# UBS (Lux) Equity SICAV
– European Opportunity Unconstrained (EUR)
| Most important figures |  |
| --- | --- |
|  | ISIN | 30.11.2020 | 31.5.2020 | 31.5.2019 |
| Net assets in EUR |  | 653 432 085.39 | 639 920 969.96 | 707 630 482.86 |
| Class I-A1-acc | LU0549584471 |  |  |  |
| Shares outstanding |  | 95 104.6280 | 114 283.5380 | 30 092.0000 |
| Net asset value per share in EUR |  | 182.55 | 165.86 | 153.38 |
| Issue and redemption price per share in EUR 1 |  | 182.55 | 165.86 | 153.30 |
| Class (USD hedged) I-A1-acc | LU1195740300 |  |  |  |
| Shares outstanding |  | 7 618.0830 | 7 638.2760 | 7 714.8910 |
| Net asset value per share in USD |  | 144.32 | 130.30 | 117.31 |
| Issue and redemption price per share in USD 1 |  | 144.32 | 130.30 | 117.25 |
| Class I-A2-acc | LU1952145495 |  |  |  |
| Shares outstanding |  | 146 763.0720 | 291 568.4970 | 169 377.6230 |
| Net asset value per share in EUR |  | 123.67 | 112.34 | 103.84 |
| Issue and redemption price per share in EUR 1 |  | 123.67 | 112.34 | 103.79 |
| Class I-A3-acc | LU1246874546 |  |  |  |
| Shares outstanding |  | 4 621.0000 | 5 661.0000 | 7 784.0000 |
| Net asset value per share in EUR |  | 129.52 | 117.62 | 108.66 |
| Issue and redemption price per share in EUR 1 |  | 129.52 | 117.62 | 108.61 |
| Class I-B-acc | LU0971305403 |  |  |  |
| Shares outstanding |  | 10 751.9930 | 10 891.9710 | 11 062.5420 |
| Net asset value per share in EUR |  | 193.38 | 174.92 | 160.34 |
| Issue and redemption price per share in EUR 1 |  | 193.38 | 174.92 | 160.26 |
| Class (USD hedged) I-B-acc | LU0979669156 |  |  |  |
| Shares outstanding |  | 12 346.3890 | 12 346.3890 | 12 513.6770 |
| Net asset value per share in USD |  | 215.05 | 193.25 | 172.42 |
| Issue and redemption price per share in USD 1 |  | 215.05 | 193.25 | 172.33 |
| Class I-X-acc | LU1001700605 |  |  |  |
| Shares outstanding |  | 46 063.0930 | 29 683.1720 | 68 802.3920 |
| Net asset value per share in EUR |  | 189.48 | 171.34 | 156.95 |
| Issue and redemption price per share in EUR 1 |  | 189.48 | 171.34 | 156.87 |
| Class K-1-acc | LU0999556193 |  |  |  |
| Shares outstanding |  | 3.0000 | 4.6000 | 7.4000 |
| Net asset value per share in EUR |  | 5 412 939.29 | 4 927 909.36 | 4 574 500.82 |
| Issue and redemption price per share in EUR 1 |  | 5 412 939.29 | 4 927 909.36 | 4 572 213.57 |
| Class (USD hedged) K-1-acc | LU1032634336 |  |  |  |
| Shares outstanding |  | 0.8000 | 0.8000 | 0.8000 |
| Net asset value per share in USD |  | 8 749 564.23 | 7 915 027.89 | 7 153 483.25 |
| Issue and redemption price per share in USD 1 |  | 8 749 564.23 | 7 915 027.89 | 7 149 906.51 |
| Class N-acc | LU0815274740 |  |  |  |
| Shares outstanding |  | 60 257.4970 | 63 090.1440 | 83 113.1340 |
| Net asset value per share in EUR |  | 199.12 | 182.38 | 171.34 |
| Issue and redemption price per share in EUR 1 |  | 199.12 | 182.38 | 171.25 |
| Class P-acc | LU0723564463 |  |  |  |
| Shares outstanding |  | 1 098 392.7620 | 1 099 948.6900 | 1 492 870.0090 |
| Net asset value per share in EUR |  | 235.63 | 215.33 | 201.37 |
| Issue and redemption price per share in EUR 1 |  | 235.63 | 215.33 | 201.27 |
| Class (AUD hedged) P-acc 2 | LU1017644862 |  |  |  |
| Shares outstanding |  | - | - | 27 698.8460 |
| Net asset value per share in AUD |  | - | - | 150.36 |
| Issue and redemption price per share in AUD 1 |  | - | - | 150.28 |
| Class (CHF hedged) P-acc | LU1031038273 |  |  |  |
| Shares outstanding |  | 31 854.2920 | 33 871.2090 | 50 766.0980 |
| Net asset value per share in CHF |  | 146.10 | 133.64 | 125.44 |
| Issue and redemption price per share in CHF 1 |  | 146.10 | 133.64 | 125.38 |
| Class (GBP hedged) P-acc | LU1185964712 |  |  |  |
| Shares outstanding |  | 11 421.5950 | 12 431.4110 | 18 652.6010 |
| Net asset value per share in GBP |  | 128.75 | 117.31 | 110.18 |
| Issue and redemption price per share in GBP 1 |  | 128.75 | 117.31 | 110.12 |
| Class (RMB hedged) P-acc 2 | LU1017648186 |  |  |  |
| Shares outstanding |  | - | - | 2 703.6180 |
| Net asset value per share in CNH |  | - | - | 1 610.77 |
| Issue and redemption price per share in CNH 1 |  | - | - | 1 609.96 |
| Class (SEK) P-acc | LU1036032347 |  |  |  |
| Shares outstanding |  | 580 014.1680 | 602 153.4010 | 637 180.3810 |
| Net asset value per share in SEK |  | 1 256.25 | 1 175.99 | 1 113.30 |
| Issue and redemption price per share in SEK 1 |  | 1 256.25 | 1 175.99 | 1 112.74 |

UBS (Lux) Equity SICAV – European Opportunity Unconstrained (EUR)
Semi-Annual Report as of 30 November 2020
|  | ISIN | 30.11.2020 | 31.5.2020 | 31.5.2019 |
| --- | --- | --- | --- | --- |
|  |  |  |  |  |
| Class (SGD hedged) P-acc | LU0996708193 |  |  |  |
| Shares outstanding |  | 54 454.2380 | 61 973.9350 | 96 262.2950 |
| Net asset value per share in SGD |  | 180.02 | 163.85 | 150.73 |
| Issue and redemption price per share in SGD 1 |  | 180.02 | 163.85 | 150.65 |
| Class (USD hedged) P-acc | LU0975313742 |  |  |  |
| Shares outstanding |  | 453 637.8070 | 528 237.4310 | 805 068.1190 |
| Net asset value per share in USD |  | 189.36 | 171.96 | 156.55 |
| Issue and redemption price per share in USD 1 |  | 189.36 | 171.96 | 156.47 |
| Class Q-acc | LU0848002365 |  |  |  |
| Shares outstanding |  | 255 712.4630 | 202 008.1630 | 215 010.7920 |
| Net asset value per share in EUR |  | 194.97 | 177.25 | 164.09 |
| Issue and redemption price per share in EUR 1 |  | 194.97 | 177.25 | 164.01 |
| Class (CHF hedged) Q-acc | LU1240785128 |  |  |  |
| Shares outstanding |  | 64 010.3320 | 61 139.1620 | 63 707.8300 |
| Net asset value per share in CHF |  | 131.37 | 119.55 | 111.08 |
| Issue and redemption price per share in CHF 1 |  | 131.37 | 119.55 | 111.02 |
| Class (GBP hedged) Q-acc | LU1059394855 |  |  |  |
| Shares outstanding |  | 28 306.0540 | 26 988.0700 | 31 953.4180 |
| Net asset value per share in GBP |  | 169.79 | 153.92 | 143.11 |
| Issue and redemption price per share in GBP 1 |  | 169.79 | 153.92 | 143.04 |
| Class (SEK) Q-acc | LU1240785557 |  |  |  |
| Shares outstanding |  | 2 001.0800 | 705.7300 | 1 264.8290 |
| Net asset value per share in SEK |  | 1 013.95 | 944.26 | 884.93 |
| Issue and redemption price per share in SEK 1 |  | 1 013.95 | 944.26 | 884.49 |
| Class (USD hedged) Q-acc | LU1059394939 |  |  |  |
| Shares outstanding |  | 93 384.8380 | 90 465.4380 | 101 578.1680 |
| Net asset value per share in USD |  | 182.85 | 165.19 | 148.91 |
| Issue and redemption price per share in USD 1 |  | 182.85 | 165.19 | 148.84 |
| Class U-X-acc | LU0549584711 |  |  |  |
| Shares outstanding | 2 405.6140 | 2 679.6140 | 2 026.6140 |
| Net asset value per share in EUR | 32 381.77 | 29 281.31 | 26 823.38 |
| Issue and redemption price per share in EUR 1 | 32 381.77 | 29 281.31 | 26 809.97 |
| 1  See note 1 2  The share classes (AUD hedged) P-acc and (RMB hedged) P-acc were in circulation until 14.10.2019 |  |  |  |


