# UBS (Lux) Equity Fund – Small Caps USA (USD)
| Most important figures |  |
| --- | --- |
|  | ISIN | 31.5.2021 | 30.11.2020 | 30.11.2019 |
| Net assets in USD |  | 159 614 235.88 | 113 958 675.67 | 45 672 769.38 |
| Class F-acc 1 | LU0404627084 |  |  |  |
| Units outstanding |  | - | 53.0000 | 1 468.4650 |
| Net asset value per unit in USD |  | - | 1 390.93 | 995.41 |
| Issue and redemption price per unit in USD 2 |  | - | 1 392.04 | 995.41 |
| Class I-B-acc 3 | LU2245806570 |  |  |  |
| Units outstanding |  | 271 508.8900 | 363 478.4510 | - |
| Net asset value per unit in USD |  | 124.26 | 105.63 | - |
| Issue and redemption price per unit in USD 2 |  | 124.26 | 105.71 | - |
| Class P-acc | LU0038842364 |  |  |  |
| Units outstanding |  | 69 604.5730 | 40 053.9140 | 44 431.5760 |
| Net asset value per unit in USD |  | 1 500.20 | 1 286.71 | 930.84 |
| Issue and redemption price per unit in USD 2 |  | 1 500.20 | 1 287.74 | 930.84 |
| Class Q-acc | LU0404627241 |  |  |  |
| Units outstanding |  | 18 519.0260 | 17 570.2730 | 17 760.9750 |
| Net asset value per unit in USD |  | 261.91 | 223.78 | 160.60 |
| Issue and redemption price per unit in USD 2 |  | 261.91 | 223.96 | 160.60 |
| Class U-X-acc 4 | LU2227885360 |  |  |  |
| Units outstanding |  | 1 163.0000 | 1 650.0000 | - |
| Net asset value per unit in USD |  | 14 277.55 | 12 133.31 | - |
| Issue and redemption price per unit in USD 2 |  | 14 277.55 | 12 143.02 | - |
| 1  The unit class F-acc was in circulation until 10.12.2020 2  See note 1 3  First NAV: 11.11.2020 4  First NAV: 25.9.2020 |  |  |  |  |


## Structure of the Securities Portfolio
Geographical Breakdown as a % of net assets	
| United States | 92.86 |
| --- | --- |
| Ireland | 2.60 |
| Israel | 0.83 |
| Canada | 0.82 |
| Bermuda | 0.61 |
| The Netherlands | 0.45 |
| Switzerland | 0.42 |
| Sweden | 0.42 |
| Total | 99.01 |

Economic Breakdown as a % of net assets	
| Internet, software & IT services | 14.37 |
| --- | --- |
| Pharmaceuticals, cosmetics & medical products | 11.63 |
| Biotechnology | 10.34 |
| Finance & holding companies | 9.58 |
| Mechanical engineering & industrial equipment | 7.13 |
| Electronics & semiconductors | 6.59 |
| Food & soft drinks | 5.35 |
| Lodging, catering & leisure | 4.24 |
| Healthcare & social services | 4.19 |
| Building industry & materials | 3.56 |
| Textiles, garments & leather goods | 3.55 |
| Electrical devices & components | 2.77 |
| Investment funds | 2.60 |
| Banks & credit institutions | 2.54 |
| Energy & water supply | 1.78 |
| Retail trade, department stores | 1.68 |
| Miscellaneous services | 1.61 |
| Vehicles | 1.51 |
| Forestry, paper & pulp products | 1.50 |
| Real Estate | 1.04 |
| Computer hardware & network equipment providers | 0.84 |
| Insurance | 0.61 |
| Total | 99.01 |

UBS (Lux) Equity Fund – Small Caps USA (USD) Semi-Annual Report as of 31 May 2021

## Statement of Net Assets
Assets	31.5.2021
USD
Investments in securities, cost	131 229 850.25
| Investments in securities, unrealized appreciation (depreciation) | 	26 801 091.78	 |
| --- | --- |
| Total investments in securities (Note 1) | 158 030 942.03 |
| Cash at banks, deposits on demand and deposit accounts | 803 278.39 |
| Receivable on subscriptions | 1 841 676.32 |
| Receivable on dividends | 6 186.15 |
| Other receivables | 53 592.28 |
| Total Assets | 160 735 675.17 |
|  |  |
| Liabilities |  |
| Payable on redemptions | -861 712.90 |
| Provisions for flat fee (Note 2) | -245 760.45 |
| Provisions for taxe d’abonnement (Note 3) | -9 998.18 |
| Provisions for other commissions and fees (Note 2) | 	-3 967.76	 |
| Total provisions | -259 726.39 |
| Total Liabilities | -1 121 439.29 |
|  |  |
| Net assets at the end of the period | 159 614 235.88 |
| Statement of Operations | USD |
| Income | 1.12.2020-31.5.2021 |
| Interest on liquid assets | 73.46 |
| Dividends | 99 018.32 |
| Income on securities lending (Note 11) | 41 208.53 |
| Other income (Note 1 a) | 19 113.97 |
| Total income | 159 414.28 |
|  |  |
| Expenses |  |
| Flat fee (Note 2) | -854 882.49 |
| Taxe d’abonnement (Note 3) | -30 622.15 |
| Cost on securities lending (Note 11) | -16 483.41 |
| Other commissions and fees (Note 2) | -3 908.68 |
| Interest on cash and bank overdraft | -100.36 |
| Total expenses | -905 997.09 |
|  |  |
| Net income (loss) on investments | -746 582.81 |
|  |  |
| Realized gain (loss) (Note 1) |  |
| Realized gain (loss) on market-priced securities without options | 14 316 691.03 |
| Realized gain (loss) on foreign exchange | 761.07 |
| Total realized gain (loss) | 14 317 452.10 |
|  |  |
| Net realized gain (loss) of the period | 13 570 869.29 |
|  |  |
| Changes in unrealized appreciation (depreciation) (Note 1) |  |
| Unrealized appreciation (depreciation) on market-priced securities without options | 6 493 596.34 |
| Total changes in unrealized appreciation (depreciation) | 6 493 596.34 |
|  |  |
| Net increase (decrease) in net assets as a result of operations | 20 064 465.63 |

