# UBS (Lux) Equity Fund – Small Caps USA (USD)
| Most important figures |  |
| --- | --- |
|  | ISIN | 31.5.2022 | 30.11.2021 | 30.11.2020 |
| Net assets in USD |  | 71 487 272.61 | 156 804 006.55 | 113 958 675.67 |
| Class F-acc 1 | LU0404627084 |  |  |  |
| Units outstanding |  | - | - | 53.0000 |
| Net asset value per unit in USD |  | - | - | 1 390.93 |
| Issue and redemption price per unit in USD 2 |  | - | - | 1 392.04 |
| Class I-B-acc 3 | LU2245806570 |  |  |  |
| Units outstanding |  | - | 380 278.7050 | 363 478.4510 |
| Net asset value per unit in USD |  | - | 121.16 | 105.63 |
| Issue and redemption price per unit in USD 2 |  | - | 121.16 | 105.71 |
| Class P-acc | LU0038842364 |  |  |  |
| Units outstanding |  | 58 915.9160 | 61 749.5910 | 40 053.9140 |
| Net asset value per unit in USD |  | 1 106.60 | 1 449.89 | 1 286.71 |
| Issue and redemption price per unit in USD 2 |  | 1 106.60 | 1 449.89 | 1 287.74 |
| Class Q-acc | LU0404627241 |  |  |  |
| Units outstanding |  | 27 245.7550 | 20 995.0930 | 17 570.2730 |
| Net asset value per unit in USD |  | 194.71 | 254.12 | 223.78 |
| Issue and redemption price per unit in USD 2 |  | 194.71 | 254.12 | 223.96 |
| Class U-X-acc | LU2227885360 |  |  |  |
| Units outstanding |  | 119.0000 | 1 139.0000 | 1 650.0000 |
| Net asset value per unit in USD |  | 8 288.07 | 13 926.44 | 12 133.31 |
| Issue and redemption price per unit in USD 2 |  | 8 288.07 | 13 926.44 | 12 143.02 |
| 1  The unit class F-acc was in circulation until 10.12.2020 2  See note 1 3  The unit class I-B-acc was in circulation until 23.5.2022 |  |  |  |  |


## Structure of the Securities Portfolio
Geographical Breakdown as a % of net assets	
| United States | 93.09 |
| --- | --- |
| Israel | 1.62 |
| Bermuda | 0.73 |
| The Netherlands | 0.68 |
| Switzerland | 0.27 |
| Canada | 0.17 |
| Total | 96.56 |

Economic Breakdown as a % of net assets	
| Internet, software & IT services | 19.58 |
| --- | --- |
| Lodging, catering & leisure | 7.39 |
| Biotechnology | 7.31 |
| Pharmaceuticals, cosmetics & medical products | 6.81 |
| Electronics & semiconductors | 6.68 |
| Mechanical engineering & industrial equipment | 6.39 |
| Finance & holding companies | 5.66 |
| Food & soft drinks | 5.30 |
| Petroleum | 4.64 |
| Healthcare & social services | 4.37 |
| Banks & credit institutions | 4.09 |
| Energy & water supply | 3.68 |
| Building industry & materials | 2.74 |
| Electrical devices & components | 2.21 |
| Textiles, garments & leather goods | 2.04 |
| Vehicles | 1.75 |
| Forestry, paper & pulp products | 1.58 |
| Traffic & transportation | 1.50 |
| Miscellaneous services | 1.38 |
| Insurance | 0.73 |
| Retail trade, department stores | 0.73 |
| Total | 96.56 |

UBS (Lux) Equity Fund – Small Caps USA (USD) Semi-Annual Report as of 31 May 2022

## Statement of Net Assets
Assets	31.5.2022
USD
Investments in securities, cost	79 876 251.91
| Investments in securities, unrealized appreciation (depreciation) | 	-10 845 923.81	 |
| --- | --- |
| Total investments in securities (Note 1) | 69 030 328.10 |
| Cash at banks, deposits on demand and deposit accounts | 2 499 498.15 |
| Receivable on subscriptions | 47 115.47 |
| Receivable on dividends | 81 995.81 |
| Prepaid expenses | 22 515.64 |
| Total Assets | 71 681 453.17 |
|  |  |
| Liabilities |  |
| Payable on redemptions | -82 114.22 |
| Provisions for flat fee (Note 2) | -103 665.24 |
| Provisions for taxe d’abonnement (Note 3) | -5 922.41 |
| Provisions for other commissions and fees (Note 2) | 	-2 478.69	 |
| Total provisions | -112 066.34 |
| Total Liabilities | -194 180.56 |
|  |  |
| Net assets at the end of the period | 71 487 272.61 |
| Statement of Operations | USD |
| Income | 1.12.2021-31.5.2022 |
| Interest on liquid assets | 28.11 |
| Dividends | 227 921.62 |
| Net income on securities lending (Note 10) | 20 288.82 |
| Other income (Note 4) | 44 178.18 |
| Total income | 292 416.73 |
|  |  |
| Expenses |  |
| Flat fee (Note 2) | -733 185.72 |
| Taxe d’abonnement (Note 3) | -21 854.87 |
| Other commissions and fees (Note 2) | -37 600.91 |
| Interest on cash and bank overdraft | -43.47 |
| Total expenses | -792 684.97 |
|  |  |
| Net income (loss) on investments | -500 268.24 |
|  |  |
| Realized gain (loss) (Note 1) |  |
| Realized gain (loss) on market-priced securities without options | -6 038 833.97 |
| Realized gain (loss) on swaps | -1 263.98 |
| Realized gain (loss) on foreign exchange | -643.25 |
| Total realized gain (loss) | -6 040 741.20 |
|  |  |
| Net realized gain (loss) of the period | -6 541 009.44 |
|  |  |
| Changes in unrealized appreciation (depreciation) (Note 1) |  |
| Unrealized appreciation (depreciation) on market-priced securities without options | -24 325 533.12 |
| Total changes in unrealized appreciation (depreciation) | -24 325 533.12 |
|  |  |
| Net increase (decrease) in net assets as a result of operations | -30 866 542.56 |

