# UBS (Lux) Institutional Fund
– Equities Europe (ex UK ex Switzerland) Passive
| Most important figures |  |
| --- | --- |
|  | ISIN | 31.12.2021 | 31.12.2020 |
| Net assets in CHF |  | 1 597 356 422.02 | 472 146 083.55 |
| Class FA 1 | LU2250202640 |  |  |
| Units outstanding |  | 8 662.6920 | - |
| Net asset value per unit in CHF |  | 116 138.12 | - |
| Issue and redemption price per unit in CHF 2 |  | 116 138.12 | - |
| Tracking error (%)* |  | 0.5270 | - |
| Class XA 3 | LU2108958179 |  |  |
| Units outstanding |  | 381 383.7230 | 404 373.7910 |
| Net asset value per unit in CHF |  | 1 387.35 | 1 167.60 |
| Issue and redemption price per unit in CHF 2 |  | 1 387.35 | 1 167.60 |
| Tracking error (%)* |  | 0.5332 | 0.0065 |
| Class XA (EUR) 4 | LU2308697585 |  |  |
| Units outstanding |  | 58 313.0970 | - |
| Net asset value per unit in EUR |  | 1 029.02 | - |
| Issue and redemption price per unit in EUR 2 |  | 1 029.02 | - |
| Tracking error (%)* |  | 0.0744 | - |

* The subfund’s portfolio manager shall endeavour, under normal market conditions, to keep the tracking error (the divergence between the yield of the subfund and that of the tracked index) below 1%. However, this may exceed 1% in exceptional circumstances.
1 
First NAV: 12.1.2021
2 
See note 1
3 
First NAV: 2.6.2020
4 
First NAV: 22.10.2021
UBS (Lux) Institutional Fund – Equities Europe (ex UK ex Switzerland) Passive Annual report and audited financial statements as of 31 December 2021

## Report of the Portfolio Manager
During the financial year, from 1 January 2021 to 31 December 2021, European equities performed posi- tively. Despite the ongoing pandemic, 2021 was a posi- tive year for most global markets, including European markets, with investors focusing on economic and earnings fundamentals over worries about the COVID-
19 pandemic. Equity performance was supported by a strong rebound in economic growth and continued accommodative fiscal and monetary policies despite inflation rising to multi-decade highs. More recently, in Q3 and Q4, inflation pressures were a key topic of discussion for the European Central Bank’s Governing Council. An improving outlook for inflation put the ECB in a more hawkish mood, asset purchases will be wound down quicker in 2022 than previously thought. More- over, widespread restrictions are returning across the continent as the fourth COVID-19 wave hits the region.
In the financial year, the subfund posted a positive performance. This is a passive subfund which aims to replicate the performance of an index and no active decisions are applied. The performance of the subfund reflects the performance of the benchmark.
UBS (Lux) Institutional Fund – Equities Europe (ex UK ex Switzerland) Passive Annual report and audited financial statements as of 31 December 2021

## Structure of the Securities Portfolio
Geographical Breakdown as a % of net assets	
| France | 27.57 |
| --- | --- |
| Germany | 21.43 |
| The Netherlands | 13.31 |
| Sweden | 9.18 |
| Denmark | 6.63 |
| Spain | 5.59 |
| Italy | 5.08 |
| Finland | 3.10 |
| Belgium | 1.99 |
| Ireland | 1.71 |
| Norway | 1.64 |
| United Kingdom | 0.72 |
| Luxembourg | 0.71 |
| Austria | 0.58 |
| Portugal | 0.38 |
| Poland | 0.04 |
| Total | 99.66 |

Economic Breakdown as a % of net assets	
| Pharmaceuticals, cosmetics & medical products | 10.12 |
| --- | --- |
| Banks & credit institutions | 9.14 |
| Electronics & semiconductors | 6.84 |
| Internet, software & IT services | 5.83 |
| Textiles, garments & leather goods | 5.46 |
| Energy & water supply | 5.39 |
| Telecommunications | 5.06 |
| Chemicals | 4.97 |
| Mechanical engineering & industrial equipment | 4.55 |
| Vehicles | 4.41 |
| Insurance | 4.24 |
| Petroleum | 4.14 |
| Finance & holding companies | 3.82 |
| Traffic & transportation | 2.83 |
| Building industry & materials | 2.80 |
| Tobacco & alcohol | 2.56 |
| Retail trade, department stores | 2.48 |
| Electrical devices & components | 2.26 |
| Various capital goods | 1.88 |
| Aerospace industry | 1.52 |
| Food & soft drinks | 1.44 |
| Real Estate | 1.34 |
| Miscellaneous services | 1.19 |
| Biotechnology | 0.86 |
| Forestry, paper & pulp products | 0.78 |
| Graphic design, publishing & media | 0.76 |
| Miscellaneous consumer goods | 0.65 |
| Mining, coal & steel | 0.64 |
| Rubber & tyres | 0.55 |
| Miscellaneous unclassified companies | 0.29 |
| Lodging, catering & leisure | 0.28 |
| Agriculture & fishery | 0.27 |
| Non-ferrous metals | 0.12 |
| Environmental services & recycling | 0.11 |
| Healthcare & social services | 0.08 |
| Total | 99.66 |


## Statement of Net Assets
Assets	31.12.2021
CHF
Investments in securities, cost	1 375 505 472.79
| Investments in securities, unrealized appreciation (depreciation) | 	216 471 377.46	 |
| --- | --- |
| Total investments in securities (Note 1) | 1 591 976 850.25 |
| Cash at banks, deposits on demand and deposit accounts | 3 622 258.22 |
| Other liquid assets (Margins) | 217 179.29 |
| Receivable on subscriptions | 10 420 663.68 |
| Receivable on dividends | 201 281.78 |
| Other receivables | 232 663.72 |
| Unrealized gain on financial futures (Note 1) | 73 069.99 |
| Total Assets | 1 606 743 966.93 |
|  |  |
| Liabilities |  |
| Payable on securities purchases (Note 1) | -7 367 059.76 |
| Payable on redemptions | -1 947 678.96 |
| Provisions for taxe d’abonnement (Note 3) | -1 554.38 |
| Provisions for other commissions and fees (Note 2) | 	-71 251.81	 |
| Total provisions | -72 806.19 |
| Total Liabilities | -9 387 544.91 |
|  |  |
| Net assets at the end of the financial year | 1 597 356 422.02 |
| Statement of Operations | CHF |
| Income | 1.1.2021-31.12.2021 |
| Dividends | 33 596 852.86 |
| Net income on securities lending (Note 13) | 391 494.07 |
| Other income (Note 2, 4) | 361 605.13 |
| Total income | 34 349 952.06 |
|  |  |
| Expenses |  |
| Taxe d’abonnement (Note 3) | -1 554.38 |
| Other commissions and fees (Note 2) | -74 232.14 |
| Interest on cash and bank overdraft | -50 656.17 |
| Total expenses | -126 442.69 |
|  |  |
| Net income (loss) on investments | 34 223 509.37 |
|  |  |
| Realized gain (loss) (Note 1) |  |
| Realized gain (loss) on market-priced securities without options | 23 319 011.56 |
| Realized gain (loss) on financial futures | 1 212 102.73 |
| Realized gain (loss) on forward foreign exchange contracts | 3 164.33 |
| Realized gain (loss) on foreign exchange | -493 999.10 |
| Total realized gain (loss) | 24 040 279.52 |
|  |  |
| Net realized gain (loss) of the financial year | 58 263 788.89 |
|  |  |
| Changes in unrealized appreciation (depreciation) (Note 1) |  |
| Unrealized appreciation (depreciation) on market-priced securities without options | 188 868 720.62 |
| Unrealized appreciation (depreciation) on financial futures | 56 024.65 |
| Unrealized appreciation (depreciation) on forward foreign exchange contracts | 494.40 |
| Total changes in unrealized appreciation (depreciation) | 188 925 239.67 |
|  |  |
| Net increase (decrease) in net assets as a result of operations | 247 189 028.56 |

UBS (Lux) Institutional Fund – Equities Europe (ex UK ex Switzerland) Passive Annual report and audited financial statements as of 31 December 2021
| Statement of Changes in Net Assets |  |
| --- | --- |
|  | CHF |
|  | 1.1.2021-31.12.2021 |
| Net assets at the beginning of the financial year | 472 146 083.55 |
| Subscriptions | 1 169 974 048.95 |
| Redemptions | 	-291 952 739.04	 |
| Total net subscriptions (redemptions) | 878 021 309.91 |
| Net income (loss) on investments | 34 223 509.37 |
| Total realized gain (loss) | 24 040 279.52 |
| Total changes in unrealized appreciation (depreciation) | 	188 925 239.67	 |
| Net increase (decrease) in net assets as a result of operations | 247 189 028.56 |
| Net assets at the end of the financial year | 1 597 356 422.02 |
| Development of the outstanding units |  |
|  | 1.1.2021-31.12.2021 |
| Class | FA |
| Number of units outstanding at the beginning of the financial year | 0.0000 |
| Number of units issued | 10 454.6920 |
| Number of units redeemed | -1 792.0000 |
| Number of units outstanding at the end of the financial year | 8 662.6920 |
| Class | XA |
| Number of units outstanding at the beginning of the financial year | 404 373.7910 |
| Number of units issued | 38 293.2140 |
| Number of units redeemed | -61 283.2820 |
| Number of units outstanding at the end of the financial year | 381 383.7230 |
| Class | XA (EUR) |
| Number of units outstanding at the beginning of the financial year | 0.0000 |
| Number of units issued | 58 317.0000 |
| Number of units redeemed | -3.9030 |
| Number of units outstanding at the end of the financial year | 58 313.0970 |

