# UBS (Lux) Equity SICAV
– Euro Countries Income (EUR)
| Three-year comparison |  |
| --- | --- |
|  | ISIN | 31.5.2020 | 31.5.2019 | 31.5.2018 |
| Net assets in EUR |  | 539 853 500.27 | 466 548 654.06 | 400 952 866.39 |
| Class F-dist 1 | LU2110954588 |  |  |  |
| Shares outstanding |  | 108 183.0000 | - | - |
| Net asset value per share in EUR |  | 79.50 | - | - |
| Issue and redemption price per share in EUR 2 |  | 79.50 | - | - |
| Class I-A1-acc | LU1432555495 |  |  |  |
| Shares outstanding |  | 1 338 727.5470 | 173 322.6900 | 69 371.7430 |
| Net asset value per share in EUR |  | 105.09 | 121.64 | 119.60 |
| Issue and redemption price per share in EUR 2 |  | 105.09 | 121.64 | 119.60 |
| Class K-1-acc | LU1179468605 |  |  |  |
| Shares outstanding |  | 2.5000 | 2.6000 | 2.6000 |
| Net asset value per share in EUR |  | 2 916 483.88 | 3 390 607.67 | 3 348 144.76 |
| Issue and redemption price per share in EUR 2 |  | 2 916 483.88 | 3 390 607.67 | 3 348 144.76 |
| Class K-X-acc | LU1620846581 |  |  |  |
| Shares outstanding |  | 83 948.4010 | 83 948.4010 | 83 278.4020 |
| Net asset value per share in EUR |  | 89.52 | 102.94 | 100.54 |
| Issue and redemption price per share in EUR 2 |  | 89.52 | 102.94 | 100.54 |
| Class (USD hedged) P-8%-mdist | LU1216467149 |  |  |  |
| Shares outstanding |  | 52 317.5500 | 109 768.7710 | 154 061.2220 |
| Net asset value per share in USD |  | 65.70 | 80.75 | 84.34 |
| Issue and redemption price per share in USD 2 |  | 65.70 | 80.75 | 84.34 |
| Class P-acc | LU1121265208 |  |  |  |
| Shares outstanding |  | 521 490.6240 | 603 863.3270 | 667 028.3480 |
| Net asset value per share in EUR |  | 97.43 | 113.84 | 112.97 |
| Issue and redemption price per share in EUR 2 |  | 97.43 | 113.84 | 112.97 |
| Class (CHF hedged) P-acc | LU1121265463 |  |  |  |
| Shares outstanding |  | 68 178.1350 | 90 281.9190 | 101 067.6900 |
| Net asset value per share in CHF |  | 94.89 | 111.23 | 110.75 |
| Issue and redemption price per share in CHF 2 |  | 94.89 | 111.23 | 110.75 |
| Class (USD hedged) P-acc | LU1121265620 |  |  |  |
| Shares outstanding |  | 26 489.0200 | 38 331.0970 | 106 925.1040 |
| Net asset value per share in USD |  | 106.88 | 121.32 | 117.03 |
| Issue and redemption price per share in USD 2 |  | 106.88 | 121.32 | 117.03 |
| Class P-dist | LU1121265380 |  |  |  |
| Shares outstanding |  | 180 638.6300 | 150 673.9700 | 111 898.7090 |
| Net asset value per share in EUR |  | 72.85 | 91.34 | 95.17 |
| Issue and redemption price per share in EUR 2 |  | 72.85 | 91.34 | 95.17 |
| Class (CHF hedged) P-dist | LU1121265547 |  |  |  |
| Shares outstanding |  | 197 825.1880 | 184 234.0560 | 161 626.3230 |
| Net asset value per share in CHF |  | 70.95 | 89.23 | 93.26 |
| Issue and redemption price per share in CHF 2 |  | 70.95 | 89.23 | 93.26 |
| Class (USD hedged) P-dist | LU1121265893 |  |  |  |
| Shares outstanding |  | 30 782.3220 | 27 323.4410 | 41 404.5380 |
| Net asset value per share in USD |  | 80.19 | 97.56 | 98.73 |
| Issue and redemption price per share in USD 2 |  | 80.19 | 97.56 | 98.73 |
| Class (USD hedged) Q-8%-mdist | LU1240783693 |  |  |  |
| Shares outstanding |  | 15 337.8490 | 32 344.9260 | 18 548.5380 |
| Net asset value per share in USD |  | 77.21 | 94.33 | 97.95 |
| Issue and redemption price per share in USD 2 |  | 77.21 | 94.33 | 97.95 |
| Class Q-acc | LU1240784071 |  |  |  |
| Shares outstanding |  | 268 192.1040 | 686 315.1380 | 484 125.6930 |
| Net asset value per share in EUR |  | 94.24 | 109.42 | 107.92 |
| Issue and redemption price per share in EUR 2 |  | 94.24 | 109.42 | 107.92 |
| Class (CHF hedged) Q-acc | LU1240783347 |  |  |  |
| Shares outstanding |  | 65 990.8460 | 534 597.3080 | 533 708.2290 |
| Net asset value per share in CHF |  | 92.69 | 107.87 | 106.73 |
| Issue and redemption price per share in CHF 2 |  | 92.69 | 107.87 | 106.73 |
| Class (USD hedged) Q-acc | LU1240783776 |  |  |  |
| Shares outstanding |  | 93 427.8650 | 96 023.5450 | 97 572.4480 |
| Net asset value per share in USD |  | 103.86 | 117.18 | 112.33 |
| Issue and redemption price per share in USD 2 |  | 103.86 | 117.18 | 112.33 |
| Class Q-dist | LU1240784154 |  |  |  |
| Shares outstanding |  | 374 355.4480 | 578 987.3140 | 401 045.8060 |
| Net asset value per share in EUR |  | 72.36 | 90.72 | 94.52 |
| Issue and redemption price per share in EUR 2 |  | 72.36 | 90.72 | 94.52 |

UBS (Lux) Equity SICAV – Euro Countries Income (EUR)
Annual report and audited financial statements as of 31 May 2020
|  | ISIN | 31.5.2020 |  | 31.5.2019 | 31.5.2018 |
| --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |
| Class (CHF hedged) Q-dist | LU1240783420 |  |  |  |  |
| Shares outstanding |  | 159 998.1440 | 1 | 260 255.4520 | 979 496.6480 |
| Net asset value per share in CHF |  | 71.21 |  | 89.40 | 93.45 |
