Semi-annual report 2004 - Fundsquare

Global Asset Management

Semi-annual report 2004 Investment Fund under Luxembourg Law

Unaudited semi-annual report as of June 30,2004

UBS (Lux) Institutional Fund UBS (Lux) Institutional Fund - Absolute Return Bond EUR UBS (Lux) Institutional Fund - CPP USD 100 UBS (Lux) Institutional Fund - Eco Performance UBS (Lux) Institutional Fund - Euro Bonds UBS (Lux) Institutional Fund - Euro Corporate Bonds UBS (Lux) Institutional Fund - Euro Equity UBS (Lux) Institutional Fund - Euro Equity Advanced UBS (Lux) Institutional Fund - Euro Equity Passive UBS (Lux) Institutional Fund - Global Equity UBS (Lux) Institutional Fund - Key Selection European Equity UBS (Lux) Institutional Fund - Key Selection Global Equity UBS (Lux) Institutional Fund - Key Selection US Equity UBS (Lux) Institutional Fund - Short Term EUR UBS (Lux) Institutional Fund Short Term USD UBS (Lux) Institutional Fund - USD High Yield

Unaudited semi-annual report as of June 30,2004

Contents

Management and Administration Features of the Fund

UBS (Lux) Institutional Fund UBS (Lux) Institutional Fund - Absolute Return Bond EUR

UBS (Lux) Institutional Fund - CPP USD 100 UBS (Lux) Institutional Fund - Eco Performance

UBS (Lux) Institutional Fund - Euro Bonds

UBS (Lux) Institutional Fund - Euro Corporate Bonds

UBS (Lux) Institutional Fund - Euro Equity

UBS (Lux) Institutional Fund - Euro Equity Advanced UBS (Lux) Institutional Fund - Euro Equity Passive UBS (Lux) Institutional Fund - Global Equity

UBS (Lux) Institutional Fund - Key Selection European Equity

UBS (Lux) Institutional Fund - Key Selection Global Equity

UBS (Lux) Institutional Fund - Key Selection US Equity

UBS (Lux) Institutional Fund - Short Term EUR

UBS (Lux) Institutional Fund - Short Term USD

UBS (Lux) Institutional Fund - USD High Yield

Notes to the Financial Statements

4 5

9

10

16 20

26

31

36

41

47 56

63

69

76

81

86

91

96

ISIN

AA LU0187986111 I BA XA LUOl87989057 AA LUOl 01 234887 AA LU0130423063 I BA

AA LU0093640489 I BA AD-T2 LUO157020958 I XA

AD-T2 LUO157015289 I XA

AA LU0130421521 I BA AD LU0130422172 I XA AA LU0093640216 I BA XA LUOl76374873

XA LUOl87991202

XA LUOl87994644 AA LU0102867602 I BA AD LUOlO2867784

AA LUO154869704 I BA XA LUOl76378940

AA LU0155225690 I BA BA LU0155226235 I XA XA LUOl76377975

AA XA AA AD-T2 AA AD-T2 AA CA

LUO154877988 I BA LUOl76378197 LU0143169497 I BA LUO157022731 I XA LU0140532044 I BA LUOl5702 1923 LUOl13615529 I BA LU0113616170 I CD

Sales restrictions

LUOl87987515

LUOl30423220 LUOl76376738 LU0093640562 LU0176375417

LU0130422412 LU0176376811 LU0093640307

LUOlO2867867

LUOl54870629

LUOl54865546 LUOl76377546

LU0154878283

LU0143169570 LUOl76377389 LUOl40533448

LUOl13617574 LUOll3616410

Units of this fund may not be offered, sold or distributed within the United States of America.

3

Management and Administration Semi-annual reDort as of June 30, 2004

Management Company

UBS Brinson Fund Management Company S.A. 291, route d’Arlon B.P. 91 L-2010 Luxembourg R.C. Luxembourg No B 67 517

Board of Directors of the Management Company

Chairman: Stephan Meier (until January 31, 2004) Executive Director UBS AG, UBS Global Asset Management Easel and Zurich Andreas Jacobs (since February 27, 2004) Ma nag i ng Director UBS AG, UBS Global Asset Management Basel and Zurich

Members of the Board: Christof Kutscher Managing Director UBS AG, UBS Global Asset Management Easel and Zurich Manuel Hauser (until May 1 1, 2004) Managing Director UBS Fund Services (Luxembourg) S.A. Luxembourg Gilbert Schintgen Executive Director UBS Fund Services (Luxembourg) S.A. Luxembourg

Portfolio Managers

UBS AG, UBS Global Asset Management CH-8098 Zurich

UBS Global Asset Management (Americas), Inc. Chicago (until May 10, 2004)

Domiciliary and Administrative Agent

UBS Fund Services (Luxembourg) S.A. 291, route d’Arlon B.P. 91 L-2010 Luxembourg

Auditor of the Fund and of the Management Company

Ernst & Young S.A. Parc d’Activit6 Syrdall L-5365 Munsbach

Sale in the Federal Republic of Germany

Sales and information agencies UBS Wealth Management AG Stephanstrasse 14-1 6 D-60313 FrankfurVMain UBS Global Asset Management (Deutschland) GmbH Stephanstrasse 14-16 D-603 13 Fran kf urt/Main

Paying agent UBS Wealth Management AG Stephanstrasse 14-16 D-603 1 3 Fran kf u rVMa in

Sale in France and in Italy

Units of this fund may be sold in these countries.

The sales prospectus, management regulations, annual and semi-annual reports as well as the portfolio movements of the investment fund mentioned in this publication are available free of charge at the sales agencies and at the registered office of the Management Company.

Custodian Bank

UBS (Luxembourg) S.A. 36-38, Grand-Rue 1-1 660 Luxembourg

4

Features of the Fund

UBS (Lux) Institutional Fund - Absolute Return Bond EUR

Semi-annual report as of June 30, 2004

Management Fee class AA

0.45% per annum

UBS (Lux) Institutional Fund (the “Fund”) is Twelve classes of units are offered within each of characterised bv an “umbrella construction” which the available subfunds:

..

Eco Performance

Euro Bonds

offers investors an opportunity to diversify their investments through professionally managed subfunds.

AA units, the Portfolio Management fee is charged to these units at the subfund‘s level, in addition to the normal operational and

0.85% per annum

0.40% per annum

The entiretv of the subfunds forms the fund. The administrative expenses as shown in table below:

i

entire asseis of the fund, which are separate from the assets of the Management Company, are the joint property of all investors who have equal rights in proportion to the number of units which they hold in the individual subfunds. All units within the same subfund, according to unit class, have equal rights as to dividends and to proceeds in a liquidation. The fund is a single entity and the assets of a particular subfund are only applicable to the debts, engagements and obligations of that subfund, unless other terms have been specifically agreed with its creditors. In respect of the relationship between the unitholders, each subfund is treated as a separate entity. The Management Company is empowered to establish new subfunds and/or to liquidate existing ones a t any time. The fund is unlimited with regard to duration and total assets.

UBS (Lux) Institutional Fund has been established by UBS Brinson Fund Management Company S.A. as an open-end investment fund under Part II of Luxembourg law dated March 30,1988 regarding collective investment undertakings and has been transformed in an investment fund under Part I of Luxembourg law dated March 30, 1988 regarding collective investment undertakings.

The management regulations for the fund UBS (Lux) Institutional Fund were established by the Management Company on December 28, 1998 and published in the “Memorial, Recueil des Societks et Associations”, hereinafter called ”Memorial”, the official gazette of the Grand Duchy of Luxembourg, on January 21, 1999 and amendments were published on September 18, 1999. On December 14, 2000 the legal status of the fund changed from Part I I to Part I and amended management regulations have been published on December 14, 2000. Amendments thereof were published on January 26, 2002, on November 27, 2002, on July 22, 2003 and on September 4, 2003. They have been deposited at the Commercial and Company Register of the District Court of Luxembourg for inspection. There is no provision in the management regulations for a meeting of the unitholders. The subscription or acquisition of units in the fund implies acceptance of the management regulations by the unitholder.

Euro Corporate Bonds 1 0.55% per annum

Euro Equity I 0.75% per annum

I Euro Eauity Advanced I 0.80% perannum I

The Portfolio Management fee is calculated on the net assets attributable to class AA units and payable monthly.

For the following subfund, the Portfolio Management fee has been set a t 0.50% per annum for UBS (Lux) Institutional Fund - CPP USD 100 of the subfund’s average net assets and is payable monthly plus a Performance fee at 25% for UBS (Lux) Institutional Fund - CPP USD 100 of the out- performance of the benchmark and is payable yearly.

The Performance fee is calculated by taking the daily difference of the subfund’s Performance to the Performance of the Benchmark. 25% for UBS (Lux) Institutional Fund - CPP USD 100 of that difference are used for a provision that accumulates on a daily basis. The subfunds net asset value is calculated after subtracting the provision for the Performance participation fee from the value of the assets in the subfund. To the extent that the subfund underperforms the benchmark, no performance fee will be payable in respect of the relevant reference period until this underperformance has been made good in full.

5



Class AD units, the Portfolio Management fee is charged to these units a t the subfund’s level, in addition to the normal operational and administrative expenses as shown in table below:

Management Fee class AD

0.45% per annum

Eco Performance 0.85% per annum

I Euro Equity Advanced I 0.80% perannum I UBS (Lux) Institutional Fund - USD High Yield I Euro Equity Passive I 0.19% perannum I

Management Fee class CA

0.60% per annum

I Global Equity I 0.75% perannum I USD High Yield 0.60% per annum

If the unitholder closes the portfolio management mandate without taking a decision between the two mentioned possibilities, the Management Company may take a decision on a discretionary basis.

Class CA units, the Portfolio Management fee is charged to these units at the subfund’s level, in addition to the normal operational and administrative expenses as shown in table below:

UBS (Lux) Institutional Fund - USD Hiqh Yield

Management Fee class CD

0.60% per annum

The Portfolio Management fee is calculated on the net assets attributable to class CA units and payable monthly.

The evolution of the USD will be protected against the EUR.

Class CD units, the Portfolio Management fee is charged to these units a t the subfund’s level, in addition to the normal operational and administrative expenses as shown in table below:

The Portfolio Management fee is calculated on the net assets attributable to class CD units and payable monthly.


Class XA units are intended for investors having a portfolio management agreement with UBS AG, UBS Global Asset Management. For this class of units of UBS (Lux) Institutional Fund - Absolute Return Bond EUR, UBS (Lux) Institutional Fund - Eco PerFormance, UBS (Lux) Institutional Fund - Euro Bonds, UBS (Lux) Institutional Fund - Euro Corporate Bonds, UBS (Lux) Institutional Fund - Euro Equity, UBS (Lux) Institutional Fund - Euro Equity Advanced, UBS (Lux) Institutional Fund - Euro Equity Passive, UBS (Lux) Institutional Fund - Global Equity, UBS (Lux) Institutional Fund - Key Selection European Equity, UBS (Lux) Institutional Fund - Key Selection Global Equity, UBS (Lux) Institutional Fund - Key Selection US Equity, UBS (Lux) Institutional Fund - Short Term EUR, UBS (Lux) Institutional Fund - Short Term USD, UBS (Lux) Institutional Fund - USD High Yield, the fees for Portfolio Management, Custody and Administration are charged outside the fund, directly a t the level of the portfolio management agreement concluded by the investor with UBS AG, UBS Global Asset Management.

6

Serni-annual report as of June 30, 2004

UBS (Lux) Institutional Fund - Eco Performance Euro Coroorate Bonds

Management Fee class AD-T1

0.85% per annum 0.55% Der annum

I ECO Performance I 0.85% perannum I


Management Fee class AA-T1

0.45% per annum

I Euro Equity Advanced I 0.80% perannum I

Euro Bonds

Euro Corporate Bonds

Euro Equity

I Euro Euuitv Passive I 0.19% perannum I

0.40% per annum

0.55% per annum 0.75% per annum

Global Equity Key Selection European Equity

I Key Selection Global Equity I 0.75% per annum I

0.75% per annum 0.75% per annum

I Key Selection US Equity I 0.75% perannum I Euro Equity Advanced 0.60% per annum

To the extent that the subfund underperforms the benchmark, no performance fee will be payable in respect of the relevant reference period until this underperformance has been made good in full.

Short Term EUR

Short Term USD

Class AD-T1 units, the Portfolio Management fee is charged to these units a t the subfund's level, in addition to the normal operational and administrative expenses as shown in table below:

0.25% per annum

0.25% per annum

Key Selection US Equity Short Term EUR

Short Term USD

I Global Equity I 0.75% perannum I

0.45% per annum

0.1 5% per annum

0.15% per annum

The Portfolio Management fee is calculated on the net assets attributable to class AD-T1 units and payable monthly.

Class AD-T2 units, the Portfolio Management fee is charged to these units at the subfund's level, in addition to the normal operational and administrative expenses as shown in table below:

class AD-T2

Eco Performance 0.60% per annum

Euro Corporate Bonds I 0.40% perannum I Euro Eauitv 1 0.45% perannum I

Global Equity I 0.50% perannum I Key Selection European Equity I 0.45% per annum I Kev Selection Global Equity I 0.50% per annum I

The Portfolio Management fee is calculated on the net assets attributable to class AD-T2 units and payable monthly.

7


UBS (Lux)

USD High Yield Institutional Fund - Management Fee

0.60% per annum class CA-T1

UBS (Lux) Institutional Fund - USD High Yield

The Portfolio Management fee is calculated on the net assets attributable to class CD-T2 units and payable monthly.


All units will be issued in registered form except Class AA-T1 units, Class AD-T1 units, Class AD-T2 units, Class CA-T1 units and Class CD-T2 units, which will be issued as bearer units only.

No subscription may be accepted on the basis of the financial reports. Subscriptions are accepted only on the basis of the current prospectus accompanied by the latest annual report and the latest semi-annual report if available.

Management Fee class CD-T2

0.50% per annum

8

UBS (Lwr) Institutional Fund Semi-annual report as o f Jurie 30, 2004

Consolidated Statement of Net Assets

Assets Investments in securities. cost Investments in securities, unrealized appreciation (depreciation) Total investments in securities (Note 1) Cash at banks, deposits on demand and deposit accounts Time deposits and fiduciary deposits Other liquid assets Receivable on securities sales Receivable on other transactions Receivable on subscriptions Interest receivable on securities Interest receivable on liquid assets Receivable on dividends Prepaid expenses Unrealized gain (loss) on financial futures (Note 1) Unrealized gain (loss) on forward foreign exchange contracts (Note 1) Unrealized gain (loss) on Interest Rate Swaps (Note 1) Total Assets

Liabilities Bank overdraft Payable on securities purchases Payable o n liquid assets Provisions for management fees (Note 3) Provisions for custodian bank fees (Note 3) Provisions for taxe d'abonnement (Note 4) Provisions for other expenses (Note 5) Total provisions Total Liabilities

Net assets at the end of the period

Consolidated Statement of Operations

Income Interest on liquid assets Interest on securities Dividends Income on securities lending (Note 7) Total income

Expenses Interest on Interest Rate Swaps (Note 1) Management fee (Note 3) Custodian bank fee (Note 3) Taxe d'abonnernent (Note 4) Other expenses (Note 5) Total expenses

Net income on investments

Realized gain (loss) (Note 1) Realized gain (loss) on market-priced securities without options Realized gain (loss) on options Realized gain (loss) on yield-evaluated securities and money market instruments Realized gain (loss) on financial futures Realized gain (loss) on forward foreign exchange contrack Total realized gain (loss) on investments Realized gain (loss) on foreign exchange Total realized gain (loss)

Net realized gain (loss) of the period

Changes in unrealized appreciation (depreciation) Unrealized appreciation (depreciation) on market-priced securities without options Unreali7ed appreciation (depreciation) on options Unrealized appreciation (depreciation) on yield-evaluated securities and money market instruments Unrealized apprfciation (depreciation) on financial futures Unreali7ed appreciation (depreciation) on forward foreign exchange contractr, Unrealized apprecidtion (depreciation) on Interest Rate Swaps (Note 1 ) Total changes in unrealized appreciation (depreciation)

Net increase (decrease) in net assets

EUR 30.06.2004

298332370691 7062582207

3 053 949 528.98 3692947540

3 260 397 00 227 907 15

9 455 778.89 99 396 03

705 904 50 4911642848

45 809 34 867 294 18

75 763.18

-244 669 69 50 630 85

-60 881 94

3 154 478 762.35

985 314.93 3 663 369.53

99 397.23 120 502.87 81 780.88

139 386.88 78 732.79

420 403.42 5 168 485.1 1

3 149 310 277.24

EUR

500 475.76 43 831 112.91

202 030.18 62 429 967.62

01.01.2004 - 30.06.2004

17 896 348.77

54 595.66 789 604.16 571 026.65 157 364.84 392 387.78

1 964 979.09

60 464 988.53

35 034 177.81 56 664.77

-35 253 41

60 027.66 -122 872 75

34992 74408 -185 304 77

34 807 439.31

9s 272 427.84

-1 414 864 14 -11901?93

-64 264 58 -60 881 94

-409 901 71 50 630 85

-2 018 294.96

93 254 132.88 9

The notes are an integral part of the firiaricial statements

UBS (Lux) Institutional Fund -Absolute Return Bond EUR

Semi-annual report as o f June 30, 2004 UBS (lux) Institutional Fund "Absolute Return Bond EUR

Class AA: ISIN: LUO187986111 Class BA: ISIN: LU0187987515 Class XA: ISIN: LUO187989057

Most important figures

Date Fund's net assets in EUR Class Units outstanding Net asset value per unit in EUR Class Units outstanding Net asset value per unit in EUR Class Units outstanding Net asset value per unit in EUR

Structure of the Securities Portfolio

Geqraphical Breakdown as a % of net assets United States of America France Germany United Kingdom International Organizations Netherlands Brazil Russian Federation (CIS) Luxetn bourg Argentina Columbia Spain Japan Finland Jersey Austria

Total Italy

43.02 6.47 5.95 5.67 3.41 2.74 1.30 1.26 1.26 1.24 1.23 1.02 0.77 0.59 0.52 0.34 0.33

77.12

30.06.2004 70 348 590.16

AA 44 700.0000

100.04 BA

49 700.0000 100.18

XA 605 000.0000

100.66

31.12.2003 NIA AA NIA N/A BA NIA N/A XA NIA NIA

Economic Breakdown as a % of net assets Banks and other credit institutions Financial, investment & other diversified companies Mortgage and funding institutions (MEA, ABS) Bonds o f countries and central governments Telecommunication Supranational Vehicles Energy and public utilities Media Retail trade, department stores Publishing & printing media Tobacco and alcoholic drinks Traffic and transport Petroleum Chemicals Lodging & catering industry, leisure facilities Packaging industries Internet & software services Pharmaceuticals, cosmetics & medical products Miscellaneous trading companies Mining. coal &steel Food & soft drinks Total

31.12.2002 NIA AA NIA NIA BA

N/A NIA XA NIA NIA

22.82

6 58 16.60

5.37 4.16 3 41 3 33 2.70 1.68 1.55 1.36 1.01 0.98 0.92 0.75 0.70 0.64 0.62 0.61 0.50 0.44 0.39

77.12

10 The notes are an integrdl part of the financial statements

Semi-annual report as of June 30, 2004 UBS (lux) Institutional Fund - Absolute Return Bond EUR

Statement of Net Assets

Assets Investments in securities, cost lrivestmenk in securities, unrealized appreciation (depreciation) Total investments in securities (Note 1) Cash at banks, deposits on demand and deposit accounts Other liquid assets Receivable on securities sales Interest receivable on securities Interest receivable on liquid assets Prepaid expenses Unrealized gain (loss) on financial futures (Note 1) Unrealized gain (loss) on forward foreign exchange contracts (Note 1) Total Assets

Liabilities Payable on securities purchases Provisions for management fees (Note 3) Provisions for custodian bank fees (Note 3) Provisions for taxe d'abonnement (Note 4) Provisions for other expenses (Note 5) Total provisions Total Liabilities


Statement of Operations

Income Interest on liquid assets Interest on securities Total income

Expenses Management fee (Note 3) Custodian bank fee (Note 3) Taxe d'abonnement (Note 4) Other expenses (Note 5) Total expenses


Realized gain (loss) (Note 1) Reali7ed gain (loss) on market-priced securities without options Realized gain (loss) on financial futures Realized gain (loss) on forward foreign exchange contracts Total realized gain (loss) on investments Realized gain (loss) on foreign exchange Total realized gain (loss)


Changes in unrealized appreciation (depreciation) Unrealized appreciation (depreciation) on market-priced secuiities without options Unrealized appreciatiori (depreciation) on financial futures Unrealized appreciation (depreciatiorl) on forward foreign exchange contracts Total changes in unrealized appreciation (depreciation)


EUR 30.06.2004

54 673 787.26 -424 267.51

54 249 519.75 13 488 592.93

227 907.15 1 765 641.38

899 843.67 9 136.00

236.28 -60 881 94

70 436 721.06 -143 274.16

85 859.08 324.73 1 15.92

72.45 I 758.72

2 271.82 88 130.90

70 348 590.16

EUR

16 285.43 324 034.62 340 320.05

11.05.2004 - 30.06.2004

324.73 115.92

1 758 72 72.45

2 271.82

338 048.23

-71 549.72 -133 278 37

1078 812.94 873 984.85

-176 653.31 697 331.54

1 035 379.77

-424 267.51 -60 881.94

-143 274 16 -628 423.61

406 956.16

1 1 The notes are an integral part of the financial statements

Semi-annual report as of lune 30. ?004 LIES (lux) Institutional Fund -Absolute Return Bond EUH

Statement of Changes in Net Assets

Net assets at the beginning of the period Subscriptions Total net subscriptions (redemptions) Net income on investments Realized gain (loss) Changes in unrealized appreciation (depreciation) Net increase (decrease) in net assets Net assets at the end of the period

Changes in the Number of Units outstanding

Class Number of units outstanding a t the beginning of the period Number of units issued Number of units redeemed Number of units outstanding at the end of the period Class Number of units outstanding at the beginning of the period Number of units issued Number of units redeemed Number of units outstanding a t the end of the period Class Number of units outstanding at the beginning of the period Number of units issued Number of units redeemed Number of units outstanding a t the end of the period

EUR 11.05.2004 - 30.06.2004

0.00

69 941 634.00 69 941 634.00

338 048.23 697 331.54

-628 423.61 406 956.16

70 348 590.16

11.05.2004 - 30.06.2004 AA

0.0000 44 700.0000

0.0000 44 700.0000

BA 0.0000

49 700.0000 0.0000

49 700.0000 XA

0.0000 605 000.0000

0.0000 605 000.0000

12 The notes are an integral part of the financial statements

Semi-annual report as of June 30, 2004 UBS (lux) Institutional Fund - Absolute Return Bond EUR

Statement of Investments in Securities and other N e t Assets as of June 30,2004 Description Interest/ Maturity

Strike Price Quantity/ Valuation in EUR a s a %

Nominal Unrealized gain of net (loss) on Futures/ assets OptionsIFonvard

Exchange Contracts (Nota 1)

Transferable securities listed on an official stock exchange

Bonds, fixed rate

EUR EUR IPY EUR GBP EUR GBP US0 FUR EUR EUR EUR US0 EUR EUR EUR EUR US0 EUR EUR EUR EUR EUR IPY EUR u s 0 USD EUR EUR US0 USD EUR us0 EUR USD LUR EUR EUR EUR EUR EUR EUR EUR US0 EUR EUX EUR G8P US0 EUR GBP EUR GBP GBP EUR CUR EUR GBP US0 FUR EUR EUR EUR EUR G8P JPY US0 EUR EUR GBF GBP FUR EUR FlJ? USD US3

Toti

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WAL-MART STORFS INC WASHINGTON MUTUAL INC

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Bonds, fixed rate

5.62500% 4 62500% 4.50000% 5 00000% 7.87500% 487500% 5 25000% 7 37500% 4.75000% 3 50000%

6 12500% 9 7MW% 5.1 2500% 2.75000% 5.00000% 4.WW04b 6.1 2500% 5.75000% 5.12500% 6.12500% 4.50000% 5.00030% 3 00000% 5.62500% 6.62500% 7.62500% 6.47500% ?.00Wo% 2 87500% 2 87500% 4 62500% 5.12500% 4 37500% 6.12SW% 8 37500% 5.87500% 6 00000% 4.25000% 5 75000% 4 12500% 4 75000% 4 37500% 7 87500% 5.50000% 3 50000% 5 50000% 6 37500% 5.25000% 3 12500% 4.50000% 5 62500% 6 25000% 475000% 3.75000% 6 12500% 5.75000% 8 37500% 8 25000% 5 00000% 6 WWO% 5 12500% 4.37500% 4 75000% 6.62500% 2 87500% 6.1 5000% 3 75000% 3 5WOOI 8 00000% 5 25000% 6 12500% 4.25000% 5 75000% 6 87500% 5 62500%

5 .00~0%

02-07.05.09 03-07.10 13 93-28.W.05 01-18.04 06 97.10 01 07 02.30 01 07 03-1 4.1 2.06 00-27.09.10 02.02.1006 03-04 03 10 99-24.06.05 0401. IO. 10 01.09.04.11 01-25 10.08 03-12.06.06 98-26 06.06 0426.01.1 1 01-01.02.1 I 02-29.05.09 02.28.02.07 00-09.06.10 03-25.06.13 98-26.04.06 96-20.09.06 00-1 5.10.1 0 00-151130 99-15.08-07 03-03.1 I 06 02-23.12.09 03-03 11 06 03.1 5.12.06 02-1 5 02 07 02-15 07.12 03-2001 10 02-01.02 07 03-05 07 33 01-27.09.1 1 03-19 09 33 03-24.06 10 03-24 06 23 03-12 07 07 02-06 02 07 03-23 06 10 00-01 03 07 97.20 02.07 02-07 I O 05 00-30 03.10 00-07 12 05 02.01 .ffi 07 03-15 11 06 02-07.12.06 01-23 01 06 00.07.12.05 03-10 12 IO 03-22 07.08 00-01 02 07 01 -31.07.08 97.29 01 C7 00.31.03 10 01.0407 06 93-02.1 1 06 01-30 1006 03-12 11 10 02.1304 10 w.12 10 10 95-28 07 05 02-01.05.07 02-11 02 I O 94-26 01 C6 97-08 01 07 02-22 01 10 03-25 1 1 33 03-27 05.09 99-27.10 06 99.1 0 08 09 02.1501 07

a5 ooo 00 70 000 00

3000000000 41500000 210 000 00 400 000 00 245 WOW 475 000 00 345 ooo 00 300 000 00 2WWOW 160 000 00

1 200 ooo 00 300 000 00 500 00000 975 000 00 260wo00 500 000 00 105 WO 00 400 000 00 21oMxlw 14500000 675 000 00

15000000000 650 WO 00 550 000 00 325 WOW 390 OM) 00 105 OW 00

2 175 000 00 34woM)OO

295 000 00 230000000

240 000 00 200mw 285 000 00 100 000.00 190 000 00 330 WO 00 265 000 00 350 000.00 280 000 00 165 000 00 500 000 00 655 000 00 420 000 00 450 000 00 245 000 00 325 000 00 685 000 00 240 000.00 460 000 00 325 MK1.00

50 000 00 90 wo.00

170 000 OD 130000W 200 000 00

1 000 000 00 455 000 00 335 000 00 100 000 00 270 000 00 250 000 00 15000000

7000000000 325 000 00 245 000 00 3m 00o.w 150 000 00 245 W0.00 240 000 00 235 000.00 565 000 00 650 000 W 500 000 00

90 598.95 68912 10

238 450 87 429 591 40 329747.15 415 656 00 362 240 24 441 458 30 357 839.65 293 125 62 204 920 W 176 985 60 863 222 12 318 06485 4% 962 30

I 015 784.25 259 191 40 434 781 70 113465 10 418 10400 231 453 20 141 255 73

1199819.02 710 316.50 497 549.77 206 292 06

701 244 an

. . . 417 526 20 11848200

1 768 701 99 1767 488.77

305 877 14 191731377

244 329 84 171 U21.92 314 571.60 108 460.00 191 406.00 328 405.84 265 659.02 355 164.50 291 060.00 164 71 2.07 454 055.54 694 030 00 425 104 55 487 976 75 371 313 52 277 81 1.85 68781900 352 042 54 479 044 00 490 794 69 70 669 90 89 406 W

181 383 25 139 701 14 318 247 58 884 121 97 472 804 15 357 427.96 10435419 270 540 49 257 692.54 234 409 61 543 164 94 282 834 10 242 597 78 364212 W 236 591 ?4 355 703 57 241 855 20 237 351 41 597 535 99 595 727 46 429 921 22

33 067 462.67

0 13 0 10 0 34 0 61 0.47 0 59 0.51 0 63 0.51 0 42 0 29 0 25 1.23 0 45 0 71 144 0.37 0 62 0 16 0 59 0 33 0 20 1 0 0 171 1.01 0 71 0.41 0 59 0 17 2 51 3.93 0 43 2 73 0 35 0 24 0 45 0.15 0 27 0.47 0.38 0.50 0.41 0.23 0 65 0 99 0 60 0.69 0 53 0.39 0 99 0 50 0 68 0 70 c 10 0 13 0 26 0 20 0 45 1.26 0 61 0.51 0 I5

0.37 0.33 0 77 040 0 32 0 52 0 3C 0 51 0 34 0 34 0 85 0 85 0 61

o 3a

1.00

Bonds, floating rate

USD ARGENTINA REPUBLIC OF EUR EUR ElJR KRE2ITANSTALT FLR VvlEUERAUI BAU

DEUl5CHE YELEKOM IYTL FINANCE BV DEUTSCHE TtLEKOM INTL FINANCE 8V

EUR SOGERIM SA

FRN 02-03 08.12 iRN 02-29 05 07 FRN 02-29 05 12 FRN 01-1808OG FRN 01-20 04 06

1 600 000 00 435 000 00 95 000 00

700 000 00 390 000 00

874 532 79 124 4814s61i 0 64 11 5 588.06 0 16 716 825 00 103 411 720.47 0 59

13 The notes are an integral part of the f i n a n c i a l statements.

Senii-annual report as of June 30, 2004 UBS (lux) Institutional Fund -Absolute Return Bond EUR

Description

EUR SOGFRIM SA

Total Bonds, floatins rate

Intwestl Maturity Strike Price

FRN 01-20 04 1 I

Quantity1 Valuation in EUR as a % Nominal Unrealized gain of net

(loss) on Futures1 assets OptionslForward

Exchange Contracts (Note 1)

270 000.00 305 888 40 0.4

2 916 020.86 4.15

Asset Backed Securities. floatinu rate

USD PROVlDlAN GATEWAY MASTER TRUST FRN 04-150710 190 000 00 156 508.19 0 22

Total Asset Backed Securities, floating rate 156 508.19 0.22

Total Transferable securities listed on an official stock exchanqe 36 139 991.72 51.37

Transferable securities t raded o n another regulated marke t

Bonds, fixed rate

US0 AK STEEL CORP US0 ALTRIA GROUP INC USD AMERICAN GENERAL FINANCE COR? US0 BOMBARDIER CAPITAL INC US0 ClllZEN COMMUNICATIONS CO US0 US0 COMPUTER SCIENCES COW US0 CROWN EURO HOLDINGS SA US0 CSC HOLDINGS INC USD EDISON MISSION ENERGY US0 FREDDIE MAC US0 GENERAL ELECTRIC CAPITAL CORP US0 GENERAL MOTORS CORP US0 HOUGHTON MlFFLlN CO US0 PACIFIC BELL US0 SOUTHERN CALIFORNIA EDISON CO US0 USTINC US0 VERIZON WIRELESS CAPITAL LLC US0 VERTlSINC

COLLINS & AIKMAN PRODUCE CO

7.87500% 7 65000% 5.87500% 6 12500% 8.50000%

10 75000% 6.75000% 9.50000% 8.12500%

10 00000% 2.a5000% 2 . a m o %

s.a7500%

8.37500% 8.25000%

8.00000% 6.62500% 5.37500%

10.87500%

99.1 5 02 09 96.01.07.08 01-14 07 06 01-29 06 06 01-15.0506 02-31 12 11 01-15.06.06 03-01.03.11 97-15 08.09 01-15 08 08 0423.02 07 03-30 01 06 03-15 07.33 03-01 02.1 1 9615 02.06 03-15.02.07 02.15.07.12 02-1 5.12.06 02-15.06.05

4M) 000 00 325 000 00 500 WO 00 350 000 00 325 000 00 500 000 00 500 OW 00 500 000 00 525 O W W 500 000 00

3 O W W O 00 1 075 000 00 2w00000 625 O W 00 5MOWW 325 000 00 475 OM) m 500 000 00 5w 0w.w

307401.56 287 836 85 431 513 71 284 727 74 284Mx).61 41301948 438 032.02 447 951 48 448 773.41 438 704 77

2 434 I % 17 885 266.86 174001.12 51370582 429 842.32 295 085.35 422 607.71 428 446 68 441 787.01

044 0 41 0 61 OW 040 0 59 0 62 0 64 0 64 0 62 346 126 0 25 0 73 0 61 0 42 0.60 0.61 0.63

Total Bonds, fixed rate 9 807 700.77 13.94

Bonds. floatinu rate

US0 BRAZIL. FEDERATIVE REPUBLIC OF

Total Bonds, floating rate

FRN 4415.04.12 1 4 W O W W 91 1 003 24 1 30

911 003.24 1.30

Mortgage Backed Securities, fixed rate

USD FANNIE MAE US0 FANNIE MAF GRANTCIR TRlKT . . . . .. US0 USD TSEDDII MAC USD GOVERNMENT NATIONPL MORTGAGE ASSOC

FIRST UNION LEHMAN BROS COM MTGE TR

US0 GO'r7NATlONht MORTGAGE ASSCOCIATlON

600000% 01-01 0430 6 50000% 02-01 07 42 6.65000% 97.01 11 29 6 50000% 01-01 09 30 6 50000% 02-20 11 30 6 50000% 02-01 06 31

1 OM) 000 00 2 000 000 00 1 ow 000.00 3 000 000 00 1 503 000.00 1 250 030.00

1 843 004.41 1 2 0

I 068 888 a i 1 52 849 985.04 1 2 1 700 850 35 1 00 736 683.17 1.05 884 199 53 1.25

Total Mortqaqe Backed Securities, fixed rate 5 083 611.31 7.24

k s e t Backed Securities, fixed rate

US0 CONSECO FIN SECURIilZAnONS CORP 7 62000% 00-01 05 31 750 W O 00 486 947 75 0 64

Total Asset Backed Securities, fixed rate 486 947.75 0.69

Total Transferable securities traded on another regulated market 16 289 263.07 23.16

Transferable securities not listed on an official stock exchange and not t raded o n another regulated marke t

Mortgage Backed Securities, fixed rate

USD MORGAN STANLEY DEAN WTlER CAP I 8.2500096 95-oi.oa.27 250 WO 00 205 918.75 0.29

Total Mortgage Backed Securities, fixed rate 205 9ia.75 0.29

Mortuaue Backed Securities. floatina rate

USD PARAGON MORTGAGES PLC

Total Mortgage Backed Securities, floating rate

FRN 04-15 05 43 21 0 000 00 172 605 16 0.25

172 605.16 0.25

14 The notes are an i n t e q r a l part of thc f i n a n c i a l statements

Semi-annual report as of June 30, 2004 UBS (lux) Institutional Fund -Absolute Return Bond EUR

Description

Asset Backed Securities. fixed rate

lnterestl Maturity Strike Price

Quantity/ Valuation In EUR a s a % Nominal Unrealized gain of net

(loss) on Futures/ assets OptionslFonvard

Exchange Contram (Note 1)

US0 GREEN TREE FINANCIAL CORPORATION U S 0 NAVISTAR FINANCIAL COUP

6.97000% 9941 05.31 379000% 03-15 1010

950 wo 00 633 557 79 0 90 1 000 000 00 808 183 26 115

Total Asset Backed Securities. fixed rate 1441 741.05 2.05

Total Transferable securities not listed on an official stock exchange and not traded on another regulated market 1 820 264.96 2.59

Total investments in securities 54 249 519.75 77.12

Derivatives

Derivative instruments listed on an off icial stock exchange

Financial Futures contracts

EUR FUNRE EURO.BOBL 5YR 6% EUR FUTURE EUROWND 10VR6% EUR FUTURE EUROKHATZ JPY FUTURE JAPANESE GOVl BONDS 10 YEARS GBP L'.D FLT.RE LS2YR hOT€ 640 LSD

FUFJR€ LONG GILT L< l O V R 6%

FUNRE LS TREAWRI M Y l E IO YR US0 FUTURE US TREASURY NOTE 5 YR

08 09 04 08 09 04 08 09 04 09 09 04 28 09.04 30 09 04 21 0 9 0 4 21 0904

-71.00

-81 00 -a 00

-2 00 -19.w -71.00 .1.m

-1 15.00

-29 410.00 4.04 -8 240 00 -0 01

-810.W 0.w 1 958 53 0 00

-851979 -0 02 1458949 0 02

490.77 0.00 -29 859 39 -0 04

Total Financial Futures contractr -60 881.94 -0.09

Total Derivative instrumens listed on an official stock exchange -60 881.94 -0.09

Total Derivatives -60 881.94 -0.09

Forward Foreisn Exchanqe contractr (PurchaselSale)

EUR 270 0W.W FUR 560 000 00 EUR 950 W O 00 EUR 1 900 000 00 EUR 3 578 112.13 EUR 2 325 512 94 EUR 1 070 W O 00 EUR 33 628 025.70

againsl JW against GBP agantnt USD against USD against GBP against JPY against USP again31 US0

35 326 800.00 12 07.W 374 248 00 12.07 04

1 153 366.50 12.07.04 2 299 000 00 12 07 04 1 390 000 00 1 2 0 7 0 4

31600000000 12 07 04 1 309 680.00 12 07.04

12 07 04 41 050 000.00

Total Forward Foreiqn Exchanqe contracts (PurchaselSale)

3 167 13 0 01 2 471 53 0 00 1 887 27 0 00

10 130 53 0 02 17 657.43 0.03 -55 912.78 -0 08 -6 607 42 -0 01

-0 17 -1 16 667 85

-143 271.16 -0.20

Cash at banks, deposiis on demand and deposit accounis Other receivables and payabler Other assets and liabilities

13 716 5OO.OS 19.50 2 588 761.97 3.68

-2 035.54 -0.01

Total net assets 70 348 590.16 100.00

15 The notes are an integral part of the financial statements.

UBS (Lux) Institutional Fund - CPP USD 100 Semi-annual report as of June 30, 2004

UBS (Lux) Institutiorial Fund - CPP USD 100 Class AA. ISIN: LUO101231887


Date Fund's net assets in USD Class Units outstanding Net asset value per unit in USD


Geographical Breakdown as a % of net assets Germany

lntcrnational Organizations Netherlands Antilles United States of America Canada United Kingdom Austria Netherlands France Switzerland Japan Australia Total

Italy

30.06.2004 30 624 932.13

AA 286 51 1 .OOOO

106.89

31 .I 2.2003 30 584 270.98

AA 286 51 1 .OOOO

106.75

Economic Breakdown as a YO of net assets Banks and other credit institutions Bonds of countries and central governments Financial, investment & other diversified companies

17.10 12.46 IO. 15 7.1 9 Supranational 6.70 Equity Index Options 6.65 Total 6.56 4.04 3.34 3.30 0.06 0.04 0.03

77.62

31.12.2002 30 181 714.09

AA 286 51 1 .OOOO

105.34

34.24 19.09 13.82 10.15 0 32

77.62

16 [he notes are an integral part of the financial statemenn.

