# Executive summary
Key facts
Fund name	UBS (Lux) Real Estate Funds Selection - Global
Fund structure	Luxembourg SICAV
Fund manager	UBS Asset Management Funds Ltd.
Fund inception	June 30, 2008 (I-12-dist EUR)
Liquidity	Open-ended with monthly liquidity
Net Asset Value (NAV)	EUR 9,053.5 million
Base currency	EUR denominated (passively hedged against other currencies)
Leverage	24.8% on a look-through basis on invested capital and NAV (maximum leverage is 40.0%) Subscription	Notification of subscription three calendar days before month end
Redemption	Notification 30 calendar days before the last business day of each month
ISINs or Valoren
(open for subscription)
LU0349525237(I-12-dist EUR), LU0349525070(I-12-acc EUR), LU0349525310(I-12-dist CHF), LU0349525153(I-12-acc CHF), LU0498018075(I-12-dist USD), LU0498017341(I-12-acc USD), LU1107892116(I-12-acc JPY), LU1107892629(I-12-dist JPY), LU1379517466(I-12-dist CAD), LU0498017424(I- 12-acc CAD), LU1435276032(I-82-dist EUR), LU1711544640(I-82-dist GBP), LU1435276115(I-82-dist USD),
LU1554448784(I-82-dist JPY), LU1435275497(I-96-dist EUR), LU1435275141(I-96-acc EUR), LU0498016293 (I-102-dist EUR), LU0499860848 (I-102-dist USD), LU0498016376(I-102-dist CHF), LU0498015998(I-102-acc EUR), LU0498016020(I-102-acc CHF), LU0349525666(P-dist EUR), LU0349525740(P-dist CHF), LU0368699335(P-dist USD), LU1379517201(P-dist GBP), LU1383315808(P-dist CAD), LU1820979182(P-dist HKD), LU0349525401(P-acc EUR), LU0349525583(P-acc CHF), LU0368700018(P-acc USD), LU1379517383(P- acc GBP), LU1383315980(P-acc CAD), LU0498015725(Q-dist EUR), LU1313520345(Q-dist CHF), LU1313520691(Q-dist USD), LU1313520857(Q-dist GBP), LU0498015642(Q-acc EUR), LU1313519685(Q-acc CHF), LU1313519925(Q-acc USD), LU1313520188(Q-acc GBP), LU0498014165(K-1-dist EUR), LU0498014595 (K-1-dist CHF), LU0498014322(K-1-dist USD), LU1379517037(K-1-dist GBP), LU1383316012(K-1-dist CAD), LU0498013860(K-1-acc EUR), LU0498014082(K-1-acc CHF), LU0498013944(K-1-acc USD), LU1456114740(K-1-acc JPY), LU1379517110(K-1-acc GBP), LU1383318497(K- 1-acc CAD), LU1506486452(K-B-acc CHF), LU1506486536(K-B-acc USD), LU1506487344(K-B-dist EUR), LU1300848691(F-dist EUR ), LU1300848691(F-dist CHF), LU1300848774(F-dist USD), LU1371688638(F-dist CAD), LU0498015212(F-acc EUR), LU1300848261(F-acc CHF), LU1300848345(F-acc USD), LU1435275810(I- 82-acc USD), LU1405746949(I-96-dist CHF), LU1904158729(P-acc SEK), LU1300848931(F-dist GBP), LU1435275067(I-96-acc CHF), LU2344473512(I-12-acc SGD), LU1506487690(K-B-dist USD), LU2248080975(I-102-acc JPY), LU2248081270(I-96-acc JPY)

