# UBS (Lux) Equity SICAV
– European Opportunity Unconstrained (EUR)
| Three-year comparison |  |
| --- | --- |
|  | ISIN | 31.5.2020 | 31.5.2019 | 31.5.2018 |
| Net assets in EUR |  | 639 920 969.96 | 707 630 482.86 | 971 496 633.23 |
| Class I-A1-acc | LU0549584471 |  |  |  |
| Shares outstanding |  | 114 283.5380 | 30 092.0000 | 176 093.0260 |
| Net asset value per share in EUR |  | 165.86 | 153.38 | 143.46 |
| Issue and redemption price per share in EUR 1 |  | 165.86 | 153.30 | 143.33 |
| Class (USD hedged) I-A1-acc | LU1195740300 |  |  |  |
| Shares outstanding |  | 7 638.2760 | 7 714.8910 | 2 461.5000 |
| Net asset value per share in USD |  | 130.30 | 117.31 | 106.75 |
| Issue and redemption price per share in USD 1 |  | 130.30 | 117.25 | 106.65 |
| Class I-A2-acc 2 | LU1952145495 |  |  |  |
| Shares outstanding |  | 291 568.4970 | 169 377.6230 | - |
| Net asset value per share in EUR |  | 112.34 | 103.84 | - |
| Issue and redemption price per share in EUR 1 |  | 112.34 | 103.79 | - |
| Class I-A3-acc | LU1246874546 |  |  |  |
| Shares outstanding |  | 5 661.0000 | 7 784.0000 | 68 930.0000 |
| Net asset value per share in EUR |  | 117.62 | 108.66 | 101.55 |
| Issue and redemption price per share in EUR 1 |  | 117.62 | 108.61 | 101.46 |
| Class I-B-acc | LU0971305403 |  |  |  |
| Shares outstanding |  | 10 891.9710 | 11 062.5420 | 68 309.2890 |
| Net asset value per share in EUR |  | 174.92 | 160.34 | 148.69 |
| Issue and redemption price per share in EUR 1 |  | 174.92 | 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 |  | 193.25 | 172.42 | 155.52 |
| Issue and redemption price per share in USD 1 |  | 193.25 | 172.33 | 155.38 |
| Class I-X-acc | LU1001700605 |  |  |  |
| Shares outstanding |  | 29 683.1720 | 68 802.3920 | 6 827.9330 |
| Net asset value per share in EUR |  | 171.34 | 156.95 | 145.44 |
| Issue and redemption price per share in EUR 1 |  | 171.34 | 156.87 | 145.31 |
| Class K-1-acc | LU0999556193 |  |  |  |
| Shares outstanding |  | 4.6000 | 7.4000 | 9.1000 |
| Net asset value per share in EUR |  | 4 927 909.36 | 4 574 500.82 | 4 296 173.26 |
| Issue and redemption price per share in EUR 1 |  | 4 927 909.36 | 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 |  | 7 915 027.89 | 7 153 483.25 | 6 534 427.69 |
| Issue and redemption price per share in USD 1 |  | 7 915 027.89 | 7 149 906.51 | 6 528 545.86 |
| Class N-acc | LU0815274740 |  |  |  |
| Shares outstanding |  | 63 090.1440 | 83 113.1340 | 131 975.7520 |
| Net asset value per share in EUR |  | 182.38 | 171.34 | 162.86 |
| Issue and redemption price per share in EUR 1 |  | 182.38 | 171.25 | 162.71 |
| Class P-acc | LU0723564463 |  |  |  |
| Shares outstanding |  | 1 099 948.6900 | 1 492 870.0090 | 2 127 220.5140 |
| Net asset value per share in EUR |  | 215.33 | 201.37 | 190.52 |
| Issue and redemption price per share in EUR 1 |  | 215.33 | 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 |  | 33 871.2090 | 50 766.0980 | 72 771.9290 |
| Net asset value per share in CHF |  | 133.64 | 125.44 | 119.13 |
| Issue and redemption price per share in CHF 1 |  | 133.64 | 125.38 | 119.02 |
| Class (GBP hedged) P-acc | LU1185964712 |  |  |  |
| Shares outstanding |  | 12 431.4110 | 18 652.6010 | 49 267.2730 |
| Net asset value per share in GBP |  | 117.31 | 110.18 | 103.19 |
| Issue and redemption price per share in GBP 1 |  | 117.31 | 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) Annual report and audited financial statements as of 31 May 2020
|  | ISIN | 31.5.2020 | 31.5.2019 | 31.5.2018 |
| --- | --- | --- | --- | --- |
|  |  |  |  |  |
| Class (SEK) P-acc | LU1036032347 |  |  |  |
| Shares outstanding |  | 602 153.4010 | 637 180.3810 | 687 682.7610 |
| Net asset value per share in SEK |  | 1 175.99 | 1 113.30 | 1 023.91 |
| Issue and redemption price per share in SEK 1 |  | 1 175.99 | 1 112.74 | 1 022.99 |
| Class (SGD hedged) P-acc | LU0996708193 |  |  |  |
| Shares outstanding |  | 61 973.9350 | 96 262.2950 | 191 242.3430 |
| Net asset value per share in SGD |  | 163.85 | 150.73 | 139.65 |
| Issue and redemption price per share in SGD 1 |  | 163.85 | 150.65 | 139.52 |
| Class (USD hedged) P-acc | LU0975313742 |  |  |  |
| Shares outstanding |  | 528 237.4310 | 805 068.1190 | 1 659 149.4810 |
| Net asset value per share in USD |  | 171.96 | 156.55 | 144.07 |
| Issue and redemption price per share in USD 1 |  | 171.96 | 156.47 | 143.94 |
| Class Q-acc | LU0848002365 |  |  |  |
| Shares outstanding |  | 202 008.1630 | 215 010.7920 | 364 796.4430 |
| Net asset value per share in EUR |  | 177.25 | 164.09 | 153.68 |
| Issue and redemption price per share in EUR 1 |  | 177.25 | 164.01 | 153.54 |
| Class (CHF hedged) Q-acc | LU1240785128 |  |  |  |
| Shares outstanding |  | 61 139.1620 | 63 707.8300 | 91 772.4860 |
| Net asset value per share in CHF |  | 119.55 | 111.08 | 104.43 |
| Issue and redemption price per share in CHF 1 |  | 119.55 | 111.02 | 104.34 |
| Class (GBP hedged) Q-acc | LU1059394855 |  |  |  |
| Shares outstanding |  | 26 988.0700 | 31 953.4180 | 44 084.7070 |
| Net asset value per share in GBP |  | 153.92 | 143.11 | 132.67 |
| Issue and redemption price per share in GBP 1 |  | 153.92 | 143.04 | 132.55 |
| Class (SEK) Q-acc | LU1240785557 |  |  |  |
| Shares outstanding |  | 705.7300 | 1 264.8290 | 1 490.0000 |
| Net asset value per share in SEK |  | 944.26 | 884.93 | 805.60 |
| Issue and redemption price per share in SEK 1 |  | 944.26 | 884.49 | 804.87 |
| Class (USD hedged) Q-acc | LU1059394939 |  |  |  |
| Shares outstanding |  | 90 465.4380 | 101 578.1680 | 106 664.7560 |
| Net asset value per share in USD |  | 165.19 | 148.91 | 135.65 |
| Issue and redemption price per share in USD 1 |  | 165.19 | 148.84 | 135.53 |
| Class U-X-acc | LU0549584711 |  |  |  |
| Shares outstanding |  | 2 679.6140 | 2 026.6140 | 2 222.7850 |
| Net asset value per share in EUR |  | 29 281.31 | 26 823.38 | 24 856.33 |
| Issue and redemption price per share in EUR 1 |  | 29 281.31 | 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 |  |  |  |  |
| Performance |  |  |  |  |
|  | Currency | 2019/2020 | 2018/2019 | 2017/2018 |
| Class I-A1-acc | EUR | 8.1% | 6.9% | 1.2% |
| Class (USD hedged) I-A1-acc | USD | 11.1% | 9.9% | 3.2% |
| Class I-A2-acc | EUR | 8.2% | - | - |
| Class I-A3-acc | EUR | 8.2% | 7.0% | 1.3% |
| Class I-B-acc | EUR | 9.1% | 7.8% | 2.2% |
| Class (USD hedged) I-B-acc | USD | 12.1% | 10.9% | 4.2% |
| Class I-X-acc | EUR | 9.2% | 7.9% | 2.2% |
| Class K-1-acc | EUR | 7.8% | 6.5% | 0.8% |
| Class (USD hedged) K-1-acc | USD | 10.7% | 9.5% | 2.8% |
| Class N-acc | EUR | 6.5% | 5.2% | -0.4% |
| Class P-acc | EUR | 7.0% | 5.7% | 0.0% |
| Class (AUD hedged) P-acc 1 | AUD | - | 8.3% | 2.1% |
| Class (CHF hedged) P-acc | CHF | 6.6% | 5.3% | -0.6% |
| Class (GBP hedged) P-acc | GBP | 6.5% | 6.8% | 0.7% |
| Class (HKD hedged) P-acc 2 | HKD | - | - | 1.1% |
| Class (RMB hedged) P-acc 1 | CNH | - | 9.4% | 4.3% |
| Class (SEK) P-acc | SEK | 5.7% | 8.8% | 5.7% |
| Class (SGD hedged) P-acc | SGD | 8.8% | 8.0% | 1.5% |
| Class (USD hedged) P-acc | USD | 9.9% | 8.7% | 2.0% |
| Class Q-acc | EUR | 8.1% | 6.8% | 1.0% |
| Class (CHF hedged) Q-acc | CHF | 7.7% | 6.4% | 0.5% |
| Class (GBP hedged) Q-acc | GBP | 7.6% | 7.9% | 1.7% |
| Class (SEK) Q-acc | SEK | 6.8% | 9.9% | 6.8% |
| Class (USD hedged) Q-acc | USD | 11.0% | 9.8% | 3.0% |
| Class U-X-acc | EUR | 9.2% | 7.9% | 2.2% |