UBS (Lux) Institutional Fund – Equities Europe (ex UK ex Switzerland) Passive 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 CHF | 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 |  |  |  |
| Austria |  |  |  |
| EUR	ERSTE GROUP BK AG NPV | 83 324.00 | 3 570 034.02 | 0.22 |
| EUR	OMV AG NPV(VAR) | 37 418.00 | 1 936 612.78 | 0.12 |
| EUR	RAIFFEISEN BK INTL NPV (REGD) | 40 428.00 | 1 084 109.77 | 0.07 |
| EUR	VERBUND AG CLASS’A’NPV | 16 941.00 | 1 736 049.34 | 0.11 |
| EUR	VOESTALPINE AG NPV | 28 732.00 | 952 670.17 | 0.06 |
| Total Austria |  | 9 279 476.08 | 0.58 |
| Belgium |  |  |  |
| EUR	AGEAS NPV | 45 963.00 | 2 169 319.30 | 0.14 |
| EUR	ANHEUSER-BUSCH IN NPV | 191 475.00 | 10 548 858.55 | 0.66 |
| EUR	COLRUYT SA NPV | 11 771.00 | 454 446.69 | 0.03 |
| EUR	ELIA SYS OPERATOR NPV | 8 332.00 | 998 870.88 | 0.06 |
| EUR	GPE BRUXELLES LAM NPV | 28 452.00 | 2 893 837.10 | 0.18 |
| EUR	KBC GROUP NV NPV | 63 587.00 | 4 971 779.59 | 0.31 |
| EUR	PROXIMUS SA NPV | 38 796.00 | 689 008.37 | 0.04 |
| EUR	SOFINA NPV | 4 137.00 | 1 851 808.18 | 0.12 |
| EUR	SOLVAY SA NPV | 18 518.00 | 1 960 973.42 | 0.12 |
| EUR	UCB NPV | 32 125.00 | 3 340 313.62 | 0.21 |
| EUR	UMICORE NPV | 49 823.00 | 1 845 579.05 | 0.12 |
| Total Belgium |  | 31 724 794.75 | 1.99 |
| Denmark |  |  |  |
| DKK	A.P. MOELLER-MAERSK SER’B’DKK1000 | 1 469.00 | 4 799 104.13 | 0.30 |
| DKK	A.P. MOLLER-MAERSK ‘A’DKK1000 | 769.00 | 2 333 349.24 | 0.15 |
| DKK	AMBU A/S SER’B’DKK0.5 | 43 945.00 | 1 059 134.47 | 0.07 |
| DKK	CARLSBERG SER’B’DKK20 | 25 594.00 | 4 027 355.16 | 0.25 |
| DKK	CHR. HANSEN HLDG DKK10 | 25 604.00 | 1 838 432.81 | 0.12 |
| DKK	COLOPLAST DKK1 B | 29 645.00 | 4 753 596.43 | 0.30 |
| DKK	DANSKE BANK A/S DKK10 | 176 668.00 | 2 779 967.11 | 0.17 |
| DKK	DEMANT A/S DKK0.20 | 27 191.00 | 1 269 390.19 | 0.08 |
| DKK	DSV PANALPINA A/S DKK1 | 49 833.00 | 10 604 587.55 | 0.66 |
| DKK	GENMAB AS DKK1 (BEARER) | 16 223.00 | 5 944 049.90 | 0.37 |
| DKK	GN STORE NORD DKK4 | 31 856.00 | 1 825 347.19 | 0.11 |
| DKK	NOVO-NORDISK AS DKK0.2 SER’B’ | 417 893.00 | 42 790 559.55 | 2.68 |
| DKK	NOVOZYMES A/S SER’B’DKK2 (POST CONS) | 50 221.00 | 3 758 520.21 | 0.24 |
| DKK	ORSTED A/S DKK10 | 46 683.00 | 5 431 812.54 | 0.34 |
| DKK	PANDORA A/S DKK1 | 25 523.00 | 2 899 332.06 | 0.18 |
| DKK	ROCKWOOL INTL SER’B’DKK10 | 2 153.00 | 857 838.62 | 0.05 |
| DKK	TRYG A/S DKK5 | 86 841.00 | 1 953 857.43 | 0.12 |
| DKK	VESTAS WIND SYSTEM DKK0.20 (POST SPLIT) | 251 177.00 | 6 998 506.89 | 0.44 |
| Total Denmark |  | 105 924 741.48 | 6.63 |
| Finland |  |  |  |
| EUR	ELISA OYJ NPV | 35 536.00 | 1 992 751.11 | 0.12 |
| EUR	FORTUM OYJ EUR3.40 | 112 281.00 | 3 140 045.11 | 0.20 |
| EUR	KESKO OYJ EUR2 SER’B’ | 68 011.00 | 2 067 597.51 | 0.13 |
| EUR	KONE CORPORATION NPV ORD ‘B’ | 84 358.00 | 5 510 223.44 | 0.34 |
| EUR	NESTE OIL OYJ NPV | 104 046.00 | 4 674 567.04 | 0.29 |
| EUR	NOKIA OYJ NPV | 1 342 097.00 | 7 751 354.52 | 0.49 |
| SEK	NORDEA HOLDING ABP NPV | 805 300.00 | 8 955 226.23 | 0.56 |
| EUR	ORION CORP SER’B’NPV | 26 621.00 | 1 007 353.42 | 0.06 |
| EUR	SAMPO PLC SER’A’NPV | 127 399.00 | 5 816 172.02 | 0.36 |
| EUR	STORA ENSO OYJ NPV SER’R’ | 142 238.00 | 2 378 734.10 | 0.15 |
| EUR	UPM-KYMMENE CORP NPV | 136 096.00 | 4 718 435.56 | 0.30 |
| EUR	WARTSILA OYJ ABP SER’B’EUR3.50 | 119 392.00 | 1 529 045.57 | 0.10 |
| Total Finland |  | 49 541 505.63 | 3.10 |
| France |  |  |  |
| EUR	ACCOR EUR3 | 38 791.00 | 1 143 510.03 | 0.07 |
| EUR	ADP EUR3 | 8 120.00 | 953 262.85 | 0.06 |
| EUR	AIR LIQUIDE(L’) EUR5.5 (POST-SUBDIVISION) | 117 278.00 | 18 631 254.24 | 1.17 |
| EUR	AIRBUS EUR1 | 146 772.00 | 17 087 623.77 | 1.07 |
| EUR	ALSTOM EUR7.00 | 76 105.00 | 2 461 913.67 | 0.15 |
| EUR	AMUNDI EUR2.5 (AIW) | 15 382.00 | 1 156 317.12 | 0.07 |
| EUR	ARKEMA EUR10 | 15 189.00 | 1 949 179.90 | 0.12 |
| EUR	AXA EUR2.29 | 483 328.00 | 13 113 579.83 | 0.82 |
| EUR	BIOMERIEUX NPV (POST SPLIT) | 10 117.00 | 1 309 305.28 | 0.08 |
| EUR	BNP PARIBAS EUR2 | 278 292.00 | 17 523 331.98 | 1.10 |
| EUR	BOLLORE EUR0.16 | 239 111.00 | 1 218 965.43 | 0.08 |
| EUR	BOUYGUES EUR1 | 59 816.00 | 1 951 716.62 | 0.12 |
| EUR	BUREAU VERITAS EUR0.12 | 71 804.00 | 2 171 004.16 | 0.14 |
| EUR	CAPGEMINI EUR8 | 39 987.00 | 8 928 794.50 | 0.56 |
| EUR	CARREFOUR EUR2.50 | 156 478.00 | 2 611 203.66 | 0.16 |
| EUR	CIE DE ST-GOBAIN EUR4 | 126 233.00 | 8 092 444.88 | 0.51 |
| EUR	CNP ASSURANCES EUR1 | 43 262.00 | 974 972.99 | 0.06 |
| EUR	COVIVIO EUR3 | 12 716.00 | 951 293.32 | 0.06 |
| EUR	CREDIT AGRICOLE SA EUR3 | 293 481.00 | 3 816 369.77 | 0.24 |
| EUR	DANONE EUR0.25 | 162 944.00 | 9 216 758.29 | 0.58 |
| EUR	DASSAULT AVIATION EUR0.80 (POST SUBDIVISION) | 5 840.00 | 574 861.45 | 0.04 |
| EUR	DASSAULT SYSTEMES EUR0.10 | 164 073.00 | 8 893 005.68 | 0.56 |
| EUR	EDENRED EUR2 | 60 439.00 | 2 540 674.38 | 0.16 |
| EUR	EDF EUR0.5 | 118 999.00 | 1 273 709.43 | 0.08 |
| EUR	EIFFAGE EUR4 | 20 786.00 | 1 948 292.85 | 0.12 |
| EUR	ENGIE EUR1 | 447 543.00 | 6 034 930.90 | 0.38 |
| EUR	ESSILORLUXOTTICA EUR0.18 | 71 667.00 | 13 904 154.60 | 0.87 |
| EUR	EURAZEO NPV | 9 102.00 | 724 310.50 | 0.05 |

