Asset management ab UBS Funds
Annual Report 2015
Investment Company under Luxembourg Law (SICAV)
R.C.S. Luxembourg N° B 115 477
Audited annual report as of 31 December 2015
UBS (Lux) Institutional SICAV UBS (Lux) Institutional SICAV – Emerging Markets Equity Passive UBS (Lux) Institutional SICAV – Global Allocation Europe
Audited annual report as of 31 December 2015
Table of contents Page ISIN
Management and Administration 2 Features of the Company 3 Independent auditor’s report 5
UBS (Lux) Institutional SICAV 7 UBS (Lux) Institutional SICAV – Emerging Markets Equity Passive 9 AA LU0322728865 BA LU0322729327 FA LU0322728352 XA LU0322730093 UBS (Lux) Institutional SICAV – Global Allocation Europe 25 BA LU0260667190
Notes to the Financial Statements 27 Global Exposure (unaudited) 33 Facts and conditions (unaudited) 34
Sales restrictions
Shares of this Company may not be offered, sold or delivered within the United States of America.
1 Management and Administration
Registered office Custodian bank and main paying agent
33A, avenue J.F. Kennedy, UBS (Luxembourg) S.A., L-1855 Luxembourg 33A, avenue J.F. Kennedy, R.C.S. Luxembourg N° B 115 477 L-1855 Luxembourg
Board of Directors Administrative agent
Tobias Meyer, Chairman UBS Fund Services (Luxembourg) S.A., Executive Director, UBS AG, Basel and Zurich 33A, avenue J.F. Kennedy, L-1855 Luxembourg Kai Gammelin, Member Executive Director, UBS AG, Basel and Zurich Thomas Portmann, Member Independent Auditor of the Company and the Executive Director, UBS Fund Management Management Company (Switzerland) AG, Basel ERNST & YOUNG S.A., 35E, avenue J.F. Kennedy, Management Company L-1855 Luxembourg
UBS Fund Management (Luxembourg) S.A., The sales prospectus, the KIID, the articles of association of the 33A, avenue J.F. Kennedy, Company, annual and semi-annual reports as well as the portfolio L-1855 Luxembourg movements of the Company mentioned in this publication are avail- R.C.S. Luxembourg N° B 154 210 able free of charge at the sales agencies and at the registered office of the Company.
Portfolio Manager
UBS (Lux) Institutional SICAV – Emerging Markets Equity Passive UBS AG, UBS Asset Management, Basel and Zurich
UBS (Lux) Institutional SICAV Annual Report as of 31 December 2015
2 Features of the Company
UBS (Lux) Institutional SICAV (hereinafter called the – Share classes EM and EP for which the flat fee is “Company”) was incorporated on 30 March 2006 as an directly deducted from the subfund’s NAV and covers open-ended investment fund in the form of a “Société all expenses. These shares will have an issue price of d’Investissement à Capital Variable” (SICAV) pursuant 100 000 (in each subfund’s reference currency). This to Part I of the Luxembourg law relating to Undertak- class aims exclusively at financial products (i.e. fund-of- ings for Collective Investment of 17 December 2010 as funds or other pooled structures according to various amended. legislations). This share class has a high initial value aim- ing at facilitating day-to-day operations of these pooled The Articles of Association were published in the structures. ”Mémorial, Recueil des Sociétés et Associations”, herein- – Share class FA, for which the portfolio management, after called ”Mémorial”, the official gazette of the Grand distribution, custody and administration fees are Duchy of Luxembourg, on 14 April 2006 and deposited charged outside the Company, directly at the level of at the Commercial and Company Register of the District the agreement concluded by the investor. These shares Court in Luxembourg for inspection. Each amendment will have an issue price of 10 000 (in each subfund’s ref- will be published in the “Mémorial”. Such amendments erence currency). This class aims exclusively at financial become legally binding in respect of all shareholders products (i.e. fund-of-funds or other pooled structures subsequent to their approval by the general meeting of according to various legislations). This share class has a shareholders. high initial value aiming at facilitating day-to-day opera- tions of these pooled structures. In addition, it features The Company can offer to investors various subfunds the same characteristics as the share class XA. (“umbrella construction”), which invest in accordance – Share classes XA, YD and YA, for which the portfolio with the investment policy described in the sales pro- management, distribution, custody and administration spectus. The specific details on each subfund are defined fees are charged outside the Company, directly at the in the prospectus, which will be updated on the incep- level of the agreement concluded by the investor. tion of each new subfund. The share classes offered have the following character- With effect from 16 May 2011, the Company has istics: appointed UBS Fund Management (Luxembourg) S.A. as – Share classes DA, CA, YD and YA hedge the foreign its Management Company. currency exposure of the respective subfund against their respective reference currency. The Company can issue several share classes for each – Share classes AA, BA, CA, DA, EM, EP, FA, XA, YA, of the subfunds. In general, all share classes presently AA-T1 and RA are reinvesting their dividends and in issue are reserved to institutional investors having other income, rather than distributing it on a regular concluded an agreement (such as, but not limited to basis. a portfolio management agreement) with UBS Asset – Shares of classes AD, AD-T2, YD and RD are distribut- Management or one of its authorised delegates. This ing shares, which entitle the shareholder to a periodic, does explicitly not apply to share classes RA and RD usually annual, distribution of income and/or capital which can be offered to the public as well. gains. – Shares of classes BD-UK and AD-UK are distributing Currently, the following share classes are offered: shares, which entitle the shareholder to a periodic, – Share classes AA, AA-T1, AD-UK, AD-T2, CA, RA and usually annual, distribution of income and/or capital RD, for which the flat fee is directly deducted from the gains and for which the members of the Board of subfund’s NAV and covers all expenses. Directors intend to apply to the British tax authorities – Share classes BA, DA and BD-UK, for which the HM Revenue and Customs that this share class should portfolio management and distribution fees are be approved as “distributing share classes” for the charged outside the Company, directly at the level purposes of Part XVII, Section V of the Income and of the agreement concluded by the investor. The Corporation Taxes Act 1988 (“Offshore Funds”) for all share classes only bear operational and administrative “settlement periods”. expenses such as administration and Custodian fees.
UBS (Lux) Institutional SICAV Annual Report as of 31 December 2015
3 – All share classes will be issued in registered form only, The Company is a single legal entity. With respect to the except for the share classes AA-T1 and AD-T2, which shareholders, each subfund is regarded as being sepa- will be issued as bearer shares only. However, begin- rate from the others. The assets of a subfund can only ning from September 2012, the Board of Directors be used to offset the liabilities which the subfund con- reserves the right to issue registered shares only and cerned has assumed. upon an appropriate circular resolution, to convert the share classes AA-T1 and AD-T2 issued in bearer The Board of Directors of the Company is empow- form into the shares in the registered form. Any ered at any time to establish new subfunds and/or to certificates in circulation at the time of the conversion liquidate existing ones, as well as to establish different certifying the investor’s ownership of the bearer share classes with specific characteristics within these shares shall become certificates certifying the right subfunds. The sales prospectus will be updated each time of the relevant investor to convert his bearer shares a new subfund or an additional equity class is issued. into registered shares and will be withdrawn by the Company upon redemption by the investor. The share- The Company is unlimited with regard to duration and holders shall not be allowed to request the conversion total assets. of registered shares into bearer shares. – The Administrative Agent will ensure that bearer The financial year of the Company ends on 31 December. shares can be issued and transferred only to institu- tional investors. The ordinary general meeting takes place annually on 20 March at 10 a.m. at the registered office of the Generally, the shareholder may convert any time into Company. If 20 March is not a business day in another subfund or share class of the same subfund. Luxembourg, the ordinary general meeting will take However, the following exceptions apply: place on the next business day. – The conversion is only possible into shares issued; no conversion is possible if the issue of shares by the Only the information contained in the sales prospectus subfund has been suspended. and in one of the documents referred to therein shall be – The right to convert shares is subject to compliance deemed to be valid. with any conditions applicable to the share class or cat- egory of share into which conversion is to be effected. Information on whether a subfund of the Company – The conversion of RA and RD shares into other classes is listed on the Luxembourg Stock Exchange can of shares is not permitted. be obtained from the Administrative Agent or the – Conversions can only be made for a definite number Luxembourg Stock Exchange website (www.bourse.lu). of shares. – Due to technical restrictions conversions from the fol- The issue and redemption of shares of the Company lowing classes: AA, CA, BA, DA, YA and XA shares are subject to the regulations prevailing in the country into the following classes: AA-T1 and AD-T2 shares concerned. are not possible. – Conversions into Classes BA, DA, XA and AA-T1 and The annual and semi-annual reports are available free AD-T2 shares will only be executed at the Company’s of charge to shareholders at the registered office of the discretion, under the condition that the investor has Company and the Custodian Bank. signed an agreement with UBS Asset Management. No subscription may be accepted on the basis of the The entirety of the individual subfunds’ net assets forms financial reports. Subscriptions are accepted only on the total net assets of the Company, which at any time the basis of the current prospectus accompanied by the correspond to the share capital of the Company and latest annual report and the latest semi-annual report if consist of fully paid-in and non-par-value shares (the available. “shares”). The figures stated in the report are historical and not At general meetings, the shareholder has the right to necessarily indicative of future performance. one vote per share held, irrespective of the difference in value of shares in the respective subfunds. Shares of a particular subfund carry the right of one vote per share held when voting at meetings affecting this subfund.
UBS (Lux) Institutional SICAV Annual Report as of 31 December 2015
4 Independent auditor’s report
To the Shareholders of Responsibility of the “réviseur d’entreprises agréé”
UBS (Lux) Institutional SICAV Our responsibility is to express an opinion on these 33A, avenue J.F. Kennedy, financial statements based on our audit. We conducted L-1855 Luxembourg our audit in accordance with International Standards on Auditing as adopted for Luxembourg by the “Commis- We have audited the accompanying financial statements sion de Surveillance du Secteur Financier”. Those stan- of UBS (Lux) Institutional SICAV and of each of its dards require that we comply with ethical requirements subfunds, which comprise the statement of net assets and plan and perform the audit to obtain reasonable and the statement of investments in securities and other assurance about whether the financial statements are net assets as of 31 December 2015 and the statement of free from material misstatement. operations and the statement of changes in net assets for the year then ended, and a summary of significant An audit involves performing procedures to obtain audit accounting policies and other explanatory notes to the evidence about the amounts and disclosures in the financial statements. financial statements. The procedures selected depend on the judgement of the “réviseur d’entreprises agréé”, including the assessment of the risks of material misstate- Board of Directors of the SICAV responsibility for ment of the financial statements, whether due to fraud the financial statements or error. In making those risk assessments, the “réviseur d’entreprises agréé” considers internal control relevant The Board of Directors of the SICAV is responsible for to the entity’s preparation and fair presentation of the the preparation and fair presentation of these financial financial statements in order to design audit procedures statements in accordance with Luxembourg legal and that are appropriate in the circumstances, but not for the regulatory requirements relating to the preparation and purpose of expressing an opinion on the effectiveness of presentation of the financial statements and for such the entity’s internal control. An audit also includes eval- internal control as the Board of Directors of the SICAV uating the appropriateness of accounting policies used determines is necessary to enable the preparation and and the reasonableness of accounting estimates made by presentation of financial statements that are free from the Board of Directors of the SICAV, as well as evaluating material misstatement, whether due to fraud or error. the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
UBS (Lux) Institutional SICAV Annual Report as of 31 December 2015
5 Opinion
In our opinion, the financial statements give a true and fair view of the financial position of UBS (Lux) Institutional SICAV and of each of its subfunds as of 31 December 2015, and of the results of their operations and changes in their net assets for the year then ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of the financial statements.
Other matter
Supplementary information included in the annual report has been reviewed in the context of our mandate but has not been subject to specific audit procedures carried out in accordance with the standards described above. Con- sequently, we express no opinion on such information. However, we have no observation to make concerning such information in the context of the financial statements taken as a whole.
