# UBS (Lux) Institutional Fund – Global Convertible Bonds
| Three-year comparison |  |
| --- | --- |
|  | ISIN | 31.12.2021 | 31.12.2020 | 31.12.2019 |
| Net assets in EUR |  | 221 516 134.71 | 226 644 730.76 | 232 188 217.86 |
| Class AA (EUR) | LU0251252234 |  |  |  |
| Units outstanding |  | 32 945.1650 | 38 980.5320 | 41 428.2720 |
| Net asset value per unit in EUR |  | 278.93 | 270.38 | 222.65 |
| Issue and redemption price per unit in EUR 1 |  | 278.93 | 270.38 | 222.65 |
| Class AD-T2 (EUR) | LU0251255765 |  |  |  |
| Units outstanding |  | 4 899.0000 | 5 049.0000 | 5 049.0000 |
| Net asset value per unit in EUR |  | 199.94 | 194.59 | 161.20 |
| Issue and redemption price per unit in EUR 1 |  | 199.94 | 194.59 | 161.20 |
| Class BA (EUR) | LU0251253554 |  |  |  |
| Units outstanding |  | 12 411.1070 | 12 411.1070 | 12 411.1070 |
| Net asset value per unit in EUR |  | 303.98 | 292.90 | 239.75 |
| Issue and redemption price per unit in EUR 1 |  | 303.98 | 292.90 | 239.75 |
| Class CA (CHF) | LU0251472279 |  |  |  |
| Units outstanding |  | 80 273.4800 | 84 873.4800 | 126 844.1980 |
| Net asset value per unit in CHF |  | 391.01 | 379.81 | 313.73 |
| Issue and redemption price per unit in CHF 1 |  | 391.01 | 379.81 | 313.73 |
| Class DA (CHF) | LU0262434755 |  |  |  |
| Units outstanding |  | 49 749.2030 | 49 749.2030 | 64 816.8930 |
| Net asset value per unit in CHF |  | 429.73 | 414.93 | 340.70 |
| Issue and redemption price per unit in CHF 1 |  | 429.73 | 414.93 | 340.70 |
| Class YA (CHF) | LU0251487541 |  |  |  |
| Units outstanding |  | 378 293.5290 | 424 758.1870 | 519 125.7880 |
| Net asset value per unit in CHF |  | 429.07 | 414.02 | 339.72 |
| Issue and redemption price per unit in CHF 1 |  | 429.07 | 414.02 | 339.72 |
| 1  See note 1 |  |  |  |  |

UBS (Lux) Institutional Fund – Global Convertible Bonds Annual report and audited financial statements as of 31 December 2021

## Report of the Portfolio Manager
The financial year, from 1 January to 31 December 2021, saw risky assets around the world perform very strongly during the beginning of the year following investor con- fidence into further post pandemic recovery before end- ing the year in a volatile fashion as inflation worries as well as the appearance of the Omicron COVID variant scared off investors.
The subfund posted a positive performance in the finan- cial year from 1 January to 31 December 2021. The main drivers of the positive performance were rising underlying equities as well as security selection. Con- vertible bond valuations only had a limited impact on performance while a further very active year in terms of issuance helped to increase market size and the number of opportunities.
UBS (Lux) Institutional Fund – Global Convertible Bonds
Annual report and audited financial statements as of 31 December 2021

## Structure of the Securities Portfolio
Geographical Breakdown as a % of net assets	
United States	41.15
| Cayman Islands | 7.21 |
| --- | --- |
| The Netherlands | 4.98 |
| Japan | 4.48 |
| Germany | 3.84 |
| China | 3.71 |
| Luxembourg | 3.29 |
| Jersey | 2.23 |
| United Kingdom | 2.19 |
| South Korea | 1.93 |
| Switzerland | 1.78 |
| United Arab Emirates | 1.69 |
| British Virgin Islands | 1.48 |
| Russian Federation (CIS) | 1.41 |
| France | 1.36 |
| Canada | 1.29 |
| Ireland | 1.29 |
| Austria | 1.01 |
| India | 0.91 |
| Bermuda | 0.83 |
| Belgium | 0.82 |
| Singapore | 0.71 |
| Monaco | 0.64 |
| New Zealand | 0.63 |
| Mauritius | 0.51 |
| Spain | 0.49 |
| Cyprus | 0.45 |
| Hong Kong | 0.41 |
| Malta | 0.29 |
| Norway | 0.26 |
| Total | 93.27 |

Economic Breakdown as a % of net assets	
| Internet, software & IT services | 19.68 |
| --- | --- |
| Finance & holding companies | 16.54 |
| Electronics & semiconductors | 5.23 |
| Traffic & transportation | 5.05 |
| Banks & credit institutions | 3.75 |
| Lodging, catering & leisure | 3.37 |
| Telecommunications | 3.03 |
| Petroleum | 2.94 |
| Pharmaceuticals, cosmetics & medical products | 2.93 |
| Miscellaneous services | 2.91 |
| Vehicles | 2.65 |
| Graphic design, publishing & media | 2.34 |
| Electrical devices & components | 2.31 |
| Miscellaneous unclassified companies | 2.23 |
| Retail trade, department stores | 2.04 |
| Precious metals & stones | 1.93 |
| Energy & water supply | 1.92 |
| Miscellaneous consumer goods | 1.86 |
| Textiles, garments & leather goods | 1.49 |
| Mining, coal & steel | 1.41 |
| Real Estate | 1.36 |
| Biotechnology | 1.20 |
| Computer hardware & network equipment providers | 1.00 |
| Chemicals | 0.75 |
| Mechanical engineering & industrial equipment | 0.72 |
| Food & soft drinks | 0.51 |
| Cantons, federal states | 0.51 |
| Building industry & materials | 0.49 |
| Aerospace industry | 0.49 |
| Non-ferrous metals | 0.40 |
| Healthcare & social services | 0.23 |
| Total | 93.27 |


## Statement of Net Assets
Assets	31.12.2021
EUR
Investments in securities, cost	200 494 768.93
| Investments in securities, unrealized appreciation (depreciation) | 	6 102 338.18	 |
| --- | --- |
| Total investments in securities (Note 1) | 206 597 107.11 |
| Cash at banks, deposits on demand and deposit accounts | 12 647 710.54 |
| Interest receivable on securities | 484 421.56 |
| Interest receivable on liquid assets | 1 980.17 |
| Other receivables | 934 782.45 |
| Unrealized gain on forward foreign exchange contracts (Note 1) | 2 095 427.84 |
| Total Assets | 222 761 429.67 |
|  |  |
| Liabilities |  |
| Payable on securities purchases (Note 1) | -1 205 335.55 |
| Provisions for flat fee (Note 2) | -23 954.25 |
| Provisions for taxe d’abonnement (Note 3) | -5 537.91 |
| Provisions for other commissions and fees (Note 2) | 	-10 467.25	 |
| Total provisions | -39 959.41 |
| Total Liabilities | -1 245 294.96 |
|  |  |
| Net assets at the end of the financial year | 221 516 134.71 |
| Statement of Operations | EUR |
| Income | 1.1.2021-31.12.2021 |
| Interest on liquid assets | 3 084.33 |
| Interest on securities | 2 211 689.57 |
| Dividends | 87 455.83 |
| Other income (Note 2, 4) | 100 713.10 |
| Total income | 2 402 942.83 |
|  |  |
| Expenses |  |
| Flat fee (Note 2) | -284 558.99 |
| Taxe d’abonnement (Note 3) | -21 656.82 |
| Other commissions and fees (Note 2) | -10 314.26 |
| Interest on cash and bank overdraft | -38 366.98 |
| Total expenses | -354 897.05 |
|  |  |
| Net income (loss) on investments | 2 048 045.78 |
|  |  |
| Realized gain (loss) (Note 1) |  |
| Realized gain (loss) on market-priced securities without options | 32 709 487.87 |
| Realized gain (loss) on yield-evaluated securities and money market instruments | -464 792.82 |
| Realized gain (loss) on forward foreign exchange contracts | -8 778 777.10 |
| Realized gain (loss) on foreign exchange | 2 886 573.90 |
| Total realized gain (loss) | 26 352 491.85 |
|  |  |
| Net realized gain (loss) of the financial year | 28 400 537.63 |
|  |  |
| Changes in unrealized appreciation (depreciation) (Note 1) |  |
| Unrealized appreciation (depreciation) on market-priced securities without options | -11 560 532.66 |
| Unrealized appreciation (depreciation) on yield-evaluated securities and money market instruments | 147 436.86 |
| Unrealized appreciation (depreciation) on forward foreign exchange contracts | -111 311.04 |
| Total changes in unrealized appreciation (depreciation) | -11 524 406.84 |
|  |  |
| Net increase (decrease) in net assets as a result of operations | 16 876 130.79 |

UBS (Lux) Institutional Fund – Global Convertible 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 |  | 226 644 730.76 |
| Redemptions |  | 	-21 998 970.98	 |
| Total redemptions |  | -21 998 970.98 |
| Dividend paid |  | -5 755.86 |
| Net income (loss) on investments |  | 2 048 045.78 |
| Total realized gain (loss) |  | 26 352 491.85 |
| Total changes in unrealized appreciation (depreciation) |  | 	-11 524 406.84	 |
| Net increase (decrease) in net assets as a result of operations |  | 16 876 130.79 |
| Net assets at the end of the financial year |  | 221 516 134.71 |
| Development of the outstanding units |  |  |
|  |  | 1.1.2021-31.12.2021 |
| Class |  | AA (EUR) |
| Number of units outstanding at the beginning of the financial year |  | 38 980.5320 |
| Number of units issued |  | 0.0000 |
| Number of units redeemed |  | -6 035.3670 |
| Number of units outstanding at the end of the financial year |  | 32 945.1650 |
| Class |  | AD-T2 (EUR) |
| Number of units outstanding at the beginning of the financial year |  | 5 049.0000 |
| Number of units issued |  | 0.0000 |
| Number of units redeemed |  | -150.0000 |
| Number of units outstanding at the end of the financial year |  | 4 899.0000 |
| Class |  | BA (EUR) |
| Number of units outstanding at the beginning of the financial year |  | 12 411.1070 |
| Number of units issued |  | 0.0000 |
| Number of units redeemed |  | 0.0000 |
| Number of units outstanding at the end of the financial year |  | 12 411.1070 |
| Class |  | CA (CHF) |
| Number of units outstanding at the beginning of the financial year |  | 84 873.4800 |
| Number of units issued |  | 0.0000 |
| Number of units redeemed |  | -4 600.0000 |
| Number of units outstanding at the end of the financial year |  | 80 273.4800 |
| Class |  | DA (CHF) |
| Number of units outstanding at the beginning of the financial year |  | 49 749.2030 |
| Number of units issued |  | 0.0000 |
| Number of units redeemed |  | 0.0000 |
| Number of units outstanding at the end of the financial year |  | 49 749.2030 |
| Class |  | YA (CHF) |
| Number of units outstanding at the beginning of the financial year |  | 424 758.1870 |
| Number of units issued |  | 0.0000 |
| Number of units redeemed |  | -46 464.6580 |
| Number of units outstanding at the end of the financial year |  | 378 293.5290 |
| Annual Distribution 1 |  |  |
| UBS (Lux) Institutional Fund – Global Convertible Bonds	Ex-Date | Pay-Date | Currency	Amount per unit |
| AD-T2 (EUR)	1.3.2021 | 4.3.2021 | EUR	1.14 |
| 1  See note 5 |  |  |

