-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, THv3Ii/j2pJdH42C9Nxcp+zcVW8fMfWm1Pxu6NjJvNzFC6S/zJQ1KD3MedC6n29q 7wBzA1iXcMjgD5Q/TLVLAQ== 0000950123-10-053294.txt : 20100526 0000950123-10-053294.hdr.sgml : 20100526 20100526171720 ACCESSION NUMBER: 0000950123-10-053294 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20100331 FILED AS OF DATE: 20100526 DATE AS OF CHANGE: 20100526 EFFECTIVENESS DATE: 20100526 FILER: COMPANY DATA: COMPANY CONFORMED NAME: UBS EQUITY OPPORTUNITY FUND, L.L.C. CENTRAL INDEX KEY: 0001131682 IRS NUMBER: 134151331 STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-10269 FILM NUMBER: 10860267 BUSINESS ADDRESS: STREET 1: 1285 AVENUE OF THE AMERICAS CITY: NEW YORK STATE: NY ZIP: 10019 BUSINESS PHONE: 8004862608 MAIL ADDRESS: STREET 1: 1285 AVENUE OF THE AMERICAS STREET 2: 1285 AVENUE OF THE AMERICAS CITY: NEW YORK STATE: NY ZIP: 10019 FORMER COMPANY: FORMER CONFORMED NAME: UBS EQUITY OPPORTUNITY FUND LLC DATE OF NAME CHANGE: 20040930 FORMER COMPANY: FORMER CONFORMED NAME: PW EQUITY OPPORTUNITY FUND LLC DATE OF NAME CHANGE: 20010108 N-Q 1 b57809ubsequityopp_nq.txt UBS EQUITY OPPORTUNITY N-Q 3-2010 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-Q QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY Investment Company Act file number 811-10269 ---------------- UBS Equity Opportunity Fund, L.L.C. - -------------------------------------------------------------------------------- (Exact name of registrant as specified in charter) 1285 Avenue of the Americas, 11th Floor NEW YORK, NY 10019 - -------------------------------------------------------------------------------- (Address of principal executive offices) (Zip code) Steven S. Drachman c/o UBS Financial Services Inc. 1285 Avenue of the Americas, 11th Floor NEW YORK, NY 10019 - -------------------------------------------------------------------------------- (Name and address of agent for service) Registrant's telephone number, including area code: 212-882-5819 -------------------- Date of fiscal year end: December 31 ----------------- Date of reporting period: March 31, 2010 ------------------ Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (Sections 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles. A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. Section 3507. ITEM 1. SCHEDULE OF INVESTMENTS. The Schedule(s) of Investments is attached herewith. UBS EQUITY OPPORTUNITY FUND, L.L.C. SCHEDULE OF PORTFOLIO INVESTMENTS (UNAUDITED) - ----------------------------------------------------------------------------------------------------------------------------------- MARCH 31, 2010 - -----------------------------------------------------------------------------------------------------------------------------------
DOLLAR AMOUNT REALIZED OF FAIR AND VALUE UNREALIZED FIRST FOR % OF GAIN/(LOSS) INITIAL AVAILABLE FIRST MEMBERS' FROM ACQUISITION REDEMPTION AVAILABLE INVESTMENT FUND COST FAIR VALUE CAPITAL INVESTMENTS DATE LIQUIDITY (a) (b) REDEMPTION (b) - ---------------------------------- ----------- ----------- -------- ----------- ----------- ------------- ---------- -------------- LONG/SHORT EQUITY Alydar QP Fund, L.P. (c) $ 6,000,000 $ 6,190,142 8.54% $ 1,602 9/1/2008 Quarterly Alysheba QP Fund, L.P. (c) 2,000,000 2,145,260 2.96 93,577 9/1/2008 Quarterly Artis Aggressive Growth (Institutional), L.P. (c) 1,500,000 2,736,406 3.78 292,434 9/1/2008 Quarterly 9/30/2010 2,736,406 Axial Capital Institutional, L.P. 3,500,000 2,824,904 3.90 (198,556) 12/1/2008 Semi-Annually 12/31/2010 2,824,904 Bonanza Liquidating Trust, Class A (d) 687,230 209,466 0.29 (155,993) 4/1/2004 N/A D. Jabro Partners, L.P. 5,380,283 7,892,233 10.89 290,272 1/1/2006 Annually Eminence Partners, L.P. (c) 3,995,682 8,826,644 12.18 146,447 3/1/2001 Quarterly GCore Capital Partners, L.P. (c) 3,500,000 3,832,621 5.29 40,875 3/1/2009 Quarterly MSG Partners, L.P. 5,850,561 6,592,913 9.10 255,703 1/1/2008 Annually North Run Qualified Partners, L.P. (c) 4,376,363 4,691,879 6.47 167,750 1/1/2008 Annually 6/30/2010 4,691,879 Pennant Onshore Qualified, L.P. (c) 766,413 2,604,074 3.59 116,272 1/1/2003 Quarterly Pennant Winward Fund, L.P. (c) 4,624,220 7,997,989 11.04 