# UBS (Lux) Institutional Fund
– Euro Corporate Bonds Sustainable*
| Three-year comparison |  |
| --- | --- |
|  | ISIN | 31.12.2021 | 31.12.2020 | 31.12.2019 |
| Net assets in EUR |  | 90 664 373.25 | 97 797 397.62 | 107 167 035.91 |
| Class AA | LU0130421521 |  |  |  |
| Units outstanding |  | 9 674.6450 | 9 724.6450 | 13 064.6450 |
| Net asset value per unit in EUR |  | 189.65 | 192.74 | 188.63 |
| Issue and redemption price per unit in EUR 1 |  | 189.65 | 192.74 | 188.63 |
| Class BA | LU0130422412 |  |  |  |
| Units outstanding |  | 261 264.3660 | 274 138.3840 | 301 022.7100 |
| Net asset value per unit in EUR |  | 211.75 | 214.02 | 208.31 |
| Issue and redemption price per unit in EUR 1 |  | 211.75 | 214.02 | 208.31 |
| Class XA | LU0176376811 |  |  |  |
| Units outstanding |  | 190 825.4860 | 210 039.0960 | 243 414.0210 |
| Net asset value per unit in EUR |  | 175.59 | 177.36 | 172.53 |
| Issue and redemption price per unit in EUR 1 |  | 175.59 | 177.36 | 172.53 |
| 1  See note 1 |  |  |  |  |


## Report of the Portfolio Manager
During the financial year, from 1 January 2021 to 31 December 2021, the market produced a negative performance. The main driver was the increase in risk- free rates over the financial year. Although developed market government bond yields moved higher over the course of the year, there was significant intra-year vola- tility as an improving global economic outlook and con- cerns over surging inflation acted to drive rates up while persistent fears over COVID-19 and its mutations kept yields from breaking out of the upper end of their range. Yields on 10-year nominal German Bunds increased from -0.52% at the beginning of 2021 to -0.17% at year-end. Two-year German government bond yields increased by 12bp in December to -0.62%. The spread on the Bloomberg Barclays EUR AGG 500 index wid- ened 4 basis points this year. YTW is 0.49% and Total Return overall was -1.00% for the year.
The subfund produced a negative performance during the financial year outperforming its benchmark by 6 bp. Our curve and overall duration positioning had a nega- tive impact on relative performance, while having more carry than the index (spread carry) had a positive impact on relative performance. Issue selection and, here in particular, our allocations to industrials (consumer cycli- cal) and allocation to financial and non-financial (hybrid) subordinated bonds contributed positively.

## Structure of the Securities Portfolio
Geographical Breakdown as a % of net assets	
| France | 20.63 |
| --- | --- |
| United States | 15.07 |
| The Netherlands | 14.02 |
| Spain | 8.18 |
| United Kingdom | 7.19 |
| Italy | 5.12 |
| Germany | 5.10 |
| Luxembourg | 4.75 |
| Switzerland | 3.90 |
| Australia | 3.63 |
| Ireland | 2.05 |
| Sweden | 1.19 |
| Liechtenstein | 1.18 |
| Finland | 0.91 |
| Slovakia | 0.80 |
| Singapore | 0.56 |
| Belgium | 0.55 |
| Denmark | 0.35 |
| Japan | 0.34 |
| Poland | 0.33 |
| Total | 95.85 |

Economic Breakdown as a % of net assets	
| Banks & credit institutions | 28.66 |
| --- | --- |
| Finance & holding companies | 22.52 |
| Telecommunications | 10.51 |
| Insurance | 4.26 |
| Traffic & transportation | 3.83 |
| Energy & water supply | 3.77 |
| Real Estate | 3.56 |
| Petroleum | 3.51 |
| Building industry & materials | 2.25 |
| Vehicles | 2.03 |
| Textiles, garments & leather goods | 1.43 |
| Electrical devices & components | 1.39 |
| Food & soft drinks | 1.28 |
| Internet, software & IT services | 1.18 |
| Mortgage & funding institutions | 1.10 |
| Supranational organisations | 1.10 |
| Tobacco & alcohol | 1.02 |
| Electronics & semiconductors | 1.01 |
| Miscellaneous services | 0.94 |
| Pharmaceuticals, cosmetics & medical products | 0.34 |
| Miscellaneous trading companies | 0.16 |
| Total | 95.85 |

UBS (Lux) Institutional Fund – Euro Corporate Bonds Sustainable*
* formerly UBS (Lux) Institutional Fund – Euro Corporate Bonds
Annual report and audited financial statements as of 31 December 2021

## Statement of Net Assets
EUR
Assets	31.12.2021
Investments in securities, cost	85 609 615.53
| Investments in securities, unrealized appreciation (depreciation) | 	1 288 772.79	 |
| --- | --- |
| Total investments in securities (Note 1) | 86 898 388.32 |
| Cash at banks, deposits on demand and deposit accounts | 3 006 750.33 |
| Interest receivable on securities | 758 763.81 |
| Other receivables | 11 286.35 |
| Total Assets | 90 675 188.81 |
|  |  |
| Liabilities |  |
| Provisions for flat fee (Note 2) | -4 030.39 |
| Provisions for taxe d’abonnement (Note 3) | -2 266.61 |
| Provisions for other commissions and fees (Note 2) | 	-4 518.56	 |
| Total provisions | -10 815.56 |
| Total Liabilities | -10 815.56 |
|  |  |
| Net assets at the end of the financial year | 90 664 373.25 |
| Statement of Operations | EUR |
| Income | 1.1.2021-31.12.2021 |
| Interest on securities | 1 559 709.77 |
| Net income on securities lending (Note 13) | 29 811.41 |
| Other income (Note 2, 4) | 25 321.80 |
| Total income | 1 614 842.98 |
|  |  |
| Expenses |  |
| Flat fee (Note 2) | -48 624.96 |
| Taxe d’abonnement (Note 3) | -9 367.51 |
| Other commissions and fees (Note 2) | -4 394.07 |
| Interest on cash and bank overdraft | -11 928.76 |
| Total expenses | -74 315.30 |
|  |  |
| Net income (loss) on investments | 1 540 527.68 |
|  |  |
| Realized gain (loss) (Note 1) |  |
| Realized gain (loss) on market-priced securities without options | 259 102.60 |
| Realized gain (loss) on yield-evaluated securities and money market instruments | -1 322.38 |
| Total realized gain (loss) | 257 780.22 |
|  |  |
| Net realized gain (loss) of the financial year | 1 798 307.90 |
|  |  |
| Changes in unrealized appreciation (depreciation) (Note 1) |  |
| Unrealized appreciation (depreciation) on market-priced securities without options | -2 764 596.68 |
| Unrealized appreciation (depreciation) on yield-evaluated securities and money market instruments | 3 256.01 |
| Total changes in unrealized appreciation (depreciation) | -2 761 340.67 |
|  |  |
| Net increase (decrease) in net assets as a result of operations | -963 032.77 |

UBS (Lux) Institutional Fund – Euro Corporate Bonds Sustainable*
* formerly UBS (Lux) Institutional Fund – Euro Corporate Bonds
Annual report and audited financial statements as of 31 December 2021
| Statement of Changes in Net Assets |  |
| --- | --- |
|  | EUR |
|  | 1.1.2021-31.12.2021 |
| Net assets at the beginning of the financial year | 97 797 397.62 |
| Subscriptions | 5 530 352.67 |
| Redemptions | 	-11 700 344.27	 |
| Total net subscriptions (redemptions) | -6 169 991.60 |
| Net income (loss) on investments | 1 540 527.68 |
| Total realized gain (loss) | 257 780.22 |
| Total changes in unrealized appreciation (depreciation) | 	-2 761 340.67	 |
| Net increase (decrease) in net assets as a result of operations | -963 032.77 |
| Net assets at the end of the financial year | 90 664 373.25 |
| Development of the outstanding units |  |
|  | 1.1.2021-31.12.2021 |
| Class | AA |
| Number of units outstanding at the beginning of the financial year | 9 724.6450 |
| Number of units issued | 0.0000 |
| Number of units redeemed | -50.0000 |
| Number of units outstanding at the end of the financial year | 9 674.6450 |
| Class | BA |
| Number of units outstanding at the beginning of the financial year | 274 138.3840 |
| Number of units issued | 0.0000 |
| Number of units redeemed | -12 874.0180 |
| Number of units outstanding at the end of the financial year | 261 264.3660 |
| Class | XA |
| Number of units outstanding at the beginning of the financial year | 210 039.0960 |
| Number of units issued | 31 260.7930 |
| Number of units redeemed | -50 474.4030 |
| Number of units outstanding at the end of the financial year | 190 825.4860 |

UBS (Lux) Institutional Fund – Euro Corporate Bonds Sustainable*
* 
formerly UBS (Lux) Institutional Fund – Euro Corporate Bonds
Annual report and audited financial statements as of 31 December 2021

