# UBS (Lux) Equity SICAV
– Euro Countries Income (EUR)
| Most important figures |  |
| --- | --- |
|  | ISIN | 30.11.2019 | 31.5.2019 | 31.5.2018 |
| Net assets in EUR |  | 648 021 585.38 | 466 548 654.06 | 400 952 866.39 |
| Class I-A1-acc | LU1432555495 |  |  |  |
| Shares outstanding |  | 1 082 874.1000 | 173 322.6900 | 69 371.7430 |
| Net asset value per share in EUR |  | 130.09 | 121.64 | 119.60 |
| Issue and redemption price per share in EUR 1 |  | 130.09 | 121.64 | 119.60 |
| Class K-1-acc | LU1179468605 |  |  |  |
| Shares outstanding |  | 2.6000 | 2.6000 | 2.6000 |
| Net asset value per share in EUR |  | 3 618 002.63 | 3 390 607.67 | 3 348 144.76 |
| Issue and redemption price per share in EUR 1 |  | 3 618 002.63 | 3 390 607.67 | 3 348 144.76 |
| Class K-X-acc | LU1620846581 |  |  |  |
| Shares outstanding |  | 83 948.4010 | 83 948.4010 | 83 278.4020 |
| Net asset value per share in EUR |  | 110.45 | 102.94 | 100.54 |
| Issue and redemption price per share in EUR 1 |  | 110.45 | 102.94 | 100.54 |
| Class (USD hedged) P-8%-mdist | LU1216467149 |  |  |  |
| Shares outstanding |  | 104 138.6120 | 109 768.7710 | 154 061.2220 |
| Net asset value per share in USD |  | 83.72 | 80.75 | 84.34 |
| Issue and redemption price per share in USD 1 |  | 83.72 | 80.75 | 84.34 |
| Class P-acc | LU1121265208 |  |  |  |
| Shares outstanding |  | 585 608.7580 | 603 863.3270 | 667 028.3480 |
| Net asset value per share in EUR |  | 121.17 | 113.84 | 112.97 |
| Issue and redemption price per share in EUR 1 |  | 121.17 | 113.84 | 112.97 |
| Class (CHF hedged) P-acc | LU1121265463 |  |  |  |
| Shares outstanding |  | 81 639.5500 | 90 281.9190 | 101 067.6900 |
| Net asset value per share in CHF |  | 118.17 | 111.23 | 110.75 |
| Issue and redemption price per share in CHF 1 |  | 118.17 | 111.23 | 110.75 |
| Class (USD hedged) P-acc | LU1121265620 |  |  |  |
| Shares outstanding |  | 29 256.8480 | 38 331.0970 | 106 925.1040 |
| Net asset value per share in USD |  | 130.86 | 121.32 | 117.03 |
| Issue and redemption price per share in USD 1 |  | 130.86 | 121.32 | 117.03 |
| Class P-dist | LU1121265380 |  |  |  |
| Shares outstanding |  | 176 103.3960 | 150 673.9700 | 111 898.7090 |
| Net asset value per share in EUR |  | 90.60 | 91.34 | 95.17 |
| Issue and redemption price per share in EUR 1 |  | 90.60 | 91.34 | 95.17 |
| Class (CHF hedged) P-dist | LU1121265547 |  |  |  |
| Shares outstanding |  | 196 549.8910 | 184 234.0560 | 161 626.3230 |
| Net asset value per share in CHF |  | 88.36 | 89.23 | 93.26 |
| Issue and redemption price per share in CHF 1 |  | 88.36 | 89.23 | 93.26 |
| Class (USD hedged) P-dist | LU1121265893 |  |  |  |
| Shares outstanding |  | 26 763.4410 | 27 323.4410 | 41 404.5380 |
| Net asset value per share in USD |  | 98.19 | 97.56 | 98.73 |
| Issue and redemption price per share in USD 1 |  | 98.19 | 97.56 | 98.73 |
| Class (USD hedged) Q-8%-mdist | LU1240783693 |  |  |  |
| Shares outstanding |  | 30 925.5080 | 32 344.9260 | 18 548.5380 |
| Net asset value per share in USD |  | 98.11 | 94.33 | 97.95 |
| Issue and redemption price per share in USD 1 |  | 98.11 | 94.33 | 97.95 |
| Class Q-acc | LU1240784071 |  |  |  |
| Shares outstanding |  | 553 343.4230 | 686 315.1380 | 484 125.6930 |
| Net asset value per share in EUR |  | 116.83 | 109.42 | 107.92 |
| Issue and redemption price per share in EUR 1 |  | 116.83 | 109.42 | 107.92 |
| Class (CHF hedged) Q-acc | LU1240783347 |  |  |  |
| Shares outstanding |  | 405 099.0940 | 534 597.3080 | 533 708.2290 |
| Net asset value per share in CHF |  | 114.95 | 107.87 | 106.73 |
| Issue and redemption price per share in CHF 1 |  | 114.95 | 107.87 | 106.73 |
| Class (USD hedged) Q-acc | LU1240783776 |  |  |  |
| Shares outstanding |  | 112 928.4930 | 96 023.5450 | 97 572.4480 |
| Net asset value per share in USD |  | 126.78 | 117.18 | 112.33 |
| Issue and redemption price per share in USD 1 |  | 126.78 | 117.18 | 112.33 |
| Class Q-dist | LU1240784154 |  |  |  |
| Shares outstanding |  | 782 858.2460 | 578 987.3140 | 401 045.8060 |
| Net asset value per share in EUR |  | 89.68 | 90.72 | 94.52 |
| Issue and redemption price per share in EUR 1 |  | 89.68 | 90.72 | 94.52 |
| Class (CHF hedged) Q-dist | LU1240783420 |  |  |  |
| Shares outstanding |  | 1 071 126.3770 | 1 260 255.4520 | 979 496.6480 |
| Net asset value per share in CHF |  | 88.26 | 89.40 | 93.45 |
| Issue and redemption price per share in CHF 1 |  | 88.26 | 89.40 | 93.45 |

UBS (Lux) Equity SICAV – Euro Countries Income (EUR) Semi-Annual Report as of 30 November 2019
|  | ISIN | 30.11.2019 | 31.5.2019 | 31.5.2018 |
| --- | --- | --- | --- | --- |
|  |  |  |  |  |
| Class (USD hedged) Q-dist | LU1240783859 |  |  |  |
| Shares outstanding |  | 40 977.4900 | 48 243.4110 | 70 295.5200 |
| Net asset value per share in USD |  | 97.64 | 97.31 | 98.45 |
| Issue and redemption price per share in USD 1 |  | 97.64 | 97.31 | 98.45 |
| Class (USD hedged) QL-8%-mdist 2 | LU2049073666 |  |  |  |
| Shares outstanding |  | 100.0000 | - | - |
| Net asset value per share in USD |  | 105.70 | - | - |
| Issue and redemption price per share in USD 1 |  | 105.70 | - | - |
| Class QL-acc 2 | LU2049073310 |  |  |  |
| Shares outstanding |  | 167 078.8390 | - | - |
| Net asset value per share in EUR |  | 105.31 | - | - |
| Issue and redemption price per share in EUR 1 |  | 105.31 | - | - |
| Class (CHF hedged) QL-acc 2 | LU2049073153 |  |  |  |
| Shares outstanding |  | 111 900.6990 | - | - |
| Net asset value per share in CHF |  | 105.30 | - | - |
| Issue and redemption price per share in CHF 1 |  | 105.30 | - | - |
| Class (USD hedged) QL-acc 2 | LU2049073237 |  |  |  |
| Shares outstanding |  | 15 128.0270 | - | - |
| Net asset value per share in USD |  | 105.70 | - | - |
| Issue and redemption price per share in USD 1 |  | 105.70 | - | - |
| Class QL-dist 2 | LU2049073740 |  |  |  |
| Shares outstanding |  | 128 892.3690 | - | - |
| Net asset value per share in EUR |  | 105.30 | - | - |
| Issue and redemption price per share in EUR 1 |  | 105.30 | - | - |
| Class (CHF hedged) QL-dist 2 | LU2049073401 |  |  |  |
| Shares outstanding |  | 288 905.7850 | - | - |
| Net asset value per share in CHF |  | 105.29 | - | - |
| Issue and redemption price per share in CHF 1 |  | 105.29 | - | - |
| Class (USD hedged) QL-dist 2 | LU2049073583 |  |  |  |
| Shares outstanding |  | 2 100.4170 | - | - |
| Net asset value per share in USD |  | 105.69 | - | - |
| Issue and redemption price per share in USD 1 |  | 105.69 | - | - |
| Class U-X-UKdist-mdist | LU1480127684 |  |  |  |
| Shares outstanding |  | 969.0530 | 1 073.0530 | 460.0530 |
| Net asset value per share in EUR |  | 10 192.02 | 9 990.27 | 10 653.08 |
| Issue and redemption price per share in EUR 1 |  | 10 192.02 | 9 990.27 | 10 653.08 |
| 1  See note 1 2  First NAV: 9.10.2019 |  |  |  |  |


