# UBS (Lux) Equity SICAV
– European Opportunity Unconstrained (EUR)
| Most important figures |  |
| --- | --- |
|  | ISIN | 30.11.2019 | 31.5.2019 | 31.5.2018 |
| Net assets in EUR |  | 734 829 577.75 | 707 630 482.86 | 971 496 633.23 |
| Class I-A1-acc | LU0549584471 |  |  |  |
| Shares outstanding |  | 55 817.0000 | 30 092.0000 | 176 093.0260 |
| Net asset value per share in EUR |  | 168.70 | 153.38 | 143.46 |
| Issue and redemption price per share in EUR 1 |  | 168.70 | 153.30 | 143.33 |
| Class (USD hedged) I-A1-acc | LU1195740300 |  |  |  |
| Shares outstanding |  | 7 680.7500 | 7 714.8910 | 2 461.5000 |
| Net asset value per share in USD |  | 130.64 | 117.31 | 106.75 |
| Issue and redemption price per share in USD 1 |  | 130.64 | 117.25 | 106.65 |
| Class I-A2-acc 2 | LU1952145495 |  |  |  |
| Shares outstanding |  | 156 759.5290 | 169 377.6230 | - |
| Net asset value per share in EUR |  | 114.24 | 103.84 | - |
| Issue and redemption price per share in EUR 1 |  | 114.24 | 103.79 | - |
| Class I-A3-acc | LU1246874546 |  |  |  |
| Shares outstanding |  | 5 598.0000 | 7 784.0000 | 68 930.0000 |
| Net asset value per share in EUR |  | 119.57 | 108.66 | 101.55 |
| Issue and redemption price per share in EUR 1 |  | 119.57 | 108.61 | 101.46 |
| Class I-B-acc | LU0971305403 |  |  |  |
| Shares outstanding |  | 10 926.8970 | 11 062.5420 | 68 309.2890 |
| Net asset value per share in EUR |  | 177.13 | 160.34 | 148.69 |
| Issue and redemption price per share in EUR 1 |  | 177.13 | 160.26 | 148.56 |
| Class (USD hedged) I-B-acc | LU0979669156 |  |  |  |
| Shares outstanding |  | 12 346.3890 | 12 513.6770 | 12 513.6770 |
| Net asset value per share in USD |  | 192.88 | 172.42 | 155.52 |
| Issue and redemption price per share in USD 1 |  | 192.88 | 172.33 | 155.38 |
| Class I-X-acc | LU1001700605 |  |  |  |
| Shares outstanding |  | 66 078.1720 | 68 802.3920 | 6 827.9330 |
| Net asset value per share in EUR |  | 173.44 | 156.95 | 145.44 |
| Issue and redemption price per share in EUR 1 |  | 173.44 | 156.87 | 145.31 |
| Class K-1-acc | LU0999556193 |  |  |  |
| Shares outstanding |  | 6.5000 | 7.4000 | 9.1000 |
| Net asset value per share in EUR |  | 5 021 513.41 | 4 574 500.82 | 4 296 173.26 |
| Issue and redemption price per share in EUR 1 |  | 5 021 513.41 | 4 572 213.57 | 4 292 306.15 |
| Class (USD hedged) K-1-acc | LU1032634336 |  |  |  |
| Shares outstanding |  | 0.8000 | 0.8000 | 1.6000 |
| Net asset value per share in USD |  | 7 951 222.90 | 7 153 483.25 | 6 534 427.69 |
| Issue and redemption price per share in USD 1 |  | 7 951 222.90 | 7 149 906.51 | 6 528 545.86 |
| Class N-acc | LU0815274740 |  |  |  |
| Shares outstanding |  | 71 022.8290 | 83 113.1340 | 131 975.7520 |
| Net asset value per share in EUR |  | 186.96 | 171.34 | 162.86 |
| Issue and redemption price per share in EUR 1 |  | 186.96 | 171.25 | 162.71 |
| Class P-acc | LU0723564463 |  |  |  |
| Shares outstanding |  | 1 285 755.3680 | 1 492 870.0090 | 2 127 220.5140 |
| Net asset value per share in EUR |  | 220.23 | 201.37 | 190.52 |
| Issue and redemption price per share in EUR 1 |  | 220.23 | 201.27 | 190.35 |
| Class (AUD hedged) P-acc 3 | LU1017644862 |  |  |  |
| Shares outstanding |  | - | 27 698.8460 | 56 997.5360 |
| Net asset value per share in AUD |  | - | 150.36 | 138.92 |
| Issue and redemption price per share in AUD 1 |  | - | 150.28 | 138.79 |
| Class (CHF hedged) P-acc | LU1031038273 |  |  |  |
| Shares outstanding |  | 37 192.2160 | 50 766.0980 | 72 771.9290 |
| Net asset value per share in CHF |  | 136.91 | 125.44 | 119.13 |
| Issue and redemption price per share in CHF 1 |  | 136.91 | 125.38 | 119.02 |
| Class (GBP hedged) P-acc | LU1185964712 |  |  |  |
| Shares outstanding |  | 16 416.3670 | 18 652.6010 | 49 267.2730 |
| Net asset value per share in GBP |  | 120.99 | 110.18 | 103.19 |
| Issue and redemption price per share in GBP 1 |  | 120.99 | 110.12 | 103.10 |
| Class (HKD hedged) P-acc 4 | LU1209147237 |  |  |  |
| Shares outstanding |  | - | - | 18 122.6260 |
| Net asset value per share in HKD |  | - | - | 946.93 |
| Issue and redemption price per share in HKD 1 |  | - | - | 946.08 |
| Class (RMB hedged) P-acc 3 | LU1017648186 |  |  |  |
| Shares outstanding |  | - | 2 703.6180 | 10 049.3970 |
| Net asset value per share in CNH |  | - | 1 610.77 | 1 473.14 |
| Issue and redemption price per share in CNH 1 |  | - | 1 609.96 | 1 471.81 |

UBS (Lux) Equity SICAV – European Opportunity Unconstrained (EUR) Semi-Annual Report as of 30 November 2019
|  | ISIN | 30.11.2019 | 31.5.2019 | 31.5.2018 |
| --- | --- | --- | --- | --- |
|  |  |  |  |  |
| Class (SEK) P-acc | LU1036032347 |  |  |  |
| Shares outstanding |  | 631 676.6570 | 637 180.3810 | 687 682.7610 |
| Net asset value per share in SEK |  | 1 211.70 | 1 113.30 | 1 023.91 |
| Issue and redemption price per share in SEK 1 |  | 1 211.70 | 1 112.74 | 1 022.99 |
| Class (SGD hedged) P-acc | LU0996708193 |  |  |  |
| Shares outstanding |  | 74 186.6180 | 96 262.2950 | 191 242.3430 |
| Net asset value per share in SGD |  | 166.47 | 150.73 | 139.65 |
| Issue and redemption price per share in SGD 1 |  | 166.47 | 150.65 | 139.52 |
| Class (USD hedged) P-acc | LU0975313742 |  |  |  |
| Shares outstanding |  | 633 448.2940 | 805 068.1190 | 1 659 149.4810 |
| Net asset value per share in USD |  | 173.38 | 156.55 | 144.07 |
| Issue and redemption price per share in USD 1 |  | 173.38 | 156.47 | 143.94 |
| Class Q-acc | LU0848002365 |  |  |  |
| Shares outstanding |  | 229 843.9760 | 215 010.7920 | 364 796.4430 |
| Net asset value per share in EUR |  | 180.38 | 164.09 | 153.68 |
| Issue and redemption price per share in EUR 1 |  | 180.38 | 164.01 | 153.54 |