| Issue and redemption price per share in CHF 2 |  | 71.21 |  | 89.40 | 93.45 |
| Class (USD hedged) Q-dist | LU1240783859 |  |  |  |  |
| Shares outstanding |  | 18 954.6590 |  | 48 243.4110 | 70 295.5200 |
| Net asset value per share in USD |  | 80.00 |  | 97.31 | 98.45 |
| Issue and redemption price per share in USD 2 |  | 80.00 |  | 97.31 | 98.45 |
| Class (USD hedged) QL-8%-mdist 3 | LU2049073666 |  |  |  |  |
| Shares outstanding |  | 810.0000 |  | - | - |
| Net asset value per share in USD |  | 82.85 |  | - | - |
| Issue and redemption price per share in USD 2 |  | 82.85 |  | - | - |
| Class QL-acc 3 | LU2049073310 |  |  |  |  |
| Shares outstanding |  | 351 772.4130 |  | - | - |
| Net asset value per share in EUR |  | 85.02 |  | - | - |
| Issue and redemption price per share in EUR 2 |  | 85.02 |  | - | - |
| Class (CHF hedged) QL-acc 3 | LU2049073153 |  |  |  |  |
| Shares outstanding |  | 434 986.9450 |  | - | - |
| Net asset value per share in CHF |  | 84.88 |  | - | - |
| Issue and redemption price per share in CHF 2 |  | 84.88 |  | - | - |
| Class (USD hedged) QL-acc 3 | LU2049073237 |  |  |  |  |
| Shares outstanding |  | 13 460.1350 |  | - | - |
| Net asset value per share in USD |  | 86.68 |  | - | - |
| Issue and redemption price per share in USD 2 |  | 86.68 |  | - | - |
| Class QL-dist 3 | LU2049073740 |  |  |  |  |
| Shares outstanding |  | 589 702.4130 |  | - | - |
| Net asset value per share in EUR |  | 85.00 |  | - | - |
| Issue and redemption price per share in EUR 2 |  | 85.00 |  | - | - |
| Class (CHF hedged) QL-dist 3 | LU2049073401 |  |  |  |  |
| Shares outstanding |  | 1 051 449.2420 |  | - | - |
| Net asset value per share in CHF |  | 84.86 |  | - | - |
| Issue and redemption price per share in CHF 2 |  | 84.86 |  | - | - |
| Class (USD hedged) QL-dist 3 | LU2049073583 |  |  |  |  |
| Shares outstanding |  | 4 396.8480 |  | - | - |
| Net asset value per share in USD |  | 86.67 |  | - | - |
| Issue and redemption price per share in USD 2 |  | 86.67 |  | - | - |
| Class U-X-UKdist-mdist | LU1480127684 |  |  |  |  |
| Shares outstanding |  | 671.0530 |  | 1 073.0530 | 460.0530 |
| Net asset value per share in EUR |  | 7 915.19 |  | 9 990.27 | 10 653.08 |
| Issue and redemption price per share in EUR 2 |  | 7 915.19 |  | 9 990.27 | 10 653.08 |
| 1  First NAV: 13.2.2020 2  See note 1 3  First NAV: 9.10.2019 |  |  |  |  |  |
| Performance |  |  |  |  |  |
|  |  | Currency | 2019/2020 | 2018/2019 | 2017/2018 |
| Class F-dist 1 |  | EUR | - | - | - |
| Class I-A1-acc |  | EUR | -13.6% | 1.7% | 0.5% |
| Class K-1-acc |  | EUR | -14.0% | 1.3% | -0.1% |
| Class K-X-acc |  | EUR | -13.0% | 2.4% | - |
| Class (USD hedged) P-8%-mdist |  | USD | -11.9% | 3.7% | 1.4% |
| Class P-acc |  | EUR | -14.4% | 0.8% | -0.7% |
| Class (CHF hedged) P-acc |  | CHF | -14.7% | 0.4% | -1.1% |
| Class (USD hedged) P-acc |  | USD | -11.9% | 3.7% | 1.4% |
| Class P-dist |  | EUR | -14.4% | 0.8% | -0.6% |
| Class (CHF hedged) P-dist |  | CHF | -14.7% | 0.4% | -1.1% |
| Class (USD hedged) P-dist |  | USD | -11.9% | 3.7% | 1.5% |
| Class (USD hedged) Q-8%-mdist |  | USD | -11.3% | 4.3% | 2.1% |
| Class Q-acc |  | EUR | -13.9% | 1.4% | -0.0% |
| Class (CHF hedged) Q-acc |  | CHF | -14.1% | 1.1% | -0.5% |
| Class (USD hedged) Q-acc |  | USD | -11.4% | 4.3% | 2.1% |
| Class Q-dist |  | EUR | -13.9% | 1.4% | -0.0% |
| Class (CHF hedged) Q-dist |  | CHF | -14.0% | 1.1% | -0.5% |
| Class (USD hedged) Q-dist |  | USD | -11.4% | 4.3% | 2.1% |
| Class (USD hedged) QL-8%-mdist 1 |  | USD | - | - | - |
| Class QL-acc 1 |  | EUR | - | - | - |
| Class (CHF hedged) QL-acc 1 |  | CHF | - | - | - |
| Class (USD hedged) QL-acc 1 |  | USD | - | - | - |
| Class QL-dist 1 |  | EUR | - | - | - |
| Class (CHF hedged) QL-dist 1 |  | CHF | - | - | - |
| Class (USD hedged) QL-dist 1 |  | USD | - | - | - |
| Class U-X-UKdist-mdist |  | EUR | -13.0% | 2.4% | 1.2% |
| 1  Due to the recent launch, 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 – Euro Countries Income (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, Eurozone equity market returns were negative. While markets rallied in 2019, a strong sell-off took place in February and March 2020, due to fears of the economic fall-out and the social cost of the coronavirus crisis. Mar- kets have rebounded and sentiment has improved since then, on the back of unprecedented fiscal and monetary support.
The subfund posted negative returns in the financial year. From a sector perspective financials, energy and commu- nication services detracted as did the exposure to France and Spain. From a stock perspective ENI, Sodexo, Repsol and Total detracted the most. Exposure to health care and Finland as well as Sanofi, Elisa and Siemens Healthi- neers offset some of the negative returns.
