# UBS (Lux) Key Selection SICAV
- Digital Transformation Dynamic (USD)

| Most important figures |  |
| --- | --- |
|  | ISIN | 31.3.2020 |
| Net assets in USD |  | 97 437 196.46 |
| Class P-acc 1 | LU2041032165 |  |
| Shares outstanding |  | 185 383.6370 |
| Net asset value per share in USD |  | 81.87 |
| Issue and redemption price per share in USD 2 |  | 82.03 |
| Class (CHF hedged) P-acc 1 | LU2041033056 |  |
| Shares outstanding |  | 85 965.5750 |
| Net asset value per share in CHF |  | 81.28 |
| Issue and redemption price per share in CHF 2 |  | 81.44 |
| Class (EUR hedged) P-acc 1 | LU2041032678 |  |
| Shares outstanding |  | 137 764.5550 |
| Net asset value per share in EUR |  | 81.21 |
| Issue and redemption price per share in EUR 2 |  | 81.37 |
| Class Q-acc 1 | LU2041032322 |  |
| Shares outstanding |  | 289 573.5700 |
| Net asset value per share in USD |  | 81.98 |
| Issue and redemption price per share in USD 2 |  | 82.14 |
| Class (CHF hedged) Q-acc 1 | LU2041033213 |  |
| Shares outstanding |  | 290 882.5570 |
| Net asset value per share in CHF |  | 81.39 |
| Issue and redemption price per share in CHF 2 |  | 81.55 |
| Class (EUR hedged) Q-acc 1 | LU2041032835 |  |
| Shares outstanding |  | 163 101.3750 |
| Net asset value per share in EUR |  | 81.32 |
| Issue and redemption price per share in EUR 2 |  | 81.48 |
| 1  First NAV: 29.1.2020 |  |  |
| 2  See note 1 |  |  |
|  |  | Structure of the Securities Portfolio |
|  |  | Geographical Breakdown as a % of net assets	 |
| United States | 66.27 |
| China | 10.17 |
| Luxembourg | 3.90 |
| Ireland | 1.92 |
| Taiwan | 1.67 |
| South Korea | 1.49 |
| The Netherlands | 1.44 |
| Canada | 1.41 |
| Bermuda | 1.14 |
| Germany | 0.91 |
| Total | 90.32 |

Economic Breakdown as a % of net assets	
| Internet, software & IT services | 27.24 |
| --- | --- |
| Countries & central governments | 19.03 |
| Electronics & semiconductors | 9.78 |
| Investment funds | 4.54 |
| Miscellaneous services | 4.30 |
| Banks & credit institutions | 3.96 |
| Computer hardware & network equipment providers | 3.44 |
| Retail trade, department stores | 3.21 |
| Finance & holding companies | 3.15 |
| Textiles, garments & leather goods | 2.42 |
| Healthcare & social services | 2.02 |
| Pharmaceuticals, cosmetics & medical products | 1.97 |
| Insurance | 1.46 |
| Miscellaneous unclassified companies | 1.16 |
| Graphic design, publishing & media | 1.12 |
| Telecommunications | 1.11 |
| Biotechnology | 0.41 |
| Total | 90.32 |

UBS (Lux) Key Selection SICAV – Digital Transformation Dynamic (USD)
Semi-Annual Report as of 31 March 2020

## Statement of Net Assets
Assets	31.3.2020
USD
Investments in securities, cost	100 289 516.46
| Investments in securities, unrealized appreciation (depreciation) | 	-12 281 292.86	 |
| --- | --- |
| Total investments in securities (Note 1) | 88 008 223.60 |
| Cash at banks, deposits on demand and deposit accounts | 60 563 105.52 |
| Other liquid assets (Margins) | 1 082 519.12 |
| Receivable on securities sales (Note 1) | 2 049.01 |
| Receivable on subscriptions | 992 671.31 |
| Receivable on dividends | 17 844.66 |
| Unrealized gain (loss) on financial futures (Note 1) | -496 085.58 |
| Unrealized gain (loss) on forward foreign exchange contracts (Note 1) | 188 705.79 |
| Total Assets | 150 359 033.43 |
|  |  |
| Liabilities |  |
| Bank overdraft | -52 428 472.30 |
| Payable on securities purchases (Note 1) | -396 788.03 |
| Payable on redemptions | -30 662.39 |
| Provisions for flat fee (Note 2) | -50 744.58 |
| Provisions for taxe d’abonnement (Note 3) | -11 705.21 |
| Provisions for other commissions and fees (Note 2) | 	-3 464.46	 |
| Total provisions | -65 914.25 |
| Total Liabilities | -52 921 836.97 |
|  |  |
| Net assets at the end of the period | 97 437 196.46 |
| Statement of Operations | USD |
| Income | 29.1.2020-31.3.2020 |
| Interest on liquid assets | 2 779.57 |
| Dividends (Note 1) | 45 269.88 |
| Other income (Note 4) | 17 067.78 |
| Total income | 65 117.23 |
|  |  |
| Expenses |  |
| Flat fee (Note 2) | -189 898.27 |
| Taxe d’abonnement (Note 3) | -11 705.21 |
| Other commissions and fees (Note 2) | -4 511.27 |
| Interest on cash and bank overdraft | -150.26 |
| Total expenses | -206 265.01 |
|  |  |
| Net income (loss) on investments | -141 147.78 |
|  |  |
| Realized gain (loss) (Note 1) |  |
| Realized gain (loss) on market-priced securities without options | -4 157 754.31 |
| Realized gain (loss) on yield-evaluated securities and money market instruments | 8 613.77 |
| Realized gain (loss) on financial futures | -4 348 337.14 |
| Realized gain (loss) on forward foreign exchange contracts | 983 385.41 |
| Realized gain (loss) on foreign exchange | -1 127 798.80 |
| Total realized gain (loss) | -8 641 891.07 |
|  |  |
| Net realized gain (loss) of the period | -8 783 038.85 |
|  |  |
| Changes in unrealized appreciation (depreciation) (Note 1) |  |
| Unrealized appreciation (depreciation) on market-priced securities without options | -12 306 745.77 |
| Unrealized appreciation (depreciation) on yield-evaluated securities and money market instruments | 25 452.91 |
| Unrealized appreciation (depreciation) on financial futures | -496 085.58 |
| Unrealized appreciation (depreciation) on forward foreign exchange contracts | 188 705.79 |
| Total changes in unrealized appreciation (depreciation) | -12 588 672.65 |
|  |  |
| Net increase (decrease) in net assets as a result of operations | -21 371 711.50 |