UBS (Lux) Institutional Fund – Global Convertible 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 |  |  |  |
| Equities |  |  |  |
| Ireland |  |  |  |
| USD	APTIV PLC 5.5% MANDATORY CNV PFD SHS | 12 923.00 | 2 091 975.97 | 0.94 |
| Total Ireland |  | 2 091 975.97 | 0.94 |
| Total Equities |  | 2 091 975.97 | 0.94 |
| Convertible bonds, fixed rate |  |  |  |
| CHF |  |  |  |
| CHF	DUFRY ONE BV-REG-S 0.75000% 21-30.03.26 | 2 400 000.00 | 2 193 715.72 | 0.99 |
| CHF	IDORSIA LTD-REG-S 0.75000% 18-17.07.24 | 1 000 000.00 | 891 754.36 | 0.40 |
| CHF	SIKA AG-REG-S 0.15000% 18-05.06.25 | 860 000.00 | 1 666 408.06 | 0.75 |
| Total CHF |  | 4 751 878.14 | 2.14 |
| EUR |  |  |  |
| EUR	AMS AG-REG-S 2.12500% 20-03.11.27 | 2 300 000.00 | 2 236 520.00 | 1.01 |
| EUR	COSMO PHARMACEUTICALS NV-REG-S 2.50000% 18-05.12.23 | 800 000.00 | 758 520.00 | 0.34 |
| EUR	DELIVERY HERO SE-REG-S 1.00000% 20-23.01.27 | 900 000.00 | 1 086 876.00 | 0.49 |
| EUR	DELIVERY HERO SE-REG-S 1.50000% 20-15.01.28 | 1 100 000.00 | 1 059 256.00 | 0.48 |
| EUR	DELIVERY HERO SE-REG-S 2.12500% 21-10.03.29 | 1 200 000.00 | 1 063 440.00 | 0.48 |
| EUR	DEUTSCHE LUFTHANSA AG-REG-S 2.00000% 20-17.11.25 | 1 100 000.00 | 1 161 600.00 | 0.52 |
| EUR	GLOBAL FASHION GROUP SA-REG-S 1.25000% 21-15.03.28 | 1 600 000.00 | 1 234 288.00 | 0.56 |
| EUR	NEOEN SA-REG-S 1.87500% 19-07.10.24 | 26 000.00 | 1 135 580.08 | 0.51 |
| EUR	SACYR VALLEHERMOSO SA-REG-S 3.75000% 19-25.04.24 | 1 000 000.00 | 1 092 500.00 | 0.49 |
| EUR	SAFRAN SA-REG-S 0.87500% 20-15.05.27 | 7 883.00 | 1 074 000.83 | 0.49 |
| EUR	VIC PROPERTIES SA-REG-S 3.00000% 19-28.05.25 | 1 000 000.00 | 955 000.00 | 0.43 |
| EUR	ZALANDO SE-REG-S 0.62500% 20-06.08.27 | 1 900 000.00 | 2 091 634.00 | 0.94 |
| Total EUR |  | 14 949 214.91 | 6.74 |
| GBP |  |  |  |
| GBP	BRAIT SE-REG-S 6.50000% 19-04.12.24 | 600 000.00 | 639 495.25 | 0.29 |
| GBP	CAPITAL & COUNTIES PROPERTIES/SHAFTESBU 2.00000% 20-30.03.26 | 1 000 000.00 | 1 251 329.81 | 0.57 |
| GBP	CORNWALL JERSEY LTD-REG-S 0.75000% 21-16.04.26 | 2 100 000.00 | 2 176 329.12 | 0.98 |
| GBP	INTU JERSEY 2 LTD-REG-S *DEFAULTED* 2.87500% 16-01.11.22 | 2 000 000.00 | 589 564.50 | 0.27 |
| GBP	IWG GROUP HOLDINGS SARL-REG-S 0.50000% 20-09.12.27 | 1 500 000.00 | 1 669 414.41 | 0.75 |
| GBP	JET2 PLC-REG-S 1.62500% 21-10.06.26 | 1 500 000.00 | 1 753 150.44 | 0.79 |
| GBP	PHP FINANCE JERSEY-REG-S 2.87500% 19-15.07.25 | 670 000.00 | 913 498.39 | 0.41 |
| Total GBP |  | 8 992 781.92 | 4.06 |
| HKD |  |  |  |
| HKD	CATHAY PACIFIC FINANCE III LTD-REG-S 2.75000% 21-05.02.26 | 18 000 000.00 | 1 979 584.29 | 0.90 |
| HKD	KINGSOFT CORP LTD-REG-S 0.62500% 20-29.04.25 | 12 000 000.00 | 1 617 477.67 | 0.73 |
| HKD	REXLOT HOLDINGS-REG-S *DEFAULTED* STEP-UP/DOWN 14-17.04.19 | 16 000 000.00 | 26 186.65 | 0.01 |
| Total HKD |  | 3 623 248.61 | 1.64 |
| USD |  |  |  |
| USD	ABU DHABI NATIONAL OIL CO-REG-S 0.70000% 21-04.06.24 | 3 800 000.00 | 3 277 215.97 | 1.48 |
| USD	AFRICAN MINERALS *DEFAULT* 8.50000% 12-10.02.17 | 4 400 000.00 | 7 738.30 | 0.00 |
| USD	BHARTI AIRTEL LTD-REG-S 1.50000% 20-17.02.25 | 1 700 000.00 | 1 957 197.51 | 0.88 |
| USD	BORR DRILLING LTD-REG-S 3.87500% 18-23.05.23 | 1 000 000.00 | 465 810.76 | 0.21 |
| USD	BW OFFSHORE LTD-REG-S 2.50000% 19-12.11.24 | 1 200 000.00 | 922 265.21 | 0.42 |
| USD	CHINA HONGQIAO GROUP LTD-REG-S 5.25000% 21-25.01.26 | 800 000.00 | 890 960.25 | 0.40 |
| USD	DEUTSCHE BANK AG/LONDON/VOYA FINANCIAL 1.00000% 18-01.05.23 | 2 130 000.00 | 2 052 101.04 | 0.93 |
| USD	ELM BV FOR SWISS RE LTD 3.25000% 18-13.06.24 | 2 000 000.00 | 1 948 733.73 | 0.88 |
| USD	EVOLENT HEALTH INC 1.50000% 18-15.10.25 | 526 000.00 | 501 448.40 | 0.23 |
| USD	HTA GROUP LTD-REG-S 2.87500% 21-18.03.27 | 1 200 000.00 | 1 129 352.80 | 0.51 |
| USD	HUBSPOT INC 0.25000% 17-01.06.22 | 159 000.00 | 981 904.70 | 0.44 |
| USD	IVANHOE MINES LTD-144A 2.50000% 21-15.04.26 | 1 438 000.00 | 1 674 905.82 | 0.75 |
| USD	LG DISPLAY CO LTD-REG-S 1.50000% 19-22.08.24 | 2 000 000.00 | 2 184 611.32 | 0.99 |
| USD	MAIL.RU GROUP LTD-REG-S 1.62500% 20-01.10.25 | 1 400 000.00 | 1 111 603.94 | 0.50 |
| USD	MERCADOLIBRE INC 2.00000% 18-15.08.28 | 900 000.00 | 2 462 590.57 | 1.11 |
| USD	NMC HEALTH JERSEY LTD-REG-S *DEFAULTED* 1.87500% 18-30.04.25 | 2 000 000.00 | 439 676.40 | 0.20 |
| USD	OZON HOLDINGS PLC-REG-S 1.87500% 21-24.02.26 | 1 400 000.00 | 991 633.84 | 0.45 |
| USD	PALO ALTO NETWORKS INC 0.75000% 19-01.07.23 | 1 200 000.00 | 2 221 519.52 | 1.00 |
| USD	PB ISSUER NO 5 LTD-REG-S 3.00000% 19-10.12.25 | 700 000.00 | 915 866.17 | 0.41 |
| USD	SINTEX INDSTR LTD-REG-S *DEFAULTED* STEP-UP/DOWN 16-25.05.22 | 390 000.00 | 65 160.04 | 0.03 |
| USD	SIRIUS MINERALS FINANCE NO 2 LTD-REG-S 5.00000% 19-23.05.27 | 600 000.00 | 811 202.96 | 0.37 |
| USD	SPIRIT AIRLINES INC 4.75000% 20-15.05.25 | 400 000.00 | 680 123.10 | 0.31 |
| USD	TRIP.COM GROUP LTD-REG-S 1.50000% 20-01.07.27 | 2 062 000.00 | 2 053 858.61 | 0.93 |
| USD	UNIVERSE TREK LTD-REG-S 2.50000% 20-08.07.25 | 1 200 000.00 | 1 124 614.85 | 0.51 |
| USD	WESTERN DIGITAL CORP 1.50000% 19-01.02.24 | 2 500 000.00 | 2 212 121.88 | 1.00 |
| USD	YANDEX NV-REG-S 0.75000% 20-03.03.25 | 2 000 000.00 | 2 020 612.03 | 0.91 |
| Total USD |  | 35 104 829.72 | 15.85 |
| Total Convertible bonds, fixed rate |  | 67 421 953.30 | 30.43 |
| Convertible bonds, zero coupon |  |  |  |
| EUR |  |  |  |
| EUR	AMERICA MOVIL BV-REG-S 0.00000% 21-02.03.24 | 2 100 000.00 | 2 163 420.00 | 0.98 |
| EUR	MONDELEZ INTERNATIONAL HOLDINGS-REG-S 0.00000% 21-20.09.24 | 1 000 000.00 | 1 052 370.00 | 0.48 |
| EUR	OLIVER CAPITAL SARL-REG-S 0.00000% 20-29.12.23 | 1 800 000.00 | 2 252 700.00 | 1.02 |
| EUR	POSCO-REG-S 0.00000% 21-01.09.26 | 2 100 000.00 | 2 092 125.00 | 0.94 |
| EUR	SAGERPAR SA-REG-S 0.00000% 21-01.04.26 | 1 700 000.00 | 1 813 815.00 | 0.82 |
| EUR	SGX TREASURY I PTE LTD-REG-S 0.00000% 21-01.03.24 | 1 100 000.00 | 1 115 147.00 | 0.50 |
| Total EUR |  | 10 489 577.00 | 4.74 |