Semi-annual report as of lune 30,2004 UBS (Lux) Institutional Fund - CPP USD 100


Assets investments in securities, cost lnvestmentr in securities, unrealized appreciation (depreciation) Total investments in securities (Note 1) Cash at banks, deposits on demand and deposit accounts lntcrest receivable on Securities Interest receivable on liquid assets Prepaid expenses Unrealized gain (loss) on Interest Kate Swaps (Note 1) Total Assets

Liabilities Provisions for management fees (Note 3) Provisions for custodian bank fees (Note 3) Provisions for taxe d'abonnement (Note 4) Provisions for other expenses (Note 5) Total provisions Total Liabilities



Income Interest on liquid assets Interest on securities Income on securities lending (Note 7) Total income

Expenses Interest on Interest Rate Swaps (Note 1) Management fee (Note 3) Custodian bank fee (Note 3) Taxe d'abonnement (Note 4) Other expenses (Note 5) Total expenses


Realized gain (loss) (Note 1) Realized gain (loss) on market-priced securities without options Realized gain (loss) on options Realized gain (loss) on yield-evaluated securities and money market instrumentS Total realired gain (loss) on investments Realized gain (loss) on foreign exchange Total realized gain (loss)


Changes in unrealized appreciation (depreciation) UnrealiLed appreciation (depreciation) on market-priced securities without options Urrrealized appreciation (depreciation) on options Unrealized appreciation (depreciation) on yield-evaluated securities and money market instwments Unrealized appreciation (depreciation) on Interest Rate Swaps (Note 1) Total changes in unrealized appreciation (depreciation)


USD 30.06.2004

24 188 924.26 -416 626.87

23 772 297.39 6 412 232 26

361 018 71 3 915.71

747.13 61 600.00

30 641 811.20

12 552.68 1 994.51

765.62 1 566.26

16 879.07 16 879.07

30 624 932.13

USD

20 237.09 568 116 27

162.20

01.01.2004 - 30.06.2004

588 515.56

66 423.79 76 204.43 12 183.46

1 538.73 4 184.08

160 534.49

427 981.07

-462 275.30 45 708.03

9 273.93 -407 293 34

7 148.88 -400 144.46

27 836.61

-1 585.84 -42 488.22

-4 701.40 61 600.00 12 824.54

40 661.15

17 The notes are an integral part of the financial sbtements

Semi-annual report as of June 30, 2004 UBS (Lux) Institutional Fund - CPP USD 100


Net assets at the beginning of the period Net income on investments Realized gain (loss) Changes in unrealized appreciation (depreciation) Net increase (decrease) in net assets Net assets a t the end of the period


Class Number of units outstanding at the beginning of the period Number of units issued Number of units redeemed Number of units outstanding at the end of the period

USD

30 58427098 01.01.2004 - 30.06.2004

427 981.07 -400 144.46

12 824.54 40661.15

30 624 932.13

01.01.2004 - 30.06.2004 AA

286 51 1 .OOOO 0 0000 0.0000

286 511.0000


....

S e m i - a n n u a l report as of June 30, 2004 UBS (Lux) I n s t i t u t i o n a l Fund - CPP USD 100

Statement of Investments in Securities and other Net Assets as of June 30,2004 Description lnterestl Maturity

Strike Price

Transferable securities l isted on an of f ic ia l stock exchange

Bonds. fixed rate

Quantity/ Valuation in USD asa% Nominal Unrealized gain of net

(loss) on Futures/ assets Optionslfonvard


USD BbNK AUSTRIA CREDITANZTMT AG USD CANADA USD DEUTSCHE WSTBANK AG US0 INTERNATlONAL FINANCE CORP USD ITALY, RfPUliLlt OF USD KhV INlEilNATlONAL FINANCE INC USD RABOBANK NEDERLAND NV

Total Bonds, fixed rate

7.37500% 00-11 02.05 6.37500% 99-30 11 04 5 75W0% 48-04 02 05 7 07500% 35-28 02 05 7 2 5 M % 00.07 02 05 500000% 01-22 12 04 6 75000% 99-20.12 04

1 2W WO.OO 1 237 616 28 4 0 4 2 OW 000.00 2 037 000 00 6 65 1 Z W W0.00 1 225 426.36 4 00 3 000 000 00 310009000 10 1s 3 7 w w o w 3811 00000 12.44 2 000 000 00 2 029 199 68 6.63 1 OM) 000 00 1021 900.00 3 34

14 470 232.32 47.25

Bonds, floatina rate

JSD CASE N A n CAJUES fPARGNE & PREV JSD DE>TSCnE 8AhU F h A M E h v JSD dB0S TRfASJRY SfRVlCES PLC JW I(REDTAh5TA.T FLER \MEDEAALFBAJ JSD w i s n s n ~

FRN 03-20 03.06 FRN 93-02 03.06 FRN 02-01.10.07 FRN 04-05 02 07 FUN Oe10.03.09

zoM)wooo 2 000 000 00 1 998 399 96 6 53 20WwDW 1 998 434 36 6 53

Total Bonds, floating rate 9 203 192.87 30.05

Total Transferable securities listed on an ofticial stock exchange 23 673 425.19 77.30

Derivative instruments l isted on a n official stock exchange

Ootions on indices. classic-stvled

EUR CAlLCAC 40 INDEX EUR CALL DAXINDEX GEP CALL mE 1W INDEX EUR CALL MIB30 INDEX JW US0 CALL 5&P 500 INDEX AUD CALL S&P/AY( 200 INDEX CHF CALL SWSS MARKETINDEX

CALL OSAKA NIKKEI 225 INDEX

3 4 0 0 . m 17.1204 3600 0000 17 12 04 4325.0000 17.12 04

26000 0000 17.09 04 105W WOO 10.12 04 1100 000C 18 12 04 31 00 OW0 16.12.04 5200 0000 17.12.04

24.00 12 775 70 0 04 3 00 10 761 07 0 04 1.00 1 00 1-00 3 00 3 00 4 DO

5 349 82 0.02 7 500.65 0 02

13 654.64 0.04 21 960.00 0 07 9 220 20 0 03

17 649 32 0 06

Total Omions on indices. classic-stvled 98 872.20 0.32

Total Derivative instruments listed on an official stock exchange 9a a72.20 0.32


Derivatives

Derivative instruments n o t l isted on an official stock exchange and n o t t raded on another regulated marke t

Financial Futures contracts

USD INTEREST RATE SWAP 29 12 04 59 760 00 0 19 12 000 000.00 USD INTLREST RATE SWAP 201204 1 000 000 00 1 8 N O O 0 01

Total Financial Futures contractr 61 600.00 0.20

Total Derivative instruments not listed on an official stock exchange and not traded on another regulated market 61 600.00 0.20

Total Derivatives 61 600.00 0.20

Cash at banks, deposits on demand and deposit accountr Other receivables and payables Other assets and liabilities

6 442 232.26 21.04 364 934.42 1.19 -16 131.94 -0.05

Total net assets 30 624 932.13 100.00

19 The notes are an i n t e g r a l par t of the financial statements.

UBS (Lux) Institutional Fund - Eco Performance Semi-annual report as of :une 30, 2004

UBS (lux) Institutional Fund - Eco Performance Class AA: ISIN: L1J01304?3063 Class BA: ISIN: LUO130423220

Class AD-T2. ISIN. LUO157020958 Class XA: ISIN: LUO176376738

Most important figures Date Fund's net assets in EUR Class Units outstanding Net asset value per unit in EUR Class Units outstanding Net asset value per unit in EUR Class Units outstanding Net asset value per unit in EUR Class Units outstanding Net asset value per unit in EUR

Structure of the Securities Portfolio Geographical Breakdown as a % of net assets United States of America United Kingdom Japan Switzerland Netherlands Germany France Denmark Sweden Australia Finland Spain Belgium Austria Italy Canada Norway Total

51.62 12.69 9.79 5.52 3.70 2.99 2.88 1.57 1.56 1.41 1.21 1.06 0.80 0.79 0.41 0.39 0 26

98.65

30.06.2004 18 105 434.85

AA 92 985.0000

66.84 BA

123 997.4500 68.60

11 170.0000 121.03

XA 20 236.0000

100.44

AD-T2

31.12.2003 16 369 450.82

AA 90 530.0000

62.21 BA

152 067.4500 63.68

9 31 5.0000 113.10

XA NIA NIA

AD-T2

Economic Breakdown as a % of net assets Pharmaceuticals, cosmetics & medical products Banks and other credit institutions Telecommunication Financial, investment & other diversified companies Computer hardware & networking Electrical appliances & components Insurance Food & soft drinks Energy and public utilities Petroleum Traffic and transport Internet & software services Building materials and trade Vehicles Healthcare, education & social services Miscellaneous trading companies Retail trade, depanment stores Electronics & semiconductors Chemicals Environmental services & recycling Publishing & printing media Mechanical engineering & industrial equipment Media Biotechnology Precious metals and gems Forestry, paper &forest products Packaging industries Textiles, clothing &leather goods Lodging & catering industry, leisure facilities Rubber and tires Miscellaneous consumer goods Tom I

31.12.2002 12 700 797.09

AA 131 525.0000

57.44 BA

88 100.4500 58.42

AD-T2 NIA NIA XA NIA NIA

15.69 12.39 6.92 6.35 5.85 5 05 3.60 3.39 3.37 3.21 2.94 2.86 2.78 2.72 2.54 2.37 2.31 2.14 2.1 1 1.81 1.56 1.53 1.15 0.86 0 71 0.64 0 53 0.44 0.33 0 25 0.25

98.65

20 Ihe notes are an integral part of the financial statements

Serni-annual report as o f June 30, 2004 UBS (lux) Institutional Fund - Eco Perforiiidrice


Assets Investments in securities, cost Investments in securities, unrealized appreciation (depreciation) Total investmenll in securities (Note 1) Cash at banks, deposits on demand and deposit accounts Interest receivable on liquid assets Receivable on dividends Prepaid expenses Total Assets

Liabilities Payahle on securities purchases Provisions for management fees (Note 3) Provisions for custodian bank fees (Note 3) Provisions for taxe d'abonnement (Note 4) Provisions for other expenses (Note 5) Total provisions Total liabilities

Net assetr at the end of the period


Income Interest on liquid assets Dividends Income on securities lending (Note 7) Total income



Realized gain (loss) (Note 1) Realwed gain (loss) on market-priced securities without options Total realized gain (loss) on tnvcsttnents Realized gain (loss) on foreign exchange Total realized gain (loss)

Net realized gain (1055) of the period

Changes in unrealized appreciation (depreciation) Unrealized appreciation (depreciation) on market-priced securities without options Total changes in unrealized appreciation (depreciation)


EUR 30.06.2004

17 989 452.49 -128 429.88

17 861 022 61 261 522.29

246.00 20 139.84

370.26 18 143 301.00

30 287 20 4 834.57 1 639 34

452.64 652.40

7 578.95 31 866.15

18 105 434.85

EUR

1464.39 155 836.43

3 802.22 161 103.04

01.01.2004 - 30.06.2004

28 990.19 9 945.35

850.44 2 096.08

41 882.06

119 220.98

-148 438.14 -148 438.14

-470.08 -148 908.22

-29 687.24

1 177 510.89 1 117 510.89

1 147 823.65


Semi-annual report as of June 30, 2004 LJBS (I.ux) Institutional Fund - Eco Performance


Net assets at the beginning of the period Subscriptions Redemptions Total net subscriptions (redemptions) Dividend paid Net income on investments Realized gain (loss) Changes in unrealized appreciation (depreciation) Net increase (decrease) in net assets Net assets at the end of the period


Class Number of units outstanding a t the beginning of the period Number of units issued Number of units redeemed Number of units outstanding at the end of the period Class Number of units outstanding a t the beginning of the period Number of uniE issued Number of units redeemed Number of units outstanding at the end of the period Class Number of units outstanding a t the beginning of the period Number of units issued Number of units redeemed Number of units outstanding at the end of the period Class Number of units outstanding a t the beginning of the period Number of units issued Number of units redeemed Number of units outstanding at the end of the period

EUR

16 369 450.82 01.01.2004 - 30.06.2004

3 223 951.68 -2 631 506.40

592 445.28 -4 284.90

119 220.98

1 177 510.89 -148 908.22

1 147 823.65 18 105 434.85

01.01.2004 - 30.06.2004 AA

90 530.0000 4 000.0000

-1 545.0000 92 985.0000

BA 152 067.4500

0.0000 -28 070.0000 123 997.4500

9 31 5.0000 7 920.0000

11 170.0000 XA

0.0000 20 236.0000

0.0000 20 236,0000

AD-12

-6 065.0000


Semi-annual report as of June 30, 2004 UBS (Lux) Institutional Fund - Eco Performance

Statement of Investments in Securities and other Net Assets as of June 30,2004 Description Interesff Maturity

Strike Price


Bearer shares

Quantity1 Valuation in EUR a s a % Nominal Unrealized gain of net

(loss) on Futures/ assets OptlonslForvvard


Germany

EUR HENKEL KGAA EU9 SAPAG

2 950 00 18894750 1 04 980 00 133 534 80 0 14

322 482.30 1.70

Australia

AUD AUSTRALIAN GAS LIGHTCOMPANY AUD WESTPAC BANKING CORP

5 10300 35 420.04 0.19 21 900 00 220 686 01 1.22

256 106.05 1.41

Austr ia

EUR B W A G EUR MAYR-MELNHOF KARTON AG

2 2w.00 900 00

47 190.W 95 400.00

0.26 0.53

142 590.00 0.79

Belg ium

EUR m n s s m v 8 w0.w 145 Mx1.W 0.80

ids finn nn n nn

Canada

CAD CANADIPN PACIFIC RAILWAY LTD 3 5 w w 70 269 36 0 39

7n 269 qfi n m

Denmark

DKK NOVO NORDISK Ivs-B DKK VESTAS WlND SYSTEMS A&

4 2w.00 8 800 00

177712.24 10625871

0.98 0 59

283 970.95 1.57

5pdirl

EUR GAMESA CORWRACION TECNOLOGICA SA 9 300 00 112623.00 0.62

112 623.00 0.62

Urired States o i America

US0 U5D us0 USD US0 US0 USD us3 US0 U53 US0 US0 USD USD USD 1150 USD US0 US0 US0 US0 1150 us0 US0 US0 USD USD US0 USD US0 USD

US0 USD US0

usn

3M CO AIR PRODUCTS I CYEMICALS INC AMERICAN HEALTHWAYE INC AMERICAN POWFR CONVER5lOEi CORP AMERICAN SUPERCONDUCTOR CORP ANTHEM INC AVON PRODUCTS INC BANDAG INC BANK OF AMERICA CORP BAXTER INTERNAllONAL INC BIOGEN IDEC

BURLINGTON NORTHERN SANTA FE CORP CISCO 5YSXMS INC ClTlGROUPINC

o m r o L MYERS soum co

COMCAST CORP-A CREE INC DOVdJONES 5 CO INC ECOLAB INC FANNll hlAE

kA:N CELESTIAL GROUP INC HEADWATERS INC HERMAN M NER INC HE'MEn-PACKARD CO HOtML DLPOTINC IMPCO TECHNOLOGIES INC INTEL C O W INTERMAGNETlCS GENERAL CORP IYTESNATIONAL SUSINESS MACh,NES JOHNSON & JOHNSCN 1OtlYSON CONTROLS INC KIMBERLY-CLARK CORP

5 8W 00 429 094 77 2.37 4 500 00 193 995 87 1.07 1900.00 41 571.54 0 23 3 900 00 7 500 00 1 700 00 9 800 00 1 250 00 5 700 00 610000 3 000 W

1780000 6 9W 00 4 300 00

15 10000 2 553 00 3 9 w 00 2 600 00

1400000 4 100 00 5 600 00 6 000 00 1 10000 1 950 00 6 200 00 1 900 03

20 600 M3 6 5OC 00

10 100 00 9 coo 00 4 1 0 0 0 0 4 500 00 7 900 00 2 800 00 1 800 00

62 988 55 80 631.27

125 14038 371 653.42

45 750 64 396 444 45 113 025 16 155 961.W 358 443 37 198 892 92 83 762 82

57711767 3.19 58 845 35 0 33 74 207.89 0 41 96 379 43 0 53

364772 13 2 02 275 668 52 1.52

53 760 75 0 30

0 35 0 45 0 69 2 05 0 2s 2 19 0 96 0 86 1 98 1 1 0 0 46

204 098 82 16 789 55 29 010 00

132 13829 45 15461

357 z59 80 188 051 43

52 797 45 204 167 22 114 678 04 ?26 038 81 361 673 56 122 84R 84 97 467 67

11G 0 09 0 16 0 73 0 2 s 1 9 7 104 0 29 113 0 63 1 8 3 2 00 0 68 0 54


Semi-annual report as of June 30, 2004 UBS (Lux) Institutional Furid - Eco Performance

Description Interest/ Maturity Strike Price

Quantity1 Valuation in EUR a s a % Nominal Unrealized gain of net

(loss) on Futures1 assets OptionslFonvard


1 700 00 106 '389 72 0 54 12 700 w 306 161 27 164 E 000 W 120 001 68 0 66 41OOW 151 461 02 0 E4 4 400 00 74 572 00 0 41

US0 MCGRAV-HILL COMPANIES INC USD MELLON FINANCIAL CO U5D MOTOROLA INC USD MYLAN LABORATORIES INC USD NISOURCE INC USD ORACLE COW USD PEOPLESOFIINC

24 000 W 9 EO0 00

10 IOOW 13 000 00 4 600 00

25 000 00 5 650 W 8 300 00 4 600 W 3 800 00 2 200 00 2 400 00

235 m a 0 1.30 149 015 78 0 E?

US0 QUANTUM FUEL SYSTTTECHNOVIORLDWPE US0 SBC COMMUNICATIONS INC

50 EO5 09 0.28 254 113.22 1 43 195 622.46 1 08 88 973 a5 0 49

295 W.96 1.63 197 224.41 109 235 359.46 1 30 57 937 80 0 32

172 596.94 0 95 17398600 0 96

USD STERICYCLE INCORWRATED USD SUN MICKOSYSTEMS INC US0 SUNOCO INC U5D UNITED NATURAL FOODS INC USD UNITEDHEALTH GROUP INC USD VIS-ACARt INC-A USD WHOLE FOODS MARKETINC USD ZIMMER HOLDINGS INC

9 345 978.66 51.62

Finland

EUR NOKlA CORP 18 450 00 218817.00 1 2 1

218 817.00 1.21

France

EUR AMNTlSSA EUR BNP PARIQP5 EUR BOISONSA EUR GROUPE PANONF EUR LAFARGE SA

15W.W I 40000 2 3W 00

93 075.00 0.51 70 770.00 0 39 50 600.00 0.28

2 940 00 21079800 117 1300.00 95 290 00 0 53

520 533.00 2.88

Un i ted K i n g d o m

GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GEP GBP GBP

AVVA PIC BARCLAYS R C BP PLC ET GROUP PLC CENTRICA PLC

20 2w.00 29 200.00 39 478.00

171 322.97 204 456 82

29 291 91 56 887 55 60 189 I6 78 643 64 66 561.34

12911454 146 349 61 119 057.30 34 883 03

101 865 45 186 953 07 179 893.74 40 632 90 9921597

305 746 47

286 573.52

0.95 1.13 1.58 0 16 0.31 0 33 0.44 0.37

9 900 00 17 000 W 12 000 00 18 8W.00 3 900 00 9 m w

COMPASS GROUP PLC MRSTGROUP R C GO-AHEAD GROUP PLC JOHNSON MATTHEY RC 0.71

0.81 0 66

KINGFISHER PLC LLOYDS 5 6 GROUP R C NATIONAL GRID TRANSCO PLC

34 300 00 18 5w 00 5 500 00 0 19

0 56 PEARSON PLC REED ELSEVIER PLC ROYAL BANK Of SCOTL4ND GROUP SCOTWH &SOUTHERN ENERGY pL< ESCO nc VODAFONE GROUP PLC

10 200 00 23 400 00 7 600.00 4 000 00

25WOOO 164 900 00

1 03 1 0 0 0 12

GQP GBP GBP

F U

0 55 1.69 GEP

2 297 648.99 12.69

Italy

EUR UNICREDITO ITALIAN0 SPA I8 500.00 75 1 I O 00 0 41

75 110.00 0.41

Jacan

JPY CANON INC IPY HONDA MOTOR CO LTD JPY KAO CORP JPY KvOCERA CORP

7 000 00 5 EO3 00 3 wo 00

303 196.03 229 Ell 29 54 433.46

1 68 127 0 33 0 64 0 97 0 82 0 35 102 0.86 1.16 0.64

1 800 00 12000

1 500 00

125 557 06 I76 268 01 147 567 96

JPY N l l WCOMO INC JPY ROHM CU LTD JPY SEKISUI HOUSE LTC 7 wo.00

22 000 00 63 855 72

184780 09 155 914 32 209 758 93

JPY SOMPO JAPAN INSURANCE INC IPY TOYOTA INPUSTRIES CORP JPY TOYOTA MOTOR COR? IPY WESTJAPAN RAILWAY COMPANY

7 900.00 6 300 00

35 00 11600544

N o w a y

NOK TOMRA SYSTEMS PSA 1200000 46 530.24 0.26

46 530.24 0.26

hether lands

EUR ABN AMRO HOLDING NV EUR KONlNKLlJKE PHILIPS ELECTRCNICS NV EUR UNILEVLR NV-CVA

4 175 00 9 000 00 2 850 00

76 864 50 0 43 199 17OCO 1.10 154 E85 00 0 E8

A35 919 50 7 AI

24 The notm are an integral part of the finaricidl statements

Semi-annual report as of June 30, 2004 UBS (Lux) Institutional Fund - Eco Performance

Description

Sweden

SEK ELECTROLUX AB-B SEK NORUEA BANK AB SEI SVENSKA CELLULOSA AB-E


Quantity/ Valuation In EUR as a % Nominal Unrealized gain of net

(loss) on Futures/ asseb OptionrtForward

Exchange Contrack (Note 1)

4 4w 00 16 500 00 3 7 w 00

69 372 81 0.38 97 668 03 0 54

11546131 0.64

282 502.15 1.56

Total Bearer shares 16 328 830.01 90.14

Registered shares

Switzerland

CHF BELIMO HOLDING AG CllF CREDITSUISSE GROUP CHF GEBERITAG CHF HOLCIM LTD CHF NOVARTIS AG CHF SCHINDLER HOLDING AG -REG CHF SWISS REINSURANCE COMPANY CHF UBSAG

80 w 31 81662 0 18 6 1w.00 178 148 13 0 98

s0.w 49 319.70 0.27 2400.00 107 262 96 0.59 5 w . 0 0 195802 15 LOB

300 00 7491475 0.41 3 m m 160 165.96 0 89 3 500 00 202 709 53 112

1 000 139.80 5.52

Germany

EUR ALLIANLAG EUR DFUTSCHE TELEUOM AG

1 5 w w 133 545 M) 0 74 5 9M) 00 8519600 0 47

218 741.00 1.21

Spain

EUR INDUSTRIA DE DISENO TEXIIL SA 4 2w.M) 79 212 W 044

79 212.00 0.44

Total Registered shares 1 298 092.80 7.17

Other shares

Netherlands

EUR ING GROEP NV-CVA 12 067.00 234 099.80 1.29

1.23 234 099.80

Total Other shares 234 093.80 1.29

98.65 17 861 022.61 Total Transferable securities listed on an official stock exchange

Transferable securities n o t l isted o n an official stock exchange and n o t t raded o n another regulated marke t

Austria

EUR GE IENBACHER AG-RE 03-31.03 08 4 800.00 0.00 O M )

0.00 0.00

Total Riahts 0.00 0.00

Total Transferable securities not listed on an official stock exchange and not traded on another regulated market 0.00 0.00


Cash a t banks, deposits on demand and deposit accounts Other receivables and payable5 Other assen and liabilities

Total net assets

261 522.29 1.44 -9 901.36 -0.05 -7 208.69 -0.04

18 105 434.85 100.00


UBS (Lux) Institutional Fund - Euro Bonds Semi-annual report as of June 30, 2004

UBS (Lux) Institutional Fund - Euru Bonds Class AA: ISIN: LU0093640489 Class BA, ISIN: LUOO93G405G2

Class AD-TZ: ISIN: LUOl57015289 Class X A ISIN' LUO176375417


Date Fund's net assets in EUR Class Units outstanding Net asset value per unit in EUR Class Units outstanding Net asset value per unit in EUR Class Units outstanding Net asset value per unit in EUR Class Units outstanding Net asset value per unit in EUR

Structure of the Securities Portfolio Geographical Breakdown as a % of net assets Germany France Netherlands Austria Italy Finland United States of America Belg tu m United Kingdom International Organizations Australia Ireland Cayman Islands Jersey Porrugal Norway Singapore Sweden Spain Total

30.06.2004 1 630 992 292.90

AA 263 038.7556

124.79 BA

12 366 125.5910 127.51 AD-T2

39 618.0000 99.25

XA 168 436.0890

103.15

31.12.2003 1 585 600 324.09

AA 344 569.2553

122.61 BA

12 289 646.1640 125.07

33 700.0000 99.81

XA

101.15

AD-T2

28 297.0890

31 .I 2.2002 1 493 325 757.13

AA 168 835.0000

118.16 BA

12 264 449.0000 120.13

N/A N/A XA N/A NIA

AD-T2

34.68 16.43 9.18 8.41 7.32 4.46 3.30 2.88

1.97 1.69 1.05 0.92 0 62 0.60 0.33

2.48

0.32 0.30 0.17

97.1 1

Economic Breakdown as a % of net assets Bonds o f countries and central governments Banks and other credit institutions Financial, investment & other diversified companies Mortgage and funding institutions (MEA, ABS) Supranational Energy and public utilities Telecommunication Petroleum Bonds of cantons, federal states, federal countries, provinces, districts et<. Retail trade, department stores Bonds o f public corporations Traffic and transport Chemicals Pharmaceuticals, cosmetics & medical products Media Total

65.15 12.78 7.38 2.50 1.97 1.41 1.03 1.02

0.94 0 70 0.60

0.42 0.32

0.58

0.31 97.1 1


Semi-annual report as of June 30, 2004 UBS (lux) Institutional Fund - Euro Bonds


Assets Investments in securities. cost Investments in secutities. unrealized appreciation (depreciation) lotal investments in securities (Note 1) Cash at banks, deposits on demand and deposit accounts Receivable on subscriptions Interest receivable on securities Interest receivable on liquid assets Prepaid expenses Total Assets







Realized gain (loss) (Note 1) Realized gain (loss) on market-priced securities without options Realized gain (10%) on options Total realized gain (loss) on investments Total realized gain (loss)


Changes in unrealized appreciation (depreciation) Uniealized appreciation (depreciation) on market-priced securities without options Total changes in unrealized appreciation (depreciation)


EUR 30.06.2004

1 570 725 578.62 13 109 563.38

1 583 835 142.00 3 627 781.73

705 904.50 42 960 867.04

11 543.00 39 587.47

1 631 180 825.14

14 541.73 50 702.68 40 774.82 82 513.61

188 532.84 188 532.84

1 630 992 292.90

EUR

273 974.83 35 600 947.91

5 2 107.66 35 927 030.40

01.01.2004 - 30.06.2004

90 030.10 308 127.11

82 662.18 220 975.81 701 795.20

35 225 235.20

11 775 176.67 18 600.00

11 793 77667 11 793 776.67

47 019 011.87

-16 493 993.70 -16 493 993.70

30 525 018.17


Semi-annual report as of June 30, 2004 UBS (Lux) Institutional Fund - Euro Bonds


Net assets a t the beginning of the period Subscriptions Redemptions Total net subscriptions (redemptions) Dividend paid Net income on investments Kealized gain (loss) Changes in unrealized appreciation (depreciation) Net increase (decrease) in net assets Net assets at the end of the period


Class Number of units outstanding at the beginning of the period Number of units issued Number of units redeemed Number of units outstanding at the end of the period C l x 5 Number of units outstanding a t the beginning of the period Number of units issued Number of units redeemed Number of units outstanding at the end of the period Class Number of units outstanding a t the beginning of the period Number of units issued Number of units redeemed Number of units outstanding at the end of the period Class Number of units outstanding at the beginning of the period Number of units issued Number of units redeemed Number of units outstanding at the end of the period

EUR

1 585 600 324.09 01.01.2004 - 30.06.2004

94 777 347.44 -79 83 1 201.80

14 946 145.64 -79 195 00

35 225 235.20 11 793 776.67

-16 493 993.70 30 525 018.17

1 630 992 292.90

01.01.2004 - 30.06.2004 AA

344 569.2553 115 438.5003

263 038.7556 BA

12 289 646.1640 500 465.4270

-423 986.0000 12 366 125.5910

33 700.0000 15 390.0000 -9 472.0000 39 618.0000

XA 28 297.0890

145 759.0000 -5 620.0000

168 436.0890

-196 969.0000

AD-T2

28 The notes are an integral par: of the financial statemen&.

... .