UBS (Lux) Equity Fund – Small Caps USA (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 | 156 804 006.55 |
| Subscriptions | 12 628 002.18 |
| Redemptions | 	-67 078 193.56	 |
| Total net subscriptions (redemptions) | -54 450 191.38 |
| Net income (loss) on investments | -500 268.24 |
| Total realized gain (loss) | -6 040 741.20 |
| Total changes in unrealized appreciation (depreciation) | 	-24 325 533.12	 |
| Net increase (decrease) in net assets as a result of operations | -30 866 542.56 |
| Net assets at the end of the period | 71 487 272.61 |
| Development of the outstanding units |  |
|  | 1.12.2021-31.5.2022 |
| Class | I-B-acc |
| Number of units outstanding at the beginning of the period | 380 278.7050 |
| Number of units issued | 1 655.7550 |
| Number of units redeemed | -381 934.4600 |
| Number of units outstanding at the end of the period | 0.0000 |
| Class | P-acc |
| Number of units outstanding at the beginning of the period | 61 749.5910 |
| Number of units issued | 7 115.3330 |
| Number of units redeemed | -9 949.0080 |
| Number of units outstanding at the end of the period | 58 915.9160 |
| Class | Q-acc |
| Number of units outstanding at the beginning of the period | 20 995.0930 |
| Number of units issued | 8 407.9900 |
| Number of units redeemed | -2 157.3280 |
| Number of units outstanding at the end of the period | 27 245.7550 |
| Class | U-X-acc |
| Number of units outstanding at the beginning of the period | 1 139.0000 |
| Number of units issued | 119.0000 |
| Number of units redeemed | -1 139.0000 |
| Number of units outstanding at the end of the period | 119.0000 |