UBS (Lux) Institutional Fund – Global Convertible 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) |  |
| HKD |  |  |  |  |
| HKD | CHINA CONCH VENTURE HLD INTL LTD-REG-S 0.00000% 18-05.09.23 | 14 000 000.00 | 1 828 505.20 | 0.82 |
| HKD | CITIGROUP GLOBAL MARKETS FUND LUX-REG-S 0.00000% 21-28.05.24 | 10 000 000.00 | 1 171 729.73 | 0.53 |
| HKD | ZHONGSHENG GROUP HOLDINGS-REG-S 0.00000% 20-21.05.25 | 10 000 000.00 | 1 614 366.90 | 0.73 |
| Total HKD |  |  | 4 614 601.83 | 2.08 |
| JPY |  |  |  |  |
| JPY | ANA HOLDINGS INC 0.00000% 21-10.12.31 | 280 000 000.00 | 2 149 718.43 | 0.97 |
| JPY | KYORITSU MAINTENANCE CO-REG-S 0.00000% 21-29.01.26 | 140 000 000.00 | 1 130 098.35 | 0.51 |
| JPY | MERCARI INC-REG-S 0.00000% 21-14.07.28 | 150 000 000.00 | 1 224 473.28 | 0.55 |
| JPY | MINEBEA MITSUMI INC-REG-S 0.00000% 15-03.08.22 | 60 000 000.00 | 723 115.04 | 0.33 |
| JPY | NIPPON STEEL CORP-REG-S 0.00000% 21-05.10.26 | 130 000 000.00 | 1 030 177.97 | 0.47 |
| JPY | SONY CORP-REG-S 0.00000% 15-30.09.22 | 100 000 000.00 | 2 225 379.96 | 1.00 |
| Total JPY |  |  | 8 482 963.03 | 3.83 |
| USD |  |  |  |  |
| USD | ASAHI REFINING USA INC-REG-S 0.00000% 21-16.03.26 | 900 000.00 | 795 358.78 | 0.36 |
| USD | JPMORGAN CHASE BANK NA-REG-S 0.00000% 20-28.12.23 | 2 500 000.00 | 2 172 946.71 | 0.98 |
| USD | MEITUAN-REG-S 0.00000% 21-27.04.28 | 3 400 000.00 | 2 782 008.44 | 1.25 |
| USD | MICROPORT SCIENTIFIC CORP-REG-S 0.00000% 21-11.06.26 | 1 500 000.00 | 1 087 368.10 | 0.49 |
| USD | POSEIDON FINANCE 1 LTD-REG-S 0.00000% 18-01.02.25 | 1 600 000.00 | 1 544 973.62 | 0.70 |
| USD | STMICROELECTRONICS NV-REG-S 0.00000% 20-04.08.25 | 1 200 000.00 | 1 387 565.95 | 0.62 |
| USD | TEQU MAYFLOWER LTD-REG-S 0.000000% 21-02.03.26 | 1 200 000.00 | 858 740.77 | 0.39 |
| USD | UNIVERSE TREK LTD-REG-S 0.00000% 21-15.06.26 | 1 200 000.00 | 992 564.19 | 0.45 |
| USD | XERO INVESTMENTS LTD-REG-S 0.00000% 20-02.12.25 | 1 600 000.00 | 1 389 433.70 | 0.63 |
| USD | ZYNGA INC 0.00000% 20-15.12.26 | 2 657 000.00 | 2 142 492.46 | 0.97 |
| Total USD |  |  | 15 153 452.72 | 6.84 |
| Total Convertible bonds, zero coupon |  | 38 740 594.58 | 17.49 |
| Convertible bonds, floating rate |  |  |  |
| EUR |  |  |  |
| EUR	ENCAVIS FINANCE BV-REG-S-SUB 1.875%/VAR 21-PRP | 900 000.00 | 883 053.00 | 0.40 |
| EUR	QUADIENT SAS-REG-S 3.375/VAR 15-PRP | 14 145.00 | 810 733.03 | 0.37 |
| Total EUR |  | 1 693 786.03 | 0.77 |
| Total Convertible bonds, floating rate |  | 1 693 786.03 | 0.77 |
| Total Transferable securities and money market instruments listed on an official stock exchange |  | 109 948 309.88 | 49.63 |
| Transferable securities and money market instruments traded on another regulated market |  |  |  |
| Bonds, fixed rate |  |  |  |
| USD |  |  |  |
| USD	IRONWOOD PHARMACEUTICALS 1.50000% 20-15.06.26 | 889 000.00 | 887 280.16 | 0.40 |
| Total USD |  | 887 280.16 | 0.40 |
| Total Bonds, fixed rate |  | 887 280.16 | 0.40 |
| Convertible bonds, fixed rate |  |  |  |
| USD |  |  |  |
| USD	AKAMAI TECHNOLOGIES INC 0.37500% 20-01.09.27 | 2 200 000.00 | 2 265 543.44 | 1.02 |
| USD	ALTERYX INC 0.50000% 19-01.06.23 | 649 000.00 | 840 800.85 | 0.38 |
| USD	BILIBILI INC 1.37500% 20-01.04.26 | 795 000.00 | 1 381 092.29 | 0.62 |
| USD	BLACKSTONE MORTGAGE TRUST INC 4.37500% 17-05.05.22 | 1 327 000.00 | 1 171 312.05 | 0.53 |
| USD	BLOOMIN’ BRANDS INC-144A 5.00000% 20-01.05.25 | 665 000.00 | 1 138 137.09 | 0.52 |
| USD	BURLINGTON STORES INC-144A 2.25000% 21-15.04.25 | 1 700 000.00 | 2 215 575.98 | 1.00 |
| USD	CHEGG INC 0.125000% 19-15.03.25 | 2 667 000.00 | 2 296 797.80 | 1.04 |
| USD	COHERUS BIOSCIENCES INC-144A-SUB 1.50000% 20-15.04.26 | 903 000.00 | 883 394.77 | 0.40 |
| USD	CONSOL ENERGY INC-144A 2.25000% 20-01.05.26 | 1 832 000.00 | 2 111 681.26 | 0.95 |
| USD	CREE INC-144A 1.75000% 20-01.05.26 | 353 000.00 | 761 268.78 | 0.34 |
| USD	DEXCOM INC 0.75000% 18-01.12.23 | 823 000.00 | 2 368 448.10 | 1.07 |
| USD	DISH NETWORK CORP 3.37500% 16-15.08.26 | 2 641 000.00 | 2 179 124.58 | 0.98 |
| USD	ENDEAVOUR MINING CORP-144A 3.00000% 18-15.02.23 | 1 450 000.00 | 1 418 123.46 | 0.64 |
| USD	EXACT SCIENCES CORP 0.37500% 20-01.03.28 | 929 000.00 | 787 664.89 | 0.36 |
| USD	FARFETCH LTD-144A 3.75000% 20-01.05.27 | 1 153 000.00 | 2 305 614.72 | 1.04 |
| USD	GOLAR LNG LTD 2.75000% 17-15.02.22 | 1 000 000.00 | 876 256.59 | 0.40 |
| USD	HERCULES CAPITAL INC 4.37500% 17-01.02.22 | 1 048 000.00 | 950 185.43 | 0.43 |
| USD	IAC FINANCECO INC-144A 0.87500% 17-01.10.22 | 850 000.00 | 2 249 786.76 | 1.02 |
| USD	LI AUTO INC-144A 0.25000% 21-01.05.28 | 1 897 000.00 | 2 168 521.89 | 0.98 |
| USD	LIBERTY INTERACTIVE LLC 4.00000% 99-15.11.29 | 900 000.00 | 601 425.08 | 0.27 |
| USD	LIBERTY MEDIA CORP 1.37500% 13-15.10.23 | 2 361 000.00 | 3 078 206.69 | 1.39 |
| USD	LIBERTY MEDIA CORP-144A 2.12500% 18-31.03.48 | 1 250 000.00 | 1 135 123.55 | 0.51 |
| USD	LIVANOVA USA INC 3.00000% 20-15.12.25 | 750 000.00 | 1 068 875.31 | 0.48 |
| USD	LIVE NATION 2.00000% 20-15.02.25 | 2 025 000.00 | 2 343 333.84 | 1.06 |
| USD	LYFT INC-144A 1.50000% 20-15.05.25 | 1 908 000.00 | 2 239 618.19 | 1.01 |
| USD	NATERA INC 2.25000% 20-01.05.27 | 434 000.00 | 982 323.81 | 0.44 |
| USD	NATIONAL VISION HOLDINGS INC 2.50000% 21-15.05.25 | 701 000.00 | 1 024 235.47 | 0.46 |
| USD	NEOGENOMICS INC 1.25000% 20-01.05.25 | 987 000.00 | 1 026 186.64 | 0.46 |
| USD	ON SEMICONDUCTOR CORP 1.62500% 17-15.10.23 | 959 000.00 | 2 776 335.36 | 1.25 |
| USD	PIONEER NATURAL RESOURCES CO-144A 0.25000% 20-15.05.25 | 1 473 000.00 | 2 310 182.63 | 1.04 |
| USD	SEA LTD 1.00000% 20-01.12.24 | 258 000.00 | 1 012 452.62 | 0.46 |
| USD	SEA LTD 2.25000% 18-01.07.23 | 46 000.00 | 460 436.86 | 0.21 |
| USD	SEA LTD 2.37500% 20-01.12.25 | 231 000.00 | 518 762.79 | 0.24 |
| USD	SHIP FINANCE INTERNATIONA LTD 4.87500% 18-01.05.23 | 661 000.00 | 578 547.05 | 0.26 |
| USD	SNAP INC 0.75000% 19-01.08.26 | 1 114 000.00 | 2 126 435.17 | 0.96 |
| USD	SPLUNK INC 1.12500% 20-15.06.27 | 2 593 000.00 | 2 135 957.53 | 0.97 |
| USD	SSR MINING INC 2.50000% 19-01.04.39 | 1 085 000.00 | 1 185 132.56 | 0.54 |
| USD	WAYFAIR INC 0.62500% 20-01.10.25 | 2 596 000.00 | 2 065 653.09 | 0.93 |

UBS (Lux) Institutional Fund – Global Convertible 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) |  |
|  |  |  |  |  |
| USD | WAYFAIR INC 1.00000% 19-15.08.26 | 1 552 000.00 | 2 058 829.27 | 0.93 |
| USD | WORLD WRESTLING ENTERTAINMENT 3.37500% 16-15.12.23 | 559 000.00 | 1 005 025.17 | 0.45 |
| USD | ZENDESK INC 0.62500% 20-15.06.25 | 2 115 000.00 | 2 216 676.97 | 1.00 |
| Total USD |  |  | 64 319 086.38 | 29.04 |
| Total Convertible bonds, fixed rate |  | 64 319 086.38 | 29.04 |
| Convertible bonds, zero coupon |  |  |  |
| USD |  |  |  |
| USD	BARCLAYS BANK PLC 0.00000% 20-18.02.25 | 1 950 000.00 | 1 850 154.24 | 0.83 |
| USD	EVERBRIDGE INC-144A 0.00000% 21-15.03.26 | 1 240 000.00 | 920 002.15 | 0.42 |
| USD	SERVICENOW INC 0.00000% 17-01.06.22 | 403 000.00 | 1 707 033.86 | 0.77 |
| USD	SHIFT4 PAYMENTS INC-144A 0.00000% 20-15.12.25 | 1 100 000.00 | 1 018 177.10 | 0.46 |
| USD	SOLAREDGE TECHNOLOGIES INC 0.00000% 21-15.09.25 | 1 266 000.00 | 1 413 150.79 | 0.64 |
| Total USD |  | 6 908 518.14 | 3.12 |
| Total Convertible bonds, zero coupon |  | 6 908 518.14 | 3.12 |
| Total Transferable securities and money market instruments traded on another regulated market |  | 72 114 884.68 | 32.56 |