UBS (Lux) Equity Fund – Small Caps USA (USD) Semi-Annual Report as of 31 May 2021
| Statement of Changes in Net Assets |  |
| --- | --- |
|  | USD |
|  | 1.12.2020-31.5.2021 |
| Net assets at the beginning of the period | 113 958 675.67 |
| Subscriptions | 109 543 566.50 |
| Redemptions | 	-83 952 471.92	 |
| Total net subscriptions (redemptions) | 25 591 094.58 |
| Net income (loss) on investments | -746 582.81 |
| Total realized gain (loss) | 14 317 452.10 |
| Total changes in unrealized appreciation (depreciation) | 	6 493 596.34	 |
| Net increase (decrease) in net assets as a result of operations | 20 064 465.63 |
| Net assets at the end of the period | 159 614 235.88 |
| Development of the outstanding units |  |
|  | 1.12.2020-31.5.2021 |
| Class | F-acc |
| Number of units outstanding at the beginning of the period | 53.0000 |
| Number of units issued | 0.0000 |
| Number of units redeemed | -53.0000 |
| Number of units outstanding at the end of the period | 0.0000 |
| Class | I-B-acc |
| Number of units outstanding at the beginning of the period | 363 478.4510 |
| Number of units issued | 21 874.3530 |
| Number of units redeemed | -113 843.9140 |
| Number of units outstanding at the end of the period | 271 508.8900 |
| Class | P-acc |
| Number of units outstanding at the beginning of the period | 40 053.9140 |
| Number of units issued | 60 615.1410 |
| Number of units redeemed | -31 064.4820 |
| Number of units outstanding at the end of the period | 69 604.5730 |
| Class | Q-acc |
| Number of units outstanding at the beginning of the period | 17 570.2730 |
| Number of units issued | 50 796.2310 |
| Number of units redeemed | -49 847.4780 |
| Number of units outstanding at the end of the period | 18 519.0260 |
| Class | U-X-acc |
| Number of units outstanding at the beginning of the period | 1 650.0000 |
| Number of units issued | 0.0000 |
| Number of units redeemed | -487.0000 |
| Number of units outstanding at the end of the period | 1 163.0000 |

UBS (Lux) Equity Fund – Small Caps USA (USD) Semi-Annual Report as of 31 May 2021