### Fund summary
GREFS is an open-ended real estate fund of fund vehicle established in June 2008. The product offers monthly liquidity (subject to certain restrictions) and invests in real estate funds, co-investments, or joint ventures across the globe. As of September 30, 2022, GREFS is invested in and committed to 59 and 60 underlying investments, respectively, with exposure to more than 11,000 properties located in 30 countries with a total gross real estate value of over EUR 420 billion. At the end of 3Q22, the Fund was circa 95.3% invested and 99.8% committed
1
. During 3Q22, GREFS had the following capital flows:
EUR 278.5 million of subscriptions and EUR 537.9 million of redemptions
2
. The Fund Manager committed to investments in the amount of EUR 176.3 million, sold secondaries in the amount of EUR 58.7 million, received redemptions in the amount
of EUR 90.1 million, received capital distributions in the amount of EUR 0.9 million, released an open commitment in the amount of EUR 4.7 million and had capital calls in the amount of EUR 85.3 million. The transactions and associated underlying funds are described in the "Quarterly highlights" and "Portfolio review" sections.
Past performance is not a reliable indicator of future results.
1 
Committed capital represents underlying fund commitments that are associated with the current Fund NAV. Commitments associated with future net inflows are not included.
2 The specifiv monthly NAV relevant to these flows will vary according to the subscription and redemption policy.
2
Given the increased volatility in the market, the Fund finalized a revolving credit facility in September in the amount of EUR 200 million or 2.2% of September NAV. The facility was obtained from an affiliate of UBS due to the operational efficiency of structuring as an overdraft facility. In addition and most importantly, the affiliate was the cheapest provider. The facility was obtained primarily for FX forward contracts in the case of a large settlement but has been structured in line with the prospectus requirements. During the month, the Fund had an overdraft on the account at the end of one business day which was settled at the next business day in the amount of EUR 94 million. This was due to slight differences in settlements and the movement of cash. The cost of this overdraft was 0.0002% of the Fund. At the end of 3Q, no part of the facility was outstanding. Going forward, we will continue to report on any usage of the facility during the quarter.

### Performance summary (for the I-12-dist EUR share class)
In the 171 months since inception, the Fund has experienced 157 months of positive performance (91.8%). The performance during 3Q22 and the trailing 12-months was -0.06% and 14.86%, respectively. In terms of the cost of hedging, the I-12-dist USD share class produced a 1-year return of 15.90%, approximately 104 bps higher than the I-12-dist EUR share class (up from a 50 bps differential in 2Q22 and an 52 bps differential in 3Q21). The implied hedging costs for other currencies are shown in the “Update on FX hedging costs” section. Hedging costs have widened once again as interest rates continue to rise in response to inflation.
The quarterly, trailing-12-month, and three-year distribution returns were 0.58%, 2.26%, and 2.35%, respectively.
At September 30, 2022, the Fund exceeded a 14-year track record and had 5-year, 7-year, 10-year, and since inception returns of 7.78%, 7.20%, 7.40%, and 5.90% respectively, compared to the target return range for GREFS of 5-7% over a market cycle. The 5-year track record for the I-12-dist USD share class is 9.68%, highlighting the impact of FX hedging.

### Quarterly highlights
In July, GREFS received capital calls from an Australia Healthcare Fund, Europe Residential Fund, Australia Industrial Fund, US Industrial Fund, US Alternative Fund, and a US Balanced Fund in the amounts of AUD 18,500,000, EUR 1,719,362, AUD 16,935,852, USD 11,500,000, USD 2,175,000, and USD 3,390,000, respectively. Also, the Fund received distributions of capital from a US Healthcare Co-Investment and a US Industrial Fund in the amounts of USD 72,258 and USD 515,504, respectively.
In August, the Fund received partial redemption proceeds from a Europe Balanced Fund in the amount of EUR 49,156,343. Additionally, GREFS received a distribution of capital from a Japan Residential Fund in the amount of JPY 49,208,401. Finally, the Fund Manager negotiated the partial release of an open commitment in the amount of EUR 4,666,998 from a Europe Residential Fund.
In the last month of the quarter, GREFS received capital calls from an APAC Balanced Fund, Europe Residential Fund, another APAC Balanced Fund and a UK Life Sciences Fund in the amounts of USD 10,511,551, EUR 2,077,562, USD 198,056 and GBP 26,405,580, respectively. Additionally, the Fund received partial redemption proceeds from three US Balanced Funds in the amounts of USD 7,500,000, USD 23,430,345, and USD 9,212,656, respectively. Finally, GREFS sold secondaries of a European Retail Fund and Australia Industrial Fund, in the amounts of EUR 22,130,909 and AUD 55,719,554, respectively.
3