UBS (Lux) Equity Fund – Small Caps USA (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 |  |  |  |
| Bermuda |  |  |  |
| USD	ESSENT GRP LTD COM USD0.015 | 12 253.00 | 524 305.87 | 0.73 |
| Total Bermuda |  | 524 305.87 | 0.73 |
| Canada |  |  |  |
| USD	REPARE THERAPEUTIC COM NPV | 13 060.00 | 119 890.80 | 0.17 |
| Total Canada |  | 119 890.80 | 0.17 |
| Israel |  |  |  |
| USD	CYBER-ARK SOFTWARE COM ILS0.01 | 7 000.00 | 972 300.00 | 1.36 |
| USD	WIX.COM LTD COM ILS0.01 | 3 005.00 | 189 345.05 | 0.26 |
| Total Israel |  | 1 161 645.05 | 1.62 |
| The Netherlands |  |  |  |
| USD	ARGENX SE SPON ADR EACH REP 1 ORD SHS | 1 565.00 | 484 054.50 | 0.68 |
| Total The Netherlands |  | 484 054.50 | 0.68 |
| Switzerland |  |  |  |
| USD	CRISPR THERAPEUTIC COM CHF0.03 | 3 330.00 | 193 306.50 | 0.27 |
| Total Switzerland |  | 193 306.50 | 0.27 |
| United States |  |  |  |
| USD	ALLOGENE THERAPEUT COM USD0.001 | 21 077.00 | 167 140.61 | 0.23 |
| USD	ALTERYX INC COM USD0.0001 CL A | 18 720.00 | 1 041 768.00 | 1.46 |
| USD	AMERESCO INC COM USD0.0001 CL ‘A’ | 19 252.00 | 1 130 477.44 | 1.58 |
| USD	ASPEN AEROGELS INC COM USD0.00001 | 26 118.00 | 457 587.36 | 0.64 |
| USD	ASTEC INDS INC COM | 6 906.00 | 322 993.62 | 0.45 |
| USD	ATRICURE INC COM USD0.001 | 19 482.00 | 791 553.66 | 1.11 |
| USD	AZENTA INC COM USD0.01 | 16 992.00 | 1 302 266.88 | 1.82 |
| USD	BLOOMIN BRANDS INC COM USD0.01 | 56 327.00 | 1 189 062.97 | 1.66 |
| USD	BOISE CASCADE COMP COM USD0.01 | 14 632.00 | 1 131 346.24 | 1.58 |
| USD	CASTLE BIOSCIENCES COM USD0.001 | 11 612.00 | 258 599.24 | 0.36 |
| USD	CHART INDS INC COM PAR $0.01 | 12 412.00 | 2 183 022.56 | 3.05 |
| USD	CHESAPEAKE ENERGY COM USD0.01 | 21 433.00 | 2 087 145.54 | 2.92 |
| USD	CHILDRENS PLACE IN COM USD0.10 | 11 008.00 | 522 659.84 | 0.73 |
| USD	CHURCHILL DOWNS INC COM | 6 067.00 | 1 228 142.81 | 1.72 |
| USD	CLEARWATER ANALYTI COM USD0.001 CLASS A | 21 300.00 | 300 543.00 | 0.42 |
| USD	DAVE & BUSTER’S EN COM USD0.01 | 25 192.00 | 954 524.88 | 1.34 |
| USD	DIGITALOCEAN HLDGS COM USD0.000025 | 22 154.00 | 1 082 222.90 | 1.51 |
| USD	EVOQUA WATER TECHN COM USD0.01 | 34 065.00 | 1 212 373.35 | 1.70 |
| USD	FATE THERAPEUTICS COM USD0.001 | 6 952.00 | 160 591.20 | 0.22 |
| USD	FIRST BANCORP N C COM | 27 890.00 | 1 045 038.30 | 1.46 |
| USD	FORGEROCK INC COM USD0.001 CLASS A | 16 000.00 | 306 560.00 | 0.43 |
| USD	FORWARD AIR CORP COM | 11 496.00 | 1 071 312.24 | 1.50 |
| USD	GENERAC HLDGS INC COM USD0.01 | 1 057.00 | 261 163.56 | 0.37 |
| USD	HASHICORP INC COM USD0.000015 CL A | 5 500.00 | 192 610.00 | 0.27 |
| USD	HENRY JACK & ASSOC COM USD0.01 | 7 654.00 | 1 439 870.48 | 2.01 |
| USD	HERC HOLDINGS INC COM | 12 832.00 | 1 504 167.04 | 2.10 |
| USD	IGM BIOSCIENCES IN COM USD0.01 | 9 538.00 | 160 047.64 | 0.22 |
| USD	INSMED INC COM USD0.01 | 23 990.00 | 451 491.80 | 0.63 |
| USD	INSPIRE MEDICAL SY COM USD0.001 | 5 277.00 | 933 131.91 | 1.31 |
| USD	INSTIL BIO INC COM USD0.000001 | 16 140.00 | 96 920.70 | 0.14 |
| USD	INTELLIA THERAPEUT COM USD0.0001 | 5 928.00 | 273 517.92 | 0.38 |
| USD	INTRA-CELLUAR THER USD0.0001 | 11 251.00 | 645 807.40 | 0.90 |
| USD	JAMF HOLDING CORP COM USD0.001 | 37 441.00 | 963 731.34 | 1.35 |
| USD	KURA ONCOLOGY INC COM USD0.0001 | 23 750.00 | 312 550.00 | 0.44 |
| USD	KYMERA THERAPEUTIC USD0.0001 | 13 156.00 | 187 736.12 | 0.26 |
| USD	LATTICE SEMICONDUCTOR CORP COM | 21 915.00 | 1 140 018.30 | 1.60 |
| USD	LHC GROUP INC COM | 5 670.00 | 944 962.20 | 1.32 |
| USD	MAGNITE INC COM USD0.00001 | 43 554.00 | 478 658.46 | 0.67 |
| USD	MARAVAI LIFESCIENC USD0.01 A | 5 574.00 | 173 630.10 | 0.24 |
| USD	MASTEC INC COM | 13 411.00 | 1 121 025.49 | 1.57 |
| USD	MAXLINEAR INC COM USD0.01 CL’A’ | 26 511.00 | 1 049 570.49 | 1.47 |
| USD	MEDPACE HOLDINGS COM USD0.01 | 8 277.00 | 1 185 597.48 | 1.66 |
| USD	MEIRAGTX HLDGS PLC COM USD0.00003881 | 21 700.00 | 182 063.00 | 0.26 |
| USD	NANOSTRING TECHNOL COM USD0.0001 | 14 672.00 | 229 470.08 | 0.32 |
| USD	NATIONAL BANK HOLD COM USD0.01 | 18 046.00 | 735 374.50 | 1.03 |
| USD	NATIONAL VISION HL COM USD0.01 | 26 583.00 | 748 045.62 | 1.05 |
| USD	NEOGENOMICS INC COM NPV | 21 802.00 | 183 572.84 | 0.26 |
| USD	NURIX THERAPEUTICS USD0.001 | 19 320.00 | 194 938.80 | 0.27 |
| USD	OVINTIV INC COM USD0.01 | 21 990.00 | 1 231 220.10 | 1.72 |
| USD	PERFORMANCE FOOD G COM USD0.01 | 37 922.00 | 1 643 539.48 | 2.30 |
| USD	PLANET FITNESS INC COM USD0.0001 A | 15 681.00 | 1 103 471.97 | 1.54 |
| USD	PMV PHARMACEUTICAL COM USD0.00001 | 12 564.00 | 147 752.64 | 0.21 |
| USD	PURE STORAGE INC COM USD0.0001 CL A | 54 124.00 | 1 284 362.52 | 1.80 |
| USD	PVH CORP COM USD1 | 9 163.00 | 649 381.81 | 0.91 |
| USD	R1 RCM INC COM USD0.01 | 54 204.00 | 1 163 759.88 | 1.63 |
| USD	RAPID7 INC COM USD0.01 | 14 779.00 | 1 047 387.73 | 1.47 |
| USD	REGAL BELOIT CORP. COM USD0.01 | 9 587.00 | 1 197 895.65 | 1.68 |
| USD	RELAY THERAPEUTICS COM USD0.001 | 11 590.00 | 188 685.20 | 0.26 |
| USD	REPLIGEN CORP COM | 6 060.00 | 996 688.20 | 1.39 |
| USD	RYMAN HOSPITALITY COM USD0.01 | 21 057.00 | 1 880 179.53 | 2.63 |
| USD	SHIFT4 PMTS INC COM USD0.0001 CLASS A | 21 588.00 | 985 492.20 | 1.38 |
| USD	SHOALS TECHNOLOGIE COM USD0.00001 CLASS A | 18 386.00 | 286 821.60 | 0.40 |
| USD	SILK ROAD MEDICAL COM USD0.001 | 18 164.00 | 603 408.08 | 0.84 |
| USD	SIMPSON MANUFACTURING CO INC COM | 7 740.00 | 838 629.00 | 1.17 |

