# UBS (Lux) Equity Fund – Mid Caps USA (USD)
| Most important figures |  |
| --- | --- |
|  | ISIN | 31.5.2022 | 30.11.2021 | 30.11.2020 |
| Net assets in USD |  | 193 690 216.83 | 336 651 888.36 | 262 931 480.37 |
| Class I-B-acc | LU0403314254 |  |  |  |
| Units outstanding |  | 57 991.4780 | 123 982.8790 | 57 819.1560 |
| Net asset value per unit in USD |  | 232.24 | 310.27 | 256.74 |
| Issue and redemption price per unit in USD 1 |  | 232.24 | 310.27 | 256.74 |
| Class (CHF hedged) I-B-acc 2 | LU2220381201 |  |  |  |
| Units outstanding |  | - | 40 252.2840 | 53 571.4420 |
| Net asset value per unit in CHF |  | - | 136.14 | 114.17 |
| Issue and redemption price per unit in CHF 1 |  | - | 136.14 | 114.17 |
| Class P-acc | LU0049842262 |  |  |  |
| Units outstanding |  | 45 648.0180 | 50 583.0090 | 50 847.5690 |
| Net asset value per unit in USD |  | 2 667.95 | 3 596.02 | 3 028.96 |
| Issue and redemption price per unit in USD 1 |  | 2 667.95 | 3 596.02 | 3 028.96 |
| Class (CHF hedged) P-acc | LU0781589055 |  |  |  |
| Units outstanding |  | 45 652.5960 | 45 419.3810 | 44 187.8460 |
| Net asset value per unit in CHF |  | 248.24 | 338.47 | 289.06 |
| Issue and redemption price per unit in CHF 1 |  | 248.24 | 338.47 | 289.06 |
| Class Q-acc | LU0358044807 |  |  |  |
| Units outstanding |  | 183 929.1100 | 219 089.3400 | 171 760.9890 |
| Net asset value per unit in USD |  | 226.18 | 303.67 | 253.80 |
| Issue and redemption price per unit in USD 1 |  | 226.18 | 303.67 | 253.80 |
| Class (CHF hedged) Q-acc | LU1240780913 |  |  |  |
| Units outstanding |  | 22 358.0930 | 24 502.2550 | 23 556.7210 |
| Net asset value per unit in CHF |  | 170.95 | 232.18 | 196.75 |
| Issue and redemption price per unit in CHF 1 |  | 170.95 | 232.18 | 196.75 |
| Class U-X-acc | LU0403314684 |  |  |  |
| Units outstanding |  | 119.0000 | 1 450.0000 | 2 038.0000 |
| Net asset value per unit in USD |  | 8 613.79 | 14 534.18 | 12 018.95 |
| Issue and redemption price per unit in USD 1 |  | 8 613.79 | 14 534.18 | 12 018.95 |
| 1  See note 1 2  The unit class (CHF hedged) I-B-acc was in circulation until 10.2.2022 |  |  |  |  |


## Structure of the Securities Portfolio
Geographical Breakdown as a % of net assets	
| United States | 87.65 |
| --- | --- |
| Ireland | 2.51 |
| Canada | 2.50 |
| Switzerland | 2.45 |
| Germany | 0.82 |
| Total | 95.93 |

Economic Breakdown as a % of net assets	
| Internet, software & IT services | 27.38 |
| --- | --- |
| Finance & holding companies | 21.51 |
| Pharmaceuticals, cosmetics & medical products | 7.16 |
| Electronics & semiconductors | 6.07 |
| Lodging, catering & leisure | 4.53 |
| Textiles, garments & leather goods | 4.46 |
| Petroleum | 3.65 |
| Food & soft drinks | 3.06 |
| Vehicles | 2.51 |
| Retail trade, department stores | 2.31 |
| Healthcare & social services | 2.23 |
| Mechanical engineering & industrial equipment | 2.21 |
| Telecommunications | 2.17 |
| Biotechnology | 2.01 |
| Tobacco & alcohol | 1.99 |
| Graphic design, publishing & media | 1.47 |
| Real Estate | 1.21 |
| Total | 95.93 |

