# UBS (Lux) Equity Fund
– Sustainable Health Transformation (USD)
| Most important figures |  |
| --- | --- |
|  | ISIN | 31.5.2022 | 30.11.2021 | 30.11.2020 |
| Net assets in USD |  | 212 325 522.98 | 122 837 336.17 | 146 733 995.43 |
| Class F-acc 1 | LU2418149048 |  |  |  |
| Units outstanding |  | 617 120.5670 | - | - |
| Net asset value per unit in USD |  | 98.62 | - | - |
| Issue and redemption price per unit in USD 2 |  | 98.62 | - | - |
| Class P-acc | LU0085953304 |  |  |  |
| Units outstanding |  | 247 745.7740 | 234 899.6230 | 358 751.9580 |
| Net asset value per unit in USD |  | 382.61 | 402.80 | 350.35 |
| Issue and redemption price per unit in USD 2 |  | 382.61 | 402.80 | 350.35 |
| Class (CHF hedged) P-acc 3 | LU2402148493 |  |  |  |
| Units outstanding |  | 24 543.3880 | 100.0000 | - |
| Net asset value per unit in CHF |  | 92.02 | 97.88 | - |
| Issue and redemption price per unit in CHF 2 |  | 92.02 | 97.88 | - |
| Class (EUR hedged) P-acc 3 | LU2402148576 |  |  |  |
| Units outstanding |  | 7 468.1880 | 351.9650 | - |
| Net asset value per unit in EUR |  | 92.11 | 97.87 | - |
| Issue and redemption price per unit in EUR 2 |  | 92.11 | 97.87 | - |
| Class Q-acc | LU0358044559 |  |  |  |
| Units outstanding |  | 162 216.2360 | 105 237.1120 | 99 062.8980 |
| Net asset value per unit in USD |  | 235.25 | 246.68 | 212.44 |
| Issue and redemption price per unit in USD 2 |  | 235.25 | 246.68 | 212.44 |
| Class (CHF hedged) Q-acc 3 | LU2402148659 |  |  |  |
| Units outstanding |  | 141 579.4670 | 11 563.6390 | - |
| Net asset value per unit in CHF |  | 92.41 | 97.89 | - |
| Issue and redemption price per unit in CHF 2 |  | 92.41 | 97.89 | - |
| Class (EUR hedged) Q-acc 3 | LU2402148733 |  |  |  |
| Units outstanding |  | 17 894.6010 | 8 965.0000 | - |
| Net asset value per unit in EUR |  | 92.51 | 97.89 | - |
| Issue and redemption price per unit in EUR 2 |  | 92.51 | 97.89 | - |
| 1  First NAV: 7.3.2022 2  See note 1 3  First NAV: 26.11.2021 |  |  |  |  |

UBS (Lux) Equity Fund – Sustainable Health Transformation (USD) Semi-Annual Report as of 31 May 2022

## Structure of the Securities Portfolio
Geographical Breakdown as a % of net assets	
| United States | 62.64 |
| --- | --- |
| United Kingdom | 13.20 |
| Switzerland | 8.94 |
| Denmark | 3.43 |
| Japan | 2.98 |
| The Netherlands | 2.91 |
| Ireland | 1.57 |
| Germany | 0.95 |
| Canada | 0.80 |
| China | 0.60 |
| Belgium | 0.41 |
| Sweden | 0.30 |
| Hong Kong | 0.19 |
| Total | 98.92 |

Economic Breakdown as a % of net assets	
| Pharmaceuticals, cosmetics & medical products | 58.03 |
| --- | --- |
| Healthcare & social services | 15.90 |
| Biotechnology | 11.40 |
| Finance & holding companies | 5.95 |
| Electronics & semiconductors | 2.91 |
| Internet, software & IT services | 2.67 |
| Chemicals | 2.06 |
| Total | 98.92 |