| Class (CHF hedged) Q-acc | LU1240785128 |  |  |  |
| Shares outstanding |  | 65 468.6470 | 63 707.8300 | 91 772.4860 |
| Net asset value per share in CHF |  | 121.85 | 111.08 | 104.43 |
| Issue and redemption price per share in CHF 1 |  | 121.85 | 111.02 | 104.34 |
| Class (GBP hedged) Q-acc | LU1059394855 |  |  |  |
| Shares outstanding |  | 29 182.6950 | 31 953.4180 | 44 084.7070 |
| Net asset value per share in GBP |  | 157.94 | 143.11 | 132.67 |
| Issue and redemption price per share in GBP 1 |  | 157.94 | 143.04 | 132.55 |
| Class (SEK) Q-acc | LU1240785557 |  |  |  |
| Shares outstanding |  | 1 410.5590 | 1 264.8290 | 1 490.0000 |
| Net asset value per share in SEK |  | 967.99 | 884.93 | 805.60 |
| Issue and redemption price per share in SEK 1 |  | 967.99 | 884.49 | 804.87 |
| Class (USD hedged) Q-acc | LU1059394939 |  |  |  |
| Shares outstanding |  | 101 885.4470 | 101 578.1680 | 106 664.7560 |
| Net asset value per share in USD |  | 165.74 | 148.91 | 135.65 |
| Issue and redemption price per share in USD 1 |  | 165.74 | 148.84 | 135.53 |
| Class U-X-acc | LU0549584711 |  |  |  |
| Shares outstanding | 3 329.6140 | 2 026.6140 | 2 222.7850 |
| Net asset value per share in EUR | 29 641.13 | 26 823.38 | 24 856.33 |
| Issue and redemption price per share in EUR 1 | 29 641.13 | 26 809.97 | 24 833.96 |
| 1  See note 1 2  First NAV: 4.3.2019 3  The share classes (AUD hedged) P-acc and (RMB hedged) P-acc were in circulation until 14.10.2019 4  The share class (HKD hedged) P-acc was in circulation until 20.2.2019 |  |  |  |


## Structure of the Securities Portfolio
Geographical Breakdown as a % of net assets	
France	28.02
Ireland	12.23
Germany	8.46
Italy	7.90
The Netherlands	7.66
Switzerland	6.85
United States	5.58
Finland	3.30
Spain	3.01
United Kingdom	2.73
Norway	2.54
Sweden	2.39
Luxembourg	1.60
South Africa	0.79
Belgium	0.48
Canada	0.43
Denmark	0.24
Total	94.21
Economic Breakdown as a % of net assets	
Banks & credit institutions	10.18
Investment funds	8.79
Insurance	8.41
Food & soft drinks	8.05
Telecommunications	7.92
Building industry & materials	7.36
Chemicals	5.46
Energy & water supply	4.90
Textiles, garments & leather goods	4.13
Internet, software & IT services	3.97
Electronics & semiconductors	2.98
Miscellaneous consumer goods	2.73
Pharmaceuticals, cosmetics & medical products	2.55
Tobacco & alcohol	2.52
Petroleum	2.44
Biotechnology	1.90
Electrical devices & components	1.63
Vehicles	1.51
Miscellaneous services	1.46
Retail trade, department stores	1.31
Finance & holding companies	0.98
Aerospace industry	0.92
Traffic & transportation	0.89
Graphic design, publishing & media	0.79
Precious metals & stones	0.43
Total	94.21
UBS (Lux) Equity SICAV – European Opportunity Unconstrained (EUR)
Semi-Annual Report as of 30 November 2019

## Statement of Net Assets
Assets	30.11.2019
EUR
Investments in securities, cost	625 575 173.21
Investments in securities, unrealized appreciation (depreciation)		66 734 129.78	 Total investments in securities (Note 1)			692 309 302.99
Cash at banks, deposits on demand and deposit accounts	33 538 737.93*
Receivable on securities sales (Note 1)	9 229 535.99
Receivable on subscriptions	91 387.84
Interest receivable on liquid assets	62.16
Receivable on dividends	454 539.34
Other receivables	3 336 665.67
Unrealized gain (loss) on forward foreign exchange contracts (Note 1)	291 551.07
Total Assets	738 678 037.40
Liabilities
Unrealized gain (loss) on Synthetic Equity Swaps (Note 1)	-573 745.59
Bank overdraft	-5 288.76
Interest payable on bank overdraft	-8 213.01
Payable on securities purchases (Note 1)	-2 109 254.45
Payable on redemptions	-964 095.58
Other liabilities	-207 927.30
Provisions for flat fee (Note 2)	-439 465.28
Provisions for taxe d’abonnement (Note 3)	-49 884.22
Provisions for other commissions and fees (Note 2)		-64 331.05		 Total provisions			-553 680.55
Total Liabilities	-3 848 459.65
Net assets at the end of the period	734 829 577.75

## Statement of Operations
Income	1.6.2019-30.11.2019
EUR
Interest on liquid assets	33 756.30
Dividends	3 612 244.99
Income on Synthetic Equity Swaps (Note 1)	3 869 799.35
Income on securities lending (Note 13)	192 757.08
Total income	7 781 400.69
Expenses
Other income (Note 4)	72 842.97
Interest paid on Synthetic Equity Swaps (Note 1)	-4 626 763.85
Flat fee (Note 2)	-5 762 493.80
Taxe d’abonnement (Note 3)	-153 380.96
Cost on securities lending (Note 13)	-77 102.83
Other commissions and fees (Note 2)	-51 900.99
Net income (loss) on investments	-3 075 930.78
Total expenses	-10 857 331.47
Interest on cash and bank overdraft	-185 689.04
Realized gain (loss) (Note 1)
Realized gain (loss) on market-priced securities without options	32 130 391.61
Realized gain (loss) on financial futures	47 949.47
Realized gain (loss) on forward foreign exchange contracts	10 918 338.09
Realized gain (loss) on Synthetic Equity Swaps	8 008 438.51
Total realized gain (loss)	44 540 353.63
Net realized gain (loss) of the period	41 464 422.85
Changes in unrealized appreciation (depreciation) (Note 1)
Realized gain (loss) on foreign exchange	-6 564 764.05
Unrealized appreciation (depreciation) on market-priced securities without options	38 753 998.52
Unrealized appreciation (depreciation) on forward foreign exchange contracts	6 211 479.17
Total changes in unrealized appreciation (depreciation)	28 342 480.22
Net increase (decrease) in net assets as a result of operations	69 806 903.07
Unrealized appreciation (depreciation) on Synthetic Equity Swaps	-16 622 997.47
* As at 30 November 2019, cash amounts serves as collateral for the counterparty Morgan Stanley London for an amount of EUR 750 000.00.
