# UBS (Lux) Equity Fund
– Mid Caps Europe Sustainable (EUR)
| Most important figures |  |
| --- | --- |
|  | ISIN | 31.5.2022 | 30.11.2021 | 30.11.2020 |
| Net assets in EUR |  | 200 501 242.27 | 237 612 375.07 | 182 432 778.67 |
| Class I-B-acc | LU0403311318 |  |  |  |
| Units outstanding |  | 363 254.0540 | 363 254.0540 | 367 754.0540 |
| Net asset value per unit in EUR |  | 331.99 | 380.99 | 304.44 |
| Issue and redemption price per unit in EUR 1 |  | 331.99 | 380.99 | 304.44 |
| Class P-acc | LU0049842692 |  |  |  |
| Units outstanding |  | 41 363.5790 | 41 315.6400 | 38 340.1100 |
| Net asset value per unit in EUR |  | 1 402.23 | 1 622.76 | 1 321.17 |
| Issue and redemption price per unit in EUR 1 |  | 1 402.23 | 1 622.76 | 1 321.17 |
| Class Q-acc | LU0403310344 |  |  |  |
| Units outstanding |  | 100 954.2850 | 128 617.3450 | 98 188.2550 |
| Net asset value per unit in EUR |  | 216.96 | 250.13 | 201.86 |
| Issue and redemption price per unit in EUR 1 |  | 216.96 | 250.13 | 201.86 |
| 1  See note 1 |  |  |  |  |

UBS (Lux) Equity Fund – Mid Caps Europe Sustainable (EUR) Semi-Annual Report as of 31 May 2022

## Structure of the Securities Portfolio
Geographical Breakdown as a % of net assets	
| United Kingdom | 29.59 |
| --- | --- |
| Germany | 11.15 |
| France | 8.89 |
| Ireland | 8.41 |
| Switzerland | 8.20 |
| Sweden | 5.57 |
| Italy | 3.85 |
| The Netherlands | 3.77 |
| Portugal | 2.80 |
| Denmark | 2.76 |
| Luxembourg | 2.74 |
| Finland | 2.42 |
| Norway | 2.37 |
| Austria | 1.69 |
| Spain | 1.50 |
| Faroe Islands | 0.61 |
| Total | 96.32 |

Economic Breakdown as a % of net assets	
| Building industry & materials | 9.74 |
| --- | --- |
| Banks & credit institutions | 7.18 |
| Petroleum | 7.15 |
| Chemicals | 7.11 |
| Finance & holding companies | 7.06 |
| Telecommunications | 6.48 |
| Mechanical engineering & industrial equipment | 6.04 |
| Pharmaceuticals, cosmetics & medical products | 4.87 |
| Insurance | 4.71 |
| Textiles, garments & leather goods | 3.78 |
| Forestry, paper & pulp products | 3.71 |
| Mining, coal & steel | 2.58 |
| Graphic design, publishing & media | 2.57 |
| Agriculture & fishery | 2.43 |
| Internet, software & IT services | 2.27 |
| Biotechnology | 2.11 |
| Investment funds | 2.02 |
| Miscellaneous services | 2.01 |
| Miscellaneous unclassified companies | 1.99 |
| Vehicles | 1.95 |
| Food & soft drinks | 1.94 |
| Retail trade, department stores | 1.72 |
| Real Estate | 1.41 |
| Computer hardware & network equipment providers | 1.08 |
| Mortgage & funding institutions | 1.05 |
| Traffic & transportation | 0.70 |
| Electronics & semiconductors | 0.66 |
| Total | 96.32 |