## Structure of the Securities Portfolio
Geographical Breakdown as a % of net assets	
France	30.74
Germany	25.78
Spain	13.82
The Netherlands	7.80
Finland	7.79
Italy	6.29
United Kingdom	2.48
Belgium	1.74
Luxembourg	1.59
Portugal	1.01
United States	-0.02
Switzerland	-0.04
Canada	-0.08
Total	98.90
Economic Breakdown as a % of net assets	
Insurance	19.04
Petroleum	9.87
Energy & water supply	9.56
Telecommunications	7.91
Real Estate	6.52
Internet, software & IT services	4.49
Pharmaceuticals, cosmetics & medical products	4.47
Miscellaneous consumer goods	3.99
Rubber & tyres	3.58
Food & soft drinks	3.54
Retail trade, department stores	3.54
Finance & holding companies	2.73
Miscellaneous services	2.36
Chemicals	2.33
Building industry & materials	2.30
Vehicles	2.10
Electrical devices & components	1.76
Traffic & transportation	1.70
Banks & credit institutions	1.57
Mechanical engineering & industrial equipment	1.56
Textiles, garments & leather goods	1.18
Graphic design, publishing & media	1.07
Electronics & semiconductors	1.06
Various capital goods	0.67
Total	98.90
UBS (Lux) Equity SICAV – Euro Countries Income (EUR) Semi-Annual Report as of 30 November 2019

## Statement of Net Assets
Assets	30.11.2019
EUR
Investments in securities, cost	619 813 334.31
| Investments in securities, unrealized appreciation (depreciation) | 	21 092 184.14	 |
| --- | --- |
| Total investments in securities (Note 1) | 640 905 518.45 |
| Cash at banks, deposits on demand and deposit accounts | 5 679 901.51 |
| Other liquid assets (Margins) | 219 803.20 |
| Receivable on subscriptions | 5 826 618.20 |
| Receivable on dividends | 96 213.21 |
| Other receivables | 852 818.30 |
| Unrealized gain (loss) on financial futures (Note 1) | -3 090.00 |
| Unrealized gain (loss) on forward foreign exchange contracts (Note 1) | -598 111.63 |
| Total Assets | 652 979 671.24 |
|  |  |
| Liabilities |  |
| Payable on redemptions | -4 620 786.11 |
| Provisions for flat fee (Note 2) | -247 748.69 |
| Provisions for taxe d’abonnement (Note 3) | -42 996.55 |
| Provisions for other commissions and fees (Note 2) | 	-46 554.51	 |
| Total provisions | -337 299.75 |
| Total Liabilities | -4 958 085.86 |
|  |  |
| Net assets at the end of the period | 648 021 585.38 |
| Statement of Operations | EUR |
| Income | 1.6.2019-30.11.2019 |
| Interest on liquid assets | 454.00 |
| Dividends | 7 155 441.46 |
| Income on securities lending (Note 13) | 273 803.35 |
| Other income (Note 4) | 198 694.57 |
| Total income | 7 628 393.38 |
|  |  |
| Expenses |  |
| Flat fee (Note 2) | -3 110 132.79 |
| Taxe d’abonnement (Note 3) | -132 874.26 |
| Cost on securities lending (Note 13) | -109 521.34 |
| Other commissions and fees (Note 2) | -43 333.84 |
| Interest on cash and bank overdraft | -21 988.06 |
| Total expenses | -3 417 850.29 |
|  |  |
| Net income (loss) on investments | 4 210 543.09 |
|  |  |
| Realized gain (loss) (Note 1) |  |
| Realized gain (loss) on market-priced securities without options | 4 127 156.39 |
| Realized gain (loss) on options | -3 460 958.71 |
| Realized gain (loss) on financial futures | 699 315.00 |
| Realized gain (loss) on forward foreign exchange contracts | 2 794 910.51 |
| Realized gain (loss) on foreign exchange | 1 479 596.74 |
| Total realized gain (loss) | 5 640 019.93 |
|  |  |
| Net realized gain (loss) of the period | 9 850 563.02 |
|  |  |
| Changes in unrealized appreciation (depreciation) (Note 1) |  |
| Unrealized appreciation (depreciation) on market-priced securities without options | 31 807 032.76 |
| Unrealized appreciation (depreciation) on options | 117 049.72 |
| Unrealized appreciation (depreciation) on financial futures | 96 700.00 |
| Unrealized appreciation (depreciation) on forward foreign exchange contracts | -798 151.99 |
| Total changes in unrealized appreciation (depreciation) | 31 222 630.49 |
|  |  |
| Net increase (decrease) in net assets as a result of operations | 41 073 193.51 |