UBS (Lux) Equity SICAV – European Opportunity Unconstrained (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 | 707 630 482.86 |
| Subscriptions | 72 684 003.34 |
| Redemptions | 	-115 291 811.52	 |
| Total net subscriptions (redemptions) | -42 607 808.18 |
| Net income (loss) on investments | -3 075 930.78 |
| Total realized gain (loss) | 44 540 353.63 |
| Total changes in unrealized appreciation (depreciation) | 	28 342 480.22	 |
| Net increase (decrease) in net assets as a result of operations | 69 806 903.07 |
| Net assets at the end of the period | 734 829 577.75 |
| 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 | 30 092.0000 |
| Number of shares issued | 27 330.0000 |
| Number of shares redeemed | -1 605.0000 |
| Number of shares outstanding at the end of the period | 55 817.0000 |
| Class | (USD hedged) I-A1-acc |
| Number of shares outstanding at the beginning of the period | 7 714.8910 |
| Number of shares issued | 0.0000 |
| Number of shares redeemed | -34.1410 |
| Number of shares outstanding at the end of the period | 7 680.7500 |
| Class | I-A2-acc |
| Number of shares outstanding at the beginning of the period | 169 377.6230 |
| Number of shares issued | 11 930.0800 |
| Number of shares redeemed | -24 548.1740 |
| Number of shares outstanding at the end of the period | 156 759.5290 |
| Class | I-A3-acc |
| Number of shares outstanding at the beginning of the period | 7 784.0000 |
| Number of shares issued | 393.0000 |
| Number of shares redeemed | -2 579.0000 |
| Number of shares outstanding at the end of the period | 5 598.0000 |
| Class | I-B-acc |
| Number of shares outstanding at the beginning of the period | 11 062.5420 |
| Number of shares issued | 0.0010 |
| Number of shares redeemed | -135.6460 |
| Number of shares outstanding at the end of the period | 10 926.8970 |
| Class | (USD hedged) I-B-acc |
| Number of shares outstanding at the beginning of the period | 12 513.6770 |
| Number of shares issued | 0.0000 |
| Number of shares redeemed | -167.2880 |
| Number of shares outstanding at the end of the period | 12 346.3890 |
| Class | I-X-acc |
| Number of shares outstanding at the beginning of the period | 68 802.3920 |
| Number of shares issued | 0.0000 |
| Number of shares redeemed | -2 724.2200 |
| Number of shares outstanding at the end of the period | 66 078.1720 |
| Class | K-1-acc |
| Number of shares outstanding at the beginning of the period | 7.4000 |
| Number of shares issued | 0.3000 |
| Number of shares redeemed | -1.2000 |
| Number of shares outstanding at the end of the period | 6.5000 |
| Class | (USD hedged) K-1-acc |
| Number of shares outstanding at the beginning of the period | 0.8000 |
| Number of shares issued | 0.0000 |
| Number of shares redeemed | 0.0000 |
| Number of shares outstanding at the end of the period | 0.8000 |
| Class | N-acc |
| Number of shares outstanding at the beginning of the period | 83 113.1340 |
| Number of shares issued | 4 296.0070 |
| Number of shares redeemed | -16 386.3120 |
| Number of shares outstanding at the end of the period | 71 022.8290 |
| Class | P-acc |
| Number of shares outstanding at the beginning of the period | 1 492 870.0090 |
| Number of shares issued | 32 278.9460 |
| Number of shares redeemed | -239 393.5870 |
| Number of shares outstanding at the end of the period | 1 285 755.3680 |

UBS (Lux) Equity SICAV – European Opportunity Unconstrained (EUR)
Semi-Annual Report as of 30 November 2019
| Class | (AUD hedged) P-acc |
| --- | --- |
| Number of shares outstanding at the beginning of the period | 27 698.8460 |
| Number of shares issued | 0.0000 |
| Number of shares redeemed | -27 698.8460 |
| Number of shares outstanding at the end of the period | 0.0000 |
| Class | (CHF hedged) P-acc |
| Number of shares outstanding at the beginning of the period | 50 766.0980 |
| Number of shares issued | 230.4070 |
| Number of shares redeemed | -13 804.2890 |
| Number of shares outstanding at the end of the period | 37 192.2160 |
| Class | (GBP hedged) P-acc |
| Number of shares outstanding at the beginning of the period | 18 652.6010 |
| Number of shares issued | 0.0000 |
| Number of shares redeemed | -2 236.2340 |