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

## Statement of Net Assets
Assets	31.5.2022
USD
Investments in securities, cost	196 256 673.54
| Investments in securities, unrealized appreciation (depreciation) | 	-10 449 422.05	 |
| --- | --- |
| Total investments in securities (Note 1) | 185 807 251.49 |
| Cash at banks, deposits on demand and deposit accounts | 7 869 952.66 |
| Receivable on subscriptions | 52 439.25 |
| Receivable on dividends | 148 443.85 |
| Prepaid expenses | 13 497.85 |
| Unrealized gain on forward foreign exchange contracts (Note 1) | 439 546.22 |
| Total Assets | 194 331 131.32 |
|  |  |
| Liabilities |  |
| Interest payable on bank overdraft | -9.23 |
| Payable on redemptions | -378 677.26 |
| Provisions for flat fee (Note 2) | -241 254.91 |
| Provisions for taxe d’abonnement (Note 3) | -15 258.10 |
| Provisions for other commissions and fees (Note 2) | 	-5 714.99	 |
| Total provisions | -262 228.00 |
| Total Liabilities | -640 914.49 |
|  |  |
| Net assets at the end of the period | 193 690 216.83 |
| Statement of Operations | USD |
| Income | 1.12.2021-31.5.2022 |
| Interest on liquid assets | 9.56 |
| Dividends | 375 835.34 |
| Net income on securities lending (Note 10) | 31 582.23 |
| Other income (Note 4) | 32 104.12 |
| Total income | 439 531.25 |
|  |  |
| Expenses |  |
| Flat fee (Note 2) | -1 766 615.65 |
| Taxe d’abonnement (Note 3) | -54 156.96 |
| Other commissions and fees (Note 2) | -53 724.57 |
| Interest on cash and bank overdraft | -9.23 |
| Total expenses | -1 874 506.41 |
|  |  |
| Net income (loss) on investments | -1 434 975.16 |
|  |  |
| Realized gain (loss) (Note 1) |  |
| Realized gain (loss) on market-priced securities without options | -14 904 307.32 |
| Realized gain (loss) on forward foreign exchange contracts | -1 208 089.28 |
| Realized gain (loss) on foreign exchange | 324 038.52 |
| Total realized gain (loss) | -15 788 358.08 |
|  |  |
| Net realized gain (loss) of the period | -17 223 333.24 |
|  |  |
| Changes in unrealized appreciation (depreciation) (Note 1) |  |
| Unrealized appreciation (depreciation) on market-priced securities without options | -59 624 924.93 |
| Unrealized appreciation (depreciation) on forward foreign exchange contracts | 117 146.91 |
| Total changes in unrealized appreciation (depreciation) | -59 507 778.02 |
|  |  |
| Net increase (decrease) in net assets as a result of operations | -76 731 111.26 |

UBS (Lux) Equity Fund – Mid 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 | 336 651 888.36 |
| Subscriptions | 22 174 314.72 |
| Redemptions | 	-88 404 874.99	 |
| Total net subscriptions (redemptions) | -66 230 560.27 |
| Net income (loss) on investments | -1 434 975.16 |
| Total realized gain (loss) | -15 788 358.08 |
| Total changes in unrealized appreciation (depreciation) | 	-59 507 778.02	 |
| Net increase (decrease) in net assets as a result of operations | -76 731 111.26 |
| Net assets at the end of the period | 193 690 216.83 |
| 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 | 123 982.8790 |
| Number of units issued | 17 131.2890 |
| Number of units redeemed | -83 122.6900 |
| Number of units outstanding at the end of the period | 57 991.4780 |
| Class | (CHF hedged) I-B-acc |
| Number of units outstanding at the beginning of the period | 40 252.2840 |
| Number of units issued | 0.0000 |
| Number of units redeemed | -40 252.2840 |
| 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 | 50 583.0090 |
| Number of units issued | 2 532.7120 |
| Number of units redeemed | -7 467.7030 |
| Number of units outstanding at the end of the period | 45 648.0180 |
| Class | (CHF hedged) P-acc |
| Number of units outstanding at the beginning of the period | 45 419.3810 |
| Number of units issued | 1 541.9160 |
| Number of units redeemed | -1 308.7010 |
| Number of units outstanding at the end of the period | 45 652.5960 |
| Class | Q-acc |
| Number of units outstanding at the beginning of the period | 219 089.3400 |
| Number of units issued | 23 310.7090 |
| Number of units redeemed | -58 470.9390 |
| Number of units outstanding at the end of the period | 183 929.1100 |
| Class | (CHF hedged) Q-acc |
| Number of units outstanding at the beginning of the period | 24 502.2550 |
| Number of units issued | 2 702.7230 |
| Number of units redeemed | -4 846.8850 |
| Number of units outstanding at the end of the period | 22 358.0930 |
| Class | U-X-acc |
| Number of units outstanding at the beginning of the period | 1 450.0000 |
| Number of units issued | 146.0000 |
| Number of units redeemed | -1 477.0000 |
| Number of units outstanding at the end of the period | 119.0000 |