## Statement of Investments in Securities and other Net Assets as of 31 May 2021
| Description | Quantity/ | Valuation in USD | as a % |
| --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |
| Transferable securities and money market instruments listed on an official stock exchange Bearer shares |  |  |  |
| Bermuda |  |  |  |
| USD	ESSENT GRP LTD COM USD0.015 | 20 495.00 | 980 480.80 | 0.61 |
| Total Bermuda |  | 980 480.80 | 0.61 |
| Canada |  |  |  |
| USD	XENON PHARMACEUTIC COM NPV | 37 144.00 | 686 049.68 | 0.43 |
| Total Canada |  | 686 049.68 | 0.43 |
| Israel |  |  |  |
| USD	WIX.COM LTD COM ILS0.01 | 5 105.00 | 1 326 585.30 | 0.83 |
| Total Israel |  | 1 326 585.30 | 0.83 |
| Switzerland |  |  |  |
| USD	CRISPR THERAPEUTIC COM CHF0.03 | 5 730.00 | 677 171.40 | 0.42 |
| Total Switzerland |  | 677 171.40 | 0.42 |
| United States |  |  |  |
| USD	ADVERUM BIOTECHNOL COM USD0.0001 | 57 070.00 | 197 462.20 | 0.12 |
| USD	ALTERYX INC COM USD0.0001 CL A | 15 302.00 | 1 190 036.54 | 0.74 |
| USD	ALTRA INDUSTRIAL MOTION CORP USD0.001 | 35 088.00 | 2 304 930.72 | 1.44 |
| USD	AMERESCO INC COM USD0.0001 CL ‘A’ | 36 909.00 | 1 984 227.84 | 1.24 |
| USD	ARENA PHARMACEUTIC COM USD0.0001(POST SPLT) | 9 846.00 | 601 689.06 | 0.38 |
| USD	ASTEC INDS INC COM | 28 537.00 | 1 955 640.61 | 1.23 |
| USD	ATRICURE INC COM USD0.001 | 28 247.00 | 2 110 898.31 | 1.32 |
| USD	BANDWIDTH INC COM USD0.001 CL A | 10 854.00 | 1 283 919.66 | 0.80 |
| USD	BLOOMIN BRANDS INC COM USD0.01 | 95 142.00 | 2 811 446.10 | 1.76 |
| USD	BOISE CASCADE COMP COM USD0.01 | 36 345.00 | 2 398 406.55 | 1.50 |
| USD	BROOKS AUTOMATION INC COM | 28 691.00 | 2 929 064.19 | 1.84 |
| USD	CAREDX INC COM USD0.001 | 29 007.00 | 2 332 162.80 | 1.46 |
| USD	CHART INDS INC COM PAR $0.01 | 22 816.00 | 3 329 767.04 | 2.09 |
| USD	CHEGG INC COM USD0.001 | 30 047.00 | 2 310 914.77 | 1.45 |
| USD	CHILDRENS PLACE IN COM USD0.10 | 28 781.00 | 2 676 345.19 | 1.68 |
| USD	CHURCHILL DOWNS INC COM | 10 174.00 | 2 030 018.22 | 1.27 |
| USD	DAVE & BUSTER’S EN COM USD0.01 | 59 791.00 | 2 527 963.48 | 1.58 |
| USD	DICERNA PHARMACEUT COM USD0.0001 | 29 870.00 | 973 762.00 | 0.61 |
| USD	EVERBRIDGE INC COM USD0.001 | 10 829.00 | 1 272 407.50 | 0.80 |
| USD	FATE THERAPEUTICS COM USD0.001 | 11 854.00 | 908 016.40 | 0.57 |
| USD	GENERAC HLDGS INC COM USD0.01 | 12 215.00 | 4 015 314.80 | 2.52 |
| USD	HERC HOLDINGS INC COM | 32 164.00 | 3 699 503.28 | 2.32 |
| USD	IOVANCE BIOTHERAPE COM USD0.000041666 | 15 524.00 | 288 280.68 | 0.18 |
| USD	KURA ONCOLOGY INC COM USD0.0001 | 39 968.00 | 889 288.00 | 0.56 |
| USD	LATTICE SEMICONDUCTOR CORP COM | 36 975.00 | 1 962 263.25 | 1.23 |
| USD	LHC GROUP INC COM | 9 574.00 | 1 884 641.90 | 1.18 |
| USD	LIVEPERSON INC COM USD0.001 | 25 165.00 | 1 382 816.75 | 0.87 |
| USD	MASTEC INC COM | 30 452.00 | 3 542 481.16 | 2.22 |
| USD	MAXLINEAR INC COM USD0.01 CL’A’ | 57 702.00 | 2 193 830.04 | 1.37 |
| USD	MEDPACE HOLDINGS COM USD0.01 | 13 980.00 | 2 335 498.80 | 1.46 |
| USD	MERCURY SYSTEMS IN COM USD0.01 | 20 479.00 | 1 340 350.55 | 0.84 |
| USD	NANOSTRING TECHNOL COM USD0.0001 | 25 141.00 | 1 395 074.09 | 0.87 |
| USD	NATIONAL VISION HL COM USD0.01 | 44 683.00 | 2 219 404.61 | 1.39 |
| USD	NEOGENOMICS INC COM NPV | 37 523.00 | 1 539 568.69 | 0.96 |
| USD	PERFORMANCE FOOD G COM USD0.01 | 63 977.00 | 3 207 167.01 | 2.01 |
| USD	PLANET FITNESS INC COM USD0.0001 A | 26 307.00 | 2 072 202.39 | 1.30 |
| USD	QTS REALTY TR INC COM USD0.01 CL A | 26 122.00 | 1 655 612.36 | 1.04 |
| USD	RAPID7 INC COM USD0.01 | 24 945.00 | 2 086 649.25 | 1.31 |
| USD	REGAL BELOIT CORP. COM USD0.01 | 18 432.00 | 2 621 583.36 | 1.64 |
| USD	REPLIGEN CORP COM | 10 232.00 | 1 868 465.52 | 1.17 |
| USD	REVANCE THERAPEUTI COM USD0.001 | 35 952.00 | 1 064 538.72 | 0.67 |
| USD	RYMAN HOSPITALITY COM USD0.01 | 35 511.00 | 2 660 129.01 | 1.67 |
| USD	SIMPSON MANUFACTURING CO INC COM | 17 261.00 | 1 938 755.52 | 1.21 |
| USD	SIX FLAGS ENT CORP COM USD0.01 | 56 735.00 | 2 577 471.05 | 1.61 |
| USD	STAAR SURGICAL CO COM USD0.01 | 27 712.00 | 4 046 783.36 | 2.54 |
| USD	TEREX CORP NEW COM | 66 324.00 | 3 473 387.88 | 2.18 |
| USD	TOPBUILD CORP COM USD0.01 ‘WI’ | 11 669.00 | 2 311 045.45 | 1.45 |
| USD	UNIVERSAL DISPLAY COM USD0.01 | 15 869.00 | 3 425 482.34 | 2.15 |
| USD	VONAGE HLDGS CORP COM | 100 382.00 | 1 383 263.96 | 0.87 |
| USD	WEBSTER FINL CORP CONN COM | 44 464.00 | 2 520 219.52 | 1.58 |
| USD	XENCOR INC COM USD0.01 | 25 235.00 | 970 538.10 | 0.61 |
| Total United States |  | 106 700 690.58 | 66.86 |
| Total Bearer shares |  | 110 370 977.76 | 69.15 |
| Registered shares |  |  |  |
| Canada |  |  |  |
| USD	REPARE THERAPEUTIC COM NPV | 19 182.00 | 619 962.24 | 0.39 |
| Total Canada |  | 619 962.24 | 0.39 |
| United States |  |  |  |
| USD	ACV AUCTIONS INC COM USD0.001 CL A | 21 798.00 | 565 004.16 | 0.35 |
| USD	ALLOGENE THERAPEUT COM USD0.001 | 36 096.00 | 927 667.20 | 0.58 |
| USD	ALX ONCOLOGY HLDGS COM USD0.001 | 16 542.00 | 935 615.52 | 0.59 |
| USD	ARRAY TECHNOLOGIES COM USD0.001 | 53 603.00 | 873 728.90 | 0.55 |
| USD	AVROBIO INC COM USD0.0001 | 26 151.00 | 235 097.49 | 0.15 |
| USD	BIOVENTUS INC COM USD0.001 CL A | 46 769.00 | 831 552.82 | 0.52 |