| Number of shares outstanding at the end of the period | 16 416.3670 |
| Class | (RMB hedged) P-acc |
| Number of shares outstanding at the beginning of the period | 2 703.6180 |
| Number of shares issued | 0.0000 |
| Number of shares redeemed | -2 703.6180 |
| Number of shares outstanding at the end of the period | 0.0000 |
| Class | (SEK) P-acc |
| Number of shares outstanding at the beginning of the period | 637 180.3810 |
| Number of shares issued | 21 815.1670 |
| Number of shares redeemed | -27 318.8910 |
| Number of shares outstanding at the end of the period | 631 676.6570 |
| Class | (SGD hedged) P-acc |
| Number of shares outstanding at the beginning of the period | 96 262.2950 |
| Number of shares issued | 0.0000 |
| Number of shares redeemed | -22 075.6770 |
| Number of shares outstanding at the end of the period | 74 186.6180 |
| Class | (USD hedged) P-acc |
| Number of shares outstanding at the beginning of the period | 805 068.1190 |
| Number of shares issued | 2 750.5680 |
| Number of shares redeemed | -174 370.3930 |
| Number of shares outstanding at the end of the period | 633 448.2940 |
| Class | Q-acc |
| Number of shares outstanding at the beginning of the period | 215 010.7920 |
| Number of shares issued | 56 134.1700 |
| Number of shares redeemed | -41 300.9860 |
| Number of shares outstanding at the end of the period | 229 843.9760 |
| Class | (CHF hedged) Q-acc |
| Number of shares outstanding at the beginning of the period | 63 707.8300 |
| Number of shares issued | 8 909.3870 |
| Number of shares redeemed | -7 148.5700 |
| Number of shares outstanding at the end of the period | 65 468.6470 |
| Class | (GBP hedged) Q-acc |
| Number of shares outstanding at the beginning of the period | 31 953.4180 |
| Number of shares issued | 0.0000 |
| Number of shares redeemed | -2 770.7230 |
| Number of shares outstanding at the end of the period | 29 182.6950 |
| Class | (SEK) Q-acc |
| Number of shares outstanding at the beginning of the period | 1 264.8290 |
| Number of shares issued | 145.7300 |
| Number of shares redeemed | 0.0000 |
| Number of shares outstanding at the end of the period | 1 410.5590 |
| Class | (USD hedged) Q-acc |
| Number of shares outstanding at the beginning of the period | 101 578.1680 |
| Number of shares issued | 11 293.8360 |
| Number of shares redeemed | -10 986.5570 |
| Number of shares outstanding at the end of the period | 101 885.4470 |
| Class | U-X-acc |
| Number of shares outstanding at the beginning of the period | 2 026.6140 |
| Number of shares issued | 1 500.0000 |
| Number of shares redeemed | -197.0000 |
| Number of shares outstanding at the end of the period | 3 329.6140 |

UBS (Lux) Equity SICAV – European Opportunity Unconstrained (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 |  |  |  |
| Canada |  |  |  |
| CAD	IVANHOE MINES LTD COM NPV CL’A’ | 1 336 150.00 | 3 193 195.05 | 0.43 |
| Total Canada |  | 3 193 195.05 | 0.43 |
| Denmark |  |  |  |
| DKK	ORSTED A/S DKK10 | 20 727.00 | 1 733 801.77 | 0.24 |
| Total Denmark |  | 1 733 801.77 | 0.24 |
| France |  |  |  |
| EUR	AIR LIQUIDE(L’) EUR5.5 (POST-SUBDIVISION) | 109 496.00 | 13 473 482.80 | 1.83 |
| EUR	AIRBUS EUR1 | 50 783.00 | 6 774 452.20 | 0.92 |
| EUR	AXA EUR2.29 | 554 958.00 | 13 704 687.81 | 1.86 |
| EUR	BNP PARIBAS EUR2 | 364 169.00 | 18 561 693.93 | 2.53 |
| EUR	BOUYGUES EUR1 | 247 505.00 | 9 177 485.40 | 1.25 |
| EUR	CGG EUR0.01 | 1 569 712.00 | 3 735 914.56 | 0.51 |
| EUR	CREDIT AGRICOLE SA EUR3 | 511 182.00 | 6 346 324.53 | 0.86 |
| EUR	DANONE EUR0.25 | 287 662.00 | 21 494 104.64 | 2.93 |
| EUR	EIFFAGE EUR4 | 119 684.00 | 11 860 684.40 | 1.61 |
| EUR	KERING EUR4 | 17 623.00 | 9 634 494.10 | 1.31 |
| EUR	LEGRAND SA EUR4 | 167 228.00 | 11 986 903.04 | 1.63 |
| EUR	LVMH MOET HENNESSY EUR0.30 | 49 347.00 | 20 099 033.10 | 2.74 |
| EUR	PERNOD RICARD EUR1.55 | 111 082.00 | 18 517 369.40 | 2.52 |
| EUR	PEUGEOT SA EUR1 | 211 834.00 | 4 643 401.28 | 0.63 |
| EUR	SAFRAN EUR0.20 | 125 169.00 | 18 581 338.05 | 2.53 |
| EUR	SARTORIUS STEDIM B EUR0.20 (POST SUBD) | 42 682.00 | 6 150 476.20 | 0.84 |
| EUR	TELEPERFORMANCE EUR2.50 | 51 890.00 | 11 156 350.00 | 1.52 |
