19 947 837.86 229 302 186.02 249 426 225.37
Class F-acc LU1220256165
Shares outstanding 152 206.3530 1 459 096.4230 1 660 698.0740
Net asset value per share in USD 114.38 131.03 126.10
Issue and redemption price per share in USD1 114.38 131.03 126.10
Class (CHF hedged) F-acc LU1252258451
Shares outstanding 12 018.0000 106 548.9020 116 147.6080
Net asset value per share in CHF 101.66 119.96 119.23
Issue and redemption price per share in CHF1 101.66 119.96 119.23
Class (EUR hedged) F-acc LU1252258295
Shares outstanding 11 534.0000 186 882.0000 183 702.5610
Net asset value per share in EUR 103.91 121.98 120.89
Issue and redemption price per share in EUR1 103.91 121.98 120.89
1
See note 1

Structure of the Securities Portfolio

As the subfund UBS (Lux) Equity SICAV – US Quantitative Defensive (USD) was
merged into UBS (Lux) Equity SICAV – USA Growth (USD) as at 25 March 2020
there is no securities portfolio or securities portfolio structure at the end of the
reporting period. See note 12.

UBS (Lux) Equity SICAV – US Quantitative Defensive (USD)

Annual report and audited financial statements as of 31 May 2020

177
Statement of Operations
USD
Income 1.6.2019-31.5.2020
Interest on liquid assets 19 584.37
Dividends 2 810 008.49
Income on securities lending (Note 16) 50 724.50
Other income (Note 4) 53 001.89
Total income 2 933 319.25

Expenses
Flat fee (Note 2) -872 396.13
Taxe d’abonnement (Note 3) -13 894.25
Cost on securities lending (Note 16) -20 289.80
Other commissions and fees (Note 2) -24 541.62
Interest on cash and bank overdraft -2 635.20
Total expenses -933 757.00

Net income (loss) on investments 1 999 562.25

Realized gain (loss) (Note 1)

Realized gain (loss) on market-priced securities without options 34 523 821.01
Realized gain (loss) on financial futures 24 511.36
Realized gain (loss) on forward foreign exchange contracts -863 557.93
Realized gain (loss) on foreign exchange 69 287.81
Total realized gain (loss) 33 754 062.25

Net realized gain (loss) of the financial year 35 753 624.50

Changes in unrealized appreciation (depreciation) (Note 1)

Unrealized appreciation (depreciation) on market-priced securities without options -10 243 668.43
Unrealized appreciation (depreciation) on forward foreign exchange contracts -43 911.73
Total changes in unrealized appreciation (depreciation) -10 287 580.16

Net increase (decrease) in net assets as a result of operations 25 466 044.34

Statement of Changes in Net Assets

USD
1.6.2019-31.5.2020
Net assets at the beginning of the financial year 229 302 186.02
Subscriptions 34 791 548.70
Redemptions -289 559 779.06
Total net subscriptions (redemptions) -254 768 230.36
Net income (loss) on investments 1 999 562.25
Total realized gain (loss) 33 754 062.25
Total changes in unrealized appreciation (depreciation) -10 287 580.16
Net increase (decrease) in net assets as a result of operations 25 466 044.34
Net assets at the end of the financial year 0.00

Changes in the Number of Shares outstanding

1.6.2019-31.5.2020
Class F-acc
Number of shares outstanding at the beginning of the financial year 1 459 096.4230
Number of shares issued 199 206.9610
Number of shares redeemed -1 658 303.3840
Number of shares outstanding at the end of the financial year 0.0000
Class (CHF hedged) F-acc
Number of shares outstanding at the beginning of the financial year 106 548.9020
Number of shares issued 12 349.8630
Number of shares redeemed -118 898.7650
Number of shares outstanding at the end of the financial year 0.0000
Class (EUR hedged) F-acc
Number of shares outstanding at the beginning of the financial year 186 882.0000
Number of shares issued 31 426.7860
Number of shares redeemed -218 308.7860
Number of shares outstanding at the end of the financial year 0.0000

UBS (Lux) Equity SICAV – US Quantitative Defensive (USD)

Annual report and audited financial statements as of 31 May 2020

178 The notes are an integral part of the financial statements.

UBS (Lux) Equity SICAV – US Total Yield (USD)

Three-year comparison

ISIN 31.5.2020 31.5.2019 31.5.2018

Net assets in USD 411 009 542.18 569 644 873.09 739 605 420.56
Class F-acc LU1136807846
Shares outstanding 1 722.2350 5 422.2350 2 751.6150
Net asset value per share in USD 131.51 131.18 131.72
Issue and redemption price per share in USD1 131.51 131.18 131.72
Class F-dist2 LU1135392162
Shares outstanding 113 055.0000 - -
Net asset value per share in USD 85.73 - -
Issue and redemption price per share in USD1 85.73 - -
Class I-A1-acc LU0997794549
Shares outstanding 14 292.5020 14 885.5020 15 242.5020
Net asset value per share in USD 143.30 143.10 143.87
Issue and redemption price per share in USD1 143.30 143.10 143.87
Class I-A3-acc LU1297653567
Shares outstanding 48 254.3230 162 354.3230 263 497.3230
Net asset value per share in USD 131.25 130.91 131.45
Issue and redemption price per share in USD1 131.25 130.91 131.45
Class (EUR hedged) N-8%-mdist LU1121266354
Shares outstanding 49 255.5170 73 261.1230 202 773.2800
Net asset value per share in EUR 70.13 79.54 90.95
Issue and redemption price per share in EUR1 70.13 79.54 90.95
Class P-acc LU0868494617
Shares outstanding 591 354.3000 975 523.0800 1 273 894.4260
Net asset value per share in USD 177.27 178.61 181.18
Issue and redemption price per share in USD1 177.27 178.61 181.18
Class (CHF hedged) P-acc LU0868494880
Shares outstanding 140 588.1790 174 488.8620 226 304.9360
Net asset value per share in CHF 155.88 162.29 170.23
Issue and redemption price per share in CHF1 155.88 162.29 170.23
Class (EUR hedged) P-acc LU0868495002
Shares outstanding 95 622.2920 150 947.7330 210 415.4220
Net asset value per share in EUR 159.85 165.88 173.43
Issue and redemption price per share in EUR1 159.85 165.88 173.43
Class P-dist LU0868494708
Shares outstanding 159 175.2050 195 880.1100 281 905.1070
Net asset value per share in USD 124.48 133.26 140.46
Issue and redemption price per share in USD1 124.48 133.26 140.46
Class (CHF hedged) P-dist LU0868494963
Shares outstanding 86 404.7810 100 257.3720 123 792.2690
Net asset value per share in CHF 109.32 120.98 131.88
Issue and redemption price per share in CHF1 109.32 120.98 131.88
Class (EUR hedged) P-dist LU0868495184
Shares outstanding 44 063.4450 38 709.5360 43 447.3240
Net asset value per share in EUR 112.14 123.68 134.38
Issue and redemption price per share in EUR1 112.14 123.68 134.38
Class P-mdist LU0942090050
Shares outstanding 688 974.3180 900 288.0020 832 882.6190
Net asset value per share in USD 104.58 113.23 122.57
Issue and redemption price per share in USD1 104.58 113.23 122.57
Class (SGD hedged) P-mdist LU1257167418
Shares outstanding 219 132.2550 141 487.8980 93 270.7900
Net asset value per share in SGD 88.09 96.79 105.54
Issue and redemption price per share in SGD1 88.09 96.79 105.54
Class Q-acc LU1207007581
Shares outstanding 268 492.1280 427 676.8180 741 238.4540
Net asset value per share in USD 125.26 125.38 126.35
Issue and redemption price per share in USD1 125.26 125.38 126.35
Class (CHF hedged) Q-acc LU1240789112
Shares outstanding 63 921.7290 246 013.2010 284 630.4150
Net asset value per share in CHF 109.96 113.74 118.52
Issue and redemption price per share in CHF1 109.96 113.74 118.52
Class (EUR hedged) Q-acc LU0979667457
Shares outstanding 98 011.0110 135 798.3170 133 846.4600
Net asset value per share in EUR 133.14 137.29 142.60
Issue and redemption price per share in EUR1 133.14 137.29 142.60

UBS (Lux) Equity SICAV – US Total Yield (USD)

Annual report and audited financial statements as of 31 May 2020

179
 ISIN 31.5.2020 31.5.2019 31.5.2018

Class Q-dist LU1240789625

Shares outstanding 154 986.6500 204 680.1590 118 846.7830
Net asset value per share in USD 98.86 105.86 111.44
Issue and redemption price per share in USD1 98.86 105.86 111.44
Class (CHF hedged) Q-dist LU1240789203
Shares outstanding 26 201.2060 166 975.5060 198 509.3330
Net asset value per share in CHF 87.42 96.78 105.39
Issue and redemption price per share in CHF1 87.42 96.78 105.39
Class (EUR hedged) Q-dist LU1240789468
Shares outstanding 26 493.4230 16 616.8900 45 115.3280
Net asset value per share in EUR 89.23 98.49 106.91
Issue and redemption price per share in EUR1 89.23 98.49 106.91
Class Q-mdist LU1240789898
Shares outstanding 70 033.1320 117 743.7830 51 120.9150
Net asset value per share in USD 91.66 98.58 106.01
Issue and redemption price per share in USD1 91.66 98.58 106.01
Class QL-acc3 LU2049450989
Shares outstanding 91 903.3090 - -
Net asset value per share in USD 96.62 - -
Issue and redemption price per share in USD1 96.62 - -
Class (CHF hedged) QL-acc3 LU2049450559
Shares outstanding 161 750.0990 - -
Net asset value per share in CHF 94.55 - -
Issue and redemption price per share in CHF1 94.55 - -
Class (EUR hedged) QL-acc3 LU2049450716
Shares outstanding 18 219.3430 - -
Net asset value per share in EUR 94.72 - -
Issue and redemption price per share in EUR1 94.72 - -
Class QL-dist3 LU2049451011
Shares outstanding 15 932.1930 - -
Net asset value per share in USD 96.62 - -
Issue and redemption price per share in USD1 96.62 - -
Class (CHF hedged) QL-dist3 LU2049450633
Shares outstanding 98 292.7520 - -
Net asset value per share in CHF 94.55 - -
Issue and redemption price per share in CHF1 94.55 - -
Class (EUR hedged) QL-dist3 LU2049450807
Shares outstanding 4 125.7330 - -
Net asset value per share in EUR 94.72 - -
Issue and redemption price per share in EUR1 94.72 - -
Class QL-mdist3 LU2049451102
Shares outstanding 31 025.2290 - -
Net asset value per share in USD 89.70 - -
Issue and redemption price per share in USD1 89.70 - -
1
See note 1
2
First NAV: 13.2.2020
3
First NAV: 9.10.2019

UBS (Lux) Equity SICAV – US Total Yield (USD)

Annual report and audited financial statements as of 31 May 2020

180
Performance

Currency 2019/2020 2018/2019 2017/2018

Class F-acc USD 0.3% -0.4% 14.7%
Class F-dist1 USD - - -
Class I-A1-acc USD 0.1% -0.5% 14.6%
Class I-A3-acc USD 0.3% -0.4% 14.7%
Class (EUR hedged) N-8%-mdist EUR -4.6% -5.3% 9.8%
Class P-acc USD -0.8% -1.4% 13.6%
Class (CHF hedged) P-acc CHF -3.9% -4.7% 10.6%
Class (EUR hedged) P-acc EUR -3.6% -4.4% 10.9%
Class P-dist USD -0.7% -1.4% 13.6%
Class (CHF hedged) P-dist CHF -4.0% -4.7% 10.6%
Class (EUR hedged) P-dist EUR -3.6% -4.4% 10.9%
Class P-mdist USD -0.8% -1.4% 13.5%
Class (SGD hedged) P-mdist SGD -2.0% -2.1% 12.8%
Class Q-acc USD -0.1% -0.8% 14.3%
Class (CHF hedged) Q-acc CHF -3.3% -4.0% 11.3%
Class (EUR hedged) Q-acc EUR -3.0% -3.7% 11.6%
Class Q-dist USD -0.1% -0.8% 14.3%
Class (CHF hedged) Q-dist CHF -3.3% -4.0% 11.3%
Class (EUR hedged) Q-dist EUR -3.0% -3.7% 11.6%
Class Q-mdist USD -0.1% -0.8% 14.3%
Class QL-acc1 USD - - -
Class (CHF hedged) QL-acc1 CHF - - -
Class (EUR hedged) QL-acc1 EUR - - -
Class QL-dist1 USD - - -
Class (CHF hedged) QL-dist1 CHF - - -
Class (EUR hedged) QL-dist1 EUR - - -
Class QL-mdist1 USD - - -
1
Due to the recent launch, there is no data for the calculation of the performance available.

Historical performance is no indicator of current or future performance.

The performance data does not take account of any commissions and costs charged when subscribing and redeeming shares.
The performance data were not audited.
The subfund has no benchmark.

Report of the Portfolio Manager Structure of the Securities Portfolio

Geographical Breakdown as a % of net assets
In the financial year, from 1 June 2019 to 31 May 2020, United States 93.07
US equity market returns were positive. Markets ral- Ireland 3.05
United Kingdom 1.05
lied in 2019 and despite a strong sell-off in February Guernsey 0.96
and March 2020, due to fears of the economic fall-out Bermuda 0.87
Total 99.00
and the social cost of the coronavirus crisis, markets
rebounded strongly in April and May 2020 as investor
sentiment improved on the back of unprecedented fiscal Economic Breakdown as a % of net assets
and monetary support. Internet, software & IT services 12.49
Finance & holding companies 9.02
Retail trade, department stores 8.93
The subfund posted negative returns (except in the Electronics & semiconductors 8.79
Banks & credit institutions 8.01
F-acc, I-A1-acc, I-A3-acc due to lower fee load) over the Pharmaceuticals, cosmetics & medical products 6.65
financial year. The exposure to financials and energy Insurance 5.82
Traffic & transportation 4.08
detracted as did the single stocks Computer hardware & network equipment providers 3.97
Food & soft drinks 3.84
Mechanical engineering & industrial equipment 3.08
Delta Air Lines, Synchrony Financial, Discover Financial Miscellaneous services 3.07
and Darden Restaurants. Exposure to consumer discre- Healthcare & social services 2.95
Telecommunications 2.93
tionary, health care and Apple and Dollar General offset Biotechnology 2.72
some of the negative returns. Textiles, garments & leather goods 2.02
Miscellaneous consumer goods 1.85
Aerospace industry 1.05
Building industry & materials 1.03
Energy & water supply 1.02
Electrical devices & components 1.00
Tobacco & alcohol 0.99
Graphic design, publishing & media 0.96
Real Estate 0.96
Vehicles 0.95
Precious metals & stones 0.82
Total 99.00

UBS (Lux) Equity SICAV – US Total Yield (USD)

Annual report and audited financial statements as of 31 May 2020

181
Statement of Net Assets
USD
Assets 31.5.2020
Investments in securities, cost 384 986 997.59
Investments in securities, unrealized appreciation (depreciation) 21 898 137.14
Total investments in securities (Note 1) 406 885 134.73
Cash at banks, deposits on demand and deposit accounts 961 938.07
Receivable on securities sales (Note 1) 179.19
Receivable on subscriptions 1 468 670.78
Receivable on dividends 617 952.65
Other receivables 29 482.79
Unrealized gain (loss) on forward foreign exchange contracts (Note 1) 2 123 128.62
Total Assets 412 086 486.83

Liabilities
Bank overdraft -2.78
Payable on redemptions -776 877.80
Provisions for flat fee (Note 2) -194 352.43
Provisions for taxe d’abonnement (Note 3) -32 123.42
Provisions for other commissions and fees (Note 2) -73 588.22
Total provisions -300 064.07
Total Liabilities -1 076 944.65

Net assets at the end of the financial year 411 009 542.18

Statement of Operations
USD
Income 1.6.2019-31.5.2020
Interest on liquid assets 28 851.00
Dividends 8 219 576.82
Income on securities lending (Note 16) 181 396.32
Other income (Note 4) 31 829.47
Total income 8 461 653.61

Expenses
Flat fee (Note 2) -6 563 903.47
Taxe d’abonnement (Note 3) -234 808.11
Cost on securities lending (Note 16) -72 558.53
Other commissions and fees (Note 2) -71 622.94
Interest on cash and bank overdraft -6.54
Total expenses -6 942 899.59

Net income (loss) on investments 1 518 754.02

Realized gain (loss) (Note 1)

Realized gain (loss) on market-priced securities without options -19 031 679.08
Realized gain (loss) on financial futures 170 098.88
Realized gain (loss) on forward foreign exchange contracts -3 937 704.83
Realized gain (loss) on foreign exchange 1 777 483.72
Total realized gain (loss) -21 021 801.31

Net realized gain (loss) of the financial year -19 503 047.29

Changes in unrealized appreciation (depreciation) (Note 1)

Unrealized appreciation (depreciation) on market-priced securities without options 15 106 691.82
Unrealized appreciation (depreciation) on forward foreign exchange contracts 1 794 954.74
Total changes in unrealized appreciation (depreciation) 16 901 646.56

Net increase (decrease) in net assets as a result of operations -2 601 400.73

UBS (Lux) Equity SICAV – US Total Yield (USD)

Annual report and audited financial statements as of 31 May 2020

182 The notes are an integral part of the financial statements.

Statement of Changes in Net Assets
USD
1.6.2019-31.5.2020
Net assets at the beginning of the financial year 569 644 873.09
Subscriptions 137 591 280.31
Redemptions -279 398 409.09
Total net subscriptions (redemptions) -141 807 128.78
Dividend paid -14 226 801.40
Net income (loss) on investments 1 518 754.02
Total realized gain (loss) -21 021 801.31
Total changes in unrealized appreciation (depreciation) 16 901 646.56
Net increase (decrease) in net assets as a result of operations -2 601 400.73
Net assets at the end of the financial year 411 009 542.18

Changes in the Number of Shares outstanding

1.6.2019-31.5.2020
Class F-acc
Number of shares outstanding at the beginning of the financial year 5 422.2350
Number of shares issued 0.0000
Number of shares redeemed -3 700.0000
Number of shares outstanding at the end of the financial year 1 722.2350
Class F-dist
Number of shares outstanding at the beginning of the financial year 0.0000
Number of shares issued 114 844.0000
Number of shares redeemed -1 789.0000
Number of shares outstanding at the end of the financial year 113 055.0000
Class I-A1-acc
Number of shares outstanding at the beginning of the financial year 14 885.5020
Number of shares issued 0.0000
Number of shares redeemed -593.0000
Number of shares outstanding at the end of the financial year 14 292.5020
Class I-A3-acc
Number of shares outstanding at the beginning of the financial year 162 354.3230
Number of shares issued 1 300.0000
Number of shares redeemed -115 400.0000
Number of shares outstanding at the end of the financial year 48 254.3230
Class (EUR hedged) N-8%-mdist
Number of shares outstanding at the beginning of the financial year 73 261.1230
Number of shares issued 14 675.5750
Number of shares redeemed -38 681.1810
Number of shares outstanding at the end of the financial year 49 255.5170
Class P-acc
Number of shares outstanding at the beginning of the financial year 975 523.0800
Number of shares issued 53 083.7460
Number of shares redeemed -437 252.5260
Number of shares outstanding at the end of the financial year 591 354.3000
Class (CHF hedged) P-acc
Number of shares outstanding at the beginning of the financial year 174 488.8620
Number of shares issued 4 998.5490
Number of shares redeemed -38 899.2320
Number of shares outstanding at the end of the financial year 140 588.1790
Class (EUR hedged) P-acc
Number of shares outstanding at the beginning of the financial year 150 947.7330
Number of shares issued 3 551.4250
Number of shares redeemed -58 876.8660
Number of shares outstanding at the end of the financial year 95 622.2920
Class P-dist
Number of shares outstanding at the beginning of the financial year 195 880.1100
Number of shares issued 8 485.1460
Number of shares redeemed -45 190.0510
Number of shares outstanding at the end of the financial year 159 175.2050
Class (CHF hedged) P-dist
Number of shares outstanding at the beginning of the financial year 100 257.3720
Number of shares issued 9 201.7270
Number of shares redeemed -23 054.3180
Number of shares outstanding at the end of the financial year 86 404.7810
Class (EUR hedged) P-dist
Number of shares outstanding at the beginning of the financial year 38 709.5360
Number of shares issued 22 847.1110
Number of shares redeemed -17 493.2020
Number of shares outstanding at the end of the financial year 44 063.4450
Class P-mdist
Number of shares outstanding at the beginning of the financial year 900 288.0020
Number of shares issued 269 818.5810
Number of shares redeemed -481 132.2650
Number of shares outstanding at the end of the financial year 688 974.3180

UBS (Lux) Equity SICAV – US Total Yield (USD)

Annual report and audited financial statements as of 31 May 2020

The notes are an integral part of the financial statements. 183

Class (SGD hedged) P-mdist
Number of shares outstanding at the beginning of the financial year 141 487.8980
Number of shares issued 149 918.3630
Number of shares redeemed -72 274.0060
Number of shares outstanding at the end of the financial year 219 132.2550
Class Q-acc
Number of shares outstanding at the beginning of the financial year 427 676.8180
Number of shares issued 34 316.0720
Number of shares redeemed -193 500.7620
Number of shares outstanding at the end of the financial year 268 492.1280
Class (CHF hedged) Q-acc
Number of shares outstanding at the beginning of the financial year 246 013.2010
Number of shares issued 5 447.4270
Number of shares redeemed -187 538.8990
Number of shares outstanding at the end of the financial year 63 921.7290
Class (EUR hedged) Q-acc
Number of shares outstanding at the beginning of the financial year 135 798.3170
Number of shares issued 16 466.4610
Number of shares redeemed -54 253.7670
Number of shares outstanding at the end of the financial year 98 011.0110
Class Q-dist
Number of shares outstanding at the beginning of the financial year 204 680.1590
Number of shares issued 61 677.8620
Number of shares redeemed -111 371.3710
Number of shares outstanding at the end of the financial year 154 986.6500
Class (CHF hedged) Q-dist
Number of shares outstanding at the beginning of the financial year 166 975.5060
Number of shares issued 9 272.2540
Number of shares redeemed -150 046.5540
Number of shares outstanding at the end of the financial year 26 201.2060
Class (EUR hedged) Q-dist
Number of shares outstanding at the beginning of the financial year 16 616.8900
Number of shares issued 22 296.1080
Number of shares redeemed -12 419.5750
Number of shares outstanding at the end of the financial year 26 493.4230
Class Q-mdist
Number of shares outstanding at the beginning of the financial year 117 743.7830
Number of shares issued 31 618.6290
Number of shares redeemed -79 329.2800
Number of shares outstanding at the end of the financial year 70 033.1320
Class QL-acc
Number of shares outstanding at the beginning of the financial year 0.0000
Number of shares issued 105 220.2110
Number of shares redeemed -13 316.9020
Number of shares outstanding at the end of the financial year 91 903.3090
Class (CHF hedged) QL-acc
Number of shares outstanding at the beginning of the financial year 0.0000
Number of shares issued 169 676.1050
Number of shares redeemed -7 926.0060
Number of shares outstanding at the end of the financial year 161 750.0990
Class (EUR hedged) QL-acc
Number of shares outstanding at the beginning of the financial year 0.0000
Number of shares issued 24 218.5670
Number of shares redeemed -5 999.2240
Number of shares outstanding at the end of the financial year 18 219.3430
Class QL-dist
Number of shares outstanding at the beginning of the financial year 0.0000
Number of shares issued 17 150.8020
Number of shares redeemed -1 218.6090
Number of shares outstanding at the end of the financial year 15 932.1930
Class (CHF hedged) QL-dist
Number of shares outstanding at the beginning of the financial year 0.0000
Number of shares issued 110 780.8210
Number of shares redeemed -12 488.0690
Number of shares outstanding at the end of the financial year 98 292.7520
Class (EUR hedged) QL-dist
Number of shares outstanding at the beginning of the financial year 0.0000
Number of shares issued 4 650.0630
Number of shares redeemed -524.3300
Number of shares outstanding at the end of the financial year 4 125.7330
Class QL-mdist
Number of shares outstanding at the beginning of the financial year 0.0000
Number of shares issued 31 125.2290
Number of shares redeemed -100.0000
Number of shares outstanding at the end of the financial year 31 025.2290

UBS (Lux) Equity SICAV – US Total Yield (USD)

Annual report and audited financial statements as of 31 May 2020

184 The notes are an integral part of the financial statements.

Annual Distribution1
UBS (Lux) Equity SICAV – US Total Yield (USD) Ex-Date Pay-Date Currency Amount per share
P-dist 1.8.2019 6.8.2019 USD 8.35
(CHF hedged) P-dist 1.8.2019 6.8.2019 CHF 7.57
(EUR hedged) P-dist 1.8.2019 6.8.2019 EUR 7.74
Q-dist 1.8.2019 6.8.2019 USD 7.35
(CHF hedged) Q-dist 1.8.2019 6.8.2019 CHF 6.74
(EUR hedged) Q-dist 1.8.2019 6.8.2019 EUR 6.87

Monthly Distribution1
UBS (Lux) Equity SICAV – US Total Yield (USD) Ex-Date Pay-Date Currency Amount per share
(EUR hedged) N-8%-mdist 11.6.2019 14.6.2019 EUR 0.53
(EUR hedged) N-8%-mdist 10.7.2019 15.7.2019 EUR 0.55
(EUR hedged) N-8%-mdist 12.8.2019 16.8.2019 EUR 0.55
(EUR hedged) N-8%-mdist 10.9.2019 13.9.2019 EUR 0.53
(EUR hedged) N-8%-mdist 10.10.2019 15.10.2019 EUR 0.54
(EUR hedged) N-8%-mdist 11.11.2019 14.11.2019 EUR 0.54
(EUR hedged) N-8%-mdist 10.12.2019 13.12.2019 EUR 0.56
(EUR hedged) N-8%-mdist 10.1.2020 15.1.2020 EUR 0.56
(EUR hedged) N-8%-mdist 10.2.2020 13.2.2020 EUR 0.54
(EUR hedged) N-8%-mdist 10.3.2020 13.3.2020 EUR 0.49
(EUR hedged) N-8%-mdist 14.4.2020 17.4.2020 EUR 0.41
(EUR hedged) N-8%-mdist 11.5.2020 14.5.2020 EUR 0.45
P-mdist 17.6.2019 20.6.2019 USD 0.74
P-mdist 15.7.2019 18.7.2019 USD 0.70
P-mdist 16.8.2019 21.8.2019 USD 0.58
P-mdist 16.9.2019 19.9.2019 USD 0.76
P-mdist 15.10.2019 18.10.2019 USD 0.68
P-mdist 15.11.2019 20.11.2019 USD 0.60
P-mdist 16.12.2019 19.12.2019 USD 0.74
P-mdist 15.1.2020 21.1.2020 USD 0.74
P-mdist 18.2.2020 21.2.2020 USD 0.74
P-mdist 16.3.2020 19.3.2020 USD 0.74
P-mdist 15.4.2020 20.4.2020 USD 0.55
P-mdist 15.5.2020 20.5.2020 USD 0.55
(SGD hedged) P-mdist 17.6.2019 20.6.2019 SGD 0.63
(SGD hedged) P-mdist 15.7.2019 18.7.2019 SGD 0.59
(SGD hedged) P-mdist 16.8.2019 21.8.2019 SGD 0.63
(SGD hedged) P-mdist 16.9.2019 19.9.2019 SGD 0.65
(SGD hedged) P-mdist 15.10.2019 18.10.2019 SGD 0.59
(SGD hedged) P-mdist 15.11.2019 20.11.2019 SGD 0.63
(SGD hedged) P-mdist 16.12.2019 19.12.2019 SGD 0.63
(SGD hedged) P-mdist 15.1.2020 21.1.2020 SGD 0.63
(SGD hedged) P-mdist 18.2.2020 21.2.2020 SGD 0.63
(SGD hedged) P-mdist 16.3.2020 19.3.2020 SGD 0.63
(SGD hedged) P-mdist 15.4.2020 20.4.2020 SGD 0.45
(SGD hedged) P-mdist 15.5.2020 20.5.2020 SGD 0.45
Q-mdist 17.6.2019 20.6.2019 USD 0.64
Q-mdist 15.7.2019 18.7.2019 USD 0.61
Q-mdist 16.8.2019 21.8.2019 USD 0.51
Q-mdist 16.9.2019 19.9.2019 USD 0.66
Q-mdist 15.10.2019 18.10.2019 USD 0.59
Q-mdist 15.11.2019 20.11.2019 USD 0.52
Q-mdist 16.12.2019 19.12.2019 USD 0.65
Q-mdist 15.1.2020 21.1.2020 USD 0.65
Q-mdist 18.2.2020 21.2.2020 USD 0.65
Q-mdist 16.3.2020 19.3.2020 USD 0.65
Q-mdist 15.4.2020 20.4.2020 USD 0.48
Q-mdist 15.5.2020 20.5.2020 USD 0.48
QL-mdist 16.12.2019 19.12.2019 USD 1.15
QL-mdist 15.1.2020 21.1.2020 USD 1.15
QL-mdist 18.2.2020 21.2.2020 USD 1.15
QL-mdist 16.3.2020 19.3.2020 USD 1.15
QL-mdist 15.4.2020 20.4.2020 USD 1.15
QL-mdist 15.5.2020 20.5.2020 USD 1.15
1
See note 5

UBS (Lux) Equity SICAV – US Total Yield (USD)

Annual report and audited financial statements as of 31 May 2020

The notes are an integral part of the financial statements. 185

Statement of Investments in Securities and other Net Assets as of 31 May 2020

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
Bearer shares

Bermuda
USD ASSURED GUARANTY COM USD0.01 137 700.00 3 570 561.00 0.87
Total Bermuda 3 570 561.00 0.87

Guernsey
USD AMDOCS ORD GBP0.01 63 104.00 3 928 855.04 0.96
Total Guernsey 3 928 855.04 0.96