## Statement of Net Assets
Assets	31.5.2022
EUR
Investments in securities, cost	156 324 240.75
| Investments in securities, unrealized appreciation (depreciation) | 	36 796 589.67	 |
| --- | --- |
| Total investments in securities (Note 1) | 193 120 830.42 |
| Cash at banks, deposits on demand and deposit accounts | 6 466 703.65 |
| Receivable on securities sales (Note 1) | 777 179.37 |
| Receivable on subscriptions | 16 240.30 |
| Interest receivable on liquid assets | 1 523.02 |
| Receivable on dividends | 595 472.25 |
| Prepaid expenses | 12 124.07 |
| Other receivables | 228 680.03 |
| Total Assets | 201 218 753.11 |
|  |  |
| Liabilities |  |
| Payable on securities purchases (Note 1) | -596 135.54 |
| Payable on redemptions | -1 916.41 |
| Provisions for flat fee (Note 2) | -105 441.06 |
| Provisions for taxe d’abonnement (Note 3) | -8 716.26 |
| Provisions for other commissions and fees (Note 2) | 	-5 301.57	 |
| Total provisions | -119 458.89 |
| Total Liabilities | -717 510.84 |
|  |  |
| Net assets at the end of the period | 200 501 242.27 |
| Statement of Operations | EUR |
| Income | 1.12.2021-31.5.2022 |
| Interest on liquid assets | 15.35 |
| Dividends | 3 375 631.29 |
| Net income on securities lending (Note 10) | 29 208.97 |
| Other income (Note 4) | 6 313.34 |
| Total income | 3 411 168.95 |
|  |  |
| Expenses |  |
| Flat fee (Note 2) | -708 253.67 |
| Taxe d’abonnement (Note 3) | -28 661.16 |
| Other commissions and fees (Note 2) | -57 372.29 |
| Interest on cash and bank overdraft | -13 991.50 |
| Total expenses | -808 278.62 |
|  |  |
| Net income (loss) on investments | 2 602 890.33 |
|  |  |
| Realized gain (loss) (Note 1) |  |
| Realized gain (loss) on market-priced securities without options | -616 231.27 |
| Realized gain (loss) on foreign exchange | 33 803.43 |
| Total realized gain (loss) | -582 427.84 |
|  |  |
| Net realized gain (loss) of the period | 2 020 462.49 |
|  |  |
| Changes in unrealized appreciation (depreciation) (Note 1) |  |
| Unrealized appreciation (depreciation) on market-priced securities without options | -33 137 454.83 |
| Total changes in unrealized appreciation (depreciation) | -33 137 454.83 |
|  |  |
| Net increase (decrease) in net assets as a result of operations | -31 116 992.34 |

UBS (Lux) Equity Fund – Mid Caps Europe Sustainable (EUR)
Semi-Annual Report as of 31 May 2022
| Statement of Changes in Net Assets |  |
| --- | --- |
|  | EUR |
|  | 1.12.2021-31.5.2022 |
| Net assets at the beginning of the period | 237 612 375.07 |
| Subscriptions | 6 112 805.30 |
| Redemptions | 	-12 106 945.76	 |
| Total net subscriptions (redemptions) | -5 994 140.46 |
| Net income (loss) on investments | 2 602 890.33 |
| Total realized gain (loss) | -582 427.84 |
| Total changes in unrealized appreciation (depreciation) | 	-33 137 454.83	 |
| Net increase (decrease) in net assets as a result of operations | -31 116 992.34 |
| Net assets at the end of the period | 200 501 242.27 |
| 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 | 363 254.0540 |
| Number of units issued | 0.0000 |
| Number of units redeemed | 0.0000 |
| Number of units outstanding at the end of the period | 363 254.0540 |
| Class | P-acc |
| Number of units outstanding at the beginning of the period | 41 315.6400 |
| Number of units issued | 3 327.3740 |
| Number of units redeemed | -3 279.4350 |
| Number of units outstanding at the end of the period | 41 363.5790 |
| Class | Q-acc |
| Number of units outstanding at the beginning of the period | 128 617.3450 |
| Number of units issued | 4 131.4570 |
| Number of units redeemed | -31 794.5170 |
| Number of units outstanding at the end of the period | 100 954.2850 |