## Statement of Investments in Securities and other Net Assets as of 31 December 2021
| Description | Quantity/ | Valuation in EUR | as a % |
| --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |
| Transferable securities and money market instruments listed on an official stock exchange |  |  |  |
| Notes, fixed rate |  |  |  |
| EUR |  |  |  |
| EUR	BP CAPITAL MARKETS PLC-REG-S 2.82200% 20-07.04.32 | 400 000.00 | 472 092.80 | 0.52 |
| EUR	CAP GEMINI SA-REG-S 2.00000% 20-15.04.29 | 600 000.00 | 659 809.20 | 0.73 |
| EUR	CAPGEMINI SE-REG-S 1.12500% 20-23.06.30 | 400 000.00 | 414 612.80 | 0.46 |
| EUR	CIE DE SAINT-GOBAIN-REG-S 2.37500% 20-04.10.27 | 300 000.00 | 333 592.20 | 0.37 |
| EUR	DIGITAL DUTCH FINCO BV-REG-S 1.50000% 20-15.03.30 | 1 100 000.00 | 1 140 156.60 | 1.26 |
| EUR	ENEL FINANCE INTERNATIONAL NV-REG-S 1.37500% 16-01.06.26 | 1 759 000.00 | 1 838 886.74 | 2.03 |
| EUR	EQUINIX INC 1.00000% 21-15.03.33 | 200 000.00 | 191 974.40 | 0.21 |
| EUR	EUSTREAM AS-REG-S 1.62500% 20-25.06.27 | 700 000.00 | 724 376.80 | 0.80 |
| EUR	FERROVIAL EMISIONES SA-REG-S 1.38200% 20-14.05.26 | 1 000 000.00 | 1 043 200.00 | 1.15 |
| EUR	GENERAL MOTORS FINANCIAL CO INC-REG-S 0.65000% 21-07.09.28 | 300 000.00 | 294 669.00 | 0.32 |
| EUR	PVH CORP-REG-S 3.12500% 17-15.12.27 | 200 000.00 | 222 307.20 | 0.25 |
| EUR	SWISS LIFE FINANCE I LTD-REG-S 0.50000% 21-15.09.31 | 1 100 000.00 | 1 068 832.60 | 1.18 |
| Total EUR |  | 8 404 510.34 | 9.28 |
| Total Notes, fixed rate |  | 8 404 510.34 | 9.28 |
| Notes, floating rate |  |  |  |
| EUR |  |  |  |
| EUR	AUSTRALIA & NZ BANKING GRP-REG-S-SUB 1.125%/VAR 19-21.11.29 | 700 000.00 | 711 251.80 | 0.78 |
| EUR	OP CORPORATE BANK PLC-REG-S SUB 1.625%/VAR 20-09.06.30 | 600 000.00 | 613 728.00 | 0.68 |
| EUR	TOTAL SE-REG-S-SUB 2.000/VAR 20-PRP | 500 000.00 | 491 900.00 | 0.54 |
| EUR	WESTPAC BANKING CORP-REG-SUB 0.766%/VAR 21-13.05.31 | 450 000.00 | 444 083.80 | 0.49 |
| Total EUR |  | 2 260 963.60 | 2.49 |
| Total Notes, floating rate |  | 2 260 963.60 | 2.49 |
| Medium term notes, fixed rate |  |  |  |
| EUR |  |  |  |
| EUR	A.P. MOELLER-MAERSK-REG-S 1.75000% 18-16.03.26 | 200 000.00 | 211 687.60 | 0.23 |
| EUR	ABERTIS INFRAESTRUCTURAS SA-REG-S 2.37500% 19-27.09.27 | 400 000.00 | 434 700.80 | 0.48 |
| EUR	ABERTIS INFRAESTRUCTURAS SA-REG-S 3.00000% 19-27.03.31 | 900 000.00 | 1 031 130.00 | 1.14 |
| EUR	AIB GROUP PLC-REG-S 1.25000% 19-28.05.24 | 300 000.00 | 308 063.22 | 0.34 |
| EUR	ALLIANZ FINANCE II BV-REG-S 1.50000% 19-15.01.30 | 500 000.00 | 542 758.00 | 0.60 |
| EUR	ANGLO AMERICAN CAPITAL PLC-REG-S 1.62500% 17-18.09.25 | 400 000.00 | 416 400.00 | 0.46 |
| EUR	APRR SA-REG-S 1.62500% 17-13.01.32 | 300 000.00 | 329 034.00 | 0.36 |
| EUR	APT PIPELINES LTD-REG-S 2.00000% 20-15.07.30 | 400 000.00 | 422 702.40 | 0.47 |
| EUR	ASSICURAZIONI GENERALI SPA-REG-S-SUB 4.12500% 14-04.05.26 | 300 000.00 | 343 125.00 | 0.38 |
| EUR	ASSICURAZIONI GENERALI SPA-REG-S-SUB 2.12400% 19-01.10.30 | 1 000 000.00 | 1 045 086.00 | 1.15 |
| EUR	BANCA INTESA SPA-REG-S 1.35000% 21-24.02.31 | 700 000.00 | 686 449.40 | 0.76 |
| EUR	BANCA INTESA SPA-REG-S 0.75000% 21-16.03.28 | 1 000 000.00 | 997 150.00 | 1.10 |
| EUR	BANCO BILBAO VIZCAYA ARGENT-REG-S-SUB 3.50000% 17-10.02.27 | 500 000.00 | 562 216.00 | 0.62 |
| EUR	BANCO BILBAO VIZCAYA ARGENTARIA-REG-S 0.37500% 19-02.10.24 | 1 000 000.00 | 1 006 574.00 | 1.11 |
| EUR	BANK OF AMERICA CORP-REG-S 1.37500% 15-26.03.25 | 800 000.00 | 833 019.20 | 0.92 |
| EUR	BANQUE FEDER DU CREDIT MUTUEL-REG-S 1.25000% 15-14.01.25 | 400 000.00 | 414 293.60 | 0.46 |
| EUR	BANQUE FEDER DU CREDIT MUTUEL-REG-S 1.62500% 16-19.01.26 | 800 000.00 | 845 462.40 | 0.93 |
| EUR	BANQUE FEDER DU CREDIT MUTUEL-REG-S-SUB 2.37500% 16-24.03.26 | 600 000.00 | 642 970.80 | 0.71 |
| EUR	BANQUE FEDERATIVE DU CREDIT MUTUEL 2.62500% 14-18.03.24 | 100 000.00 | 105 929.00 | 0.12 |
| EUR	BARCLAYS BANK PLC-SUB 6.62500% 11-30.03.22 | 300 000.00 | 304 590.00 | 0.34 |
| EUR	BMW FINANCE NV-REG-S 0.75000% 16-15.04.24 | 200 000.00 | 204 040.40 | 0.23 |
| EUR	BNP PARIBAS SA-REG-S-SUB 1.62500% 19-02.07.31 | 800 000.00 | 821 760.00 | 0.91 |
| EUR	BNP PARIBAS SA-REG-S 1.50000% 17-17.11.25 | 500 000.00 | 524 100.00 | 0.58 |
| EUR	BNP PARIBAS SA-REG-S 1.50000% 17-23.05.28 | 300 000.00 | 318 036.00 | 0.35 |
| EUR	BP CAPITAL MARKETS PLC-REG-S 1.57300% 15-16.02.27 | 200 000.00 | 211 911.20 | 0.23 |
| EUR	BP CAPITAL MARKETS PLC-REG-S 1.63700% 17-26.06.29 | 800 000.00 | 850 635.20 | 0.94 |
| EUR	BRITISH TELECOMMUNICATIONS PLC-REG-S 1.12500% 16-10.03.23 | 200 000.00 | 202 698.40 | 0.22 |
| EUR	CIE DE SAINT-GOBAIN SA-REG-S 1.87500% 19-15.03.31 | 200 000.00 | 221 098.00 | 0.24 |
| EUR	CIE DE SAINT-GOBAIN-REG-S 1.12500% 18-23.03.26 | 800 000.00 | 833 619.20 | 0.92 |
| EUR	CITIGROUP INC-REG-S 1.50000% 16-26.10.28 | 300 000.00 | 317 677.20 | 0.35 |
| EUR	CREDIT AGRICOLE SA LONDON-REG-S 1.87500% 16-20.12.26 | 800 000.00 | 859 100.80 | 0.95 |
| EUR	CREDIT SUISSE GROUP AG-REG-S 0.65000% 19-10.09.29 | 700 000.00 | 682 535.00 | 0.75 |
| EUR	CREDIT SUISSE GROUP AG-REG-S 0.62500% 21-18.01.33 | 300 000.00 | 297 180.00 | 0.33 |
| EUR	DAIMLER AG-REG-S 0.37500% 19-08.11.26 | 300 000.00 | 303 246.00 | 0.33 |
| EUR	DAIMLER AG-REG-S 1.12500% 19-06.11.31 | 400 000.00 | 418 734.40 | 0.46 |
| EUR	DAIMLER AG-REG-S 2.00000% 19-27.02.31 | 500 000.00 | 564 985.00 | 0.62 |
| EUR	DAIMLER AG-REG-S 2.37500% 20-22.05.30 | 200 000.00 | 230 896.00 | 0.25 |
| EUR	DAIMLER AG-REG-S 2.62500% 20-07.04.25 | 300 000.00 | 325 741.20 | 0.36 |
| EUR	DEUTSCHE TELEKOM AG-REG-S 2.25000% 19-29.03.39 | 200 000.00 | 232 845.60 | 0.26 |
| EUR	DEUTSCHE TELEKOM INTL FINANCE BV-REG-S 1.50000% 16-03.04.28 | 400 000.00 | 428 481.60 | 0.47 |
| EUR	DEUTSCHE TELEKOM INTL FIN BV-REG-S 2.00000% 18-01.12.29 | 900 000.00 | 1 008 324.00 | 1.11 |
| EUR	E.ON INTERNATIONAL FINANCE BV-REG-S 5.75000% 03-14.02.33 | 500 000.00 | 753 367.00 | 0.83 |
| EUR	ENAGAS FINANCIACIONES SAU-REG-S 1.25000% 15-06.02.25 | 500 000.00 | 517 983.00 | 0.57 |
| EUR	ENAGAS FINANCIACIONES SA-REG-S 0.37500% 20-05.11.32 | 500 000.00 | 484 824.00 | 0.53 |
| EUR	ENGIE SA-REG-S 1.75000% 20-27.03.28 | 700 000.00 | 754 572.00 | 0.83 |
| EUR	ESB FINANCE DAC-REG-S 1.12500% 19-11.06.30 | 500 000.00 | 522 497.00 | 0.58 |
| EUR	EUROGRID GMBH-REG-S 1.50000% 16-18.04.28 | 700 000.00 | 743 766.80 | 0.82 |
| EUR	EUROPEAN INVESTMENT BANK 0.01000% 21-15.11.30 | 1 000 000.00 | 993 354.10 | 1.10 |
| EUR	FRESENIUS MED CARE AG & CO KGAA-REG-S 1.00000% 20-29.05.26 | 300 000.00 | 309 028.20 | 0.34 |
| EUR	GECINA SA-REG-S 1.37500% 17-26.01.28 | 500 000.00 | 530 786.00 | 0.59 |
| EUR	GECINA SA-REG-S 1.62500% 19-29.05.34 | 700 000.00 | 760 158.00 | 0.84 |
| EUR	GENERAL MOTORS FINANCIAL CO INC-REG-S 0.95500% 16-07.09.23 | 500 000.00 | 507 667.00 | 0.56 |
| EUR	GENERAL MOTORS FINANCIAL CO INC-REG-S 1.69400% 18-26.03.25 | 400 000.00 | 416 168.80 | 0.46 |
| EUR	GLENCORE FINANCE EUROPE SA-REG-S 1.75000% 15-17.03.25 | 1 200 000.00 | 1 250 028.00 | 1.38 |
| EUR	GLOBAL SWITCH FINANCE BV-REG-S 1.37500% 20-07.10.30 | 300 000.00 | 297 274.20 | 0.33 |
| EUR	GOLDMAN SACHS GROUP INC 2.87500% 14-03.06.26 | 550 000.00 | 611 695.70 | 0.67 |