1 
The share classes (AUD hedged) P-acc and (RMB hedged) P-acc were in circulation until 14.10.2019. Due to this fact, there is no data for the calculation of the performance available.
2 
The share class (HKD hedged) P-acc was in circulation until 20.2.2019. Due to this fact, there is no data for the calculation of the performance available.
Historical performance is no indicator of current or future performance.
The performance data does not take account of any commissions and costs charged when subscribing and redeeming shares. The performance data were not audited.
The subfund has no benchmark.
UBS (Lux) Equity SICAV – European Opportunity Unconstrained (EUR) Annual report and audited financial statements as of 31 May 2020

## Report of the Portfolio Manager
In the financial year, from 1 June 2019 to 31 May 2020, European equities entered a bear market amid the COVID-19 pandemic and sold off sharply. Governments and central banks globally responded with fiscal and monetary stimulus measures to help stabilize economic growth and boost liquidity. While there were some signs of a recovery in April, the outlook remained uncertain and volatility remained elevated.
The subfund’s performance was positive over the finan- cial year driven mainly by stock selection in and our expo- sure to the IT sector, followed closely by stock selection in consumer discretionary, where both our longs and shorts contributed to performance. Additionally, we benefited from our shorts in real estate and longs in energy while consumer staples was the only notable detractor.
UBS (Lux) Equity SICAV – European Opportunity Unconstrained (EUR) Annual report and audited financial statements as of 31 May 2020

## Structure of the Securities Portfolio
Geographical Breakdown as a % of net assets	
| France | 14.13 |
| --- | --- |
| Ireland | 11.68 |
| Germany | 11.67 |
| Switzerland | 9.24 |
| The Netherlands | 8.65 |
| Italy | 6.90 |
| Finland | 6.86 |
| United States | 3.60 |
| United Kingdom | 3.53 |
| Sweden | 3.51 |
| Denmark | 2.22 |
| Spain | 2.08 |
| Norway | 1.89 |
| Belgium | 1.17 |
| Portugal | 0.84 |
| Poland | 0.71 |
| Canada | 0.41 |
| Total | 89.09 |

Economic Breakdown as a % of net assets	
| Insurance | 9.40 |
| --- | --- |
| Pharmaceuticals, cosmetics & medical products | 7.78 |
| Investment funds | 7.77 |
| Banks & credit institutions | 6.85 |
| Internet, software & IT services | 6.21 |
| Petroleum | 5.91 |
| Food & soft drinks | 5.58 |
| Telecommunications | 5.49 |
| Electronics & semiconductors | 4.30 |
| Building industry & materials | 3.98 |
| Textiles, garments & leather goods | 3.87 |
| Energy & water supply | 3.75 |
| Miscellaneous consumer goods | 3.53 |
| Various capital goods | 2.79 |
| Chemicals | 2.76 |
| Electrical devices & components | 1.71 |
| Mechanical engineering & industrial equipment | 1.56 |
| Finance & holding companies | 1.54 |
| Vehicles | 1.23 |
| Biotechnology | 1.03 |
| Tobacco & alcohol | 0.73 |
| Computer hardware & network equipment providers | 0.71 |
| Precious metals & stones | 0.41 |
| Traffic & transportation | 0.20 |
| Total | 89.09 |


## Statement of Net Assets
Assets	31.5.2020
EUR
Investments in securities, cost	547 935 644.54
| Investments in securities, unrealized appreciation (depreciation) | 	22 194 042.00	 |
| --- | --- |
| Total investments in securities (Note 1) | 570 129 686.54 |
| Cash at banks, deposits on demand and deposit accounts | 68 093 286.92 |
| Receivable on securities sales (Note 1) | 2 673 030.71 |
| Receivable on subscriptions | 691 726.78 |
| Interest receivable on liquid assets | 82.59 |
| Receivable on dividends | 1 260 614.95 |
| Other receivables | 2 754 178.59 |
| Unrealized gain (loss) on forward foreign exchange contracts (Note 1) | -4 556 292.93 |
| Unrealized gain (loss) on Synthetic Equity Swaps (Note 1) | 8 222 036.55 |
| Total Assets | 649 268 350.70 |
|  |  |
| Liabilities |  |
| Bank overdraft | -5 118.21 |
| Interest payable on bank overdraft | -24 553.33 |
| Payable on securities purchases (Note 1) | -8 188 404.27 |
| Payable on redemptions | -547 807.36 |
| Other liabilities | -128 661.54 |
| Provisions for flat fee (Note 2) | -357 239.48 |
| Provisions for taxe d’abonnement (Note 3) | -42 728.17 |
| Provisions for other commissions and fees (Note 2) | 	-52 868.38	 |
| Total provisions | -452 836.03 |
| Total Liabilities | -9 347 380.74 |
|  |  |
| Net assets at the end of the financial year | 639 920 969.96 |
| Statement of Operations | EUR |
| Income | 1.6.2019-31.5.2020 |
| Interest on liquid assets | 47 371.17 |
| Dividends | 8 482 122.27 |
| Income on Synthetic Equity Swaps (Note 1) | 9 766 538.07 |
| Income on securities lending (Note 16) | 410 259.62 |
| Other income (Note 4) | 120 634.54 |
| Total income | 18 826 925.67 |
|  |  |
| Expenses |  |
| Interest paid on Synthetic Equity Swaps (Note 1) | -8 353 458.68 |
| Flat fee (Note 2) | -10 952 316.61 |
| Taxe d’abonnement (Note 3) | -282 490.75 |
| Cost on securities lending (Note 16) | -164 103.85 |
| Other commissions and fees (Note 2) | -99 180.02 |
| Interest on cash and bank overdraft | -315 996.05 |
| Total expenses | -20 167 545.96 |
|  |  |
| Net income (loss) on investments | -1 340 620.29 |
|  |  |
| Realized gain (loss) (Note 1) |  |
| Realized gain (loss) on market-priced securities without options | 28 081 803.28 |
| Realized gain (loss) on financial futures | 47 949.47 |
| Realized gain (loss) on forward foreign exchange contracts | 7 877 649.65 |
| Realized gain (loss) on Synthetic Equity Swaps | 28 793 345.22 |
| Realized gain (loss) on foreign exchange | -5 137 424.54 |
| Total realized gain (loss) | 59 663 323.08 |
|  |  |
| Net realized gain (loss) of the financial year | 58 322 702.79 |
|  |  |
| Changes in unrealized appreciation (depreciation) (Note 1) |  |
| Unrealized appreciation (depreciation) on market-priced securities without options | -5 786 089.26 |
| Unrealized appreciation (depreciation) on forward foreign exchange contracts | 1 363 635.17 |
| Unrealized appreciation (depreciation) on Synthetic Equity Swaps | -7 827 215.33 |
| Total changes in unrealized appreciation (depreciation) | -12 249 669.42 |
|  |  |
| Net increase (decrease) in net assets as a result of operations | 46 073 033.37 |

