# Unaudited semi-annual report as of 31 March 2021
| Table of contents | Page |  | ISIN |
| --- | --- | --- | --- |
| Management and Administration | 5 |  |  |
| Features of the Company | 7 |  |  |
| UBS (Lux) Key Selection SICAV | 13 |  |  |
| UBS (Lux) Key Selection SICAV – Asian Equities (USD) | 15 | F-acc I-A1-acc I-A2-acc I-A3-acc I-B-acc I-X-acc I-X-dist K-B-acc K-X-acc P-acc (HKD) P-acc (EUR hedged) P-acc (GBP) P-dist Q-acc (EUR) Q-acc U-X-acc | LU2275275522 LU0794920784 LU2066630570 LU1732805640 LU1881004144 LU2197696524 LU1425939128 LU2238285584 LU1810131091 LU0235996351 LU2310811786 LU2257650908 LU0246169758 LU0425184842 LU2314674917 LU0425186540 |
| UBS (Lux) Key Selection SICAV – Asian Global Strategy Balanced (USD) | 22 | P-4%-mdist | LU1107510874 |
|  |  | P-acc (HKD) P-acc P-dist P-mdist (HKD) P-mdist (SGD hedged) P-mdist Q-4%-mdist Q-acc | LU0974636200 LU0974636622 LU0974636382 LU0974636119 LU0974636549 LU0974636895 LU1240791019 LU1240791100 |
| UBS (Lux) Key Selection SICAV – China A Equity Quantitative (USD) | 30 | I-X-acc | LU2072949774 |
|  |  | Q-acc | LU2090086534 |
| UBS (Lux) Key Selection SICAV – China Allocation Opportunity (USD) | 34 | (EUR hedged) I-A1-acc | LU2258559512 |
|  |  | I-A3-acc (EUR hedged) I-A3-acc I-X-acc P-6%-mdist (HKD) P-6%-mdist (AUD hedged) P-6%-mdist (RMB hedged) P-6%-mdist (SGD hedged) P-6%-mdist P-acc (EUR) P-acc (EUR hedged) P-acc P-mdist (HKD) P-mdist (AUD hedged) P-mdist (EUR hedged) P-mdist (SGD hedged) P-mdist Q-6%-mdist Q-acc (EUR hedged) Q-acc | LU2095280298 LU2310811513 LU1946875082 LU1226288253 LU1226288170 LU1269690746 LU1226287958 LU1226288097 LU1226287529 LU2257594486 LU2258559868 LU1226287875 LU1951186391 LU2092904486 LU2291839400 LU1226287792 LU2037085722 LU2118508683 LU2092383061 |
| UBS (Lux) Key Selection SICAV – China Equity Long Short (USD) | 46 | I-X-acc | LU2072950194 |
| UBS (Lux) Key Selection SICAV – Credit Income Opportunities (USD) | 49 | (EUR hedged) I-B-dist | LU2310811604 |
|  |  | K-1-acc P-acc (EUR hedged) P-acc P-dist (CHF hedged) P-dist Q-acc (EUR hedged) Q-acc Q-dist (CHF hedged) Q-dist | LU2249781977 LU2249781464 LU2267898984 LU2249781548 LU2267899107 LU2249781621 LU2267899016 LU2249781894 LU2267899289 |