## Statement of Net Assets
Assets	31.5.2022
USD
Investments in securities, cost	191 487 903.40
| Investments in securities, unrealized appreciation (depreciation) | 	18 537 820.65	 |
| --- | --- |
| Total investments in securities (Note 1) | 210 025 724.05 |
| Cash at banks, deposits on demand and deposit accounts | 1 718 351.10 |
| Receivable on subscriptions | 479 712.92 |
| Interest receivable on liquid assets | 11.06 |
| Receivable on dividends | 142 396.21 |
| Prepaid expenses | 59 885.21 |
| Other receivables | 86 586.20 |
| Unrealized gain on forward foreign exchange contracts (Note 1) | 620 120.96 |
| Total Assets | 213 132 787.71 |
|  |  |
| Liabilities |  |
| Bank overdraft | -295 345.73 |
| Payable on securities purchases (Note 1) | -250.48 |
| Payable on redemptions | -275 289.75 |
| Provisions for flat fee (Note 2) | -218 345.38 |
| Provisions for taxe d’abonnement (Note 3) | -13 712.07 |
| Provisions for other commissions and fees (Note 2) | 	-4 321.32	 |
| Total provisions | -236 378.77 |
| Total Liabilities | -807 264.73 |
|  |  |
| Net assets at the end of the period | 212 325 522.98 |
| Statement of Operations | USD |
| Income | 1.12.2021-31.5.2022 |
| Interest on liquid assets | 18.00 |
| Dividends | 1 254 866.21 |
| Net income on securities lending (Note 10) | 8 273.43 |
| Other income (Note 4) | 114 781.23 |
| Total income | 1 377 938.87 |
|  |  |
| Expenses |  |
| Flat fee (Note 2) | -1 154 163.70 |
| Taxe d’abonnement (Note 3) | -41 808.66 |
| Other commissions and fees (Note 2) | -31 809.74 |
| Interest on cash and bank overdraft | -2 581.07 |
| Total expenses | -1 230 363.17 |
|  |  |
| Net income (loss) on investments | 147 575.70 |
|  |  |
| Realized gain (loss) (Note 1) |  |
| Realized gain (loss) on market-priced securities without options | -130 629.97 |
| Realized gain (loss) on forward foreign exchange contracts | -971 117.95 |
| Realized gain (loss) on foreign exchange | -266 264.88 |
| Total realized gain (loss) | -1 368 012.80 |
|  |  |
| Net realized gain (loss) of the period | -1 220 437.10 |
|  |  |
| Changes in unrealized appreciation (depreciation) (Note 1) |  |
| Unrealized appreciation (depreciation) on market-priced securities without options | -8 552 397.43 |
| Unrealized appreciation (depreciation) on forward foreign exchange contracts | 603 430.66 |
| Total changes in unrealized appreciation (depreciation) | -7 948 966.77 |
|  |  |
| Net increase (decrease) in net assets as a result of operations | -9 169 403.87 |

UBS (Lux) Equity Fund – Sustainable Health Transformation (USD)
Semi-Annual Report as of 31 May 2022
| Statement of Changes in Net Assets |  |
| --- | --- |
|  | USD |
|  | 1.12.2021-31.5.2022 |
| Net assets at the beginning of the period | 122 837 336.17 |
| Subscriptions | 118 394 179.85 |
| Redemptions | 	-19 736 589.17	 |
| Total net subscriptions (redemptions) | 98 657 590.68 |
| Net income (loss) on investments | 147 575.70 |
| Total realized gain (loss) | -1 368 012.80 |
| Total changes in unrealized appreciation (depreciation) | 	-7 948 966.77	 |
| Net increase (decrease) in net assets as a result of operations | -9 169 403.87 |
| Net assets at the end of the period | 212 325 522.98 |
| Development of the outstanding units |  |
|  | 1.12.2021-31.5.2022 |
| Class | F-acc |
| Number of units outstanding at the beginning of the period | 0.0000 |
| Number of units issued | 647 394.7850 |
| Number of units redeemed | -30 274.2180 |
| Number of units outstanding at the end of the period | 617 120.5670 |
| Class | P-acc |
| Number of units outstanding at the beginning of the period | 234 899.6230 |
| Number of units issued | 41 459.6400 |
| Number of units redeemed | -28 613.4890 |
| Number of units outstanding at the end of the period | 247 745.7740 |
| Class | (CHF hedged) P-acc |
| Number of units outstanding at the beginning of the period | 100.0000 |
| Number of units issued | 24 852.4410 |
| Number of units redeemed | -409.0530 |
| Number of units outstanding at the end of the period | 24 543.3880 |
| Class | (EUR hedged) P-acc |
| Number of units outstanding at the beginning of the period | 351.9650 |
| Number of units issued | 8 683.1820 |
| Number of units redeemed | -1 566.9590 |
| Number of units outstanding at the end of the period | 7 468.1880 |
| Class | Q-acc |
| Number of units outstanding at the beginning of the period | 105 237.1120 |
| Number of units issued | 67 958.6010 |
| Number of units redeemed | -10 979.4770 |
| Number of units outstanding at the end of the period | 162 216.2360 |
| Class | (CHF hedged) Q-acc |
| Number of units outstanding at the beginning of the period | 11 563.6390 |
| Number of units issued | 144 458.8280 |
| Number of units redeemed | -14 443.0000 |
| Number of units outstanding at the end of the period | 141 579.4670 |
| Class | (EUR hedged) Q-acc |
| Number of units outstanding at the beginning of the period | 8 965.0000 |
| Number of units issued | 18 079.6010 |
| Number of units redeemed | -9 150.0000 |
| Number of units outstanding at the end of the period | 17 894.6010 |

UBS (Lux) Equity Fund – Sustainable Health Transformation (USD) Semi-Annual Report as of 31 May 2022