UBS (Lux) Equity Fund – Mid 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 |  |  |  |
| Canada |  |  |  |
| USD	LULULEMON ATHLETIC COM STK USD0.01 | 16 543.00 | 4 841 970.67 | 2.50 |
| Total Canada |  | 4 841 970.67 | 2.50 |
| Germany |  |  |  |
| USD	BIONTECH SE SPON ADS EACH REP 1 ORD SHS | 9 700.00 | 1 584 592.00 | 0.82 |
| Total Germany |  | 1 584 592.00 | 0.82 |
| Ireland |  |  |  |
| USD	APTIV PLC COM USD0.01 | 45 817.00 | 4 867 598.08 | 2.51 |
| Total Ireland |  | 4 867 598.08 | 2.51 |
| Switzerland |  |  |  |
| USD	TE CONNECTIVITY LT COM CHF0.57 | 36 658.00 | 4 743 178.62 | 2.45 |
| Total Switzerland |  | 4 743 178.62 | 2.45 |
| United States |  |  |  |
| USD	10X GENOMICS INC COM USD0.00001 CLASS A | 45 014.00 | 2 304 266.66 | 1.19 |
| USD	ADAPTHEALTH CORP COM USD0.0001 CL A | 185 789.00 | 3 342 344.11 | 1.73 |
| USD	AGILENT TECHNOLOGIES INC COM | 28 424.00 | 3 625 765.44 | 1.87 |
| USD	ARISTA NETWORKS IN COM USD0.0001 | 56 215.00 | 5 749 670.20 | 2.97 |
| USD	AVALONBAY COMMUNI COM USD0.01 | 11 300.00 | 2 349 948.00 | 1.21 |
| USD	CADENCE DESIGN SYS COM USD0.01 | 49 891.00 | 7 669 743.43 | 3.96 |
| USD	CBOE GLOBAL MARKET COM USD0.01 | 30 937.00 | 3 474 534.47 | 1.79 |
| USD	CENTENE CORP DEL COM | 52 976.00 | 4 314 365.44 | 2.23 |
| USD	CHIPOTLE MEXICAN GRILL INC CL A | 4 221.00 | 5 920 163.55 | 3.06 |
| USD	CONSTELLATION BRDS CLASS’A’COM USD0.01 | 15 674.00 | 3 847 496.78 | 1.99 |
| USD	COOPER COS INC COM USD0.10 | 11 783.00 | 4 132 769.42 | 2.13 |
| USD	DECKERS OUTDOOR CORP COM | 14 167.00 | 3 804 689.52 | 1.96 |
| USD	DEXCOM INC COM | 12 969.00 | 3 863 983.86 | 2.00 |
| USD	DYNATRACE INC COM USD0.001 | 124 102.00 | 4 674 922.34 | 2.41 |
| USD	ENDEAVOR GROUP HOL COM 0.00001 CL A | 125 700.00 | 2 855 904.00 | 1.47 |
| USD	FORTINET INC COM USD0.001 | 9 584.00 | 2 819 037.76 | 1.46 |
| USD	GENERAC HLDGS INC COM USD0.01 | 7 551.00 | 1 865 701.08 | 0.96 |
| USD	HALLIBURTON COM STK USD2.50 | 62 039.00 | 2 512 579.50 | 1.30 |
| USD	HUBSPOT INC COM USD0.001 | 14 121.00 | 4 768 520.49 | 2.46 |
| USD	HYATT HOTELS CORP COM USD0.01 CLASS ‘A’ | 41 896.00 | 3 703 187.44 | 1.91 |