293,468 10/1/2004 Quarterly Pershing Square, L.P. 835,575 2,269,448 3.13 149,408 1/1/2005 Annually Seneca Capital, L.P. (e) 1,060,631 183,222 0.25 (18) 7/1/2004 N/A Seneca Capital, L.P. (e) 976,905 61,112 0.08 95 7/1/2004 N/A Seneca Capital, L.P., SLV (d) 1,544,916 1,423,704 1.96 (6,879) 7/1/2004 N/A Tiedemann/Falconer Partners, L.P. (c) 4,500,000 4,050,928 5.59 (94,232) 1/1/2009 Quarterly Wesley Capital QP, L.P. (c) 2,930,694 3,107,848 4.29 15,149 8/1/2005 Quarterly ----------- ----------- -------- ---------- LONG/SHORT EQUITY SUBTOTAL $54,029,473 $67,640,793 93.33% $1,407,374 ----------- ----------- -------- ---------- TOTAL $54,029,473 $67,640,793 93.33% $1,407,374 =========== =========== ======== ==========
(a) Available frequency of redemptions after the initial lock-up period, if any. Different tranches may have varying liquidity terms. (b) Investment Funds with no dates or amounts can be redeemed in full. (c) Investment Funds categorized as Level 2 investments. (d) The Investment Fund is in liquidation. In addition to any redemption proceeds that may have already been received, the Fund will continue to receive proceeds periodically as the Investment Fund liquidates its underlying investments. (e) A portion or all of the Funds' interests in the Investment Fund are held in side pockets which have restricted liquidity.
UBS EQUITY OPPORTUNITY FUND, L.L.C. SCHEDULE OF PORTFOLIO INVESTMENTS (CONTINUED) (UNAUDITED) - ----------------------------------------------------------------------------------------------------------------------------------- MARCH 31, 2010 - ----------------------------------------------------------------------------------------------------------------------------------- The following is a summary of the inputs used in valuing the Fund's investments at fair value. The inputs or methodology used for valuing the Fund's investments are not necessarily an indication of the risk associated with investing in those investments. The Fund's valuation procedures require evaluation of all relevant factors available at the time the Fund values its portfolio. These relevant factors include the individual Investment Funds' compliance with fair value measurements, price transparency and valuation procedures in place, subscription and redemption activity, level of illiquid securities held, and the existence or absence of redemption restrictions. The Fund's investments are categorized in three levels as disclosed below. Level 1 discloses the amount of investments where the values of those investments are based upon quoted prices in active markets for identical securities. Level 2 discloses the amount of investments where the Fund has the ability to redeem at net asset value as of the March 31, 2010 measurement date, or within ninety days of the measurement date. Level 3 discloses the amount of investments where the Fund does not have the ability to redeem at net asset value within ninety days of the March 31, 2010 measurement date. ASSETS TABLE
- ---------------------------------------------------------------------------------------------------- TOTAL FAIR VALUE AT DESCRIPTION 03/31/2010 LEVEL 1 LEVEL 2 LEVEL 3 - ---------------------------------------------------------------------------------------------------- Long/Short Equity $67,640,793 $ -- $46,183,791 $ 21,457,002 -------------------------------------------------- TOTAL ASSETS $67,640,793 $ -- $46,183,791 $ 21,457,002 --------------------------------------------------
The following is a reconciliation of Level 3 assets from December 31, 2009 to March 31, 2010:
CHANGE IN BALANCE AS OF REALIZED UNREALIZED NET TRANSFERS IN DECEMBER 31, GAIN / APPRECIATION / PURCHASES / AND/OR OUT OF BALANCE AS OF DESCRIPTION 2009 (LOSS) DEPRECIATION (SALES) LEVEL 3 MARCH 31, 2010 - ---------------------------------------------------------------------------------------------------------------- Long/Short Equity $12,031,860 $-- $98,833 $-- $9,326,309 $21,457,002 - ---------------------------------------------------------------------------------------------------------------- Total $12,031,860 $-- $98,833 $-- $9,326,309 $21,457,002 - ----------------------------------------------------------------------------------------------------------------