| UBS (Lux) Key Selection SICAV – Digital Transformation Dynamic (USD) | 55 | P-acc | LU2041032165 |
| --- | --- | --- | --- |
|  |  | (CHF hedged) P-acc (EUR hedged) P-acc Q-acc (CHF hedged) Q-acc (EUR hedged) Q-acc | LU2041033056 LU2041032678 LU2041032322 LU2041033213 LU2041032835 |
| UBS (Lux) Key Selection SICAV – Digital Transformation Themes (USD) | 61 | F-acc | LU2198972270 |
|  |  | (EUR hedged) F-dist F-UKdist I-X-acc K-X-acc P-acc (CHF hedged) P-acc (EUR hedged) P-acc Q-acc (CHF hedged) Q-acc (EUR hedged) Q-acc (GBP hedged) Q-acc | LU2206586609 LU2198973245 LU2054467290 LU2211527788 LU2054465674 LU2054466649 LU2054466219 LU2054465831 LU2054466995 LU2054466482 LU2078554057 |
| UBS (Lux) Key Selection SICAV – Dynamic Alpha (USD) | 68 | I-A1-acc (EUR hedged) I-A2-acc I-B-acc I-X-acc (CHF hedged) I-X-acc (EUR hedged) I-X-acc (EUR hedged) N-4%-mdist (EUR hedged) N-acc (EUR hedged) P-4%-mdist P-acc (CHF hedged) P-acc (EUR hedged) P-acc (EUR hedged) Q-acc | LU0425151833 LU0920342325 LU0425154183 LU0425154852 LU0943632256 LU1191107694 LU1240811577 LU1089022138 LU1240811494 LU0218832805 LU0849400626 LU0849401350 LU1121267162 |
| UBS (Lux) Key Selection SICAV – Emerging Markets Income (USD) | 78 | (EUR hedged) N-8%-mdist | LU1121267089 |
|  |  | (EUR hedged) N-acc P-acc (CHF hedged) P-acc (EUR hedged) P-acc P-dist (EUR hedged) P-dist P-mdist (HKD) P-mdist Q-acc (CHF hedged) Q-acc (EUR hedged) Q-acc Q-dist (EUR hedged) Q-dist | LU1392922438 LU0878005551 LU1392922271 LU0878006104 LU0878005478 LU0878005809 LU0878004406 LU0882747503 LU1240793221 LU1392922354 LU0943632330 LU1240793494 LU1240792926 |
| UBS (Lux) Key Selection SICAV – European Equity Value Opportunity (EUR) | 84 | I-B-acc | LU0421770834 |
|  |  | K-1-acc P-acc Q-acc | LU0421769158 LU0153925689 LU0421769745 |
| UBS (Lux) Key Selection SICAV – European Growth and Income (EUR) | 89 | K-1-8%-mdist | LU1055648213 |
|  |  | (HKD hedged) P-6%-mdist (USD hedged) P-6%-mdist P-8%-mdist (AUD hedged) P-8%-mdist (GBP hedged) P-8%-mdist (HKD hedged) P-8%-mdist (RMB hedged) P-8%-mdist (SGD hedged) P-8%-mdist (USD hedged) P-8%-mdist P-acc (SGD hedged) P-acc (USD hedged) P-acc (SGD hedged) P-mdist (USD hedged) P-mdist Q-8%-mdist (GBP hedged) Q-8%-mdist (USD hedged) Q-8%-mdist Q-acc (USD hedged) Q-acc (USD hedged) Q-mdist QL-8%-mdist (USD hedged) QL-8%-mdist (USD hedged) QL-acc (USD hedged) QL-mdist | LU1722559652 LU1722559579 LU1038902414 LU1089952383 LU1124146223 LU1038902844 LU1038902760 LU1038903065 LU1038902687 LU1038902331 LU1038902927 LU1038902505 LU1046463953 LU1046463011 LU1240794625 LU1240793734 LU1240794385 LU1240794898 LU1240794468 LU1240794542 LU2209017693 LU2209017263 LU2209017347 LU2209017420 |