UBS (Lux) Key Selection SICAV – Digital Transformation Dynamic (USD) Semi-Annual Report as of 31 March 2020
| Statement of Changes in Net Assets |  |
| --- | --- |
|  | USD |
|  | 29.1.2020-31.3.2020 |
| Net assets at the beginning of the period | 0.00 |
| Subscriptions | 122 984 496.46 |
| Redemptions | 	-4 175 588.50	 |
| Total net subscriptions (redemptions) | 118 808 907.96 |
| Net income (loss) on investments | -141 147.78 |
| Total realized gain (loss) | -8 641 891.07 |
| Total changes in unrealized appreciation (depreciation) | 	-12 588 672.65	 |
| Net increase (decrease) in net assets as a result of operations | -21 371 711.50 |
| Net assets at the end of the period | 97 437 196.46 |
| Changes in the Number of Shares outstanding |  |
|  | 29.1.2020-31.3.2020 |
| Class | P-acc |
| Number of shares outstanding at the beginning of the period | 0.0000 |
| Number of shares issued | 195 734.3150 |
| Number of shares redeemed | -10 350.6780 |
| Number of shares outstanding at the end of the period | 185 383.6370 |
| Class | (CHF hedged) P-acc |
| Number of shares outstanding at the beginning of the period | 0.0000 |
| Number of shares issued | 89 121.7240 |
| Number of shares redeemed | -3 156.1490 |
| Number of shares outstanding at the end of the period | 85 965.5750 |
| Class | (EUR hedged) P-acc |
| Number of shares outstanding at the beginning of the period | 0.0000 |
| Number of shares issued | 154 195.8370 |
| Number of shares redeemed | -16 431.2820 |
| Number of shares outstanding at the end of the period | 137 764.5550 |
| Class | Q-acc |
| Number of shares outstanding at the beginning of the period | 0.0000 |
| Number of shares issued | 293 164.5700 |
| Number of shares redeemed | -3 591.0000 |
| Number of shares outstanding at the end of the period | 289 573.5700 |
| Class | (CHF hedged) Q-acc |
| Number of shares outstanding at the beginning of the period | 0.0000 |
| Number of shares issued | 298 966.8470 |
| Number of shares redeemed | -8 084.2900 |
| Number of shares outstanding at the end of the period | 290 882.5570 |
| Class | (EUR hedged) Q-acc |
| Number of shares outstanding at the beginning of the period | 0.0000 |
| Number of shares issued | 168 503.9360 |
| Number of shares redeemed | -5 402.5610 |
| Number of shares outstanding at the end of the period | 163 101.3750 |

UBS (Lux) Key Selection SICAV – Digital Transformation Dynamic (USD)
Semi-Annual Report as of 31 March 2020