## Statement of Investments in Securities and other Net Assets as of 31 May 2022
| 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 |  |  |  |
| Equities |  |  |  |
| Belgium |  |  |  |
| EUR	GALAPAGOS NV NPV | 15 533.00 | 859 275.46 | 0.41 |
| Total Belgium |  | 859 275.46 | 0.41 |
| Canada |  |  |  |
| USD	BAUSCH PLUS LOMB C COM NPV | 100 400.00 | 1 707 804.00 | 0.80 |
| Total Canada |  | 1 707 804.00 | 0.80 |
| China |  |  |  |
| HKD	HANGZHOU TIGERMED NPV | 58 300.00 | 562 523.98 | 0.26 |
| CNY	JIANGSU HENGRUI ME ‘A’CNY1 | 157 800.00 | 718 743.53 | 0.34 |
| Total China |  | 1 281 267.51 | 0.60 |
| Denmark |  |  |  |
| DKK	GENMAB AS DKK1 (BEARER) | 23 937.00 | 7 282 828.68 | 3.43 |
| Total Denmark |  | 7 282 828.68 | 3.43 |
| Germany |  |  |  |
| USD	BIONTECH SE SPON ADS EACH REP 1 ORD SHS | 12 345.00 | 2 016 679.20 | 0.95 |
| Total Germany |  | 2 016 679.20 | 0.95 |
| Hong Kong |  |  |  |
| HKD	ALIBABA HEALTH INF HKD0.01 | 782 000.00 | 398 697.35 | 0.19 |
| Total Hong Kong |  | 398 697.35 | 0.19 |
| Ireland |  |  |  |
| USD	ICON ORD EUR0.06 | 14 900.00 | 3 334 471.00 | 1.57 |
| Total Ireland |  | 3 334 471.00 | 1.57 |
| Japan |  |  |  |
| JPY	CHUGAI PHARM CO NPV | 169 900.00 | 4 659 389.79 | 2.20 |
| JPY	KISSEI PHARM CO NPV | 84 500.00 | 1 656 566.52 | 0.78 |
| Total Japan |  | 6 315 956.31 | 2.98 |
| The Netherlands |  |  |  |
| EUR	KONINKLIJKE PHILIPS NV EUR0.20 | 231 910.00 | 5 959 921.76 | 2.81 |
| Total The Netherlands |  | 5 959 921.76 | 2.81 |
| Sweden |  |  |  |
| USD	OLINK HLDG AB ADS EACH REPR 1 ORD SH | 55 000.00 | 646 800.00 | 0.30 |
| Total Sweden |  | 646 800.00 | 0.30 |
| Switzerland |  |  |  |
| CHF	ALCON AG CHF0.04 | 83 660.00 | 6 266 535.91 | 2.95 |
| CHF	NOVARTIS AG CHF0.50(REGD) | 140 322.00 | 12 715 423.21 | 5.99 |
| Total Switzerland |  | 18 981 959.12 | 8.94 |
| United Kingdom |  |  |  |
| GBP	ASTRAZENECA ORD USD0.25 | 110 945.00 | 14 617 199.23 | 6.88 |
| GBP	GLAXOSMITHKLINE ORD GBP0.25 | 425 333.00 | 9 287 553.44 | 4.37 |
| USD	LIVANOVA PLC ORD GBP1.00 (DI) | 60 700.00 | 4 131 849.00 | 1.95 |
| Total United Kingdom |  | 28 036 601.67 | 13.20 |
| United States |  |  |  |
| USD	ABBOTT LABS COM | 79 419.00 | 9 328 555.74 | 4.39 |
| USD	ABBVIE INC COM USD0.01 | 98 714.00 | 14 547 482.18 | 6.85 |
| USD	ALNYLAM PHARMACEUTICALS INC COM | 13 155.00 | 1 654 899.00 | 0.78 |
| USD	AMERICAN WELL CORP COM USD0.01 CL A | 161 464.00 | 610 333.92 | 0.29 |
| USD	AVANTOR INC COM USD0.01 | 136 659.00 | 4 378 554.36 | 2.06 |
| USD	BIO RAD LABS INC CL A | 11 032.00 | 5 932 899.28 | 2.79 |
| USD	BLUEPRINT MEDICINE COM USD0.001 | 9 059.00 | 498 245.00 | 0.23 |
| USD	CENTENE CORP DEL COM | 106 740.00 | 8 692 905.60 | 4.09 |
| USD	CHANGE HEALTHCARE COM USD0.001 | 100 107.00 | 2 411 577.63 | 1.14 |
| USD	DENALI THERAPEUTIC COM USD0.01 | 27 572.00 | 669 723.88 | 0.32 |
| USD	DEXCOM INC COM | 14 643.00 | 4 362 735.42 | 2.05 |
| USD	ELI LILLY AND CO COM NPV | 46 072.00 | 14 440 807.68 | 6.80 |
| USD	INTELLIA THERAPEUT COM USD0.0001 | 11 556.00 | 533 193.84 | 0.25 |
| USD	INTUITIVE SURGICAL COM USD0.001 | 22 272.00 | 5 069 998.08 | 2.39 |
| USD	KARUNA THERAPEUTICS INC COM USD0.0001 | 9 903.00 | 1 033 080.96 | 0.49 |
| USD	LAB CORP AMER HLDG COM USD0.1 | 34 722.00 | 8 566 611.84 | 4.03 |
| USD	MARAVAI LIFESCIENC USD0.01 A | 90 685.00 | 2 824 837.75 | 1.33 |
| USD	MIRATI THERAPEUTIC COM NPV | 10 487.00 | 410 670.92 | 0.19 |
| USD	OPTION CARE HEALTH COM USD0.0001(POST REV SPLT) | 178 260.00 | 5 411 973.60 | 2.55 |
| USD	OUTSET MEDICAL INC COM USD0.001 | 44 369.00 | 967 244.20 | 0.46 |
| USD	PRELUDE THERAPEUTI COM USD0.0001 | 60 646.00 | 254 713.20 | 0.12 |
| USD	SEAGEN INC COM USD0.001 | 27 711.00 | 3 759 828.48 | 1.77 |
| USD	SILK ROAD MEDICAL COM USD0.001 | 33 552.00 | 1 114 597.44 | 0.53 |
| USD	SYNEOS HEALTH INC COM USD0.01 CL A | 42 513.00 | 3 141 285.57 | 1.48 |
| USD	UNITEDHEALTH GRP COM USD0.01 | 42 123.00 | 20 925 863.94 | 9.86 |
| USD	VEEVA SYSTEMS INC COM USD0.00001 CL ‘A’ | 13 159.00 | 2 240 451.34 | 1.06 |
| USD	VERTEX PHARMACEUTI COM USD0.01 | 34 277.00 | 9 208 516.05 | 4.34 |
| Total United States |  | 132 991 586.90 | 62.64 |
| Total Equities |  | 209 813 848.96 | 98.82 |
| Total Transferable securities and money market instruments listed on an official stock exchange |  | 209 813 848.96 | 98.82 |