Luxembourg, 9 March 2016
ERNST & YOUNG Société Anonyme Cabinet de révision agréé
Nadia Faber
UBS (Lux) Institutional SICAV Annual Report as of 31 December 2015
6 UBS (Lux) Institutional SICAV
Consolidated Statement of Net Assets EUR Assets 31.12.2015 Investments in securities, cost 339 610 991.48 Investments in securities, unrealized appreciation (depreciation) -39 691 340.35 Total investments in securities (Note 1) 299 919 651.13 Cash at banks, deposits on demand and deposit accounts 932 934.67 Other liquid assets (Margins) 5 053.85 Receivable on securities sales (Note 1) 180 000.00 Receivable on dividends 698 695.76 Unrealized gain (loss) on financial futures (Note 1) 23 115.16 Total Assets 301 759 450.57
Liabilities Bank overdraft -66.45 Payable on securities purchases (Note 1) -362 451.12 Payable on redemptions -20 472.21 Provisions for flat fee (Note 2) -25 332.76 Provisions for taxe d’abonnement (Note 3) -7 532.72 Provisions for other commissions and fees (Note 2) -35 307.13 Total provisions -68 172.61 Total Liabilities -451 162.39
Net assets at the end of the financial year 301 308 288.18
UBS (Lux) Institutional SICAV Annual Report as of 31 December 2015
The notes are an integral part of the fi nancial statements. 7 Consolidated Statement of Operations EUR Income 1.1.2015-31.12.2015 Interest on liquid assets 9 372.30 Interest on securities 60 926.77 Dividends 9 530 625.48 Income on securities lending 862.48 Other income (Note 4) 420 845.32 Total income 10 022 632.35
Expenses Flat fee (Note 2) -412 857.05 Taxe d’abonnement (Note 3) -36 875.60 Other commissions and fees (Note 2) -24 967.84 Cost on securities lending -344.99 Interest on cash and bank overdraft -4 663.44 Total expenses -479 708.92
Net income (loss) on investments 9 542 923.43
Realized gain (loss) (Note 1) Realized gain (loss) on market-priced securities without options -2 557 806.96 Realized gain (loss) on options 6 157.44 Realized gain (loss) on yield-evaluated securities and money market instruments -472.82 Realized gain (loss) on financial futures -307 910.18 Realized gain (loss) on forward foreign exchange contracts -1 919 454.39 Realized gain (loss) on foreign exchange 45 965.31 Total realized gain (loss) -4 733 521.60
Net realized gain (loss) of the financial year 4 809 401.83
Changes in unrealized appreciation (depreciation) (Note 1) Unrealized appreciation (depreciation) on market-priced securities without options -58 837 749.64 Unrealized appreciation (depreciation) on options 2 436.22 Unrealized appreciation (depreciation) on yield-evaluated securities and money market instruments 240.92 Unrealized appreciation (depreciation) on financial futures -286 538.25 Unrealized appreciation (depreciation) on forward foreign exchange contracts 687 210.95 Total changes in unrealized appreciation (depreciation) -58 434 399.80
Net increase (decrease) in net assets as a result of operations -53 624 997.97
UBS (Lux) Institutional SICAV Annual Report as of 31 December 2015
8 The notes are an integral part of the fi nancial statements. UBS (Lux) Institutional SICAV – Emerging Markets Equity Passive
Three-year comparison
ISIN 31.12.2015 31.12.2014 31.12.2013 Net assets in USD 327 311 193.46 458 089 669.28 543 616 722.34 Class AA LU0322728865 Shares outstanding 116 230.0010 140 556.5350 141 179.3150 Net asset value per share in USD 81.41 96.33 99.03 Class BA LU0322729327 Shares outstanding 1 620 563.5350 2 313 513.3050 3 117 635.7730 Net asset value per share in USD 88.41 104.11 106.55 Class FA LU0322728352 Shares outstanding 1 581.0000 3 214.0000 4 235.0000 Net asset value per share in USD 8 964.51 10 538.13 10 765.03 Class XA LU0322730093 Shares outstanding 1 923 462.8170 1 732 148.7600 1 516 507.1230 Net asset value per share in USD 83.40 98.04 100.15
UBS (Lux) Institutional SICAV – Emerging Markets Equity Passive Annual Report as of 31 December 2015
The notes are an integral part of the fi nancial statements. 9 Report of the Portfolio Manager Structure of the Securities Portfolio
Geographical Breakdown as a % of net assets The reporting year, from 1 January 2015 to 31 December China 19.94 2015, marked another difficult year for emerging market South Korea 15.61 Taiwan 12.23 equities which posted negative returns and underper- India 8.65 formed developed markets. The main drag was currency Hong Kong 6.48 South Africa 6.18 losses which came on the back of weak growth, falling Brazil 5.47 commodity prices and large outflows. Weakness was Mexico 4.45 Russian Federation (CIS) 3.44 seen across the board although Asian markets fared bet- Malaysia 3.25 ter. Outside Asia, markets grappled with domestic and Indonesia 2.57 Thailand 1.99 external headwinds. Philippines 1.58 Poland 1.31 Turkey 1.30 In the reporting year, the subfund performed in line with Chile 1.12 its benchmark, the MSCI Emerging Markets (net div. Qatar 0.93 United Arab Emirates 0.86 reinv.). This is a passive subfund which aims to replicate Colombia 0.43 the performance of the index, and no active investment Greece 0.41 Netherlands 0.35 decisions are applied. The performance of the subfund Hungary 0.24 reflects the performance of its benchmark. Bermuda 0.18 Czech Republic 0.16 Egypt 0.15 Malta 0.11 United States 0.10 Isle Of Man 0.03 Peru 0.02 Total 99.54
Economic Breakdown as a % of net assets Banks & credit institutions 14.08 Electronics & semiconductors 10.41 Finance & holding companies 8.22 Telecommunications 7.29 Internet, software & IT services 6.88 Petroleum 5.26 Insurance 4.10 Vehicles 3.75 Pharmaceuticals, cosmetics & medical products 3.61 Chemicals 3.14 Real Estate 2.98 Energy & water supply 2.76 Food & soft drinks 2.55 Miscellaneous services 2.31 Building industry & materials 2.27 Retail trade, department stores 2.26 Tobacco & alcohol 1.95 Mining, coal & steel 1.85 Traffic & transportation 1.77 Graphic design, publishing & media 1.73 Computer hardware & network equipment providers 1.47 Electrical devices & components 1.22 Lodging, catering & leisure 1.02 Miscellaneous unclassified companies 0.84 Mechanical engineering & industrial equipment 0.81 Textiles, garments & leather goods 0.67 Non-ferrous metals 0.63 Forestry, paper & pulp products 0.63 Agriculture & fishery 0.57 Miscellaneous trading companies 0.47 Photographic & optics 0.34 Precious metals & stones 0.29 Aerospace industry 0.27 Healthcare & social services 0.26 Miscellaneous consumer goods 0.22 Rubber & tyres 0.19 Packaging industry 0.18 Mortgage & funding institutions 0.11 Various capital goods 0.10 Investment funds 0.08 Total 99.54
UBS (Lux) Institutional SICAV – Emerging Markets Equity Passive Annual Report as of 31 December 2015
10 The notes are an integral part of the fi nancial statements. Statement of Net Assets USD Assets 31.12.2015 Investments in securities, cost 368 919 420.05 Investments in securities, unrealized appreciation (depreciation) -43 116 703.02 Total investments in securities (Note 1) 325 802 717.03 Cash at banks, deposits on demand and deposit accounts 1 013 446.93 Other liquid assets (Margins) 5 490.00 Receivable on securities sales (Note 1) 195 534.00 Receivable on dividends 758 993.20 Unrealized gain (loss) on financial futures (Note 1) 25 110.00 Total Assets 327 801 291.16
Liabilities Bank overdraft -72.18 Payable on securities purchases (Note 1) -393 730.65 Payable on redemptions -22 238.96 Provisions for flat fee (Note 2) -27 518.98 Provisions for taxe d’abonnement (Note 3) -8 182.79 Provisions for other commissions and fees (Note 2) -38 354.14 Total provisions -74 055.91 Total Liabilities -490 097.70
Net assets at the end of the financial year 327 311 193.46
Statement of Operations USD Income 1.1.2015-31.12.2015 Interest on liquid assets 9 568.92 Dividends 10 353 041.18 Other Income (Note 4) 357 287.16 Total income 10 719 897.26
Expenses Flat fee (Note 2) -442 613.44 Taxe d’abonnement (Note 3) -39 885.91 Other commissions and fees (Note 2) -22 529.10 Interest on cash and bank overdraft -4 904.95 Total expenses -509 933.40
Net income (loss) on investments 10 209 963.86
Realized gain (loss) (Note 1) Realized gain (loss) on market-priced securities without options -8 410 600.88 Realized gain (loss) on financial futures -772 660.27 Realized gain (loss) on forward foreign exchange contracts -50 560.86 Realized gain (loss) on foreign exchange -116 836.02 Total realized gain (loss) -9 350 658.03
Net realized gain (loss) of the financial year 859 305.83
Changes in unrealized appreciation (depreciation) (Note 1) Unrealized appreciation (depreciation) on market-priced securities without options -60 413 782.04 Unrealized appreciation (depreciation) on financial futures -133 965.00 Unrealized appreciation (depreciation) on forward foreign exchange contracts 4 768.33 Total changes in unrealized appreciation (depreciation) -60 542 978.71
Net increase (decrease) in net assets as a result of operations -59 683 672.88
UBS (Lux) Institutional SICAV – Emerging Markets Equity Passive Annual Report as of 31 December 2015
The notes are an integral part of the fi nancial statements. 11 Statement of Changes in Net Assets USD 1.1.2015-31.12.2015 Net assets at the beginning of the financial year 458 089 669.28 Subscriptions 40 535 392.33 Redemptions -111 630 195.27 Total net subscriptions (redemptions) -71 094 802.94 Net income (loss) on investments 10 209 963.86 Total realized gain (loss) -9 350 658.03 Total changes in unrealized appreciation (depreciation) -60 542 978.71 Net increase (decrease) in net assets as a result of operations -59 683 672.88 Net assets at the end of the financial year 327 311 193.46
Changes in the Number of Shares outstanding
1.1.2015-31.12.2015 Class AA Number of shares outstanding at the beginning of the financial year 140 556.5350 Number of shares issued 0.0000 Number of shares redeemed -24 326.5340 Number of shares outstanding at the end of the financial year 116 230.0010 Class BA Number of shares outstanding at the beginning of the financial year 2 313 513.3050 Number of shares issued 7 466.8690 Number of shares redeemed -700 416.6390 Number of shares outstanding at the end of the financial year 1 620 563.5350 Class FA Number of shares outstanding at the beginning of the financial year 3 214.0000 Number of shares issued 1 561.0000 Number of shares redeemed -3 194.0000 Number of shares outstanding at the end of the financial year 1 581.0000 Class XA Number of shares outstanding at the beginning of the financial year 1 732 148.7600 Number of shares issued 249 769.6280 Number of shares redeemed -58 455.5710 Number of shares outstanding at the end of the financial year 1 923 462.8170
UBS (Lux) Institutional SICAV – Emerging Markets Equity Passive Annual Report as of 31 December 2015
12 The notes are an integral part of the fi nancial statements. Statement of Investments in Securities and other Net Assets as of 31 December 2015
Description Quantity/ Valuation in USD 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
Bermuda USD CREDICORP COM USD5 6 134.00 596 960.88 0.18 Total Bermuda 596 960.88 0.18
Brazil BRL AMBEV SA COM NPV 433 948.00 1 957 907.56 0.60 BRL BB SEGURIDADE PART COM NPV 65 700.00 404 039.43 0.12 BRL BCO BRADESCO SA COM NPV 71 648.00 371 256.62 0.11 BRL BCO DO BRASIL SA COM NPV 73 700.00 274 587.80 0.08 BRL BMFBOVESPA S.A. BO COM NPV 154 212.00 424 484.97 0.13 BRL BR MALLS PARTICIPA COM NPV 29 600.00 83 048.34 0.03 BRL BRF SA 62 806.00 879 482.44 0.27 BRL CCR SA COM NPV 65 700.00 208 413.27 0.06 BRL CETIP SA-MERCADOS COM NPV 18 038.00 170 976.30 0.05 BRL CIELO SA COM NPV 81 844.00 694 885.30 0.21 BRL COSAN SA INDUSTRIA COM NPV 16 175.00 103 029.38 0.03 BRL CPFL ENERGIA SA COM NPV 19 136.00 73 424.20 0.02 BRL DURATEX SA COM NPV 39 784.00 59 330.33 0.02 BRL EMBRAER SA COM NPV 66 200.00 505 169.79 0.16 BRL ENERGIAS DO BRASIL COM NPV 31 100.00 94 646.19 0.03 BRL EQUATORIAL ENERGIA COM NPV 11 900.00 102 990.46 0.03 BRL ESTACIO PARTICIPAC COM NPV 35 300.00 124 470.14 0.04 BRL FIBRIA CELULOS SA 22 750.00 298 387.99 0.09 BRL HYPERMARCAS SA COM NPV 28 800.00 158 040.57 0.05 BRL JBS SA COM NPV 78 472.00 244 961.57 0.08 BRL KROTON EDUCACIONAL COM NPV 123 612.00 297 762.37 0.09 BRL LOCALIZA RENT A CA COM NPV 19 750.00 123 903.95 0.04 BRL LOJAS AMERICANAS S COM NPV 25 375.00 79 981.36 0.03 BRL LOJAS RENNER SA COM NPV 69 015.00 298 301.80 0.09 BRL M DIAS BRANCO SA I COM NPV 4 200.00 70 597.16 0.02 BRL MULTIPLAN EMPREEND COM STK NPV 10 500.00 100 853.08 0.03 BRL NATURA COSMETICOS COM NPV 14 000.00 83 124.17 0.03 BRL ODONTOPREV SA COM NPV 46 900.00 112 026.54 0.04 BRL PETROL BRASILEIROS COM NPV 272 805.00 590 948.21 0.18 BRL PORTO SEGURO SA COM NPV 18 300.00 133 170.81 0.04 BRL QUALICORP SA COM NPV 20 400.00 72 859.91 0.02 BRL RAIA DROGASIL SA COM NPV 23 200.00 208 059.65 0.06 BRL SABESP CIA SANEAME COM NPV 50 592.00 242 074.33 0.07 BRL SIDER NACIONAL CIA COM NPV 57 588.00 58 224.83 0.02 BRL SUZANO PAPEL E CEL PRF’A’NPV 25 200.00 119 049.10 0.04 BRL TIM PARTICIPACOES COM NPV 72 591.00 125 870.27 0.04 BRL TOTVS SA COM NPV 17 900.00 140 394.82 0.04 BRL TRACTEBEL ENERGIA COM NPV 20 800.00 176 073.81 0.05 BRL ULTRAPAR PARTICIPA COM NPV 34 300.00 524 091.00 0.16 BRL VALE SA COM NPV 119 700.00 394 234.69 0.12 BRL WEG SA COM NPV 60 380.00 228 165.81 0.07 Total Brazil 11 413 300.32 3.49