## Statement of Investments in Securities and other Net Assets as of 31 March 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 | 49 287.00 | 1 115 364.81 | 1.15 |
| Total Bermuda |  | 1 115 364.81 | 1.15 |
| China |  |  |  |
| HKD	PING AN INSURANCE ‘H’CNY1 | 144 500.00 | 1 419 664.17 | 1.46 |
| HKD	TENCENT HLDGS LIMI HKD0.00002 | 39 900.00 | 1 957 189.49 | 2.01 |
| Total China |  | 3 376 853.66 | 3.47 |
| Germany |  |  |  |
| EUR	SAP AG ORD NPV | 7 890.00 | 889 970.70 | 0.91 |
| Total Germany |  | 889 970.70 | 0.91 |
| United States |  |  |  |
| USD	ARISTA NETWORKS IN COM USD0.0001 | 4 650.00 | 941 857.50 | 0.97 |
| USD	COUPA SOFTWARE INC COM USD0.0001 | 6 000.00 | 838 380.00 | 0.86 |
| USD	EPAM SYS INC COM USD0.001 | 3 753.00 | 696 781.98 | 0.71 |
| USD	HUBSPOT INC COM USD0.001 | 6 890.00 | 917 679.10 | 0.94 |
| USD	IAC INTERACTIVECOR COM USD0.001 | 6 026.00 | 1 080 039.98 | 1.11 |
| USD	INTUITIVE SURGICAL COM USD0.001 | 3 876.00 | 1 919 433.96 | 1.97 |
| USD	PROOFPOINT INC COM USD0.0001 | 4 905.00 | 503 203.95 | 0.52 |
| USD	QORVO INC COM USD 0.0001 | 11 903.00 | 959 738.89 | 0.98 |
| USD	S&P GLOBAL INC COM USD1 | 4 440.00 | 1 088 022.00 | 1.12 |
| USD	THE TRADE DESK INC COM USD0.000001 CL A | 3 711.00 | 716 223.00 | 0.74 |
| USD	TRANSUNION COM USD0.01 | 13 059.00 | 864 244.62 | 0.89 |
| USD	UNIVERSAL DISPLAY COM USD0.01 | 7 604.00 | 1 002 055.12 | 1.03 |
| USD	VARONIS SYSTEMS IN COM USD0.001 | 7 873.00 | 501 273.91 | 0.51 |
| USD	VERISK ANALYTICS I CL A USD0.001 | 9 954.00 | 1 387 388.52 | 1.42 |
| Total United States |  | 13 416 322.53 | 13.77 |
| Total Bearer shares |  | 18 798 511.70 | 19.30 |
| Registered shares |  |  |  |
| Canada |  |  |  |
| USD	LULULEMON ATHLETIC COM STK USD0.01	7 238.00 | 1 371 962.90 | 1.41 |
| Total Canada | 1 371 962.90 | 1.41 |
| Ireland |  |  |  |  |
| USD | ACCENTURE PLC SHS CL A ‘NEW’ | 7 584.00 | 1 238 163.84 | 1.27 |
| Total Ireland |  | 1 238 163.84 | 1.27 |
| The Netherlands |  |  |  |
| EUR	ASML HOLDING NV EUR0.09 | 5 263.00 | 1 400 106.75 | 1.44 |
| Total The Netherlands |  | 1 400 106.75 | 1.44 |
| United States |  |  |  |
| USD	10X GENOMICS INC COM USD0.00001 CLASS A | 6 334.00 | 394 734.88 | 0.40 |
| USD	ADOBE INC COM USD0.0001 | 4 910.00 | 1 562 558.40 | 1.60 |
| USD	ALPHABET INC CAP STK USD0.001 CL A | 1 374.00 | 1 596 519.30 | 1.64 |
| USD	AMAZON COM INC COM USD0.01 | 1 603.00 | 3 125 401.16 | 3.21 |
| USD	AMER EXPRESS CO COM USD0.20 | 9 384.00 | 803 364.24 | 0.82 |
| USD	ANALOG DEVICES INC COM | 13 695.00 | 1 227 756.75 | 1.26 |
| USD	APPLE INC COM NPV | 8 438.00 | 2 145 699.02 | 2.20 |
| USD	AUTODESK INC COM USD0.01 | 6 463.00 | 1 008 874.30 | 1.04 |
| USD	CISCO SYSTEMS COM USD0.001 | 30 787.00 | 1 210 236.97 | 1.24 |
| USD	FIDELITY NATL INF COM STK USD0.01 | 7 905.00 | 961 564.20 | 0.99 |
| USD	GLOBAL PAYMENTS COM NPV | 6 584.00 | 949 610.32 | 0.97 |
| USD	LAM RESEARCH CORP COM USD0.001 | 3 108.00 | 745 920.00 | 0.77 |
| USD	MASTERCARD INC COM USD0.0001 CLASS ‘A’ | 4 962.00 | 1 198 620.72 | 1.23 |
| USD	MICROSOFT CORP COM USD0.0000125 | 21 508.00 | 3 392 026.68 | 3.48 |
| USD	MSCI INC COM STK USS0.01 | 3 238.00 | 935 652.48 | 0.96 |
| USD	NETFLIX INC COM USD0.001 | 3 785.00 | 1 421 267.50 | 1.46 |
| USD	NIKE INC CLASS’B’COM NPV | 11 903.00 | 984 854.22 | 1.01 |
| USD	NVIDIA CORP COM USD0.001 | 4 209.00 | 1 109 492.40 | 1.14 |
| USD	PALO ALTO NETWORKS COM USD0.0001 | 5 948.00 | 975 234.08 | 1.00 |
| USD	SALESFORCE.COM INC COM USD0.001 | 10 690.00 | 1 539 146.20 | 1.58 |
| USD	SERVICENOW INC COM USD0.001 | 4 860.00 | 1 392 778.80 | 1.43 |
| USD	TWITTER INC COM USD0.000005 | 32 438.00 | 796 677.28 | 0.82 |
| USD	VISA INC COM STK USD0.0001 | 11 546.00 | 1 860 291.52 | 1.91 |
| USD	WALT DISNEY CO. DISNEY COM USD0.01 | 13 150.00 | 1 270 290.00 | 1.30 |
| Total United States |  | 32 608 571.42 | 33.46 |
| Total Registered shares |  | 36 618 804.91 | 37.58 |
| Depository receipts |  |  |  |
| China |  |  |  |
| USD	ALIBABA GROUP HLDG SPON ADS EACH REP ONE ORD-ADR | 10 850.00 | 2 110 108.00 | 2.17 |
| USD	NETEASE INC ADR REP 25 COM USD0.0001 | 4 140.00 | 1 328 774.40 | 1.36 |
| USD	NEW ORIENTAL ED & TECH GRP INC SPON ADR | 10 410.00 | 1 126 778.40 | 1.16 |
| USD	TAL EDUCATION GRP ADS EA REPR 2 CL A ORD SHS | 37 000.00 | 1 970 620.00 | 2.02 |
| Total China |  | 6 536 280.80 | 6.71 |
| South Korea |  |  |  |
| USD	SAMSUNG ELECTRONIC GDR REP 1/2 ORD REG’S’/144A | 1 463.00 | 1 452 759.00 | 1.49 |
| Total South Korea |  | 1 452 759.00 | 1.49 |
| UBS (Lux) Key Selection SICAV – Digital Transformation Dynamic (USD) Semi-Annual Report as of 31 March 2020 |  |  |  |

|  | Description | Quantity/ | Valuation in USD | as a % |
| --- | --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |
| Taiwan |  |  |  |  |
| USD | TAIWAN SEMICON MAN ADS REP 5 ORD TWD10 | 34 100.00 | 1 629 639.00 | 1.67 |
| Total Taiwan |  | 1 629 639.00 | 1.67 |
| Total Depository receipts |  | 9 618 678.80 | 9.87 |
| Total Transferable securities and money market instruments listed on an official stock exchange |  | 65 035 995.41 | 66.75 |
| Transferable securities and money market instruments traded on another regulated market |  |  |  |
| Treasury bills, zero coupon |  |  |  |
| USD |  |  |  |
| USD	AMERICA, UNITED STATES OF TB 0.00000% 12.09.19-10.09.20 | 5 950 000.00 | 5 946 947.65 | 6.10 |
| USD	AMERICA, UNITED STATES OF TB 0.00000% 17.10.19-16.04.20 | 6 150 000.00 | 6 149 807.81 | 6.31 |
| USD	AMERICA, UNITED STATES OF TB 0.00000%14.11.19-14.05.20 | 6 450 000.00 | 6 449 402.92 | 6.62 |
| Total USD |  | 18 546 158.38 | 19.03 |
| Total Treasury bills, zero coupon | 18 546 158.38 | 19.03 |
| Total Transferable securities and money market instruments traded on another regulated market | 18 546 158.38 | 19.03 |
| 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) ETF PLC - MSCI AUSTRALIA UCITS ETF-A-HEDGED USD	47 626.00 | 630 568.24 | 0.65 |
| Total Ireland | 630 568.24 | 0.65 |
| Luxembourg |  |  |
| USD	UBS ETF - MSCI EMU HEDGED TO USD UCITS ETF-A-CAP	93 088.00 | 2 236 439.20 | 2.29 |
| USD	UBS ETF SICAV-MSCI CANADA UCITS ETF HDG (USD)-A-CAP	46 278.00 | 803 108.41 | 0.82 |
| USD	UBS ETF-MSCI SWITZERLAND 20/35 HEDGED TO USD UCITS ETF-A-CAP	30 022.00 | 755 953.96 | 0.78 |
| Total Luxembourg | 3 795 501.57 | 3.89 |
| Total Investment funds, open end | 4 426 069.81 | 4.54 |
| Total UCITS/Other UCIs in accordance with Article 41 (1) e) of the amended Luxembourg law of 17 December 2010 | 4 426 069.81 | 4.54 |
| Total investments in securities | 88 008 223.60 | 90.32 |