UBS (Lux) Equity Fund – Sustainable Health Transformation (USD)
Semi-Annual Report as of 31 May 2022
| 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
Rights
The Netherlands
| EUR | KONINKLIJKE PHILIPS-SCRIP(STOCK DIVIDEND) RIGHTS 03.06.22 | 231 910.00 | 211 875.09 | 0.10 |
| --- | --- | --- | --- | --- |
| Total The Netherlands | 211 875.09 | 0.10 |
| Total Rights | 211 875.09 | 0.10 |
| Total Transferable securities and money market instruments not listed on an official stock exchange and not traded on another regulated market | 211 875.09 | 0.10 |
| Total investments in securities | 210 025 724.05 | 98.92 |
| Forward Foreign Exchange contracts |  |  |
| Currency purchased/Amount purchased/Currency sold/Amount sold/Maturity date |  |  |

| CHF | 14 554 200.00 | USD | 14 637 752.29 | 21.6.2022 | 560 244.78 | 0.26 |
| --- | --- | --- | --- | --- | --- | --- |
| EUR | 2 260 400.00 | USD | 2 382 636.56 | 21.6.2022 | 40 971.52 | 0.02 |
| CHF | 447 300.00 | USD | 450 147.05 | 21.6.2022 | 16 939.02 | 0.01 |
| EUR | 28 700.00 | USD | 30 210.11 | 21.6.2022 | 562.12 | 0.00 |
| CHF | 228 300.00 | USD | 237 293.86 | 21.6.2022 | 1 104.87 | 0.00 |
| EUR | 10 300.00 | USD | 10 997.85 | 21.6.2022 | 45.84 | 0.00 |
| USD | 184 873.46 | CHF | 176 800.00 | 21.6.2022 | 252.81 | 0.00 |
| Total Forward Foreign Exchange contracts | 620 120.96 | 0.29 |
|  |  |  |
| Cash at banks, deposits on demand and deposit accounts and other liquid assets | 1 718 351.10 | 0.81 |
| Bank overdraft and other short-term liabilities | -295 345.73 | -0.14 |
| Other assets and liabilities | 256 672.60 | 0.12 |
| Total net assets | 212 325 522.98 | 100.00 |

UBS (Lux) Equity Fund – Sustainable Health Transformation (USD) Semi-Annual Report as of 31 May 2022