Chile CLP AES GENER SA COM NPV 337 882.00 149 934.55 0.05 CLP AGUAS ANDINAS S.A. COM NPV SER’A’ 362 969.00 186 238.04 0.06 CLP BCO CREDITO INVERS NPV 4 141.00 156 207.93 0.05 CLP BCO DE CHILE ORD NPV 2 510 941.00 255 771.57 0.08 CLP BCO SANTANDER-CHIL COM NPV 6 482 153.00 290 809.56 0.09 CLP CENCOSUD SA COM NPV 106 357.00 212 383.80 0.06 CLP COLBUN S.A. NPV 645 749.00 154 192.40 0.05 CLP COMPANIA CERVECERI COM NPV 10 402.00 115 088.46 0.03 CLP CORPBANCA COM NPV 10 850 210.00 87 248.80 0.03 CLP EMP NAC ELECTRICID NPV 302 685.00 375 306.36 0.11 CLP EMPRESAS CMPC NPV 114 193.00 246 386.80 0.07 CLP EMPRESAS COPEC SA NPV 36 064.00 309 602.79 0.09 CLP ENERSIS SA NPV 1 430 524.00 345 356.70 0.11 CLP ENTEL EMP NAC TELE NPV 13 116.00 117 372.10 0.04 CLP LATAM AIRLINES GRO NPV 30 147.00 158 341.96 0.05 CLP QUIMICA Y MINERA PRF SER’B’ 7 503.00 140 911.56 0.04 CLP S A C I FALABELLA COM NPV 36 846.00 234 824.37 0.07 Total Chile 3 535 977.75 1.08
China HKD AAC TECHNOLOGIES H USD0.01 73 000.00 476 139.17 0.15 HKD AGRICULTURAL BK CH ‘H’CNY1 2 440 000.00 998 019.39 0.31 HKD AIR CHINA LTD ‘H’CNY1 160 000.00 126 139.49 0.04 HKD ALUMINIUM CORP CHN ‘H’ CNY1 414 000.00 137 285.08 0.04 HKD ANHUI CONCH CEMENT ‘H’CNY1 130 500.00 351 080.30 0.11 HKD ANTA SPORTS PRODUC HKD0.10 109 000.00 299 568.40 0.09 HKD AVICHINA INDUSTRY ‘H’CNY1 236 000.00 185 751.24 0.06 HKD BANK OF CHINA LTD ‘H’HKD1 7 656 300.00 3 418 101.33 1.04 HKD BANK OF COMMUNICAT ‘H’CNY1 785 965.00 553 714.30 0.17 HKD BEIJING CAP INTL A ‘H’CNY1 156 000.00 168 476.74 0.05 HKD BELLE INTERNATIONA HKD0.01 429 000.00 322 158.93 0.10 HKD BYD CO ‘H’CNY1 69 000.00 379 715.23 0.12 HKD CGN POWER CO LTD CNY1 803 000.00 300 471.60 0.09 HKD CHINA CINDA ASSET ‘H’CNY1 829 000.00 306 991.48 0.09 HKD CHINA CITIC BK COR ‘H’CNY1 876 800.00 567 929.14 0.17 HKD CHINA COAL ENERGY ‘H’CNY1 355 000.00 136 042.53 0.04 HKD CHINA COMM SERVICE ‘H’CNY1 394 000.00 147 937.78 0.05 HKD CHINA COMMUNICATIONS CONSTRUCTION COMPANY LTD-H 485 000.00 495 629.12 0.15
UBS (Lux) Institutional SICAV – Emerging Markets Equity Passive Annual Report as of 31 December 2015
The notes are an integral part of the fi nancial statements. 13 Description Quantity/ Valuation in USD as a % Nominal Unrealized gain of net (loss) on Futures/ assets Forward Exchange Contracts/ Swaps (Note 1)
HKD CHINA CONCH VENTUR HKD0.01 117 500.00 243 485.61 0.07 HKD CHINA CONST BK ‘H’CNY1 7 969 320.00 5 460 163.89 1.67 HKD CHINA COSCO HLDGS ‘H’CNY1 290 500.00 131 940.67 0.04 HKD CHINA EVERBRIGHT B ‘H’CNY1 239 000.00 116 259.69 0.04 HKD CHINA GALAXY SECUR CNY1 H 297 000.00 272 085.06 0.08 HKD CHINA HUISHAN DAIR HKD0.1 456 000.00 174 747.59 0.05 HKD CHINA INTL MARINE ‘H’CNY1 42 200.00 77 210.89 0.02 HKD CHINA LIFE INSURAN ‘H’CNY1 748 000.00 2 417 682.24 0.74 HKD CHINA LONGYUAN POW ‘H’CNY1 345 936.00 261 120.83 0.08 HKD CHINA MEDICAL SYS USD0.005(POST BOARD LOT) 81 000.00 119 355.11 0.04 HKD CHINA MERCHANTS BK ‘H’CNY1 443 570.00 1 047 377.28 0.32 HKD CHINA MINSHENG BAN ‘H’CNY1 574 500.00 569 299.95 0.17 HKD CHINA NATIONAL BUI ‘H’CNY1 316 000.00 151 677.06 0.05 HKD CHINA OILFIELD SER ‘H’CNY1 160 000.00 137 700.56 0.04 HKD CHINA PACIFIC INSU ‘H’CNY1 258 800.00 1 065 233.58 0.33 HKD CHINA PETROLEUM & ‘H’CNY1 2 554 400.00 1 542 498.15 0.47 HKD CHINA RAILWAY CONS ‘H’CNY1 165 500.00 205 216.03 0.06 HKD CHINA RAILWAY GROU ‘H’CNY1 435 000.00 330 593.60 0.10 HKD CHINA SHENHUA ENER ‘H’CNY1.00 345 000.00 542 195.96 0.17 HKD CHINA SHIPPING CON ‘H’CNY1 519 000.00 144 647.52 0.04 HKD CHINA STHN AIRLINE ‘H’CNY1 104 000.00 80 246.19 0.02 HKD CHINA TELECOM CORP ‘H’CNY1 1 470 000.00 690 412.44 0.21 HKD CHINA VANKE CO ‘H’CNY1 145 940.00 431 220.82 0.13 HKD CHONGQING RURAL CO CNY1 H SHARE 219 500.00 132 830.33 0.04 HKD CITIC SECURITIES CNY1 ‘H’ 186 000.00 434 871.58 0.13 HKD DALIAN WANDA COML NPV 54 500.00 318 203.52 0.10 HKD DATANG INTL POWER ‘H’CNY1 456 000.00 138 856.67 0.04 HKD DONGFENG MOTOR GRO ‘H’CNY1 276 000.00 368 942.54 0.11 HKD ENN ENERGY HOLDINGS LTD 80 000.00 426 830.45 0.13 HKD EVERGRANDE REAL ES USD0.01 436 000.00 383 672.57 0.12 HKD FOSUN INTL NPV 215 172.00 335 939.46 0.10 HKD GF SECURITIES CO CNY1 H 76 400.00 191 834.22 0.06 HKD GREAT WALL MOTOR ‘H’CNY1 256 000.00 298 275.52 0.09 HKD GUANGZHOU AUTOMOBI ‘H’ CNY1 219 883.00 196 046.73 0.06 HKD GUANGZHOU R&F PROP ‘H’CNY0.25(POST SUBD) 136 400.00 168 076.75 0.05 HKD HAITIAN INTL HLDGS HKD0.10 82 000.00 119 770.59 0.04 HKD HAITONG SECURITIES ‘H’CNY1 320 000.00 565 666.47 0.17 HKD HUADIAN POWER INTL ‘H’CNY1 158 000.00 102 952.85 0.03 HKD HUANENG POWER INTL ‘H’CNY1 360 000.00 310 755.28 0.10 HKD HUANENG RENEWABLES CNY1 H 288 000.00 86 212.52 0.03 HKD HUATAI SECURITIES ‘H’CNY1 62 600.00 146 036.92 0.05 HKD INDUSTRIAL & COM B ‘H’CNY1 7 006 030.00 4 230 656.23 1.29 HKD JIANGSU EXPRESSWAY ‘H’CNY1 164 000.00 221 342.81 0.07 HKD JIANGXI COPPER CO ‘H’CNY1 90 000.00 106 720.52 0.03 HKD KINGSOFT CORP USD0.0005 68 000.00 166 530.97 0.05 HKD LENOVO GROUP LTD HKD0.025 644 000.00 653 958.96 0.20 HKD LONGFOR PROPERTIES 141 500.00 211 059.14 0.06 HKD LUYE PHARMA GP LTD USD0.02 128 000.00 133 447.74 0.04 HKD NEW CHINA LIFE INS ‘H’CNY1 69 800.00 293 154.33 0.09 HKD PEOPLE’S INSURANCE ‘H’CNY1 589 000.00 288 794.41 0.09 HKD PETROCHINA CO ‘H’CNY1 1 950 000.00 1 278 168.81 0.39 HKD PICC PROPERTY & CA ‘H’CNY1 362 055.00 720 358.72 0.22 HKD PING AN INSURANCE ‘H’CNY1 510 000.00 2 829 622.65 0.86 HKD SEMICONDUCTOR MFG USD0.0004 1 598 000.00 162 889.75 0.05 HKD SHANDONG WEIGAO GP ‘H’CNY0.1 160 000.00 110 036.58 0.03 HKD SHANGHAI ELECTRIC ‘H’CNY1 296 000.00 156 972.45 0.05 HKD SHANGHAI FOSUN PHA CNY1 ‘H’ 38 000.00 110 320.45 0.03 HKD SHANGHAI PHARMACEU CNY1 H 83 100.00 179 921.42 0.06 HKD SHENZHOU INTERNATI HKD0.10 52 000.00 298 910.34 0.09 HKD SHIMAO PROPERTY HO HKD0.10 149 000.00 264 926.49 0.08 HKD SHUI ON LAND LTD USD0.0025 558 158.00 153 400.46 0.05 HKD SIHUAN PHARM HLDG HKD0.01 494 000.00 0.64 0.00 HKD SINO-OCEAN LAND HL HKD0.80 325 764.00 208 905.26 0.06 HKD SINOPEC ENGINEERIN CNY1 H 142 500.00 121 720.22 0.04 HKD SINOPEC S/PETROCHE ‘H’CNY1 357 000.00 142 336.60 0.04 HKD SINOPHARM GROUP CO CNY1 126 400.00 507 221.15 0.16 HKD SINOTRANS LIMITED ‘H’CNY1 188 000.00 101 154.17 0.03 HKD SOHO CHINA LIMITED HKD0.02 194 000.00 94 119.47 0.03 HKD SUN ART RETAIL GRO HKD0.30 191 500.00 144 548.82 0.04 HKD SUNAC CHINA HLDGS HKD0.10 ‘REG S’ 134 000.00 103 739.93 0.03 HKD TENCENT HLDGS LIMI HKD0.00002 492 100.00 9 683 070.65 2.96 HKD TINGYI(CAYMAN ISL) USD 0.005 190 000.00 271 143.14 0.08 HKD TSINGTAO BREWERY ‘H’CNY1 34 000.00 153 984.12 0.05 HKD WANT WANT CHINA HO USD0.02 593 000.00 441 489.52 0.14 HKD WEICHAI POWER CO ‘H’CNY1 144 800.00 160 304.51 0.05 HKD YANZHOU COAL MININ ‘H’CNY1 150 000.00 70 063.16 0.02 HKD ZHEJIANG EXPRESS ‘H’CNY1 126 000.00 151 522.23 0.05 HKD ZHUZHOU CSR TIMES ‘H’CNY1 44 500.00 258 669.19 0.08 HKD ZIJIN MINING GROUP ‘H’CNY0.1 369 000.00 96 652.32 0.03 HKD ZTE CORP ‘H’CNY1 84 748.00 193 331.05 0.06 Total China 55 784 466.32 17.04
Colombia COP CEMENTOS ARGOS SA COP6 52 903.00 161 983.65 0.05 COP CORFICOLOMBIANA COP10 (PRO RATA 2016) 104.00 1 260.65 0.00 COP CORFICOLOMBIANA COP10 (RFD 2016 CASH OPT) 11 305.00 138 459.08 0.04 COP ECOPETROL SA COM COP250 296 171.00 103 559.54 0.03 COP GPO DE INVERSIONES COP187.50 21 538.00 242 213.42 0.07 COP GRUPO ARGOS SA COP62.5 35 778.00 182 581.05 0.06 COP INTERCONEXION ELEC COM COP32.8 50 202.00 116 708.37 0.04 Total Colombia 946 765.76 0.29
Czech Republic CZK CEZ CZK100 12 586.00 224 799.69 0.07 CZK KOMERCNI BANKA CZK500 1 576.00 313 612.30 0.09 Total Czech Republic 538 411.99 0.16
UBS (Lux) Institutional SICAV – Emerging Markets Equity Passive Annual Report as of 31 December 2015
14 The notes are an integral part of the fi nancial statements. Description Quantity/ Valuation in USD as a % Nominal Unrealized gain of net (loss) on Futures/ assets Forward Exchange Contracts/ Swaps (Note 1)
Greece EUR EUROBANK ERGASIAS EUR0.30 8 624.00 9 742.98 0.00 EUR FOLLI FOLLIE GROUP EUR0.30 (CR) 6 150.00 115 576.89 0.04 EUR JUMBO SA EUR1.19 7 912.00 83 369.61 0.03 EUR NATL BK OF GREECE EUR0.30 288 356.00 107 441.71 0.03 EUR OPAP(ORG OF FOOTB) EUR0.30 (CR) 30 113.00 264 965.19 0.08 EUR OTE(HELLENIC TLCM) EUR2.83(CR) 21 967.00 220 491.83 0.07 EUR PIRAEUS BK SA EUR0.30 (REG SHS) 512 764.00 154 850.32 0.05 EUR TITAN CEMENT CO EUR4.00 4 138.00 79 158.88 0.02 Total Greece 1 035 597.41 0.32
Hong Kong HKD ALIBABA HEALTH INF HKD0.01 202 000.00 139 703.10 0.04 HKD ALIBABA PICTURES G HKD0.25 890 000.00 220 486.06 0.07 HKD BEIJING ENT WATER HKD0.10 440 000.00 308 277.90 0.09 HKD BEIJING ENTER. INV HKD0.1 39 500.00 239 288.92 0.07 HKD BRILLIANCE CHINA USD0.01 302 000.00 379 928.13 0.12 HKD CHINA EVER INTL HKD0.10 215 000.00 276 304.33 0.08 HKD CHINA EVERBRIGHT HKD1 116 000.00 266 720.00 0.08 HKD CHINA GAS HOLDINGS HKD0.01 188 000.00 271 199.91 0.08 HKD CHINA JINMAO HOLDI NPV 566 000.00 193 531.74 0.06 HKD CHINA MENGNIU DAIR HKD0.1 244 000.00 397 948.43 0.12 HKD CHINA MERCHANT HLD HKD0.10 127 207.00 404 592.50 0.12 HKD CHINA MOBILE LTD NPV 579 500.00 6 542 615.30 2.00 HKD CHINA O/SEAS LAND HKD0.10 385 440.00 1 352 743.88 0.41 HKD CHINA POWER INTL HKD1 223 000.00 128 905.89 0.04 HKD CHINA RES ENT NPV 120 828.00 258 800.77 0.08 HKD CHINA RES GAS GP L HKD0.10 100 000.00 298 703.90 0.09 HKD CHINA RES LAND HKD0.10 276 222.00 805 483.40 0.25 HKD CHINA RES PWR HLDG HKD1 177 659.00 345 683.34 0.11 HKD CHINA STATE CONSTR HKD0.025 184 000.00 319 560.27 0.10 HKD CHINA TAIPING INSURANCE HOLDINGS CO LTD HKD0.05 159 930.00 495 257.51 0.15 HKD CHINA UNICOM (HK)L HKD0.10 569 464.00 694 365.24 0.21 HKD CITIC LIMITED NPV 433 000.00 766 534.84 0.23 HKD CNOOC LTD HKD0.02 1 682 000.00 1 751 416.42 0.54 HKD COSCO PACIFIC HKD0.10 211 668.00 233 239.97 0.07 HKD COUNTRY GARDEN HLD HKD0.10 509 153.00 208 912.93 0.06 HKD CSPC PHARMACEUTICA HKD0.10 370 000.00 378 108.81 0.12 HKD FAR EAST HORIZON L HKD0.01 97 000.00 90 239.54 0.03 HKD GCL-POLY ENERGY HL HKD0.1 1 242 000.00 185 895.76 0.06 HKD GEELY AUTOMOBILE H HKD0.02 505 000.00 269 110.92 0.08 HKD GOLDIN PROPERTIES NPV 126 000.00 145 344.28 0.04 HKD GOME ELECTRICAL AP HKD0.025 1 383 446.00 230 272.36 0.07 HKD GUANGDONG INVEST HKD0.50 276 000.00 391 022.11 0.12 HKD HAIER ELECTRONICS HKD0.1 (POST CONS) 133 000.00 269 770.26 0.08 HKD HANERGY THIN FILM HKD0.0025 1 386 000.00 1.79 0.00 HKD HENGAN INTL HKD0.10 69 500.00 656 426.00 0.20 HKD KUNLUN ENERGY COMP HKD0.01 324 000.00 288 458.93 0.09 HKD NEW WORLD CHINA LT HKD1.0 274 000.00 219 549.30 0.07 HKD NINE DRAGONS PAPER HKD0.1 228 127.00 135 107.44 0.04 HKD SHANGHAI IND HLDGS HKD0.10 31 000.00 81 398.42 0.03 HKD SINO BIOPHAMACEUTI HKD0.025 432 000.00 393 530.45 0.12 HKD YUEXIU PROPERTY COMPANY HKD0.10 1 048 040.00 181 205.99 0.06 Total Hong Kong 21 215 647.04 6.48
Hungary HUF GEDEON RICHTER PLC HUF100 10 677.00 201 794.69 0.06 HUF MOL HUNGARIAN OIL HUF1000 3 320.00 162 690.08 0.05 HUF OTP BANK HUF100 20 767.00 428 332.25 0.13 Total Hungary 792 817.02 0.24
India INR ACC LTD INR10 7 521.00 154 686.04 0.05 INR ADANI PORTS & SPECIAL ECONOMIC ZONE LTD INR2 77 570.00 305 912.34 0.09 INR ADITYA BIRLA NUVO INR10 4 980.00 163 135.11 0.05 INR AMBUJA CEMENTS LTD INR2 57 100.00 175 254.11 0.05 INR APOLLO HOSPITALS INR5 11 687.00 259 059.44 0.08 INR ASIAN PAINTS LTD INR1 24 336.00 325 019.52 0.10 INR AUROBINDO PHARMA INR1 25 716.00 340 495.87 0.10 INR BAJAJ AUTO LTD INR10 8 333.00 318 929.14 0.10 INR BHARAT FORGE INR2 7 188.00 96 917.46 0.03 INR BHARAT HEAVY ELECT INR2 78 952.00 201 866.50 0.06 INR BHARAT PETROL CORP INR10 13 018.00 175 583.73 0.05 INR BHARTI AIRTEL LTD INR5 118 428.00 609 358.77 0.19 INR BHARTI INFRATEL LT INR10 38 927.00 251 898.33 0.08 INR BOSCH LTD INR10 857.00 241 568.91 0.07 INR CAIRN INDIA INR10 50 052.00 104 482.66 0.03 INR CIPLA INR2 38 361.00 376 760.47 0.12 INR COAL INDIA LTD INR10 76 369.00 380 712.27 0.12 INR CONTAINER CORP INR10 6 700.00 132 974.59 0.04 INR DABUR INDIA LTD INR1 53 061.00 222 129.34 0.07 INR DIVI’S LABORATORIE INR2.00 10 016.00 174 843.31 0.05 INR DR REDDYS LABS INR5 7 507.00 352 744.60 0.11 INR EICHER MOTORS INR10 1 288.00 328 161.71 0.10 INR GAIL INDIA LTD INR10 37 829.00 214 487.03 0.07 INR GLAXOSMITHKLINE CO INR10 1 556.00 150 674.31 0.05 INR GLENMARK PHARM INR1.00 14 087.00 196 305.04 0.06 INR GODREJ CONSUMER PR INR1 12 204.00 243 392.84 0.07 INR HCL TECHNOLOGIES INR2 59 200.00 765 187.26 0.23 INR HERO MOTOCORP INR2 4 944.00 201 335.93 0.06 INR HINDALCO INDS INR1 131 287.00 168 186.27 0.05 INR HINDUSTAN UNILEVER INR1 73 732.00 961 546.08 0.29 INR HOUSING DEVEL FIN INR2 143 011.00 2 731 868.13 0.84 INR ICICI BANK INR2 95 781.00 378 382.46 0.12 INR IDEA CELLULAR LTD INR10 85 964.00 186 660.04 0.06 INR INDIABULLS HOUSING INR2 30 955.00 344 707.39 0.11