UBS (Lux) Equity SICAV – European Opportunity Unconstrained (EUR) Annual report and audited financial statements as of 31 May 2020
| Statement of Changes in Net Assets |  |
| --- | --- |
|  | EUR |
|  | 1.6.2019-31.5.2020 |
| Net assets at the beginning of the financial year | 707 630 482.86 |
| Subscriptions | 124 722 057.81 |
| Redemptions | 	-238 504 604.08	 |
| Total net subscriptions (redemptions) | -113 782 546.27 |
| Net income (loss) on investments | -1 340 620.29 |
| Total realized gain (loss) | 59 663 323.08 |
| Total changes in unrealized appreciation (depreciation) | 	-12 249 669.42	 |
| Net increase (decrease) in net assets as a result of operations | 46 073 033.37 |
| Net assets at the end of the financial year | 639 920 969.96 |
| Changes in the Number of Shares outstanding |  |
|  | 1.6.2019-31.5.2020 |
| Class | I-A1-acc |
| Number of shares outstanding at the beginning of the financial year | 30 092.0000 |
| Number of shares issued | 94 151.7570 |
| Number of shares redeemed | -9 960.2190 |
| Number of shares outstanding at the end of the financial year | 114 283.5380 |
| Class | (USD hedged) I-A1-acc |
| Number of shares outstanding at the beginning of the financial year | 7 714.8910 |
| Number of shares issued | 0.0000 |
| Number of shares redeemed | -76.6150 |
| Number of shares outstanding at the end of the financial year | 7 638.2760 |
| Class | I-A2-acc |
| Number of shares outstanding at the beginning of the financial year | 169 377.6230 |
| Number of shares issued | 173 334.7380 |
| Number of shares redeemed | -51 143.8640 |
| Number of shares outstanding at the end of the financial year | 291 568.4970 |
| Class | I-A3-acc |
| Number of shares outstanding at the beginning of the financial year | 7 784.0000 |
| Number of shares issued | 1 475.0000 |
| Number of shares redeemed | -3 598.0000 |
| Number of shares outstanding at the end of the financial year | 5 661.0000 |
| Class | I-B-acc |
| Number of shares outstanding at the beginning of the financial year | 11 062.5420 |
| Number of shares issued | 0.0010 |
| Number of shares redeemed | -170.5720 |
| Number of shares outstanding at the end of the financial year | 10 891.9710 |
| Class | (USD hedged) I-B-acc |
| Number of shares outstanding at the beginning of the financial year | 12 513.6770 |
| Number of shares issued | 0.0000 |
| Number of shares redeemed | -167.2880 |
| Number of shares outstanding at the end of the financial year | 12 346.3890 |
| Class | I-X-acc |
| Number of shares outstanding at the beginning of the financial year | 68 802.3920 |
| Number of shares issued | 2 083.0000 |
| Number of shares redeemed | -41 202.2200 |
| Number of shares outstanding at the end of the financial year | 29 683.1720 |
| Class | K-1-acc |
| Number of shares outstanding at the beginning of the financial year | 7.4000 |
| Number of shares issued | 0.5000 |
| Number of shares redeemed | -3.3000 |
| Number of shares outstanding at the end of the financial year | 4.6000 |
| Class | (USD hedged) K-1-acc |
| Number of shares outstanding at the beginning of the financial year | 0.8000 |
| Number of shares issued | 0.0000 |
| Number of shares redeemed | 0.0000 |
| Number of shares outstanding at the end of the financial year | 0.8000 |
| Class | N-acc |
| Number of shares outstanding at the beginning of the financial year | 83 113.1340 |
| Number of shares issued | 8 956.2750 |
| Number of shares redeemed | -28 979.2650 |
| Number of shares outstanding at the end of the financial year | 63 090.1440 |
| Class | P-acc |
| Number of shares outstanding at the beginning of the financial year | 1 492 870.0090 |
| Number of shares issued | 60 923.3720 |
| Number of shares redeemed | -453 844.6910 |
| Number of shares outstanding at the end of the financial year | 1 099 948.6900 |

UBS (Lux) Equity SICAV – European Opportunity Unconstrained (EUR) Annual report and audited financial statements as of 31 May 2020
| Class | (AUD hedged) P-acc |
| --- | --- |
| Number of shares outstanding at the beginning of the financial year | 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 financial year | 0.0000 |
| Class | (CHF hedged) P-acc |
| Number of shares outstanding at the beginning of the financial year | 50 766.0980 |
| Number of shares issued | 1 216.1630 |
| Number of shares redeemed | -18 111.0520 |
| Number of shares outstanding at the end of the financial year | 33 871.2090 |
| Class | (GBP hedged) P-acc |
| Number of shares outstanding at the beginning of the financial year | 18 652.6010 |
| Number of shares issued | 0.0000 |
| Number of shares redeemed | -6 221.1900 |
| Number of shares outstanding at the end of the financial year | 12 431.4110 |
| Class | (RMB hedged) P-acc |
| Number of shares outstanding at the beginning of the financial year | 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 financial year | 0.0000 |
| Class | (SEK) P-acc |
| Number of shares outstanding at the beginning of the financial year | 637 180.3810 |
| Number of shares issued | 28 068.9040 |
| Number of shares redeemed | -63 095.8840 |
| Number of shares outstanding at the end of the financial year | 602 153.4010 |
| Class | (SGD hedged) P-acc |
| Number of shares outstanding at the beginning of the financial year | 96 262.2950 |
| Number of shares issued | 314.2000 |
| Number of shares redeemed | -34 602.5600 |
| Number of shares outstanding at the end of the financial year | 61 973.9350 |
| Class | (USD hedged) P-acc |
| Number of shares outstanding at the beginning of the financial year | 805 068.1190 |
| Number of shares issued | 10 933.2890 |
| Number of shares redeemed | -287 763.9770 |
| Number of shares outstanding at the end of the financial year | 528 237.4310 |
| Class | Q-acc |
| Number of shares outstanding at the beginning of the financial year | 215 010.7920 |
| Number of shares issued | 104 776.7610 |
| Number of shares redeemed | -117 779.3900 |
| Number of shares outstanding at the end of the financial year | 202 008.1630 |
| Class | (CHF hedged) Q-acc |
| Number of shares outstanding at the beginning of the financial year | 63 707.8300 |
| Number of shares issued | 10 619.2350 |
| Number of shares redeemed | -13 187.9030 |
| Number of shares outstanding at the end of the financial year | 61 139.1620 |
| Class | (GBP hedged) Q-acc |
| Number of shares outstanding at the beginning of the financial year | 31 953.4180 |
| Number of shares issued | 0.0000 |
| Number of shares redeemed | -4 965.3480 |
| Number of shares outstanding at the end of the financial year | 26 988.0700 |
| Class | (SEK) Q-acc |
| Number of shares outstanding at the beginning of the financial year | 1 264.8290 |
| Number of shares issued | 145.7300 |
| Number of shares redeemed | -704.8290 |
| Number of shares outstanding at the end of the financial year | 705.7300 |
| Class | (USD hedged) Q-acc |
| Number of shares outstanding at the beginning of the financial year | 101 578.1680 |
| Number of shares issued | 20 834.8300 |
| Number of shares redeemed | -31 947.5600 |
| Number of shares outstanding at the end of the financial year | 90 465.4380 |
| Class | U-X-acc |
| Number of shares outstanding at the beginning of the financial year | 2 026.6140 |
| Number of shares issued | 1 609.0000 |
| Number of shares redeemed | -956.0000 |
| Number of shares outstanding at the end of the financial year | 2 679.6140 |