Translation (ENFR, 2022-05-31):
# UBS (Lux) Equity Fund
– Sustainable Health Transformation (USD)
| Données principales |  |
| --- | --- |
|  | ISIN | 31.5.2022 | 30.11.2021 | 30.11.2020 |
| Actif net en USD |  | 212 325 522.98 | 122 837 336.17 | 146 733 995.43 |
| Catégorie F-acc 1 | LU2418149048 |  |  |  |
| Parts en circulation |  | 617 120.5670 | - | - |
| Valeur nette d’inventaire par part en USD |  | 98.62 | - | - |
| Prix d’émission et de rachat par part en USD 2 |  | 98.62 | - | - |
| Catégorie P-acc | LU0085953304 |  |  |  |
| Parts en circulation |  | 247 745.7740 | 234 899.6230 | 358 751.9580 |
| Valeur nette d’inventaire par part en USD |  | 382.61 | 402.80 | 350.35 |
| Prix d’émission et de rachat par part en USD 2 |  | 382.61 | 402.80 | 350.35 |
| Catégorie (CHF hedged) P-acc 3 | LU2402148493 |  |  |  |
| Parts en circulation |  | 24 543.3880 | 100.0000 | - |
| Valeur nette d’inventaire par part en CHF |  | 92.02 | 97.88 | - |
| Prix d’émission et de rachat par part en CHF 2 |  | 92.02 | 97.88 | - |
| Catégorie (EUR hedged) P-acc 3 | LU2402148576 |  |  |  |
| Parts en circulation |  | 7 468.1880 | 351.9650 | - |
| Valeur nette d’inventaire par part en EUR |  | 92.11 | 97.87 | - |
| Prix d’émission et de rachat par part en EUR 2 |  | 92.11 | 97.87 | - |
| Catégorie Q-acc | LU0358044559 |  |  |  |
| Parts en circulation |  | 162 216.2360 | 105 237.1120 | 99 062.8980 |
| Valeur nette d’inventaire par part en USD |  | 235.25 | 246.68 | 212.44 |
| Prix d’émission et de rachat par part en USD 2 |  | 235.25 | 246.68 | 212.44 |
| Catégorie (CHF hedged) Q-acc 3 | LU2402148659 |  |  |  |
| Parts en circulation |  | 141 579.4670 | 11 563.6390 | - |
| Valeur nette d’inventaire par part en CHF |  | 92.41 | 97.89 | - |
| Prix d’émission et de rachat par part en CHF 2 |  | 92.41 | 97.89 | - |
| Catégorie (EUR hedged) Q-acc 3 | LU2402148733 |  |  |  |
| Parts en circulation |  | 17 894.6010 | 8 965.0000 | - |
| Valeur nette d’inventaire par part en EUR |  | 92.51 | 97.89 | - |
| Prix d’émission et de rachat par part en EUR 2 |  | 92.51 | 97.89 | - |
| 1  Première VNI 7.3.2022 2  Voir note 1 3  Première VNI 26.11.2021 |  |  |  |  |


## Structure du portefeuille-titres
Répartition géographique en % de l’actif net	
| Etats-Unis | 62.64 |
| --- | --- |
| Grande-Bretagne | 13.20 |
| Suisse | 8.94 |
| Danemark | 3.43 |
| Japon | 2.98 |
| Pays-Bas | 2.91 |
| Irlande | 1.57 |
| Allemagne | 0.95 |
| Canada | 0.80 |
| Chine | 0.60 |
| Belgique | 0.41 |
| Suède | 0.30 |
| Hong Kong | 0.19 |
| Total | 98.92 |

Répartition économique en % de l’actif net	
| Produits pharmaceutiques, cosmétiques & médicaux | 58.03 |
| --- | --- |
| Soins de santé & services sociaux | 15.90 |
| Biotechnologie | 11.40 |
| Etablissements financiers et sociétés de participation | 5.95 |
| Electronique et semi-conducteurs | 2.91 |
| Internet, logiciels et services informatiques | 2.67 |
| Chimie | 2.06 |
| Total | 98.92 |

UBS (Lux) Equity Fund – Sustainable Health Transformation (USD)
Rapport semestriel au 31 mai 2022

## Etat des actifs nets
Actif	31.5.2022
USD
Portefeuille-titres, cours d’achat	191 487 903.40
| Portefeuille-titres, plus- (moins-) value non-réalisée | 	18 537 820.65	 |
| --- | --- |
| Total portefeuille-titres (note 1) | 210 025 724.05 |
| Avoirs en banque, dépôts à vue et à terme | 1 718 351.10 |
| A recevoir sur souscriptions | 479 712.92 |
| Intérêts à recevoir sur liquidités | 11.06 |
| A recevoir sur dividendes | 142 396.21 |
| Frais payés d’avance | 59 885.21 |
| Autres créances | 86 586.20 |
| Bénéfice non réalisé sur contrats de change à terme (note 1) | 620 120.96 |
| Total Actif | 213 132 787.71 |
|  |  |
| Passif |  |
| Crédit en compte courant | -295 345.73 |
| A payer sur achats de titres (note 1) | -250.48 |
| A payer sur rachats | -275 289.75 |
| Provisions pour commission de gestion forfaitaire (note 2) | -218 345.38 |
| Provisions pour taxe d’abonnement (note 3) | -13 712.07 |
| Provisions pour autres commissions et frais (note 2) | 	-4 321.32	 |
| Total des Provisions pour frais | -236 378.77 |
| Total Passif | -807 264.73 |
|  |  |
| Actifs nets à la fin de la période | 212 325 522.98 |
| Etat des opérations | USD |
| Revenus | 1.12.2021-31.5.2022 |
| Revenus d’intérêts sur liquidités | 18.00 |
| Dividendes | 1 254 866.21 |
| Revenus nets sur prêts de titres (note 10) | 8 273.43 |
| Autres revenus (note 4) | 114 781.23 |
| Total des Revenus | 1 377 938.87 |
|  |  |
| Charges |  |
| Commission de gestion forfaitaire (note 2) | -1 154 163.70 |
| Taxe d’abonnement (note 3) | -41 808.66 |
| Autres commissions et frais (note 2) | -31 809.74 |
| Charges d’intérêts sur liquidités et crédit en compte courant | -2 581.07 |
| Total des Charges | -1 230 363.17 |
|  |  |
| Revenus (Pertes) net(te)s des investissements | 147 575.70 |
|  |  |
| Bénéfices (pertes) réalisé(e)s (note 1) |  |
| Bénéfice (perte) réalisé(e) sur titres évalués à la valeur de marché hors options | -130 629.97 |
| Bénéfice (perte) réalisé(e) sur contrats de change à terme | -971 117.95 |
| Bénéfice (perte) réalisé(e) de change réalisé(e) | -266 264.88 |
| Total des Bénéfices (pertes) réalisé(e)s | -1 368 012.80 |
|  |  |
| Bénéfice (perte) net(te) réalisé(e) au cours de la période | -1 220 437.10 |
|  |  |
| Variations des plus- (moins-) values non-réalisées (note 1) |  |
| Plus- (Moins-) value non réalisée sur titres évalués à la valeur de marché hors options | -8 552 397.43 |
| Plus- (Moins-) value non réalisée sur contrats de change à terme | 603 430.66 |
| Total des Variations des plus- (moins-) values non-réalisées | -7 948 966.77 |
|  |  |
| Augmentation/(diminution) nette de l’actif net issue de l’activité | -9 169 403.87 |