| Total France |  | 205 898 195.44 | 28.02 |
| Germany |  |  |  |
| EUR	CANCOM SE NPV | 86 552.00 | 4 652 170.00 | 0.63 |
| EUR	HEIDELBERGCEMENT NPV | 98 831.00 | 6 631 560.10 | 0.90 |
| EUR	RWE AG (NEU) NPV | 378 133.00 | 10 175 559.03 | 1.38 |
| EUR	WESTWING GROUP AG NPV (BR) | 25 069.00 | 109 551.53 | 0.02 |
| Total Germany |  | 21 568 840.66 | 2.93 |
| Italy |  |  |  |
| EUR	TELECOM ITALIA SPA DI RISP EUR0.55 | 32 837 883.00 | 18 356 376.60 | 2.50 |
| Total Italy |  | 18 356 376.60 | 2.50 |
| Luxembourg |  |  |  |
| EUR	EUROFINS SCIENTIFI EUR0.10 | 3 854.00 | 1 836 816.40 | 0.25 |
| Total Luxembourg |  | 1 836 816.40 | 0.25 |
| The Netherlands |  |  |  |
| EUR	SHOP APOTHEKE EURO NPV | 186 705.00 | 7 169 472.00 | 0.98 |
| EUR	VOPAK(KON) EUR0.50 | 135 930.00 | 6 577 652.70 | 0.89 |
| Total The Netherlands |  | 13 747 124.70 | 1.87 |
| Spain |  |  |  |
| EUR	GRIFOLS SA EUR0.25 (CLASS A) POST SUBD | 451 568.00 | 14 003 123.68 | 1.91 |
| EUR	IBERDROLA SA EUR0.75 (POST SUBDIVISION) | 909 313.00 | 8 118 346.46 | 1.10 |
| Total Spain |  | 22 121 470.14 | 3.01 |
| Sweden |  |  |  |
| SEK	LUNDIN PETROLEUM A NPV | 267 344.00 | 7 477 549.74 | 1.02 |
| Total Sweden |  | 7 477 549.74 | 1.02 |
| United Kingdom |  |  |  |
| EUR	UNILEVER EUR0.16 | 372 827.00 | 20 058 092.60 | 2.73 |
| Total United Kingdom |  | 20 058 092.60 | 2.73 |
| Total Bearer shares |  | 315 991 463.10 | 43.00 |
| Other shares |  |  |  |
| Switzerland |  |  |  |
| CHF	ROCHE HLDGS AG GENUSSCHEINE NPV | 45 095.00 | 12 613 204.02 | 1.72 |
| Total Switzerland |  | 12 613 204.02 | 1.72 |
| Total Other shares |  | 12 613 204.02 | 1.72 |
| Preference shares |  |  |  |
| Germany |  |  |  |
| EUR	VOLKSWAGEN AG NON VTG PRF NPV | 36 832.00 | 6 463 279.36 | 0.88 |
| Total Germany |  | 6 463 279.36 | 0.88 |
| Total Preference shares |  | 6 463 279.36 | 0.88 |

UBS (Lux) Equity SICAV – European Opportunity Unconstrained (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) |  |
| Registered shares |  |  |  |
| Belgium |  |  |  |
| EUR	KBC GROUP NV NPV | 52 957.00 | 3 502 575.98 | 0.48 |
| Total Belgium |  | 3 502 575.98 | 0.48 |
| Finland |  |  |  |
| SEK	NORDEA HOLDING ABP NPV | 921 828.00 | 5 924 398.03 | 0.81 |
| EUR	SAMPO OYJ SER’A’NPV | 499 184.00 | 18 320 052.80 | 2.49 |
| Total Finland |  | 24 244 450.83 | 3.30 |
| Germany |  |  |  |
| EUR	ALLIANZ SE NPV(REGD)(VINKULIERT) | 87 075.00 | 18 925 751.25 | 2.58 |
| EUR	BAYER AG NPV (REGD) | 63 608.00 | 4 369 869.60 | 0.59 |
| EUR	MUENCHENER RUECKVE NPV(REGD) | 41 687.00 | 10 863 632.20 | 1.48 |
| Total Germany |  | 34 159 253.05 | 4.65 |
| Ireland |  |  |  |
| USD	ACCENTURE PLC SHS CL A ‘NEW’ | 48 721.00 | 8 893 151.15 | 1.21 |
| EUR	CRH ORD EUR0.32 | 459 036.00 | 15 942 320.28 | 2.17 |
| EUR	KINGSPAN GROUP ORD EUR0.13(DUBLIN LISTING) | 213 482.00 | 10 443 539.44 | 1.42 |
| Total Ireland |  | 35 279 010.87 | 4.80 |
| Italy |  |  |  |
| EUR	ENEL EUR1 | 2 579 553.00 | 17 685 415.37 | 2.41 |
| EUR	MEDIOBANCA SPA EUR0.5 | 1 158 512.00 | 11 758 896.80 | 1.60 |
| EUR	MONCLER SPA NPV | 257 337.00 | 10 234 292.49 | 1.39 |
| Total Italy |  | 39 678 604.66 | 5.40 |
| The Netherlands |  |  |  |
| EUR	ASML HOLDING NV EUR0.09 | 88 624.00 | 21 890 128.00 | 2.98 |
| EUR	KONINKLIJKE DSM NV EUR1.5 | 122 073.00 | 14 197 089.90 | 1.93 |
| EUR	PROSUS N.V. EUR0.05 | 104 104.00 | 6 440 914.48 | 0.88 |
| Total The Netherlands |  | 42 528 132.38 | 5.79 |
| Norway |  |  |  |
| NOK	ADEVINTA ASA SER’B’NOK0.2 | 198 243.00 | 1 874 175.86 | 0.25 |
| NOK	DNB ASA NOK10 | 778 147.00 | 11 862 435.05 | 1.61 |
| NOK	EQUINOR ASA NOK2.50 | 296 654.00 | 4 960 542.08 | 0.68 |
| Total Norway |  | 18 697 152.99 | 2.54 |
| Sweden |  |  |  |
| SEK	TELE2 AB SHS | 752 560.00 | 10 075 249.48 | 1.37 |
| Total Sweden |  | 10 075 249.48 | 1.37 |
| Switzerland |  |  |  |
| CHF	NESTLE SA CHF0.10(REGD) | 399 561.00 | 37 683 100.14 | 5.13 |
| Total Switzerland |  | 37 683 100.14 | 5.13 |
| United States |  |  |  |
| USD	AIR PRODS & CHEMS COM USD1 | 37 804.00 | 8 072 350.59 | 1.10 |
| USD	MASTERCARD INC COM USD0.0001 CLASS ‘A’ | 63 796.00 | 16 879 382.44 | 2.30 |
| USD	MICROSOFT CORP COM USD0.0000125 | 116 842.00 | 16 064 980.23 | 2.18 |