UBS (Lux) Equity SICAV – Euro Countries Income (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 | 29.23 |
| --- | --- |
| Germany | 23.52 |
| Spain | 12.98 |
| The Netherlands | 11.16 |
| Finland | 8.62 |
| Italy | 8.20 |
| Belgium | 2.86 |
| United Kingdom | 2.20 |
| Luxembourg | 0.69 |
| Switzerland | -0.07 |
| Canada | -0.28 |
| United States | -0.33 |
| Total | 98.78 |

Economic Breakdown as a % of net assets	
Pharmaceuticals, cosmetics & medical products	13.39
| Energy & water supply | 10.12 |
| --- | --- |
| Telecommunications | 10.06 |
| Insurance | 7.33 |
| Retail trade, department stores | 5.46 |
| Internet, software & IT services | 5.46 |
| Chemicals | 5.44 |
| Finance & holding companies | 5.42 |
| Petroleum | 4.67 |
| Traffic & transportation | 4.59 |
| Mechanical engineering & industrial equipment | 3.83 |
| Real Estate | 3.48 |
| Food & soft drinks | 3.14 |
| Rubber & tyres | 3.04 |
| Miscellaneous consumer goods | 2.54 |
| Textiles, garments & leather goods | 2.35 |
| Tobacco & alcohol | 2.19 |
| Building industry & materials | 2.08 |
| Vehicles | 1.93 |
| Mining, coal & steel | 0.69 |
| Various capital goods | 0.58 |
| Miscellaneous services | 0.53 |
| Forestry, paper & pulp products | 0.52 |
| Banks & credit institutions | -0.06 |
| Total | 98.78 |


## Statement of Net Assets
Assets	31.5.2020
EUR
Investments in securities, cost	592 089 017.31
| Investments in securities, unrealized appreciation (depreciation) | 	-58 837 526.43	 |
| --- | --- |
| Total investments in securities (Note 1) | 533 251 490.88 |
| Cash at banks, deposits on demand and deposit accounts | 9 030 266.69 |
| Receivable on subscriptions | 867 067.71 |
| Receivable on dividends | 407 318.03 |
| Other receivables | 854 956.88 |
| Unrealized gain (loss) on forward foreign exchange contracts (Note 1) | -3 001 979.08 |
| Total Assets | 541 409 121.11 |
|  |  |
| Liabilities |  |
| Payable on redemptions | -1 286 677.93 |
| Provisions for flat fee (Note 2) | -187 282.60 |
| Provisions for taxe d’abonnement (Note 3) | -33 728.18 |
| Provisions for other commissions and fees (Note 2) | 	-47 932.13	 |
| Total provisions | -268 942.91 |
| Total Liabilities | -1 555 620.84 |
|  |  |
| Net assets at the end of the financial year | 539 853 500.27 |
| Statement of Operations | EUR |
| Income | 1.6.2019-31.5.2020 |
| Interest on liquid assets | 723.18 |
| Dividends | 16 075 664.73 |
| Income on securities lending (Note 16) | 634 575.60 |
| Other income (Note 4) | 247 798.80 |
| Total income | 16 958 762.31 |
|  |  |
| Expenses |  |
| Flat fee (Note 2) | -5 933 993.68 |
| Taxe d’abonnement (Note 3) | -238 785.90 |
| Cost on securities lending (Note 16) | -253 830.24 |
| Other commissions and fees (Note 2) | -83 502.97 |
| Interest on cash and bank overdraft | -45 627.88 |
| Total expenses | -6 555 740.67 |
|  |  |
| Net income (loss) on investments | 10 403 021.64 |
|  |  |
| Realized gain (loss) (Note 1) |  |
| Realized gain (loss) on market-priced securities without options | -53 087 826.68 |
| Realized gain (loss) on options | -1 206 859.26 |
| Realized gain (loss) on financial futures | 1 906 527.53 |
| Realized gain (loss) on forward foreign exchange contracts | 9 606 918.22 |
| Realized gain (loss) on foreign exchange | 3 099 480.27 |
| Total realized gain (loss) | -39 681 759.92 |
|  |  |
| Net realized gain (loss) of the financial year | -29 278 738.28 |
|  |  |
| Changes in unrealized appreciation (depreciation) (Note 1) |  |
| Unrealized appreciation (depreciation) on market-priced securities without options | -44 982 444.03 |
| Unrealized appreciation (depreciation) on options | -3 023 184.06 |
| Unrealized appreciation (depreciation) on financial futures | 99 790.00 |
| Unrealized appreciation (depreciation) on forward foreign exchange contracts | -3 202 019.44 |
| Total changes in unrealized appreciation (depreciation) | -51 107 857.53 |
|  |  |
| Net increase (decrease) in net assets as a result of operations | -80 386 595.81 |

UBS (Lux) Equity SICAV – Euro Countries Income (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 | 466 548 654.06 |
| Subscriptions | 541 647 829.51 |
| Redemptions | 	-370 476 033.99	 |
| Total net subscriptions (redemptions) | 171 171 795.52 |
| Dividend paid | -17 480 353.50 |
| Net income (loss) on investments | 10 403 021.64 |
| Total realized gain (loss) | -39 681 759.92 |
| Total changes in unrealized appreciation (depreciation) | 	-51 107 857.53	 |
| Net increase (decrease) in net assets as a result of operations | -80 386 595.81 |
| Net assets at the end of the financial year | 539 853 500.27 |
| Changes in the Number of Shares outstanding |  |
|  | 1.6.2019-31.5.2020 |
| Class | F-dist |
| Number of shares outstanding at the beginning of the financial year | 0.0000 |
| Number of shares issued | 108 779.1370 |
| Number of shares redeemed | -596.1370 |
| Number of shares outstanding at the end of the financial year | 108 183.0000 |