UBS (Lux) Equity Fund – Mid Caps Europe Sustainable (EUR) 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 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 |  |  |  |
| Equities |  |  |  |
| Austria |  |  |  |
| EUR	ERSTE GROUP BK AG NPV | 116 821.00 | 3 388 977.21 | 1.69 |
| Total Austria |  | 3 388 977.21 | 1.69 |
| Denmark |  |  |  |
| DKK	GENMAB AS DKK1 (BEARER) | 12 020.00 | 3 413 846.63 | 1.70 |
| DKK	H.LUNDBECK A/S DKK5 | 92 853.00 | 2 129 192.89 | 1.06 |
| Total Denmark |  | 5 543 039.52 | 2.76 |
| Faroe Islands |  |  |  |
| NOK	P/F BAKKAFROST DKK1 | 19 865.00 | 1 231 884.48 | 0.61 |
| Total Faroe Islands |  | 1 231 884.48 | 0.61 |
| Finland |  |  |  |
| EUR	NESTE OIL OYJ NPV | 39 486.00 | 1 686 447.06 | 0.84 |
| EUR	STORA ENSO OYJ NPV SER’R’ | 175 772.00 | 3 166 532.59 | 1.58 |
| Total Finland |  | 4 852 979.65 | 2.42 |
| France |  |  |  |
| EUR	FAURECIA EUR7 | 151 403.00 | 3 909 225.46 | 1.95 |
| EUR	JC DECAUX SA NPV | 144 850.00 | 2 663 791.50 | 1.33 |
| EUR	PUBLICIS GROUPE SA EUR0.40 | 48 740.00 | 2 479 891.20 | 1.24 |
| EUR	SOC GENERALE EUR1.25 | 45 000.00 | 1 125 225.00 | 0.56 |
| EUR	TELEPERFORMANCE EUR2.50 | 15 191.00 | 4 689 461.70 | 2.34 |
| EUR	UBISOFT ENTERTAIN EUR0.31 | 60 627.00 | 2 955 566.25 | 1.47 |
| Total France |  | 17 823 161.11 | 8.89 |
| Germany |  |  |  |
| EUR	BRENNTAG AG | 42 308.00 | 3 044 483.68 | 1.52 |
| EUR	COMMERZBANK AG NPV | 404 431.00 | 3 266 993.62 | 1.63 |
| EUR	COVESTRO AG NPV | 79 177.00 | 3 365 022.50 | 1.68 |
| EUR	INFINEON TECHNOLOG AG NPV (REGD) | 46 000.00 | 1 331 240.00 | 0.66 |
| EUR	KION GROUP AG NPV | 41 344.00 | 1 888 180.48 | 0.94 |
| EUR	KNORR BREMSE AG NPV | 44 023.00 | 2 798 982.34 | 1.40 |
| EUR	LANXESS AG NPV | 88 472.00 | 3 837 030.64 | 1.91 |
| EUR	VONOVIA SE NPV | 79 851.00 | 2 830 717.95 | 1.41 |
| Total Germany |  | 22 362 651.21 | 11.15 |
| Ireland |  |  |  |
| EUR	BANK OF IRELAND GR EUR1 | 574 239.00 | 3 616 557.22 | 1.80 |
| GBP	DCC ORD EUR0.25 | 61 129.00 | 4 034 532.83 | 2.01 |
| EUR	KINGSPAN GROUP ORD EUR0.13(DUBLIN LISTING) | 64 447.00 | 4 949 529.60 | 2.47 |
| EUR	SMURFIT KAPPA GRP ORD EUR0.001 | 112 896.00 | 4 262 952.96 | 2.13 |
| Total Ireland |  | 16 863 572.61 | 8.41 |
| Italy |  |  |  |
| EUR	INFRASTRUTTURE WIR NPV | 505 353.00 | 5 237 983.85 | 2.61 |
| EUR	MONCLER SPA NPV | 55 413.00 | 2 476 961.10 | 1.24 |
| Total Italy |  | 7 714 944.95 | 3.85 |
| Luxembourg |  |  |  |
| EUR	ARCELORMITTAL NPV(POST STOCK SPLIT) | 36 249.00 | 1 085 838.80 | 0.54 |
| EUR	EUROFINS SCIENTIFI EUR0.01 | 50 720.00 | 4 403 510.40 | 2.20 |
| Total Luxembourg |  | 5 489 349.20 | 2.74 |
| The Netherlands |  |  |  |
| EUR	ASR NEDERLAND N.V. EUR0.16 | 83 841.00 | 3 563 242.50 | 1.78 |
| EUR	CNH INDUSTRIAL NV COM EUR0.01 | 287 753.00 | 3 991 134.11 | 1.99 |
| Total The Netherlands |  | 7 554 376.61 | 3.77 |
| Norway |  |  |  |
| NOK	AUTOSTORE HOLDINGS USD0.01 | 500 100.00 | 1 108 408.93 | 0.55 |
| NOK	YARA INTERNATIONAL NOK1.7 | 75 592.00 | 3 645 049.96 | 1.82 |
| Total Norway |  | 4 753 458.89 | 2.37 |
| Portugal |  |  |  |
| EUR	GALP ENERGIA EUR1-B | 458 561.00 | 5 621 957.86 | 2.80 |
| Total Portugal |  | 5 621 957.86 | 2.80 |
| Spain |  |  |  |
| EUR	BANKINTER SA EUR0.3(REGD) | 507 491.00 | 3 003 331.74 | 1.50 |
| Total Spain |  | 3 003 331.74 | 1.50 |
| Sweden |  |  |  |
| SEK	AVANZA BANK HLDG NPV (POST SPLIT) | 72 866.00 | 1 632 417.64 | 0.82 |
| SEK	BOLIDEN AB NPV (POST SPLIT) | 104 285.00 | 4 076 580.91 | 2.03 |
| SEK	LUNDIN ENERGY AB NPV | 120 851.00 | 5 454 056.67 | 2.72 |
| Total Sweden |  | 11 163 055.22 | 5.57 |
| Switzerland |  |  |  |
| CHF	BARRY CALLEBAUT AG CHF0.02 (REGD) | 1 904.00 | 3 897 571.13 | 1.95 |
| CHF	GEBERIT CHF0.10(REGD) | 7 021.00 | 3 595 124.61 | 1.79 |
| CHF	LOGITECH INTL CHF0.25(REGD) (POST-SUBD) | 37 954.00 | 2 162 259.50 | 1.08 |
| CHF	STRAUMANN HLDG CHF0.01 (REGD) (POST SPLIT) | 27 240.00 | 3 235 067.16 | 1.61 |
| CHF	SWISS LIFE HLDG CHF5.1(REGD) | 6 714.00 | 3 550 385.90 | 1.77 |
| Total Switzerland |  | 16 440 408.30 | 8.20 |