| USD	IQVIA HOLDINGS INC COM USD0.01 | 27 263.00 | 5 868 360.75 | 3.03 |
| USD	LPL FINL HLDGS INC COM USD0.001 | 17 297.00 | 3 393 498.43 | 1.75 |
| USD	MARQETA INC COM USD0.0001 A | 293 575.00 | 3 073 730.25 | 1.59 |
| USD	MARVELL TECHNOLOGY COM USD0.002 | 39 313.00 | 2 325 363.95 | 1.20 |
| USD	MATCH GRP INC NEW COM NPV | 53 430.00 | 4 209 215.40 | 2.17 |
| USD	MONSTER BEV CORP USD0.005(NEW) | 35 590.00 | 3 171 780.80 | 1.64 |
| USD	MSCI INC COM STK USS0.01 | 4 933.00 | 2 182 112.55 | 1.13 |
| USD	OPENDOOR TECHNOLOG COM USD0.0001 | 128 903.00 | 931 968.69 | 0.48 |
| USD	OREILLY AUTO NEW COM USD0.01 | 7 728.00 | 4 924 049.76 | 2.54 |
| USD	PALO ALTO NETWORKS COM USD0.0001 | 14 393.00 | 7 236 512.54 | 3.74 |
| USD	PIONEER NATURAL RE COM STK USD0.01 | 16 362.00 | 4 547 654.28 | 2.35 |
| USD	REGAL BELOIT CORP. COM USD0.01 | 34 185.00 | 4 271 415.75 | 2.21 |
| USD	SYNOPSYS INC COM USD0.01 | 13 001.00 | 4 149 919.20 | 2.14 |
| USD	TAKE TWO INTERACTI COM USD0.01 | 27 331.00 | 3 403 529.43 | 1.76 |
| USD	TERADYNE INC COM USD0.125 | 44 158.00 | 4 824 703.08 | 2.49 |
| USD	THE TRADE DESK INC COM USD0.000001 CL A | 86 761.00 | 4 515 910.05 | 2.33 |
| USD	TRANSDIGM GROUP INC COM | 11 150.00 | 6 749 875.50 | 3.48 |
| USD	TRANSUNION COM USD0.01 | 52 618.00 | 4 567 768.58 | 2.36 |
| USD	TRAVEL PLUS LEISUR COM USD0.01 | 99 278.00 | 5 074 098.58 | 2.62 |
| USD	UNITED RENTALS INC COM | 14 987.00 | 4 468 823.66 | 2.31 |
| USD	UNITY SOFTWARE INC COM USD0.000005 | 24 464.00 | 977 826.08 | 0.50 |
| USD	UNIVERSAL DISPLAY COM USD0.01 | 26 204.00 | 3 309 827.24 | 1.71 |
| USD	VERISK ANALYTICS I CL A USD0.001 | 22 824.00 | 3 992 374.08 | 2.06 |
| Total United States |  | 169 769 912.12 | 87.65 |
| Total Equities |  | 185 807 251.49 | 95.93 |
| Total Transferable securities and money market instruments listed on an official stock exchange |  | 185 807 251.49 | 95.93 |
| Total investments in securities |  | 185 807 251.49 | 95.93 |
| Forward Foreign Exchange contracts |  |  |  |
| Currency purchased/Amount purchased/Currency sold/Amount sold/Maturity date |  |  |  |