| Total United States |  | 41 016 713.26 | 5.58 |
| Total Registered shares |  | 286 864 243.64 | 39.04 |
| Depository receipts |  |  |  |
| South Africa |  |  |  |
| USD	NASPERS SPON ADR EACH REP 0.2 ORD | 224 500.00 | 5 813 055.51 | 0.79 |
| Total South Africa | 5 813 055.51 | 0.79 |
| Total Depository receipts | 5 813 055.51 | 0.79 |
| Total Transferable securities and money market instruments listed on an official stock exchange | 627 745 245.63 | 85.43 |
| UCITS/Other UCIs in accordance with Article 41 (1) e) of the amended Luxembourg law of 17 December 2010 |  |  |
| Investment funds, open end |  |  |
| Ireland |  |  |
| EUR	UBS (IRL) INVESTOR SELECTION PLC - EQUITY OPPORT L/S FD-I-B	338 014.45 | 54 448 618.26 | 7.41 |
| EUR	UBS (IRL) SELECT MONEY MARKET FUND-EUR-S-DIST	17.16 | 170 934.11 | 0.02 |
| Total Ireland | 54 619 552.37 | 7.43 |
| Luxembourg |  |  |
| USD	UBS (LUX) EQUITY SICAV - GLOB OPPORT UNCONST USD-U-X-ACC	748.22 | 9 944 504.99 | 1.35 |
| Total Luxembourg | 9 944 504.99 | 1.35 |
| Total Investment funds, open end | 64 564 057.36 | 8.78 |
| Total UCITS/Other UCIs in accordance with Article 41 (1) e) of the amended Luxembourg law of 17 December 2010 | 64 564 057.36 | 8.78 |
| Total investments in securities | 692 309 302.99 | 94.21 |

UBS (Lux) Equity SICAV – European Opportunity Unconstrained (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) |  |


## Derivative instruments
Derivative instruments not listed on an official stock exchange and not traded on another regulated market
Synthetic Equity Swaps*
| GBP | MORGAN STANLEY/KINGFISHER ORD (SYNTHETIC EQUITY SWAP) | -1 558 900.00 | -16 249.58 | 0.00 |
| --- | --- | --- | --- | --- |
| GBP | MORGAN STANLEY/RECKITT BENCKISER GRP (SYNTHETIC EQUITY SWAP) | 180 576.00 | 216 077.05 | 0.03 |
| GBP | MORGAN STANLEY/PRUDENTIAL ORD (SYNTHETIC EQUITY SWAP) | 433 662.00 | 177 906.33 | 0.02 |
| EUR | MORGAN STANLEY/OUTOKUMPU NPV (SYNTHETIC EQUITY SWAP) | -1 060 830.00 | -65 771.46 | -0.01 |
| EUR | MORGAN STANLEY/EDF (SYNTHETIC EQUITY SWAP) | -393 307.00 | -26 188.10 | 0.00 |
| EUR | MORGAN STANLEY/STOCKMANN OYJ-B (SYNTHETIC EQUITY SWAP) | -329 774.00 | 28 030.79 | 0.00 |
| GBP | MORGAN STANLEY/ASTRAZENECA (SYNTHETIC EQUITY SWAP) | 339 571.00 | -171 296.11 | -0.02 |
| EUR | MORGAN STANLEY/GERRESHEIMER AG (SYNTHETIC EQUITY SWAP) | -30 668.00 | -11 499.45 | 0.00 |
| SEK | MORGAN STANLEY/BILLERUDKORSNAS AB NPV(SYNTHETIC EQUITY SWAP) | -408 796.00 | 245 177.32 | 0.03 |
| GBP | MORGAN STANLEY/RIO TINTO PLC (SYNTHETIC EQUITY SWAP) | 110 270.00 | 242 553.25 | 0.03 |
| GBP | MORGAN STANLEY/TRAVIS PERKINS PLC (SYNTHETIC EQUITY SWAP) | -83 176.00 | -103 919.27 | -0.01 |
| EUR | MORGAN STANLEY/SCHNEIDER ELECTRIC SA (SYNTHETIC EQUITY SWAP) | 181 308.00 | 786 876.72 | 0.11 |
| EUR | MORGAN STANLEY/TELECOM ITALIA SPA (SYNTHETIC EQUITY SWAP) | -30 349 764.00 | -1 320 214.73 | -0.18 |
| EUR | MORGAN STANLEY/VISCOFAN SA (SYNTHETIC EQUITY SWAP) | -36 572.00 | 8 777.28 | 0.00 |
| GBP | MORGAN STANLEY/DS SMITH PLC (SYNTHETIC EQUITY SWAP) | -684 190.00 | -194 240.83 | -0.03 |
| SEK | MORGAN STANLEY/HUSQVARNA AB SER’B’NPV(SYNTHETIC EQUITY SWAP) | -807 644.00 | -33 968.97 | 0.00 |
| GBP | MORGAN STANLEY/BP ORD (SYNTHETIC EQUITY SWAP) | 3 848 320.00 | -410 828.93 | -0.06 |
| EUR | MORGAN STANLEY/SUEDZUCKER (SYNTHETIC EQUITY SWAP) | -72 757.00 | -80 854.85 | -0.01 |
| EUR | MORGAN STANLEY/SALZGITTER AG (SYNTHETIC EQUITY SWAP) | -45 450.00 | -78 174.00 | -0.01 |
| DKK | MORGAN STANLEY/CHR HANSEN HOLDING (SYNTHETIC EQUITY SWAP) | -110 650.00 | -2 311.67 | 0.00 |
| GBP | MORGAN STANLEY/NEXT PLC (SYNTHETIC EQUITY SWAP) | 114 983.00 | 237 407.67 | 0.03 |
| EUR | MORGAN STANLEY/VINCI SA (SYNTHETIC EQUITY SWAP) | 50 589.00 | -51 529.96 | -0.01 |
| EUR | MORGAN STANLEY/DEUTSCHE BANK AG-REG (SYNTHETIC EQUITY SWAP) | -740 392.00 | -3 489.02 | 0.00 |
| EUR | MORGAN STANLEY/FUGRO CERT (SYNTHETIC EQUITY SWAP) | -345 507.00 | -154 787.14 | -0.02 |
| EUR | MORGAN STANLEY/SGL CARBON SE (SYNTHETIC EQUITY SWAP) | -145 742.00 | -27 982.46 | 0.00 |
| EUR | MORGAN STANLEY/AIR FRANCE (SYNTHETIC EQUITY SWAP) | -164 200.00 | -821.00 | 0.00 |
| EUR | MORGAN STANLEY/ZARDOYA-OTIS EUR0.10(SYNTHETIC EQUITY SWAP) | -688 553.00 | -110 168.48 | -0.01 |