UBS (Lux) Equity Fund – Small Caps USA (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) |  |
|  |  |  |  |  |
| USD | SIX FLAGS ENT CORP COM USD0.01 | 33 566.00 | 985 162.10 | 1.38 |
| USD | STAAR SURGICAL CO COM USD0.01 | 14 428.00 | 951 382.32 | 1.33 |
| USD | SUMO LOGIC INC COM USD0.0001 | 22 376.00 | 181 469.36 | 0.25 |
| USD | SURGERY PARTNERS COM USD0.01 | 27 215.00 | 1 066 828.00 | 1.49 |
| USD | SWEETGREEN INC COM USD0.001 CL A | 3 300.00 | 60 324.00 | 0.08 |
| USD | TAPESTRY INC COM USD0.01 | 23 425.00 | 808 162.50 | 1.13 |
| USD | TENABLE HOLDINGS I COM USD0.01 | 25 414.00 | 1 278 324.20 | 1.79 |
| USD | TEREX CORP NEW COM | 24 415.00 | 864 046.85 | 1.21 |
| USD | TEXAS CAPITAL BANCSHARES INC COM | 12 093.00 | 683 617.29 | 0.96 |
| USD | THE AZEK COMPANY I COM USD0.001 CLASS A | 19 340.00 | 407 493.80 | 0.57 |
| USD | TOPBUILD CORP COM USD0.01 ‘WI’ | 3 624.00 | 714 870.24 | 1.00 |
| USD | UNIVERSAL DISPLAY COM USD0.01 | 10 159.00 | 1 283 183.29 | 1.80 |
| USD | VARONIS SYSTEMS IN COM USD0.001 | 27 924.00 | 923 446.68 | 1.29 |
| USD | VERITEX HLDGS INC COM USD0.01 | 31 167.00 | 1 074 014.82 | 1.50 |
| USD | VISTEON CORP COM USD0.01 | 11 132.00 | 1 249 121.72 | 1.75 |
| USD | WEBSTER FINL CORP CONN COM | 20 669.00 | 1 014 641.21 | 1.42 |
| USD | WYNDHAM HOTELS R COM USD0.01 WI | 12 619.00 | 1 011 160.47 | 1.41 |
| USD | XENCOR INC COM USD0.01 | 15 031.00 | 335 642.23 | 0.47 |
| USD | ZENTALIS PHARMACEU COM USD0.001 CL A | 8 480.00 | 204 452.80 | 0.29 |
| Total United States |  | 66 082 625.38 | 92.44 |
| Total Equities |  | 68 565 828.10 | 95.91 |
| Total Transferable securities and money market instruments listed on an official stock exchange |  | 68 565 828.10 | 95.91 |
| Transferable securities and money market instruments traded on another regulated market |  |  |  |
| Equities |  |  |  |
| United States |  |  |  |
| USD	STERLING CHECK COR COM USD0.01 | 25 000.00 | 464 500.00 | 0.65 |
| Total United States |  | 464 500.00 | 0.65 |
| Total Equities |  | 464 500.00 | 0.65 |
| Total Transferable securities and money market instruments traded on another regulated market |  | 464 500.00 | 0.65 |
| Total investments in securities |  | 69 030 328.10 | 96.56 |
|  |  |  |  |
| Cash at banks, deposits on demand and deposit accounts and other liquid assets |  | 2 499 498.15 | 3.50 |
| Other assets and liabilities |  | -42 553.64 | -0.06 |
| Total net assets |  | 71 487 272.61 | 100.00 |

UBS (Lux) Equity Fund – Small Caps USA (USD) Semi-Annual Report as of 31 May 2022