| Class | I-A1-acc |
| Number of shares outstanding at the beginning of the financial year | 173 322.6900 |
| Number of shares issued | 1 379 723.1370 |
| Number of shares redeemed | -214 318.2800 |
| Number of shares outstanding at the end of the financial year | 1 338 727.5470 |
| Class | K-1-acc |
| Number of shares outstanding at the beginning of the financial year | 2.6000 |
| Number of shares issued | 0.0000 |
| Number of shares redeemed | -0.1000 |
| Number of shares outstanding at the end of the financial year | 2.5000 |
| Class | K-X-acc |
| Number of shares outstanding at the beginning of the financial year | 83 948.4010 |
| Number of shares issued | 0.0000 |
| Number of shares redeemed | 0.0000 |
| Number of shares outstanding at the end of the financial year | 83 948.4010 |
| Class | (USD hedged) P-8%-mdist |
| Number of shares outstanding at the beginning of the financial year | 109 768.7710 |
| Number of shares issued | 3 873.0340 |
| Number of shares redeemed | -61 324.2550 |
| Number of shares outstanding at the end of the financial year | 52 317.5500 |
| Class | P-acc |
| Number of shares outstanding at the beginning of the financial year | 603 863.3270 |
| Number of shares issued | 81 349.4550 |
| Number of shares redeemed | -163 722.1580 |
| Number of shares outstanding at the end of the financial year | 521 490.6240 |
| Class | (CHF hedged) P-acc |
| Number of shares outstanding at the beginning of the financial year | 90 281.9190 |
| Number of shares issued | 10 325.0210 |
| Number of shares redeemed | -32 428.8050 |
| Number of shares outstanding at the end of the financial year | 68 178.1350 |
| Class | (USD hedged) P-acc |
| Number of shares outstanding at the beginning of the financial year | 38 331.0970 |
| Number of shares issued | 1 184.7610 |
| Number of shares redeemed | -13 026.8380 |
| Number of shares outstanding at the end of the financial year | 26 489.0200 |
| Class | P-dist |
| Number of shares outstanding at the beginning of the financial year | 150 673.9700 |
| Number of shares issued | 67 756.0520 |
| Number of shares redeemed | -37 791.3920 |
| Number of shares outstanding at the end of the financial year | 180 638.6300 |
| Class | (CHF hedged) P-dist |
| Number of shares outstanding at the beginning of the financial year | 184 234.0560 |
| Number of shares issued | 47 156.0590 |
| Number of shares redeemed | -33 564.9270 |
| Number of shares outstanding at the end of the financial year | 197 825.1880 |
| Class | (USD hedged) P-dist |
| Number of shares outstanding at the beginning of the financial year | 27 323.4410 |
| Number of shares issued | 25 214.8810 |
| Number of shares redeemed | -21 756.0000 |
| Number of shares outstanding at the end of the financial year | 30 782.3220 |
| Class | (USD hedged) Q-8%-mdist |
| Number of shares outstanding at the beginning of the financial year | 32 344.9260 |
| Number of shares issued | 517.4300 |
| Number of shares redeemed | -17 524.5070 |
| Number of shares outstanding at the end of the financial year | 15 337.8490 |

UBS (Lux) Equity SICAV – Euro Countries Income (EUR)
Annual report and audited financial statements as of 31 May 2020
| Class | Q-acc |
| --- | --- |
| Number of shares outstanding at the beginning of the financial year | 686 315.1380 |
| Number of shares issued | 194 005.7710 |
| Number of shares redeemed | -612 128.8050 |
| Number of shares outstanding at the end of the financial year | 268 192.1040 |
| Class | (CHF hedged) Q-acc |
| Number of shares outstanding at the beginning of the financial year | 534 597.3080 |
| Number of shares issued | 32 839.3440 |
| Number of shares redeemed | -501 445.8060 |
| Number of shares outstanding at the end of the financial year | 65 990.8460 |
| Class | (USD hedged) Q-acc |
| Number of shares outstanding at the beginning of the financial year | 96 023.5450 |
| Number of shares issued | 52 896.7630 |
| Number of shares redeemed | -55 492.4430 |
| Number of shares outstanding at the end of the financial year | 93 427.8650 |
| Class | Q-dist |
| Number of shares outstanding at the beginning of the financial year | 578 987.3140 |
| Number of shares issued | 617 117.8690 |
| Number of shares redeemed | -821 749.7350 |
| Number of shares outstanding at the end of the financial year | 374 355.4480 |
| Class | (CHF hedged) Q-dist |
| Number of shares outstanding at the beginning of the financial year | 1 260 255.4520 |
| Number of shares issued | 217 353.7160 |
| Number of shares redeemed | -1 317 611.0240 |
| Number of shares outstanding at the end of the financial year | 159 998.1440 |
| Class | (USD hedged) Q-dist |
| Number of shares outstanding at the beginning of the financial year | 48 243.4110 |
| Number of shares issued | 0.0000 |
| Number of shares redeemed | -29 288.7520 |
| Number of shares outstanding at the end of the financial year | 18 954.6590 |
| Class | (USD hedged) QL-8%-mdist |