UBS (Lux) Institutional Fund – Euro Corporate Bonds Sustainable*
* formerly UBS (Lux) Institutional Fund – Euro Corporate Bonds
Annual report and audited financial statements as of 31 December 2021
|  | Description | Quantity/ | Valuation in EUR | as a % |
| --- | --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |
|  |  |  |  |  |
| EUR | GOLDMAN SACHS GROUP INC/THE-REG-S 2.12500% 14-30.09.24 | 150 000.00 | 158 310.00 | 0.17 |
| EUR | GOLDMAN SACHS GROUP INC-REG-S 1.62500% 16-27.07.26 | 500 000.00 | 527 626.00 | 0.58 |
| EUR | GOLDMAN SACHS GROUP INC-REG-S 1.25000% 16-01.05.25 | 100 000.00 | 102 571.00 | 0.11 |
| EUR | GOLDMAN SACHS GROUP INC-REG-S 2.00000% 18-22.03.28 | 300 000.00 | 323 823.60 | 0.36 |
| EUR | ISS GLOBAL A/S-REG-S 2.12500% 14-02.12.24 | 100 000.00 | 105 264.20 | 0.12 |
| EUR | JPMORGAN CHASE & CO-REG-S 1.50000% 15-27.01.25 | 700 000.00 | 731 231.20 | 0.81 |
| EUR | JPMORGAN CHASE & CO-REG-S 1.50000% 16-29.10.26 | 300 000.00 | 317 302.80 | 0.35 |
| EUR | KONINKLIJKE KPN NV-REG-S 1.12500% 16-11.09.28 | 100 000.00 | 102 924.80 | 0.11 |
| EUR | KONINKLIJKE KPN NV-REG-S 0.87500% 20-14.12.32 | 200 000.00 | 195 974.80 | 0.22 |
| EUR | KONINKLIJKE KPN NV-REG-S 0.87500% 21-15.11.33 | 700 000.00 | 677 548.20 | 0.75 |
| EUR | LOGICOR FINANCING SARL-REG-S 3.25000% 18-13.11.28 | 700 000.00 | 793 784.60 | 0.88 |
| EUR | LOGICOR FINANCING SARL-REG-S 1.62500% 19-15.07.27 | 500 000.00 | 517 728.00 | 0.57 |
| EUR | MORGAN STANLEY 1.75000% 15-30.01.25 | 400 000.00 | 419 945.60 | 0.46 |
| EUR | MORGAN STANLEY 1.87500% 17-27.04.27 | 300 000.00 | 321 784.20 | 0.35 |
| EUR | NORDEA BANK ABP-REG-S 1.12500% 17-27.09.27 | 200 000.00 | 209 944.00 | 0.23 |
| EUR | ORANGE SA 1.12500% 19-15.07.24 | 300 000.00 | 308 268.60 | 0.34 |
| EUR | ORANGE SA-REG-S 1.00000% 18-12.09.25 | 300 000.00 | 309 268.80 | 0.34 |
| EUR | ORANGE SA-REG-S 1.37500% 18-20.03.28 | 500 000.00 | 530 068.00 | 0.58 |
| EUR | ORIGIN ENERGY FINANCE LTD-REG-S 1.00000% 19-17.09.29 | 600 000.00 | 588 466.80 | 0.65 |
| EUR | REPSOL INTERNATIONAL FINANCE BV-REG-S 2.62500% 20-15.04.30 | 400 000.00 | 462 916.00 | 0.51 |
| EUR | SKY PLC-REG-S 2.50000% 14-15.09.26 | 400 000.00 | 442 122.40 | 0.49 |
| EUR | SOCIETE GENERALE SA-REG-S 0.87500% 19-24.09.29 | 400 000.00 | 401 068.00 | 0.44 |
| EUR | SOCIETE GENERALE-REG-S 1.25000% 19-15.02.24 | 400 000.00 | 410 608.00 | 0.45 |
| EUR | SUMITOMO MITSUI FIN GP INC-REG-S 0.93400% 17-11.10.24 | 300 000.00 | 307 488.17 | 0.34 |
| EUR | TELEFONICA EMISIONES SA-REG-S 1.46000% 16-13.04.26 | 400 000.00 | 421 148.00 | 0.46 |
| EUR | TELEFONICA EMISIONES SAU-REG-S 1.93000% 16-17.10.31 | 500 000.00 | 553 794.00 | 0.61 |
| EUR | TELEFONICA EMISIONES SA-REG-S 1.49500% 18-11.09.25 | 400 000.00 | 419 352.00 | 0.46 |
| EUR | TELEFONICA EMISIONES SA-REG-S 1.06900% 19-05.02.24 | 300 000.00 | 306 926.40 | 0.34 |
| EUR | TELEFONICA EMISIONES SA-REG-S 0.66400% 20-03.02.30 | 200 000.00 | 200 650.40 | 0.22 |
| EUR | UBS AG LONDON BRANCH-REG-S 0.01000% 21-29.06.26 | 400 000.00 | 396 317.60 | 0.44 |
| EUR | UBS GROUP AG-REG-S 1.25000% 16-01.09.26 | 1 000 000.00 | 993 700.00 | 1.10 |
| EUR | UNIBAIL-RODAMCO SE-REG-S 1.37500% 20-04.12.31 | 200 000.00 | 204 594.80 | 0.23 |
| EUR | UNIBAIL-RODAMCO SE-REG-S 1.37500% 15-15.04.30 | 300 000.00 | 311 533.80 | 0.34 |
| EUR | UNIBAIL-RODAMCO SE-REG-S 1.50000% 17-22.02.28 | 500 000.00 | 523 448.00 | 0.58 |
| EUR | UNICREDITO ITALIANO SPA 1.00000% 18-18.01.23 | 1 550 000.00 | 1 566 833.00 | 1.73 |
| EUR | CONSOL ENERGY INC 2.25000% 20-01.05.26 | 400 000.00 | 416 556.80 | 0.46 |
| EUR | VEOLIA ENVIRONNEMENT-REG-S 0.89200% 19-14.01.24 | 600 000.00 | 610 426.80 | 0.67 |
| EUR | VEOLIA ENVIRONNEMENT SA-REG-S 1.25000% 20-15.04.28 | 300 000.00 | 316 152.60 | 0.35 |
| EUR | VERIZON COMMUNICATIONS INC 3.25000% 14-17.02.26 | 400 000.00 | 450 282.40 | 0.50 |
| EUR | VINCI SA-REG-S 1.62500% 19-18.01.29 | 600 000.00 | 649 855.20 | 0.72 |
| EUR | VODAFONE GROUP PLC-REG-S 1.60000% 16-29.07.31 | 200 000.00 | 211 685.20 | 0.23 |
| EUR | VODAFONE GROUP PLC-REG-S 1.50000% 17-24.07.27 | 400 000.00 | 425 002.40 | 0.47 |
| EUR | VONOVIA SE-REG-S 0.62500% 21-24.03.31 | 400 000.00 | 393 386.40 | 0.43 |
| Total EUR |  |  | 49 431 839.99 | 54.52 |
| Total Medium term notes, fixed rate |  | 49 431 839.99 | 54.52 |
| Medium term notes, zero coupon |  |  |  |
| EUR |  |  |  |
| EUR	E.ON SE-REG-S 0.00000% 19-28.08.24 | 300 000.00 | 300 660.00 | 0.33 |
| Total EUR |  | 300 660.00 | 0.33 |
| Total Medium term notes, zero coupon |  | 300 660.00 | 0.33 |
| Medium term notes, floating rate |  |  |  |
| EUR |  |  |  |
| EUR	ALLIANZ SE-REG-S-SUB 4.750%/3M EURIBOR+360BP 13-PRP | 400 000.00 | 431 000.00 | 0.47 |
| EUR	AUSTRALIA & NEW ZEALAND BK-REG-S-SUB 0.669%/VAR 21-05.05.31 | 300 000.00 | 295 171.20 | 0.33 |
| EUR	AVIVA PLC-REG-S-SUB 3.375%/VAR 15-04.12.45 | 400 000.00 | 437 803.20 | 0.48 |
| EUR	AXA SA-REG-S-SUB 3.375%/VAR 16-06.07.47 | 300 000.00 | 335 610.00 | 0.37 |
| EUR	AXA SA-REG-S-SUB 3.941%/VAR 14-PRP | 300 000.00 | 328 125.00 | 0.36 |
| EUR	BARCLAYS PLC-REG-S 1.375%/VAR 18-24.01.26 | 100 000.00 | 103 171.00 | 0.11 |
| EUR	BNP PARIBAS SA-REG-S 1.125%/VAR 20-17.04.29 | 300 000.00 | 306 192.00 | 0.34 |
| EUR	BNP PARIBAS-REG-S 2.125%/VAR 19-23.01.27 | 500 000.00 | 532 805.00 | 0.59 |
| EUR	CITIGROUP INC-SUB 4.250%/FLR 05-25.02.30 | 300 000.00 | 335 850.00 | 0.37 |
| EUR	COMMONWEALTH BK OF AUSTRLIA-REG-S-SUB 1.936%/VAR 17-03.10.29 | 800 000.00 | 830 184.00 | 0.92 |
| EUR	CREDIT SUISSE GROUP AG-REG-S 3.250%/VAR 20-02.04.26 | 300 000.00 | 315 000.00 | 0.35 |
| EUR	DANONE SA-REG-S-SUB 1.750%/VAR 17-PRP | 400 000.00 | 405 700.00 | 0.45 |
| EUR	DBS GROUP HOLDINGS LTD-REG-S-SUB 1.500%/VAR 18-11.04.28 | 500 000.00 | 508 654.00 | 0.56 |
| EUR	DEUTSCHE BANK AG-REG-S- 0.75000%/VAR 21-17.02.27 | 300 000.00 | 299 365.20 | 0.33 |
| EUR	IBERDROLA INTERNATIONAL BV-REG-S-SUB 2.625%/VAR 18-PRP | 1 200 000.00 | 1 257 513.60 | 1.39 |
| EUR	ING GROEP NV-SUB 3.000%/VAR 17-11.04.28 | 300 000.00 | 310 611.00 | 0.34 |
| EUR	JPMORGAN CHASE & CO-REG-S 1.047%/VAR 19-04.11.32 | 300 000.00 | 302 818.80 | 0.33 |
| EUR	JPMORGAN CHASE & CO-REG-S 0.389%/3M EURIBOR+65BP 20-24.02.28 | 200 000.00 | 198 534.03 | 0.22 |
| EUR	KBC GROEP NV-REG-S-SUB 0.500%/VAR 19-03.12.29 | 500 000.00 | 497 418.00 | 0.55 |
| EUR	LLOYDS BANKING GROUP PLC-REG-S 0.500%/VAR 19-12.11.25 | 400 000.00 | 403 988.00 | 0.45 |
| EUR	MBANK SA-REG-S 0.966%/VAR 21-21.09.27 | 300 000.00 | 296 020.80 | 0.33 |
| EUR	ORANGE SA-REG-S-SUB 1.375%/VAR 21-PRP | 800 000.00 | 786 000.00 | 0.87 |
| EUR	SVENSKA HANDELSBANKEN AB-REG-S-SUB 1.625%/VAR 18-05.03.29 | 1 050 000.00 | 1 079 723.40 | 1.19 |
| EUR	TOTAL SE-REG-S-SUB 2.125%/VAR 21-PRP | 300 000.00 | 289 107.00 | 0.32 |
| EUR	TOTAL SE-REG-S-SUB 3.369%/VAR 16-PRP | 1 000 000.00 | 1 087 500.00 | 1.20 |
| EUR	UBS GROUP AG-REG-S-SUB 0.250%/VAR 20-05.11.28 | 456 000.00 | 447 796.56 | 0.49 |
| EUR	ZURICH FINANCE IRELAND DAC-REG-S-SUB 1.875%/VAR 20-17.09.50 | 1 000 000.00 | 1 026 188.00 | 1.13 |
| Total EUR |  | 13 447 849.79 | 14.84 |
| Total Medium term notes, floating rate |  | 13 447 849.79 | 14.84 |