UBS (Lux) Institutional Fund – Equities Europe (ex UK ex Switzerland) Passive Annual report and audited financial statements as of 31 December 2021
|  | Description | Quantity/ | Valuation in CHF | as a % |
| --- | --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |
|  |  |  |  |  |
| EUR | FAURECIA EUR7 | 29 396.00 | 1 274 098.00 | 0.08 |
| EUR | GECINA EUR7.50 | 11 985.00 | 1 526 218.28 | 0.09 |
| EUR | GETLINK SE EUR0.40 | 109 121.00 | 1 646 252.48 | 0.10 |
| EUR | HERMES INTL NPV | 7 863.00 | 12 514 290.20 | 0.78 |
| EUR | IPSEN EUR1 | 9 455.00 | 788 649.70 | 0.05 |
| EUR | KERING EUR4 | 18 642.00 | 13 654 544.46 | 0.85 |
| EUR | KLEPIERRE EUR1.40 | 52 083.00 | 1 125 197.56 | 0.07 |
| EUR | LA FRANCAISE DES EUR0.40 (PROMESSES) | 25 862.00 | 1 043 481.57 | 0.06 |
| EUR | LEGRAND SA EUR4 | 66 658.00 | 7 107 132.04 | 0.45 |
| EUR | L’OREAL EUR0.20 | 62 431.00 | 26 971 866.42 | 1.69 |
| EUR | LVMH MOET HENNESSY EUR0.30 | 69 118.00 | 52 065 771.05 | 3.26 |
| EUR | MICHELIN (CGDE) EUR2 | 41 646.00 | 6 220 347.86 | 0.39 |
| EUR | ORANGE EUR4 | 484 377.00 | 4 724 309.07 | 0.30 |
| EUR | ORPEA EUR2.5 | 13 748.00 | 1 254 995.48 | 0.08 |
| EUR | PERNOD RICARD EUR1.55 | 51 956.00 | 11 386 042.76 | 0.71 |
| EUR | PUBLICIS GROUPE SA EUR0.40 | 55 858.00 | 3 426 366.53 | 0.21 |
| EUR | REMY COINTREAU EUR1.60 | 5 846.00 | 1 296 281.47 | 0.08 |
| EUR | RENAULT SA EUR3.81 | 46 396.00 | 1 468 410.22 | 0.09 |
| EUR | SAFRAN EUR0.20 | 85 099.00 | 9 493 045.51 | 0.59 |
| EUR | SANOFI EUR2 | 283 393.00 | 26 010 669.16 | 1.63 |
| EUR | SARTORIUS STEDIM B EUR0.20 (POST SUBD) | 6 896.00 | 3 446 920.62 | 0.22 |
| EUR | SCHNEIDER ELECTRIC EUR8 | 134 267.00 | 23 992 991.36 | 1.50 |
| EUR | SEB SA EUR1 | 7 511.00 | 1 065 437.41 | 0.07 |
| EUR | SOC GENERALE EUR1.25 | 204 046.00 | 6 386 069.73 | 0.40 |
| EUR | SODEXO EUR4 | 20 948.00 | 1 672 623.91 | 0.10 |
| EUR | SUEZ EUR4 | 84 347.00 | 1 731 333.96 | 0.11 |
| EUR | TELEPERFORMANCE EUR2.50 | 14 813.00 | 6 016 664.85 | 0.38 |
| EUR | THALES EUR3 | 25 678.00 | 1 990 167.01 | 0.12 |
| EUR | TOTALENERGIES SE EUR2.5 | 622 571.00 | 28 790 055.65 | 1.80 |
| EUR | UBISOFT ENTERTAIN EUR0.31 | 23 627.00 | 1 054 411.62 | 0.07 |
| EUR | UNIBAIL-RODAMCO-WE NPV(1 ORD UNIBAIL-R & 1CLS) | 33 099.00 | 2 113 310.43 | 0.13 |
| EUR | VALEO EUR1 (POST SUBD) | 58 551.00 | 1 612 560.52 | 0.10 |
| EUR | VEOLIA ENVIRONNEME EUR5 | 163 268.00 | 5 457 480.17 | 0.34 |
| EUR | VINCI EUR2.50 | 134 397.00 | 12 938 346.13 | 0.81 |
| EUR | VIVENDI SA EUR5.50 | 186 531.00 | 2 298 050.69 | 0.14 |
| EUR | WENDEL EUR4 | 7 037.00 | 768 519.50 | 0.05 |
| EUR | WORLDLINE EUR0.68 | 59 303.00 | 3 011 536.26 | 0.19 |
| Total France | 440 501 191.72 | 27.57 |
| Germany |  |  |  |  |
| EUR | ADIDAS AG NPV (REGD) | 46 951.00 | 12 317 860.42 | 0.77 |
| EUR | ALLIANZ SE NPV(REGD)(VINKULIERT) | 101 701.00 | 21 881 842.58 | 1.37 |
| EUR | BASF SE NPV | 226 013.00 | 14 467 985.16 | 0.91 |
| EUR | BAYER AG NPV (REGD) | 245 464.00 | 11 953 976.44 | 0.75 |
| EUR | BAYERISCHE MOTOREN WERKE AG EUR1 | 82 316.00 | 7 547 535.84 | 0.47 |
| EUR | BAYERISCHE MOTORENWERKE AG EUR1 | 14 906.00 | 1 132 118.33 | 0.07 |
| EUR | BECHTLE AG NPV | 21 903.00 | 1 428 423.78 | 0.09 |
| EUR | BEIERSDORF AG NPV | 25 320.00 | 2 371 170.42 | 0.15 |
| EUR | BRENNTAG AG | 37 223.00 | 3 069 319.07 | 0.19 |
| EUR | CARL ZEISS MEDITEC NPV | 9 965.00 | 1 908 637.66 | 0.12 |
| EUR | COMMERZBANK AG NPV | 250 735.00 | 1 737 812.39 | 0.11 |
| EUR | CONTINENTAL AG ORD NPV | 26 978.00 | 2 602 752.12 | 0.16 |
| EUR | COVESTRO AG NPV | 48 334.00 | 2 714 430.68 | 0.17 |
| EUR | DAIMLER AG ORD NPV(REGD) | 213 915.00 | 14 981 331.57 | 0.94 |
| EUR | DAIMLER TRUCK HOLD NPV (YOUNG SHARE) | 106 957.00 | 3 578 524.45 | 0.22 |
| EUR | DELIVERY HERO SE NPV | 40 952.00 | 4 158 415.90 | 0.26 |
| EUR | DEUTSCHE BANK AG NPV(REGD) | 513 071.00 | 5 857 428.10 | 0.37 |
| EUR | DEUTSCHE BOERSE AG NPV(REGD) | 46 531.00 | 7 092 213.31 | 0.44 |
| EUR | DEUTSCHE LUFTHANSA ORD NPV (REGD)(VINK) | 134 587.00 | 861 823.47 | 0.05 |
| EUR | DEUTSCHE POST AG NPV(REGD) | 246 793.00 | 14 458 238.08 | 0.90 |
| EUR | DEUTSCHE TELEKOM NPV(REGD) | 819 002.00 | 13 832 455.99 | 0.87 |
| EUR | E.ON SE NPV | 555 383.00 | 7 016 075.71 | 0.44 |
| EUR | EVONIK INDUSTRIES NPV | 55 263.00 | 1 630 229.15 | 0.10 |
| EUR | FRESENIUS MED CARE NPV | 49 724.00 | 2 943 967.59 | 0.18 |
| EUR | FRESENIUS SE & CO. KGAA NPV | 104 439.00 | 3 830 828.39 | 0.24 |
| EUR | FUCHS PETROLUB SE PRF NPV (REG) | 19 647.00 | 812 668.65 | 0.05 |
| EUR | GEA GROUP AG NPV | 37 153.00 | 1 851 294.01 | 0.12 |
| EUR | HANNOVER RUECKVERS ORD NPV(REGD) | 14 935.00 | 2 586 653.99 | 0.16 |
| EUR | HEIDELBERGCEMENT NPV | 35 848.00 | 2 210 826.10 | 0.14 |
| EUR | HELLOFRESH SE NPV | 41 826.00 | 2 927 076.82 | 0.18 |
| EUR | HENKEL AG & CO KGAA | 27 898.00 | 1 985 896.17 | 0.12 |
| EUR | HENKEL AG&CO. KGAA NON-VTG PRF NPV | 44 615.00 | 3 288 679.03 | 0.21 |
| EUR | INFINEON TECHNOLOG AG NPV (REGD) | 324 554.00 | 13 707 172.30 | 0.86 |
| EUR | KION GROUP AG NPV | 18 313.00 | 1 830 726.73 | 0.11 |
| EUR | KNORR BREMSE AG NPV | 17 443.00 | 1 570 607.58 | 0.10 |
| EUR | LANXESS AG NPV | 22 230.00 | 1 255 343.84 | 0.08 |
| EUR | LEG IMMOBILIEN SE NPV | 18 447.00 | 2 345 292.64 | 0.15 |
| EUR | MERCK KGAA NPV | 32 139.00 | 7 559 358.59 | 0.47 |
| EUR | MTU AERO ENGINES H NPV (REGD) | 13 564.00 | 2 521 372.14 | 0.16 |
| EUR | MUENCHENER RUECKVE NPV(REGD) | 34 657.00 | 9 354 604.36 | 0.59 |
| EUR | NEMETSCHEK SE ORD NPV | 13 928.00 | 1 627 888.24 | 0.10 |
| EUR | PORSCHE AUTO HL SE NON VTG PRF NPV | 37 549.00 | 3 246 380.35 | 0.20 |
| EUR | PUMA SE NPV | 25 513.00 | 2 841 821.03 | 0.18 |
| EUR | RATIONAL AG NPV | 1 304.00 | 1 216 577.58 | 0.08 |
| EUR | RWE AG (NEU) NPV | 161 171.00 | 5 965 200.99 | 0.37 |
| EUR | SAP AG ORD NPV | 258 936.00 | 33 510 553.69 | 2.10 |
| EUR | SARTORIUS AG NON VTG PRF NPV | 6 433.00 | 3 967 374.56 | 0.25 |
| EUR | SCOUT24 AG NPV | 22 777.00 | 1 449 549.55 | 0.09 |
| EUR | SIEMENS AG NPV(REGD) | 189 931.00 | 30 047 250.43 | 1.88 |
| EUR | SIEMENS ENERGY AG NPV | 98 929.00 | 2 305 365.58 | 0.14 |
| EUR | SIEMENS HEALTHINEE NPV | 68 804.00 | 4 692 435.33 | 0.29 |
| EUR | SYMRISE AG NPV (BR) | 31 560.00 | 4 260 966.71 | 0.27 |
| EUR | TELEFONICA DEUTSCH NPV | 268 202.00 | 678 354.20 | 0.04 |
| EUR | UNIPER SE NPV | 20 523.00 | 888 881.47 | 0.06 |
| EUR | UNITED INTERNET AG NPV(REGD) | 22 940.00 | 830 506.52 | 0.05 |
| EUR | VOLKSWAGEN AG NON VTG PRF NPV | 45 352.00 | 8 340 125.67 | 0.52 |