| Derivative instruments |  |
| --- | --- |
| Derivative instruments listed on an official stock exchange |
| Financial Futures on bonds |
|  |  |  |  |
| USD	US 2YR TREASURY NOTE FUTURE 30.06.20 | 116.00 | -4 851.68 | 0.00 |
| USD	US 5YR TREASURY NOTE FUTURE 30.06.20 | 39.00 | 3 781.25 | 0.00 |
| Total Financial Futures on bonds |  | -1 070.43 | 0.00 |
| Financial Futures on Indices |  |  |  |
|  |  |  |  |
| EUR	EURO STOXX 50 INDEX FUTURE 19.06.20 | -72.00 | -338 918.58 | -0.35 |
| CHF	SWISS MARKET INDEX FUTURE 19.06.20 | -8.00 | -127 001.19 | -0.13 |
| AUD	SPI 200 INDEX FUTURES 18.06.20 | -7.00 | -29 990.45 | -0.03 |
| CAD	S&P/TSX 60 INDEX FUTURE 18.06.20 | -7.00 | 895.07 | 0.00 |
| Total Financial Futures on Indices |  | -495 015.15 | -0.51 |
| Total Derivative instruments listed on an official stock exchange |  | -496 085.58 | -0.51 |
| Total Derivative instruments |  | -496 085.58 | -0.51 |
| Forward Foreign Exchange contracts |  |  |  |
| Forward Foreign Exchange contracts (Purchase/Sale) |  |  |  |

| CHF | 28 271 400.00 | USD | 29 102 865.97 | 30.4.2020 | 163 264.30 | 0.16 |
| --- | --- | --- | --- | --- | --- | --- |
| EUR | 22 381 900.00 | USD | 24 503 903.32 | 30.4.2020 | 82 631.17 | 0.08 |
| EUR | 110 800.00 | USD | 122 471.21 | 30.4.2020 | -757.32 | 0.00 |
| CHF | 148 500.00 | USD | 154 556.45 | 30.4.2020 | -831.47 | 0.00 |
| EUR | 1 886 800.00 | USD | 2 094 140.83 | 30.4.2020 | -21 489.57 | -0.02 |
| CHF | 2 351 900.00 | USD | 2 466 672.03 | 30.4.2020 | -32 020.34 | -0.03 |
| CHF | 89 200.00 | USD | 93 095.58 | 30.4.2020 | -757.07 | 0.00 |
| EUR | 266 000.00 | USD | 293 535.12 | 30.4.2020 | -1 333.91 | 0.00 |
| Total Forward Foreign Exchange contracts (Purchase/Sale) | 188 705.79 | 0.19 |
|  |  |  |
| Cash at banks, deposits on demand and deposit accounts and other liquid assets | 61 645 624.64 | 63.27 |
| Bank overdraft and other short-term liabilities | -52 428 472.30 | -53.81 |
| Other assets and liabilities | 519 200.31 | 0.54 |
| Total net assets | 97 437 196.46 | 100.00 |

UBS (Lux) Key Selection SICAV – Digital Transformation Dynamic (USD)
Semi-Annual Report as of 31 March 2020

Translation (ENDE, 2020-03-31):
# UBS (Lux) Key Selection SICAV
- Digital Transformation Dynamic (USD)

| Wichtigste Daten |  |
| --- | --- |
|  | ISIN | 31.3.2020 |
| Nettovermögen in USD |  | 97 437 196.46 |
| Klasse P-acc 1 | LU2041032165 |  |
| Aktien im Umlauf |  | 185 383.6370 |
| Nettoinventarwert pro Aktie in USD |  | 81.87 |
| Ausgabe- und Rücknahmepreis pro Aktie in USD 2 |  | 82.03 |
| Klasse (CHF hedged) P-acc 1 | LU2041033056 |  |
| Aktien im Umlauf |  | 85 965.5750 |
| Nettoinventarwert pro Aktie in CHF |  | 81.28 |
| Ausgabe- und Rücknahmepreis pro Aktie in CHF 2 |  | 81.44 |
| Klasse (EUR hedged) P-acc 1 | LU2041032678 |  |
| Aktien im Umlauf |  | 137 764.5550 |
| Nettoinventarwert pro Aktie in EUR |  | 81.21 |
| Ausgabe- und Rücknahmepreis pro Aktie in EUR 2 |  | 81.37 |
| Klasse Q-acc 1 | LU2041032322 |  |
| Aktien im Umlauf |  | 289 573.5700 |
| Nettoinventarwert pro Aktie in USD |  | 81.98 |
| Ausgabe- und Rücknahmepreis pro Aktie in USD 2 |  | 82.14 |
| Klasse (CHF hedged) Q-acc 1 | LU2041033213 |  |
| Aktien im Umlauf |  | 290 882.5570 |
| Nettoinventarwert pro Aktie in CHF |  | 81.39 |
| Ausgabe- und Rücknahmepreis pro Aktie in CHF 2 |  | 81.55 |
| Klasse (EUR hedged) Q-acc 1 | LU2041032835 |  |
| Aktien im Umlauf |  | 163 101.3750 |
| Nettoinventarwert pro Aktie in EUR |  | 81.32 |
| Ausgabe- und Rücknahmepreis pro Aktie in EUR 2 |  | 81.48 |
| 1  Erste NAV 29.1.2020 |  |  |
| 2  Siehe Erläuterung 1 |  |  |
|  |  | Struktur des Wertpapierbestandes |
|  |  | Geographische Aufteilung in % des Nettovermögens	 |
| Vereinigte Staaten | 66.27 |
| China | 10.17 |
| Luxemburg | 3.90 |
| Irland | 1.92 |
| Taiwan | 1.67 |
| Südkorea | 1.49 |
| Niederlande | 1.44 |
| Kanada | 1.41 |
| Bermuda | 1.14 |
| Deutschland | 0.91 |
| Total | 90.32 |