Ireland
USD SEAGATE TECH PLC COM USD0.00001 75 737.00 4 017 090.48 0.98
Total Ireland 4 017 090.48 0.98

United States
USD AFLAC INC COM USD0.10 107 876.00 3 934 237.72 0.96
USD AVNET INC COM 120 437.00 3 280 703.88 0.80
USD BLACKROCK INC COM STK USD0.01 7 675.00 4 057 312.00 0.99
USD CARLISLE COS INC COM 32 591.00 3 906 357.26 0.95
USD CERNER CORP COM 56 443.00 4 114 694.70 1.00
USD CINTAS CORP COM 16 726.00 4 147 378.96 1.01
USD CLOROX CO DEL COM 18 349.00 3 784 481.25 0.92
USD COCA-COLA CO COM USD0.25 86 647.00 4 044 681.96 0.98
USD CSX CORP COM USD1 60 751.00 4 348 556.58 1.06
USD DOLBY LABORATORIES INC COM 66 333.00 4 028 403.09 0.98
USD EQUITY COMMONWEALT USD0.01( BNF INT) 116 667.00 3 931 677.90 0.96
USD EXPEDTRS INTL WASH COM USD0.01 52 944.00 4 043 333.28 0.98
USD FIRST CTZNS BANCSHARES INC N C CL A 10 547.00 4 060 595.00 0.99
USD FORTINET INC COM USD0.001 26 885.00 3 742 392.00 0.91
USD GENTEX CORP COM 147 222.00 3 892 549.68 0.95
USD HANOVER INS GROUP COM USD0.01 40 356.00 4 049 724.60 0.98
USD HONEYWELL INTL INC COM USD1 29 603.00 4 317 597.55 1.05
USD INTERCONTINENTAL E COM USD0.01 42 242.00 4 108 034.50 1.00
USD JOHNSON & JOHNSON COM USD1 26 073.00 3 878 358.75 0.94
USD LYONDELLBASELL IND COM USD0.01 66 308.00 4 227 798.08 1.03
USD M & T BANK CORP COM USD0.50 39 407.00 4 163 743.62 1.01
USD MAXIM INTEGRATED COM USD0.001 70 173.00 4 047 578.64 0.98
USD MOLINA HEALTHCARE INC COM 21 113.00 3 923 217.66 0.95
USD MONSTER BEV CORP USD0.005(NEW) 58 863.00 4 232 838.33 1.03
USD PEPSICO INC CAP USD0.016666 28 512.00 3 750 753.60 0.91
USD PHILIP MORRIS INTL COM STK NPV ‘WI’ 55 766.00 4 090 993.76 1.00
USD TERADYNE INC COM USD0.125 61 378.00 4 113 553.56 1.00
USD WATERS CORP COM 20 313.00 4 059 553.05 0.99
USD WESTERN UN CO COM 202 550.00 4 055 051.00 0.99
Total United States 116 336 151.96 28.30

Total Bearer shares 127 852 658.48 31.11

Registered shares

Ireland
USD ACCENTURE PLC SHS CL A ‘NEW’ 21 172.00 4 268 698.64 1.04
USD EATON CORP PLC COM USD0.01 50 300.00 4 270 470.00 1.04
Total Ireland 8 539 168.64 2.08

United Kingdom
USD LINDE PLC COM EUR0.001 21 273.00 4 304 378.82 1.05
Total United Kingdom 4 304 378.82 1.05

United States
USD ADOBE INC COM USD0.0001 10 167.00 3 930 562.20 0.96
USD AGILENT TECHNOLOGIES INC COM 46 858.00 4 130 064.12 1.00
USD ALLSTATE CORP COM 39 309.00 3 844 813.29 0.94
USD ALPHABET INC CAP STK USD0.001 CL A 2 832.00 4 059 728.64 0.99
USD AMER EXPRESS CO COM USD0.20 44 481.00 4 228 808.67 1.03
USD AMERIPRISE FINL INC COM 30 243.00 4 236 137.01 1.03
USD AMERISOURCEBERGEN COM STK USD0.01 41 662.00 3 972 055.08 0.97
USD AMGEN INC COM USD0.0001 16 620.00 3 817 614.00 0.93
USD APPLE INC COM NPV 12 619.00 4 012 084.86 0.98
USD APPLIED MATLS INC COM 72 596.00 4 078 443.28 0.99
USD AUTO DATA PROCESS COM USD0.10 28 445.00 4 166 908.05 1.01
USD BIOGEN INC COM STK USD0.0005 11 585.00 3 557 637.65 0.87
USD BOOKING HLDGS INC COM USD0.008 2 504.00 4 105 107.68 1.00
USD BRISTOL-MYRS SQUIB COM STK USD0.10 59 989.00 3 582 543.08 0.87
USD CATERPILLAR INC DEL COM 35 032.00 4 208 394.16 1.02
USD CH ROBINSON WORLDW COM USD0.1 50 756.00 4 117 834.28 1.00
USD CISCO SYSTEMS COM USD0.001 87 241.00 4 171 864.62 1.01
USD CITRIX SYSTEMS INC COM USD0.001 24 959.00 3 696 927.08 0.90
USD COGNIZANT TECHNOLO COM CL’A’USD0.01 71 557.00 3 792 521.00 0.92
USD COSTCO WHSL CORP NEW COM 12 408.00 3 827 495.76 0.93
USD CUMMINS INC COM 24 566.00 4 166 393.60 1.01
USD DOLLAR GENERAL CP COM USD0.875 21 077.00 4 036 456.27 0.98
USD EBAY INC COM USD0.001 91 008.00 4 144 504.32 1.01
USD ELECTRONIC ARTS INC COM 32 663.00 4 013 629.44 0.98
USD ELI LILLY AND CO COM NPV 24 154.00 3 694 354.30 0.90
USD EMERSON ELEC CO COM 67 409.00 4 113 297.18 1.00
USD EVERGY INC COM NPV 68 920.00 4 251 674.80 1.03
USD FACEBOOK INC COM USD0.000006 CL ‘A’ 17 268.00 3 886 854.12 0.95
USD GILEAD SCIENCES COM USD0.001 48 836.00 3 800 905.88 0.92
USD HOME DEPOT INC COM USD0.05 16 803.00 4 175 209.44 1.02

UBS (Lux) Equity SICAV – US Total Yield (USD)

Annual report and audited financial statements as of 31 May 2020

186 The notes are an integral part of the financial statements.

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

USD HORMEL FOODS CORP COM USD0.0586 80 056.00 3 909 134.48 0.95
USD JACOBS ENG GROUP COM USD1 50 368.00 4 231 919.36 1.03
USD L3HARRIS TECHNOLOG COM USD1.00 21 049.00 4 198 223.05 1.02
USD LOWE’S COS INC COM USD0.50 33 121.00 4 317 322.35 1.05
USD MASTERCARD INC COM USD0.0001 CLASS ‘A’ 13 579.00 4 085 785.31 0.99
USD MCKESSON CORP COM USD0.01 28 341.00 4 496 866.47 1.09
USD MERCK & CO INC COM USD0.50 47 789.00 3 857 528.08 0.94
USD METLIFE INC COM USD0.01 112 617.00 4 055 338.17 0.99
USD MICROSOFT CORP COM USD0.0000125 21 286.00 3 900 659.50 0.95
USD MONDELEZ INTL INC COM USD0.01 78 264.00 4 079 119.68 0.99
USD NEWMONT CORPORATIO COM USD1.60 57 406.00 3 356 528.82 0.82
USD NIKE INC CLASS’B’COM NPV 42 391.00 4 178 904.78 1.02
USD NORTONLIFELOCK INC COM USD0.01 175 639.00 4 001 056.42 0.97
USD NRG ENERGY INC COM USD0.01 116 192.00 4 188 721.60 1.02
USD OMNICOM GROUP INC COM USD0.15 72 090.00 3 949 811.10 0.96
USD ORACLE CORP COM USD0.01 72 990.00 3 924 672.30 0.95
USD PAYCHEX INC COM 59 331.00 4 288 444.68 1.04
USD PFIZER INC COM USD0.05 100 884.00 3 852 759.96 0.94
USD PROCTER & GAMBLE COM NPV 32 902.00 3 813 999.84 0.93
USD QUALCOMM INC COM USD0.0001 49 108.00 3 971 855.04 0.97
USD ROBERT HALF INTL COM USD0.001 81 332.00 4 126 785.68 1.00
USD ROSS STORES INC COM USD0.01 41 249.00 3 999 503.04 0.97
USD SCHWAB(CHARLES)CP COM USD0.01 106 708.00 3 831 884.28 0.93
USD SEI INVESTMENT COM USD0.01 74 440.00 4 036 136.80 0.98
USD T ROWE PRICE GROUP COM USD0.20 33 983.00 4 108 544.70 1.00
USD TARGET CORP COM STK USD0.0833 31 895.00 3 901 715.35 0.95
USD TEXAS INSTRUMENTS COM USD1 35 188.00 4 178 223.12 1.02
USD TRACTOR SUPPLY CO COM USD0.008 36 441.00 4 446 530.82 1.08
USD TRAVELERS CO INC COM NPV 41 619.00 4 452 400.62 1.08
USD UNION PACIFIC CORP COM USD2.50 25 095.00 4 262 636.70 1.04
USD UNIVERSAL HEALTH S CLASS’B’COM USD0.01 38 798.00 4 091 249.10 1.00
USD VERIZON COMMUN COM USD0.10 67 626.00 3 880 379.88 0.94
USD VISA INC COM STK USD0.0001 21 655.00 4 227 922.20 1.03
USD WALGREENS BOOTS AL COM USD0.01 95 301.00 4 092 224.94 1.00
USD WALMART INC COM USD0.10 30 996.00 3 845 363.76 0.94
USD XILINX INC COM USD0.01 45 981.00 4 227 952.95 1.03
Total United States 266 188 928.79 64.76

Total Registered shares 279 032 476.25 67.89

Total Transferable securities and money market instruments listed on an official

stock exchange 406 885 134.73 99.00

Total investments in securities 406 885 134.73 99.00

Forward Foreign Exchange contracts

Forward Foreign Exchange contracts (Purchase/Sale)

SGD 16 862 700.00 USD 11 821 610.59 23.6.2020 109 583.75 0.03
EUR 37 707 400.00 USD 40 753 969.38 23.6.2020 1 207 011.42 0.30
CHF 59 241 300.00 USD 60 974 123.62 23.6.2020 727 422.64 0.18
CHF 873 900.00 USD 901 853.12 23.6.2020 8 339.28 0.00
EUR 350 500.00 USD 380 700.10 23.6.2020 9 338.03 0.00
SGD 168 800.00 USD 118 966.82 23.6.2020 467.53 0.00
CHF 1 082 100.00 USD 1 121 664.94 23.6.2020 5 373.85 0.00
SGD 434 200.00 USD 307 251.38 23.6.2020 -33.40 0.00
EUR 815 700.00 USD 897 284.68 23.6.2020 10 430.31 0.00
CHF 753 600.00 USD 776 779.09 23.6.2020 8 117.35 0.00
EUR 489 900.00 USD 534 166.63 23.6.2020 10 996.51 0.00
SGD 313 200.00 USD 219 849.33 23.6.2020 1 755.16 0.00
USD 184 144.38 EUR 167 200.00 23.6.2020 -1 916.61 0.00
SGD 49 900.00 USD 35 180.24 23.6.2020 126.48 0.00
CHF 2 357 200.00 USD 2 440 024.69 23.6.2020 15 068.04 0.01
EUR 1 347 000.00 USD 1 488 785.49 23.6.2020 10 162.76 0.00
SGD 489 100.00 USD 345 262.58 23.6.2020 799.86 0.00
EUR 88 700.00 USD 98 614.97 23.6.2020 90.83 0.00
SGD 677 100.00 USD 479 086.91 23.6.2020 -5.17 0.00
Total Forward Foreign Exchange contracts (Purchase/Sale) 2 123 128.62 0.52

Cash at banks, deposits on demand and deposit accounts and other liquid assets 961 938.07 0.23
Bank overdraft and other short-term liabilities -2.78 0.00
Other assets and liabilities 1 039 343.54 0.25
Total net assets 411 009 542.18 100.00

UBS (Lux) Equity SICAV – US Total Yield (USD)

Annual report and audited financial statements as of 31 May 2020

The notes are an integral part of the financial statements. 187

UBS (Lux) Equity SICAV – USA Growth (USD)

Three-year comparison

ISIN 31.5.2020 31.5.2019 31.5.2018

Net assets in USD 1 750 091 927.41 1 576 062 130.78 1 717 401 323.08
Class F-acc LU0946081121
Shares outstanding 4 204 797.2910 5 922 741.5430 7 318 660.4100
Net asset value per share in USD 52.06 41.85 39.09
Issue and redemption price per share in USD1 52.04 41.85 39.09
Class (CHF hedged) F-acc LU1050652996
Shares outstanding 74 975.3530 76 122.0790 93 130.9380
Net asset value per share in CHF 194.10 161.48 155.73
Issue and redemption price per share in CHF1 194.02 161.48 155.73
Class (EUR hedged) F-acc LU1050658415
Shares outstanding 131 582.2020 164 441.3100 180 076.8170
Net asset value per share in EUR 198.57 164.70 158.45
Issue and redemption price per share in EUR1 198.49 164.70 158.45
Class I-A1-acc LU0399032613
Shares outstanding 991 425.1460 642 861.5120 500 087.1390
Net asset value per share in USD 408.08 328.51 307.29
Issue and redemption price per share in USD1 407.92 328.51 307.29
Class I-A3-acc2 LU0399033009
Shares outstanding 1 534 438.0000 - -
Net asset value per share in USD 101.81 - -
Issue and redemption price per share in USD1 101.77 - -
Class I-B-acc LU0399033348
Shares outstanding 162 161.7830 152 001.6120 154 991.6970
Net asset value per share in USD 459.47 367.55 341.63
Issue and redemption price per share in USD1 459.29 367.55 341.63
Class I-X-acc LU0399033694
Shares outstanding 226 793.0630 233 037.1940 246 896.3930
Net asset value per share in USD 362.93 290.14 269.50
Issue and redemption price per share in USD1 362.78 290.14 269.50
Class K-1-acc LU0399004596
Shares outstanding 0.3000 0.2000 0.4000
Net asset value per share in USD 13 734 213.43 11 102 566.10 10 428 379.03
Issue and redemption price per share in USD1 13 728 719.74 11 102 566.10 10 428 379.03
Class P-acc LU0198837287
Shares outstanding 7 209 182.9720 14 247 974.5430 16 050 569.5540
Net asset value per share in USD 46.90 38.27 36.30
Issue and redemption price per share in USD1 46.88 38.27 36.30
Class (CHF hedged) P-acc LU0592661101
Shares outstanding 55 462.4010 65 181.4540 79 481.0130
Net asset value per share in CHF 264.17 223.11 218.47
Issue and redemption price per share in CHF1 264.06 223.11 218.47
Class (EUR hedged) P-acc LU0511785726
Shares outstanding 185 115.3370 199 133.1730 223 869.6980
Net asset value per share in EUR 323.65 272.68 266.34
Issue and redemption price per share in EUR1 323.52 272.68 266.34
Class Q-acc LU0358729654
Shares outstanding 119 367.8760 438 103.1250 826 269.7870
Net asset value per share in USD 361.82 294.41 276.36
Issue and redemption price per share in USD1 361.68 294.41 276.36
Class (CHF hedged) Q-acc LU1240790045
Shares outstanding 22 756.0870 94 715.9940 129 188.9950
Net asset value per share in CHF 162.96 136.44 132.24
Issue and redemption price per share in CHF1 162.89 136.44 132.24
Class (EUR hedged) Q-acc LU0508198768
Shares outstanding 572 019.6330 382 827.4980 332 160.1560
Net asset value per share in EUR 356.95 297.58 287.69
Issue and redemption price per share in EUR1 356.81 297.58 287.69
Class QL-acc3 LU2049072932
Shares outstanding 79 614.7910 - -
Net asset value per share in USD 119.16 - -
Issue and redemption price per share in USD1 119.11 - -

UBS (Lux) Equity SICAV – USA Growth (USD)

Annual report and audited financial statements as of 31 May 2020

188
 ISIN 31.5.2020 31.5.2019 31.5.2018

Class (CHF hedged) QL-acc3 LU2049072775

Shares outstanding 86 565.4500 - -
Net asset value per share in CHF 116.54 - -
Issue and redemption price per share in CHF1 116.49 - -
Class (EUR hedged) QL-acc3 LU2049072858
Shares outstanding 29 620.5870 - -
Net asset value per share in EUR 116.58 - -
Issue and redemption price per share in EUR1 116.53 - -
Class U-X-acc LU0236040787
Shares outstanding 990.7780 1 570.0030 2 225.0010
Net asset value per share in USD 47 662.81 38 102.77 35 392.12
Issue and redemption price per share in USD1 47 643.74 38 102.77 35 392.12
1
See note 1
2
First NAV: 22.5.2020
3
First NAV: 9.10.2019

Performance

Currency 2019/2020 2018/2019 2017/2018

Class F-acc USD 24.3% 7.1% 22.8%
Class (CHF hedged) F-acc CHF 20.2% 3.7% 19.6%
Class (EUR hedged) F-acc EUR 20.5% 3.9% 19.9%
Class I-A1-acc USD 24.2% 6.9% 22.7%
Class I-A3-acc1 USD - - -
Class I-B-acc USD 25.0% 7.6% 23.5%
Class I-X-acc USD 25.1% 7.7% 23.5%
Class K-1-acc USD 23.7% 6.5% 22.2%
Class P-acc USD 22.5% 5.4% 21.0%
Class (CHF hedged) P-acc CHF 18.4% 2.1% 17.8%
Class (EUR hedged) P-acc EUR 18.6% 2.4% 18.0%
Class Q-acc USD 22.8% 6.5% 22.2%
Class (CHF hedged) Q-acc CHF 19.4% 3.2% 19.0%
Class (EUR hedged) Q-acc EUR 19.9% 3.4% 19.2%
Class QL-acc1 USD - - -
Class (CHF hedged) QL-acc1 CHF - - -
Class (EUR hedged) QL-acc1 EUR - - -
Class U-X-acc USD 25.1% 7.7% 23.5%
1
Due to the recent launch, there is no data for the calculation of the performance available.

Historical performance is no indicator of current or future performance.

The performance data does not take account of any commissions and costs charged when subscribing and redeeming shares.
The performance data were not audited.
The subfund has no benchmark.

Report of the Portfolio Manager Structure of the Securities Portfolio

Geographical Breakdown as a % of net assets
US equity markets posted a strong return during the United States 92.70
financial year from 1 June 2019 to 31 May 2020. This Bermuda 2.18
Ireland 2.14
was, however, not without great volatility in 2020 with United Kingdom 1.25
markets sent into freefall by COVID-19 and the eco- China 0.83
Total 99.10
nomic shutdown that followed. Markets were, how-
ever, quick to recover from their March lows triggered
by ample global fiscal and monetary policy to support Economic Breakdown as a % of net assets
economies. Internet, software & IT services 33.82
Retail trade, department stores 13.81
Pharmaceuticals, cosmetics & medical products 7.55
The subfund posted positive performance during the Computer hardware & network equipment providers 7.25
Electronics & semiconductors 5.98
financial year as the strategy benefited from stock Banks & credit institutions 5.95
selection within the industrials and consumer sectors, Biotechnology 4.95
Lodging, catering & leisure 2.95
although it was offset by negative stock selection within Finance & holding companies 2.27
healthcare. As for sector allocation, caution to industri- Investment funds 2.14
Healthcare & social services 1.70
als, consumer staples and financials contributed, offset Telecommunications 1.53
by the subfund’s small cash position. Real Estate 1.36
Traffic & transportation 1.28
Food & soft drinks 1.23
Electrical devices & components 1.11
Chemicals 1.08
Vehicles 1.01
Miscellaneous services 0.83
Tobacco & alcohol 0.72
Petroleum 0.58
Total 99.10

UBS (Lux) Equity SICAV – USA Growth (USD)

Annual report and audited financial statements as of 31 May 2020

189
Statement of Net Assets
USD
Assets 31.5.2020
Investments in securities, cost 1 252 999 159.60
Investments in securities, unrealized appreciation (depreciation) 481 373 900.78
Total investments in securities (Note 1) 1 734 373 060.38
Cash at banks, deposits on demand and deposit accounts 14 357 669.45
Receivable on subscriptions 66 243 174.12
Interest receivable on liquid assets 0.82
Receivable on dividends 1 153 690.32
Other receivables 13 809.48
Unrealized gain (loss) on forward foreign exchange contracts (Note 1) 9 273 184.45
Total Assets 1 825 414 589.02

Liabilities
Payable on securities purchases (Note 1) -65 104 956.55
Payable on redemptions -9 224 122.78
Provisions for flat fee (Note 2) -617 380.74
Provisions for taxe d’abonnement (Note 3) -74 726.99
Provisions for other commissions and fees (Note 2) -301 474.55
Total provisions -993 582.28
Total Liabilities -75 322 661.61

Net assets at the end of the financial year 1 750 091 927.41

Statement of Operations
USD
Income 1.6.2019-31.5.2020
Interest on liquid assets 110 888.14
Dividends 10 610 095.32
Income on securities lending (Note 16) 807 622.12
Other income (Note 4) 333 976.05
Total income 11 862 581.63

Expenses
Flat fee (Note 2) -17 827 938.10
Taxe d’abonnement (Note 3) -447 272.87
Cost on securities lending (Note 16) -323 048.85
Other commissions and fees (Note 2) -223 134.20
Interest on cash and bank overdraft -13 463.64
Total expenses -18 834 857.66

Net income (loss) on investments -6 972 276.03

Realized gain (loss) (Note 1)

Realized gain (loss) on market-priced securities without options 175 339 493.99
Realized gain (loss) on forward foreign exchange contracts -18 396 806.58
Realized gain (loss) on foreign exchange 5 298 156.57
Total realized gain (loss) 162 240 843.98

Net realized gain (loss) of the financial year 155 268 567.95

Changes in unrealized appreciation (depreciation) (Note 1)

Unrealized appreciation (depreciation) on market-priced securities without options 150 349 744.63
Unrealized appreciation (depreciation) on forward foreign exchange contracts 9 120 599.49
Total changes in unrealized appreciation (depreciation) 159 470 344.12

Net increase (decrease) in net assets as a result of operations 314 738 912.07

UBS (Lux) Equity SICAV – USA Growth (USD)

Annual report and audited financial statements as of 31 May 2020

190 The notes are an integral part of the financial statements.

Statement of Changes in Net Assets
USD
1.6.2019-31.5.2020
Net assets at the beginning of the financial year 1 576 062 130.78
Subscriptions 813 396 276.33
Redemptions -954 105 391.77
Total net subscriptions (redemptions) -140 709 115.44
Net income (loss) on investments -6 972 276.03
Total realized gain (loss) 162 240 843.98
Total changes in unrealized appreciation (depreciation) 159 470 344.12
Net increase (decrease) in net assets as a result of operations 314 738 912.07
Net assets at the end of the financial year 1 750 091 927.41

Changes in the Number of Shares outstanding

1.6.2019-31.5.2020
Class F-acc
Number of shares outstanding at the beginning of the financial year 5 922 741.5430
Number of shares issued 1 321 140.3670
Number of shares redeemed -3 039 084.6190
Number of shares outstanding at the end of the financial year 4 204 797.2910
Class (CHF hedged) F-acc
Number of shares outstanding at the beginning of the financial year 76 122.0790
Number of shares issued 31 145.0090
Number of shares redeemed -32 291.7350
Number of shares outstanding at the end of the financial year 74 975.3530
Class (EUR hedged) F-acc
Number of shares outstanding at the beginning of the financial year 164 441.3100
Number of shares issued 76 384.7210
Number of shares redeemed -109 243.8290
Number of shares outstanding at the end of the financial year 131 582.2020
Class I-A1-acc
Number of shares outstanding at the beginning of the financial year 642 861.5120
Number of shares issued 643 315.5480
Number of shares redeemed -294 751.9140
Number of shares outstanding at the end of the financial year 991 425.1460
Class I-A3-acc
Number of shares outstanding at the beginning of the financial year 0.0000
Number of shares issued 1 534 438.0000
Number of shares redeemed 0.0000
Number of shares outstanding at the end of the financial year 1 534 438.0000
Class I-B-acc
Number of shares outstanding at the beginning of the financial year 152 001.6120
Number of shares issued 16 596.9050
Number of shares redeemed -6 436.7340
Number of shares outstanding at the end of the financial year 162 161.7830
Class I-X-acc
Number of shares outstanding at the beginning of the financial year 233 037.1940
Number of shares issued 12 401.2960
Number of shares redeemed -18 645.4270
Number of shares outstanding at the end of the financial year 226 793.0630
Class K-1-acc
Number of shares outstanding at the beginning of the financial year 0.2000
Number of shares issued 0.2000
Number of shares redeemed -0.1000
Number of shares outstanding at the end of the financial year 0.3000
Class P-acc
Number of shares outstanding at the beginning of the financial year 14 247 974.5430
Number of shares issued 2 225 014.5160
Number of shares redeemed -9 263 806.0870
Number of shares outstanding at the end of the financial year 7 209 182.9720
Class (CHF hedged) P-acc
Number of shares outstanding at the beginning of the financial year 65 181.4540
Number of shares issued 3 641.7580
Number of shares redeemed -13 360.8110
Number of shares outstanding at the end of the financial year 55 462.4010
Class (EUR hedged) P-acc
Number of shares outstanding at the beginning of the financial year 199 133.1730
Number of shares issued 130 261.4750
Number of shares redeemed -144 279.3110
Number of shares outstanding at the end of the financial year 185 115.3370

UBS (Lux) Equity SICAV – USA Growth (USD)

Annual report and audited financial statements as of 31 May 2020

The notes are an integral part of the financial statements. 191

Class Q-acc
Number of shares outstanding at the beginning of the financial year 438 103.1250
Number of shares issued 74 750.4570
Number of shares redeemed -393 485.7060
Number of shares outstanding at the end of the financial year 119 367.8760
Class (CHF hedged) Q-acc
Number of shares outstanding at the beginning of the financial year 94 715.9940
Number of shares issued 9 992.3090
Number of shares redeemed -81 952.2160
Number of shares outstanding at the end of the financial year 22 756.0870
Class (EUR hedged) Q-acc
Number of shares outstanding at the beginning of the financial year 382 827.4980
Number of shares issued 363 646.3000
Number of shares redeemed -174 454.1650
Number of shares outstanding at the end of the financial year 572 019.6330
Class QL-acc
Number of shares outstanding at the beginning of the financial year 0.0000
Number of shares issued 81 195.5910
Number of shares redeemed -1 580.8000
Number of shares outstanding at the end of the financial year 79 614.7910
Class (CHF hedged) QL-acc
Number of shares outstanding at the beginning of the financial year 0.0000
Number of shares issued 91 971.9070
Number of shares redeemed -5 406.4570
Number of shares outstanding at the end of the financial year 86 565.4500
Class (EUR hedged) QL-acc
Number of shares outstanding at the beginning of the financial year 0.0000
Number of shares issued 38 770.9050
Number of shares redeemed -9 150.3180
Number of shares outstanding at the end of the financial year 29 620.5870
Class U-X-acc
Number of shares outstanding at the beginning of the financial year 1 570.0030
Number of shares issued 18.7750
Number of shares redeemed -598.0000
Number of shares outstanding at the end of the financial year 990.7780

UBS (Lux) Equity SICAV – USA Growth (USD)

Annual report and audited financial statements as of 31 May 2020

192 The notes are an integral part of the financial statements.

Statement of Investments in Securities and other Net Assets as of 31 May 2020

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
Bearer shares

Bermuda
USD MARVELL TECH GROUP COM USD0.002 1 166 625.00 38 055 307.50 2.18
Total Bermuda 38 055 307.50 2.18

United States
USD ARISTA NETWORKS IN COM USD0.0001 128 421.00 29 981 166.66 1.71
USD BOSTON SCIENTIFIC COM USD0.01 941 057.00 35 750 755.43 2.04
USD CONSTELLATION BRDS CLASS’A’COM USD0.01 72 517.00 12 523 685.90 0.72
USD F M C CORP COM NEW 191 259.00 18 821 798.19 1.07
USD HUBSPOT INC COM USD0.001 111 479.00 22 289 111.26 1.27
USD IAC INTERACTIVECOR COM USD0.001 99 387.00 26 871 263.19 1.53
USD INCYTE CORPORATION COM USD0.001 238 357.00 24 290 961.87 1.39
USD JOHNSON & JOHNSON COM USD1 193 748.00 28 820 015.00 1.65
USD PEPSICO INC CAP USD0.016666 163 039.00 21 447 780.45 1.23
USD QORVO INC COM USD 0.0001 163 478.00 17 122 685.72 0.98
USD SPLUNK INC COM USD0.001 164 026.00 30 482 591.84 1.74
USD TAKE TWO INTERACTI COM USD0.01 128 088.00 17 441 742.96 1.00
USD UNIVERSAL DISPLAY COM USD0.01 103 888.00 15 229 980.80 0.87
Total United States 301 073 539.27 17.20