UBS (Lux) Equity SICAV – Euro Countries Income (EUR) Semi-Annual Report as of 30 November 2019
| Statement of Changes in Net Assets |  |
| --- | --- |
|  | EUR |
|  | 1.6.2019-30.11.2019 |
| Net assets at the beginning of the period | 466 548 654.06 |
| Subscriptions | 291 990 437.14 |
| Redemptions | 	-134 735 560.77	 |
| Total net subscriptions (redemptions) | 157 254 876.37 |
| Dividend paid | -16 855 138.56 |
| Net income (loss) on investments | 4 210 543.09 |
| Total realized gain (loss) | 5 640 019.93 |
| Total changes in unrealized appreciation (depreciation) | 	31 222 630.49	 |
| Net increase (decrease) in net assets as a result of operations | 41 073 193.51 |
| Net assets at the end of the period | 648 021 585.38 |
| Changes in the Number of Shares outstanding |  |
|  | 1.6.2019-30.11.2019 |
| Class | I-A1-acc |
| Number of shares outstanding at the beginning of the period | 173 322.6900 |
| Number of shares issued | 976 306.1370 |
| Number of shares redeemed | -66 754.7270 |
| Number of shares outstanding at the end of the period | 1 082 874.1000 |
| Class | K-1-acc |
| Number of shares outstanding at the beginning of the period | 2.6000 |
| Number of shares issued | 0.0000 |
| Number of shares redeemed | 0.0000 |
| Number of shares outstanding at the end of the period | 2.6000 |
| Class | K-X-acc |
| Number of shares outstanding at the beginning of the period | 83 948.4010 |
| Number of shares issued | 0.0000 |
| Number of shares redeemed | 0.0000 |
| Number of shares outstanding at the end of the period | 83 948.4010 |
| Class | (USD hedged) P-8%-mdist |
| Number of shares outstanding at the beginning of the period | 109 768.7710 |
| Number of shares issued | 2 617.5880 |
| Number of shares redeemed | -8 247.7470 |
| Number of shares outstanding at the end of the period | 104 138.6120 |
| Class | P-acc |
| Number of shares outstanding at the beginning of the period | 603 863.3270 |
| Number of shares issued | 34 024.6110 |
| Number of shares redeemed | -52 279.1800 |
| Number of shares outstanding at the end of the period | 585 608.7580 |
| Class | (CHF hedged) P-acc |
| Number of shares outstanding at the beginning of the period | 90 281.9190 |
| Number of shares issued | 6 381.3900 |
| Number of shares redeemed | -15 023.7590 |
| Number of shares outstanding at the end of the period | 81 639.5500 |
| Class | (USD hedged) P-acc |
| Number of shares outstanding at the beginning of the period | 38 331.0970 |
| Number of shares issued | 1 134.7610 |
| Number of shares redeemed | -10 209.0100 |
| Number of shares outstanding at the end of the period | 29 256.8480 |
| Class | P-dist |
| Number of shares outstanding at the beginning of the period | 150 673.9700 |
| Number of shares issued | 40 842.4070 |
| Number of shares redeemed | -15 412.9810 |
| Number of shares outstanding at the end of the period | 176 103.3960 |
| Class | (CHF hedged) P-dist |
| Number of shares outstanding at the beginning of the period | 184 234.0560 |
| Number of shares issued | 27 877.6000 |
| Number of shares redeemed | -15 561.7650 |
| Number of shares outstanding at the end of the period | 196 549.8910 |
| Class | (USD hedged) P-dist |
| Number of shares outstanding at the beginning of the period | 27 323.4410 |
| Number of shares issued | 21 196.0000 |
| Number of shares redeemed | -21 756.0000 |
| Number of shares outstanding at the end of the period | 26 763.4410 |
| Class | (USD hedged) Q-8%-mdist |
| Number of shares outstanding at the beginning of the period | 32 344.9260 |
| Number of shares issued | 30.4300 |
| Number of shares redeemed | -1 449.8480 |
| Number of shares outstanding at the end of the period | 30 925.5080 |
| Class | Q-acc |
| Number of shares outstanding at the beginning of the period | 686 315.1380 |
| Number of shares issued | 155 554.1830 |
| Number of shares redeemed | -288 525.8980 |
| Number of shares outstanding at the end of the period | 553 343.4230 |

UBS (Lux) Equity SICAV – Euro Countries Income (EUR) Semi-Annual Report as of 30 November 2019
| Class | (CHF hedged) Q-acc |
| --- | --- |
| Number of shares outstanding at the beginning of the period | 534 597.3080 |
| Number of shares issued | 27 678.3440 |
| Number of shares redeemed | -157 176.5580 |
| Number of shares outstanding at the end of the period | 405 099.0940 |
| Class | (USD hedged) Q-acc |
| Number of shares outstanding at the beginning of the period | 96 023.5450 |
| Number of shares issued | 43 819.1430 |
| Number of shares redeemed | -26 914.1950 |
| Number of shares outstanding at the end of the period | 112 928.4930 |
| Class | Q-dist |
| Number of shares outstanding at the beginning of the period | 578 987.3140 |
| Number of shares issued | 519 449.8630 |
| Number of shares redeemed | -315 578.9310 |
| Number of shares outstanding at the end of the period | 782 858.2460 |
| Class | (CHF hedged) Q-dist |
| Number of shares outstanding at the beginning of the period | 1 260 255.4520 |
| Number of shares issued | 183 884.7270 |
| Number of shares redeemed | -373 013.8020 |
| Number of shares outstanding at the end of the period | 1 071 126.3770 |
| Class | (USD hedged) Q-dist |
| Number of shares outstanding at the beginning of the period | 48 243.4110 |
| Number of shares issued | 0.0000 |
| Number of shares redeemed | -7 265.9210 |
| Number of shares outstanding at the end of the period | 40 977.4900 |
| Class | (USD hedged) QL-8%-mdist |
| Number of shares outstanding at the beginning of the period | 0.0000 |
| Number of shares issued | 100.0000 |
| Number of shares redeemed | 0.0000 |
| Number of shares outstanding at the end of the period | 100.0000 |
| Class | QL-acc |
| Number of shares outstanding at the beginning of the period | 0.0000 |
| Number of shares issued | 167 079.4890 |
| Number of shares redeemed | -0.6500 |
| Number of shares outstanding at the end of the period | 167 078.8390 |
| Class | (CHF hedged) QL-acc |
| Number of shares outstanding at the beginning of the period | 0.0000 |
| Number of shares issued | 113 208.9990 |
| Number of shares redeemed | -1 308.3000 |
| Number of shares outstanding at the end of the period | 111 900.6990 |
| Class | (USD hedged) QL-acc |
| Number of shares outstanding at the beginning of the period | 0.0000 |
| Number of shares issued | 15 128.0270 |
| Number of shares redeemed | 0.0000 |
| Number of shares outstanding at the end of the period | 15 128.0270 |
| Class | QL-dist |
| Number of shares outstanding at the beginning of the period | 0.0000 |
| Number of shares issued | 129 341.2530 |
| Number of shares redeemed | -448.8840 |
| Number of shares outstanding at the end of the period | 128 892.3690 |
| Class | (CHF hedged) QL-dist |
| Number of shares outstanding at the beginning of the period | 0.0000 |
| Number of shares issued | 290 735.4450 |
| Number of shares redeemed | -1 829.6600 |
| Number of shares outstanding at the end of the period | 288 905.7850 |
| Class | (USD hedged) QL-dist |
| Number of shares outstanding at the beginning of the period | 0.0000 |
| Number of shares issued | 2 100.4170 |
| Number of shares redeemed | 0.0000 |
| Number of shares outstanding at the end of the period | 2 100.4170 |
| Class | U-X-UKdist-mdist |
| Number of shares outstanding at the beginning of the period | 1 073.0530 |
| Number of shares issued | 0.0000 |
| Number of shares redeemed | -104.0000 |
| Number of shares outstanding at the end of the period | 969.0530 |

| Annual Distribution 1 |  |
| --- | --- |
| UBS (Lux) Equity SICAV – Euro Countries Income (EUR) | Ex-Date | Pay-Date | Currency | Amount per share |
| P-dist | 1.8.2019 | 6.8.2019 | EUR | 6.38 |
| (CHF hedged) P-dist | 1.8.2019 | 6.8.2019 | CHF | 6.20 |
| (USD hedged) P-dist | 1.8.2019 | 6.8.2019 | USD | 6.72 |
| Q-dist | 1.8.2019 | 6.8.2019 | EUR | 6.89 |
| (CHF hedged) Q-dist | 1.8.2019 | 6.8.2019 | CHF | 6.75 |
| (USD hedged) Q-dist | 1.8.2019 | 6.8.2019 | USD | 7.28 |
| 1  See note 5 |  |  |  |  |