UBS (Lux) Institutional Fund – Equities Europe (ex UK ex Switzerland) Passive Annual report and audited financial statements as of 31 December 2021
|  | Description | Quantity/ | Valuation in CHF | as a % |
| --- | --- | --- | --- | --- |
|  |  | Nominal | Unrealized gain | of net |
|  |  |  | (loss) on Futures/ | assets |
|  |  |  | Forward |  |
|  |  |  | Exchange Contracts/ |  |
|  |  |  | Swaps (Note 1) |  |
|  |  |  |  |  |
| EUR | VOLKSWAGEN AG ORD NPV | 8 152.00 | 2 182 646.54 | 0.14 |
| EUR | VONOVIA SE NPV | 183 642.00 | 9 228 699.04 | 0.58 |
| EUR | ZALANDO SE NPV | 54 471.00 | 4 015 188.51 | 0.25 |
| Total Germany	342 478 735.54	21.43 |
| Ireland |  |  |  |  |
| EUR | CRH ORD EUR0.32 | 191 556.00 | 9 233 411.61 | 0.58 |
| EUR | FLUTTER ENTERTAINM ORD EUR0.09 | 41 948.00 | 6 041 611.43 | 0.38 |
| EUR | KERRY GROUP ‘A’ORD EUR0.125(DUBLIN LIST) | 40 433.00 | 4 744 614.23 | 0.30 |
| EUR | KINGSPAN GROUP ORD EUR0.13(DUBLIN LISTING) | 38 236.00 | 4 159 953.56 | 0.26 |
| EUR | SMURFIT KAPPA GRP ORD EUR0.001 | 60 337.00 | 3 028 409.35 | 0.19 |
| Total Ireland	27 208 000.18	1.71 |
| Italy |  |  |  |  |
| EUR | AMPLIFON EUR0.02 | 29 810.00 | 1 465 631.95 | 0.09 |
| EUR | ASSIC GENERALI SPA EUR1 | 278 057.00 | 5 367 516.87 | 0.34 |
| EUR | ATLANTIA SPA EUR1 | 118 842.00 | 2 149 396.49 | 0.13 |
| EUR | DAVIDE CAMPARI MIL EUR0.01 | 128 546.00 | 1 712 211.38 | 0.11 |
| EUR | DIASORIN SPA EUR1 | 6 579.00 | 1 141 489.10 | 0.07 |
| EUR | ENEL EUR1 | 2 036 856.00 | 14 870 641.24 | 0.93 |
| EUR | ENI SPA EUR1 | 627 973.00 | 7 951 314.07 | 0.50 |
| EUR | FERRARI NV EUR0.01(NEW) | 31 514.00 | 7 428 680.19 | 0.46 |
| EUR | FINECOBANK SPA EUR0.33 | 152 073.00 | 2 432 122.69 | 0.15 |
| EUR | INFRASTRUTTURE WIR NPV | 85 686.00 | 948 217.25 | 0.06 |
| EUR | INTESA SANPAOLO NPV | 4 092 299.00 | 9 642 386.79 | 0.60 |
| EUR | MEDIOBANCA SPA EUR0.5 | 150 098.00 | 1 572 362.91 | 0.10 |
| EUR | MONCLER SPA NPV | 52 425.00 | 3 477 609.71 | 0.22 |
| EUR | NEXI SPA NPV | 113 036.00 | 1 638 555.76 | 0.10 |
| EUR | POSTE ITALIANE SPA NPV | 125 034.00 | 1 495 067.03 | 0.09 |
| EUR | PRYSMIAN SPA EUR0.10 | 63 570.00 | 2 180 911.90 | 0.14 |
| EUR | RECORDATI EUR0.125 | 26 485.00 | 1 550 512.09 | 0.10 |
| EUR | SNAM EUR1 | 518 772.00 | 2 848 912.61 | 0.18 |
| EUR | TELECOM ITALIA SPA EUR0.55 | 2 421 632.00 | 1 089 493.63 | 0.07 |
| EUR | TERNA SPA ORD EUR0.22 | 367 694.00 | 2 710 360.97 | 0.17 |
| EUR | UNICREDIT SPA NPV (POST REV SPLIT) | 535 019.00 | 7 508 321.86 | 0.47 |
| Total Italy |  | 81 181 716.49 | 5.08 |
| Luxembourg |  |  |  |
| EUR	ARCELORMITTAL NPV(POST STOCK SPLIT) | 170 957.00 | 4 985 570.62 | 0.31 |
| EUR	AROUNDTOWN SA EUR0.01 | 245 198.00 | 1 351 622.11 | 0.09 |
| EUR	EUROFINS SCIENTIFI EUR0.01 | 33 759.00 | 3 805 793.32 | 0.24 |
| EUR	TENARIS S.A. USD1 | 7 676.00 | 73 252.31 | 0.00 |
| EUR	TENARIS S.A. USD1 | 107 969.00 | 1 038 182.70 | 0.07 |
| Total Luxembourg |  | 11 254 421.06 | 0.71 |
| The Netherlands |  |  |  |
| EUR	ABN AMRO BANK N.V. DR EACH REP SHS | 104 669.00 | 1 400 789.38 | 0.09 |
| EUR	ADYEN NV EUR0.01 | 4 985.00 | 11 939 490.41 | 0.75 |
| EUR	AEGON NV EUR0.12 | 461 618.00 | 2 101 215.85 | 0.13 |
| EUR	AKZO NOBEL NV EUR0.50(POST REV SPLIT) | 47 584.00 | 4 757 896.50 | 0.30 |
| EUR	ARGEN X NV EUR0.10 | 11 719.00 | 3 828 611.11 | 0.24 |
| EUR	ASM INTL NV EUR0.04 | 11 558.00 | 4 655 045.83 | 0.29 |
| EUR	ASML HOLDING NV EUR0.09 | 103 078.00 | 75 479 289.83 | 4.73 |
| EUR	CNH INDUSTRIAL NV COM EUR0.01 | 260 946.00 | 4 615 416.47 | 0.29 |
| EUR	EURONEXT EUR1.60 | 19 622.00 | 1 855 251.86 | 0.12 |
| EUR	EXOR NV EUR0.01 | 25 822.00 | 2 112 631.48 | 0.13 |
| EUR	HEINEKEN HOLDING EUR1.6 | 29 944.00 | 2 517 822.26 | 0.16 |
| EUR	HEINEKEN NV EUR1.60 | 64 278.00 | 6 584 301.24 | 0.41 |
| EUR	IMCD NV EUR0.16 | 14 574.00 | 2 940 163.27 | 0.18 |
| EUR	ING GROEP N.V. EUR0.01 | 973 803.00 | 12 352 367.78 | 0.77 |
| EUR	JDE PEETS N.V. EUR0.01 | 19 834.00 | 556 937.33 | 0.03 |
| EUR	JUST EAT TAKEAWAY EUR0.04 | 44 161.00 | 2 217 883.09 | 0.14 |
| EUR	KON KPN NV EUR0.04 | 892 227.00 | 2 523 856.97 | 0.16 |
| EUR	KONINKLIJKE AHOLD EUR0.01 | 261 300.00 | 8 159 007.57 | 0.51 |
| EUR	KONINKLIJKE DSM NV EUR1.5 | 43 662.00 | 8 957 680.05 | 0.56 |
| EUR	KONINKLIJKE PHILIPS NV EUR0.20 | 230 678.00 | 7 831 466.26 | 0.49 |
| EUR	NN GROUP N.V. EUR0.12 | 67 407.00 | 3 325 292.95 | 0.21 |
| EUR	PROSUS N.V. EUR0.05 | 233 044.00 | 17 755 349.38 | 1.11 |
| EUR	QIAGEN NV EUR0.01 | 54 555.00 | 2 769 291.86 | 0.17 |
| EUR	RANDSTAD N.V. EUR0.10 | 31 005.00 | 1 928 853.08 | 0.12 |
| EUR	STMICROELECTRONICS EUR1.04 | 170 050.00 | 7 641 749.36 | 0.48 |
| EUR	UNIVERSAL MUSIC GR EUR10.00 | 178 303.00 | 4 578 114.85 | 0.29 |
| EUR	WOLTERS KLUWER EUR0.12 | 66 748.00 | 7 165 141.03 | 0.45 |
| Total The Netherlands |  | 212 550 917.05 | 13.31 |
| Norway |  |  |  |
| NOK	ADEVINTA ASA SER’B’NOK0.2 | 72 278.00 | 876 010.17 | 0.05 |
| NOK	AKER BP ASA NOK1 | 31 524.00 | 884 659.40 | 0.06 |
| NOK	DNB BANK ASA NOK12.50 | 227 839.00 | 4 755 371.44 | 0.30 |
| NOK	EQUINOR ASA NOK2.50 | 241 549.00 | 5 887 598.62 | 0.37 |
| NOK	GJENSIDIGE FORSIKR NOK2 | 55 325.00 | 1 223 320.37 | 0.08 |
| NOK	MOWI ASA NOK7.50 | 110 850.00 | 2 390 359.14 | 0.15 |
| NOK	NORSK HYDRO ASA NOK3.6666 | 344 758.00 | 2 476 447.50 | 0.16 |
| NOK	ORKLA ASA NOK1.25 | 174 989.00 | 1 597 612.56 | 0.10 |
| NOK	SCHIBSTED ASA SER’A’NOK0.50 | 20 293.00 | 713 112.25 | 0.04 |
| NOK	SCHIBSTED ASA SER’B’NOK0.5 | 25 139.00 | 771 452.97 | 0.05 |
| NOK	TELENOR ASA ORD NOK6 | 177 271.00 | 2 538 668.15 | 0.16 |
| NOK	YARA INTERNATIONAL NOK1.7 | 42 325.00 | 1 946 085.82 | 0.12 |
| Total Norway |  | 26 060 698.39 | 1.64 |
| Poland |  |  |  |
| EUR	INPOST S.A. EUR0.01 | 54 170.00 | 594 852.76 | 0.04 |
| Total Poland |  | 594 852.76 | 0.04 |

