The Fund’s investment objective consists in generating strong capital appreciation with a reasonable level of income, while giving due consideration to capital security and the liquidity of the Fund’s assets. UBS Asset Management categorises this sub-fund as a Sustainability Focus Fund. This sub-fund promotes environmental and/or social characteristics and complies with Article 8 of Regulation (EU) 2019/2088 on sustainability-related disclosures in the financial services sector (“SFDR”). The actively managed sub-fund mainly invests in shares and other equity interests of companies that are domiciled or chiefly active in Europe. These investments may be complemented by shares and equity interest of companies that are domiciled or chiefly active outside of Europe. As part of this investment, the sub-fund may also invest directly or indirectly (i.e. up to 10% of the net assets in open-ended investment funds) in European small and/or mid caps.