UBS (Lux) Institutional SICAV – Emerging Markets Equity Passive Annual Report as of 31 December 2015
The notes are an integral part of the fi nancial statements. 15 Description Quantity/ Valuation in USD as a % Nominal Unrealized gain of net (loss) on Futures/ assets Forward Exchange Contracts/ Swaps (Note 1)
INR INFOSYS LTD INR5 175 600.00 2 934 087.71 0.90 INR ITC INR1 211 411.00 1 047 528.02 0.32 INR JSW STEEL LTD INR10 11 013.00 171 829.85 0.05 INR LARSEN & TOUBRO INR2 27 914.00 538 163.99 0.16 INR LIC HOUSING FINANC INR2 24 092.00 185 743.97 0.06 INR LUPIN LTD INR2 21 264.00 590 530.51 0.18 INR MAHINDRA &MAH FIN INR2 28 142.00 103 007.43 0.03 INR MAHINDRA &MAHINDRA INR5 35 251.00 677 964.82 0.21 INR MARICO LTD INR1 41 000.00 140 155.31 0.04 INR MARUTI UDYOG INR5 7 859.00 549 062.33 0.17 INR MOTHERSON SUMI SYS INR1 29 263.00 129 669.51 0.04 INR NESTLE INDIA INR10 2 357.00 207 638.67 0.06 INR NTPC LTD INR10 109 384.00 241 812.53 0.07 INR OIL & NATURAL GAS INR5 64 207.00 234 627.00 0.07 INR PIRAMAL ENTERPRISES LTD INR2 5 607.00 85 122.58 0.03 INR POWER FINANCE CORP INR10 15 538.00 47 302.46 0.01 INR RELIANCE COMMUNICA INR5 106 952.00 142 670.03 0.04 INR RELIANCE INDS INR10(100%DEMAT) 119 548.00 1 833 438.27 0.56 INR RURAL ELECTRIFICAT INR10 24 885.00 85 217.90 0.03 INR SHRIRAM TRANSPORT INR10 12 486.00 162 066.75 0.05 INR SIEMENS INDIA LTD INR2 (POST SUBDIVISION) 7 090.00 128 674.29 0.04 INR STATE BK OF INDIA INR1 129 513.00 439 402.06 0.13 INR SUN PHARMACEUTICAL INR1 92 740.00 1 149 713.16 0.35 INR TATA CONSULTANCY S INR1 45 319.00 1 669 314.77 0.51 INR TATA MOTORS LTD. INR 2 68 291.00 403 926.59 0.12 INR TATA POWER CO LTD INR1 168 048.00 172 477.42 0.05 INR TATA STEEL LTD INR10 12 602.00 49 488.89 0.02 INR TECH MAHINDRA INR5 21 595.00 170 279.18 0.05 INR ULTRATECH CEMENT LTD INR10 2 849.00 119 743.59 0.04 INR UNITED SPIRITS LTD INR10 6 180.00 279 446.93 0.09 INR UPL LIMITED INR2 19 825.00 131 285.14 0.04 INR VEDANTA LTD INR1 102 003.00 139 383.22 0.04 INR WIPRO INR2 65 391.00 553 423.46 0.17 INR ZEE ENTERTAINMENT ENTERPRISES LIMITED INR1 54 118.00 357 684.96 0.11 Total India 28 107 110.30 8.59
Indonesia IDR ADARO ENERGY TBK IDR100 2 150 000.00 80 322.90 0.02 IDR ASTRA AGRO LESTARI IDR500 15 000.00 17 247.03 0.01 IDR BANK CENTRAL ASIA IDR62.5 1 146 800.00 1 106 453.18 0.34 IDR BK DANAMON IDR50000 559 537.00 129 889.04 0.04 IDR BK MANDIRI IDR500 876 442.00 588 110.09 0.18 IDR BK RAKYAT IDR250 1 059 600.00 878 196.85 0.27 IDR CHAROEN POKPHAND IDR10 712 200.00 134 328.77 0.04 IDR GLOBAL MEDIACOM IDR100 (POST SUBD) 1 118 500.00 89 252.91 0.03 IDR GUDANG GARAM(PERUS IDR500 30 700.00 122 488.35 0.04 IDR H M SAMPOERNA IDR100 24 400.00 166 383.94 0.05 IDR INDOCEMENT TUNGGAL IDR500 143 800.00 232 886.37 0.07 IDR INDOFOOD CBP SUKSES MAKMUR TBK PT 155 000.00 151 514.50 0.05 IDR INDOFOODS SUKSES M IDR100 688 000.00 258 281.03 0.08 IDR JASA MARGA(INDONES IDR500 318 500.00 120 722.84 0.04 IDR KALBE FARMA IDR10 2 555 000.00 244 657.51 0.07 IDR LIPPO KARAWACI IDR100 (POST SUBD) 1 873 400.00 140 658.05 0.04 IDR MATAHARI DEPARTMEN IDR5000 226 200.00 288 801.19 0.09 IDR MEDIA NUSANTARA IDR100 710 500.00 95 609.65 0.03 IDR P.T. ASTRA INTL IDR50 2 123 600.00 924 310.07 0.28 IDR PERUSAHAAN GAS NEG IDR100-B 681 400.00 135 686.99 0.04 IDR PT BANK NEGARA IND LKD SHS(IDR7500 & IDR375) 685 474.00 248 133.41 0.08 IDR PT BUMI SERPONG DA IDR100 1 099 000.00 143 503.97 0.04 IDR SEMEN INDONESIA IDR100 357 100.00 295 316.98 0.09 IDR SUMMARECON AGUNG IDR100 960 000.00 114 907.64 0.03 IDR TELEKOMUNIKASI IND SER’B’IDR50 4 816 400.00 1 084 870.42 0.33 IDR UNILEVER INDONESIA IDR10 124 300.00 333 631.13 0.10 IDR UTD TRACTORS IDR250 151 860.00 186 726.87 0.06 IDR XL AXIATA TBK PT IDR100 333 500.00 88 304.42 0.03 Total Indonesia 8 401 196.10 2.57
Isle of Man ZAR NEW EUROPE PROPERT ORD EUR0.01 9 293.00 106 636.66 0.03 Total Isle of Man 106 636.66 0.03
Malaysia MYR AIRASIA BHD MYR0.1 180 500.00 54 231.98 0.02 MYR ALLIANCE FINANCIAL MYR1 47 500.00 39 385.12 0.01 MYR AMMB HOLDINGS BHD MYR1 194 300.00 205 002.68 0.06 MYR ASTRO MALAYSIA HLD MYR0.10 234 500.00 150 744.15 0.05 MYR AXIATA GROUP BHD MYR1 240 213.00 358 627.07 0.11 MYR BRIT AMER TOBA(MY) MYR0.50 9 900.00 129 309.89 0.04 MYR BUMI ARMADA BERHA MYR0.20 327 200.00 77 732.39 0.02 MYR CIMB GROUP HOLDINGS BHD MYR1 510 488.00 539 796.32 0.16 MYR DIALOG GROUP MYR0.10 351 388.00 130 946.97 0.04 MYR DIGI.COM.BERHAD MYR0.01 304 100.00 382 471.18 0.12 MYR FELDA GLOBAL VENTU MYR1 188 900.00 75 234.42 0.02 MYR GAMUDA BERHAD MYR1 163 225.00 177 158.15 0.05 MYR GENTING BHD MYR0.10 204 900.00 350 289.04 0.11 MYR GENTING MALAYSIA B MYR0.10 347 500.00 354 500.99 0.11 MYR GENTING PLANTATIONS BHD MYR0.50 28 600.00 70 609.06 0.02 MYR HONG LEONG BANK MYR1 50 831.00 159 116.95 0.05 MYR HONG LEONG FINANCI MYR1 25 615.00 83 285.29 0.03 MYR IHH HEALTHCARE BHD NPV 222 900.00 341 605.22 0.10 MYR IJM CORP BERHAD MYR1 300 320.00 236 422.87 0.07 MYR IOI CORP MYR0.50 247 296.00 256 886.03 0.08 MYR IOI PROPERTIES GROUP SDN BHD 186 314.00 97 637.48 0.03 MYR KUALA LUMPUR KEPG MYR1 40 400.00 215 291.02 0.07 MYR LAFARGE MALAYSIA MYR1 71 300.00 147 465.70 0.04 MYR MALAYAN BKG BERHAD MYR1 383 070.00 749 455.69 0.23
UBS (Lux) Institutional SICAV – Emerging Markets Equity Passive Annual Report as of 31 December 2015
16 The notes are an integral part of the fi nancial statements. Description Quantity/ Valuation in USD as a % Nominal Unrealized gain of net (loss) on Futures/ assets Forward Exchange Contracts/ Swaps (Note 1)
MYR MALAYSIA AIRPORTS MYR1 110 377.00 144 221.49 0.04 MYR MAXIS BHD MYR0.10 179 400.00 284 131.83 0.09 MYR MISC BERHAD MYR1 114 900.00 250 754.16 0.08 MYR PETRONAS CHEMICALS MYR0.10 271 100.00 459 042.04 0.14 MYR PETRONAS DAGANGAN MYR1 14 300.00 82 799.11 0.02 MYR PETRONAS GAS MYR1 61 300.00 324 096.89 0.10 MYR PPB GROUP BERHAD MYR1 63 500.00 235 157.80 0.07 MYR PUBLIC BK BHD MYR1 236 800.00 1 021 436.12 0.31 MYR RHB CAPITAL BHD MYR1 39 804.00 52 565.20 0.02 MYR SAPURAKENCANA PET MYR1 369 000.00 173 606.61 0.05 MYR SIME DARBY BHD MYR0.50 318 972.00 575 761.73 0.18 MYR TELEKOM MALAYSIA MYR0.7 116 255.00 183 581.90 0.06 MYR TENAGA NASIONL BHD MYR1 314 525.00 975 771.05 0.30 MYR UMW HLDGS BERHAD MYR1 57 400.00 105 214.39 0.03 MYR YTL CORP MYR0.10 789 612.00 288 736.66 0.09 MYR YTL POWER INTL MYR0.50 295 876.00 101 990.56 0.03 Total Malaysia 10 642 073.20 3.25
Malta ZAR BRAIT SE EUR0.22 33 194.00 357 613.91 0.11 Total Malta 357 613.91 0.11
Mexico MXN ALFA SA DE CV SER’A’NPV 218 900.00 432 194.15 0.13 MXN AMERICA MOVIL SAB COM SER ‘L’ NPV (L/VTG) 3 007 150.00 2 110 262.38 0.65 MXN ARCA CONTINENTAL COM NPV 45 742.00 277 241.10 0.08 MXN COCA-COLA FEMSA SA SER’L’NPV 52 300.00 375 190.42 0.11 MXN CONTROLADORA COMERCIAL MEXICA SAB DE CV UNITS-REP 3’B’& 1’C’ 54 700.00 149 836.98 0.05 MXN EL PUERTO DE LIVER SER’C1’NPV(NON VTG) 20 100.00 244 524.02 0.08 MXN FIBRA UNO TRUST UNIT MXN0.010 222 000.00 488 316.07 0.15 MXN FOMENTO ECONOMICO UNITS (REP 1’B’& 4’D’ SHS) 171 000.00 1 600 283.13 0.49 MXN GENTERA SAB DE COM NPV 106 800.00 206 227.15 0.06 MXN GP FIN SANT SERFIN SER’B’ MXN3.78078 159 800.00 279 885.82 0.09 MXN GPO AEROPORTUARIO SER’B’NPV 17 395.00 245 638.92 0.08 MXN GPO BIMBO SA DE CV SER’A’NPV 152 400.00 405 461.13 0.12 MXN GPO CARSO SA DE CV COM SER’A1’NPV 65 500.00 269 188.21 0.08 MXN GPO FIN INBURSA SA COM SER ‘O’ MXN0.827422 223 200.00 401 914.18 0.12 MXN GPO MEXICO SA SER’B’COM NPV 344 304.00 733 416.37 0.22 MXN GPO TELEVISA SAB CPO’S 25’A’22’B’35’D’35’L’ 238 493.00 1 302 717.52 0.40 MXN GRUMA SA DE CV COM SER’B’ NPV 15 100.00 211 359.70 0.06 MXN GRUPO AEROPORTUARI SER ‘B’ NPV 29 082.00 256 029.16 0.08 MXN GRUPO COM CHEDRAUI NPV B CL’I’ 52 700.00 140 178.16 0.04 MXN GRUPO FINANCIERO BANORTE SAB DE CV COM SER’O’NPV 223 200.00 1 227 582.88 0.38 MXN GRUPO LALA SAB DE COM B NPV 53 600.00 124 354.89 0.04 MXN INDS PENOLES NPV 15 435.00 158 379.19 0.05 MXN KIMBERLY CLARK MEX COM SER’A’NPV 136 100.00 318 123.40 0.10 MXN MEXICHEM SA DE CV COM NPV SERIE UNICA 92 704.00 206 651.21 0.06 MXN OHL MEXICO SAB DE COM NPV 91 000.00 95 051.00 0.03 MXN PROMOTORA Y OPERAD COM NPV 22 600.00 265 280.42 0.08 MXN TELESITES SAB CV COM NPV SER ‘L’ 150 357.00 97 590.60 0.03 MXN WAL-MART DE MEXICO COM NPV 507 676.00 1 278 364.75 0.39 Total Mexico 13 901 242.91 4.25
Netherlands ZAR STEINHOFF INT H NV NPV 228 940.00 1 159 954.79 0.35 Total Netherlands 1 159 954.79 0.35
Philippines PHP ABOITIZ EQUITY VEN PHP1 292 130.00 359 769.07 0.11 PHP ABOITIZ POWER CORP PHP1 152 900.00 135 499.52 0.04 PHP ALLIANCE GLOBAL GP PHP1 531 000.00 181 683.14 0.06 PHP AYALA CORP PHP50 23 268.00 373 830.79 0.11 PHP AYALA LAND INC PHP1 830 100.00 607 734.46 0.19 PHP BDO UNIBANK INC PHP10 179 228.00 399 934.97 0.12 PHP BK OF PHILIP ISLAN PHP10 62 294.00 111 005.25 0.03 PHP DMCI HLDGS INC PHP1 579 950.00 170 084.16 0.05 PHP ENERGY DEVELOP COR PHP1 1 336 750.00 176 131.12 0.05 PHP GLOBE TELECOM INC PHP50 5 575.00 219 421.95 0.07 PHP GT CAPITAL HOLDING PHP10 5 735.00 160 879.82 0.05 PHP INTL CONTAINER TER PHP1 103 950.00 155 300.92 0.05 PHP JG SUMMIT HLDGS PHP1 204 000.00 317 781.32 0.10 PHP JOLLIBEE FOODS PHP1 31 150.00 144 976.09 0.04 PHP METRO PACIFIC INVE PHP1 1 392 200.00 153 850.60 0.05 PHP PHILIPPINE LNG DIS PHP5 8 115.00 355 262.99 0.11 PHP SM INVEST CORP PHP10 16 090.00 295 436.40 0.09 PHP SM PRIME HLDGS PHP1 954 775.00 440 306.40 0.14 PHP UNIVERSAL ROBINA PHP1 99 940.00 395 044.95 0.12 Total Philippines 5 153 933.92 1.58
Poland PLN ALIOR BANK SA PLN10 2 644.00 44 524.75 0.01 PLN BANK MILLENNIUM SA PLN1 76 849.00 108 201.03 0.03 PLN BK HANDLOWY W WARS PLN4 1 388.00 25 271.83 0.01 PLN BK PEKAO PLN1 12 008.00 436 355.99 0.13 PLN BK ZACHODNI WBK PLN10 4 351.00 312 914.57 0.09 PLN CCC SA PLN0.1 2 465.00 86 485.20 0.03 PLN CYFROWY POLSAT SA PLN0.04 24 276.00 128 358.90 0.04 PLN ENEA SA PLN1.00 30 864.00 88 317.96 0.03 PLN ENERGA SA PLN10.92 15 500.00 49 613.19 0.01 PLN EUROCASH SA PLN1 12 858.00 157 918.69 0.05 PLN GRUPA AZOTY PLN5.00 5 430.00 136 817.38 0.04 PLN GRUPA LOTOS S.A. PLN1.00 (A) 14 288.00 97 690.78 0.03 PLN KGHM POLSKA MIEDZ PLN10 BR 13 598.00 218 624.45 0.07 PLN LPP SA PLN2 90.00 126 604.41 0.04
UBS (Lux) Institutional SICAV – Emerging Markets Equity Passive Annual Report as of 31 December 2015
The notes are an integral part of the fi nancial statements. 17 Description Quantity/ Valuation in USD as a % Nominal Unrealized gain of net (loss) on Futures/ assets Forward Exchange Contracts/ Swaps (Note 1)
PLN MBANK SA PLN4 1 217.00 96 769.52 0.03 PLN ORANGE POLSKA SA PLN3 60 152.00 99 924.57 0.03 PLN PGE POLSKA GRUPA PLN10.00 87 719.00 284 107.42 0.09 PLN PKN ORLEN PLN1.25 29 054.00 499 199.51 0.15 PLN POL GORN NAFT I GA PLN1 227 235.00 295 771.76 0.09 PLN POWSZECHNA KASA OS PLN1 61 071.00 422 661.83 0.13 PLN PZU GR PLN1 48 450.00 417 394.24 0.13 PLN SYNTHOS S.A PLN0.03 62 101.00 59 915.88 0.02 PLN TAURON POLSKA ENER PLN5.00 137 225.00 100 079.26 0.03 Total Poland 4 293 523.12 1.31
Qatar QAR BARWA REAL ESTATE QAR10 8 312.00 91 282.98 0.03 QAR COMM BK OF QATAR QAR10 15 699.00 197 837.66 0.06 QAR DOHA BANK QAR10 9 114.00 111 350.79 0.03 QAR EZDAN HOLDING GP QAR10 95 813.00 418 259.53 0.13 QAR INDUSTRIES OF QATA QAR10 14 092.00 429 844.11 0.13 QAR MASRAF AL-RAYAN QAR10 36 179.00 373 481.15 0.11 QAR OOREDOO QAR10 8 657.00 178 259.62 0.06 QAR QATAR ELECT & WATER QAR10 1 868.00 110 983.50 0.03 QAR QATAR INSURANCE CO QAR10 6 508.00 146 516.21 0.05 QAR QATAR ISLAMIC BANK QAR10 4 323.00 126 640.89 0.04 QAR QATAR NATIONAL BK QAR10 16 602.00 797 669.06 0.24 QAR VODAFONE QATAR QAR10 19 377.00 67 563.87 0.02 Total Qatar 3 049 689.37 0.93
Russian Federation (CIS) USD LUKOIL OIL COMPANY RUB0.025 48 511.00 1 555 348.28 0.48 USD MMC NORILSK NICKEL RUB1(RUB) 2 424.00 303 131.89 0.09 USD MMC NORILSK NICKEL RUB1(RUB) 2 849.00 356 929.55 0.11 USD SEVERSTAL PAO RUB0.01(RUB) 391.00 3 257.08 0.00 USD SEVERSTAL PAO RUB0.01(RUB) 19 526.00 162 950.60 0.05 Total Russian Federation (CIS) 2 381 617.40 0.73