Translation (ENFR, 2022-05-31):
# UBS (Lux) Equity Fund – Small Caps USA (USD)
| Données principales |  |
| --- | --- |
|  | ISIN | 31.5.2022 | 30.11.2021 | 30.11.2020 |
| Actif net en USD |  | 71 487 272.61 | 156 804 006.55 | 113 958 675.67 |
| Catégorie F-acc 1 | LU0404627084 |  |  |  |
| Parts en circulation |  | - | - | 53.0000 |
| Valeur nette d’inventaire par part en USD |  | - | - | 1 390.93 |
| Prix d’émission et de rachat par part en USD 2 |  | - | - | 1 392.04 |
| Catégorie I-B-acc 3 | LU2245806570 |  |  |  |
| Parts en circulation |  | - | 380 278.7050 | 363 478.4510 |
| Valeur nette d’inventaire par part en USD |  | - | 121.16 | 105.63 |
| Prix d’émission et de rachat par part en USD 2 |  | - | 121.16 | 105.71 |
| Catégorie P-acc | LU0038842364 |  |  |  |
| Parts en circulation |  | 58 915.9160 | 61 749.5910 | 40 053.9140 |
| Valeur nette d’inventaire par part en USD |  | 1 106.60 | 1 449.89 | 1 286.71 |
| Prix d’émission et de rachat par part en USD 2 |  | 1 106.60 | 1 449.89 | 1 287.74 |
| Catégorie Q-acc | LU0404627241 |  |  |  |
| Parts en circulation |  | 27 245.7550 | 20 995.0930 | 17 570.2730 |
| Valeur nette d’inventaire par part en USD |  | 194.71 | 254.12 | 223.78 |
| Prix d’émission et de rachat par part en USD 2 |  | 194.71 | 254.12 | 223.96 |
| Catégorie U-X-acc | LU2227885360 |  |  |  |
| Parts en circulation |  | 119.0000 | 1 139.0000 | 1 650.0000 |
| Valeur nette d’inventaire par part en USD |  | 8 288.07 | 13 926.44 | 12 133.31 |
| Prix d’émission et de rachat par part en USD 2 |  | 8 288.07 | 13 926.44 | 12 143.02 |
| 1  La catégorie de parts F-acc était en circulation jusqu’au 10.12.2020 2  Voir note 1 3  La catégorie de parts I-B-acc était en circulation jusqu’au 23.5.2022 |  |  |  |  |

UBS (Lux) Equity Fund – Small Caps USA (USD) Rapport semestriel au 31 mai 2022

## Structure du portefeuille-titres
Répartition géographique en % de l’actif net	
| Etats-Unis | 93.09 |
| --- | --- |
| Israël | 1.62 |
| Bermudes | 0.73 |
| Pays-Bas | 0.68 |
| Suisse | 0.27 |
| Canada | 0.17 |
| Total | 96.56 |

Répartition économique en % de l’actif net	
| Internet, logiciels et services informatiques | 19.58 |
| --- | --- |
| Restauration et loisirs | 7.39 |
| Biotechnologie | 7.31 |
| Produits pharmaceutiques, cosmétiques & médicaux | 6.81 |
| Electronique et semi-conducteurs | 6.68 |
| Machines et appareils | 6.39 |
| Etablissements financiers et sociétés de participation | 5.66 |
| Alimentation & softs | 5.30 |
| Pétrole | 4.64 |
| Soins de santé & services sociaux | 4.37 |
| Banques & instituts de crédit | 4.09 |
| Distribution d’énergie & d’eau | 3.68 |
| Bâtiment et matériaux de construction | 2.74 |
| Appareils et composants électriques | 2.21 |
| Textiles, habillement & maroquinerie | 2.04 |
| Véhicules | 1.75 |
| Sylviculture; bois et papier | 1.58 |
| Trafic et transport | 1.50 |
| Services divers | 1.38 |
| Assurances | 0.73 |
| Commerce de détail, centres commerciaux | 0.73 |
| Total | 96.56 |


## Etat des actifs nets
Actif	31.5.2022
USD
Portefeuille-titres, cours d’achat	79 876 251.91
| Portefeuille-titres, plus- (moins-) value non-réalisée | 	-10 845 923.81	 |
| --- | --- |
| Total portefeuille-titres (note 1) | 69 030 328.10 |
| Avoirs en banque, dépôts à vue et à terme | 2 499 498.15 |
| A recevoir sur souscriptions | 47 115.47 |
| A recevoir sur dividendes | 81 995.81 |
| Frais payés d’avance | 22 515.64 |
| Total Actif | 71 681 453.17 |
|  |  |
| Passif |  |
| A payer sur rachats | -82 114.22 |
| Provisions pour commission de gestion forfaitaire (note 2) | -103 665.24 |
| Provisions pour taxe d’abonnement (note 3) | -5 922.41 |
| Provisions pour autres commissions et frais (note 2) | 	-2 478.69	 |
| Total des Provisions pour frais | -112 066.34 |
| Total Passif | -194 180.56 |
|  |  |
| Actifs nets à la fin de la période | 71 487 272.61 |
| Etat des opérations | USD |
| Revenus | 1.12.2021-31.5.2022 |
| Revenus d’intérêts sur liquidités | 28.11 |
| Dividendes | 227 921.62 |
| Revenus nets sur prêts de titres (note 10) | 20 288.82 |
| Autres revenus (note 4) | 44 178.18 |
| Total des Revenus | 292 416.73 |
|  |  |
| Charges |  |
| Commission de gestion forfaitaire (note 2) | -733 185.72 |
| Taxe d’abonnement (note 3) | -21 854.87 |
| Autres commissions et frais (note 2) | -37 600.91 |
| Charges d’intérêts sur liquidités et crédit en compte courant | -43.47 |
| Total des Charges | -792 684.97 |
|  |  |
| Revenus (Pertes) net(te)s des investissements | -500 268.24 |
|  |  |
| Bénéfices (pertes) réalisé(e)s (note 1) |  |
| Bénéfice (perte) réalisé(e) sur titres évalués à la valeur de marché hors options | -6 038 833.97 |
| Bénéfice (perte) réalisé(e) sur swaps | -1 263.98 |
| Bénéfice (perte) réalisé(e) de change réalisé(e) | -643.25 |
| Total des Bénéfices (pertes) réalisé(e)s | -6 040 741.20 |
|  |  |
| Bénéfice (perte) net(te) réalisé(e) au cours de la période | -6 541 009.44 |
|  |  |
| Variations des plus- (moins-) values non-réalisées (note 1) |  |
| Plus- (Moins-) value non réalisée sur titres évalués à la valeur de marché hors options | -24 325 533.12 |
| Total des Variations des plus- (moins-) values non-réalisées | -24 325 533.12 |
|  |  |
| Augmentation/(diminution) nette de l’actif net issue de l’activité | -30 866 542.56 |