UBS (Lux) Institutional Fund – Euro Corporate Bonds Sustainable*
* 
formerly UBS (Lux) Institutional Fund – Euro Corporate Bonds
Annual report and audited financial statements as of 31 December 2021
| Description | Quantity/ | Valuation in EUR | as a % |
| --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |

Bonds, fixed rate
| EUR |  |
| --- | --- |
| EUR | ABN AMRO BANK NV-REG-S 0.60000% 20-15.01.27 | 500 000.00 | 504 599.00 | 0.56 |
| EUR | ARGENTUM NETHERLANDS BV FOR GIV-REG-S 2.00000% 18-17.09.30 | 900 000.00 | 1 003 248.00 | 1.11 |
| EUR | AT&T INC 1.80000% 18-05.09.26 | 200 000.00 | 212 264.00 | 0.23 |
| EUR | AT&T INC 2.60000% 14-17.12.29 | 800 000.00 | 907 126.40 | 1.00 |
| EUR | AT&T INC 3.50000% 13-17.12.25 | 700 000.00 | 786 774.80 | 0.87 |
| EUR | COCA-COLA EUROPEAN PARTNERS PLC-REG-S 1.75000% 16-26.05.28 | 700 000.00 | 751 797.20 | 0.83 |
| EUR | CREDIT AGRICOLE SA-REG-S-SUB 2.62500% 15-17.03.27 | 550 000.00 | 601 040.00 | 0.66 |
| EUR | FCC AQUALIA SA-REG-S 2.62900% 17-08.06.27 | 400 000.00 | 437 996.00 | 0.48 |
| EUR | GIE PSA TRESORERIE 6.00000% 03-19.09.33 | 100 000.00 | 144 670.40 | 0.16 |
| EUR | MOLSON COORS BREWING CO 1.25000% 16-15.07.24 | 900 000.00 | 920 361.60 | 1.02 |
| EUR | PVH CORP-REG-S 3.62500% 16-15.07.24 | 1 000 000.00 | 1 076 440.00 | 1.19 |
| EUR | THERMO FISHER SCIENTIFIC INC 0.75000% 16-12.09.24 | 900 000.00 | 917 240.40 | 1.01 |
| EUR | UNIBAIL-RODAMCO SE-REG-S 1.75000% 19-27.02.34 | 300 000.00 | 310 730.40 | 0.34 |
| EUR | VERIZON COMMUNICATIONS INC 1.87500% 17-26.10.29 | 400 000.00 | 437 012.80 | 0.48 |
| EUR | VERIZON COMMUNICATIONS INC 0.87500% 19-08.04.27 | 400 000.00 | 410 333.60 | 0.45 |
| EUR | WINTERSHALL DEA FINANCE-REG-S 1.82300% 19-25.09.31 | 700 000.00 | 718 524.80 | 0.79 |
| Total EUR |  |  | 10 140 159.40 | 11.18 |
| Total Bonds, fixed rate |  | 10 140 159.40 | 11.18 |
| Bonds, floating rate |  |  |  |
| EUR |  |  |  |
| EUR	ALLIANZ SE-REG-S-SUB 1.301%/3M EURIBOR+235BP 19-25.09.49 | 400 000.00 | 398 255.20 | 0.44 |
| EUR	BP CAPITAL MARKETS PLC-REG-S 3.250%/VAR 20-PRP | 400 000.00 | 423 445.60 | 0.47 |
| EUR	EUROCLEAR INVESTMENTS SA-REG-S-SUB 2.625%/VAR 18-11.04.48 | 700 000.00 | 756 000.00 | 0.83 |
| EUR	ING GROEP NV-REG-S-SUB 2.000%/VAR 18-22.03.30 | 500 000.00 | 520 210.00 | 0.57 |
| EUR	MORGAN STANLEY 1.342%/3M EURIBOR+83.4BP 17-23.10.26 | 400 000.00 | 414 894.40 | 0.46 |
| EUR	UBS GROUP AG-REG-S 1.250%/VAR 18-17.04.25 | 400 000.00 | 399 600.00 | 0.44 |
| Total EUR |  | 2 912 405.20 | 3.21 |
| Total Bonds, floating rate |  | 2 912 405.20 | 3.21 |
| Total Transferable securities and money market instruments listed on an official stock exchange |  | 86 898 388.32 | 95.85 |
| Total investments in securities |  | 86 898 388.32 | 95.85 |
|  |  |  |  |
| Cash at banks, deposits on demand and deposit accounts and other liquid assets |  | 3 006 750.33 | 3.32 |
| Other assets and liabilities |  | 759 234.60 | 0.83 |
| Total net assets |  | 90 664 373.25 | 100.00 |

UBS (Lux) Institutional Fund – Euro Corporate Bonds Sustainable*
* formerly UBS (Lux) Institutional Fund – Euro Corporate Bonds
Annual report and audited financial statements as of 31 December 2021

Translation (ENFR, 2021-12-31):
# UBS (Lux) Institutional Fund
– Euro Corporate Bonds Sustainable*
| Comparaison sur trois ans |  |
| --- | --- |
|  | ISIN | 31.12.2021 | 31.12.2020 | 31.12.2019 |
| Actifs nets en EUR |  | 90 664 373.25 | 97 797 397.62 | 107 167 035.91 |
| Catégorie AA | LU0130421521 |  |  |  |
| Parts en circulation |  | 9 674.6450 | 9 724.6450 | 13 064.6450 |
| Valeur nette d’inventaire par part en EUR |  | 189.65 | 192.74 | 188.63 |
| Prix d’émission et de rachat par part en EUR 1 |  | 189.65 | 192.74 | 188.63 |
| Catégorie BA | LU0130422412 |  |  |  |
| Parts en circulation |  | 261 264.3660 | 274 138.3840 | 301 022.7100 |
| Valeur nette d’inventaire par part en EUR |  | 211.75 | 214.02 | 208.31 |
| Prix d’émission et de rachat par part en EUR 1 |  | 211.75 | 214.02 | 208.31 |
| Catégorie XA | LU0176376811 |  |  |  |
| Parts en circulation |  | 190 825.4860 | 210 039.0960 | 243 414.0210 |
| Valeur nette d’inventaire par part en EUR |  | 175.59 | 177.36 | 172.53 |
| Prix d’émission et de rachat par part en EUR 1 |  | 175.59 | 177.36 | 172.53 |
| 1  Voir note 1 |  |  |  |  |