UBS (Lux) Equity SICAV – European Opportunity Unconstrained (EUR) Annual report and audited financial statements as of 31 May 2020

## Statement of Investments in Securities and other Net Assets as of 31 May 2020
| 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	EURONAV NPV | 145 631.00 | 1 310 679.00 | 0.20 |
| Total Belgium |  | 1 310 679.00 | 0.20 |
| Canada |  |  |  |
| CAD	IVANHOE MINES LTD COM NPV CL’A’ | 1 336 150.00 | 2 598 448.16 | 0.41 |
| Total Canada |  | 2 598 448.16 | 0.41 |
| Denmark |  |  |  |
| DKK	ORSTED A/S DKK10 | 92 891.00 | 9 805 649.29 | 1.53 |
| DKK	TOPDANMARK AS DKK1 | 117 157.00 | 4 379 128.82 | 0.69 |
| Total Denmark |  | 14 184 778.11 | 2.22 |
| France |  |  |  |
| EUR	AIR LIQUIDE(L’) EUR5.5 (POST-SUBDIVISION) | 104 332.00 | 12 738 937.20 | 1.99 |
| EUR	AXA EUR2.29 | 664 477.00 | 10 884 133.26 | 1.70 |
| EUR	CGG EUR0.01 | 1 515 226.00 | 1 465 829.63 | 0.23 |
| EUR	EIFFAGE EUR4 | 126 599.00 | 10 381 118.00 | 1.62 |
| EUR	ESSILORLUXOTTICA EUR0.18 | 54 093.00 | 6 261 264.75 | 0.98 |
| EUR	LEGRAND SA EUR4 | 126 846.00 | 7 775 659.80 | 1.22 |
| EUR	LVMH MOET HENNESSY EUR0.30 | 18 270.00 | 6 851 250.00 | 1.07 |
| EUR	PERNOD RICARD EUR1.55 | 33 405.00 | 4 680 040.50 | 0.73 |
| EUR	SARTORIUS STEDIM B EUR0.20 (POST SUBD) | 29 243.00 | 7 129 443.40 | 1.11 |
| EUR	TELEPERFORMANCE EUR2.50 | 50 905.00 | 10 847 855.50 | 1.70 |
| EUR	WORLDLINE EUR0.68 | 170 096.00 | 11 416 843.52 | 1.78 |
| Total France |  | 90 432 375.56 | 14.13 |
| Germany |  |  |  |
| EUR	CANCOM SE NPV | 88 856.00 | 5 020 364.00 | 0.78 |
| EUR	ECKERT & ZIEGLER ORD NPV | 22 561.00 | 3 187 869.30 | 0.50 |
| EUR	LPKF LASER & ELECT NPV | 234 452.00 | 4 958 659.80 | 0.78 |
| EUR	ZALANDO SE NPV | 168 061.00 | 10 224 831.24 | 1.60 |
| Total Germany |  | 23 391 724.34 | 3.66 |
| Ireland |  |  |  |
| EUR	KERRY GROUP ‘A’ORD EUR0.125(DUBLIN LIST) | 88 986.00 | 9 904 141.80 | 1.55 |
| Total Ireland |  | 9 904 141.80 | 1.55 |
| Italy |  |  |  |
| EUR	INFRASTRUTTURE WIR NPV | 859 822.00 | 7 880 268.63 | 1.23 |
| EUR	TELECOM ITALIA SPA DI RISP EUR0.55 | 29 545 063.00 | 10 246 227.85 | 1.60 |
| Total Italy |  | 18 126 496.48 | 2.83 |
| The Netherlands |  |  |  |
| EUR	ASR NEDERLAND N.V. EUR0.16 | 178 268.00 | 4 403 219.60 | 0.69 |
| EUR	SHOP APOTHEKE EURO NPV | 106 325.00 | 9 856 327.50 | 1.54 |
| Total The Netherlands |  | 14 259 547.10 | 2.23 |
| Poland |  |  |  |
| PLN	CD PROJEKT SA PLN1.00 | 50 359.00 | 4 565 477.34 | 0.71 |
| Total Poland |  | 4 565 477.34 | 0.71 |
| Spain |  |  |  |
| EUR	GRIFOLS SA EUR0.25 (CLASS A) POST SUBD | 221 248.00 | 6 221 493.76 | 0.97 |
| EUR	IBERDROLA SA EUR0.75 (POST SUBDIVISION) | 696 953.00 | 6 752 080.66 | 1.06 |
| Total Spain |  | 12 973 574.42 | 2.03 |
| Sweden |  |  |  |
| SEK	LUNDIN ENERGY AB NPV | 293 840.00 | 6 366 789.45 | 0.99 |
| Total Sweden |  | 6 366 789.45 | 0.99 |
| United Kingdom |  |  |  |
| EUR	UNILEVER EUR0.16 | 486 471.00 | 22 616 036.79 | 3.53 |
| Total United Kingdom |  | 22 616 036.79 | 3.53 |
| Total Bearer shares |  | 220 730 068.55 | 34.49 |
| Other shares |  |  |  |
| Switzerland |  |  |  |
| CHF	ROCHE HLDGS AG GENUSSCHEINE NPV | 107 155.00 | 33 360 764.28 | 5.21 |
| Total Switzerland |  | 33 360 764.28 | 5.21 |
| Total Other shares |  | 33 360 764.28 | 5.21 |
| Preference shares |  |  |  |
| Germany |  |  |  |
| EUR	DRAEGERWERK KGAA NON-VTG PRF NPV | 42 888.00 | 3 057 914.40 | 0.48 |
| EUR	VOLKSWAGEN AG NON VTG PRF NPV | 59 185.00 | 7 842 012.50 | 1.23 |
| Total Germany |  | 10 899 926.90 | 1.71 |