UBS (Lux) Equity Fund – Mid Caps Europe Sustainable (EUR)
Semi-Annual Report as of 31 May 2022
| Description | Quantity/ | Valuation in EUR | as a % |
| --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |

United Kingdom
| GBP | 3I GROUP ORD GBP0.738636 | 625 425.00 | 9 340 949.93 | 4.66 |
| --- | --- | --- | --- | --- |
| GBP | ASHTEAD GROUP ORD GBP0.10 | 136 871.00 | 6 687 387.25 | 3.34 |
| GBP | AVEVA GROUP ORD GBP0.03556 | 59 286.00 | 1 588 872.22 | 0.79 |
| GBP | BURBERRY GROUP ORD GBP0.0005 | 138 350.00 | 2 788 172.43 | 1.39 |
| GBP | CRODA INTL ORD GBP0.10609756 | 49 397.00 | 4 015 704.27 | 2.00 |
| GBP | DR. MARTENS PLC ORD GBP0.01 | 906 958.00 | 2 309 019.14 | 1.15 |
| GBP | EASYJET ORD GBP0.27285714 | 229 995.00 | 1 400 540.80 | 0.70 |
| GBP | FERGUSON PLC (NEW) ORD GBP0.10 | 50 131.00 | 5 621 775.56 | 2.80 |
| GBP | HARGREAVES LANSDOW ORD GBP0.004 (WI) | 207 624.00 | 2 093 348.22 | 1.05 |
| GBP | ITV ORD GBP0.10 | 3 711 281.00 | 3 068 588.78 | 1.53 |
| GBP | JD SPORTS FASHION ORD GBP0.0005 | 2 392 090.00 | 3 451 661.27 | 1.72 |
| GBP | LEGAL & GENERAL GP ORD GBP0.025 | 764 000.00 | 2 334 255.60 | 1.17 |
| GBP | LONDON STOCK EXCH ORD GBP0.06918604 | 23 900.00 | 2 081 277.95 | 1.04 |
| GBP | OXFORD NANOPORE TE ORD GBP0.0001 (WI) | 216 296.00 | 819 383.97 | 0.41 |
| GBP | PERSIMMON ORD GBP0.10 | 120 851.00 | 3 095 221.82 | 1.54 |
| GBP | SPIRAX-SARCO ENG ORD GBP0.269230769 | 5 978.00 | 743 033.70 | 0.37 |
| GBP | TAYLOR WIMPEY ORD GBP0.01 | 1 474 199.00 | 2 256 402.18 | 1.13 |
| GBP | WOOD GROUP (JOHN) ORD GBP0.0428571(POST CONS) | 562 890.00 | 1 580 072.72 | 0.79 |
| Total United Kingdom |  | 55 275 667.81 | 27.58 |
| Total Equities |  | 189 082 816.37 | 94.31 |
| Investment funds, closed end |  |  |  |
| United Kingdom |  |  |  |
| GBP	SEGRO PLC REIT | 309 774.00 | 4 038 014.05 | 2.01 |
| Total United Kingdom |  | 4 038 014.05 | 2.01 |
| Total Investment funds, closed end |  | 4 038 014.05 | 2.01 |
| Total Transferable securities and money market instruments listed on an official stock exchange |  | 193 120 830.42 | 96.32 |
| Total investments in securities |  | 193 120 830.42 | 96.32 |
|  |  |  |  |
| Cash at banks, deposits on demand and deposit accounts and other liquid assets |  | 6 466 703.65 | 3.23 |
| Other assets and liabilities |  | 913 708.20 | 0.45 |
| Total net assets |  | 200 501 242.27 | 100.00 |

UBS (Lux) Equity Fund – Mid Caps Europe Sustainable (EUR) Semi-Annual Report as of 31 May 2022