| Number of shares outstanding at the beginning of the financial year | 0.0000 |
| Number of shares issued | 910.0000 |
| Number of shares redeemed | -100.0000 |
| Number of shares outstanding at the end of the financial year | 810.0000 |
| Class | QL-acc |
| Number of shares outstanding at the beginning of the financial year | 0.0000 |
| Number of shares issued | 411 752.1340 |
| Number of shares redeemed | -59 979.7210 |
| Number of shares outstanding at the end of the financial year | 351 772.4130 |
| Class | (CHF hedged) QL-acc |
| Number of shares outstanding at the beginning of the financial year | 0.0000 |
| Number of shares issued | 477 997.2860 |
| Number of shares redeemed | -43 010.3410 |
| Number of shares outstanding at the end of the financial year | 434 986.9450 |
| Class | (USD hedged) QL-acc |
| Number of shares outstanding at the beginning of the financial year | 0.0000 |
| Number of shares issued | 17 352.0120 |
| Number of shares redeemed | -3 891.8770 |
| Number of shares outstanding at the end of the financial year | 13 460.1350 |
| Class | QL-dist |
| Number of shares outstanding at the beginning of the financial year | 0.0000 |
| Number of shares issued | 644 656.4610 |
| Number of shares redeemed | -54 954.0480 |
| Number of shares outstanding at the end of the financial year | 589 702.4130 |
| Class | (CHF hedged) QL-dist |
| Number of shares outstanding at the beginning of the financial year | 0.0000 |
| Number of shares issued | 1 171 990.1210 |
| Number of shares redeemed | -120 540.8790 |
| Number of shares outstanding at the end of the financial year | 1 051 449.2420 |
| Class | (USD hedged) QL-dist |
| Number of shares outstanding at the beginning of the financial year | 0.0000 |
| Number of shares issued | 4 796.8480 |
| Number of shares redeemed | -400.0000 |
| Number of shares outstanding at the end of the financial year | 4 396.8480 |
| Class | U-X-UKdist-mdist |
| Number of shares outstanding at the beginning of the financial year | 1 073.0530 |
| Number of shares issued | 72.0000 |
| Number of shares redeemed | -474.0000 |
| Number of shares outstanding at the end of the financial year | 671.0530 |

UBS (Lux) Equity SICAV – Euro Countries Income (EUR) Annual report and audited financial statements as of 31 May 2020
| Annual Distribution 1 |  |
| --- | --- |
| UBS (Lux) Equity SICAV – Euro Countries Income (EUR) | Ex-Date | Pay-Date | Currency | Amount per share |
| P-dist | 1.8.2019 | 6.8.2019 | EUR | 6.38 |
| (CHF hedged) P-dist | 1.8.2019 | 6.8.2019 | CHF | 6.20 |
| (USD hedged) P-dist | 1.8.2019 | 6.8.2019 | USD | 6.72 |
| Q-dist | 1.8.2019 | 6.8.2019 | EUR | 6.89 |
| (CHF hedged) Q-dist | 1.8.2019 | 6.8.2019 | CHF | 6.75 |
| (USD hedged) Q-dist | 1.8.2019 | 6.8.2019 | USD | 7.28 |
| Monthly Distribution 1 |  |  |  |  |
| UBS (Lux) Equity SICAV – Euro Countries Income (EUR) | Ex-Date | Pay-Date | Currency | Amount per share |
| (USD hedged) P-8%-mdist | 11.6.2019 | 14.6.2019 | USD | 0.53 |
| (USD hedged) P-8%-mdist | 10.7.2019 | 15.7.2019 | USD | 0.55 |
| (USD hedged) P-8%-mdist | 12.8.2019 | 16.8.2019 | USD | 0.54 |
| (USD hedged) P-8%-mdist | 10.9.2019 | 13.9.2019 | USD | 0.53 |
| (USD hedged) P-8%-mdist | 10.10.2019 | 15.10.2019 | USD | 0.54 |
| (USD hedged) P-8%-mdist | 11.11.2019 | 14.11.2019 | USD | 0.55 |
| (USD hedged) P-8%-mdist | 10.12.2019 | 13.12.2019 | USD | 0.55 |
| (USD hedged) P-8%-mdist | 10.1.2020 | 15.1.2020 | USD | 0.55 |
| (USD hedged) P-8%-mdist | 10.2.2020 | 13.2.2020 | USD | 0.54 |
| (USD hedged) P-8%-mdist | 10.3.2020 | 13.3.2020 | USD | 0.49 |
| (USD hedged) P-8%-mdist | 14.4.2020 | 17.4.2020 | USD | 0.40 |
| (USD hedged) P-8%-mdist | 11.5.2020 | 14.5.2020 | USD | 0.42 |
| (USD hedged) Q-8%-mdist | 11.6.2019 | 14.6.2019 | USD | 0.62 |
| (USD hedged) Q-8%-mdist | 10.7.2019 | 15.7.2019 | USD | 0.64 |
| (USD hedged) Q-8%-mdist | 12.8.2019 | 16.8.2019 | USD | 0.63 |
| (USD hedged) Q-8%-mdist | 10.9.2019 | 13.9.2019 | USD | 0.62 |
| (USD hedged) Q-8%-mdist | 10.10.2019 | 15.10.2019 | USD | 0.64 |
| (USD hedged) Q-8%-mdist | 11.11.2019 | 14.11.2019 | USD | 0.64 |
| (USD hedged) Q-8%-mdist | 10.12.2019 | 13.12.2019 | USD | 0.65 |
| (USD hedged) Q-8%-mdist | 10.1.2020 | 15.1.2020 | USD | 0.65 |
| (USD hedged) Q-8%-mdist | 10.2.2020 | 13.2.2020 | USD | 0.63 |
| (USD hedged) Q-8%-mdist | 10.3.2020 | 13.3.2020 | USD | 0.57 |
| (USD hedged) Q-8%-mdist | 14.4.2020 | 17.4.2020 | USD | 0.47 |
| (USD hedged) Q-8%-mdist | 11.5.2020 | 14.5.2020 | USD | 0.50 |
| (USD hedged) QL-8%-mdist | 10.12.2019 | 13.12.2019 | USD | 1.19 |
| (USD hedged) QL-8%-mdist | 10.1.2020 | 15.1.2020 | USD | 0.70 |
| (USD hedged) QL-8%-mdist | 10.2.2020 | 13.2.2020 | USD | 0.68 |
| (USD hedged) QL-8%-mdist | 10.3.2020 | 13.3.2020 | USD | 0.62 |
| (USD hedged) QL-8%-mdist | 14.4.2020 | 17.4.2020 | USD | 0.51 |
| (USD hedged) QL-8%-mdist | 11.5.2020 | 14.5.2020 | USD | 0.53 |
| U-X-UKdist-mdist | 15.7.2019 | 18.7.2019 | EUR | 97.60 |