| CHF | 15 199 600.00 | USD | 15 394 057.74 | 13.6.2022 | 469 861.83 | 0.24 |
| --- | --- | --- | --- | --- | --- | --- |
| USD | 1 045 856.24 | CHF | 1 034 600.00 | 13.6.2022 | -33 962.39 | -0.02 |
| USD | 70 161.34 | CHF | 70 200.00 | 13.6.2022 | -3 106.85 | 0.00 |
| CHF | 173 000.00 | USD | 174 339.22 | 13.6.2022 | 6 221.98 | 0.01 |
| CHF | 48 200.00 | USD | 48 715.50 | 13.6.2022 | 1 591.15 | 0.00 |
| USD | 231 791.39 | CHF | 223 100.00 | 13.6.2022 | -1 059.50 | 0.00 |
| Total Forward Foreign Exchange contracts | 439 546.22 | 0.23 |
|  |  |  |
| Cash at banks, deposits on demand and deposit accounts and other liquid assets | 7 869 952.66 | 4.06 |
| Other assets and liabilities | -426 533.54 | -0.22 |
| Total net assets | 193 690 216.83 | 100.00 |

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

Translation (ENFR, 2022-05-31):
# UBS (Lux) Equity Fund – Mid Caps USA (USD)
| Données principales |  |
| --- | --- |
|  | ISIN | 31.5.2022 | 30.11.2021 | 30.11.2020 |
| Actif net en USD |  | 193 690 216.83 | 336 651 888.36 | 262 931 480.37 |
| Catégorie I-B-acc | LU0403314254 |  |  |  |
| Parts en circulation |  | 57 991.4780 | 123 982.8790 | 57 819.1560 |
| Valeur nette d’inventaire par part en USD |  | 232.24 | 310.27 | 256.74 |
| Prix d’émission et de rachat par part en USD 1 |  | 232.24 | 310.27 | 256.74 |
| Catégorie (CHF hedged) I-B-acc 2 | LU2220381201 |  |  |  |
| Parts en circulation |  | - | 40 252.2840 | 53 571.4420 |
| Valeur nette d’inventaire par part en CHF |  | - | 136.14 | 114.17 |
| Prix d’émission et de rachat par part en CHF 1 |  | - | 136.14 | 114.17 |
| Catégorie P-acc | LU0049842262 |  |  |  |
| Parts en circulation |  | 45 648.0180 | 50 583.0090 | 50 847.5690 |
| Valeur nette d’inventaire par part en USD |  | 2 667.95 | 3 596.02 | 3 028.96 |
| Prix d’émission et de rachat par part en USD 1 |  | 2 667.95 | 3 596.02 | 3 028.96 |
| Catégorie (CHF hedged) P-acc | LU0781589055 |  |  |  |
| Parts en circulation |  | 45 652.5960 | 45 419.3810 | 44 187.8460 |
| Valeur nette d’inventaire par part en CHF |  | 248.24 | 338.47 | 289.06 |
| Prix d’émission et de rachat par part en CHF 1 |  | 248.24 | 338.47 | 289.06 |
| Catégorie Q-acc | LU0358044807 |  |  |  |
| Parts en circulation |  | 183 929.1100 | 219 089.3400 | 171 760.9890 |
| Valeur nette d’inventaire par part en USD |  | 226.18 | 303.67 | 253.80 |
| Prix d’émission et de rachat par part en USD 1 |  | 226.18 | 303.67 | 253.80 |
| Catégorie (CHF hedged) Q-acc | LU1240780913 |  |  |  |
| Parts en circulation |  | 22 358.0930 | 24 502.2550 | 23 556.7210 |
| Valeur nette d’inventaire par part en CHF |  | 170.95 | 232.18 | 196.75 |
| Prix d’émission et de rachat par part en CHF 1 |  | 170.95 | 232.18 | 196.75 |
| Catégorie U-X-acc | LU0403314684 |  |  |  |
| Parts en circulation | 119.0000 | 1 450.0000 | 2 038.0000 |
| Valeur nette d’inventaire par part en USD | 8 613.79 | 14 534.18 | 12 018.95 |
| Prix d’émission et de rachat par part en USD 1 | 8 613.79 | 14 534.18 | 12 018.95 |
| 1  Voir note 1 2  La catégorie de parts (CHF hedged) I-B-acc était en circulation jusqu’au 10.2.2022 |  |  |  |

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

## Structure du portefeuille-titres
Répartition géographique en % de l’actif net	
| Etats-Unis | 87.65 |
| --- | --- |
| Irlande | 2.51 |
| Canada | 2.50 |
| Suisse | 2.45 |
| Allemagne | 0.82 |
| Total | 95.93 |

Répartition économique en % de l’actif net	
| Internet, logiciels et services informatiques | 27.38 |
| --- | --- |
| Etablissements financiers et sociétés de participation | 21.51 |
| Produits pharmaceutiques, cosmétiques & médicaux | 7.16 |
| Electronique et semi-conducteurs | 6.07 |
| Restauration et loisirs | 4.53 |
| Textiles, habillement & maroquinerie | 4.46 |
| Pétrole | 3.65 |
| Alimentation & softs | 3.06 |
| Véhicules | 2.51 |
| Commerce de détail, centres commerciaux | 2.31 |
| Soins de santé & services sociaux | 2.23 |
| Machines et appareils | 2.21 |
| Télécommunications | 2.17 |
| Biotechnologie | 2.01 |
| Tabac et boissons alcoolisées | 1.99 |
| Industrie graphique, édition et médias | 1.47 |
| Immobilier | 1.21 |
| Total | 95.93 |