Semi-annual report as of June 30, 2004 UB5 (Lux) Institutional Fund - Euro Bonds

Statement of Investments in Securities and other Net Assets as of June 30,2004 Description Interest/ Maturity

Strike Price Quantity/ Valuation In EUR as a %

Nominal Unrealized gain of net (loss) on Futures/ assets OptionslForward



Bonds, fixed rate

DEM EUR EUR EUR FUR EUR EUR EUR EUR EUR EUR EUR DEM EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR OEM OEM EUR EUR EUR EUR EUR EUR OEM EUR EUR EUR EUR EUR OEM LUR EUR EUR EUR FUR EUR E9R EUR EUR EUR EUR EUR EUR EUR EbR EUR EUR EUR EUR EUR FUR EUR EUS EUR EUR FUR FUR EUR EUR EUR EUR LUR EUR EUR EUR EUR DEhl EUR OEM EUR ELI3 EUR EUR EUR EUR [UR tUR ELiR

ABBEY NATIONAL PLC ABN AMRO EOUWFONDS NED GEMEENTEN NV ALLGEMEINE HYWBANK RHEINBODEN AG ASFINAG AUSTRALIA 5 NEWZEblAND BANKING GRP AUSTRIA, REPUBLIC OF AUSTRIA. REPUBLIC OF AUSTRIA, REPUBLIC OF AUSTRIA REPUBLIC OF AUSTRIA. REPUBLIC OF AUSTRIA. REPUBLIC OF AVENTIS SA BADEN-WRi7EMBERG L-FINPNCE NV BANK AUSTRIA CREDITANSTALT AG BANK NEDERLPNDSE GEMEENTEN NV BANK OF AMERICA CORP BANK OF IRELAND BARCLAYS BANK PLC BELGIUM, KINGDOM OF BELGIUM. KINGDOM OF BELGIUM, KINGWM OF BMW US CAPITAL LLC BO5 INTERNATlONAl AUSTRALIA LTD CARREFOUR SA ClBA SPE2IALITAETENCHEMIE H L K GMBH ClTlEANK CREDITCARD MASTER TRUST I ClTlGROUP INC DEPFA DCUXCHE PFANDERIEFEANK AG DEUTSCHE BAHN FINANCE By

DEUTSCHE GENOSSENSCHAFT-HYPOTHENEK

DEXlA CREDIT LOCAL DE FRANCE DSL FINANCE NV E ON INTERNATlONAL FINPNCE BV

DEUTSCHE m s T FINANCE BY

ENEL ENTE NAZIONALE PER L'ENERGIA ENT DE RECHERCHE 8 ACTlVlTE PETROl ESSEtSTNV EUROFIMA EUROFIMA LUROHYW AG EUROHYW AG EUROPEAN INVESTMENT BANK EUROPEAN INVESTMENT BANK FINLAND, REPUBLIC OF FINLAND, REPUBLIC OF FRANCE, RCPUOLIC OF FRANCE. REPUBLIC OF-OAT FRANCE. itEPU8LlC OF-OAT FRANCE, REPUBLIC OF-OAT FRANCE. REPUBLIC OF-OAT FRANCE. REPUBLIC OF-OAT FSAhCE. REPUBLIC OF-OAT FRANCE, REPUBLIC Of-OAT GAZ DE FRANCE GE CAPITAL EUROPEAN FUNDmNG GENERAL1 FINANCE BV GERMANY. FEDERAL RFPUBLIC OF bERMANY, FEDERAL REYULlLlC Of GERMANY. FEDERAL REPUBLIC OF GERMhhY FEDERAL RWJBLIC Or GERMANY, FEDERAL REPUBK OF G!RMAN'f. FEDERAL REPUELiC OF GERMANY, FEDERAL REPUBLIC OF GERMAN< FEDERAL REPUBLIC OF GERMANY. FEDERAL REPUBLIC OF GFRMANY. FFDFRAl RE~UBLIC OF GERMANY. FEDERAL REPUBLIC OF GERblA'IY. FEDERAL RLPUULIC OF GERMANY. FEDERAL REPUBLIC OF GERVANY. fE3LRAL REPUBLIC OF GLkXOSMlTllKLlNE CAPITAL PLC GOLDMAN SACIIS GROUP INC HSBZ HOLDINGS PLC HYPOTHEKENBANK IN E W N AG ING GROE? NV INTER- AMtRICAN DEVELOPMEKT SANK INTL BANK FOR RECONSTR & DFVELOP INTL BAN6 FOR RECONSTR & OFVELOP ITALY, REPUBLIC OF ITALY, REPLBLIC OF ITALY. REPUBLIC OF ITfiLY, REPUBLIC O i ITALY, REPUBLIC OF KOKMLlNALKRED:T AJSTRIA Al i KREDITANSTALT FUER V4EDE.WUFBAU KRL1)IrANSrALT F J R WEDERAUFBAU L'AIR LIQUIDE >A

5.00000% 4.12500% 5.ooOoO% 4.1 2500% 4.87500% 3 80000% 5.25000% 5.50000% S.500W% 5.62500%

5 00000% 6.75000% 5 75WO% 462500% 3 62500% 6.45000% 487500% 3.75000% 4 75000% 6.25WO% 2.75000% 3.75000% 4 50000% 4.87500% 4.87500% 3.87500% 3 75000% 4.87500% 5 00000% 4 87SW% 5 25000% 6.00000% 5 75000% 5.875W% 3 75000% 4.50000% 5.75000% 6.OWOO% 4 00000% 5.5WOO% 4 87500% 5 75WO% 5.00000% 5.37500% 3 75000% 5 50000% 4 00000% 4.00000% 4 00000% 4.25000% 475000% 6 00000% 175000% 4.62500% 4 75000% 4 50000% 5 50000% 4 00000% 4 12500% 4 25000% 4 25000% 4 25000% 4 50000% 4.75000% 5.00000% 5.00000% 6 25000% 6.5OWO% 4 75000% 3 37500% 4 15000% 5.37500% 5 50000% 5 50000% 7 75000% 4.25000% 7 12500% 4.75000% 5 15000% 5.75000% 5 75000% 5.87500% 5 25000% 5 25000% 5 00000% 4 12500%

5 87500%

38-07.01.09 02-30.09.01 99-02.09.03 03-21.10.13 02.07 02 07 03.20.10 13 01-04.01 11 00-20.10 07 99-1 5.01.10 97-11.01 07 96.15.07.06 01-18 0406 95-22.06.05 01-2202 13 01-13 09 12 03-03.03.08 00.10.02.10 03.31 03 13 99-28.03 W 99-28 09 05 9620.03.07 03-10.02 06 03-1 5.12.08 99-16 03 09

98.07 04 05 03.21.05.10 99-15.01.09 99-06.07.09 98-17 03 08 03-30 01 14 98-25 04 08 96-21.02.06 02-19 05 09 w-12 12 05 03-25 04 10 03.25 06 13 99-17 10 09 96-11 12 06 98-01 02 07 91-03 11 04 93-15.04.06 99-15.02.07 01-04.07.07 02-0407.13 01-1201 07 00-25 10 10 03-25 04 14 98-25.04 09 99-25 1009 03.25 04.19 03-25 04 35 94-25.10 25 03-1902 13 0404 07 14 99-12 05 14 03.04 01 13 03-04 01 31 01-15 02.01 38-04 07 08 02-1 5.02 08 03-04.0; 14 0404.07 14 01-180806 98-04 07 28 01-0.10711 02-0401 12 96-26 04 06 95.141005 03-04 07 34 03-15 04 08 03-04 08 10 02-20.12 12 97-10 02 07 00-1 1.05 05 94-06 12 C4 48-08 08.05 95-120405 01-23.01 06 00-100305 01-2507.16 97-100707 97-02.07.07 02-29 05 07 02-04 07 12 01-040711 OC25 06 IO

98.24.06 05

8W 000 00 5 000 000 00

16 5W WO 00 1000000000 5oW00000

1500000000 19 WO OW 00 1000000000 9wOOWW 2 000 000 00

56 COO OW 00 5 000 000 00

1500000000 5 000 000 00 50000WW 7 wo 000 00 6 500 OW 00 6 000 000 00

10 000 OW 00 2000000000 15 wo ow 00 6 700 OW 00 3W000000 6 000 000 00 3 500 000 00

1000000000 500000000

1500000000 500000000 9 000 000 00 5 M o w o W 5 000 000 00

1525200000 3 000 000 00 60WWOW

1500000000 4WOOWW 2 000 000 00 8 6w 000.00 1 250 000.00

18 WO 0OO.W 8 000 000 00 4 000 ow 00

2800000000 40 W O ow.00 3450000000 31 000 000.00 30 000 000 00

1 900 wo.00 29 000 000.00 27 OW WO.00 23 SO000000 16 OW WO.00 7 300 000 00

100W000W 300 300 00

4200000000 1700000000

112 000 OW.00 35 000 000 00 1owoooooo 20000000D0 3000000000 2300000000 69 OW 000 00 15 000 000 00 1000000000

1 000 030 00 6 50-3 000 00

280DOOOOOO 5 000 000 W 5 OD0 000 00 3 000 000 00 9 000 000 00 6 WO OW 00 4 476 000 00 6 000 ow 00 8 030 000 00

45 000 000 00 500 000 00

25 000 000.00 26 000 000.00 10 OM) 000 00 5 003 000 00 7 000 000 00 6 COO 000 00 5 000 000 00

424 699.49 5 110 453 95

17 372 850 00 981922900 5 206 150.00

14 413 050 00 20 409 040.00 10 702 900 00 9 769 320 W 2 124081 96

5937512000 5 175 800.00

5 402 805 00 5 11 5 372.65 6 996 150 00 7 226 700.00 6 130 833 66

10 066 200.00 20 552 400 00 16 255 500.W 6 686 296 29 3 001 858.86 6 150 607.68 1827 101.54 5 200 426.42 4 937 634.50

1507865925 5 215 6W.20 9 478 800 00 5042071.50 5 293 880 00 8 189 694.61 3 241 860 00 6 164 380 21

1493862420 3 896 709 72 2 179 504 00

7 978 454.16

4 687 759.16 1 278 475 00

18 188 820 W 8 295 760 00 4271 52000

29494920 00 43 299 600.00 35 163 435.00 33 763 030 W 19 19900000

1 933 136.00 2940832000 25 825 230 00 2281239705 1843424000 744348646 9 971 871 00

303 427 34 4291896000 1846625000 I 14 831 360 00 35 940 800 00 10319300W 1995040000 29 831 400.00 20 699 200.00 67 553 070.00 1591785000 10 596 700.00

I 062 020 00 6 823 7W W

2726892000 4 965 500 50 4 981 I17 50 3 158 16000 9 536 400 00 6 152 550W 2 340 376 71 6 125 388 GO 4 237 68: 88 46 404 31 5.45

509 746 00 27 646 967 75 2784571000 1073880000 5 263 925 00 7 498 400.00 6 345 600 00 4 994 507.00

0.03 0 31 1.07 0 60 0 32 0 88 1.25 0 66 0 60 0 13 3 M 0 32 0.49 0.33 0,31 043 044 0 38 0.62 126 1 W 0 41 0.18 0 38 0 11 0.32 0.30 0 92 0.32 0 58 0.31 0.32 0.50 0 20 0 38 0 92 0.24 0 13 0.29 0 08 1.12 0 51 0 26 181 2.65 2 16 2 07 179 0.12 1.80 1.58 I 40 1.13 046 0 61 0 02 2 63 113 7.04 2.10 0 63 122 1 83 127 4.14 0 98 0.65 0.37 0.42 167 0 30 0 31 0.19 0 58 0 38 0 14 0.38 0 26 284 0 03 1.70 1 7! 0.66 0 32 045 0 39 0 31

29 The notes are an i n t e g r a l part of the financial statements.

Semi-annual report as of June 30, 2004 UBS (Lux) I n s t i t u t i o n a l Fund - Euro Bonds

EUR EUR EUR EUR EUK EUK FUR EUR EUR EUR E M EUR EUR EUR LUR EUR EUR EUR EUR FUR EUR DEM EUR EUR EUR EUR EUR EUR EUR EUR EUR FUR EUR EUR DEM EUR EUR

Description

LAN3ESSANK RHEINLAND-PFAU G2 5596 MORGAN STANLEY MUNCliLNER HYPOTHEKENBANK AG NATIONAL WESTMINSTER BANK PLC NESTLE FINANCE FRANCE SA NETHERLbND5. KINGDOM OFTHE NETHFRLANDT KINGDOM OFTHF NETHERLANDS. KINGDOM OFTHE NETHERLANDS, KINGDOM CFTHE NETHERLbNDS. KINGDOM OFTHE NETHERLbND5, KINGDOM OFTHE NETHERLANDS. KINGDOM OFTHE N09DRHEIN-WESTFALEN NRW BANK WRTUGAL. REPUBLIC Of WRTUGAL. REPUBLIC OF RABOBANK NEDERLAND

RWE FINANCE RV SHELL FINANCE NETHERLAND BV SINGAPORE TELECOMMUNlC4llONS.REGS SPAIN, KINGWM OF STATKRAFTASA TELEMSION FRANCAISE 1 SA TFl TEL5TRA CORPORATION LTD TELSTRA CORWRATlON LTP TESCO PIC TOTAL CAPITAL SA TOTAL SA TOYOTA MOTOR CREOKCORP TOYOTA MOTOR CREDIT CORP TPG NV TRAVELERS INSURANCE INST FUNDING UBI AG JERSEY BRANCH UNION BANK OF SWITZERLAND VODAFONE GROUP R C WESTPAC BANKING CORP

RIO mm FINANCE RC


Interest/ Maturity Strike Price

5 00000% 5 75000% 5 00000% 6 OOwO% 3 50000% 2 75W% 4 00000% 4 250W% 5 00000% 5 50000% 5 75000% 7 75000% 4 00000% 5.00000% 5 75000% 7 70oM)% 3 62500% 5.12500% 5 50M)OK 3.25000% 6 00000% 5.75000% 5 62500% 4.37500%

6.37500% 4.75000% 3.50000% 6.75000% 4.00000% 4 12500% 5.12500% 4 25000% 3.50000% 5.75000% 5.75000% 2 8750096

5 87500%

02-24 05 07

99-04 10 06 99.21 01 10 03-1 1 02 08 03-1501.09 02-15 07 05 03-15 07.13 02-15 07 12 00-15 07 10 91-15.02.07 95-01 03 05 02-15 02 08 97-16 12 04 97-26 03 08 95.07 06 05 03-22.01 .08 02-10 05 07 02-26 10 07 03-15 1208 01.21 11 11 97-03.01 07 00-1 1 06 07 03-12 11 10 00.21 06 05 01-29.06.11 02.13 04 10 03.28 01.08 96-25 10 08 03-12 02.10 01-16 01 07 01 -05.12.08 99-16 06.06 99.26 01.06 97.12 03 07 99-27.10.06 03-25 06.08

02-01 04 m

Quantity/ Nominal

IO 000 000.00 6 000 000.00 3 000 000 00 4 000 000 00 5 000 000 00 8 000 000.00 5 500 000 00

2300000000 5 000 000.00

16 50000000 6 0 W w O W

I ~ ~ O O W O O O

8 000 WO 00 3 176461 43 600012710 5 000 000 00 5 3 0 0 W O W 3 400 000 00 5 000 000 w 4 800 000 00 50WWOW 5 000 000 00 5000000W 3 000 000 00 30WOWoO 5 000 000 00 5000000W 1 488 674 25 30WWOoO 3 000 000 00 40M000W 5 000 000 00 5 m 0 0 0 0 0 2 000 000 00 5oOoOW00 3 000 000 00

Valuation in EUR Unrealized galn

(loss) on Futures/ OptionslForward


1050000000 6 447 240 00 313299000 4 368 608 08 5 047 050 00 7 734 960 00 5 590 640 00

1496760000 24297 89000 5 439 850 W

1763074500 6 213 000.00

1530480000 B 096 720 00 3 420 763 08 6 285 421 20 5 033 558.65 5541 15OW 3 61 I 684 00 4 942 230.00 521893963 2 718 378 31 531097085 5 010 009.W 3 095 676 48 3 341 870.82 5 153 850.70

1 663 593.47 3 017 096 2.2 3 073 050 00 4 192 92O.W 5117714.35 5 058 5w.w 1 077 307 33 5 287 929.15 2 928 130 65

1 506 842 223.68

as a % of net assets

0 64 040 0 19 0 27 0 31 0 47 0 34 0 92 1 49 0 33 108 0 38 0 94 0 50 021 0 39 0 31 0 34 0 12 0 30 0 32 0 17 0 33 0 31 0 19 0 20 0 32 0 31 0 10 0 18 0 19 0 26 0 31 031 0 07 0 32 0 18

92.39

Bonds. floatins rate

EUR EUR EUR

AJSTRALIA B NEWZEALPhD 8ANKING GRP BPhCAA hTERhAnONN f hANCE BAhKOF AMtRCACORP

EUR BANK OF SCOTLAND f l l R CASSI NATCAIUES fPARGhE&PREV E h CDC XSCAPTA.MARKET~ EJR c.nB&I: CREDTCARDMASERTRUSTI EUR CREDITAGRICOLE SA EUR KREDITANSTALT FUER WEDERAUFBAU C - R hAnOhAL A-STRA-IA BAh< LTO E A SOC ETE GENERNE PARIS E - K ' ,JthShAiAhClELJB~hrth

Total Bonds, floating rate

FRN FRh FRN FRN FRN FRN FRN FRlv FRN FRN FRN FRN

0345 02 15 02-1402 12 0406.05, I9 01-05 12 13 03-31.12 49 03-24 07 18 99.25.08 ob 01-1001 12 02-01.08.05 04-23 06 16 02-18 12 14 01 -07 03 1 1

50W00000 4 000 000 00 3 000 OOO.w 4 000 000 00 5 OW WO 00

10WWO00 400 000 00

300 000 00

20 000 000 00 5 000 000.00 44wOWW 4 800 000.00

5 065 530.75 4 177 036.12 2 970 490.50 420144608 5 057 000.00

292 547 45 1 002 496 33

416 000 00 19 985 563.60 4999351 10 4 569 142.47 4 995 024 00

57 731 628.40

0.31 0.26 0.18 0 26 0.31

0 06 0 03 122 0 31 0 28 0 30

a 02

3.54

Asset Backed Securities, fixed rate

DEM CITIBANK CREDITCARD MASTERTRUSTI 5 75000% 37-16 07 07 1 O O O O W O O O 5 451 394 19 0 33 EUR GMAC WAFITRUST 1999-1 S00000% 95.1801 05 3 000 000 00 3 042 600 00 0 19 OEM MSNA AMERICA EUROPEAN STRUCTOFFER 5 12500% 98-190408 20 ow wo 00 1076729573 0 66

Total Asset Backed Securities, fixed rate 19 261 289.92 1.18

Total Transferable securities listed on an ofticial stock exchange 1 583 835 142.00 97-11

Total Asset Backed Securities, fixed rate 19 261 289.92 1.18

Total Transferable securities listed on an ofticial stock exchange 1 583 835 142.00 97-11

Total investments in securities 1 583 835 142.00 97.11

Cash at banks, deporib on demand and deposit accountT Other receivables and payables Other assets and liabilities

3 627 781.73 0.22 43 678 314.54 2.68

-148 945.37 -0.01

Total net assets 1 630 992 292.90 100.00

30 The notes are an integral part of the f i n a n c i a l statements

UBS (Lux) Institutional Fund - Euro Corporate Bonds

Semi-annual report as of June 30, 2004 UBS (Lux) Institutional Fund - Euro Corporate Bonds

Class AA: ISIN: LUO130421521 Class BA: ISIN: LU0130422412 Class AD: ISIN: LUO130422172 Class XA: ISIN: LUO176376811


Date F u n d ' s net assets in EUR Class Units outstanding Net asset value per unit in EUR Class Units outstanding Net asset value per unit in EUR Class Units outstanding Net asset value per unit in EUR Class Units outstanding Net asset value per unit in EUR


Geographical Breakdown as a % of net assets Netherlands United States o f America France United Kingdom Germany Cayman Islands Luxern bou rg Ireland Australia Sweden Denmark Finland Guernsey Italy Estonia Singapore Canada Jersey Austria Belgium Tota I

30.06.2004 130 51 9 400.75

AA 182 706.5070

120.46 BA

879 563.4093 122.25

AD 3 570.0000

108.06 XA

6 000.0000 100.29

31.1 2.2003 121 902 841.59

AA 192 110.1155

118.1 1 BA

826 468.4093 119.57

AD 3 570.0000

1 10.88 XA NIA NIA

25.52 17.95 16.51 11.72 5.59 3.66 3.48 2.69 1.69 1.38 1.02

0.86 0.82 0.70 0.63 0.46 0.44 0.39 0.23

96.60

0.86

Economic Breakdown as a % of net assets Financial, investment & other diversified companies Banks and other credit institutions Telecommunication Energy and public utilities Vehicles Insurance Chemicals Retail trade, department stores Building materials and trade Mortgage and funding institutions (MBA. ABS) Petroleum Healthcare - Products Pharmaceuticals, cosmetics & medical products Traffic and transport Forestry, paper E forest products Media Electrical appliances E components Tobacco and alcoholic drinks Mining, coal & steel Lodging & catering industry, leisure facilities Investment trusts, mutual funds Total

31.12.2002 201 924 648.34

AA 861 130.0000

11 0.80 BA

923 132.3362 1 1 1.62

AD 31 850.0000

108.87 XA N/A N/A

41.78 22.25 11.18 3.54 2.65 2.57 2.29 2.23 1.32 1.16 0.91 0.85 0 83 0.64 0.63 0.57 0.38 0.35 0 23 0.15 0.09

96.60


Semi-annual report as of June 30, 2004 UBS (Lux) Institutional Fund - Euro Corporate Bonds


Assets Investments in securities, cost Investments in Securities, unrealized appreciation (depreciation) Total investments in securities (Note 1) Cash at banks, deposits on demand and deposit accounts Receivable on securities sales Interest receivable on securities Interest receivable on liquid assets Prepaid expenses Total Assets

Liabilities Payable on securities purchases Provisions for management fees (Note 3) Provisions for custodian bank fees (Note 3) Provisions for taxe d’abonnement (Note 4) Provisions for other expenses (Note 5) Total provisions Total Liabilities

Ne t ass& a t the end of the per iod



Expenses Management fee (Note 3) Custodian bank fee (Note 3) Taxe d’abonnement (Note 4) Other expenses (Note 5) Total expenses

Ne t income on investments

Realized gain (loss) (Note 1) Realized gain (loss) on market-priced securities without options Realized gain (tors) on options Total realized gain (loss) on investments Total realized gain (loss)

Net realized gain (loss) of the per iod

Changes in unrealized appreciation (depreciation) Unrealiied appreciation (depreciation) on market-priced securities without options Total changes in unrealized appreciation (depreciation)

Ne t increase (decrease) in n e t assets

EUR 30.06.2004

124 343 735.40 1743 895.17

126 087 630.57 1 558 412.94

654 533.42 2 647 468.07

2 807.00 3 326.80

130 954 178.80

406 952.46 10 250.92 4 255.50 3 262.99

10 056.18 27 825.59

434 778.05

130 519 450.75

EUR

27 461.01 3 240 098.50

53 803.20 6980.16

3 328 342.87

01.01.2004 - 30.06.2004

64 662.51 26 416.01

6 727.78 19 222.63

117 028.93

3 211 313.94

340 637.35 496.00

341 133.35 341 133.35

3 552 447.29

-723 643.19 -723 643.19

2 828 804.10


Semi-annual report as of June 30, 2004 UBS (Lux) Institutional Fund - Euro Corporate Bunds


Net assets at the beginning o f the period Subscriptions Redemptions Total net subscriptions (redemptions) Dividend paid Net income on investmenb Realized gain (loss) Changes in unrealized appreciation (depreciation) Net increase (decrease) in net assets Net asset5 at the end of the period


Class Number of units outstanding at the beginning of the period Number of units issued Number of units redeemed Number of units outstanding a t the end of the period Class Number of units outstanding at the beginning of the period Number of units issued Number of units redeemed Number of units outstanding at the end of the period Class Number of units outstanding a t the beginning of the period Number of units issued Number of units redeemed Number of units outstanding at the end of the period Class Number of units outstanding at the beginning of the period Number of units issued Number of units redeemed Number of units outstanding at the end of the period

EUR 01.01.2004 - 30.06.2004

121 902 841.59 13 767 200.00 -7 961 594.94

5 805 605.06 -17 850.00

3 211 313.94 341 133 35

-723 643.19 2 828 804.10

130 519 400.75

01.01.2004 - 30.06.2004 AA

192 110.1155 4 192.1690

-13 595.7775 182 706.5070

BA 826 468.4093 105 000.0000 -51 905.0000 879 563.4093

AD 3 570.0000

0.0000 0.0000

3 570.0000 XA

0.0000 6 000.0000

0.0000 6 000.0000


Semi-annual report as of June 30, 2004 UBS (Lux) institutional Fund - Euro Corporate Bonds

Statement of Investments in Securities and other Net Assets as of June 30,2004 Descrlptlon lnterestl Maturity


Nominal Unrealized gain of net (loss) on Futures/ assets OptionslForward



Investment certificates, open end

Ireland

EUR ISHARES RC.IBOXXEURLIQUID CORP 1 000.00 120 M10.00 0.09

120 680.00 0.09

Total Investment certificates, open end 120 680.00 0.09

Bonds, fixed rate

OEM EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR FRF EUR EUR EUR EUR EUR EUR EUR OEM EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR F U R EUR EUR EUR EUR EUR F b R EUR EUR EUR EUR EUR E M E M E M EUR E M EUR EbR EUR ELR CUR LUR EUR F U R EUR EUR EUR CUR EUR EUR

?4

ABBEY NATIONAL PIC ABN AMRO BANK NV ACHMEA HOLDING NV AIG TUNAMERICA INSTITUTIONAL FDG I1 AKZO NOBEL NV ALLIED DOMECQ FINANCIAL SERVICES ALTRIA FINANCE (CAYMAN IYANDS) LTD AVENTlS SA AMNTlS SA BANK AUSTRIA CREDITANSTALT AG BANK NEDERLANWE GEMEENTEN NV E M < OF AMERICACORP BANK OF IRELAhD BAhr. VOOR NEUER.AhOSE GEMEEhTEh NV BANQUE PARIEA5 BANQUE PARIBAS EAT INfERNAnONPl FINANCE R C BAYERISCHE HYPO- & VEREINSBANK AG BBV INTL FINANCE LTD GRAND CAYMAN CARREFOUR SA CASINO GUICHARD PERRACHON ClBA SPECIAL CHEMICAL FINANCE LUX ClBA SPEZIWTAETENCHEMIE HLDG GM8H CIMPOR FINANCIAL OPERATIONS BV

COMMERZBANK AG COMMERZBAVK AG CREDIT SUISSE GROUP FIN (GUERNSEY) DAIMLERCHRYSLER CANADA FINANCE INC

c i n m o u p INC

DAIMLERCHRYSLER INTL FINANCE BV DEGUSSA AG DENTSPLY INTERNATIONAL INC DEUTSCHE BAHN FINbNCE 8V DFUTSCHE BANI: AG DEcTSCnE 8 A h i AG UEL IJCI3L 8OfSSE f hAhCf SA DEUTSCnE POST FlNAhCE 8V DRESDNER FINANCE 8V E.OU INTERNATIONAL FINANCE 8V FADS FINANCE 8V ENBW INTERNAllONAL FINANCE BV ESSENT NV FOfiO MOTOR CREDITCO FORD MOTOR CRFDIT CO FORTIS FINANCE NV FRANCE TE-ECOM SA FRANCE TELECOM SA GE CAPITAI. EUROPEAN FllNDlNG GENERAL ELECTRIC CARTM CORP GFNERAL MOTORS ACCEPTANCE COW GENERAL MOTORS CORP GENERAL MOTORS CORP GENERAL1 FINANCE BV 61E PSA TRESORERIE GLAXOSMITHKLINE CAPITAL PLC GOL3MAN SACHS GROUP INC GRFT P'INTERET ECO SUEZ NLIANCE HANTASANK I T 0 .. HBOS PLC HBOS TREASURY SEWCES PLC HOLCIM FINANCE LUXEMBOURG HOXEHOLD FINANCE CORP H S K HOLDINGS PLC IMPERIAL TOBACCO FINANCE PLC ING BANK NV J SAINSBUW PLC KON PHILIPS ELECTRONICS NV

L'AIR LlQUlDE SA LAFARGE sa

LAhSFORSATRlNGAR AB LEHMAN IROTHLRS HOLUINCS PLC ?.lCHELlN FiNANCL LUXEMUCUHCl MORGAN STANLEY NATIONAL 5RIO TRANTCO PIC

5.WOO% 5 37500% 5.7500096 5 00000% 5.62500% 5 87500% 4.5oooo% 4.25000% 5.OwW% 5 37500% 4.62500% 5 25000% 6.45000% 4 75000% 5.75000% 5 75000% 4.87500% 6 62500% 6.37500% 4 50000% 6.wwO% 4 87500% 4 87500% 4 50000% 3.87500% 4 25000% 6 50000% 6 37500% 6.12500% 6 12500% 5 125W% 5 75000% 5 125W% 4 25000% 5.12500% 3 37530% 4 87500% 4 00000% 5 75000% 4 62500% 5.0750056 4 50000% 5 50000% 6 75000% 4.62500% 7.00000% 7.25000% 4 62500% 5.1 2500% 6 125005k 7.25000% 8 37500% 4.75000% 6 00000% 3.37500% 4 25000% 5 750W% 3 20000% 4.87500% 4 75000% 4.37500% 4 37500% 5 37500% 6 37500% 6 O O W 0 I 5 62530% 6 12500% 5 87500%

2 62500% 5 62500% 6 12500% 5 75630% 3 75000%

a 12500%

90-07 01 09 94-08 09 09 01-30 07 00 01-21 02 06 02-07 05 09 02.12 06.09 99-06.M.06 03-15 09 10 01-180406 00-26 01 05 02-17.08 07 01-27 06 06 00-1002.10 01-28 02 06 97-06 00 07 97-06 00 07 99-25 02 09 00.12 10 10 00.25.02.10 99-18 03 09 01-06 03 08 03-20 06 18

04.27 05 11 03.21.05.10 99-25 1009 W-12 07 10 01-0706 13 02-27 03.07

98-24 06 05

01-21 0306 03-10.1213 . 01-13.12.06 01-28 11 13 99-28 07 09 03-31 01 13 03-23 05 08 03-30.0i.ia 99-1901.07 02-29.05 09 03-03 03 10 02-20 02 12 03-25 06 13 03-02 05 06 03.1401 08 99-07 04 09 02-23 12 09 03-28 01 13 03-29 10 13 02-20 06 07 02-15 03 07 03-03 07.13 03-05 07 33 49-1205.14 03-19 09 33 03.150408 03-04 08 10 03.24 06 23 03.17 03 06 03.20.03 15 02-06.02.07 03.23.06.10 03-17 31 06 02-20.12.12 99-27 09 06 00-01 03 10 01-1 I 07 00 01-16.05 11 01-06 11 08 04-25 06.10 03-16 1 2 08 01-23 01 06 02-16 04 09 02-01 04 09 03 22 07 08

1 140m.00 560 000 00 350 W0.00

2 400 000 00 490 000.00 a20 000 00 420 0W.w 350 000.00 700 MK1.w 500 000 00 140 m.OO 700 000.00 450 W0.W

1 500 000 00 6 430 000.00

350 OW W 700 m.00

840 W0.00 1 050 000 00

450 MK1.00 a00 000 w 910 ow.OO

1 400 000 00

a50 000 00

1 050 m . 0 0 2 10 000 00 21000000

1 000 000 DO 560W0C-3 840 000 00 900 000 00 060 000 00 800 WO w

560 000 00 420 000 00 ow wo 00 000 000 00 000 wo 00 000 000 30 700 000 00

114003000 740 000 W

2 10300000

aoo 000 00

1 420 000.00 2 930 000 00 1 770 000 w 2 200 000 00 2 100 000 00 1 730 030 00 2 780 000 00

400 000 00 480 000 00 350 000 00 550 000 00 760 000 00

1 080 000 00 91000000 620 COO 00

1 260 000 00 910 ow 00

1 120 000 00 1 350 000 00 1 430 000 00 2 100 000 00

280 000 00 450 000 00

1 600 OLIO 00 1 100 000 00

500 000 00 350 000 00 730 000 03

1 420 WO 00 490 000 00

€Q5 1% 77 598 892 00 368 807 36

2 482 881 41 521 276.30 a50 204 48 420 562 80 349 040 93 724612 00 508 223.50 145 506 92 730 652 80 50031000

1 548 072 45 1 043 41431

376 985 00 713 118.00 499 545 01 932 7W 51

1 076 356 34 481 394 03 388 538 50 4?5 046 40

137771131 1 036 903 25

212 368 80 231 312.88

1 123 490 00 596 590.40 880 748 40 899 074 44

834 639.03 406 788.30 577 460.80 417 825 58

i ia68638

w s a i a 3 0 019 836 8a 080 620 00 019 019 83 757 288.62

111056227 764 91 5.80

2 249 731 13 146444600 3 306 212 00 2 046 600 09 2 210 958 20 2 206 260 00 181542740 3 01 5 434.22

441 504 00 a05 483 75 352 59C 00 556 136.06 757 585 86

1 082 685 83 912 967 01 621 984 00

1 309 770 00

1 145 861 80 908 412.01

1421 172.W 151931780 2 300 191 90

295 198 40 492 047.92

1 724 832 00

507 395 50 364 490.00

1 098 791 54

790 883 92 1 525 846 80

486 766 00

0.46 0 4 6 0.28 1 90 040 0 34 0.32 0 27 0 56 0 39 0.11 0 56 0.38 119 080 0 29 0.55 0.38 0.71 0 83 0.37 0 30 0.36 106 0.79 0.16 0.18 0 86 046 0 67 0.69 0 85 0.64 0 31 0 4 4 0 32 0.77 0 78 0 83 0 78 0 58 0 85 0.59 172 112 2 53 1 57 1 69 1 69 139 2.31 0 34 0 37 0 27 0 4 0 58 0 83 0 70 048 1 00 0 70 0 88 1.09 1.16 1.77 0 23 0.38 I 3 2 0 84 0 34 0.28 0 61 117 0 37

The notes are a n integral part of the financial statements

Semi-annual report as of June 30,2004 UBS (Lux) Institutional Fund - Euro Corporate Bonds

EUR FUR EUR EbR EUR EUR EUR EUR EUR EUR EUR CUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR

Description

NAllONAL WESNINSTER BANK R C

OLIVETT FINANCE NV PEARSON PLC PEMEX PROJECT FDG MASTER TRUST-REGS PEMEX PROJECT FUNDING MASTER TR-REG PGNlG FINANCE BV PORSCHE INTERNATlONAL FINANCE PLC REED ELSEWER CAPITAL INC RWE FINANCE BV RWE FINANCE BV SANPAOLO IMI SPA SCA COORDlNAllON CENTER SA SIEMENS FINANCICRINGSMAATSCHAPPIJ SINGAWRE TELECOMMUNICAllONS.REGS 5N5 BANK NEDERLAND NV SODEXHO ALLIANCE SA TDC A5 TELECOM ITALIA SPA TELEFDNICA EUROPE BV TELEMSION FRANCAISE 1 S A T 1 TESCO KC TPSA EURO nNANCE W TRAVELERS INSURANCE INST FUNDING UPM-KYMMENE OYJ VEOLlA ENVIRONNEMENT VEOLlA ENWRONNEMENT VODAFONE GROUP PLC MDAFONE GROUP RC VOL'SWAGEN FINANCIAL SERVICES AG MMSWAGEN INl'ERNAllONAl FINANCE W

o t i vErn FINANCE NV

Total Bonds. fixed rate


6 OWOO% 6 50000% 7 75000% 6 12500% 6 62500% 7 75000% 6 75000% 5 25000% 5 750W% 5 12500% 5 50000% 6 37500% 5 37500% 5 00000% 6 OOWO% 5 62500% 5 87500% 5 62500% 5 625W% 5 12500% 4.37500% 4 75000% 6 5WW% 4 25000% 6.12500% 4 87500% 5.87500% 4 25000% 5 75000% 487500% 4 07500%

99-21 01.10 02-24 04 07 03-24 01 33 00-01 02 07 03-04 04 10 00.02 08 07 01-30 1006 02.05 06 07 01-31.07.08 03-23 07 18 02-26 10 07 00.06 04 10 02-25.06 07 01-04 07 06 01-21.11.11 02-1 4.06.12 02-25.03.09 01.06 02 09 02-01.02.07 01-30 10.06 03.12 11.10 02.13 04 10 W-13.03-07 99-16 06 06 02-23 01 12 03-28 05 13 01.27 06 08 03.27 05 09 99.27 10.06 02-10 03 08 03-22.05.13

Quantity/ Nominal

1 560 000 00

950 000 00 380 WO 00 440 W O 00

1 090 000 00 950 wo 00 660 000 00 580 WO 00 225 000 00 790 ow w 490 000 00 280 ow 00 700 000 00 760 000 00 280 000 00 180 000 00 560 000 00 500 OC-9 00 600 000 00 340 ow 00

1 010 000 00 530 000 00 560 000 00 7M) w0.w 350 000 00

1 4 8 o m o o 460 000 W 78ow0W 490 000 00 260 OW W

Valuation in EUA Unrealized gain

(loss) M Futurest OptionslForward


1 703 757 15 2 151 68700 1 1 4 6 8 1 0 4 4

405 444 91 462 420 18

1 193 036.77 1 002 839 72

691 425 15 623 282.02 226 503 40 839 185.40 542 954 30 294 338 80 727 391 00 826 332 11 301 142 80 190 636.20 592 453 70 526 026.34 626 125 12 340 680.61

1041 077.84 569 109.03 573 18401 820 383 85 349712 18

1 589 386 80 969 605 76 824916.95 506 003 40 256 21 1 80

94 753 251.63


1 3 1 165 0 88 0 31 0 35 0 91 0 77 0 53 0.48 0 17 0 64 0 42 0 23 0 56 0 63 0 23 0 15 0 45 040 048 0 26 0 80 044 0 44 0 63 0 27 122 0 74 0 63 0 39 0 20

72.60


EUR ABBEY NATIONAL R C EUR AMANZAG EUR EUR EUR EUR EUR EUR EUR FUR EUR EUR EUR LUR EUR FUR EUR EUR EUR EUR EUR

AUSTRALIA & NEW ZEALAND BANKING GRP AVIVA PLC BANCAJA IMERNAllONAL FINANCE BANK OF AMERICA CORP BARCLAYS BANK R C BNP PARIBAS CAPITAL TRUSTVI C M INS CAPITU MARKETS CREDITPGRICOLE SA CREDIT LYONNAIS PANSKE BANK M DEUTSCHE BANK AG DEUTSCHE TELEKOM I N n FINANCE AG DEUNCHE TELEKOM INlL FINANCE BV DEUTSCHE TELEKOM INTL FINANCE 8V HVB FUNDING TRUSTVIll IMPERAL TOBACCO FINANCE PLC ING BANK NV KONlNKLlJKE KFN NV LlNDE FINANCE BV

EUR MUNICH RE FINANCE BV EUR NATlONAL AUSTRALIA BANK LTD EUR SKANDINAVISKA ENSKILDA BANKEN EUR SOCIETE GENERALE PARIS EUR SOGFRIM SA EUR SVENSKA HANDELSBANKEN EUR ZURIZH FINANCE (US4 iFjC

FRN W-280949 FRN 0431 1249 FRN 03.05 02 15 FRN 03-31.12 49 FRN 02-14.02 12 FRN 04-06 05 19 FRN OB31 12.49 FRN 03-31 12 49 FRN 03-24.07.18 FRN 01.1001.12 FRN 02-15 11.12 FRN 01-2603 11 FRN 0&16,01 14 FRN 03-24 01 33 FRN 02-29 05 07 FRN 02-29 05 12 FRN 02.28.03.49 FRN 02-06 06 05 FRN 0415.03.19 FRN 01-12.04.06 FRN n w n n7 49 . . . . . . . . FRN 03-21 06 23 FRN 0 4 2 3 0 6 1 6 FRN 02-06 06 12 FRN 02-18 12 14 FRN 01.20 04 11 FRN 01-07.03 11 FRN 03.02 10 23

250 ooO.00 283 050 W 0.22 1 200 000 00 1 220 040.00 0.93 8W wO.W 810 a . 9 2 0.62 940 000 w 972 811.03 0 75 910 000 w 700 000 00 56OwO[K) 980 000 00 1 4 0 O W W 830 000 00 630 WO 00 7M) 000 00 400 m 00 080 000 00 710 000 00 210 000 00 000 W O 00 450 000 00 4w 000 w 400 000 00 420 wo 00 270 000 00 400 ow 00 560 000 00 660 COO 00

1 780 000 00 680 OM] W

1 120 000 00

950275.72 0.73 693 114 45 0 53 652 998 42 0.50

0 80 1 O M 780 67 11 1 680.30 0.85 943 200 00 2 25 658381.50 0.50 748 062 57 0 57 393 620.14 1 07 292 769.53 0 99 106 126.68 3.15 255 510 49 0 20 099 123.52 0.84 462 456 68 0 35 317 568 88 1 06 430 064 91 0 33 437 434 19 0 34 400 302 00 107

1399818.31 593 364 16

1.07 0 45

685 371 37 0 53 2 016 597 58 155

707 628 40 0 54 116222343 0 89

685 371 37 0 53 2 016 597 58 155

707 628 40 0 54 116222343 0 89


Total Transferable securities listed on an official stock exchange 125 782 791.53 36.37

Transferable securities traded o n another regulated market

Bonds, fixed rate

EUR STORA ENS0 OYJ 5.12500% 0423 06 14 304 864 00 304 839 04 0 23

Total Bonds, fixed rate 304 839.04 0.23

Total Transferable securities traded on another regulated market 304 839.04 0.23


Cash at banks, depositr on demand and deposit accounu Other receivables and payables Other assets and liabilities

Total net assets

1 558 412.34 1.20 2 897 856.03 2.22

-24 498.79 -0.02

130 519 400.75 100.00 - ..