Total Bearer shares 339 128 846.77 19.38

Registered shares

United States
USD 10X GENOMICS INC COM USD0.00001 CLASS A 132 204.00 10 307 945.88 0.59
USD ABBOTT LABS COM 268 708.00 25 505 763.36 1.46
USD ADOBE INC COM USD0.0001 29 616.00 11 449 545.60 0.65
USD ALEXION PHARMACEUT COM USD0.0001 250 114.00 29 988 668.60 1.71
USD ALPHABET INC CAP STK USD0.001 CL A 83 357.00 119 493 926.64 6.83
USD AMAZON COM INC COM USD0.01 60 416.00 147 558 225.92 8.43
USD AMGEN INC COM USD0.0001 95 866.00 22 020 420.20 1.26
USD ANALOG DEVICES INC COM 197 912.00 22 354 160.40 1.28
USD APPLE INC COM NPV 399 085.00 126 885 084.90 7.25
USD AUTODESK INC COM USD0.01 188 373.00 39 629 911.74 2.27
USD BOOKING HLDGS INC COM USD0.008 24 264.00 39 778 886.88 2.27
USD CHEVRON CORP COM USD0.75 110 043.00 10 090 943.10 0.58
USD COOPER COS INC COM USD0.10 63 637.00 20 171 656.26 1.15
USD CROWN CASTLE INTL COM USD0.01 138 600.00 23 861 376.00 1.36
USD DOLLAR GENERAL CP COM USD0.875 188 425.00 36 085 271.75 2.06
USD FACEBOOK INC COM USD0.000006 CL ‘A’ 76 952.00 17 321 125.68 0.99
USD FIDELITY NATL INF COM STK USD0.01 204 687.00 28 416 696.21 1.62
USD IAA INC COM USD0.01 432 802.00 17 744 882.00 1.01
USD LAM RESEARCH CORP COM USD0.001 43 197.00 11 821 722.99 0.68
USD LOWE’S COS INC COM USD0.50 358 582.00 46 741 163.70 2.67
USD MASTERCARD INC COM USD0.0001 CLASS ‘A’ 75 747.00 22 791 514.83 1.30
USD MICROSOFT CORP COM USD0.0000125 877 686.00 160 835 959.50 9.19
USD NETFLIX INC COM USD0.001 43 036.00 18 063 500.28 1.03
USD ROCKWELL AUTOMATIO COM USD1 90 029.00 19 460 668.64 1.11
USD SALESFORCE.COM INC COM USD0.001 321 732.00 56 235 536.28 3.21
USD SERVICENOW INC COM USD0.001 103 692.00 40 225 237.56 2.30
USD STARBUCKS CORP COM USD0.001 502 418.00 39 183 579.82 2.24
USD UNION PACIFIC CORP COM USD2.50 131 605.00 22 354 425.30 1.28
USD UNITED RENTALS INC COM 81 162.00 11 272 590.18 0.64
USD UNITEDHEALTH GRP COM USD0.01 97 336.00 29 672 879.60 1.70
USD VISA INC COM STK USD0.0001 416 781.00 81 372 322.44 4.65
USD WYNN RESORTS LTD COM 150 343.00 12 520 565.04 0.72
Total United States 1 321 216 157.28 75.49

Total Registered shares 1 321 216 157.28 75.49

Depository receipts

China
USD ALIBABA GROUP HLDG SPON ADS EACH REP ONE ORD-ADR 70 347.00 14 589 264.33 0.84
Total China 14 589 264.33 0.84

United Kingdom
USD GLAXOSMITHKLINE PLC SPONSORED ADR 523 100.00 21 928 352.00 1.25
Total United Kingdom 21 928 352.00 1.25

Total Depository receipts 36 517 616.33 2.09

Total Transferable securities and money market instruments listed on an official

stock exchange 1 696 862 620.38 96.96

UBS (Lux) Equity SICAV – USA Growth (USD)

Annual report and audited financial statements as of 31 May 2020

The notes are an integral part of the financial statements. 193

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

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 3 751.04 37 510 440.00 2.14
Total Ireland 37 510 440.00 2.14

Total Investment funds, open end 37 510 440.00 2.14

Total UCITS/Other UCIs in accordance with Article 41 (1) e) of the amended Luxembourg law of 17 December 2010 37 510 440.00 2.14

Total investments in securities 1 734 373 060.38 99.10

Forward Foreign Exchange contracts

Forward Foreign Exchange contracts (Purchase/Sale)

EUR 266 684 300.00 USD 288 231 058.02 23.6.2020 8 536 547.04 0.49
CHF 39 071 400.00 USD 40 214 248.73 23.6.2020 479 756.88 0.03
EUR 9 363 700.00 USD 10 256 509.13 23.6.2020 163 462.44 0.01
CHF 1 366 100.00 USD 1 408 439.96 23.6.2020 14 393.14 0.00
EUR 3 264 600.00 USD 3 559 584.36 23.6.2020 73 278.63 0.00
CHF 485 500.00 USD 500 432.92 23.6.2020 5 229.53 0.00
CHF 452 000.00 USD 470 254.43 23.6.2020 516.79 0.00
Total Forward Foreign Exchange contracts (Purchase/Sale) 9 273 184.45 0.53

Cash at banks, deposits on demand and deposit accounts and other liquid assets 14 357 669.45 0.82
Other assets and liabilities -7 911 986.87 -0.45
Total net assets 1 750 091 927.41 100.00

UBS (Lux) Equity SICAV – USA Growth (USD)

Annual report and audited financial statements as of 31 May 2020

194 The notes are an integral part of the financial statements.

UBS (Lux) Equity SICAV
– USA Growth Sustainable (USD)

Most important figures

ISIN 31.5.2020
Net assets in USD 238 118 728.60
Class seeding I-A3-acc1 LU2099993318
Shares outstanding 2 191 744.4010
Net asset value per share in USD 108.64
Issue and redemption price per share in USD2 108.64
1
First NAV: 2.3.2020
2
See note 1

Performance

Currency 2020
Class seeding I-A3-acc1 USD -
1
Due to the recent launch, there is no data for the calculation of the performance available.

Historical performance is no indicator of current or future performance.

The performance data does not take account of any commissions and costs charged when subscribing and redeeming shares.
The performance data were not audited.
The subfund has no benchmark.

Report of the Portfolio Manager Structure of the Securities Portfolio

Geographical Breakdown as a % of net assets
The subfund advanced since its launch at the end of United States 93.33
February 2020 to the end of the reporting period. Stock United Kingdom 1.47
Bermuda 1.40
selection within industrials contributed while stock Switzerland 1.30
selection within healthcare and information technology China 0.88
Total 98.38
detracted. As for sector allocation, caution to industri-
als, consumer staples and financials contributed while
caution to healthcare and a small cash position detracted Economic Breakdown as a % of net assets
from performance. Internet, software & IT services 35.92
Retail trade, department stores 13.46
Pharmaceuticals, cosmetics & medical products 9.36
Computer hardware & network equipment providers 7.64
Banks & credit institutions 6.64
Finance & holding companies 4.92
Electronics & semiconductors 4.13
Lodging, catering & leisure 3.67
Biotechnology 3.52
Food & soft drinks 1.72
Traffic & transportation 1.59
Insurance 1.13
Electrical devices & components 1.13
Vehicles 1.06
Packaging industry 0.99
Miscellaneous services 0.88
Real Estate 0.62
Total 98.38

UBS (Lux) Equity SICAV – USA Growth Sustainable (USD)

Annual report and audited financial statements as of 31 May 2020

195
Statement of Net Assets
USD
Assets 31.5.2020
Investments in securities, cost 208 958 946.44
Investments in securities, unrealized appreciation (depreciation) 25 312 160.79
Total investments in securities (Note 1) 234 271 107.23
Cash at banks, deposits on demand and deposit accounts 4 021 041.77
Receivable on securities sales (Note 1) 1 653 247.32
Receivable on dividends 150 346.13
Total Assets 240 095 742.45

Liabilities
Payable on securities purchases (Note 1) -1 926 000.80
Provisions for flat fee (Note 2) -41 334.79
Provisions for taxe d’abonnement (Note 3) -3 859.62
Provisions for other commissions and fees (Note 2) -5 818.64
Total provisions -51 013.05
Total Liabilities -1 977 013.85

Net assets at the end of the period 238 118 728.60

Statement of Operations
USD
Income 2.3.2020-31.5.2020
Interest on liquid assets 261.88
Dividends 288 026.10
Other income (Note 4) 103 005.21
Total income 391 293.19

Expenses
Flat fee (Note 2) -220 446.31
Taxe d’abonnement (Note 3) -8 250.77
Other commissions and fees (Note 2) -6 044.37
Total expenses -234 741.45

Net income (loss) on investments 156 551.74

Realized gain (loss) (Note 1)

Realized gain (loss) on market-priced securities without options -6 543 461.34
Realized gain (loss) on foreign exchange -112.37
Total realized gain (loss) -6 543 573.71

Net realized gain (loss) of the period -6 387 021.97

Changes in unrealized appreciation (depreciation) (Note 1)

Unrealized appreciation (depreciation) on market-priced securities without options 25 312 160.79
Total changes in unrealized appreciation (depreciation) 25 312 160.79

Net increase (decrease) in net assets as a result of operations 18 925 138.82

Statement of Changes in Net Assets

USD
2.3.2020-31.5.2020
Net assets at the beginning of the period 0.00
Subscriptions 259 586 009.83
Redemptions -40 392 420.05
Total net subscriptions (redemptions) 219 193 589.78
Net income (loss) on investments 156 551.74
Total realized gain (loss) -6 543 573.71
Total changes in unrealized appreciation (depreciation) 25 312 160.79
Net increase (decrease) in net assets as a result of operations 18 925 138.82
Net assets at the end of the period 238 118 728.60

Changes in the Number of Shares outstanding

2.3.2020-31.5.2020
Class seeding I-A3-acc
Number of shares outstanding at the beginning of the period 0.0000
Number of shares issued 2 570 766.8280
Number of shares redeemed -379 022.4270
Number of shares outstanding at the end of the period 2 191 744.4010

UBS (Lux) Equity SICAV – USA Growth Sustainable (USD)

Annual report and audited financial statements as of 31 May 2020

196 The notes are an integral part of the financial statements.

Statement of Investments in Securities and other Net Assets as of 31 May 2020

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
Bearer shares

Bermuda
USD MARVELL TECH GROUP COM USD0.002 102 012.00 3 327 631.44 1.40
Total Bermuda 3 327 631.44 1.40

United States
USD ARISTA NETWORKS IN COM USD0.0001 8 650.00 2 019 429.00 0.85
USD BOSTON SCIENTIFIC COM USD0.01 78 951.00 2 999 348.49 1.26
USD DIGITAL REALTY TRU COM STK USD0.01 10 267.00 1 473 930.52 0.62
USD HUBSPOT INC COM USD0.001 15 685.00 3 136 058.90 1.31
USD JOHNSON & JOHNSON COM USD1 22 636.00 3 367 105.00 1.41
USD MARSH & MCLENNAN COM USD1 25 371.00 2 687 296.32 1.13
USD MATCH GROUP INC COM USD0.001 32 091.00 2 857 382.64 1.20
USD PEPSICO INC CAP USD0.016666 31 165.00 4 099 755.75 1.72
USD QORVO INC COM USD 0.0001 11 444.00 1 198 644.56 0.50
USD SPLUNK INC COM USD0.001 26 242.00 4 876 813.28 2.05
USD TAKE TWO INTERACTI COM USD0.01 17 450.00 2 376 166.50 1.00
USD UNIVERSAL DISPLAY COM USD0.01 14 609.00 2 141 679.40 0.90
Total United States 33 233 610.36 13.95

Total Bearer shares 36 561 241.80 15.35

Registered shares

Switzerland
USD ALCON AG CHF0.04 48 622.00 3 089 441.88 1.30
Total Switzerland 3 089 441.88 1.30

United States
USD 10X GENOMICS INC COM USD0.00001 CLASS A 19 277.00 1 503 027.69 0.63
USD ABBOTT LABS COM 52 061.00 4 941 630.12 2.08
USD ADOBE INC COM USD0.0001 11 609.00 4 488 039.40 1.88
USD ALEXION PHARMACEUT COM USD0.0001 31 081.00 3 726 611.90 1.56
USD ALPHABET INC CAP STK USD0.001 CL A 11 723.00 16 805 154.96 7.06
USD AMAZON COM INC COM USD0.01 8 077.00 19 727 022.49 8.28
USD AMER TOWER CORP COM NEW USD0.01 13 165.00 3 398 808.05 1.43
USD AMGEN INC COM USD0.0001 13 757.00 3 159 982.90 1.33
USD ANALOG DEVICES INC COM 27 954.00 3 157 404.30 1.33
USD APPLE INC COM NPV 54 628.00 17 368 426.32 7.29
USD AUTODESK INC COM USD0.01 26 477.00 5 570 231.26 2.34
USD BALL CORP COM NPV 33 216.00 2 366 972.16 0.99
USD BOOKING HLDGS INC COM USD0.008 3 189.00 5 228 110.38 2.20
USD CISCO SYSTEMS COM USD0.001 17 336.00 829 007.52 0.35
USD CVS HEALTH CORP COM STK USD0.01 87 699.00 5 750 423.43 2.41
USD DOLLAR GENERAL CP COM USD0.875 21 442.00 4 106 357.42 1.72
USD FACEBOOK INC COM USD0.000006 CL ‘A’ 10 770.00 2 424 219.30 1.02
USD FIDELITY NATL INF COM STK USD0.01 28 818.00 4 000 802.94 1.68
USD IAA INC COM USD0.01 61 323.00 2 514 243.00 1.06
USD LAB CORP AMER HLDG COM USD0.1 9 931.00 1 741 102.92 0.73
USD LOWE’S COS INC COM USD0.50 50 383.00 6 567 424.05 2.76
USD MASTERCARD INC COM USD0.0001 CLASS ‘A’ 14 549.00 4 377 648.61 1.84
USD MICROSOFT CORP COM USD0.0000125 119 738.00 21 941 988.50 9.21
USD NETFLIX INC COM USD0.001 6 055.00 2 541 465.15 1.07
USD NVIDIA CORP COM USD0.001 6 623.00 2 351 297.46 0.99
USD ROCKWELL AUTOMATIO COM USD1 12 417.00 2 684 058.72 1.13
USD SALESFORCE.COM INC COM USD0.001 45 211.00 7 902 430.69 3.32
USD SERVICENOW INC COM USD0.001 13 147.00 5 100 115.71 2.14
USD STARBUCKS CORP COM USD0.001 75 468.00 5 885 749.32 2.47
USD UNION PACIFIC CORP COM USD2.50 22 281.00 3 784 650.66 1.59
USD UNITED RENTALS INC COM 11 807.00 1 639 874.23 0.69
USD VISA INC COM STK USD0.0001 58 600.00 11 441 064.00 4.80
Total United States 189 025 345.56 79.38

Total Registered shares 192 114 787.44 80.68

Depository receipts

China
USD ALIBABA GROUP HLDG SPON ADS EACH REP ONE ORD-ADR 10 141.00 2 103 141.99 0.88
Total China 2 103 141.99 0.88

United Kingdom
USD GLAXOSMITHKLINE PLC SPONSORED ADR 83 300.00 3 491 936.00 1.47
Total United Kingdom 3 491 936.00 1.47

Total Depository receipts 5 595 077.99 2.35

Total Transferable securities and money market instruments listed on an official

stock exchange 234 271 107.23 98.38

Total investments in securities 234 271 107.23 98.38

Cash at banks, deposits on demand and deposit accounts and other liquid assets 4 021 041.77 1.69
Other assets and liabilities -173 420.40 -0.07
Total net assets 238 118 728.60 100.00

UBS (Lux) Equity SICAV – USA Growth Sustainable (USD)

Annual report and audited financial statements as of 31 May 2020

The notes are an integral part of the financial statements. 197

UBS (Lux) Equity SICAV – USA Quantitative (USD)

Three-year comparison

ISIN 31.5.2020 31.5.2019 31.5.2018

Net assets in USD 54 753 703.68 1 099 956 849.56 1 300 918 926.11
Class F-acc LU0399034312
Shares outstanding 3 316.0030 2 433 694.0740 2 786 315.4430
Net asset value per share in USD 151.55 143.20 149.50
Issue and redemption price per share in USD1 151.55 143.20 149.50
Class (CHF hedged) F-acc2 LU0999556359
Shares outstanding - 558 630.0530 107 323.5670
Net asset value per share in CHF - 130.65 140.89
Issue and redemption price per share in CHF1 - 130.65 140.89
Class (EUR hedged) F-acc3 LU0999558058
Shares outstanding - 426 194.0280 499 114.2860
Net asset value per share in EUR - 138.39 148.91
Issue and redemption price per share in EUR1 - 138.39 148.91
Class P-acc LU0246276595
Shares outstanding 20 522.2940 1 980 305.7450 2 148 692.7180
Net asset value per share in USD 230.73 218.77 229.22
Issue and redemption price per share in USD1 230.73 218.77 229.22
Class (EUR hedged) P-acc3 LU1157384881
Shares outstanding - 704 414.6650 1 174 900.4460
Net asset value per share in EUR - 117.83 127.24
Issue and redemption price per share in EUR1 - 117.83 127.24
Class Q-acc LU0399034585
Shares outstanding 4 783.7020 14 011.1700 12 602.8080
Net asset value per share in USD 133.65 126.47 132.23
Issue and redemption price per share in USD1 133.65 126.47 132.23
Class U-X-acc LU0399035988
Shares outstanding 2 184.7920 4 066.6310 5 183.5820
Net asset value per share in USD 22 371.31 21 064.33 21 904.25
Issue and redemption price per share in USD1 22 371.31 21 064.33 21 904.25
1
See note 1
2
The share class (CHF hedged) F-acc was in circulation until 20.9.2019
3
The share classes (EUR hedged) F-acc und (EUR hedged) P-acc were in circulation until 23.4.2020

Performance

Currency 2019/2020 2018/2019 2017/2018

Class F-acc USD 5.8% -4.2% 13.8%
Class (CHF hedged) F-acc1 CHF - -7.3% 10.8%
Class (EUR hedged) F-acc2 EUR - -7.1% 11.1%
Class P-acc USD 5.5% -4.6% 13.3%
Class (EUR hedged) P-acc2 EUR - -7.4% 10.6%
Class Q-acc USD 5.7% -4.4% 13.6%
Class U-X-acc USD 6.2% -3.8% 14.4%
1
The share class (CHF hedged) F-acc was in circulation until 20.9.2019. Due to this fact, there is no data for the calculation of the performance available.
2
The share classes (EUR hedged) F-acc und (EUR hedged) P-acc were in circulation until 23.4.2020. Due to this fact, there is no data for the calculation of the performance available.

Historical performance is no indicator of current or future performance.

The performance data does not take account of any commissions and costs charged when subscribing and redeeming shares.
The performance data were not audited.
The subfund has no benchmark.

UBS (Lux) Equity SICAV – USA Quantitative (USD)

Annual report and audited financial statements as of 31 May 2020

198
Report of the Portfolio Manager Structure of the Securities Portfolio
Geographical Breakdown as a % of net assets
In the financial year, from 1 June 2019 to 31 May 2020, United States 93.66
US equity market returns were positive. Markets ral- Ireland 3.84
Bermuda 1.09
lied in 2019 and despite a strong sell-off in February United Kingdom 0.33
and March 2020, due to fears of the economic fall-out Guernsey 0.20
Total 99.12
and the social cost of the coronavirus crisis, markets
rebounded strongly in April and May 2020 as investor
sentiment improved on the back of unprecedented fiscal Economic Breakdown as a % of net assets
and monetary support. Internet, software & IT services 21.53
Retail trade, department stores 11.69
Finance & holding companies 9.82
The subfund posted positive returns over the financial Pharmaceuticals, cosmetics & medical products 9.73
Computer hardware & network equipment providers 8.53
year. From a sector perspective the exposure to infor- Banks & credit institutions 4.51
mation technology and health care contributed. Stock- Electronics & semiconductors 4.03
Insurance 3.68
wise Apple, Microsoft, Alphabet and Amazon.com con- Telecommunications 3.53
tributed. Exposure to consumer financials, energy and Biotechnology 3.29
Food & soft drinks 2.54
Exxon Mobil, Devon Energy and United Continental off- Miscellaneous consumer goods 2.33
set some of the positive returns. Healthcare & social services 2.02
Miscellaneous services 1.79
Aerospace industry 1.71
Petroleum 1.67
Building industry & materials 1.26
Real Estate 1.01
Precious metals & stones 0.91
Energy & water supply 0.57
Miscellaneous trading companies 0.50
Mechanical engineering & industrial equipment 0.45
Electrical devices & components 0.39
Tobacco & alcohol 0.38
Traffic & transportation 0.36
Vehicles 0.30
Agriculture & fishery 0.28
Graphic design, publishing & media 0.20
Textiles, garments & leather goods 0.11
Total 99.12

UBS (Lux) Equity SICAV – USA Quantitative (USD)

Annual report and audited financial statements as of 31 May 2020

199
Statement of Net Assets
USD
Assets 31.5.2020
Investments in securities, cost 50 169 463.34
Investments in securities, unrealized appreciation (depreciation) 4 104 206.90
Total investments in securities (Note 1) 54 273 670.24
Cash at banks, deposits on demand and deposit accounts 254 672.17
Receivable on securities sales (Note 1) 2 767 026.47
Receivable on subscriptions 641.77
Receivable on dividends 72 706.56
Other receivables 32 849.03
Total Assets 57 401 566.24

Liabilities
Bank overdraft -8 518.88
Payable on redemptions -2 514 103.10
Provisions for flat fee (Note 2) -1 329.75
Provisions for taxe d’abonnement (Note 3) -1 235.96
Provisions for other commissions and fees (Note 2) -122 674.87
Total provisions -125 240.58
Total Liabilities -2 647 862.56

Net assets at the end of the financial year 54 753 703.68

Statement of Operations
USD
Income 1.6.2019-31.5.2020
Interest on liquid assets 86 472.09
Dividends 3 863 262.19
Income on securities lending (Note 16) 105 886.20
Other income (Note 4) 355 199.06
Total income 4 410 819.54

Expenses
Flat fee (Note 2) -1 075 658.47
Taxe d’abonnement (Note 3) -38 915.07
Cost on securities lending (Note 16) -42 354.48
Other commissions and fees (Note 2) -43 088.46
Interest on cash and bank overdraft -183.91
Total expenses -1 200 200.39

Net income (loss) on investments 3 210 619.15

Realized gain (loss) (Note 1)

Realized gain (loss) on market-priced securities without options 78 455 843.35
Realized gain (loss) on financial futures 602 552.42
Realized gain (loss) on forward foreign exchange contracts -1 605 645.44
Realized gain (loss) on foreign exchange 885 447.87
Total realized gain (loss) 78 338 198.20

Net realized gain (loss) of the financial year 81 548 817.35

Changes in unrealized appreciation (depreciation) (Note 1)

Unrealized appreciation (depreciation) on market-priced securities without options 11 579 278.27
Unrealized appreciation (depreciation) on financial futures 373 282.50
Unrealized appreciation (depreciation) on forward foreign exchange contracts -233 905.38
Total changes in unrealized appreciation (depreciation) 11 718 655.39

Net increase (decrease) in net assets as a result of operations 93 267 472.74

UBS (Lux) Equity SICAV – USA Quantitative (USD)

Annual report and audited financial statements as of 31 May 2020

200 The notes are an integral part of the financial statements.

Statement of Changes in Net Assets
USD
1.6.2019-31.5.2020
Net assets at the beginning of the financial year 1 099 956 849.56
Subscriptions 62 405 339.19
Redemptions -1 200 875 957.81
Total net subscriptions (redemptions) -1 138 470 618.62
Net income (loss) on investments 3 210 619.15
Total realized gain (loss) 78 338 198.20
Total changes in unrealized appreciation (depreciation) 11 718 655.39
Net increase (decrease) in net assets as a result of operations 93 267 472.74
Net assets at the end of the financial year 54 753 703.68

Changes in the Number of Shares outstanding

1.6.2019-31.5.2020
Class F-acc
Number of shares outstanding at the beginning of the financial year 2 433 694.0740
Number of shares issued 86 478.7750
Number of shares redeemed -2 516 856.8460
Number of shares outstanding at the end of the financial year 3 316.0030
Class (CHF hedged) F-acc
Number of shares outstanding at the beginning of the financial year 558 630.0530
Number of shares issued 22 478.0070
Number of shares redeemed -581 108.0600
Number of shares outstanding at the end of the financial year 0.0000
Class (EUR hedged) F-acc
Number of shares outstanding at the beginning of the financial year 426 194.0280
Number of shares issued 63 002.6630
Number of shares redeemed -489 196.6910
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 1 980 305.7450
Number of shares issued 66 716.1440
Number of shares redeemed -2 026 499.5950
Number of shares outstanding at the end of the financial year 20 522.2940
Class (EUR hedged) P-acc
Number of shares outstanding at the beginning of the financial year 704 414.6650
Number of shares issued 123 107.0940
Number of shares redeemed -827 521.7590
Number of shares outstanding at the end of the financial year 0.0000
Class Q-acc
Number of shares outstanding at the beginning of the financial year 14 011.1700
Number of shares issued 218.0000
Number of shares redeemed -9 445.4680
Number of shares outstanding at the end of the financial year 4 783.7020
Class U-X-acc
Number of shares outstanding at the beginning of the financial year 4 066.6310
Number of shares issued 126.8450
Number of shares redeemed -2 008.6840
Number of shares outstanding at the end of the financial year 2 184.7920

UBS (Lux) Equity SICAV – USA Quantitative (USD)

Annual report and audited financial statements as of 31 May 2020

The notes are an integral part of the financial statements. 201

Statement of Investments in Securities and other Net Assets as of 31 May 2020

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
Bearer shares

Bermuda
USD GENPACT LIMITED COM STK USD0.01 3 400.00 122 230.00 0.22
Total Bermuda 122 230.00 0.22

Guernsey
USD AMDOCS ORD GBP0.01 1 737.00 108 145.62 0.20
Total Guernsey 108 145.62 0.20

Ireland
USD SEAGATE TECH PLC COM USD0.00001 8 267.00 438 481.68 0.80
Total Ireland 438 481.68 0.80

United States
USD AARONS INC COM USD0.50 2 588.00 95 523.08 0.17
USD ALASKA AIRGROUP COM USD1 2 999.00 102 535.81 0.19
USD ALPHABET INC CAP STK USD0.001 CL C 748.00 1 068 832.16 1.95
USD BERKSHIRE HATHAWAY CLASS’B’COM USD0.0033 2 186.00 405 677.88 0.74
USD BLOCK(H&R)INC COM NPV 3 975.00 67 575.00 0.12
USD BOOZ ALLEN HAMILTO COM USD0.01 CLASS ‘A’ 900.00 71 784.00 0.13
USD CABOT OIL & GAS CO COM USD0.10 4 497.00 89 220.48 0.16
USD CADENCE DESIGN SYS COM USD0.01 6 244.00 570 014.76 1.04
USD CDW CORP COM USD0.01 1 888.00 209 398.08 0.38
USD CIENA CORP COM STK USD0.01 1 095.00 60 509.70 0.11
USD CNX RESOURCES CORP COM USD0.01 WI 5 579.00 56 850.01 0.10
USD COCA-COLA CO COM USD0.25 14 851.00 693 244.68 1.27
USD COPART INC COM 728.00 65 075.92 0.12
USD DEVON ENERGY CORP NEW COM 7 552.00 81 637.12 0.15
USD DEXCOM INC COM 166.00 62 799.46 0.12
USD EDWARDS LIFESCIENCES CORP COM 866.00 194 607.52 0.36
USD FIDELITY NATL FINL FNF GROUP COM USD0.0001 12 980.00 414 062.00 0.76
USD FOOT LOCKER INC COM USD0.01 4 741.00 131 325.70 0.24
USD GENTEX CORP COM 3 750.00 99 150.00 0.18
USD HILL-ROM HLDGS INC COM STK NPV 544.00 55 308.48 0.10
USD HONEYWELL INTL INC COM USD1 4 551.00 663 763.35 1.21
USD INTERCONTINENTAL E COM USD0.01 581.00 56 502.25 0.10
USD JOHNSON & JOHNSON COM USD1 3 304.00 491 470.00 0.90
USD JP MORGAN CHASE & COM USD1 6 828.00 664 432.68 1.21
USD LPL FINL HLDGS INC COM USD0.001 4 570.00 326 252.30 0.60
USD MASTEC INC COM 5 468.00 214 072.20 0.39
USD MAXIMUS INC COM 943.00 67 914.86 0.12
USD MDU RES GROUP INC COM USD1 3 199.00 69 610.24 0.13
USD NORTHROP GRUMMAN COM USD1 646.00 216 539.20 0.40
USD PATTERSON UTI ENERGY INC COM 46 271.00 170 739.99 0.31
USD PHILIP MORRIS INTL COM STK NPV ‘WI’ 2 849.00 209 002.64 0.38
USD PILGRIMS PRIDE COR COM USD0.01 (NEW) 7 446.00 153 908.82 0.28
USD PROGRESSIVE CP(OH) COM USD1 1 950.00 151 476.00 0.28
USD PULTE GROUP INC COM USD0.01 12 353.00 419 631.41 0.77
USD RALPH LAUREN CORP CLASS ‘A’ COM USD0.01 831.00 62 748.81 0.11
USD RESMED INC COM USD0.004 337.00 54 196.34 0.10
USD SPROUTS FMRS MKT I COM USD0.001 5 282.00 132 736.66 0.24
USD SYNOPSYS INC COM USD0.01 1 240.00 224 328.40 0.41
USD TERADYNE INC COM USD0.125 955.00 64 004.10 0.12
USD VERTEX PHARMACEUTI COM USD0.01 1 149.00 330 866.04 0.60
USD VIRTU FINANCIAL IN COM CL A USD0.00001 3 189.00 76 057.65 0.14
USD WPX ENERGY INC COM USD1 11 319.00 64 178.73 0.12
Total United States 9 479 564.51 17.31

Total Bearer shares 10 148 421.81 18.53

Registered shares

Bermuda
USD RENAISSANCE RE HLG COM USD1 2 835.00 475 883.10 0.87
Total Bermuda 475 883.10 0.87

Ireland
USD ACCENTURE PLC SHS CL A ‘NEW’ 3 620.00 729 864.40 1.33
USD JAZZ PHARMA PLC COM USD0.0001 1 726.00 205 946.32 0.38
USD MEDTRONIC PLC USD0.0001 7 413.00 730 773.54 1.33
Total Ireland 1 666 584.26 3.04

United Kingdom
USD TECHNIPFMC PLC COM USD1 24 300.00 179 820.00 0.33
Total United Kingdom 179 820.00 0.33