UBS (Lux) Equity SICAV – Euro Countries Income (EUR) Semi-Annual Report as of 30 November 2019
| Monthly Distribution 1 |  |  |  |  |
| --- | --- | --- | --- | --- |
| UBS (Lux) Equity SICAV – Euro Countries Income (EUR) | Ex-Date | Pay-Date | Currency | Amount per share |
| (USD hedged) P-8%-mdist | 11.6.2019 | 14.6.2019 | USD | 0.53 |
| (USD hedged) P-8%-mdist | 10.7.2019 | 15.7.2019 | USD | 0.55 |
| (USD hedged) P-8%-mdist | 12.8.2019 | 16.8.2019 | USD | 0.54 |
| (USD hedged) P-8%-mdist | 10.9.2019 | 13.9.2019 | USD | 0.53 |
| (USD hedged) P-8%-mdist | 10.10.2019 | 15.10.2019 | USD | 0.54 |
| (USD hedged) P-8%-mdist | 11.11.2019 | 14.11.2019 | USD | 0.55 |
| (USD hedged) Q-8%-mdist | 11.6.2019 | 14.6.2019 | USD | 0.62 |
| (USD hedged) Q-8%-mdist | 10.7.2019 | 15.7.2019 | USD | 0.64 |
| (USD hedged) Q-8%-mdist | 12.8.2019 | 16.8.2019 | USD | 0.63 |
| (USD hedged) Q-8%-mdist | 10.9.2019 | 13.9.2019 | USD | 0.62 |
| (USD hedged) Q-8%-mdist | 10.10.2019 | 15.10.2019 | USD | 0.64 |
| (USD hedged) Q-8%-mdist | 11.11.2019 | 14.11.2019 | USD | 0.64 |
| U-X-UKdist-mdist | 15.7.2019 | 18.7.2019 | EUR | 97.60 |
| U-X-UKdist-mdist | 30.7.2019 | 2.8.2019 | EUR | 167.84 |
| U-X-UKdist-mdist | 16.8.2019 | 21.8.2019 | EUR | 69.57 |
| U-X-UKdist-mdist | 16.9.2019 | 19.9.2019 | EUR | 68.54 |
| U-X-UKdist-mdist | 15.10.2019 | 18.10.2019 | EUR | 50.81 |
| U-X-UKdist-mdist | 15.11.2019 | 20.11.2019 | EUR | 53.97 |
| 1  See note 5 |  |  |  |  |

UBS (Lux) Equity SICAV – Euro Countries Income (EUR) Semi-Annual Report as of 30 November 2019

## Statement of Investments in Securities and other Net Assets as of 30 November 2019
| 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 |  |  |  |
| Bearer shares |  |  |  |
| Belgium |  |  |  |
| EUR	PROXIMUS SA NPV | 294 130.00 | 8 053 279.40 | 1.24 |
| Total Belgium |  | 8 053 279.40 | 1.24 |
| Finland |  |  |  |
| EUR	KESKO OYJ EUR2 SER’B’ | 57 719.00 | 3 534 711.56 | 0.55 |
| EUR	KONE CORPORATION NPV ORD ‘B’ | 178 391.00 | 10 136 176.62 | 1.56 |
| Total Finland |  | 13 670 888.18 | 2.11 |
| France |  |  |  |
| EUR	ALSTOM EUR7.00 | 184 884.00 | 7 317 708.72 | 1.13 |
| EUR	ATOS SE EUR1 | 43 178.00 | 3 328 160.24 | 0.51 |
| EUR	AXA EUR2.29 | 665 138.00 | 16 425 582.91 | 2.54 |
| EUR	BIC EUR3.82 | 48 140.00 | 3 008 750.00 | 0.46 |
| EUR	BNP PARIBAS EUR2 | 99 154.00 | 5 053 879.38 | 0.78 |
| EUR	BOUYGUES EUR1 | 402 383.00 | 14 920 361.64 | 2.30 |
| EUR	CAPGEMINI EUR8 | 77 742.00 | 8 345 603.70 | 1.29 |
| EUR	CNP ASSURANCES EUR1 | 163 480.00 | 2 929 561.60 | 0.45 |
| EUR	COVIVIO EUR3 | 68 240.00 | 6 851 296.00 | 1.06 |
| EUR	DANONE EUR0.25 | 220 352.00 | 16 464 701.44 | 2.54 |
| EUR	ENGIE EUR1 | 961 909.00 | 13 813 013.24 | 2.13 |
| EUR	EUTELSAT COMMUNICA EUR1 | 204 496.00 | 3 044 945.44 | 0.47 |
| EUR	KLEPIERRE EUR1.40 | 181 470.00 | 5 910 477.90 | 0.91 |
| EUR	ORANGE EUR4 | 1 106 939.00 | 16 604 085.00 | 2.56 |
| EUR	PUBLICIS GROUPE SA EUR0.40 | 173 034.00 | 6 910 977.96 | 1.07 |
| EUR	SANOFI EUR2 | 194 655.00 | 16 450 294.05 | 2.54 |
| EUR	SCOR SE EUR7.876972 (POST CONS) | 140 523.00 | 5 478 991.77 | 0.85 |
| EUR	SODEXO EUR4 | 109 976.00 | 11 635 460.80 | 1.80 |
| EUR	TOTAL EUR2.5 | 340 452.00 | 16 219 133.28 | 2.50 |
| EUR	UNIBAIL-RODAMCO-WE NPV(1 ORD UNIBAIL-R & 1CLS) | 22 076.00 | 3 132 584.40 | 0.48 |
| Total France |  | 183 845 569.47 | 28.37 |
| Germany |  |  |  |
| EUR	BAYERISCHE MOTOREN WERKE AG EUR1 | 146 512.00 | 10 739 329.60 | 1.66 |
| EUR	BEIERSDORF AG NPV | 30 295.00 | 3 206 725.75 | 0.49 |
| EUR	METRO AG (NEW) NPV | 442 421.00 | 6 470 407.13 | 1.00 |
| EUR	SILTRONIC AG NPV | 91 388.00 | 6 868 722.08 | 1.06 |
| EUR	TAG IMMOBILIEN AG NPV | 184 445.00 | 4 028 278.80 | 0.62 |
| Total Germany |  | 31 313 463.36 | 4.83 |
| Italy |  |  |  |
| EUR	ASSIC GENERALI SPA EUR1 | 837 243.00 | 15 514 112.79 | 2.39 |
| EUR	ITALGAS SPA NPV | 534 113.00 | 3 046 580.55 | 0.47 |
| EUR	UNIPOLSAI SPA NPV | 1 421 979.00 | 3 758 290.49 | 0.58 |
| Total Italy |  | 22 318 983.83 | 3.44 |
| Luxembourg |  |  |  |
| EUR	AROUNDTOWN SA EUR0.01 | 1 310 812.00 | 10 331 820.18 | 1.59 |
| Total Luxembourg |  | 10 331 820.18 | 1.59 |
| The Netherlands |  |  |  |
| EUR	KONINKLIJKE AHOLD EUR0.01 | 687 270.00 | 16 071 808.96 | 2.48 |
| EUR	RANDSTAD N.V. EUR0.10 | 230 748.00 | 12 197 339.28 | 1.88 |
| EUR	SIGNIFY NV EUR0.01 | 150 170.00 | 4 065 101.90 | 0.63 |
| Total The Netherlands |  | 32 334 250.14 | 4.99 |
| Spain |  |  |  |
| EUR	AENA SME S.A. EUR10 | 66 291.00 | 11 050 709.70 | 1.71 |
| EUR	AMADEUS IT GROUP EUR0.01 | 187 814.00 | 13 578 952.20 | 2.10 |
| EUR	ENDESA SA EUR1.2 | 637 712.00 | 15 738 732.16 | 2.43 |
| EUR	INDITEX EUR0.03 (POST SUBD) | 117 183.00 | 3 311 591.58 | 0.51 |
| EUR	MERLIN PROPERTIES EUR1 | 238 195.00 | 3 089 389.15 | 0.48 |
| EUR	NATURGY ENERGY GRO EUR1 | 243 616.00 | 5 749 337.60 | 0.89 |
| EUR	RED ELECTRICA CORP EUR0.5 | 626 331.00 | 11 117 375.25 | 1.72 |
| EUR	REPSOL SA EUR1 | 1 107 912.00 | 15 832 062.48 | 2.44 |
| EUR	TELEFONICA SA EUR1 | 925 765.00 | 6 435 918.28 | 0.99 |
| Total Spain |  | 85 904 068.40 | 13.27 |
| United Kingdom |  |  |  |
| EUR	UNILEVER EUR0.16 | 302 706.00 | 16 285 582.80 | 2.51 |
| Total United Kingdom |  | 16 285 582.80 | 2.51 |
| Total Bearer shares |  | 404 057 905.76 | 62.35 |
| Preference shares |  |  |  |
| Germany |  |  |  |
| EUR	HENKEL AG&CO. KGAA NON-VTG PRF NPV	68 234.00 | 6 542 275.92 | 1.01 |
| Total Germany | 6 542 275.92 | 1.01 |
| Total Preference shares | 6 542 275.92 | 1.01 |