UBS (Lux) Equity Fund – Small Caps USA (USD) Semi-Annual Report as of 31 May 2021
|  | Description | Quantity/ | Valuation in USD | as a % |
| --- | --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |
|  |  |  |  |  |
| USD | BOLT BIOTHERAPEUTI COM USD0.00001 | 16 417.00 | 287 461.67 | 0.18 |
| USD | CASTLE BIOSCIENCES COM USD0.001 | 19 873.00 | 1 190 988.89 | 0.75 |
| USD | DIGITALOCEAN HLDGS COM USD0.000025 | 36 999.00 | 1 555 437.96 | 0.97 |
| USD | GROCERY OUTLET HLD COM USD0.001 | 44 340.00 | 1 510 663.80 | 0.95 |
| USD | HARPOON THERAPEUTI COM USD0.0001 | 48 715.00 | 1 004 503.30 | 0.63 |
| USD | IAA INC COM USD0.01 | 32 319.00 | 1 841 213.43 | 1.15 |
| USD | IGM BIOSCIENCES IN COM USD0.01 | 16 245.00 | 1 212 689.25 | 0.76 |
| USD | INSPIRE MEDICAL SY COM USD0.001 | 8 910.00 | 1 731 213.00 | 1.08 |
| USD | INSTIL BIO INC COM USD0.000001 | 27 805.00 | 494 929.00 | 0.31 |
| USD | JAMF HOLDING CORP COM USD0.001 | 55 803.00 | 1 935 248.04 | 1.21 |
| USD | KRONOS BIO INC COM USD0.001 | 16 658.00 | 406 621.78 | 0.25 |
| USD | MAGENTA THERAPEUTI COM USD0.001 | 61 355.00 | 757 734.25 | 0.47 |
| USD | MAGNITE INC COM USD0.00001 | 73 943.00 | 2 196 107.10 | 1.38 |
| USD | MARAVAI LIFESCIENC USD0.01 A | 63 246.00 | 2 374 254.84 | 1.49 |
| USD | MEIRAGTX HLDGS PLC COM USD0.00003881 | 36 845.00 | 508 092.55 | 0.32 |
| USD | NURIX THERAPEUTICS USD0.001 | 32 787.00 | 914 757.30 | 0.57 |
| USD | OLO INC USD0.001 CL A | 22 281.00 | 754 211.85 | 0.47 |
| USD | PMV PHARMACEUTICAL COM USD0.00001 | 21 361.00 | 734 818.40 | 0.46 |
| USD | PVH CORP COM USD1 | 26 580.00 | 3 051 915.60 | 1.91 |
| USD | RELAY THERAPEUTICS COM USD0.001 | 19 651.00 | 631 190.12 | 0.40 |
| USD | SHIFT4 PMTS INC COM USD0.0001 CLASS A | 30 582.00 | 2 852 994.78 | 1.79 |
| USD | SHOALS TECHNOLOGIE COM USD0.00001 CLASS A | 30 978.00 | 854 992.80 | 0.54 |
| USD | SILK ROAD MEDICAL COM USD0.001 | 30 794.00 | 1 495 972.52 | 0.94 |
| USD | SUMO LOGIC INC COM USD0.0001 | 38 080.00 | 715 904.00 | 0.45 |
| USD | TAPESTRY INC COM USD0.01 | 58 293.00 | 2 616 772.77 | 1.64 |
| USD | TENABLE HOLDINGS I COM USD0.01 | 42 863.00 | 1 791 673.40 | 1.12 |
| USD | THE AZEK COMPANY I COM USD0.001 CLASS A | 32 902.00 | 1 432 224.06 | 0.90 |
| USD | VIANT TECHNOLOGY I COM USD0.001 A | 9 371.00 | 273 539.49 | 0.17 |
| Total United States |  | 41 496 792.04 | 26.00 |
| Total Registered shares |  | 42 116 754.28 | 26.39 |
| Depository receipts |  |  |  |
| The Netherlands |  |  |  |
| USD	ARGENX SE SPON ADR EACH REP 1 ORD SHS | 2 601.00 | 725 652.99 | 0.45 |
| Total The Netherlands |  | 725 652.99 | 0.45 |
| Sweden |  |  |  |
| USD	OLINK HLDG AB ADS EACH REPR 1 ORD SH	18 900.00 | 667 737.00 | 0.42 |
| Total Sweden | 667 737.00 | 0.42 |
| Total Depository receipts | 1 393 389.99 | 0.87 |
| Total Transferable securities and money market instruments listed on an official stock exchange | 153 881 122.03 | 96.41 |
| UCITS/Other UCIs in accordance with Article 41 (1) e) of the amended Luxembourg law of 17 December 2010 |  |  |
| Investment funds, open end |  |  |
| Ireland |  |  |
| USD	UBS (IRL) SELECT MONEY MARKET FUND-USD-S-DIST	414.98 | 4 149 820.00 | 2.60 |
| Total Ireland | 4 149 820.00 | 2.60 |
| Total Investment funds, open end | 4 149 820.00 | 2.60 |
| Total UCITS/Other UCIs in accordance with Article 41 (1) e) of the amended Luxembourg law of 17 December 2010 | 4 149 820.00 | 2.60 |
| Total investments in securities | 158 030 942.03 | 99.01 |
|  |  |  |
| Cash at banks, deposits on demand and deposit accounts and other liquid assets | 803 278.39 | 0.50 |
| Other assets and liabilities | 780 015.46 | 0.49 |
| Total net assets | 159 614 235.88 | 100.00 |

UBS (Lux) Equity Fund – Small Caps USA (USD) Semi-Annual Report as of 31 May 2021

Translation (ENDE, 2021-05-31):
# UBS (Lux) Equity Fund – Small Caps USA (USD)
| Wichtigste Daten |  |
| --- | --- |
|  | ISIN | 31.5.2021 | 30.11.2020 | 30.11.2019 |
| Nettovermögen in USD |  | 159 614 235.88 | 113 958 675.67 | 45 672 769.38 |
| Klasse F-acc 1 | LU0404627084 |  |  |  |
| Anteile im Umlauf |  | - | 53.0000 | 1 468.4650 |
| Nettoinventarwert pro Anteil in USD |  | - | 1 390.93 | 995.41 |
| Ausgabe- und Rücknahmepreis pro Anteil in USD 2 |  | - | 1 392.04 | 995.41 |
| Klasse I-B-acc 3 | LU2245806570 |  |  |  |
| Anteile im Umlauf |  | 271 508.8900 | 363 478.4510 | - |
| Nettoinventarwert pro Anteil in USD |  | 124.26 | 105.63 | - |
| Ausgabe- und Rücknahmepreis pro Anteil in USD 2 |  | 124.26 | 105.71 | - |
| Klasse P-acc | LU0038842364 |  |  |  |
| Anteile im Umlauf |  | 69 604.5730 | 40 053.9140 | 44 431.5760 |
| Nettoinventarwert pro Anteil in USD |  | 1 500.20 | 1 286.71 | 930.84 |
| Ausgabe- und Rücknahmepreis pro Anteil in USD 2 |  | 1 500.20 | 1 287.74 | 930.84 |
| Klasse Q-acc | LU0404627241 |  |  |  |
| Anteile im Umlauf |  | 18 519.0260 | 17 570.2730 | 17 760.9750 |
| Nettoinventarwert pro Anteil in USD |  | 261.91 | 223.78 | 160.60 |
| Ausgabe- und Rücknahmepreis pro Anteil in USD 2 |  | 261.91 | 223.96 | 160.60 |
| Klasse U-X-acc 4 | LU2227885360 |  |  |  |
| Anteile im Umlauf |  | 1 163.0000 | 1 650.0000 | - |
| Nettoinventarwert pro Anteil in USD |  | 14 277.55 | 12 133.31 | - |
| Ausgabe- und Rücknahmepreis pro Anteil in USD 2 |  | 14 277.55 | 12 143.02 | - |
| 1  Die Anteilsklasse F-acc war bis zum 10.12.2020 im Umlauf 2  Siehe Erläuterung 1 3  Erste NAV 11.11.2020 4  Erste NAV 25.9.2020 |  |  |  |  |