## Structure of the Securities Portfolio
Geographical Breakdown as a % of net assets	
France	19.26
The Netherlands	13.84
Ireland	11.98
Switzerland	10.48
Germany	8.88
Italy	8.82
Sweden	5.78
Finland	5.55
Denmark	2.54
United States	1.91
Portugal	1.72
Norway	1.25
Belgium	1.00
Luxembourg	0.95
Canada	0.65
Malta	0.63
Spain	0.47
Total	95.71
Economic Breakdown as a % of net assets	
Pharmaceuticals, cosmetics & medical products	11.30
Internet, software & IT services	10.12
Investment funds	8.39
Insurance	6.93
Banks & credit institutions	6.82
Food & soft drinks	6.63
Chemicals	5.15
Textiles, garments & leather goods	4.84
Petroleum	4.82
Telecommunications	4.63
Energy & water supply	4.26
Finance & holding companies	3.19
Electronics & semiconductors	2.89
Various capital goods	2.80
Mechanical engineering & industrial equipment	2.79
Building industry & materials	2.63
Tobacco & alcohol	1.66
Graphic design, publishing & media	1.59
Biotechnology	1.30
Vehicles	1.22
Electrical devices & components	0.95
Precious metals & stones	0.65
Traffic & transportation	0.15
Total	95.71
UBS (Lux) Equity SICAV – European Opportunity Unconstrained (EUR) Semi-Annual Report as of 30 November 2020

## Statement of Net Assets
Assets	30.11.2020
EUR
Investments in securities, cost	549 662 961.60
Investments in securities, unrealized appreciation (depreciation)		75 714 975.61	 Total investments in securities (Note 1)			625 377 937.21
Cash at banks, deposits on demand and deposit accounts	32 554 814.83*
Receivable on securities sales (Note 1)	5 254 275.35
Receivable on subscriptions	359 368.28
Interest receivable on liquid assets	14.60
Total Assets	666 259 204.74
Liabilities
Other receivables	2 712 794.47
Unrealized loss on forward foreign exchange contracts (Note 1)	-1 803 989.41
Unrealized loss on Synthetic Equity Swaps (Note 1)	-2 953 988.90
Bank overdraft	-15 793.33
Interest payable on bank overdraft	-13 586.70
Payable on securities purchases (Note 1)	-2 272 603.44
Payable on redemptions	-5 127 847.78
Payable on dividends	-37 177.14
Other liabilities	-110 424.79
Provisions for flat fee (Note 2)	-416 504.72
Provisions for taxe d’abonnement (Note 3)	-45 672.74
Provisions for other commissions and fees (Note 2)		-29 530.40		 Total provisions			-491 707.86
Total Liabilities	-12 827 119.35
Net assets at the end of the period	653 432 085.39

## Statement of Operations
Income	1.6.2020-30.11.2020
EUR
Interest on liquid assets	32 114.87
Dividends	4 951 942.71
Income on Synthetic Equity Swaps (Note 1)	1 031 829.77
Income on securities lending (Note 14)	860 388.52
Total income	6 914 624.02
Expenses
Other income (Note 4)	38 348.15
Interest paid on Synthetic Equity Swaps (Note 1)	-2 257 024.01
Flat fee (Note 2)	-5 231 262.94
Taxe d’abonnement (Note 3)	-139 461.61
Cost on securities lending (Note 14)	-344 155.41
Other commissions and fees (Note 2)	-38 874.96
Net income (loss) on investments	-1 260 511.35
Total expenses	-8 175 135.37
Interest on cash and bank overdraft	-164 356.44
Realized gain (loss) (Note 1)
Realized gain (loss) on market-priced securities without options	14 743 797.05
Realized gain (loss) on forward foreign exchange contracts	-4 819 886.05
Realized gain (loss) on Synthetic Equity Swaps	1 756 252.82
Net realized gain (loss) of the period	9 019 826.51
Total realized gain (loss)	10 280 337.86
Realized gain (loss) on foreign exchange	-1 399 825.96
Changes in unrealized appreciation (depreciation) (Note 1)
Unrealized appreciation (depreciation) on market-priced securities without options	53 520 933.61
Unrealized appreciation (depreciation) on forward foreign exchange contracts	2 752 303.52
Total changes in unrealized appreciation (depreciation)	45 097 211.68
Unrealized appreciation (depreciation) on Synthetic Equity Swaps	-11 176 025.45
Net increase (decrease) in net assets as a result of operations	54 117 038.19
* As at 30 November 2020, cash amounts serves as collateral for the counterparty Morgan Stanley London for an amount of EUR 7 370 000.00.
UBS (Lux) Equity SICAV – European Opportunity Unconstrained (EUR)
Semi-Annual Report as of 30 November 2020
| Changes in Net Assets |  |
| --- | --- |
|  | EUR |
|  | 1.6.2020-30.11.2020 |
| Net assets at the beginning of the period | 639 920 969.96 |
| Subscriptions | 58 979 908.87 |
| Redemptions | 	-99 585 831.63	 |
| Total net subscriptions (redemptions) | -40 605 922.76 |
| Net income (loss) on investments | -1 260 511.35 |
| Total realized gain (loss) | 10 280 337.86 |
| Total changes in unrealized appreciation (depreciation) | 	45 097 211.68	 |
| Net increase (decrease) in net assets as a result of operations | 54 117 038.19 |
| Net assets at the end of the period | 653 432 085.39 |
| Changes in the Number of Shares outstanding |  |
|  | 1.6.2020-30.11.2020 |
| Class | I-A1-acc |
| Number of shares outstanding at the beginning of the period | 114 283.5380 |
| Number of shares issued | 24 680.5570 |
| Number of shares redeemed | -43 859.4670 |
| Number of shares outstanding at the end of the period | 95 104.6280 |
| Class | (USD hedged) I-A1-acc |
| Number of shares outstanding at the beginning of the period | 7 638.2760 |
| Number of shares issued | 0.0000 |
| Number of shares redeemed | -20.1930 |
| Number of shares outstanding at the end of the period | 7 618.0830 |
| Class | I-A2-acc |
| Number of shares outstanding at the beginning of the period | 291 568.4970 |
| Number of shares issued | 10 741.5200 |
| Number of shares redeemed | -155 546.9450 |
| Number of shares outstanding at the end of the period | 146 763.0720 |
| Class | I-A3-acc |
| Number of shares outstanding at the beginning of the period | 5 661.0000 |
| Number of shares issued | 779.0000 |
| Number of shares redeemed | -1 819.0000 |
| Number of shares outstanding at the end of the period | 4 621.0000 |
| Class | I-B-acc |
| Number of shares outstanding at the beginning of the period | 10 891.9710 |
| Number of shares issued | 0.0000 |
| Number of shares redeemed | -139.9780 |
| Number of shares outstanding at the end of the period | 10 751.9930 |
| Class | (USD hedged) I-B-acc |
| Number of shares outstanding at the beginning of the period | 12 346.3890 |
| Number of shares issued | 0.0000 |
| Number of shares redeemed | 0.0000 |
| Number of shares outstanding at the end of the period | 12 346.3890 |
| Class | I-X-acc |
| Number of shares outstanding at the beginning of the period | 29 683.1720 |
| Number of shares issued | 20 847.3090 |
| Number of shares redeemed | -4 467.3880 |
| Number of shares outstanding at the end of the period | 46 063.0930 |
| Class | K-1-acc |
| Number of shares outstanding at the beginning of the period | 4.6000 |
| Number of shares issued | 0.0000 |
| Number of shares redeemed | -1.6000 |
| Number of shares outstanding at the end of the period | 3.0000 |
| Class | (USD hedged) K-1-acc |
| Number of shares outstanding at the beginning of the period | 0.8000 |
| Number of shares issued | 0.0000 |
| Number of shares redeemed | 0.0000 |
| Number of shares outstanding at the end of the period | 0.8000 |
| Class | N-acc |
| Number of shares outstanding at the beginning of the period | 63 090.1440 |
| Number of shares issued | 5 179.6400 |
| Number of shares redeemed | -8 012.2870 |
| Number of shares outstanding at the end of the period | 60 257.4970 |
| Class | P-acc |
| Number of shares outstanding at the beginning of the period | 1 099 948.6900 |
| Number of shares issued | 80 206.5430 |
| Number of shares redeemed | -81 762.4710 |
| Number of shares outstanding at the end of the period | 1 098 392.7620 |

UBS (Lux) Equity SICAV – European Opportunity Unconstrained (EUR) Semi-Annual Report as of 30 November 2020
| Class | (CHF hedged) P-acc |
| --- | --- |
| Number of shares outstanding at the beginning of the period | 33 871.2090 |
| Number of shares issued | 652.5410 |
| Number of shares redeemed | -2 669.4580 |
| Number of shares outstanding at the end of the period | 31 854.2920 |
| Class | (GBP hedged) P-acc |
| Number of shares outstanding at the beginning of the period | 12 431.4110 |
| Number of shares issued | 4 179.6270 |
| Number of shares redeemed | -5 189.4430 |
| Number of shares outstanding at the end of the period | 11 421.5950 |
| Class | (SEK) P-acc |
| Number of shares outstanding at the beginning of the period | 602 153.4010 |
| Number of shares issued | 4 590.5180 |
| Number of shares redeemed | -26 729.7510 |
| Number of shares outstanding at the end of the period | 580 014.1680 |
| Class | (SGD hedged) P-acc |
| Number of shares outstanding at the beginning of the period | 61 973.9350 |
| Number of shares issued | 176.3040 |
| Number of shares redeemed | -7 696.0010 |
| Number of shares outstanding at the end of the period | 54 454.2380 |
| Class | (USD hedged) P-acc |
| Number of shares outstanding at the beginning of the period | 528 237.4310 |
| Number of shares issued | 4 686.6560 |
| Number of shares redeemed | -79 286.2800 |
| Number of shares outstanding at the end of the period | 453 637.8070 |
| Class | Q-acc |
| Number of shares outstanding at the beginning of the period | 202 008.1630 |
| Number of shares issued | 129 168.3200 |
| Number of shares redeemed | -75 464.0200 |
| Number of shares outstanding at the end of the period | 255 712.4630 |
| Class | (CHF hedged) Q-acc |
| Number of shares outstanding at the beginning of the period | 61 139.1620 |
| Number of shares issued | 4 643.0580 |
| Number of shares redeemed | -1 771.8880 |
| Number of shares outstanding at the end of the period | 64 010.3320 |
| Class | (GBP hedged) Q-acc |
| Number of shares outstanding at the beginning of the period | 26 988.0700 |
| Number of shares issued | 2 848.8330 |
| Number of shares redeemed | -1 530.8490 |
| Number of shares outstanding at the end of the period | 28 306.0540 |
| Class | (SEK) Q-acc |
| Number of shares outstanding at the beginning of the period | 705.7300 |
| Number of shares issued | 2 001.0800 |
| Number of shares redeemed | -705.7300 |
| Number of shares outstanding at the end of the period | 2 001.0800 |
| Class | (USD hedged) Q-acc |
| Number of shares outstanding at the beginning of the period | 90 465.4380 |
| Number of shares issued | 13 529.3710 |
| Number of shares redeemed | -10 609.9710 |
| Number of shares outstanding at the end of the period | 93 384.8380 |
| Class | U-X-acc |
| Number of shares outstanding at the beginning of the period | 2 679.6140 |
| Number of shares issued | 0.0000 |
| Number of shares redeemed | -274.0000 |
| Number of shares outstanding at the end of the period | 2 405.6140 |