UBS (Lux) Institutional Fund - Euro Equity Semi-annual report as of June 30, 2004

UBS (lux) Institutional Fund - Euro Equity Class AA: ISIN LU0093640216 Class BA. ISIN. LL'0093640307 Class XA. ISIN: LUO176374873




Geographical Breakdown as a % of net assets France Netherlands Germany Italy Finland Ireland Spain Portugal Belgium Greece Total

30.06.2004 276 21 1 445.31

AA 125 814.0070

96.96 0A

2 456 851 .OOOO 101.36

XA 131 263.7390

114.13

31.12.2003 631 123 780.56

AA 155 179.0070

90.54 BA

6 514 179.9400 94.61

XA 7 17 1 .OOOO

106.62

31.12.2002 535 695 580.95

AA 805 947.72 10

76.83 BA

5 899 479.0590 80.31

XA NIA NIA

Economic Breakdown as a % of net assets Banks and other credit institutions 27.41

18.26 Telecommunication 18.05 Petroleum 10.41 6.14 Insurance 4.94 Building materials and trade 4.45 Energy and public utilities 3.70 Publishing & printing media 2.29 Rubber and tires 0.70 Vehicles

Pharmaceuticals, cosmetics & medical products

96.35 Traffic and transport Chemicals Retail trade, department stores Mechanical engineering & industrial equipment Real estate Electronics & semiconductors Internet & software services Financial, investment & other diversified companies Lodging & catering industry, leisure facilities Human Resources Electrical appliances & components Total

18.92 18.86 15.05 6.62 5.84 5.42 3 98 3.53 2.68 2.60 2.47 2.37 1.82 1.32 1.16 0.99 0.91 0.82 0.43 0.39 0.17

96.35


Semi-annual report as of June 30, 2004 UBS (Lux) Institutional fund - Euro Equity


Assets Investments in securities, cost Investments in wcurities, unrealized appreciation (depreciation) Total investments in securities (Note 1) Cash at banks, deposits on demand and deposit accounts Receivable on securities sales Interest receivable on liquid assets Rcceivablc on dividends Prepaid expenses Total Assets

Liabilities Payable on securities purchases Provisions for management fees (Note 3) Provisions for custodian bank fees (Note 3) Provisions for taxe d'abonnement (Note 4) Provisions for other expenses (Note 5) Total provisions Total Liabilities






Realized gain (loss) (Note 1) Realized gain (loss) on market-priced securities without options Total realized gain (loss) on invcstments Kealized gain (loss) on foreign exchange Total realized gain (loss)


Changes in unrealized appreciation (depreciation) Unrealized appreciation (depreciation) on market-priced Securities without options Total changes in unrealized appreciation (depreciation)


EUR 30.06.2004

249 873 849.49 1 6 2 5 9 2 9 0 2 1

266 133 139.70 4 282 246.21 6 854 546.90

5 946.00 197 643.10

16 397.77 277 489 919.68

1232 744.47 7 419.84 8 477.49 6 905.29

22 927.28 45 729.90

1 278 474.37

276 211 445.31

EUR

83 123.37 11 170 286.94

66 131.91 11 319 542.22

01.01.2004 - 30.06.2004

46 799.92 117 899.52 24 866.06 a2 105.34

271 670.84

11 047 871.38

a 261 744 93 8 261 744.93

296 45 8 262 041.38

19 309 912.76

714 535.37 714 535.37

20 024 448.13

37 The notes are an integral part of thc financial statcmcnts.

Semi-annual report as of June 30, 2004 UBS (Lux) Institutional Fund - Euro Equity


Net assets at the beginning of the period Subscriptions Redemptions Total net subscriptions (redemptions) Net income on investments Realired gain (loss) Changes in unrealized appreciation (depreciation) Net increase (decrease) in net assets Net assets at the end of the period


Class Number of units outstanding a t the beginning of the period Number of units issued Number of units redeemed Number of units outstanding at the end of the period Class Number of units outstanding at the beginning of the period Number of units issued Number of units redeemed Number of units outstanding at the end of the period Class Number of units outstanding at the beginning of the period Number of units issued Number of units redeemed Number of units outstanding at the end of the period

EUR

631 123 780.56 01.01.2004 - 30.06.2004

78 944 640.49 -453 aai 423.87

11 047a71.3a a 262 041 3 8

-374 936 783.38

714 535.37 20 024 448.13

276 211 445.31

01.01.2004 - 30.06.2004 AA

155 179.0070 0.0000

-29 365.0000 125 814.0070

BA 6 514 179.9400

651 250.0000

2 456 851.0000 XA

7 171.0000 124092.7390

0.0000 131 263.7390

-4 708 578.9400

38 The notes are a n integral parr of the financial statements

Semi-annual report as of June 30, ZOO4 UBS (I.ux) I n s t i t u t i o n a l Fund - Euro E q u i t y


Strike Price Quantity1 Valuation in EUR asa % Nominal Unrealized gain of net




Bearer shares

Germany

EUR BAYERAG EUR CELESIO AG EUR CONTlNENTAl AG EUR FRAPORT AG EUR LlNDf AG EUR METROAG EUR RWEAG.A

1842w.w 10810000 186 7W.W 11580000 80 800 W 72 400 00 43 500 00

4 365 54o.W 1.58 5 307 71 0 00 192 7 400 7E8.W 2.68 2 656 452.00 0 96 3 655 392 W 1 32 2 820 704 00 1 02 1 681 275 00 0 61

EUR TUIAG 75 100.00 117907000 0 43

29 066 931.00 10.52

Belg lum

EUR mRnssmv EUR KBC EANCASSURANCE HOLDING SA

301 7M) W 549094000 1 9 9 1742000 823 791 80 0.30

6 314 731.80 2.29

Spain

EUR TELEFONICA SA 56690000 6 887 835 W 2 49

6 887 835.00 2.49

Finland

EUR ELISACORP-A EUR FORTUM CORP EUR NOKIA CORP

172 900.00 505 825.00 821 5w.w

1901 9oo.w 0.69 5311 16250 192 974l94ow 3 53

16 956 052.50 6.14

France

EUR AVENTISSA EUR M 4 EUR BNP PARIBAS EUR EOUYGUES EUR CAP GEMINI SA EUR FRAYCE TELECOM SA FUR PlNAULl PRINTEMPS REDOUTE SA EUK SAhOFI SYNTHELABO SA EUR SUEZSA EUR THOMSON EdR TOTALSA tU9 UN13AIL HOLDING EUR VALEOSA FUR VlNCl SA

132 100.00 819680500 2 97 290 500 00 5 258 050 00 1 90 214 7W W 1135858500 4 1 1 45 300.00 132921600 0 48 75 900.00

303 900 00 261W00 91 700 00

388 300.00 29 500 00

2 503 941 W 0 91 6 509 538 00 2 36 22M14500 0 80 4 777 570 00 173 664381300 140

478 195 00 0 17 89 200 00 13 977 640 W 5 0 6 37 600 00 319600000 116 40 3 w DO 1 380 275 00 0 50 95 300.00 7 890 840 00 i 86

75 704 613.00 27.41

Ireland

EUR ALLIED IRISH BANKS R C EUR BANK OF IRELAND EUR CRHPLC

149 1OOW 547 000 00 330 500 00

1 893 570 00 0 69 6 006 060 00 2 17 5 737 480 00 2 08

13 637 110.00 4.91

Italy

EUR ASSICUP.AZION1 GENERSLI SPA EUR EUR ENISPA EUR EUR SAIPEM SPA FUa 7ELECOM I T A M 5PA EUR UNlCREDlTO ITUIANO SPA

BANCA POPOLARE 01 VEilUNA E NOVARA

RIAN!ONE ADRlATlCA Di SICURTA SPA

Netherlands

EUR AEN AMRO HOLDING NV EUR AKZO YOEEL NV EUR KONlNKLllKE KPN NV E M KONI‘IKL-IRE PHlLlPJ LLCTRONICS “IV EUR REED ELSEVIER NV E L R ROYAL DUTCH PEXOLEUM C3

182 900 00 91 400 00

491 500 00 88 200 00

452 300 00 i 556 500 00 1 024 2W 00

4 054 893 00 1.47 1 290 568 00 0 47 8 021 280.00 2.90 131506100 C 4 8 3 383 204 00 112 6 53: 857 50 2 36 4 158 252 00 1 51

28 755 116.50 10.41

770 800 00 13 858 984 W 5 02 72 630 00 > 194 69R 00 0 79

556 400.00 3 483 064.00 126 123 900 CO 2 741 907 00 0 99 456 800 00 5 271 472 00 191 258 600 00 10907 74800 3 55


Semi-annual report as of June 30, 2004 UBS (Lux) Institutional Fund - Euro Equity


Quantity! Valuation in EUR a s a % Nominal Unrealized gain of net

(loss) on Futured assets OptionslForward


EUR TPGNV 222 100 W 4 171 038.00 1.51

42 628 911.00 15.43

Germany

EUR ALLIANZAG EUR PAIMLERCHRYSLER AG EUR DEUTKHETELEKOM AG

61 700 00 5 493 151 W 1 99 151 10000 5 802 240 OD 2 10 658 000.00 9 501 520 00 3 44

20 796 911.00 7.53

Spain

EUR BANCO BILBAO WZCAYA ARGENTARIA SA 493 100.00 5 415 336.00 1 96

5 415 336.00 1.96

Greece

EUR EFG EUROBANK ERGASIA5 SA 107 720 00 1 930 342.40 0.70

0.70 1 930 3A2.40

Portugal

EUR ELECTRKIDAOE DE WRTUGPL 5A 1 167 7W.W 2 685 710.00 0.97 EUR PORTUGAL TELECOM SGR SA 850 600.00 7 544 822 00 2.73

10 230 532.00 3.70

Total Reaistered shares 38 373 121.40 13.89

other shares

Nether lands

EUR EUR EUR

ING GROEP NV-CVA VEDIOR NV.CVA WOLTERS KLUWER NWCVA

117 008.00 84 085 00

299 700.W

2 269 955 20 0.82 1 067 238 30 0.39 4 471 524 00 1.62

Total Other shares 7 808 717.50 2.83

Total Transferable securities listed on an official stork exchange 266 133 139.70 96.35


Cash at banks, deposik on demand and deposit accoune Other receivables and payables Other assee and liabilities

4 282 246.21 1.55 5 825 391.53 2.11 -29 332.13 -0.01

Total net assets 276 211 445.31 100.00


UBS (Lm) Institutional Fund - Euro Equity Advanced

Semi-annual report as of June 30, 2004 UBS (Lux) Institutional Fund - Euro Equity Advanced

Class XA ISIN: LU0187991202


Date Fund's net assets in EUR Class Units outstanding Net asset value per unit in EUR

Structure of the Securities Portfolio Geographical Breakdown as a 56 of net assets France Germany Netherlands Spain

Finland Belgium Total

Italy

30.06.2004 31.12.2003 31.12.2002 1 19 374 376.95 NIA NIA

XA XA XA 1 150 000.0000 NIA NIA

103.80 N/A NIA

Economic Breakdown as a % of net assets Banks and other credit institutions 32.42

2 1.44 Petroleum 16.94 Telecommunication 12.59 Energy and public utilities 10 72 Insurance 4.06 1.57 Chemicals

Pharmaceuticals, cosmetics & medical products

99.74 Food &sof t drinks Electrical appliances & components Vehicles Financial, investment & other diversified companies Retail trade, department stores Electronics & semiconductors Building materials and trade Media Conglomerates Equity options Total

19.09 17.34 15.90

7.85 5.85 4.06

8.15

3.56 3.53 2.79 2.57 2.35 2.08 1.86 1 7 4 1.09

-0.07 99.74


Semi-annual report as o f June 30. 2004 UBS (Lux) Institutional Fund - Euro Equity Advanced


Assets Investments in securities, cost Investment5 in securities. unrealized appreciation (depreciation) Total investments in securities (Note 1)

Cash at banks, deposits on demand and deposit accounts Receivable on other transactions Interest receivable on liquid assek Receivable on dividends Prepaid expenses Total Assets

Liabilities Payable on liquid assets Provisions for taxe d'abonnernent (Note 4) Total provisions Total Liabilities

Net assets a t the end of the period


Income Interest on liquid assets Dividends Total income

Expenses Taxe d'abonnement (Note 4) Total expenses


Realized gain (loss) (Note 1)

Realized gain (loss) on market-priced securities without options Total realized gain (loss) on investments Total realized gain (loss)


Changes in unrealized appreciation (depreciation) Unrealized appreciation (depreciation) on market-priced securities without options Unrealized appreciation (depreciation) on options Total changes in unrealized appreciation (depreciation)


EUR 30.06.2004

115 167241 63 3 a97 686 3a

11906492801 267 397 41

99 396 03 584 00

44 023 50 429.59

119 416 758.54

99 397.23

2 984.36 102 381.59

119 374 376.95

2 984.36

EUR

750.43 462 429.54 463 179.97

24.05.2004 - 30.06.2004

2 984.36 2 984.36

460 195.61

16 494.96 16 494.96 16 494.96

476 690.57

3 981 777.00

3 897 686.38

4 374 376.95

-a4 090.62

42 The notes are an integral par? of the financial statements

Semi-annual report a5 of June 30, 2004 UB5 (Lux) Institutional Fund - Euro Equity Advdnced


Net assets at the beginning of the period Subscriptions Total net subscriptions (redemptions) Net income on investments Realized gain (loss) Changes in unrealized appreclation (depreciation) Net increase (decrease) in net assets Net as5ets at the end of the period


Class Number of units outstanding a t the beginning of the period Number of units issued Number of units redeemed Number of units outstanding a t the end of the period

EUR 24.05.2004 - 30.06.2004

0.00 1 15 000 000.00

11 5 000 000.00 460 195.61

16 494.96 3 a97 686.38

4 374 376.95 119 374 376.95

24.05.2004 - 30.06.2004 XA

0.0000 1 150 000.0000

0.0000 1 150 000.0000


Semi-annual report as of June 30, 2004 UBS (Lux) I n s t i t u t i o n a l Fund - Euro Equity Advanced


Strike Price Quantity/ Valuation in EUR as a %

Nominal Unrealized gain of net (loss) on Futures/ assets OptlonslForward



Bearer shares

Germany

EUR BASFAG EUS BAYERAG EUR E.ONAG EUR RWEAG-A EUR VOLKSWAGEN AG

1.74 47 2W.00 58 900 00 1 395 930 00 1.17 55 9W 00 3 31 4 870 W 2.77

2 076 328.00

34 500 00 186WOO

1 333 425 00 112 645 792 M) 0 54

8 766 345.00 7.34

Belgium

EUR FORTlSSkNV 102 m . 0 0 1 872 780.W 1.57

1 872 780.00 1.57

Spain

EUR ENDESASA FUR IBERDROLASA EUR REPSOL-YPF SA EUR TELLFONICA SA

8 0 5 w W 66 400.00 81 m o o

373 500.00

1275 120.W 1.07 115204000 0 96 1 465 200.W 1.23 4 538 025.00 3.80

8 430 385.00 7.06

Finland

EUR NOKlA CORP 408 1W.W 4 840 M6.M 4.M

4 a40 066.00 4.06

Frai i ce

EUR EUR EUR

ALCATELSA AVENTK SA AXA BNP PARlBAZ

97 ooa.00 59 100 00

120 5w.w 70 600.00

1 229 9M1.00 366715500 2 181 050 00 3 568 830 00

LO3 3 07 1 83 2 99 EUR

EUR EUR EUR

CARREFOUR SA CIE DE SAINT-GOBAIN FRAVCE TELECOM SA

49 200.00 28 800.00 98 5W.W

1 962 0% 00 117993600 2 109 870.00

1 64 0 99 1.77

EUR EUR

GROUPE OANONE LAFARGE SA

21 20000 1410000 4 300 00

26 400 W 22 000 00 30 500.00 37 400 00 78 800 00 52 400 00 91 200 00

1 520 040 00 127 1 033 530.00 1 263 870 00 173316000

0 87 1 0G 1.45

EU? EUR EU9

L'AIR LlQUlDE L'OREAl SA LVMH MOET HENNE55Y LOU15 VUITTON 1 307 900 00

1 589 050 00 2 612 390 00 1 348 268 00 8 211 080 00 2 079 360 00

38 597 545.00

1.09 133 EUR

E i l R SANOFI SYNTHELABO SA SOCIETE GENERALE PARIS-A 2 19

1.13 6 88 1.74

EUR E.12 FUR

SUE! SA TOT41 SA 'vlVENPI UNIVERSAL SA

32.33

I:aly

EUR EUR EUR EUR EUR EUR EUR

ASSICURNIONI GENERAL1 SPA FNFL SPA EN1 SPA S&NPAOLO IUI SPA TELECOM ITALIA MOBILE SPA TFI FCOM ITAi IA SPA UNKREDITO ITALIAN0 SPA

93 000.00 199 800 00

2061 81000 1 73 1 316 682 00 110

217 6W.W 3 551 232.W 2 97 89 000 00 881 100 00 0 74

3 14 500 00 1 465 570 00 123 1 859 273 50 1 56 1 661 758 00 139

12 797 425.50 10.72

Nethcrlands

EUR A8N AURO HOLDING NV EUR AEGON NV EUR KONlNKLllKE AHOLD NV FUR KONlNKLllKF PHILIP5 ELECTRONIC5 NV EUR ROYAL DUTCH ETROLEUM CO EUR UNILEVER NV-CVA

140 100 00 2 518 948.00 2.1 1 11290000 111883900 0 94 131 00000 844 950.00 0 71 112 100 30 2 480 773 00 2 08 177 300.00 7 478 514.00 6 26 48 100 00 2 732 070 00 2 29

17 174 144.00 14.39


44 The notes are an integral part of the financial statemeriE

Semi-annual report as of June 30, 2004 UBS (I ux) I n s t i t u t i o n a l Fund - Euro Equity Advanced

Description

Reaistered shares


Quantity/ Valuation in EUR asa% Nominal Unrealized gain of net

(loss) on Futures/ assets OptionslForward


Germany

FUR ALLIANZAG EbR DAIMLERCHRYSLER AG EUR DEUTSCHE BANK AG FUR DFUTSCHE TELEKOM AG EUR MUENCHENER RUECKVERSICHERUNGSGES EUR SIEMENS AG

28 9w 00 2 572 967 00 2 16 69 900 00 268416000 2 25 47 10000 3 041 718 00 2 55

202 900 00 2 929 876 00 2 45 159WW 1 416 690 00 119 71 400 00 4 220 454 00 3 53

16 865 865.00 14.13

Spain

EUR EUR

BANCO BILBAO Vl2CAYA ARGEKTARIA 5A BANCO SANTANDER CENTRAL HISPANO SA

288 600 00 3 168 828 00 2 65 405 900 00 3 462 327 00 2 90

6 631 155.00 5.55

Total Reaistered shares 23 497 020.00 19.68

Other shares

Netherlands

EUR ING GROEPNVXVA 157 800.00 3 061 320.00 2 57

3 061 310.00 2.57


Total Transferable securities listed on an official stock exchanae 119 037 030.50 99.71

Transferable securities not listed on an official stock exchange and not traded on another regulated market

Rishts

France

EUR L'AIR LIQUIDE SA 04-1 4 06 04 840000 111 87273 009

111 872.73 0.03

Total Riahts 11 1 m . 7 3 0.09

Total Transferable securities not listed on an official stock exchange and not traded on another regulated market 11 1 872.73 0.09

Derivative instruments not listed on an official stock exchange and not traded on another regulated market

Options on shares, classic-stvled

EUR FUR EUR EUR EUR EUR EUR EUR FUR EUU EU9

EUR EUR EUR E i l R EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR FUR LLR E M

EtJa

CALLCGIALCATEL SA

CALL CGIBNP PARIBAS SA CALL CGKARREFOUR 5.4 CALL CGKIE DE SAINT-GOBAIN CALL CGmEUTSCHE BANK AG CALL CGANG GROEP NV CALLCGAAFARGE SA CALLCGAAFARGE SA

CAN c m w PARIBAS SA

C a t L C G L o u w CALL CGAVMH MOETHENNESSY LWITT CALL CGfiANPAOLO lhll SPA CALLCG6lEMENSAG CALL CGKELEFONICASA CALL CGflELEFONICA SA CA.1 CGKOTAL SA CALL CGflOTAL SA CALL CGnOiAL <A CALL CGIlOTAL SA CALL GYASN AhlRO HOLDING NV CALL GYALLIAN2 AG CALL GMARREFOUR SA CALL MVBCO 8lLBAO VlZCAYA ARGENT CALL M L I W ClKOtP N'I CALL MWOREAL CALL MLYOKIA CORP CALL MVjANPAOLO IMI SPA CALL MrlSIACGOY NV CALL hWALCAiEL SA

13 55690 50 65000 52 67600 40 44000 43 64900 68 79240 19 2aow 71 55000 75 12750 63 60000 61 28930

9 53000 61 87400 12 c4noo 12 52160

157 80000 160 2WOO 164 11200 166 60800 18 40800 89 65060 42 46200 11 50240 2005100 66 14400 11 58OCO 10 00600 10 07000 1 2 67000

28 07 04 13 07 04 13 07 M

12 07 04 20 07 04 27 07 04 13 07 04 13 07.04 12 07 04 22 07 04 16 07 04 12.07.04 130704 13 07.04 02 08 04 27.07.04 07 OR 04 27.07 04 20.07 04 26 07.04 03 08 04 26.07 04 27 07 04

22 07 04 160704 13 07 0: 28 07 04

03 08 04

12 07 a4

-70 110.00 9 816 00

-32 516.00

-16 307 59 -0 01 721083 0 01

-6 067 49 0 00 11 642 00 8 18421 0 01

-47 189.00 -36 91 8 00 33 149.00

.4 61 1.78 0.00 -8 166 26 -0 c1 1558656 0.01

6 963 00 1561801 0 c1 .ZO 363 00 .10 063.39 a 0 1 6 561 00 14847 54 0 01

-13 390.00 -5 329.22 0.w 43 809 00 1 8 237.69 0 02

-34 91 8 00 -8 638.71 -0 01 73 647 00 14471 64 0 01

.198 847 00 4 606 00 4 083 M)

-20 202.86 -0 02 15 280 06 0 01 7 010.51 0.01

.14 606 00 -18 142 90 -0 01

.14083.00 -6 451 42 0 00 -91 981 oc -20 143 84 -0 02 -1 9 434 00 -38 226 68 -0 03 -35 042 03 -1408688 -3 01

.193 778 00 .13 893 88 .o 01 -1C8 149.00 .23 781 97 4 02 -19061 00 -15 809 19 -0 01 46 222 00 24 793 48 0 02

-1 19 309 00 -25 317 37 -0 02 21 821 00 2 618 52 0 00 2401000 12 485 20 0 01

1 5 The notes are an inteyral part of the financial statements.

Semi-annual report as of June 30, 2004 UBS (Lux) Institutional Fund - Euro Equity Advanced

EUR EUR EUR EUR EUR EUR FUR EUR EUR EUR EUR LUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR FUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR FUR EUR EUR EUR EUR EUR EUR EUR EUR LUR FUR EUR EUR EUR

Description

CALL MSDAIMLERCHRYSLER AG CALL MSDAIMLERCHRYSLER AG CALL MSDAIMLERCHRYSLER AG CALL MSDAIMLERCHRYSLER AG CALL M M E U T X H E TELEKOM AG CALL MSANG GROEP NV CALL MstOREAL CALL MWOREAL CALL MSAOKIA CORP CALL Ml6IEMENS AG CALL SGIAXA %A CALL SGIAXA 5 A CALL SGIBCO SANTANDER CENTRAL HlSP CALL SGKARREFOUR SA CA.. IGKARREFO JR 5A CA.. S G 6 M ETE GENERALE CA.- SGISOC ETE GEhERALE CALL SG/rELEHINICA SA CALL SGNIVENDI UNIMRSAL SA CALL SGMVENDI UNNERSAL SA CALL UBYABN AMRO HOLDING NV CALL UBYAEGON NV CALL UBYALUANZ AG CALL UHYBASF AG CALL UBYBPSF AG CALL UBmAYERAG CALLUBYBAYERAG CALL UBYBCO BILBAO VIZCAYA ARGENT CALL UBYlCO SANTANDER CENTRAL HISP CALL UBYBCO SANTANDER CENTRAL HlSP CALL UBYBCO SANTANDER CENTRAL HlSP CALL UBmNP PARIBAS SA CALL UQYBNP PARIBAS SA CALL UBSXIE DE SANT.GOBAIN CALL JBSDELTSCrlE 8MfS A; CALL J&VEUTYHE T€LEfSOM AG CALL U8SIE.ON AG CALL UEW.ON AG CALL UESfiRANCE TELECOM CALL UBWRANCE TELECOM CALL UESANG GROEP NV CALL UBYKON PHILIF5 ELECTRONICS N V CALL UBSKON PHILIPS ELECTRONICS N V CALL UB54ONINKLIJKE AHOLD N V CALL U8SMONINULIJKE AHOLD N V CALL U B X V M H MOET HENNESSY L W i n CALL UBYilEMENS AG CALL UBYSIEMENS AG CALL UBYTELEFONICA SA CALL UBSKOTAL SA CALL UBYTOTAL SA CblL UBYVOLKSWAGEN AG CALL UQSNOLKSWAGEN AG


38 07000 38 600W 39 81350 40 33700

19 69830 61 00000 69 68000 12 56430 61 65500 17 93000 I8 65000 8 68000

40 49000 42 3 1000 70 BWOO 73 99000 11.96000 21 97000 23.17800 17 10000 10.67420 85.19000 41.81000

22.59000 23.49360 11,06000 8 89WO 9 33450 9 02720

53 92400 41.97000 65 83000 14 280W 56.96000 59.23840 20.36000 21.37800 16 85000 21.64Mx1 22.93840 6.30000 6.74100

58.65000 59 00000 59.21000 11.43640

156.30000 161 71050 34 96000

i4a5120

43.48240

si.aswo

36 a8280

13 07 04 03.08.04 13 07 04 03.08 04 150704 15.07.04 26 01 04 26 01 04 21 07 04 30 07.04 26 01 oa 26 07 04 03 08 04 27.07 04 27 07 04 27 07 04 27 07 04 23.07 04 20 07 04 20 07.04 20 07 04

26 07 04 15.07.04 150704 23.07.04 23.07.04 26.07.04 11 07 04 22.07 04 03 08 04 21 07.04 210104 120704 20 01 04 15.07 04 140704 1401 04 20 07 04 20.07.04 15 01.04 20.07 04 20 07 04 12.07.04 22.07.04 22.01.04 30.07.04 12.07.04 23 07.04 140704 1407.04 16.07 04

13.07 oa

i 6 o i o a

Quantity/ Nominal

1573500 18 329.00 4 3 635 00 4 1 529 00

-151 236 00 -108 790.W

4 398 00

-142 222 00 -16 898 w

-36 238.M) 31 145 00

4 8 445.00 55 304 00 11 410 00

-34 810 00 7 891 00

-25 691 W 51 251.00 26 050 00

-68 950.00 26 381 00

-75 421 00 s 934 00

10 684.00 -33 084.00 15 292.00

-41 792 00 57 778.W 63 750 00

.191 250 W

.183804W 9 198.00

-31 898.00 19 789.00 13 618.00 54 836.00 i I 087 00

-31 387.00 24 090 00

-61 890.00 36 390.00 31 289.00

-84 089.00 72 508.W

.197 008 00 a 090.00

13 638.00 12 518W

-176 451 00 5 785 00

-16 la500 7 523.00

.25 223 00

Valuation in EUR Unrealized gain

(loss) on Futures/ OptionrlFonvard


1384680 19062 16 -7 781 63

-20 61 1 60 .13611 14 -25021.70

3 782 18 -2 027.76

-25 599 96 .23 554 70 1562250

.22 995 70 7 969 31 7 987.00

.10 094 90 9 469.20

-10019 49 15 375.30 31 781 00

11 080 02 -754.21

25 219 50 24 039.W

-30 431 28 19115M)

.27 814 80

-44 128 w

6 355 58 0 06

-1 912.50 -1084536

3311.28 -2 551.84 4 551.41

10 612 04 15 902.44 17 939 14

-31 405.08 27 703.50

-31 908.30 22 561.80 24 718 31

15951.76 -13 190 56

-20 i a i 36

6 012.30 25 208 04 11 641.74

-22 938 63 i a 836 05 -8 901 75 4 363.34

-2011a4

asa% of net assets

0 01 0.02

-0 01 -0 02 -0 01 .o 02 0 00 0.00

-0 02 a 0 2 0.01

-0.02 0 01 0.01

.o 01 0.01

-0 01 0 01 0.03

0 01 0.00 0 02 0 02

-0 03 0.02 -0 02 0.01 0 00 0.W

-0.01 OW OW OW 0 01 0.01 0.02 4.03 0.02

-0.03 0 02 0 02

-0.02 0.01

-0.01 0.01 0 02 0 01 -0 02 0.01 -0 01 0 00 0 00

-0.04

Total Options on shares, classic-styled -83 975.22 -0.07

Total Derivative instrumenk not listed on an official stock exchange and not traded on another regulated market -03 975.22 -0.07

Total investments in securities 119 064910.01 99.74

Cash at banks, deposits on demand and devosit accounts Other receivables and payables Other asseb and liabilities

167 397.41 0.22 44 606.30 0.04 -2 554.77 0.00

Total net assets 119 374 376.95 100.00


UBS (Lux) Institutional Fund - Euro Equity Passive Semi-annual report as of June 30, 2004

UES (Lux) Institutional Fund - Euro Equity P d w v e Class XA ISIN. LU0187994644


Date Fund's net assets in EUR Class Units outstanding Net asset value per unit in EUR


Geographical Breakdown as a % of net assets France Germany Netherlands

Spain Finland Belgium Ireland Greece Portugal Austria Switzerland Luxembourg Total

Italy

30.06.2004 348 797 472.41

XA 3 300 000.0000

105.70

27.38 20.39 15.15 11.35 10.76 4.3 1 3.48 2.59 1.40 1.06 0.88 0.50 0.26

99.51

31 .I 2.2003 NIA XA N/A NIA

Economic Breakdown as a % of net assets Banks and other credit institutions Telecom munication Petroleum Energy and public utilities Insurance Pharmaceuticals, cosmetics & medical products Chemicals Veh icles Building materials and trade Electrical appliances & components Food & soft drinks Financial, investment & other diversified companies Retail trade, department stores Electronics & semiconductors Internet & software services Media Traffic and transport Publishing & printing media Tobacco and alcoholic drinks Forestry, paper &forest products Conglomerates Rubber and tires Mining, coal &steel Real estate Aerospace industry Textiles, clothing & leather goods Mechanical engineering & industrial equipment Lodging & catering industry, leisure facilities Photographic and optics Miscellaneous consumer goods Non-ferrous metals Investment trusts, mutual funds Advertising Human Resources Miscellaneous trading companies Biotech nology Computer hardware & networking Packaging industries Lodging Tota I

31 -1 2.2002 NIA XA N/A NIA

18.26 13.32 1 1.55 6.85 5.67 5.3 1 3.48 3.49 3.23 3.02 2 87 2.81 2 71 2.32 2.06 1.70 1.46 1.39 1.08 0.72 0.69 0.65 0.66 0.62 0.60 0.58 0.56 0.52 0.43 0.18 0.17 0.13 0.12 0.09 0.06 0.06 0 05 0 02 0.02

99.51


Semi-annual report a5 of June 30, 2004 UBS (Lux) Institutional Fund - Euro Equity Passive


Assets Investments in securities, cost Investments in securities, unrealized appreciation (depreciation) Total invcstmentr in securities (Note 1) Cash at banks, deposits on demand and deposit accounts Interest receivable on liquid assets Receivable on dividends Prepaid expenses Total Assets

Liabilities Provisions for taxe d'abonnement (Note 4) Total provisions Total Liabilities



Income Interest on liquid assets Dividends Total income

Expenses Taxe d'abonnement (Note 4) Total expenses


Realized gain (loss) (Note 1) Realized gain (loss) on market-priced securities without options Total realized gain (loss) on investmenk Total realized gain (loss)




EUR 30.06.2004

330 742 174.44 16 332 402.21

347 074 576.65 1580 181.17

5 789.00 144 397.87

1 247.66 348 806 192.35

8 719.94 8 719.94 8 719.94

348 797 472.41

EUR

8 511.19 2 466 356.82

18.05.2004 - 30.06.2004

2 474 868.01

8 719.94 8 719.94

2 466 148.07

-1 077.87 -1 077 a7 -1 077.87

2 465 070.20

16 332 402.21 16 332 402.21

ia 797 472.41

48 Thc notes are an integral part of the financial statements

Semi-annual report as of June 30, 2004 UBS (Lux) Institutional Fund - Euro Equity Passive


Net assets at the beginning of the period Subscriptions Total net subscriptions (redemptions) Net income on investments Realized gain (loss) Changes in unrealized appreciation (depreciation) Net increase (decrease) in net assets Net assets at the end of the period


Class Number of units outstanding at the beginning of the period Number of units issued Number of units redeemed Number of units outstanding at the end of the period

EUR 18.05.2004 - 30.06.2004

0.00

330 000 000.00 330 000 000.00

Z 466 148.07 -1 077.87

16 332 402.21 i a 797 472.41

348 797 472.41

18.05.2004 - 30.06.2004 XA

0 0000 3 300 000.0000

0.0000 3 300 000.0000


Semi-annual report 35 of June 30 , 2004 UBS (Lux) I r~~ t i t u t i ona l Fund - Euro Equity Passive

Statement of Investments in Securities and other Net Assets as of June 30,2004 Description interestl Maturity

Strike Price Quantity/ Valuation in EUR as a %

Nominal Unrealized gain of net (loss) on Futures1 assets OptionrlForward

Exchange Contra& (Note 1)