## Struktur des Wertpapierbestandes
Geographische Aufteilung in % des Nettovermögens	
| Vereinigte Staaten | 92.86 |
| --- | --- |
| Irland | 2.60 |
| Israel | 0.83 |
| Kanada | 0.82 |
| Bermuda | 0.61 |
| Niederlande | 0.45 |
| Schweiz | 0.42 |
| Schweden | 0.42 |
| Total | 99.01 |

Wirtschaftliche Aufteilung in % des Nettovermögens	
| Internet, Software & IT-Dienste | 14.37 |
| --- | --- |
| Pharmazeutik, Kosmetik & medizinische Produkte | 11.63 |
| Biotechnologie | 10.34 |
| Finanz- & Beteiligungsgesellschaften | 9.58 |
| Maschinen & Apparate | 7.13 |
| Elektronik & Halbleiter | 6.59 |
| Nahrungsmittel & Softdrinks | 5.35 |
| Gastgewerbe & Freizeit | 4.24 |
| Gesundheits- & Sozialwesen | 4.19 |
| Baugewerbe & Baumaterial | 3.56 |
| Textilien, Kleidung & Lederwaren | 3.55 |
| Elektrische Geräte & Komponenten | 2.77 |
| Anlagefonds | 2.60 |
| Banken & Kreditinstitute | 2.54 |
| Energie- & Wasserversorgung | 1.78 |
| Detailhandel, Warenhäuser | 1.68 |
| Diverse Dienstleistungen | 1.61 |
| Fahrzeuge | 1.51 |
| Forstwirtschaft, Holz & Papier | 1.50 |
| Immobilien | 1.04 |
| Computer & Netzwerkausrüster | 0.84 |
| Versicherungen | 0.61 |
| Total | 99.01 |

UBS (Lux) Equity Fund – Small Caps USA (USD) Halbjahresbericht per 31. Mai 2021

## Nettovermögensaufstellung
Aktiva	31.5.2021
USD
Wertpapierbestand, Einstandswert	131 229 850.25
| Wertpapierbestand, nicht realisierte Werterhöhung (-minderung) | 	26 801 091.78	 |
| --- | --- |
| Total Wertpapierbestand (Erläuterung 1) | 158 030 942.03 |
| Bankguthaben, Sicht- und Fristgelder | 803 278.39 |
| Forderungen aus Zeichnungen | 1 841 676.32 |
| Forderungen aus Dividenden | 6 186.15 |
| Andere Forderungen | 53 592.28 |
| Total Aktiva | 160 735 675.17 |
|  |  |
| Passiva |  |
| Verbindlichkeiten aus Rücknahmen | -861 712.90 |
| Rückstellungen für Pauschale Verwaltungskommission (Erläuterung 2) | -245 760.45 |
| Rückstellungen für Abonnementsabgabe (Erläuterung 3) | -9 998.18 |
| Rückstellungen für andere Kommissionen und Gebühren (Erläuterung 2) | 	-3 967.76	 |
| Total Rückstellungen für Aufwendungen | -259 726.39 |
| Total Passiva | -1 121 439.29 |
|  |  |
| Nettovermögen am Ende der Berichtsperiode | 159 614 235.88 |
| Ertrags- und Aufwandsrechnung | USD |
| Erträge | 1.12.2020-31.5.2021 |
| Zinsertrag aus liquiden Mitteln | 73.46 |
| Dividenden | 99 018.32 |
| Erträge aus Securities Lending (Erläuterung 11) | 41 208.53 |
| Andere Erträge (Erläuterung 1 a) | 19 113.97 |
| Total Erträge | 159 414.28 |
|  |  |
| Aufwendungen |  |
| Pauschale Verwaltungskommission (Erläuterung 2) | -854 882.49 |
| Abonnementsabgabe (Erläuterung 3) | -30 622.15 |
| Kosten aus Securities Lending (Erläuterung 11) | -16 483.41 |
| Andere Kommissionen und Gebühren (Erläuterung 2) | -3 908.68 |
| Zinsaufwand aus liquiden Mitteln und Kontokorrentkredit | -100.36 |
| Total Aufwendungen | -905 997.09 |
|  |  |
| Nettoerträge (-verluste) aus Anlagen | -746 582.81 |
|  |  |
| Realisierte Gewinne (Verluste) (Erläuterung 1) |  |
| Realisierter Kursgewinn (-verlust) aus marktbewerteten Wertpapieren ausser Optionen | 14 316 691.03 |
| Realisierter Währungsgewinn (-verlust) | 761.07 |
| Total der realisierten Gewinne (Verluste) | 14 317 452.10 |
|  |  |
| Realisierter Nettogewinn (-verlust) der Berichtsperiode | 13 570 869.29 |
|  |  |
| Veränderungen der nicht realisierten Werterhöhung (-minderung) (Erläuterung 1) |  |
| Nicht realisierte Werterhöhung (-minderung) marktbewerteter Wertpapiere ausser Optionen | 6 493 596.34 |
| Total der Veränderungen der nicht realisierten Werterhöhung (-minderung) | 6 493 596.34 |
|  |  |
| Nettoerhöhung (-minderung) des Nettovermögens infolge Geschäftstätigkeit | 20 064 465.63 |