| UBS (Lux) Key Selection SICAV – Global Allocation (CHF) | 101 | K-1-acc P-acc Q-acc | LU0423409522 LU0197216715 LU0423410538 |
| --- | --- | --- | --- |
| UBS (Lux) Key Selection SICAV – Global Allocation (EUR) | 107 | I-A2-acc (CAD hedged) I-X-dist N-6%-mdist N-acc P-acc (CAD hedged) P-acc (GBP hedged) P-acc Q-acc (CAD hedged) Q-acc (GBP hedged) Q-acc | LU0423399384 LU0423402782 LU1121266784 LU0423397842 LU0197216558 LU0218832045 LU0678606244 LU0423398907 LU0423401628 LU1240794971 |
| UBS (Lux) Key Selection SICAV – Global Allocation (USD) | 118 | I-X-acc K-1-acc P-acc (JPY) P-acc Q-acc | LU0423408631 LU0423406858 LU0197216392 LU0953722104 LU0423407401 |
| UBS (Lux) Key Selection SICAV – Global Allocation Focus Europe (EUR) | 124 | P-acc | LU0263318890 |
|  |  | (CHF hedged) P-acc Q-acc (CHF hedged) Q-acc | LU0263319278 LU0424173358 LU0424176021 |
| UBS (Lux) Key Selection SICAV – Global Equities (USD) | 126 | I-B-acc I-X-acc P-acc (EUR) P-acc Q-acc (EUR) Q-acc U-X-acc | LU0421789008 LU0421789263 LU0161942395 LU0161942635 LU0421788299 LU1240795606 LU0421789420 |
| UBS (Lux) Key Selection SICAV – Global Multi Income (USD) | 130 | I-X-acc | LU1564462627 |
|  |  | (EUR hedged) I-X-acc (EUR hedged) P-4%-qdist P-acc (CHF hedged) P-acc (EUR hedged) P-acc (GBP hedged) P-acc P-dist (CHF hedged) P-dist (EUR hedged) P-dist (GBP hedged) P-UKdist P-mdist (HKD) P-mdist (RMB hedged) P-mdist (SGD hedged) P-mdist Q-acc (CHF hedged) Q-acc (EUR hedged) Q-acc Q-dist (CHF hedged) Q-dist (EUR hedged) Q-dist | LU1918890614 LU1669356955 LU1224425600 LU1450632309 LU1450629776 LU1918891000 LU1918889954 LU1918890374 LU1918890705 LU1918891182 LU1224426327 LU1224420122 LU1224420718 LU1224425519 LU1918890028 LU1918890457 LU1918890887 LU1918890291 LU1918890531 LU1918890960 |
| UBS (Lux) Key Selection SICAV – Multi Asset Defensive Growth (EUR) | 138 | I-X-acc | LU1877492717 |
|  |  | P-acc Q-acc | LU1877492550 LU1877492634 |
| UBS (Lux) Key Selection SICAV – Multi Asset Defensive Growth (USD) | 140 | I-X-acc | LU1732779621 |
|  |  | P-acc Q-acc | LU1732779464 LU1732779548 |
| UBS (Lux) Key Selection SICAV – Multi Strategy Alternatives (EUR) | 142 | I-A1-acc | LU0508499026 |
|  |  | (CHF hedged) I-A1-acc (USD hedged) I-A1-acc I-B-acc P-acc (CHF hedged) P-acc (USD hedged) P-acc Q-acc (CHF hedged) Q-acc (GBP hedged) Q-acc (USD hedged) Q-acc U-X-acc | LU0508499539 LU0508499885 LU1032912245 LU0502418741 LU0502419046 LU0502419392 LU1240795515 LU1240795358 LU1273487584 LU1240795432 LU0500994743 |

| UBS (Lux) Key Selection SICAV – Systematic Allocation Portfolio Equity (USD) | 147 | F-acc | LU1735538461 |
| --- | --- | --- | --- |
|  |  | (CHF hedged) F-acc (EUR hedged) F-acc (JPY hedged) F-acc (SGD hedged) F-acc F-UKdist (CHF hedged) F-UKdist (EUR hedged) F-UKdist (GBP hedged) F-UKdist | LU1735538628 LU1735538974 LU1735539352 LU2187712620 LU1735538545 LU1735538891 LU1735539196 LU1735539279 |
| Notes to the Financial Statements | 166 |  |  |
| Appendix | 182 |  |  |
| Sales restrictions |  |  |  |

Shares of this Company may not be offered, sold or distributed within the United States of America.

## Sale in Germany
Shares of the subfunds UBS (Lux) Key Selection SICAV
- China A Equity Quantitative (USD)
- China Equity Long Short (USD)may not be publicly distributed to investors in Germany.