## Rapport du Gestionnaire de portefeuille
Au cours de l’exercice allant du 1
er 
janvier 2021 au 31 décembre 2021, le marché a réalisé une performance négative. Le principal moteur a été la hausse des taux sans risque sur l’exercice. Bien que les rendements des obligations d’État des marchés développés aient aug- menté au cours de l’année, il y a eu une importante volatilité au cours de l’année, car l’amélioration des perspectives économiques mondiales et les inquiétudes concernant la flambée de l’inflation ont contribué à faire monter les taux tandis que les craintes persistan- tes concernant le COVID-19 et ses mutations ont empê- ché les rendements de sortir de la partie supérieure de leur fourchette. Les rendements des Bunds allemands nominaux à 10 ans sont passés de -0.52% début 2021 à -0.17% en fin d’année. Les rendements des obliga- tions d’État allemandes à deux ans ont augmenté de 12 points de base (pb) en décembre à -0.62%. L’écart sur l’indice Bloomberg Barclays EUR AGG 500 s’est élargi de 4 points de base cette année. Le YTW est de 0.49% et le rendement total global a atteint -1.00% pour l’année.
Le compartiment a enregistré une performance négative au cours de l’exercice, dépassant son indice de référence de 6 points de base. Notre positionnement sur la courbe et la duration globale ont eu un impact négatif sur la performance relative, tandis que le fait d’avoir un por- tage supérieur à celui de l’indice (spread carry) a eu un impact positif sur la performance relative. La sélection des titres et, en l’occurrence, nos allocations aux valeurs industrielles (consommation cyclique) et notre allocation aux obligations subordonnées financières et non finan- cières (hybrides) ont contribué positivement.

## Structure du portefeuille-titres
Répartition géographique en % des actifs nets	
France	20.63
| Etats-Unis | 15.07 |
| --- | --- |
| Pays-Bas | 14.02 |
| Espagne | 8.18 |
| Royaume-Uni | 7.19 |
| Italie | 5.12 |
| Allemagne | 5.10 |
| Luxembourg | 4.75 |
| Suisse | 3.90 |
| Australie | 3.63 |
| Irlande | 2.05 |
| Suède | 1.19 |
| Liechtenstein | 1.18 |
| Finlande | 0.91 |
| Slovaquie | 0.80 |
| Singapour | 0.56 |
| Belgique | 0.55 |
| Danemark | 0.35 |
| Japon | 0.34 |
| Pologne | 0.33 |
| Total | 95.85 |

Répartition économique en % des actifs nets	
| Banques et établissements de crédit | 28.66 |
| --- | --- |
| Sociétés financières et holdings | 22.52 |
| Télécommunications | 10.51 |
| Assurances | 4.26 |
| Trafic et transport | 3.83 |
| Approvisionnement en énergie et en eau | 3.77 |
| Immobilier | 3.56 |
| Pétrole | 3.51 |
| Construction et matériaux | 2.25 |
| Véhicules | 2.03 |
| Textiles, vêtements et maroquinerie | 1.43 |
| Appareils et composants électriques | 1.39 |
| Aliments et boissons non alcoolisées | 1.28 |
| Internet, logiciels et services informatiques | 1.18 |
| Etablissements de crédit hypothécaire et de financement | 1.10 |
| Organismes supranationaux | 1.10 |
| Tabac et alcool | 1.02 |
| Electronique et semi-conducteurs | 1.01 |
| Services divers | 0.94 |
| Produits pharmaceutiques, cosmétiques et médicaux | 0.34 |
| Sociétés commerciales diverses | 0.16 |
| Total | 95.85 |

UBS (Lux) Institutional Fund – Euro Corporate Bonds Sustainable*
- anciennement UBS (Lux) Institutional Fund – Euro Corporate BondsRapport annuel et états financiers révisés au 31 décembre 2021


## Etat des actifs nets
EUR
Actifs	31.12.2021
Investissements en titres, coûts	85 609 615.53
| Investissements en titres, plus-/(moins-)values non réalisées | 	1 288 772.79	 |
| --- | --- |
| Total des investissements en titres (note 1) | 86 898 388.32 |
| Avoirs en banque, dépôts à vue et comptes de dépôt | 3 006 750.33 |
| Intérêts à recevoir sur titres | 758 763.81 |
| Autres créances | 11 286.35 |
| Total des actifs | 90 675 188.81 |
|  |  |
| Passifs |  |
| Provisions pour commission forfaitaire (note 2) | -4 030.39 |
| Provisions pour taxe d’abonnement (note 3) | -2 266.61 |
| Provisions pour autres commissions et frais (note 2) | 	-4 518.56	 |
| Total des provisions | -10 815.56 |
| Total des passifs | -10 815.56 |
|  |  |
| Actifs nets en fin d’exercice | 90 664 373.25 |
| Etat des opérations | EUR |
| Revenus | 1.1.2021-31.12.2021 |
| Intérêts sur titres | 1 559 709.77 |
| Revenus nets sur prêts de titres (note 13) | 29 811.41 |
| Autres revenus (note 2, 4) | 25 321.80 |
| Total des revenus | 1 614 842.98 |
|  |  |
| Dépenses |  |
| Commission forfaitaire (note 2) | -48 624.96 |
| Taxe d’abonnement (note 3) | -9 367.51 |
| Autres commissions et frais (note 2) | -4 394.07 |
| Intérêts sur liquidités et découvert bancaire | -11 928.76 |
| Total des dépenses | -74 315.30 |
|  |  |
| Revenu/(perte) net(te) des investissements | 1 540 527.68 |
|  |  |
| Bénéfice/(perte) réalisé(e) (note 1) |  |
| Bénéfice/(perte) réalisé(e) sur titres évalués à la valeur de marché hors options | 259 102.60 |
| Bénéfice/(perte) réalisé(e) sur instruments du marché monétaire et titres évalués selon le rendement | -1 322.38 |
| Total des bénéfices/(pertes) réalisé(e)s | 257 780.22 |
|  |  |
| Bénéfice/(perte) net(te) réalisé(e) au cours de l’exercice | 1 798 307.90 |
|  |  |
| Fluctuations de la plus-/(moins-)value non réalisée (note 1) |  |
| Plus-/(moins-)value non réalisée sur titres évalués à la valeur de marché hors options | -2 764 596.68 |
| Plus-/(moins-)value non réalisée sur instruments du marché monétaire et titres évalués selon le rendement | 3 256.01 |
| Total des fluctuations de la plus-/(moins-)value non réalisée | -2 761 340.67 |
|  |  |
| Augmentation/(diminution) nette des actifs nets résultant des opérations | -963 032.77 |

UBS (Lux) Institutional Fund – Euro Corporate Bonds Sustainable*
* 
anciennement UBS (Lux) Institutional Fund – Euro Corporate Bonds
Rapport annuel et états financiers révisés au 31 décembre 2021
| Etat des variations des actifs nets |  |
| --- | --- |
|  | EUR |
|  | 1.1.2021-31.12.2021 |
| Actifs nets au début de l’exercice | 97 797 397.62 |
| Souscriptions | 5 530 352.67 |
| Rachats | 	-11 700 344.27	 |
| Total des souscriptions nettes (rachats) | -6 169 991.60 |
| Revenu/(perte) net(te) des investissements | 1 540 527.68 |
| Total des bénéfices/(pertes) réalisé(e)s | 257 780.22 |
| Total des fluctuations de la plus-/(moins-)value non réalisée | 	-2 761 340.67	 |
| Augmentation/(diminution) nette des actifs nets résultant des opérations | -963 032.77 |
| Actifs nets en fin d’exercice | 90 664 373.25 |
| Evolution des parts en circulation |  |
|  | 1.1.2021-31.12.2021 |
| Catégorie | AA |
| Nombre de parts en circulation au début de l’exercice | 9 724.6450 |
| Nombre de parts émises | 0.0000 |
| Nombre de parts rachetées | -50.0000 |
| Nombre de parts en circulation à la fin de l’exercice | 9 674.6450 |
| Catégorie | BA |
| Nombre de parts en circulation au début de l’exercice | 274 138.3840 |
| Nombre de parts émises | 0.0000 |
| Nombre de parts rachetées | -12 874.0180 |
| Nombre de parts en circulation à la fin de l’exercice | 261 264.3660 |
| Catégorie | XA |
| Nombre de parts en circulation au début de l’exercice | 210 039.0960 |
| Nombre de parts émises | 31 260.7930 |
| Nombre de parts rachetées | -50 474.4030 |
| Nombre de parts en circulation à la fin de l’exercice | 190 825.4860 |

UBS (Lux) Institutional Fund – Euro Corporate Bonds Sustainable*
- anciennement UBS (Lux) Institutional Fund – Euro Corporate BondsRapport annuel et états financiers révisés au 31 décembre 2021


## Etat du portefeuille-titres et autres actifs nets au 31 décembre 2021
| Dénomination | Quantité/ | Evaluation en EUR | en % |
| --- | --- | --- | --- |
|  | Nominal | Plus- (Moins-) value non- | des |
|  |  | réalisée sur Futures/ | actifs |
|  |  | Contrats de | nets |
|  |  | change à terme/ |  |
|  |  | Swaps (note 1) |  |