| Belgium |  |
| --- | --- |
| EUR | AGEAS NPV | 59 556.00 | 3 244 610.88 | 0.50 |

Registered shares
Total Belgium	3 244 610.88	0.50
UBS (Lux) Equity SICAV – Euro Countries Income (EUR) Semi-Annual Report as of 30 November 2019
|  | Description | Quantity/ | Valuation in EUR | as a % |
| --- | --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |
| Finland |  |  |  |  |
| EUR | ELISA CORPORATION EUR0.50 | 112 230.00 | 5 444 277.30 | 0.84 |
| EUR | FORTUM OYJ EUR3.40 | 465 577.00 | 9 958 692.03 | 1.54 |
| EUR | NOKIAN RENKAAT OYJ NPV | 317 627.00 | 7 800 919.12 | 1.20 |
| EUR | SAMPO OYJ SER’A’NPV | 370 180.00 | 13 585 606.00 | 2.10 |
| Total Finland	36 789 494.45	5.68 |
| France |  |  |  |  |
| EUR | MICHELIN (CGDE) EUR2 | 141 411.00 | 15 399 657.90 | 2.38 |
| Total France | 15 399 657.90 | 2.38 |
| Germany |  |  |  |  |
| EUR | ALLIANZ SE NPV(REGD)(VINKULIERT) | 74 469.00 | 16 185 837.15 | 2.50 |
| EUR | BASF SE NPV | 221 148.00 | 15 086 716.56 | 2.33 |
| EUR | DEUTSCHE TELEKOM NPV(REGD) | 967 748.00 | 14 744 608.53 | 2.28 |
| EUR | E.ON SE NPV | 1 638 859.00 | 15 565 882.78 | 2.40 |
| EUR | FREENET AG NPV (REGD) | 182 473.00 | 3 855 654.49 | 0.60 |
| EUR | HANNOVER RUECKVERS ORD NPV(REGD) | 81 329.00 | 13 703 936.50 | 2.11 |
| EUR | HUGO BOSS AG NPV (REGD) | 178 250.00 | 7 620 187.50 | 1.18 |
| EUR | LEG IMMOBILIEN AG NPV | 66 303.00 | 6 792 742.35 | 1.05 |
| EUR | MUENCHENER RUECKVE NPV(REGD) | 64 503.00 | 16 809 481.80 | 2.59 |
| EUR | SIEMENS AG NPV(REGD) | 37 212.00 | 4 358 269.44 | 0.67 |
| EUR | SIEMENS HEALTHINEE NPV | 211 192.00 | 9 296 671.84 | 1.43 |
| EUR | VONOVIA SE NPV | 110 053.00 | 5 204 406.37 | 0.80 |
| Total Germany	129 224 395.31	19.94 |
| Italy |  |  |  |  |
| EUR | ENI SPA EUR1 | 1 120 858.00 | 15 371 446.61 | 2.37 |
| EUR | INTESA SANPAOLO NPV | 1 336 352.00 | 3 074 277.78 | 0.47 |
| Total Italy |  | 18 445 724.39 | 2.84 |
| The Netherlands |  |  |  |
| EUR	FIAT CHRYSLER AUTO EUR0.01 | 216 417.00 | 2 904 316.14 | 0.45 |
| EUR	NN GROUP N.V. EUR0.12 | 439 223.00 | 15 302 529.32 | 2.36 |
| Total The Netherlands |  | 18 206 845.46 | 2.81 |
| Portugal |  |  |  |
| EUR	GALP ENERGIA EUR1-B | 443 662.00 | 6 555 106.06 | 1.01 |
| Total Portugal |  | 6 555 106.06 | 1.01 |
| Spain |  |  |  |
| EUR	MAPFRE SA EUR0.10	1 431 500.00 | 3 663 208.50 | 0.57 |
| Total Spain | 3 663 208.50 | 0.57 |
| Total Registered shares | 231 529 042.95 | 35.73 |
| Total Transferable securities and money market instruments listed on an official stock exchange | 642 129 224.63 | 99.09 |