UBS (Lux) Equity SICAV – European Opportunity Unconstrained (EUR) Annual report and audited financial statements as of 31 May 2020
|  | Description | Quantity/ | Valuation in EUR | as a % |
| --- | --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |
| Spain |  |  |  |  |
| EUR | GRIFOLS SA EUR0.05 (B) POST CONS | 19 563.00 | 336 874.86 | 0.05 |
| Total Spain | 336 874.86 | 0.05 |
| Total Preference shares | 11 236 801.76 | 1.76 |
| Registered shares |  |  |
| Belgium |  |  |
| EUR	KBC GROUP NV NPV	131 295.00 | 6 180 055.65 | 0.97 |
| Total Belgium | 6 180 055.65 | 0.97 |
| Finland |  |  |  |  |
| EUR | NESTE OIL OYJ NPV | 357 031.00 | 12 967 365.92 | 2.03 |
| SEK | NORDEA HOLDING ABP NPV | 1 561 609.00 | 9 486 067.04 | 1.48 |
| EUR | SAMPO PLC SER’A’NPV | 668 079.00 | 21 458 697.48 | 3.35 |
| Total Finland	43 912 130.44	6.86 |
| Germany |  |  |  |  |
| EUR | ALLIANZ SE NPV(REGD)(VINKULIERT) | 39 436.00 | 6 420 969.52 | 1.00 |
| EUR | EXASOL AG ORD NPV | 268 174.00 | 3 424 581.98 | 0.54 |
| EUR | MUENCHENER RUECKVE NPV(REGD) | 61 670.00 | 12 617 682.00 | 1.97 |
| EUR | SIEMENS AG NPV(REGD) | 181 459.00 | 17 879 155.27 | 2.79 |
| Total Germany	40 342 388.77	6.30 |
| Ireland |  |  |  |  |
| EUR | CRH ORD EUR0.32 | 392 047.00 | 11 486 977.10 | 1.80 |
| EUR | KINGSPAN GROUP ORD EUR0.13(DUBLIN LISTING) | 65 022.00 | 3 611 972.10 | 0.56 |
| Total Ireland	15 098 949.20	2.36 |
| Italy |  |  |  |  |
| EUR | ENEL EUR1 | 1 715 747.00 | 11 840 370.05 | 1.85 |
| EUR | MEDIOBANCA SPA EUR0.5 | 1 117 520.00 | 6 521 846.72 | 1.02 |
| EUR | MONCLER SPA NPV | 230 018.00 | 7 694 102.10 | 1.20 |
| Total Italy |  | 26 056 318.87 | 4.07 |
| The Netherlands |  |  |  |
| EUR	ADYEN NV EUR0.01 | 3 115.00 | 3 685 045.00 | 0.58 |
| EUR	ASML HOLDING NV EUR0.09 | 76 973.00 | 22 549 240.35 | 3.52 |
| EUR	KONINKLIJKE DSM NV EUR1.5 | 42 928.00 | 4 938 866.40 | 0.77 |
| EUR	PROSUS N.V. EUR0.05 | 133 185.00 | 9 935 601.00 | 1.55 |
| Total The Netherlands |  | 41 108 752.75 | 6.42 |
| Norway |  |  |  |
| NOK	DNB ASA NOK10 | 396 778.00 | 4 851 372.40 | 0.76 |
| NOK	EQUINOR ASA NOK2.50 | 553 094.00 | 7 220 468.93 | 1.13 |
| Total Norway |  | 12 071 841.33 | 1.89 |
| Portugal |  |  |  |
| EUR	EDP ENERGIAS PORTU EUR1(REGD) | 1 277 239.00 | 5 393 780.29 | 0.84 |
| Total Portugal |  | 5 393 780.29 | 0.84 |
| Sweden |  |  |  |
| SEK	SANDVIK AB NPV (POST SPLIT) | 669 003.00 | 9 955 381.24 | 1.56 |
| SEK	TELE2 AB SHS | 514 133.00 | 6 149 081.75 | 0.96 |
| Total Sweden |  | 16 104 462.99 | 2.52 |
| Switzerland |  |  |  |
| CHF	NESTLE SA CHF0.10(REGD) | 265 250.00 | 25 779 498.28 | 4.03 |
| Total Switzerland |  | 25 779 498.28 | 4.03 |
| United States |  |  |  |
| USD	MASTERCARD INC COM USD0.0001 CLASS ‘A’ | 48 376.00 | 13 108 728.30 | 2.05 |
| USD	MICROSOFT CORP COM USD0.0000125 | 60 738.00 | 9 920 330.69 | 1.55 |
| Total United States | 23 029 058.99 | 3.60 |
| Total Registered shares | 255 077 237.56 | 39.86 |
| Total Transferable securities and money market instruments listed on an official stock exchange | 520 404 872.15 | 81.32 |
| 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	296 483.07 | 49 550 978.30 | 7.74 |
| EUR	UBS (IRL) SELECT MONEY MARKET FUND-EUR-S-DIST	17.20 | 170 835.58 | 0.03 |
| Total Ireland | 49 721 813.88 | 7.77 |
| Luxembourg |  |  |
| USD	UBS (LUX) EQUITY SICAV - GLOB OPPORT UNCONST USD-U-X-ACC	0.22 | 3 000.51 | 0.00 |
| Total Luxembourg | 3 000.51 | 0.00 |
| Total Investment funds, open end | 49 724 814.39 | 7.77 |
| Total UCITS/Other UCIs in accordance with Article 41 (1) e) of the amended Luxembourg law of 17 December 2010 | 49 724 814.39 | 7.77 |
| Total investments in securities | 570 129 686.54 | 89.09 |