| EUR | MORGAN STANLEY/CECONOMY AG ORD NPV (SYNTHETIC EQUITY SWAP) | -216 937.00 | -13 522.72 | 0.00 |
| EUR | MORGAN STANLEY/SAP AG (SYNTHETIC EQUITY SWAP) | 212 593.00 | 912 351.14 | 0.12 |
| EUR | MORGAN STANLEY/REXEL (SYNTHETIC EQUITY SWAP) | -148 915.00 | 3 722.88 | 0.00 |
| SEK | MORGAN STANLEY/RATOS AB (SYNTHETIC EQUITY SWAP) | -822 006.00 | -685 378.03 | -0.09 |
| DKK | MORGAN STANLEY/H.LUNDBECK (SYNTHETIC EQUITY SWAP) | -155 919.00 | -653 170.19 | -0.09 |
| GBP | MORGAN STANLEY/WPP PLC (SYNTHETIC EQUITY SWAP) | -263 773.00 | -100 822.38 | -0.01 |
| EUR | MORGAN STANLEY/ILIAD NPV (SYNTHETIC EQUITY SWAP) | -17 400.00 | -395 850.00 | -0.05 |
| GBP | MORGAN STANLEY/ITV ORD GBP0.10 (SYNTHETIC EQUITY SWAP) | -2 230 045.00 | -296 932.64 | -0.04 |
| EUR | MORGAN STANLEY/TELEFONICA SA (SYNTHETIC EQUITY SWAP) | -315 500.00 | -45 148.05 | -0.01 |
| GBP | MORGAN STANLEY/LONDON STOCK EXCH ORD (SYNTHETIC EQUITY SWAP) | 140 050.00 | -134 724.14 | -0.02 |
| GBP | MORGAN STANLEY/SMITH & NEPHEW (SYNTHETIC EQUITY SWAP) | 252 333.00 | 232 376.48 | 0.03 |
| SEK | MORGAN STANLEY/SWEDBANK AB SER’A’NPV(SYNTHETIC EQUITY SWAP) | -438 532.00 | 442 331.36 | 0.06 |
| TRY | MORGAN STANLEY/HACI OMER SABANCI TRY1(SYNTHETIC EQUITY SWAP) | -1 840 100.00 | -241 170.90 | -0.03 |
| GBP | MORGAN STANLEY/TALK TALK TELECOM (SYNTHETIC EQUITY SWAP) | -2 024 431.00 | 104 268.98 | 0.01 |
| DKK | MORGAN STANLEY/NOVOZYMES A/S SER’B’ (SYNTHETIC EQUITY SWAP) | 166 475.00 | 71 697.59 | 0.01 |
| CHF | MORGAN STANLEY/DUFRY AG CHF5(SYNTHETIC EQUITY SWAP) | -98 999.00 | -1 078 143.20 | -0.15 |
| GBP | MORGAN STANLEY/GREGGS ORD(SYNTHETIC EQUITY SWAP) | -197 574.00 | -709 250.52 | -0.10 |
| EUR | MORGAN STANLEY/HUGO BOSS AG NPV (SYNTHETIC EQUITY SWAP) | -17 831.00 | -89 689.93 | -0.01 |
| GBP | MORGAN STANLEY/SOUTH32 LTD NPV(SYNTHETIC EQUITY SWAP) | -1 854 005.00 | -103 095.02 | -0.01 |
| GBP | MORGAN STANLEY/ADMIRAL GROUP ORD (SYNTHETIC EQUITY SWAP) | 61 883.00 | 85 664.68 | 0.01 |
| GBP | MORGAN STANLEY/MARKS & SPENCER (SYNTHETIC EQUITY SWAP) | -2 253 660.00 | -342 698.14 | -0.05 |
| GBP | MORGAN STANLEY/ROYAL DUTCH SHELL ‘B’(SYNTHETIC EQUITY SWAP) | 504 266.00 | -168 598.22 | -0.02 |
| NOK | MORGAN STANLEY/PGS ASA (SYNTHETIC EQUITY SWAP) | -1 565 583.00 | -10 021.45 | 0.00 |
| DKK | MORGAN STANLEY/NOVO-NORDISK AS (SYNTHETIC EQUITY SWAP) | 306 438.00 | 259 922.32 | 0.04 |
| EUR | MORGAN STANLEY/ALTICE NV(SYNTHETIC EQUITY SWAP) | -153 779.00 | -43 365.68 | -0.01 |
| GBP | MORGAN STANLEY/BEAZLEY PLC (SYNTHETIC EQUITY SWAP) | 645 022.00 | -412 400.78 | -0.06 |
| EUR | MORGAN STANLEY/METRO AG (NEW) NPV (SYNTHETIC EQUITY SWAP) | -97 552.00 | -2 438.80 | 0.00 |
| DKK | MORGAN STANLEY/VESTAS WIND SYSTEM(SYNTHETIC EQUITY SWAP) | -22 530.00 | -297 317.92 | -0.04 |
| DKK | MORGAN STANLEY/PANDORA A/S (SYNTHETIC EQUITY SWAP) | -36 074.00 | 272 305.48 | 0.04 |
| EUR | MORGAN STANLEY/PROSIEBENSAT1 MED. NPV(SYNTHETIC EQUITY SWAP) | -159 649.00 | -59 070.13 | -0.01 |
| EUR | MORGAN STANLEY/CASINO GUICH-PERR (SYNTHETIC EQUITY SWAP) | -86 295.00 | 727 466.85 | 0.10 |
| DKK | MORGAN STANLEY/ISS A/S(SYNTHETIC EQUITY SWAP) | -255 469.00 | 538 922.49 | 0.07 |
| CHF | MORGAN STANLEY/NOVARTIS AG (SYNTHETIC EQUITY SWAP) | 324 071.00 | 1 755 815.57 | 0.24 |
| EUR | MORGAN STANLEY/HAPAG-LLOYD AG (SYNTHETIC EQUITY SWAP) | -52 513.00 | -420 104.00 | -0.06 |
| CHF | MORGAN STANLEY/ZURICH INSURANCE GRP (SYNTHETIC EQUITY SWAP) | 42 745.00 | 194 401.73 | 0.03 |
| CHF | MORGAN STANLEY/SIKA AG (SYNTHETIC EQUITY SWAP) | 61 340.00 | 253 290.89 | 0.03 |
| EUR | MORGAN STANLEY/ZOOPLUS AG NPV (SYNTHETIC EQUITY SWAP) | -20 019.00 | 162 153.90 | 0.02 |
| GBP | MORGAN STANLEY/PETS AT HOME GROUP (SYNTHETIC EQUITY SWAP) | -936 956.00 | -503 423.08 | -0.07 |
| GBP | MORGAN STANLEY/FEVERTREE DRINKS ORD (SYNTHETIC EQUITY SWAP) | -153 389.00 | -611 416.45 | -0.08 |
| EUR | MORGAN STANLEY/ARCELORMITTAL NPV (SYNTHETIC EQUITY SWAP) | -161 062.00 | -370 120.48 | -0.05 |
| GBP | MORGAN STANLEY/BRITVIC ORD (SYNTHETIC EQUITY SWAP) | 595 610.00 | -126 965.23 | -0.02 |
| GBP | MORGAN STANLEY/SOFTCAT PLC ORD (SYNTHETIC EQUITY SWAP) | 477 708.00 | 1 039 572.72 | 0.14 |