Wirtschaftliche Aufteilung in % des Nettovermögens	
| Internet, Software & IT-Dienste | 27.24 |
| --- | --- |
| Länder- & Zentralregierungen | 19.03 |
| Elektronik & Halbleiter | 9.78 |
| Anlagefonds | 4.54 |
| Diverse Dienstleistungen | 4.30 |
| Banken & Kreditinstitute | 3.96 |
| Computer & Netzwerkausrüster | 3.44 |
| Detailhandel, Warenhäuser | 3.21 |
| Finanz- & Beteiligungsgesellschaften | 3.15 |
| Textilien, Kleidung & Lederwaren | 2.42 |
| Gesundheits- & Sozialwesen | 2.02 |
| Pharmazeutik, Kosmetik & medizinische Produkte | 1.97 |
| Versicherungen | 1.46 |
| Diverse nicht klassierte Gesellschaften | 1.16 |
| Grafisches Gewerbe, Verlage & Medien | 1.12 |
| Telekommunikation | 1.11 |
| Biotechnologie | 0.41 |
| Total | 90.32 |

UBS (Lux) Key Selection SICAV – Digital Transformation Dynamic (USD)
Halbjahresbericht per 31. März 2020

## Nettovermögensaufstellung
Aktiva	31.3.2020
USD
Wertpapierbestand, Einstandswert	100 289 516.46
| Wertpapierbestand, nicht realisierte Werterhöhung (-minderung) | 	-12 281 292.86	 |
| --- | --- |
| Total Wertpapierbestand (Erläuterung 1) | 88 008 223.60 |
| Bankguthaben, Sicht- und Fristgelder | 60 563 105.52 |
| Andere liquide Mittel (Margins) | 1 082 519.12 |
| Forderungen aus Wertpapierverkäufen (Erläuterung 1) | 2 049.01 |
| Forderungen aus Zeichnungen | 992 671.31 |
| Forderungen aus Dividenden | 17 844.66 |
| Nicht realisierter Kursgewinn (-verlust) aus Finanzterminkontrakten (Erläuterung 1) | -496 085.58 |
| Nicht realisierter Kursgewinn (-verlust) aus Devisenterminkontrakten (Erläuterung 1) | 188 705.79 |
| Total Aktiva | 150 359 033.43 |
|  |  |
| Passiva |  |
| Kontokorrentkredit | -52 428 472.30 |
| Verbindlichkeiten aus Wertpapierkäufen (Erläuterung 1) | -396 788.03 |
| Verbindlichkeiten aus Rücknahmen | -30 662.39 |
| Rückstellungen für pauschale Verwaltungskommission (Erläuterung 2) | -50 744.58 |
| Rückstellungen für Abonnementsabgabe (Erläuterung 3) | -11 705.21 |
| Rückstellungen für sonstige Kommissionen und Gebühren (Erläuterung 2) | 	-3 464.46	 |
| Total Rückstellungen für Aufwendungen | -65 914.25 |
| Total Passiva | -52 921 836.97 |
|  |  |
| Nettovermögen am Ende der Berichtsperiode | 97 437 196.46 |
| Ertrags- und Aufwandsrechnung | USD |
| Erträge | 29.1.2020-31.3.2020 |
| Zinsertrag auf liquide Mittel | 2 779.57 |
| Dividenden (Erläuterung 1) | 45 269.88 |
| Sonstige Erträge (Erläuterung 4) | 17 067.78 |
| Total Erträge | 65 117.23 |
|  |  |
| Aufwendungen |  |
| Pauschale Verwaltungskommission (Erläuterung 2) | -189 898.27 |
| Abonnementsabgabe (Erläuterung 3) | -11 705.21 |
| Sonstige Kommissionen und Gebühren (Erläuterung 2) | -4 511.27 |
| Zinsaufwand auf liquide Mittel und Kontokorrentkredit | -150.26 |
| Total Aufwendungen | -206 265.01 |
|  |  |
| Nettoerträge (-verluste) aus Anlagen | -141 147.78 |
|  |  |
| Realisierte Gewinne (Verluste) (Erläuterung 1) |  |
| Realisierter Kursgewinn (-verlust) aus marktbewerteten Wertpapieren ausser Optionen | -4 157 754.31 |
| Realisierter Kursgewinn (-verlust) aus renditebewerteten Wertpapieren und Geldmarktinstrumenten | 8 613.77 |
| Realisierter Kursgewinn (-verlust) aus Finanzterminkontrakten | -4 348 337.14 |
| Realisierter Kursgewinn (-verlust) aus Devisenterminkontrakten | 983 385.41 |
| Realisierter Währungsgewinn (-verlust) | -1 127 798.80 |
| Total der realisierten Gewinne (Verluste) | -8 641 891.07 |
|  |  |
| Realisierter Nettogewinn (-verlust) der Berichtsperiode | -8 783 038.85 |
|  |  |
| Veränderungen der nicht realisierten Werterhöhung (-minderung) (Erläuterung 1) |  |
| Nicht realisierte Werterhöhung (-minderung) marktbewerteter Wertpapiere ausser Optionen | -12 306 745.77 |
| Nicht realisierte Werterhöhung (-minderung) renditebewerteter Wertpapiere und Geldmarktinstrumente | 25 452.91 |
| Nicht realisierte Werterhöhung (-minderung) von Finanzterminkontrakten | -496 085.58 |
| Nicht realisierte Werterhöhung (-minderung) von Devisenterminkontrakten | 188 705.79 |
| Total der Veränderungen der nicht realisierten Werterhöhung (-minderung) | -12 588 672.65 |
|  |  |
| Nettoerhöhung (-minderung) des Nettovermögens infolge Geschäftstätigkeit | -21 371 711.50 |