Transferable securities and money market instruments not listed on an official stock exchange and not traded on another regulated market
Rights
| Romania |  |
| --- | --- |
| EUR | CA IMMOBILIEN ANLAGEN AG RIGHTS PRP | 900 000.00 | 9.00 | 0.00 |
| Total Romania | 9.00 | 0.00 |
| Total Rights | 9.00 | 0.00 |
| Convertible bonds, fixed rate |  |  |
| HKD |  |  |
| HKD	CRYSTAL IDEA GROUP LTD-REG-S 2.25000% 21-31.10.22	12 000 000.00 | 1 152 715.42 | 0.52 |
| Total HKD | 1 152 715.42 | 0.52 |
| USD |  |  |  |  |
| USD | SUNEDISON INC-144A *ESCROW* 0.25000% 14-PRP | 3 739 000.00 | 16 439.50 | 0.01 |
| Total USD |  |  | 16 439.50 | 0.01 |
| Total Convertible bonds, fixed rate |  | 1 169 154.92 | 0.53 |
| Convertible bonds, zero coupon |  |  |  |
| EUR |  |  |  |
| EUR	BNP PARIBAS ISSUANCE BV 0.00000% 08.12.21-13.12.24 | 2 447 000.00 | 2 780 281.40 | 1.25 |
| Total EUR |  | 2 780 281.40 | 1.25 |
| JPY |  |  |  |
| JPY	CYBERAGENT INC-REG-S 0.00000% 18-19.02.25 | 60 000 000.00 | 611 993.81 | 0.28 |
| JPY	HIS CO LTD-REG-S 0.00000% 17-15.11.24 | 20 000 000.00 | 128 947.31 | 0.06 |
| JPY	SENKO CO LTD-REG-S 0.00000% 21-18.03.25 | 90 000 000.00 | 698 946.30 | 0.31 |
| Total JPY |  | 1 439 887.42 | 0.65 |
| USD |  |  |  |
| USD	VAIL RESORTS INC 0.00000% 20-01.01.26 | 2 183 000.00 | 2 054 173.82 | 0.93 |
| Total USD |  | 2 054 173.82 | 0.93 |
| Total Convertible bonds, zero coupon |  | 6 274 342.64 | 2.83 |
| Total Transferable securities and money market instruments not listed on an official stock exchange and not traded on another regulated market |  | 7 443 506.56 | 3.36 |
| Recently issued transferable securities and money market instruments |  |  |  |
| Convertible bonds, fixed rate |  |  |  |
| USD |  |  |  |
| USD	BILIBILI INC 0.50000% 21-01.12.26 | 705 000.00 | 528 461.11 | 0.24 |
| USD	INTERCEPT PHARMACEUTICALS INC 3.50000% 21-15.02.26 | 1 193 000.00 | 1 132 773.02 | 0.51 |
| USD	JAMF HOLDING CORP-144A 0.12500% 21-01.09.26 | 1 200 000.00 | 1 098 170.95 | 0.50 |
| USD	JOHN BEAN TECHNOLOGIES CORP-144A 0.25000% 21-15.05.26 | 1 100 000.00 | 1 067 905.38 | 0.48 |
| USD	OPENDOOR TECHNOLOGIES INC-144A 0.25000% 21-15.08.26 | 2 393 000.00 | 2 190 230.50 | 0.99 |
| USD	RAPID7 INC-144A 0.25000% 21-15.03.27 | 967 000.00 | 1 093 682.78 | 0.49 |
| USD	TYLER TECHNOLOGIES INC-144A 0.25000% 21-15.03.26 | 1 500 000.00 | 1 608 331.87 | 0.73 |
| Total USD |  | 8 719 555.61 | 3.94 |
| Total Convertible bonds, fixed rate |  | 8 719 555.61 | 3.94 |

UBS (Lux) Institutional Fund – Global Convertible 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) |  |

Convertible bonds, zero coupon
| USD |  |
| --- | --- |
| USD | AFFIRM HOLDINGS INC-144A 0.00000% 21-15.11.26 | 2 400 000.00 | 1 887 572.99 | 0.85 |
| USD | DIGITALOCEAN HOLDINGS INC-144A 0.00000% 21-01.12.26 | 2 742 000.00 | 2 146 029.72 | 0.97 |
| USD | DROPBOX INC-144A 0.00000% 21-01.03.28 | 2 534 000.00 | 2 190 606.45 | 0.99 |
| USD | NEXTERA ENERGY PARTNERS LP-144A 0.00000% 21-15.06.24 | 2 360 000.00 | 2 146 641.22 | 0.97 |
| Total USD |  |  | 8 370 850.38 | 3.78 |
| Total Convertible bonds, zero coupon | 8 370 850.38 | 3.78 |
| Total Recently issued transferable securities and money market instruments | 17 090 405.99 | 7.72 |
| Total investments in securities | 206 597 107.11 | 93.27 |
| Forward Foreign Exchange contracts |  |  |
| Currency purchased/Amount purchased/Currency sold/Amount sold/Maturity date |  |  |

| EUR | 75 531 300.05 | USD | 85 600 000.00 | 21.1.2022 | 287 052.81 | 0.13 |
| --- | --- | --- | --- | --- | --- | --- |
| EUR | 12 004 105.86 | HKD | 106 000 000.00 | 18.2.2022 | 58 787.68 | 0.03 |
| EUR | 1 040 621.40 | KRW | 1 400 000 000.00 | 25.2.2022 | 9 173.79 | 0.00 |
| EUR | 1 175 019.09 | INR | 100 000 000.00 | 25.2.2022 | 3 530.67 | 0.00 |
| USD | 1 500 000.00 | EUR | 1 329 011.62 | 21.1.2022 | -10 479.25 | -0.01 |
| HKD | 7 000 000.00 | EUR | 791 426.37 | 18.2.2022 | -2 584.60 | 0.00 |
| USD | 1 500 000.00 | EUR | 1 322 553.29 | 21.1.2022 | -4 020.92 | 0.00 |
| USD | 2 300 000.00 | EUR | 2 029 377.62 | 21.1.2022 | -7 627.99 | 0.00 |
| USD | 2 000 000.00 | EUR | 1 768 868.81 | 21.1.2022 | -10 825.65 | -0.01 |
| USD | 2 150 000.00 | EUR | 1 899 164.10 | 21.1.2022 | -9 267.70 | 0.00 |
| EUR | 1 532 883.77 | CAD | 2 200 000.00 | 10.3.2022 | 3 757.81 | 0.00 |
| EUR | 1 507 586.65 | AUD | 2 400 000.00 | 10.3.2022 | -24 979.75 | -0.01 |
| NOK | 16 000 000.00 | EUR | 1 578 180.07 | 10.3.2022 | 13 094.75 | 0.01 |
| USD | 1 700 000.00 | EUR | 1 504 382.58 | 21.1.2022 | -10 045.89 | -0.01 |
| USD | 900 000.00 | EUR | 797 395.11 | 21.1.2022 | -6 275.69 | 0.00 |
| EUR | 10 045 231.58 | GBP | 8 600 000.00 | 10.3.2022 | -180 493.94 | -0.08 |
| USD | 1 100 000.00 | EUR | 972 523.73 | 21.1.2022 | -5 599.99 | 0.00 |
| EUR | 7 402 598.39 | CHF | 7 700 000.00 | 10.3.2022 | -31 568.07 | -0.01 |
| CHF | 216 585 500.00 | EUR | 207 834 623.19 | 21.1.2022 | 1 215 654.55 | 0.55 |
| EUR | 8 650 816.34 | JPY | 1 110 000 000.00 | 18.2.2022 | 179 356.43 | 0.08 |
| EUR | 72 132 687.99 | USD | 81 400 000.00 | 18.2.2022 | 622 479.43 | 0.28 |
| EUR | 5 107 189.27 | CHF | 5 321 800.00 | 21.1.2022 | -29 460.08 | -0.01 |
| EUR | 794 066.45 | USD | 900 000.00 | 18.2.2022 | 3 413.04 | 0.00 |
| EUR | 1 153 092.14 | USD | 1 300 000.00 | 18.2.2022 | 11 037.21 | 0.00 |
| USD | 1 300 000.00 | EUR | 1 150 031.32 | 18.2.2022 | -7 976.39 | 0.00 |
| HKD | 6 100 000.00 | EUR | 691 899.75 | 18.2.2022 | -4 480.50 | 0.00 |
| EUR | 2 392 657.20 | USD | 2 700 000.00 | 18.2.2022 | 20 696.97 | 0.01 |
| EUR | 881 328.97 | USD | 1 000 000.00 | 18.2.2022 | 2 825.18 | 0.00 |
| CHF | 2 606 500.00 | EUR | 2 505 563.38 | 21.1.2022 | 10 253.93 | 0.00 |
| Total Forward Foreign Exchange contracts | 2 095 427.84 | 0.95 |
|  |  |  |
| Cash at banks, deposits on demand and deposit accounts and other liquid assets | 12 647 710.54 | 5.71 |
| Other assets and liabilities | 175 889.22 | 0.07 |
| Total net assets | 221 516 134.71 | 100.00 |

UBS (Lux) Institutional Fund – Global Convertible Bonds
Annual report and audited financial statements as of 31 December 2021