## Etat des actifs nets
Actif	31.5.2022
USD
Portefeuille-titres, cours d’achat	196 256 673.54
| Portefeuille-titres, plus- (moins-) value non-réalisée | 	-10 449 422.05	 |
| --- | --- |
| Total portefeuille-titres (note 1) | 185 807 251.49 |
| Avoirs en banque, dépôts à vue et à terme | 7 869 952.66 |
| A recevoir sur souscriptions | 52 439.25 |
| A recevoir sur dividendes | 148 443.85 |
| Frais payés d’avance | 13 497.85 |
| Bénéfice non réalisé sur contrats de change à terme (note 1) | 439 546.22 |
| Total Actif | 194 331 131.32 |
|  |  |
| Passif |  |
| Intérêts à payer sur crédit en compte courant | -9.23 |
| A payer sur rachats | -378 677.26 |
| Provisions pour commission de gestion forfaitaire (note 2) | -241 254.91 |
| Provisions pour taxe d’abonnement (note 3) | -15 258.10 |
| Provisions pour autres commissions et frais (note 2) | 	-5 714.99	 |
| Total des Provisions pour frais | -262 228.00 |
| Total Passif | -640 914.49 |
|  |  |
| Actifs nets à la fin de la période | 193 690 216.83 |
| Etat des opérations | USD |
| Revenus | 1.12.2021-31.5.2022 |
| Revenus d’intérêts sur liquidités | 9.56 |
| Dividendes | 375 835.34 |
| Revenus nets sur prêts de titres (note 10) | 31 582.23 |
| Autres revenus (note 4) | 32 104.12 |
| Total des Revenus | 439 531.25 |
|  |  |
| Charges |  |
| Commission de gestion forfaitaire (note 2) | -1 766 615.65 |
| Taxe d’abonnement (note 3) | -54 156.96 |
| Autres commissions et frais (note 2) | -53 724.57 |
| Charges d’intérêts sur liquidités et crédit en compte courant | -9.23 |
| Total des Charges | -1 874 506.41 |
|  |  |
| Revenus (Pertes) net(te)s des investissements | -1 434 975.16 |
|  |  |
| Bénéfices (pertes) réalisé(e)s (note 1) |  |
| Bénéfice (perte) réalisé(e) sur titres évalués à la valeur de marché hors options | -14 904 307.32 |
| Bénéfice (perte) réalisé(e) sur contrats de change à terme | -1 208 089.28 |
| Bénéfice (perte) réalisé(e) de change réalisé(e) | 324 038.52 |
| Total des Bénéfices (pertes) réalisé(e)s | -15 788 358.08 |
|  |  |
| Bénéfice (perte) net(te) réalisé(e) au cours de la période | -17 223 333.24 |
|  |  |
| Variations des plus- (moins-) values non-réalisées (note 1) |  |
| Plus- (Moins-) value non réalisée sur titres évalués à la valeur de marché hors options | -59 624 924.93 |
| Plus- (Moins-) value non réalisée sur contrats de change à terme | 117 146.91 |
| Total des Variations des plus- (moins-) values non-réalisées | -59 507 778.02 |
|  |  |
| Augmentation/(diminution) nette de l’actif net issue de l’activité | -76 731 111.26 |

UBS (Lux) Equity Fund – Mid 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 | 336 651 888.36 |
| Souscriptions | 22 174 314.72 |
| Rachats | 	-88 404 874.99	 |
| Souscriptions (Rachats) net(te)s | -66 230 560.27 |
| Revenus (Pertes) net(te)s des investissements | -1 434 975.16 |
| Total des Bénéfices (pertes) réalisé(e)s | -15 788 358.08 |
| Total des Variations des plus- (moins-) values non-réalisées | 	-59 507 778.02	 |
| Augmentation/(diminution) nette de l’actif net issue de l’activité | -76 731 111.26 |
| Actifs nets à la fin de la période | 193 690 216.83 |
| 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 | 123 982.8790 |
| Nombre de parts émises | 17 131.2890 |
| Nombre de parts rachetées | -83 122.6900 |
| Nombre de parts en circulation à la fin de la période | 57 991.4780 |
| Catégorie | (CHF hedged) I-B-acc |
| Nombre de parts en circulation au début de la période | 40 252.2840 |
| Nombre de parts émises | 0.0000 |
| Nombre de parts rachetées | -40 252.2840 |
| 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 | 50 583.0090 |
| Nombre de parts émises | 2 532.7120 |
| Nombre de parts rachetées | -7 467.7030 |
| Nombre de parts en circulation à la fin de la période | 45 648.0180 |
| Catégorie | (CHF hedged) P-acc |
| Nombre de parts en circulation au début de la période | 45 419.3810 |
| Nombre de parts émises | 1 541.9160 |
| Nombre de parts rachetées | -1 308.7010 |
| Nombre de parts en circulation à la fin de la période | 45 652.5960 |
| Catégorie | Q-acc |
| Nombre de parts en circulation au début de la période | 219 089.3400 |
| Nombre de parts émises | 23 310.7090 |
| Nombre de parts rachetées | -58 470.9390 |
| Nombre de parts en circulation à la fin de la période | 183 929.1100 |
| Catégorie | (CHF hedged) Q-acc |
| Nombre de parts en circulation au début de la période | 24 502.2550 |
| Nombre de parts émises | 2 702.7230 |
| Nombre de parts rachetées | -4 846.8850 |
| Nombre de parts en circulation à la fin de la période | 22 358.0930 |
| Catégorie | U-X-acc |
| Nombre de parts en circulation au début de la période | 1 450.0000 |
| Nombre de parts émises | 146.0000 |
| Nombre de parts rachetées | -1 477.0000 |
| Nombre de parts en circulation à la fin de la période | 119.0000 |