South Africa ZAR AFRICAN BANK INV ZAR0.025 209 515.00 0.14 0.00 ZAR ANGLO PLATINUM LTD ZAR0.10 4 015.00 48 022.98 0.01 ZAR ASPEN PHARMACARE ZAR0.1390607 32 308.00 645 263.45 0.20 ZAR BARCLAYS AFRICA GR ZAR2 28 045.00 259 699.72 0.08 ZAR BARLOWORLD LTD ZAR0.05 23 561.00 94 225.75 0.03 ZAR BIDVEST GROUP ZAR0.05 27 607.00 584 743.54 0.18 ZAR CAPITEC BANK HLDGS ZAR0.01 2 000.00 69 511.79 0.02 ZAR CORONATION FUND MA ZAR0.0001 24 490.00 83 606.27 0.02 ZAR DISCOVERY LIMITED ZAR0.001 38 432.00 329 743.11 0.10 ZAR EXXARO RESOURCES ZAR0.01 24 171.00 68 696.77 0.02 ZAR FIRSTRAND LTD ZAR0.01 318 994.00 872 238.76 0.27 ZAR FOSCHINI GP (THE) ZAR0.0125 25 622.00 201 364.73 0.06 ZAR GOLD FIELDS ZAR0.50 104 295.00 284 034.01 0.09 ZAR GROWTHPOINT PROPS NPV (POST DELINKING) 182 742.00 273 956.74 0.08 ZAR HYPROP INVESTMENTS NPV 17 616.00 117 493.05 0.04 ZAR IMPALA PLATINUM ZAR0.025 62 000.00 100 189.09 0.03 ZAR IMPERIAL HLDGS ZAR0.04 16 615.00 127 983.38 0.04 ZAR INVESTEC LIMITED ZAR0.0002 24 895.00 175 922.20 0.05 ZAR LIBERTY HLDGS NPV 16 548.00 123 003.36 0.04 ZAR LIFE HEALTHCARE GR ZAR0.000001 83 846.00 189 763.43 0.06 ZAR MASSMART HOLDINGS ZAR0.01 6 858.00 44 258.01 0.01 ZAR MEDICLINIC INTL ZAR0.10 41 395.00 317 899.07 0.10 ZAR MMI HOLDINGS LIMIT ZAR0.000001 106 654.00 151 423.83 0.05 ZAR MONDI LTD NPV 9 337.00 185 149.24 0.06 ZAR MR PRICE GROUP ZAR0.025 22 279.00 287 554.45 0.09 ZAR MTN GROUP LTD ZAR0.0001 155 542.00 1 333 934.13 0.41 ZAR NASPERS ‘N’ ZAR0.02 37 665.00 5 153 096.06 1.57 ZAR NEDBANK GROUP LTD ZAR1 13 748.00 167 339.57 0.05 ZAR NETCARE LTD ZAR0.01 106 581.00 233 170.66 0.07 ZAR PICK’N PAY STORES ZAR0.0125 28 124.00 117 973.61 0.04 ZAR PIONEER FOOD GROUP ZAR0.10 8 291.00 85 074.31 0.03 ZAR PSG GROUP LTD ZAR0.01 8 500.00 122 600.11 0.04 ZAR RAND MERCHANT INSU NPV 73 990.00 184 837.72 0.06 ZAR REDEFINE PROPS LTD NPV (POST CONVERSION) 348 245.00 217 997.26 0.07 ZAR REMGRO ZAR0.01 48 371.00 765 451.45 0.23 ZAR RESILIENT PROPERTY NPV 20 431.00 152 288.12 0.05 ZAR RMB HLDGS ZAR0.01 63 948.00 229 495.55 0.07 ZAR SANLAM ZAR0.01 176 990.00 691 489.44 0.21 ZAR SAPPI ZAR1 69 118.00 291 093.59 0.09 ZAR SASOL NPV 52 901.00 1 431 814.36 0.44 ZAR SHOPRITE HLDGS LTD ZAR0.01134 39 786.00 367 832.10 0.11 ZAR SPAR GROUP LIMITED NPV 17 797.00 211 443.82 0.06 ZAR STANDARD BANK GROUP 0.1 116 996.00 856 961.44 0.26 ZAR TELKOM SA SOC LTD ZAR10 22 864.00 94 920.53 0.03 ZAR TIGER BRANDS ZAR0.10 13 553.00 276 771.41 0.08 ZAR TRUWORTHS INTERNAT ZAR0.00015 41 363.00 243 311.76 0.07 ZAR VODACOM GROUP LIMI ZAR0.01 35 170.00 345 923.64 0.10 ZAR WOOLWORTHS HLDGS ZAR0.0015 85 952.00 555 522.11 0.17 Total South Africa 19 766 089.62 6.04
South Korea KRW AMOREPACIFIC (NEW) KRW5000 3 110.00 1 099 394.49 0.34 KRW AMOREPACIFIC (NEW) PFD KRW5000 500.00 98 076.84 0.03 KRW AMOREPACIFIC GROUP KRW500 3 049.00 384 846.70 0.12 KRW BGF RETAIL CO LTD KRW1000 649.00 94 924.31 0.03 KRW BNK FINANCIAL GROU KRW5000 16 239.00 116 611.13 0.04 KRW CELLTRION INC KRW1000 6 172.79 444 843.08 0.14 KRW CHEIL WORLDWIDE KRW200 8 311.00 146 720.99 0.05 KRW CJ CHEILJEDANG KRW5000 877.00 282 348.30 0.09 KRW CJ CORP KRW5000 1 672.00 357 913.95 0.11 KRW CJ KOREA EXPRESS C KRW5000 641.00 104 414.31 0.03
UBS (Lux) Institutional SICAV – Emerging Markets Equity Passive Annual Report as of 31 December 2015
18 The notes are an integral part of the fi nancial statements. Description Quantity/ Valuation in USD as a % Nominal Unrealized gain of net (loss) on Futures/ assets Forward Exchange Contracts/ Swaps (Note 1)
KRW COWAY CO LTD KRW500 5 317.00 381 356.62 0.12 KRW DAELIM INDUSTRIAL KRW5000 2 811.00 160 861.46 0.05 KRW DAEWOO ENGINEERING KRW5000 12 820.00 61 227.24 0.02 KRW DAEWOO INTERNATION KRW5000 4 004.00 55 831.65 0.02 KRW DAEWOO SECURITIES KRW5000 25 864.00 208 888.39 0.06 KRW DGB FINANCIAL GROU KRW5000 21 916.00 187 843.42 0.06 KRW DONGBU INSURANCE KRW500 3 333.00 199 829.35 0.06 KRW DOOSAN HEAVY IND KRW5000 7 950.00 139 669.95 0.04 KRW DOOSAN KRW5000 884.00 66 721.25 0.02 KRW E-MART CO LTD KRW5000 1 932.00 311 413.59 0.10 KRW GS ENGINEERING & C KRW5000 4 366.00 73 539.30 0.02 KRW GS HOLDINGS CORP KRW5000 5 531.00 239 155.43 0.07 KRW HANA FINANCIAL GRP KRW5000 28 502.00 573 661.85 0.18 KRW HANKOOK TIRE CO LT KRW500 8 380.00 336 257.73 0.10 KRW HANMI PHARM CO LTD KRW2500 484.50 300 811.05 0.09 KRW HANMI SCIENCE KRW500 969.00 106 606.12 0.03 KRW HANON SYSTEMS KRW500 3 246.00 143 676.09 0.04 KRW HANSSEM CO KRW1000 1 200.00 236 919.54 0.07 KRW HANWHA CHEMICAL KRW5000 10 230.00 237 308.43 0.07 KRW HANWHA CORP KRW5000 4 734.00 159 071.77 0.05 KRW HANWHA LIFE INSURAN KRW5000 16 286.00 102 642.57 0.03 KRW HOTEL SHILLA KRW5000 2 882.00 189 994.97 0.06 KRW HYOSUNG KRW5000 2 969.00 297 520.36 0.09 KRW HYUNDAI DEPT STORE KRW5000 2 604.00 280 931.30 0.09 KRW HYUNDAI DEVELOPMEN KRW5000 6 209.00 205 457.51 0.06 KRW HYUNDAI ENG & CONS KRW5000 5 926.00 144 290.05 0.04 KRW HYUNDAI GLOVIS KRW500 1 596.00 262 699.25 0.08 KRW HYUNDAI HEAVY INDS KRW5000 3 765.00 281 921.45 0.09 KRW HYUNDAI MARINE&FIR KRW500 4 650.00 142 964.05 0.04 KRW HYUNDAI MOBIS KRW5000 6 461.00 1 358 267.46 0.42 KRW HYUNDAI MOTOR CO KRW5000 14 379.00 1 827 189.47 0.56 KRW HYUNDAI STEEL KRW5000 8 262.00 351 956.76 0.11 KRW HYUNDAI WIA CORP KRW5000 2 367.00 226 091.85 0.07 KRW INDL BANK OF KOREA KRW5000 25 400.00 267 528.04 0.08 KRW KAKAO CORP 2 921.00 288 475.38 0.09 KRW KANGWON LAND INC KRW500 11 413.00 373 765.90 0.11 KRW KB FINANCIAL GROUP KRW5000 34 561.00 977 098.76 0.30 KRW KCC CORPORATION KRW5000 533.00 189 780.82 0.06 KRW KEPCO PLANT SERVIC KRW200 1 900.00 144 215.60 0.04 KRW KIA MOTORS CORP KRW5000 25 766.00 1 155 849.73 0.35 KRW KOREA AEROSPACE IN KRW5000 4 825.00 321 378.62 0.10 KRW KOREA ELEC POWER KRW5000 25 013.00 1 066 606.97 0.33 KRW KOREA GAS KRW5000 3 400.00 106 852.59 0.03 KRW KOREA INVESTMENT H KRW5000 4 335.00 183 189.84 0.06 KRW KOREA ZINC KRW5000 856.00 342 385.40 0.10 KRW KOREAN AIR LINES KRW5000 2 655.00 62 720.99 0.02 KRW KT CORPORATION KRW5000 3 224.00 77 675.15 0.02 KRW KT&G CORPORATION KRW5000 10 945.00 975 440.28 0.30 KRW KUMHO PETRO CHEM KRW5000 2 510.00 111 527.01 0.03 KRW LG CHEMICAL KRW5000 4 361.00 1 221 771.78 0.37 KRW LG CORP KRW5000 8 755.00 528 637.59 0.16 KRW LG DISPLAY CO LTD KRW5000 23 278.00 487 377.85 0.15 KRW LG ELECTRONICS INC KRW5000 10 847.00 497 691.87 0.15 KRW LG HOUSEHOLD&HEALT KRW5000 938.00 839 964.18 0.26 KRW LG INNOTEK CO KRW5000 1 958.00 164 481.69 0.05 KRW LG UPLUS CORP KRW5000 23 285.00 206 527.65 0.06 KRW LOTTE CHEMICAL CO KRW5000 1 656.00 343 896.64 0.11 KRW LOTTE CONFECT KRW5000 37.00 71 914.20 0.02 KRW LOTTE SHOPPING CEN KRW5000 1 001.00 198 484.07 0.06 KRW MIRAE ASSET SECURI KRW5000 8 999.00 165 774.08 0.05 KRW NAVER CORP KRW500 2 768.00 1 553 318.84 0.47 KRW NCSOFT CORPN KRW500 1 331.00 241 783.29 0.07 KRW NH INVESTMENT & SE KRW5000 9 887.00 85 163.70 0.03 KRW OCI COMPANY LTD KRW5000 1 466.00 93 769.99 0.03 KRW ORION KRW5000 286.00 284 402.37 0.09 KRW POSCO KRW5000 6 218.00 882 944.87 0.27 KRW S-OIL CORP KRW2500 4 384.00 296 865.47 0.09 KRW S1 CORP KRW500 1 948.00 165 635.24 0.05 KRW SAMSUNG C&T CORPOR KRW100 7 104.00 848 202.64 0.26 KRW SAMSUNG CARD KRW5000 2 771.00 72 905.51 0.02 KRW SAMSUNG ELEC MECH KRW5000 5 507.00 295 416.23 0.09 KRW SAMSUNG ELECTRONIC KRW5000 10 430.00 11 207 880.31 3.42 KRW SAMSUNG FIRE & MAR KRW500 3 431.00 899 776.13 0.28 KRW SAMSUNG HEAVY KRW5000 21 459.00 198 567.35 0.06 KRW SAMSUNG LIFE INSUR KRW500 7 643.00 717 009.94 0.22 KRW SAMSUNG SDI KRW5000 5 588.00 543 287.71 0.17 KRW SAMSUNG SDS CO LTD KRW500 3 260.00 706 187.37 0.22 KRW SAMSUNG SECURITIES KRW5000 5 027.00 178 992.15 0.05 KRW SHINHAN FIN GROUP KRW5000 39 074.00 1 317 962.31 0.40 KRW SHINSEGAE CO KRW5000 784.00 153 784.49 0.05 KRW SK HOLDINGS CO LTD KRW200 3 378.00 692 856.60 0.21 KRW SK HYNIX INC KRW5000 53 541.00 1 404 107.08 0.43 KRW SK INNOVATION CO KRW5000 6 338.00 702 690.72 0.21 KRW SK NETWORKS CO LTD KRW2500 1 604.00 7 510.09 0.00 KRW SK TELECOM KRW500 1 039.00 190 955.18 0.06 KRW WOORI BANK KRW5000 29 854.00 224 563.80 0.07 KRW YUHAN CORP KRW5000 766.00 178 018.00 0.05 Total South Korea 48 498 241.44 14.82
Taiwan TWD ACER INC TWD10 395 068.00 145 533.01 0.04 TWD ADVANCED SEMICONDT TWD10 (ASE) 569 611.00 658 970.93 0.20 TWD ADVANTECH CO LTD TWD10 35 864.00 230 926.29 0.07 TWD ASIA CEMENT CORP TWD10 205 992.00 171 832.46 0.05 TWD ASUSTEK COMPUTER TWD10 64 000.00 529 972.30 0.16 TWD AU OPTRONICS CORP TWD10 698 461.00 206 899.43 0.06
UBS (Lux) Institutional SICAV – Emerging Markets Equity Passive Annual Report as of 31 December 2015
The notes are an integral part of the fi nancial statements. 19 Description Quantity/ Valuation in USD as a % Nominal Unrealized gain of net (loss) on Futures/ assets Forward Exchange Contracts/ Swaps (Note 1)
TWD CATCHER TECHNOLOGY TWD10 61 900.00 520 120.56 0.16 TWD CATHAY FINL HLDG TWD10 698 545.00 984 644.98 0.30 TWD CHAILEASE HOLDING TWD10 115 263.00 199 667.08 0.06 TWD CHANG HWA BANK TWD10 509 856.00 243 697.73 0.07 TWD CHENG SHIN RUBBER TWD10 166 445.00 270 086.11 0.08 TWD CHICONY ELECTRONI TWD10 18 550.00 40 774.20 0.01 TWD CHINA AIRLINES TWD10 413 905.00 151 211.98 0.05 TWD CHINA DEV FIN HLDG TWD10 1 230 004.00 308 184.40 0.09 TWD CHINA LIFE INS TWD10 292 387.00 224 762.44 0.07 TWD CHINA STEEL CORP TWD10 1 267 121.00 692 447.47 0.21 TWD CHUNGHWA TELECOM TWD10 367 932.00 1 110 057.58 0.34 TWD COMPAL ELECTRONIC TWD10 494 169.00 278 324.55 0.08 TWD CTBC FINANCIAL HOL TWD10 1 562 654.00 803 995.88 0.25 TWD DELTA ELECTRONIC TWD10 195 680.00 926 362.83 0.28 TWD E.SUN FINL HLDGS TWD10 919 496.00 536 071.74 0.16 TWD ECLAT TEXTILE COMPANY CO TWD10 15 600.00 215 380.40 0.07 TWD EVA AIRWAYS TWD10 221 478.00 125 414.52 0.04 TWD EVERGREEN MARINE C TWD10 261 487.00 105 480.04 0.03 TWD FAR EASTERN NEW CE TWD10 152 761.00 119 755.10 0.04 TWD FAR EASTONE TELECO TWD10 162 000.00 333 400.31 0.10 TWD FENG TAY ENTRPRISE TWD10 25 750.00 131 701.53 0.04 TWD FIRST FINANCIAL HO TWD10 1 040 478.00 484 650.45 0.15 TWD FORMOSA CHEM&FIBRE TWD10 298 370.00 672 188.63 0.21 TWD FORMOSA PETROCHEMI TWD10 104 600.00 250 935.55 0.08 TWD FORMOSA PLASTIC TWD10 377 568.00 885 095.63 0.27 TWD FORMOSA TAFFETA CO TWD10 75 000.00 68 499.41 0.02 TWD FOXCONN TECH CO TWD10 100 649.00 213 266.67 0.07 TWD FUBON FINANCIAL HL TWD10 644 056.00 882 349.07 0.27 TWD GIANT MFG CO TWD10 24 177.00 161 194.72 0.05 TWD HIGHWEALTH CONSTRU TWD10 123 630.00 142 648.55 0.04 TWD HIWIN TECH CORP TWD10 16 234.00 64 002.89 0.02 TWD HON HAI PRECISION TWD10 1 357 100.00 3 338 316.44 1.02 TWD HOTAI MOTOR CO TWD10 29 000.00 335 494.87 0.10 TWD HTC CORPORATION TWD10 34 505.00 81 937.16 0.03 TWD HUA NAN FINANCIAL TWD10 663 436.00 308 015.92 0.09 TWD INNOLUX CORP TWD10 791 557.00 239 537.14 0.07 TWD INOTERA MEMORIES I TWD10 267 000.00 227 194.26 0.07 TWD INVENTEC CORP TWD10 257 777.00 169 120.30 0.05 TWD LARGAN PRECISION C TWD10 10 400.00 718 726.22 0.22 TWD LITE-ON TECHNOLOGY TWD10 195 897.00 189 950.97 0.06 TWD MEDIATEK INC TWD10 134 668.00 1 024 964.23 0.31 TWD MEGA FINANCIAL HD TWD10 987 407.00 638 791.94 0.20 TWD MERIDA INDUSTRY TWD10 30 450.00 164 083.48 0.05 TWD NAN YA PLASTIC TWD10 483 098.00 897 158.89 0.27 TWD NOVATEK MICROELECT TWD10 51 629.00 202 762.54 0.06 TWD OPTIMER BIOTECHNOL TWD10 5 000.00 99 704.69 0.03 TWD PEGATRON CORP TWD10 177 246.00 388 519.86 0.12 TWD POU CHEN TWD10 232 034.00 304 462.06 0.09 TWD POWERTECH TECHNOLO TWD10 70 545.00 140 029.04 0.04 TWD PRESIDENT CHAIN ST TWD10 66 912.00 418 620.15 0.13 TWD QUANTA COMPUTER TWD10 284 325.00 458 770.21 0.14 TWD RADIANT OPTO-ELECT TWD10 28 972.00 66 504.97 0.02 TWD REALTEK SEMICOND TWD10 37 616.00 90 126.32 0.03 TWD RUENTEX DEVELOPMEN TWD10 94 768.00 123 628.00 0.04 TWD RUENTEX INDUSTRIES TWD10 34 913.00 65 261.92 0.02 TWD SHIN KONG FINL HLD TWD10 757 320.00 164 850.31 0.05 TWD SILICONWARE PRECIS TWD10 226 160.00 360 098.88 0.11 TWD SINOPAC FIN HLDGS TWD10 846 110.00 241 363.01 0.07 TWD STANDARD FOOD CORP TWD10 46 761.00 116 877.59 0.04 TWD SYNNEX TECH INTL TWD10 99 761.00 97 340.40 0.03 TWD TAISHIN FINANCIAL TWD10 1 111 663.00 385 817.83 0.12 TWD TAIWAN CEMENT TWD10 272 248.00 226 272.43 0.07 TWD TAIWAN COOPERATIVE TWD10 793 704.00 332 250.43 0.10 TWD TAIWAN MOBILE CO TWD10 166 900.00 508 113.37 0.16 TWD TAIWAN SEMICON MAN TWD10 2 338 342.00 10 180 013.58 3.11 TWD TECO ELEC&MACHINE TWD10 113 000.00 90 477.06 0.03 TWD TRANSCEND INFORMAT TWD10 25 122.00 65 544.96 0.02 TWD UNI-PRESIDENT ENT TWD10 477 564.00 798 193.55 0.24 TWD UTD MICRO ELECT TWD10 1 291 990.00 475 936.28 0.15 TWD WISTRON CORP TWD10 176 398.00 99 887.44 0.03 TWD WPG HOLDINGS TWD10 62 302.00 59 652.26 0.02 TWD YUANTA FINANCIAL HOLDING CO LTD 1 130 818.00 418 285.95 0.13 TWD YULON MOTOR TWD10 89 119.00 81 937.28 0.03 TWD ZHEN DING TECHNOLO TWD10 11 215.00 25 880.51 0.01 Total Taiwan 39 510 982.12 12.07
Thailand THB BANGKOK BANK THB10(ALIEN MKT) 28 000.00 120 216.76 0.04 THB BANPU PUBLIC CO THB1(ALIEN MKT) 71 000.00 31 568.71 0.01 THB BEC WORLD THB1(ALIEN MKT) 142 220.00 120 542.17 0.04 THB BTS GROUP HOLDINGS THB4(ALIEN MKT) 406 600.00 102 822.29 0.03 THB BUMRUNGRAD HOPTL THB1(ALIEN MKT) 25 100.00 147 175.21 0.04 THB CHAROEN POK FOODS THB1(ALIEN MKT) 397 000.00 201 892.45 0.06 THB CP ALL PLC THB1(ALIEN MKT) 493 910.00 538 723.56 0.16 THB GLOW ENERGY THB10(ALIEN MKT) 34 212.00 70 353.98 0.02 THB HOME PRODUCT CENTE THB1(ALIEN MKT) 622 717.00 117 673.35 0.04 THB INDORAMA VENTURES THB1(ALIEN MKT) 148 211.00 87 728.06 0.03 THB IRPC PUBLIC CO LTD THB1(ALIEN MKT) 1 361 639.00 162 708.01 0.05 THB KASIKORNBANK PLC THB10 (ALIEN MKT) 154 000.00 639 794.36 0.19 THB KRUNG THAI BNK LTD THB5.15(ALIEN MKT) 339 923.00 157 752.23 0.05 THB MINOR INTL THB1(ALIEN MKT) 264 660.00 266 609.00 0.08 THB PTT EXPLORTN & PRD THB1(ALIEN MKT) 116 711.00 185 680.28 0.06 THB PTT PUBLIC COMPANY THB10(ALIEN MARKET) 101 399.00 687 546.36 0.21 THB SIAM CEMENT CO THB1(ALIEN MKT) 7 200.00 91 238.02 0.03 THB SIAM COMMERCIAL BK THB10 (ALIEN MKT) 38 200.00 126 855.63 0.04 THB THAI OIL PLC THB10(ALIEN MKT) 72 186.00 132 396.16 0.04 Total Thailand 3 989 276.59 1.22