## Internet address
www.ubs.com/funds

Translation (ENFR, 2021-03-31):
# Rapport semestriel non révisé au 31 mars 2021
| Sommaire | Page |  | ISIN |
| --- | --- | --- | --- |
| Gestion et Administration | 5 |  |  |
| Caractéristiques de la Société | 7 |  |  |
| UBS (Lux) Key Selection SICAV | 13 |  |  |
| UBS (Lux) Key Selection SICAV – Asian Equities (USD) | 15 | F-acc I-A1-acc I-A2-acc I-A3-acc I-B-acc I-X-acc I-X-dist K-B-acc K-X-acc P-acc (HKD) P-acc (EUR hedged) P-acc (GBP) P-dist Q-acc (EUR) Q-acc U-X-acc | LU2275275522 LU0794920784 LU2066630570 LU1732805640 LU1881004144 LU2197696524 LU1425939128 LU2238285584 LU1810131091 LU0235996351 LU2310811786 LU2257650908 LU0246169758 LU0425184842 LU2314674917 LU0425186540 |
| UBS (Lux) Key Selection SICAV – Asian Global Strategy Balanced (USD) | 22 | P-4%-mdist | LU1107510874 |
|  |  | P-acc (HKD) P-acc P-dist P-mdist (HKD) P-mdist (SGD hedged) P-mdist Q-4%-mdist Q-acc | LU0974636200 LU0974636622 LU0974636382 LU0974636119 LU0974636549 LU0974636895 LU1240791019 LU1240791100 |
| UBS (Lux) Key Selection SICAV – China A Equity Quantitative (USD) | 30 | I-X-acc | LU2072949774 |
|  |  | Q-acc | LU2090086534 |
| UBS (Lux) Key Selection SICAV – China Allocation Opportunity (USD) | 34 | (EUR hedged) I-A1-acc | LU2258559512 |
|  |  | I-A3-acc (EUR hedged) I-A3-acc I-X-acc P-6%-mdist (HKD) P-6%-mdist (AUD hedged) P-6%-mdist (RMB hedged) P-6%-mdist (SGD hedged) P-6%-mdist P-acc (EUR) P-acc (EUR hedged) P-acc P-mdist (HKD) P-mdist (AUD hedged) P-mdist (EUR hedged) P-mdist (SGD hedged) P-mdist Q-6%-mdist Q-acc (EUR hedged) Q-acc | LU2095280298 LU2310811513 LU1946875082 LU1226288253 LU1226288170 LU1269690746 LU1226287958 LU1226288097 LU1226287529 LU2257594486 LU2258559868 LU1226287875 LU1951186391 LU2092904486 LU2291839400 LU1226287792 LU2037085722 LU2118508683 LU2092383061 |
| UBS (Lux) Key Selection SICAV – China Equity Long Short (USD) | 46 | I-X-acc | LU2072950194 |
| UBS (Lux) Key Selection SICAV – Credit Income Opportunities (USD) | 49 | (EUR hedged) I-B-dist | LU2310811604 |
|  |  | K-1-acc P-acc (EUR hedged) P-acc P-dist (CHF hedged) P-dist Q-acc (EUR hedged) Q-acc Q-dist (CHF hedged) Q-dist | LU2249781977 LU2249781464 LU2267898984 LU2249781548 LU2267899107 LU2249781621 LU2267899016 LU2249781894 LU2267899289 |