Translation (ENFR, 2022-05-31):
# UBS (Lux) Equity Fund
– Mid Caps Europe Sustainable (EUR)
| Données principales |  |
| --- | --- |
|  | ISIN | 31.5.2022 | 30.11.2021 | 30.11.2020 |
| Actif net en EUR |  | 200 501 242.27 | 237 612 375.07 | 182 432 778.67 |
| Catégorie I-B-acc | LU0403311318 |  |  |  |
| Parts en circulation |  | 363 254.0540 | 363 254.0540 | 367 754.0540 |
| Valeur nette d’inventaire par part en EUR |  | 331.99 | 380.99 | 304.44 |
| Prix d’émission et de rachat par part en EUR 1 |  | 331.99 | 380.99 | 304.44 |
| Catégorie P-acc | LU0049842692 |  |  |  |
| Parts en circulation |  | 41 363.5790 | 41 315.6400 | 38 340.1100 |
| Valeur nette d’inventaire par part en EUR |  | 1 402.23 | 1 622.76 | 1 321.17 |
| Prix d’émission et de rachat par part en EUR 1 |  | 1 402.23 | 1 622.76 | 1 321.17 |
| Catégorie Q-acc | LU0403310344 |  |  |  |
| Parts en circulation |  | 100 954.2850 | 128 617.3450 | 98 188.2550 |
| Valeur nette d’inventaire par part en EUR |  | 216.96 | 250.13 | 201.86 |
| Prix d’émission et de rachat par part en EUR 1 |  | 216.96 | 250.13 | 201.86 |
| 1  Voir note 1 |  |  |  |  |


## Structure du portefeuille-titres
Répartition géographique en % de l’actif net	
| Grande-Bretagne | 29.59 |
| --- | --- |
| Allemagne | 11.15 |
| France | 8.89 |
| Irlande | 8.41 |
| Suisse | 8.20 |
| Suède | 5.57 |
| Italie | 3.85 |
| Pays-Bas | 3.77 |
| Portugal | 2.80 |
| Danemark | 2.76 |
| Luxembourg | 2.74 |
| Finlande | 2.42 |
| Norvège | 2.37 |
| Autriche | 1.69 |
| Espagne | 1.50 |
| Iles Féroé | 0.61 |
| Total | 96.32 |

Répartition économique en % de l’actif net	
| Bâtiment et matériaux de construction | 9.74 |
| --- | --- |
| Banques & instituts de crédit | 7.18 |
| Pétrole | 7.15 |
| Chimie | 7.11 |
| Etablissements financiers et sociétés de participation | 7.06 |
| Télécommunications | 6.48 |
| Machines et appareils | 6.04 |
| Produits pharmaceutiques, cosmétiques & médicaux | 4.87 |
| Assurances | 4.71 |
| Textiles, habillement & maroquinerie | 3.78 |
| Sylviculture; bois et papier | 3.71 |
| Industrie minière, charbon et acier | 2.58 |
| Industrie graphique, édition et médias | 2.57 |
| Agriculture et pêche | 2.43 |
| Internet, logiciels et services informatiques | 2.27 |
| Biotechnologie | 2.11 |
| Fonds de placement | 2.02 |
| Services divers | 2.01 |
| Diverses sociétés non classées | 1.99 |
| Véhicules | 1.95 |
| Alimentation & softs | 1.94 |
| Commerce de détail, centres commerciaux | 1.72 |
| Immobilier | 1.41 |
| Equipement informatique et de réseau | 1.08 |
| Emetteurs d’obligations sécurisées (Pfandbriefe) et |  |
| sociétés de refinancement | 1.05 |
| Trafic et transport | 0.70 |
| Electronique et semi-conducteurs | 0.66 |
| Total | 96.32 |

UBS (Lux) Equity Fund – Mid Caps Europe Sustainable (EUR)
Rapport semestriel au 31 mai 2022

## Etat des actifs nets
Actif	31.5.2022
EUR
Portefeuille-titres, cours d’achat	156 324 240.75
| Portefeuille-titres, plus- (moins-) value non-réalisée | 	36 796 589.67	 |
| --- | --- |
| Total portefeuille-titres (note 1) | 193 120 830.42 |
| Avoirs en banque, dépôts à vue et à terme | 6 466 703.65 |
| A recevoir sur ventes de titres (note 1) | 777 179.37 |
| A recevoir sur souscriptions | 16 240.30 |
| Intérêts à recevoir sur liquidités | 1 523.02 |
| A recevoir sur dividendes | 595 472.25 |
| Frais payés d’avance | 12 124.07 |
| Autres créances | 228 680.03 |
| Total Actif | 201 218 753.11 |
|  |  |
| Passif |  |
| A payer sur achats de titres (note 1) | -596 135.54 |
| A payer sur rachats | -1 916.41 |
| Provisions pour commission de gestion forfaitaire (note 2) | -105 441.06 |
| Provisions pour taxe d’abonnement (note 3) | -8 716.26 |
| Provisions pour autres commissions et frais (note 2) | 	-5 301.57	 |
| Total des Provisions pour frais | -119 458.89 |
| Total Passif | -717 510.84 |
|  |  |
| Actifs nets à la fin de la période | 200 501 242.27 |
| Etat des opérations | EUR |
| Revenus | 1.12.2021-31.5.2022 |
| Revenus d’intérêts sur liquidités | 15.35 |
| Dividendes | 3 375 631.29 |
| Revenus nets sur prêts de titres (note 10) | 29 208.97 |
| Autres revenus (note 4) | 6 313.34 |
| Total des Revenus | 3 411 168.95 |
|  |  |
| Charges |  |
| Commission de gestion forfaitaire (note 2) | -708 253.67 |
| Taxe d’abonnement (note 3) | -28 661.16 |
| Autres commissions et frais (note 2) | -57 372.29 |
| Charges d’intérêts sur liquidités et crédit en compte courant | -13 991.50 |
| Total des Charges | -808 278.62 |
|  |  |
| Revenus (Pertes) net(te)s des investissements | 2 602 890.33 |
|  |  |
| Bénéfices (pertes) réalisé(e)s (note 1) |  |
| Bénéfice (perte) réalisé(e) sur titres évalués à la valeur de marché hors options | -616 231.27 |
| Bénéfice (perte) réalisé(e) de change réalisé(e) | 33 803.43 |
| Total des Bénéfices (pertes) réalisé(e)s | -582 427.84 |
|  |  |
| Bénéfice (perte) net(te) réalisé(e) au cours de la période | 2 020 462.49 |
|  |  |
| Variations des plus- (moins-) values non-réalisées (note 1) |  |
| Plus- (Moins-) value non réalisée sur titres évalués à la valeur de marché hors options | -33 137 454.83 |
| Total des Variations des plus- (moins-) values non-réalisées | -33 137 454.83 |
|  |  |
| Augmentation/(diminution) nette de l’actif net issue de l’activité | -31 116 992.34 |