Net change in unrealized appreciation/depreciation on Level 3 assets and liabilities still held as of March 31, 2010 is $334,032. The net transfers in and/or out of Level 3 noted above are due to the liquidity of the underlying Investment Funds in relation to the change in the measurement date from 12-31-09 to 3-31-10. PORTFOLIO VALUATION Investment Funds in the long/short equity strategy are generally subject to 30 - 90 day redemption notice periods. Investment Funds representing approximately 3 percent of fair value are side pockets or liquidating trusts where the liquidation of assets are expected over the next 36 months. The remaining approximately 97 percent of the Investment Funds have either initial redemption dates commencing in the future (15 percent) or are available to be redeemed with no restrictions, subject to the Investment Funds' liquidity terms, (82 percent) as of the
UBS EQUITY OPPORTUNITY FUND, L.L.C. SCHEDULE OF PORTFOLIO INVESTMENTS (CONTINUED) (UNAUDITED) - ----------------------------------------------------------------------------------------------------------------------------------- MARCH 31, 2010 - ----------------------------------------------------------------------------------------------------------------------------------- measurement date of March 31, 2010. Three Investment Funds, with a fair value of $16,754,594, transferred from Level 2 to Level 3 at March 31, 2010. In addition, two Investment Funds, with a fair value of $7,428,285, transferred from Level 3 to Level 2 at March 31, 2010. Investment Funds with no current redemption restrictions may be subject to future gates, lock-up provisions or other restrictions, in accordance with their offering documents. The Fund had no unfunded capital commitments as of March 31, 2010. The Fund recognizes transfers into and out of the levels indicated above at the end of the reporting period. Please refer to the December 31, 2009 financial statements for full disclosure on the Fund's portfolio valuation methodology.
ITEM 2. CONTROLS AND PROCEDURES. (a) The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)). (b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting. ITEM 3. EXHIBITS. Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. (Registrant) UBS Equity Opportunity Fund, L.L.C. ------------------------------------------------------------------- By (Signature and Title)* /s/ Michael Perry ------------------------------------------------------ Michael Perry, Principal Executive Officer Date May 26, 2010 --------------------------------------------------------------------------- Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By (Signature and Title)* /s/ Michael Perry ------------------------------------------------------ Michael Perry, Principal Executive Officer Date May 26, 2010 --------------------------------------------------------------------------- By (Signature and Title)* /s/ Robert Aufenanger ------------------------------------------------------ Robert Aufenanger, Principal Financial Officer Date May 26, 2010 --------------------------------------------------------------------------- * Print the name and title of each signing officer under his or her signature. EX-99.CERT 2 b57809equityopp_cert.txt CERTIFICATION 302 CERTIFICATION PURSUANT TO RULE 30A-2(A) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT I, Michael Perry, certify that: 1. I have reviewed this report on Form N-Q of UBS Equity Opportunity Fund, L.L.C.; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: May 26, 2010 /s/ Michael Perry --------------------- ------------------------------------------ Michael Perry, Principal Executive Officer CERTIFICATION PURSUANT TO RULE 30A-2(A) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT I, Robert Aufenanger, certify that: 1. I have reviewed this report on Form N-Q of UBS Equity Opportunity Fund, L.L.C.; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: May 26, 2010 /s/ Robert Aufenanger --------------------- ---------------------------------------------- Robert Aufenanger, Principal Financial Officer -----END PRIVACY-ENHANCED MESSAGE-----