UBS (Lux) Equity SICAV – European Opportunity Unconstrained (EUR)
Semi-Annual Report as of 30 November 2020

## Statement of Investments in Securities and other Net Assets as of 30 November 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 | 960 436.45 | 0.15 |
| Total Belgium |  | 960 436.45 | 0.15 |
| Canada |  |  |  |
| CAD	IVANHOE MINES LTD COM NPV CL’A’ | 1 117 589.00 | 4 260 831.03 | 0.65 |
| Total Canada |  | 4 260 831.03 | 0.65 |
| Denmark |  |  |  |
| DKK	ORSTED A/S DKK10 | 93 834.00 | 14 169 608.07 | 2.17 |
| DKK	TOPDANMARK AS DKK1 | 68 790.00 | 2 447 228.87 | 0.37 |
| Total Denmark |  | 16 616 836.94 | 2.54 |
| France |  |  |  |
| EUR	AIR LIQUIDE(L’) EUR5.5 (POST-SUBDIVISION) | 122 026.00 | 16 796 878.90 | 2.57 |
| EUR	ARKEMA EUR10 | 65 799.00 | 6 429 878.28 | 0.98 |
| EUR	DASSAULT SYSTEMES EUR0.50 | 29 506.00 | 4 574 905.30 | 0.70 |
| EUR	EIFFAGE EUR4 | 46 608.00 | 3 828 381.12 | 0.59 |
| EUR	FAURECIA EUR7 | 190 972.00 | 7 963 532.40 | 1.22 |
| EUR	L’OREAL EUR0.20 | 50 423.00 | 15 469 776.40 | 2.37 |
| EUR	LVMH MOET HENNESSY EUR0.30 | 49 536.00 | 23 920 934.40 | 3.66 |
| EUR	SANOFI EUR2 | 281 774.00 | 23 869 075.54 | 3.65 |
| EUR	SARTORIUS STEDIM B EUR0.20 (POST SUBD) | 17 455.00 | 5 288 865.00 | 0.81 |
| EUR	TELEPERFORMANCE EUR2.50 | 45 917.00 | 12 820 026.40 | 1.96 |
| EUR	WORLDLINE EUR0.68 | 62 871.00 | 4 872 502.50 | 0.75 |
| Total France |  | 125 834 756.24 | 19.26 |
| Germany |  |  |  |
| EUR	CANCOM SE NPV | 42 145.00 | 1 896 525.00 | 0.29 |
| EUR	ECKERT & ZIEGLER ORD NPV | 98 599.00 | 4 273 280.66 | 0.65 |
| EUR	LPKF LASER & ELECT NPV | 94 181.00 | 2 166 163.00 | 0.33 |
| EUR	TEAMVIEWER AG NPV | 202 113.00 | 8 070 372.09 | 1.24 |
| EUR	VARTA AG NPV | 17 378.00 | 1 968 927.40 | 0.30 |
| Total Germany |  | 18 375 268.15 | 2.81 |
| Ireland |  |  |  |
| EUR	KERRY GROUP ‘A’ORD EUR0.125(DUBLIN LIST) | 86 117.00 | 10 110 135.80 | 1.55 |
| Total Ireland |  | 10 110 135.80 | 1.55 |
| Italy |  |  |  |
| EUR	INFRASTRUTTURE WIR NPV | 859 765.00 | 9 276 864.35 | 1.42 |
| EUR	TELECOM ITALIA SPA DI RISP EUR0.55 | 15 938 197.00 | 6 781 702.82 | 1.04 |
| Total Italy |  | 16 058 567.17 | 2.46 |
| Luxembourg |  |  |  |
| EUR	SOLUTION 30 SE EUR0.1275 (POST SUB) | 365 415.00 | 6 201 092.55 | 0.95 |
| Total Luxembourg |  | 6 201 092.55 | 0.95 |
| The Netherlands |  |  |  |
| EUR	AKZO NOBEL NV EUR0.50(POST REV SPLIT) | 58 736.00 | 5 231 028.16 | 0.80 |
| EUR	ASR NEDERLAND N.V. EUR0.16 | 49 793.00 | 1 557 525.04 | 0.24 |
| EUR	HEINEKEN NV EUR1.60 | 122 609.00 | 10 853 348.68 | 1.66 |
| EUR	QIAGEN NV EUR0.01 | 104 648.00 | 4 228 825.68 | 0.65 |
| EUR	SHOP APOTHEKE EURO NPV | 40 552.00 | 5 360 974.40 | 0.82 |
| EUR	WOLTERS KLUWER EUR0.12 | 147 806.00 | 10 390 761.80 | 1.59 |
| Total The Netherlands |  | 37 622 463.76 | 5.76 |
| Spain |  |  |  |
| EUR	CAIXABANK SA EUR1 | 1 291 822.00 | 2 773 541.83 | 0.42 |
| Total Spain |  | 2 773 541.83 | 0.42 |
| Sweden |  |  |  |
| SEK	HANSA BIOPHARMA AB NPV | 162 109.00 | 3 975 368.98 | 0.61 |
| SEK	LUNDIN ENERGY AB NPV | 135 900.00 | 2 728 042.88 | 0.41 |
| Total Sweden |  | 6 703 411.86 | 1.02 |
| Total Bearer shares |  | 245 517 341.78 | 37.57 |
| Other shares |  |  |  |
| Switzerland |  |  |  |
| CHF	ROCHE HLDGS AG GENUSSCHEINE NPV | 105 707.00 | 29 191 152.10 | 4.47 |
| Total Switzerland |  | 29 191 152.10 | 4.47 |
| Total Other shares |  | 29 191 152.10 | 4.47 |
| Preference shares |  |  |  |
| Spain |  |  |  |
| EUR	GRIFOLS SA EUR0.05 (B) POST CONS | 19 563.00 | 305 182.80 | 0.05 |
| Total Spain |  | 305 182.80 | 0.05 |
| Total Preference shares |  | 305 182.80 | 0.05 |