UBS (Lux) Equity Fund – Small Caps USA (USD) Halbjahresbericht per 31. Mai 2021
| Veränderung des Nettovermögens |  |
| --- | --- |
|  | USD |
|  | 1.12.2020-31.5.2021 |
| Nettovermögen zu Beginn der Berichtsperiode | 113 958 675.67 |
| Zeichnungen | 109 543 566.50 |
| Rücknahmen | 	-83 952 471.92	 |
| Total Mittelzufluss (-abfluss) | 25 591 094.58 |
| Nettoerträge (-verluste) aus Anlagen | -746 582.81 |
| Total der realisierten Gewinne (Verluste) | 14 317 452.10 |
| Total der Veränderungen der nicht realisierten Werterhöhung (-minderung) | 	6 493 596.34	 |
| Nettoerhöhung (-minderung) des Nettovermögens infolge Geschäftstätigkeit | 20 064 465.63 |
| Nettovermögen am Ende der Berichtsperiode | 159 614 235.88 |
| Entwicklung der Anteile im Umlauf |  |
|  | 1.12.2020-31.5.2021 |
| Klasse | F-acc |
| Anzahl der Anteile im Umlauf zu Beginn der Berichtsperiode | 53.0000 |
| Anzahl der ausgegebenen Anteile | 0.0000 |
| Anzahl der zurückgegebenen Anteile | -53.0000 |
| Anzahl der Anteile im Umlauf am Ende der Berichtsperiode | 0.0000 |
| Klasse | I-B-acc |
| Anzahl der Anteile im Umlauf zu Beginn der Berichtsperiode | 363 478.4510 |
| Anzahl der ausgegebenen Anteile | 21 874.3530 |
| Anzahl der zurückgegebenen Anteile | -113 843.9140 |
| Anzahl der Anteile im Umlauf am Ende der Berichtsperiode | 271 508.8900 |
| Klasse | P-acc |
| Anzahl der Anteile im Umlauf zu Beginn der Berichtsperiode | 40 053.9140 |
| Anzahl der ausgegebenen Anteile | 60 615.1410 |
| Anzahl der zurückgegebenen Anteile | -31 064.4820 |
| Anzahl der Anteile im Umlauf am Ende der Berichtsperiode | 69 604.5730 |
| Klasse | Q-acc |
| Anzahl der Anteile im Umlauf zu Beginn der Berichtsperiode | 17 570.2730 |
| Anzahl der ausgegebenen Anteile | 50 796.2310 |
| Anzahl der zurückgegebenen Anteile | -49 847.4780 |
| Anzahl der Anteile im Umlauf am Ende der Berichtsperiode | 18 519.0260 |
| Klasse | U-X-acc |
| Anzahl der Anteile im Umlauf zu Beginn der Berichtsperiode | 1 650.0000 |
| Anzahl der ausgegebenen Anteile | 0.0000 |
| Anzahl der zurückgegebenen Anteile | -487.0000 |
| Anzahl der Anteile im Umlauf am Ende der Berichtsperiode | 1 163.0000 |