United States
USD ABBVIE INC COM USD0.01 3 078.00 285 238.26 0.52
USD ACTIVISION BLIZZAR COM STK USD0.000001 4 484.00 322 758.32 0.59
USD ADOBE INC COM USD0.0001 925.00 357 605.00 0.65
USD ADVANCED MICRO DEV COM USD0.01 1 003.00 53 961.40 0.10
USD ALEXION PHARMACEUT COM USD0.0001 1 013.00 121 458.70 0.22
USD ALLSTATE CORP COM 5 080.00 496 874.80 0.91
USD ALLY FINANCIAL INC COM USD0.01 4 431.00 77 276.64 0.14
USD ALPHABET INC CAP STK USD0.001 CL A 448.00 642 216.96 1.17

UBS (Lux) Equity SICAV – USA Quantitative (USD)

Annual report and audited financial statements as of 31 May 2020

202 The notes are an integral part of the financial statements.

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

USD AMAZON COM INC COM USD0.01 857.00 2 093 111.09 3.82
USD AMER INTL GRP COM USD2.50 5 991.00 180 089.46 0.33
USD AMER TOWER CORP COM NEW USD0.01 1 580.00 407 908.60 0.74
USD AMERIPRISE FINL INC COM 3 967.00 555 657.69 1.01
USD AMERISOURCEBERGEN COM STK USD0.01 5 737.00 546 965.58 1.00
USD AMGEN INC COM USD0.0001 3 088.00 709 313.60 1.30
USD ANTHEM INC COM USD0.01 860.00 252 934.60 0.46
USD APPLE INC COM NPV 9 874.00 3 139 339.56 5.73
USD APPLIED MATLS INC COM 6 178.00 347 080.04 0.63
USD AT&T INC COM USD1 29 844.00 920 985.84 1.68
USD ATHENE HOLDING LTD COM USD0.001 CL A 4 590.00 132 605.10 0.24
USD AUTO DATA PROCESS COM USD0.10 2 396.00 350 990.04 0.64
USD AUTODESK INC COM USD0.01 1 140.00 239 833.20 0.44
USD BEST BUY CO INC COM USD0.10 5 788.00 451 984.92 0.83
USD BIOGEN INC COM STK USD0.0005 1 840.00 565 045.60 1.03
USD BK OF AMERICA CORP COM USD0.01 5 607.00 135 240.84 0.25
USD BK OF NY MELLON CP COM STK USD0.01 1 859.00 69 099.03 0.13
USD BRIGHTHOUSE FINL I COM USD0.01 WI 2 036.00 60 489.56 0.11
USD BRISTOL-MYRS SQUIB COM STK USD0.10 11 697.00 698 544.84 1.28
USD CARDINAL HEALTH INC COM 4 051.00 221 549.19 0.40
USD CBRE GROUP INC CLASS ‘A’ USD0.01 12 549.00 551 905.02 1.01
USD CENTURYLINK INC COM 10 820.00 106 360.60 0.19
USD CHEVRON CORP COM USD0.75 3 145.00 288 396.50 0.53
USD CIGNA CORP COM USD0.25 498.00 98 265.36 0.18
USD CISCO SYSTEMS COM USD0.001 5 147.00 246 129.54 0.45
USD CITRIX SYSTEMS INC COM USD0.001 523.00 77 466.76 0.14
USD CORTEVA INC COM USD0.01 7 670.00 209 467.70 0.38
USD COSTCO WHSL CORP NEW COM 632.00 194 953.04 0.36
USD CUMMINS INC COM 570.00 96 672.00 0.18
USD CVS HEALTH CORP COM STK USD0.01 7 672.00 503 053.04 0.92
USD DANAHER CORP COM USD0.01 908.00 151 281.88 0.28
USD DAVITA INC COM USD0.001 5 532.00 447 870.72 0.82
USD DOLLAR GENERAL CP COM USD0.875 2 349.00 449 856.99 0.82
USD DOLLAR TREE INC 724.00 70 857.88 0.13
USD DOMINOS PIZZA INC COM USD0.01 145.00 55 946.80 0.10
USD EBAY INC COM USD0.001 12 354.00 562 601.16 1.03
USD ELECTRONIC ARTS INC COM 4 283.00 526 295.04 0.96
USD ELI LILLY AND CO COM NPV 2 709.00 414 341.55 0.76
USD EQUITABLE HOLDINGS COM USD0.01 12 728.00 243 232.08 0.44
USD EVERGY INC COM NPV 6 283.00 387 598.27 0.71
USD FACEBOOK INC COM USD0.000006 CL ‘A’ 7 170.00 1 613 895.30 2.95
USD FEDEX CORP COM USD0.10 737.00 96 222.72 0.18
USD FIDELITY NATL INF COM STK USD0.01 770.00 106 899.10 0.20
USD GENERAL MLS INC COM 3 282.00 206 897.28 0.38
USD GLOBAL PAYMENTS COM NPV 1 857.00 333 312.93 0.61
USD GOLDMAN SACHS GRP COM USD0.01 659.00 129 486.91 0.24
USD HARTFORD FINL SVCS COM USD0.01 4 430.00 169 624.70 0.31
USD HCA HEALTHCARE INC COM USD0.01 2 269.00 242 556.10 0.44
USD HERSHEY COMPANY COM USD1.00 3 214.00 436 075.52 0.80
USD HOME DEPOT INC COM USD0.05 322.00 80 010.56 0.15
USD HP INC COM USD0.01 12 794.00 193 701.16 0.35
USD HUMANA INC COM USD0.166 548.00 225 036.20 0.41
USD INTEL CORP COM USD0.001 16 951.00 1 066 726.43 1.95
USD INTUIT INC COM USD0.01 2 171.00 630 284.72 1.15
USD JOHNSON CTLS INTL COM USD0.01 11 584.00 363 853.44 0.66
USD KROGER CO COM USD1 15 599.00 508 839.38 0.93
USD L3HARRIS TECHNOLOG COM USD1.00 2 567.00 511 988.15 0.93
USD LAM RESEARCH CORP COM USD0.001 1 034.00 282 974.78 0.52
USD MANPOWER GROUP COM USD0.01 1 336.00 92 371.04 0.17
USD MASTERCARD INC COM USD0.0001 CLASS ‘A’ 287.00 86 355.43 0.16
USD MERCK & CO INC COM USD0.50 10 439.00 842 636.08 1.54
USD METLIFE INC COM USD0.01 10 559.00 380 229.59 0.69
USD MICRON TECHNOLOGY COM USD0.10 3 512.00 168 259.92 0.31
USD MICROSOFT CORP COM USD0.0000125 17 372.00 3 183 419.00 5.81
USD NETFLIX INC COM USD0.001 833.00 349 635.09 0.64
USD NEWMONT CORPORATIO COM USD1.60 8 479.00 495 767.13 0.91
USD NRG ENERGY INC COM USD0.01 7 096.00 255 810.80 0.47
USD NVIDIA CORP COM USD0.001 2 095.00 743 766.90 1.36
USD NVR INC COM STK USD0.01 83.00 267 393.63 0.49
USD OMNICOM GROUP INC COM USD0.15 1 969.00 107 881.51 0.20
USD ORACLE CORP COM USD0.01 1 027.00 55 221.79 0.10
USD OTIS WORLDWIDE COR COM USD0.01 1 111.00 58 494.15 0.11
USD PAYCHEX INC COM 1 066.00 77 050.48 0.14
USD PFIZER INC COM USD0.05 1 915.00 73 133.85 0.13
USD PROCTER & GAMBLE COM NPV 6 185.00 716 965.20 1.31
USD QUALCOMM INC COM USD0.0001 2 270.00 183 597.60 0.34
USD REINSURANCE GROUP COM USD0.01 1 116.00 101 277.00 0.18
USD ROBERT HALF INTL COM USD0.001 8 748.00 443 873.52 0.81
USD ROSS STORES INC COM USD0.01 4 656.00 451 445.76 0.82
USD SEI INVESTMENT COM USD0.01 1 861.00 100 903.42 0.18
USD SERVICENOW INC COM USD0.001 537.00 208 318.41 0.38
USD SKYWORKS SOLUTIONS INC COM 1 881.00 222 973.74 0.41
USD SYNCHRONY FINANCIA COM USD0.001 12 236.00 249 247.32 0.46
USD SYSCO CORP COM USD1 5 002.00 275 910.32 0.50
USD TARGET CORP COM STK USD0.0833 1 091.00 133 462.03 0.24
USD TJX COS INC COM USD1 5 938.00 313 288.88 0.57
USD UNITED AIRLINES HO COM USD0.01 3 341.00 93 681.64 0.17
USD UNITEDHEALTH GRP COM USD0.01 2 052.00 625 552.20 1.14
USD UTD THERAPEUTIC COM USD0.01 609.00 71 831.55 0.13
USD VALERO ENERGY CORP NEW COM 3 313.00 220 778.32 0.40
USD VERIZON COMMUN COM USD0.10 2 640.00 151 483.20 0.28
USD VISA INC COM STK USD0.0001 3 018.00 589 234.32 1.08

UBS (Lux) Equity SICAV – USA Quantitative (USD)

Annual report and audited financial statements as of 31 May 2020

The notes are an integral part of the financial statements. 203

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

USD VISTRA ENERGY CORP COM USD0.01 25 738.00 526 084.72 0.96
USD VOYA FINL INC COM USD0.01 3 279.00 147 718.95 0.27
USD WALGREENS BOOTS AL COM USD0.01 10 475.00 449 796.50 0.82
USD WALMART INC COM USD0.10 6 447.00 799 814.82 1.46
USD WELLS FARGO & CO COM USD1 2/3 2 519.00 66 677.93 0.12
USD WHIRLPOOL CORP COM 858.00 104 521.56 0.19
Total United States 41 802 961.07 76.35

Total Registered shares 44 125 248.43 80.59

Total Transferable securities and money market instruments listed on an official

stock exchange 54 273 670.24 99.12

Total investments in securities 54 273 670.24 99.12

Cash at banks, deposits on demand and deposit accounts and other liquid assets 254 672.17 0.47
Bank overdraft and other short-term liabilities -8 518.88 -0.02
Other assets and liabilities 233 880.15 0.43
Total net assets 54 753 703.68 100.00

UBS (Lux) Equity SICAV – USA Quantitative (USD)

Annual report and audited financial statements as of 31 May 2020

204 The notes are an integral part of the financial statements.

Notes to the Financial Statements

Note 1 – Summary of significant accounting The percentage of the net asset value which is
policies attributable to each respective share class of a subfund
is determined, taking into account the commission
The financial statements have been prepared in accordance charged to that share class, by the ratio of the shares
with the generally accepted accounting principles for invest- in circulation in each share class to the total number of
ment funds in Luxembourg. shares in circulation in the subfund, and will change each
time shares are issued or redeemed.
The financial statements are prepared in accordance with
Luxembourg legal and regulatory requirements relat- If the total subscriptions or redemptions of all the share
ing to investment funds under the going concern basis classes of a subfund on a single trading day come to a net
of accounting except for the subfund UBS (Lux) Equity capital inflow or outflow, the respective subfund’s net asset
SICAV - USA Quantitative (USD). As indicated in Note 14, value per share may be increased or reduced accordingly
this subfund will be liquidated within 12 months follow- (single swing pricing). The maximum adjustment amounts
ing 31 May 2020. As such, the financial statements for to 2% of the net asset value. Estimated transaction costs
this subfund has been prepared on a non-going concern and tax charges that may be incurred by the subfund as
basis. well as the estimated bid/offer spread of the assets in which
the subfund invests may be taken into account. The
Non-going concern basis of accounting adjustment leads to an increase in the net asset value
per share if the net movements result in a net inflow of
For the subfund for which the financial statements have capital in the subfund concerned. However, this adjust-
been prepared on a non-going concern basis, the fol- ment leads to a fall in the net asset value per share if
lowing accounting policies differ from those described the net movements result in a net outflow of capital.
in the note 1: The Board of Directors of the Company can set a thresh-
old value for each subfund. This may consist in the net
– Expected liquidation expenses (if any) have been movement on a trading day in relation to the net fund
accrued for; assets or to an absolute amount in the currency of the
subfund concerned. The net asset value per share would
– Any remaining formation expenses (if any) have been be adjusted only if this threshold were to be exceeded on
fully expensed; a trading day.

– The valuation of the subfunds’ investments is based on This adjustment is in favour of the subfund and
their net realizable value. mentioned in the Statement of Operations as “Other
income”.
The significant accounting policies are summarised as fol-
lows: For all subfunds the swing pricing methodology is applied.

a) Calculation of the Net Asset Value If there were swing pricing adjustments to the net asset
The net asset value and the issue, redemption and value at the end of the financial year, this can be seen
conversion price per share of each subfund or share class from the three-year comparison of the net asset value
are expressed in the reference currency of the subfund or information of the subfunds. The issue and redemption
share class concerned and are calculated every business price per share represents the adjusted net asset value.
day by dividing the overall net assets of the subfund
attributable to each share class by the number of shares b) Valuation principles
in this share class of the subfund. – liquid assets (whether in the form of cash and bank
deposits, bills of exchange, cheques, promissory
In this context, ”business day” refers to normal banking notes, expense advances, cash dividends and declared
days in Luxembourg (i.e. each day on which the banks or accrued interest still receivable) are valued at face
are open during normal business hours) with the excep- value, unless this value is unlikely to be fully paid or
tion of individual, non-statutory rest days as well as days received, in which case their value is determined by
on which exchanges in the main countries in which the deducting an amount deemed appropriate to arrive at
subfund invests are closed or 50% or more of the their real value.
subfund’s investments cannot be adequately valued. – Securities, derivatives and other assets listed on a stock
exchange are valued at the most recent market prices

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205
 available. If these securities, derivatives or other assets – The value of swaps is calculated by an external ser-
are listed on several stock exchanges, the most recently vice provider and a second independent valuation is
available price on the stock exchange that represents provided by another external service provider. Such
the major market for this asset shall apply. calculations are based on the net present value of all
In the case of securities, derivatives and other assets cash flows (both inflows and outflows). In some spe-
not commonly traded on a stock exchange and for cific cases, internal calculations (based on models and
which a secondary market exists among securities market data made available by Bloomberg) and/or
traders with pricing based on market standards, the broker statement valuations may be used. The valua-
Company may value these securities, derivatives and tion method depends on the security in question and
other investments based on these prices. Securities, is chosen pursuant to the applicable UBS valuation
derivatives and other investments not listed on a stock policy.
exchange, but traded on another regulated market
that operates regularly and is recognised and open to If valuation in accordance with the aforementioned
the public, are valued at the most recently available regulations proves to be impossible or inaccurate, the
price on this market. Company is entitled to use other generally recognised
– Securities and other investments not listed on a stock and verifiable valuation criteria in good faith in order to
exchange or traded on another regulated market, and achieve a suitable valuation of the net assets. As some
for which no appropriate price can be obtained, are of the Company’s subfunds may be invested in markets
valued by the Company on the basis of the likely sales that are closed at the time their assets are valued, the
prices according to other principles chosen by the Board of Directors of the Company may – by way of
Company in good faith. derogation to the aforementioned provisions – allow
– Derivatives not listed on a stock exchange (OTC the net asset value per share to be adjusted in order to
derivatives) are valued on the basis of independent more accurately reflect the fair value of these subfunds’
pricing sources. If only one independent pricing assets at the time of valuation. In practice, the securities
source is available for a derivative, the plausibility of in which the subfunds are invested are generally valued
the valuation obtained will be verified using calcula- on the basis of the latest available prices at the time of
tion models that are recognised by the Company and calculating the net asset value per share, as described
the Company’s auditors, based on the market value of above. There may, however, be a substantial time
that derivative’s underlying. difference between the close of the markets in which a
– Units of other undertakings for collective investment subfund invests and the time of valuation.
in transferable securities (UCITS) and/or undertakings
for collective investment (UCIs) are valued at their last As a result, developments that may influence the value
known asset value. of these securities and that occur between the closure
Certain units or shares of other UCITS and/or UCI can of the markets and the valuation time are not generally
be valued on the basis of an estimation of their value taken into account in the net asset value per share of the
that has been provided by reliable service providers, subfund concerned. If, as a result of this, the Board of
which are independent from the Portfolio Manager or Directors of the Company deems that the most recently
investment adviser (price estimation). available prices of the securities in a subfund’s portfolio
– Money market instruments not traded on a stock do not reflect their fair value, it may have the Management
exchange or on another regulated market open to Company allow the net asset value per share to be
the public will be valued on the basis of the relevant adjusted in order to reflect the assumed fair value of the
curves. Curve-based valuations are calculated from portfolio at the time of valuation. Such an adjustment is
interest rates and credit spreads. The following prin- based on the investment policy determined by the Board
ciples are applied in this process: The interest rate near- of Directors of the Company and a number of prac-
est the residual maturity is interpolated for each money tices. If the value is adjusted as described above, this will
market instrument. Thus calculated, the interest rate is be applied consistently to all share classes in the same
converted into a market price by adding a credit spread subfund.
that reflects the creditworthiness of the underlying
borrower. This credit spread is adjusted if there is a sig- The Board of Directors of the Company reserves the right
nificant change in the borrower’s credit rating. to apply this measure to the relevant subfunds of the
– Securities, money market instruments, derivatives and Company whenever it deems this to be appropriate.
other assets denominated in a currency other than
the relevant subfund’s currency of account, and not Evaluating assets at fair value calls for greater reliability
hedged by foreign exchange transactions, are valued of judgement than evaluating assets for which readily
using the average exchange rate (between the bid and available market quotations can be referred to. Fair-value
ask prices) known in Luxembourg or, if none is avail- calculations may also be based on quantitative models
able, using the rate on the most representative market used by price reporting providers to determine the fair
for that currency. value. No guarantee can be given that the Company will
– Term and fiduciary deposits are valued at their nominal be in a position to accurately establish the fair value of
value plus accumulated interest. an asset when it is about to sell the asset around the time
at which the Company determines the net asset value

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206
per share. As a consequence, if the Company sells or The cost of securities denominated in currencies other
redeems shares at the net asset value at a time when one than the reference currency of the different subfunds
or more participations are valued at fair value, this may is converted at the mid closing spot rate on the day of
lead to a dilution or increase in the economic participa- acquisition.
tion of the existing shareholders.
h) Accounting of securities’ portfolio transactions
Furthermore, in exceptional circumstances, additional The securities’ portfolio transactions are accounted for
valuations can be carried out over the course of the day. the bank business day following the transaction dates.
These new valuations will then prevail for the subsequent
issue, redemption and conversion of shares. Revaluations i) Fair Value pricing principle
only take place before publishing the only net asset value The fair value pricing principle applies for funds with main
for that day. Issues, redemptions and conversions are investments in Asian markets. The fair value principle
only processed based on this sole net asset value. takes into account important movements not reflected in
the last available Exchange closing prices, by reevaluating
c) Net realized gains (losses) on sales of securities all underlying assets of the Fund portfolio with snapshot
The realized gains or losses on the sales of securities prices at a specified time. The net asset value is then cal-
are calculated on the basis of the average cost of the culated based on these re-evaluated prices. The fair value
securities sold. principle is applicable only in case the deviation of a Fund
specific benchmark exceeds 3%.
d) Valuation of forward foreign exchange contracts
The unrealized gain (loss) of outstanding forward foreign j) Combined financial statements
exchange contracts is valued on the basis of the forward The combined financial statements are expressed in USD.
exchange rates prevailing at valuation date. The various items of the combined statement of net
assets and the combined statement of operations as of
e) Valuation of financial futures contracts 31 May 2020 are equal to the sum of the corresponding
Financial futures contracts are valued based on the lat- items in the financial statements of each subfund.
est available published price applicable on the valuation
date. Realized gains and losses and the changes in unre- The following exchange rates were used for the
alized gains and losses are recorded in the statement of conversion of foreign combined financial statements as
operations. The realized gains and losses are calculated of 31 May 2020:
in accordance with the FIFO method, i.e. the first con-
tracts acquired are regarded as the first to be sold. Exchange rates
USD 1 = EUR 0.898998
USD 1 = CHF 0.960700
f) Valuation on options
Outstanding options traded on a regulated market
are valued on the settlement price or the last available For the liquidated or merged subfunds, the exchange
market price of the instruments. Options which are not rate used for the conversion of the combined financial
statements is the one as at liquidation or merger date.
listed on an official stock exchange (OTC-options) are
marked to market based upon daily prices obtained
k) Receivable on securities sales,
from Bloomberg option pricer functionality and checked
Payable on securities purchases
against third party pricing agents. The realized gains or
The position “Receivable on securities sales” can also
losses on options and the change in unrealized appre-
include receivables from foreign currency transactions. The
ciation or depreciation on options are disclosed in the
position “Payable on securities purchases” can also include
statement of operations and in the changes in net assets
payables from foreign currency transactions.
respectively under the positions realized gains (losses) on
options and Unrealized appreciation (depreciation) on
Receivables and payables from foreign exchange transac-
options.
tions are netted.
Options are included in the investments in securities.
l) Income recognition
Dividends, net of withholding taxes, are recognized
g) Conversion of foreign currencies
as income on the date upon which the relevant
Bank accounts, other net assets and the valuation of the
securities are first listed as “ex-dividend”. Interest income
investments in securities held denominated in curren-
is accrued on a daily basis.
cies other than the reference currency of the different
subfunds are converted at the mid closing spot rates on
m) Cross-subfund investments
the valuation date. Income and expenses denominated
As per 31 May 2020 the subfund UBS (Lux) Equity SICAV –
in currencies other than the currency of the different
European Opportunity Unconstrained (EUR) was invested
subfunds are converted at the mid closing spot rates
for 3 000.51 EUR in the subfund UBS (Lux) Equity SICAV
at payment date. Gain or loss on foreign exchange is
– Global Opportunity Unconstrained (USD).
included in the statement of operations.

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UBS (Lux) Equity SICAV Amount in EUR UBS (Lux) Equity SICAV – All China (USD)
– European Opportunity Unconstrained (EUR)
UBS (Lux) Equity SICAV Maximum Maximum
– Global Opportunity Unconstrained (USD)-U-X-ACC 3 000.51 flat fee p.a. flat fee p.a.
Total 3 000.51 for share classes
with “hedged”
in their name
The total amount of cross subfund investments amounts
Share classes with
to 3 337.62 USD. Accordingly, the adjusted com- “P” in their name 2.150% 2.200%
bined net assets at the end of the financial year are Share classes with
14 083 341 298.46 USD. “N” in their name 2.790% 2.840%
Share classes with
“K-1” in their name 1.570% 1.600%
n) Swaps
Share classes with
The Company may enter into interest rate swap
“K-B” in their name 0.180% 0.180%
contracts, forward rate agreements on interest rates
Share classes with
swaptions, Equity Swaps and credit default swaps, if “K-X” in their name 0.000% 0.000%
they are executed with first-class financial institutions Share classes with
that specialize in transactions of this kind. “F” in their name 1.020% 1.050%
Share classes with
“Q” in their name 1.290% 1.340%
The value of swap transactions is calculated by an exter-
Share classes with
nal service provider and a second independent valuation
“I-A1” in their name 1.240%* 1.270%
is made available by another external service provider.
Share classes with
The calculation is based on the net present value of all “I-A2” in their name 1.170% 1.200%
cash flows, both inflows and outflows. Share classes with
“I-A3” in their name 1.020% 1.050%
In some specific cases, internal calculations based on Share classes with
“I-B” in their name 0.180% 0.180%
models and market data available from Bloomberg and/
Share classes with
or broker statement valuations may be used.
“I-X” in their name 0.000% 0.000%
Share classes with
The valuation methods depend on the respective “U-X” in their name 0.000% 0.000%
security and are determined pursuant to the UBS
Valuation Policy. * max. 1.240% eff 1.020%

This valuation method is approved by the Board of UBS (Lux) Equity SICAV – Asian Smaller Companies (USD)
Directors. Maximum Maximum
flat fee p.a. flat fee p.a.
Changes in unrealized profits and losses are reflected for share classes
with “hedged”
in the statement of operations under “Unrealized in their name
appreciation (depreciation) on swaps”. Share classes with
“P” in their name 1.920% 1.970%
Gains or losses on swaps incurred when closed-out or Share classes with
matured are recorded as “Realized gain (loss) on swaps” “N” in their name 2.500% 2.550%
in the statement of operations. Share classes with
“K-1” in their name 1.300% 1.330%
Share classes with
In “Income respectively Expenses from Synthetic Equity “K-B” in their name 0.180% 0.180%
Swaps” are included the Swap related interest income Share classes with
and expenses as well as received and paid dividends. “K-X” in their name 0.000% 0.000%
Share classes with
“F” in their name 0.800% 0.830%
Note 2 – Flat fee Share classes with
“Q” in their name 1.080% 1.130%
Share classes with
The company pays a maximum monthly flat fee for each “I-A1” in their name 0.950% 0.980%
of the subfunds and share classes, calculated on the aver- Share classes with
age net asset value of the subfund and share class as “I-A2” in their name 0.900% 0.930%
shown in the table below: Share classes with
“I-A3” in their name 0.800% 0.830%
Share classes with
“I-B” in their name 0.180% 0.180%
Share classes with
“I-X” in their name 0.000% 0.000%
Share classes with
“U-X” in their name 0.000% 0.000%

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208
UBS (Lux) Equity SICAV – Brazil (USD) UBS (Lux) Equity SICAV
– Emerging Markets Sustainable (USD)
Maximum Maximum
flat fee p.a. flat fee p.a. Maximum Maximum
for share classes flat fee p.a. flat fee p.a.
with “hedged” for share classes
in their name with “hedged”
Share classes with in their name
“P” in their name 1.920% 1.970% Share classes with
Share classes with “P” in their name 2.040% 2.090%
“N” in their name 2.250% 2.300% Share classes with
Share classes with “N” in their name 2.750% 2.800%
“K-1” in their name 1.400% 1.430% Share classes with
Share classes with “K-1” in their name 1.500% 1.530%
“K-B” in their name 0.065% 0.065% Share classes with
Share classes with “K-B” in their name 0.180% 0.180%
“K-X” in their name 0.000% 0.000% Share classes with
Share classes with “K-X” in their name 0.000% 0.000%
“F” in their name 0.740% 0.770% Share classes with
Share classes with “F” in their name 0.950% 0.980%
“Q” in their name 0.980% 1.030% Share classes with
Share classes with “Q” in their name 1.200% 1.250%
“I-A1” in their name 0.880% 0.910% Share classes with
Share classes with “I-A1” in their name 1.150% 1.180%
“I-A2” in their name 0.820% 0.850% Share classes with
Share classes with “I-A2” in their name 1.050% 1.080%
“I-A3” in their name 0.740% 0.770% Share classes with
Share classes with “I-A3” in their name 0.950% 0.980%
“I-B” in their name 0.180% 0.180% Share classes with
Share classes with “I-B” in their name 0.180% 0.180%
“I-X” in their name 0.000% 0.000% Share classes with
Share classes with “I-X” in their name 0.000% 0.000%
“U-X” in their name 0.000% 0.000% Share classes with
“U-X” in their name 0.000% 0.000%

UBS (Lux) Equity SICAV

– Emerging Markets High Dividend (USD) UBS (Lux) Equity SICAV – Euro Countries Income (EUR)

Maximum Maximum Maximum Maximum

flat fee p.a. flat fee p.a. flat fee p.a. flat fee p.a.
for share classes for share classes
with “hedged” with “hedged”
in their name in their name
Share classes with Share classes with
“P” in their name 2.200% 2.250% “P” in their name 1.600% 1.650%
Share classes with Share classes with
“N” in their name 2.750% 2.800% “N” in their name 2.250% 2.300%
Share classes with Share classes with
“K-1” in their name 1.500% 1.530% “K-1” in their name 1.100% 1.130%
Share classes with Share classes with
“K-B” in their name 0.065% 0.065% “K-B” in their name 0.065% 0.065%
Share classes with Share classes with
“K-X” in their name 0.000% 0.000% “K-X” in their name 0.000% 0.000%
Share classes with Share classes with
“F” in their name 0.880% 0.910% “F” in their name 0.600% 0.630%
Share classes with Share classes with
“Q” in their name 1.200% 1.250% “Q” in their name 0.980% 1.030%
Share classes with Share classes with
“I-A1” in their name 1.050% 1.080% “QL” in their name 0.780% 0.830%
Share classes with Share classes with
“I-A2” in their name 0.980% 1.010% “I-A1” in their name 0.700% 0.730%
Share classes with Share classes with
“I-A3” in their name 0.880% 0.910% “I-A2” in their name 0.650% 0.680%
Share classes with Share classes with
“I-B” in their name 0.180% 0.180% “I-A3” in their name 0.600% 0.630%
Share classes with Share classes with
“I-X” in their name 0.000% 0.000% “I-B” in their name 0.065% 0.065%
Share classes with Share classes with
“U-X” in their name 0.000% 0.000% “I-X” in their name 0.000% 0.000%
Share classes with
“U-X” in their name 0.000% 0.000%

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209
UBS (Lux) Equity SICAV – European High Dividend (EUR) UBS (Lux) Equity SICAV – German High Dividend (EUR)