Derivative instruments not listed on an official stock exchange and not traded on another regulated market
Options on shares, classic-styled
| EUR |  |
| --- | --- |
| EUR | BOAML/KESKO OYJ SER’B’ CALL 65.35200 12.12.19 | -54 830.00 | -865.55 | 0.00 |
| EUR | BOAML/METRO AG CALL 15.55050 12.12.19 | -190 770.00 | -9 684.25 | 0.00 |
| EUR | BOAML/UNIBAIL-RODAMCO-WE NPV CALL 150.30750 12.12.19 | -20 970.00 | -1 266.06 | 0.00 |
| EUR | BOAML/SIEMENS HEALTHINEE NPV CALL 45.81680 12.12.19 | -195 600.00 | -24 410.22 | 0.00 |
| EUR | BOAML/SCOR SE (POST CONS) CALL 39.44850 12.12.19 | -112 450.00 | -32 483.90 | -0.01 |
| EUR | BOAML/MAPFRE SA CALL 2.64620 12.12.19 | -1 026 680.00 | -4 004.05 | 0.00 |
| EUR | BOAML/FIAT CHRYSLER AUTO CALL 15.74340 12.12.19 | -205 590.00 | -494.90 | 0.00 |
| EUR | BOAML/PUBLICIS GROUPE SA CALL 41.06260 12.12.19 | -164 380.00 | -25 174.80 | 0.00 |
| EUR | BARCLAYS/MERLIN PROPERTIES CALL 13.50300 12.12.19 | -226 280.00 | -5 341.34 | 0.00 |
| EUR | BARCLAYS/INTESA SANPAOLO NPV CALL 2.44230 12.12.19 | -1 269 530.00 | -762.09 | 0.00 |
| EUR | BARCLAYS/BNP PARIBAS CALL 52.85700 12.12.19 | -94 190.00 | -14 200.08 | 0.00 |
| EUR | BARCLAYS/AROUNDTOWN SA CALL 8.00310 12.12.19 | -735 220.00 | -45 692.45 | -0.01 |
| EUR | BARCLAYS/AGEAS NPV CALL 55.44000 12.12.19 | -56 570.00 | -11 537.01 | 0.00 |
| EUR | BNP/REPSOL SA CALL 15.32480 12.12.19 | -1 019 250.00 | -2 420.19 | 0.00 |
| EUR | BNP/FREENET AG CALL 22.41750 12.12.19 | -173 340.00 | -1 354.31 | 0.00 |
| EUR | BNP/ATOS SE CALL 78.11320 12.12.19 | -41 010.00 | -48 148.15 | -0.01 |
| EUR | BNP/BAYERISCHE MOTOREN CALL 77.08050 12.12.19 | -135 430.00 | -12 315.93 | 0.00 |
| EUR | CIBC/BIC 82 CALL 66.32050 12.12.19 | -45 690.00 | -5 891.09 | 0.00 |
| EUR | CIBC/AMADEUS IT GROUP CALL 75.41100 12.12.19 | -173 810.00 | -7 225.78 | 0.00 |
| EUR | CIBC/AENA SME S.A. CALL 171.09750 12.12.19 | -53 440.00 | -28 623.83 | -0.01 |
| EUR | CIBC/CAPGEMINI CALL 110.93250 12.12.19 | -71 730.00 | -32 571.94 | -0.01 |
| EUR | CIBC/ORANGE CALL 14.70040 12.12.19 | -1 030 900.00 | -221 889.37 | -0.04 |
| EUR | CIBC/BOUYGUES CALL 41.28090 12.12.19 | -290 890.00 | -2 558.01 | 0.00 |
| EUR | CIBC/E.ON SE NPV CALL 9.60650 12.12.19 | -1 525 330.00 | -96 038.59 | -0.02 |
| EUR | CIBC/SILTRONIC AG CALL 90.17970 12.12.19 | -68 670.00 | -2 199.09 | 0.00 |
| EUR | CIBC/FORTUM OYJ CALL 22.33350 12.12.19 | -387 870.00 | -6 397.40 | 0.00 |
| EUR | CIBC/TOTAL CALL 51.53400 12.12.19 | -313 160.00 | -1 569.82 | 0.00 |
| EUR | CIBC/KONE CORPORATION NPV CALL 59.95500 12.12.19 | -165 480.00 | -18 440.11 | 0.00 |
| EUR | CIBC/SIGNIFY NV CALL 29.05330 12.12.19 | -142 660.00 | -3 501.98 | 0.00 |
| EUR | CIBC/DEUTSCHE TELEKOM NPV(REGD) CALL 15.88440 12.12.19 | -900 770.00 | -3 399.60 | 0.00 |
| EUR | CIBC/VONOVIA SE NPV CALL 49.39200 12.12.19 | -104 550.00 | -3 169.41 | 0.00 |
| EUR | CIBC/KONINKLIJKE AHOLD CALL 25.16850 12.12.19 | -640 040.00 | -3 409.98 | 0.00 |
| EUR | CIBC/RANDSTAD N.V. CALL 53.86500 12.12.19 | -138 290.00 | -58 301.38 | -0.01 |
| EUR | CIBC/UNILEVER CALL 56.38500 12.12.19 | -280 380.00 | -3 079.56 | 0.00 |
| EUR | CIBC/SODEXO CALL 112.77000 12.12.19 | -84 900.00 | -1 043.92 | 0.00 |
| EUR | GOLDMAN SACHS/RED ELECTRICA CORP CALL 18.11780 12.12.19 | -581 590.00 | -53 215.49 | -0.01 |
| EUR | GOLDMAN SACHS/NATURGY ENERGY GRO CALL 24.85350 12.12.19 | -231 430.00 | -1 677.87 | 0.00 |
| EUR | GOLDMAN SACHS/SIEMENS AG CALL 120.49800 12.12.19 | -35 350.00 | -13 413.08 | 0.00 |

UBS (Lux) Equity SICAV – Euro Countries Income (EUR) Semi-Annual Report as of 30 November 2019
|  | Description | Quantity/ | Valuation in EUR | as a % |
| --- | --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |
|  |  |  |  |  |
| EUR | GOLDMAN SACHS/PROXIMUS SA CALL 28.13600 12.12.19 | -215 660.00 | -6 239.69 | 0.00 |
| EUR | GOLDMAN SACHS/TELEFONICA SA CALL 7.01610 12.12.19 | -879 470.00 | -46 878.35 | -0.01 |
| EUR | GOLDMAN SACHS/NOKIAN RENKAAT OYJ CALL 27.89630 12.12.19 | -226 250.00 | -94.73 | 0.00 |
| EUR | GOLDMAN SACHS/KLEPIERRE CALL 34.51350 12.12.19 | -172 390.00 | -2 306.92 | 0.00 |
| EUR | GOLDMAN SACHS/NN GROUP N.V. CALL 37.22250 12.12.19 | -330 830.00 | -2 029.86 | 0.00 |
| EUR | GOLDMAN SACHS/HENKEL AG&CO. KGAA CALL 100.12050 12.12.19 | -64 820.00 | -7 240.90 | 0.00 |
| EUR | GOLDMAN SACHS/BASF SE NPV CALL 73.72050 12.12.19 | -204 800.00 | -2 822.12 | 0.00 |
| EUR | GOLDMAN SACHS/GALP ENERGIA CALL 15.87600 12.12.19 | -408 520.00 | -285.15 | 0.00 |
| EUR | GOLDMAN SACHS/EUTELSAT COMMUNICA CALL 16.27360 12.12.19 | -194 270.00 | -2 003.90 | 0.00 |
| EUR | GOLDMAN SACHS/ELISA CORPORATION E CALL 50.83050 12.12.19 | -104 600.00 | -5 137.53 | 0.00 |
| EUR | GOLDMAN SACHS/ALLIANZ SE NPV(REGD) CALL 228.11250 12.12.19 | -68 500.00 | -2 296.71 | 0.00 |
| EUR | GOLDMAN SACHS/INDITEX (PO) CALL 29.03250 12.12.19 | -111 320.00 | -18 231.58 | 0.00 |
| EUR | MORGAN STANLEY/ITALGAS SPA NPV CALL 6.18030 12.12.19 | -507 400.00 | -117.05 | 0.00 |
| EUR | MORGAN STANLEY/BEIERSDORF AG CALL 110.35500 12.12.19 | -28 780.00 | -1 174.53 | 0.00 |
| EUR | MORGAN STANLEY/DANONE CALL 78.64500 12.12.19 | -204 110.00 | -1 451.90 | 0.00 |
| EUR | MORGAN STANLEY/HUGO BOSS AG CALL 43.98950 12.12.19 | -160 860.00 | -43 436.83 | -0.01 |
| EUR | MORGAN STANLEY/CNP ASSURANCES CALL 19.13100 12.12.19 | -102 900.00 | -1 390.02 | 0.00 |
| EUR | MORGAN STANLEY/ENI SPA CALL 14.84280 12.12.19 | -1 043 640.00 | -254.01 | 0.00 |
| EUR | MORGAN STANLEY/SAMPO OYJ SER’A’NPV CALL 38.79750 12.12.19 | -344 320.00 | -5 274.62 | 0.00 |
| EUR | MORGAN STANLEY/UNIPOLSAI SPA NPV CALL 2.76050 12.12.19 | -1 129 950.00 | -6 709.64 | 0.00 |
| EUR | MORGAN STANLEY/ENGIE CALL 15.13050 12.12.19 | -890 280.00 | -1 925.36 | 0.00 |
| EUR | UBS/ALSTOM CALL 39.31200 12.12.19 | -170 390.00 | -112 600.50 | -0.02 |
| EUR | UBS/AXA CALL 26.47050 12.12.19 | -611 770.00 | -1 118.71 | 0.00 |
| EUR | UBS/ASSIC GENERALI SPA CALL 20.13900 12.12.19 | -775 430.00 | -93.95 | 0.00 |
| EUR | UBS/LEG IMMOBILIEN AG CALL 108.57000 12.12.19 | -46 810.00 | -656.32 | 0.00 |
| EUR | UBS/MICHELIN (CGDE) CALL 119.61600 12.12.19 | -130 970.00 | -6 274.57 | 0.00 |
| EUR | UBS/SANOFI CALL 85.76400 12.12.19 | -179 040.00 | -137 888.15 | -0.02 |
| Total EUR |  |  | -1 223 706.18 | -0.19 |
| Total Options on shares, classic-styled |  | -1 223 706.18 | -0.19 |
| Total Derivative instruments not listed on an official stock exchange and not traded on another regulated market |  | -1 223 706.18 | -0.19 |
| Total investments in securities |  | 640 905 518.45 | 98.90 |
| Derivative instruments |  |  |  |
| Derivative instruments listed on an official stock exchange |  |  |  |
| Financial Future on Indices |  |  |  |
|  |  |  |  |
| EUR	EURO STOXX 50 INDEX FUTURE 20.12.19 | 83.00 | -3 090.00 | 0.00 |
| Total Financial Future on Indices |  | -3 090.00 | 0.00 |
| Total Derivative instruments listed on an official stock exchange |  | -3 090.00 | 0.00 |
| Total Derivative instruments |  | -3 090.00 | 0.00 |
| Forward Foreign Exchange contracts |  |  |  |
| Forward Foreign Exchange contracts (Purchase/Sale) |  |  |  |