UBS (Lux) Equity SICAV – European Opportunity Unconstrained (EUR) Annual report and audited financial statements as of 31 May 2020
| 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/GLAXOSMITHKLINE (SYNTHETIC EQUITY SWAP) | 483 600.00 | 58 048.69 | 0.01 |
| --- | --- | --- | --- | --- |
| GBP | MORGAN STANLEY/PEARSON ORD GBP0.25 (SYNTHETIC EQUITY SWAP) | -780 062.00 | -31 211.45 | 0.00 |
| GBP | MORGAN STANLEY/PRUDENTIAL ORD (SYNTHETIC EQUITY SWAP) | 788 162.00 | -713 929.80 | -0.11 |
| GBP | MORGAN STANLEY/SAINSBURYS (J) ORD | -1 291 470.00 | 58 850.56 | 0.01 |
| EUR | MORGAN STANLEY/OUTOKUMPU NPV (SYNTHETIC EQUITY SWAP) | -552 130.00 | -130 302.68 | -0.02 |
| GBP | MORGAN STANLEY/TESCO PLC (SYNTHETIC EQUITY SWAP) | 1 871 490.00 | -141 442.14 | -0.02 |
| EUR | MORGAN STANLEY/STOCKMANN OYJ-B (SYNTHETIC EQUITY SWAP) | -108 774.00 | -18 600.35 | 0.00 |
| GBP | MORGAN STANLEY/ASTRAZENECA (SYNTHETIC EQUITY SWAP) | 186 136.00 | 533 743.37 | 0.08 |
| EUR | MORGAN STANLEY/GERRESHEIMER AG (SYNTHETIC EQUITY SWAP) | -33 036.00 | -127 188.60 | -0.02 |
| SEK | MORGAN STANLEY/BILLERUDKORSNAS AB NPV(SYNTHETIC EQUITY SWAP) | -111 653.00 | -51 155.86 | -0.01 |
| GBP | MORGAN STANLEY/RIO TINTO PLC (SYNTHETIC EQUITY SWAP) | 209 305.00 | 1 462 067.07 | 0.23 |
| EUR | MORGAN STANLEY/SCHNEIDER ELECTRIC SA (SYNTHETIC EQUITY SWAP) | 177 708.00 | 1 027 152.24 | 0.16 |
| EUR | MORGAN STANLEY/TELECOM ITALIA SPA (SYNTHETIC EQUITY SWAP) | -30 349 764.00 | 898 353.01 | 0.14 |
| EUR | MORGAN STANLEY/THALES SA (SYNTHETIC EQUITY SWAP) | -40 900.00 | -187 010.20 | -0.03 |
| GBP | MORGAN STANLEY/DIAGEO PLC (SYNTHETIC EQUITY SWAP) | 373 875.00 | -329 733.35 | -0.05 |
| EUR | MORGAN STANLEY/LAGARDERE (SYNTHETIC EQUITY SWAP) | -251 936.00 | 315 866.00 | 0.05 |
| EUR | MORGAN STANLEY/SOLVAY (SYNTHETIC EQUITY SWAP) | -14 873.00 | 41 049.48 | 0.01 |
| CHF | MORGAN STANLEY/TEMENOS AG (SYNTHETIC EQUITY SWAP) | -25 047.00 | -494 548.54 | -0.08 |
| DKK | MORGAN STANLEY/CHR HANSEN HOLDING (SYNTHETIC EQUITY SWAP) | -40 129.00 | -335 955.14 | -0.05 |
| GBP | MORGAN STANLEY/NEXT PLC (SYNTHETIC EQUITY SWAP) | 23 245.00 | 35 652.59 | 0.01 |
| EUR | MORGAN STANLEY/KLEPIERRE (SYNTHETIC EQUITY SWAP) | -191 418.00 | 270 856.47 | 0.04 |
| EUR | MORGAN STANLEY/SGL CARBON SE (SYNTHETIC EQUITY SWAP) | -145 742.00 | 2 914.84 | 0.00 |
| GBP | MORGAN STANLEY/PETROFAC ORD (SYNTHETIC EQUITY SWAP) | -750 169.00 | 215 944.07 | 0.03 |
| EUR | MORGAN STANLEY/RENAULT (SYNTHETIC EQUITY SWAP) | -57 759.00 | -121 236.14 | -0.02 |
| EUR | MORGAN STANLEY/ZARDOYA-OTIS EUR0.10(SYNTHETIC EQUITY SWAP) | -422 353.00 | -21 117.65 | 0.00 |
| EUR | MORGAN STANLEY/CECONOMY AG ORD NPV (SYNTHETIC EQUITY SWAP) | -178 483.00 | -57 828.49 | -0.01 |
| EUR | MORGAN STANLEY/SAP AG (SYNTHETIC EQUITY SWAP) | 230 183.00 | 1 049 634.48 | 0.16 |
| GBP | MORGAN STANLEY/WEIR GROUP ORD (SYNTHETIC EQUITY SWAP) | -248 845.00 | -31 529.43 | 0.00 |
| EUR | MORGAN STANLEY/BAYER AG NPV (SYNTHETIC EQUITY SWAP) | 83 661.00 | 48 523.38 | 0.01 |
| EUR | MORGAN STANLEY/SODEXO (SYNTHETIC EQUITY SWAP) | -44 430.00 | 531 382.80 | 0.08 |
| DKK | MORGAN STANLEY/H.LUNDBECK (SYNTHETIC EQUITY SWAP) | -92 287.00 | -115 149.44 | -0.02 |
| GBP | MS/WPP PLC (SYNTHETIC EQUITY SWAP) | -266 357.00 | 28 419.58 | 0.00 |
| GBP | MORGAN STANLEY/ITV ORD GBP0.10 (SYNTHETIC EQUITY SWAP) | -2 741 010.00 | -115 155.54 | -0.02 |
| GBP | MORGAN STANLEY/LONDON STOCK EXCH ORD (SYNTHETIC EQUITY SWAP) | 122 962.00 | 784 449.92 | 0.12 |
| GBP | MORGAN STANLEY/SMITH & NEPHEW (SYNTHETIC EQUITY SWAP) | 164 495.00 | 153 572.83 | 0.02 |
| GBP | MORGAN STANLEY/ROYAL MAIL PLC (SYNTHETIC EQUITY SWAP) | -2 150 150.00 | -193 569.17 | -0.03 |
| TRY | MORGAN STANLEY/HACI OMER SABANCI TRY1(SYNTHETIC EQUITY SWAP) | -509 600.00 | -8 059.15 | 0.00 |
| SEK | MORGAN STANLEY/TELIASONERA AB (SYNTHETIC EQUITY SWAP) | -1 094 400.00 | 153 559.66 | 0.02 |
| GBP | MORGAN STANLEY/TALK TALK TELECOM (SYNTHETIC EQUITY SWAP) | -1 666 579.00 | -148 182.97 | -0.02 |
| DKK | MORGAN STANLEY/CARLSBERG(SYNTHETIC EQUITY SWAP) | 73 691.00 | 96 751.87 | 0.02 |
| DKK | MORGAN STANLEY/NOVOZYMES A/S SER’B’ (SYNTHETIC EQUITY SWAP) | 144 598.00 | 636 318.42 | 0.10 |
| CHF | MORGAN STANLEY/DUFRY AG CHF5(SYNTHETIC EQUITY SWAP) | -100 591.00 | 190 779.40 | 0.03 |
| GBP | MORGAN STANLEY/GREGGS ORD(SYNTHETIC EQUITY SWAP) | -102 750.00 | -18 271.92 | 0.00 |
| GBP | MORGAN STANLEY/SOUTH32 LTD NPV(SYNTHETIC EQUITY SWAP) | -767 150.00 | 341.05 | 0.00 |
| GBP | MS/MARKS & SPENCER (SYNTHETIC EQUITY SWAP) | -1 914 863.00 | -120 458.25 | -0.02 |
| GBP | MORGAN STANLEY/RENISHAW ORD (SYNTHETIC EQUITY SWAP) | -26 725.00 | -96 831.74 | -0.02 |
| NOK | MORGAN STANLEY/PGS ASA (SYNTHETIC EQUITY SWAP) | -1 311 283.00 | 64 883.73 | 0.01 |
| DKK | MORGAN STANLEY/NOVO-NORDISK AS (SYNTHETIC EQUITY SWAP) | 315 005.00 | 82 411.99 | 0.01 |
| GBP | MORGAN STANLEY/BEAZLEY PLC (SYNTHETIC EQUITY SWAP) | 133 696.00 | -17 534.08 | 0.00 |
| EUR | MORGAN STANLEY/METRO AG (NEW) NPV (SYNTHETIC EQUITY SWAP) | -70 299.00 | -32 899.93 | -0.01 |
| EUR | MORGAN STANLEY/CASINO GUICH-PERR (SYNTHETIC EQUITY SWAP) | -65 976.00 | 23 091.60 | 0.00 |
| DKK | MORGAN STANLEY/ISS A/S(SYNTHETIC EQUITY SWAP) | -188 615.00 | -246 728.44 | -0.04 |
| CHF | MORGAN STANLEY/NOVARTIS AG (SYNTHETIC EQUITY SWAP) | 146 654.00 | 105 670.90 | 0.02 |
| EUR | MORGAN STANLEY/HAPAG-LLOYD AG (SYNTHETIC EQUITY SWAP) | -31 753.00 | 1 419 359.10 | 0.22 |
| CHF | MORGAN STANLEY/SIKA AG (SYNTHETIC EQUITY SWAP) | 3 885.00 | 17 450.30 | 0.00 |
| EUR | MORGAN STANLEY/ZOOPLUS AG NPV (SYNTHETIC EQUITY SWAP) | -21 952.00 | -605 875.20 | -0.09 |
| GBP | MORGAN STANLEY/FEVERTREE DRINKS ORD (SYNTHETIC EQUITY SWAP) | -106 945.00 | -373 226.56 | -0.06 |
| GBP | MORGAN STANLEY/AUTO TRADER GROUP ORD (SYNTHETIC EQUITY SWAP) | 136 964.00 | 151 464.87 | 0.02 |
| GBP | MORGAN STANLEY/BRITVIC ORD (SYNTHETIC EQUITY SWAP) | 838 273.00 | -130 435.54 | -0.02 |
| GBP | MORGAN STANLEY/SOFTCAT PLC ORD (SYNTHETIC EQUITY SWAP) | 505 320.00 | 89 860.51 | 0.01 |
| GBP | MORGAN STANLEY/MORRISON(W)SUPRMKT (SYNTHETIC EQUITY SWAP) | -1 121 526.00 | -46 120.44 | -0.01 |
| EUR | MS/UNIBAIL-RODAMCO-WE NPV (SYNTHETIC EQUITY SWAP) | -12 665.00 | 76 243.30 | 0.01 |
| DKK | MORGAN STANLEY/AMBU A/S SER’B’ (SYNTHETIC EQUITY SWAP) | -22 669.00 | -31 326.22 | 0.00 |
| EUR | MORGAN STANLEY/KNORR BREMSE (SYNTHETIC EQUITY SWAP) | -20 473.00 | -211 281.36 | -0.03 |
| EUR | MORGAN STANLEY/KONINKLIJKE PHILIPS (SYNTHETIC EQUITY SWAP) | 343 659.00 | 369 433.43 | 0.06 |
| EUR | MORGAN STANLEY/SIEMENS GAMESA RENEWA (SYNTHETIC EQUITY SWAP) | -96 190.00 | -146 584.41 | -0.02 |
| EUR | MORGAN STANLEY/POSTNL NV (SYNTHETIC EQUITY SWAP) | -494 757.00 | 114 536.25 | 0.02 |
| EUR | MORGAN STANLEY/K&S AG NPV (SYNTHETIC EQUITY SWAP) | -329 407.00 | 143 621.45 | 0.02 |
| EUR | MORGAN STANLEY/WERELDHAVE NV (SYNTHETIC EQUITY SWAP) | -172 454.00 | 66 394.79 | 0.01 |
| EUR | MORGAN STANLEY/ARCADIS NV (SYNTHETIC EQUITY SWAP) | -87 360.00 | -207 967.19 | -0.03 |
| EUR | MORGAN STANLEY/ANIMA HOLDING SPA (SYNTHETIC EQUITY SWAP) | 1 307 798.00 | 748 060.46 | 0.12 |
| DKK | MORGAN STANLEY/GENMAB AS (SYNTHETIC EQUITY SWAP) | 36 167.00 | 2 050 111.90 | 0.32 |
| GBP | MORGAN STANLEY/AVAST PLC ORD (SYNTHETIC EQUITY SWAP) | 1 750 649.00 | 871 684.86 | 0.14 |
| EUR | MORGAN STANLEY/DEUTSCHE EUROSHOP NPV (SYNTHETIC EQUITY SWAP) | -206 081.00 | 6 182.43 | 0.00 |
| EUR | MORGAN STANLEY/COVESTRO AG NPV (SYNTHETIC EQUITY SWAP) | -27 966.00 | -72 991.26 | -0.01 |
| GBP | MORGAN STANLEY/HAMMERSON PLC REIT (SYNTHETIC EQUITY SWAP) | -1 913 722.00 | -64 234.47 | -0.01 |
| EUR | MS/ISRA VISION SYSTEM NPV (SYNTHETIC EQUITY SWAP) | -17 513.00 | 59 544.20 | 0.01 |
| EUR | MORGAN STANLEY/SIGNIFY NV (SYNTHETIC EQUITY SWAP) | -58 579.00 | -36 026.09 | -0.01 |
| EUR | MORGAN STANLEY/ALD INTL FRANCE (SYNTHETIC EQUITY SWAP) | -205 681.00 | -207 737.81 | -0.03 |
| EUR | MORGAN STANLEY/EDENRED (SYNTHETIC EQUITY SWAP) | -47 460.00 | -38 442.60 | -0.01 |