UBS (Lux) Institutional Fund – Equities Europe (ex UK ex Switzerland) Passive Annual report and audited financial statements as of 31 December 2021
|  | Description | Quantity/ | Valuation in CHF | as a % |
| --- | --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |
| Portugal |  |  |  |  |
| EUR | EDP ENERGIAS PORTU EUR1(REGD) | 693 064.00 | 3 469 980.20 | 0.22 |
| EUR | GALP ENERGIA EUR1-B | 131 195.00 | 1 158 200.13 | 0.07 |
| EUR | JERONIMO MARTINS EUR5 | 72 281.00 | 1 505 382.77 | 0.09 |
| Total Portugal	6 133 563.10	0.38 |
| Spain |  |  |  |  |
| EUR | ACS ACTIVIDADES CO EUR0.5 | 59 082.00 | 1 442 917.50 | 0.09 |
| EUR | AENA SME S.A. EUR10 | 19 263.00 | 2 770 384.96 | 0.17 |
| EUR | AMADEUS IT GROUP EUR0.01 | 112 208.00 | 6 934 069.45 | 0.43 |
| EUR | BANCO SANTANDER SA EUR0.50(REGD) | 4 291 385.00 | 13 075 111.26 | 0.82 |
| GBP | BANCO SANTANDER SA EUR0.50(REGD) | 29 158.00 | 89 186.58 | 0.01 |
| EUR | BBVA(BILB-VIZ-ARG) EUR0.49 | 1 647 261.00 | 8 960 834.38 | 0.56 |
| EUR | CAIXABANK SA EUR1 | 1 130 327.00 | 2 827 275.30 | 0.18 |
| EUR | CELLNEX TELECOM SA EUR0.25 | 127 524.00 | 6 762 681.57 | 0.42 |
| EUR | EDP RENOVAVEIS SA EUR5 | 77 644.00 | 1 761 889.82 | 0.11 |
| EUR | ENAGAS SA EUR1.50 | 62 171.00 | 1 314 149.43 | 0.08 |
| EUR | ENDESA SA EUR1.2 | 75 944.00 | 1 589 540.39 | 0.10 |
| EUR | FERROVIAL SA EUR0.2 | 120 405.00 | 3 438 353.03 | 0.22 |
| EUR | GRIFOLS SA EUR0.25 (CLASS A) POST SUBD | 69 905.00 | 1 222 302.66 | 0.08 |
| EUR | IBERDROLA SA EUR0.75 (POST SUBDIVISION) | 1 417 434.00 | 15 289 043.14 | 0.96 |
| EUR | INDITEX EUR0.03 (POST SUBD) | 269 728.00 | 7 973 601.63 | 0.50 |
| EUR | NATURGY ENERGY GRO EUR1 | 42 699.00 | 1 266 676.70 | 0.08 |
| EUR | RED ELECTRICA CORP EUR0.5 | 108 658.00 | 2 141 968.61 | 0.13 |
| EUR | REPSOL SA EUR1 | 356 464.00 | 3 854 574.79 | 0.24 |
| EUR | SIEMENS GAMESA REN EUR0.17 | 60 120.00 | 1 312 533.02 | 0.08 |
| EUR | TELEFONICA SA EUR1 | 1 298 239.00 | 5 181 645.06 | 0.33 |
| Total Spain	89 208 739.28 | 5.59 |
| Sweden |  |  |  |  |
| SEK | ALFA LAVAL AB NPV | 77 345.00 | 2 836 398.17 | 0.18 |
| SEK | ASSA ABLOY SER’B’NPV (POST SPLIT) | 253 084.00 | 7 034 689.75 | 0.44 |
| SEK | ATLAS COPCO AB SER’A’NPV (POST SPLIT) | 166 563.00 | 10 489 883.81 | 0.66 |
| SEK | ATLAS COPCO AB SER’B’NPV (POST SPLIT) | 96 835.00 | 5 186 373.76 | 0.32 |
| SEK | BOLIDEN AB NPV (POST SPLIT) | 67 845.00 | 2 389 695.00 | 0.15 |
| SEK | ELECTROLUX AB SER’B’NPV (POST SPLIT) | 53 567.00 | 1 183 282.48 | 0.07 |
| SEK | EMBRACER GROUP AB SER’B’NPV (POST SPLIT) | 133 057.00 | 1 292 309.77 | 0.08 |
| SEK | EPIROC AB SER’A’NPV (POST SPLIT) | 165 579.00 | 3 819 235.63 | 0.24 |
| SEK | EPIROC AB SER’B’NPV | 98 898.00 | 1 907 946.56 | 0.12 |
| SEK | EQT AB NPV | 75 293.00 | 3 735 580.55 | 0.23 |
| SEK | ERICSSON SER’B’ NPV | 725 058.00 | 7 281 424.59 | 0.46 |
| SEK | ESSITY AB SER’B’NPV | 150 046.00 | 4 460 581.69 | 0.28 |
| SEK | EVOLUTION AB NPV | 43 138.00 | 5 583 738.82 | 0.35 |
| SEK | FASTIGHETS AB BALD SER’B’NPV | 26 371.00 | 1 729 806.56 | 0.11 |
| SEK | GETINGE AB SER’B’NPV | 56 819.00 | 2 259 213.11 | 0.14 |
| SEK | HENNES & MAURITZ SER’B’NPV | 182 545.00 | 3 271 460.44 | 0.20 |
| SEK | HEXAGON AB SER’B’NPV (POST SPLIT) | 498 067.00 | 7 200 289.91 | 0.45 |
| SEK | HUSQVARNA AB SER’B’NPV | 113 346.00 | 1 652 271.01 | 0.10 |
| SEK | INDUSTRIVARDEN AB SER’A’NPV | 32 103.00 | 931 745.83 | 0.06 |
| SEK | INDUSTRIVARDEN AB SER’C’NPV | 39 425.00 | 1 127 196.21 | 0.07 |
| SEK | INVESTOR AB SER’A’NPV (POST SPLIT) | 123 367.00 | 2 962 279.46 | 0.19 |
| SEK | INVESTOR AB SER’B’NPV (POST SPLIT) | 459 832.00 | 10 539 358.10 | 0.66 |
| SEK | KINNEVIK AB SER’B’NPV (POST SPLIT) | 58 248.00 | 1 891 924.73 | 0.12 |
| SEK | LATOUR INVESTMENT SER’B’NPV (POST SPLIT) | 37 459.00 | 1 389 907.51 | 0.09 |
| SEK | LIFCO AB SER’B’NPV (POST SPLIT) | 53 245.00 | 1 450 519.83 | 0.09 |
| SEK | LUNDBERGFORETAGEN SER’B’NPV | 18 972.00 | 969 914.41 | 0.06 |
| SEK | LUNDIN ENERGY AB NPV | 50 821.00 | 1 659 642.29 | 0.10 |
| SEK | NIBE INDUSTRIER AB SER’B’NPV (POST SPLIT) | 349 937.00 | 4 815 859.23 | 0.30 |
| SEK | SAGAX AB NPV B | 35 795.00 | 1 098 699.16 | 0.07 |
| SEK | SANDVIK AB NPV (POST SPLIT) | 279 465.00 | 7 104 235.60 | 0.44 |
| SEK | SECURITAS SER’B’NPV | 80 079.00 | 1 004 540.63 | 0.06 |
| SEK | SINCH AB NPV (POST SPLIT) | 124 100.00 | 1 437 486.22 | 0.09 |
| SEK | SKAND ENSKILDA BKN SER’A’NPV | 408 567.00 | 5 174 555.99 | 0.32 |
| SEK | SKANSKA AB SER’B’NPV | 80 555.00 | 1 898 610.93 | 0.12 |
| SEK | SKF AB SER’B’NPV | 97 560.00 | 2 105 986.94 | 0.13 |
| SEK | SVENSKA CELLULOSA SER’B’NPV | 148 362.00 | 2 400 105.02 | 0.15 |
| SEK | SVENSKA HANDELSBKN SER’A’NPV (P/S) | 369 148.00 | 3 635 484.65 | 0.23 |
| SEK | SWEDBANK AB SER’A’NPV | 226 731.00 | 4 155 061.28 | 0.26 |
| SEK | SWEDISH MATCH NPV (POST SPLIT) | 395 653.00 | 2 867 636.93 | 0.18 |
| SEK | TELE2 AB SHS | 133 890.00 | 1 739 526.18 | 0.11 |
| SEK | TELIA COMPANY AB NPV | 678 596.00 | 2 417 867.39 | 0.15 |
| SEK | VOLVO AB SER’A’NPV (POST SPLIT) | 53 499.00 | 1 144 631.01 | 0.07 |
| SEK | VOLVO AB SER’B’NPV (POST SPLIT) | 362 045.00 | 7 638 604.16 | 0.48 |
| Total Sweden |  | 146 875 561.30 | 9.18 |
| United Kingdom |  |  |  |
| EUR	COCA-COLA EUROPACI COM EUR0.01 | 18 283.00 | 929 776.88 | 0.06 |
| USD	COCA-COLA EUROPACI COM EUR0.01 | 33 446.00 | 1 704 428.88 | 0.11 |
| EUR	STELLANTIS N V COM EUR0.01 | 510 356.00 | 8 823 729.68 | 0.55 |
| Total United Kingdom |  | 11 457 935.44 | 0.72 |
| Total Equities |  | 1 591 976 850.25 | 99.66 |
| Total Transferable securities and money market instruments listed on an official stock exchange |  | 1 591 976 850.25 | 99.66 |
| Total investments in securities |  | 1 591 976 850.25 | 99.66 |

UBS (Lux) Institutional Fund – Equities Europe (ex UK ex Switzerland) Passive Annual report and audited financial statements as of 31 December 2021
| Description	Quantity/ | Valuation in CHF | as a % |
| --- | --- | --- |
| Nominal | Unrealized gain | of net |
|  | (loss) on Futures/ | assets |
|  | Forward |  |
|  | Exchange Contracts/ |  |
|  | Swaps (Note 1) |  |
| Derivative instruments |  |  |  |
| Derivative instruments listed on an official stock exchange |  |  |  |
| Financial Futures on Indices |  |  |  |
|  |  |  |  |
| EUR	EURO STOXX 50 INDEX FUTURE 18.03.22 | 86.00 | 73 069.99 | 0.00 |
| Total Financial Futures on Indices |  | 73 069.99 | 0.00 |
| Total Derivative instruments listed on an official stock exchange |  | 73 069.99 | 0.00 |
| Total Derivative instruments |  | 73 069.99 | 0.00 |
|  |  |  |  |
| Cash at banks, deposits on demand and deposit accounts and other liquid assets |  | 3 839 437.51 | 0.24 |
| Other assets and liabilities |  | 1 467 064.27 | 0.10 |
| Total net assets |  | 1 597 356 422.02 | 100.00 |