| CHF | 207 467 700.00 | EUR | 188 954 624.98 | 16.1.2020 | -571 586.66 | -0.09 |
| --- | --- | --- | --- | --- | --- | --- |
| USD | 37 574 100.00 | EUR | 33 985 871.67 | 16.1.2020 | -26 524.97 | 0.00 |
| Total Forward Foreign Exchange contracts (Purchase/Sale) | -598 111.63 | -0.09 |
|  |  |  |
| Cash at banks, deposits on demand and deposit accounts and other liquid assets | 5 899 704.71 | 0.91 |
| Other assets and liabilities | 1 817 563.85 | 0.28 |
| Total net assets | 648 021 585.38 | 100.00 |

UBS (Lux) Equity SICAV – Euro Countries Income (EUR) Semi-Annual Report as of 30 November 2019

Translation (ENDE, 2019-11-30):
# UBS (Lux) Equity SICAV
– Emerging Markets High Dividend (USD)
| Wichtigste Daten |  |
| --- | --- |
|  | ISIN | 14.6.2019 | 31.5.2019 | 31.5.2018 |
| Nettovermögen in USD |  | 153 084 411.41 | 202 447 616.03 | 294 575 430.59 |
| Klasse I-B-acc | LU1081985753 |  |  |  |
| Aktien im Umlauf |  | 9 064.6150 | 9 064.6150 | 26 846.8610 |
| Nettoinventarwert pro Aktie in USD |  | 100.05 | 98.92 | 101.26 |
| Ausgabe- und Rücknahmepreis pro Aktie in USD 1 |  | 100.05 | 98.92 | 101.26 |
| Klasse I-X-dist | LU0883523192 |  |  |  |
| Aktien im Umlauf |  | 130 122.4070 | 491 771.4250 | 606 269.7390 |
| Nettoinventarwert pro Aktie in USD |  | 85.60 | 84.63 | 89.91 |
| Ausgabe- und Rücknahmepreis pro Aktie in USD 1 |  | 85.60 | 84.63 | 89.91 |
| Klasse P-acc | LU0625543631 |  |  |  |
| Aktien im Umlauf |  | 571 876.8660 | 575 085.2390 | 695 732.4820 |
| Nettoinventarwert pro Aktie in USD |  | 93.77 | 92.78 | 96.94 |
| Ausgabe- und Rücknahmepreis pro Aktie in USD 1 |  | 93.77 | 92.78 | 96.94 |
| Klasse (CHF hedged) P-acc | LU1081987023 |  |  |  |
| Aktien im Umlauf |  | 193 375.9270 | 194 267.9980 | 249 273.4630 |
| Nettoinventarwert pro Aktie in CHF |  | 81.09 | 80.34 | 86.87 |
| Ausgabe- und Rücknahmepreis pro Aktie in CHF 1 |  | 81.09 | 80.34 | 86.87 |
| Klasse (EUR hedged) P-acc | LU1081987536 |  |  |  |
| Aktien im Umlauf |  | 213 096.5870 | 214 498.2010 | 296 659.6150 |
| Nettoinventarwert pro Aktie in EUR |  | 82.76 | 82.00 | 88.50 |
| Ausgabe- und Rücknahmepreis pro Aktie in EUR 1 |  | 82.76 | 82.00 | 88.50 |
| Klasse (CHF hedged) P-dist | LU0669577131 |  |  |  |
| Aktien im Umlauf |  | 142 821.1090 | 144 313.6160 | 185 749.2050 |
| Nettoinventarwert pro Aktie in CHF |  | 77.09 | 76.38 | 83.92 |
| Ausgabe- und Rücknahmepreis pro Aktie in CHF 1 |  | 77.09 | 76.38 | 83.92 |
| Klasse P-mdist | LU0625543805 |  |  |  |
| Aktien im Umlauf |  | 37 004.6730 | 37 155.8430 | 43 101.6820 |
| Nettoinventarwert pro Aktie in USD |  | 63.99 | 63.32 | 69.52 |
| Ausgabe- und Rücknahmepreis pro Aktie in USD 1 |  | 63.99 | 63.32 | 69.52 |
| Klasse Q-acc | LU0847991816 |  |  |  |
| Aktien im Umlauf |  | 187 516.0220 | 402 681.8640 | 471 078.7160 |
| Nettoinventarwert pro Aktie in USD |  | 94.99 | 93.94 | 97.20 |
| Ausgabe- und Rücknahmepreis pro Aktie in USD 1 |  | 94.99 | 93.94 | 97.20 |
| Klasse (CHF hedged) Q-acc | LU1240782026 |  |  |  |
| Aktien im Umlauf |  | 81 908.2420 | 82 319.7130 | 190 353.4920 |
| Nettoinventarwert pro Aktie in CHF |  | 111.23 | 110.16 | 117.93 |
| Ausgabe- und Rücknahmepreis pro Aktie in CHF 1 |  | 111.23 | 110.16 | 117.93 |
| Klasse (EUR hedged) Q-acc | LU1081988344 |  |  |  |
| Aktien im Umlauf |  | 40 390.2950 | 42 158.5470 | 101 033.9560 |
| Nettoinventarwert pro Aktie in EUR |  | 86.75 | 85.92 | 91.81 |
| Ausgabe- und Rücknahmepreis pro Aktie in EUR 1 |  | 86.75 | 85.92 | 91.81 |
| Klasse (CHF hedged) Q-dist | LU1240782372 |  |  |  |
| Aktien im Umlauf |  | 70 380.1320 | 70 460.1320 | 163 070.1170 |
| Nettoinventarwert pro Aktie in CHF |  | 104.75 | 103.75 | 114.10 |
| Ausgabe- und Rücknahmepreis pro Aktie in CHF 1 |  | 104.75 | 103.75 | 114.10 |
| 1  Siehe Erläuterung 1 |  |  |  |  |