Translation (ENFR, 2021-12-31):
# UBS (Lux) Institutional Fund – Global Convertible Bonds
| Comparaison sur trois ans |  |
| --- | --- |
|  | ISIN | 31.12.2021 | 31.12.2020 | 31.12.2019 |
| Actifs nets en EUR |  | 221 516 134.71 | 226 644 730.76 | 232 188 217.86 |
| Catégorie AA (EUR) | LU0251252234 |  |  |  |
| Parts en circulation |  | 32 945.1650 | 38 980.5320 | 41 428.2720 |
| Valeur nette d’inventaire par part en EUR |  | 278.93 | 270.38 | 222.65 |
| Prix d’émission et de rachat par part en EUR 1 |  | 278.93 | 270.38 | 222.65 |
| Catégorie AD-T2 (EUR) | LU0251255765 |  |  |  |
| Parts en circulation |  | 4 899.0000 | 5 049.0000 | 5 049.0000 |
| Valeur nette d’inventaire par part en EUR |  | 199.94 | 194.59 | 161.20 |
| Prix d’émission et de rachat par part en EUR 1 |  | 199.94 | 194.59 | 161.20 |
| Catégorie BA (EUR) | LU0251253554 |  |  |  |
| Parts en circulation |  | 12 411.1070 | 12 411.1070 | 12 411.1070 |
| Valeur nette d’inventaire par part en EUR |  | 303.98 | 292.90 | 239.75 |
| Prix d’émission et de rachat par part en EUR 1 |  | 303.98 | 292.90 | 239.75 |
| Catégorie CA (CHF) | LU0251472279 |  |  |  |
| Parts en circulation |  | 80 273.4800 | 84 873.4800 | 126 844.1980 |
| Valeur nette d’inventaire par part en CHF |  | 391.01 | 379.81 | 313.73 |
| Prix d’émission et de rachat par part en CHF 1 |  | 391.01 | 379.81 | 313.73 |
| Catégorie DA (CHF) | LU0262434755 |  |  |  |
| Parts en circulation |  | 49 749.2030 | 49 749.2030 | 64 816.8930 |
| Valeur nette d’inventaire par part en CHF |  | 429.73 | 414.93 | 340.70 |
| Prix d’émission et de rachat par part en CHF 1 |  | 429.73 | 414.93 | 340.70 |
| Catégorie YA (CHF) | LU0251487541 |  |  |  |
| Parts en circulation |  | 378 293.5290 | 424 758.1870 | 519 125.7880 |
| Valeur nette d’inventaire par part en CHF |  | 429.07 | 414.02 | 339.72 |
| Prix d’émission et de rachat par part en CHF 1 |  | 429.07 | 414.02 | 339.72 |
| 1  Voir note 1 |  |  |  |  |

UBS (Lux) Institutional Fund – Global Convertible Bonds Rapport annuel et états financiers révisés au 31 décembre 2021

## Rapport du Gestionnaire de portefeuille
L’exercice allant du 1
er 
janvier au 31 décembre 2021 a vu les actifs risqués à travers le monde réaliser de très fortes performances au début de l’année, les investisseurs se déclarant confiants dans la poursuite de la reprise post- pandémie avant de terminer l’année de manière volatile, les inquiétudes liées à l’inflation ainsi que l’apparition du variant Omicron du Covid ayant inquiété les investis- seurs.
Ce compartiment a enregistré une performance posi- tive au cours de l’exercice allant du 1
er 
janvier au 31 décembre 2021. Les principaux catalyseurs de cette performance positive ont été la hausse des actions sous- jacentes ainsi que la sélection des titres. L’évaluation des obligations convertibles n’a eu qu’un impact limité sur la performance, tandis qu’une année record en termes d’émissions a contribué à renforcer la taille du marché et le nombre d’opportunités.

## Structure du portefeuille-titres
Répartition géographique en % des actifs nets	
Etats-Unis	41.15
| Îles Caïmans | 7.21 |
| --- | --- |
| Pays-Bas | 4.98 |
| Japon | 4.48 |
| Allemagne | 3.84 |
| Chine | 3.71 |
| Luxembourg | 3.29 |
| Jersey | 2.23 |
| Royaume-Uni | 2.19 |
| Corée du Sud | 1.93 |
| Suisse | 1.78 |
| Emirats arabes unis | 1.69 |
| Îles Vierges britanniques | 1.48 |
| Fédération de Russie (CEI) | 1.41 |
| France | 1.36 |
| Canada | 1.29 |
| Irlande | 1.29 |
| Autriche | 1.01 |
| Inde | 0.91 |
| Bermudes | 0.83 |
| Belgique | 0.82 |
| Singapour | 0.71 |
| Monaco | 0.64 |
| Nouvelle-Zélande | 0.63 |
| Maurice | 0.51 |
| Espagne | 0.49 |
| Chypre | 0.45 |
| Hong Kong | 0.41 |
| Malte | 0.29 |
| Norvège | 0.26 |
| Total | 93.27 |

Répartition économique en % des actifs nets	
| Internet, logiciels et services informatiques | 19.68 |
| --- | --- |
| Sociétés financières et holdings | 16.54 |
| Electronique et semi-conducteurs | 5.23 |
| Trafic et transport | 5.05 |
| Banques et établissements de crédit | 3.75 |
| Hébergement, restauration et loisirs | 3.37 |
| Télécommunications | 3.03 |
| Pétrole | 2.94 |
| Produits pharmaceutiques, cosmétiques et médicaux | 2.93 |
| Services divers | 2.91 |
| Véhicules | 2.65 |
| Conception graphique, édition et médias | 2.34 |
| Appareils et composants électriques | 2.31 |
| Diverses sociétés non classées | 2.23 |
| Commerce de détail, grands magasins | 2.04 |
| Pierres et métaux précieux | 1.93 |
| Approvisionnement en énergie et en eau | 1.92 |
| Biens de consommation divers | 1.86 |
| Textiles, vêtements et maroquinerie | 1.49 |
| Mines, charbon et acier | 1.41 |
| Immobilier | 1.36 |
| Biotechnologie | 1.20 |
| Fournisseurs de matériel informatique et d’équipements de réseau | 1.00 |
| Produits chimiques | 0.75 |
| Ingénierie mécanique et équipements industriels | 0.72 |
| Aliments et boissons non alcoolisées | 0.51 |
| Cantons, états fédéraux | 0.51 |
| Construction et matériaux | 0.49 |
| Aérospatiale | 0.49 |
| Métaux non ferreux | 0.40 |
| Soins de santé et services sociaux | 0.23 |
| Total | 93.27 |

UBS (Lux) Institutional Fund – Global Convertible Bonds Rapport annuel et états financiers révisés au 31 décembre 2021

## Etat des actifs nets
Actifs	31.12.2021
EUR
Investissements en titres, coûts	200 494 768.93
| Investissements en titres, plus-/(moins-)values non réalisées | 	6 102 338.18	 |
| --- | --- |
| Total des investissements en titres (note 1) | 206 597 107.11 |
| Avoirs en banque, dépôts à vue et comptes de dépôt | 12 647 710.54 |
| Intérêts à recevoir sur titres | 484 421.56 |
| Intérêts à recevoir sur liquidités | 1 980.17 |
| Autres créances | 934 782.45 |
| Bénéfice non réalisé sur contrats de change à terme (note 1) | 2 095 427.84 |
| Total des actifs | 222 761 429.67 |
|  |  |
| Passifs |  |
| Montants à payer sur achats de titres (note 1) | -1 205 335.55 |
| Provisions pour commission forfaitaire (note 2) | -23 954.25 |
| Provisions pour taxe d’abonnement (note 3) | -5 537.91 |
| Provisions pour autres commissions et frais (note 2) | 	-10 467.25	 |
| Total des provisions | -39 959.41 |
| Total des passifs | -1 245 294.96 |
|  |  |
| Actifs nets en fin d’exercice | 221 516 134.71 |
| Etat des opérations | EUR |
| Revenus | 1.1.2021-31.12.2021 |
| Intérêts sur liquidités | 3 084.33 |
| Intérêts sur titres | 2 211 689.57 |
| Dividendes | 87 455.83 |
| Autres revenus (note 2, 4) | 100 713.10 |
| Total des revenus | 2 402 942.83 |
|  |  |
| Dépenses |  |
| Commission forfaitaire (note 2) | -284 558.99 |
| Taxe d’abonnement (note 3) | -21 656.82 |
| Autres commissions et frais (note 2) | -10 314.26 |
| Intérêts sur liquidités et découvert bancaire | -38 366.98 |
| Total des dépenses | -354 897.05 |
|  |  |
| Revenu/(perte) net(te) des investissements | 2 048 045.78 |
|  |  |
| Bénéfice/(perte) réalisé(e) (note 1) |  |
| Bénéfice/(perte) réalisé(e) sur titres évalués à la valeur de marché hors options | 32 709 487.87 |
| Bénéfice/(perte) réalisé(e) sur instruments du marché monétaire et titres évalués selon le rendement | -464 792.82 |
| Bénéfice/(perte) réalisé(e) sur contrats de change à terme | -8 778 777.10 |
| Bénéfice/(perte) de change réalisé(e) | 2 886 573.90 |
| Total des bénéfices/(pertes) réalisé(e)s | 26 352 491.85 |
|  |  |
| Bénéfice/(perte) net(te) réalisé(e) au cours de l’exercice | 28 400 537.63 |
|  |  |
| 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 | -11 560 532.66 |
| Plus-/(moins-)value non réalisée sur instruments du marché monétaire et titres évalués selon le rendement | 147 436.86 |
| Plus-/(moins-)value non réalisée sur contrats de change à terme | -111 311.04 |
| Total des fluctuations de la plus-/(moins-)value non réalisée | -11 524 406.84 |
|  |  |
| Augmentation/(diminution) nette des actifs nets résultant des opérations | 16 876 130.79 |

UBS (Lux) Institutional Fund – Global Convertible 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 |  | 226 644 730.76 |
| Rachats |  | 	-21 998 970.98	 |
| Total rachats |  | -21 998 970.98 |
| Dividendes payés |  | -5 755.86 |
| Revenu/(perte) net(te) des investissements |  | 2 048 045.78 |
| Total des bénéfices/(pertes) réalisé(e)s |  | 26 352 491.85 |
| Total des fluctuations de la plus-/(moins-)value non réalisée |  | 	-11 524 406.84	 |
| Augmentation/(diminution) nette des actifs nets résultant des opérations |  | 16 876 130.79 |
| Actifs nets en fin d’exercice |  | 221 516 134.71 |
| Evolution des parts en circulation |  |  |
|  |  | 1.1.2021-31.12.2021 |
| Catégorie |  | AA (EUR) |
| Nombre de parts en circulation au début de l’exercice |  | 38 980.5320 |
| Nombre de parts émises |  | 0.0000 |
| Nombre de parts rachetées |  | -6 035.3670 |
| Nombre de parts en circulation à la fin de l’exercice |  | 32 945.1650 |
| Catégorie |  | AD-T2 (EUR) |
| Nombre de parts en circulation au début de l’exercice |  | 5 049.0000 |
| Nombre de parts émises |  | 0.0000 |
| Nombre de parts rachetées |  | -150.0000 |
| Nombre de parts en circulation à la fin de l’exercice |  | 4 899.0000 |
| Catégorie |  | BA (EUR) |
| Nombre de parts en circulation au début de l’exercice |  | 12 411.1070 |
| Nombre de parts émises |  | 0.0000 |
| Nombre de parts rachetées |  | 0.0000 |
| Nombre de parts en circulation à la fin de l’exercice |  | 12 411.1070 |
| Catégorie |  | CA (CHF) |
| Nombre de parts en circulation au début de l’exercice |  | 84 873.4800 |
| Nombre de parts émises |  | 0.0000 |
| Nombre de parts rachetées |  | -4 600.0000 |
| Nombre de parts en circulation à la fin de l’exercice |  | 80 273.4800 |
| Catégorie |  | DA (CHF) |
| Nombre de parts en circulation au début de l’exercice |  | 49 749.2030 |
| Nombre de parts émises |  | 0.0000 |
| Nombre de parts rachetées |  | 0.0000 |
| Nombre de parts en circulation à la fin de l’exercice |  | 49 749.2030 |
| Catégorie |  | YA (CHF) |
| Nombre de parts en circulation au début de l’exercice |  | 424 758.1870 |
| Nombre de parts émises |  | 0.0000 |
| Nombre de parts rachetées |  | -46 464.6580 |
| Nombre de parts en circulation à la fin de l’exercice |  | 378 293.5290 |
| Distribution annuelle 1 |  |  |
| UBS (Lux) Institutional Fund – Global Convertible Bonds	Date ex-dividende | Date de paiement | Devise	Montant par part |
| AD-T2 (EUR)	1.3.2021 | 4.3.2021 | EUR	1.14 |
| 1  Voir note 5 |  |  |