UBS (Lux) Equity Fund – Sustainable Health Transformation (USD) Rapport semestriel au 31 mai 2022
| Variations de l’actif net |  |
| --- | --- |
|  | USD |
|  | 1.12.2021-31.5.2022 |
| Actif net au début de la période | 122 837 336.17 |
| Souscriptions | 118 394 179.85 |
| Rachats | 	-19 736 589.17	 |
| Souscriptions (Rachats) net(te)s | 98 657 590.68 |
| Revenus (Pertes) net(te)s des investissements | 147 575.70 |
| Total des Bénéfices (pertes) réalisé(e)s | -1 368 012.80 |
| Total des Variations des plus- (moins-) values non-réalisées | 	-7 948 966.77	 |
| Augmentation/(diminution) nette de l’actif net issue de l’activité | -9 169 403.87 |
| Actifs nets à la fin de la période | 212 325 522.98 |
| Evolution des parts en circulation |  |
|  | 1.12.2021-31.5.2022 |
| Catégorie | F-acc |
| Nombre de parts en circulation au début de la période | 0.0000 |
| Nombre de parts émises | 647 394.7850 |
| Nombre de parts rachetées | -30 274.2180 |
| Nombre de parts en circulation à la fin de la période | 617 120.5670 |
| Catégorie | P-acc |
| Nombre de parts en circulation au début de la période | 234 899.6230 |
| Nombre de parts émises | 41 459.6400 |
| Nombre de parts rachetées | -28 613.4890 |
| Nombre de parts en circulation à la fin de la période | 247 745.7740 |
| Catégorie | (CHF hedged) P-acc |
| Nombre de parts en circulation au début de la période | 100.0000 |
| Nombre de parts émises | 24 852.4410 |
| Nombre de parts rachetées | -409.0530 |
| Nombre de parts en circulation à la fin de la période | 24 543.3880 |
| Catégorie | (EUR hedged) P-acc |
| Nombre de parts en circulation au début de la période | 351.9650 |
| Nombre de parts émises | 8 683.1820 |
| Nombre de parts rachetées | -1 566.9590 |
| Nombre de parts en circulation à la fin de la période | 7 468.1880 |
| Catégorie | Q-acc |
| Nombre de parts en circulation au début de la période | 105 237.1120 |
| Nombre de parts émises | 67 958.6010 |
| Nombre de parts rachetées | -10 979.4770 |
| Nombre de parts en circulation à la fin de la période | 162 216.2360 |
| Catégorie | (CHF hedged) Q-acc |
| Nombre de parts en circulation au début de la période | 11 563.6390 |
| Nombre de parts émises | 144 458.8280 |
| Nombre de parts rachetées | -14 443.0000 |
| Nombre de parts en circulation à la fin de la période | 141 579.4670 |
| Catégorie | (EUR hedged) Q-acc |
| Nombre de parts en circulation au début de la période | 8 965.0000 |
| Nombre de parts émises | 18 079.6010 |
| Nombre de parts rachetées | -9 150.0000 |
| Nombre de parts en circulation à la fin de la période | 17 894.6010 |

UBS (Lux) Equity Fund – Sustainable Health Transformation (USD)
Rapport semestriel au 31 mai 2022