UBS (Lux) Equity Fund – Small Caps USA (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 | 156 804 006.55 |
| Souscriptions | 12 628 002.18 |
| Rachats | 	-67 078 193.56	 |
| Souscriptions (Rachats) net(te)s | -54 450 191.38 |
| Revenus (Pertes) net(te)s des investissements | -500 268.24 |
| Total des Bénéfices (pertes) réalisé(e)s | -6 040 741.20 |
| Total des Variations des plus- (moins-) values non-réalisées | 	-24 325 533.12	 |
| Augmentation/(diminution) nette de l’actif net issue de l’activité | -30 866 542.56 |
| Actifs nets à la fin de la période | 71 487 272.61 |
| Evolution des parts en circulation |  |
|  | 1.12.2021-31.5.2022 |
| Catégorie | I-B-acc |
| Nombre de parts en circulation au début de la période | 380 278.7050 |
| Nombre de parts émises | 1 655.7550 |
| Nombre de parts rachetées | -381 934.4600 |
| Nombre de parts en circulation à la fin de la période | 0.0000 |
| Catégorie | P-acc |
| Nombre de parts en circulation au début de la période | 61 749.5910 |
| Nombre de parts émises | 7 115.3330 |
| Nombre de parts rachetées | -9 949.0080 |
| Nombre de parts en circulation à la fin de la période | 58 915.9160 |
| Catégorie | Q-acc |
| Nombre de parts en circulation au début de la période | 20 995.0930 |
| Nombre de parts émises | 8 407.9900 |
| Nombre de parts rachetées | -2 157.3280 |
| Nombre de parts en circulation à la fin de la période | 27 245.7550 |
| Catégorie | U-X-acc |
| Nombre de parts en circulation au début de la période | 1 139.0000 |
| Nombre de parts émises | 119.0000 |
| Nombre de parts rachetées | -1 139.0000 |
| Nombre de parts en circulation à la fin de la période | 119.0000 |