| U-X-UKdist-mdist | 30.7.2019 | 2.8.2019 | EUR | 167.84 |
| U-X-UKdist-mdist | 16.8.2019 | 21.8.2019 | EUR | 69.57 |
| U-X-UKdist-mdist | 16.9.2019 | 19.9.2019 | EUR | 68.54 |
| U-X-UKdist-mdist | 15.10.2019 | 18.10.2019 | EUR | 50.81 |
| U-X-UKdist-mdist | 15.11.2019 | 20.11.2019 | EUR | 53.97 |
| U-X-UKdist-mdist | 16.12.2019 | 19.12.2019 | EUR | 37.36 |
| U-X-UKdist-mdist | 15.1.2020 | 20.1.2020 | EUR | 73.56 |
| U-X-UKdist-mdist | 17.2.2020 | 20.2.2020 | EUR | 44.81 |
| U-X-UKdist-mdist | 16.3.2020 | 19.3.2020 | EUR | 63.76 |
| U-X-UKdist-mdist | 15.4.2020 | 20.4.2020 | EUR | 65.76 |
| U-X-UKdist-mdist | 15.5.2020 | 20.5.2020 | EUR | 68.52 |
| 1  See note 5 |  |  |  |  |

UBS (Lux) Equity SICAV – Euro Countries Income (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	COLRUYT SA NPV | 100 582.00 | 5 469 649.16 | 1.02 |
| EUR	PROXIMUS SA NPV | 529 288.00 | 9 947 967.97 | 1.84 |
| Total Belgium |  | 15 417 617.13 | 2.86 |
| Finland |  |  |  |
| EUR	KONE CORPORATION NPV ORD ‘B’ | 219 815.00 | 13 250 448.20 | 2.45 |
| Total Finland |  | 13 250 448.20 | 2.45 |
| France |  |  |  |
| EUR	AIR LIQUIDE(L’) EUR5.5 (POST-SUBDIVISION) | 99 684.00 | 12 171 416.40 | 2.26 |
| EUR	AXA EUR2.29 | 676 349.00 | 11 078 596.62 | 2.05 |
| EUR	BOUYGUES EUR1 | 407 503.00 | 11 222 632.62 | 2.08 |
| EUR	CAPGEMINI EUR8 | 34 193.00 | 3 149 175.30 | 0.58 |
| EUR	CARREFOUR EUR2.50 | 261 207.00 | 3 566 781.59 | 0.66 |
| EUR	DANONE EUR0.25 | 214 702.00 | 13 217 055.12 | 2.45 |
| EUR	DASSAULT SYSTEMES EUR0.50 | 26 394.00 | 4 018 486.50 | 0.74 |
| EUR	EDENRED EUR2 | 283 327.00 | 10 647 428.66 | 1.97 |
| EUR	HERMES INTL NPV | 16 968.00 | 12 688 670.40 | 2.35 |
| EUR	KLEPIERRE EUR1.40 | 208 843.00 | 3 558 684.72 | 0.66 |
| EUR	L’OREAL EUR0.20 | 50 190.00 | 13 144 761.00 | 2.44 |
| EUR	ORANGE EUR4 | 989 393.00 | 10 729 967.09 | 1.99 |
| EUR	PERNOD RICARD EUR1.55 | 84 300.00 | 11 810 430.00 | 2.19 |
| EUR	SANOFI EUR2 | 143 292.00 | 12 542 348.76 | 2.32 |
| EUR	SCOR SE EUR7.876972 (POST CONS) | 111 142.00 | 2 465 129.56 | 0.46 |
| EUR	SODEXO EUR4 | 133 954.00 | 8 109 575.16 | 1.50 |
| Total France |  | 144 121 139.50 | 26.70 |
| Germany |  |  |  |
| EUR	BAYERISCHE MOTOREN WERKE AG EUR1 | 197 836.00 | 10 406 173.60 | 1.93 |
| EUR	BEIERSDORF AG NPV | 58 813.00 | 5 543 713.38 | 1.03 |
| EUR	CANCOM SE NPV | 48 643.00 | 2 748 329.50 | 0.51 |
| EUR	DEUTSCHE WOHNEN AG NPV (BR) | 67 053.00 | 2 696 871.66 | 0.50 |
| EUR	FRESENIUS MED CARE NPV | 81 507.00 | 6 161 929.20 | 1.14 |
| EUR	KNORR BREMSE AG NPV | 78 278.00 | 7 450 500.04 | 1.38 |
| EUR	METRO AG (NEW) NPV | 442 421.00 | 3 714 566.72 | 0.69 |
| EUR	SAP AG ORD NPV | 118 742.00 | 13 477 217.00 | 2.49 |
| EUR	TAG IMMOBILIEN AG NPV | 123 877.00 | 2 586 551.76 | 0.48 |
| Total Germany |  | 54 785 852.86 | 10.15 |
| Italy |  |  |  |
| EUR	ASSIC GENERALI SPA EUR1 | 898 295.00 | 11 215 213.08 | 2.08 |
| EUR	BANCA GENERALI SPA | 128 175.00 | 3 122 343.00 | 0.58 |
| EUR	DIASORIN SPA EUR1 | 63 299.00 | 11 931 861.50 | 2.21 |
| EUR	ITALGAS SPA NPV | 579 804.00 | 2 832 922.34 | 0.52 |
| EUR	UNIPOLSAI SPA NPV | 1 522 758.00 | 3 051 607.03 | 0.57 |
| Total Italy |  | 32 153 946.95 | 5.96 |
| Luxembourg |  |  |  |
| EUR	APERAM S.A. NPV | 150 811.00 | 3 732 572.25 | 0.69 |
| Total Luxembourg |  | 3 732 572.25 | 0.69 |
| The Netherlands |  |  |  |
| EUR	FLOW TRADERS NV EUR0.10 | 310 408.00 | 9 784 060.16 | 1.81 |
| EUR	KON KPN NV EUR0.04 | 5 270 648.00 | 11 616 508.19 | 2.15 |
| EUR	KONINKLIJKE AHOLD EUR0.01 | 553 267.00 | 12 620 020.27 | 2.34 |
| EUR	VOPAK(KON) EUR0.50 | 238 221.00 | 11 746 677.51 | 2.18 |
| Total The Netherlands |  | 45 767 266.13 | 8.48 |
| Spain |  |  |  |
| EUR	AENA SME S.A. EUR10 | 68 167.00 | 8 739 009.40 | 1.62 |
| EUR	AMADEUS IT GROUP EUR0.01 | 130 026.00 | 6 103 420.44 | 1.13 |
| EUR	ENAGAS SA EUR1.50 | 173 433.00 | 3 505 080.93 | 0.65 |
| EUR	ENDESA SA EUR1.2 | 648 351.00 | 13 842 293.85 | 2.56 |
| EUR	IBERDROLA SA EUR0.75 (POST SUBDIVISION) | 698 396.00 | 6 766 060.45 | 1.25 |
| EUR	INDITEX EUR0.03 (POST SUBD) | 313 074.00 | 7 842 503.70 | 1.45 |
| EUR	MERLIN PROPERTIES EUR1 | 376 099.00 | 2 839 547.45 | 0.53 |
| EUR	NATURGY ENERGY GRO EUR1 | 406 525.00 | 6 786 934.88 | 1.26 |
| EUR	RED ELECTRICA CORP EUR0.5 | 693 627.00 | 10 987 051.68 | 2.03 |
| EUR	REPSOL SA EUR1 | 321 023.00 | 2 686 962.51 | 0.50 |
| Total Spain |  | 70 098 865.29 | 12.98 |
| United Kingdom |  |  |  |
| EUR	UNILEVER EUR0.16 | 295 275.00 | 13 727 334.75 | 2.54 |
| Total United Kingdom |  | 13 727 334.75 | 2.54 |
| Total Bearer shares |  | 393 055 043.06 | 72.81 |
| Preference shares |  |  |  |
| Germany |  |  |  |
| EUR	FUCHS PETROLUB SE NON-VTG PRF NPV | 88 827.00 | 3 181 783.14 | 0.59 |
| Total Germany |  | 3 181 783.14 | 0.59 |
| Total Preference shares |  | 3 181 783.14 | 0.59 |

UBS (Lux) Equity SICAV – Euro Countries Income (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) |  |
| Registered shares |  |  |  |
| Finland |  |  |  |
| EUR	ELISA OYJ NPV | 143 536.00 | 8 092 559.68 | 1.50 |