Bearer sharer

Switzerlanc

EUR STMICROELECTRONICS NV 96 2 W W 1 732 OB1 W 0 50

1 732 081.00 0.50

Germany

EUR EUR EUR EUR EUR CUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR

ADIDAS-SALOMON AG ALTANA A6 BASF AG BA"ER AG BAYERISCHE HYPO- & VEREINSBANK BEIERSDORF AG CELESIO AG COMMERZEANK AG CONllNENTAL AG DOUGLAS HOLDING A t E ON AG FRESENIUS MEDICAL CARE AG HEIDELBERGCEMENT AG HYW REAL ESTATE HOLDING AG KARSTADT QUELLE AG LlNDE AG MAN AG MERCK KGAA METRO AG MLP AG

RWE AG-A SAP AG SCHERING AG SUEDZUCKER AG THYSSENKRUPP AG TU1 AG VOLKSWAGEN AG

PUMA AG RUWLF DASSLER smRT

. AG

7 500.00 11 40000 87 200 00

107 900 00 96 000.00

2 700 00 5 500.w

83 500.00 21 900.00

5 400 00 102 300.00

5 600.00 4 7W.00

21 200.00 4 700.00

1350000 17 100.00 8 000 00

23 700.00 IO 500 00 2 w o W

64 500 00 33 600.00 29 000 00 850000

50 200.00 20 300 00 36 800 00

735 975 00 563 502 00

3 835 928 W 2 557 230 00 1 403 520 00

259 335 00 270 050 00

1 209 080 00 868 116.00 12700800

6 066 390.00 341 544.00 397 21S.W 511 13200 84 083 00

610 740 00

0.21 0 16 1.10 0.73 040 0 07 0 08 0 35 0 25 0 04 1.74 0.10 011 0.15 0 02 0.18

512 658.00 0.15 396 000 00 0 11 923 352 w 0 26 127 365 00 0 04 543 062 W 0.16

2 492 925 00 0 71 4 578 336 00 131 1 404 470 00 040

137 275 00 0.04 703 302 00 0 20 318710.00 0.09

0 37

33 255 999.00 9.53

1 277 696 00

Austria

EUR EUR EUR EUR EUR EUR EUR EWR EUR EUR EUR EUR EUR

BANL. AJSTRlA CRED.TAhSTblT AG BOErlLElr-JDDEn0.M hG fRSTE BANI: DER OESTER SPAMASSEh AG FLUGHAFEN WEN AG IMMOFINANZ IMMOBlLlEN ANLAGEN AG MAYR-MELNHOF KARTON AG OESTERR ELERTRlZ1TAETSWlRTSCHAFTI.A OMV AG RHI AG TELFKOM AUSTRIA AG bATKnhO.OGIE AG ,USTA.P%E AG vVlEhERBERGEL AG

590000 1 200 00 500000 1 700 00

38 8W 00 700 00

1 WOO0 2 200 00 2 7M) 00

44 700 00 1 BWOO 4 100 00

1020000

284 380.00 0.08 81 840 00 0 02

645 500.00 0 19 80 580.00 0 02

258 020 00 0.08 74 200.00 0 02

144 5M1.00 0 04 352 012 00 0 10 49 977 00 0 01

560 985 00 0 16 E3 304.00 0 02

16605000 0 05 291 822 00 0.09

3 073 24C.00 0.88

Belgium

EUR EUR EUR E l l R EUR EUR EUR FUR FUR FU? EUR EUQ EUR EU3 EUR EIR EUR EU? EUR

AGFA-GEVAERT NV BARCO (NLW NV BEKAERTSA RFlGACOhl SA COMPAGNIE MARlllME EELGE SA DEXA 5A P'IETEREN NV ELECTRABEI SA ETAELISSEMENE FR COLRUYTSA FOR78 S W V GROUPE BRUXELLES LAMBERT GBL GRCUPE DELkAiZE SA INTERBREW SA KBC BANCASSURANCE HOLDING SA MOBISTAR SA OMFGA PHARMA SOLVAY SA 1:CR <A UMKORE SA

1470000 I 900 00 2 300.00

25 200 00 600.00

106 100.00 400 00

4 500 00 2 800 00

191 900 00 11 20000 11 300 00 24 500.00 17 500.00 4 500 00 3 400 00

10 3w 00 14 200 00 3 900 00

299 733.00 0 09 140 790.CO 0 04 108 905.00 0.03 630 504 00 0 18

59 850.00 0.02 442 960 00 0 41 69 360 00 0 02

185 750 00 0 34 2e4 200 00 0 08 492 580 00 103 588 5M) 00 0.17 475 165 00 0 14 640 675.00 0.18

024 827 575.00 230 m 00 0 07 141 61300 0 04 691 13000 0 20 543 576 00 0 15 201 825 00 0 06

12 055 108.00 3.46

Spain

EUR ABERllS INFRAESTRUCTURAS SA 39 700 00 568 504 00 0.16

50 The nute5 are an integral part of the f i n a n c i a l statements


EUR EUR EUR EUR EUR EUR EbR EUR EUR EUR EUR EUR EUS EUR EUR EUR EUR EUR EUR EUR EUR EUR

Description

ACCIONA 5A ACTIVIDAPES DE CONSTR Y SERVICDS SA

AMADEUS GLOBAL TRAVEL OISTRIBUT-A ANTENA 3 DE TELEVISION SA ENDESA SA

ALTADIS sa

~ ~~~ ~

FOMENIO DE CONSTRUC Y CONTRATAS SA GAMESA CORPORACION TECNOCOGKA SA GAS NATURAL SDG SA GRUPO FERROWAL SA IBERDROLA SA INDRA SKTEMfi SA METROVACLSA SA NH HOTELES SA PROMOTORA DE INFORMACIONES SA REPSOL-YPF SA SACYR VPLLEHERMOSO SA SOCIEOAO GENERAL AGUAS BARCELONA SA TELEFONICA PUBLICIDAD E INFORMACION TELEFONICA SA UNION FENOSA SA ZELTlA SA


Quantity/ Nominal

4 600 00 43 200 W 45 300 00 52 5WW 3 10000

15650000

177WOO 25 500 00 10 200 w

12580000 20 400 00

5 800 00 12 500 W 12 400 00

15040000 16 000 00 9 300 00

27 000 00 773 100 W 34 700 00

7 aoo 00

za ooo 00


(loss) on Futures1 OptionslFoward


235 060 00 598 320 00

115062000 282 975 00 134 850.00

2 478 960 00 225 404 00 214 347.00 502 095 00 349 OM 00

218263000 213 792 00 18246800 113 000.00 178 066 00

2 707 200.00 180 000 00 130 200 00 147 15000

9 393 165.00

135 l20W 608 291 00

asa % of net asseis

0 07 0 17 0 33

0 04 0 71 0 07 006 0 14 0 10 0 63 0 06 0 05 0 03 0 05 0 78 0 05 0 04 0 04 2 69 0 18 0 04

o oa

6.57 22 911 259.00

Finland

EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR

AMER GROUP R C - A ELISA CORP-A FORTUM CORP KCI KONECRANES OYJ KESKO OYJ-B KONE CORP-8 METSO OYJ NDKlA CORP NOKIAN RENKAAT OYJ ORION CORWRATiON-8 OUTOKUMPU OYJ POHIOLA GROUP RC-C RAUTARUUKKI OY SAMPO PLC-A STORA ENS0 AB-R TIETOENATOR OYI UPM-KYMMENE OY1 UPONOR OYI-A WAaEICA CORFORATlON

3 7W 00 22 400 00 55 3W W

2 200 00 9 600 W 6 10000

16 5W 00 787 600 00

140000 5 700 00

9 900 00 135WW 45 000 00

102 700 00 13 400 00 86 WO 00

4 900 00 6 100 00

i a 5 0 0 ~

158 360 00 246 *Loo.oo 580 650.W 67 10000

156480W 303 048 00 171 6W.W

9 340 936 00 112 W8.00 120 270.00 1W 675.W 83 754 00 89 505.W

359 100 00 1 145 105.00

334 330 00 1 345 040 W

112 240.W 132 545 00

004 0 07 0 17 0 02 0 04 0 09 0 05 2 68 0 03 0 03 0 05 0 02 0 03 0 10 0 33 0 10 0 39 0 04 0 03

4.31 15 049 236.00

France

EUR FUR EUR EUR EUR EUR EUR Ed R EUR EUR EUR EUR EUR EUR EUR EUR FUR tUR EUR EUR EUR LUS EUR FUR EUR ELR EUR EUR EUR Fail EUR EUR EUR t U R EUR EU? EUR EUR EUR L l iR EUR EU9 EUR E J R EUR

ACCOR SA AIR FRANCE, STE ALCATEL SA ALSTOM AT05 ORIGIN AVtNrlS SA A m BNP PARIBAS BOUYGUES BUSINESS ORJECTS SA CAP GEMINI SA CARSEFOUR S A CASINO GUICHARD PERRACHON CIE UE SAINT-GOBAIN CIE GENERALE D'OYTIQUE ESSLOR INTL CNP ASSURANCES CRE31T AGRICOLE SA DASSAULT SYSTEMES SA FRANCE TELECOM SA GROUPE UANONE HERMES INTERNATIONAL SA IMER'IS SA KLEPIERRE LAFARGE SA L)AIR LIQUIDE L'OREAL SA LVMH MOET HENNESSY LOUIS W I T O N PERNOD-RICARD PEUGEOTSA PINAULT PRINTEMPS REDOUTE SA PUBLICI5 GROUPE SA RENAULT SA SAGEM SA-NEW SANOFI SYNTHELABO SA SCHNEIDER ELECTRIC SA SOCIETE BIC

TECHNIP SA I I IALLS THOMSON TOTAl 5A TVFRANCAISE 1 SATFl

31 10000 1980000

200 500 00

7 OW 00 112 000 00 219000W 133 600 00 32 400 00 10 700 00 20 300 00 94 100 00

5 300 00 50 400 00 16100W 5 600 00

9 200 00 183 2M) 00 39 600 00

1 50000 9 100 00 3 600 W

27 500 00 1640000 so 000 00 40 300 00

8 700 00 28 000 00 11 10000 17 400 00 30 400 00 2 900 00

60 200 00 34 300 00

5 200 00 53 900 00 1550000 11 2WOO

131 903 00 3 200 W

12 500 00

96 000 00 192WOO

168 ooo 00

loa goo oo

38 aoo 00

The notes are an intcgral part

1 078 859.00 0 31 277 398 00 0 08

2 542 340.00 0.73 154 560 00 0 04 369 6W 00 0.1 1

1.99 6 949 600 00 3 963 9W W 114

193 6 753 480 00 891 648 W 0 26 197 201 00 0 06 669 697.00 0 19

1 08 392 995 00 0.1 1

3 752 708 00

0 59 a63 765 00 0 25 257 064 00 0 08

I 064 888 00

0 62 350 612 00 0 IO

2 178 ~ o . 0 0

352414400 112 2 a39 320 00 0 81

24615000 0 07 435 890 00 0 !2 202 320 W 0 06

2 015 75000 0 58 2 228 760 w 0 64 3 282 500 00 0 94 2 395 835.00 0 69

914 370 00 0 26 1 281 560 00 0 37

937 395 00 0 27 423 342 00 0 12

0 55 1 403 040 00 ~ ~~

265 930.00 0 08 0 90 0 55

3 136 420 00 1 924 230 00

190 21 6 00 0 05 3 764 915 W 1 08

335 730 00 0 IO 365 568 00 0 10

. . . . 375 875 00 0 11 628 948 00 0 18

1504323000 131 497 088 00 0.14

51 of the financial statements.


Description interestl Maturity Strike Price

Quantity/ Valuation in EUR as a % Nominal Unrealized gain of net

(loss) on Futures/ assets OptionzlForward


EUR UNlBAlL HOLOING EUR VALEOSA ELiR VEOLIA ENWRONNEMENT EUR WNCISA

6 900 00 12WOOO 46 600 00 11 800 00

586 500 00 0.17 41 1 OW 00 0.12

I 080 654 00 0 31 911 040 00 0.28

EUR VIVENDI UNIVERSAL SA EUR ZODIACCA

109 610000 170 611.00 0 05

3812 16000 161 200 00

92 928 391.00 26.64

Greece

EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR

ALPHA BANK SA BANK OF PIRAEUS COCA COLA HEUENCI BOrnlNG CO SA GERMANOS SA GREEK ORG OF FOOTBbLL PRONOSTICS SA HELLENIC DUW FREE SHOPS SA HELLENIC PETROLEUM SA HELLENIC TECHNODOMIKI TEVSA

32 500.00 27 300 00 13 m . 0 0 3 900 00

26 Wo.00 3 000 00

17 200.00 12 000 00 41 WO.00 6 800 00

11 WO.00 12 50000 17 800.00

679 250 00 0 19 262 080 00 0 08 257 280 00 0 07 92 586 00 0 03

403 520 00 0 12 46 980 00 0 01

I17 592 00 0 03 42 000 00 0 01

HELLENIC TELECOM ORGANIZATIONS HYATl REGENCY SA PUBLIC POWER CORPOFGREECE

437 880 00 0 13 51 392 00 0 02

333 2W.00 0 10 EUR TECHNICAL OLYMPIC SA EUR WOHALCO

43 000 00 0 01 105 020.00 0.03

2 878 180.00 0.83

Ireland

EUR ALLIED IRISH BANKS R C EUR BANK OF IRELANO EUR CRHPLC EUR DCCFK EUR DEPFA BANK R C EUR EIRCOM GROUP PLC

138 m . w 159 100 00 86 EN.00 13 200.00 57 400.00 15 000.00 63 400.00 50 000.00 24 5OO.W 90 000.00

1 764 030.W 0.51 1 746 918.00 0 50 1 503 376 W 0.43

198 000.00 0 06 685 356.00 0.20 11 1 000.00 0 03

1285 118.W 0.37 86 000 00 0 02 77 665 w 0 02

176 400 00 0 05 554 070 W 0 16 361 140 00 0 10 90 650.00 0.03

.. EUR ELAN CORP R C EUR FYFFES PLC EUR GREENCORE GROUP PLC EUR INDEPENDENT NEWS AND MEDIA PLC ELR ELR CERRY GROJP P.C-A ELR CINGSPAN GROLP PLC

lRlSh 8 LIFE PERMWENT PLC 43 8oo.w 21 10000 18 5W.W

EUR RYANAIR HOLDINGS R C 30 OW 00 13740000 0 04

Italy

EUR FUR EUR EUR FUR EUR EUR E M EUR EUR EUR EUR EUR ECR ELiR EUR EUR EUR EUR EUR EUR EUR FUR EUR EUR EU? EUR EU9 EUR FUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR

ALLEANZA ASSlCURWONl SPA ARNOLD0 MONDADORI EDITORE SPA ASSlCURAZlONl GENERAL1 SPA

75 7W W 19 000 00

71006600 147 820 00

0 20 0 04 100 0 06 0 13 0 18 0 06 0 19 011 0 14 0 11 0 09 0 24 021 0 02

0 17

0 15 3 00 0 17 0 c4 0 18

0 04 0 04 0 26 0 22 0 06 0 07 0 21 0 44 0 07 0 15 0 02 0 83 0 99 0 50 0 03 0 83

n 05

n c5

n 34

11.35

157 2W.M) 1860000 21 8W.00

3485124W 2 16 690 00 448 970.00

AUTOGRILL SPA AUTOSTRADE SPA BANCA ANTONIANA POPOLARE VLNETA SPA 37 500 00

47 5W 00 633 375 00 218 975.00

1715 10300 372 970.W 470 770.00 318 261.86 330 000 00

BANCA FIDEURAM SPA BANCA INTRA SPA BANCA INTESA SPA-RNC BANCA MONTE DEI PASCHI CI SIENA SPA BANCA NATIONALE DEL LAVORO SPA BANCA POPOLARE Dl MILANO BANCA WPMARE Dl VERONA E NOVARA BANCHE POPOLARI UNITE KARL BENETrON GROUPSPA BULGARI SPA CAPITALIA SPA EDISON SPA ENEL SPA EVI SPA FIATSPA f!NECOGROUP SPA

534 300 00 151 OWW 119 000 00 19804600 62 500 00 60 200.00 54 200.00 8 800 00

850 024 W 738 746 00 82 720 00

21 500 00 233 000 00

118 665 00 598 810 W 184 860 00

2 624 138 00 130 000 00 398 200 00 427 300 00 84 500 00 25 500 00

960 000 00 28 000 00 11 500 00 22 10000 96 000 00 76 000 00 41 000 00

295 000 00 49 100 00

154 700 00 659 000 00 143 000 00 200 000 00 623 200 00

1 353 700 W 951 700 00 30 OM) 00

123 500 00

6 973 536 CO 581 360 00 132 090 00 626 880 00 138 6no no

FINMECCANICA SPA GRUPPO EOITOR12LE L'ES'RESSO SPA ITALCEMENll FABBRICHE RlUNlTE CEM 1265WW

302 770 00 LUXOmCA GROUP SPA MEDIASETSPA MEDIOBANCA SPA MEDIOLANUM 5PA PIRFLLI 8 c 5PA RUlNlONE ADRIAKA Dl SlCURTA SPA SANPAOLO IMI SPA

899 520 00 160 000 00 214 430 00 250 455 00 732 081.00 531 530 00 227 355 W SEAT PAGINE GIALLE SPA

SNAM R L l L G X SPA TELECOM ITALIA MEDIA SPA

504 790 00 61 600 00

TELECOM ITALIA MOBILE SPA TELECOM ITALIA SPA TELECOM ITALIA SPA-RNC TlSCALl SPA UNlCREDlTO ITALIAN0 SPA

90411200 458 703 50

1 727 335 50 1107WOO

2 931 410.00

39 593 851.86

Netherlands

EUR ABN AMRO HOLDING NV FUR AEGONYV EUR AKZO NOBEL NV

5 2 The notes arc an integral part of the financial statements

256 10000

44 600.00 223 Ron no

4 604 678 00

1 348 258 00 2 217 858 on

1 32 0 64 0 39

Scmi-annual report as of June 30, 2004 UBS (Lux) institutional Fund - Euro Equity Passive

FUR EUR ElJR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR

Description

ASML HOLDING NV COR10 NV DSM NV EURONEXI NV EUROPEAN AERONAUTIC DEFENSE 8 SPACE GETRONKS NV HAGEMEYER NV HEINEKEN NV IHC CALAND NV KONlNKLllKE AHOLD NV KOtJlNKLllKE KPN NV KONlNKLllKE PHILIPS ELECTRONICS NV KONlNKLllKE VENDEX KKE NV OCE NV OlAGFN NV - .. RAbDSTAD hOLOlNG h V REED ELEb ER h v ROYAL DJTCH PETROIEUM CO TPG NV UNILEMR NVCVA VNU NV WERELDHAM NV


Quantity1 Nominal

79 300 oa

1 2 3w.00

39 GOO aa

8a o m 00

7 ow.00

1580000

82 OW 00

4020000 5 000 00

255 Wo.00 327 200 00 216 100.00

12 6W.00 21 300 00 7 500.00

342 2W.00

93 900 00

3 3W.00

i u ~ a a a o

115 300 00

50 700 oa

38 600.00


(loss) on Futures1 Optionslforward


i 103 063.00

496 059.00

906 048 a0 184 500 00 139 200 aa

I 085 ~02.00 191 i5aaa

245 000 00

361 820.00

1 644 750.00 2 048 272 00 4 782 293.00

167 580 00 206 397 00 168 975.00

14 433 9% W

227 032 00

1 330 562 00

952 146.00 5 267 790.00

921 362 00 223 w o o

as 4 % of net assets

a 32 0.07 0 14 0 10

0.05

0.31 0 05 0 47 0 59 1.37

0.05 0 06 0 os

4.14 0 27 1.51 0 26 O M

a 26

0.04

a a7

a 38

45 257 691.00 12.97

Portugal

EUR JERONIMO MARTINS 5GPS SA 4 6 W O O 41 320 00 0 01 EUR F'T MULTIMEDIA SERVICOS 7 600 00 136 800 00 0 04 EUR SONAE SGPS SA 145 W0.W 130 500.00 0.04

309 620.00 0.09


Preference shares

Germany

EUR FRESENIUS MEDICAL CARE AG EUR HENKEL KGAA EUR WRSCHEAG EUR PRCSIEBEN SAT 1 MEDIAAG EUR RWEAG EUR VOLKSWAGEN AG

4 2 W W

13WW 13 300 00 6 3 W 00

17 000 00

9 600 a0 184 758.00 0 05 673 726 00 0 19 71506500 0 21 197 505 00 0.06 208 593.00 0 06 403 920 a0 a 12

2 383 569.00 0.69

Greece

EUR EMWRIKI BANK OF GREECE SA E 3W.W 177786W 0 05

177 786.00 0.05

Total Preference shares 2 561 355.00 0.74

Registered shares

Germany

EUR LUR EUR EUR LUR EUR EUR EUR EUR EUR EUR

ALLIANZ AG DAiMLL XC H RYS LER AG DEUTSCHE BANK AG DELTSCHE EOERSE AG DEFTSCHE LUFTHANSA AG DtLfSCllE POSTAG DELTSCHE TELEKOM A t EPCOS AG INFINEON TECHNOLOGIES AG MUENCHEkER RUECKVERSICHFR SIEMENS AG

UNGTGFS

50 600 00 141 moa0

i72aaao

73 ioaoa

7 goo oo 104 400 00 20 300 aa

86 WO 00

37 2 w 00

413600MI

131 70000

4504918W

5 553 860 00 718 444 00 415896W

5 429 760 oa

1 151 532 W

7 784 787.00 2 521 530 00

129 1 86 159

0.12

1.71 0 04 0 33 0 77 2 23

a 21

a 37

35 486 299.00 10.17

Spain

EUR AClRlNOXSA E & UAh(.OD.dAO\ ZCAIAA9iEhTAR.AIA E d W h C O POPJrAR EWMOL SA E-R BAh(:O SShTAhDEU C l h T K K fl:5PAh0 \A EUR CORWRACION MAPFRE SA CUR EL;R FliR WLiFCh31E <A

IKESIA L l N t X AEREAS DE ESPANASA INDUSTRIA DE DlSENO TEXnL SA

7 ma.oo 346 246 W 0.10 529 oao a0 5 808 420 aa 167 26 200 00 1216204.00 0.35

704 700 aa 6 01 1 a91 aa 172 i74ooao 17521800 0 05

35 500 a0 669 530 00 0.19 6 10003 LCZ z i 5 aa 0 06

75 o m aa 177 ooa oa a a5

11 605 924.00 4.19

53 The notes are d n integral part of the financial statements.

Semi-annual report as of June 30, 2004 UBS (Lux) Institutional Fund - Euro E q u i t y Passive

Description

France

EUR EUR GECINASA FUR LAGARDERE SCA

CIE GENERALE DES ETS MICHfLIN SA-B

lntprestl Maturity Strike Price

Quantity/ Valuation In EUR asa% Nominal Unrealized gain of net

(loss) on Futures/ assets OptionrlForward


23 300 W 1 058 985 W 0 30

20 7M) 00 1 062 945 00 0 30

2 393 250.00 0.68

4 200 00 271 320 aa a a8

Greece

EUR COSMOTE MOBILE TELECOMMUNlCATlONS EUR EFG EUROBANK ERGASIA5 5A EUR FOLLI FOLLlE SA EUR INTRACOM 5A EUR NATIONAL BANK OFGREECE SA EUR TlTAh CEMENTCOSA

18 8W w 242 520 W 0.07 30 ma oa 551 936 aa a 16 2 4 ~ 0 0 62 928 W 0 a2

1350000 48 330 00 0 01 40 430,W 722 a m 40 0 21

9 200 00 177 928 00 0 os

1 806 530.40 0.52

Luxembourg

EUR ARCELOR SA 65 wO.00 897 wo.00 0.26

897 000.00 0.26

Portugal

EUR BANCO BPI SA EUR BAhCO COMERCIAL PORTUGUES SA EUR BANCO ESPlRlTO SANTO SA FUR EUR CIMWR-CIMENTOS DE WRTUGbl SGP5 EUR ELECTRICIDAPE DE WRTUGAL SA EUR PORTUGAL TELECOM 5 G K SA

BRlSA AUTO-ESTRAD& DE PORTUGAL SA

55 500.00

17 000.00 58 500 00 31 500.00

292 000.00 1a41OO.W

230 o m aa 1W 500.00 a 05 556 8ao.oa a 16 231 710.W 006 346 905 00 0 10 1300W.00 0 04 671 600 00 0 19

1 279 054.00 0.37

3 382 569.00 0.97

Total Registered shares 58 571 ~ 2 . m 16.79

Cooperative shares

Ireland

EUR WATERFORD WEDGWOOD R C 129 0W.W 22 962 W 0 01

Total Cooperative shares 22 962.00 0.01

Investment certificates, closed end

Belgmurn

FUR COflNlMMO SlCAFl 7w a0 77 770.W 0.02

77 770.00 0.02

Netherlarids

EUR RODAMCO EUROPE NV 7 200.00 357 480.W 0.1 1

357 480.00 0.11

Total Investment certificates. closed end 435 250.00 0.13 Total Investment certificates, closed end 435 250.00 0.13

Righis Righis

Portugal

EUR JLRONIMO MARTlNS SGPS SA-1.04 04-25 06 oa 4 600 00 615821 OW

6 158.21 0.00

Total Rights 6 158.21 0.00

Other shares


Semi-annual report as of Jurie 30, 2004 UBS (Lux) I n s t i t u t i o n a l F u n d - Euro Equity P a s w e

Description

Ireland

EUR GRAFTON GROUP PLC

lnterertl Maturity Strike Rice

Quantity1 Valuation in EUR asa % Nominal Unrealized gain of net

(loss) on Futures1 assets OptionrlForward


0.06 2132WOO 32 500 00

213 200.00 0.06

Netherlands

EUR ING GROEP NV-CVA EUR KONIICKLIIKE NUMICO NV-CVA LUR VEDIOR NVCVA EUR WOLTERS KLUWER NV-CVA

287 somoo 5 583 320.00 1.60 24 300 00 641 763 00 0 19 26 'IW 00 319 866 00 OW 45 100.00 672 892 00 0 19

7 217 041.00 2.07


Total Transferable securities listed on an official stock exchange

Transferable securities not listed on an official stock exchange and not traded on another regulated marke t

346 a56 158.47 99.45

Riohts

France

EUR LAIR LIOUIDE SA 0414.06.04 16 4w.W 218418.18 0 06

210 410.18 0.06

Total Rights 210 410.10 0.06

Total Transferable securities not listed on an official stock exchanae and not traded on another reaulated market 210418.18 0.06


Cash a t banks. deposits on demand and deposit accounts Other receivables and payables Other assets and liabilities

Total net assets

1 500 101.17 0.45 150 186.07 0.04

-7 472.28 0.00

348 797 472.41 100.00

55 The n o t e s are a n i n t e g r a l part of the f i n a n c i a l s t a t e m e n t s .

UBS (Lux) Institutional Fund - Global Equity Semi-annual report as of June 30, 2004

UBS (Lux) Institutional Fund - Global kquity Class AA ISlN LUOlOZ867602 Class RA. ISIN. LU0102867867 Class AD: ISIN: LU0102867784

Most important figures Date Fund's net assets in CHF Class Units outstanding Net asset value per unit in CHF Class Units outstanding Net asset value per unit in CHF Class Units outstanding Net asset value per unit in CHF


Geographical Breakdown as a % of net assets United States of America United Kingdom Japan Switzerland France Netherlands Australia Italy Ireland Bermuda Canada Finland Sweden Belgium Spain Germany Portugal Singapore Hong Kong Noway Total

30.06.2004 93 259 535.28

AA 1 027 744.0000

79.49 0A

1 16 650.001 2 82.51

AD 25 387.0000

76.50

3 1.12.2003 91 117 227.39

AA 1 044 551 .OOOO

76.54 BA

116 650.0012 79.29

AD 25 667.0000

74.55

3 1.12.2002 591 218 015.48

AA 7 225 722.0000

66.29 BA

1 41 2 173.3472 68.52

AD 236 998.8770

65.25

48.78 14.73 8.94 4.32 4.29 3.77 2.15 2.10 1.86 1.43 1.28 1.09 1 0 4 0.55 0.51 0.47 0.43 0.29 0 17 0.15

98.35

Economic Breakdown as a % of net assets Banks and other credit institutions Pharmaceuticals, cosmetics & medical products Telecommunication Financial, investment & other diversified companies Petroleum Retail trade, department stores Energy and public utilities Insurance Internet & software services Tobacco and alcoholic drinks Electrical appliances & components Computer hardware & networking Traffic and transport Mechanical engineering & industrial equipment Building materials and trade Vehicles Media Healthcare, education & social services Publishing & printing media Aerospace industry Electronics & semiconductors Food & soft drinks Forestry, paper &forest products Advertising Photographic and optics Real fstate Biotechnology Non-ferrous metals Consulting Mining, coal & steel Chemicals Aluminium Human Resources Miscellaneous trading companies Lodging & catering industry, leisure facilities Textiles, clothing & leather goods Total

13 74 9.77 6.91 6.86 6.67 4.55 4.07 3.65 3.61 3.50 3.28 2.87 2.79 2.77 2.72 2.29 2 25 2.01 1.79 1.76 1.70 1.69 1.49 0.80 0.73 0.66 0 65 0.45 0.41 0.37 0.35 0.34 0 33 0.2 1 0.20 D.11

98.35


Semi-annual report as o f June 30, 2004 UBS (Lux) Institutional Fund - Global Equity


Assets InvestmenB in securities, cost investmenu in securities, unrealized appreciation (depreciation) Tow1 investments in securities (Notc 1) Cash a t banks, deposits on demand and deposit accounts Interest receivable on liquid assets Receivable on dividends Prepaid expenses Total Assets

Liabilities Provisions for management fees (Note 3) Provisions for custodian bank fees (Note 3) Provisions for taxe d’abonnernent (Note 4) Provisions for other expenses (Note 5) rota1 provisions Total Liabilities




Expenses Management fee (Note 3) Custodian bank fee (Note 3) Taxe d’abonnernent (Note 4) Other expenses (Note 5) Total expenses


Realized gain (loss) (Note 1) Realized gain (loss) on market-priced securities without options ‘rota realized gain (loss) on investments Realized gain (loss) on foreign exchange Total realized gain (1055)

Net realized gain (10~5) of the period



CHF 30.06.2004

94 638 695.94 -2 918 578.53

91 720 1 1 7.41 1 448 394.90

1 790.00 149 315.98

2 306.65 93 321 924.94

51 093.00 3 038.49 2 331.49 5 926 68

62 389.66 62 389.66

93 259 535.28

CHF

10 080 22 1 054 757.68

28478.19 1 093 316.09

01.01.2004 - 30.06.2004

313 748.17 18 642.05 4 729.15

13 180.65 350 300.02

743 016.07

-134 471.16 -134471.16

-22 435 19 -156 906.35

586 109.72

2 957 857.97 2 957 857.97

3 543 967.69


Semi-annual report as of June 30, 7004 UBS (Lux) Institutional Fund -Global Equity




Class Number of units outstanding at the beginning of the period Number of units issued Number of units redeemed Number of units outstanding at the end of the period Class Number of units outstanding a t the beginning of the period Number of units issued Number of units redeemed Number of units outstanding a t the end of the period Class Number of units outstanding a t the beginning of the period Number of units issued Number of units redeemed Number of units outstanding at the end of the period

CHF

91 117 227.39 01.01.2004 - 30.06.2004

154 851.12 -1 533 408.75

-1 378 557.63 -23 102.17

743 01 6.07 -1 56 906.35

2 957 857.97 3 543 967.69 93 259 535.28

01.01.2004 - 30.06.2004 AA

1 044 551.0000 1 974 0000

-18781.0000 1 027 744.0000

BA 116650.0012

0.0000 0.0000

116 650.0012 AD

25 667.0000 0.0000

-280.0000 25 387.0000



Statement of Investments in Securities and other Net Assets as of June 30,2004 Description lnterestl Maturity

Strike Price Quantity1 Valuation in CHF as a %

Nominal Unrealized gain of net (loss) on Futures1 assets OptlonslForward



Bearer shares

Germany

EUR BAYERISCHE MOTORENWERKE AG EUR LINDEAG

2 600 00 144087 15 0 15 4 292 00 295 863 16 0 32

439 950.31 0.47

Australia

AUO AUSTR I NEW ZfALbND 8KlNG GROUP LTD 18 500.00 295 035.67 0.32 AUD OEE INSURANCE GROUP LTD 45 OR5 00 503 464 2 7 0 54 AUD RIO n N m UMITED 10 M)0.00 332 453.85 0.35 AUD WESTPAC BANKING COW 57 134.00 817 271 27 0 94

2 008 225.06 2.15

Belg ium

EUR FORTIS5MV 18 516.W 513 484.28 0 55

513 484.28 0.55

Bermuda

USD ACCENTURE LlD.A USD INGERSOLL-RAND COMPANY LTP-A USD XL CAPITAl LTD-A

11 oww 7 600 00 3 200.00

378 575.47 0.41 650 190.97 0 IO 302 419 53 0.32

1 331 185.97 1.43

Canada

CAD ALCANINC CAD BANK OF NOVA SCOTIA CAD CANADIAN NATIONPL RAlLWAY CO CAD CELESTICA INC CAD MAGNA INTERNATIONAL INC-A

61WOO 7 E00 00 3 6W 00 9 200 00 1 800 00

314531.50 0.34 260 984 92 0 28 194 233 E5 0.21 229 367 37 0.25 191 056 03 0.20

1 190 173.67 1.28

U m t e d States of Amerlca

USD 1150 us0 US0 US0 USD USD USD USD USD USD USD US0 USD USD USD US0 U5U US0 us3 USD USD USD USD USD U5D US0 US0 USD USD USD U5D US0 USD usu US3 US0 us3 USD usu USD u j c

AFLAC INC ALGERTSON'S INC ALLERGAN INC ALTRIA GROUP INC AMERICAN ELECTRIC POWERCO INC AMERICAN INTERNAllONAL GROUP INC AN-HEM INC ATST COR? BANK OF AMERICA CORP EOEING CO BRISTOL MYERS SQUIB8 CO EURllNGTON NORTHFRN SANTA FF CORP CAi(0lNAL HEALTH IK CEPPALON INC CISCO SYSTEMS INC CITIGROUP IhC CONOCOPHILLIK CONSTELLATION ENERGY GROUP INC COSTCO WHOLESALE CORP EXXOY MORlL COUP FIRST DATA C O W FIRSTENERGY CORP FPL GROUP INC tKLODIL MAC GAhhETr CO INC (iEhERA. E:E(:TI(C (u GENZYME CORP-GEhERA. DIVlSOh GREENPO!NT FINANCIAL COR? H r A INT .. . HEVAT-PACKARD CO ILLINOIS TOOL WORKS INC INTEL CORP INTERNATIONAL BUSINESS MACHINES INTERPUBLIC G'tOUP OFCOS INC JOHNSON &JOHNSON JOHNSON CONTROLS IUC JP MORGAN CHASE & CO

KOHL'S CORP LINEAR TECHNOLOGY CORP MARTIN MARIETrA MATERIAE INC M A K O CCR?