| UBS (Lux) Key Selection SICAV – Digital Transformation Dynamic (USD) | 55 | P-acc | LU2041032165 |
| --- | --- | --- | --- |
|  |  | (CHF hedged) P-acc (EUR hedged) P-acc Q-acc (CHF hedged) Q-acc (EUR hedged) Q-acc | LU2041033056 LU2041032678 LU2041032322 LU2041033213 LU2041032835 |
| UBS (Lux) Key Selection SICAV – Digital Transformation Themes (USD) | 61 | F-acc | LU2198972270 |
|  |  | (EUR hedged) F-dist F-UKdist I-X-acc K-X-acc P-acc (CHF hedged) P-acc (EUR hedged) P-acc Q-acc (CHF hedged) Q-acc (EUR hedged) Q-acc (GBP hedged) Q-acc | LU2206586609 LU2198973245 LU2054467290 LU2211527788 LU2054465674 LU2054466649 LU2054466219 LU2054465831 LU2054466995 LU2054466482 LU2078554057 |
| UBS (Lux) Key Selection SICAV – Dynamic Alpha (USD) | 68 | I-A1-acc (EUR hedged) I-A2-acc I-B-acc I-X-acc (CHF hedged) I-X-acc (EUR hedged) I-X-acc (EUR hedged) N-4%-mdist (EUR hedged) N-acc (EUR hedged) P-4%-mdist P-acc (CHF hedged) P-acc (EUR hedged) P-acc (EUR hedged) Q-acc | LU0425151833 LU0920342325 LU0425154183 LU0425154852 LU0943632256 LU1191107694 LU1240811577 LU1089022138 LU1240811494 LU0218832805 LU0849400626 LU0849401350 LU1121267162 |
| UBS (Lux) Key Selection SICAV – Emerging Markets Income (USD) | 78 | (EUR hedged) N-8%-mdist | LU1121267089 |
|  |  | (EUR hedged) N-acc P-acc (CHF hedged) P-acc (EUR hedged) P-acc P-dist (EUR hedged) P-dist P-mdist (HKD) P-mdist Q-acc (CHF hedged) Q-acc (EUR hedged) Q-acc Q-dist (EUR hedged) Q-dist | LU1392922438 LU0878005551 LU1392922271 LU0878006104 LU0878005478 LU0878005809 LU0878004406 LU0882747503 LU1240793221 LU1392922354 LU0943632330 LU1240793494 LU1240792926 |
| UBS (Lux) Key Selection SICAV – European Equity Value Opportunity (EUR) | 84 | I-B-acc | LU0421770834 |
|  |  | K-1-acc P-acc Q-acc | LU0421769158 LU0153925689 LU0421769745 |
| UBS (Lux) Key Selection SICAV – European Growth and Income (EUR) | 89 | K-1-8%-mdist | LU1055648213 |
|  |  | (HKD hedged) P-6%-mdist (USD hedged) P-6%-mdist P-8%-mdist (AUD hedged) P-8%-mdist (GBP hedged) P-8%-mdist (HKD hedged) P-8%-mdist (RMB hedged) P-8%-mdist (SGD hedged) P-8%-mdist (USD hedged) P-8%-mdist P-acc (SGD hedged) P-acc (USD hedged) P-acc (SGD hedged) P-mdist (USD hedged) P-mdist Q-8%-mdist (GBP hedged) Q-8%-mdist (USD hedged) Q-8%-mdist Q-acc (USD hedged) Q-acc (USD hedged) Q-mdist QL-8%-mdist (USD hedged) QL-8%-mdist (USD hedged) QL-acc (USD hedged) QL-mdist | LU1722559652 LU1722559579 LU1038902414 LU1089952383 LU1124146223 LU1038902844 LU1038902760 LU1038903065 LU1038902687 LU1038902331 LU1038902927 LU1038902505 LU1046463953 LU1046463011 LU1240794625 LU1240793734 LU1240794385 LU1240794898 LU1240794468 LU1240794542 LU2209017693 LU2209017263 LU2209017347 LU2209017420 |