UBS (Lux) Equity SICAV – European Opportunity Unconstrained (EUR) Semi-Annual Report as of 30 November 2020
| Description | Quantity/ | Valuation in EUR | as a % |
| --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |
| Registered shares |  |  |  |
| Belgium |  |  |  |
| EUR	KBC GROUP NV NPV | 94 675.00 | 5 529 020.00 | 0.85 |
| Total Belgium |  | 5 529 020.00 | 0.85 |
| Finland |  |  |  |
| EUR	NESTE OIL OYJ NPV | 259 897.00 | 14 601 013.46 | 2.24 |
| SEK	NORDEA HOLDING ABP NPV | 657 503.00 | 4 710 496.83 | 0.72 |
| EUR	SAMPO PLC SER’A’NPV | 467 778.00 | 16 947 596.94 | 2.59 |
| Total Finland |  | 36 259 107.23 | 5.55 |
| Germany |  |  |  |
| EUR	ALLIANZ SE NPV(REGD)(VINKULIERT) | 63 508.00 | 12 552 991.28 | 1.92 |
| EUR	EXASOL AG ORD NPV | 235 454.00 | 4 968 079.40 | 0.76 |
| EUR	SIEMENS AG NPV(REGD) | 163 111.00 | 18 268 432.00 | 2.80 |
| EUR	ZEAL NETWORK SE NPV | 96 228.00 | 3 858 742.80 | 0.59 |
| Total Germany |  | 39 648 245.48 | 6.07 |
| Ireland |  |  |  |
| EUR	CRH ORD EUR0.32 | 182 389.00 | 5 986 006.98 | 0.91 |
| EUR	KINGSPAN GROUP ORD EUR0.13(DUBLIN LISTING) | 100 741.00 | 7 369 204.15 | 1.13 |
| Total Ireland |  | 13 355 211.13 | 2.04 |
| Italy |  |  |  |
| EUR	ENEL EUR1 | 1 982 377.00 | 16 592 495.49 | 2.54 |
| EUR	MEDIOBANCA SPA EUR0.5 | 1 397 725.00 | 10 446 596.65 | 1.60 |
| EUR	MONCLER SPA NPV | 186 796.00 | 7 688 523.36 | 1.18 |
| EUR	NEXI SPA NPV | 432 170.00 | 6 828 286.00 | 1.04 |
| Total Italy |  | 41 555 901.50 | 6.36 |
| Malta |  |  |  |
| SEK	MEDIA AND GAMES IN EUR1.00 | 2 748 022.00 | 4 111 065.74 | 0.63 |
| Total Malta |  | 4 111 065.74 | 0.63 |
| The Netherlands |  |  |  |
| EUR	ADYEN NV EUR0.01 | 6 415.00 | 10 276 830.00 | 1.57 |
| EUR	ASML HOLDING NV EUR0.09 | 45 931.00 | 16 711 994.35 | 2.56 |
| EUR	KONINKLIJKE DSM NV EUR1.5 | 37 726.00 | 5 179 779.80 | 0.79 |
| EUR	NN GROUP N.V. EUR0.12 | 346 253.00 | 11 789 914.65 | 1.81 |
| EUR	PROSUS N.V. EUR0.05 | 97 248.00 | 8 834 008.32 | 1.35 |
| Total The Netherlands |  | 52 792 527.12 | 8.08 |
| Norway |  |  |  |
| NOK	DNB ASA NOK10 | 400 401.00 | 6 090 523.66 | 0.93 |
| NOK	LINK MOBILITY NOK | 286 641.00 | 1 352 812.12 | 0.21 |
| NOK	MERCELL HOLDING AS | 689 880.00 | 713 044.85 | 0.11 |
| Total Norway |  | 8 156 380.63 | 1.25 |
| Portugal |  |  |  |
| EUR	EDP ENERGIAS PORTU EUR1(REGD) | 2 510 764.00 | 11 218 093.55 | 1.72 |
| Total Portugal |  | 11 218 093.55 | 1.72 |
| Sweden |  |  |  |
| SEK	ADDTECH AB SER’B’NPV (POST SPLIT) | 127 924.00 | 1 350 885.60 | 0.21 |
| SEK	EPIROC AB SER’A’NPV | 618 784.00 | 8 621 775.81 | 1.32 |
| SEK	NORDNET AB NPV | 470 323.00 | 4 745 901.29 | 0.72 |
| SEK	SANDVIK AB NPV (POST SPLIT) | 440 093.00 | 8 277 123.54 | 1.27 |
| SEK	STILLFRONT GP AB NPV | 84 216.00 | 8 127 454.54 | 1.24 |
| Total Sweden |  | 31 123 140.78 | 4.76 |
| Switzerland |  |  |  |
| CHF	NESTLE SA CHF0.10(REGD) | 355 609.00 | 33 225 467.50 | 5.08 |
| CHF	SOFTWAREONE HLD AG CHF0.01 | 283 901.00 | 6 055 954.22 | 0.93 |
| Total Switzerland |  | 39 281 421.72 | 6.01 |
| United States |  |  |  |
| USD	ADOBE INC COM USD0.0001 | 15 786.00 | 6 235 285.25 | 0.95 |
| USD	MICROSOFT CORP COM USD0.0000125 | 35 589.00 | 6 299 627.87 | 0.96 |
| Total United States | 12 534 913.12 | 1.91 |
| Total Registered shares | 295 565 028.00 | 45.23 |
| Total Transferable securities and money market instruments listed on an official stock exchange | 570 578 704.68 | 87.32 |
| 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	312 592.89 | 54 625 608.05 | 8.36 |
| EUR	UBS (IRL) SELECT MONEY MARKET FUND-EUR-S-DIST	17.20 | 170 323.28 | 0.03 |
| Total Ireland | 54 795 931.33 | 8.39 |

UBS (Lux) Equity SICAV – European Opportunity Unconstrained (EUR)
Semi-Annual Report as of 30 November 2020
| Description | Quantity/ | Valuation in EUR | as a % |
| --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |
| Luxembourg |  |  |  |
| USD	UBS (LUX) EQUITY SICAV - GLOB OPPORT UNCONST USD-U-X-ACC | 0.22 | 3 301.20 | 0.00 |
| Total Luxembourg |  | 3 301.20 | 0.00 |
| Total Investment funds, open end |  | 54 799 232.53 | 8.39 |
| Total UCITS/Other UCIs in accordance with Article 41 (1) e) of the amended Luxembourg law of 17 December 2010 |  | 54 799 232.53 | 8.39 |
| Total investments in securities |  | 625 377 937.21 | 95.71 |