UBS (Lux) Equity Fund – Mid Caps Europe Sustainable (EUR) Rapport semestriel au 31 mai 2022
| Variations de l’actif net |  |
| --- | --- |
|  | EUR |
|  | 1.12.2021-31.5.2022 |
| Actif net au début de la période | 237 612 375.07 |
| Souscriptions | 6 112 805.30 |
| Rachats | 	-12 106 945.76	 |
| Souscriptions (Rachats) net(te)s | -5 994 140.46 |
| Revenus (Pertes) net(te)s des investissements | 2 602 890.33 |
| Total des Bénéfices (pertes) réalisé(e)s | -582 427.84 |
| Total des Variations des plus- (moins-) values non-réalisées | 	-33 137 454.83	 |
| Augmentation/(diminution) nette de l’actif net issue de l’activité | -31 116 992.34 |
| Actifs nets à la fin de la période | 200 501 242.27 |
| 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 | 363 254.0540 |
| Nombre de parts émises | 0.0000 |
| Nombre de parts rachetées | 0.0000 |
| Nombre de parts en circulation à la fin de la période | 363 254.0540 |
| Catégorie | P-acc |
| Nombre de parts en circulation au début de la période | 41 315.6400 |
| Nombre de parts émises | 3 327.3740 |
| Nombre de parts rachetées | -3 279.4350 |
| Nombre de parts en circulation à la fin de la période | 41 363.5790 |
| Catégorie | Q-acc |
| Nombre de parts en circulation au début de la période | 128 617.3450 |
| Nombre de parts émises | 4 131.4570 |
| Nombre de parts rachetées | -31 794.5170 |
| Nombre de parts en circulation à la fin de la période | 100 954.2850 |

UBS (Lux) Equity Fund – Mid Caps Europe Sustainable (EUR)
Rapport semestriel au 31 mai 2022