| UBS (Lux) Key Selection SICAV – Global Allocation (CHF) | 101 | K-1-acc P-acc Q-acc | LU0423409522 LU0197216715 LU0423410538 |
| --- | --- | --- | --- |
| UBS (Lux) Key Selection SICAV – Global Allocation (EUR) | 107 | I-A2-acc (CAD hedged) I-X-dist N-6%-mdist N-acc P-acc (CAD hedged) P-acc (GBP hedged) P-acc Q-acc (CAD hedged) Q-acc (GBP hedged) Q-acc | LU0423399384 LU0423402782 LU1121266784 LU0423397842 LU0197216558 LU0218832045 LU0678606244 LU0423398907 LU0423401628 LU1240794971 |
| UBS (Lux) Key Selection SICAV – Global Allocation (USD) | 118 | I-X-acc K-1-acc P-acc (JPY) P-acc Q-acc | LU0423408631 LU0423406858 LU0197216392 LU0953722104 LU0423407401 |
| UBS (Lux) Key Selection SICAV – Global Allocation Focus Europe (EUR) | 124 | P-acc | LU0263318890 |
|  |  | (CHF hedged) P-acc Q-acc (CHF hedged) Q-acc | LU0263319278 LU0424173358 LU0424176021 |
| UBS (Lux) Key Selection SICAV – Global Equities (USD) | 126 | I-B-acc I-X-acc P-acc (EUR) P-acc Q-acc (EUR) Q-acc U-X-acc | LU0421789008 LU0421789263 LU0161942395 LU0161942635 LU0421788299 LU1240795606 LU0421789420 |
| UBS (Lux) Key Selection SICAV – Global Multi Income (USD) | 130 | I-X-acc | LU1564462627 |
|  |  | (EUR hedged) I-X-acc (EUR hedged) P-4%-qdist P-acc (CHF hedged) P-acc (EUR hedged) P-acc (GBP hedged) P-acc P-dist (CHF hedged) P-dist (EUR hedged) P-dist (GBP hedged) P-UKdist P-mdist (HKD) P-mdist (RMB hedged) P-mdist (SGD hedged) P-mdist Q-acc (CHF hedged) Q-acc (EUR hedged) Q-acc Q-dist (CHF hedged) Q-dist (EUR hedged) Q-dist | LU1918890614 LU1669356955 LU1224425600 LU1450632309 LU1450629776 LU1918891000 LU1918889954 LU1918890374 LU1918890705 LU1918891182 LU1224426327 LU1224420122 LU1224420718 LU1224425519 LU1918890028 LU1918890457 LU1918890887 LU1918890291 LU1918890531 LU1918890960 |
| UBS (Lux) Key Selection SICAV – Multi Asset Defensive Growth (EUR) | 138 | I-X-acc | LU1877492717 |
|  |  | P-acc Q-acc | LU1877492550 LU1877492634 |
| UBS (Lux) Key Selection SICAV – Multi Asset Defensive Growth (USD) | 140 | I-X-acc | LU1732779621 |
|  |  | P-acc Q-acc | LU1732779464 LU1732779548 |
| UBS (Lux) Key Selection SICAV – Multi Strategy Alternatives (EUR) | 142 | I-A1-acc | LU0508499026 |
|  |  | (CHF hedged) I-A1-acc (USD hedged) I-A1-acc I-B-acc P-acc (CHF hedged) P-acc (USD hedged) P-acc Q-acc (CHF hedged) Q-acc (GBP hedged) Q-acc (USD hedged) Q-acc U-X-acc | LU0508499539 LU0508499885 LU1032912245 LU0502418741 LU0502419046 LU0502419392 LU1240795515 LU1240795358 LU1273487584 LU1240795432 LU0500994743 |

UBS (Lux) Key Selection SICAV
– Systematic Allocation Portfolio Equity (USD)	147	F-acc	LU1735538461
(CHF hedged) F-acc	LU1735538628
(EUR hedged) F-acc	LU1735538974
(JPY hedged) F-acc	LU1735539352
(SGD hedged) F-acc	LU2187712620
F-UKdist	LU1735538545
(CHF hedged) F-UKdist	LU1735538891
(EUR hedged) F-UKdist	LU1735539196
(GBP hedged) F-UKdist	LU1735539279
Notes aux états financiers (Annexe)	166
Informations supplémentaires	182

## Restrictions de vente
Les actions de cette Société ne peuvent être offertes, vendues ou délivrées sur le territoire des Etats-Unis d’Amérique.

## Distribution en Allemagne
Les actions des compartiments UBS (Lux) Key Selection SICAV
- China A Equity Quantitative (USD)
- China Equity Long Short (USD)ne peuvent être distribuées publiquement aux investisseurs en République fédérale d’Allemagne.


## Adresse Internet
www.ubs.com/funds