K I M ~ F S ~ Y - C L A R K C o w

4 700 00 24021909 E 000 00 165 909 57 7 3 w w 818 438 39

19 500 00 1222 311 09 3 0 W W

10 000 00 3 2W.00 4 900 00 5 199 00

1520000 25 2W.00 19 000 00 4 000 00 6 600 00

14400.00 45 600.00 6 400.00 7 500 00

20 500.00 1500000 6 600 00

10 000 00 1 EO000

1320000 2 600.00

35 800 00 2600.00 2 350 00 8 300.00

28 900.00 10 700 00 1660000

0 26 0 29 0 E 8 131

120 230 40 0 13 892 71072 0 96 358 927.82 0 38

89 780 E0 0 10 550 980 08 0 59 972 573 76 1 04 773 231 76 0 83 E34 511 61L 0 E4 350 922 48 0 38 446 355 36 0 4 8 427 419 07 046 655 588 96 2 E5 61 1 491 81 0 66 355 994 70 0 38 057 263.56 1.13 834286 26 0 8 P 367 995.20 0 39 468 522 E4 3 50 144 163 76 0 15 046 455 34 112 276 291 96 0 30 452 683 81 1 56 154 11 J a4 017 116 842 66 0 13 432 32472 046 763 701 00 0 E2 284991 21 1 3 8 573 799 58 0 61 673 434 27 0 72 316 3% 32 0 34

6 100 00 1 E 400 00 20 200 00 1 409 125 34 1 51

2 600 00 :73 818 09 0 i 9 26 000 00 126244425 1 3 5 4 600 00 379 537 32 C 41 5 6W.00 2% 528.24 0.32 4 000 00 19772891 0 21 5 6W 00 313 905 EO 0 33

25 600 DO 939 675 70 1 07



UZD U5D US0 USD USD USD USD USD US0 US0 us0 US0 US0 lis0 US0 US0 USD US0 USD USD US0 US0 USD US0 US0 USD USD US0 USD USD USD US0

Description

MC DONALD5 CORP MCGRAW-HILL COMPANIES INC MEADWESWACO CORP MELLON FINANCIAL CO MERCK & CO INC M XOIOFT cow MORGAN STAh.EY M <.Ah. rAB3RATOR ES h C NEYXL COMMUNlCATlONS INC-A NORTHROP GRUMMAN CORP OMNICOM GROUP INC ORACLE COR? PEPZICO INC PFIZER INC SBC COMMUNlCAllONS INC SCHLUMBERGER LTD. CURACAO SEMPRA ENERGY ST PAUL TRAVELERS COMPANIES INC THE HARTFORD FINANCIAL SERWCES GRP TIME WARNER INC TJXCOS INC TXU CORP UNITED TECHNOLOGIES CORP UNITEDHENTH GROUP INC US BANCORP (EX FIRSTAR CORP) VERITAS SOFTWARE CORPORATlON MRlZON COMMUNICATIONS INC VIACOM INC-B WAL-MARTSTORES INC WASHINGTON MUTUAL INC WELLS FARGO & CO WYETH

InteresW Maturity Strike Price

5 8 w W 1 900 00

1540000 1890000 3 8W.00

65 100.00 14 200.00 1285000 22 8W 00

6 000 00 45WLm

3 300.00 21 300.00

2a 500 00

31 9 W 0 0 4 300 00

13 O W 00 8 061 00 2 4 W W

27 700 00 10 5W.00 6 300.00 230000

11 000 00 15 7W.W

7 10000 6 4w.W

20 200.00 99WW 3 10000

191ooLm 19 800 00

(loss) on Futufesl OptionslForward


188 861 92 182 202 91 566 843.75 694251.66 226 058 20

2 328 532 21 938 465 90 325 890 14

403 523 28 427 700 86

222 681.73 914 457 39

761 268 84

425 a22 26

968 825 33 342 021 67 560 561.72 409 275.48 206 615.94 609 876.22 317 445.83 319 628 76 263 509.97 8S7 580 90 541 903 46 24'1 109 79 290 075.88 903 661 71 654 158 58 1 SO 017 48

1 368 989 67 896 678 32

45 495 129.29

Quantity/ Valuation in CHF as a % Nominal Unrealized w i n of net

asseu

0 20 0 20 0 61 0 74 0 24 2 50 101 0 35 0 82 0 43 046 0 46 0 24 0 98 1 04 0 37 0 60 044 0 22 0 65 0.34 0 34 0 28 0 92 0 58 0 26 0 31 0 97 0 70 0 16 1 47 0 96

48.78

Finland

EUR NOCIA CORP EUR UPM-KYMMENE OYJ

39 350.00 711 11201 0.76 1280000 305 038 96 0.33

1016 1W.97 1.09

France

EUR AVENTlSSA EUR BNP PARIBAS EUR CAP GEMINI SA EUR FRANCE TELECOM SA EUR SUEZ5A EUR TOTALSA EUR UNlBAlL HOLDING

5 10000 8 050 00 4851 00

17 000 00 13 653.00 5 400 00 3 500 00

482 19261 620 048 45 243 849 67 554 851 77 355 948.11

1 289 351 54 453 310 27

0 52 0 67 0 26 0 59 0.38 1 38 0.49

3 999 552.42 4.29

Uri:te

GBP GBP GEP GB? GBP GBP GBP GBP GOP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP

,d Kingdom

ASTRAZENECA PLC BAA PLC BARCLAYS R C BP PLC BTGROUPPLC CLNTRICA PLC DIAGEO PLC ELECTROCOMPONENPj PLC GALLAHER GROUP PLC GLAXOSVITHKLINE PLC HSBC HOLDINGS R C INVFhSYS PLC IN PLC KiNGFlSHER PLC MATALAN R C NAlONAL GRID TRANSCO PLT REUTOKIL INITIAL R C RIO TiNTO PLC ROLLS ROYCE GROUP PLC-E

63P ROYAL BANKOFSCOTL&NO GROUP PLC GRP SABMII.LER R C G w scoms~ E SOUTHERN ENERGY PLC G W GBP TESCOPLC GEP VODAFONE GROUP PLC

SHELL TRANSPORT E TRADING CO FiC

9 000 00 12 700 OD 96 7W W

16804000 53 391 00 43 000 00 65 500 00 23 81 1 00 46 377.00 30 330.00 26 500 00

45 075 00 51 650 00 22 100.00 27 100 00 70 WO.00

325 000 ao

321500 2 614 550 00

20 600 00 14 600 00 45 200 00 96 062 W

136 213 00 544 200 00

505 71 1.40 159 654 77

858 669 52 240 707 23 219252 90 106 070 51 19306626 702 042.42 768 771 27 493 537 63 132 866 78 118243.78 335 796.66 107 415 41 267 694 76 229 734 61

96 824 45

031 700 a9

7 125 88

236 595.99 1031 51862

699 624 22 882 532.47 823 699.33

1 492 472 09

0 54 0 17 1.11 1 99 0 26 0 23 1.19 0 21 0 75 0 82 0 53 0 14 0.13 0 36 0 11 0 29 0 25 0 10 0.01 111 0 25 0 75 0 95 0 88 160

'73 711 329.85 11-73

Hong Kong

HKD SUN HUNG KAI PROPERTIES LTD 15 000.00 15414528 0 17

154 145.28 0.17

EUR BANK OF IRELAND EUR CHH rtc

61 200 00 1 023 91 1 33 110 26 900 00 711 55846 0 76

1 735 469.79 1.86

GO The notes are an integral par t of the financial statements.

Semi-annual report as of June 30,1004 UBS ( lhx ) Institutional Fund -Global E q u i t y

Description

Ita!y

EUR ASSICURAZIONI GENERAL1 SPA CUR ENISPA EUR UNICREDITO ITALIAN0 SPA


Quantity/ Valuation in CHF as a % Nominal Unrealized gain of net

(loss) on Futures/ assets OptionrlForward


5 7W 00 192 552 49 0 21 43 900 00 1 091 674 74 I 17

109 000 00 674 312 36 0 72

1 958 539.59 2.10

Japan

IPY IPY IPY IPY I PY I PY J PY I PY JPY JPY JPY IFY JPY JPY I W IPY IPY JPY JPY I PY

A W L CORP CANON INC FUJI PHOTO FILM CO LTD HONDA MOTOR CO LTP HOYA CORP KAO CORP MITSUBISHI CORP MlTSUBlSHl TOKYO FINANCIAL GRP INC NINTENDO CO LTD NIFPON TELEGRAPH &TELEPHONE CORP NlPWN UNIPAC HOLDING NTr DOCOMO INC ROHM CO LTO SEKISUI HOUSE LTD SOMW JAPAN INSURANCE INC SUMITOMO MlTSUl FINANCIAL GROUP INC TAKEDA PHARMACEUKK CO LTD TOKYO ELECTRON LTP TOYOTA INDUSTRIES CORP TOYOTA MOTOR CORP

2 400 00 6 000 00

1 2 m o o 1900000

1 600W 18 700 W 160M1W

27 OD 4 700 00

58 OD 2a 00

13900 3 6w.w

1600000 37 OW W

32 00 11 503.00 2 000 00 7 1W.00

13 100 00

313 762 61 0 34 395 991 00 0 42 471 057.12 0.51

1147 111 32 123 209 726 02 0 22 564 499 52 0 60 194 666 88 0.2 1 313 005 06 0.34 682 424.49 0.73 388 117.09 0 42 183 51026 0.20 311 111.19 0 33 539 649.65 0 58 222 397 73 0 24 473 52489 0.51 ~ ~~ ~~

274737.41 0.29 632 265 63 068 140 490.72 0 15 113513.76 0.23 664 599 16 0 71

a 336 161.51 8.94

Norway

NOK TELENOR A5A 16 2W.00 141 083.73 0 15

141 083.73 0.1 5

Netherlands

EUR ABN AMRO HOLDING NV FUR KONINRLIJKE KPN NV ELR KOhlNKLII<€ Frll.lF5 ELECTRONICS h V E L R REED E.%$ ER hr ELR ROtAL DJTCh PETROLIUM CO EUR TF'GNV EUR VNUNV

9 375 w 41 555.00 14 WO.00 53 436 PO 3 Mxl PO

1853900 14 768 W

256 844.00 0.27 396 374.96 0 42 412 082.65 0 51 939 61 1.53 101 192 813 05 0.21 530 506.22 0 57 537 134 06 0 58

3 325 366.55 3.57

Singapore

SGD DBS GROUP HOlDlNGS LTO 26 00O.W 172 227 74 0.29

272 221.14 0.29

Sweden

SEK ELECTROLUX AB-B SEK HFNNES 8 MAURITZ AB-8 SEK SANDWKAB SEK SVENSKA CELLULOSA AB-@

6 700 00 4 500 00 8 ow 00 6 800 00

1609m75 145 515 56

323 334.67 341 a22 34

017 0 15 0.37 0 35

971 633.32 1-04


Reairtered shares

Switzerland

CHF ADECCOSA CHF GIVLUCAN SA CHF HOLCIM LTP CHF NESTLESA CHF SV455 REINSURANCE COMPANY CHF UBSAG

4 900 00 450 00

4 342 00 4 050 00 2 187.W

12 985 OD

305 760.00 0.33 326 250 00 0 35 295 690 20 0 32

1 352 700 00 145 177 912 45 0 19

114592625 123

3 604 238.90 3.81

Spam

EUR BANCO 0:LBAO WZCAYA ARGENTARIA SA 20 250 00 472 772 66 0 51

412 112.66 0.51

61 The notes are an integral part of the financial statemern

Semi-annual report as of June 30, 2004 UBS (Lux) Institutional Fund - Global Equity

Dexription

Portugal

FUR ELECTRICIDADE DE WRTLlGbl SA EUR PORTUGAL TELECUM SGPS SA

lnterestl Maturity Stike Price

Quantity/ Valuation in CHF a s a % Nomlnal Unraalized galn of net

(loss) on Futures1 asset3 OptionslForward

Exchange Contra- (Note 1)

86 300.00 7 600 00

302 445 56 0 32 102 717 ai 011

405 163.38 0.43

Total Reqistered shares 4 482 174.94 4.81

Bonus shares and DarriciDation certificates

Switzerland

CHF ROCHE HOLDING AG 3 400.00 421 600.W 0.45

421 600.00 0.45

Total Bonus shares and mrticitmtion certificates 421 600.00 0.45

Other shares

Netherlands

EUR MLTERS KLUWER Nv-CVA 8 205 w 18653314 0.20

186 533.14 0.20


Total Transferable securities listed on an official stock exchanse 91 720 117.41 98.35

Total invertmentr in securities 91 720 117.41 98.35

Cash at banks. deposits on demand and deposit accounis Other receivables and payables Other assee and liabilities

Total net assets

1 448 394.90 1.55 151 105.98 0.16 -60 083.01 -0.06

93 259 535.28 100.00

62 The notes art: an integral part of the financial statemeriu

UBS (Lux) Institutional Fund - Key Selection European Equity

Semi-annual report as of June 30, 2004 UBS (lux) Institutional Fund - Key Selection European Equity

Class AA: ISIN: LUOl54869704 Class EA: ISIN: LUO154870629 Class XA: ISIN: LUO176378940



Structure of the Securities Portfolio Geographical Breakdown as a % of net assets United Kingdom France Netherlands Switzerland Germany Italy Ireland Belgium Austria Portugal Finland Noway Sweden Total

30.06.2004 85 053 682.61

AA 146 225.0000

128.43 EA

450 122.0000 129.43

XA 73 806.3430

108.60

38 53 13.70

12.05 6.1 1 5.41 4.54 1.23 0.90 0.86 0.79 0.57 0.31

12-78

97.78

31 -1 2.2003 69 350 960.02

AA 146 569.0000

1 19.86 0A

425 592.0000 120.40

XA 5 378.0000

100.99

Economic Breakdown as a % of net assets Banks and other credit institutions Petroleum Telecommunication Pharmaceuticals, cosmetics & medical producE Food &sof t drinks Mortgage and funding institutions (MBA. ABS) Vehicles Real estate Energy and public utilities Insurance Building materials and trade Tobacco and alcoholic drinks Retail trade, department stores Publishing & printing media Mechanical engineering & industrial equipment Media Chemicals Traffic and transport Internet & software services Healthcare. education & social services Agriculture and fishing Commercial Services Electrical appliances & components Financial. investment & other diversified companies Tota I

31.12.2002 NIA AA NIA NIA BA

N/A NIA XA N/A NIA

19.50 15.77 14.23 8.22 5.39 3.49 3.37 3.31 3.15 3.05 2.79

1.80 1.65 1.44 1.43 1.41 1.38 1.34 1.05 0 57 0.48

2.48

0.25 0.23

97.78

I


Semi-annual report as of June 30, 2004 UBS (Lux) Institutional Fund - Key Selection European Equity


Assets Investments in securities, cost lnvcstments in securities, unrealized appreciation (depreciation) Total investments in securities (Note 1) Cash at banks. deposits on demand and deposit accounts lntcrcst receivable on liquid assets Receivable on dividends Prepaid expenses Total Assets

Liabilities Provisions for management fees (Note 3) Provisions for custodian bank fees (Note 3) Provisions for taxe d'abonnernent (Note 4) Provisions for other expenses (Note 5) Total provisions Total Liabilities


EUR 30.06.2004

76 895 867.35 6 267 892 98

83 16376033 1 734 580 2 2

2 919 00 168 918 75

2 068 88 85 072 247.18

1 1 558.49 2 551.45 2 126.34 2 328.29

18 564.57 l a 564.57

85 053 682.61

Statement of Operations EUR


Expenses Management fee (Note 3) Custodian bank fee (Note 3) Taxe d'abonnernent (Note 4) Other expenses (Note 5) Total expenses

Net income on investmeno

Realized gain (loss) (Note 1) Realized gain (loss) on market-priced securities without options Total realized gain (loss) on investments Realized gain (loss) on foreign exchange Total realized gain (loss)




01.01.2004 - 30.06.2004 16 939.73

1501 874.74 4 944.44

1 523 758.91

68 387.01 15 254.85 4 245.02 9926.18

97 813.06

1425 945.85

3 323 769.38 3 323 769 38

-2 552.69 3 321 216.69

4 747 162.54

795 234.56 795 234.56

5 542 397.10

64 The notes arc an integral part of the financial statements

Semi-annual report as of June 30, 2004 UBS (Lux) lnrtitutional Fund - Key Selection European Equity


Net assets at the beginning of the period Subscriptions Redemptions Total net subscriptions (redemptions) Net income on investments Realized gain (loss) Changes in unrealized appreciation (depreciation) Net increase (decrease) in net assets Net assets a t the end of the period


Class Number of units outstanding at the beginning of the period Number of units issued Number of units redeemed Number of units outstanding at the end of the period Class Number of units outstanding a t the beginning of the period Number of units issued Number of units redeemed Number of units outstanding at the end of the period Class Number of units outstanding at the beginning of the period Number of utWi issued Number of units redeemed Number of units outstanding at the end of the period

EUR

69 350 960.02 01.01.2004 - 30.06.2004

1804865961 -7 RRR 134 12

10 160 325.49 1 425 945.85 3 321 216.69

795 234.56 5 542 397.10

85 053 682.61

01.01.2004 - 30.06.2004 AA

146 569.0000 2 620.0000

146 125.0000 BA

425 592.0000 81 161 0000

-56 631 .OOOO 450 122.0000

XA 5 378.0000

71 428.3430 -3 000.0000 73 806.3430

-2 964.0000


Semi-annual report as of June 30, 2004 UBS (lux) Institutional Fund - Key Selection European Equity

Statement of Investments in Securities and other Net Assets as of June 30,2004 Description IntererV Maturity

Swike Price


Bearer shares

Quantity/ Valuation in EUR as a % Nornlnal Unrealized gain of net

(loss) on Futures/ assets Optionslforward


Germany

EUR CELESIO AG 12 973.00 636 974 30 0.75 FUR SCHERING AG 12 758 00 617 869 94 0.73

1 254 m.24 1.48

Austria

EUR OMVAG 4776W 764207.76 0.90

764 207.76 0.30

Belg ium

EUR KBC BPINCPSSURANCE HOLDING SA 22 157.00 1 047 a04 53 1,23

1.23 1 047 804.53

Finland

EUR NOKIACORP 56 550.00 670 683.W 0.79

670 683.00 0.79

France

EUR FUR EUR EUR EUR EUR EUR EUR EUR EUR EUR

AVfNllS SA BNP PARlBAZ BOUYGUES CAPGEMlNl SA FRbNCE TELECOM SA SANOFI SYNTHELABO SA SUEZ SA TOTAL SA UNlBAlL HOLDING VALE0 SA WNCI SA

1260400 782 078 10 0 92 128 21 56800

1519300 418 I l l 36 0 49 20 563 00 678 373 37 0 EO w 934 w 1 305 206 28 1 54 19 481 00 1014960 10 119 27 040 W 462 654 40 0 54 18 283 00 286494610 3 37

2 34 23 400 00 12 907 00 442 064 75 0 52 7 336 00 607 420 80 0 71

109016240

1 989 Mx) 00

11 655 077.76 13.70

United Kingdom

GBP ABBEY NAllONAL PLC GBP ASTRSZENECA PLC GBP BALFOUR BEATR PLC

388 536 00 I 8 205 00

12414400

2 972 433 70 3 49 671 339 70 0 79 491 294 85 0 58

GBP BARCLAYS PLC 380 967 00 2 667 510 27 3 14 GBP GBP GBP GCP GSP

GBP GBP GBP GBP G8P GBP GBP GBP GBP GBP GBP GBP GBP GBF G8P GBP GBP GB?

cap

BG GROUP PLC CADBURY SCt!WEPPES PLC DAILY MUL d GENERAL TRUST PLC -A DIAEEO PLC DIMENSION DATA HOLDING5 LTO ESCTROCOMPONENTS PLC GALLAHER GROUP PLC INVFNSYS P L I N R C KE5A ELECTRICALE PLC LAND SECURITIES GROUP R C MERSEY DOCKS & HARSOUR CO MlSYS RC U M O l PLC MORSE PLC NATIONAL GRID TRANSCO PLC PRUDENllAL R C RENTOKIL INlTIAl PIC REUTERS GROUP PLC ROYAL BAllK OF SCOTLAND GROUP PLC SCOmSH WVdER PLC TFECO PlC VODdFONF GROUP PLC WOLSELFY PIC

324 385.00 438 867 00

1700000 87 993.00

225 501 W 39 190 00

114321 00 672 275 00 158 483.00 126 726 00 47 839.00 29 398 00

120 693 00 t 079 678 00

97 533 w 148 363 00 246 080 W 415 133.00 165 906 00 61 71900

215 192.00 150 543 00

2857 390.00 82 192 so

1 641 752.68 3 112 172 61

184 599 46 975 171 62 105 879.29 208 542 91

1 135 737 92 180 372 96 272 845 40 546 315 30 826 451 71 299 726 98 356 204 36

1 492 657 36 194081 80 940 972 93

1 740 461 77 894 358 56 916 225 26

1 460 902 84 1 279 024 23

597 450 79 514290633 1 047 484 53

1.93 3 66 0.22 115 0 12 0 25 1.33 0 21 0.32 0 64 0 97 0 35 0 42 1.75 0.23 111 2 os 1 ,Os 1 08 171 1.50 0 70 6 05 123

32 355 938.12 38.04

lieland

Ea4 ANGLO-IillSH BANK CORP PLC LUX BANK OF IRKAND EUR CRHPLC

141 249 00 1 81 5 049.65 2 13 :Z5 515 00 1 378 !65 68 1 62 38 615 00 670 356.40 0 79

3 863 571.73 4.54

66 The notes are dn integral part of thc financial statement5

S e m i - a n n u a l report as of June 30, 2004 UBS (Lux) Institutional Fund - Key Selection European E q u i t y

Description

Italy

EUR ENISPA ELR SAI'EM SPA EUR UNlCREDlTO ITALIAN0 SPA


Quantity/ Valuation in EUR asa % Nominal Unrealized gain of net

(loss) on Futurerl asreis OptionslForward


200 883.00 61 795 00

21 1 302 00

3 278 410.56 3 86 462 226 60 0 54 857 886 12 101

4 598 523.28 5.41

Norway

NOK YARA INTERNATlONAL ASA 73 2w.00 486 077.38 0 57

dRR6 077 3R n s i

Netherlands

EUR ABN AMRO HOLDING NV FUR KONlNKLllKE KPN NV EUR OROINANV EUR REED ELSEWER NV EUR ROYAL DUTCH PETROLEUM CO EUR TPG NV

128281.00 266 034 00 45 857.00 65 208 00

104232.W 46 565.00

2 306 492.38 2.71 1 665 372.84 1.96 408 593.04 048 752 500 32 0 88

4 3% 505.76 5.17 874 490 70 103

10 403 955.04 12.23

Sweden

SEK NOltDEA BANK AB 44 600.00 263 999.64 0.31

263 999.64 0.31


Reciistered sharer

Switzer land

CHF ACTELION LTD CHF CLARIANTAG CHF CREDITSUISSE GROUP CHF FORB0 HOLOING AG CHF NESnESA CHF SWSS REINSURANCE COMPANY

4 837.00 99 962 00

126 748 W

457 119 76 1 200 542.22 3 701 626.01

0.54 I 4 1 4 35

882 00 187 544 73 0 22 b 703.00 1 469 288 56 1 73 7 887 00 421 076 31 0.50

R 75 7 A37 197 65

Germany

EUR ALUANZAG EUR DAIMLERCHRYSLER AG EUR DEUECHE TELEKOM AG

4 781 00 6319400 75 15300

425 652 43 2 426 649 60 1 085 295.96

0 50 2 65 1.28

3 937 597.99 4.63

Portugal

EUR PCRTUGAL TELECOM SGP5 SA 82 614.00 732 786 18 o a6


Bonus sharer and participation certificates

Sw4zer land

CHF ROCHE HOLDING AG 34 524.00 2 809 533 44 3 30

Total Bonus shares and participation certificates 2 809 533.44 3.30

Cooperative shares

k i t e d KinSdom

GBP GUSPLC 31 23400 393 634 52 046

393 634.52 0.46

"total Cooperative shares 393 634.52 0.46

67 The notes are an integral part of the f i n a n c i a l statements

Description

Other shares


Semi-annual report as of June 30, 2004 UBS (Lux) Institutional Fund - Key Selection European Equity

Quantity/ Valuation in EUR asa% Nominal Unrealized gain of net

(loss) on Futures/ asscis OptionslForward

Exchange Contra& (NOW 1)

United Kingdom

GBP ITV PLC-CONVSHS 26 005 M) 24 032.59 0.03

21 032.59 0.03

Netherlandi

EUR WOLTERS KLUWER W-CVA 31 11900 464 29s 48 0.55

464 295.48 0.55




Cash at banks, deposiis on demand and deposit arcounls Other receivables and payable5 Other a s 5 ~ t s and liabllltias

Total net assets

1 734 580.22 2.04 '171 837.75 0.20 -16 495.69 -0.02

85 053 682.61 100.00

68 The notes arc an integral part of the financial statements

UBS (Lm) Institutional Fund - Key Selection Global Equity

Semi-annual report as of June 30, 2004 UBS (Lux) Institutional Fund - Key Selection Global Equity

Class AA: ISIN: LUO155225690 Class BA (USD): ISIN: LUOl54865546 Class BA (EUR)- ISIN: LUO155226235 Class XA (USD): ISIN: LUO176377546 Class XA (EUR): ISIN' LUO176377975


Date Fund's net assets in USD Class Units outstanding Net asset value per unit in EUR Class Units outstanding Net asset value per unit in USD Class Units outstanding Net asset value per unit in EUR Class Units outstanding Net asset value per unit in USD Class Units outstanding Net asset value per unit in EUR


Geographical Breakdown as a % of net assets United States o f America United Kingdom Japan France Netherlands Switzerland Ireland Australia Italy Sweden Canada Finland Belgium Spain Germany Hang Kong Bermuda Portugal Total

30.06.2004 165 546 925.05

AA 96 405.0000

113.59 BA

584 949.41 60 130.82

BA 114 912.0000

107.20 XA

518 677.2300 1 10.00

XA 35 799.5227

84.10

31.12.2003 90 170 277.63

AA 99 405.0000

107.71 BA

407 581 .81 50 128.11

BA 65 893.0000

101.42 XA

148 750.0000 107.69

XA NIA NIA

47.06 18 36 8 00 5 00 4 30 2 72 2 60 1 9 3 1 5 9 ..

1.55 1 3 9 1.37 0 79 0.69 0 52 0.48 0 36 0.20

98 91

Economic Breakdown as a 46 of net assets Banks and other credit institutions Pharmaceuticals, cosmetics & medical products Telecommunication Financial, investment & other diversified companies Petroleum Retail trade, department stores Tobacco and alcoholic drinks Insurance Traffic and transport Electrical appliances &components Building materials and trade Internet & software services Energy and public utilities Mechanical engineering & industrial equipment Media Aerospace industry Vehicles Publishing & printing media Hcalthcarc, education & social services Food & soft drinks Forestry, paper &forest products Biotechnology Computer hardware & networking Advertising Flectronics & semiconductors Real estate Human Resources Non-ferrous metals Miscellaneous consumer goods Aluminium Photographic and optics Healthcare - Products Total

31.12.2002 9 096 226.20

AA NIA NIA BA

50 405.0000 98.89

BA 41 485.0000

94.44 XA NIA NIA XA NIA NIA

12.88 9.75 8.68 8.2 1 4.80 4.29 4.17 4.17 3.79 3.63 3.58 3.37 3.03 2.26 2.26 2.20 2.16 2.14 1.81 1 .EO 1.60 1 3 3 1 3 1 1.19 103 0 92 0.55 0.50 0.44 0.40 0.36 0.30

98.91




Assets Investments in securities, cost Investments in securities, unrealized appreciation (depreciation) Total investments in securities (Note 1) Cash at banks, deposits on demand and deposit accounts Receivable on securities sales Interest receivable on liquid assets Receivable on dividends Prepaid expenses Unrealized gain (loss) on forward foreign exchange contracts (Note 1) Total A55ets

Liabilities Payable on securities purchases Provisions for management fees (Note 3) Provisions for custodian bank fees (Note 3) Provisions for taxe d'abonnernent (Note 4) Provisions for other expenses (Note 5) Total provisions

Total Liabilities




Expenses Management fee (Note 3) Custodian bank fee (Note 3) Talte d'abonnement (Note 4) Other expenses (Note 5) Total expenses


Realized gain (loss) (Note 1) Realized gain (loss) on market-priced securities without options Realized gain (loss) on forward foreign exchange contracfs Total realized gain (loss) on investments Realized gain (loss) on foreign exchange Total realized gain (1055)


Changes in unrealized appreciation (depreciation) Unrcalized appreciation (depreciation) on market-priced securities without options Unrealized appreciation (depreciation) on forward foreign exchange contracts Total changes in unrealized appreciation (depreciation)

Net increase (decrease) in net a55ets

USD 30.06.2004

150 316 273.94 13 424 695.52

163 740 969.46 3 a43 162.45

140 778.35 1 779 00

193 223 27 2 520.57

167 837 441.00 -84 992.10

2 271 054.19 8 147.50 3 360.74 4 138.67 3 814.85

19461.76 2 290 515.95

165 546 925.05

USD

11 71082 1320 187.57

22 347.03 1 354 245.42

01.01.2004 - 30.06.2004

49 378.31 17 663.77 7 182.85

11 799.68 86 024.61

1 268 220.81

3 595 995 74 -701 3 1 1.48

2 894 684.26

2 783 166.92

4 051 387.73

-111 517.34

-1 889 257 20 464 943.50

-1 424 313.70

2 627 074.03


Semi-annual report as of June 30,2004 UBS (Lux) Institutional Fund - Key Selection Global Equity


Net assets at the beginning of the period Subscriptions Redemptions Total net subscriptions (redemptions) Net income on investments Realized gain (loa) Changes in unrealized appreciation (depreciation) Net increase (decrease) in net assets Net assets at the end of the period


Class Number of units outstanding at the beginning of the period Number of uniE issued Number of units redeemed Number of units outstanding a t the end of the period Class Number of units outstanding at the beginning of the period Number of units issued Number of units redeemed Number of units outstanding a t the end of the period Class Number of units outstanding at the beginning of the period Number of units issued Number of units redeemed Number of units outstanding a t the end of the period Class Number of units outstanding at the beginning of the period Number of units issued Number of units redeemed Number of units outstanding a t the end of the period Class Number of units outstanding at the beginning of the period Number of units issued Number of units redeemed Number of units outstanding a t the end of the period

USD 01.01.2004 - 30.06.2004

90 170 277.63 74 661 505.16 -1 91 1 931.77

1 268 220.81 2 783 166.92

-1 424 313.70

72 749 573.39

2 627 074.03 165 546 925.05

01.01.2004 - 30.06.2004 AA

99 405.0000 0.0000

-3 000.0000 96 405.0000

BA (USD) 407 581.8150 181 317.6010

-3 950.0000 584 949.4160

BA (EUR) 65 893.0000 49 735.0000

-71 6.0000 114 912.0000

XA (USD) 148 750.0000 378 048.4090

518 677.2300 XA (EUR)

0 0000 35 799.5227

0.0000 35 799.5227

-8 121.1790


Semi-annual report as of June 30, 2004 UBS (lux) Institutional Fund - Key Selection Global Equity


S t r i k e Price Quantity/ Valuation in USD asa %

Nominal Unrealized gain of net (loss) on Futures/ assets OptionslFotward

Exchange C o n t r a c t s (Note 1)


Bearer sha res

Australia

AUD AUSTR B NEWZEALAND BKlNG GROUP L T D 18 300 00 360 367.96 0.22 AUD QBE INSURANCE GROUP LTD 133 400 00 1 189 458.65 0 72 AUD WESTPAC BANKING CORP 1343W 00 1 646 539.79 0 99

3 196 366.40 1.93

Belgium

EUR FORTISS/vNV 59 000 M) 1 306 438.38 0.79

1 306 438.38 0.79

Bermuda

USD INGERSOLL-RAND COMPANY LTD-A 870000 594 297.00 0.36

594 297.00 0.36

Canada

CAD ALCANINC 162WOO CAD SHOPPERS DRUG MARTCORP 21 500 00 CAD SUNCOR ENERGY INC 43 300.00

€66 969 95 040 535 595 72 0 33

1 098 365.04 0.66

US0 US0 US0 US0 USD USD USP USD USP US0 USD US0 USD E50 US0 US0 USD USD US0 US0 U5D US0 USD U5D USD USD U5D USD US0 USD USD us3 USD USD US0 USD US0 USD USD US0 USD US0 US0 US0 USD US0 us0

AFLAC INC ALBERTSONS INC ALLERGPN INC ALTRIA GROUP INC

AMERICAN INTERNATIONAL GROUP INC BOEING CO BRISTOL MYERS SQUIBB CO BURLINGTON NORTHERN SANTA FE CORP CEPHALON INC ClTlGROUP INC COSTCO WHOLESALE CORP DFI L INC

AMERICAN ELECTRIC mvm co INC

.... . FIRSTENERGY CORP FREDDIE MAC GENERAL ELCCTRIC CO GENZYME CORP-GENERAL DIWSION GUIDANTCOR? HERLETWACKARD CD ILLINOIS IOOL WORKS INC INTERPUBLIC GROUP OF COS INC JOrlNSON &JOHNSON JP MORGAN CHASE & CO KOi l i 'S CORP MASCO CORP MC5RAVd-HILL COMPAN'ES INC MEOTRONIC INC hlE..Oh F h A h I AL CO M CROSOFT CORP MOLC4h $ T A M € I MYLAN LABORATORIES INC NEXTEL COMMUNICATION5 INC-A NORTHROP GRUMMAN CORP OMNiCOM GROUP INC ORACLE COW PEPCO HOLDINGS INC RAYIHEON CO SBC COMMUNICATIONS INC SEMPRA ENERGY ST PAUL TRAVELERS COhlPANlES INC

UNliEMEALTH GROUP INC MRITAS SOFTWARE CORWRATION VlAiOM INC-B WELLS FARGO & CO L'ILSTWOOD ONE INC WETH

ntrli WARNER INC

13 300 00 40 400 00 28M)OW 44 700 00 24 300 00 1840000 37 2W W 1 ~ 0 0 0 0 0 48 900 00 23 200 00

124 600 00 57 700 00 21 m o o 23 400 00 51 5 w 00

109 300 00 2010000

26 200 00 23 BOO 00 74 600 00 54 100 00 55 000 00 1200000 84 100 00

6 000 00 1470000 90 900 00

153 300 00 40 000 00 70 500 00

133 100 00

12 50000 3010000 22 900 00 24 800 00

15 300 00

77 300 00 35 500 30 30 700 00 48 600 00 45 700 00 6 900 00

73 600 00

a goo 00

1 5 a w o o

a6 400 00

21 aoo oo

542 773 00 1072 21600 2 560 272 W 2 237 235 00

777 600 00 I311 55200 1900548w 465 500 00

1 714923 00

5 733 900 00 2 376 086 00

766 548 w 3 259 350 00 3 541 320 00

1 252 aoo 00

a75 394 00

2 282 182.00 I 024 258.00 3 013 370 00 1 1 3 2 3 5 0 0 0

507 360 00 2 622 23a.w

7 1 6 18400 453 420 00

2 666 097 00 4 378 248 00 2 I10 800 00

3 5 4 8 4 4 6 0 0 848 460 00 348 625 00 359 093.W 41861200 887 0% 00

2 095 200 00 526 779 00 883 772 00

1 369 48Z.W

853 153 00 1 735 992 00

1 a i 7 625.00

2 203 a75 00

2 61s a i I 00 164 2?0 00

2 661 376.00

0.33 0 65 1.55 1 3 5 0 47 0 73 1 1 5

1 0 4 0 76 3 50 1 43 046 0 53 1.37 2 14 0 57 0 30 0.33 1.38 0.62 1 8 2 1 2 9 0 31

0 2a

1.58 0 2a 0 43 I61 2 64 1 2 7 0 86 7 14 0 51 0 57 0.22 0 25 0 54 127 0 32 0 53

I 3 3 0.52 I O 5 1.58 0 1c 161

0.83

77 915 826.00 47.06

riiland

EUR NOhlA CORP 91 500 00 1 320 236 01 0 80

72 The notes die an integral part of the f i n a n c i a l statements.


Description InteresV Maturity Strike Price

Quantity/ Valuation in USD as a % Nominal Unrealized gain of net

(loss) on Futures1 asset5 OptionrlForward


EUR UPM-KYMMENE OYJ 49 700 00 945711 49 0 57

2 266 007.50 1.37

France

EUR BNP PARIBAS EUR CAP GEMINI 5A EUR FRANCE TELECOM SA EUR SANUFI SYNTHFLABO SA EUR SUEZZA EUR TOTALSA EUR UNlBAlL HOLDING

23 900 00 1 469 889 17 0 84 20 900 00 838 868 91 0 51 66 900 00 1 743 456 49 105 1049000 659 229 44 040 11 70000 243 557 44 0 15 1360000 2 592 E26 37 156 7 100.00 734248.05 0.44