UBS (Lux) Key Selection SICAV – Digital Transformation Dynamic (USD) Halbjahresbericht per 31. März 2020
| Veränderungen des Nettovermögens |  |
| --- | --- |
|  | USD |
|  | 29.1.2020-31.3.2020 |
| Nettovermögen zu Beginn der Berichtsperiode | 0.00 |
| Zeichnungen | 122 984 496.46 |
| Rücknahmen | 	-4 175 588.50	 |
| Total Mittelzufluss (-abfluss) | 118 808 907.96 |
| Nettoerträge (-verluste) aus Anlagen | -141 147.78 |
| Total der realisierten Gewinne (Verluste) | -8 641 891.07 |
| Total der Veränderungen der nicht realisierten Werterhöhung (-minderung) | 	-12 588 672.65	 |
| Nettoerhöhung (-minderung) des Nettovermögens infolge Geschäftstätigkeit | -21 371 711.50 |
| Nettovermögen am Ende der Berichtsperiode | 97 437 196.46 |
| Entwicklung der Aktien im Umlauf |  |
|  | 29.1.2020-31.3.2020 |
| Klasse | P-acc |
| Anzahl der Aktien im Umlauf zu Beginn der Berichtsperiode | 0.0000 |
| Anzahl der ausgegebenen Aktien | 195 734.3150 |
| Anzahl der zurückgegebenen Aktien | -10 350.6780 |
| Anzahl der Aktien im Umlauf am Ende der Berichtsperiode | 185 383.6370 |
| Klasse | (CHF hedged) P-acc |
| Anzahl der Aktien im Umlauf zu Beginn der Berichtsperiode | 0.0000 |
| Anzahl der ausgegebenen Aktien | 89 121.7240 |
| Anzahl der zurückgegebenen Aktien | -3 156.1490 |
| Anzahl der Aktien im Umlauf am Ende der Berichtsperiode | 85 965.5750 |
| Klasse | (EUR hedged) P-acc |
| Anzahl der Aktien im Umlauf zu Beginn der Berichtsperiode | 0.0000 |
| Anzahl der ausgegebenen Aktien | 154 195.8370 |
| Anzahl der zurückgegebenen Aktien | -16 431.2820 |
| Anzahl der Aktien im Umlauf am Ende der Berichtsperiode | 137 764.5550 |
| Klasse | Q-acc |
| Anzahl der Aktien im Umlauf zu Beginn der Berichtsperiode | 0.0000 |
| Anzahl der ausgegebenen Aktien | 293 164.5700 |
| Anzahl der zurückgegebenen Aktien | -3 591.0000 |
| Anzahl der Aktien im Umlauf am Ende der Berichtsperiode | 289 573.5700 |
| Klasse | (CHF hedged) Q-acc |
| Anzahl der Aktien im Umlauf zu Beginn der Berichtsperiode | 0.0000 |
| Anzahl der ausgegebenen Aktien | 298 966.8470 |
| Anzahl der zurückgegebenen Aktien | -8 084.2900 |
| Anzahl der Aktien im Umlauf am Ende der Berichtsperiode | 290 882.5570 |
| Klasse | (EUR hedged) Q-acc |
| Anzahl der Aktien im Umlauf zu Beginn der Berichtsperiode | 0.0000 |
| Anzahl der ausgegebenen Aktien | 168 503.9360 |
| Anzahl der zurückgegebenen Aktien | -5 402.5610 |
| Anzahl der Aktien im Umlauf am Ende der Berichtsperiode | 163 101.3750 |

UBS (Lux) Key Selection SICAV – Digital Transformation Dynamic (USD)
Halbjahresbericht per 31. März 2020