## Etat du portefeuille-titres et autres actifs nets au 31 mai 2022
| Dénomination | Nombre/ | Evaluation en EUR | 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 |  |  |  |
| Autriche |  |  |  |
| EUR	ERSTE GROUP BK AG NPV | 116 821.00 | 3 388 977.21 | 1.69 |
| Total Autriche |  | 3 388 977.21 | 1.69 |
| Danemark |  |  |  |
| DKK	GENMAB AS DKK1 (BEARER) | 12 020.00 | 3 413 846.63 | 1.70 |
| DKK	H.LUNDBECK A/S DKK5 | 92 853.00 | 2 129 192.89 | 1.06 |
| Total Danemark |  | 5 543 039.52 | 2.76 |
| Iles Féroé |  |  |  |
| NOK	P/F BAKKAFROST DKK1 | 19 865.00 | 1 231 884.48 | 0.61 |
| Total Iles Féroé |  | 1 231 884.48 | 0.61 |
| Finlande |  |  |  |
| EUR	NESTE OIL OYJ NPV | 39 486.00 | 1 686 447.06 | 0.84 |
| EUR	STORA ENSO OYJ NPV SER’R’ | 175 772.00 | 3 166 532.59 | 1.58 |
| Total Finlande |  | 4 852 979.65 | 2.42 |
| France |  |  |  |
| EUR	FAURECIA EUR7 | 151 403.00 | 3 909 225.46 | 1.95 |
| EUR	JC DECAUX SA NPV | 144 850.00 | 2 663 791.50 | 1.33 |
| EUR	PUBLICIS GROUPE SA EUR0.40 | 48 740.00 | 2 479 891.20 | 1.24 |
| EUR	SOC GENERALE EUR1.25 | 45 000.00 | 1 125 225.00 | 0.56 |
| EUR	TELEPERFORMANCE EUR2.50 | 15 191.00 | 4 689 461.70 | 2.34 |
| EUR	UBISOFT ENTERTAIN EUR0.31 | 60 627.00 | 2 955 566.25 | 1.47 |
| Total France |  | 17 823 161.11 | 8.89 |
| Allemagne |  |  |  |
| EUR	BRENNTAG AG | 42 308.00 | 3 044 483.68 | 1.52 |
| EUR	COMMERZBANK AG NPV | 404 431.00 | 3 266 993.62 | 1.63 |
| EUR	COVESTRO AG NPV | 79 177.00 | 3 365 022.50 | 1.68 |
| EUR	INFINEON TECHNOLOG AG NPV (REGD) | 46 000.00 | 1 331 240.00 | 0.66 |
| EUR	KION GROUP AG NPV | 41 344.00 | 1 888 180.48 | 0.94 |
| EUR	KNORR BREMSE AG NPV | 44 023.00 | 2 798 982.34 | 1.40 |
| EUR	LANXESS AG NPV | 88 472.00 | 3 837 030.64 | 1.91 |
| EUR	VONOVIA SE NPV | 79 851.00 | 2 830 717.95 | 1.41 |
| Total Allemagne |  | 22 362 651.21 | 11.15 |
| Irlande |  |  |  |
| EUR	BANK OF IRELAND GR EUR1 | 574 239.00 | 3 616 557.22 | 1.80 |
| GBP	DCC ORD EUR0.25 | 61 129.00 | 4 034 532.83 | 2.01 |
| EUR	KINGSPAN GROUP ORD EUR0.13(DUBLIN LISTING) | 64 447.00 | 4 949 529.60 | 2.47 |
| EUR	SMURFIT KAPPA GRP ORD EUR0.001 | 112 896.00 | 4 262 952.96 | 2.13 |
| Total Irlande |  | 16 863 572.61 | 8.41 |
| Italie |  |  |  |
| EUR	INFRASTRUTTURE WIR NPV | 505 353.00 | 5 237 983.85 | 2.61 |
| EUR	MONCLER SPA NPV | 55 413.00 | 2 476 961.10 | 1.24 |
| Total Italie |  | 7 714 944.95 | 3.85 |
| Luxembourg |  |  |  |
| EUR	ARCELORMITTAL NPV(POST STOCK SPLIT) | 36 249.00 | 1 085 838.80 | 0.54 |
| EUR	EUROFINS SCIENTIFI EUR0.01 | 50 720.00 | 4 403 510.40 | 2.20 |
| Total Luxembourg |  | 5 489 349.20 | 2.74 |
| Pays-Bas |  |  |  |
| EUR	ASR NEDERLAND N.V. EUR0.16 | 83 841.00 | 3 563 242.50 | 1.78 |
| EUR	CNH INDUSTRIAL NV COM EUR0.01 | 287 753.00 | 3 991 134.11 | 1.99 |
| Total Pays-Bas |  | 7 554 376.61 | 3.77 |
| Norvège |  |  |  |
| NOK	AUTOSTORE HOLDINGS USD0.01 | 500 100.00 | 1 108 408.93 | 0.55 |
| NOK	YARA INTERNATIONAL NOK1.7 | 75 592.00 | 3 645 049.96 | 1.82 |
| Total Norvège |  | 4 753 458.89 | 2.37 |
| Portugal |  |  |  |
| EUR	GALP ENERGIA EUR1-B | 458 561.00 | 5 621 957.86 | 2.80 |
| Total Portugal |  | 5 621 957.86 | 2.80 |
| Espagne |  |  |  |
| EUR	BANKINTER SA EUR0.3(REGD) | 507 491.00 | 3 003 331.74 | 1.50 |
| Total Espagne |  | 3 003 331.74 | 1.50 |
| Suède |  |  |  |
| SEK	AVANZA BANK HLDG NPV (POST SPLIT) | 72 866.00 | 1 632 417.64 | 0.82 |
| SEK	BOLIDEN AB NPV (POST SPLIT) | 104 285.00 | 4 076 580.91 | 2.03 |
| SEK	LUNDIN ENERGY AB NPV | 120 851.00 | 5 454 056.67 | 2.72 |
| Total Suède |  | 11 163 055.22 | 5.57 |
| Suisse |  |  |  |
| CHF	BARRY CALLEBAUT AG CHF0.02 (REGD) | 1 904.00 | 3 897 571.13 | 1.95 |
| CHF	GEBERIT CHF0.10(REGD) | 7 021.00 | 3 595 124.61 | 1.79 |
| CHF	LOGITECH INTL CHF0.25(REGD) (POST-SUBD) | 37 954.00 | 2 162 259.50 | 1.08 |
| CHF	STRAUMANN HLDG CHF0.01 (REGD) (POST SPLIT) | 27 240.00 | 3 235 067.16 | 1.61 |
| CHF	SWISS LIFE HLDG CHF5.1(REGD) | 6 714.00 | 3 550 385.90 | 1.77 |
| Total Suisse |  | 16 440 408.30 | 8.20 |
| UBS (Lux) Equity Fund – Mid Caps Europe Sustainable (EUR) Rapport semestriel au 31 mai 2022 |  |  |  |