UBS (Lux) Institutional Fund – Equities Europe (ex UK ex Switzerland) Passive Annual report and audited financial statements as of 31 December 2021

Translation (ENFR, 2021-12-31):
# UBS (Lux) Institutional Fund
– Equities Europe (ex UK ex Switzerland) Passive
| Données principales |  |
| --- | --- |
|  | ISIN | 31.12.2021 | 31.12.2020 |
| Actifs nets en CHF |  | 1 597 356 422.02 | 472 146 083.55 |
| Catégorie FA 1 | LU2250202640 |  |  |
| Parts en circulation |  | 8 662.6920 | - |
| Valeur nette d’inventaire par part en CHF |  | 116 138.12 | - |
| Prix d’émission et de rachat par part en CHF 2 |  | 116 138.12 | - |
| Écart de suivi (%)* |  | 0.5270 | - |
| Catégorie XA 3 | LU2108958179 |  |  |
| Parts en circulation |  | 381 383.7230 | 404 373.7910 |
| Valeur nette d’inventaire par part en CHF |  | 1 387.35 | 1 167.60 |
| Prix d’émission et de rachat par part en CHF 2 |  | 1 387.35 | 1 167.60 |
| Écart de suivi (%)* |  | 0.5332 | 0.0065 |
| Catégorie XA (EUR) 4 | LU2308697585 |  |  |
| Parts en circulation |  | 58 313.0970 | - |
| Valeur nette d’inventaire par part en EUR |  | 1 029.02 | - |
| Prix d’émission et de rachat par part en EUR 2 |  | 1 029.02 | - |
| Écart de suivi (%)* |  | 0.0744 | - |

* Le gestionnaire de portefeuille du compartiment s’efforcera, dans des conditions de marché normales, de maintenir l’écart de suivi (l’écart entre le rendement du compartiment et celui de l’indice suivi) en dessous de 1%. Dans des circonstances exceptionnelles, celui-ci pourra cependant dépasser 1%.
1 
Première VNI 12.1.2021
2 
Voir note 1
3 
Première VNI 2.6.2020
4 
Première VNI 22.10.2021
UBS (Lux) Institutional Fund – Equities Europe (ex UK ex Switzerland) Passive Rapport annuel et états financiers révisés au 31 décembre 2021

## Rapport du Gestionnaire de portefeuille
Au cours de l’exercice allant du 1
er 
janvier 2021 au 31 décembre 2021, les actions européennes se sont bien comportées. Malgré la pandémie en cours, 2021 a été une année positive pour la plupart des marchés mondi- aux, y compris les marchés européens, les investisseurs se concentrant sur les fondamentaux économiques et les bénéfices plutôt que sur les inquiétudes liées à la pan- démie de COVID-19. La performance des actions a été soutenue par un fort rebond de la croissance économique et la poursuite de politiques budgétaires et monétaires accommodantes malgré une inflation atteignant des sommets sur plusieurs décennies. Plus récemment, aux troisième et quatrième trimestres, les pressions inflation- nistes ont été au cœur des discussions du Conseil des gouverneurs de la Banque centrale européenne. Compte tenu de l’amélioration des perspectives d’inflation, la BCE est désormais plus favorable à une hausse des taux, d’où une liquidation plus rapide que prévu des achats d’actifs en 2022. De plus, des restrictions généralisées touchent à nouveau l’ensemble du continent alors que la quatrième vague de COVID-19 frappe la région.
Au cours de l’exercice, le compartiment a affiché une performance positive. Il s’agit d’un compartiment pas- sif qui entend répliquer la performance d’un indice, et aucune décision active n’intervient. La performance de ce compartiment reflète celle de l’indice de référence.

## Structure du portefeuille-titres
Répartition géographique en % des actifs nets	
| France | 27.57 |
| --- | --- |
| Allemagne | 21.43 |
| Pays-Bas | 13.31 |
| Suède | 9.18 |
| Danemark | 6.63 |
| Espagne | 5.59 |
| Italie | 5.08 |
| Finlande | 3.10 |
| Belgique | 1.99 |
| Irlande | 1.71 |
| Norvège | 1.64 |
| Royaume-Uni | 0.72 |
| Luxembourg | 0.71 |
| Autriche | 0.58 |
| Portugal | 0.38 |
| Pologne | 0.04 |
| Total | 99.66 |

Répartition économique en % des actifs nets	
| Produits pharmaceutiques, cosmétiques et médicaux | 10.12 |
| --- | --- |
| Banques et établissements de crédit | 9.14 |
| Electronique et semi-conducteurs | 6.84 |
| Internet, logiciels et services informatiques | 5.83 |
| Textiles, vêtements et maroquinerie | 5.46 |
| Approvisionnement en énergie et en eau | 5.39 |
| Télécommunications | 5.06 |
| Produits chimiques | 4.97 |
| Ingénierie mécanique et équipements industriels | 4.55 |
| Véhicules | 4.41 |
| Assurances | 4.24 |
| Pétrole | 4.14 |
| Sociétés financières et holdings | 3.82 |
| Trafic et transport | 2.83 |
| Construction et matériaux | 2.80 |
| Tabac et alcool | 2.56 |
| Commerce de détail, grands magasins | 2.48 |
| Appareils et composants électriques | 2.26 |
| Divers biens d’équipement | 1.88 |
| Aérospatiale | 1.52 |
| Aliments et boissons non alcoolisées | 1.44 |
| Immobilier | 1.34 |
| Services divers | 1.19 |
| Biotechnologie | 0.86 |
| Sylviculture; bois et papier | 0.78 |
| Conception graphique, édition et médias | 0.76 |
| Biens de consommation divers | 0.65 |
| Mines, charbon et acier | 0.64 |
| Pneus et caoutchouc | 0.55 |
| Diverses sociétés non classées | 0.29 |
| Hébergement, restauration et loisirs | 0.28 |
| Agriculture et pêche | 0.27 |
| Métaux non ferreux | 0.12 |
| Environnement et recyclage | 0.11 |
| Soins de santé et services sociaux | 0.08 |
| Total | 99.66 |

UBS (Lux) Institutional Fund – Equities Europe (ex UK ex Switzerland) Passive Rapport annuel et états financiers révisés au 31 décembre 2021

## Etat des actifs nets
Actifs	31.12.2021
CHF
Investissements en titres, coûts	1 375 505 472.79
| Investissements en titres, plus-/(moins-)values non réalisées | 	216 471 377.46	 |
| --- | --- |
| Total des investissements en titres (note 1) | 1 591 976 850.25 |
| Avoirs en banque, dépôts à vue et comptes de dépôt | 3 622 258.22 |
| Autres liquidités (Marges) | 217 179.29 |
| Créances sur souscriptions | 10 420 663.68 |
| Créances sur dividendes | 201 281.78 |
| Autres créances | 232 663.72 |
| Bénéfice non réalisé sur contrats financiers à terme (note 1) | 73 069.99 |
| Total des actifs | 1 606 743 966.93 |
|  |  |
| Passifs |  |
| Montants à payer sur achats de titres (note 1) | -7 367 059.76 |
| Montants à payer sur rachats | -1 947 678.96 |
| Provisions pour taxe d’abonnement (note 3) | -1 554.38 |
| Provisions pour autres commissions et frais (note 2) | 	-71 251.81	 |
| Total des provisions | -72 806.19 |
| Total des passifs | -9 387 544.91 |
|  |  |
| Actifs nets en fin d’exercice | 1 597 356 422.02 |
| Etat des opérations | CHF |
| Revenus | 1.1.2021-31.12.2021 |
| Dividendes | 33 596 852.86 |
| Revenus nets sur prêts de titres (note 13) | 391 494.07 |
| Autres revenus (note 2, 4) | 361 605.13 |
| Total des revenus | 34 349 952.06 |
|  |  |
| Dépenses |  |
| Taxe d’abonnement (note 3) | -1 554.38 |
| Autres commissions et frais (note 2) | -74 232.14 |
| Intérêts sur liquidités et découvert bancaire | -50 656.17 |
| Total des dépenses | -126 442.69 |
|  |  |
| Revenu/(perte) net(te) des investissements | 34 223 509.37 |
|  |  |
| Bénéfice/(perte) réalisé(e) (note 1) |  |
| Bénéfice/(perte) réalisé(e) sur titres évalués à la valeur de marché hors options | 23 319 011.56 |
| Bénéfice/(perte) réalisé(e) sur contrats financiers à terme | 1 212 102.73 |
| Bénéfice/(perte) réalisé(e) sur contrats de change à terme | 3 164.33 |
| Bénéfice/(perte) de change réalisé(e) | -493 999.10 |
| Total des bénéfices/(pertes) réalisé(e)s | 24 040 279.52 |
|  |  |
| Bénéfice/(perte) net(te) réalisé(e) au cours de l’exercice | 58 263 788.89 |
|  |  |
| 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 | 188 868 720.62 |
| Plus-/(moins-)value non réalisée sur contrats financiers à terme | 56 024.65 |
| Plus-/(moins-)value non réalisée sur contrats de change à terme | 494.40 |
| Total des fluctuations de la plus-/(moins-)value non réalisée | 188 925 239.67 |
|  |  |
| Augmentation/(diminution) nette des actifs nets résultant des opérations | 247 189 028.56 |