## Etat du portefeuille-titres et autres actifs nets au 31 mai 2022
| Dénomination | Nombre/ | Evaluation en USD | en % |
| --- | --- | --- | --- |
|  | Nominal | Bénéfice/(perte) non | de |
|  |  | réalisé(e) sur futures/ | l’actif |
|  |  | Contrats de | net |
|  |  | change à terme/ |  |
|  |  | swaps (note 1) |  |
| Titres et instruments du marché monétaire négociés sur une bourse officielle |  |  |  |
| Actions |  |  |  |
| Belgique |  |  |  |
| EUR	GALAPAGOS NV NPV | 15 533.00 | 859 275.46 | 0.41 |
| Total Belgique |  | 859 275.46 | 0.41 |
| Canada |  |  |  |
| USD	BAUSCH PLUS LOMB C COM NPV | 100 400.00 | 1 707 804.00 | 0.80 |
| Total Canada |  | 1 707 804.00 | 0.80 |
| Chine |  |  |  |
| HKD	HANGZHOU TIGERMED NPV | 58 300.00 | 562 523.98 | 0.26 |
| CNY	JIANGSU HENGRUI ME ‘A’CNY1 | 157 800.00 | 718 743.53 | 0.34 |
| Total Chine |  | 1 281 267.51 | 0.60 |
| Danemark |  |  |  |
| DKK	GENMAB AS DKK1 (BEARER) | 23 937.00 | 7 282 828.68 | 3.43 |
| Total Danemark |  | 7 282 828.68 | 3.43 |
| Allemagne |  |  |  |
| USD	BIONTECH SE SPON ADS EACH REP 1 ORD SHS | 12 345.00 | 2 016 679.20 | 0.95 |
| Total Allemagne |  | 2 016 679.20 | 0.95 |
| Hong Kong |  |  |  |
| HKD	ALIBABA HEALTH INF HKD0.01 | 782 000.00 | 398 697.35 | 0.19 |
| Total Hong Kong |  | 398 697.35 | 0.19 |
| Irlande |  |  |  |
| USD	ICON ORD EUR0.06 | 14 900.00 | 3 334 471.00 | 1.57 |
| Total Irlande |  | 3 334 471.00 | 1.57 |
| Japon |  |  |  |
| JPY	CHUGAI PHARM CO NPV | 169 900.00 | 4 659 389.79 | 2.20 |
| JPY	KISSEI PHARM CO NPV | 84 500.00 | 1 656 566.52 | 0.78 |
| Total Japon |  | 6 315 956.31 | 2.98 |
| Pays-Bas |  |  |  |
| EUR	KONINKLIJKE PHILIPS NV EUR0.20 | 231 910.00 | 5 959 921.76 | 2.81 |
| Total Pays-Bas |  | 5 959 921.76 | 2.81 |
| Suède |  |  |  |
| USD	OLINK HLDG AB ADS EACH REPR 1 ORD SH | 55 000.00 | 646 800.00 | 0.30 |
| Total Suède |  | 646 800.00 | 0.30 |
| Suisse |  |  |  |
| CHF	ALCON AG CHF0.04 | 83 660.00 | 6 266 535.91 | 2.95 |
| CHF	NOVARTIS AG CHF0.50(REGD) | 140 322.00 | 12 715 423.21 | 5.99 |
| Total Suisse |  | 18 981 959.12 | 8.94 |
| Grande-Bretagne |  |  |  |
| GBP	ASTRAZENECA ORD USD0.25 | 110 945.00 | 14 617 199.23 | 6.88 |
| GBP	GLAXOSMITHKLINE ORD GBP0.25 | 425 333.00 | 9 287 553.44 | 4.37 |
| USD	LIVANOVA PLC ORD GBP1.00 (DI) | 60 700.00 | 4 131 849.00 | 1.95 |
| Total Grande-Bretagne |  | 28 036 601.67 | 13.20 |
| Etats-Unis |  |  |  |
| USD	ABBOTT LABS COM | 79 419.00 | 9 328 555.74 | 4.39 |
| USD	ABBVIE INC COM USD0.01 | 98 714.00 | 14 547 482.18 | 6.85 |
| USD	ALNYLAM PHARMACEUTICALS INC COM | 13 155.00 | 1 654 899.00 | 0.78 |
| USD	AMERICAN WELL CORP COM USD0.01 CL A | 161 464.00 | 610 333.92 | 0.29 |
| USD	AVANTOR INC COM USD0.01 | 136 659.00 | 4 378 554.36 | 2.06 |
| USD	BIO RAD LABS INC CL A | 11 032.00 | 5 932 899.28 | 2.79 |
| USD	BLUEPRINT MEDICINE COM USD0.001 | 9 059.00 | 498 245.00 | 0.23 |
| USD	CENTENE CORP DEL COM | 106 740.00 | 8 692 905.60 | 4.09 |
| USD	CHANGE HEALTHCARE COM USD0.001 | 100 107.00 | 2 411 577.63 | 1.14 |
| USD	DENALI THERAPEUTIC COM USD0.01 | 27 572.00 | 669 723.88 | 0.32 |
| USD	DEXCOM INC COM | 14 643.00 | 4 362 735.42 | 2.05 |
| USD	ELI LILLY AND CO COM NPV | 46 072.00 | 14 440 807.68 | 6.80 |
| USD	INTELLIA THERAPEUT COM USD0.0001 | 11 556.00 | 533 193.84 | 0.25 |
| USD	INTUITIVE SURGICAL COM USD0.001 | 22 272.00 | 5 069 998.08 | 2.39 |
| USD	KARUNA THERAPEUTICS INC COM USD0.0001 | 9 903.00 | 1 033 080.96 | 0.49 |
| USD	LAB CORP AMER HLDG COM USD0.1 | 34 722.00 | 8 566 611.84 | 4.03 |
| USD	MARAVAI LIFESCIENC USD0.01 A | 90 685.00 | 2 824 837.75 | 1.33 |
| USD	MIRATI THERAPEUTIC COM NPV | 10 487.00 | 410 670.92 | 0.19 |
| USD	OPTION CARE HEALTH COM USD0.0001(POST REV SPLT) | 178 260.00 | 5 411 973.60 | 2.55 |
| USD	OUTSET MEDICAL INC COM USD0.001 | 44 369.00 | 967 244.20 | 0.46 |
| USD	PRELUDE THERAPEUTI COM USD0.0001 | 60 646.00 | 254 713.20 | 0.12 |
| USD	SEAGEN INC COM USD0.001 | 27 711.00 | 3 759 828.48 | 1.77 |
| USD	SILK ROAD MEDICAL COM USD0.001 | 33 552.00 | 1 114 597.44 | 0.53 |
| USD	SYNEOS HEALTH INC COM USD0.01 CL A | 42 513.00 | 3 141 285.57 | 1.48 |
| USD	UNITEDHEALTH GRP COM USD0.01 | 42 123.00 | 20 925 863.94 | 9.86 |
| USD	VEEVA SYSTEMS INC COM USD0.00001 CL ‘A’ | 13 159.00 | 2 240 451.34 | 1.06 |
| USD	VERTEX PHARMACEUTI COM USD0.01 | 34 277.00 | 9 208 516.05 | 4.34 |
| Total Etats-Unis |  | 132 991 586.90 | 62.64 |
| Total des Actions |  | 209 813 848.96 | 98.82 |
| Total des Titres et instruments du marché monétaire négociés sur une bourse officielle |  | 209 813 848.96 | 98.82 |
| UBS (Lux) Equity Fund – Sustainable Health Transformation (USD) Rapport semestriel au 31 mai 2022 |  |  |  |