## Aufstellung der Wertpapierbestände und anderer Nettovermögenswerte per 31. März 2020
| Bezeichnung | Anzahl/ | Bewertung in USD | in % des |
| --- | --- | --- | --- |
|  | Nominal | NR Kursgewinn | Netto- |
|  |  | (-verlust) auf Futures/ | vermögens |
|  |  | Devisentermin- |  |
|  |  | kontrakten/ |  |
|  |  | Swaps (Erl. 1) |  |
| Wertpapiere und Geldmarktinstrumente, die an einer offiziellen Börse gehandelt werden |  |  |  |
| Inhaberaktien |  |  |  |
| Bermuda |  |  |  |
| USD	MARVELL TECH GROUP COM USD0.002 | 49 287.00 | 1 115 364.81 | 1.15 |
| Total Bermuda |  | 1 115 364.81 | 1.15 |
| China |  |  |  |
| HKD	PING AN INSURANCE ‘H’CNY1 | 144 500.00 | 1 419 664.17 | 1.46 |
| HKD	TENCENT HLDGS LIMI HKD0.00002 | 39 900.00 | 1 957 189.49 | 2.01 |
| Total China |  | 3 376 853.66 | 3.47 |
| Deutschland |  |  |  |
| EUR	SAP AG ORD NPV | 7 890.00 | 889 970.70 | 0.91 |
| Total Deutschland |  | 889 970.70 | 0.91 |
| Vereinigte Staaten |  |  |  |
| USD	ARISTA NETWORKS IN COM USD0.0001 | 4 650.00 | 941 857.50 | 0.97 |
| USD	COUPA SOFTWARE INC COM USD0.0001 | 6 000.00 | 838 380.00 | 0.86 |
| USD	EPAM SYS INC COM USD0.001 | 3 753.00 | 696 781.98 | 0.71 |
| USD	HUBSPOT INC COM USD0.001 | 6 890.00 | 917 679.10 | 0.94 |
| USD	IAC INTERACTIVECOR COM USD0.001 | 6 026.00 | 1 080 039.98 | 1.11 |
| USD	INTUITIVE SURGICAL COM USD0.001 | 3 876.00 | 1 919 433.96 | 1.97 |
| USD	PROOFPOINT INC COM USD0.0001 | 4 905.00 | 503 203.95 | 0.52 |
| USD	QORVO INC COM USD 0.0001 | 11 903.00 | 959 738.89 | 0.98 |
| USD	S&P GLOBAL INC COM USD1 | 4 440.00 | 1 088 022.00 | 1.12 |
| USD	THE TRADE DESK INC COM USD0.000001 CL A | 3 711.00 | 716 223.00 | 0.74 |
| USD	TRANSUNION COM USD0.01 | 13 059.00 | 864 244.62 | 0.89 |
| USD	UNIVERSAL DISPLAY COM USD0.01 | 7 604.00 | 1 002 055.12 | 1.03 |
| USD	VARONIS SYSTEMS IN COM USD0.001 | 7 873.00 | 501 273.91 | 0.51 |
| USD	VERISK ANALYTICS I CL A USD0.001 | 9 954.00 | 1 387 388.52 | 1.42 |
| Total Vereinigte Staaten |  | 13 416 322.53 | 13.77 |
| Total Inhaberaktien |  | 18 798 511.70 | 19.30 |
| Namensaktien |  |  |  |
| Kanada |  |  |  |
| USD	LULULEMON ATHLETIC COM STK USD0.01	7 238.00 | 1 371 962.90 | 1.41 |
| Total Kanada | 1 371 962.90 | 1.41 |
| Irland |  |  |  |  |
| USD | ACCENTURE PLC SHS CL A ‘NEW’ | 7 584.00 | 1 238 163.84 | 1.27 |
| Total Irland |  | 1 238 163.84 | 1.27 |
| Niederlande |  |  |  |
| EUR	ASML HOLDING NV EUR0.09 | 5 263.00 | 1 400 106.75 | 1.44 |
| Total Niederlande |  | 1 400 106.75 | 1.44 |
| Vereinigte Staaten |  |  |  |
| USD	10X GENOMICS INC COM USD0.00001 CLASS A | 6 334.00 | 394 734.88 | 0.40 |
| USD	ADOBE INC COM USD0.0001 | 4 910.00 | 1 562 558.40 | 1.60 |
| USD	ALPHABET INC CAP STK USD0.001 CL A | 1 374.00 | 1 596 519.30 | 1.64 |
| USD	AMAZON COM INC COM USD0.01 | 1 603.00 | 3 125 401.16 | 3.21 |
| USD	AMER EXPRESS CO COM USD0.20 | 9 384.00 | 803 364.24 | 0.82 |
| USD	ANALOG DEVICES INC COM | 13 695.00 | 1 227 756.75 | 1.26 |
| USD	APPLE INC COM NPV | 8 438.00 | 2 145 699.02 | 2.20 |
| USD	AUTODESK INC COM USD0.01 | 6 463.00 | 1 008 874.30 | 1.04 |
| USD	CISCO SYSTEMS COM USD0.001 | 30 787.00 | 1 210 236.97 | 1.24 |
| USD	FIDELITY NATL INF COM STK USD0.01 | 7 905.00 | 961 564.20 | 0.99 |
| USD	GLOBAL PAYMENTS COM NPV | 6 584.00 | 949 610.32 | 0.97 |
| USD	LAM RESEARCH CORP COM USD0.001 | 3 108.00 | 745 920.00 | 0.77 |
| USD	MASTERCARD INC COM USD0.0001 CLASS ‘A’ | 4 962.00 | 1 198 620.72 | 1.23 |
| USD	MICROSOFT CORP COM USD0.0000125 | 21 508.00 | 3 392 026.68 | 3.48 |
| USD	MSCI INC COM STK USS0.01 | 3 238.00 | 935 652.48 | 0.96 |
| USD	NETFLIX INC COM USD0.001 | 3 785.00 | 1 421 267.50 | 1.46 |
| USD	NIKE INC CLASS’B’COM NPV | 11 903.00 | 984 854.22 | 1.01 |
| USD	NVIDIA CORP COM USD0.001 | 4 209.00 | 1 109 492.40 | 1.14 |
| USD	PALO ALTO NETWORKS COM USD0.0001 | 5 948.00 | 975 234.08 | 1.00 |
| USD	SALESFORCE.COM INC COM USD0.001 | 10 690.00 | 1 539 146.20 | 1.58 |
| USD	SERVICENOW INC COM USD0.001 | 4 860.00 | 1 392 778.80 | 1.43 |
| USD	TWITTER INC COM USD0.000005 | 32 438.00 | 796 677.28 | 0.82 |
| USD	VISA INC COM STK USD0.0001 | 11 546.00 | 1 860 291.52 | 1.91 |
| USD	WALT DISNEY CO. DISNEY COM USD0.01 | 13 150.00 | 1 270 290.00 | 1.30 |
| Total Vereinigte Staaten |  | 32 608 571.42 | 33.46 |
| Total Namensaktien |  | 36 618 804.91 | 37.58 |
| Depository Receipts |  |  |  |
| China |  |  |  |
| USD	ALIBABA GROUP HLDG SPON ADS EACH REP ONE ORD-ADR | 10 850.00 | 2 110 108.00 | 2.17 |
| USD	NETEASE INC ADR REP 25 COM USD0.0001 | 4 140.00 | 1 328 774.40 | 1.36 |
| USD	NEW ORIENTAL ED & TECH GRP INC SPON ADR | 10 410.00 | 1 126 778.40 | 1.16 |
| USD	TAL EDUCATION GRP ADS EA REPR 2 CL A ORD SHS | 37 000.00 | 1 970 620.00 | 2.02 |
| Total China |  | 6 536 280.80 | 6.71 |
| Südkorea |  |  |  |
| USD	SAMSUNG ELECTRONIC GDR REP 1/2 ORD REG’S’/144A | 1 463.00 | 1 452 759.00 | 1.49 |
| Total Südkorea |  | 1 452 759.00 | 1.49 |
| UBS (Lux) Key Selection SICAV – Digital Transformation Dynamic (USD) Halbjahresbericht per 31. März 2020 |  |  |  |