UBS (Lux) Institutional Fund – Global Convertible Bonds Rapport 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
Actions
| Irlande |  |
| --- | --- |
| USD | APTIV PLC 5.5% MANDATORY CNV PFD SHS | 12 923.00 | 2 091 975.97 | 0.94 |
| Total Irlande |  | 2 091 975.97 | 0.94 |
| Total Actions |  | 2 091 975.97 | 0.94 |
| Obligations convertibles, taux fixe |  |  |  |
| CHF |  |  |  |
| CHF	DUFRY ONE BV-REG-S 0.75000% 21-30.03.26 | 2 400 000.00 | 2 193 715.72 | 0.99 |
| CHF	IDORSIA LTD-REG-S 0.75000% 18-17.07.24 | 1 000 000.00 | 891 754.36 | 0.40 |
| CHF	SIKA AG-REG-S 0.15000% 18-05.06.25 | 860 000.00 | 1 666 408.06 | 0.75 |
| Total CHF |  | 4 751 878.14 | 2.14 |
| EUR |  |  |  |
| EUR	AMS AG-REG-S 2.12500% 20-03.11.27 | 2 300 000.00 | 2 236 520.00 | 1.01 |
| EUR	COSMO PHARMACEUTICALS NV-REG-S 2.50000% 18-05.12.23 | 800 000.00 | 758 520.00 | 0.34 |
| EUR	DELIVERY HERO SE-REG-S 1.00000% 20-23.01.27 | 900 000.00 | 1 086 876.00 | 0.49 |
| EUR	DELIVERY HERO SE-REG-S 1.50000% 20-15.01.28 | 1 100 000.00 | 1 059 256.00 | 0.48 |
| EUR	DELIVERY HERO SE-REG-S 2.12500% 21-10.03.29 | 1 200 000.00 | 1 063 440.00 | 0.48 |
| EUR	DEUTSCHE LUFTHANSA AG-REG-S 2.00000% 20-17.11.25 | 1 100 000.00 | 1 161 600.00 | 0.52 |
| EUR	GLOBAL FASHION GROUP SA-REG-S 1.25000% 21-15.03.28 | 1 600 000.00 | 1 234 288.00 | 0.56 |
| EUR	NEOEN SA-REG-S 1.87500% 19-07.10.24 | 26 000.00 | 1 135 580.08 | 0.51 |
| EUR	SACYR VALLEHERMOSO SA-REG-S 3.75000% 19-25.04.24 | 1 000 000.00 | 1 092 500.00 | 0.49 |
| EUR	SAFRAN SA-REG-S 0.87500% 20-15.05.27 | 7 883.00 | 1 074 000.83 | 0.49 |
| EUR	VIC PROPERTIES SA-REG-S 3.00000% 19-28.05.25 | 1 000 000.00 | 955 000.00 | 0.43 |
| EUR	ZALANDO SE-REG-S 0.62500% 20-06.08.27 | 1 900 000.00 | 2 091 634.00 | 0.94 |
| Total EUR |  | 14 949 214.91 | 6.74 |
| GBP |  |  |  |
| GBP	BRAIT SE-REG-S 6.50000% 19-04.12.24 | 600 000.00 | 639 495.25 | 0.29 |
| GBP	CAPITAL & COUNTIES PROPERTIES/SHAFTESBU 2.00000% 20-30.03.26 | 1 000 000.00 | 1 251 329.81 | 0.57 |
| GBP	CORNWALL JERSEY LTD-REG-S 0.75000% 21-16.04.26 | 2 100 000.00 | 2 176 329.12 | 0.98 |
| GBP	INTU JERSEY 2 LTD-REG-S *DEFAULTED* 2.87500% 16-01.11.22 | 2 000 000.00 | 589 564.50 | 0.27 |
| GBP	IWG GROUP HOLDINGS SARL-REG-S 0.50000% 20-09.12.27 | 1 500 000.00 | 1 669 414.41 | 0.75 |
| GBP	JET2 PLC-REG-S 1.62500% 21-10.06.26 | 1 500 000.00 | 1 753 150.44 | 0.79 |
| GBP	PHP FINANCE JERSEY-REG-S 2.87500% 19-15.07.25 | 670 000.00 | 913 498.39 | 0.41 |
| Total GBP |  | 8 992 781.92 | 4.06 |
| HKD |  |  |  |
| HKD	CATHAY PACIFIC FINANCE III LTD-REG-S 2.75000% 21-05.02.26 | 18 000 000.00 | 1 979 584.29 | 0.90 |
| HKD	KINGSOFT CORP LTD-REG-S 0.62500% 20-29.04.25 | 12 000 000.00 | 1 617 477.67 | 0.73 |
| HKD	REXLOT HOLDINGS-REG-S *DEFAULTED* STEP-UP/DOWN 14-17.04.19 | 16 000 000.00 | 26 186.65 | 0.01 |
| Total HKD |  | 3 623 248.61 | 1.64 |
| USD |  |  |  |
| USD	ABU DHABI NATIONAL OIL CO-REG-S 0.70000% 21-04.06.24 | 3 800 000.00 | 3 277 215.97 | 1.48 |
| USD	AFRICAN MINERALS *DEFAULT* 8.50000% 12-10.02.17 | 4 400 000.00 | 7 738.30 | 0.00 |
| USD	BHARTI AIRTEL LTD-REG-S 1.50000% 20-17.02.25 | 1 700 000.00 | 1 957 197.51 | 0.88 |
| USD	BORR DRILLING LTD-REG-S 3.87500% 18-23.05.23 | 1 000 000.00 | 465 810.76 | 0.21 |
| USD	BW OFFSHORE LTD-REG-S 2.50000% 19-12.11.24 | 1 200 000.00 | 922 265.21 | 0.42 |
| USD	CHINA HONGQIAO GROUP LTD-REG-S 5.25000% 21-25.01.26 | 800 000.00 | 890 960.25 | 0.40 |
| USD	DEUTSCHE BANK AG/LONDON/VOYA FINANCIAL 1.00000% 18-01.05.23 | 2 130 000.00 | 2 052 101.04 | 0.93 |
| USD	ELM BV FOR SWISS RE LTD 3.25000% 18-13.06.24 | 2 000 000.00 | 1 948 733.73 | 0.88 |
| USD	EVOLENT HEALTH INC 1.50000% 18-15.10.25 | 526 000.00 | 501 448.40 | 0.23 |
| USD	HTA GROUP LTD-REG-S 2.87500% 21-18.03.27 | 1 200 000.00 | 1 129 352.80 | 0.51 |
| USD	HUBSPOT INC 0.25000% 17-01.06.22 | 159 000.00 | 981 904.70 | 0.44 |
| USD	IVANHOE MINES LTD-144A 2.50000% 21-15.04.26 | 1 438 000.00 | 1 674 905.82 | 0.75 |
| USD	LG DISPLAY CO LTD-REG-S 1.50000% 19-22.08.24 | 2 000 000.00 | 2 184 611.32 | 0.99 |
| USD	MAIL.RU GROUP LTD-REG-S 1.62500% 20-01.10.25 | 1 400 000.00 | 1 111 603.94 | 0.50 |
| USD	MERCADOLIBRE INC 2.00000% 18-15.08.28 | 900 000.00 | 2 462 590.57 | 1.11 |
| USD	NMC HEALTH JERSEY LTD-REG-S *DEFAULTED* 1.87500% 18-30.04.25 | 2 000 000.00 | 439 676.40 | 0.20 |
| USD	OZON HOLDINGS PLC-REG-S 1.87500% 21-24.02.26 | 1 400 000.00 | 991 633.84 | 0.45 |
| USD	PALO ALTO NETWORKS INC 0.75000% 19-01.07.23 | 1 200 000.00 | 2 221 519.52 | 1.00 |
| USD	PB ISSUER NO 5 LTD-REG-S 3.00000% 19-10.12.25 | 700 000.00 | 915 866.17 | 0.41 |
| USD	SINTEX INDSTR LTD-REG-S *DEFAULTED* STEP-UP/DOWN 16-25.05.22 | 390 000.00 | 65 160.04 | 0.03 |
| USD	SIRIUS MINERALS FINANCE NO 2 LTD-REG-S 5.00000% 19-23.05.27 | 600 000.00 | 811 202.96 | 0.37 |
| USD	SPIRIT AIRLINES INC 4.75000% 20-15.05.25 | 400 000.00 | 680 123.10 | 0.31 |
| USD	TRIP.COM GROUP LTD-REG-S 1.50000% 20-01.07.27 | 2 062 000.00 | 2 053 858.61 | 0.93 |
| USD	UNIVERSE TREK LTD-REG-S 2.50000% 20-08.07.25 | 1 200 000.00 | 1 124 614.85 | 0.51 |
| USD	WESTERN DIGITAL CORP 1.50000% 19-01.02.24 | 2 500 000.00 | 2 212 121.88 | 1.00 |
| USD	YANDEX NV-REG-S 0.75000% 20-03.03.25 | 2 000 000.00 | 2 020 612.03 | 0.91 |
| Total USD |  | 35 104 829.72 | 15.85 |
| Total des Obligations convertibles, taux fixe |  | 67 421 953.30 | 30.43 |
| Obligations convertibles, coupon zéro |  |  |  |
| EUR |  |  |  |
| EUR	AMERICA MOVIL BV-REG-S 0.00000% 21-02.03.24 | 2 100 000.00 | 2 163 420.00 | 0.98 |
| EUR	MONDELEZ INTERNATIONAL HOLDINGS-REG-S 0.00000% 21-20.09.24 | 1 000 000.00 | 1 052 370.00 | 0.48 |
| EUR	OLIVER CAPITAL SARL-REG-S 0.00000% 20-29.12.23 | 1 800 000.00 | 2 252 700.00 | 1.02 |
| EUR	POSCO-REG-S 0.00000% 21-01.09.26 | 2 100 000.00 | 2 092 125.00 | 0.94 |
| EUR	SAGERPAR SA-REG-S 0.00000% 21-01.04.26 | 1 700 000.00 | 1 813 815.00 | 0.82 |
| EUR	SGX TREASURY I PTE LTD-REG-S 0.00000% 21-01.03.24 | 1 100 000.00 | 1 115 147.00 | 0.50 |
| Total EUR |  | 10 489 577.00 | 4.74 |