UBS (Lux) Institutional SICAV – Emerging Markets Equity Passive Annual Report as of 31 December 2015
20 The notes are an integral part of the fi nancial statements. Description Quantity/ Valuation in USD as a % Nominal Unrealized gain of net (loss) on Futures/ assets Forward Exchange Contracts/ Swaps (Note 1)
Turkey TRY AKBANK TRY1 181 978.33 417 717.53 0.13 TRY ANADOLU EFES TRY1 17 935.00 116 070.42 0.03 TRY ARCELIK TRY1 21 093.00 100 953.87 0.03 TRY BIM BIRLESIK MAGAZ TRY1 20 338.00 357 797.18 0.11 TRY COCA-COLA ICECEK TRY1 11 055.00 140 665.91 0.04 TRY EMLAK KONUT GYO TRY1 84 575.00 75 336.18 0.02 TRY ENKA INSAAT TRY1 58 041.00 89 879.69 0.03 TRY EREGLI DEMIR CELIK TRY1 139 033.00 144 803.71 0.04 TRY FORD OTOSAN TRY1 2 074.00 21 515.57 0.01 TRY KOC HLDG TRY1 92 790.00 347 463.80 0.11 TRY SABANCI HOLDINGS TRY1 89 234.00 253 133.09 0.08 TRY T IS BANKASI SER’C’TRY1 127 977.00 201 687.03 0.06 TRY T SISE VE CAM FABR TRY1 60 932.00 66 592.35 0.02 TRY TAV HAVALIMANLARI TRY1 24 518.00 152 793.88 0.05 TRY TOFAS OTOMOBIL FAB TRY1 13 382.00 86 879.73 0.03 TRY TUPRAS(T PETR RAF) TRY1 10 637.00 253 639.34 0.08 TRY TURK HAVA YOLLARI TRY1 35 098.00 88 861.78 0.03 TRY TURK TELEKOMUNIKAS TRY1 86 030.00 160 927.69 0.05 TRY TURKCELL ILETISIM TRY1 93 040.00 315 568.12 0.10 TRY TURKIYE HALK BANKA TRY1 71 252.00 253 630.12 0.08 TRY TURKIYE VAKIFLAR TRY1 62 349.00 81 811.90 0.01 TRY YAPI KREDI BANKASI TRY1 38 526.00 43 424.82 0.01 Total Turkey 3 771 153.71 1.15
United Arab Emirates AED ABU DHABI COMM.BK. AED1 231 642.00 415 605.98 0.13 AED ALDAR PROPERTIES AED1 321 948.00 203 354.03 0.06 AED ARABTEC HOLDING P. AED1 188 375.00 64 108.02 0.02 USD DP WORLD USD2.00 16 980.00 344 694.00 0.10 AED DUBAI FINANCIAL AED1 91 849.00 30 758.04 0.01 AED DUBAI ISLAMIC BANK AED1 96 714.00 162 725.98 0.05 AED EMAAR MALLS GROUP AED1 125 509.00 94 311.15 0.03 AED EMAAR PROPERTIES AED1 312 825.00 484 610.47 0.15 AED ETISALAT AED1 129 192.00 566 292.19 0.17 AED FIRST GULF BANK AED1 77 903.00 268 301.92 0.08 AED NATIONAL BANK OF ABU DHABI AED1 88 995.00 192 866.92 0.06 Total United Arab Emirates 2 827 628.70 0.86
United States USD SOUTHERN COPPER CO COM USD0.01 12 127.00 316 757.24 0.10 Total United States 316 757.24 0.10
Total Bearer shares 292 094 665.59 89.24
Participation certificates
Mexico MXN CEMEX SAB DE CV CPO NPV(REP 2’A’ & 1’B’) 1 185 600.00 647 334.31 0.20 Total Mexico 647 334.31 0.20
Total Participation certificates 647 334.31 0.20
Other shares
Brazil BRL BANCO SANTANDER(BR UNITS (COMB OF COM+PRF+REC) 58 800.00 238 395.45 0.07 BRL KLABIN SA UNITS (1 COM & 4 PRF) 41 600.00 246 576.94 0.08 BRL SUL AMERICA SA UNITS (1 COM SHS & 2 PREFS) 21 842.00 102 743.66 0.03 BRL TRANSMISSORA ALIAN UNITS (1 COM & 2 PRF) 15 200.00 64 353.87 0.02 Total Brazil 652 069.92 0.20
Total Other shares 652 069.92 0.20
Preference shares
Brazil BRL BCO BRADESCO SA PRF NPV 225 878.00 1 100 771.65 0.34 BRL BRASKEM S.A. PRF’A’ NPV 8 600.00 60 039.68 0.02 BRL CEMIG CIA ENERG MG PRF BRL0.01 74 480.00 115 402.82 0.03 BRL CENTRAIS ELETRICAS BRASILEIRAS SA PRF’B’NPV 37 553.00 99 097.21 0.03 BRL CESP CIA ENERGETICA DE SAN PAOLO SA-B 21 900.00 74 176.30 0.02 BRL CIA BRAS DE DISTRI PRF NPV 13 489.00 142 723.42 0.04 BRL COPEL PARANA ENERG PRF’B’NPV 15 500.00 95 203.79 0.03 BRL GERDAU SA SIDERURG PRF NPV 87 304.00 102 613.23 0.03 BRL ITAU UNIBANCO HOLDING SA PRF NPV 278 110.00 1 850 903.33 0.57 BRL ITAUSA INV ITAU SA PRF NPV 334 199.00 581 178.92 0.18 BRL LOJAS AMERICANAS S PRF NPV 48 291.00 236 801.36 0.07 BRL PETROL BRASILEIROS PRF NPV 348 236.00 589 745.64 0.18 BRL REFINARIA PETROLEO IPIRANGA PRF NPV 474.00 119.81 0.00 BRL TELEFONICA BRASIL PRF NPV 36 011.00 325 407.46 0.10 BRL VALE SA PRF’A’NPV 179 997.00 466 342.94 0.14 Total Brazil 5 840 527.56 1.78
Chile CLP EMBOTELLA ANDINA PRF’B’NPV 40 870.00 121 571.82 0.04 Total Chile 121 571.82 0.04
Colombia COP BANCOLOMBIA SA-PREF 31 171.00 212 094.35 0.06 COP GPO DE INVERSIONES PRF STK COP187.50 15 832.00 173 556.00 0.05 COP GRUPO AVAL ACCIONE PRF COP1 252 978.00 86 862.81 0.03 Total Colombia 472 513.16 0.14
UBS (Lux) Institutional SICAV – Emerging Markets Equity Passive Annual Report as of 31 December 2015
The notes are an integral part of the fi nancial statements. 21 Description Quantity/ Valuation in USD as a % Nominal Unrealized gain of net (loss) on Futures/ assets Forward Exchange Contracts/ Swaps (Note 1)
India INR ZEE ENTERTAIN ENT 6% CUM RED NON-CONV PRF 1 627 668.00 22 143.05 0.01 Total India 22 143.05 0.01
South Korea KRW HYUNDAI MOTOR CO 2ND PRF KRW5000 3 830.00 342 970.45 0.11 KRW HYUNDAI MOTOR CO PRF KRW5000 3 150.00 276 704.62 0.08 KRW LG CHEMICAL PRF KRW5000 805.00 169 574.86 0.05 KRW SAMSUNG ELECTRONIC PFD KRW5000 1 933.00 1 798 561.26 0.55 Total South Korea 2 587 811.19 0.79
Total Preference shares 9 044 566.78 2.76
Registered shares
South Africa ZAR ANGLOGOLD ASHANTI ZAR0.25 42 408.00 290 811.79 0.09 Total South Africa 290 811.79 0.09
Thailand THB ADVANCED INFO SERV THB1(ALIEN MKT) 108 885.00 459 928.30 0.14 THB PTT GLOBAL PUBLIC CO LTD THB10(ALIEN MKT) 184 104.00 255 806.59 0.08 Total Thailand 715 734.89 0.22
Turkey TRY T GARANTI BANKASI TRY1 203 602.00 496 649.79 0.15 Total Turkey 496 649.79 0.15
Total Registered shares 1 503 196.47 0.46
Depository receipts
China USD 58.COM INC ADR EACH REPR 2 COM 2 900.00 191 284.00 0.06 USD ALIBABA GROUP HLDG SPON ADS EACH REP ONE ORD-ADR 46 500.00 3 779 055.00 1.16 USD BAIDU INC ADS EACH REPR 10 ORD CLS’A 12 800.00 2 419 712.00 0.74 USD CTRIP.COM INTL LTD ADS EA REP 0.25 ORD USD0.01 11 800.00 546 694.00 0.17 USD JD.COM INC ADS EA REPR 2 COM ‘A’ SHS 11 200.00 361 368.00 0.11 USD NETEASE INC ADR REP 25 COM USD0.0001 3 500.00 634 340.00 0.19 USD NEW ORIENTAL ED & TECH GRP INC SPON ADR 3 400.00 106 658.00 0.03 USD QIHOO 360 TECHNOLO ADS EA REPR 2 CL’A’ ORD 3 900.00 283 959.00 0.09 USD SOUFUN HLDGS LTD ADR EACH REPR 4 CL A ORD SH 14 800.00 109 372.00 0.03 USD VIPSHOP HLDGS LTD SPON ADR EA REPR 2 ORD SHS 12 300.00 187 821.00 0.06 USD YOUKU TUDOU INC SPON ADR EA REPR 18 CL A 5 300.00 143 789.00 0.04 Total China 8 764 052.00 2.68
Egypt USD COMMERCIAL INTL BK GDR REP 1 ORD EGP10 (REG’S)-GDR 104 593.00 449 749.90 0.14 USD GLOBAL TELECOM HLD GDR EA REP 5 EGP1 REG’S’ 32 578.00 42 351.40 0.01 Total Egypt 492 101.30 0.15
India USD DR REDDYS LABS ADS EACH REPR 1 ORD INR5 3 800.00 175 902.00 0.05 Total India 175 902.00 0.05
Peru USD COMPANIA DE MINAS BUENAVENTURA SPONSORED ADR 13 528.00 57 899.84 0.02 Total Peru 57 899.84 0.02
Russian Federation (CIS) USD JSFC SISTEMA SPON GDR REG S 26 665.00 157 323.50 0.05 USD MAGNIT GDR(5 GDRS REP 1 ORD) REGS 25 550.00 1 027 621.00 0.31 USD MEGAFON(OJSC) GDR EACH REPR 1 ORD REG S 7 294.00 84 975.10 0.03 USD MOBILE TELESYSTEMS OJSC SPONSORED ADR 55 950.00 345 771.00 0.11 USD NOVATEK OAO GDR EACH REPR 10 SHS’REG S’ 8 732.00 717 333.80 0.22 USD ROSTELECOM ADR EA REP 6 RUB LEV II 9 370.00 69 216.19 0.02 Total Russian Federation (CIS) 2 402 240.59 0.74
Thailand THB AIRPORTS OF THAILA THB10(NVDR) 38 700.00 372 105.04 0.11 THB BANGKOK DUSIT MEDI THB0.1(NVDR) 382 000.00 236 726.41 0.07 THB BANPU PUBLIC CO THB1(NVDR) 104 800.00 46 597.19 0.02 THB CENT PATTANA PUB THB0.5(NVDR) 219 000.00 286 035.85 0.09 THB SIAM CEMENT CO THB1(NVDR) 28 600.00 365 596.78 0.11 THB SIAM COMMERCIAL BK THB10 (NVDR) 107 735.00 357 769.42 0.11 THB TRUE CORPORATION THB10 (NVDR) 762 000.00 141 875.78 0.04 Total Thailand 1 806 706.47 0.55
Total Depository receipts 13 698 902.20 4.19
Investment funds, closed end
South Africa ZAR FORTRESS INCOME FUND LTD-B ZAR 68 886.00 154 838.46 0.05 Total South Africa 154 838.46 0.05
Total Investment funds, closed end 154 838.46 0.05
Rights
Brazil BRL BANCO BRADESCO SA RIGHTS 05.02.16 2 347.00 771.21 0.00 BRL BANCO BRADESCO SA RIGHTS 05.02.16 7 399.00 3 871.33 0.00 Total Brazil 4 642.54 0.00
UBS (Lux) Institutional SICAV – Emerging Markets Equity Passive Annual Report as of 31 December 2015
22 The notes are an integral part of the fi nancial statements. Description Quantity/ Valuation in USD as a % Nominal Unrealized gain of net (loss) on Futures/ assets Forward Exchange Contracts/ Swaps (Note 1)
Hong Kong HKD GCL-POLY ENERGY HOLDINGS LTD RIGHTS 20.01.16 248 400.00 1 282.04 0.00 Total Hong Kong 1 282.04 0.00
South Korea KRW BS FINANCIAL GROUP INC RIGHTS 14.01.16 6 451.00 7 317.24 0.00 Total South Korea 7 317.24 0.00
Total Rights 13 241.82 0.00
Total Transferable securities and money market instruments listed on an official stock exchange 317 808 815.55 97.10
Transferable securities and money market instruments traded on another regulated market Bearer shares
Russian Federation (CIS) USD ALROSA ZAO RUB0.50(RUB) 85 508.00 65 374.29 0.02 USD GAZPROM RUB5 1 111 579.00 2 067 494.70 0.63 USD MICEX-RTS RUB1(RUB) 93 256.00 116 493.25 0.04 USD ROSNEFT OJSC RUB0.01 98 282.00 340 794.41 0.10 USD RUSHYDRO JSC RUB1(RUB) 18 036 933.00 167 382.74 0.05 USD SBERBANK PAO 1 021 472.00 1 413 650.85 0.43 USD SURGUTNEFTEGAZ RUB1(RUB) 586 363.00 272 272.38 0.08 USD TATNEFT RUB1 143 753.00 623 986.63 0.19 USD VTB BANK PJSC RUB0.01(RUB) 526 943 333.00 573 841.29 0.18 Total Russian Federation (CIS) 5 641 290.54 1.72
Taiwan TWD HERMES MICROVISION TWD10 5 000.00 181 903.98 0.06 TWD PHISON ELECTRONICS TWD10 5 518.00 39 057.90 0.01 TWD SIMPLO TECHNOLOGY TWD10 48 303.00 154 407.25 0.05 TWD VANGUARD INTL SEMI TWD10 101 000.00 131 604.10 0.04 Total Taiwan 506 973.23 0.16
Total Bearer shares 6 148 263.77 1.88
Preference shares
Russian Federation (CIS) USD SURGUTNEFTEGAZ RUB1 PRF(RUB) 686 126.00 414 715.14 0.12 USD TRANSNEFT RUB1 PRF 158.00 419 689.19 0.13 Total Russian Federation (CIS) 834 404.33 0.25
Total Preference shares 834 404.33 0.25
Total Transferable securities and money market instruments traded on another regulated market 6 982 668.10 2.13
Transferable securities and money market instruments not listed on an official stock exchange and not traded on another regulated market Bearer shares
China HKD CHONG QING CHANGAN ‘B’CNY1 67 100.00 148 050.04 0.05 HKD CSR CORP LTD ‘H’CNY1 452 450.00 559 275.76 0.17 Total China 707 325.80 0.22
Greece EUR ALPHA BANK EUR0.3(REV SPLIT) 112 355.00 303 907.58 0.09 Total Greece 303 907.58 0.09
Total Bearer shares 1 011 233.38 0.31
Rights
Taiwan TWD TAIWAN GLASS INDUSTRIAL CORP LTD RIGHTS 11.12.15 4 393.00 0.00 0.00 Total Taiwan 0.00 0.00
Total Rights 0.00 0.00
Total Transferable securities and money market instruments not listed on an official stock exchange and not traded on another regulated market 1 011 233.38 0.31
Total investments in securities 325 802 717.03 99.54
UBS (Lux) Institutional SICAV – Emerging Markets Equity Passive Annual Report as of 31 December 2015
The notes are an integral part of the fi nancial statements. 23 Description Quantity/ Valuation in USD as a % Nominal Unrealized gain of net (loss) on Futures/ assets Forward Exchange Contracts/ Swaps (Note 1)
Derivative instruments
Derivative instruments listed on an official stock exchange Financial Futures on Indices
USD MINI MSCI EMERGING MARKETS INDEX FUTURE 18.03.16 18.00 25 110.00 0.01 Total Financial Futures on Indices 25 110.00 0.01
Total Derivative instruments listed on an official stock exchange 25 110.00 0.01
Total Derivative instruments 25 110.00 0.01
Cash at banks deposits on demand and deposit accounts and other liquid assets 1 018 936.93 0.31 Bank overdraft and other short-term liabilities -72.18 0.00 Other assets and liabilities 464 501.68 0.14 Total net assets 327 311 193.46 100.00
UBS (Lux) Institutional SICAV – Emerging Markets Equity Passive Annual Report as of 31 December 2015
24 The notes are an integral part of the fi nancial statements. UBS (Lux) Institutional SICAV – Global Allocation Europe
Most important figures
ISIN 8.5.2015 31.12.2014 31.12.2013 Net assets in EUR 24 097 764.73 22 782 153.69 20 939 305.90 Class BA LU0260667190 Shares outstanding 153 279.5600 153 289.5600 153 289.5600 Net asset value per share in EUR 157.21 148.62 136.60 Issue and redemption price per share in EUR1 156.97 148.62 136.60
1 See note 1
Structure of the Securities Portfolio
As all shares of UBS (Lux) Institutional SICAV – Global Allocation Europe have been liquidated as at 8 May 2015, there is no securities portfolio or securities portfolio structure at the end of the reporting period. (see note 10).
UBS (Lux) Institutional SICAV – Global Allocation Europe Annual Report as of 31 December 2015
The notes are an integral part of the fi nancial statements. 25 Statement of Operations EUR Income 1.1.2015-31.12.2015 Interest on liquid assets 563.57 Interest on securities 60 926.77 Dividends 71.14 Income on securities lending 862.48 Other income (Note 4) 91 942.48 Total income 154 366.44