Maximum Maximum Maximum Maximum

flat fee p.a. flat fee p.a. flat fee p.a. flat fee p.a.
for share classes for share classes
with “hedged” with “hedged”
in their name in their name
Share classes with Share classes with
“P” in their name 1.500% 1.550% “P” in their name 1.800% 1.850%
Share classes with Share classes with
“N” in their name 2.500% 2.550% “N” in their name 2.500% 2.550%
Share classes with Share classes with
“K-1” in their name 0.900% 0.930% “K-1” in their name 0.950% 0.980%
Share classes with Share classes with
“K-B” in their name 0.065% 0.065% “K-B” in their name 0.065% 0.065%
Share classes with Share classes with
“K-X” in their name 0.000% 0.000% “K-X” in their name 0.000% 0.000%
Share classes with Share classes with
“F” in their name 0.520% 0.550% “F” in their name 0.600% 0.630%
Share classes with Share classes with
“Q” in their name 0.840% 0.890% “Q” in their name 1.020% 1.070%
Share classes with Share classes with
“QL” in their name 0.670% 0.720% “I-A1” in their name 0.620% 0.650%
Share classes with Share classes with
“I-A1” in their name 0.640% 0.670% “I-A2” in their name 0.570% 0.600%
Share classes with Share classes with
“I-A2” in their name 0.600% 0.630% “I-A3” in their name 0.520% 0.550%
Share classes with Share classes with
“I-A3” in their name 0.520% 0.550% “I-B” in their name 0.065% 0.065%
Share classes with Share classes with
“I-B” in their name 0.065% 0.065% “I-X” in their name 0.000% 0.000%
Share classes with Share classes with
“I-X” in their name 0.000% 0.000% “U-X” in their name 0.000% 0.000%
Share classes with
“U-X” in their name 0.000% 0.000%
UBS (Lux) Equity SICAV
– Global Emerging Markets Opportunity (USD)
UBS (Lux) Equity SICAV
– European Opportunity Unconstrained (EUR) Maximum Maximum
flat fee p.a. flat fee p.a.
Maximum Maximum for share classes
flat fee p.a. flat fee p.a. with “hedged”
for share classes in their name
with “hedged” Share classes with
in their name “P” in their name 1.920% 1.970%
Share classes with Share classes with
“P” in their name 2.040% 2.090% “N” in their name 2.250% 2.300%
Share classes with Share classes with
“N” in their name 2.500% 2.550% “K-1” in their name 1.400% 1.430%
Share classes with Share classes with
“K-1” in their name 1.300% 1.330% “K-B” in their name 0.180% 0.180%
Share classes with Share classes with
“K-B” in their name 0.065% 0.065% “K-X” in their name 0.000% 0.000%
Share classes with Share classes with
“K-X” in their name 0.000% 0.000% “F” in their name 0.850% 0.880%
Share classes with Share classes with
“F” in their name 0.850% 0.880% “Q” in their name 0.980% 1.030%
Share classes with Share classes with
“Q” in their name 1.020% 1.070% “I-A1” in their name 0.950% 0.980%
Share classes with Share classes with
“I-A1” in their name 0.950% 0.980% “I-A2” in their name 0.900% 0.930%
Share classes with Share classes with
“I-A2” in their name 0.900% 0.930% “I-A3” in their name 0.850% 0.880%
Share classes with Share classes with
“I-A3” in their name 0.850% 0.880% “I-B” in their name 0.180% 0.180%
Share classes with Share classes with
“I-B” in their name 0.065% 0.065% “I-X” in their name 0.000% 0.000%
Share classes with Share classes with
“I-X” in their name 0.000% 0.000% “U-X” in their name 0.000% 0.000%
Share classes with
“U-X” in their name 0.000% 0.000%

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UBS (Lux) Equity SICAV – Global High Dividend (USD) UBS (Lux) Equity SICAV – Global Income (USD)

Maximum Maximum Maximum Maximum

flat fee p.a. flat fee p.a. flat fee p.a. flat fee p.a.
for share classes for share classes
with “hedged” with “hedged”
in their name in their name
Share classes with Share classes with
“P” in their name 1.500% 1.550% “P” in their name 1.800% 1.850%
Share classes with Share classes with
“N” in their name 2.500% 2.550% “N” in their name 2.500% 2.550%
Share classes with Share classes with
“K-1” in their name 0.900% 0.930% “K-1” in their name 1.200% 1.230%
Share classes with Share classes with
“K-B” in their name 0.065% 0.065% “K-B” in their name 0.065% 0.065%
Share classes with Share classes with
“K-X” in their name 0.000% 0.000% “K-X” in their name 0.000% 0.000%
Share classes with Share classes with
“F” in their name 0.520% 0.550% “F” in their name 0.650% 0.680%
Share classes with Share classes with
“Q” in their name 0.840% 0.890% “Q” in their name 1.080% 1.130%
Share classes with Share classes with
“QL” in their name 0.670% 0.720% “QL” in their name 0.860% 0.910%
Share classes with Share classes with
“I-A1” in their name 0.640% 0.670% “I-A1” in their name 0.750% 0.780%
Share classes with Share classes with
“I-A2” in their name 0.600% 0.630% “I-A2” in their name 0.700% 0.730%
Share classes with Share classes with
“I-A3” in their name 0.520% 0.550% “I-A3” in their name 0.650% 0.680%
Share classes with Share classes with
“I-B” in their name 0.065% 0.065% “I-B” in their name 0.065% 0.065%
Share classes with Share classes with
“I-X” in their name 0.000% 0.000% “I-X” in their name 0.000% 0.000%
Share classes with Share classes with
“U-X” in their name 0.000% 0.000% “U-X” in their name 0.000% 0.000%

UBS (Lux) Equity SICAV – Global Impact (USD) UBS (Lux) Equity SICAV – Global Opportunity (USD)

Maximum Maximum Maximum Maximum

flat fee p.a. flat fee p.a. flat fee p.a. flat fee p.a.
for share classes for share classes
with “hedged” with “hedged”
in their name in their name
Share classes with Share classes with
“P” in their name 1.500% 1.550% “P” in their name 1.800% 1.850%
Share classes with Share classes with
“N” in their name 2.000% 2.050% “N” in their name 2.350% 2.400%
Share classes with Share classes with
“K-1” in their name 0.950% 0.980% “K-1” in their name 1.100% 1.130%
Share classes with Share classes with
“K-B” in their name 0.065% 0.065% “K-B” in their name 0.065% 0.065%
Share classes with Share classes with
“K-X” in their name 0.000% 0.000% “K-X” in their name 0.000% 0.000%
Share classes with Share classes with
“F” in their name 0.550% 0.580% “F” in their name 0.700% 0.730%
Share classes with Share classes with
“Q” in their name 0.800% 0.850% “Q” in their name 0.980% 1.030%
Share classes with Share classes with
“I-A1” in their name 0.650% 0.680% “I-A1” in their name 0.850% 0.880%
Share classes with Share classes with
“I-A2” in their name 0.600% 0.630% “I-A2” in their name 0.800% 0.830%
Share classes with Share classes with
“I-A3” in their name 0.550% 0.580% “I-A3” in their name 0.700% 0.730%
Share classes with Share classes with
“I-B” in their name 0.065% 0.065% “I-B” in their name 0.065% 0.065%
Share classes with Share classes with
“I-X” in their name 0.000% 0.000% “I-X” in their name 0.000% 0.000%
Share classes with Share classes with
“U-X” in their name 0.000% 0.000% “U-X” in their name 0.000% 0.000%

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UBS (Lux) Equity SICAV UBS (Lux) Equity SICAV
– Global Opportunity Unconstrained (USD) – Long Term Themes (USD)

Maximum Maximum Maximum Maximum

flat fee p.a. flat fee p.a. flat fee p.a. flat fee p.a.
for share classes for share classes
with “hedged” with “hedged”
in their name in their name
Share classes with Share classes with
“P” in their name 2.040% 2.090% “P” in their name 1.800% 1.850%
Share classes with Share classes with
“N” in their name 2.500% 2.550% “N” in their name 2.500% 2.550%
Share classes with Share classes with
“K-1” in their name 1.300% 1.330% “K-1” in their name 1.080% 1.110%
Share classes with Share classes with
“K-B” in their name 0.065% 0.065% “K-B” in their name 0.065% 0.065%
Share classes with Share classes with
“K-X” in their name 0.000% 0.000% “K-X” in their name 0.000% 0.000%
Share classes with Share classes with
“F” in their name 0.850% 0.880% “F” in their name 0.670% 0.700%
Share classes with Share classes with
“Q” in their name 1.020% 1.070% “Q” in their name 1.020% 1.070%
Share classes with Share classes with
“I-A1” in their name 0.950% 0.980% “I-A1” in their name 0.800% 0.830%
Share classes with Share classes with
“I-A2” in their name 0.900% 0.930% “I-A2” in their name 0.750% 0.780%
Share classes with Share classes with
“I-A3” in their name 0.850% 0.880% “I-A3” in their name 0.670% 0.700%
Share classes with Share classes with
“I-B” in their name 0.065% 0.065% “I-B” in their name 0.065% 0.065%
Share classes with Share classes with
“I-X” in their name 0.000% 0.000% “I-X” in their name 0.000% 0.000%
Share classes with Share classes with
“U-X” in their name 0.000% 0.000% “U-X” in their name 0.000% 0.000%

UBS (Lux) Equity SICAV UBS (Lux) Equity SICAV – Russia (USD)
– Global Quantitative (USD)
Maximum Maximum
Maximum Maximum flat fee p.a. flat fee p.a.
flat fee p.a. flat fee p.a. for share classes
for share classes with “hedged”
with “hedged” in their name
in their name Share classes with
Share classes with “P” in their name 2.340% 2.390%
“P” in their name 0.900% 0.950% Share classes with
Share classes with “N” in their name 2.750% 2.800%
“N” in their name 1.200% 1.250% Share classes with
Share classes with “K-1” in their name 1.500% 1.530%
“K-1” in their name 0.700% 0.730% Share classes with
Share classes with “K-B” in their name 0.180% 0.180%
“K-B” in their name 0.065% 0.065% Share classes with
Share classes with “K-X” in their name 0.000% 0.000%
“K-X” in their name 0.000% 0.000% Share classes with
Share classes with “F” in their name 0.740% 0.770%
“F” in their name 0.500% 0.530% Share classes with
Share classes with “Q” in their name 1.200% 1.250%
“Q” in their name 0.650% 0.700% Share classes with
Share classes with “I-A1” in their name 0.880% 0.910%
“I-A1” in their name 0.600% 0.630% Share classes with
Share classes with “I-A2” in their name 0.820% 0.850%
“I-A2” in their name 0.550% 0.580% Share classes with
Share classes with “I-A3” in their name 0.740% 0.770%
“I-A3” in their name 0.500% 0.530% Share classes with
Share classes with “I-B” in their name 0.180% 0.180%
“I-B” in their name 0.065% 0.065% Share classes with
Share classes with “I-X” in their name 0.000% 0.000%
“I-X” in their name 0.000% 0.000% Share classes with
Share classes with “U-X” in their name 0.000% 0.000%
“U-X” in their name 0.000% 0.000%

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UBS (Lux) Equity SICAV – Small Caps Europe (EUR) UBS (Lux) Equity SICAV – US Income (USD)

Maximum Maximum Maximum Maximum

flat fee p.a. flat fee p.a. flat fee p.a. flat fee p.a.
for share classes for share classes
with “hedged” with “hedged”
in their name in their name
Share classes with Share classes with
“P” in their name 1.920% 1.970% “P” in their name 1.600% 1.650%
Share classes with Share classes with
“N” in their name 2.500% 2.550% “N” in their name 2.250% 2.300%
Share classes with Share classes with
“K-1” in their name 1.020% 1.050% “K-1” in their name 1.100% 1.130%
Share classes with Share classes with
“K-B” in their name 0.065% 0.065% “K-B” in their name 0.065% 0.065%
Share classes with Share classes with
“K-X” in their name 0.000% 0.000% “K-X” in their name 0.000% 0.000%
Share classes with Share classes with
“F” in their name 0.700% 0.730% “F” in their name 0.600% 0.630%
Share classes with Share classes with
“Q” in their name 1.020% 1.070% “Q” in their name 0.980% 1.030%
Share classes with Share classes with
“I-A1” in their name 0.780% 0.810% “QL” in their name 0.780% 0.830%
Share classes with Share classes with
“I-A2” in their name 0.740% 0.770% “I-A1” in their name 0.700% 0.730%
Share classes with Share classes with
“I-A3” in their name 0.700% 0.730% “I-A2” in their name 0.650% 0.680%
Share classes with Share classes with
“I-B” in their name 0.065% 0.065% “I-A3” in their name 0.600% 0.630%
Share classes with Share classes with
“I-X” in their name 0.000% 0.000% “I-B” in their name 0.065% 0.065%
Share classes with Share classes with
“U-X” in their name 0.000% 0.000% “I-X” in their name 0.000% 0.000%
Share classes with
“U-X” in their name 0.000% 0.000%
UBS (Lux) Equity SICAV – Swiss Opportunity (CHF)

Maximum Maximum UBS (Lux) Equity SICAV – US Opportunity (USD)

flat fee p.a. flat fee p.a.
for share classes Maximum Maximum
with “hedged” flat fee p.a. flat fee p.a.
in their name for share classes
Share classes with with “hedged”
“P” in their name 1.500% 1.550% in their name
Share classes with Share classes with
“N” in their name 2.500% 2.550% “P” in their name 2.040% 2.090%
Share classes with Share classes with
“K-1” in their name 0.900% 0.930% “N” in their name 2.500% 2.550%
Share classes with Share classes with
“K-B” in their name 0.065% 0.065% “K-1” in their name 1.300% 1.330%
Share classes with Share classes with
“K-X” in their name 0.000% 0.000% “K-B” in their name 0.065% 0.065%
Share classes with Share classes with
“F” in their name 0.550% 0.580% “K-X” in their name 0.000% 0.000%
Share classes with Share classes with
“Q” in their name 1.020% 1.070% “F” in their name 0.820% 0.850%
Share classes with Share classes with
“I-A1” in their name 0.720% 0.750% “Q” in their name 1.020% 1.070%
Share classes with Share classes with
“I-A2” in their name 0.660% 0.690% “I-A1” in their name 0.920% 0.950%
Share classes with Share classes with
“I-A3” in their name 0.550% 0.580% “I-A2” in their name 0.880% 0.910%
Share classes with Share classes with
“I-B” in their name 0.065% 0.065% “I-A3” in their name 0.820% 0.850%
Share classes with Share classes with
“I-X” in their name 0.000% 0.000% “I-B” in their name 0.065% 0.065%
Share classes with Share classes with
“U-X” in their name 0.000% 0.000% “I-X” in their name 0.000% 0.000%
Share classes with
“U-X” in their name 0.000% 0.000%

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UBS (Lux) Equity SICAV UBS (Lux) Equity SICAV – USA Growth (USD)
– US Quantitative Defensive (USD)
Maximum Maximum
Maximum Maximum flat fee p.a. flat fee p.a.
flat fee p.a. flat fee p.a. for share classes
for share classes with “hedged”
with “hedged” in their name
in their name Share classes with
Share classes with “P” in their name 2.040% 2.090%
“P” in their name 0.900% 0.950% Share classes with
Share classes with “N” in their name 2.500% 2.550%
“N” in their name 1.200% 1.250% Share classes with
Share classes with “K-1” in their name 1.080% 1.110%
“K-1” in their name 0.700% 0.730% Share classes with
Share classes with “K-B” in their name 0.065% 0.065%
“K-B” in their name 0.065% 0.065% Share classes with
Share classes with “K-X” in their name 0.000% 0.000%
“K-X” in their name 0.000% 0.000% Share classes with
Share classes with “F” in their name 0.560% 0.590%
“F” in their name 0.500% 0.530% Share classes with
Share classes with “Q” in their name 1.020% 1.070%
“Q” in their name 0.650% 0.700% Share classes with
Share classes with “QL” in their name 0.820% 0.870%
“I-A1” in their name 0.600% 0.630% Share classes with
Share classes with “I-A1” in their name 0.700% 0.730%
“I-A2” in their name 0.550% 0.580% Share classes with
Share classes with “I-A2” in their name 0.640% 0.670%
“I-A3” in their name 0.500% 0.530% Share classes with
Share classes with “I-A3” in their name 0.560% 0.590%
“I-B” in their name 0.065% 0.065% Share classes with
Share classes with “I-B” in their name 0.065% 0.065%
“I-X” in their name 0.000% 0.000% Share classes with
Share classes with “I-X” in their name 0.000% 0.000%
“U-X” in their name 0.000% 0.000% Share classes with
“U-X” in their name 0.000% 0.000%

UBS (Lux) Equity SICAV – US Total Yield (USD)

UBS (Lux) Equity SICAV – USA Growth Sustainable (USD)
Maximum Maximum
flat fee p.a. flat fee p.a. Maximum Maximum
for share classes flat fee p.a. flat fee p.a.
with “hedged” for share classes
in their name with “hedged”
Share classes with in their name
“P” in their name 1.500% 1.550% Share classes with
Share classes with “P” in their name 1.650% 1.700%
“N” in their name 2.500% 2.550% Share classes with
Share classes with “N” in their name 2.100% 2.150%
“K-1” in their name 0.900% 0.930% Share classes with
Share classes with “K-1” in their name 1.100% 1.130%
“K-B” in their name 0.065% 0.065% Share classes with
Share classes with “K-B” in their name 0.065% 0.065%
“K-X” in their name 0.000% 0.000% Share classes with
Share classes with “K-X” in their name 0.000% 0.000%
“F” in their name 0.520% 0.550% Share classes with
Share classes with “F” in their name 0.620% 0.650%
“Q” in their name 0.840% 0.890% Share classes with
Share classes with “Q” in their name 0.950% 1.000%
“QL” in their name 0.670% 0.720% Share classes with
Share classes with “I-A1” in their name 0.760% 0.790%
“I-A1” in their name 0.640% 0.670% Share classes with
Share classes with “I-A2” in their name 0.700% 0.730%
“I-A2” in their name 0.600% 0.630% Share classes with
Share classes with “I-A3” in their name 0.620% 0.650%
“I-A3” in their name 0.520% 0.550% Share classes with
Share classes with “I-B” in their name 0.065% 0.065%
“I-B” in their name 0.065% 0.065% Share classes with
Share classes with “I-X” in their name 0.000% 0.000%
“I-X” in their name 0.000% 0.000% Share classes with
Share classes with “U-X” in their name 0.000% 0.000%
“U-X” in their name 0.000% 0.000%

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UBS (Lux) Equity SICAV – USA Quantitative (USD) 2. The maximum flat management fee does not include
the following fees and additional expenses, which are
Maximum Maximum also charged to the Company’s assets:
flat fee p.a. flat fee p.a.
for share classes a) all additional expenses related to management of
with “hedged” the Company’s assets for the sale and purchase of
in their name assets (bid-ask spread, brokerage fees in line with
Share classes with the market, commissions, fees, etc.). As a rule, these
“P” in their name 0.650% 0.700%
expenses are calculated upon the purchase or sale
Share classes with
“N” in their name 0.840% 0.890% of the respective assets. In derogation hereto, these
Share classes with additional expenses, which arise through the sale and
“K-1” in their name 0.490% 0.520% purchase of assets in connection with the settlement
Share classes with of the issue and redemption of shares, are covered by
“K-B” in their name 0.065% 0.065% the application of the single swing pricing principle
Share classes with pursuant to the section titled “Net asset value, issue,
“K-X” in their name 0.000% 0.000%
redemption and conversion price”;
Share classes with
“F” in their name 0.350% 0.380% b) fees of the supervisory authority for the establish-
Share classes with ment, modification, liquidation and merger of the
“Q” in their name 0.450% 0.500% Company, as well as all charges payable to the
Share classes with supervisory authorities and any stock exchanges on
“I-A1” in their name 0.420% 0.450% which the subfunds are listed;
Share classes with c) auditor’s fees for the annual audit and certification
“I-A2” in their name 0.380% 0.410%
in connection with the establishment, modifica-
Share classes with
“I-A3” in their name 0.350% 0.380% tion, liquidation and merger of the Company, as
Share classes with well as any other fees paid to the audit firm for the
“I-B” in their name 0.065% 0.065% services it provides in relation to the administration
Share classes with of the Fund as permitted by law;
“I-X” in their name 0.000% 0.000% d) fees for legal and tax advisers, as well as notaries, in
Share classes with connection with the establishment, registration in
“U-X” in their name 0.000% 0.000%
distribution countries, modification, liquidation and
merger of the Company, as well as for the general
The Company pays a maximum monthly flat manage- safeguarding of the interests of the Company and
ment fee for share classes “P”, “N”, “K-1”, “F”, “Q”, its investors, insofar as this is not expressly prohib-
“QL”, “I-A1”, “I-A2”, “I-A3” and “A”, calculated on the ited by law;
average net asset value of the subfunds. This shall be e) Costs for the publication of the Company’s net
used as follows: asset value and all costs for notices to investors,
including translation costs;
1. In accordance with the following provisions, a maxi- f) costs for the Company’s legal documents (prospec-
mum flat management fee based on the net asset tuses, KIIDs, annual and semi-annual reports, as
value of the Company is paid from the Company’s well as all other documents legally required in the
assets for the management, administration, portfolio countries of domiciliation and distribution);
management, investment advice, and distribution of g) costs for the Company’s registration with any for-
the Company (if applicable), as well as for all Deposi- eign supervisory authorities, if applicable, including
tary tasks, such as the safekeeping and supervision fees payable to the foreign supervisory authorities,
of the Company’s assets, the processing of payment as well as translation costs and fees for the foreign
transactions and all other tasks listed in the “Deposi- representative or paying agent;
tary and Main Paying Agent” section: This fee is h) expenses incurred through use of voting or credi-
charged to the Company’s assets on a pro rata basis tors’ rights by the Company, including fees for
upon every calculation of the net asset value and is external advisers;
paid on a monthly basis (maximum flat management i) costs and fees related to any intellectual prop-
fee). The relevant maximum flat management fee will erty registered in the Company’s name or to the
not be charged until the corresponding share classes Company’s rights of usufruct;
have been launched. An overview of the maximum flat j) all expenses arising in connection with any extraor-
management fees can be found under “The subfunds dinary measures taken by the Management
and their special investment policies”. The actual max- Company, Portfolio Manager or Depositary to pro-
imum rate applied to the flat management fee can be tect the interests of the investors;
found in the annual and semi-annual reports. k) If the Management Company participates in class-
action suits in the interests of investors, it may
This fee is shown in the Statement of Operations as charge the Company’s assets for the expenses aris-
“Flat fee”. ing in connection with third parties (e.g. legal and
Depositary costs). Furthermore, the Management

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 Company may charge for all administrative costs, shareholders who purchase shares during the calculation
provided these are verifiable, and published and/ period may benefit from an increase in the net asset value
or taken into account in the disclosure of the of their shares without being charged a performance fee,
Company’s total expense ratio (TER). or may be charged a lower performance fee than would
be the case if this fee were calculated based solely on the
These commissions and fees are shown in the Statement holdings of the individual shareholders.
of Operations as “Other commissions and fees”.
Costs relating to the services performed for share classes
3. The Management Company may pay retrocessions to I-X, K-X and U-X for asset management, fund admin-
cover the distribution activities of the Company. istration (comprising the costs of the Company, the
administrative agent and the Depositary) and distribution
All taxes levied on the income and assets of the are covered by the compensation to which UBS Asset
Company, particularly the taxe d’abonnement, will also Management Switzerland AG is entitled to under a sepa-
be borne by the Company. rate contract with the shareholder.

For purposes of general comparability with fee rules of All costs that can be attributed to individual subfunds will
different fund providers that do not have a flat manage- be charged to these subfunds.
ment fee, the term “maximum management fee” is set
at 80% of the flat management fee. Costs that can be attributed to individual share classes
will be charged to these share classes. If costs are incurred
For share class “I-B”, a fee is charged to cover the costs in connection with several or all subfunds/share classes,
of fund administration (comprising the costs of the however, these costs will be charged to these subfunds/
Company, the administrative agent and the Depositary). share classes in proportion to their relative net asset
The costs for asset management and distribution are values.
charged outside of the Company under a separate con-
tract concluded directly between the shareholder and With regard to subfunds that may invest in other UCIs or
UBS Asset Management or one of its authorised repre- UCITS under the terms of their investment policies, fees
sentatives. may be incurred both at the level of the subfund as well
as at the level of the relevant target fund. The manage-
Unless otherwise provided for in the investment policy ment fees of the target fund in which the assets of the
of the relevant subfund, the Portfolio Manager shall subfund are invested may amount to a maximum of 3%,
be paid a performance fee for share classes with “PF” taking into account any trailer fees.
in their name. This shall amount to 20% of the posi-
tive difference between (1) the net asset value per share Should a subfund invest in units of funds that are managed
of the subfund (after deduction of all fees accrued dur- directly or by delegation by the Management Company
ing the period, excluding the performance fee) on the or by another company linked to the Management
performance fee valuation date (the last valuation date Company through common management or control or
of the performance fee period, as specified below) and through a substantial direct or indirect holding, no issue
(2) the high water mark. The high water mark on a given or redemption charges may be charged to the investing
valuation date is equal to the greater of (1) the initial subfund in connection with these target fund units.
subscription price and (2) the last end-of-period NAV per
share at which a performance fee has been paid. On each Details on the Company’s ongoing charges can be found
valuation date, the calculated performance fee is accrued in the KIIDs.
and adjusted for subscriptions and redemptions during
the performance fee period. If shares are redeemed, the
accrued performance fee attributable to these redeemed Note 3 – Taxe d’abonnement
shares will be paid to the Portfolio Manager.
In accordance with the law and the regulations cur-
The performance fee shall be calculated and accrued each rently in force, the company is subject in Luxembourg
time the net asset value is calculated. The performance to the subscription tax at the annual rate of 0.05%, or
fee is paid on a yearly basis, calculated for the last valua- a reduced taxe d’abonnement amounting to 0.01% p.a.
tion date in December. for some share classes, payable quarterly and calculated
on the basis of its net assets at the end of each quarter.
Shareholders are informed that the performance fee is
calculated based on the development of the share classes The taxe d’abonnement is waived for that part of the net
and not the holdings of the individual shareholders. As a assets invested in units or shares of other undertakings
result, shareholders may still be charged a performance for collective investment that have already paid the taxe
fee if the net asset value of their shares remains the same, d’abonnement in accordance with the statutory provi-
or even if it falls, because shareholders may, for example, sions of Luxembourg law.
purchase or redeem their shares at a time other than
the beginning of the calculation period. Furthermore,

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216
Note 4 – Other income in good faith that the brokerage fee is reasonable in
relation to the value of the execution and/or brokerage
Other income mainly consist of income resulting from services provided by the broker.
Single Swing Pricing.
Goods and services received solely included research ser-
vices. The relative costs or benefits of research received
Note 5 – Income distribution from brokers are not allocated among particular clients
or funds because it is believed that the research received
Distribution Policy is, in the aggregate, of assistance in fulfilling the Port-
The general meeting of shareholders of the respec- folio Manager and its affiliates’ overall responsibilities
tive subfunds shall decide, at the proposal of the Board to their clients or funds they manage. The amounts of
of Directors and after closing the annual accounts per transactions executed with brokers having soft commis-
subfund, whether and to what extent distributions are to sion arrangements in place and the related commissions
be paid out by each subfund or share class. The payment that have been paid by the subfunds for these transac-
of distributions must not result in the net assets of the tions are as follow:
company falling below the minimum amount of assets
prescribed by law. If a distribution is made, payment will UBS (Lux) Equity SICAV Amounts of Related
transactions commissions
be effected no later than four months after the end of the executed with that have been
financial year. brokers having paid by the
soft commission subfunds
arrangements for these
The Board of Directors is authorized to pay interim in place transactions
dividends and to suspend the payment of distributions. – All China (USD) 1 121 646 149.00 114 127.77
– Emerging Markets
High Dividend (USD)* - -
– Global Emerging
Note 6 – Commitments on Options and Synthetic Markets Opportunity (USD) 1 582 642 537.86 331 816.81
Equity Swaps – Long Term Themes (USD) 3 563 174 879.51 183 475.29
– Russia (USD) 104 152 918.26 1 916.07
Commitments on Options and Synthetic Equity Swaps – US Total Yield (USD) 1 231 147 554.02 18 871.31
per subfund and respective currency as of 31 May 2020 – USA Growth (USD) 2 725 763 778.33 321 458.64

can be summarised as follows: * merged into UBS (Lux) Equity SICAV – Global Emerging Markets Opportunity (USD) as per 14 June 2019

a) Options Except of the above item there are no other comparable

agreements for the other subfunds.
UBS (Lux) Equity SICAV Options on shares,
classic-styled (sold)
– Euro Countries Income (EUR) 118 705 382.29 EUR Note 8 – Total Expense Ratio (TER)
– Global Income (USD) 165 469 259.72 USD
– US Income (USD) 202 561 382.81 USD This ratio was calculated in accordance with the Swiss
Funds & Asset Management Association (SFAMA)
b) Synthetic Equity Swaps “Guidelines on the calculation and disclosure of the TER”
in the current version and expresses the sum of all costs
UBS (Lux) Equity SICAV Synthetic Equity Synthetic Equity and commissions charged on an ongoing basis to the
Swaps (bought) Swaps (sold)
net assets (operating expenses) taken retrospectively as a
– European Opportunity
Unconstrained (EUR) 233 955 141.04 EUR 124 430 899.80 EUR percentage of the net assets.
– Global Opportunity
Unconstrained (USD) 21 919 519.24 USD 18 152 910.77 USD TER for the last 12 months:

UBS (Lux) Equity SICAV Total Expense Ratio (TER)

Note 7 – Soft commission arrangements – All China (USD) F-acc 1.00%
– All China (USD) I-A1-acc 1.28%
If permitted by the laws governing the Portfolio Man- – All China (USD) seeding I-A1-acc 1.05%
ager, the Portfolio Manager and its affiliates may enter – All China (USD) I-A3-acc 1.05%
into soft commission arrangements with certain brokers – All China (USD) I-X-acc 0.04%
which they engage in security transactions on behalf of – All China (USD) K-1-acc 1.65%
the subfunds under which certain goods and services – All China (USD) K-X-acc 0.08%
used to support investment decision making will be – All China (USD) P-acc 2.24%
received without a direct payment in return. Such com- – All China (USD) (HKD) P-acc 2.24%
missions are defined as soft dollars by the Hong Kong – All China (USD) (SGD) P-acc 2.25%
Securities and Futures Commission. This is only done – All China (USD) Q-acc 1.38%
when the transaction execution is consistent with the – Asian Smaller Companies (USD) I-A1-acc 0.94%
best execution standards, and it has been determined – Asian Smaller Companies (USD) I-B-dist 0.20%