| Derivative instruments |  |  |
| --- | --- | --- |
| Derivative instruments not listed on an official stock exchange and not traded on another Synthetic Equity Swaps* | regulated market |
|  |  |  |  |
| GBP	MORGAN STANLEY/KINGFISHER ORD (SYNTHETIC EQUITY SWAP) | -916 700.00 | 138 119.42 | 0.02 |
| GBP	MORGAN STANLEY/PEARSON ORD GBP0.25 (SYNTHETIC EQUITY SWAP) | -330 320.00 | -505 067.21 | -0.08 |
| GBP	MORGAN STANLEY/PRUDENTIAL ORD (SYNTHETIC EQUITY SWAP) | 772 562.00 | 1 954 693.17 | 0.30 |
| GBP	MORGAN STANLEY/HALMA ORD (SYNTHETIC EQUITY SWAP) | 201 003.00 | -340 988.60 | -0.05 |
| GBP	MORGAN STANLEY/SAINSBURYS (J) ORD (SYNTHETIC EQUITY SWAP) | -1 007 776.00 | -106 851.68 | -0.02 |
| GBP	MORGAN STANLEY/G4S ORD(SYNTHETIC EQUITY SWAP) | -778 096.00 | -146 762.00 | -0.02 |
| EUR	MORGAN STANLEY/WARTSILA OYJ (SYNTHETIC EQUITY SWAP) | -480 281.00 | -491 041.61 | -0.08 |
| EUR	MORGAN STANLEY/STOCKMANN OYJ-B (SYNTHETIC EQUITY SWAP) | -78 138.00 | -2 500.42 | 0.00 |
| EUR	MORGAN STANLEY/NOKIA OYJ (SYNTHETIC EQUITY SWAP) | -570 139.00 | 16 933.13 | 0.00 |
| SEK	MORGAN STANLEY/BILLERUDKORSNAS AB NPV(SYNTHETIC EQUITY SWAP) | -203 910.00 | 33 553.38 | 0.00 |
| GBP	MORGAN STANLEY/RIO TINTO PLC (SYNTHETIC EQUITY SWAP) | 161 403.00 | 859 258.26 | 0.13 |
| EUR	MORGAN STANLEY/SCHNEIDER ELECTRIC SA (SYNTHETIC EQUITY SWAP) | 160 608.00 | 1 999 569.60 | 0.31 |
| EUR	MORGAN STANLEY/TELECOM ITALIA SPA (SYNTHETIC EQUITY SWAP) | -21 254 064.00 | -1 971 078.34 | -0.30 |
| GBP	MORGAN STANLEY/DS SMITH PLC (SYNTHETIC EQUITY SWAP) | -999 280.00 | -545 368.17 | -0.08 |
| SEK	MORGAN STANLEY/HUSQVARNA AB SER’B’NPV(SYNTHETIC EQUITY SWAP) | -210 671.00 | 6 886.27 | 0.00 |
| EUR	MORGAN STANLEY/LAGARDERE (SYNTHETIC EQUITY SWAP) | -326 394.00 | -293 754.60 | -0.05 |
| DKK	MORGAN STANLEY/CHR HANSEN HOLDING (SYNTHETIC EQUITY SWAP) | -29 359.00 | 154 617.49 | 0.02 |
| EUR	MORGAN STANLEY/LEONARDO SPA (SYNTHETIC EQUITY SWAP) | -812 326.00 | -1 605 156.18 | -0.25 |
| EUR	MORGAN STANLEY/KLEPIERRE (SYNTHETIC EQUITY SWAP) | -191 418.00 | -1 459 562.25 | -0.22 |
| EUR	MORGAN STANLEY/FUGRO CERT (SYNTHETIC EQUITY SWAP) | -275 000.00 | -396 000.00 | -0.06 |
| EUR	MORGAN STANLEY/SGL CARBON SE (SYNTHETIC EQUITY SWAP) | -222 018.00 | -264 201.42 | -0.04 |
| GBP	MORGAN STANLEY/PETROFAC ORD (SYNTHETIC EQUITY SWAP) | -737 327.00 | -284 316.41 | -0.04 |
| EUR	MORGAN STANLEY/INDRA SISTEMAS SA (SYNTHETIC EQUITY SWAP) | -362 646.00 | -562 101.30 | -0.09 |
| EUR	MORGAN STANLEY/ZARDOYA-OTIS (SYNTHETIC EQUITY SWAP) | -220 653.00 | -145 630.98 | -0.02 |
| EUR	MORGAN STANLEY/CECONOMY AG ORD NPV (SYNTHETIC EQUITY SWAP) | -320 023.00 | -95 888.58 | -0.02 |
| EUR	MORGAN STANLEY/SAP AG (SYNTHETIC EQUITY SWAP) | 139 220.00 | 1 460 417.80 | 0.22 |
| DKK	MORGAN STANLEY/H.LUNDBECK (SYNTHETIC EQUITY SWAP) | -92 287.00 | -134 524.55 | -0.02 |
| GBP	MS/WPP PLC (SYNTHETIC EQUITY SWAP) | -284 331.00 | -345 895.13 | -0.05 |
| GBP	MORGAN STANLEY/ITV ORD (SYNTHETIC EQUITY SWAP) | -1 291 241.00 | -33 867.83 | -0.01 |
| EUR	MORGAN STANLEY/TELEFONICA SA (SYNTHETIC EQUITY SWAP) | -1 043 900.00 | -761 608.06 | -0.12 |
| GBP	MORGAN STANLEY/LONDON STOCK EXCH ORD (SYNTHETIC EQUITY SWAP) | 140 059.00 | -268 864.34 | -0.04 |
| GBP	MORGAN STANLEY/HARGREAVES LANSDOW OR (SYNTHETIC EQUITY SWAP) | -172 171.00 | -148 920.83 | -0.02 |
| GBP	MORGAN STANLEY/RENTOKIL INITIAL (SYNTHETIC EQUITY SWAP) | -450 878.00 | 167 261.81 | 0.03 |
| EUR	MORGAN STANLEY/ZALANDO SE NPV (SYNTHETIC EQUITY SWAP) | 124 047.00 | 573 097.14 | 0.09 |
| GBP	MORGAN STANLEY/TALK TALK TELECOM (SYNTHETIC EQUITY SWAP) | -2 082 969.00 | 112 750.45 | 0.02 |
| DKK	MORGAN STANLEY/CARLSBERG(SYNTHETIC EQUITY SWAP) | 102 405.00 | 1 642 694.43 | 0.25 |
| CHF	MORGAN STANLEY/DUFRY AG CHF5(SYNTHETIC EQUITY SWAP) | -84 583.00 | -1 249 702.82 | -0.19 |
| EUR	MORGAN STANLEY/AEGON NV (SYNTHETIC EQUITY SWAP) | -1 603 777.00 | -1 316 700.92 | -0.20 |
| GBP	MORGAN STANLEY/GREGGS ORD(SYNTHETIC EQUITY SWAP) | -155 649.00 | -431 851.65 | -0.07 |
| GBP	MORGAN STANLEY/SOUTH32 LTD NPV(SYNTHETIC EQUITY SWAP) | -476 939.00 | -117 212.49 | -0.02 |
| EUR	MORGAN STANLEY /THYSSENKRUPP NPV(SYNTHETIC EQUITY SWAP) | -693 494.00 | -1 045 095.46 | -0.16 |
| NOK	MORGAN STANLEY/PGS ASA (SYNTHETIC EQUITY SWAP) | -359 583.00 | -63 504.15 | -0.01 |
| DKK	MORGAN STANLEY/NOVO-NORDISK AS (SYNTHETIC EQUITY SWAP) | 359 975.00 | 442 511.67 | 0.07 |
| EUR	MORGAN STANLEY/VONOVIA SE (SYNTHETIC EQUITY SWAP) | 122 033.00 | 264 110.98 | 0.04 |
| EUR	MORGAN STANLEY/METRO AG (NEW) NPV (SYNTHETIC EQUITY SWAP) | -65 413.00 | 49 713.88 | 0.01 |
| GBP	MORGAN STANLEY/BABCOCK INTL GROUP (SYNTHETIC EQUITY SWAP) | -210 382.00 | -283 406.35 | -0.04 |
| DKK	MORGAN STANLEY/VESTAS WIND SYSTEM(SYNTHETIC EQUITY SWAP) | 62 115.00 | 1 539 657.62 | 0.24 |
| EUR	MORGAN STANLEY/TECHNIPFMC LIMITED (SYNTHETIC EQUITY SWAP) | -244 689.00 | -532 834.77 | -0.08 |
| EUR	MORGAN STANLEY/SAIPEM NPV (SYNTHETIC EQUITY SWAP) | -756 000.00 | -264 933.60 | -0.04 |
| EUR	MORGAN STANLEY/UMICORE NPV (SYNTHETIC EQUITY SWAP) | -90 185.00 | -301 414.22 | -0.05 |
| EUR	MORGAN STANLEY/MUENCHENER RUECKVE NP (SYNTHETIC EQUITY SWAP) | 62 122.00 | 2 037 601.60 | 0.31 |
| EUR	MORGAN STANLEY/CASINO GUICH-PERR (SYNTHETIC EQUITY SWAP) | -123 223.00 | -597 015.44 | -0.09 |
| DKK	MORGAN STANLEY/ISS A/S(SYNTHETIC EQUITY SWAP) | -641 580.00 | -2 681 526.70 | -0.41 |
| CHF	MORGAN STANLEY/SIKA AG (SYNTHETIC EQUITY SWAP) | 40 262.00 | 230 510.50 | 0.04 |
| GBP	MORGAN STANLEY/FEVERTREE DRINKS ORD (SYNTHETIC EQUITY SWAP) | -121 245.00 | -400 543.13 | -0.06 |
| EUR	MORGAN STANLEY/BAYERISCHE MOTOREN WK (SYNTHETIC EQUITY SWAP) | 136 154.00 | 1 955 171.44 | 0.30 |
| EUR	MORGAN STANLEY/TELEFONICA DEUTSCH NPV(SYNTHETIC EQUITY SWAP) | -461 208.00 | -67 797.58 | -0.01 |
| GBP	MORGAN STANLEY/AUTO TRADER GROUP ORD (SYNTHETIC EQUITY SWAP) | 170 239.00 | -34 959.94 | -0.01 |
| GBP	MORGAN STANLEY/BRITVIC ORD (SYNTHETIC EQUITY SWAP) | 417 958.00 | 380 175.38 | 0.06 |
| GBP	MORGAN STANLEY/SOFTCAT PLC ORD (SYNTHETIC EQUITY SWAP) | 530 294.00 | 53 266.35 | 0.01 |
| EUR	MS/UNIBAIL-RODAMCO-WE NPV (SYNTHETIC EQUITY SWAP) | -22 334.00 | -549 416.40 | -0.08 |
| DKK	MORGAN STANLEY/AMBU A/S SER’B’ (SYNTHETIC EQUITY SWAP) | -114 051.00 | -235 200.79 | -0.04 |
| EUR	MORGAN STANLEY/KNORR BREMSE (SYNTHETIC EQUITY SWAP) | -9 432.00 | -74 041.20 | -0.01 |
| EUR	MORGAN STANLEY/KONINKLIJKE PHILIPS (SYNTHETIC EQUITY SWAP) | 291 768.00 | 1 016 811.48 | 0.16 |
| EUR	MORGAN STANLEY/WERELDHAVE NV (SYNTHETIC EQUITY SWAP) | -172 454.00 | -515 637.46 | -0.08 |
| EUR	MORGAN STANLEY/ARCADIS NV (SYNTHETIC EQUITY SWAP) | -37 271.00 | -210 953.86 | -0.03 |