Translation (ENFR, 2022-09-30):
# Résumé
Termes-clés
Fonds	UBS (Lux) Real Estate Funds Selection - Global
Structure	Luxembourg SICAV
Gestionnaire	UBS Asset Management Funds Ltd.
Lancement	30 juin 2008 (I-12-dist EUR)
Liquidité	Ouvert avec liquidation mensuelle Valeur nette d‘inventaire	EUR 9 053,5 million
Devise de référence	EUR (couverture passive vis-à-vis des autres devises)
Endettement actuel	24,8% sur une base transparente (look-through) du capital investi (effet de levier maximal de 40,0%) Souscription	Notification de souscription de trois jours ouvrables avant la fin du mois
Rachat	Un préavis de 30 jours calendaires avant le dernier jour ouvrable de chaque mois
ISINs or Valoren
(ouvert à la souscription)
LU0349525237(I-12-dist EUR), LU0349525070(I-12-acc EUR), LU0349525310(I-12-dist CHF), LU0349525153(I-12-acc CHF), LU0498018075(I-12-dist USD), LU0498017341(I-12-acc USD), LU1107892116(I-12-acc JPY), LU1107892629(I-12-dist JPY), LU1379517466(I-12-dist CAD), LU0498017424(I- 12-acc CAD), LU1435276032(I-82-dist EUR), LU1711544640(I-82-dist GBP), LU1435276115(I-82-dist USD),
LU1554448784(I-82-dist JPY), LU1435275497(I-96-dist EUR), LU1435275141(I-96-acc EUR), LU0498016293 (I-102-dist EUR), LU0499860848 (I-102-dist USD), LU0498016376(I-102-dist CHF), LU0498015998(I-102-acc EUR), LU0498016020(I-102-acc CHF), LU0349525666(P-dist EUR), LU0349525740(P-dist CHF), LU0368699335(P-dist USD), LU1379517201(P-dist GBP), LU1383315808(P-dist CAD), LU1820979182(P-dist HKD), LU0349525401(P-acc EUR), LU0349525583(P-acc CHF), LU0368700018(P-acc USD), LU1379517383(P- acc GBP), LU1383315980(P-acc CAD), LU0498015725(Q-dist EUR), LU1313520345(Q-dist CHF), LU1313520691(Q-dist USD), LU1313520857(Q-dist GBP), LU0498015642(Q-acc EUR), LU1313519685(Q-acc CHF), LU1313519925(Q-acc USD), LU1313520188(Q-acc GBP), LU0498014165(K-1-dist EUR), LU0498014595 (K-1-dist CHF), LU0498014322(K-1-dist USD), LU1379517037(K-1-dist GBP), LU1383316012(K-1-dist CAD), LU0498013860(K-1-acc EUR), LU0498014082(K-1-acc CHF), LU0498013944(K-1-acc USD), LU1456114740(K-1-acc JPY), LU1379517110(K-1-acc GBP), LU1383318497(K- 1-acc CAD), LU1506486452(K-B-acc CHF), LU1506486536(K-B-acc USD), LU1506487344(K-B-dist EUR), LU1300848691(F-dist EUR ), LU1300848691(F-dist CHF), LU1300848774(F-dist USD), LU1371688638(F-dist CAD), LU0498015212(F-acc EUR), LU1300848261(F-acc CHF), LU1300848345(F-acc USD), LU1435275810(I- 82-acc USD), LU1405746949(I-96-dist CHF), LU1904158729(P-acc SEK), LU1300848931(F-dist GBP), LU1435275067(I-96-acc CHF), LU2344473512(I-12-acc SGD), LU1506487690(K-B-dist USD), LU2248080975(I-102-acc JPY), LU2248081270(I-96-acc JPY)