UBS (Lux) Institutional Fund – Global Convertible Bonds Rapport 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) |  |
| HKD |  |  |  |  |
| HKD | CHINA CONCH VENTURE HLD INTL LTD-REG-S 0.00000% 18-05.09.23 | 14 000 000.00 | 1 828 505.20 | 0.82 |
| HKD | CITIGROUP GLOBAL MARKETS FUND LUX-REG-S 0.00000% 21-28.05.24 | 10 000 000.00 | 1 171 729.73 | 0.53 |
| HKD | ZHONGSHENG GROUP HOLDINGS-REG-S 0.00000% 20-21.05.25 | 10 000 000.00 | 1 614 366.90 | 0.73 |
| Total HKD |  |  | 4 614 601.83 | 2.08 |
| JPY |  |  |  |  |
| JPY | ANA HOLDINGS INC 0.00000% 21-10.12.31 | 280 000 000.00 | 2 149 718.43 | 0.97 |
| JPY | KYORITSU MAINTENANCE CO-REG-S 0.00000% 21-29.01.26 | 140 000 000.00 | 1 130 098.35 | 0.51 |
| JPY | MERCARI INC-REG-S 0.00000% 21-14.07.28 | 150 000 000.00 | 1 224 473.28 | 0.55 |
| JPY | MINEBEA MITSUMI INC-REG-S 0.00000% 15-03.08.22 | 60 000 000.00 | 723 115.04 | 0.33 |
| JPY | NIPPON STEEL CORP-REG-S 0.00000% 21-05.10.26 | 130 000 000.00 | 1 030 177.97 | 0.47 |
| JPY | SONY CORP-REG-S 0.00000% 15-30.09.22 | 100 000 000.00 | 2 225 379.96 | 1.00 |
| Total JPY |  |  | 8 482 963.03 | 3.83 |
| USD |  |  |  |  |
| USD | ASAHI REFINING USA INC-REG-S 0.00000% 21-16.03.26 | 900 000.00 | 795 358.78 | 0.36 |
| USD | JPMORGAN CHASE BANK NA-REG-S 0.00000% 20-28.12.23 | 2 500 000.00 | 2 172 946.71 | 0.98 |
| USD | MEITUAN-REG-S 0.00000% 21-27.04.28 | 3 400 000.00 | 2 782 008.44 | 1.25 |
| USD | MICROPORT SCIENTIFIC CORP-REG-S 0.00000% 21-11.06.26 | 1 500 000.00 | 1 087 368.10 | 0.49 |
| USD | POSEIDON FINANCE 1 LTD-REG-S 0.00000% 18-01.02.25 | 1 600 000.00 | 1 544 973.62 | 0.70 |
| USD | STMICROELECTRONICS NV-REG-S 0.00000% 20-04.08.25 | 1 200 000.00 | 1 387 565.95 | 0.62 |
| USD | TEQU MAYFLOWER LTD-REG-S 0.000000% 21-02.03.26 | 1 200 000.00 | 858 740.77 | 0.39 |
| USD | UNIVERSE TREK LTD-REG-S 0.00000% 21-15.06.26 | 1 200 000.00 | 992 564.19 | 0.45 |
| USD | XERO INVESTMENTS LTD-REG-S 0.00000% 20-02.12.25 | 1 600 000.00 | 1 389 433.70 | 0.63 |
| USD | ZYNGA INC 0.00000% 20-15.12.26 | 2 657 000.00 | 2 142 492.46 | 0.97 |
| Total USD |  |  | 15 153 452.72 | 6.84 |
| Total des Obligations convertibles, coupon zéro |  | 38 740 594.58 | 17.49 |
| Obligations convertibles, taux flottant |  |  |  |
| EUR |  |  |  |
| EUR	ENCAVIS FINANCE BV-REG-S-SUB 1.875%/VAR 21-PRP | 900 000.00 | 883 053.00 | 0.40 |
| EUR	QUADIENT SAS-REG-S 3.375/VAR 15-PRP | 14 145.00 | 810 733.03 | 0.37 |
| Total EUR |  | 1 693 786.03 | 0.77 |
| Total des Obligations convertibles, taux flottant |  | 1 693 786.03 | 0.77 |
| Total des Valeurs mobilières et instruments du marché monétaire admis à la cote officielle d’une bourse | de valeurs | 109 948 309.88 | 49.63 |
| Valeurs mobilières et instruments du marché monétaire négociés sur un autre | marché réglementé |  |  |
| Obligations, taux fixe |  |  |  |
| USD |  |  |  |
| USD	IRONWOOD PHARMACEUTICALS 1.50000% 20-15.06.26 | 889 000.00 | 887 280.16 | 0.40 |
| Total USD |  | 887 280.16 | 0.40 |
| Total des Obligations, taux fixe |  | 887 280.16 | 0.40 |
| Obligations convertibles, taux fixe |  |  |  |
| USD |  |  |  |
| USD	AKAMAI TECHNOLOGIES INC 0.37500% 20-01.09.27 | 2 200 000.00 | 2 265 543.44 | 1.02 |
| USD	ALTERYX INC 0.50000% 19-01.06.23 | 649 000.00 | 840 800.85 | 0.38 |
| USD	BILIBILI INC 1.37500% 20-01.04.26 | 795 000.00 | 1 381 092.29 | 0.62 |
| USD	BLACKSTONE MORTGAGE TRUST INC 4.37500% 17-05.05.22 | 1 327 000.00 | 1 171 312.05 | 0.53 |
| USD	BLOOMIN’ BRANDS INC-144A 5.00000% 20-01.05.25 | 665 000.00 | 1 138 137.09 | 0.52 |
| USD	BURLINGTON STORES INC-144A 2.25000% 21-15.04.25 | 1 700 000.00 | 2 215 575.98 | 1.00 |
| USD	CHEGG INC 0.125000% 19-15.03.25 | 2 667 000.00 | 2 296 797.80 | 1.04 |
| USD	COHERUS BIOSCIENCES INC-144A-SUB 1.50000% 20-15.04.26 | 903 000.00 | 883 394.77 | 0.40 |
| USD	CONSOL ENERGY INC-144A 2.25000% 20-01.05.26 | 1 832 000.00 | 2 111 681.26 | 0.95 |
| USD	CREE INC-144A 1.75000% 20-01.05.26 | 353 000.00 | 761 268.78 | 0.34 |
| USD	DEXCOM INC 0.75000% 18-01.12.23 | 823 000.00 | 2 368 448.10 | 1.07 |
| USD	DISH NETWORK CORP 3.37500% 16-15.08.26 | 2 641 000.00 | 2 179 124.58 | 0.98 |
| USD	ENDEAVOUR MINING CORP-144A 3.00000% 18-15.02.23 | 1 450 000.00 | 1 418 123.46 | 0.64 |
| USD	EXACT SCIENCES CORP 0.37500% 20-01.03.28 | 929 000.00 | 787 664.89 | 0.36 |
| USD	FARFETCH LTD-144A 3.75000% 20-01.05.27 | 1 153 000.00 | 2 305 614.72 | 1.04 |
| USD	GOLAR LNG LTD 2.75000% 17-15.02.22 | 1 000 000.00 | 876 256.59 | 0.40 |
| USD	HERCULES CAPITAL INC 4.37500% 17-01.02.22 | 1 048 000.00 | 950 185.43 | 0.43 |
| USD	IAC FINANCECO INC-144A 0.87500% 17-01.10.22 | 850 000.00 | 2 249 786.76 | 1.02 |
| USD	LI AUTO INC-144A 0.25000% 21-01.05.28 | 1 897 000.00 | 2 168 521.89 | 0.98 |
| USD	LIBERTY INTERACTIVE LLC 4.00000% 99-15.11.29 | 900 000.00 | 601 425.08 | 0.27 |
| USD	LIBERTY MEDIA CORP 1.37500% 13-15.10.23 | 2 361 000.00 | 3 078 206.69 | 1.39 |
| USD	LIBERTY MEDIA CORP-144A 2.12500% 18-31.03.48 | 1 250 000.00 | 1 135 123.55 | 0.51 |
| USD	LIVANOVA USA INC 3.00000% 20-15.12.25 | 750 000.00 | 1 068 875.31 | 0.48 |
| USD	LIVE NATION 2.00000% 20-15.02.25 | 2 025 000.00 | 2 343 333.84 | 1.06 |
| USD	LYFT INC-144A 1.50000% 20-15.05.25 | 1 908 000.00 | 2 239 618.19 | 1.01 |
| USD	NATERA INC 2.25000% 20-01.05.27 | 434 000.00 | 982 323.81 | 0.44 |
| USD	NATIONAL VISION HOLDINGS INC 2.50000% 21-15.05.25 | 701 000.00 | 1 024 235.47 | 0.46 |
| USD	NEOGENOMICS INC 1.25000% 20-01.05.25 | 987 000.00 | 1 026 186.64 | 0.46 |
| USD	ON SEMICONDUCTOR CORP 1.62500% 17-15.10.23 | 959 000.00 | 2 776 335.36 | 1.25 |
| USD	PIONEER NATURAL RESOURCES CO-144A 0.25000% 20-15.05.25 | 1 473 000.00 | 2 310 182.63 | 1.04 |
| USD	SEA LTD 1.00000% 20-01.12.24 | 258 000.00 | 1 012 452.62 | 0.46 |
| USD	SEA LTD 2.25000% 18-01.07.23 | 46 000.00 | 460 436.86 | 0.21 |
| USD	SEA LTD 2.37500% 20-01.12.25 | 231 000.00 | 518 762.79 | 0.24 |
| USD	SHIP FINANCE INTERNATIONA LTD 4.87500% 18-01.05.23 | 661 000.00 | 578 547.05 | 0.26 |
| USD	SNAP INC 0.75000% 19-01.08.26 | 1 114 000.00 | 2 126 435.17 | 0.96 |
| USD	SPLUNK INC 1.12500% 20-15.06.27 | 2 593 000.00 | 2 135 957.53 | 0.97 |
| USD	SSR MINING INC 2.50000% 19-01.04.39 | 1 085 000.00 | 1 185 132.56 | 0.54 |
| USD	WAYFAIR INC 0.62500% 20-01.10.25 | 2 596 000.00 | 2 065 653.09 | 0.93 |