| Dénomination | Nombre/ | Evaluation en EUR | en % |
| --- | --- | --- | --- |
|  | Nominal | Bénéfice/(perte) non | de |
|  |  | réalisé(e) sur futures/ | l’actif |
|  |  | Contrats de | net |
|  |  | change à terme/ |  |
|  |  | swaps (note 1) |  |
| Grande-Bretagne |  |  |  |
| GBP	3I GROUP ORD GBP0.738636 | 625 425.00 | 9 340 949.93 | 4.66 |
| GBP	ASHTEAD GROUP ORD GBP0.10 | 136 871.00 | 6 687 387.25 | 3.34 |
| GBP	AVEVA GROUP ORD GBP0.03556 | 59 286.00 | 1 588 872.22 | 0.79 |
| GBP	BURBERRY GROUP ORD GBP0.0005 | 138 350.00 | 2 788 172.43 | 1.39 |
| GBP	CRODA INTL ORD GBP0.10609756 | 49 397.00 | 4 015 704.27 | 2.00 |
| GBP	DR. MARTENS PLC ORD GBP0.01 | 906 958.00 | 2 309 019.14 | 1.15 |
| GBP	EASYJET ORD GBP0.27285714 | 229 995.00 | 1 400 540.80 | 0.70 |
| GBP	FERGUSON PLC (NEW) ORD GBP0.10 | 50 131.00 | 5 621 775.56 | 2.80 |
| GBP	HARGREAVES LANSDOW ORD GBP0.004 (WI) | 207 624.00 | 2 093 348.22 | 1.05 |
| GBP	ITV ORD GBP0.10 | 3 711 281.00 | 3 068 588.78 | 1.53 |
| GBP	JD SPORTS FASHION ORD GBP0.0005 | 2 392 090.00 | 3 451 661.27 | 1.72 |
| GBP	LEGAL & GENERAL GP ORD GBP0.025 | 764 000.00 | 2 334 255.60 | 1.17 |
| GBP	LONDON STOCK EXCH ORD GBP0.06918604 | 23 900.00 | 2 081 277.95 | 1.04 |
| GBP	OXFORD NANOPORE TE ORD GBP0.0001 (WI) | 216 296.00 | 819 383.97 | 0.41 |
| GBP	PERSIMMON ORD GBP0.10 | 120 851.00 | 3 095 221.82 | 1.54 |
| GBP	SPIRAX-SARCO ENG ORD GBP0.269230769 | 5 978.00 | 743 033.70 | 0.37 |
| GBP	TAYLOR WIMPEY ORD GBP0.01 | 1 474 199.00 | 2 256 402.18 | 1.13 |
| GBP	WOOD GROUP (JOHN) ORD GBP0.0428571(POST CONS) | 562 890.00 | 1 580 072.72 | 0.79 |
| Total Grande-Bretagne |  | 55 275 667.81 | 27.58 |
| Total des Actions |  | 189 082 816.37 | 94.31 |
| Fonds d’investissement, fermé |  |  |  |
| Grande-Bretagne |  |  |  |
| GBP	SEGRO PLC REIT | 309 774.00 | 4 038 014.05 | 2.01 |
| Total Grande-Bretagne |  | 4 038 014.05 | 2.01 |
| Total des Fonds d’investissement, fermé |  | 4 038 014.05 | 2.01 |
| Total des Titres et instruments du marché monétaire négociés sur une bourse officielle |  | 193 120 830.42 | 96.32 |
| Total du Portefeuille-titres |  | 193 120 830.42 | 96.32 |
|  |  |  |  |
| Avoirs en banque, dépôts à vue et à terme et autres liquidités |  | 6 466 703.65 | 3.23 |
| Autres actifs et passifs |  | 913 708.20 | 0.45 |
| Total de l’Actif net |  | 200 501 242.27 | 100.00 |

UBS (Lux) Equity Fund – Mid Caps Europe Sustainable (EUR)
Rapport semestriel au 31 mai 2022