8 282 075.93 5.00

Unlted Kingdom

GBP GBP GBP GBP GBP GBP GBP GBP GBP GEP GBP GBP G8P GBP GBP G8P GBP GBP GBP GBP US0

ASTRAZENECA R C EARCLAYS PLC BP PLC CADBURY SCHWEPPES PLC CENlRICA R C DIAGEO PLC ELECTROCOMWNENTS PLC GALLAHER GROUP PLC GLAXOSMITHKLINE R C HSEC HOLDINGS PLC INVfNSYS R C KINGFISHER PLC NAllONAl GRID TRANSCO PLC RENTORIL INlTlAl R C RID TINT0 R C ROYAL B b N K OF SCOTLAND GROUP PIC SCOTllSH &SOUTHERN ENERGY R C SHEU TRANSWRT & TRADING CO R C

VODAFONE GROUP PLC nsco mc

WlLtlS GROUP HOLDING LTD

16 800.00 195 200.00 367 7 W W I87 000 00 105 000.00 191 EO0 00 79 100 M

172 400 00 43 803 M)

69 200 00 785 000 00 21 6 300 00 83 700 00

302 800.00

75 400 00 122 m . 0 0 404 000 00 331 3W.W

I 308 000 00 21 m.00

34 200 oa

753 748.50 1 662 892.16 3 247 432 06 161338452

427 487.21 2 586 110.39

512 108.73 2 083 794 55

886 453.15 1 029 052 26

256247.50 112284420

645 866 12 793 489 53 822 407.60

2 171 397.47 1 507 798.04 3 000 262 94 1599663.13 2 E64 259 53

816 410.00

30 403 109.59

046 1 00 1 96 0 97 0.26 156 0 31 1.26 0.54 0.62 0.15 0 68 0.39 048 0.50 131

181 0.97 173 0 49

0.91

18.36

Hong Kong

HKD SUN HUNG KAI PROPERllEZ LTP 96 wo.00 787 71 1 43 0.48

787 711.43 0.48

Ireland

EUR BANK OF IRELAND EUR CRHPLC

2W 700 W 2681 11376 162 7710000 1 628 432 00 0 98

4 309 545.76 2.60

Italy

EUR ENISPA EUR UNlCREDlTU ITALIAN0 SPA

51 4oo.w 325 200 00

102058411 0.62 1 606 357 11 0 97

2 626 941.22 1.59

Japan

IPY CANON INC IPY HONDA MOTOR CO LTD JPY HOYA CORP JPY KAU C O W IPY JPY NINTENDO C U LTil IPY NIPFUN UNIPAC HOLDING JPY NTT 30COMO INC

MITSUEISHI TOKYO FINANCIAL GRP INC

IPY ROHM CO LTO JPY SEkSUI HOJSE L lD IPY SOMPO JAPAN INSURANCE INC JPY TALEDA PHARMACFUXAL C3 LTD JPY TUYOTA INDUSTRIES CORP

7 700 00 74 300 00 5 700.00

52 000 00 55 00

610000 130.W

1 000 00 9 600 W

73 000 00 71 oww 9 500.00

25 EW 00

405771.68 0 25 2 16

596 573.72 0.36 0 76

509 104 84 0 31 707 101 07 0 43 680 303 37 0.41

1 787 136 70 108 1 14904641 0.69

810 196 13 0 49 725 531 68 0 44 41704439 0 25 619 504.06 0.37

3 581 770 20

1 253 378 54

13 242 563.79 8.00

Netherlands

EUR ABN AMRO HOLDING NV EUR KUNINKLIJKE KPI NV FUR KONINKLIJKE PHlLlR ELECTRONICS NV [US REED ELSEVIER NV EUR TPGNV FUR VNlJN1'

1590000 347 818 23 88 000 00 670 217 95 37 loo.w 990 897.33

106 000 00 1 488 154 50 68 O W 00 155371025 47 969 00 1 393 088 20

021 0 41 0 60 0 90 0.94 0 84

6 451 996.46 3.90


Semi-annual report a 5 of June 30, 2004 UBS (Lux) I n s t i t u t i o n a l Fund - Key Selection Global Eqiiity

Description

Sweden

SEK ELECTROLUXA8.B SLK HENNES B MAURITZ AB-B SEK SVEN5KACELLULOSA AB-B 5EK SMDISH MATCH AB


Quantity/ Valuation in US0 asa% Nominal Unrealized gain of net

(loss) on Futures/ assets OptionrlFomard


21 100.00 1580000 26 900 00 71 m a aa

1

404 747 87 0 24 407 953 7a 0 25

I 021 298.24 0 62 725 743 a i a 44

2 559 74x70 1.55


Registered shares

Switzerland

CHF ADECCOSA CHF HOLCIM LTD CHF NESTLESA CHF S N S S REINSURANCE COMPANY

18 500.00 921 750.24 0.55 16 100.00 875 447 14 0.53 515000 1 373 442.99 0.83 8 9ao.oo 578 102.04 0.35

3 74a 742.4’1 2.26

Germany

EUR ALLIANZAG 7 9w.w 855 714 70 0.52

a55 714.70 0.52

Spain

EUR BANCO BILBAO VUCAYA ARGENTARIA SA 86 200 00 1 1 5 1 52968 0 69

1151 529.68 0.69

Portugal

EUR WRTUGAL TELECOM SGPZ 5A 30 OW.00 323 750 47 0 20

323 750.47 0.20


Bonus shares and uarticiuation certificates

Swi:zerland

CHF ROCHE HOLDING AG 7 7 w ao 762 376 24 a &

762 376.24 0.46

Total Bonus sharer and participation certificates 762 376.24 0.m

Other shares

Netherlands

EUR WOLTERS KLUWER NVLVA 36 io0 oa 655 302 09 040

655 302.09 0.40


163 740 969.46 98.91 Total Transferable securities listed on an offacial stock exrhanae


74 The notes are an integral par t of the financial statements

Description Interestl Maturity Strike Price

Seml-annual report as of June 30, 7004 LIB5 (Lux) Institutional Fund - Key Selection Global tquity

Quantity/ Valuation in US0 as a % Nominal Unrealized gain of net

(loss) on Futures/ asre& Optionrlforward


Forward Foreign Exchange contracts (PurchaselSale)

US0 1 263 150.00 against GBP 100 Wo.00 30.09 04 US0 1 207 600 30 against EUR 1 000 000 00 30.09 04 US0 10 7 I6 000.00 against GBP 6 000 000 W 30.09.04

3 497 90 0 00 -7 412 00 0 00

-81 018 00 -0 05

Total Forward Foreiqn Exchanae contracts (PurchaselSale) -84 992.10 -0.05

Cash at banks. deposits on demand and deposit accounts Other receivables and payables Other asseis and liabilities

3 843 162.45 2.32 -1 935 273.57 -1.17

-16 941.19 -0.01

Total net assets 165 546 925.05 100.00


UBS (Lux) Institutional Fund - Key Selection US Equity

Semi-annual report as of June 30, 2004 UBS (Lux) Institutional Fund - Key Selection US Equity

Class AA: ISIN: LUO15487/988 Class BA: ISIN: LUOl54878283 Class XA: ISIN: LUO176378197


Date Fund's net assets in USD Class Units outstanding Net asset value per unit in USD Class Units outstanding Net asset value per unit in USD Class Units outstanding Net asset value per unit in USD

Structure of the Securities Portfolio Geographical Breakdown as a % of net assets United States of America Bermuda United Kingdom Switzerland Total

30.06.2004 71 569703.65

AA 3 227.0000

101.53 0A

520 129.61 50 131.73

XA 26 460.1266

102.98

31.1 2.2003 59 283 872.76

AA NIA NIA BA

465 749.61 50 127.29

XA NIA NIA

Economic Breakdown as a % of net assets Pharmaceuticals, cosmetics & medical products Financial, investment & other diversified companies

Banks and other credit institutions

Retail trade, department stores Telecommunication Insurance Internet & software services Petroleum Mechanical engineering & industrial equipment Building materials and trade Healthcare, education &social services Aerospace industry Traffic and transport Advertising Biotechnology Computer hardware & networking Commercial Services Electrical appliances &components Electronics & semiconductors Chemicals Forestry, paper &forest products Healthcare - Products Consulting Tota I

94.60 1.76 1.31 Energy and public utilities 0.93

98.60 Media

31.1 2.2002 9 294 848.30

AA NIA NIA BA

94 900.0000 97.94

XA NIA NIA

13.95 13.05 6.23 6.17 5.33 5.10 5.03 4.96 4.61 4.38 4.03 3.83 3.76 3.29 3 24 2.79 2.39 1.21 1.12 1.03 0.93 0.64 0.63 0 50 0 40

98.60


Semi-annual report as of June 30,2004 URS (Lux) Institutional Fund - Key Selection US Equity


Assets Investmeits in securities. cost Investments in securities, unrealized appreciation (depreciation) Total investments in securities (Note 1) Cash at banks, deposits on demand and deposit accounts Receivable on securities sales Interest receivable on liquid assets Receivable on dividends Prepaid expenses Total Assets







Realized gain (loss) (Note 1) Realized gain (loss) on market-priced securities without options Realized gain (loss) on financial futures Total realized gain (loss) on investments Total realized gain (loss)


Changes in unrealized appreciation (depreciation) Unrealired appreciation (depreciation) on market-priced securities without optiuris Total changes in unrealized appreciation (depreciation)


USD 30.06.2004

64 215 704 51 6 354 263.79

70 569 968.30 881 262.59

79 504.82 119600

42 085 24 1590.06

71 575 607.01

199.86 2 228.18 1789.24 1 686 08

5 903.36 5 903.36

71 569 703.65

USD

6 916.68 27.00

363 319.66 31 081.48

401 344.82

01.01.2004 - 30.06.2004

484 03 12 872.63 3 410.12 8 197.96

24 964.74

376 380.08

2 088 947.90 12 660.00

2 101 607.90 2 101 607.90

-176 982.63 -176 982.63

2 301 005.35


Semi-annual report as of June 30, 2004 UBS (Lux) Institutional Fund - Key Selection US Equlty


Net assets a t the beginning of the period Subscriptions Redemptions Total net subscriptions (redemptions) Net income on investments Realized gain (loss) Changes in unrealized appreciation (depreciation) Net increase (decrease) in net assets Net assets at the end of the period


Class Number of units outstanding at the beginning of the period Number of units issued Number of units redeemed Number of units outstanding a t the end of the period Class Number of units outstanding at the beginning of the period Number of units issued Number of units redeemed Number of units outstanding at the end of the period Class Number of units outstanding a t the beginning of the period Number of units issued Number of units redeemed Number of units outstanding at the end of the period

USD 01.01.2004 - 30.06.2004

5928387276 10 972 258.14

-987 432.60 9 984 825.54

376 380.08 2 101 607.90 -176 982.63

2 301 005.35 71 569 703.65

01.01.2004 - 30.06.2004 AA

0.0000 3 276.0000

-49.0000 3 227.0000

EA 4657496150

61 995.0000 -7 615.0000

520 129.6150 XA

0.0000 26460.1266

0.0000 26 460.1266

78 The notes are an integral par: of the financial statements

Semi-annual report as of June 30. 2004 UBS (Lux) Institutional Fund - Key Selection US Equity

Statement of Investments in Securities and other Net Assets as of June 30, 2004 Description Interest/ Maturity

Strike Price Quantity/ Valuation in US0 asa %

Nominal Unrealized gain of net (loss) on Futures1 assets OptionJFonvard



Bearer shares

Swltzerlanc

US0 MElIER M L E W INTfRNATlONAl INC 13 6W.00 668 304 W 0.93

668 304.00 0.93

Bermuda

USD ACCENTURE LTDA US0 INGERSOLL-RAND COMPANY LTD-A

104M)OO 14 300 00

285 792.W 976 833.00

0.40 136

1 262 625.00 1.76

United States of America

US0 us0 US0 US0 US0 USD U5D USD USD US0 US0 US0 US0 us0 US0 USD USD USP US0 US0 USD US0 US0 US0 USP us0 US0 USD US0 us0 US0 US0 USD USD USD USD US0 USD us0 US0 USD us0 US0 USD USD US0 U5D USD US0 US0

US0 US0 US0 US0 US0 USD L&D US0 USD USU US3

u m

AFLAC INC ALBERTSONS INC ALLERGAN INC AMERICAN ELECTRIC WWER CO INC AMERICAN INTERNATIONAL GROUP INC ANTHEM INC EOEING CO ERISTOL MYERS SQUIEB CO BURLINGTON NORTHERN SANTA FE COUP CEPHALON INC c i n m o u P INC CMS ENERGY CORP CONKOPHILLIPZ COSTCO WHOLESALE CORP DELL INC DELTA AIR LINES INC DOMINION RESOURCES INC EASTMAN CHEMlCbl CO EQUIFAX INC EXELON CORP EXXON MOBlL CORP FIRSTENERGY CORP FREDDIE MAC GMNETT CO INC GENZYME CORP-GENERbl PMSION GUIOANTCORP ILLINOIS TOOL WORKS INC INTERPUBLIC GROUP 01 COS INC

JOFNSON CONTROLS INC 1P h4ORGAN CHASE & CO KERR-MCGEE CORP KIMBERLY-CLARK CORP KOHL'S C O W

JOHNSON a JOHNSON

MARTIN MARIETTA MATERIALS INC M A K O CORP MEADWESNACO CORP MEDTRONIC INC MELLON FINANCIAL CO MlCaOSOFl CORP MORGAN STANLEY MY.AN LABORATORIES INC NEXEL COMMUNICATIONS INC-A NORTHSOP GRUMMAN CORP OMNICOM GROUP INC OHACLC CORP PEKO HNDINGS INC PNC FINANCIAL SEXVICES GROUP OUEST DIAGNOSTICS INC 50; COMMrh.IATIChI h; 5EhlPRA fhEnGr TnE nARTFOh3 F hA\(:.AljERd<E; GRP TIM€ WARNER INC TJX COS INC UNITED TECHNOLOGIES CORP UNITEUHEALTH GROUP INC VERITA5 SOWARE CORWRAllON VlACOM .NC-R . .. VIA0 CORWRATION WILLS FA'IGO E CO WESnX)OD ONE INC VPETH

I6 1W.W 35 300 00 26 900.00 20 500 00 16 270 W 8 500 00 20 300.00 26 220.00 61 4 w . W 1340000 69 200.00 24 820 00 12 9oo.W 37 200 00 12400W 22 910 00 6 950.00 9 940 00 149W.W 41 080 M)

42 1OO.W 28 690 00 28 7W.00 5 900 00 20 8 W 00 6 400 00 1991000 46 020 00 33 4w 00 13 800.00 45 500 00 5 180 00 1677000 15 000 00 21 680 00 57 140 00 15 260.00 12 10000 53 330 00 87 470 00 36 960.00 63 100.00 11222000 1623000 17 980.00 67 330.00 1 1 300.00 1583000 5 000 W 25 2?0 00 20 230 W 1 1 530 00 78 300 00 22 420 OC 4 E70 W 31 00000 152WOO 43 560 00 1591000 41 900 00 16 10000 4 700 00

657 041 00 936 862.00

2 408 088.00 656 000 00

1 I59 725 60 761 260 00

1 037 127 00 642 390 00

2 153298W 723 600.00 2178wW 226 606.60 984 141 W 531 896 00 4ba16800 163 119 20 438 406 00 459 526 20 368 775 00 367 553.20 869 661.W 073 292.90 816710.W 500 61 5 00 484 464 00 . . . 357 632 00 9w 169.90 631 854 60 860 380 W 736 644 00 764 035 00 278 528 60 104 807 60 634 200 00 961 074.40 781 625 20 448491.40 589 512 00 564 168 90 498 I43 20 950 379 20 277 775 00 991 785 20 863 940 00 364 502.20 802 884 00 206 564 W 840 256.40 424 750 00 61 1 585 00 696 51 E 40 792 SI2 20 376 514.00 541 21880 445 507 60

1 929 750 00 422 408 00

1 555 963 20 429 729.10

2 397 937.00 383 180 00

1 688 672 00

0.92 131 3.36 0 92 1.62 1.06 1.45 0.90 3.01 101 4 50 0 32 1.38 2.14 0.62 0 23 0.61 0.64 0.52 1.91 2.61 150 2.54 0 70 1 38 0 50 2 67 0 88 2 60 103 246 0 39 1 54 0 89 t 34 2 49 0 63 0 E2 2 19 3 49 2 72 178 4.18 1.22 1.91 1.12 0.29 117 0 59 0 85 0.97 1 1 1 192 0 16 0 62 2 70 0 59 2 17 0 60 ? 35 0 54 236

67 702 789.30 94.60



Senri-annual report as of June 30,2004 UBS (Lux) Institutional Fund - Key Sclcction US Equity

Quantity/ Valuation in USD m a % Nominal Unrealized gain of net

(loss) on Futures/ assets OptionslForvvard


United Kingdom

USD WlLLlS GROUP HOLDING LTO 1 5 000.00 936 250 00 1 3 1

1.31 936 250.00




Cash at banks, deposits o n demand and deposit accounts Other receivables and payable5 Other assets and liabilities

881 262.59 1.23 122 786.06 0.17 4 313.30 0.00

Total net assets 71 569 703.65 100.00

80 .The notes are an integral part of the financial statcrnents

UBS (Lwr) Institutional Fund - Short Term EUR Semi-annual report as of June 30, 2004

UBS (Lux) Institutional Fund - Short Term EUR Class AA- ISIN' LUO1431G9497 Class BA: ISIN LUO 143 169570

Class AD-T2: ISIN: LU0157022731 Class XA- ISIN- LUO176377389


Date Fund's net assets in EUR Class Units outstanding Net asset value per unit in EUR Class Units outstanding Net asset value per unit in EUR Class Units outstanding Net asset value per unit in EUR Class Units outstanding Net asset value per unit in EUR

Structure of the Securities Portfolio Geographical Breakdown as a % of net assets Germany Netherlands Australia United States of America Italy France Ireland International Organizations Luxembourg Cayman Islands Denmark Austria Jersey United Kingdom Guernsey Total

55.20 6.20 6.16 6.12 4.13 3.47 3.21 2.63 2.57 1.92 192 1 3 2 1.28 1.28 0.64

98.05

30.06.2004 31.12.2003 31 .I 2.2002 155 71 6 328.36 221 303 763.12 74963962.15

AA 558 048.81 74

105.85 BA

187 998.3976 106.45 AD-T2

256 328.0000 101.04

XA 500 000.0000

101.47

AA 686 475.8875

104.86 BA

585 703.1347 105.34

365 628.0000 102.37

XA 500 000.0000

100.38

AD-T2

Economic Breakdown as a % of net assets Banks and other credit institutions Mortgage and funding institutions (MBA, ABS) Financial, investment & other diversified companies Bonds of cantons, federal states, federal countries, provinces, districts etc. Bonds of countries and central governments Supranational Bonds of public corporations Traffic and transport Total

AA 334 256.1228

102.59 BA

389 455.5057 102.81

6 334.0000 100.25

XA NIA NIA

AD-T2

40.86 19.34 17.11

9.30 4.81 2.63 2.08 1.92

98.05


Semi-annual report as of lune 30, 2004 UBS (Lux) Institutional Fund - Short Term E l J R


Assets Investments in securities, cost Investments in securities, unrealizcd appreciation (depreciation) Total investments in securities (Note 1) Time deposits and fiduciary deposits Interest receivable on securities Prepaid expenses Total Assets

Liabilities Provisions for management fees (Note 3) Provisions for custodian bank fees (Note 3) Provisions for taxe d'abonnement (Note 'I) Provisions for other expenses (Note 5) Total provisions Total Liabilities






Realized gain (loss) (Note 1) Realized gain (loss) on yield-evaluated securities and money market instruments Total realized gain (loss) on investments Total realized gain (loss)


Changes in unrealized appreciation (depreciation) Unrealized appreciation (depreciation) orr yield-evaluated securities and money market instruments Total changes in unrealized appreciation (depreciation)


EUR 30.06.2004

152 808 258.47 -134 174.25

152 674 084.22 1 387 048.59 1 679 174.09

S 156.03 155 745 462.93

15 279.73 3 439.02 3 892 91 6 522 91

29 134.57 29 134.57

155 716 328.36

EUR

20 788.69 2 009 851.42

797.81 2 031 437.92

01.01.2004 - 30.06.2004

107 116.88

9 643.06 19 889.98

165 423.72

1866 014.20

28 773.80

226 387.45 226 387 45 226 387.45

2 092 401.65

-65 520.60 -65 520.60

2 026 881.05


Semi-annual report as of June 30, 2004 LIES (Lux) Institutional Fund - Short Term EUR




Class Number of units outstanding a t the beginning of the period Number of units issued Number of units redeemed Number of units outstanding a t the end of the period Class Number of units outstanding a t the beginning of the period Number of units issued Number of units redeemed Number of units outstanding at the end of the period Class Number of units outstanding at the beginning of the period Number of units issued Number of units redeemed Number of units outstanding a t the end of the period Class Number of units outstanding at the beginning of the period Number of units issued Number of units redeemed Number of units outstanding a t the end of the period

EUR

221 303 763.12 01.01.2004 - 30.06.2004

22 354 962.20 -89 164 637.05

-66 809 674 85; -804 640.96

1 866 014.20 226 387.45 -65 520.60

2 026 881 05 155 716 328.36

01.01.2004 - 30.06.2004 AA

686 475.8875 109117.4211

-237 544.4912 558 048.8174

BA 585 703.1347

2 250.0000 -399 954.7371 187 998.3976

AD-T2 365 628.0000

0.0000 -109 300.0000 256 328.0000

XA 500 000.0000 105 690.0000

-105 690.0000 500 000.0000

83 The nctes are an integral part of the financial statements.

Semi-annual report as of June 30, 2004 UBS (Lux) Institutional Fund - Short Term CUR



Nominal Unrealized gain of net (loss) on Futures1 assets OptionslForward



Bonds. fixed rate

in AUSTRIA. REPUBLIC OF EUR BREMER LB KREDITANSTALTOLDENBURG FUR COMPAGNIE DE FINANCEMENTFONCIER DFM DEPFA FINANCE NVAMSTERDAM

8.50000% 5 00000% 3.000W% 7 00000% 7.75000% 2 60000% 5,WOOO% 5 50000% 3.B75M% 5.50000% 6 62500% 1 75000% 7.12500% 5 25000% 5.87500% 5 25000% 4.50000% 4.75000% 3.50OM)%

94-15.10.04 99.16 12.04 02-29 11 04 95-01 06 05 9401 10 04 01.150704 98-03.02.05 47-03 1 1 04 98-1 5 04 05 00-04 10 04 96.25.01.05 03-21 02.05 95-1 2.04.05 00-10 03 05 96-25.10 04 00-15.02 05 02.18.12 04 99-13 1004 99-01.07.M

20w00000000 2 000 000 00 1 400 ow 00 4 ow 000 00

1051 510.79 2 024 996 80

0.68 130 0.90 137 208 0 64 3.27 2 60 1.95 0 52 1.09 0 64 0.68 4.13 0.34 3 27 1.30 2 26 128

30.30

1 404 91 7 92 2 129 400 00 .. ..

EUR DEUTSCHE EUNDESWST EUR DEUTSCHE PFANDBRIEFBANK AG EUR DEUTSCHE PFANDBRIEFBANK AG

3 zw ooo.00 1 wo 000.00 5WOOWW

3 245 818.56 1 000 175 30 5 084 437.50

FUR EUROHYPO AG EUR EUROPEAN INVESTMENT BANK EUR GENERAL ELECTRIC CAPITAL CORP FRF GENERAL ELECTRIC CAPITAL CORP EUR HYPOTHEKENBbNK IN EISEN 4G DEM INTL BANK FOR RECONSTR & DEVELOP EUR ITALY REPUBLIC OF EUR KREDITANSTALT FUER WEDERAUFBAU EUR LAKDESEANK SAAR EUR LANDESBANK SACHSEN GIROZENTRALE EUR RAEOEANK NEDERLAND EUR UBSJERSEY BRANCH

4 wo 000 00 300000000

800 000 00 10 830 WO.00

1 000 000 00 2 w o 0 W 0 0 6 300 000 00

4 045 387 20 3 037 213.50

806 760 32 1 691 433 46

998 116 10 1 060 083 24 6 431 497 38

526 51965 5 091 690 00 2 021 841 20 3 526 003 60 2 WO 060 60

520 038.00 5 000 000 00 2 OM1 m . 0 0 3 500 000 00 2oM1000.00

Total Bonds, fixed rate 47 177 863.12


EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR SUR EUR EUR EUR FUR EUR EUK EUR

ALLGEMEINE HYPOTHEKENBANK AG BANK AUSTRIA CREDITANSTALT AG BAYERISCHE LANDESBANK BO5 INTERNAllONAL AUSTRALIA LTC BPE FINANCE INTERNAllONAL LTD BRANDENBURG. LAND CAME NATL CAISSES EPARGNE & PREV ClTlBANK CREDITCARD MASTERTRUST1 DEUTSCHE HYFVTHEKENBPNK AG DEUTSCHE HYPOTHEKENBANK AG DTE HYPOTHEKENBANK HANNOVEmERLIN GE CAPITAL AUSTRALIA FUNCING PTY GE CAPITAL EUROPEAN FUNDING HSHNORDEANKAG HVB REAL ESTATE BANK AG HYFOTHEKENEANK IN ESSEN AG LANDESBANK SACHSEN GIROZENTRALE MUENCHNER HYWTHEKENBANK AG NATIONAL AUSTRALIA BANK LTD NATIONAL AUSTRALIA BANK LTD

FRN FRN FRN FRN FRN FRN FUN FRN FRN FRN FRN FRN FRN FRN FRN FRN FRN FUN FRN FRN FRN FRN FRN FRN FRN FRN FRN

03-03.1 1.05 01 -20.1 1.06 03-28.01.05 03.13 06 05 03.07.02 05 02.25 1005 03.17.01.05 99-25 08.06 02-22.07.05 03-15 07 05 99-03.03 05 01-15 11 04 03-05.1 2.06 02-22 05 07 02-28 08 07 0409 01 06 03-1 1.01 05 03.22 08 05 02-06.08.04 oa22,01 07 03-24 02 05 01-12 09 08 02.20 12 04 03.26 09 05 03-15 09 05 03-07 07 06 03-23 09 05

4 m ow.00 1 000 000 00 2 OM) (x10.00 5 600 000.00 1 0ooooo.w 2 500 000 00 4WOWOOO 7 000 000 00 1 wo 000.00 2 000 000.00 2 5w wo.00

3 995 855.20 1 001 454 50 1 959 880.60 5 599 602.40

999 377.70 2 499 098.50 3 999 805 60 7019 14360

998 926.40 1 947 826 40 2 525 249 50 1000 14460 2 998 550 10 994 248.50 998 085.40

2.57 0 64 1.28 3 60 0.64 161 1.57 4 51 0 64 128 1 62 0 64 1 93 0 64 0 64 128 1.28 3 21 0 96 0 96 0.64 1.92 128 4 50 2.57 2 57 1 93

1 000 000.00 3 000 w0.w 1 000 000.00 1 000 000.00 2 000 000.00 2 000 0oo.w 5 000 000 00 1 5 w 000 w 1 500 000 00

1 998 737 80 1999911.40 4 996 749 00 1 499 989 EO 1 497 198 90

N 0 CAPITAL BAN< h V h EVER;AC+SEN rAhV NORDDEUTSChE LWDESBAhl GZ

1 000 000 w 3 000 000 00 2 000 0oo.M)

999 958 10 2 986 627 20 1 999 310 20

NORDDEUTTCHS I.ANDFSEAN< G I NORDRHEIN-WESTFMEN. LAND PFAUDBRIEFBdNK INTERNATIONPI TOYOTA MOTOR FINANCE BV

7 000 000 00 4 ow 000 00 4 000 000 00 3 ow 000 00

6 997 556 30 3 996 956.40 3 993 422 40 1999 727 90


Mortaaae Backed Securities, floating rate

128 2 000 575 00 EUR CHALETFINANCE 1 PLC FRN 03-24 07 13 2 000 000 00

Total Mortgage Backed Securities, floating rate 2 000 575.00 1.28

123 776 832.52 79.49 Total Transferable securities listed on an official stock exchange

Money market instruments not listed on an official stock exchange and not traded on another regulated market

Euro Commercial Papers

EUR BAYERISCHE LANDESEANK GIRO ECR OIUTSCHE BAHN AG EUR K l CORPORATION ELiR BOhlMUNEKRI3IT E M LANDESEANK HESSEN-THUERINGEN GZ EUR LANDESBANK HESFN-THUERINGEN GZ LUR LANDESBWK RHEINLAND.FALZ GZ ELR FAXONY-Ah-IALI. STATE OF EUR UES AG LONOON

18 08.04 08 10 04 04.10.04 11 1004 170804 02 07 04 09 09.04 190804 041004

5 000 ow 00 4 986 426 00 3 10 2 982 930 90 192

2 000 ow 00 3 000 000 00 1 000 000.00

1 990 023 40 128 2 582 930 90 192

996 942 70 0 64 3 000 000 00 2 999 662 50 192

2 987 949 00 1 92 3 000 000.00 5 000 300 00 2 000 000 00

4 986 080 50 3 23 1 990 181 80 128

84 The notes are an integral part of the finaricidl statements

Description

EUR WESTDEUTSCHE LANDESBANK

Total Euro Commercial PaDers

InteresV Maturity Strike Price

17 08 04

Semi-annual report as of June 30, 2004 UBS (Lux) Institutional Fund - Short Term EUR

Quantity1 Valuation in EUR as a X Nominal Unrealized gain of net



2 000 000 00 1 994 124.00 128

28 897 251.70 18.56

Total Monev market instruments not listed on an official stock exchanoe and not traded on another reaulated market 28 897 251.70 18.56


Time deposits and fiduciary deposits Other receivables and payables Other assets and liabilities

1 307 048.59 0.89 1 679 174.09 1.08

-23 970.54 -0.02

Total net assets 155 716 328.36 100.00

85 The notes are an integral part of t h e financial s ta tements

UBS (Lux) Institutional Fund - Short Term USD Semi-dnnual report as of June 30, 2004

UBS (Lux) Institutional Fund -Short Term USD Class AA: ISIN: LU0140532044 Class BA: ISIN: LUO140533448

Class AD-T2: ISIN: LU0157021923

Most i rn portant figures

Date Fund's net assets in USD Class Units outstanding Net asset value per unit in USD Class Units outstanding Net asset value per unit in USD Class Units outstanding Net asset value per unit in USD


Geographical Breakdown as a YO of net assets United States of America International Organizations Germany Netherlands United Kingdom Australia Canada Austria Ireland Belgium France Finland Denmark Portugal Netherlands Antilles Total

30.06.2004 27 486 482.16

AA 35 407-3687

102.73 BA

229 167.4257 1 02.27 AD-T2

4 100.0000 100.50

31.12.2003 26 703 852.31

AA 35 407.3687

102.28 BA

224 862.6023 101.69 AD-T2

2 155.0000 100.20

18.00 14.31 11.93 11.01 6.59 6.39 6.07 3.70 3.63 3.62 3 11 2.19 2.16 1.84 0.33

94.88

Economic Breakdown as a % of net assets Banks and other credit institutions Financial, investment & other diversified companies Supranational Bonds o f countries and central governments Traffic and transport Food &sof t drinks Bonds of cantons, federal states, federal countries, provinces, districts etc. Retail trade, department stores Mortgage and funding institutions (MBA, ABS) Total

31.12.2002 13 537 900.45

AA 93 006.4877

101.24 BA

41 059.0000 100.39

NIA NIA

AD-T2

41.95 21.93 14.31 9 53 I .81 1.80

1.52 1.10 0.93

94.88


Semi-annual report as of June 30, 2004 UBS (Lux) Institutional Fund - Short Term USD


Assets Investments in securities, cost Investments in securities, unrealized appreciation (depreciation) l'otal investments in securities (Note 1) Time deposits and fiduciary deposits Interest receivable on securities Interest receivable on liquid assets Prepaid expenses Total Assets

Liabilities Provisions for management fees (Note 3) Provisions for custodian bank fees (Note 3) Provisions for taxe d'abonnement (Note 4) Provisions for other expenses (Note 5) Total provisions Total liabilities






Realized gain (loss) (Note 1) Realized gain (loss) on yield-evaluated securities and money market instrumentr, T o k ~ realiLed gain (loss) on Investments Total realized gain (loss)


Changes in unrealized appreciation (depreciation) Unrealized appreriation (depreciation) on yield-evaluated securities and money market instruments Total changes in unrealized appreciation (depreciation)


USD 30.06.2004

26 271 843.27 -1 93 842 57

26 078 000.70 906 212 59 504 868.87

1.11 656.40

27 489 739.67

794.81 891.77 687.16 883.77

3 257.51 3 257.51

27 486 482.16

USD

1807.51 485 350.78

700 05

01.01.2004 - 30.06.2004

487 858.34

4 849.58 5 455.23 1385.53 3 573.46

15 263.80

472 594.54

-328 047.85 -328 047 85 -328 047.85

144 546.69

6 229.54 6 229.54

150 776.23


...