* Positive nominal: the subfund is “Receiver”, negative nominal: the subfund is “Payer”.
UBS (Lux) Equity SICAV – European Opportunity Unconstrained (EUR) Semi-Annual Report as of 30 November 2020
|  | Description | Quantity/ | Valuation in EUR | as a % |
| --- | --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |
|  |  |  |  |  |
| DKK | MORGAN STANLEY/GENMAB AS (SYNTHETIC EQUITY SWAP) | 14 292.00 | 508 827.04 | 0.08 |
| GBP | MORGAN STANLEY/AVAST PLC ORD (SYNTHETIC EQUITY SWAP) | 1 054 981.00 | 395 619.47 | 0.06 |
| EUR | MORGAN STANLEY/DEUTSCHE EUROSHOP NPV (SYNTHETIC EQUITY SWAP) | -105 072.00 | -698 728.80 | -0.11 |
| EUR | MORGAN STANLEY/COVESTRO AG NPV (SYNTHETIC EQUITY SWAP) | -43 027.00 | -248 696.06 | -0.04 |
| EUR | MORGAN STANLEY/SIGNIFY NV (SYNTHETIC EQUITY SWAP) | 173 667.00 | 852 704.97 | 0.13 |
| EUR | MORGAN STANLEY/ALD INTL FRANCE (SYNTHETIC EQUITY SWAP) | -69 636.00 | -109 328.52 | -0.02 |
| EUR | MORGAN STANLEY/EDENRED (SYNTHETIC EQUITY SWAP) | -55 749.00 | -429 954.97 | -0.07 |
| SEK | MORGAN STANLEY/ELECTROLUX PROFESS SE (SYNTHETIC EQUITY SWAP) | -198 089.00 | -220 223.47 | -0.03 |
| EUR | MORGAN STANLEY/STROEER SE NPV (SYNTHETIC EQUITY SWAP) | -49 294.00 | -638 357.30 | -0.10 |
| EUR | MORGAN STANLEY/VALLOUREC SA (SYNTHETIC EQUITY SWAP) | -29 085.00 | -470 362.62 | -0.07 |
| EUR | MORGAN STANLEY/NATIXIS (SYNTHETIC EQUITY SWAP) | -1 290 410.00 | -753 599.44 | -0.12 |
| GBP | MORGAN STANLEY/HOMESERVE ORD (SYNTHETIC EQUITY SWAP) | 143 688.00 | -96 220.03 | -0.01 |
| GBP | MORGAN STANLEY/DOMINO’S PIZZA GRP (SYNTHETIC EQUITY SWAP) | -810 983.00 | 104 993.76 | 0.02 |
| GBP | MORGAN STANLEY/BRITISH LAND CO PLC (SYNTHETIC EQUITY SWAP) | -637 193.00 | -875 432.73 | -0.13 |
| GBP | MORGAN STANLEY/TUI AG NPV (REGD) (SYNTHETIC EQUITY SWAP) | -535 199.00 | -1 183 893.61 | -0.18 |
| GBP | MORGAN STANLEY/SHAFTESBURY ORD (SYNTHETIC EQUITY SWAP) | -381 367.00 | -314 969.55 | -0.05 |
| GBP | MS/LAND SECURITIES GP ORD (SYNTHETIC EQUITY SWAP) | -321 744.00 | -532 531.55 | -0.08 |
| EUR | MORGAN STANLEY/PUBLICIS GROUPE SA (SYNTHETIC EQUITY SWAP) | -72 977.00 | -604 979.33 | -0.09 |
| GBP | MORGAN STANLEY/CVS GROUP PLC ORD(SYNTHETIC EQUITY SWAP) | 325 151.00 | 764 394.60 | 0.12 |
| GBP | MORGAN STANLEY/WIZZ AIR HLDGS PLC OR (SYNTHETIC EQUITY SWAP) | 174 800.00 | 2 551 778.10 | 0.39 |
| GBP | MORGAN STANLEY/HAMMERSON ORD (SYNTHETIC EQUITY SWAP) | -6 076 766.00 | -360 809.43 | -0.06 |
| GBP | MORGAN STANLEY/COMPUTACENTER ORD (SYNTHETIC EQUITY SWAP) | 249 040.00 | -138 973.77 | -0.02 |
| EUR | MORGAN STANLEY/AENA SME SA (SYNTHETIC EQUITY SWAP) | 62 223.00 | 1 306 683.00 | 0.20 |
| EUR | MORGAN STANLEY/INFINEON TECHNOLOG (SYNTHETIC EQUITY SWAP) | 198 680.00 | 1 116 581.60 | 0.17 |
| GBP | MORGAN STANLEY/HUT GROUP LTD(SYNTHETIC EQUITY SWAP) | 296 972.00 | -102 084.54 | -0.02 |
| EUR | MORGAN STANLEY/AROUNDTOWN SA (SYNTHETIC EQUITY SWAP) | -308 738.00 | -525 163.34 | -0.08 |
| EUR | MORGAN STANLEY/BANCO DE SABADELL SA (SYNTHETIC EQUITY SWAP) | -5 616 758.00 | -356 664.13 | -0.05 |
| EUR | MS/DERMAPHARM HLDG SE (SYNTHETIC EQUITY SWAP) | 204 480.00 | 2 915 884.80 | 0.45 |
| EUR | MORGAN STANLEY/RATIONAL AG NPV (SYNTHETIC EQUITY SWAP) | -3 842.00 | -389 963.00 | -0.06 |
| EUR | MORGAN STANLEY/METRO AG NPV (SYNTHETIC EQUITY SWAP) | -46 362.00 | 2 610.78 | 0.00 |
| GBP | MORGAN STANLEY/TEAM17 GROUP PLC ORD (SYNTHETIC EQUITY SWAP) | 81 910.00 | 93 068.64 | 0.01 |
| EUR | MORGAN STANLEY/JDE PEETS N.V.(SYNTHETIC EQUITY SWAP) | -78 375.00 | 81 029.14 | 0.01 |
| DKK | MORGAN STANLEY/TRYG A/S (SYNTHETIC EQUITY SWAP) | 135 225.00 | 168 041.34 | 0.03 |
| CHF | MORGAN STANLEY/GALENICA (SYNTHETIC EQUITY SWAP) | -23 445.00 | 29 046.22 | 0.00 |
| Total Synthetic Equity Swaps | -2 953 988.90 | -0.45 |
| Total Derivative instruments not listed on an official stock exchange and not traded on another regulated market | -2 953 988.90 | -0.45 |
| Total Derivative instruments | -2 953 988.90 | -0.45 |
| Forward Foreign Exchange contracts |  |  |
| Currency purchased/Amount purchased/Currency sold/Amount sold/Maturity date |  |  |

| CHF | 20 365 000.00 | EUR | 18 841 356.06 | 21.1.2021 | -28 920.20 | -0.01 |
| --- | --- | --- | --- | --- | --- | --- |
| NOK | 101 600 000.00 | EUR | 9 495 193.55 | 21.1.2021 | 82 305.41 | 0.01 |
| CHF | 12 734 400.00 | EUR | 11 781 653.06 | 21.1.2021 | -18 084.03 | 0.00 |
| GBP | 144 810 000.00 | EUR | 162 775 005.29 | 21.1.2021 | -1 296 253.13 | -0.20 |
| SGD | 9 597 100.00 | EUR | 6 008 525.92 | 21.1.2021 | -28 942.35 | 0.00 |
| GBP | 6 193 900.00 | EUR | 6 962 309.96 | 21.1.2021 | -55 444.12 | -0.01 |
| USD | 111 947 800.00 | EUR | 94 038 852.80 | 21.1.2021 | -598 476.52 | -0.09 |
| EUR | 21 290 411.46 | USD | 25 345 000.00 | 21.1.2021 | 135 495.18 | 0.02 |
| EUR | 422 133.20 | USD | 502 100.00 | 21.1.2021 | 3 041.33 | 0.00 |
| EUR | 286 748.93 | USD | 342 000.00 | 21.1.2021 | 1 289.02 | 0.00 |
| Total Forward Foreign Exchange contracts | -1 803 989.41 | -0.28 |
|  |  |  |
| Cash at banks, deposits on demand and deposit accounts and other liquid assets | 32 554 814.83* | 4.98 |
| Bank overdraft and other short-term liabilities | -15 793.33 | 0.00 |
| Other assets and liabilities | 273 104.99 | 0.04 |
| Total net assets | 653 432 085.39 | 100.00 |
| * As at 30 November 2020, cash amounts serves as collateral for the counterparty Morgan Stanley London for an amount of EUR 7 370 000.00. |  |  |

UBS (Lux) Equity SICAV – European Opportunity Unconstrained (EUR)
Semi-Annual Report as of 30 November 2020

Translation (ENDE, 2020-11-30):
# UBS (Lux) Equity SICAV
– Asian Smaller Companies (USD)
| Wichtigste Daten |  |
| --- | --- |
|  | ISIN | 30.11.2020 | 31.5.2020 | 31.5.2019 |
| Nettovermögen in USD |  | 227 636 081.74 | 103 990 238.46 | 52 350 975.75 |
| Klasse I-A1-acc 1 | LU1306439735 |  |  |  |
| Aktien im Umlauf |  | 67 344.0000 | 52 540.0000 | - |
| Nettoinventarwert pro Aktie in USD |  | 154.21 | 121.83 | - |
| Ausgabe- und Rücknahmepreis pro Aktie in USD 2 |  | 154.21 | 121.83 | - |
| Klasse I-A3-acc 3 | LU2231704557 |  |  |  |
| Aktien im Umlauf |  | 7 346.8350 | - | - |
| Nettoinventarwert pro Aktie in USD |  | 105.47 | - | - |
| Ausgabe- und Rücknahmepreis pro Aktie in USD 2 |  | 105.47 | - | - |
| Klasse I-B-acc 4 | LU0794919935 |  |  |  |
| Aktien im Umlauf |  | - | - | 60 597.2870 |
| Nettoinventarwert pro Aktie in USD |  | - | - | 100.40 |
| Ausgabe- und Rücknahmepreis pro Aktie in USD 2 |  | - | - | 100.40 |
| Klasse I-B-dist 5 | LU2097431832 |  |  |  |
| Aktien im Umlauf |  | 5 589.2870 | 2 598.0120 | - |
| Nettoinventarwert pro Aktie in USD |  | 12 504.62 | 9 934.35 | - |
| Ausgabe- und Rücknahmepreis pro Aktie in USD 2 |  | 12 504.62 | 9 934.35 | - |
| Klasse P-acc | LU0746413003 |  |  |  |
| Aktien im Umlauf |  | 483 026.0490 | 255 335.4690 | 198 640.5490 |
| Nettoinventarwert pro Aktie in USD |  | 251.78 | 199.94 | 172.09 |
| Ausgabe- und Rücknahmepreis pro Aktie in USD 2 |  | 251.78 | 199.94 | 172.09 |
| Klasse Q-acc | LU1240781994 |  |  |  |
| Aktien im Umlauf |  | 127 588.6370 | 133 970.2200 | 91 492.2720 |
| Nettoinventarwert pro Aktie in USD |  | 195.69 | 154.73 | 132.06 |
| Ausgabe- und Rücknahmepreis pro Aktie in USD 2 |  | 195.69 | 154.73 | 132.06 |
| 1  Erste NAV 30.3.2020 2  Erste NAV 5.10.2020 3  Siehe Erläuterung 1 4  Für die Periode vom 25.9.2018 bis zum 7.2.2020 war die Aktienklasse 5  Erste NAV 24.1.2020 | I-B-acc im Umlauf |  |  |  |


## Struktur des Wertpapierbestandes
Geographische Aufteilung in % des Nettovermögens	
| Südkorea | 21.82 |
| --- | --- |
| Taiwan | 16.75 |
| Hongkong | 15.86 |
| China | 12.68 |
| Indien | 11.81 |
| Thailand | 6.31 |
| Singapur | 5.55 |
| Philippinen | 2.40 |
| Malaysia | 1.60 |
| Total | 94.78 |

Wirtschaftliche Aufteilung in % des Nettovermögens	
Elektronik & Halbleiter	11.77
Fahrzeuge	9.03
Elektrische Geräte & Komponenten	8.40
Internet, Software & IT-Dienste	8.29
Pharmazeutik, Kosmetik & medizinische Produkte	7.08
Maschinen & Apparate	6.10
Gastgewerbe & Freizeit	6.02
Nahrungsmittel & Softdrinks	5.21
Chemie	4.82
Textilien, Kleidung & Lederwaren	4.72
Finanz- & Beteiligungsgesellschaften	4.25
Detailhandel, Warenhäuser	4.00
Diverse nicht klassierte Gesellschaften	2.87
Diverse Handelsfirmen	2.77
Immobilien	1.91
Versicherungen	1.81
Erdöl	1.19
Photo & Optik	1.13
Energie- & Wasserversorgung	0.99
Diverse Konsumgüter	0.95
Biotechnologie	0.83
Diverse Dienstleistungen	0.64
UBS (Lux) Equity SICAV – Asian Smaller Companies (USD) Halbjahresbericht per 30. November 2020

