N-Q 1 b51349equityopp_nq.txt UBS EQUITY OPPS_NQ 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) 51 W 52nd Street, 23rd Floor New York, NY 10019 ---------------------------------------------------------------- (Address of principal executive offices) (Zip code) Steven S. Drachman c/o UBS Financial Services Inc. 51 W 52nd Street, 23rd 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, 2009 -------------- Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (ss.ss. 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. ss. 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, 2009 ------------------------------------------------------------------------------------------------------------------------- REALIZED AND UNREALIZED INITIAL % OF MEMBERS' GAIN/(LOSS) ACQUISITION INVESTMENT FUND COST FAIR VALUE CAPITAL FROM INVESTMENTS DATE -------------------------------- --------------- -------------- -------------- ----------------- ------------- Alydar QP Fund, L.P. $ 6,000,000 $ 5,985,779 6.51% $ 216,865 9/1/2008 Alysheba QP Fund, L.P. 2,000,000 1,795,922 1.95 162,834 9/1/2008 Artis Aggressive Growth (Institutional), L.P. 1,500,000 1,156,130 1.26 66,274 9/1/2008 Axial Capital (Institutional), L.P. 3,500,000 3,612,611 3.93 205,887 12/1/2008 Bonanza Liquidating Trust, Class A (a) 808,505 652,914 0.71 10,324 4/1/2004 Bonanza Partners, L.P. (a) 1,562,033 929,643 1.01 (88,259) 4/1/2004 D. Jabro Partners, L.P. 5,380,283 7,074,901 7.69 87,092 1/1/2006 Eminence Partners, L.P. 3,995,682 7,866,853 8.55 429,493 3/1/2001 GCore Capital Partners, L.P. 3,500,000 3,532,423 3.84 32,423 3/1/2009 MSG Partners, L.P. 5,850,561 6,063,707 6.59 (185,145) 1/1/2008 North Run Qualified Partners, L.P. 4,376,364 3,377,233 3.67 264,398 1/1/2008 Pennant Onshore Qualified, L.P. 1,262,928 3,528,160 3.83 213,950 1/1/2003 Pennant Winward Fund, L.P. 3,012,518 5,594,558 6.08 318,505 10/1/2004 Pershing Square, L.P. 835,575 1,543,228 1.68 47,395 1/1/2005 Seneca Capital, L.P. (a) 2,173,084 2,116,856 2.30 (66,090) 7/1/2004 Seneca Capital, L.P. (b) 973,741 64,135 0.07 (168,928) 7/1/2004 Seneca Capital, L.P. (b) 1,060,631 151,614 0.16 (129,539) 7/1/2004 Tiedemann Falconer Partners, L.P. 4,500,000 4,579,565 4.98 79,565 1/1/2009 Wesley Capital QP, L.P. 2,930,694 2,998,344 3.26 332,243 8/1/2005 ----------- ----------- ----- ---------- LONG/SHORT EQUITY SUBTOTAL $55,222,599 $62,624,576 68.07% $1,829,287 Realized gain/(loss) on other securities -- -- -- (203,685) ----------- ----------- ----- ---------- TOTAL $55,222,599 $62,624,576 68.07% $1,625,602 =========== =========== ===== ==========
DOLLAR AMOUNT OF FIRST FAIR VALUE FOR FIRST AVAILABLE AVAILABLE INVESTMENT FUND LIQUIDITY* REDEMPTION** REDEMPTION -------------------------------- ------------ -------------- ---------------------- Alydar QP Fund, L.P. Quarterly Alysheba QP Fund, L.P. Quarterly Artis Aggressive Growth (Institutional), L.P. Quarterly Axial Capital (Institutional), L.P. Semi-Annually 12/31/2010 3,612,611 Bonanza Liquidating Trust, Class A (a) N/A Bonanza Partners, L.P. (a) N/A D. Jabro Partners, L.P. Annually Eminence Partners, L.P. Quarterly GCore Capital Partners, L.P. Quarterly 3/31/2010 3,532,423 MSG Partners, L.P. Annually 12/31/2009 6,063,707 North Run Qualified Partners, L.P. Annually 6/30/2010 3,377,233 Pennant Onshore Qualified, L.P. Quarterly Pennant Winward Fund, L.P. Quarterly Pershing Square, L.P. Annually Seneca Capital, L.P. (a) N/A Seneca Capital, L.P. (b) N/A Seneca Capital, L.P. (b) N/A Tiedemann Falconer Partners, L.P. Quarterly Wesley Capital QP, L.P. Quarterly
* Available frequency of redemptions after the initial lock-up period, if any. Different tranches may have varying liquidity terms. ** Investment Funds with no dates can be redeemed in full. (a) 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. (b) 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, 2009 ------------------------------------------------------------------------------------------------------------------------- Securities valuation policies and other investment related disclosures are hereby incorporated by reference to the annual and semi-annual reports previously filed with the Securities and Exchange Commission on Form N-CSR. Various inputs are used in determining the fair value of the Fund's investments relating to FAS 157. These inputs are summarized in the three broad levels listed below. LEVEL 1--quoted prices in active markets for identical securities. LEVEL 2--other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment spreads, credit risk, etc.) LEVEL 3--significant unobservable inputs (including Fund's own assumptions in determining the fair value of investments.) The following is a summary of the inputs used, as of March 31, 2009, in valuing the Fund's investments at fair value in accordance with FAS 157. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. ------------------------------------------------------------------------------------------------------ OTHER SECURITIES AND VALUATION INPUTS OTHER FINANCIAL INSTRUMENTS* ------------------------------------------------------------------------------------------------------ Level 1 - Quoted Prices $ -- ------------------------------------------------------------------------------------------------------ Level 2 - Other Significant Observable Inputs -- ------------------------------------------------------------------------------------------------------ Level 3 - Other Significant Unobservable Inputs 62,624,576 ------------------------------------------------------------------------------------------------------ TOTAL $62,624,576 ------------------------------------------------------------------------------------------------------ * Other Financial Instruments include Investments in Investment Funds. The following is a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value: ------------------------------------------------------------------------------------------------------ OTHER FINANCIAL INSTRUMENTS* ------------------------------------------------------------------------------------------------------ BALANCE AS OF DECEMBER 31, 2008 $53,166,541 ------------------------------------------------------------------------------------------------------ Accrued discounts/premiums -- ------------------------------------------------------------------------------------------------------ Realized gain/(loss) (9,861) ------------------------------------------------------------------------------------------------------ Change in unrealized appreciation/depreciation 1,839,148 ------------------------------------------------------------------------------------------------------ Net purchases/(sales) 7,628,748 ------------------------------------------------------------------------------------------------------ Transfers in and/or out of Level 3 -- ------------------------------------------------------------------------------------------------------ BALANCE AS OF MARCH 31, 2009 $62,624,576 ------------------------------------------------------------------------------------------------------ * Other Financial Instruments include Investments in Investment Funds.
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/ Craig Goos ------------------------------------------------------- Craig Goos, Principal Executive Officer Date May 27, 2009 ---------------------------------------------------------------------------- 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/ Craig Goos ------------------------------------------------------- Craig Goos, Principal Executive Officer Date May 27, 2009 ---------------------------------------------------------------------------- By (Signature and Title)* /s/ Robert Aufenanger ------------------------------------------------------- Robert Aufenanger, Principal Financial Officer Date May 27, 2009 ---------------------------------------------------------------------------- * Print the name and title of each signing officer under his or her signature.