Expenses Flat fee (Note 2) -5 406.59 Taxe d’abonnement (Note 3) -158.38 Other commissions and fees (Note 2) -4 228.54 Cost on securities lending -344.99 Interest on cash and bank overdraft -148.16 Total expenses -10 286.66
Net income (loss) on investments 144 079.78
Realized gain (loss) (Note 1) Realized gain (loss) on market-priced securities without options 5 184 622.28 Realized gain (loss) on options 6 157.44 Realized gain (loss) on yield-evaluated securities and money market instruments -472.82 Realized gain (loss) on financial futures 403 366.88 Realized gain (loss) on forward foreign exchange contracts -1 872 910.29 Realized gain (loss) on foreign exchange 153 519.41 Total realized gain (loss) 3 874 282.90
Net realized gain (loss) of the financial year 4 018 362.68
Changes in unrealized appreciation (depreciation) (Note 1) Unrealized appreciation (depreciation) on market-priced securities without options -3 223 479.15 Unrealized appreciation (depreciation) on options 2 436.22 Unrealized appreciation (depreciation) on yield-evaluated securities and money market instruments 240.92 Unrealized appreciation (depreciation) on financial futures -163 215.97 Unrealized appreciation (depreciation) on forward foreign exchange contracts 682 821.44 Total changes in unrealized appreciation (depreciation) -2 701 196.54
Net increase (decrease) in net assets as a result of operations 1 317 166.14
Statement of Changes in Net Assets EUR 1.1.2015-31.12.2015 Net assets at the beginning of the financial year 22 782 153.69 Redemptions -24 099 319.83 Total net subscriptions (redemptions) -24 099 319.83 Net income (loss) on investments 144 079.78 Total realized gain (loss) 3 874 282.90 Total changes in unrealized appreciation (depreciation) -2 701 196.54 Net increase (decrease) in net assets as a result of operations 1 317 166.14 Net assets at the end of the financial year 0.00
Changes in the Number of Shares outstanding
1.1.2015-31.12.2015 Class BA Number of shares outstanding at the beginning of the financial year 153 289.5600 Number of shares issued 0.0000 Number of shares redeemed -153 289.5600 Number of shares outstanding at the end of the financial year 0.0000
UBS (Lux) Institutional SICAV – Global Allocation Europe Annual Report as of 31 December 2015
26 The notes are an integral part of the fi nancial statements. Notes to the Financial Statements
Note 1 – Summary of significant accounting (Swinging Single Pricing, “SSP”). The maximum adjust- policies ment amounts to 2% of the net asset value. Esti- mated transaction costs and tax charges that may be The financial statements have been prepared in accor- incurred by the subfund as well as the estimated bid/ dance with the generally accepted accounting principles offer spread of the assets in which the subfunds invests for investment funds in Luxembourg. The significant may be taken into account. The adjustment leads to an accounting policies are summarised as follows: increase in net asset value if the net movements result in a rise in all shares of a subfund. It results in a reduc- a) Calculation of the Net Asset Value tion of net asset value if the net movements bring about The net asset value and the issue and redemption price a fall in the shares. This consists of the net movement per share of the different classes of any subfund are on a trading day in relation to the net assets of the expressed in the currency of account of the subfund subfund concerned. The net asset value would be or the share class concerned and are calculated every adjusted only if this threshold was to be passed on a trad- business day by dividing the overall net assets of the ing day. When deciding about the introduction of SSP, subfund to which the respective share class is assigned the board of directors shall decide which subfunds will by the number of shares outstanding in the relevant class be affected. subfund for which SSP is introduced will not of this subfund. have transaction fees payable and vice-versa.
In this context, “business day” refers to the normal bank b) Valuation principles business days (i.e. each day on which banks are open – The value of any cash is deemed to be the full amount during normal business hours) in Luxembourg, except thereof, unless in any case the same is unlikely to be individual, non-statutory rest days and days on which paid or received in full, in which case the value thereof stock exchanges in the main countries in which the is arrived at after making such discount as may be subfund invests are closed or 50% or more subfund considered appropriate in such case to reflect the true investments cannot be adequately valued. “Non-statutary value thereof. rest days” are days, on which several banks and financial Securities, derivatives and other investments listed on institutions are closed. an official stock exchange are valued at the last known market prices. If the same security, derivative or other The percentage of the overall net asset value to be investment is quoted on several stock exchanges, the assigned to a subfund’s share class is determined by the last available quotation on the stock exchange that relationship between the shares issued in each class and represents the major market for this investment will the total number of shares issued by the subfund. This apply. percentage rate changes in accordance with distributions – In the case of securities, derivatives and other made and the issue and redemption of shares as follows: investments where trading of these assets on the – Each time a distribution is made on shares of the follow- stock exchange is thin but which are traded between ing classes “AD-T2”, the net asset value and issue and securities dealers on a secondary market using stan- redemption price of shares in this class are reduced by the dard market price formation methods, the Company amount of the distribution (which leads to a reduction can use the prices on this secondary market as in the percentage of the net asset value attributed to the basis for their valuation of these securities and the class concerned). Meanwhile the net asset value of other investments. Securities, derivatives and other the other share classes remains the same (leading to investments that are not listed on a stock exchange, an increase in the percentage of the net asset value but that are traded on another regulated market attributed to these classes). which is recognised, open to the public and operates – Each time shares are issued or redeemed, the net regularly, in a due and orderly fashion, are valued at asset value attributable to the share class concerned is the last available price on this market. increased or reduced by the amount received or paid – Securities and other investments that are not listed on out. a stock exchange or traded on any other regulated market, and for which no reliable and appropriate If the total subscriptions or redemptions affecting all share price can be obtained, will be valued by the Company classes of a subfund on a single trading day comes to a according to other principles chosen by it in good faith net capital inflow or outflow, the net asset value of the on the basis of the likely sales prices. subfund may be increased or reduced respectively
UBS (Lux) Institutional SICAV Annual Report as of 31 December 2015
The notes are an integral part of the fi nancial statements. 27 – The valuation of derivatives that are not listed on a The Company is authorised to apply other generally stock exchange (OTC derivatives) is made by reference recognized and auditable valuation criteria in order to independent pricing sources. In case only one to achieve an appropriate valuation of the net assets independent pricing source of a derivative is available, if, due to extraordinary circumstances, a valuation in the plausibility of the valuation price obtained will accordance with the above-mentioned regulations be verified by employing methods of calculation proves to be unfeasible or inaccurate. recognised by the Company, based on the market value of the underlying instrument from which the In the case of extraordinary circumstances, additional derivative has been derived. valuations, which will affect the prices of the shares to – Units or shares of other undertakings for collective be subsequently issued or redeemed, may be carried out investment in transferable securities (“UCITS”) and/ within one day. or undertakings for collective investment (“UCIs”) will be valued at their last net asset value. Certain units c) Valuation of forward foreign exchange contracts or shares of other UCITS and/or UCIs may be valued The unrealized gain (loss) of outstanding forward foreign based on an estimate of the value provided by a exchange contracts is valued on the basis of the forward reliable price provider independent from the target exchange rates prevailing at valuation date. fund’s investment manager or investment adviser (Estimated Pricing). d) Valuation of financial futures contracts – The value of money market instruments which are Financial futures contracts are valued based on the lat- not listed on a stock exchange or traded on another est available published price applicable on the valuation regulated market open to the public is based on date. Realized gains and losses and the changes in unre- the appropriate curves. The valuation based on the alized gains and losses are recorded in the statement of curves refers to the interest rate and credit spread operations. The realized gains and losses are calculated in components. The following principles are applied accordance with the FIFO method, i.e. the first contracts in this process: for each money market instrument, acquired are regarded as the first to be sold. the interest rates nearest the residual maturity are interpolated. The interest rate calculated in this way e) Net realized gains (losses) on sales of securities is converted into a market price by adding a credit The realized gains or losses on the sales of securities spread that reflects the underlying borrower. This are calculated on the basis of the average cost of the credit spread is adjusted if there is a significant change securities sold. in the credit rating of the borrower. Interest income earned by subfunds between the f) Conversion of foreign currencies Order Date concerned and the respective Settlement Bank accounts, other net assets and the valuation of Date is included in the valuation of the assets of the the investments in securities, derivatives and other subfunds concerned. The asset value per share on investments held denominated in currencies other a given valuation date therefore includes projected than the reference currency of the different subfunds are interest earnings. converted at the mid closing spot rates on the valuation – Securities, money market instruments, derivatives date. Income and expenses denominated in currencies and other investments that are denominated in a other than the currency of the different subfunds are currency other than the currency of account of the converted at the mid closing spot rates at payment relevant subfund and which are not hedged by means date. Gain or loss on foreign exchange is included in the of currency transactions are valued at the middle statement of operations. currency rate (midway between the bid and offer rate) known in Luxembourg or, if not available, on the most The cost of securities denominated in currencies other representative market for this currency. than the reference currency of the different subfunds – Time deposits and fiduciary investments are valued at is converted at the mid closing spot rate on the day of their nominal value plus accumulated interest. acquisition. – The value of swap transactions is calculated by an external service provider, and a second independent g) Accounting of securities’ portfolio transactions valuation is made available by another external service The securities’ portfolio transactions are accounted for provider. The calculation is based on the net present the bank business day following the transaction dates. value of all cash flows, both inflows and outflows. In some specific cases, internal calculations based on h) Consolidated financial statements models and market data available from Bloomberg The consolidated financial statements are expressed in and/or broker statement valuations may be used. The EUR. The various items of the consolidated statement of valuation methods depend on the respective security net assets and the consolidated statement of operations at and are determined pursuant to the UBS Global 31 December 2015 of the investment company are equal Valuation Policy. to the sum of the corresponding items in the financial statements of each subfund converted into EUR at the following exchange rates.