| EUR	FORTUM OYJ EUR3.40 | 586 996.00 | 10 108 071.12 | 1.87 |
| EUR	NOKIAN RENKAAT OYJ NPV | 129 017.00 | 2 701 615.98 | 0.50 |
| EUR	ORION CORP SER’B’NPV | 199 484.00 | 9 595 180.40 | 1.78 |
| EUR	UPM-KYMMENE CORP NPV | 107 366.00 | 2 788 295.02 | 0.52 |
| Total Finland |  | 33 285 722.20 | 6.17 |
| France |  |  |  |
| EUR	MICHELIN (CGDE) EUR2 | 150 653.00 | 13 688 331.58 | 2.54 |
| Total France |  | 13 688 331.58 | 2.54 |
| Germany |  |  |  |
| EUR	BASF SE NPV | 168 110.00 | 8 177 710.95 | 1.52 |
| EUR	BAYER AG NPV (REGD) | 59 611.00 | 3 619 579.92 | 0.67 |
| EUR	DEUTSCHE POST AG NPV(REGD) | 153 748.00 | 4 301 869.04 | 0.80 |
| EUR	DEUTSCHE TELEKOM NPV(REGD) | 983 716.00 | 13 944 174.30 | 2.58 |
| EUR	EVONIK INDUSTRIES NPV | 120 112.00 | 2 660 480.80 | 0.49 |
| EUR	LEG IMMOBILIEN AG NPV | 54 852.00 | 6 147 812.16 | 1.14 |
| EUR	SIEMENS AG NPV(REGD) | 31 976.00 | 3 150 595.28 | 0.58 |
| EUR	SIEMENS HEALTHINEE NPV | 287 317.00 | 13 350 184.41 | 2.47 |
| EUR	UNIPER SE NPV | 351 322.00 | 9 872 148.20 | 1.83 |
| EUR	VONOVIA SE NPV | 73 322.00 | 3 796 613.16 | 0.70 |
| Total Germany |  | 69 021 168.22 | 12.78 |
| Italy |  |  |  |
| EUR	ENI SPA EUR1 | 1 139 278.00 | 9 254 355.19 | 1.71 |
| EUR	SNAM EUR1 | 681 047.00 | 2 849 500.65 | 0.53 |
| Total Italy |  | 12 103 855.84 | 2.24 |
| The Netherlands |  |  |  |
| EUR	KONINKLIJKE DSM NV EUR1.5 | 23 600.00 | 2 715 180.00 | 0.50 |
| EUR	NN GROUP N.V. EUR0.12 | 423 466.00 | 11 759 650.82 | 2.18 |
| Total The Netherlands | 14 474 830.82 | 2.68 |
| Total Registered shares | 142 573 908.66 | 26.41 |
| Total Transferable securities and money market instruments listed on an official stock exchange | 538 810 734.86 | 99.81 |
| Derivative instruments not listed on an official stock exchange and not traded on another regulated market |  |  |
| Options on shares, classic-styled |  |  |
| EUR |  |  |
| EUR	MERRILL LYNCH/AMADEUS IT GROUP CALL 56.61300 24.06.20	-117 020.00 | -20 646.52 | 0.00 |
| EUR	MERRILL LYNCH/HERMES INTL NPV CALL 747.60000 24.06.20	-15 270.00 | -326 659.76 | -0.06 |
| EUR	MERRILL LYNCH/SAP AG CALL 118.10300 24.06.20	-106 860.00 | -131 959.14 | -0.02 |
| EUR	MERRILL LYNCH/AENA SME S.A. CALL 146.51630 24.06.20	-61 350.00 | -27 675.44 | -0.01 |
| EUR	BNP/ENI SPA CALL 9.02200 24.06.20	-1 025 350.00 | -22 610.68 | 0.00 |
| EUR	CIBC/FUCHS PETROLUB SE CALL 38.01720 24.06.20	-45 850.00 | -14 020.52 | 0.00 |
| EUR	CIBC/VOPAK(KON) CALL 50.83260 24.06.20	-148 790.00 | -92 398.37 | -0.02 |
| EUR	CIBC/UPM-KYMMENE CORP CALL 27.83510 24.06.20	-96 620.00 | -19 439.02 | 0.00 |
| EUR	CIBC/UNILEVER CALL 47.42850 24.06.20	-265 740.00 | -144 869.48 | -0.03 |
| EUR	CIBC/SANOFI CALL 91.20430 24.06.20	-128 960.00 | -119 057.70 | -0.02 |
| EUR	CIBC/ORANGE CALL 10.86590 24.06.20	-890 450.00 | -196 449.99 | -0.04 |
| EUR	CIBC/KON KPN NV CALL 2.25960 24.06.20	-4 743 580.00 | -132 216.67 | -0.03 |
| EUR	CIBC/DEUTSCHE WOHNEN AG CALL 40.73650 24.06.20	-60 340.00 | -21 567.00 | 0.00 |
| EUR	CIBC/DEUTSCHE TELEKOM NP CALL 14.35430 24.06.20	-885 340.00 | -117 290.79 | -0.02 |
| EUR	CIBC/BAYER AG CALL 69.38420 24.06.20	-53 640.00 | -15 094.53 | 0.00 |
| EUR	CIBC/CANCOM SE NPV CALL 59.78260 24.06.20	-43 770.00 | -49 814.42 | -0.01 |
| EUR	CIBC/KONINKLIJKE AHOLD CALL 23.39400 24.06.20	-497 940.00 | -104 401.21 | -0.02 |
| EUR	CIBC/CAPGEMINI CALL 95.90490 24.06.20	-30 770.00 | -37 452.09 | -0.01 |
| EUR	CIBC/CARREFOUR CALL 14.03180 24.06.20	-235 080.00 | -29 558.98 | -0.01 |
| EUR	CIBC/DANONE CALL 64.57500 24.06.20	-193 230.00 | -69 968.77 | -0.01 |
| EUR	CIBC/BAYERISCHE MOTOREN CALL 61.86860 24.06.20	-178 050.00 | -43 441.39 | -0.01 |
| EUR	CIBC/BEIERSDORF AG CALL 98.53200 24.06.20	-52 930.00 | -38 493.34 | -0.01 |
| EUR	CIBC/AXA CALL 18.21870 24.06.20	-608 710.00 | -47 073.60 | -0.01 |
| EUR	CIBC/L’OREAL CALL 264.22140 24.06.20	-45 170.00 | -241 546.27 | -0.05 |
| EUR	GOLDMAN SACHS/KNORR BREMSE AG CALL 102.57490 24.06.20	-57 440.00 | -78 764.71 | -0.02 |
| EUR	GOLDMAN SACHS/INDITEX CALL 26.77980 24.06.20	-281 760.00 | -96 291.02 | -0.02 |
| EUR	GOLDMAN SACHS/EVONIK INDUSTRIES N CALL 23.73600 24.06.20	-108 100.00 | -15 078.75 | 0.00 |
| EUR	GOLDMAN SACHS/ENAGAS SA CALL 22.39000 24.06.20	-156 080.00 | -7 684.50 | 0.00 |
| EUR	GOLDMAN SACHS/ELISA CORPORATION CALL 56.97300 24.06.20	-125 510.00 | -150 145.60 | -0.03 |
| EUR	GOLDMAN SACHS/DIASORIN SPA CALL 189.74640 24.06.20	-56 960.00 | -529 242.81 | -0.10 |
| EUR	GOLDMAN SACHS/COLRUYT SA CALL 57.11770 24.06.20	-57 230.00 | -69 094.98 | -0.01 |
| EUR	GOLDMAN SACHS/METRO AG CALL 9.40240 24.06.20	-348 550.00 | -33 371.57 | -0.01 |
| EUR	GOLDMAN SACHS/KLEPIERRE CALL 20.56560 24.06.20	-187 950.00 | -28 826.27 | -0.01 |
| EUR	GOLDMAN SACHS/PROXIMUS SA CALL 19.86910 24.06.20	-190 760.00 | -46 690.61 | -0.01 |
| EUR	GOLDMAN SACHS/BANCA GENERALI SPA CALL 25.51550 24.06.20	-115 350.00 | -23 546.28 | 0.00 |
| EUR	GOLDMAN SACHS/RED ELECTRICA CORP CALL 16.83360 24.06.20	-559 570.00 | -81 544.46 | -0.02 |