## Nettovermögensaufstellung
Aktiva	30.11.2020
USD
Wertpapierbestand, Einstandswert	171 217 358.55
| Wertpapierbestand, nicht realisierte Werterhöhung (-minderung) | 	44 525 315.39	 |
| --- | --- |
| Total Wertpapierbestand (Erläuterung 1) | 215 742 673.94 |
| Bankguthaben, Sicht- und Fristgelder | 11 178 384.16 |
| Forderungen aus Wertpapierverkäufen (Erläuterung 1) | 250 582.52 |
| Forderungen aus Zeichnungen | 1 884 855.08 |
| Forderungen aus Dividenden | 6 809.04 |
| Sonstige Forderungen | 61 280.75 |
| Total Aktiva | 229 124 585.49 |
|  |  |
| Passiva |  |
| Kontokorrentkredit | -79 978.56 |
| Verbindlichkeiten aus Wertpapierkäufen (Erläuterung 1) | -687 618.25 |
| Verbindlichkeiten aus Rücknahmen | -285 392.49 |
| Andere Verbindlichkeiten | -296 260.63 |
| Rückstellungen für pauschale Verwaltungskommission (Erläuterung 2) | -115 826.70 |
| Rückstellungen für Abonnementsabgabe (Erläuterung 3) | -13 493.12 |
| Rückstellungen für sonstige Kommissionen und Gebühren (Erläuterung 2) | 	-9 934.00	 |
| Total Rückstellungen für Aufwendungen | -139 253.82 |
| Total Passiva | -1 488 503.75 |
|  |  |
| Nettovermögen am Ende der Berichtsperiode | 227 636 081.74 |
| Ertrags- und Aufwandsrechnung | USD |
| Erträge | 1.6.2020-30.11.2020 |
| Dividenden | 1 239 565.59 |
| Erträge aus Securities Lending (Erläuterung 14) | 51 304.15 |
| Sonstige Erträge (Erläuterung 4) | 250 444.06 |
| Total Erträge | 1 541 313.80 |
|  |  |
| Aufwendungen |  |
| Pauschale Verwaltungskommission (Erläuterung 2) | -1 117 210.32 |
| Abonnementsabgabe (Erläuterung 3) | -38 151.10 |
| Kosten aus Securities Lending (Erläuterung 14) | -20 521.66 |
| Sonstige Kommissionen und Gebühren (Erläuterung 2) | -9 772.18 |
| Zinsaufwand aus liquiden Mitteln und Kontokorrentkredit | -8 019.67 |
| Total Aufwendungen | -1 193 674.93 |
|  |  |
| Nettoerträge (-verluste) aus Anlagen | 347 638.87 |
|  |  |
| Realisierte Gewinne (Verluste) (Erläuterung 1) |  |
| Realisierter Kursgewinn (-verlust) aus marktbewerteten Wertpapieren ausser Optionen | 3 683 365.40 |
| Realisierter Kursgewinn (-verlust) aus Devisenterminkontrakten | -1 911.09 |
| Realisierter Währungsgewinn (-verlust) | -82 456.13 |
| Total der realisierten Gewinne (Verluste) | 3 598 998.18 |
|  |  |
| Realisierter Nettogewinn (-verlust) der Berichtsperiode | 3 946 637.05 |
|  |  |
| Veränderungen der nicht realisierten Werterhöhung (-minderung) (Erläuterung 1) |  |
| Nicht realisierte Werterhöhung (-minderung) marktbewerteter Wertpapiere ausser Optionen | 29 377 368.10 |
| Total der Veränderungen der nicht realisierten Werterhöhung (-minderung) | 29 377 368.10 |
|  |  |
| Nettoerhöhung (-minderung) des Nettovermögens infolge Geschäftstätigkeit | 33 324 005.15 |

UBS (Lux) Equity SICAV – Asian Smaller Companies (USD) Halbjahresbericht per 30. November 2020
| Veränderung des Nettovermögens |  |
| --- | --- |
|  |  | USD |
|  |  | 1.6.2020-30.11.2020 |
| Nettovermögen zu Beginn der Berichtsperiode |  | 103 990 238.46 |
| Zeichnungen |  | 109 439 357.15 |
| Rücknahmen |  | 	-18 829 976.17	 |
| Total Mittelzufluss (-abfluss) |  | 90 609 380.98 |
| Ausbezahlte Dividende |  | -287 542.85 |
| Nettoerträge (-verluste) aus Anlagen |  | 347 638.87 |
| Total der realisierten Gewinne (Verluste) |  | 3 598 998.18 |
| Total der Veränderungen der nicht realisierten Werterhöhung (-minderung) |  | 	29 377 368.10	 |
| Nettoerhöhung (-minderung) des Nettovermögens infolge Geschäftstätigkeit |  | 33 324 005.15 |
| Nettovermögen am Ende der Berichtsperiode |  | 227 636 081.74 |
| Entwicklung der Aktien im Umlauf |  |  |
|  |  | 1.6.2020-30.11.2020 |
| Klasse |  | I-A1-acc |
| Anzahl der Aktien im Umlauf zu Beginn der Berichtsperiode |  | 52 540.0000 |
| Anzahl der ausgegebenen Aktien |  | 29 025.6610 |
| Anzahl der zurückgegebenen Aktien |  | -14 221.6610 |
| Anzahl der Aktien im Umlauf am Ende der Berichtsperiode |  | 67 344.0000 |
| Klasse |  | I-A3-acc |
| Anzahl der Aktien im Umlauf zu Beginn der Berichtsperiode |  | 0.0000 |
| Anzahl der ausgegebenen Aktien |  | 20 899.6290 |
| Anzahl der zurückgegebenen Aktien |  | -13 552.7940 |
| Anzahl der Aktien im Umlauf am Ende der Berichtsperiode |  | 7 346.8350 |
| Klasse |  | I-B-dist |
| Anzahl der Aktien im Umlauf zu Beginn der Berichtsperiode |  | 2 598.0120 |
| Anzahl der ausgegebenen Aktien |  | 2 991.2750 |
| Anzahl der zurückgegebenen Aktien |  | 0.0000 |
| Anzahl der Aktien im Umlauf am Ende der Berichtsperiode |  | 5 589.2870 |
| Klasse |  | P-acc |
| Anzahl der Aktien im Umlauf zu Beginn der Berichtsperiode |  | 255 335.4690 |
| Anzahl der ausgegebenen Aktien |  | 283 747.7640 |
| Anzahl der zurückgegebenen Aktien |  | -56 057.1840 |
| Anzahl der Aktien im Umlauf am Ende der Berichtsperiode |  | 483 026.0490 |
| Klasse |  | Q-acc |
| Anzahl der Aktien im Umlauf zu Beginn der Berichtsperiode |  | 133 970.2200 |
| Anzahl der ausgegebenen Aktien |  | 6 008.2150 |
| Anzahl der zurückgegebenen Aktien |  | -12 389.7980 |
| Anzahl der Aktien im Umlauf am Ende der Berichtsperiode |  | 127 588.6370 |
| Jährliche Ausschüttung 1 |  |  |
| UBS (Lux) Equity SICAV – Asian Smaller Companies (USD)	Ex-Date | Pay-Date | Währung	Betrag pro Aktie |
| I-B-dist	3.8.2020 | 6.8.2020 | USD	110.74 |
| 1  Siehe Erläuterung 5 |  |  |

UBS (Lux) Equity SICAV – Asian Smaller Companies (USD) Halbjahresbericht per 30. November 2020