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217
UBS (Lux) Equity SICAV Total Expense Ratio (TER) UBS (Lux) Equity SICAV Total Expense Ratio (TER)
– Asian Smaller Companies (USD) P-acc 1.98% – European Opportunity Unconstrained (EUR) K-1-acc 1.35%
– Asian Smaller Companies (USD) Q-acc 1.14% – European Opportunity Unconstrained (EUR) (USD hedged) K-1-acc 1.37%
– Emerging Markets Sustainable (USD) P-acc 2.10% – European Opportunity Unconstrained (EUR) N-acc 2.54%
– Emerging Markets Sustainable (USD) (EUR) P-acc 2.09% – European Opportunity Unconstrained (EUR) P-acc 2.09%
– Emerging Markets Sustainable (USD) Q-acc 1.26% – European Opportunity Unconstrained (EUR) (CHF hedged) P-acc 2.12%
– Emerging Markets Sustainable (USD) (EUR) Q-acc 1.26% – European Opportunity Unconstrained (EUR) (GBP hedged) P-acc 2.11%
– Euro Countries Income (EUR) F-dist 0.62% – European Opportunity Unconstrained (EUR) (SEK) P-acc 2.09%
– Euro Countries Income (EUR) I-A1-acc 0.72% – European Opportunity Unconstrained (EUR) (SGD hedged) P-acc 2.12%
– Euro Countries Income (EUR) K-1-acc 1.15% – European Opportunity Unconstrained (EUR) (USD hedged) P-acc 2.10%
– Euro Countries Income (EUR) K-X-acc 0.06% – European Opportunity Unconstrained (EUR) Q-acc 1.07%
– Euro Countries Income (EUR) (USD hedged) P-8%-mdist 1.68% – European Opportunity Unconstrained (EUR) (CHF hedged) Q-acc 1.11%
– Euro Countries Income (EUR) P-acc 1.65% – European Opportunity Unconstrained (EUR) (GBP hedged) Q-acc 1.11%
– Euro Countries Income (EUR) (CHF hedged) P-acc 1.68% – European Opportunity Unconstrained (EUR) (SEK) Q-acc 1.08%
– Euro Countries Income (EUR) (USD hedged) P-acc 1.68% – European Opportunity Unconstrained (EUR) (USD hedged) Q-acc 1.11%
– Euro Countries Income (EUR) P-dist 1.65% – European Opportunity Unconstrained (EUR) U-X-acc 0.02%
– Euro Countries Income (EUR) (CHF hedged) P-dist 1.69% – German High Dividend (EUR) P-acc 1.85%
– Euro Countries Income (EUR) (USD hedged) P-dist 1.70% – German High Dividend (EUR) (CHF hedged) P-acc 1.88%
– Euro Countries Income (EUR) (USD hedged) Q-8%-mdist 1.06% – German High Dividend (EUR) P-dist 1.85%
– Euro Countries Income (EUR) Q-acc 1.03% – German High Dividend (EUR) (CHF hedged) P-dist 1.89%
– Euro Countries Income (EUR) (CHF hedged) Q-acc 1.05% – German High Dividend (EUR) Q-acc 1.07%
– Euro Countries Income (EUR) (USD hedged) Q-acc 1.07% – German High Dividend (EUR) (CHF hedged) Q-acc 1.11%
– Euro Countries Income (EUR) Q-dist 1.03% – German High Dividend (EUR) Q-dist 1.08%
– Euro Countries Income (EUR) (CHF hedged) Q-dist 1.05% – German High Dividend (EUR) (CHF hedged) Q-dist 1.11%
– Euro Countries Income (EUR) (USD hedged) Q-dist 1.06% – Global Emerging Markets Opportunity (USD) F-dist 0.87%
– Euro Countries Income (EUR) (USD hedged) QL-8%-mdist 0.91% – Global Emerging Markets Opportunity (USD) I-A1-acc 0.97%
– Euro Countries Income (EUR) QL-acc 0.85% – Global Emerging Markets Opportunity (USD) I-A3-acc 0.87%
– Euro Countries Income (EUR) (CHF hedged) QL-acc 0.91% – Global Emerging Markets Opportunity (USD) (EUR) I-A3-dist 0.87%
– Euro Countries Income (EUR) (USD hedged) QL-acc 0.89% – Global Emerging Markets Opportunity (USD) I-B-acc 0.20%
– Euro Countries Income (EUR) QL-dist 0.86% – Global Emerging Markets Opportunity (USD) I-X-acc 0.02%
– Euro Countries Income (EUR) (CHF hedged) QL-dist 0.91% – Global Emerging Markets Opportunity (USD) I-X-dist 0.02%
– Euro Countries Income (EUR) (USD hedged) QL-dist 0.90% – Global Emerging Markets Opportunity (USD) P-4%-mdist 2.01%
– Euro Countries Income (EUR) U-X-UKdist-mdist 0.02% – Global Emerging Markets Opportunity (USD) (HKD) P-4%-mdist 1.96%
– European High Dividend (EUR) N-8%-mdist 2.55% – Global Emerging Markets Opportunity (USD)
– European High Dividend (EUR) P-acc 1.55% (SGD hedged) P-4%-mdist 2.02%

– European High Dividend (EUR) (CHF) P-acc 1.55% – Global Emerging Markets Opportunity (USD) P-acc 1.97%

– European High Dividend (EUR) (USD) P-acc 1.55% – Global Emerging Markets Opportunity (USD) (CHF hedged) P-acc 2.00%

– European High Dividend (EUR) P-dist 1.55% – Global Emerging Markets Opportunity (USD) (EUR hedged) P-acc 1.99%

– European High Dividend (EUR) (CHF hedged) P-dist 1.58% – Global Emerging Markets Opportunity (USD) (SGD hedged) P-acc 2.00%

– European High Dividend (EUR) (GBP) P-dist 1.55% – Global Emerging Markets Opportunity (USD) (CHF hedged) P-dist 2.00%

– European High Dividend (EUR) P-mdist 1.55% – Global Emerging Markets Opportunity (USD) Q-acc 1.04%

– European High Dividend (EUR) Q-acc 0.89% – Global Emerging Markets Opportunity (USD) (CHF hedged) Q-acc 1.07%

– European High Dividend (EUR) (CHF) Q-acc 0.88% – Global Emerging Markets Opportunity (USD) (EUR hedged) Q-acc 1.07%

– European High Dividend (EUR) (USD) Q-acc 0.89% – Global Emerging Markets Opportunity (USD) Q-dist 1.03%

– European High Dividend (EUR) Q-dist 0.89% – Global Emerging Markets Opportunity (USD) (CHF hedged) Q-dist 1.06%

– European High Dividend (EUR) (CHF hedged) Q-dist 0.92% – Global Emerging Markets Opportunity (USD) (EUR) Q-dist 1.04%

– European High Dividend (EUR) (GBP) Q-dist 0.90% – Global Emerging Markets Opportunity (USD) U-X-acc 0.02%

– European High Dividend (EUR) QL-acc 0.75% – Global High Dividend (USD) F-acc 0.54%

– European High Dividend (EUR) (CHF) QL-acc 0.75% – Global High Dividend (USD) (EUR hedged) F-acc 0.57%

– European High Dividend (EUR) (USD) QL-acc 0.73% – Global High Dividend (USD) I-A1-acc 0.66%

– European High Dividend (EUR) QL-dist 0.76% – Global High Dividend (USD) (CHF hedged) I-A1-acc 0.68%

– European High Dividend (EUR) (CHF hedged) QL-dist 0.81% – Global High Dividend (USD) (EUR hedged) I-A1-acc 0.68%

– European High Dividend (EUR) (GBP) QL-dist 0.74% – Global High Dividend (USD) I-X-acc 0.02%

– European High Dividend (EUR) U-X-acc 0.02% – Global High Dividend (USD) (CHF hedged) I-X-acc 0.02%

– European Opportunity Unconstrained (EUR) I-A1-acc 0.97% – Global High Dividend (USD) K-1-acc 0.95%

– European Opportunity Unconstrained (EUR) (USD hedged) I-A1-acc 0.99% – Global High Dividend (USD) (EUR hedged) N-8%-mdist 2.59%

– European Opportunity Unconstrained (EUR) I-A2-acc 0.92% – Global High Dividend (USD) (EUR hedged) N-dist 2.59%

– European Opportunity Unconstrained (EUR) I-A3-acc 0.87% – Global High Dividend (USD) P-acc 1.55%

– European Opportunity Unconstrained (EUR) I-B-acc 0.09% – Global High Dividend (USD) (EUR hedged) P-acc 1.59%

– European Opportunity Unconstrained (EUR) (USD hedged) I-B-acc 0.09% – Global High Dividend (USD) (CHF hedged) P-dist 1.59%

– European Opportunity Unconstrained (EUR) I-X-acc 0.02% – Global High Dividend (USD) (EUR hedged) P-dist 1.60%

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UBS (Lux) Equity SICAV Total Expense Ratio (TER) UBS (Lux) Equity SICAV Total Expense Ratio (TER)
– Global High Dividend (USD) P-mdist 1.55% – Global Opportunity Unconstrained (USD) (EUR hedged) P-4%-mdist 2.14%
– Global High Dividend (USD) Q-acc 0.89% – Global Opportunity Unconstrained (USD) P-acc 2.09%
– Global High Dividend (USD) (EUR hedged) Q-acc 0.93% – Global Opportunity Unconstrained (USD) (EUR hedged) P-acc 2.13%
– Global High Dividend (USD) (CHF hedged) Q-dist 0.91% – Global Opportunity Unconstrained (USD) Q-acc 1.07%
– Global High Dividend (USD) Q-mdist 0.90% – Global Opportunity Unconstrained (USD) (EUR hedged) Q-acc 1.12%
– Global High Dividend (USD) QL-acc 0.73% – Global Opportunity Unconstrained (USD) U-X-acc 0.03%
– Global High Dividend (USD) (EUR hedged) QL-acc 0.79% – Global Quantitative (USD) I-B-acc 0.06%
– Global High Dividend (USD) (CHF hedged) QL-dist 0.82% – Global Quantitative (USD) I-X-acc 0.02%
– Global High Dividend (USD) QL-mdist 0.75% – Global Quantitative (USD) (EUR) K-X-acc 0.06%
– Global Impact (USD) P-acc 1.55% – Global Quantitative (USD) U-X-acc 0.02%
– Global Impact (USD) (EUR hedged) P-acc 1.59% – Long Term Themes (USD) F-acc 0.68%
– Global Impact (USD) Q-acc 0.86% – Long Term Themes (USD) (CHF) F-acc 0.70%
– Global Impact (USD) (EUR hedged) Q-acc 0.89% – Long Term Themes (USD) (CHF portfolio hedged) F-acc 0.71%
– Global Impact (USD) (EUR hedged) Q-dist 0.89% – Long Term Themes (USD) (EUR portfolio hedged) F-acc 0.71%
– Global Income (USD) (CHF hedged) F-acc 0.69% – Long Term Themes (USD) (GBP portfolio hedged) F-acc 0.70%
– Global Income (USD) F-dist 0.69% – Long Term Themes (USD) (USD portfolio hedged) F-acc 0.72%
– Global Income (USD) I-A1-8%-mdist 0.77% – Long Term Themes (USD) (CHF) F-dist 0.69%
– Global Income (USD) I-A1-acc 0.76% – Long Term Themes (USD) (CHF portfolio hedged) F-dist 0.71%
– Global Income (USD) (GBP hedged) I-A1-UKdist 0.81% – Long Term Themes (USD) (USD portfolio hedged) F-dist 0.71%
– Global Income (USD) I-A2-8%-mdist 0.72% – Long Term Themes (USD) F-UKdist 0.68%
– Global Income (USD) (EUR hedged) I-A2-acc 0.73% – Long Term Themes (USD) I-A1-acc 0.82%
– Global Income (USD) I-B-acc 0.09% – Long Term Themes (USD) I-A3-acc 0.67%
– Global Income (USD) (GBP hedged) I-B-UKdist-mdist 0.09% – Long Term Themes (USD) K-1-acc 1.14%
– Global Income (USD) I-X-acc 0.02% – Long Term Themes (USD) (CHF hedged) K-1-acc 1.16%
– Global Income (USD) (EUR hedged) I-X-acc 0.02% – Long Term Themes (USD) (EUR hedged) K-1-acc 1.16%
– Global Income (USD) I-X-UKdist 0.02% – Long Term Themes (USD) (EUR hedged) N-acc 2.58%
– Global Income (USD) (EUR hedged) K-1-acc 1.28% – Long Term Themes (USD) P-acc 1.85%
– Global Income (USD) K-1-dist 1.26% – Long Term Themes (USD) (CHF hedged) P-acc 1.89%
– Global Income (USD) (EUR hedged) K-1-dist 1.28% – Long Term Themes (USD) (EUR hedged) P-acc 1.88%
– Global Income (USD) K-X-acc 0.06% – Long Term Themes (USD) (EUR hedged) P-qdist 1.89%
– Global Income (USD) (EUR hedged) K-X-acc 0.06% – Long Term Themes (USD) Q-acc 1.08%
– Global Income (USD) P-8%-mdist 1.84% – Long Term Themes (USD) (CHF hedged) Q-acc 1.11%
– Global Income (USD) P-acc 1.85% – Long Term Themes (USD) (EUR hedged) Q-acc 1.11%
– Global Income (USD) (CHF hedged) P-acc 1.89% – Long Term Themes (USD) (GBP hedged) Q-acc 1.11%
– Global Income (USD) (EUR hedged) P-acc 1.88% – Long Term Themes (USD) (CHF) U-X-acc 0.03%
– Global Income (USD) P-dist 1.85% – Russia (USD) I-A1-acc 0.88%
– Global Income (USD) (CHF hedged) P-dist 1.89% – Russia (USD) P-acc 2.38%
– Global Income (USD) (EUR hedged) P-dist 1.89% – Russia (USD) Q-acc 1.24%
– Global Income (USD) (SGD hedged) P-mdist 1.89% – Small Caps Europe (EUR) F-acc 0.72%
– Global Income (USD) Q-8%-mdist 1.13% – Small Caps Europe (EUR) I-B-acc 0.09%
– Global Income (USD) Q-acc 1.13% – Small Caps Europe (EUR) K-1-acc 1.08%
– Global Income (USD) (CHF hedged) Q-acc 1.15% – Small Caps Europe (EUR) P-acc 1.97%
– Global Income (USD) (EUR hedged) Q-acc 1.17% – Small Caps Europe (EUR) (USD hedged) P-acc 2.00%
– Global Income (USD) Q-dist 1.13% – Small Caps Europe (EUR) Q-acc 1.07%
– Global Income (USD) (CHF hedged) Q-dist 1.15% – Small Caps Europe (EUR) (USD hedged) Q-acc 1.11%
– Global Income (USD) (EUR hedged) Q-dist 1.17% – Small Caps Europe (EUR) U-X-acc 0.02%
– Global Income (USD) QL-8%-mdist 0.94% – Swiss Opportunity (CHF) P-acc 1.56%
– Global Income (USD) QL-acc 0.93% – Swiss Opportunity (CHF) (EUR) P-acc 1.56%
– Global Income (USD) (CHF hedged) QL-acc 1.00% – Swiss Opportunity (CHF) Q-acc 1.08%
– Global Income (USD) (EUR hedged) QL-acc 0.98% – Swiss Opportunity (CHF) (EUR) Q-acc 1.07%
– Global Income (USD) QL-dist 0.94% – US Income (USD) F-dist 0.64%
– Global Income (USD) (CHF hedged) QL-dist 1.00% – US Income (USD) I-A3-8%-mdist 0.62%
– Global Income (USD) (EUR hedged) QL-dist 0.98% – US Income (USD) K-1-8%-mdist 1.16%
– Global Income (USD) U-X-UKdist-mdist 0.02% – US Income (USD) P-acc 1.66%
– Global Opportunity (USD) P-acc 1.87% – US Income (USD) (CHF hedged) P-acc 1.69%
– Global Opportunity (USD) Q-acc 1.05% – US Income (USD) (EUR hedged) P-acc 1.69%
– Global Opportunity (USD) U-X-acc 0.02% – US Income (USD) P-dist 1.65%
– Global Opportunity Unconstrained (USD) I-B-acc 0.09% – US Income (USD) (CHF hedged) P-dist 1.70%
– Global Opportunity Unconstrained (USD) (EUR) I-B-acc 0.09% – US Income (USD) (EUR hedged) P-dist 1.70%
– Global Opportunity Unconstrained (USD) P-4%-mdist 2.09% – US Income (USD) P-mdist 1.65%

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219
UBS (Lux) Equity SICAV Total Expense Ratio (TER) UBS (Lux) Equity SICAV Total Expense Ratio (TER)
– US Income (USD) Q-acc 1.03% – USA Growth (USD) (EUR hedged) Q-acc 1.12%
– US Income (USD) (CHF hedged) Q-acc 1.05% – USA Growth (USD) QL-acc 0.90%
– US Income (USD) (EUR hedged) Q-acc 1.07% – USA Growth (USD) (CHF hedged) QL-acc 0.96%
– US Income (USD) Q-dist 1.03% – USA Growth (USD) (EUR hedged) QL-acc 0.94%
– US Income (USD) (CHF hedged) Q-dist 1.06% – USA Growth (USD) U-X-acc 0.02%
– US Income (USD) QL-acc 0.86% – USA Growth Sustainable (USD) seeding I-A3-acc 0.53%
– US Income (USD) (CHF hedged) QL-acc 0.90% – USA Quantitative (USD) F-acc 0.36%
– US Income (USD) (EUR hedged) QL-acc 0.90% – USA Quantitative (USD) P-acc 0.71%
– US Income (USD) QL-dist 0.86% – USA Quantitative (USD) Q-acc 0.51%
– US Income (USD) (CHF hedged) QL-dist 0.92% – USA Quantitative (USD) U-X-acc 0.01%
– US Income (USD) U-X-UKdist-mdist 0.02%
– US Opportunity (USD) I-A1-acc 0.94% The TER for classes of shares which were active less than
– US Opportunity (USD) I-B-acc 0.09% a 12 month period are annualised.
– US Opportunity (USD) I-X-acc 0.02%
– US Opportunity (USD) P-acc 2.09% Transaction costs, interest costs, securities lending costs
– US Opportunity (USD) (EUR hedged) P-acc 2.13% and any other costs incurred in connection with currency
– US Opportunity (USD) P-dist 2.09% hedging are not included in the TER.
– US Opportunity (USD) Q-acc 1.08%
– US Opportunity (USD) (EUR hedged) Q-acc 1.11%
– US Opportunity (USD) Q-dist 1.08% Note 9 – Transaction costs
– US Opportunity (USD) (GBP) Q-dist 1.08%
– US Total Yield (USD) F-acc 0.54% Transaction costs include brokerage fees, which also
– US Total Yield (USD) F-dist 0.56% include costs from Commission Sharing Arrangements, as
– US Total Yield (USD) I-A1-acc 0.66% well as stamp duty, local taxes and other foreign charges
– US Total Yield (USD) I-A3-acc 0.54% if incurred during the fiscal year. Transaction fees are
– US Total Yield (USD) (EUR hedged) N-8%-mdist 2.58% included in the cost of securities purchased and sold.
– US Total Yield (USD) P-acc 1.55%
– US Total Yield (USD) (CHF hedged) P-acc 1.57% For the financial year ended on 31 May 2020, the fund
– US Total Yield (USD) (EUR hedged) P-acc 1.57% incurred transaction costs relating to purchase or sale
– US Total Yield (USD) P-dist 1.55% of investments in securities and similar transactions, as
– US Total Yield (USD) (CHF hedged) P-dist 1.59% follows:
– US Total Yield (USD) (EUR hedged) P-dist 1.58%
– US Total Yield (USD) P-mdist 1.55% UBS (Lux) Equity SICAV Transaction costs

– US Total Yield (USD) (SGD hedged) P-mdist 1.59% – All China (USD) 2 233 974.62 USD

– US Total Yield (USD) Q-acc 0.89% – Asian Smaller Companies (USD) 233 605.14 USD

– US Total Yield (USD) (CHF hedged) Q-acc 0.92% – Brazil (USD) 108 555.98 USD

– US Total Yield (USD) (EUR hedged) Q-acc 0.93% – Emerging Markets High Dividend (USD) 564 019.76 USD

– US Total Yield (USD) Q-dist 0.90% – Emerging Markets Sustainable (USD) 12 225.82 USD

– US Total Yield (USD) (CHF hedged) Q-dist 0.91% – Euro Countries Income (EUR) 1 064 196.04 EUR

– US Total Yield (USD) (EUR hedged) Q-dist 0.94% – European High Dividend (EUR) 476 212.31 EUR

– US Total Yield (USD) Q-mdist 0.89% – European Opportunity Unconstrained (EUR) 1 249 886.65 EUR

– US Total Yield (USD) QL-acc 0.74% – German High Dividend (EUR) 17 477.74 EUR

– US Total Yield (USD) (CHF hedged) QL-acc 0.81% – Global Emerging Markets Opportunity (USD) 2 707 890.24 USD

– US Total Yield (USD) (EUR hedged) QL-acc 0.79% – Global High Dividend (USD) 655 074.53 USD

– US Total Yield (USD) QL-dist 0.74% – Global Impact (USD) 53 178.22 USD

– US Total Yield (USD) (CHF hedged) QL-dist 0.81% – Global Income (USD) 1 561 267.98 USD

– US Total Yield (USD) (EUR hedged) QL-dist 0.79% – Global Opportunity (USD) 155 729.35 USD

– US Total Yield (USD) QL-mdist 0.75% – Global Opportunity Unconstrained (USD) 49 866.22 USD

– USA Growth (USD) F-acc 0.58% – Global Quantitative (USD) 572 893.45 USD

– USA Growth (USD) (CHF hedged) F-acc 0.60% – Long Term Themes (USD) 3 037 551.45 USD

– USA Growth (USD) (EUR hedged) F-acc 0.60% – Russia (USD) 62 505.18 USD

– USA Growth (USD) I-A1-acc 0.72% – Small Caps Europe (EUR) 210 936.36 EUR

– USA Growth (USD) I-A3-acc 0.46% – Swiss Opportunity (CHF) 19 978.71 CHF

– USA Growth (USD) I-B-acc 0.09% – US Income (USD) 165 238.41 USD

– USA Growth (USD) I-X-acc 0.02% – US Opportunity (USD) 102 594.71 USD

– USA Growth (USD) K-1-acc 1.14% – US Quantitative Defensive (USD) 45 880.65 USD

– USA Growth (USD) P-acc 2.09% – US Total Yield (USD) 99 232.11 USD

– USA Growth (USD) (CHF hedged) P-acc 2.13% – USA Growth (USD) 816 507.72 USD

– USA Growth (USD) (EUR hedged) P-acc 2.13% – USA Growth Sustainable (USD) 22 422.08 USD

– USA Growth (USD) Q-acc 1.06% – USA Quantitative (USD) 144 382.50 USD

– USA Growth (USD) (CHF hedged) Q-acc 1.10%

UBS (Lux) Equity SICAV

Annual report and audited financial statements as of 31 May 2020

220
Not all transaction costs are separately identifiable. For b) Transactions in Shares of the SICAV
fixed income investments, forward currency contracts
and other derivative contracts, transaction costs will be Connected persons may invest in a new subfund/share-
included in the purchase and sale price of the invest- class for the purpose of providing seed capital (“Direct
ment. Whilst not separately identifiable these transaction Investment”), with the intent of remaining invested until
costs will be captured within the performance of each the subfund/shareclass has substantial net assets. Such
subfunds. investments are at arm´s length and comply with all late
trading/market timing prevention requirements. No con-
nected person may invest for the purpose of exercising
Note 10 – Related party transactions management or control over any Fund or the Company.

Connected persons in the context of Note 10 are those The below subfunds/shareclasses were seeded by UBS
defined in the SFC Code on Unit Trusts and Mutual Funds. entities:
All transactions entered into during the year between the
subfunds and its connected persons were carried out in UBS (Lux) Equity SICAV Share class Market value % Net fund
(USD) assets
the normal course of business and on normal commercial
– Global Opportunity (USD) P-acc 8 674.00 0.02
terms. – Global Opportunity (USD) Q-acc 8 716.00 0.02
– Long Term Themes (USD) I-A3-acc 13 185.00 0.04
a) Transactions on securities and derivative financial – USA Growth (USD) I-A3-acc 9 712.00 0.03
instruments

The volume of securities and derivative financial instru- Note 11 – Master Feeder Structure
ments undertaken via a broker that is an affiliate of the
Management Company (except options), the Portfolio UBS Investment Funds ICVC V – UBS Global Enhanced
Manager, the Depositary or the Board of Directors for Equity Income Fund is a feeder structure (UCITS) and
the financial year from 1 June 2019 to 31 May 2020 for invests at least 85% of its net assets in shares of UBS
the following subfunds licensed for sale in Hong Kong is: (Lux) Equity SICAV – Global Income (USD) (“the Master
UCITS”). UBS Investment Funds ICVC V is an open-ended
UBS (Lux) Equity SICAV Volume of transactions As a percentage investment company with variable capital incorporated
in Securities and of the total of
derivative financial security in England and Wales.
instruments with transactions
related parties UBS Investment Funds ICVC V – UBS Global Enhanced
– All China (USD) 236 562 197.66 USD 19.32% Equity Income Fund owns 6.35% of the Net Asset of
– Emerging Markets High
Dividend (USD)* 40 639 804.18 USD 16.23%
UBS (Lux) Equity SICAV – Global Income (USD) as at
– Global Emerging Markets 31 May 2020.
Opportunity (USD)** 3 176 767.04 USD 0.14%
– Long Term Themes (USD) 93 026 464.18 USD 2.34%
– Russia (USD) 267 276.10 USD 0.11%
Note 12 – Mergers
– US Total Yield (USD)** 10 783 466.13 USD 0.79%
– USA Growth (USD)** 0.00 USD 0.00%
Subfunds Merged into Date
UBS (Lux) Equity SICAV UBS (Lux) Equity SICAV
UBS (Lux) Equity SICAV Commissions on As a percentage
– Brazil (USD) – Global Emerging Markets
transactions in of the total
Opportunity (USD) 8.11.2019
Securities and commissions
derivative financial UBS (Lux) Equity SICAV UBS (Lux) Equity SICAV
instruments with – Emerging Markets High – Global Emerging Markets
related parties Dividend (USD) Opportunity (USD) 14.6.2019

– All China (USD) 293 232.66 USD 19.79% UBS (Lux) Equity SICAV UBS (Lux) Equity SICAV
– Emerging Markets – US Quantitative – USA Growth (USD)
High Dividend (USD)* 73 988.23 USD 22.93% Defensive (USD) 25.3.2020
– Global Emerging Markets
Opportunity (USD)** 0.00 USD 0.00%
– Long Term Themes (USD) 160 713.69 USD 7.53%
Note 13 – Significant event during the reporting
– Russia (USD) 53.46 USD 0.09%
– US Total Yield (USD)** 185.00 USD 0.19%
period
– USA Growth (USD)** 0.00 USD 0.00%
* merged into UBS (Lux) Equity SICAV – Global Emerging Markets Opportunity (USD) as per 14 June 2019 a) The Swiss UBS asset management business was
** For the year ending as per 31 May 2020, there have not been any transactions with related parties.
transferred from UBS AG to UBS Asset Management
Switzerland AG, a member of UBS Group. The transfer
As disclosed in Note 9 – Transaction Costs, the transac- became effective on 17 June 2019.
tion costs for fixed-income investments, exchange-traded
futures contracts and other derivative contracts are inclu- UBS Asset Management Switzerland AG is a FINMA
ded in the purchase and sale price of the investment and approved asset manager of collective investment
are therefore not listed individually here. schemes.

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b) On March 11, 2020, the World Health Organization Note 15 – Applicable law, place of performance and
declared the outbreak of COVID-19 to be a pandemic. It authoritative language
exists a continuing concern about the effects of this virus
on the global economy and as a result of this uncertainty The Luxembourg District Court is the place of performance
the valuation of assets in this report can deviate signi- for all legal disputes between the shareholders, the
ficantly from the value of actual sales of these assets. company and the Depositary. Luxembourg law applies.
Significant corrections in the market and the increased However, in matters concerning the claims of investors
financial market volatility in recent months could signifi- from other countries, the company and/or the Depositary
cantly affect the fund in terms of future valuations of its can elect to make themselves subject to the jurisdiction
assets. The Board of Directors and the Investment mana- of the countries in which company shares were bought
gers continue to monitor the efforts of government to and sold.
reduce the spread of the virus and hence the economic
impact on the portfolios and the fund itself. The German version of these financial statements is the
authoritative version and only this version was audited by
There is no evidence that the going concern assump- the auditor. However, in the case of company shares sold
tion made by the Board of Directors when preparing the to investors from the other countries in which company
financial statements of the fund is inappropriate. shares can be bought and sold, the company and the
Depositary may recognize approved translations (i.e.
approved by the company) into the languages concerned
Note 14 – Subsequent events as binding upon itself.

a) The subfund UBS (Lux) Equity SICAV – Emerging

Markets Sustainable (USD) merged into UBS (Lux) Equity
SICAV – Global Emerging Markets Opportunity (USD)
with effect as per 24 June 2020.

b) The subfund UBS (Lux) Equity SICAV – USA Quantitative

(USD) will be liquidated with effect as per 10 September
2020.

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Note 16 – OTC-Derivatives and Securities Lending

If the Company enters into OTC transactions, it may be exposed to risks related to the creditworthiness of the
OTC counterparties: when the Company enters into futures contracts, options and swap transactions or uses other
derivative techniques it is subject to the risk that an OTC counterparty may not meet (or cannot meet) its obligations
under a specific or multiple contracts. Counterparty risk can be reduced by depositing a security. If the Company
is owed a security pursuant to an applicable agreement, such security shall be held in custody by the Depositary in
favour of the Company. Bankruptcy and insolvency events or other credit events with the OTC counterparty, the
Depositary or within their subdepositary/correspondent bank network may result in the rights or recognition of
the Company in connection with the security to be delayed, restricted or even eliminated, which would force the
Company to fulfill its obligations in the framework of the OTC transaction, in spite of any security that had previously
been made available to cover any such obligation.