* Positive nominal: the subfund is “Receiver”, negative nominal: the subfund is “Payer”.
UBS (Lux) Equity SICAV – European Opportunity Unconstrained (EUR) Annual report and audited financial statements as of 31 May 2020
|  | Description | Quantity/ | Valuation in EUR | as a % |
| --- | --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |
|  |  |  |  |  |
| SEK | MORGAN STANLEY/ELECTROLUX PROFESS SE (SYNTHETIC EQUITY SWAP) | -379 695.00 | -354 724.91 | -0.06 |
| EUR | MORGAN STANLEY/STROEER SE NPV (SYNTHETIC EQUITY SWAP) | -60 434.00 | -441 168.20 | -0.07 |
| GBP | MORGAN STANLEY/BERKELEY GP HLDGS ORD (SYNTHETIC EQUITY SWAP) | 150 120.00 | -146 826.23 | -0.02 |
| EUR | MORGAN STANLEY/ISRA VISION AG NPV (SYNTHETIC EQUITY SWAP) | -40 890.00 | -4 089.00 | 0.00 |
| EUR | MORGAN STANLEY/VALLOUREC SA (SYNTHETIC EQUITY SWAP) | -29 085.00 | 311 239.89 | 0.05 |
| EUR | MORGAN STANLEY/NATIXIS (SYNTHETIC EQUITY SWAP) | -793 833.00 | -84 940.13 | -0.01 |
| GBP | MORGAN STANLEY/HOMESERVE ORD (SYNTHETIC EQUITY SWAP) | 216 008.00 | -33 813.12 | -0.01 |
| Total Synthetic Equity Swaps | 8 222 036.55 | 1.28 |
| Total Derivative instruments not listed on an official stock exchange and not traded on another regulated market | 8 222 036.55 | 1.28 |
| Total Derivative instruments | 8 222 036.55 | 1.28 |
| Forward Foreign Exchange contracts |  |  |
| Forward Foreign Exchange contracts (Purchase/Sale) |  |  |