### Situation du fonds
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1 
Le capital engagé représente les engagements des fonds sous-jacents compris dans la VAN actuelle du fonds. Les engagements liés à des revenus nets futurs ne sont pas inclus.
2 
La VAN mensuelle spécifique à ces flux varie en fonction de la politique de souscription et de remboursement.
M’efficacité opérationnelle d’une structuration en facilité de découvert. De plus et surtout, ce partenaire était le prestataire le moins cher. La facilité a été obtenue principalement pour les contrats de change à terme, dans le cas d’un règlement important, mais a été structurée conformément aux exigences du prospectus. Au cours du mois, le fonds a présenté un découvert sur le compte d’un montant de 94 millions d’EUR, réglé le jour ouvrable suivant. Dû à de légers écarts entre les règlements et les mouvements de trésorerie, ce découvert a coûté 0,0002% du fonds. À la fin du T3, aucune partie de la facilité n’était en souffrance. Nous continuerons de rendre compte de toute utilisation de la facilité au cours du trimestre.

## des performances (pour la classe d’actions I-12-dist EUR)
Au cours des 171 mois écoulés depuis sa création, le GREFS a connu 157 mois de performance positive (91,8%). La performance au T3-22 et sur les 12 derniers mois est de –0,06% et 14,86% respectivement. En termes de coûts de couverture, la classe d’actions I-12-dist en USD a produit un rendement sur 12 mois de 15,90%, soit environ 104 points de base (pb) de plus que les actions I-12-dist en EUR (en hausse par rapport à l’écart de 50 pb au T2-22 et de 52 pb au T3-21). Les coûts de couverture implicites pour les autres devises sont indiqués dans la section «Mise à jour sur les coûts de couverture de change». Ces coûts sont encore remontés, de concert avec la hausse des taux d’intérêt en réaction à l’inflation.
Les rendements sur distribution s’élèvent à 0,58% sur le trimestre, à 2,26% sur 12 mois et à 2,35% sur 3 ans.
Au 30 septembre 2022, le fonds affichait la meilleure performance depuis 14 ans, avec des rendements sur 5 ans, 7 ans,
10 ans et depuis sa création de 7,78%, 7,20%, 7,40%, et 5,90% respectivement, la fourchette visée pour le GREFS étant de 5 à 7% sur un cycle de marché. La performance historique sur 5 ans de la classe d’actions I-12-dist USD est de 9,68%, soulignant l’impact de la couverture de change.

### Principaux repères du trimestre
En juillet, le GREFS a reçu des appels de capitaux d’un fonds d’installations de santé australien, d’un fonds résidentiel européen, de deux fonds industriels australien et étatsunien, de trois fonds industriel, alternatif et équilibré étatsuniens pour des montants de 18 500 000 AUD, 1 719 362 EUR, 16 935 852 AUD, 11 500 000 USD, 2 175 000 USD et 3 390 000 USD respectivement. Le
fonds a aussi reçu des distributions de capital d’un co-investissement de santé et d’un fonds industriel étatsunien à hauteur de 77 258 USD et 515 504 USD.
En août, le fonds a reçu un remboursement de 49 156 343 EUR d’un fonds équilibré européen. De plus, le GREFS a reçu une distribution de capital de 49 208 401 JPY d’un fonds résidentiel japonais. Enfin, le gérant du fonds a négocié la libération partielle d’un engagement en suspens de 4 666 998 EUR d’un fonds résidentiel européen.
Au cours du dernier mois du trimestre, le GREFS a reçu des appels de capital d’un fonds équilibré APAC, d’un fonds résidentiel européen, d’un autre fonds équilibré APAC et d’un fonds d’installations scientifiques britannique à hauteur de
10 511 551 USD, 2 077 562 EUR, 198 056 USD et 26 405 580 GBP, respectivement. En outre, le fonds a reçu le produit deremboursements partiels de trois fonds équilibrés étatsuniens, pour des montants de 7 500 000 USD, 23 430 345 USD et
9 212 656 USD. Enfin, le GREFS a cédé sur le marché secondaire des parts d’un fonds de surfaces de détail européen et d’un fonds industriel australien, pour 22 130 909 EUR et 55 719 554 AUD.