| Dénomination	Nombre/ | Evaluation en USD | en % |
| --- | --- | --- |
| Nominal | Bénéfice/(perte) non | de |
|  | réalisé(e) sur futures/ | l’actif |
|  | Contrats de | net |
|  | change à terme/ |  |
|  | swaps (note 1) |  |

Titres et instruments du marché monétaire non négociés sur une bourse officielle ou un autre marché réglementé
Droits
Pays-Bas
| EUR | KONINKLIJKE PHILIPS-SCRIP(STOCK DIVIDEND) RIGHTS 03.06.22 | 231 910.00 | 211 875.09 | 0.10 |
| --- | --- | --- | --- | --- |
| Total Pays-Bas | 211 875.09 | 0.10 |
| Total des Droits | 211 875.09 | 0.10 |
| Total des Titres et instruments du marché monétaire non négociés sur une bourse officielle ou un autre marché réglementé | 211 875.09 | 0.10 |
| Total du Portefeuille-titres | 210 025 724.05 | 98.92 |
| Contrats de change à terme Devise achetée/Montant acheté/Devise vendue/Montant vendu/Date de maturité |  |  |

| CHF | 14 554 200.00 | USD | 14 637 752.29 | 21.6.2022 | 560 244.78 | 0.26 |
| --- | --- | --- | --- | --- | --- | --- |
| EUR | 2 260 400.00 | USD | 2 382 636.56 | 21.6.2022 | 40 971.52 | 0.02 |
| CHF | 447 300.00 | USD | 450 147.05 | 21.6.2022 | 16 939.02 | 0.01 |
| EUR | 28 700.00 | USD | 30 210.11 | 21.6.2022 | 562.12 | 0.00 |
| CHF | 228 300.00 | USD | 237 293.86 | 21.6.2022 | 1 104.87 | 0.00 |
| EUR | 10 300.00 | USD | 10 997.85 | 21.6.2022 | 45.84 | 0.00 |
| USD | 184 873.46 | CHF | 176 800.00 | 21.6.2022 | 252.81 | 0.00 |
| Total des Contrats de change à terme | 620 120.96 | 0.29 |
|  |  |  |
| Avoirs en banque, dépôts à vue et à terme et autres liquidités | 1 718 351.10 | 0.81 |
| Crédit en compte courant et autres engagements à court terme | -295 345.73 | -0.14 |
| Autres actifs et passifs | 256 672.60 | 0.12 |
| Total de l’Actif net | 212 325 522.98 | 100.00 |

UBS (Lux) Equity Fund – Sustainable Health Transformation (USD)
Rapport semestriel au 31 mai 2022