| EUR	GOLDMAN SACHS/TAG IMMOBILIEN AG CALL 21.16800 24.06.20	-111 480.00 | -39 593.91 | -0.01 |
| EUR	GOLDMAN SACHS/LEG IMMOBILIEN AG CALL 112.03500 24.06.20	-49 360.00 | -156 335.31 | -0.03 |
| EUR	JPM/SODEXO CALL 71.29190 24.06.20	-108 990.00 | -22 269.42 | 0.00 |
| EUR	JPM/DEUTSCHE POST AG CALL 30.51590 24.06.20	-138 370.00 | -13 123.01 | 0.00 |
| EUR	JPM/BOUYGUES CALL 31.00750 24.06.20	-366 750.00 | -60 839.66 | -0.01 |
| EUR	JPM/FRESENIUS MED CARE NPV CALL 77.25700 24.06.20	-73 350.00 | -103 776.08 | -0.02 |
| EUR	JPM/REPSOL SA CALL 9.16000 24.06.20	-288 920.00 | -3 800.90 | 0.00 |
| EUR	MORGAN STANLEY/NN GROUP N.V CALL 30.24600 24.06.20	-344 280.00 | -43 599.63 | -0.01 |
| EUR	MORGAN STANLEY/NATURGY ENERGY GRO CALL 17.40340 24.06.20	-365 870.00 | -86 061.04 | -0.02 |
| EUR	MORGAN STANLEY/ORION CORP CALL 48.85430 24.06.20	-161 020.00 | -342 575.04 | -0.06 |

UBS (Lux) Equity SICAV – Euro Countries Income (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) |  |
|  |  |  |  |  |
| EUR | MORGAN STANLEY/PERNOD RICARD CALL 147.99750 24.06.20 | -75 870.00 | -66 716.63 | -0.01 |
| EUR | MORGAN STANLEY/SCOR SE CALL 27.05990 24.06.20 | -100 020.00 | -187.10 | 0.00 |
| EUR | MORGAN STANLEY/SIEMENS HEALTHINEE CALL 48.70050 24.06.20 | -206 510.00 | -124 907.63 | -0.02 |
| EUR | MORGAN STANLEY/VONOVIA SE NPV CALL 52.62600 24.06.20 | -65 980.00 | -46 945.09 | -0.01 |
| EUR | MORGAN STANLEY/ITALGAS SPA NPV CALL 5.07530 24.06.20 | -521 820.00 | -65 526.28 | -0.01 |
| EUR | MORGAN STANLEY/SIEMENS AG CALL 106.29460 24.06.20 | -28 770.00 | -16 863.52 | 0.00 |
| EUR | MORGAN STANLEY/BASF SE NPV CALL 51.42160 24.06.20 | -151 290.00 | -32 237.51 | -0.01 |
| EUR | MORGAN STANLEY/MERLIN PROPERTIES CALL 8.15320 24.06.20 | -338 480.00 | -24 306.59 | 0.00 |
| EUR | MORGAN STANLEY/AIR LIQUIDE CALL 121.95750 24.06.20 | -89 710.00 | -279 047.47 | -0.05 |
| EUR | MORGAN STANLEY/KONE CORPORATION NP CALL 65.62780 24.06.20 | -197 830.00 | -55 897.98 | -0.01 |
| EUR | MORGAN STANLEY/DASSAULT SYSTEMES CALL 154.54110 24.06.20 | -23 750.00 | -74 513.77 | -0.01 |
| EUR | MORGAN STANLEY/ENDESA SA CALL 22.16550 24.06.20 | -358 660.00 | -52 633.39 | -0.01 |
| EUR | MORGAN STANLEY/FLOW TRADERS NV CALL 32.46380 24.06.20 | -106 100.00 | -63 060.22 | -0.01 |
| EUR | MORGAN STANLEY/FORTUM OYJ CALL 17.87340 24.06.20 | -528 290.00 | -111 360.37 | -0.02 |
| EUR | MORGAN STANLEY/ASSIC GENERALI SPA CALL 13.38140 24.06.20 | -808 460.00 | -34 245.42 | -0.01 |
| EUR | MORGAN STANLEY/IBERDROLA SA CALL 10.08420 24.06.20 | -628 550.00 | -60 690.91 | -0.01 |
| EUR | UBS/UNIPOLSAI SPA NPV CALL 2.18700 24.06.20 | -1 192 840.00 | -39 900.50 | -0.01 |
| EUR | UBS/KONINKLIJKE DSM NV CALL 119.17500 24.06.20 | -21 240.00 | -21 534.53 | 0.00 |
| EUR | UBS/EDENRED CALL 42.54740 24.06.20 | -171 170.00 | -4 492.99 | 0.00 |
| EUR | UBS/MICHELIN (CGDE)CALL 103.56060 24.06.20 | -119 850.00 | -52 474.72 | -0.01 |
| EUR | UBS/SNAM CALL 4.12930 24.06.20 | -612 940.00 | -55 984.02 | -0.01 |
| EUR | UBS/NOKIAN RENKAAT OYJ CALL 24.09760 24.06.20 | -116 110.00 | -9 741.71 | 0.00 |
| EUR | UBS/UNIPER SE NPV CALL 29.72100 24.06.20 | -155 360.00 | -129 059.88 | -0.02 |
| EUR | UBS/APERAM S.A. NPV CALL 26.60720 24.06.20 | -135 450.00 | -40 954.51 | -0.01 |
| Total EUR |  |  | -5 559 243.98 | -1.03 |
| Total Options on shares, classic-styled | -5 559 243.98 | -1.03 |
| Total Derivative instruments not listed on an official stock exchange and not traded on another regulated market | -5 559 243.98 | -1.03 |
| Total investments in securities | 533 251 490.88 | 98.78 |
| Forward Foreign Exchange contracts |  |  |
| Forward Foreign Exchange contracts (Purchase/Sale) |  |  |

| CHF | 157 336 300.00 | EUR | 149 729 416.76 | 23.6.2020 | -2 470 579.64 | -0.46 |
| --- | --- | --- | --- | --- | --- | --- |
| USD | 21 281 200.00 | EUR | 19 690 320.55 | 23.6.2020 | -566 394.96 | -0.11 |
| EUR | 4 185 116.51 | CHF | 4 404 900.00 | 23.6.2020 | 62 352.40 | 0.01 |
| EUR | 116 465.88 | USD | 126 500.00 | 23.6.2020 | 2 789.18 | 0.00 |
| CHF | 3 222 900.00 | EUR | 3 039 201.54 | 23.6.2020 | -22 729.78 | 0.00 |
| USD | 422 000.00 | EUR | 383 630.09 | 23.6.2020 | -4 408.21 | 0.00 |
| EUR | 590 822.68 | CHF | 625 000.00 | 23.6.2020 | 5 854.22 | 0.00 |
| CHF | 4 381 800.00 | EUR | 4 104 919.10 | 23.6.2020 | -3 775.42 | 0.00 |
| USD | 617 600.00 | EUR | 560 770.41 | 23.6.2020 | -5 776.50 | 0.00 |
| CHF | 3 662 500.00 | EUR | 3 426 823.63 | 23.6.2020 | 1 091.55 | 0.00 |
| USD | 506 700.00 | EUR | 455 737.76 | 23.6.2020 | -401.92 | 0.00 |
| Total Forward Foreign Exchange contracts (Purchase/Sale) | -3 001 979.08 | -0.56 |
|  |  |  |
| Cash at banks, deposits on demand and deposit accounts and other liquid assets | 9 030 266.69 | 1.67 |
| Other assets and liabilities | 573 721.78 | 0.11 |
| Total net assets | 539 853 500.27 | 100.00 |

UBS (Lux) Equity SICAV – Euro Countries Income (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