UBS (Lux) Institutional Fund – Equities Europe (ex UK ex Switzerland) Passive Rapport annuel et états financiers révisés au 31 décembre 2021
| Etat des variations des actifs nets |  |
| --- | --- |
|  | CHF |
|  | 1.1.2021-31.12.2021 |
| Actifs nets au début de l’exercice | 472 146 083.55 |
| Souscriptions | 1 169 974 048.95 |
| Rachats | 	-291 952 739.04	 |
| Total des souscriptions nettes (rachats) | 878 021 309.91 |
| Revenu/(perte) net(te) des investissements | 34 223 509.37 |
| Total des bénéfices/(pertes) réalisé(e)s | 24 040 279.52 |
| Total des fluctuations de la plus-/(moins-)value non réalisée | 	188 925 239.67	 |
| Augmentation/(diminution) nette des actifs nets résultant des opérations | 247 189 028.56 |
| Actifs nets en fin d’exercice | 1 597 356 422.02 |
| Evolution des parts en circulation |  |
|  | 1.1.2021-31.12.2021 |
| Catégorie | FA |
| Nombre de parts en circulation au début de l’exercice | 0.0000 |
| Nombre de parts émises | 10 454.6920 |
| Nombre de parts rachetées | -1 792.0000 |
| Nombre de parts en circulation à la fin de l’exercice | 8 662.6920 |
| Catégorie | XA |
| Nombre de parts en circulation au début de l’exercice | 404 373.7910 |
| Nombre de parts émises | 38 293.2140 |
| Nombre de parts rachetées | -61 283.2820 |
| Nombre de parts en circulation à la fin de l’exercice | 381 383.7230 |
| Catégorie | XA (EUR) |
| Nombre de parts en circulation au début de l’exercice | 0.0000 |
| Nombre de parts émises | 58 317.0000 |
| Nombre de parts rachetées | -3.9030 |
| Nombre de parts en circulation à la fin de l’exercice | 58 313.0970 |

UBS (Lux) Institutional Fund – Equities Europe (ex UK ex Switzerland) Passive 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 CHF | 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
| Autriche |  |
| --- | --- |
| EUR | ERSTE GROUP BK AG NPV | 83 324.00 | 3 570 034.02 | 0.22 |
| EUR | OMV AG NPV(VAR) | 37 418.00 | 1 936 612.78 | 0.12 |
| EUR | RAIFFEISEN BK INTL NPV (REGD) | 40 428.00 | 1 084 109.77 | 0.07 |
| EUR | VERBUND AG CLASS’A’NPV | 16 941.00 | 1 736 049.34 | 0.11 |
| EUR | VOESTALPINE AG NPV | 28 732.00 | 952 670.17 | 0.06 |
| Total Autriche	9 279 476.08	0.58 |
| Belgique |  |  |  |  |
| EUR | AGEAS NPV | 45 963.00 | 2 169 319.30 | 0.14 |
| EUR | ANHEUSER-BUSCH IN NPV | 191 475.00 | 10 548 858.55 | 0.66 |
| EUR | COLRUYT SA NPV | 11 771.00 | 454 446.69 | 0.03 |
| EUR | ELIA SYS OPERATOR NPV | 8 332.00 | 998 870.88 | 0.06 |
| EUR | GPE BRUXELLES LAM NPV | 28 452.00 | 2 893 837.10 | 0.18 |
| EUR | KBC GROUP NV NPV | 63 587.00 | 4 971 779.59 | 0.31 |
| EUR | PROXIMUS SA NPV | 38 796.00 | 689 008.37 | 0.04 |
| EUR | SOFINA NPV | 4 137.00 | 1 851 808.18 | 0.12 |
| EUR | SOLVAY SA NPV | 18 518.00 | 1 960 973.42 | 0.12 |
| EUR | UCB NPV | 32 125.00 | 3 340 313.62 | 0.21 |
| EUR | UMICORE NPV | 49 823.00 | 1 845 579.05 | 0.12 |
| Total Belgique |  | 31 724 794.75 | 1.99 |
| Danemark |  |  |  |
| DKK	A.P. MOELLER-MAERSK SER’B’DKK1000 | 1 469.00 | 4 799 104.13 | 0.30 |
| DKK	A.P. MOLLER-MAERSK ‘A’DKK1000 | 769.00 | 2 333 349.24 | 0.15 |
| DKK	AMBU A/S SER’B’DKK0.5 | 43 945.00 | 1 059 134.47 | 0.07 |
| DKK	CARLSBERG SER’B’DKK20 | 25 594.00 | 4 027 355.16 | 0.25 |
| DKK	CHR. HANSEN HLDG DKK10 | 25 604.00 | 1 838 432.81 | 0.12 |
| DKK	COLOPLAST DKK1 B | 29 645.00 | 4 753 596.43 | 0.30 |
| DKK	DANSKE BANK A/S DKK10 | 176 668.00 | 2 779 967.11 | 0.17 |
| DKK	DEMANT A/S DKK0.20 | 27 191.00 | 1 269 390.19 | 0.08 |
| DKK	DSV PANALPINA A/S DKK1 | 49 833.00 | 10 604 587.55 | 0.66 |
| DKK	GENMAB AS DKK1 (BEARER) | 16 223.00 | 5 944 049.90 | 0.37 |
| DKK	GN STORE NORD DKK4 | 31 856.00 | 1 825 347.19 | 0.11 |
| DKK	NOVO-NORDISK AS DKK0.2 SER’B’ | 417 893.00 | 42 790 559.55 | 2.68 |
| DKK	NOVOZYMES A/S SER’B’DKK2 (POST CONS) | 50 221.00 | 3 758 520.21 | 0.24 |
| DKK	ORSTED A/S DKK10 | 46 683.00 | 5 431 812.54 | 0.34 |
| DKK	PANDORA A/S DKK1 | 25 523.00 | 2 899 332.06 | 0.18 |
| DKK	ROCKWOOL INTL SER’B’DKK10 | 2 153.00 | 857 838.62 | 0.05 |
| DKK	TRYG A/S DKK5 | 86 841.00 | 1 953 857.43 | 0.12 |
| DKK	VESTAS WIND SYSTEM DKK0.20 (POST SPLIT) | 251 177.00 | 6 998 506.89 | 0.44 |
| Total Danemark |  | 105 924 741.48 | 6.63 |
| Finlande |  |  |  |
| EUR	ELISA OYJ NPV | 35 536.00 | 1 992 751.11 | 0.12 |
| EUR	FORTUM OYJ EUR3.40 | 112 281.00 | 3 140 045.11 | 0.20 |
| EUR	KESKO OYJ EUR2 SER’B’ | 68 011.00 | 2 067 597.51 | 0.13 |
| EUR	KONE CORPORATION NPV ORD ‘B’ | 84 358.00 | 5 510 223.44 | 0.34 |
| EUR	NESTE OIL OYJ NPV | 104 046.00 | 4 674 567.04 | 0.29 |
| EUR	NOKIA OYJ NPV | 1 342 097.00 | 7 751 354.52 | 0.49 |
| SEK	NORDEA HOLDING ABP NPV | 805 300.00 | 8 955 226.23 | 0.56 |
| EUR	ORION CORP SER’B’NPV | 26 621.00 | 1 007 353.42 | 0.06 |
| EUR	SAMPO PLC SER’A’NPV | 127 399.00 | 5 816 172.02 | 0.36 |
| EUR	STORA ENSO OYJ NPV SER’R’ | 142 238.00 | 2 378 734.10 | 0.15 |
| EUR	UPM-KYMMENE CORP NPV | 136 096.00 | 4 718 435.56 | 0.30 |
| EUR	WARTSILA OYJ ABP SER’B’EUR3.50 | 119 392.00 | 1 529 045.57 | 0.10 |
| Total Finlande |  | 49 541 505.63 | 3.10 |
| France |  |  |  |
| EUR	ACCOR EUR3 | 38 791.00 | 1 143 510.03 | 0.07 |
| EUR	ADP EUR3 | 8 120.00 | 953 262.85 | 0.06 |
| EUR	AIR LIQUIDE(L’) EUR5.5 (POST-SUBDIVISION) | 117 278.00 | 18 631 254.24 | 1.17 |
| EUR	AIRBUS EUR1 | 146 772.00 | 17 087 623.77 | 1.07 |
| EUR	ALSTOM EUR7.00 | 76 105.00 | 2 461 913.67 | 0.15 |
| EUR	AMUNDI EUR2.5 (AIW) | 15 382.00 | 1 156 317.12 | 0.07 |
| EUR	ARKEMA EUR10 | 15 189.00 | 1 949 179.90 | 0.12 |
| EUR	AXA EUR2.29 | 483 328.00 | 13 113 579.83 | 0.82 |
| EUR	BIOMERIEUX NPV (POST SPLIT) | 10 117.00 | 1 309 305.28 | 0.08 |
| EUR	BNP PARIBAS EUR2 | 278 292.00 | 17 523 331.98 | 1.10 |
| EUR	BOLLORE EUR0.16 | 239 111.00 | 1 218 965.43 | 0.08 |
| EUR	BOUYGUES EUR1 | 59 816.00 | 1 951 716.62 | 0.12 |
| EUR	BUREAU VERITAS EUR0.12 | 71 804.00 | 2 171 004.16 | 0.14 |
| EUR	CAPGEMINI EUR8 | 39 987.00 | 8 928 794.50 | 0.56 |
| EUR	CARREFOUR EUR2.50 | 156 478.00 | 2 611 203.66 | 0.16 |
| EUR	CIE DE ST-GOBAIN EUR4 | 126 233.00 | 8 092 444.88 | 0.51 |
| EUR	CNP ASSURANCES EUR1 | 43 262.00 | 974 972.99 | 0.06 |
| EUR	COVIVIO EUR3 | 12 716.00 | 951 293.32 | 0.06 |
| EUR	CREDIT AGRICOLE SA EUR3 | 293 481.00 | 3 816 369.77 | 0.24 |
| EUR	DANONE EUR0.25 | 162 944.00 | 9 216 758.29 | 0.58 |
| EUR	DASSAULT AVIATION EUR0.80 (POST SUBDIVISION) | 5 840.00 | 574 861.45 | 0.04 |
| EUR	DASSAULT SYSTEMES EUR0.10 | 164 073.00 | 8 893 005.68 | 0.56 |
| EUR	EDENRED EUR2 | 60 439.00 | 2 540 674.38 | 0.16 |
| EUR	EDF EUR0.5 | 118 999.00 | 1 273 709.43 | 0.08 |
| EUR	EIFFAGE EUR4 | 20 786.00 | 1 948 292.85 | 0.12 |
| EUR	ENGIE EUR1 | 447 543.00 | 6 034 930.90 | 0.38 |
| EUR	ESSILORLUXOTTICA EUR0.18 | 71 667.00 | 13 904 154.60 | 0.87 |
| EUR	EURAZEO NPV | 9 102.00 | 724 310.50 | 0.05 |