|  | Bezeichnung | Anzahl/ | Bewertung in USD | in % des |
| --- | --- | --- | --- | --- |
|  | Nominal | NR Kursgewinn | Netto- |
|  |  | (-verlust) auf Futures/ | vermögens |
|  |  | Devisentermin- |  |
|  |  | kontrakten/ |  |
|  |  | Swaps (Erl. 1) |  |
| Taiwan |  |  |  |  |
| USD | TAIWAN SEMICON MAN ADS REP 5 ORD TWD10 | 34 100.00 | 1 629 639.00 | 1.67 |
| Total Taiwan | 1 629 639.00 | 1.67 |
| Total Depository Receipts | 9 618 678.80 | 9.87 |
| Total Wertpapiere und Geldmarktinstrumente, die an einer offiziellen Börse gehandelt werden | 65 035 995.41 | 66.75 |
| Wertpapiere und Geldmarktinstrumente, die an einem anderen geregelten Markt gehandelt werden |  |  |
| Treasury-Bills, Nullcoupon |  |  |
| USD |  |  |
| USD	AMERICA, UNITED STATES OF TB 0.00000% 12.09.19-10.09.20	5 950 000.00 | 5 946 947.65 | 6.10 |
| USD	AMERICA, UNITED STATES OF TB 0.00000% 17.10.19-16.04.20	6 150 000.00 | 6 149 807.81 | 6.31 |
| USD	AMERICA, UNITED STATES OF TB 0.00000%14.11.19-14.05.20	6 450 000.00 | 6 449 402.92 | 6.62 |
| Total USD | 18 546 158.38 | 19.03 |
| Total Treasury-Bills, Nullcoupon | 18 546 158.38 | 19.03 |
| Total Wertpapiere und Geldmarktinstrumente, die an einem anderen geregelten Markt gehandelt werden | 18 546 158.38 | 19.03 |

OGAW/Andere OGA im Sinne des Artikels 41 (1) e) des abgeänderten luxemburgischen Gesetzes vom 17. Dezember 2010
Investment Fonds, open end
Irland
| USD | UBS (IRL) ETF PLC - MSCI AUSTRALIA UCITS ETF-A-HEDGED USD | 47 626.00 | 630 568.24 | 0.65 |
| --- | --- | --- | --- | --- |
| Total Irland |  | 630 568.24 | 0.65 |
| Luxemburg |  |  |  |
| USD	UBS ETF - MSCI EMU HEDGED TO USD UCITS ETF-A-CAP | 93 088.00 | 2 236 439.20 | 2.29 |
| USD	UBS ETF SICAV-MSCI CANADA UCITS ETF HDG (USD)-A-CAP | 46 278.00 | 803 108.41 | 0.82 |
| USD	UBS ETF-MSCI SWITZERLAND 20/35 HEDGED TO USD UCITS ETF-A-CAP | 30 022.00 | 755 953.96 | 0.78 |
| Total Luxemburg | 3 795 501.57 | 3.89 |
| Total Investment Fonds, open end | 4 426 069.81 | 4.54 |
| Total OGAW/Andere OGA im Sinne des Artikels 41 (1) e) des abgeänderten luxemburgischen Gesetzes vom 17. Dezember 2010 | 4 426 069.81 | 4.54 |
| Total des Wertpapierbestandes | 88 008 223.60 | 90.32 |

| Derivative Instrumente |  |
| --- | --- |
| Derivative Instrumente, die an einer offiziellen Börse gehandelt werden |
| Finanzterminkontrakte auf Anleihen |
|  |  |  |  |
| USD	US 2YR TREASURY NOTE FUTURE 30.06.20 | 116.00 | -4 851.68 | 0.00 |
| USD	US 5YR TREASURY NOTE FUTURE 30.06.20 | 39.00 | 3 781.25 | 0.00 |
| Total Finanzterminkontrakte auf Anleihen |  | -1 070.43 | 0.00 |
| Finanzterminkontrakte auf Indizes |  |  |  |
|  |  |  |  |
| EUR	EURO STOXX 50 INDEX FUTURE 19.06.20 | -72.00 | -338 918.58 | -0.35 |
| CHF	SWISS MARKET INDEX FUTURE 19.06.20 | -8.00 | -127 001.19 | -0.13 |
| AUD	SPI 200 INDEX FUTURES 18.06.20 | -7.00 | -29 990.45 | -0.03 |
| CAD	S&P/TSX 60 INDEX FUTURE 18.06.20 | -7.00 | 895.07 | 0.00 |
| Total Finanzterminkontrakte auf Indizes |  | -495 015.15 | -0.51 |
| Total Derivative Instrumente, die an einer offiziellen Börse gehandelt werden |  | -496 085.58 | -0.51 |
| Total Derivative Instrumente |  | -496 085.58 | -0.51 |
| Devisenterminkontrakte |  |  |  |
| Devisenterminkontrakte (Kauf/Verkauf) |  |  |  |

| CHF | 28 271 400.00 | USD | 29 102 865.97 | 30.4.2020 | 163 264.30 | 0.16 |
| --- | --- | --- | --- | --- | --- | --- |
| EUR | 22 381 900.00 | USD | 24 503 903.32 | 30.4.2020 | 82 631.17 | 0.08 |
| EUR | 110 800.00 | USD | 122 471.21 | 30.4.2020 | -757.32 | 0.00 |
| CHF | 148 500.00 | USD | 154 556.45 | 30.4.2020 | -831.47 | 0.00 |
| EUR | 1 886 800.00 | USD | 2 094 140.83 | 30.4.2020 | -21 489.57 | -0.02 |
| CHF | 2 351 900.00 | USD | 2 466 672.03 | 30.4.2020 | -32 020.34 | -0.03 |
| CHF | 89 200.00 | USD | 93 095.58 | 30.4.2020 | -757.07 | 0.00 |
| EUR | 266 000.00 | USD | 293 535.12 | 30.4.2020 | -1 333.91 | 0.00 |
| Total Devisenterminkontrakte (Kauf/Verkauf) | 188 705.79 | 0.19 |
|  |  |  |
| Bankguthaben, Sicht- und Fristgelder und andere liquide Mittel | 61 645 624.64 | 63.27 |
| Kontokorrentkredit und andere kurzfristige Verbindlichkeiten | -52 428 472.30 | -53.81 |
| Andere Aktiva und Passiva | 519 200.31 | 0.54 |
| Total des Nettovermögens | 97 437 196.46 | 100.00 |

UBS (Lux) Key Selection SICAV – Digital Transformation Dynamic (USD)
Halbjahresbericht per 31. März 2020