The Company may lend portions of its securities portfolio to third parties. In general, lendings may only be effected
via recognized clearing houses such as Clearstream International or Euroclear, or through the intermediary of prime
financial institutions that specialise in such activities and in the modus specified by them. Collateral is received in
relation to securities lent. Collateral is composed of high quality securities in an amount typically at least equal to the
market value of the securities loaned.

UBS Europe SE, Luxembourg Branch, acts as securities lending agent.

OTC-Derivatives*

Subfunds that invest in OTC derivatives have the margin accounts listed below as collateral.

Subfund Unrealized gain Collateral

Counterparty (loss) received
UBS (Lux) Equity SICAV – Euro Countries Income (EUR)
Bank of America -5 776.50 EUR 0.00 EUR
BNP Paribas -22 610.68 EUR 0.00 EUR
Canadian Imperial Bank -1 537 929.56 EUR 0.00 EUR
Citibank -401.92 EUR 0.00 EUR
Goldman Sachs -1 356 210.78 EUR 0.00 EUR
JP Morgan -2 616 444.52 EUR 0.00 EUR
Merrill Lynch -506 940.86 EUR 0.00 EUR
Morgan Stanley -1 581 375.59 EUR 0.00 EUR
State Street -566 394.96 EUR 0.00 EUR
UBS AG -367 137.69 EUR 0.00 EUR
UBS (Lux) Equity SICAV – European High Dividend (EUR)
Canadian Imperial Bank -667.49 EUR 0.00 EUR
JP Morgan -425 079.86 EUR 0.00 EUR
UBS AG -5 412.16 EUR 0.00 EUR
UBS (Lux) Equity SICAV – European Opportunity Unconstrained (EUR)
Bank of America -19 294.57 EUR 0.00 EUR
Barclays -1 030 733.02 EUR 0.00 EUR
Canadian Imperial Bank 390 580.45 EUR 0.00 EUR
Citibank 16 389.95 EUR 0.00 EUR
Goldman Sachs 83 862.40 EUR 0.00 EUR
JP Morgan -752 302.97 EUR 0.00 EUR
Morgan Stanley 8 222 036.55 EUR 8 300 000.00 EUR
State Street -3 243 553.38 EUR 0.00 EUR
UBS AG -1 241.79 EUR 0.00 EUR
UBS (Lux) Equity SICAV – German High Dividend (EUR)
Bank of America -3 481.20 EUR 0.00 EUR
Canadian Imperial Bank -794.84 EUR 0.00 EUR
JP Morgan -345 487.30 EUR 0.00 EUR
UBS AG -4 290.92 EUR 0.00 EUR

* Derivatives traded on an official exchange are not included in this table as they are guaranteed by a clearing house. In the event of a counterparty default the clearing house assumes the risk of loss.

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Subfund Unrealized gain Collateral
Counterparty (loss) received
UBS (Lux) Equity SICAV – Global Emerging Markets Opportunity (USD)
Barclays 11 741.03 USD 0.00 USD
Canadian Imperial Bank -123.00 USD 0.00 USD
Citibank 428 070.98 USD 0.00 USD
Goldman Sachs 4 849.69 USD 0.00 USD
HSBC 42 120.47 USD 0.00 USD
JP Morgan 4 146.04 USD 0.00 USD
Morgan Stanley -13 758.89 USD 0.00 USD
State Street 942 248.10 USD 0.00 USD
UBS (Lux) Equity SICAV – Global High Dividend (USD)
Barclays -195 714.40 USD 0.00 USD
Canadian Imperial Bank 776 296.49 USD 0.00 USD
Citibank 32 759.67 USD 0.00 USD
Goldman Sachs -36 264.37 USD 0.00 USD
HSBC -14 280.45 USD 32 258.15 USD
JP Morgan -172 264.20 USD 0.00 USD
Morgan Stanley 1 300 661.21 USD 260 000.00 USD
State Street 138 894.07 USD 0.00 USD
UBS AG -168 880.11 USD 0.00 USD
Westpac Banking Corp -40 027.70 USD 0.00 USD
UBS (Lux) Equity SICAV – Global Impact (USD)
Bank of America 23 035.20 USD 0.00 USD
JP Morgan 22 137.24 USD 0.00 USD
Morgan Stanley -2 448.91 USD 0.00 USD
State Street 1 679 791.43 USD 0.00 USD
UBS (Lux) Equity SICAV – Global Income (USD)
Bank of America -1 261.56 USD 0.00 USD
Barclays 28 019.19 USD 0.00 USD
BNP Paribas -2 243 655.70 USD 0.00 USD
Canadian Imperial Bank 126 244.01 USD 0.00 USD
Citibank 118 917.46 USD 0.00 USD
Goldman Sachs -1 429 744.15 USD 0.00 USD
HSBC -80 481.05 USD 0.00 USD
JP Morgan 89 021.49 USD 0.00 USD
Morgan Stanley 875 805.87 USD 526 141.55 USD
Societe Generale -552 171.89 USD 0.00 USD
State Street 16 428.77 USD 0.00 USD
UBS AG -1 076 390.40 USD 0.00 USD
Westpac Banking Corp 4 482.42 USD 0.00 USD
UBS (Lux) Equity SICAV – Global Opportunity Unconstrained (USD)
Bank of America 176 374.81 USD 0.00 USD
Canadian Imperial Bank 88 389.33 USD 0.00 USD
Goldman Sachs -695 709.85 USD 0.00 USD
JP Morgan -11 281.17 USD 0.00 USD
Morgan Stanley -4 283.19 USD 0.00 USD
State Street 2 739.33 USD 0.00 USD
UBS AG 86 530.26 USD 0.00 USD
UBS (Lux) Equity SICAV – Global Quantitative (USD)
Bank of America -61 880.57 USD 0.00 USD
Citibank -7 735.75 USD 0.00 USD
HSBC 44 986.45 USD 0.00 USD
JP Morgan 201 254.95 USD 0.00 USD
Morgan Stanley 193 807.37 USD 0.00 USD
State Street -30 659.83 USD 0.00 USD

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Subfund Unrealized gain Collateral
Counterparty (loss) received
UBS (Lux) Equity SICAV – Long Term Themes (USD)
Bank of America 13 945.07 USD 0.00 USD
Barclays 31 211.26 USD 0.00 USD
Citibank 4 595 874.89 USD 0.00 USD
Goldman Sachs 2 324.75 USD 0.00 USD
HSBC 87 116.64 USD 0.00 USD
JP Morgan -179 883.83 USD 0.00 USD
Morgan Stanley 23 817.19 USD 0.00 USD
State Street 16 633 889.18 USD 0.00 USD
Westpac Banking Corp 4 682.89 USD 0.00 USD
UBS (Lux) Equity SICAV – Small Caps Europe (EUR)
JP Morgan -3 019.14 EUR 0.00 EUR
Morgan Stanley -1 413.54 EUR 0.00 EUR
State Street -1 378.73 EUR 0.00 EUR
UBS AG -138 557.11 EUR 0.00 EUR
UBS (Lux) Equity SICAV – US Income (USD)
Bank of America -3 579.08 USD 0.00 USD
BNP Paribas -1 183 892.26 USD 0.00 USD
Canadian Imperial Bank -1 664 338.24 USD 0.00 USD
Citibank 3 463 571.02 USD 0.00 USD
Goldman Sachs -1 300 213.11 USD 0.00 USD
JP Morgan 7 000.03 USD 0.00 USD
Morgan Stanley -5 797 071.14 USD 0.00 USD
Societe Generale -1 719 120.33 USD 0.00 USD
State Street 1 325 826.86 USD 0.00 USD
UBS AG -1 564 586.81 USD 0.00 USD
UBS (Lux) Equity SICAV – US Opportunity (USD)
HSBC 843.18 USD 0.00 USD
JP Morgan 1 647.97 USD 0.00 USD
Morgan Stanley 1 270.47 USD 0.00 USD
State Street 80 279.95 USD 0.00 USD
UBS (Lux) Equity SICAV – US Total Yield (USD)
Bank of America -1 825.78 USD 0.00 USD
Citibank 735 351.51 USD 0.00 USD
HSBC 124 651.79 USD 0.00 USD
JP Morgan 28 932.35 USD 0.00 USD
Morgan Stanley 10 996.51 USD 0.00 USD
State Street 1 224 554.71 USD 0.00 USD
Westpac Banking Corp 467.53 USD 0.00 USD
UBS (Lux) Equity SICAV – USA Growth (USD)
Citibank 479 756.88 USD 0.00 USD
HSBC 163 462.44 USD 0.00 USD
Morgan Stanley 73 278.63 USD 0.00 USD
State Street 8 556 686.50 USD 0.00 USD

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Composition of collateral by type of assets Weight %
UBS (Lux) Equity SICAV – European Opportunity Unconstrained (EUR)
Morgan Stanley
Cash 100.00%
Bonds 0.00%
Equities 0.00%
UBS (Lux) Equity SICAV – Global High Dividend (USD)
HSBC, Morgan Stanley
Cash 100.00%
Bonds 0.00%
Equities 0.00%
UBS (Lux) Equity SICAV – Global Income (USD)
Morgan Stanley
Cash 100.00%
Bonds 0.00%
Equities 0.00%

Securities Lending

Counterparty Exposure from Collateral Breakdown

Securities Lending as of 31 May 2020 (Weight in %) as of 31 May 2020

UBS (Lux) Equity SICAV Market value of Collateral

securities lent (UBS Switzerland AG) Equities Bonds Cash
– All China (USD) 110 073 847.52 USD 116 517 406.60 USD 25.04 74.96 0.00
– Asian Smaller Companies (USD) 6 533 190.07 USD 6 915 633.29 USD 25.04 74.96 0.00
– Emerging Markets Sustainable (USD) 797 041.99 USD 843 699.64 USD 25.04 74.96 0.00
– Euro Countries Income (EUR) 155 811 663.90 EUR 164 932 646.63 EUR 25.04 74.96 0.00
– European High Dividend (EUR) 43 215 967.04 EUR 45 745 765.38 EUR 25.04 74.96 0.00
– European Opportunity Unconstrained (EUR) 95 171 139.62 EUR 100 742 316.38 EUR 25.04 74.96 0.00
– German High Dividend (EUR) 5 494 036.72 EUR 5 815 649.45 EUR 25.04 74.96 0.00
– Global Emerging Markets Opportunity (USD) 92 830 975.56 USD 98 265 162.60 USD 25.04 74.96 0.00
– Global High Dividend (USD) 131 128 099.23 USD 138 804 142.85 USD 25.04 74.96 0.00
– Global Impact (USD) 19 218 131.09 USD 20 343 131.85 USD 25.04 74.96 0.00
– Global Income (USD) 257 579 309.66 USD 272 657 618.79 USD 25.04 74.96 0.00
– Global Opportunity Unconstrained (USD) 13 835 354.68 USD 14 645 255.74 USD 25.04 74.96 0.00
– Global Quantitative (USD) 190 648 883.79 USD 201 809 185.49 USD 25.04 74.96 0.00
– Long Term Themes (USD) 972 629 393.77 USD 1 029 565 669.80 USD 25.04 74.96 0.00
– Russia (USD) 10 901 059.58 USD 11 539 191.37 USD 25.04 74.96 0.00
– Small Caps Europe (EUR) 38 309 474.15 EUR 40 552 053.71 EUR 25.04 74.96 0.00
– Swiss Opportunity (CHF) 8 720 818.35 CHF 9 231 322.07 CHF 25.04 74.96 0.00
– US Income (USD) 193 828 263.63 USD 205 174 681.49 USD 25.04 74.96 0.00
– US Opportunity (USD) 38 722 883.87 USD 40 989 663.81 USD 25.04 74.96 0.00
– US Total Yield (USD) 128 870 120.77 USD 136 413 985.70 USD 25.04 74.96 0.00
– USA Growth (USD) 365 663 323.77 USD 387 068 710.10 USD 25.04 74.96 0.00
– USA Quantitative (USD) 12 128 489.59 USD 12 838 473.31 USD 25.04 74.96 0.00

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226
Unaudited Information

1) Global Exposure

Risk management
Risk management in accordance with the commitment approach and the value-at-risk approach is applied pursuant
to the applicable laws and regulatory provisions.

Leverage
Leverage is defined pursuant to the applicable ESMA directives as the total of the notional values of the derivatives
used by the respective subfund. According to this definition, leverage may result in artificially increased leverage
amounts, as some derivatives that can be used for hedging purposes may be included in the calculation. Conse-
quently, this information does not necessarily reflect the precise actual leverage risk that the investor is exposed to.

UBS (Lux) Equity SICAV Global risk Model Min Max Avg Leverage Reference
calculation used VaR (%) VaR (%) VaR (%) as at portfolio
method consumption consumption consumption 31.5.2020 (%) (benchmark)
– All China (USD) Commitment approach
– Asian Smaller Companies (USD) Commitment approach
– Emerging Markets Sustainable (USD) Commitment approach
– Euro Countries Income (EUR) Relative VaR approach Historical 34.0% 59.7% 42.0% 19.4% The reference portfolio
VaR reflects
the properties
of a broadly
diversified portfolio of
equities from the
European Monetary
Union (EMU).
– European High Dividend (EUR) Commitment approach
– European Opportunity Relative VaR approach Historical 38.5% 61.6% 55.0% 105.3% The reference portfolio
Unconstrained (EUR) VaR reflects the
properties of a
broadly diversified
portfolio of
European
medium and
large caps.
– German High Dividend (EUR) Commitment approach
– Global Emerging Markets
Opportunity (USD) Commitment approach
– Global High Dividend (USD) Commitment approach
– Global Impact (USD) Commitment approach
– Global Income (USD) Relative VaR approach Historical 32.4% 53.4% 39.2% 91.6% The reference portfolio
VaR reflects the
properties of a
broadly diversified
portfolio of
international
equities.

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227
Unaudited Information

UBS (Lux) Equity SICAV Global risk Model Min Max Avg Leverage Reference
calculation used VaR (%) VaR (%) VaR (%) as at portfolio
method consumption consumption consumption 31.5.2020 (%) (benchmark)
– Global Opportunity (USD) Commitment approach
– Global Opportunity Relative VaR approach Historical 42.7% 56.6% 48.5% 89.2% The reference portfolio
VaR reflects the
properties of a
broadly diversified
portfolio of
international
equities.
– Global Quantitative (USD) Relative VaR approach Historical 49.8% 64.1% 55.4% 12.3% The reference portfolio
Unconstrained (EUR) VaR reflects the
properties of a
broadly diversified
portfolio of
European
medium and
large caps.
– Long Term Themes (USD) Commitment approach
– Russia (USD) Commitment approach
– Small Caps Europe (EUR) Commitment approach
– Swiss Opportunity (CHF) Commitment approach
– US Income (USD) Relative VaR approach Historical 35.6% 51.5% 40.6% 17.3% The reference portfolio
VaR reflects the
properties of a
broadly diversified
portfolio of
international
equities.
– US Opportunity (USD) Commitment approach
– US Total Yield (USD) Commitment approach
– USA Growth (USD) Commitment approach
– USA Growth Sustainable (USD) Commitment approach
– USA Quantitative (USD) Commitment approach

2) Remuneration Policy and quantitative disclosure (ii) the Alternative Investment Fund Managers Direc-
tive (“AIFMD”)2011/61/EU, transposed into the
The Board of Directors of UBS Fund Management Luxembourg AIFM Law dated from 12 July 2013, as
(Luxembourg) S.A. has adopted a remuneration policy amended from time to time;
(the “Policy”) whose objectives are on one hand; to (iii) the ESMA’s guidelines on sound remuneration poli-
ensure that the remuneration framework is in line with cies under the UCITS Directive - ESMA/2016/575 and
the applicable laws and regulations, and more specifi- ESMA’s guidelines on sound remuneration policies
cally with provisions defined under under the AIFMD - ESMA/2016/579 both published
on 14 October 2016; and
(i) the Luxembourg Law of 17 December2010 on (iv) the CSSF Circular 10/437 on Guidelines concerning
Undertakings for Collective Investment in Trans- the remuneration policies in the financial sector
ferable Securities as amended from time to time issued on 1 February 2010;
(the “UCITS Law”) transposing the UCITS Directive (v) the Directive 2014/65/EU on markets in financial ins-
2009/65/EC (the “UCITS Directive”) as amended by truments (MiFID II);
Directive 2014/91/EU (the “UCITS V Directive”); (vi) the Commission Delegated Regulation 2017/565/EC
of 25 April 2016 supplementing Directive 2014/65/
EU (MiFID II Level 2);

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228
Unaudited Information

(vii) the CSSF Circular 14/585, transposing the ESMA • The payment of variable remuneration in instruments
Guidelines 2013/606 on remuneration policies and related mainly to the funds in relation to which they
practices (MiFID ESMA Guidelines). perform their activities;
• Deferral requirements;
and on the other hand, to comply with the UBS AG • Retention periods;
Remuneration policy framework. The Policy is meant • Incorporation of ex-post risk factors (i.e. malus or
not to encourage excessive risk taking, to contain mea- clawback arrangements).
sures to avoid conflicts of interest, to be consistent
with, and promote, sound and effective risk manage- The deferral requirements remain however applicable
ment and to be consistent with the UBS Group busi- when the employee’s total annual compensation is
ness strategy, objectives and values. exceeding the threshold defined under the UBS Group
Compensation Framework; the variable compensation
Further information in relation to UBS AG Remunera- will be treated in line with the plan rules defined under
tion Policy is available in the UBS Group AG Annual the UBS Group Compensation Framework.
Report and in the Compensation report.
Remuneration disclosure
More details about the remuneration policy of the
Management Company, which describes, but not Due to the roles of Management Company staff, the
limited to, how remuneration and benefits are deter- below disclosed remuneration was calculated in propor-
mined, are available at http://www.ubs.com/lu/en/ tion of the net assets of the Fund out of the net assets of
asset_management/investor_information.html. all the funds under the governance of UBS Fund Manage-
ment (Luxembourg) S.A. (including both AIF and UCITS
The Policy is subject to an annual review by the control funds).
functions of the Management Company after review
and update by the Human Resources department; and For the fiscal year ending 31 December 2019, the pro-
is approved by the Board of Directors. Last approval portional remuneration (fixed and variable) paid by UBS
by the Board of Directors took place on 20 September Fund Management (Luxembourg) S.A. to its entire staff
2019. No material changes were made to the Policy. amounted the variable remuneration. The Management
Company employed an average of 45.1 staff (full time
Application of the requirements and remuneration equivalent) during this period.
disclosure
The proportional remuneration (fixed and variable) paid by
In accordance with the Article 151 of the UCITS Law, the the Management Company to its Identified Staff amoun-
Management Company is required to disclose at least ted to EUR 187 026, of which EUR 13 506 represented the
annually certain information concerning its remuneration variable remuneration (20 beneficiaries).
policy and the practices for its identified staff.
Remuneration disclosure of delegates
The Management Company complies with the afore-
mentioned regulatory provisions in a way and to the For the year ending 31 December 2019, the aggregate
extent that is appropriate to its size, internal organization total remuneration paid by all Investment Managers to
and the nature, scope and complexity of its activities. their Identified Staff in relation to the Fund amounted to
EUR 2 689 978, of which EUR 2 023 637 represented the
Considering the total size of funds under management, variable remuneration (47 beneficiaries).
both UCITS and AIFs although a significant portion is not
complex or risky investment, UBS Fund Management
(Luxembourg) S.A. judges that the proportionality prin-
ciple may not be applicable at the level of the company
but at the level of the Identified staff.

By application of the proportionality principle for the

Identified staff, the following requirements on pay-out
processes for Identified staff are not applied:

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229
Unaudited Information

3) Collateral – Securities Lending

UBS (Lux) Equity SICAV UBS (Lux) Equity SICAV UBS (Lux) Equity SICAV UBS (Lux) Equity SICAV UBS (Lux) Equity SICAV
– All China (USD) – Asian Smaller Companies – Emerging Markets – Euro Countries Income – European High Dividend
(in %) (USD) (in %) Sustainable (USD) (in %) (EUR) (in %) (EUR) (in %)
by Country:
– Australia 1.63 1.63 1.63 1.63 1.63
– Belgium 0.61 0.61 0.61 0.61 0.61
– Cayman Islands 0.01 0.01 0.01 0.01 0.01
– China 0.34 0.34 0.34 0.34 0.34
– Denmark 0.68 0.68 0.68 0.68 0.68
– Germany 9.96 9.96 9.96 9.96 9.96
– Finland 0.62 0.62 0.62 0.62 0.62
– France 22.69 22.69 22.69 22.69 22.69
– United Kingdom 20.50 20.50 20.50 20.50 20.50
– Hong Kong 0.77 0.77 0.77 0.77 0.77
– Japan 11.68 11.68 11.68 11.68 11.68
– Canada 3.57 3.57 3.57 3.57 3.57
– Liechtenstein 0.03 0.03 0.03 0.03 0.03
– Luxembourg 0.09 0.09 0.09 0.09 0.09
– New Zealand 0.68 0.68 0.68 0.68 0.68
– The Netherlands 2.75 2.75 2.75 2.75 2.75
– Norway 0.76 0.76 0.76 0.76 0.76
– Austria 0.47 0.47 0.47 0.47 0.47
– Sweden 1.03 1.03 1.03 1.03 1.03
– Switzerland 3.19 3.19 3.19 3.19 3.19
– Singapore 0.30 0.30 0.30 0.30 0.30
– Supranationals 0.31 0.31 0.31 0.31 0.31
– Venezuela 0.00 0.00 0.00 0.00 0.00
– United States 17.33 17.33 17.33 17.33 17.33
Total 100.00 100.00 100.00 100.00 100.00
by Credit Rating (Bonds):
– Rating > AA- 53.19 53.19 53.19 53.19 53.19
– Rating <=AA- 45.29 45.29 45.29 45.29 45.29
– without Rating 1.52 1.52 1.52 1.52 1.52
Total 100.00 100.00 100.00 100.00 100.00
Securities Lending
Assets and Revenues / Ratios
Average Invested
Assets (1) 636 766 732.14 USD 61 528 171.54 USD 12 085 287.95 USD 600 030 234.30 EUR 258 444 505.73 EUR
Average Securities
Lent (2) 34 281 440.62 USD 2 060 524.74 USD 697 334.32 USD 132 611 074.31 EUR 30 631 648.68 EUR
Average Collateral
Ratio 105.90% 105.90% 105.90% 105.90% 105.90%
Average Securities Lending
Ratio (2)/(1) 5.38% 3.35% 5.77% 22.10% 11.85%
Securities Lending
revenues 109 957.95 USD 32 215.50 USD 1 649.87 USD 634 575.60 EUR 111 790.38 EUR
Securities Lending
costs 43 983.18 USD 12 886.20 USD 659.95 USD 253 830.24 EUR 44 716.15 EUR
Net Securities Lending
revenues 65 974.77 USD 19 329.30 USD 989.92 USD 380 745.36 EUR 67 074.23 EUR

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Unaudited Information

UBS (Lux) Equity SICAV UBS (Lux) Equity SICAV UBS (Lux) Equity SICAV UBS (Lux) Equity SICAV UBS (Lux) Equity SICAV
– European Opportunity – German High Dividend – Global Emerging – Global High Dividend – Global Impact
Unconstrained (EUR) (EUR) (in %) Markets Opportunity (USD) (in %) (USD) (in %)
(in %) (USD) (in %)
by Country:
– Australia 1.63 1.63 1.63 1.63 1.63
– Belgium 0.61 0.61 0.61 0.61 0.61
– Cayman Islands 0.01 0.01 0.01 0.01 0.01
– China 0.34 0.34 0.34 0.34 0.34
– Denmark 0.68 0.68 0.68 0.68 0.68
– Germany 9.96 9.96 9.96 9.96 9.96
– Finland 0.62 0.62 0.62 0.62 0.62
– France 22.69 22.69 22.69 22.69 22.69
– United Kingdom 20.50 20.50 20.50 20.50 20.50
– Hong Kong 0.77 0.77 0.77 0.77 0.77
– Japan 11.68 11.68 11.68 11.68 11.68
– Canada 3.57 3.57 3.57 3.57 3.57
– Liechtenstein 0.03 0.03 0.03 0.03 0.03
– Luxembourg 0.09 0.09 0.09 0.09 0.09
– New Zealand 0.68 0.68 0.68 0.68 0.68
– The Netherlands 2.75 2.75 2.75 2.75 2.75
– Norway 0.76 0.76 0.76 0.76 0.76
– Austria 0.47 0.47 0.47 0.47 0.47
– Sweden 1.03 1.03 1.03 1.03 1.03
– Switzerland 3.19 3.19 3.19 3.19 3.19
– Singapore 0.30 0.30 0.30 0.30 0.30
– Supranationals 0.31 0.31 0.31 0.31 0.31
– Venezuela 0.00 0.00 0.00 0.00 0.00
– United States 17.33 17.33 17.33 17.33 17.33
Total 100.00 100.00 100.00 100.00 100.00
by Credit Rating (Bonds):
– Rating > AA- 53.19 53.19 53.19 53.19 53.19
– Rating <=AA- 45.29 45.29 45.29 45.29 45.29
– without Rating 1.52 1.52 1.52 1.52 1.52
Total 100.00 100.00 100.00 100.00 100.00
Securities Lending
Assets and Revenues / Ratios
Average Invested
Assets (1) 703 073 553.48 EUR 60 463 136.82 EUR 1 138 420 570.08 USD 575 441 376.82 USD 76 381 525.96 USD
Average Securities
Lent (2) 89 069 450.09 EUR 12 950 353.73 EUR 66 316 805.27 USD 137 529 983.28 USD 19 224 151.51 USD
Average Collateral
Ratio 105.90% 105.90% 105.90% 105.90% 105.90%
Average Securities Lending
Ratio (2)/(1) 12.67% 21.42% 5.83% 23.90% 25.17%
Securities Lending
revenues 410 259.62 EUR 168 709.00 EUR 135 578.62 USD 363 688.38 USD 42 455.45 USD
Securities Lending
costs 164 103.85 EUR 67 483.60 EUR 54 231.45 USD 145 475.35 USD 16 982.18 USD
Net Securities Lending
revenues 246 155.77 EUR 101 225.40 EUR 81 347.17 USD 218 213.03 USD 25 473.27 USD

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UBS (Lux) Equity SICAV UBS (Lux) Equity SICAV UBS (Lux) Equity SICAV UBS (Lux) Equity SICAV UBS (Lux) Equity SICAV
– Global Income (USD) – Global Opportunity – Global Quantitative – Long Term Themes (USD) – Russia (USD) (in %)
(in %) Unconstrained (USD) (USD) (in %) (in %)
(in %)
by Country:
– Australia 1.63 1.63 1.63 1.63 1.63
– Belgium 0.61 0.61 0.61 0.61 0.61
– Cayman Islands 0.01 0.01 0.01 0.01 0.01
– China 0.34 0.34 0.34 0.34 0.34
– Denmark 0.68 0.68 0.68 0.68 0.68
– Germany 9.96 9.96 9.96 9.96 9.96
– Finland 0.62 0.62 0.62 0.62 0.62
– France 22.69 22.69 22.69 22.69 22.69
– United Kingdom 20.50 20.50 20.50 20.50 20.50
– Hong Kong 0.77 0.77 0.77 0.77 0.77
– Japan 11.68 11.68 11.68 11.68 11.68
– Canada 3.57 3.57 3.57 3.57 3.57
– Liechtenstein 0.03 0.03 0.03 0.03 0.03
– Luxembourg 0.09 0.09 0.09 0.09 0.09
– New Zealand 0.68 0.68 0.68 0.68 0.68
– The Netherlands 2.75 2.75 2.75 2.75 2.75
– Norway 0.76 0.76 0.76 0.76 0.76
– Austria 0.47 0.47 0.47 0.47 0.47
– Sweden 1.03 1.03 1.03 1.03 1.03
– Switzerland 3.19 3.19 3.19 3.19 3.19
– Singapore 0.30 0.30 0.30 0.30 0.30
– Supranationals 0.31 0.31 0.31 0.31 0.31
– Venezuela 0.00 0.00 0.00 0.00 0.00
– United States 17.33 17.33 17.33 17.33 17.33
Total 100.00 100.00 100.00 100.00 100.00
by Credit Rating (Bonds):
– Rating > AA- 53.19 53.19 53.19 53.19 53.19
– Rating <=AA- 45.29 45.29 45.29 45.29 45.29
– without Rating 1.52 1.52 1.52 1.52 1.52
Total 100.00 100.00 100.00 100.00 100.00
Securities Lending
Assets and Revenues / Ratios
Average Invested
Assets (1) 911 210 222.95 USD 65 320 215.44 USD 1 165 074 816.14 USD 2 240 648 550.71 USD 104 855 151.98 USD
Average Securities
Lent (2) 208 113 661.80 USD 12 701 390.09 USD 260 585 157.91 USD 530 311 220.37 USD 13 925 549.97 USD
Average Collateral
Ratio 105.90% 105.90% 105.90% 105.90% 105.90%
Average Securities Lending
Ratio (2)/(1) 22.84% 19.44% 22.37% 23.67% 13.28%
Securities Lending
revenues 752 628.05 USD 22 613.78 USD 687 775.25 USD 1 024 074.02 USD 49 860.67 USD
Securities Lending
costs 301 051.22 USD 9 045.51 USD 275 110.10 USD 409 629.61 USD 19 944.27 USD
Net Securities Lending
revenues 451 576.83 USD 13 568.27 USD 412 665.15 USD 614 444.41 USD 29 916.40 USD