## Struktur des Wertpapierbestandes
Da der Subfonds UBS (Lux) Equity SICAV – Emerging Markets High Dividend (USD) per 14. Juni 2019 in den Subfonds UBS (Lux) Equity SICAV – Global Emerging Markets Opportunity (USD) fusioniert wurde, gibt es zum Ende der Berichtsperiode weder einen Wertpapierbestand noch eine Struktur des Wertpapierbestandes. Siehe Erläuterung 10.
UBS (Lux) Equity SICAV – Emerging Markets High Dividend (USD) Halbjahresbericht per 30. November 2019
| Ertrags- und Aufwandsrechnung |  |
| --- | --- |
|  | USD |
| Erträge | 1.6.2019-30.11.2019 |
| Zinsertrag aus liquiden Mitteln | 531.50 |
| Dividenden | 973 603.67 |
| Sonstige Erträge (Erläuterung 4) | 174 113.50 |
| Total Erträge | 1 148 248.67 |
|  |  |
| Aufwendungen |  |
| Pauschale Verwaltungskommission (Erläuterung 2) | -99 616.62 |
| Abonnementsabgabe (Erläuterung 3) | -467.97 |
| Sonstige Kommissionen und Gebühren (Erläuterung 2) | -12 225.47 |
| Zinsaufwand aus liquiden Mitteln und Kontokorrentkredit | -2 829.34 |
| Total Aufwendungen | -115 139.40 |
|  |  |
| Nettoerträge (-verluste) aus Anlagen | 1 033 109.27 |
|  |  |
| Realisierte Gewinne (Verluste) (Erläuterung 1) |  |
| Realisierter Kursgewinn (-verlust) aus marktbewerteten Wertpapieren ausser Optionen | -434 995.54 |
| Realisierter Kursgewinn (-verlust) aus Devisenterminkontrakten | 772 951.55 |
| Realisierter Währungsgewinn (-verlust) | -83 199.62 |
| Total der realisierten Gewinne (Verluste) | 254 756.39 |
|  |  |
| Realisierter Nettogewinn (-verlust) der Berichtsperiode | 1 287 865.66 |
|  |  |
| Veränderungen der nicht realisierten Werterhöhung (-minderung) (Erläuterung 1) |  |
| Nicht realisierte Werterhöhung (-minderung) marktbewerteter Wertpapiere ausser Optionen | 1 317 726.43 |
| Nicht realisierte Werterhöhung (-minderung) von Devisenterminkontrakten | -111 603.91 |
| Total der Veränderungen der nicht realisierten Werterhöhung (-minderung) | 1 206 122.52 |
|  |  |
| Nettoerhöhung (-minderung) des Nettovermögens infolge Geschäftstätigkeit | 2 493 988.18 |


## Veränderungen des Nettovermögens
1.6.2019-30.11.2019
USD
Nettovermögen zu Beginn der Berichtsperiode	202 447 616.03
Rücknahmen	204 941 604.21
Total Rücknahmen	-204 941 604.21
Nettoerträge (-verluste) aus Anlagen	1 033 109.27
Total der realisierten Gewinne (Verluste)	254 756.39
Total der Veränderungen der nicht realisierten Werterhöhung (-minderung)		1 206 122.52	
Nettovermögen am Ende der Berichtsperiode	0.00
Nettoerhöhung (-minderung) des Nettovermögens infolge Geschäftstätigkeit	2 493 988.18
UBS (Lux) Equity SICAV – Emerging Markets High Dividend (USD)
Halbjahresbericht per 30. November 2019
| Entwicklung der Aktien im Umlauf |  |
| --- | --- |
|  | 1.6.2019-30.11.2019 |
| Klasse | I-B-acc |
| Anzahl der Aktien im Umlauf zu Beginn der Berichtsperiode | 9 064.6150 |
| Anzahl der ausgegebenen Aktien | 0.0000 |
| Anzahl der zurückgegebenen Aktien | -9 064.6150 |
| Anzahl der Aktien im Umlauf am Ende der Berichtsperiode | 0.0000 |
| Klasse | I-X-dist |
| Anzahl der Aktien im Umlauf zu Beginn der Berichtsperiode | 491 771.4250 |
| Anzahl der ausgegebenen Aktien | 0.0000 |
| Anzahl der zurückgegebenen Aktien | -491 771.4250 |
| Anzahl der Aktien im Umlauf am Ende der Berichtsperiode | 0.0000 |
| Klasse | P-acc |
| Anzahl der Aktien im Umlauf zu Beginn der Berichtsperiode | 575 085.2390 |
| Anzahl der ausgegebenen Aktien | 0.0000 |
| Anzahl der zurückgegebenen Aktien | -575 085.2390 |
| Anzahl der Aktien im Umlauf am Ende der Berichtsperiode | 0.0000 |
| Klasse | (CHF hedged) P-acc |
| Anzahl der Aktien im Umlauf zu Beginn der Berichtsperiode | 194 267.9980 |
| Anzahl der ausgegebenen Aktien | 0.0000 |
| Anzahl der zurückgegebenen Aktien | -194 267.9980 |
| Anzahl der Aktien im Umlauf am Ende der Berichtsperiode | 0.0000 |
| Klasse | (EUR hedged) P-acc |
| Anzahl der Aktien im Umlauf zu Beginn der Berichtsperiode | 214 498.2010 |
| Anzahl der ausgegebenen Aktien | 0.0000 |
| Anzahl der zurückgegebenen Aktien | -214 498.2010 |
| Anzahl der Aktien im Umlauf am Ende der Berichtsperiode | 0.0000 |
| Klasse | (CHF hedged) P-dist |
| Anzahl der Aktien im Umlauf zu Beginn der Berichtsperiode | 144 313.6160 |
| Anzahl der ausgegebenen Aktien | 0.0000 |
| Anzahl der zurückgegebenen Aktien | -144 313.6160 |
| Anzahl der Aktien im Umlauf am Ende der Berichtsperiode | 0.0000 |
| Klasse | P-mdist |
| Anzahl der Aktien im Umlauf zu Beginn der Berichtsperiode | 37 155.8430 |
| Anzahl der ausgegebenen Aktien | 0.0000 |
| Anzahl der zurückgegebenen Aktien | -37 155.8430 |
| Anzahl der Aktien im Umlauf am Ende der Berichtsperiode | 0.0000 |
| Klasse | Q-acc |
| Anzahl der Aktien im Umlauf zu Beginn der Berichtsperiode | 402 681.8640 |
| Anzahl der ausgegebenen Aktien | 0.0000 |
| Anzahl der zurückgegebenen Aktien | -402 681.8640 |
| Anzahl der Aktien im Umlauf am Ende der Berichtsperiode | 0.0000 |
| Klasse | (CHF hedged) Q-acc |
| Anzahl der Aktien im Umlauf zu Beginn der Berichtsperiode | 82 319.7130 |
| Anzahl der ausgegebenen Aktien | 0.0000 |
| Anzahl der zurückgegebenen Aktien | -82 319.7130 |
| Anzahl der Aktien im Umlauf am Ende der Berichtsperiode | 0.0000 |
| Klasse | (EUR hedged) Q-acc |
| Anzahl der Aktien im Umlauf zu Beginn der Berichtsperiode | 42 158.5470 |
| Anzahl der ausgegebenen Aktien | 0.0000 |
| Anzahl der zurückgegebenen Aktien | -42 158.5470 |
| Anzahl der Aktien im Umlauf am Ende der Berichtsperiode | 0.0000 |
| Klasse | (CHF hedged) Q-dist |
| Anzahl der Aktien im Umlauf zu Beginn der Berichtsperiode | 70 460.1320 |
| Anzahl der ausgegebenen Aktien | 0.0000 |
| Anzahl der zurückgegebenen Aktien | -70 460.1320 |
| Anzahl der Aktien im Umlauf am Ende der Berichtsperiode | 0.0000 |

UBS (Lux) Equity SICAV – Emerging Markets High Dividend (USD) Halbjahresbericht per 30. November 2019