Net assets at the beginning of the pcriod Subsrriptions Redemptions Total net subscriptions (redemptions) Dividend paid Net income on investments Realized gain (loss) Changes in unrealized appreciation (depreciation) Net increase (decrease) in net assets Net assets at the end of the period


Class Number of units outstanding at the beginning of the period Number of units issued Number of units redeemed Number of units outstanding at the end of the period Class Number of units outstanding at the beginning of the period Number of units issued Number of units redeemed Number of units outstanding a t the end of the period Class Number of units outstanding at the beginning of the period Number of units issued Number of units redeemed Number of units outstanding at the end of the period

USD

26 703 852.31 01.01.2004 - 30.06.2004

2 513 046.23 -1 880 330.61

632 715.62 -862.00

472 594.54

6 229.54 -328 047 85

150 776 23 27 486 482.16

01.01.2004 - 30.06.2004 AA

35 407.3687 0.0000 0.0000

35 407.3687 BA

224 862.6023 20 363.5726

-16 058.7492 229 167.4257

2 155.0000 4 370.0000

-2 425.0000 4 100.0000

AD-T2



Statement of Investments in Securities and other Net Assets as of June 30,2004 Description lnteresff Maturity

Strike Price Quantity/ Valuation in USD asa%

Nominal Unrealized gain of net (loss) on Futures1 assets OptlonslFolward


Transferable securities listed on a n official stock exchange

Bonds. fixed rate

USD USD USD USD USD US0 US0 USD USD USD USD USD USP USD USD USD USP USD USD USD USD U5D US0 USD US0 USD US0 USD

AUSTRIA.REPUBLIC OF BANK NEDERLANDSE GEMEENTEN NV BANK NEDERLANPSE GEMEENTEN NV BRITISH COLUMBIA. PROMNCE OF CIE DE FINANCEMENTFONCIER COMMONWEALTH BANK OF AUSTRALIA EUROPEAN INVESTMENT BANK EUROPEAN INVESTMENT BANK EUROPEAN INVESTMENT BANK EUROPEAN INVESTMENT BANK FINLAND, REPUBLIC OF GENERAL ELECTRIC CAPITAL CORP INTER-AMERICAN DEVELOPMENT BWK INTERNATIONAL FINANCE CORP INTL BANK FOR RECONSTRUCTION E DEVT I N n BANK FOR RECONSTRUCnON & DEVl KFW INTERNAllONAl FINANCE IN€ LANDESEANK EADEN-WUERnEMBERG LANDWlRTSCHAmlCHE RENTENBANK LKB BADEN.WUERlTEMBERG-FOERDERBANK MERRILL LYNCH &COINC WRTUGAL. REPUBLIC OF RABOBANK NEDERLAND NV SUEDWEST L0 CAPITAL MARKEE R C TOYOTA MOTOR CREDlTCORP TOYOTA MOTOR CREDIT CORP UNILEMR NV WAL-MARTSTORES INC


8.25000% 4 62500% 6.25000% 7 2500096 4.25000% 6 75000% 4.0oooO% 5 37500% 5.62500% 6 12500% 7 87500% 6.25000% 7.50000% 7.87500% 3.5ooo046 6 00000% 5.0ooM)% 4 25000% 4.37500% 3 75000% 6.75000% 6 50000% 6 7 5 W % 6.00000% 6 75WO% 5.25000% 7.25000% 6 55000%

9545.01 05 01 -07 09 04 99-23 07.04 00-08 02 05 02-24.05 05 99-06 I O 04 02-15 03 05 99-15 12 04 98-03.09.04 97-25 08 04 9428 01 04 97.180804 95-05.04.05 95.28 02 05 01-22 1004 99-16 07 04 01-22.12.04 02-24.01 05 02-31 05 05 01-05 11 04 97-24 09 04 99.21 09 04 99-20.12.w 98-23 03 05 9%30.W 04 01-31 0505 94-07 07 04 99.10 08 04

500 000 00 500 000 00 756 WO 00 405 000 00 250 000 00 500 000 00 7 w 000 w 253 000 00 509 OW 00 229 000 00 600 MXI 00 827 000 00 163 OW 00 430 000 00 250 WOW

1 345 ow 00 700 Ooa 00 544 000 00 373 wo 00 450 000 00 407 OW 00 500 000 00 269 WO 00 500 000 00 275 OW W 203 000 00 495 000 00 300 000 00

517 445 50 503 166 90 758 354.18 417 E99 E2 254460 85 507 041 40 712 770 38 257 671 77 512 908.25 230 631 17 603 078 42 832 499 14 169 533.79 448 075 22 251 650.78

1 347 836 34 711 591 65 550 785 15 38015556 453 590 78 412 097.15 505 726 35 275 317.47 514 784 E5 278 707.33 208 477.85 495 568.51 301 785 84

13 413 612.40

1 aa 183 276 1.52 0.93 1.85 2.59 0 94 1.87 0.84 2.19 3 03 0.62 163 0 92 4 90 2.59 2 00 1 38 165 1 50 1 84 1 . w 1 E7 101 0 76 1.80 110

48.80


USD BANQUE FEDERAnTIM DU CREDIT MUTUEL FRN 99-13.0304 USD CAISSE CENTRALE DES JARDINS QUEBEC FRN 03-01.10.04 USD CITIGROUP INC FRN 03.20 03.06 USD PANSKE BANK /v5 FRN 03.29 10 04

FRN 99-21.07.04 USD FIRST USA BANK NA US0 FHEPDIE MAC FRN 03-04 04 05 USD KFWINTERNATlONAl FINANCE INC FRN 02-10.05 05 US0 KOMMUNALKREDIT AUSTRIA GG FRN 00-1901 05 US0 KREDITANSTALT FUER WEDERAUFBAU FRN 0405.02 07 US0 LANDESBANK SACHSEN GIROZFNTRAIE FRN 02.08 08 05 US0 NATlONAL WESTMINSTER BANK PLC USD ROYAL BANK OF CANADA US0 ROYAL BANK OF CANADA

USD WESlLB FINANCE CURACAO NV um w w t s AG

FRN 99-14.10.09 FRN 00-07 02 05 FRN 03-30.01.06 FRN 03-17 12 04 FRN 00-05 12 05

1W 000.00 500 000 00 250 000.00 100 000.00 500 OW.00 200 000 00 250 W0.W 500 000 00 500 00000 500 000 00 500 000 00 500 000.00 250 0oo.w 400 000 00 90 000.00

1W 003 89 499 981 30 250 450 68 99 999 83

503007 10 200 034 50 249 642 48 500 146 50 459 I60 W 499 876 75

0 36 182 0 91 0 36 1.82 0.73 0 91 1 E2 1 82 182

5W 700.W 1 .a2 500217 10 182 249 981 45 0.91 399 962 04 145 90041 18 0 33


Mortaaae Backed Securities. floatino rate

USP CHALFTFINANCE 1 PLC-AI U5D US0 HOLMES FINANCING PLC

kOLMf5 FINANCING (NO 3) RC

Total Mortsase Backed Securities. floatins rate

FRN 03-24.07 13 FRN 01-15.01 07 FRN 04-150411

500 W O 00 250 000 00 250 000.00

500 190 55 1 82 250 115 18 0 91 249 949.63 0.91

1 000 305.36 3.64



Bonds. floatina rate

US0 BAYFRISCHE LANDETBANK NEW YORK FRN 02-25 07 05 1 000 000 00 1 000 957 80 3 64


Total Transferable securities not listed on an official stock exchanse and not traded on another reaulated market 1 000 957.80 3.64

89 The notes arc an integral part of the financial statements.

Semi-annual report a5 of June 30, 2004 UBS (Lux) Institutional Fund - Short Term USD


Quantity/ Valuation in US0 a s a % Nominal Unrealized gain of net

(loss) on Futures/ assets OptionrlFoward

Exchange Contracts (NOW 1)

Money market instruments not l isted on an official stock exchange and n o t t raded on another regulated marke t

Euro Commercial Pauers

US0 BELGIUM. KINGDOM OF US0 DEUTSCHE BAHN AG US0 KOMMUNEKREDIT USD NATIONAL AUSTRALIA BANK LTD JSD hEDfR.AND5f WAVRSCHAfiBANK NV " j D hEITLE F h%CE FRAhCE SA LSD TOfOTA MOTOR FINANCE Br' USD WESTPAC BANKING COW

Total Euro Commercial Pauers

22.11 04 22 I 1 04 20 12 04 08 07 04 05.10.04 120804 M11cd 06 1004

1 O W WO 00 994791 20 3 62 500 000 00 496 629 45 181 500 0W.W 495 688 45 1.80 500 000 00 499 881 15 182 500 000 W 500 000 OD 5MI 000 w 750 000 OD

498 529.1 5 1.81 499320.10 182 496 853.65 181 747 760.88 2 72

4 729 454.03 17.11

Euro Certificates of Demosit

USD UBS AG LONWN USD UNlCREDlTO ITALIAN0 BK IRELAND PLC

25 02 05 301104

300 W0.w 296 638 1 1 1 .OB 500 000 00 496 822 20 181

Total Euro Certificates of Denosit 793 460.31 2.89

Total Money market instruments not listed on an official stock exchange and not traded on another regulated market

Total invertmenis in securities 26 078 M10.70 94-88

5 522 914.34 10.10

Time deposits and fiduciary depositr Other receivables and payables Other assee and liabilities

Total net assets

906 212.59 3.29 504 869.98 1.84

-2 601.11 -0.01

27 486 482.16 100.00

90 The notes are a n integral part of the financial statements.

UBS (Lux) Institutional Fund - USD High Yield Semi-annual report as of June 30, 2004

UBS (Lux) Institutional Fund - USD High Yield Class AA ISIN LUOll3615579 Class RA, ISIN, LUO113617574 Class CA. ISIN LUOll3616170 Class CD, ISIN, LUOl13616410


Date Fund's net assets in USD Class Units outstanding Net asset value per unit in USD Class Units outstanding Net asset value per unit in USD Class Units outstanding Net asset value per unit in EUR Class Units outstanding Net asset value per unit in EUR

Structure of the Securities Portfolio I

Geographical Breakdown as a % of net assets United States o f America Canada Norway France Sweden Luxembourg Total

30.06.2004 12 567 973.50

AA 0.0000

NIA BA

2 000.0000 126.02

CA 71 108,6417

CD 4 478.72 19

1 18.66

I 34.88

31 .I 2.2003 157 359 479.12

AA 2 525.0000

124.04 BA

807 857.0000 124.11

CA 330 879.2614

132.76 CD

8 842.9184 I 23.08

Economic Breakdown as a 46 of net assets

Financial, investment & other diversified companies Lodging &catering industry, leisure facilities

89.37 Packaging industries 4.90 1 03 1 .OO Telecommunication 0.79 Chemicals 0.21 Energy and public utilities 97.30 Petroleum

Publishing & printing media Food & soft drinks Agriculture and fishing Vehicles Media Miscellaneous consumer goods Forestry, paper &forest products Textiles, clothing & leather goods Aerospace industry Retail trade, department stores Electronics & semiconductors Real estate Oil and Gas Products Commercial Services Mining, coal &steel Computer hardware & networking Traffic and transport Pharmaceuticals, cosmetics & medical product5 Miscellaneous services Non-classifia b l J non-classified institutions Healthcare, education & social services Bonds of public corporations Building materials and trade Total

31 .I 2.2002 126 920 188.28

AA 2 650.0000

101.84 BA

780 073.0000 101.20

CA 393 691.4387

11 2.93 CD

1 13.59 8 842.9184

9.04

8.54 7.95 7.02

5.19 5 1 1 4.80 4.34 3.91 3.69 3.19 2.74 2.26 2.13 1.35 1.34

8.82

5.84

1 .22 1 1 3 1 . 1 1 1.08 1.05 0.94 0.81 0.79 0.77 0.63 0.49 0 02

97.30


Semi-annual report as of June 30, 2004 UBS (Lux) Institutional Fund - USD High Yield


Assets Investments in securities, cost Investments in securities, unrealized appreciation (depreciation) Total investments in securities (Note 1) Time deposits and fiduciary deposits Interest receivable on securities Receivable on dividends Ptepaid expenses Unrealized gain (loss) on forward foreign exchange contracts (Note 1) Total Assets

Liabilities Bank overdraft Payable on securities purchases Provisions for management fees (Note 3) Provisions for custodian bank fees (Note 3) Provisions for taxe d'abonnement (Note 4) Provisions for other expenses (Note 5) Total provisions Total Liabilities






Realized gain (loss) (Note 1) Realired gain (loss) on market-priced securities without options Realized gain (loss) on yield-evaluated securities and money market instruments Realized gain (loss) on forward foreign exchange contracts Total realized gain (loss) on investments Realized gain (loss) on foreign exchange Total realized gain (loss)


Changes in unrealized appreciation (depreciation) Unrealized appreciation (depreciation) on market-priced securities wlthout options Unrealized appreciation (depreciation) on forward foreiqn exchange contracts Total changes in unrealized appreciation (depreciation)


USD 30.06.2004

12 396 018.94 -167 612.67

12 228 406.27 1372 996.07

264 471.93 937.50

1090.57

13 829 531.61 -38 370.73

1 198 783.05 49 737.00

5 997.75 1 994.51

314.20 4731.60

13 038.06 1261 558.11

12 567 973.50

USD

13 543.27 2 178 146.92

11 944.11 4 809.48

2 208 443.78

01.01.2004 - 30.06.2004

84 899.18 15 406.57

8 074 03 109 223.41

2 099 220.37

843.63

8 921 700.55 448 68

-538 193.27 8 383 955.96

11 5 073.39 8 499 029.35

10 598 249.72

-8 5.36 07 1.46 -789 336 43

-9 325 357.89

1 272 891.83


Semi-annual report as of June 30, 2004 UBS (Lux) institutional Fund - USD High Yield


Net assets a t the beginning of the period Subscriptions Rcdcmptions Total net subscriptions (redemptions) Dividend paid Net income on investments Realized gain (loss) Changes in unrealized appreciation (depreciation) Net increase (decrease) in net assets Net asscb at the end of the period


Class Number of units outstanding at the beginning of the period Number of units issued Number of units redeemed Number of units outstanding at the end of the period Class Number of units outstanding at the beginning of the period Number of units issued Number of units redeemed Number of units outstanding at the end of the period Class Number of units outstanding a t the beginning of the period Number of units issued Number of units redeemed Number of units outstanding at the end of the period Class Number of units outstanding a t the beginning of the period Number of units issued Number of units redeemed Number of units outstanding at the end of the period

USD

157 359 479.12 01.01.2004 - 30.06.2004

1 215 892.84 -147 201 948.10

-145 986 055.26 -78 342 19

2 099 220.37 8 499 029.35

-9 325 357.89 1 272 891.83 12 567 973.50

01.01.2004 - 30.06.2004 AA

2 525 0000 0.0000

-2 525.0000 0.0000

BA 807 857.0000

5 599.3770 -81 1 456 3770

2 000.0000 CA

330 879.2614 2 628.9714

-262 399.591 1 71 108.6417

CD

0.0000 -4 364.1965

8 842.9184

4478.7219


S e m i - a n n u a l report as of June 30,2004 LJBS (Lux) I n s t i t u t i o n a l Fund - USD High Ylfld


Strike Price Quantity/ Valuation in US0 as a %

Nominal Unrealized gain of nat (loss) on Futures/ assets OptionstForward


Transferable securities listed on a n official stock exchange

Bonds, fixed rate

US0 CADMUS COMMUNlCATlON5 CORP.144A 837500% 04-1506 14 75 000 00 75 OW W om USD TOMMY HII FlGER USA INC 6 85000% 98-01 06 oa 100 000 00 100 125 00 0 79


Total Transferable securities listed on an official stock exchange 175 125.00 1.39

Transferable securities traded on another regulated market

Bonds. fixed rate

US0 US0 USD US0 US0 USD USD US0 US0 USD USD US0 USD us0 US0 US0 US0 USD USD USD USD USD USD USD US0 US0 US0 USO US0 USD US0 USD USD USD US0 UJD US0 1153 US0 US[) USD US0 USD USD USD U5D US0 US0 US0 US3 USD USD USD USD USD US0 US0 1150 US0 UF3 USD CSD USD U5D USD US0 US0 US3 US0 USD USD USD UFD

94

ACTlVANT SOLUTIONS INC ADVANCED ACCESSORY SYSTEMS LLC AEARO CO I-144A AK STEEL CORP ALLIANCE IMAGING INC AMERICANJIRLINES PASS THRU TRUST AMERICAN CELLULAR CORP AMERICAN COLOR GRAPHICS INC AMERICAN ROCK SPLT CO UC-144A AMSCAN HOLDINGS INC.144A ANCHOR GLASS CONTAINER CORP

BCPCAnUX HOCDINGS LUXKA-144A a m y TOTAL FITNESS HOLDING CORP

BE AEROSPACE INC -SER B BEAR ISLAND PAPER CO LLC BUCKEYE TECHNOLOGIES INC BUFFETS INC CAlPlNE CORP CELESTlCA INC CELLU TISSUE HOLDINGS INC-1MA CHARTER COMMUNlCAllONS HLDGS U C CHARTER COMMUNICATIONS HLDGS-1MA CHESAPEAKE ENERGY COUP-144A CHUKCHANSI ECONOMIC DEVl AUTH-144A CINCINNATI BELL INC COLLINS & AIKMAN PRODUCTS CO COMSTOCK RESOURCES INC CONSTAR INTERNATIONAL INC CONTINENTAL AIRLINES PASS THRU TRST CROWN HOLDINGS INC DELCO REMY INTERNATIONAL INC-144A DOBSON COMMUNICATIONS CORP DURA OPERATlNG COW FDISON MISSION ENERGY EL WLLO LOCO INC-1 M A ENERGY PARTNERS LTO EOUISTAR CHEMICALS LP CECtJEhi hOhTn AhllRCA h l - I I d A GEORG A.PACIFIC CORP C AhT hU. S T R l l i hC GRANITE BROADCASTING CORP.144A I'ERBST GAMING INC-14CA rl0.L IUGER hn PJB-ISrllNG IUC nUJ;rTOh MII.N;O .AC9BS EhTERTAhMEhT IhC LANO 0 LAKES INC LEVl STRAUSS & CO INC MCI INC MCI INC MEDIACOM LLCKAFITAL CCRP MERISANT COMPANY-144A METHANEX CORP MIDWEST GENERATION LLC-144A MlLLEkNlUM AMERICA INC MIRANT AMERiCAS GENERATION INC-DFLT VO-HERS WORK INC OWENS-IROCKWAY GLASS CONTAINER INC PARKER DRILLING CO PATHMARK STORES INC PETaOLEUM GLO-SLRVICES ASA PINNACLE FOODS HCiDlNG CORP-1 M A PLIANTCORP FORT TOWNSEND PAPER CORP PRIDE PETROLELM SFRVICES INC.1MA QVIEST COMMUNICATIONS IhTL INC-144A YLLIANT RISOURCES IIUC RHODIA SA-144A RIVER 'IOCK FN-ERTAINMENT-144d RlVERSiDE FOREST PRODUCT LTD-14dA ROZK'.VOOO SPFCINTS C O W SAMSONITE CORP-144A S8A COMMUNICATIONS COW SBARRO INC

10 500W% 10 75000% 8.25MM% 7 75000%

10.37500% 08 60800% l O . r n % 10.00000% 9 SWW% 8 75000%

11 w w O % 10 50000% 9.62500% 8.87500%

1OWrn% 8 00000%

11,25OM1% 8 50000% 7.87500% 9.75000%

10 oWoO%

7.5oooo% 14 50000% 8.37500%

10 75000% 6.87500%

11 00000% 7.46100% 8 00000% 9 37500%

10.87500% 9.OooOo%

10 00000% 9 25000% 8 75000% 8.75000% 9.87500% 8 87500%

11 00000% 9 75000% 8 12500% 9 OWW% 8 25000%

11.67500%

12 25009%

6 68800% 9 50000% 9 5OWo% 8.75000%

9 25000% 7.62500%

11 25000% 8.87500% 9 62500% 8.75000%

10.00000% 8 250W%

11 12500% 11 00000% 7 37500% 7.25000% 9 50000% 8 87500% 9 75000% 7 87500%

1062500%

1025000% 11 00000%

a 00000%

a 75000%

5 9oaoo%

a 75000%

a 87500%

03-15.06.11 03-1 5.06.1 1 04-150412 02-1 5 06 12 O1-15.O4.11 02-01 04 I 1 03-01 08 11 03-15.06.10 04-15 03.14 04-01.05 14 03-15.02.13 03-1 5 07.1 1 0015.06.14 01-01.05.11 97-01.12.07 98-15.10 I O 03-15.07 10 01-1502 11 0401 07 11 0415 03 10 01-1505.11 04.30 04 12 04-15.06 14 02-150609 03-1 5.01.1 4 02-31.12.11 04.01.03.1 2 02-01 12 12 97-01.10 16 93-150423 04-15 04.12 00-01 07 10 01-01 0509 01-15 08.08 03-15 12 09 03-01 08 10 99-1 5.02 09 04-01 03 14 01-15.05 31 02-1505 12 03-01 12 IO 04-01 06.12 02-15 12 10 03-01 02 11 02-01 02.09 02-15 11 11 03-15 12 12 04-01 05 07 04-01 05 W 01-1501 13 03.15 07 13 02-1508 12 04-01 05 34 01-150608 01 -01.05.06 02-01 OR 10 02-15.02.09 33-01 10.13 02-01.02.12 03-05 11 10 03-01 I 2 13 03-01 09.09 041s 04.1 I 04-1507 14 Ob1 5 02.1 1 03-1507 13 03-01 06.11 03-01 I 1 i 1 04-01 03 14 03-15 05 1 1 04.01 06 11 01-01 02 09 00-1 5 09 09

125 w0.W 150 000.00 1 5 0 W O M 150 000 00 75 ow.00

130 000 00 150 w0.00 150 000.00 125 0oo.M) 100 000 00 1 w 0oo.w 250 000 00 25 w0.W

12500000 1MIMM.W 150 000 00 150 w0.W 300 000 00

75 ow.00 15OWOOO 200 w0.w

50 000 00 75 wo.00 50 000.00

10000000 125 000 00 1 5 o o o o w 50 000 00

2 w wo.00 125 000.00 1 2 5 w 0 W 75 000.00

100 00o.Lm 125 000.00 150 000 00 150 000 00 125 000.00 100 000.00 100 ow.00 74 000 00

1WWO.00 75 000 00

lOOWO00 150 000 00 185 000 00 75 000 00

100 000 00 138 000 00 38 ow 00

100 000 00 100 0OO.W 125 000.00 12500000 100 000 00 225 000 00

75 000 00 150 wo.00 150 000 00 170 000 00 12500000 175 000 00 125 000 00 100 000 00 50 000 oc

250 000 00 100 000 00 1 5 o o M l w 100 000 00 150 000 00 150 000 00 50 000.00

150 000 00 125 000.00

131 875.00 145 500.00 15300000 135 375.00 78 562 50

118 225 77 129 375 00

128 125 W

114375W 235 000 00 25 906.25

116 250.00 94 000 w

137 625.00 15675000 195 750 00 76 500.W

14400000 15850000 48 375 00 77 250.W 62 000 00

125 625.00 142 500.00 46 750 00

151 537 21 108 750.00 121 562.50 64 500 00 98 000 00

133 437.50 151 500 00 156 750 00 130312 50 91 500 00

106750W

93 000.00 76 031 25

11 5 500 00 I50 000 00 206 275.00

69 300 00 98 500 00

13386000 35 15000 96 500.00

106 500 00 140 625 00 126 250 00 107 500 00 17043750 7631250

16200000 15562500 17000000 179 375 00 168 875 00 133 750.00 101 000.00 50 500 00

233 125 00 107 750 00 126 210.79 I09 000 00 153 wo.00 15975000 51 750 00

153 750 00 109 375 00

133 a75 00

ga 250 00

ag ow 00

a2 510.00

1.05 1 1 6 1.22

0.63 0 94 1.03 1.06 1 .a2

0.91 187 0.21 0 92 0.75 1.09 1 2 5 1 56 0 61 115 1 2 6 0 38 0.61 0 49 0 71 I 00 1.13 0 37 121 0 86 0 97 0 51

I .06 1 2 0 125 1.04 0 73

0 66 0 74 0 60 0.92 1 1 9 1 6 4 0 55 0.78 1 06 0.28 0 77 0.85 1.12 1 .no 0 86 1 36 0 61 1 2 9 1 2 4 1 3 8 1 03 1.34 1 0 6 0.80 0 40 185

1 00 0 87 122 177 0 41 122 0 87

i oa

o 78

0.78

o as

o a6

The notes are an integral part of the financial statements

Semi-annual report as of June 30, 2004 UBS (Lux) Institutional Fund - US0 High Yield

us0 us0 US9 US0 US0 USD USD us0 USD USD US0 us0 us0 us0 USD

Description

SEMh5LEGTAB.ESEfUS hC SrlER DAh ACQJISITION CORY-l44A SO.LC.PC0 14dA STEhA AB T f h h - R f A LC TfMBEC NDJSmIK IhC Tf RRA CAP TAL hC T O W SPORTS NTfRNATIOhAL NC TR TOh PCS IhC -N VERSA. HOSPITAL SERVICES INC V E R T ) hC $MINER MLSC GROUP-l44A tZIE;lLAhE (-nfMCALCORP WMEELlhG ISLAND GAMING lhC 8.R: M E D W E \ . V LEADEldOMF 'ASS


10 25000% 1025000%

8 5000C% 7 SWDO%

12 15000% 7 isaao%

12 a m o % 9 62500% 9 37500%

i o 87500% 1 37500%

i0.12500% 12 75000%

10 12500%

8 75000%

04-01 10 13 03-1508.11 04-1502 14 0341.1 1.1 3 00.150610 02-15.03 12 01-15 1008

01-01 02 11 03.01 11 11 02.15 06 09

04150711

03-1 5 04.1 i

04.1 5.04.14

01 -1 5.1 2.09 00.1 5 I i a9

Quantity/ Nominal

150 000 00

1 50 000 00 i 50 aoo 00

iaoooow zoo ooo oa 15000000 200 000 00 145 000 00 125 aoo 00 too wo ao 50 aoa oa

100000W 50 000 00

250 aaa w 125 aoa oa

Valuation in USD Unrealized gain

(Ion) on Futures1 OptionslForward


163 12500 157 075 00 139 500 oa 98 875 00

192 000 00

238 000 00 144 750 ao

139 200 w io6 875 oa io1 5w.00

96 sw oa 53 750 00

54 250 oa 265 OW W 1 13 906 25


130 1 26 111 0 79 1 53 115 189 111 0 85 0 81 0 43 0 77 0 43 2 11 a91

86.22 10 836 812.52 Total Bonds, fixed rate ~~

Bonds. floating rate

USD INYGHTCOMMUNICATIONS INC-STEP UP FRN 01-150211 7 5 w o w 67 500 0 54 US0 LE-NATURES 1NC-lMA FRN 03-150613 250 ana oa 258 750 00 2 06

Total Bonds, floating rate 326 250.00 2.60

Total Transferable securities traded on another reaulated market 11 163 062.52 88.82


Warrants

LSD CWWhSLO€W€KROWCORP LSD CWTS DAClOh SJPERORCORP JSD CWISLEAPWRELfU hn iNC

99-15.08.07

W-15.04.10 00-1 5 06 a9

5W.W 250.W ow 475 w 175.00

2 375 00 0 02 OW 0.00

Total Warrants 2 625.00 0.02

Bonds. fixed rate

LSD AOVANSTAR COMMLhlCATIONS ,SO JSD MIL-AR WSTLRIU FOREST PRODl.Cn .SU hErSTAI F NWCE hC LSD OMLOVA SOLJTlOhS INC LSD PCRPV EL.1; INTERNdTlOhAL IhC-E LSD VOh rlOFFMM CORPORATION

RLL E R DGE PAPER PRODdTS INC 50 m 00 I 50 o m a0 100 ow 00 150 000 00 \5oOOO.w 100 000 00 i 7 ~ w a a a

55 312 50 0.44 139 500 00 1.1 I 100 0oo.W 0.80 141 75000 1.13 1635WW 1.30 i 07 500 oa 0 86 180031 25 1 43


Total Transferable securities not listed on an official stock exchanae and not traded on another reaulated market 890 zia.75 7.09


Forward Foreign Exchange contracts (PurchaselSale)

EUR 9 516 000 00 sgalnst USD 1161314650 30 09 04 -38 370 73 -0 31

Total Forward Foreiqn Exchange contram (PurchaselSale) -38 370.73 -0.31

Time deposik and fiduciary depositr Bank overdraft Other receivables and payables Other assets and liabilities

Total net assets

1 372 996.07 10.93 -1 198 783.05 -9.54

215 672.43 1.72 -11 947.49 -0.10

100.00 12 567 973.50


Notes to the Financial Statements

Note 1 - Summary of most significant accounting policies

a) Calculation of the Net Asset Value

The net asset value per unit of the individual subfunds is calculated by the Management Company at least twice a month (but in principle on every working day in Luxembourg) in accordance with the present Management Regulations and on the basis of closing prices. In this connection, - "working days" are regular bank working days (i.e., each day on which banks are open during the regular working hours) in Luxembourg with the exception of individual non-statutory public holidays in Luxembourg and/or customary holidays in countries with stock exchanges and markets upon which the valuation of more than the half of the subfund's net assets is based.

The total net assets of the fund are expressed in EUR and correspond to the difference between the total assets of the fund and its total liabilities. For the purpose of this calculation, the net assets of each subfund, if they are not denominated in EUR, are converted into EUR and added together.

b) Valuation of the securities' portfolio

Securities listed on an official stock exchange are valued a t the closing price. If the same security is quoted on several stock exchanges, the closing price on the stock exchange that represents the major market for this security will apply.

Securities that are not listed on an official stock exchange, but which are traded on another regulated market, are valued at the last available price on this market.

In the event that any of the securities held in the fund's portfolio on the relevant day are not quoted or dealt in on any stock exchange or dealt in on any other regulated market or if, with respect of securities quoted or dealt in on any stock exchange or dealt in on any regulated market, the price as determined pursuant to the above is not representative of the relevant securities, the value of such securities will be determined based on a reasonable foreseeable price determined prudently and in good faith by the Management Company.

If swaps are used by any of the subfunds, the value of these swaps is calculated by the counterpart to the swap transactions, according to a method based on market value, recognised by the Management Company.


Based on the net acquisition price and by keeping the calculated investment return constant, the value of money market paper and of other debt securities with a residual maturity of less than one year is successively adjusted to the redemption price thereof. In the event of material changes in market conditions, the valuation basis is adjusted on the new market yields.

Debt securities with a residual maturity of more than one year and other securities are valued a t the last available price, if they are listed on an official stock exchange. If the same security is listed on several stock exchanges, the last available price on the stock exchange that represents the major market for this security will apply. Debt securities with a residual maturity of more than one year and other securities are valued at the last available price on this market, if they are not listed on an official stock exchange, but traded on another regulated market, which is recognised, open to the public and operating regularly. If these prices are not in line with the market, the respective securities, as well as the other legally admissible assets, will be valued a t their market value which the Management Company, acting in good faith, shall estimate on the basis of the price likely to be obtained.

Time deposits with an original maturity exceeding 30 days can be valued based at their respective rate of return, provided the corresponding agreement between the credit institution holding the time deposits and the Management Company stipulates that these time deposits may be called at any time and that, if called for repayment, their cash value corresponds to this rate of return.

Any cash in hand or on deposit, notes payable on demand, bills and accounts receivable, prepaid expenses, cash dividends, interest declared or accrued as aforesaid and not yet received shall be valued a t their full nominal value, unless in any case the same is unlikely to be paid or received in full, in which case the Board of Directors of the Management Company may value these assets with a discount it may consider appropriate to reflect the true value thereof.

The notes are at1 integral part of the financial statements.

Semi-annual report as of June 30 , 2004

The Management Company is authorised to g) Conversion of foreign currencies temporarily apply other adequate valuation principles for the total assets of the fund and of an individual subfund if the aforementioned valuation criteria appear impossible or inappropriate due to extraordinary circumstances or events.

Bank accounts, other net assets and the valuation of the investments in securities held denominated in

other than the reference currency of the different subfunds are converted at the mid closing spot rates prevailing on the valuation date. Income

In the case of extensive redemption applications, the Management Company may establish the value of the units of the relevant subfund on the basis of the prices a t which the necessary sales of securities are effected. In such an event, the same basis for in the statement of operations.

a'nd expenses denominated in currencies other than the currency of the different subfunds are converted at the mid closing spot rates prevailing at payment date. Profit or loss on foreign exchange is included

calculation shall be applied for subscription and redemption applications submitted at the same time.

The cost of securities denominated in other than the reference currency of the different subfunds is converted a t the mid closinu spot rate

c) Valuation of forward foreign exchange contracts

I .

prevailing on the day of acquisition.

h) Accounting for securities' portfolio transactions The unrealized gain (loss) of outstanding forward foreign exchange contracts is valued on the basis of the forward exchange rates prevailing at valuation date. date.

The securities' portfolio transactions are accounted for the bank business day following the transaction

d) Valuation of financial futures contracts

Financial futures contracts are valued based on the latest available published price applicable on the valuation date. Realized and unrealized profits and losses are recorded in the statement of operations.

e) Net realized profit (loss) on sales of securities

The realized profits or losses on the sales of securities are calculated on the basis of the average cost of the securities sold.

0 Interest Rate Swaps

The fund may enter into interest rate swap contracts, forward rate agreements on interest rates and swaptions in the open market, if they are listed and traded on a stock exchange or another regulated market, or executed with first-class financial institutions that specialize in transactions of this kind.

Unrealized profits and losses are reflected in the statement of operations under "Unrealized appreciation (depreciation) on Interest Rate Swaps".

Gains or losses on swaps incurred when closed-out or matured are recorded as "Realized gain (loss) on Interest Rate Swaps" in the statement of operations.

i ) Consolidated financial statements

The consolidated financial statements of the fund are expressed in EUR. The various items of the consolidated statement of net assets and the consolidated statement of operations as of June 30, 2004 of the fund are equal to the sum of the corresponding items in the financial statements of each subfund.

The following exchange rates were used for the conversion of foreign currencies and the consolidated financial statements as of June 30, 2004:

EUR 1 = 1.746554 EUR 1 = 1.631223 EUR 1 = 1.523732 EUR 1 = 7.432803 EUR 1 = 0.670885 EUR 1 = 9.489637 EUR 1 = 132.752396 EUR 1 = 8.433225 EUR 1 = 1.91 5832 EUR 1 = 9.164974 EUR 1 = 2.095618 EUR 1 = 1.216650

AU D CAD CHF DKK GBP HKD

J PY NOK NZD SEK SGD USD

97 The notees are an integral part of the financial statements


Note 2 - Formation expenses

The costs relating to the establishment of the fund will be written off over a period of up to five years.

Note 3 - Management fee and Custodian Bank fee

Apart from the "taxe d'abonnement", the fund is subject to the following expenses:

- all taxes which may be payable on the fund's assets or income,

the customary commissions usually incurred on security transactions,

- monthly fee calculated on the average total net assets of the subfund during the month concerned for services rendered by the Custodian and the administrative agent as well as a fee for services provided by the distributor, and

a management fee paid monthly to the Portfolio Manager (see Features of the Fund).

-

-

Note 4 - Taxe d'abonnement

According to the law and practice currently in force in the Grand Duchy of Luxembourg, the fund is not liable to any Luxembourg tax on withholding, income, capital gains or wealth taxes.

The fund is, however, liable in Luxembourg to a tax ("taxe d'abonnement") of 0.05% p.a. of i ts net asset value, such tax being payable quarterly on the basis of the value of the net assets of the fund a t the end of the relevant calendar quarter.

If any subfund or any class of a subfund is reserved to institutional investors, the "taxe d'abonnement" may be reduced to 0.01 % p.a. on total net assets of that specific subfund or class.

The taxe d'abonnement is waived for that part of the fund assets invested in units of other undertakings for collective investment that have already paid the Taxe d'abonnement in accordance with the statutory provisions of Luxembourg law.

Note 5 - Other expenses

Other expenses comprise the administrative fees, the cost of printing unit certificates, the cost of preparing, depositing and publishing agreements and other documents concerning the fund, including fees for the notification of and registration with all authorities and stock exchanges, the cost of preparing, translating, printing and distributing the periodical publications and all other documents which are required by the relevant legislation or regulations, the cost of preparing and distributing notifications to unitholders, the fees for the fund's auditors and legal advisers and all other similar expenses, with the exception of advertising and other expenses which are incurred directly in connection with the offer and sale of units.

Fees and expenses that can not be attributed to a specific subfund will be ascribed to all subfunds on the basis of the net asset value of each subfund, if the amount and cause justify doing so.

Note 6 - Income Distribution

The Management Company of the subfunds shall decide, at the proposal of the Board of Directors and after closing the annual accounts per subfund, whether and to what extent distributions are to be paid out of investment income and the net realized gains in the net asset value after deduction of all fees and expenses. The payment of distributions must not result in the net asset value of the fund falling below the minimum capital amount prescribed by law.

Note 7 - Securities Lending

The fund may also lend portions of its securities portfolio to third parties. In general, lending may only be effected via recognised clearing houses such as Clearstream International or Euroclear, or through the intermediary of prime financial institutions that specialise in such activities and in the modus specified by them. Such transactions may not be entered into for longer than 30 days. If the loan exceeds 50% of the market value of the securities portfolio of the corresponding subfund, it may only be effected on condition that termination of the loan contract is possible immediately and that the fund can obtain restitution of the securities lent.

98 The notes are a n integral part of the financial statements

Semi-annual report as of June 30, ?004

CPP usoloo Eco Performance

Euro Bonds

The market value of the securities lent on June 30, 2004 was for the following subfunds:

6 848 380 00 USD

4 61 1 234 11 EUR

821 445 773.02 EUR

UBS (Lux) Institutional Fund -

Euro Equity

Global Equity

Key Selection Euopean Equity

I Securities Lending

135 537 125.59 EUR

33 009 443.46 CHF

23 296 229.99 EUR

Short Term EUR

USD High Yield

I Euro Corporate Bonds I 31 235144.80 I EUR I

41 569845.00 EUR

1 830 690.50 USD

Euro Equity Advanced

I Key Selection Global Equity I 49 568 988.64 I USD I

72 093 753.17

1 Key Selection US Equity 1 28241 162.50 I USD I

UBS (Lux) Institutional Fund -

CPP USD 100

Interest Rate Swaps Maturity Receivable Payable interest interest Currency Nominal

US0 1 000 000 00 04-20 12,2004 1 4750% USD-LIBOR-BBA 3 months USD 12 000 000 00 04-29 12.2004 1 4675% USD-LIBOR-BBA 1 month

Note 8 - Commitments on options

Commitments per subfund and resp. currency a t June 30, 2004 can be summarised as follows:

I UBS (Lux) Institutional Fund - I Options on Shares

Note 9 - Official language

The English version of these financial statements is the authoritative version. However, in the case of units sold to investors from other countries in which fund units can be bought and sold, the Management Company and the Custodian Bank may recognize approved translations (i.e. approved by the Management Company and the Custodian Bank) into the languages concerned as binding upon themselves and the fund.

Note 10 - Interest Rate Swaps

On June 30, 2004, the fund entered into the following Interest Rate Swap transactions:


Global Asset Management

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Semi-annual report 2004 - Fundsquare

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Transcript of Semi-annual report 2004 - Fundsquare