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UBS (Lux) Equity SICAV UBS (Lux) Equity SICAV UBS (Lux) Equity SICAV UBS (Lux) Equity SICAV UBS (Lux) Equity SICAV
– Small Caps Europe (EUR) – Swiss Opportunity (CHF) – US Income (USD) (in %) – US Opportunity (USD) – US Total Yield (USD)
(in %) (in %) (in %) (in %)
by Country:
– Australia 1.63 1.63 1.63 1.63 1.63
– Belgium 0.61 0.61 0.61 0.61 0.61
– Cayman Islands 0.01 0.01 0.01 0.01 0.01
– China 0.34 0.34 0.34 0.34 0.34
– Denmark 0.68 0.68 0.68 0.68 0.68
– Germany 9.96 9.96 9.96 9.96 9.96
– Finland 0.62 0.62 0.62 0.62 0.62
– France 22.69 22.69 22.69 22.69 22.69
– United Kingdom 20.50 20.50 20.50 20.50 20.50
– Hong Kong 0.77 0.77 0.77 0.77 0.77
– Japan 11.68 11.68 11.68 11.68 11.68
– Canada 3.57 3.57 3.57 3.57 3.57
– Liechtenstein 0.03 0.03 0.03 0.03 0.03
– Luxembourg 0.09 0.09 0.09 0.09 0.09
– New Zealand 0.68 0.68 0.68 0.68 0.68
– The Netherlands 2.75 2.75 2.75 2.75 2.75
– Norway 0.76 0.76 0.76 0.76 0.76
– Austria 0.47 0.47 0.47 0.47 0.47
– Sweden 1.03 1.03 1.03 1.03 1.03
– Switzerland 3.19 3.19 3.19 3.19 3.19
– Singapore 0.30 0.30 0.30 0.30 0.30
– Supranationals 0.31 0.31 0.31 0.31 0.31
– Venezuela 0.00 0.00 0.00 0.00 0.00
– United States 17.33 17.33 17.33 17.33 17.33
Total 100.00 100.00 100.00 100.00 100.00
by Credit Rating (Bonds):
– Rating > AA- 53.19 53.19 53.19 53.19 53.19
– Rating <=AA- 45.29 45.29 45.29 45.29 45.29
– without Rating 1.52 1.52 1.52 1.52 1.52
Total 100.00 100.00 100.00 100.00 100.00
Securities Lending
Assets and Revenues / Ratios
Average Invested
Assets (1) 215 305 953.06 EUR 63 365 003.86 CHF 704 110 737.30 USD 153 484 418.47 USD 512 936 156.39 USD
Average Securities
Lent (2) 40 409 087.91 EUR 7 070 767.80 CHF 209 954 511.14 USD 44 211 060.38 USD 138 417 609.98 USD
Average Collateral
Ratio 105.90% 105.90% 105.90% 105.90% 105.90%
Average Securities Lending
Ratio (2)/(1) 18.77% 11.16% 29.82% 28.80% 26.99%
Securities Lending
revenues 191 169.48 EUR 22 172.83 CHF 267 428.32 USD 57 897.72 USD 181 396.32 USD
Securities Lending
costs 76 467.79 EUR 8 869.13 CHF 106 971.33 USD 23 159.09 USD 72 558.53 USD
Net Securities Lending
revenues 114 701.69 EUR 13 303.70 CHF 160 456.99 USD 34 738.63 USD 108 837.79 USD

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UBS (Lux) Equity SICAV UBS (Lux) Equity SICAV

– USA Growth (USD) – USA Quantitative (USD)
(in %) (in %)
by Country:
– Australia 1.63 1.63
– Belgium 0.61 0.61
– Cayman Islands 0.01 0.01
– China 0.34 0.34
– Denmark 0.68 0.68
– Germany 9.96 9.96
– Finland 0.62 0.62
– France 22.69 22.69
– United Kingdom 20.50 20.50
– Hong Kong 0.77 0.77
– Japan 11.68 11.68
– Canada 3.57 3.57
– Liechtenstein 0.03 0.03
– Luxembourg 0.09 0.09
– New Zealand 0.68 0.68
– The Netherlands 2.75 2.75
– Norway 0.76 0.76
– Austria 0.47 0.47
– Sweden 1.03 1.03
– Switzerland 3.19 3.19
– Singapore 0.30 0.30
– Supranationals 0.31 0.31
– Venezuela 0.00 0.00
– United States 17.33 17.33
Total 100.00 100.00
by Credit Rating (Bonds):
– Rating > AA- 53.19 53.19
– Rating <=AA- 45.29 45.29
– without Rating 1.52 1.52
Total 100.00 100.00
Securities Lending
Assets and Revenues / Ratios
Average Invested
Assets (1) 1 602 114 847.18 USD 310 310 843.17 USD
Average Securities
Lent (2) 356 179 582.79 USD 60 577 481.46 USD
Average Collateral
Ratio 105.90% 105.90%
Average Securities Lending
Ratio (2)/(1) 22.23% 19.52%
Securities Lending
revenues 807 622.12 USD 105 886.20 USD
Securities Lending
costs 323 048.85 USD 42 354.48 USD
Net Securities Lending
revenues 484 573.27 USD 63 531.72 USD

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4) Securities Financing Transaction Regulation (SFTR)

a) The Company engages in Securities Financing Transactions (hereafter “SFT”) (as defined in Article 3 of Regulation
(EU) 2015/2365). Securities Financing transactions include repurchase transactions, securities or commodities lend-
ing and securities or commodities borrowing, buy-sell back transactions or sell-buy back transactions and margin
lending transactions through its exposure on reverse repurchase agreements during the year. In accordance with
Article 13 of the Regulation, information on securities lendings are detailed below:

Global Data

The following table details the value of securities lending as a proportion of the subfund’s Net Assets Value as well
as a proportion of the total lendable securities, as at 31 May 2020.

UBS (Lux) Equity SICAV Securities lent in % Securities lent in %

of Net Assets of Total Lendable
Securities

– All China (USD) 6.80% 8.58%

– Asian Smaller Companies (USD) 6.28% 6.80%
– Emerging Markets Sustainable (USD) 7.32% 7.51%
– Euro Countries Income (EUR) 28.86% 28.82%
– European High Dividend (EUR) 20.81% 20.89%
– European Opportunity Unconstrained (EUR) 14.87% 16.86%
– German High Dividend (EUR) 11.46% 11.85%
– Global Emerging Markets Opportunity (USD) 7.94% 8.13%
– Global High Dividend (USD) 25.11% 25.46%
– Global Impact (USD) 28.86% 30.54%
– Global Income (USD) 33.91% 34.11%
– Global Opportunity Unconstrained (USD) 21.14% 22.18%
– Global Quantitative (USD) 24.41% 24.58%
– Long Term Themes (USD) 28.41% 28.84%
– Russia (USD) 13.22% 7.77%
– Small Caps Europe (EUR) 18.80% 19.59%
– Swiss Opportunity (CHF) 14.54% 14.83%
– US Income (USD) 29.37% 29.25%
– US Opportunity (USD) 27.28% 27.75%
– US Total Yield (USD) 31.35% 31.73%
– USA Growth (USD) 20.89% 22.46%
– USA Quantitative (USD) 22.15% 21.30%

The total amount (absolute value) of the securities lent is disclosed in Note 16 – OTC-Derivatives and Securities Lending.

Data on collateral reused

Amount of collateral reused, compared with the maximum amount disclosed to investors: None
Cash collateral reinvestment income to the Company: None

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Concentration Data
Ten largest collateral issuers of SFTs per subfund:

UBS (Lux) Equity SICAV UBS (Lux) Equity SICAV UBS (Lux) Equity SICAV UBS (Lux) Equity SICAV
UBS (Lux) Equity SICAV – Asian Smaller – Emerging Markets – Euro Countries Income – European High
– All China (USD) Companies (USD) Sustainable (USD) (EUR) Dividend (EUR)
French Republic 22 985 960.76 1 364 280.93 166 440.77 32 537 072.82 9 024 491.69
United Kingdom 22 428 196.49 1 331 176.06 162 402.01 31 747 546.69 8 805 508.50
Japan Government Ten 6 851 974.42 406 683.81 49 614.98 9 699 102.55 2 690 145.82
Federal Republic of Germany 6 665 417.90 395 611.16 48 264.13 9 435 028.18 2 616 902.08
United States 5 483 403.57 325 455.31 39 705.19 7 761 864.00 2 152 832.79
Amazon.Com Inc 2 097 389.31 124 485.91 15 187.14 2 968 895.21 823 453.61
State of North Rhine-Westphalia Germany 1 983 639.31 117 734.53 14 363.48 2 807 879.87 778 794.35
Alphabet Inc 1 085 996.90 64 456.95 7 863.68 1 537 249.65 426 372.00
Barclays Bank Plc 929 688.04 55 179.58 6 731.85 1 315 991.44 365 003.76
Netherlands Government Bond 894 391.77 53 084.65 6 476.27 1 266 028.88 351 146.13

UBS (Lux) Equity SICAV

UBS (Lux) Equity SICAV UBS (Lux) Equity SICAV – Global Emerging UBS (Lux) Equity SICAV
– European Opportunity – German High Dividend Markets Opportunity – Global High Dividend UBS (Lux) Equity SICAV
Unconstrained (EUR) (EUR) (USD) (USD) – Global Impact (USD)
French Republic 19 873 931.28 1 147 281.72 19 385 250.99 27 382 574.62 4 013 189.48
United Kingdom 19 391 681.74 1 119 442.43 18 914 859.50 26 718 124.61 3 915 807.70
Japan Government Ten 5 924 297.45 341 997.67 5 778 624.84 8 162 578.14 1 196 307.26
Federal Republic of Germany 5 762 998.49 332 686.21 5 621 292.07 7 940 338.23 1 163 735.78
United States 4 741 015.04 273 689.18 4 624 438.18 6 532 235.44 957 364.27
Amazon.Com Inc 1 813 427.40 104 685.48 1 768 837.02 2 498 565.10 366 189.64
State of North Rhine-Westphalia Germany 1 715 077.81 99 007.96 1 672 905.75 2 363 057.69 346 329.68
Alphabet Inc 938 965.66 54 204.58 915 877.42 1 293 719.74 189 607.53
Barclays Bank Plc 803 819.19 46 402.85 784 054.07 1 107 513.08 162 317.09
Netherlands Government Bond 773 301.61 44 641.13 754 286.89 1 065 465.55 156 154.61

UBS (Lux) Equity SICAV UBS (Lux) Equity SICAV

UBS (Lux) Equity SICAV – Global Opportunity – Global Quantitative UBS (Lux) Equity SICAV UBS (Lux) Equity SICAV
– Global Income (USD) Unconstrained (USD) (USD) – Long Term Themes (USD) – Russia (USD)
French Republic 53 788 506.89 2 889 141.49 39 811 888.67 203 107 473.63 2 276 392.92
United Kingdom 52 483 305.51 2 819 035.22 38 845 835.98 198 178 982.98 2 221 155.27
Japan Government Ten 16 034 025.16 861 235.42 11 867 680.69 60 545 096.56 678 578.82
Federal Republic of Germany 15 597 471.87 837 786.84 11 544 563.13 58 896 654.50 660 103.37
United States 12 831 488.48 689 217.60 9 497 303.80 48 452 194.71 543 043.70
Amazon.Com Inc 4 908 014.97 263 624.16 3 632 696.96 18 532 853.56 207 712.97
State of North Rhine-Westphalia Germany 4 641 833.23 249 326.74 3 435 680.94 17 527 741.07 196 447.85
Alphabet Inc 2 541 296.94 136 500.66 1 880 956.30 9 596 035.12 107 550.68
Barclays Bank Plc 2 175 524.98 116 853.95 1 610 227.97 8 214 866.11 92 070.78
Netherlands Government Bond 2 092 929.60 112 417.51 1 549 094.50 7 902 982.79 88 575.24

UBS (Lux) Equity SICAV UBS (Lux) Equity SICAV UBS (Lux) Equity SICAV UBS (Lux) Equity SICAV UBS (Lux) Equity SICAV
– Small Caps Europe (EUR) – Swiss Opportunity (CHF) – US Income (USD) – US Opportunity (USD) – US Total Yield (USD)
French Republic 7 999 902.70 1 821 108.22 40 475 816.58 8 086 232.19 26 911 056.59
United Kingdom 7 805 781.60 1 776 918.24 39 493 653.39 7 890 016.27 26 258 048.17
Japan Government Ten 2 384 722.10 542 861.23 12 065 593.55 2 410 456.40 8 022 021.50
Federal Republic of Germany 2 319 794.03 528 080.92 11 737 087.48 2 344 827.67 7 803 608.47
United States 1 908 412.51 434 433.50 9 655 686.77 1 929 006.79 6 419 752.71
Amazon.Com Inc 729 963.42 166 169.82 3 693 278.09 737 840.68 2 455 540.71
State of North Rhine-Westphalia Germany 690 374.51 157 157.75 3 492 976.50 697 824.56 2 322 366.69
Alphabet Inc 377 964.17 86 040.25 1 912 324.30 382 042.90 1 271 442.35
Barclays Bank Plc 323 563.33 73 656.37 1 637 081.14 327 055.00 1 088 442.11
Netherlands Government Bond 311 279.01 70 859.96 1 574 928.17 314 638.12 1 047 118.62

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UBS (Lux) Equity SICAV UBS (Lux) Equity SICAV

– USA Growth (USD) – USA Quantitative (USD)
French Republic 76 358 944.49 2 532 708.65
United Kingdom 74 506 061.69 2 471 251.38
Japan Government Ten 22 762 134.67 754 984.97
Federal Republic of Germany 22 142 397.28 734 429.23
United States 18 215 767.15 604 188.96
Amazon.Com Inc 6 967 489.24 231 100.89
State of North Rhine-Westphalia Germany 6 589 613.78 218 567.35
Alphabet Inc 3 607 661.99 119 660.60
Barclays Bank Plc 3 088 406.81 102 437.70
Netherlands Government Bond 2 971 153.22 98 548.58

The ten largest issuers of SFTs

The counterparty to all securities lending transactions for the subfunds of this company is currently UBS Switzerland
AG.

Safekeeping of collateral received by the Company as part of SFTs

100% held by UBS Switzerland AG.

Safekeeping of collateral granted by the Company through SFTs

None.

Aggregate transaction data separately broken down for each type of SFTs

Type and quality of collateral:

The information on
– Type of collateral is available in Note 16 “OTC-Derivatives and Securities Lending”
– Quality of collateral is available in Unaudited Information 3) Collateral – Securities Lending “by Credit Rating (Bonds)”.

Maturity tenor of collateral

UBS (Lux) Equity SICAV UBS (Lux) Equity SICAV UBS (Lux) Equity SICAV UBS (Lux) Equity SICAV
UBS (Lux) Equity SICAV – Asian Smaller – Emerging Markets – Euro Countries Income – European High Dividend
– All China (USD) Companies (USD) Sustainable (USD) (EUR) (EUR)
Up to 1 day - - - - -
1 day to 1 week 452.02 26.83 3.27 639.84 177.47
1 week to 1 month 2 231.28 132.43 16.16 3 158.42 876.02
1 month to 3 months 1 649 568.48 97 906.49 11 944.48 2 334 996.14 647 635.19
3 months to 1 year 3 677 049.65 218 243.16 26 625.43 5 204 935.03 1 443 642.25
Above 1 year 82 013 405.75 4 867 724.53 593 857.03 116 091 564.88 32 199 189.17
Unlimited 29 174 699.42 1 731 599.85 211 253.27 41 297 352.32 11 454 245.28

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UBS (Lux) Equity SICAV

UBS (Lux) Equity SICAV UBS (Lux) Equity SICAV – Global Emerging UBS (Lux) Equity SICAV
– European Opportunity – German High Dividend Markets Opportunity – Global High Dividend UBS (Lux) Equity SICAV
Unconstrained (EUR) (EUR) (USD) (USD) – Global Impact (USD)
Up to 1 day - - - - -
1 day to 1 week 390.82 22.56 381.21 538.48 78.92
1 week to 1 month 1 929.19 111.37 1 881.75 2 658.06 389.57
1 month to 3 months 1 426 236.26 82 333.72 1 391 166.52 1 965 087.84 288 003.23
3 months to 1 year 3 179 220.26 183 529.93 3 101 046.38 4 380 373.20 641 987.39
Above 1 year 70 909 752.55 4 093 476.09 69 166 151.96 97 700 427.94 14 318 972.38
Unlimited 25 224 787.30 1 456 175.78 24 604 534.78 34 755 057.33 5 093 700.36

UBS (Lux) Equity SICAV UBS (Lux) Equity SICAV

UBS (Lux) Equity SICAV – Global Opportunity – Global Quantitative UBS (Lux) Equity SICAV UBS (Lux) Equity SICAV
– Global Income (USD) Unconstrained (USD) (USD) – Long Term Themes (USD) – Russia (USD)
Up to 1 day - - - - -
1 day to 1 week 1 057.75 56.82 782.90 3 994.11 44.77
1 week to 1 month 5 221.32 280.45 3 864.59 19 715.91 220.97
1 month to 3 months 3 860 087.75 207 336.85 2 857 067.29 14 575 840.01 163 363.46
3 months to 1 year 8 604 513.54 462 174.14 6 368 682.74 32 490 974.53 364 153.14
Above 1 year 191 916 217.26 10 308 393.71 142 047 948.85 724 683 027.91 8 122 120.22
Unlimited 68 270 521.17 3 667 013.77 50 530 839.12 257 792 117.33 2 889 288.81

UBS (Lux) Equity SICAV UBS (Lux) Equity SICAV UBS (Lux) Equity SICAV UBS (Lux) Equity SICAV UBS (Lux) Equity SICAV
– Small Caps Europe (EUR) – Swiss Opportunity (CHF) – US Income (USD) – US Opportunity (USD) – US Total Yield (USD)
Up to 1 day - - - - -
1 day to 1 week 157.32 35.81 795.96 159.02 529.21
1 week to 1 month 776.56 176.78 3 929.04 784.94 2 612.29
1 month to 3 months 574 106.41 130 690.33 2 904 713.53 580 301.77 1 931 249.74
3 months to 1 year 1 279 739.39 291 321.53 6 474 890.87 1 293 549.47 4 304 944.76
Above 1 year 28 543 478.02 6 497 674.33 144 416 829.15 28 851 499.77 96 018 061.89
Unlimited 10 153 796.01 2 311 423.29 51 373 522.94 10 263 368.84 34 156 587.81

UBS (Lux) Equity SICAV UBS (Lux) Equity SICAV

– USA Growth (USD) – USA Quantitative (USD)
Up to 1 day - -
1 day to 1 week 1 501.60 49.81
1 week to 1 month 7 412.26 245.85
1 month to 3 months 5 479 836.55 181 757.74
3 months to 1 year 12 215 092.22 405 155.81
Above 1 year 272 447 045.47 9 036 649.13
Unlimited 96 917 822.00 3 214 614.97

Currency of collateral
Currency of collateral Percentage
EUR 36.77%
USD 22.71%
GBP 20.29%
JPY 10.17%
CHF 4.33%
CAD 3.11%
SEK 0.99%
HKD 0.49%
DKK 0.46%
AUD 0.42%
SGD 0.24%
NOK 0.01%
NZD 0.01%
TRY 0.00%
BRL 0.00%
ZAR 0.00%
RUB 0.00%
MXN 0.00%
Total 100.00%

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Maturity tenor of SFTs broken down by maturity buckets:

UBS (Lux) Equity SICAV UBS (Lux) Equity SICAV UBS (Lux) Equity SICAV UBS (Lux) Equity SICAV
UBS (Lux) Equity SICAV – Asian Smaller – Emerging Markets – Euro Countries Income – European High Dividend
– All China (USD) Companies (USD) Sustainable (USD) (EUR) (EUR)
Up to 1 day 110 073 847.52 6 533 190.07 797 041.99 155 811 663.90 43 215 967.04
1 day to 1 week - - - - -
1 week to 1 month - - - - -
1 month to 3 months - - - - -
3 months to 1 year - - - - -
Above 1 year - - - - -
Unlimited - - - - -

UBS (Lux) Equity SICAV

UBS (Lux) Equity SICAV UBS (Lux) Equity SICAV – Global Emerging UBS (Lux) Equity SICAV
– European Opportunity – German High Dividend Markets Opportunity – Global High Dividend UBS (Lux) Equity SICAV
Unconstrained (EUR) (EUR) (USD) (USD) – Global Impact (USD)
Up to 1 day 95 171 139.62 5 494 036.72 92 830 975.56 131 128 099.23 19 218 131.09
1 day to 1 week - - - - -
1 week to 1 month - - - - -
1 month to 3 months - - - - -
3 months to 1 year - - - - -
Above 1 year - - - - -
Unlimited - - - - -

UBS (Lux) Equity SICAV UBS (Lux) Equity SICAV

UBS (Lux) Equity SICAV – Global Opportunity – Global Quantitative UBS (Lux) Equity SICAV UBS (Lux) Equity SICAV
– Global Income (USD) Unconstrained (USD) (USD) – Long Term Themes (USD) – Russia (USD)
Up to 1 day 257 579 309.66 13 835 354.68 190 648 883.79 972 629 393.77 10 901 059.58
1 day to 1 week - - - - -
1 week to 1 month - - - - -
1 month to 3 months - - - - -
3 months to 1 year - - - - -
Above 1 year - - - - -
Unlimited - - - - -

UBS (Lux) Equity SICAV UBS (Lux) Equity SICAV UBS (Lux) Equity SICAV UBS (Lux) Equity SICAV UBS (Lux) Equity SICAV
– Small Caps Europe (EUR) – Swiss Opportunity (CHF) – US Income (USD) – US Opportunity (USD) – US Total Yield (USD)
Up to 1 day 38 309 474.15 8 720 818.35 193 828 263.63 38 722 883.87 128 870 120.77
1 day to 1 week - - - - -
1 week to 1 month - - - - -
1 month to 3 months - - - - -
3 months to 1 year - - - - -
Above 1 year - - - - -
Unlimited - - - - -

UBS (Lux) Equity SICAV UBS (Lux) Equity SICAV

– USA Growth (USD) – USA Quantitative (USD)
Up to 1 day 365 663 323.77 12 128 489.59
1 day to 1 week - -
1 week to 1 month - -
1 month to 3 months - -
3 months to 1 year - -
Above 1 year - -
Unlimited - -

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Unaudited Information

Country in which the counterparties of the SFTs are established:

100% Switzerland (UBS Switzerland AG)

Settlement and clearing of trade

UBS (Lux) Equity SICAV UBS (Lux) Equity SICAV UBS (Lux) Equity SICAV UBS (Lux) Equity SICAV
UBS (Lux) Equity SICAV – Asian Smaller – Emerging Markets – Euro Countries Income – European High Dividend
– All China (USD) Companies (USD) Sustainable (USD) (EUR) (EUR)
Securities Lending Securities Lending Securities Lending Securities Lending Securities Lending
Settlement and clearing of trade
Central counterparty - - - - -
Bilateral - - - - -
Tri-party 110 073 847.52 USD 6 533 190.07 USD 797 041.99 USD 155 811 663.90 EUR 43 215 967.04 EUR

UBS (Lux) Equity SICAV

UBS (Lux) Equity SICAV UBS (Lux) Equity SICAV – Global Emerging UBS (Lux) Equity SICAV
– European Opportunity – German High Dividend Markets Opportunity – Global High Dividend UBS (Lux) Equity SICAV
Unconstrained (EUR) (EUR) (USD) (USD) – Global Impact (USD)
Securities Lending Securities Lending Securities Lending Securities Lending Securities Lending
Settlement and clearing of trade
Central counterparty - - - - -
Bilateral - - - - -
Tri-party 95 171 139.62 EUR 5 494 036.72 EUR 92 830 975.56 USD 131 128 099.23 USD 19 218 131.09 USD

UBS (Lux) Equity SICAV UBS (Lux) Equity SICAV

UBS (Lux) Equity SICAV – Global Opportunity – Global Quantitative UBS (Lux) Equity SICAV UBS (Lux) Equity SICAV
– Global Income (USD) Unconstrained (USD) (USD) – Long Term Themes (USD) – Russia (USD)
Securities Lending Securities Lending Securities Lending Securities Lending Securities Lending
Settlement and clearing of trade
Central counterparty - - - - -
Bilateral - - - - -
Tri-party 257 579 309.66 USD 13 835 354.68 USD 190 648 883.79 USD 972 629 393.77 USD 10 901 059.58 USD

UBS (Lux) Equity SICAV UBS (Lux) Equity SICAV UBS (Lux) Equity SICAV UBS (Lux) Equity SICAV UBS (Lux) Equity SICAV
– Small Caps Europe (EUR) – Swiss Opportunity (CHF) – US Income (USD) – US Opportunity (USD) – US Total Yield (USD)
Securities Lending Securities Lending Securities Lending Securities Lending Securities Lending
Settlement and clearing of trade
Central counterparty - - - - -
Bilateral - - - - -
Tri-party 38 309 474.15 EUR 8 720 818.35 CHF 193 828 263.63 USD 38 722 883.87 USD 128 870 120.77 USD

UBS (Lux) Equity SICAV UBS (Lux) Equity SICAV

– USA Growth (USD) – USA Quantitative (USD)
Securities Lending Securities Lending
Settlement and clearing of trade
Central counterparty - -
Bilateral - -
Tri-party 365 663 323.77 USD 12 128 489.59 USD

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Unaudited Information

Data on income and expense for each type of SFT

All expenses relating to the execution of securities lending transactions and their collateralization are borne by the
counterparties and the depositary. The breakdown of income from securities lending disclosed in the statement of
operations is as follows:

– 60% payable to the Company

– 40% payable to the Securities Lending Agent

Income-Ratio (Company)

UBS (Lux) Equity SICAV Percentage

– All China (USD) 0.32%
– Asian Smaller Companies (USD) 1.56%
– Emerging Markets Sustainable (USD) 0.24%
– Euro Countries Income (EUR) 0.48%
– European High Dividend (EUR) 0.36%
– European Opportunity Unconstrained (EUR) 0.46%
– German High Dividend (EUR) 1.30%
– Global Emerging Markets Opportunity (USD) 0.20%
– Global High Dividend (USD) 0.26%
– Global Impact (USD) 0.22%
– Global Income (USD) 0.36%
– Global Opportunity Unconstrained (USD) 0.18%
– Global Quantitative (USD) 0.26%
– Long Term Themes (USD) 0.19%
– Russia (USD) 0.36%
– Small Caps Europe (EUR) 0.47%
– Swiss Opportunity (CHF) 0.31%
– US Income (USD) 0.13%
– US Opportunity (USD) 0.13%
– US Total Yield (USD) 0.13%
– USA Growth (USD) 0.23%
– USA Quantitative (USD) 0.17%

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Unaudited Information

Expense-Ratio (Securities Lending Agent)

UBS (Lux) Equity SICAV Percentage

– All China (USD) 0.13%
– Asian Smaller Companies (USD) 0.63%
– Emerging Markets Sustainable (USD) 0.09%
– Euro Countries Income (EUR) 0.19%
– European High Dividend (EUR) 0.15%
– European Opportunity Unconstrained (EUR) 0.18%
– German High Dividend (EUR) 0.52%
– Global Emerging Markets Opportunity (USD) 0.08%
– Global High Dividend (USD) 0.11%
– Global Impact (USD) 0.09%
– Global Income (USD) 0.14%
– Global Opportunity Unconstrained (USD) 0.07%
– Global Quantitative (USD) 0.11%
– Long Term Themes (USD) 0.08%
– Russia (USD) 0.14%
– Small Caps Europe (EUR) 0.19%
– Swiss Opportunity (CHF) 0.13%
– US Income (USD) 0.05%
– US Opportunity (USD) 0.05%
– US Total Yield (USD) 0.05%
– USA Growth (USD) 0.09%
– USA Quantitative (USD) 0.07%

UBS (Lux) Equity SICAV

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Unaudited Information

b) The Company engages in Synthetic Equity Swaps which qualify as Total Return Swaps (hereafter “TRS”) (as defined
in Article 3 of Regulation (EU) 2015/2365).

UBS (Lux) Equity SICAV

Global Data – European Opportunity – Global Opportunity

Unconstrained (EUR) Unconstrained (USD)
Amount engaged in TRS:

Notional value (Commitments in absolute value excluding

unrealised gains/losses): 101 302 204.69 EUR 3 070 898.62 USD
Notional value in % of Total Net Assets: 15.83% 4.69%

Detail on commitments may be found in Note 6.

Concentration Data

10 largest counterparties of total return swaps

There are two counterparties: Morgan Stanley & Co International PLC followed by Goldman Sachs Group Inc

Country in which the counterparties of the total return swaps are established

United Kingdom

Aggregate transaction data

Collateral on Synthetic Equity Swaps: 8 300 000.00 EUR - Cash

Maturity tenor of total return swaps broken down by maturity buckets:

UBS (Lux) Equity SICAV – European UBS (Lux) Equity SICAV – Global
Opportunity Unconstrained (EUR) Opportunity Unconstrained (USD)
Up to 1 day - -
1 day to 1 week - -
1 week to 1 month - -
1 month to 3 months - -
3 months to 1 year - -
Above 1 year 101 302 204.69 EUR 3 070 898.62 USD
Unlimited - -

Settlement and Clearing:

UBS (Lux) Equity SICAV – European UBS (Lux) Equity SICAV – Global
Opportunity Unconstrained (EUR) Opportunity Unconstrained (USD)
Settlement and clearing of trade
Central counterparty - -
Bilateral 101 302 204.69 EUR 3 070 898.62 USD
Tri-party - -

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Unaudited Information

Data on income and expense for total return swaps

There are no agreements on Total Return Swaps and 100% of the income/expenses generated are recognised in the
Statement of Operations.

The TRS transaction costs are not separately identifiable as explained in Note 9.

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Unaudited Information

Additional information on investment transactions with brokers that are connected persons of the fund

The average rate of commission on investment transactions executed with a broker that is a connected person in the
meaning of note 10 is as follows:

UBS (Lux) Equity SICAV Average rate of commission

– All China (USD) 0.12%
– Emerging Markets High Dividend (USD)* 0.18%
– Global Emerging Markets Opportunity (USD)** 0.00%
– Long Term Themes (USD) 0.17%
– Russia (USD) 0.02%
– US Total Yield (USD)** 0.00%
– USA Growth (USD)** 0.00%
* merged into UBS (Lux) Equity SICAV – Global Emerging Markets Opportunity (USD) as per 14 June 2019
** For the year ending as per 31 May 2020, there have not been any transactions with related parties.

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ab
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