UBS (Lux) Institutional Fund – Global Convertible Bonds Rapport 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) |  |
|  |  |  |  |  |
| USD | WAYFAIR INC 1.00000% 19-15.08.26 | 1 552 000.00 | 2 058 829.27 | 0.93 |
| USD | WORLD WRESTLING ENTERTAINMENT 3.37500% 16-15.12.23 | 559 000.00 | 1 005 025.17 | 0.45 |
| USD | ZENDESK INC 0.62500% 20-15.06.25 | 2 115 000.00 | 2 216 676.97 | 1.00 |
| Total USD |  |  | 64 319 086.38 | 29.04 |
| Total des Obligations convertibles, taux fixe |  | 64 319 086.38 | 29.04 |
| Obligations convertibles, coupon zéro |  |  |  |
| USD |  |  |  |
| USD	BARCLAYS BANK PLC 0.00000% 20-18.02.25 | 1 950 000.00 | 1 850 154.24 | 0.83 |
| USD	EVERBRIDGE INC-144A 0.00000% 21-15.03.26 | 1 240 000.00 | 920 002.15 | 0.42 |
| USD	SERVICENOW INC 0.00000% 17-01.06.22 | 403 000.00 | 1 707 033.86 | 0.77 |
| USD	SHIFT4 PAYMENTS INC-144A 0.00000% 20-15.12.25 | 1 100 000.00 | 1 018 177.10 | 0.46 |
| USD	SOLAREDGE TECHNOLOGIES INC 0.00000% 21-15.09.25 | 1 266 000.00 | 1 413 150.79 | 0.64 |
| Total USD |  | 6 908 518.14 | 3.12 |
| Total des Obligations convertibles, coupon zéro |  | 6 908 518.14 | 3.12 |
| Total des Valeurs mobilières et instruments du marché monétaire négociés sur un autre marché réglementé |  | 72 114 884.68 | 32.56 |

Valeurs mobilières et instruments du marché monétaire non admis à la cote officielle d’une bourse de valeurs et non négociés sur un autre marché réglementé
Droits
Roumanie
| EUR | CA IMMOBILIEN ANLAGEN AG RIGHTS PRP | 900 000.00 | 9.00 | 0.00 |
| --- | --- | --- | --- | --- |
| Total Roumanie | 9.00 | 0.00 |
| Total des Droits | 9.00 | 0.00 |
| Obligations convertibles, taux fixe |  |  |
| HKD |  |  |
| HKD	CRYSTAL IDEA GROUP LTD-REG-S 2.25000% 21-31.10.22	12 000 000.00 | 1 152 715.42 | 0.52 |
| Total HKD | 1 152 715.42 | 0.52 |
| USD |  |  |  |  |
| USD | SUNEDISON INC-144A *ESCROW* 0.25000% 14-PRP | 3 739 000.00 | 16 439.50 | 0.01 |
| Total USD |  |  | 16 439.50 | 0.01 |
| Total des Obligations convertibles, taux fixe |  | 1 169 154.92 | 0.53 |
| Obligations convertibles, coupon zéro |  |  |  |
| EUR |  |  |  |
| EUR	BNP PARIBAS ISSUANCE BV 0.00000% 08.12.21-13.12.24 | 2 447 000.00 | 2 780 281.40 | 1.25 |
| Total EUR |  | 2 780 281.40 | 1.25 |
| JPY |  |  |  |
| JPY	CYBERAGENT INC-REG-S 0.00000% 18-19.02.25 | 60 000 000.00 | 611 993.81 | 0.28 |
| JPY	HIS CO LTD-REG-S 0.00000% 17-15.11.24 | 20 000 000.00 | 128 947.31 | 0.06 |
| JPY	SENKO CO LTD-REG-S 0.00000% 21-18.03.25 | 90 000 000.00 | 698 946.30 | 0.31 |
| Total JPY |  | 1 439 887.42 | 0.65 |
| USD |  |  |  |
| USD	VAIL RESORTS INC 0.00000% 20-01.01.26 | 2 183 000.00 | 2 054 173.82 | 0.93 |
| Total USD |  | 2 054 173.82 | 0.93 |
| Total des Obligations convertibles, coupon zéro |  | 6 274 342.64 | 2.83 |
| Total des Valeurs mobilières et instruments du marché monétaire non admis à la cote officielle d’une bourse de valeurs et non négociés sur un autre marché réglementé |  | 7 443 506.56 | 3.36 |
| Valeurs mobilières et instruments du marché monétaire récemment émis |  |  |  |
| Obligations convertibles, taux fixe |  |  |  |
| USD |  |  |  |
| USD	BILIBILI INC 0.50000% 21-01.12.26 | 705 000.00 | 528 461.11 | 0.24 |
| USD	INTERCEPT PHARMACEUTICALS INC 3.50000% 21-15.02.26 | 1 193 000.00 | 1 132 773.02 | 0.51 |
| USD	JAMF HOLDING CORP-144A 0.12500% 21-01.09.26 | 1 200 000.00 | 1 098 170.95 | 0.50 |
| USD	JOHN BEAN TECHNOLOGIES CORP-144A 0.25000% 21-15.05.26 | 1 100 000.00 | 1 067 905.38 | 0.48 |
| USD	OPENDOOR TECHNOLOGIES INC-144A 0.25000% 21-15.08.26 | 2 393 000.00 | 2 190 230.50 | 0.99 |
| USD	RAPID7 INC-144A 0.25000% 21-15.03.27 | 967 000.00 | 1 093 682.78 | 0.49 |
| USD	TYLER TECHNOLOGIES INC-144A 0.25000% 21-15.03.26 | 1 500 000.00 | 1 608 331.87 | 0.73 |
| Total USD |  | 8 719 555.61 | 3.94 |
| Total des Obligations convertibles, taux fixe |  | 8 719 555.61 | 3.94 |

UBS (Lux) Institutional Fund – Global Convertible Bonds Rapport 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 convertibles, coupon zéro
| USD |  |
| --- | --- |
| USD | AFFIRM HOLDINGS INC-144A 0.00000% 21-15.11.26 | 2 400 000.00 | 1 887 572.99 | 0.85 |
| USD | DIGITALOCEAN HOLDINGS INC-144A 0.00000% 21-01.12.26 | 2 742 000.00 | 2 146 029.72 | 0.97 |
| USD | DROPBOX INC-144A 0.00000% 21-01.03.28 | 2 534 000.00 | 2 190 606.45 | 0.99 |
| USD | NEXTERA ENERGY PARTNERS LP-144A 0.00000% 21-15.06.24 | 2 360 000.00 | 2 146 641.22 | 0.97 |
| Total USD |  |  | 8 370 850.38 | 3.78 |
| Total des Obligations convertibles, coupon zéro | 8 370 850.38 | 3.78 |
| Total des Valeurs mobilières et instruments du marché monétaire récemment émis | 17 090 405.99 | 7.72 |
| Total des investissements en titres | 206 597 107.11 | 93.27 |
| Contrats de change à terme |  |  |
| Devise achetée/Montant acheté/Devise vendue/Montant vendu/Date de maturité |  |  |

| EUR | 75 531 300.05 | USD | 85 600 000.00 | 21.1.2022 | 287 052.81 | 0.13 |
| --- | --- | --- | --- | --- | --- | --- |
| EUR | 12 004 105.86 | HKD | 106 000 000.00 | 18.2.2022 | 58 787.68 | 0.03 |
| EUR | 1 040 621.40 | KRW | 1 400 000 000.00 | 25.2.2022 | 9 173.79 | 0.00 |
| EUR | 1 175 019.09 | INR | 100 000 000.00 | 25.2.2022 | 3 530.67 | 0.00 |
| USD | 1 500 000.00 | EUR | 1 329 011.62 | 21.1.2022 | -10 479.25 | -0.01 |
| HKD | 7 000 000.00 | EUR | 791 426.37 | 18.2.2022 | -2 584.60 | 0.00 |
| USD | 1 500 000.00 | EUR | 1 322 553.29 | 21.1.2022 | -4 020.92 | 0.00 |
| USD | 2 300 000.00 | EUR | 2 029 377.62 | 21.1.2022 | -7 627.99 | 0.00 |
| USD | 2 000 000.00 | EUR | 1 768 868.81 | 21.1.2022 | -10 825.65 | -0.01 |
| USD | 2 150 000.00 | EUR | 1 899 164.10 | 21.1.2022 | -9 267.70 | 0.00 |
| EUR | 1 532 883.77 | CAD | 2 200 000.00 | 10.3.2022 | 3 757.81 | 0.00 |
| EUR | 1 507 586.65 | AUD | 2 400 000.00 | 10.3.2022 | -24 979.75 | -0.01 |
| NOK | 16 000 000.00 | EUR | 1 578 180.07 | 10.3.2022 | 13 094.75 | 0.01 |
| USD | 1 700 000.00 | EUR | 1 504 382.58 | 21.1.2022 | -10 045.89 | -0.01 |
| USD | 900 000.00 | EUR | 797 395.11 | 21.1.2022 | -6 275.69 | 0.00 |
| EUR | 10 045 231.58 | GBP | 8 600 000.00 | 10.3.2022 | -180 493.94 | -0.08 |
| USD | 1 100 000.00 | EUR | 972 523.73 | 21.1.2022 | -5 599.99 | 0.00 |
| EUR | 7 402 598.39 | CHF | 7 700 000.00 | 10.3.2022 | -31 568.07 | -0.01 |
| CHF | 216 585 500.00 | EUR | 207 834 623.19 | 21.1.2022 | 1 215 654.55 | 0.55 |
| EUR | 8 650 816.34 | JPY | 1 110 000 000.00 | 18.2.2022 | 179 356.43 | 0.08 |
| EUR | 72 132 687.99 | USD | 81 400 000.00 | 18.2.2022 | 622 479.43 | 0.28 |
| EUR | 5 107 189.27 | CHF | 5 321 800.00 | 21.1.2022 | -29 460.08 | -0.01 |
| EUR | 794 066.45 | USD | 900 000.00 | 18.2.2022 | 3 413.04 | 0.00 |
| EUR | 1 153 092.14 | USD | 1 300 000.00 | 18.2.2022 | 11 037.21 | 0.00 |
| USD | 1 300 000.00 | EUR | 1 150 031.32 | 18.2.2022 | -7 976.39 | 0.00 |
| HKD | 6 100 000.00 | EUR | 691 899.75 | 18.2.2022 | -4 480.50 | 0.00 |
| EUR | 2 392 657.20 | USD | 2 700 000.00 | 18.2.2022 | 20 696.97 | 0.01 |
| EUR | 881 328.97 | USD | 1 000 000.00 | 18.2.2022 | 2 825.18 | 0.00 |
| CHF | 2 606 500.00 | EUR | 2 505 563.38 | 21.1.2022 | 10 253.93 | 0.00 |
| Total des Contrats de change à terme | 2 095 427.84 | 0.95 |
|  |  |  |
| Avoirs en banque, dépôts à vue et comptes de dépôt et autres liquidités | 12 647 710.54 | 5.71 |
| Autres actifs et passifs | 175 889.22 | 0.07 |
| Total des actifs nets | 221 516 134.71 | 100.00 |

UBS (Lux) Institutional Fund – Global Convertible Bonds Rapport annuel et états financiers révisés au 31 décembre 2021