UBS (Lux) Equity Fund – Mid 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 |  |  |  |
| Canada |  |  |  |
| USD	LULULEMON ATHLETIC COM STK USD0.01 | 16 543.00 | 4 841 970.67 | 2.50 |
| Total Canada |  | 4 841 970.67 | 2.50 |
| Allemagne |  |  |  |
| USD	BIONTECH SE SPON ADS EACH REP 1 ORD SHS | 9 700.00 | 1 584 592.00 | 0.82 |
| Total Allemagne |  | 1 584 592.00 | 0.82 |
| Irlande |  |  |  |
| USD	APTIV PLC COM USD0.01 | 45 817.00 | 4 867 598.08 | 2.51 |
| Total Irlande |  | 4 867 598.08 | 2.51 |
| Suisse |  |  |  |
| USD	TE CONNECTIVITY LT COM CHF0.57 | 36 658.00 | 4 743 178.62 | 2.45 |
| Total Suisse |  | 4 743 178.62 | 2.45 |
| Etats-Unis |  |  |  |
| USD	10X GENOMICS INC COM USD0.00001 CLASS A | 45 014.00 | 2 304 266.66 | 1.19 |
| USD	ADAPTHEALTH CORP COM USD0.0001 CL A | 185 789.00 | 3 342 344.11 | 1.73 |
| USD	AGILENT TECHNOLOGIES INC COM | 28 424.00 | 3 625 765.44 | 1.87 |
| USD	ARISTA NETWORKS IN COM USD0.0001 | 56 215.00 | 5 749 670.20 | 2.97 |
| USD	AVALONBAY COMMUNI COM USD0.01 | 11 300.00 | 2 349 948.00 | 1.21 |
| USD	CADENCE DESIGN SYS COM USD0.01 | 49 891.00 | 7 669 743.43 | 3.96 |
| USD	CBOE GLOBAL MARKET COM USD0.01 | 30 937.00 | 3 474 534.47 | 1.79 |
| USD	CENTENE CORP DEL COM | 52 976.00 | 4 314 365.44 | 2.23 |
| USD	CHIPOTLE MEXICAN GRILL INC CL A | 4 221.00 | 5 920 163.55 | 3.06 |
| USD	CONSTELLATION BRDS CLASS’A’COM USD0.01 | 15 674.00 | 3 847 496.78 | 1.99 |
| USD	COOPER COS INC COM USD0.10 | 11 783.00 | 4 132 769.42 | 2.13 |
| USD	DECKERS OUTDOOR CORP COM | 14 167.00 | 3 804 689.52 | 1.96 |
| USD	DEXCOM INC COM | 12 969.00 | 3 863 983.86 | 2.00 |
| USD	DYNATRACE INC COM USD0.001 | 124 102.00 | 4 674 922.34 | 2.41 |
| USD	ENDEAVOR GROUP HOL COM 0.00001 CL A | 125 700.00 | 2 855 904.00 | 1.47 |
| USD	FORTINET INC COM USD0.001 | 9 584.00 | 2 819 037.76 | 1.46 |
| USD	GENERAC HLDGS INC COM USD0.01 | 7 551.00 | 1 865 701.08 | 0.96 |
| USD	HALLIBURTON COM STK USD2.50 | 62 039.00 | 2 512 579.50 | 1.30 |
| USD	HUBSPOT INC COM USD0.001 | 14 121.00 | 4 768 520.49 | 2.46 |
| USD	HYATT HOTELS CORP COM USD0.01 CLASS ‘A’ | 41 896.00 | 3 703 187.44 | 1.91 |
| USD	IQVIA HOLDINGS INC COM USD0.01 | 27 263.00 | 5 868 360.75 | 3.03 |
| USD	LPL FINL HLDGS INC COM USD0.001 | 17 297.00 | 3 393 498.43 | 1.75 |
| USD	MARQETA INC COM USD0.0001 A | 293 575.00 | 3 073 730.25 | 1.59 |
| USD	MARVELL TECHNOLOGY COM USD0.002 | 39 313.00 | 2 325 363.95 | 1.20 |
| USD	MATCH GRP INC NEW COM NPV | 53 430.00 | 4 209 215.40 | 2.17 |