Valeurs mobilières et instruments du marché monétaire admis à la cote officielle d’une bourse de valeurs
Billets, taux fixe
| EUR |  |
| --- | --- |
| EUR | BP CAPITAL MARKETS PLC-REG-S 2.82200% 20-07.04.32 | 400 000.00 | 472 092.80 | 0.52 |
| EUR | CAP GEMINI SA-REG-S 2.00000% 20-15.04.29 | 600 000.00 | 659 809.20 | 0.73 |
| EUR | CAPGEMINI SE-REG-S 1.12500% 20-23.06.30 | 400 000.00 | 414 612.80 | 0.46 |
| EUR | CIE DE SAINT-GOBAIN-REG-S 2.37500% 20-04.10.27 | 300 000.00 | 333 592.20 | 0.37 |
| EUR | DIGITAL DUTCH FINCO BV-REG-S 1.50000% 20-15.03.30 | 1 100 000.00 | 1 140 156.60 | 1.26 |
| EUR | ENEL FINANCE INTERNATIONAL NV-REG-S 1.37500% 16-01.06.26 | 1 759 000.00 | 1 838 886.74 | 2.03 |
| EUR | EQUINIX INC 1.00000% 21-15.03.33 | 200 000.00 | 191 974.40 | 0.21 |
| EUR | EUSTREAM AS-REG-S 1.62500% 20-25.06.27 | 700 000.00 | 724 376.80 | 0.80 |
| EUR | FERROVIAL EMISIONES SA-REG-S 1.38200% 20-14.05.26 | 1 000 000.00 | 1 043 200.00 | 1.15 |
| EUR | GENERAL MOTORS FINANCIAL CO INC-REG-S 0.65000% 21-07.09.28 | 300 000.00 | 294 669.00 | 0.32 |
| EUR | PVH CORP-REG-S 3.12500% 17-15.12.27 | 200 000.00 | 222 307.20 | 0.25 |
| EUR | SWISS LIFE FINANCE I LTD-REG-S 0.50000% 21-15.09.31 | 1 100 000.00 | 1 068 832.60 | 1.18 |
| Total EUR |  |  | 8 404 510.34 | 9.28 |
| Total des Billets, taux fixe |  | 8 404 510.34 | 9.28 |
| Billets, taux flottant |  |  |  |
| EUR |  |  |  |
| EUR	AUSTRALIA & NZ BANKING GRP-REG-S-SUB 1.125%/VAR 19-21.11.29 | 700 000.00 | 711 251.80 | 0.78 |
| EUR	OP CORPORATE BANK PLC-REG-S SUB 1.625%/VAR 20-09.06.30 | 600 000.00 | 613 728.00 | 0.68 |
| EUR	TOTAL SE-REG-S-SUB 2.000/VAR 20-PRP | 500 000.00 | 491 900.00 | 0.54 |
| EUR	WESTPAC BANKING CORP-REG-SUB 0.766%/VAR 21-13.05.31 | 450 000.00 | 444 083.80 | 0.49 |
| Total EUR |  | 2 260 963.60 | 2.49 |
| Total des Billets, taux flottant |  | 2 260 963.60 | 2.49 |
| Medium-Term Notes, taux fixe |  |  |  |
| EUR |  |  |  |
| EUR	A.P. MOELLER-MAERSK-REG-S 1.75000% 18-16.03.26 | 200 000.00 | 211 687.60 | 0.23 |
| EUR	ABERTIS INFRAESTRUCTURAS SA-REG-S 2.37500% 19-27.09.27 | 400 000.00 | 434 700.80 | 0.48 |
| EUR	ABERTIS INFRAESTRUCTURAS SA-REG-S 3.00000% 19-27.03.31 | 900 000.00 | 1 031 130.00 | 1.14 |
| EUR	AIB GROUP PLC-REG-S 1.25000% 19-28.05.24 | 300 000.00 | 308 063.22 | 0.34 |
| EUR	ALLIANZ FINANCE II BV-REG-S 1.50000% 19-15.01.30 | 500 000.00 | 542 758.00 | 0.60 |
| EUR	ANGLO AMERICAN CAPITAL PLC-REG-S 1.62500% 17-18.09.25 | 400 000.00 | 416 400.00 | 0.46 |
| EUR	APRR SA-REG-S 1.62500% 17-13.01.32 | 300 000.00 | 329 034.00 | 0.36 |
| EUR	APT PIPELINES LTD-REG-S 2.00000% 20-15.07.30 | 400 000.00 | 422 702.40 | 0.47 |
| EUR	ASSICURAZIONI GENERALI SPA-REG-S-SUB 4.12500% 14-04.05.26 | 300 000.00 | 343 125.00 | 0.38 |
| EUR	ASSICURAZIONI GENERALI SPA-REG-S-SUB 2.12400% 19-01.10.30 | 1 000 000.00 | 1 045 086.00 | 1.15 |
| EUR	BANCA INTESA SPA-REG-S 1.35000% 21-24.02.31 | 700 000.00 | 686 449.40 | 0.76 |
| EUR	BANCA INTESA SPA-REG-S 0.75000% 21-16.03.28 | 1 000 000.00 | 997 150.00 | 1.10 |
| EUR	BANCO BILBAO VIZCAYA ARGENT-REG-S-SUB 3.50000% 17-10.02.27 | 500 000.00 | 562 216.00 | 0.62 |
| EUR	BANCO BILBAO VIZCAYA ARGENTARIA-REG-S 0.37500% 19-02.10.24 | 1 000 000.00 | 1 006 574.00 | 1.11 |
| EUR	BANK OF AMERICA CORP-REG-S 1.37500% 15-26.03.25 | 800 000.00 | 833 019.20 | 0.92 |
| EUR	BANQUE FEDER DU CREDIT MUTUEL-REG-S 1.25000% 15-14.01.25 | 400 000.00 | 414 293.60 | 0.46 |
| EUR	BANQUE FEDER DU CREDIT MUTUEL-REG-S 1.62500% 16-19.01.26 | 800 000.00 | 845 462.40 | 0.93 |
| EUR	BANQUE FEDER DU CREDIT MUTUEL-REG-S-SUB 2.37500% 16-24.03.26 | 600 000.00 | 642 970.80 | 0.71 |
| EUR	BANQUE FEDERATIVE DU CREDIT MUTUEL 2.62500% 14-18.03.24 | 100 000.00 | 105 929.00 | 0.12 |
| EUR	BARCLAYS BANK PLC-SUB 6.62500% 11-30.03.22 | 300 000.00 | 304 590.00 | 0.34 |
| EUR	BMW FINANCE NV-REG-S 0.75000% 16-15.04.24 | 200 000.00 | 204 040.40 | 0.23 |
| EUR	BNP PARIBAS SA-REG-S-SUB 1.62500% 19-02.07.31 | 800 000.00 | 821 760.00 | 0.91 |
| EUR	BNP PARIBAS SA-REG-S 1.50000% 17-17.11.25 | 500 000.00 | 524 100.00 | 0.58 |
| EUR	BNP PARIBAS SA-REG-S 1.50000% 17-23.05.28 | 300 000.00 | 318 036.00 | 0.35 |
| EUR	BP CAPITAL MARKETS PLC-REG-S 1.57300% 15-16.02.27 | 200 000.00 | 211 911.20 | 0.23 |
| EUR	BP CAPITAL MARKETS PLC-REG-S 1.63700% 17-26.06.29 | 800 000.00 | 850 635.20 | 0.94 |
| EUR	BRITISH TELECOMMUNICATIONS PLC-REG-S 1.12500% 16-10.03.23 | 200 000.00 | 202 698.40 | 0.22 |
| EUR	CIE DE SAINT-GOBAIN SA-REG-S 1.87500% 19-15.03.31 | 200 000.00 | 221 098.00 | 0.24 |
| EUR	CIE DE SAINT-GOBAIN-REG-S 1.12500% 18-23.03.26 | 800 000.00 | 833 619.20 | 0.92 |
| EUR	CITIGROUP INC-REG-S 1.50000% 16-26.10.28 | 300 000.00 | 317 677.20 | 0.35 |
| EUR	CREDIT AGRICOLE SA LONDON-REG-S 1.87500% 16-20.12.26 | 800 000.00 | 859 100.80 | 0.95 |
| EUR	CREDIT SUISSE GROUP AG-REG-S 0.65000% 19-10.09.29 | 700 000.00 | 682 535.00 | 0.75 |
| EUR	CREDIT SUISSE GROUP AG-REG-S 0.62500% 21-18.01.33 | 300 000.00 | 297 180.00 | 0.33 |
| EUR	DAIMLER AG-REG-S 0.37500% 19-08.11.26 | 300 000.00 | 303 246.00 | 0.33 |
| EUR	DAIMLER AG-REG-S 1.12500% 19-06.11.31 | 400 000.00 | 418 734.40 | 0.46 |
| EUR	DAIMLER AG-REG-S 2.00000% 19-27.02.31 | 500 000.00 | 564 985.00 | 0.62 |
| EUR	DAIMLER AG-REG-S 2.37500% 20-22.05.30 | 200 000.00 | 230 896.00 | 0.25 |
| EUR	DAIMLER AG-REG-S 2.62500% 20-07.04.25 | 300 000.00 | 325 741.20 | 0.36 |
| EUR	DEUTSCHE TELEKOM AG-REG-S 2.25000% 19-29.03.39 | 200 000.00 | 232 845.60 | 0.26 |
| EUR	DEUTSCHE TELEKOM INTL FINANCE BV-REG-S 1.50000% 16-03.04.28 | 400 000.00 | 428 481.60 | 0.47 |
| EUR	DEUTSCHE TELEKOM INTL FIN BV-REG-S 2.00000% 18-01.12.29 | 900 000.00 | 1 008 324.00 | 1.11 |
| EUR	E.ON INTERNATIONAL FINANCE BV-REG-S 5.75000% 03-14.02.33 | 500 000.00 | 753 367.00 | 0.83 |
| EUR	ENAGAS FINANCIACIONES SAU-REG-S 1.25000% 15-06.02.25 | 500 000.00 | 517 983.00 | 0.57 |
| EUR	ENAGAS FINANCIACIONES SA-REG-S 0.37500% 20-05.11.32 | 500 000.00 | 484 824.00 | 0.53 |
| EUR	ENGIE SA-REG-S 1.75000% 20-27.03.28 | 700 000.00 | 754 572.00 | 0.83 |
| EUR	ESB FINANCE DAC-REG-S 1.12500% 19-11.06.30 | 500 000.00 | 522 497.00 | 0.58 |
| EUR	EUROGRID GMBH-REG-S 1.50000% 16-18.04.28 | 700 000.00 | 743 766.80 | 0.82 |
| EUR	EUROPEAN INVESTMENT BANK 0.01000% 21-15.11.30 | 1 000 000.00 | 993 354.10 | 1.10 |
| EUR	FRESENIUS MED CARE AG & CO KGAA-REG-S 1.00000% 20-29.05.26 | 300 000.00 | 309 028.20 | 0.34 |
| EUR	GECINA SA-REG-S 1.37500% 17-26.01.28 | 500 000.00 | 530 786.00 | 0.59 |
| EUR	GECINA SA-REG-S 1.62500% 19-29.05.34 | 700 000.00 | 760 158.00 | 0.84 |
| EUR	GENERAL MOTORS FINANCIAL CO INC-REG-S 0.95500% 16-07.09.23 | 500 000.00 | 507 667.00 | 0.56 |
| EUR	GENERAL MOTORS FINANCIAL CO INC-REG-S 1.69400% 18-26.03.25 | 400 000.00 | 416 168.80 | 0.46 |
| EUR	GLENCORE FINANCE EUROPE SA-REG-S 1.75000% 15-17.03.25 | 1 200 000.00 | 1 250 028.00 | 1.38 |
| EUR	GLOBAL SWITCH FINANCE BV-REG-S 1.37500% 20-07.10.30 | 300 000.00 | 297 274.20 | 0.33 |
| EUR	GOLDMAN SACHS GROUP INC 2.87500% 14-03.06.26 | 550 000.00 | 611 695.70 | 0.67 |