| GBP | MORGAN STANLEY/PAGEGROUP PLC (SYNTHETIC EQUITY SWAP) | 638 334.00 | 271 084.69 | 0.04 |
| EUR | MORGAN STANLEY/EUTELSAT COMMUNICA (SYNTHETIC EQUITY SWAP) | -241 980.00 | 275 148.95 | 0.04 |
| GBP | MORGAN STANLEY/MORRISON(W)SUPRMKT (SYNTHETIC EQUITY SWAP) | -758 132.00 | 8 698.59 | 0.00 |
| EUR | MORGAN STANLEY/UNIBAIL-RODAMCO-WE NPV (SYNTHETIC EQUITY SWAP) | -41 478.00 | -134 803.50 | -0.02 |
| EUR | MORGAN STANLEY/FUCHS PETROLUB SE NON-VTG PRF NP (SYNTHETIC EQUITY SWAP) | -94 775.00 | -87 193.00 | -0.01 |
| DKK | MORGAN STANLEY/AMBU A/S SER’B’ (SYNTHETIC EQUITY SWAP) | -248 750.00 | -399 509.69 | -0.05 |
| EUR | MORGAN STANLEY/KNORR BREMSE (SYNTHETIC EQUITY SWAP) | -43 743.00 | 42 551.22 | 0.01 |
| EUR | MORGAN STANLEY/KONINKLIJKE PHILIPS (SYNTHETIC EQUITY SWAP) | 445 856.00 | 1 281 836.00 | 0.17 |
| EUR | MORGAN STANLEY/SIEMENS GAMESA RENEWA (SYNTHETIC EQUITY SWAP) | -351 693.00 | -726 363.19 | -0.10 |
| EUR | MORGAN STANLEY/POSTNL NV (SYNTHETIC EQUITY SWAP) | -1 445 274.00 | 139 299.24 | 0.02 |
| EUR | MORGAN STANLEY/BANKIA S.A (SYNTHETIC EQUITY SWAP) | -1 610 860.00 | 80 865.17 | 0.01 |

* Positive nominal: the subfund is “Receiver”, negative nominal: the subfund is “Payer”.
UBS (Lux) Equity SICAV – European Opportunity Unconstrained (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 | MORGAN STANLEY/K&S AG NPV (SYNTHETIC EQUITY SWAP) | -345 883.00 | 379 819.70 | 0.05 |
| EUR | MORGAN STANLEY/WERELDHAVE NV (SYNTHETIC EQUITY SWAP) | -69 137.00 | -26 619.74 | 0.00 |
| EUR | MORGAN STANLEY/ARCADIS NV (SYNTHETIC EQUITY SWAP) | -117 059.00 | -54 153.93 | -0.01 |
| EUR | MORGAN STANLEY/ANIMA HOLDING SPA (SYNTHETIC EQUITY SWAP) | 801 798.00 | 207.44 | 0.00 |
| DKK | MORGAN STANLEY/GENMAB AS (SYNTHETIC EQUITY SWAP) | 57 729.00 | 155 449.08 | 0.02 |
| Total Synthetic Equity Swaps | -573 745.59 | -0.08 |
| Total Derivative instruments not listed on an official stock exchange and not traded on another regulated market | -573 745.59 | -0.08 |
| Total Derivative instruments | -573 745.59 | -0.08 |
| Forward Foreign Exchange contracts |  |  |
| Forward Foreign Exchange contracts (Purchase/Sale) |  |  |

| EUR | 14 688 147.53 | SEK | 156 640 000.00 | 19.12.2019 | -150 788.75 | -0.02 |
| --- | --- | --- | --- | --- | --- | --- |
| CHF | 23 080 000.00 | EUR | 21 150 974.06 | 19.12.2019 | -200 565.62 | -0.03 |
| CHF | 12 858 100.00 | EUR | 11 783 420.26 | 19.12.2019 | -111 737.13 | -0.02 |
| USD | 133 636 800.00 | EUR | 121 030 395.08 | 19.12.2019 | -1 205.69 | 0.00 |
| EUR | 7 426 619.33 | ZAR | 121 670 000.00 | 19.12.2019 | -73 694.70 | -0.01 |
| GBP | 159 005 000.00 | EUR | 185 547 365.02 | 19.12.2019 | 868 799.90 | 0.12 |
| SGD | 12 047 100.00 | EUR | 8 010 384.49 | 19.12.2019 | -30 443.87 | 0.00 |
| GBP | 6 695 400.00 | EUR | 7 813 048.82 | 19.12.2019 | 36 583.52 | 0.01 |
| EUR | 7 295 434.70 | TRY | 46 790 000.00 | 19.12.2019 | -46 255.85 | -0.01 |
| EUR | 32 004.80 | CHF | 35 000.00 | 19.12.2019 | 234.25 | 0.00 |
| EUR | 351 216.96 | USD | 389 900.00 | 19.12.2019 | -1 898.96 | 0.00 |
| USD | 1 393 400.00 | EUR | 1 257 387.29 | 19.12.2019 | 4 556.07 | 0.00 |
| EUR | 321 078.00 | GBP | 276 400.00 | 19.12.2019 | -2 971.11 | 0.00 |
| EUR | 99 840.33 | CHF | 109 800.00 | 19.12.2019 | 171.58 | 0.00 |
| SGD | 205 900.00 | EUR | 136 885.03 | 19.12.2019 | -497.87 | 0.00 |
| CHF | 199 700.00 | EUR | 181 684.03 | 19.12.2019 | -410.35 | 0.00 |
| GBP | 108 900.00 | EUR | 127 363.51 | 19.12.2019 | 309.96 | 0.00 |
| EUR | 367 704.21 | USD | 404 500.00 | 19.12.2019 | 1 365.69 | 0.00 |
| Total Forward Foreign Exchange contracts (Purchase/Sale) | 291 551.07 | 0.04 |
| Cash at banks, deposits on demand and deposit accounts and other liquid assets | 33 538 737.93* | 4.56 |
| Bank overdraft and other short-term liabilities | -5 288.76 | 0.00 |
| Other assets and liabilities | 9 269 020.11 | 1.27 |
| Total net assets | 734 829 577.75 | 100.00 |
| * As at 30 November 2019, cash amounts serves as collateral for the counterparty Morgan Stanley London for an amount of EUR 750 000.00. |  |  |

UBS (Lux) Equity SICAV – European Opportunity Unconstrained (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