UBS (Lux) Equity Fund – Small Caps USA (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 |  |  |  |
| Bermudes |  |  |  |
| USD	ESSENT GRP LTD COM USD0.015 | 12 253.00 | 524 305.87 | 0.73 |
| Total Bermudes |  | 524 305.87 | 0.73 |
| Canada |  |  |  |
| USD	REPARE THERAPEUTIC COM NPV | 13 060.00 | 119 890.80 | 0.17 |
| Total Canada |  | 119 890.80 | 0.17 |
| Israël |  |  |  |
| USD	CYBER-ARK SOFTWARE COM ILS0.01 | 7 000.00 | 972 300.00 | 1.36 |
| USD	WIX.COM LTD COM ILS0.01 | 3 005.00 | 189 345.05 | 0.26 |
| Total Israël |  | 1 161 645.05 | 1.62 |
| Pays-Bas |  |  |  |
| USD	ARGENX SE SPON ADR EACH REP 1 ORD SHS | 1 565.00 | 484 054.50 | 0.68 |
| Total Pays-Bas |  | 484 054.50 | 0.68 |
| Suisse |  |  |  |
| USD	CRISPR THERAPEUTIC COM CHF0.03 | 3 330.00 | 193 306.50 | 0.27 |
| Total Suisse |  | 193 306.50 | 0.27 |
| Etats-Unis |  |  |  |
| USD	ALLOGENE THERAPEUT COM USD0.001 | 21 077.00 | 167 140.61 | 0.23 |
| USD	ALTERYX INC COM USD0.0001 CL A | 18 720.00 | 1 041 768.00 | 1.46 |
| USD	AMERESCO INC COM USD0.0001 CL ‘A’ | 19 252.00 | 1 130 477.44 | 1.58 |
| USD	ASPEN AEROGELS INC COM USD0.00001 | 26 118.00 | 457 587.36 | 0.64 |
| USD	ASTEC INDS INC COM | 6 906.00 | 322 993.62 | 0.45 |
| USD	ATRICURE INC COM USD0.001 | 19 482.00 | 791 553.66 | 1.11 |
| USD	AZENTA INC COM USD0.01 | 16 992.00 | 1 302 266.88 | 1.82 |
| USD	BLOOMIN BRANDS INC COM USD0.01 | 56 327.00 | 1 189 062.97 | 1.66 |
| USD	BOISE CASCADE COMP COM USD0.01 | 14 632.00 | 1 131 346.24 | 1.58 |
| USD	CASTLE BIOSCIENCES COM USD0.001 | 11 612.00 | 258 599.24 | 0.36 |
| USD	CHART INDS INC COM PAR $0.01 | 12 412.00 | 2 183 022.56 | 3.05 |
| USD	CHESAPEAKE ENERGY COM USD0.01 | 21 433.00 | 2 087 145.54 | 2.92 |
| USD	CHILDRENS PLACE IN COM USD0.10 | 11 008.00 | 522 659.84 | 0.73 |
| USD	CHURCHILL DOWNS INC COM | 6 067.00 | 1 228 142.81 | 1.72 |
| USD	CLEARWATER ANALYTI COM USD0.001 CLASS A | 21 300.00 | 300 543.00 | 0.42 |
| USD	DAVE & BUSTER’S EN COM USD0.01 | 25 192.00 | 954 524.88 | 1.34 |
| USD	DIGITALOCEAN HLDGS COM USD0.000025 | 22 154.00 | 1 082 222.90 | 1.51 |
| USD	EVOQUA WATER TECHN COM USD0.01 | 34 065.00 | 1 212 373.35 | 1.70 |
| USD	FATE THERAPEUTICS COM USD0.001 | 6 952.00 | 160 591.20 | 0.22 |
| USD	FIRST BANCORP N C COM | 27 890.00 | 1 045 038.30 | 1.46 |
| USD	FORGEROCK INC COM USD0.001 CLASS A | 16 000.00 | 306 560.00 | 0.43 |
| USD	FORWARD AIR CORP COM | 11 496.00 | 1 071 312.24 | 1.50 |
| USD	GENERAC HLDGS INC COM USD0.01 | 1 057.00 | 261 163.56 | 0.37 |
| USD	HASHICORP INC COM USD0.000015 CL A | 5 500.00 | 192 610.00 | 0.27 |
| USD	HENRY JACK & ASSOC COM USD0.01 | 7 654.00 | 1 439 870.48 | 2.01 |
| USD	HERC HOLDINGS INC COM | 12 832.00 | 1 504 167.04 | 2.10 |
| USD	IGM BIOSCIENCES IN COM USD0.01 | 9 538.00 | 160 047.64 | 0.22 |
| USD	INSMED INC COM USD0.01 | 23 990.00 | 451 491.80 | 0.63 |
| USD	INSPIRE MEDICAL SY COM USD0.001 | 5 277.00 | 933 131.91 | 1.31 |
| USD	INSTIL BIO INC COM USD0.000001 | 16 140.00 | 96 920.70 | 0.14 |
| USD	INTELLIA THERAPEUT COM USD0.0001 | 5 928.00 | 273 517.92 | 0.38 |
| USD	INTRA-CELLUAR THER USD0.0001 | 11 251.00 | 645 807.40 | 0.90 |
| USD	JAMF HOLDING CORP COM USD0.001 | 37 441.00 | 963 731.34 | 1.35 |
| USD	KURA ONCOLOGY INC COM USD0.0001 | 23 750.00 | 312 550.00 | 0.44 |
| USD	KYMERA THERAPEUTIC USD0.0001 | 13 156.00 | 187 736.12 | 0.26 |
| USD	LATTICE SEMICONDUCTOR CORP COM | 21 915.00 | 1 140 018.30 | 1.60 |
| USD	LHC GROUP INC COM | 5 670.00 | 944 962.20 | 1.32 |
| USD	MAGNITE INC COM USD0.00001 | 43 554.00 | 478 658.46 | 0.67 |
| USD	MARAVAI LIFESCIENC USD0.01 A | 5 574.00 | 173 630.10 | 0.24 |
| USD	MASTEC INC COM | 13 411.00 | 1 121 025.49 | 1.57 |
| USD	MAXLINEAR INC COM USD0.01 CL’A’ | 26 511.00 | 1 049 570.49 | 1.47 |
| USD	MEDPACE HOLDINGS COM USD0.01 | 8 277.00 | 1 185 597.48 | 1.66 |
| USD	MEIRAGTX HLDGS PLC COM USD0.00003881 | 21 700.00 | 182 063.00 | 0.26 |
| USD	NANOSTRING TECHNOL COM USD0.0001 | 14 672.00 | 229 470.08 | 0.32 |
| USD	NATIONAL BANK HOLD COM USD0.01 | 18 046.00 | 735 374.50 | 1.03 |
| USD	NATIONAL VISION HL COM USD0.01 | 26 583.00 | 748 045.62 | 1.05 |
| USD	NEOGENOMICS INC COM NPV | 21 802.00 | 183 572.84 | 0.26 |
| USD	NURIX THERAPEUTICS USD0.001 | 19 320.00 | 194 938.80 | 0.27 |
| USD	OVINTIV INC COM USD0.01 | 21 990.00 | 1 231 220.10 | 1.72 |
| USD	PERFORMANCE FOOD G COM USD0.01 | 37 922.00 | 1 643 539.48 | 2.30 |
| USD	PLANET FITNESS INC COM USD0.0001 A | 15 681.00 | 1 103 471.97 | 1.54 |
| USD	PMV PHARMACEUTICAL COM USD0.00001 | 12 564.00 | 147 752.64 | 0.21 |
| USD	PURE STORAGE INC COM USD0.0001 CL A | 54 124.00 | 1 284 362.52 | 1.80 |
| USD	PVH CORP COM USD1 | 9 163.00 | 649 381.81 | 0.91 |
| USD	R1 RCM INC COM USD0.01 | 54 204.00 | 1 163 759.88 | 1.63 |
| USD	RAPID7 INC COM USD0.01 | 14 779.00 | 1 047 387.73 | 1.47 |
| USD	REGAL BELOIT CORP. COM USD0.01 | 9 587.00 | 1 197 895.65 | 1.68 |
| USD	RELAY THERAPEUTICS COM USD0.001 | 11 590.00 | 188 685.20 | 0.26 |
| USD	REPLIGEN CORP COM | 6 060.00 | 996 688.20 | 1.39 |
| USD	RYMAN HOSPITALITY COM USD0.01 | 21 057.00 | 1 880 179.53 | 2.63 |
| USD	SHIFT4 PMTS INC COM USD0.0001 CLASS A | 21 588.00 | 985 492.20 | 1.38 |
| USD	SHOALS TECHNOLOGIE COM USD0.00001 CLASS A | 18 386.00 | 286 821.60 | 0.40 |
| USD	SILK ROAD MEDICAL COM USD0.001 | 18 164.00 | 603 408.08 | 0.84 |
| USD	SIMPSON MANUFACTURING CO INC COM | 7 740.00 | 838 629.00 | 1.17 |