UBS (Lux) Institutional Fund – Euro Corporate Bonds Sustainable*
- anciennement UBS (Lux) Institutional Fund – Euro Corporate BondsRapport annuel et états financiers révisés au 31 décembre 2021

|  | Dénomination | Quantité/ | Evaluation en EUR | en % |
| --- | --- | --- | --- | --- |
|  | Nominal | Plus- (Moins-) value non- | des |
|  |  | réalisée sur Futures/ | actifs |
|  |  | Contrats de | nets |
|  |  | change à terme/ |  |
|  |  | Swaps (note 1) |  |
|  |  |  |  |  |
| EUR | GOLDMAN SACHS GROUP INC/THE-REG-S 2.12500% 14-30.09.24 | 150 000.00 | 158 310.00 | 0.17 |
| EUR | GOLDMAN SACHS GROUP INC-REG-S 1.62500% 16-27.07.26 | 500 000.00 | 527 626.00 | 0.58 |
| EUR | GOLDMAN SACHS GROUP INC-REG-S 1.25000% 16-01.05.25 | 100 000.00 | 102 571.00 | 0.11 |
| EUR | GOLDMAN SACHS GROUP INC-REG-S 2.00000% 18-22.03.28 | 300 000.00 | 323 823.60 | 0.36 |
| EUR | ISS GLOBAL A/S-REG-S 2.12500% 14-02.12.24 | 100 000.00 | 105 264.20 | 0.12 |
| EUR | JPMORGAN CHASE & CO-REG-S 1.50000% 15-27.01.25 | 700 000.00 | 731 231.20 | 0.81 |
| EUR | JPMORGAN CHASE & CO-REG-S 1.50000% 16-29.10.26 | 300 000.00 | 317 302.80 | 0.35 |
| EUR | KONINKLIJKE KPN NV-REG-S 1.12500% 16-11.09.28 | 100 000.00 | 102 924.80 | 0.11 |
| EUR | KONINKLIJKE KPN NV-REG-S 0.87500% 20-14.12.32 | 200 000.00 | 195 974.80 | 0.22 |
| EUR | KONINKLIJKE KPN NV-REG-S 0.87500% 21-15.11.33 | 700 000.00 | 677 548.20 | 0.75 |
| EUR | LOGICOR FINANCING SARL-REG-S 3.25000% 18-13.11.28 | 700 000.00 | 793 784.60 | 0.88 |
| EUR | LOGICOR FINANCING SARL-REG-S 1.62500% 19-15.07.27 | 500 000.00 | 517 728.00 | 0.57 |
| EUR | MORGAN STANLEY 1.75000% 15-30.01.25 | 400 000.00 | 419 945.60 | 0.46 |
| EUR | MORGAN STANLEY 1.87500% 17-27.04.27 | 300 000.00 | 321 784.20 | 0.35 |
| EUR | NORDEA BANK ABP-REG-S 1.12500% 17-27.09.27 | 200 000.00 | 209 944.00 | 0.23 |
| EUR | ORANGE SA 1.12500% 19-15.07.24 | 300 000.00 | 308 268.60 | 0.34 |
| EUR | ORANGE SA-REG-S 1.00000% 18-12.09.25 | 300 000.00 | 309 268.80 | 0.34 |
| EUR | ORANGE SA-REG-S 1.37500% 18-20.03.28 | 500 000.00 | 530 068.00 | 0.58 |
| EUR | ORIGIN ENERGY FINANCE LTD-REG-S 1.00000% 19-17.09.29 | 600 000.00 | 588 466.80 | 0.65 |
| EUR | REPSOL INTERNATIONAL FINANCE BV-REG-S 2.62500% 20-15.04.30 | 400 000.00 | 462 916.00 | 0.51 |
| EUR | SKY PLC-REG-S 2.50000% 14-15.09.26 | 400 000.00 | 442 122.40 | 0.49 |
| EUR | SOCIETE GENERALE SA-REG-S 0.87500% 19-24.09.29 | 400 000.00 | 401 068.00 | 0.44 |
| EUR | SOCIETE GENERALE-REG-S 1.25000% 19-15.02.24 | 400 000.00 | 410 608.00 | 0.45 |
| EUR | SUMITOMO MITSUI FIN GP INC-REG-S 0.93400% 17-11.10.24 | 300 000.00 | 307 488.17 | 0.34 |
| EUR | TELEFONICA EMISIONES SA-REG-S 1.46000% 16-13.04.26 | 400 000.00 | 421 148.00 | 0.46 |
| EUR | TELEFONICA EMISIONES SAU-REG-S 1.93000% 16-17.10.31 | 500 000.00 | 553 794.00 | 0.61 |
| EUR | TELEFONICA EMISIONES SA-REG-S 1.49500% 18-11.09.25 | 400 000.00 | 419 352.00 | 0.46 |
| EUR | TELEFONICA EMISIONES SA-REG-S 1.06900% 19-05.02.24 | 300 000.00 | 306 926.40 | 0.34 |
| EUR | TELEFONICA EMISIONES SA-REG-S 0.66400% 20-03.02.30 | 200 000.00 | 200 650.40 | 0.22 |
| EUR | UBS AG LONDON BRANCH-REG-S 0.01000% 21-29.06.26 | 400 000.00 | 396 317.60 | 0.44 |
| EUR | UBS GROUP AG-REG-S 1.25000% 16-01.09.26 | 1 000 000.00 | 993 700.00 | 1.10 |
| EUR | UNIBAIL-RODAMCO SE-REG-S 1.37500% 20-04.12.31 | 200 000.00 | 204 594.80 | 0.23 |
| EUR | UNIBAIL-RODAMCO SE-REG-S 1.37500% 15-15.04.30 | 300 000.00 | 311 533.80 | 0.34 |
| EUR | UNIBAIL-RODAMCO SE-REG-S 1.50000% 17-22.02.28 | 500 000.00 | 523 448.00 | 0.58 |
| EUR | UNICREDITO ITALIANO SPA 1.00000% 18-18.01.23 | 1 550 000.00 | 1 566 833.00 | 1.73 |
| EUR | CONSOL ENERGY INC 2.25000% 20-01.05.26 | 400 000.00 | 416 556.80 | 0.46 |
| EUR | VEOLIA ENVIRONNEMENT-REG-S 0.89200% 19-14.01.24 | 600 000.00 | 610 426.80 | 0.67 |
| EUR | VEOLIA ENVIRONNEMENT SA-REG-S 1.25000% 20-15.04.28 | 300 000.00 | 316 152.60 | 0.35 |
| EUR | VERIZON COMMUNICATIONS INC 3.25000% 14-17.02.26 | 400 000.00 | 450 282.40 | 0.50 |
| EUR | VINCI SA-REG-S 1.62500% 19-18.01.29 | 600 000.00 | 649 855.20 | 0.72 |
| EUR | VODAFONE GROUP PLC-REG-S 1.60000% 16-29.07.31 | 200 000.00 | 211 685.20 | 0.23 |
| EUR | VODAFONE GROUP PLC-REG-S 1.50000% 17-24.07.27 | 400 000.00 | 425 002.40 | 0.47 |
| EUR | VONOVIA SE-REG-S 0.62500% 21-24.03.31 | 400 000.00 | 393 386.40 | 0.43 |
| Total EUR |  |  | 49 431 839.99 | 54.52 |
| Total des Medium-Term Notes, taux fixe |  | 49 431 839.99 | 54.52 |
| Medium-Term Notes, coupon zéro |  |  |  |
| EUR |  |  |  |
| EUR	E.ON SE-REG-S 0.00000% 19-28.08.24 | 300 000.00 | 300 660.00 | 0.33 |
| Total EUR |  | 300 660.00 | 0.33 |
| Total des Medium-Term Notes, coupon zéro |  | 300 660.00 | 0.33 |
| Medium-Term Notes, taux flottant |  |  |  |
| EUR |  |  |  |
| EUR	ALLIANZ SE-REG-S-SUB 4.750%/3M EURIBOR+360BP 13-PRP | 400 000.00 | 431 000.00 | 0.47 |
| EUR	AUSTRALIA & NEW ZEALAND BK-REG-S-SUB 0.669%/VAR 21-05.05.31 | 300 000.00 | 295 171.20 | 0.33 |
| EUR	AVIVA PLC-REG-S-SUB 3.375%/VAR 15-04.12.45 | 400 000.00 | 437 803.20 | 0.48 |
| EUR	AXA SA-REG-S-SUB 3.375%/VAR 16-06.07.47 | 300 000.00 | 335 610.00 | 0.37 |
| EUR	AXA SA-REG-S-SUB 3.941%/VAR 14-PRP | 300 000.00 | 328 125.00 | 0.36 |
| EUR	BARCLAYS PLC-REG-S 1.375%/VAR 18-24.01.26 | 100 000.00 | 103 171.00 | 0.11 |
| EUR	BNP PARIBAS SA-REG-S 1.125%/VAR 20-17.04.29 | 300 000.00 | 306 192.00 | 0.34 |
| EUR	BNP PARIBAS-REG-S 2.125%/VAR 19-23.01.27 | 500 000.00 | 532 805.00 | 0.59 |
| EUR	CITIGROUP INC-SUB 4.250%/FLR 05-25.02.30 | 300 000.00 | 335 850.00 | 0.37 |
| EUR	COMMONWEALTH BK OF AUSTRLIA-REG-S-SUB 1.936%/VAR 17-03.10.29 | 800 000.00 | 830 184.00 | 0.92 |
| EUR	CREDIT SUISSE GROUP AG-REG-S 3.250%/VAR 20-02.04.26 | 300 000.00 | 315 000.00 | 0.35 |
| EUR	DANONE SA-REG-S-SUB 1.750%/VAR 17-PRP | 400 000.00 | 405 700.00 | 0.45 |
| EUR	DBS GROUP HOLDINGS LTD-REG-S-SUB 1.500%/VAR 18-11.04.28 | 500 000.00 | 508 654.00 | 0.56 |
| EUR	DEUTSCHE BANK AG-REG-S- 0.75000%/VAR 21-17.02.27 | 300 000.00 | 299 365.20 | 0.33 |
| EUR	IBERDROLA INTERNATIONAL BV-REG-S-SUB 2.625%/VAR 18-PRP | 1 200 000.00 | 1 257 513.60 | 1.39 |
| EUR	ING GROEP NV-SUB 3.000%/VAR 17-11.04.28 | 300 000.00 | 310 611.00 | 0.34 |
| EUR	JPMORGAN CHASE & CO-REG-S 1.047%/VAR 19-04.11.32 | 300 000.00 | 302 818.80 | 0.33 |
| EUR	JPMORGAN CHASE & CO-REG-S 0.389%/3M EURIBOR+65BP 20-24.02.28 | 200 000.00 | 198 534.03 | 0.22 |
| EUR	KBC GROEP NV-REG-S-SUB 0.500%/VAR 19-03.12.29 | 500 000.00 | 497 418.00 | 0.55 |
| EUR	LLOYDS BANKING GROUP PLC-REG-S 0.500%/VAR 19-12.11.25 | 400 000.00 | 403 988.00 | 0.45 |
| EUR	MBANK SA-REG-S 0.966%/VAR 21-21.09.27 | 300 000.00 | 296 020.80 | 0.33 |
| EUR	ORANGE SA-REG-S-SUB 1.375%/VAR 21-PRP | 800 000.00 | 786 000.00 | 0.87 |
| EUR	SVENSKA HANDELSBANKEN AB-REG-S-SUB 1.625%/VAR 18-05.03.29 | 1 050 000.00 | 1 079 723.40 | 1.19 |
| EUR	TOTAL SE-REG-S-SUB 2.125%/VAR 21-PRP | 300 000.00 | 289 107.00 | 0.32 |
| EUR	TOTAL SE-REG-S-SUB 3.369%/VAR 16-PRP | 1 000 000.00 | 1 087 500.00 | 1.20 |
| EUR	UBS GROUP AG-REG-S-SUB 0.250%/VAR 20-05.11.28 | 456 000.00 | 447 796.56 | 0.49 |
| EUR	ZURICH FINANCE IRELAND DAC-REG-S-SUB 1.875%/VAR 20-17.09.50 | 1 000 000.00 | 1 026 188.00 | 1.13 |
| Total EUR |  | 13 447 849.79 | 14.84 |
| Total des Medium-Term Notes, taux flottant |  | 13 447 849.79 | 14.84 |