## Aufstellung der Wertpapierbestände und anderer Nettovermögenswerte per 30. November 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 |  |  |  |
| China |  |  |  |
| HKD	CHINA MEIDONG AUTO HKD0.1 | 2 376 000.00 | 10 299 448.48 | 4.53 |
| CNY	EVE ENERGY CO LTD ‘A’CNY1 | 230 419.00 | 2 257 911.57 | 0.99 |
| CNY	JOYOUNG CO. LTD. ‘A’CNY1 | 434 438.00 | 2 155 623.51 | 0.95 |
| HKD	PACIFIC TEXTILES H HKD0.001 | 3 535 000.00 | 2 435 336.23 | 1.07 |
| CNY	SHANDONG SINOCERA ‘A’CNY1 | 456 500.00 | 2 627 118.59 | 1.15 |
| CNY	TONGKUN GROUP CO L ‘A’CNY1 | 934 811.00 | 2 799 235.03 | 1.23 |
| Total China |  | 22 574 673.41 | 9.92 |
| Hongkong |  |  |  |
| HKD	CAFE DE CORAL HLDG HKD0.10 | 1 240 000.00 | 2 671 569.11 | 1.17 |
| HKD	CHINA EVERBRIGHT HKD1 | 1 440 000.00 | 2 076 981.13 | 0.91 |
| HKD	CHINA JINMAO HOLDI NPV | 6 654 000.00 | 3 425 184.33 | 1.50 |
| HKD	FAR EAST HORIZON L HKD0.01 | 3 334 000.00 | 3 539 921.95 | 1.56 |
| HKD	LI NING CO LTD HKD0.1 | 699 500.00 | 3 790 227.38 | 1.66 |
| HKD	MINTH GRP HKD0.1 | 910 000.00 | 4 519 916.15 | 1.99 |
| HKD	SHANGRI-LA ASIA HKD1 | 2 616 000.00 | 2 389 457.18 | 1.05 |
| HKD	SHN INTL HLDGS HKD1 | 2 460 500.00 | 4 044 092.24 | 1.78 |
| HKD	SSY GROUP LIMITED HKD0.02 | 6 274 000.00 | 3 836 640.54 | 1.69 |
| HKD	TECHTRONIC INDUSTR HKD0.1 | 453 000.00 | 5 806 231.25 | 2.55 |
| Total Hongkong |  | 36 100 221.26 | 15.86 |
| Indien |  |  |  |
| INR	BAJAJ FINSERV LTD INR5 | 34 762.00 | 4 111 380.30 | 1.80 |
| INR	COLGATE-PALM (IND) INR1.00 | 125 510.00 | 2 565 407.89 | 1.13 |
| INR	GODREJ CONSUMER PR INR1 | 406 361.00 | 3 839 663.92 | 1.69 |
| INR	MARICO LTD INR1 | 432 045.00 | 2 145 165.97 | 0.94 |
| INR	SRF LIMITED INR10 | 35 460.00 | 2 458 121.09 | 1.08 |
| INR	TECH MAHINDRA INR5 | 261 461.00 | 3 095 782.99 | 1.36 |
| INR	ZEE ENTERTAINMENT ENTERPRISES LIMITED INR1 | 990 467.00 | 2 577 939.27 | 1.13 |
| Total Indien |  | 20 793 461.43 | 9.13 |
| Malaysia |  |  |  |
| MYR	PENTAMASTER CORP MYR0.5 | 3 001 100.00 | 3 646 402.80 | 1.60 |
| Total Malaysia |  | 3 646 402.80 | 1.60 |
| Philippinen |  |  |  |
| PHP	CENTURY PACIFIC FO PHP1 | 5 552 500.00 | 2 025 600.04 | 0.89 |
| PHP	JOLLIBEE FOODS PHP1 | 687 770.00 | 2 703 588.40 | 1.19 |
| PHP	PHILIPPINE SEVEN PHP1 | 319 085.00 | 723 383.22 | 0.32 |
| Total Philippinen |  | 5 452 571.66 | 2.40 |
| Singapur |  |  |  |
| SGD	AEM HOLDINGS LTD NPV (POST SPLIT) | 1 260 100.00 | 3 345 565.03 | 1.47 |
| SGD	NANOFILM TECHNOLOGIES INTERNATIONAL LTD | 1 309 200.00 | 3 133 228.63 | 1.38 |
| SGD	VENTURE CORP LTD SGD0.25 | 436 600.00 | 6 148 513.95 | 2.70 |
| Total Singapur |  | 12 627 307.61 | 5.55 |
| Südkorea |  |  |  |
| KRW	AMICOGEN CO LTD KRW500 | 64 514.00 | 1 923 963.82 | 0.85 |
| KRW	COSMAX INC (NEW) KRW500 | 32 616.00 | 2 809 005.51 | 1.23 |
| KRW	DONGJIN SEMICHEM C KRW500 | 129 338.00 | 3 605 871.96 | 1.59 |
| KRW	DOUZONE BIZON CO L KRW500 | 25 541.00 | 2 435 114.29 | 1.07 |
| KRW	ENF TECHNOLOGY CO KRW500 | 51 929.00 | 1 895 921.35 | 0.83 |
| KRW	HANSOL CHEMICAL CO KRW5000 | 33 650.00 | 4 743 934.22 | 2.08 |
| KRW	INCROSS CO LTD KRW500 | 163 062.00 | 7 316 460.12 | 3.21 |
| KRW	KINX INC KRW500 | 40 841.00 | 2 679 550.71 | 1.18 |
| KRW	LEENO INDUSTRIAL KRW500 | 21 665.00 | 2 392 538.26 | 1.05 |
| KRW	S&S TECH CORPORATI KRW500 | 201 088.00 | 8 195 806.35 | 3.60 |
| KRW	SEOJIN SYSTEM CO L KRW500 | 91 564.00 | 3 967 732.27 | 1.74 |
| KRW	VITZROCELL CO LTD KRW500 | 185 707.00 | 2 769 116.39 | 1.22 |
| Total Südkorea |  | 44 735 015.25 | 19.65 |
| Taiwan |  |  |  |
| TWD	CHAILEASE HOLDING TWD10 | 1 195 740.00 | 6 544 529.08 | 2.88 |
| TWD	CHIN-POON INDL TWD10 | 1 831 000.00 | 1 991 439.35 | 0.87 |
| TWD	GLOBAL PMX CO LTD TWD10 | 945 000.00 | 6 382 334.88 | 2.80 |
| TWD	KUNG LONG BATTERIE TWD10 | 643 000.00 | 3 158 319.45 | 1.39 |
| TWD	MACRONIX INTERNATL TWD10 | 1 626 000.00 | 2 196 333.66 | 0.96 |
| TWD	MAKALOT INDUSTRIAL TWD10 | 471 000.00 | 3 048 837.82 | 1.34 |
| TWD	NIEN MADE ENTERPRI TWD10 | 323 000.00 | 3 813 332.16 | 1.68 |
| Total Taiwan |  | 27 135 126.40 | 11.92 |
| Total Inhaberaktien |  | 173 064 779.82 | 76.03 |
| Namensaktien |  |  |  |
| China |  |  |  |
| HKD	ALPHMAB ONCOLOGY USD0.000002 | 641 324.00 | 1 255 964.95 | 0.55 |
| HKD	EXCELLENCE COML PT HKD0.01 | 722 000.00 | 931 462.67 | 0.41 |
| HKD	YIHAI INTERNATIONA USD0.00001 | 349 000.00 | 4 090 520.88 | 1.80 |
| Total China |  | 6 277 948.50 | 2.76 |

UBS (Lux) Equity SICAV – Asian Smaller Companies (USD) Halbjahresbericht per 30. November 2020
|  | Bezeichnung | Anzahl/ | Bewertung in USD | in % des |
| --- | --- | --- | --- | --- |
|  | Nominal | NR Kursgewinn | Netto- |
|  |  | (-verlust) auf Futures/ | vermögens |
|  |  | Devisentermin- |  |
|  |  | kontrakten/ |  |
|  |  | Swaps (Erl. 1) |  |
| Indien |  |  |  |  |
| INR | CROMPTON GREAVES C INR2 | 680 692.00 | 2 806 181.37 | 1.23 |
| INR | EICHER MOTORS INR1 | 95 953.00 | 3 286 744.56 | 1.45 |
| Total Indien | 6 092 925.93 | 2.68 |
| Südkorea |  |  |  |  |
| KRW | HAIMARROW FOOD KRW100 | 960 582.00 | 2 482 729.87 | 1.09 |
| KRW | MANDO CORPORATION KRW1000 | 56 064.00 | 2 457 280.93 | 1.08 |
| Total Südkorea	4 940 010.80	2.17 |
| Taiwan |  |  |  |  |
| TWD | CHIEF TELECOM INC TWD10 | 251 000.00 | 3 346 373.13 | 1.47 |
| TWD | PEGAVISION CORPORA TWD10 | 341 000.00 | 3 056 766.95 | 1.34 |
| Total Taiwan | 6 403 140.08 | 2.81 |
| Thailand |  |  |  |  |
| THB | OSOTSPA PCL THB1 (ALIEN) | 2 150 400.00 | 2 594 697.53 | 1.14 |
| THB | STARK CORPORATION THB0.5 (ALIEN) | 64 013 200.00 | 3 851 372.70 | 1.69 |
| Total Thailand |  | 6 446 070.23 | 2.83 |
| Total Namensaktien |  | 30 160 095.54 | 13.25 |
| Depository Receipts |  |  |  |
| Thailand |  |  |  |
| THB	PTT GLOBAL CHEMICA THB10(NVDR) | 1 430 300.00 | 2 706 931.41 | 1.19 |
| THB	R&B FOOD SUPPLY PC THB1 (NVDR) | 6 119 500.00 | 1 921 826.45 | 0.84 |
| THB	SIAM WELLNESS GP THB0.25(NVDR) | 7 919 550.00 | 1 845 713.31 | 0.81 |
| THB	UNION AUCTION THB0.25(NVDR) | 3 843 800.00 | 1 448 572.56 | 0.64 |
| Total Thailand | 7 923 043.73 | 3.48 |
| Total Depository Receipts | 7 923 043.73 | 3.48 |
| Total Wertpapiere und Geldmarktinstrumente, die an einer offiziellen Börse gehandelt werden | 211 147 919.09 | 92.76 |
| Wertpapiere und Geldmarktinstrumente, die an einem anderen geregelten Markt gehandelt werden |  |  |
| Inhaberaktien |  |  |
| Taiwan |  |  |
| TWD	POYA INTERNATIONAL TWD10	219 000.00 | 4 594 754.85 | 2.02 |
| Total Taiwan | 4 594 754.85 | 2.02 |
| Total Inhaberaktien | 4 594 754.85 | 2.02 |
| Total Wertpapiere und Geldmarktinstrumente, die an einem anderen geregelten Markt gehandelt werden | 4 594 754.85 | 2.02 |
| Total des Wertpapierbestandes | 215 742 673.94 | 94.78 |
|  |  |  |
| Bankguthaben, Sicht- und Fristgelder und andere liquide Mittel | 11 178 384.16 | 4.91 |
| Kontokorrentkredit und andere kurzfristige Verbindlichkeiten | -79 978.56 | -0.04 |
| Andere Aktiva und Passiva | 795 002.20 | 0.35 |
| Total des Nettovermögens | 227 636 081.74 | 100.00 |

UBS (Lux) Equity SICAV – Asian Smaller Companies (USD) Halbjahresbericht per 30. November 2020