| EUR | 9 426 647.92 | TRY | 71 540 000.00 | 23.6.2020 | 54 022.48 | 0.01 |
| --- | --- | --- | --- | --- | --- | --- |
| SGD | 9 697 000.00 | EUR | 6 285 696.54 | 23.6.2020 | -120 099.50 | -0.02 |
| CHF | 37 155 000.00 | EUR | 35 358 632.94 | 23.6.2020 | -583 427.90 | -0.09 |
| GBP | 117 810 000.00 | EUR | 131 882 377.17 | 23.6.2020 | -987 051.73 | -0.14 |
| CHF | 11 356 900.00 | EUR | 10 807 817.48 | 23.6.2020 | -178 332.18 | -0.03 |
| GBP | 5 213 600.00 | EUR | 5 836 363.31 | 23.6.2020 | -43 681.29 | -0.01 |
| USD | 9 610 000.00 | EUR | 8 891 602.94 | 23.6.2020 | -255 768.26 | -0.04 |
| USD | 107 068 100.00 | EUR | 99 064 207.37 | 23.6.2020 | -2 849 596.45 | -0.45 |
| EUR | 321 416.39 | CHF | 340 600.00 | 23.6.2020 | 2 631.98 | 0.00 |
| NOK | 329 969 557.75 | EUR | 30 120 000.00 | 23.6.2020 | 390 761.30 | 0.06 |
| EUR | 17 265 000.00 | CHF | 18 356 905.93 | 23.6.2020 | 83 862.40 | 0.01 |
| EUR | 80 154.87 | SGD | 124 300.00 | 23.6.2020 | 1 121.80 | 0.00 |
| EUR | 24 581.39 | GBP | 22 000.00 | 23.6.2020 | 137.82 | 0.00 |
| EUR | 36 909.40 | CHF | 39 200.00 | 23.6.2020 | 220.18 | 0.00 |
| CHF | 385 900.00 | EUR | 363 904.52 | 23.6.2020 | -2 721.59 | 0.00 |
| USD | 4 124 200.00 | EUR | 3 749 211.38 | 23.6.2020 | -43 081.37 | -0.01 |
| SGD | 272 200.00 | EUR | 175 116.25 | 23.6.2020 | -2 044.63 | 0.00 |
| GBP | 198 300.00 | EUR | 221 078.52 | 23.6.2020 | -753.05 | 0.00 |
| CHF | 116 800.00 | EUR | 110 415.52 | 23.6.2020 | -1 096.61 | 0.00 |
| GBP | 56 600.00 | EUR | 63 274.03 | 23.6.2020 | -387.39 | 0.00 |
| USD | 873 900.00 | EUR | 801 964.28 | 23.6.2020 | -16 651.49 | 0.00 |
| USD | 2 062 900.00 | EUR | 1 873 078.48 | 23.6.2020 | -19 294.57 | 0.00 |
| CHF | 209 900.00 | EUR | 196 636.66 | 23.6.2020 | -180.85 | 0.00 |
| SGD | 177 600.00 | EUR | 113 774.09 | 23.6.2020 | -851.53 | 0.00 |
| GBP | 98 400.00 | EUR | 109 749.88 | 23.6.2020 | -420.45 | 0.00 |
| EUR | 6 130 000.00 | GBP | 5 502 445.54 | 23.6.2020 | 16 389.95 | 0.00 |
| Total Forward Foreign Exchange contracts (Purchase/Sale) | -4 556 292.93 | -0.71 |
|  |  |  |
| Cash at banks, deposits on demand and deposit accounts and other liquid assets | 68 093 286.92 | 10.64 |
| Bank overdraft and other short-term liabilities | -5 118.21 | 0.00 |
| Other assets and liabilities | -1 962 628.91 | -0.30 |
| Total net assets | 639 920 969.96 | 100.00 |

UBS (Lux) Equity SICAV – European Opportunity Unconstrained (EUR) Annual report and audited financial statements as of 31 May 2020

Translation (ENDE, 2020-05-31):
# 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 12.
UBS (Lux) Equity SICAV – Emerging Markets High Dividend (USD) Jahresbericht und geprüfter Jahresabschluss per 31. Mai 2020
| Ertrags- und Aufwandsrechnung |  |
| --- | --- |
|  | USD |
| Erträge | 1.6.2019-31.5.2020 |
| 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) des Geschäftsjahres | 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 |


## Veränderung des Nettovermögens
1.6.2019-31.5.2020
USD
Nettovermögen zu Beginn des Geschäftsjahres	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 des Geschäftsjahres	0.00
Nettoerhöhung (-minderung) des Nettovermögens infolge Geschäftstätigkeit	2 493 988.18
UBS (Lux) Equity SICAV – Emerging Markets High Dividend (USD) Jahresbericht und geprüfter Jahresabschluss per 31. Mai 2020
| Entwicklung der Aktien im Umlauf |  |
| --- | --- |
|  | 1.6.2019-31.5.2020 |
| Klasse | I-B-acc |
| Anzahl der Aktien im Umlauf zu Beginn des Geschäftsjahres | 9 064.6150 |
| Anzahl der ausgegebenen Aktien | 0.0000 |
| Anzahl der zurückgegebenen Aktien | -9 064.6150 |
| Anzahl der Aktien im Umlauf am Ende des Geschäftsjahres | 0.0000 |
| Klasse | I-X-dist |
| Anzahl der Aktien im Umlauf zu Beginn des Geschäftsjahres | 491 771.4250 |
| Anzahl der ausgegebenen Aktien | 0.0000 |
| Anzahl der zurückgegebenen Aktien | -491 771.4250 |
| Anzahl der Aktien im Umlauf am Ende des Geschäftsjahres | 0.0000 |
| Klasse | P-acc |
| Anzahl der Aktien im Umlauf zu Beginn des Geschäftsjahres | 575 085.2390 |
| Anzahl der ausgegebenen Aktien | 0.0000 |
| Anzahl der zurückgegebenen Aktien | -575 085.2390 |
| Anzahl der Aktien im Umlauf am Ende des Geschäftsjahres | 0.0000 |
| Klasse | (CHF hedged) P-acc |
| Anzahl der Aktien im Umlauf zu Beginn des Geschäftsjahres | 194 267.9980 |
| Anzahl der ausgegebenen Aktien | 0.0000 |
| Anzahl der zurückgegebenen Aktien | -194 267.9980 |
| Anzahl der Aktien im Umlauf am Ende des Geschäftsjahres | 0.0000 |
| Klasse | (EUR hedged) P-acc |
| Anzahl der Aktien im Umlauf zu Beginn des Geschäftsjahres | 214 498.2010 |
| Anzahl der ausgegebenen Aktien | 0.0000 |
| Anzahl der zurückgegebenen Aktien | -214 498.2010 |
| Anzahl der Aktien im Umlauf am Ende des Geschäftsjahres | 0.0000 |
| Klasse | (CHF hedged) P-dist |
| Anzahl der Aktien im Umlauf zu Beginn des Geschäftsjahres | 144 313.6160 |
| Anzahl der ausgegebenen Aktien | 0.0000 |
| Anzahl der zurückgegebenen Aktien | -144 313.6160 |
| Anzahl der Aktien im Umlauf am Ende des Geschäftsjahres | 0.0000 |
| Klasse | P-mdist |
| Anzahl der Aktien im Umlauf zu Beginn des Geschäftsjahres | 37 155.8430 |
| Anzahl der ausgegebenen Aktien | 0.0000 |
| Anzahl der zurückgegebenen Aktien | -37 155.8430 |
| Anzahl der Aktien im Umlauf am Ende des Geschäftsjahres | 0.0000 |
| Klasse | Q-acc |
| Anzahl der Aktien im Umlauf zu Beginn des Geschäftsjahres | 402 681.8640 |
| Anzahl der ausgegebenen Aktien | 0.0000 |
| Anzahl der zurückgegebenen Aktien | -402 681.8640 |
| Anzahl der Aktien im Umlauf am Ende des Geschäftsjahres | 0.0000 |
| Klasse | (CHF hedged) Q-acc |
| Anzahl der Aktien im Umlauf zu Beginn des Geschäftsjahres | 82 319.7130 |
| Anzahl der ausgegebenen Aktien | 0.0000 |
| Anzahl der zurückgegebenen Aktien | -82 319.7130 |
| Anzahl der Aktien im Umlauf am Ende des Geschäftsjahres | 0.0000 |
| Klasse | (EUR hedged) Q-acc |
| Anzahl der Aktien im Umlauf zu Beginn des Geschäftsjahres | 42 158.5470 |
| Anzahl der ausgegebenen Aktien | 0.0000 |
| Anzahl der zurückgegebenen Aktien | -42 158.5470 |
| Anzahl der Aktien im Umlauf am Ende des Geschäftsjahres | 0.0000 |
| Klasse | (CHF hedged) Q-dist |
| Anzahl der Aktien im Umlauf zu Beginn des Geschäftsjahres | 70 460.1320 |
| Anzahl der ausgegebenen Aktien | 0.0000 |
| Anzahl der zurückgegebenen Aktien | -70 460.1320 |
| Anzahl der Aktien im Umlauf am Ende des Geschäftsjahres | 0.0000 |

UBS (Lux) Equity SICAV – Emerging Markets High Dividend (USD) Jahresbericht und geprüfter Jahresabschluss per 31. Mai 2020