UBS (Lux) Equity Fund – Small Caps USA (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) |  |
|  |  |  |  |  |
| USD | SIX FLAGS ENT CORP COM USD0.01 | 33 566.00 | 985 162.10 | 1.38 |
| USD | STAAR SURGICAL CO COM USD0.01 | 14 428.00 | 951 382.32 | 1.33 |
| USD | SUMO LOGIC INC COM USD0.0001 | 22 376.00 | 181 469.36 | 0.25 |
| USD | SURGERY PARTNERS COM USD0.01 | 27 215.00 | 1 066 828.00 | 1.49 |
| USD | SWEETGREEN INC COM USD0.001 CL A | 3 300.00 | 60 324.00 | 0.08 |
| USD | TAPESTRY INC COM USD0.01 | 23 425.00 | 808 162.50 | 1.13 |
| USD | TENABLE HOLDINGS I COM USD0.01 | 25 414.00 | 1 278 324.20 | 1.79 |
| USD | TEREX CORP NEW COM | 24 415.00 | 864 046.85 | 1.21 |
| USD | TEXAS CAPITAL BANCSHARES INC COM | 12 093.00 | 683 617.29 | 0.96 |
| USD | THE AZEK COMPANY I COM USD0.001 CLASS A | 19 340.00 | 407 493.80 | 0.57 |
| USD | TOPBUILD CORP COM USD0.01 ‘WI’ | 3 624.00 | 714 870.24 | 1.00 |
| USD | UNIVERSAL DISPLAY COM USD0.01 | 10 159.00 | 1 283 183.29 | 1.80 |
| USD | VARONIS SYSTEMS IN COM USD0.001 | 27 924.00 | 923 446.68 | 1.29 |
| USD | VERITEX HLDGS INC COM USD0.01 | 31 167.00 | 1 074 014.82 | 1.50 |
| USD | VISTEON CORP COM USD0.01 | 11 132.00 | 1 249 121.72 | 1.75 |
| USD | WEBSTER FINL CORP CONN COM | 20 669.00 | 1 014 641.21 | 1.42 |
| USD | WYNDHAM HOTELS R COM USD0.01 WI | 12 619.00 | 1 011 160.47 | 1.41 |
| USD | XENCOR INC COM USD0.01 | 15 031.00 | 335 642.23 | 0.47 |
| USD | ZENTALIS PHARMACEU COM USD0.001 CL A | 8 480.00 | 204 452.80 | 0.29 |
| Total Etats-Unis |  | 66 082 625.38 | 92.44 |
| Total des Actions |  | 68 565 828.10 | 95.91 |
| Total des Titres et instruments du marché monétaire négociés sur une bourse officielle |  | 68 565 828.10 | 95.91 |
| Titres et instruments du marché monétaire négociés sur un autre marché réglementé |  |  |  |
| Actions |  |  |  |
| Etats-Unis |  |  |  |
| USD	STERLING CHECK COR COM USD0.01 | 25 000.00 | 464 500.00 | 0.65 |
| Total Etats-Unis |  | 464 500.00 | 0.65 |
| Total des Actions |  | 464 500.00 | 0.65 |
| Total des Titres et instruments du marché monétaire négociés sur un autre marché réglementé |  | 464 500.00 | 0.65 |
| Total du Portefeuille-titres |  | 69 030 328.10 | 96.56 |
|  |  |  |  |
| Avoirs en banque, dépôts à vue et à terme et autres liquidités |  | 2 499 498.15 | 3.50 |
| Autres actifs et passifs |  | -42 553.64 | -0.06 |
| Total de l’Actif net |  | 71 487 272.61 | 100.00 |

UBS (Lux) Equity Fund – Small Caps USA (USD) Rapport semestriel au 31 mai 2022