UBS (Lux) Equity Fund – Small Caps USA (USD) Halbjahresbericht per 31. Mai 2021

## Aufstellung der Wertpapierbestände und anderer Nettovermögenswerte per 31. Mai 2021
| Bezeichnung | Anzahl/ | Bewertung in USD | in % des |
| --- | --- | --- | --- |
|  | Nominal | NR Kursgewinn | Netto- |
|  |  | (-verlust) auf Futures/ | vermögens |
|  |  | Devisentermin- |  |
|  |  | kontrakten/ |  |
|  |  | Swaps (Erl. 1) |  |
| Wertpapiere und Geldmarktinstrumente, die an einer offiziellen Börse gehandelt werden Inhaberaktien |  |  |  |
| Bermuda |  |  |  |
| USD	ESSENT GRP LTD COM USD0.015 | 20 495.00 | 980 480.80 | 0.61 |
| Total Bermuda |  | 980 480.80 | 0.61 |
| Kanada |  |  |  |
| USD	XENON PHARMACEUTIC COM NPV | 37 144.00 | 686 049.68 | 0.43 |
| Total Kanada |  | 686 049.68 | 0.43 |
| Israel |  |  |  |
| USD	WIX.COM LTD COM ILS0.01 | 5 105.00 | 1 326 585.30 | 0.83 |
| Total Israel |  | 1 326 585.30 | 0.83 |
| Schweiz |  |  |  |
| USD	CRISPR THERAPEUTIC COM CHF0.03 | 5 730.00 | 677 171.40 | 0.42 |
| Total Schweiz |  | 677 171.40 | 0.42 |
| Vereinigte Staaten |  |  |  |
| USD	ADVERUM BIOTECHNOL COM USD0.0001 | 57 070.00 | 197 462.20 | 0.12 |
| USD	ALTERYX INC COM USD0.0001 CL A | 15 302.00 | 1 190 036.54 | 0.74 |
| USD	ALTRA INDUSTRIAL MOTION CORP USD0.001 | 35 088.00 | 2 304 930.72 | 1.44 |
| USD	AMERESCO INC COM USD0.0001 CL ‘A’ | 36 909.00 | 1 984 227.84 | 1.24 |
| USD	ARENA PHARMACEUTIC COM USD0.0001(POST SPLT) | 9 846.00 | 601 689.06 | 0.38 |
| USD	ASTEC INDS INC COM | 28 537.00 | 1 955 640.61 | 1.23 |
| USD	ATRICURE INC COM USD0.001 | 28 247.00 | 2 110 898.31 | 1.32 |
| USD	BANDWIDTH INC COM USD0.001 CL A | 10 854.00 | 1 283 919.66 | 0.80 |
| USD	BLOOMIN BRANDS INC COM USD0.01 | 95 142.00 | 2 811 446.10 | 1.76 |
| USD	BOISE CASCADE COMP COM USD0.01 | 36 345.00 | 2 398 406.55 | 1.50 |
| USD	BROOKS AUTOMATION INC COM | 28 691.00 | 2 929 064.19 | 1.84 |
| USD	CAREDX INC COM USD0.001 | 29 007.00 | 2 332 162.80 | 1.46 |
| USD	CHART INDS INC COM PAR $0.01 | 22 816.00 | 3 329 767.04 | 2.09 |
| USD	CHEGG INC COM USD0.001 | 30 047.00 | 2 310 914.77 | 1.45 |
| USD	CHILDRENS PLACE IN COM USD0.10 | 28 781.00 | 2 676 345.19 | 1.68 |
| USD	CHURCHILL DOWNS INC COM | 10 174.00 | 2 030 018.22 | 1.27 |
| USD	DAVE & BUSTER’S EN COM USD0.01 | 59 791.00 | 2 527 963.48 | 1.58 |
| USD	DICERNA PHARMACEUT COM USD0.0001 | 29 870.00 | 973 762.00 | 0.61 |
| USD	EVERBRIDGE INC COM USD0.001 | 10 829.00 | 1 272 407.50 | 0.80 |
| USD	FATE THERAPEUTICS COM USD0.001 | 11 854.00 | 908 016.40 | 0.57 |
| USD	GENERAC HLDGS INC COM USD0.01 | 12 215.00 | 4 015 314.80 | 2.52 |
| USD	HERC HOLDINGS INC COM | 32 164.00 | 3 699 503.28 | 2.32 |
| USD	IOVANCE BIOTHERAPE COM USD0.000041666 | 15 524.00 | 288 280.68 | 0.18 |
| USD	KURA ONCOLOGY INC COM USD0.0001 | 39 968.00 | 889 288.00 | 0.56 |
| USD	LATTICE SEMICONDUCTOR CORP COM | 36 975.00 | 1 962 263.25 | 1.23 |
| USD	LHC GROUP INC COM | 9 574.00 | 1 884 641.90 | 1.18 |
| USD	LIVEPERSON INC COM USD0.001 | 25 165.00 | 1 382 816.75 | 0.87 |
| USD	MASTEC INC COM | 30 452.00 | 3 542 481.16 | 2.22 |
| USD	MAXLINEAR INC COM USD0.01 CL’A’ | 57 702.00 | 2 193 830.04 | 1.37 |
| USD	MEDPACE HOLDINGS COM USD0.01 | 13 980.00 | 2 335 498.80 | 1.46 |
| USD	MERCURY SYSTEMS IN COM USD0.01 | 20 479.00 | 1 340 350.55 | 0.84 |
| USD	NANOSTRING TECHNOL COM USD0.0001 | 25 141.00 | 1 395 074.09 | 0.87 |
| USD	NATIONAL VISION HL COM USD0.01 | 44 683.00 | 2 219 404.61 | 1.39 |
| USD	NEOGENOMICS INC COM NPV | 37 523.00 | 1 539 568.69 | 0.96 |
| USD	PERFORMANCE FOOD G COM USD0.01 | 63 977.00 | 3 207 167.01 | 2.01 |
| USD	PLANET FITNESS INC COM USD0.0001 A | 26 307.00 | 2 072 202.39 | 1.30 |
| USD	QTS REALTY TR INC COM USD0.01 CL A | 26 122.00 | 1 655 612.36 | 1.04 |
| USD	RAPID7 INC COM USD0.01 | 24 945.00 | 2 086 649.25 | 1.31 |
| USD	REGAL BELOIT CORP. COM USD0.01 | 18 432.00 | 2 621 583.36 | 1.64 |
| USD	REPLIGEN CORP COM | 10 232.00 | 1 868 465.52 | 1.17 |
| USD	REVANCE THERAPEUTI COM USD0.001 | 35 952.00 | 1 064 538.72 | 0.67 |
| USD	RYMAN HOSPITALITY COM USD0.01 | 35 511.00 | 2 660 129.01 | 1.67 |
| USD	SIMPSON MANUFACTURING CO INC COM | 17 261.00 | 1 938 755.52 | 1.21 |
| USD	SIX FLAGS ENT CORP COM USD0.01 | 56 735.00 | 2 577 471.05 | 1.61 |
| USD	STAAR SURGICAL CO COM USD0.01 | 27 712.00 | 4 046 783.36 | 2.54 |
| USD	TEREX CORP NEW COM | 66 324.00 | 3 473 387.88 | 2.18 |
| USD	TOPBUILD CORP COM USD0.01 ‘WI’ | 11 669.00 | 2 311 045.45 | 1.45 |
| USD	UNIVERSAL DISPLAY COM USD0.01 | 15 869.00 | 3 425 482.34 | 2.15 |
| USD	VONAGE HLDGS CORP COM | 100 382.00 | 1 383 263.96 | 0.87 |
| USD	WEBSTER FINL CORP CONN COM | 44 464.00 | 2 520 219.52 | 1.58 |
| USD	XENCOR INC COM USD0.01 | 25 235.00 | 970 538.10 | 0.61 |
| Total Vereinigte Staaten |  | 106 700 690.58 | 66.86 |
| Total Inhaberaktien |  | 110 370 977.76 | 69.15 |
| Namensaktien |  |  |  |
| Kanada |  |  |  |
| USD	REPARE THERAPEUTIC COM NPV | 19 182.00 | 619 962.24 | 0.39 |
| Total Kanada |  | 619 962.24 | 0.39 |
| Vereinigte Staaten |  |  |  |
| USD	ACV AUCTIONS INC COM USD0.001 CL A | 21 798.00 | 565 004.16 | 0.35 |
| USD	ALLOGENE THERAPEUT COM USD0.001 | 36 096.00 | 927 667.20 | 0.58 |
| USD	ALX ONCOLOGY HLDGS COM USD0.001 | 16 542.00 | 935 615.52 | 0.59 |
| USD	ARRAY TECHNOLOGIES COM USD0.001 | 53 603.00 | 873 728.90 | 0.55 |
| USD	AVROBIO INC COM USD0.0001 | 26 151.00 | 235 097.49 | 0.15 |
| USD	BIOVENTUS INC COM USD0.001 CL A | 46 769.00 | 831 552.82 | 0.52 |