| USD	MONSTER BEV CORP USD0.005(NEW) | 35 590.00 | 3 171 780.80 | 1.64 |
| USD	MSCI INC COM STK USS0.01 | 4 933.00 | 2 182 112.55 | 1.13 |
| USD	OPENDOOR TECHNOLOG COM USD0.0001 | 128 903.00 | 931 968.69 | 0.48 |
| USD	OREILLY AUTO NEW COM USD0.01 | 7 728.00 | 4 924 049.76 | 2.54 |
| USD	PALO ALTO NETWORKS COM USD0.0001 | 14 393.00 | 7 236 512.54 | 3.74 |
| USD	PIONEER NATURAL RE COM STK USD0.01 | 16 362.00 | 4 547 654.28 | 2.35 |
| USD	REGAL BELOIT CORP. COM USD0.01 | 34 185.00 | 4 271 415.75 | 2.21 |
| USD	SYNOPSYS INC COM USD0.01 | 13 001.00 | 4 149 919.20 | 2.14 |
| USD	TAKE TWO INTERACTI COM USD0.01 | 27 331.00 | 3 403 529.43 | 1.76 |
| USD	TERADYNE INC COM USD0.125 | 44 158.00 | 4 824 703.08 | 2.49 |
| USD	THE TRADE DESK INC COM USD0.000001 CL A | 86 761.00 | 4 515 910.05 | 2.33 |
| USD	TRANSDIGM GROUP INC COM | 11 150.00 | 6 749 875.50 | 3.48 |
| USD	TRANSUNION COM USD0.01 | 52 618.00 | 4 567 768.58 | 2.36 |
| USD	TRAVEL PLUS LEISUR COM USD0.01 | 99 278.00 | 5 074 098.58 | 2.62 |
| USD	UNITED RENTALS INC COM | 14 987.00 | 4 468 823.66 | 2.31 |
| USD	UNITY SOFTWARE INC COM USD0.000005 | 24 464.00 | 977 826.08 | 0.50 |
| USD	UNIVERSAL DISPLAY COM USD0.01 | 26 204.00 | 3 309 827.24 | 1.71 |
| USD	VERISK ANALYTICS I CL A USD0.001 | 22 824.00 | 3 992 374.08 | 2.06 |
| Total Etats-Unis |  | 169 769 912.12 | 87.65 |
| Total des Actions |  | 185 807 251.49 | 95.93 |
| Total des Titres et instruments du marché monétaire négociés sur une bourse officielle |  | 185 807 251.49 | 95.93 |
| Total du Portefeuille-titres |  | 185 807 251.49 | 95.93 |
| Contrats de change à terme Devise achetée/Montant acheté/Devise vendue/Montant vendu/Date de maturité |  |  |  |

| CHF | 15 199 600.00 | USD | 15 394 057.74 | 13.6.2022 | 469 861.83 | 0.24 |
| --- | --- | --- | --- | --- | --- | --- |
| USD | 1 045 856.24 | CHF | 1 034 600.00 | 13.6.2022 | -33 962.39 | -0.02 |
| USD | 70 161.34 | CHF | 70 200.00 | 13.6.2022 | -3 106.85 | 0.00 |
| CHF | 173 000.00 | USD | 174 339.22 | 13.6.2022 | 6 221.98 | 0.01 |
| CHF | 48 200.00 | USD | 48 715.50 | 13.6.2022 | 1 591.15 | 0.00 |
| USD | 231 791.39 | CHF | 223 100.00 | 13.6.2022 | -1 059.50 | 0.00 |
| Total des Contrats de change à terme | 439 546.22 | 0.23 |
|  |  |  |
| Avoirs en banque, dépôts à vue et à terme et autres liquidités | 7 869 952.66 | 4.06 |
| Autres actifs et passifs | -426 533.54 | -0.22 |
| Total de l’Actif net | 193 690 216.83 | 100.00 |

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