UBS (Lux) Institutional Fund – Euro Corporate Bonds Sustainable*
- anciennement UBS (Lux) Institutional Fund – Euro Corporate BondsRapport annuel et états financiers révisés au 31 décembre 2021

| Dénomination | Quantité/ | Evaluation en EUR | en % |
| --- | --- | --- | --- |
|  | Nominal | Plus- (Moins-) value non- | des |
|  |  | réalisée sur Futures/ | actifs |
|  |  | Contrats de | nets |
|  |  | change à terme/ |  |
|  |  | Swaps (note 1) |  |
| Obligations, taux fixe |  |  |  |
| EUR |  |  |  |
| EUR	ABN AMRO BANK NV-REG-S 0.60000% 20-15.01.27 | 500 000.00 | 504 599.00 | 0.56 |
| EUR	ARGENTUM NETHERLANDS BV FOR GIV-REG-S 2.00000% 18-17.09.30 | 900 000.00 | 1 003 248.00 | 1.11 |
| EUR	AT&T INC 1.80000% 18-05.09.26 | 200 000.00 | 212 264.00 | 0.23 |
| EUR	AT&T INC 2.60000% 14-17.12.29 | 800 000.00 | 907 126.40 | 1.00 |
| EUR	AT&T INC 3.50000% 13-17.12.25 | 700 000.00 | 786 774.80 | 0.87 |
| EUR	COCA-COLA EUROPEAN PARTNERS PLC-REG-S 1.75000% 16-26.05.28 | 700 000.00 | 751 797.20 | 0.83 |
| EUR	CREDIT AGRICOLE SA-REG-S-SUB 2.62500% 15-17.03.27 | 550 000.00 | 601 040.00 | 0.66 |
| EUR	FCC AQUALIA SA-REG-S 2.62900% 17-08.06.27 | 400 000.00 | 437 996.00 | 0.48 |
| EUR	GIE PSA TRESORERIE 6.00000% 03-19.09.33 | 100 000.00 | 144 670.40 | 0.16 |
| EUR	MOLSON COORS BREWING CO 1.25000% 16-15.07.24 | 900 000.00 | 920 361.60 | 1.02 |
| EUR	PVH CORP-REG-S 3.62500% 16-15.07.24 | 1 000 000.00 | 1 076 440.00 | 1.19 |
| EUR	THERMO FISHER SCIENTIFIC INC 0.75000% 16-12.09.24 | 900 000.00 | 917 240.40 | 1.01 |
| EUR	UNIBAIL-RODAMCO SE-REG-S 1.75000% 19-27.02.34 | 300 000.00 | 310 730.40 | 0.34 |
| EUR	VERIZON COMMUNICATIONS INC 1.87500% 17-26.10.29 | 400 000.00 | 437 012.80 | 0.48 |
| EUR	VERIZON COMMUNICATIONS INC 0.87500% 19-08.04.27 | 400 000.00 | 410 333.60 | 0.45 |
| EUR	WINTERSHALL DEA FINANCE-REG-S 1.82300% 19-25.09.31 | 700 000.00 | 718 524.80 | 0.79 |
| Total EUR |  | 10 140 159.40 | 11.18 |
| Total des Obligations, taux fixe |  | 10 140 159.40 | 11.18 |
| Obligations, taux flottant |  |  |  |
| EUR |  |  |  |
| EUR	ALLIANZ SE-REG-S-SUB 1.301%/3M EURIBOR+235BP 19-25.09.49 | 400 000.00 | 398 255.20 | 0.44 |
| EUR	BP CAPITAL MARKETS PLC-REG-S 3.250%/VAR 20-PRP | 400 000.00 | 423 445.60 | 0.47 |
| EUR	EUROCLEAR INVESTMENTS SA-REG-S-SUB 2.625%/VAR 18-11.04.48 | 700 000.00 | 756 000.00 | 0.83 |
| EUR	ING GROEP NV-REG-S-SUB 2.000%/VAR 18-22.03.30 | 500 000.00 | 520 210.00 | 0.57 |
| EUR	MORGAN STANLEY 1.342%/3M EURIBOR+83.4BP 17-23.10.26 | 400 000.00 | 414 894.40 | 0.46 |
| EUR	UBS GROUP AG-REG-S 1.250%/VAR 18-17.04.25 | 400 000.00 | 399 600.00 | 0.44 |
| Total EUR |  | 2 912 405.20 | 3.21 |
| Total des Obligations, taux flottant |  | 2 912 405.20 | 3.21 |
| Total des Valeurs mobilières et instruments du marché monétaire admis à la cote officielle d’une bourse de valeurs |  | 86 898 388.32 | 95.85 |
| Total des investissements en titres |  | 86 898 388.32 | 95.85 |
|  |  |  |  |
| Avoirs en banque, dépôts à vue et comptes de dépôt et autres liquidités |  | 3 006 750.33 | 3.32 |
| Autres actifs et passifs |  | 759 234.60 | 0.83 |
| Total des actifs nets |  | 90 664 373.25 | 100.00 |

UBS (Lux) Institutional Fund – Euro Corporate Bonds Sustainable*
- anciennement UBS (Lux) Institutional Fund – Euro Corporate BondsRapport annuel et états financiers révisés au 31 décembre 2021