UBS (Lux) Equity Fund – Small Caps USA (USD) Halbjahresbericht per 31. Mai 2021
|  | Bezeichnung | Anzahl/ | Bewertung in USD | in % des |
| --- | --- | --- | --- | --- |
|  | Nominal | NR Kursgewinn | Netto- |
|  |  | (-verlust) auf Futures/ | vermögens |
|  |  | Devisentermin- |  |
|  |  | kontrakten/ |  |
|  |  | Swaps (Erl. 1) |  |
|  |  |  |  |  |
| USD | BOLT BIOTHERAPEUTI COM USD0.00001 | 16 417.00 | 287 461.67 | 0.18 |
| USD | CASTLE BIOSCIENCES COM USD0.001 | 19 873.00 | 1 190 988.89 | 0.75 |
| USD | DIGITALOCEAN HLDGS COM USD0.000025 | 36 999.00 | 1 555 437.96 | 0.97 |
| USD | GROCERY OUTLET HLD COM USD0.001 | 44 340.00 | 1 510 663.80 | 0.95 |
| USD | HARPOON THERAPEUTI COM USD0.0001 | 48 715.00 | 1 004 503.30 | 0.63 |
| USD | IAA INC COM USD0.01 | 32 319.00 | 1 841 213.43 | 1.15 |
| USD | IGM BIOSCIENCES IN COM USD0.01 | 16 245.00 | 1 212 689.25 | 0.76 |
| USD | INSPIRE MEDICAL SY COM USD0.001 | 8 910.00 | 1 731 213.00 | 1.08 |
| USD | INSTIL BIO INC COM USD0.000001 | 27 805.00 | 494 929.00 | 0.31 |
| USD | JAMF HOLDING CORP COM USD0.001 | 55 803.00 | 1 935 248.04 | 1.21 |
| USD | KRONOS BIO INC COM USD0.001 | 16 658.00 | 406 621.78 | 0.25 |
| USD | MAGENTA THERAPEUTI COM USD0.001 | 61 355.00 | 757 734.25 | 0.47 |
| USD | MAGNITE INC COM USD0.00001 | 73 943.00 | 2 196 107.10 | 1.38 |
| USD | MARAVAI LIFESCIENC USD0.01 A | 63 246.00 | 2 374 254.84 | 1.49 |
| USD | MEIRAGTX HLDGS PLC COM USD0.00003881 | 36 845.00 | 508 092.55 | 0.32 |
| USD | NURIX THERAPEUTICS USD0.001 | 32 787.00 | 914 757.30 | 0.57 |
| USD | OLO INC USD0.001 CL A | 22 281.00 | 754 211.85 | 0.47 |
| USD | PMV PHARMACEUTICAL COM USD0.00001 | 21 361.00 | 734 818.40 | 0.46 |
| USD | PVH CORP COM USD1 | 26 580.00 | 3 051 915.60 | 1.91 |
| USD | RELAY THERAPEUTICS COM USD0.001 | 19 651.00 | 631 190.12 | 0.40 |
| USD | SHIFT4 PMTS INC COM USD0.0001 CLASS A | 30 582.00 | 2 852 994.78 | 1.79 |
| USD | SHOALS TECHNOLOGIE COM USD0.00001 CLASS A | 30 978.00 | 854 992.80 | 0.54 |
| USD | SILK ROAD MEDICAL COM USD0.001 | 30 794.00 | 1 495 972.52 | 0.94 |
| USD | SUMO LOGIC INC COM USD0.0001 | 38 080.00 | 715 904.00 | 0.45 |
| USD | TAPESTRY INC COM USD0.01 | 58 293.00 | 2 616 772.77 | 1.64 |
| USD | TENABLE HOLDINGS I COM USD0.01 | 42 863.00 | 1 791 673.40 | 1.12 |
| USD | THE AZEK COMPANY I COM USD0.001 CLASS A | 32 902.00 | 1 432 224.06 | 0.90 |
| USD | VIANT TECHNOLOGY I COM USD0.001 A | 9 371.00 | 273 539.49 | 0.17 |
| Total Vereinigte Staaten |  | 41 496 792.04 | 26.00 |
| Total Namensaktien |  | 42 116 754.28 | 26.39 |
| Depository Receipts |  |  |  |
| Niederlande |  |  |  |
| USD	ARGENX SE SPON ADR EACH REP 1 ORD SHS | 2 601.00 | 725 652.99 | 0.45 |
| Total Niederlande |  | 725 652.99 | 0.45 |
| Schweden |  |  |  |
| USD	OLINK HLDG AB ADS EACH REPR 1 ORD SH | 18 900.00 | 667 737.00 | 0.42 |
| Total Schweden |  | 667 737.00 | 0.42 |
| Total Depository Receipts |  | 1 393 389.99 | 0.87 |
| Total Wertpapiere und Geldmarktinstrumente, die an einer offiziellen Börse gehandelt werden |  | 153 881 122.03 | 96.41 |

OGAW/Andere OGA im Sinne des Artikels 41 (1) e) des abgeänderten luxemburgischen Gesetzes vom 17. Dezember 2010
Investment Fonds, open end
| Irland |  |
| --- | --- |
| USD | UBS (IRL) SELECT MONEY MARKET FUND-USD-S-DIST | 414.98 | 4 149 820.00 | 2.60 |
| Total Irland | 4 149 820.00 | 2.60 |
| Total Investment Fonds, open end | 4 149 820.00 | 2.60 |
| Total OGAW/Andere OGA im Sinne des Artikels 41 (1) e) des abgeänderten luxemburgischen Gesetzes vom 17. Dezember 2010 | 4 149 820.00 | 2.60 |
| Total des Wertpapierbestandes | 158 030 942.03 | 99.01 |
|  |  |  |
| Bankguthaben, Sicht- und Fristgelder und andere liquide Mittel | 803 278.39 | 0.50 |
| Andere Aktiva und Passiva | 780 015.46 | 0.49 |
| Total des Nettovermögens | 159 614 235.88 | 100.00 |

UBS (Lux) Equity Fund – Small Caps USA (USD) Halbjahresbericht per 31. Mai 2021