UBS (Lux) Institutional SICAV Annual Report as of 31 December 2015
28 The notes are an integral part of the fi nancial statements. The following exchange rate was used for the UBS (Lux) Institutional Share classes Maximum Fee Transaction SICAV per annum4) fee conversion of the consolidated financial statements as – Emerging Markets AA1) and AA-T11) max. 0.63% max. 1.00%5) of 31 December 2015: Equity Passive* BA2) and BD-UK2) max. 0.18% max. 1.00%5) FA3) and XA3) none max. 1.00%5) – Global Allocation Europe AA1) and AA-T11) max. 0.915% none Exchange rate BA2) max. 0.065% none 3) 3) EUR 1 = USD 1.086300 FA and XA none none AD-T21) max. 0.665% none
For the liquidated or merged subfunds, the exchange * Costs in connection to the index license payments may occur and will be charged at subfund’s level. 1) For these share classes, the portfolio management, the custodian and distribution fees are charged at the rate used for the conversion of the consolidated financial subfund’s level, in addition to operational and administrative expenses, calculated on the average net assets attributable to the relevant share class and payable monthly. statements is the one as at liquidation or merger date. 2) For these share classes, the portfolio management and distribution fees are charged outside the Company, directly at the level of the agreement concluded by the investor with UBS Asset Management or one of its authorised delegates. Share classes BA and BD-UK only bear operational and administrative expenses. If a i) Receivable on securities sales, shareholder terminates the agreement with UBS Asset Management or one of its authorised delegates, the net asset value of the shares will be redeemed to the shareholder. Payable on securities purchases 3) For these share classes, the fees for portfolio management, distribution, custody and administration are charged outside the Company, directly at the level of the agreement concluded by the investor with UBS Asset The account ”Receivable on securities sales” can also Management or one of its authorised delegates. If a shareholder terminates the agreement with UBS Asset include receivables from foreign currency transactions. Management or one of its authorised delegates, the net asset value of the shares will be redeemed to the shareholder. The account ”Payable on securities purchases” can also 4) Calculated on the average total net assets of the share-classes and paid monthly. 5) Instead of a swinging single pricing the investors are subject to a transaction fee on all purchases and include payables from foreign currency transactions. redemptions of shares. The proceeds of the transaction fee are retained by the subfund to offset trading costs associated with purchase and redemptions to protect the other clients from asset dilution. The transaction fee will be waived in case of a subscription or redemption in kind. j) Income recognition Dividends, net of withholding taxes, are recognized as The fee rates mentioned above are those effective at year income on the date upon which the relevant securities end. are first listed as “ex-dividend”. Interest income is accrued on a daily basis. In addition, the Company shall bear the following expenses: k) Swaps – all taxes which may be payable on the net assets or The Company may enter into interest rate swap income and especially the “taxe d’abonnement”; contracts, forward rate agreements on interest rates – the customary commissions usually incurred on swaptions and credit default swaps, if they are executed security transactions; with first-class financial institutions that specialize in – the costs which may be incurred for extraordinary transactions of this kind. steps or measures in particular expert opinions or lawsuits which might be necessary for the protection The valuation methods depend on the respective of the net assets; security and are determined pursuant to the UBS Global – all costs relating to the setting-up of the Company; Valuation Policy. This valuation method is approved by – the cost of preparing, depositing and publishing agree- the Board of Directors of the Management Company. ments and other documents concerning the Company, Changes in unrealized profits and losses are reflected in including fees for the notification of and registration the statement of operations under “Unrealized apprecia- with all authorities, the cost of preparing, translating, tion (depreciation) on Swaps”. printing and distributing the periodical publications and all other documents which are required by the rel- Gains or losses on swaps incurred when closed-out or evant legislation or regulations, the cost of preparing matured are recorded as “Realized gain (loss) on Swaps” and distributing notifications to shareholders, the fees in the statement of operations. The Management for the Auditor and legal advisers and all other similar Company is authorised to apply other generally expenses. recognised and auditable valuation criteria in good faith in order to achieve an appropriate determination From 1 April 2015, the following regulations shall replace of the valuation of the net asset value if, due to extraor- the respective provisions: dinary circumstances, a valuation in accordance with the aforementioned regulations proves to be unfeasible or 1. For the management, portfolio management and dis- inaccurate. tribution of the Company (if applicable), as well as for all the tasks of the Custodian Bank, such as the safe- keeping and supervision of the Company’s assets, the Note 2 – Expenses paid by the Company handling of payment transactions and all other tasks listed in the section “Custodian Bank and main pay- The Company will bear all the costs incurred in connec- ing agent” of the sales prospectus, the Management tion with the management, administration, portfolio Company receives from the Company’s assets a maximum management, distribution and safekeeping of the flat fee based on the net asset value of the Company. subfunds’ assets and the sale of the subfunds as listed This fee is charged to the Company’s assets on a pro below: rata basis upon every calculation of the net asset value and is paid on a monthly basis (maximum flat fee).
UBS (Lux) Institutional SICAV Annual Report as of 31 December 2015
The notes are an integral part of the fi nancial statements. 29 2. The maximum flat fee does not include the following k) if the Management Company participates in class- fees and additional expenses which are also charged to action suits in the interests of investors, it may charge the Company: the Company’s assets for the expenses arising in a) all additional expenses related to management of connection with third parties (e.g. legal and Custo- the Company’s assets for the sale and purchase of dian Bank costs). Furthermore, the Management assets (bid/offer spread, brokerage fees in line with Company may charge for all administrative costs, the market, commissions, fees, etc.). These expenses provided these are verifiable and disclosed, and taken are generally calculated upon the purchase or sale into account in the disclosure of the Company’s total of the respective assets. In derogation hereto, these expense ratio (TER). additional expenses, which arise through the sale and purchase of assets in connection with the sett- 3. The Management Company may pay retrocessions in lement of the issue and redemption of units, are order to cover the distribution activities of the Company. covered by the application of the single swing pri- cing principle pursuant to the section “Net asset The costs involved in launching new subfunds will be writ- value, issue, redemption and conversion price” of ten off over a period of up to five years in the respective the sales prospectus; subfunds only. b) fees of the supervisory authority for the establish- ment, modification, liquidation and merger of the Operational and administrative expenses are allocated Company, as well as all fees of the supervisory among the subfunds, the categories and the classes of authorities and any stock exchanges on which the shares pro rata to their respective net assets (or in a fair subfunds are listed; and reasonable manner as determined by the Company). c) auditor’s fees for the annual audit and certification in connection with the establishment, modification, In the subfunds that may invest in existing funds, liquidation and merger of the Company, as well as there may be charges at the level of the investment any other fees paid to the auditor for the services it fund concerned as well as at the level of the subfund. provides in relation to the administration of the Fund The maximum fee, which can be charged at the level of and as permissible by law; the investment fund and of the Company is listed below: d) fees for legal and tax advisers, as well as notaries, in connection with the establishment, registration in distribution countries, modification, liquidation and UBS (Lux) Institutional SICAV Share Maximum classes Fee p.a. merger of the Company, as well as for the general – Global Allocation Europe AA, AA-T1 1.5% safeguarding of the interests of the Company and BA 1.5% its investors, insofar as this is not expressly prohibi- FA, XA 1.5% ted by law; AD-T2 1.5% e) costs for the publication of the Company’s net asset When investing in shares of funds which are managed by value and all costs for notices to investors, including UBS AG or a Company it controls, no issue or redemption translation costs; commission is chargeable on subscription to or redemp- f) costs for the Company’s legal documents (prospectu- tion of these shares. ses, KIID, annual and semi-annual reports, as well as all other documents legally required in the countries If subfunds invest in funds which refund either entirely of domiciliation and distribution); or partly the fees charged to their assets by means of g) costs for the Company’s registration with any foreign payment, such payments will be added in full to the supervisory authorities, if applicable, including fees, assets of the subfunds concerned. translation costs and fees for the foreign representa- tive or paying agent; The details of expenses paid by the relevant subfunds are h) expenses incurred through use of voting or creditors’ disclosed in the KIID. rights by the Company, including fees for external advisers; i) costs and fees related to any intellectual property registered in the Company’s name or usufructuary Note 3 – Taxe d’abonnement rights of the Company; In accordance with the law and the regulations currently j) all expenses arising in connection with any extraordi- in force, the Company is subject to a subscription tax nary measures taken by the Management Company, at the annual rate of 0.01%, payable quarterly and Portfolio Manager or Custodian Bank for protecting calculated on the basis of the net assets at the end of the interests of the investors; each quarter.
UBS (Lux) Institutional SICAV Annual Report as of 31 December 2015
30 The notes are an integral part of the fi nancial statements. The taxe d’abonnement is waived for that part of the TER for the last 12 months: Company assets invested in units or shares of other undertakings for collective investment that have already UBS (Lux) Institutional SICAV Total Expense Ratio (TER) paid the taxe d’abonnement in accordance with the – Emerging Markets Equity Passive AA 0.68% statutory provisions of Luxembourg law. – Emerging Markets Equity Passive BA 0.21% – Emerging Markets Equity Passive FA 0.02% – Emerging Markets Equity Passive XA 0.03% Note 4 – Other income
The average fees (brokerage commission, stock exchange Note 8 – Transaction costs fees/duties, etc.) incurred by the subfund in connec- tion with the related transactions may be charged to Transaction costs include brokerage fees, stamp duty, the investor on a net asset value basis. This income is local taxes and other foreign charges if incurred during in favour of the subfund and mentioned in the state- the fiscal year. Transaction fees are included in the cost ment of operations as ”Other income”. Other income of securities purchased and sold. consists of income resulting from Single Swing Pricing (or transaction fees for Emerging Market Equity Passive) For the financial year ended on 31 December 2015, the as well as of a result of a class action (for Global Allocation fund incurred transaction costs relating to purchase or Europe). sale of investments in securities and similar transactions, as follows:
UBS (Lux) Institutional SICAV Transaction costs Note 5 – Distribution – Emerging Markets Equity Passive 216 421.98 USD – Global Allocation Europe 7 813.77 EUR The general meeting of shareholders of the respective subfund shall decide, upon the proposal of the Board Not all transaction costs are separately identifiable. For of Directors and after closing the annual accounts per fixed income investments, forward currency contracts subfund, whether and to what extent distributions are to and other derivative contracts, transaction costs will be be paid out by each subfund and/or share class. included in the purchase and sale price of the investment. Whilst not separately identifiable these transaction costs The payment of distributions must not result in the will be captured within the performance of each fund. net assets of the Company falling below the minimum amount of assets prescribed by law. If a distribution is made, payment will be effected no later than four Note 9 – Securities priced by the Board of months after the end of the financial year. Directors at zero or closed to zero The Board of Directors is authorized to pay interim Based on a proposal by the UBS Global Valuation dividends and to suspend the payment of distributions. Committee, the Board of Directors has decided to value the following securities at or close to zero:
Note 6 – Commitments on Financial Futures ISIN Securities BMG4288J1062 HANERGY THIN FILM HKD0.0025 Commitments on Financial Futures per subfund and BMG8162K1137 SIHUAN PHARM HLDG HKD0.01 respective currency as of 31 December 2015 can be ZAE000030060 AFRICAN BANK INVT summarised as follows:
Financial Futures Note 10 – Liquidation UBS (Lux) Financial Futures Financial Futures Institutional SICAV on Indices on Indices The Board of Directors of the Company has decided on (bought) (sold) 8 May 2015 to liquidate the following subfund: – Emerging Markets Equity Passive 708 750.00 USD - USD UBS (Lux) Institutional SICAV – Global Allocation Europe
Note 7 – Total Expense Ratio (TER)
This ratio was calculated in accordance with the Swiss Funds & Asset Management Association (SFAMA) “Guidelines on the calculation and disclosure of the TER” in the current version and expresses the sum of all costs and commissions charged on an ongoing basis to the net assets (operating expenses) taken retrospectively as a percentage of the net assets. UBS (Lux) Institutional SICAV Annual Report as of 31 December 2015
The notes are an integral part of the fi nancial statements. 31 Note 11 – Applicable law, place of performance and authoritative language
The Luxembourg District Court is the place of perfor- mance for all legal disputes between the shareholders, the Company and the custodian bank. Luxembourg law applies. However, in matters concerning the claims of investors from other countries, the Company and/or the custodian bank can elect to make themselves and the Company subject to the jurisdiction of the countries in which the Company shares were bought and sold.
The English version of these financial statements is the authoritative version and only this version was audited from the independent auditor. However, in the case of shares sold to investors from the other countries in which Company shares can be bought and sold, the Company and the custodian bank may recognise approved transla- tions (i.e. approved by the Company and the custodian bank) into the languages concerned as binding upon themselves and the Company.
UBS (Lux) Institutional SICAV Annual Report as of 31 December 2015
32 The notes are an integral part of the fi nancial statements. Global Exposure (unaudited)
Risk management Risk management in accordance with the commitment approach and the value-at-risk approach is applied pursuant to the applicable laws and regulatory provisions.
Leverage Leverage is defined pursuant to the applicable ESMA directives as the total of the notional values of the derivatives used by the respective subfund. According to this definition, leverage may result in artificially increased leverage amounts, as some derivatives that can be used for hedging purposes may be included in the calculation. Conse- quently, this information does not necessarily reflect the precise actual leverage risk that the investor is exposed to.
UBS (Lux) Institutional SICAV Global risk calculation method – Emerging Markets Equity Passive Commitment approach
UBS (Lux) Institutional SICAV Annual Report as of 31 December 2015
33 Facts and conditions (unaudited)
Valid as at 31 December 2015
All information subject to change at any time.
Keys to and explanations of the tables can be found on the following pages.
Flat fee
The flat fee covers all costs incurred in connection with asset management, distribution and fund administration (including fund management company, administrator and custodian bank), with the exception of the costs specified below, which are additionally charged to the subfunds. TTC (transaction and tax costs) and Other costs.
TTC (transaction and tax costs)
Estimated transaction and tax costs of transactions not created through subscriptions and redemptions. These costs also include well-founded estimates of implicit costs (e.g. bid/ask – difference).
Other costs
Costs charged directly to the subfunds (e.g. audit costs, supervisory fees, licence fees).
TER target funds
Total expense ratio (TER) of the underlying target funds as defined by the SFAMA.
Audited TER
Total expense ratio (TER) as defined by the SFAMA.
S / R method
Method used in subscriptions and redemptions of subfund units.
1) NAV Issue price = redemption price = NAV (NAV = net asset value).
2) Dil. protection = Protection against dilution - Issue price = NAV plus protection against dilution - Redemption price = NAV minus protection against dilution - Difference with NAV (= protection against dilution) always in favour of the subfund, in full, i.e. in favour of performance for investors.
3) SSP (swinging single pricing) - Issue price = redemption price = NAV plus swing factor if net subscriptions on the day of trading - Issue price = redemption price = NAV minus swing factor if net redemptions on the day of trading - Difference with NAV always in favour of the subfund, in full, i.e. in favour of performance for investors. - The swing factors are geared to the brokerage charged by third-party brokers, taxes and duties as well as the difference calculated between the bid/ask rates of transactions resulting in subscriptions or redemptions. A UBS committee comprising financial experts monitors the market on an ongoing basis and adjusts the swing factors where necessary. If the swing factors for net subscriptions and net redemptions are different, the mean is used.
UBS (Lux) Institutional SICAV Annual Report as of 31 December 2015
34 S / R - In basis points
Difference between the issue (= subscription) price or redemption price and the NAV as a percentage of the NAV (application of dilution protection or swing factor).
Cut-off time
Point at which subscription and redemption of units close.
Forward pricing method
Forward Pricing 1 (FP 1) Forward Pricing 2 (FP 2) Order entry day X (e.g. Monday) day X (e.g. Monday) Closing prices on stock exchange day X (Monday) day X + 1 (Tuesday) Price fixing and settlement day X + 1 (Tuesday) day X + 2 (Wednesday) Value date day X + 3 (Thursday) day X + 4 (Friday)
Other TER Audited S / R Forward Flat fee costs target funds TER TTC Total fees S / R in basis Cut-off pricing Class ISIN in % p.a. in % p.a. in % p.a. in % p.a. in % p.a. in% p.a. method points time method
UBS (Lux) Institutional SICAV – Emerging Markets Equity Passive Benchmark: MSCI EMMA Index AA LU0322728865 0.6300 0.00 0.00 0.68 0.03 0.7100 VWS 31/33 15.00h Forward Pricing 2 BA LU0322729327 0.1800 0.00 0.00 0.21 0.03 0.2400 VWS 31/33 15.00h Forward Pricing 2 FA LU0322728352 0.0000 0.00 0.00 0.02 0.03 0.0500 VWS 31/33 15.00h Forward Pricing 2 XA LU0322730093 0.0000 0.00 0.00 0.03 0.03 0.0600 VWS 31/33 15.00h Forward Pricing 2
UBS (Lux) Institutional SICAV Annual Report as of 31 December 2015
35 ab trademarks of UBS. All rights reserved. and unregistered among the registered © UBS 2015. The key symbol and are