UBS (Lux) Institutional Fund – Equities Europe (ex UK ex Switzerland) Passive Rapport annuel et états financiers révisés au 31 décembre 2021
|  | Dénomination | Quantité/ | Evaluation en CHF | en % |
| --- | --- | --- | --- | --- |
|  | Nominal | Plus- (Moins-) value non- | des |
|  |  | réalisée sur Futures/ | actifs |
|  |  | Contrats de | nets |
|  |  | change à terme/ |  |
|  |  | Swaps (note 1) |  |
|  |  |  |  |  |
| EUR | FAURECIA EUR7 | 29 396.00 | 1 274 098.00 | 0.08 |
| EUR | GECINA EUR7.50 | 11 985.00 | 1 526 218.28 | 0.09 |
| EUR | GETLINK SE EUR0.40 | 109 121.00 | 1 646 252.48 | 0.10 |
| EUR | HERMES INTL NPV | 7 863.00 | 12 514 290.20 | 0.78 |
| EUR | IPSEN EUR1 | 9 455.00 | 788 649.70 | 0.05 |
| EUR | KERING EUR4 | 18 642.00 | 13 654 544.46 | 0.85 |
| EUR | KLEPIERRE EUR1.40 | 52 083.00 | 1 125 197.56 | 0.07 |
| EUR | LA FRANCAISE DES EUR0.40 (PROMESSES) | 25 862.00 | 1 043 481.57 | 0.06 |
| EUR | LEGRAND SA EUR4 | 66 658.00 | 7 107 132.04 | 0.45 |
| EUR | L’OREAL EUR0.20 | 62 431.00 | 26 971 866.42 | 1.69 |
| EUR | LVMH MOET HENNESSY EUR0.30 | 69 118.00 | 52 065 771.05 | 3.26 |
| EUR | MICHELIN (CGDE) EUR2 | 41 646.00 | 6 220 347.86 | 0.39 |
| EUR | ORANGE EUR4 | 484 377.00 | 4 724 309.07 | 0.30 |
| EUR | ORPEA EUR2.5 | 13 748.00 | 1 254 995.48 | 0.08 |
| EUR | PERNOD RICARD EUR1.55 | 51 956.00 | 11 386 042.76 | 0.71 |
| EUR | PUBLICIS GROUPE SA EUR0.40 | 55 858.00 | 3 426 366.53 | 0.21 |
| EUR | REMY COINTREAU EUR1.60 | 5 846.00 | 1 296 281.47 | 0.08 |
| EUR | RENAULT SA EUR3.81 | 46 396.00 | 1 468 410.22 | 0.09 |
| EUR | SAFRAN EUR0.20 | 85 099.00 | 9 493 045.51 | 0.59 |
| EUR | SANOFI EUR2 | 283 393.00 | 26 010 669.16 | 1.63 |
| EUR | SARTORIUS STEDIM B EUR0.20 (POST SUBD) | 6 896.00 | 3 446 920.62 | 0.22 |
| EUR | SCHNEIDER ELECTRIC EUR8 | 134 267.00 | 23 992 991.36 | 1.50 |
| EUR | SEB SA EUR1 | 7 511.00 | 1 065 437.41 | 0.07 |
| EUR | SOC GENERALE EUR1.25 | 204 046.00 | 6 386 069.73 | 0.40 |
| EUR | SODEXO EUR4 | 20 948.00 | 1 672 623.91 | 0.10 |
| EUR | SUEZ EUR4 | 84 347.00 | 1 731 333.96 | 0.11 |
| EUR | TELEPERFORMANCE EUR2.50 | 14 813.00 | 6 016 664.85 | 0.38 |
| EUR | THALES EUR3 | 25 678.00 | 1 990 167.01 | 0.12 |
| EUR | TOTALENERGIES SE EUR2.5 | 622 571.00 | 28 790 055.65 | 1.80 |
| EUR | UBISOFT ENTERTAIN EUR0.31 | 23 627.00 | 1 054 411.62 | 0.07 |
| EUR | UNIBAIL-RODAMCO-WE NPV(1 ORD UNIBAIL-R & 1CLS) | 33 099.00 | 2 113 310.43 | 0.13 |
| EUR | VALEO EUR1 (POST SUBD) | 58 551.00 | 1 612 560.52 | 0.10 |
| EUR | VEOLIA ENVIRONNEME EUR5 | 163 268.00 | 5 457 480.17 | 0.34 |
| EUR | VINCI EUR2.50 | 134 397.00 | 12 938 346.13 | 0.81 |
| EUR | VIVENDI SA EUR5.50 | 186 531.00 | 2 298 050.69 | 0.14 |
| EUR | WENDEL EUR4 | 7 037.00 | 768 519.50 | 0.05 |
| EUR | WORLDLINE EUR0.68 | 59 303.00 | 3 011 536.26 | 0.19 |
| Total France |  | 440 501 191.72 | 27.57 |
| Allemagne |  |  |  |
| EUR	ADIDAS AG NPV (REGD) | 46 951.00 | 12 317 860.42 | 0.77 |
| EUR	ALLIANZ SE NPV(REGD)(VINKULIERT) | 101 701.00 | 21 881 842.58 | 1.37 |
| EUR	BASF SE NPV | 226 013.00 | 14 467 985.16 | 0.91 |
| EUR	BAYER AG NPV (REGD) | 245 464.00 | 11 953 976.44 | 0.75 |
| EUR	BAYERISCHE MOTOREN WERKE AG EUR1 | 82 316.00 | 7 547 535.84 | 0.47 |
| EUR	BAYERISCHE MOTORENWERKE AG EUR1 | 14 906.00 | 1 132 118.33 | 0.07 |
| EUR	BECHTLE AG NPV | 21 903.00 | 1 428 423.78 | 0.09 |
| EUR	BEIERSDORF AG NPV | 25 320.00 | 2 371 170.42 | 0.15 |
| EUR	BRENNTAG AG | 37 223.00 | 3 069 319.07 | 0.19 |
| EUR	CARL ZEISS MEDITEC NPV | 9 965.00 | 1 908 637.66 | 0.12 |
| EUR	COMMERZBANK AG NPV | 250 735.00 | 1 737 812.39 | 0.11 |
| EUR	CONTINENTAL AG ORD NPV | 26 978.00 | 2 602 752.12 | 0.16 |
| EUR	COVESTRO AG NPV | 48 334.00 | 2 714 430.68 | 0.17 |
| EUR	DAIMLER AG ORD NPV(REGD) | 213 915.00 | 14 981 331.57 | 0.94 |
| EUR	DAIMLER TRUCK HOLD NPV (YOUNG SHARE) | 106 957.00 | 3 578 524.45 | 0.22 |
| EUR	DELIVERY HERO SE NPV | 40 952.00 | 4 158 415.90 | 0.26 |
| EUR	DEUTSCHE BANK AG NPV(REGD) | 513 071.00 | 5 857 428.10 | 0.37 |
| EUR	DEUTSCHE BOERSE AG NPV(REGD) | 46 531.00 | 7 092 213.31 | 0.44 |
| EUR	DEUTSCHE LUFTHANSA ORD NPV (REGD)(VINK) | 134 587.00 | 861 823.47 | 0.05 |
| EUR	DEUTSCHE POST AG NPV(REGD) | 246 793.00 | 14 458 238.08 | 0.90 |
| EUR	DEUTSCHE TELEKOM NPV(REGD) | 819 002.00 | 13 832 455.99 | 0.87 |
| EUR	E.ON SE NPV | 555 383.00 | 7 016 075.71 | 0.44 |
| EUR	EVONIK INDUSTRIES NPV | 55 263.00 | 1 630 229.15 | 0.10 |
| EUR	FRESENIUS MED CARE NPV | 49 724.00 | 2 943 967.59 | 0.18 |
| EUR	FRESENIUS SE & CO. KGAA NPV | 104 439.00 | 3 830 828.39 | 0.24 |
| EUR	FUCHS PETROLUB SE PRF NPV (REG) | 19 647.00 | 812 668.65 | 0.05 |
| EUR	GEA GROUP AG NPV | 37 153.00 | 1 851 294.01 | 0.12 |
| EUR	HANNOVER RUECKVERS ORD NPV(REGD) | 14 935.00 | 2 586 653.99 | 0.16 |
| EUR	HEIDELBERGCEMENT NPV | 35 848.00 | 2 210 826.10 | 0.14 |
| EUR	HELLOFRESH SE NPV | 41 826.00 | 2 927 076.82 | 0.18 |
| EUR	HENKEL AG & CO KGAA | 27 898.00 | 1 985 896.17 | 0.12 |
| EUR	HENKEL AG&CO. KGAA NON-VTG PRF NPV | 44 615.00 | 3 288 679.03 | 0.21 |
| EUR	INFINEON TECHNOLOG AG NPV (REGD) | 324 554.00 | 13 707 172.30 | 0.86 |
| EUR	KION GROUP AG NPV | 18 313.00 | 1 830 726.73 | 0.11 |
| EUR	KNORR BREMSE AG NPV | 17 443.00 | 1 570 607.58 | 0.10 |
| EUR	LANXESS AG NPV | 22 230.00 | 1 255 343.84 | 0.08 |
| EUR	LEG IMMOBILIEN SE NPV | 18 447.00 | 2 345 292.64 | 0.15 |
| EUR	MERCK KGAA NPV | 32 139.00 | 7 559 358.59 | 0.47 |
| EUR	MTU AERO ENGINES H NPV (REGD) | 13 564.00 | 2 521 372.14 | 0.16 |
| EUR	MUENCHENER RUECKVE NPV(REGD) | 34 657.00 | 9 354 604.36 | 0.59 |
| EUR	NEMETSCHEK SE ORD NPV | 13 928.00 | 1 627 888.24 | 0.10 |
| EUR	PORSCHE AUTO HL SE NON VTG PRF NPV | 37 549.00 | 3 246 380.35 | 0.20 |
| EUR	PUMA SE NPV | 25 513.00 | 2 841 821.03 | 0.18 |
| EUR	RATIONAL AG NPV | 1 304.00 | 1 216 577.58 | 0.08 |
| EUR	RWE AG (NEU) NPV | 161 171.00 | 5 965 200.99 | 0.37 |
| EUR	SAP AG ORD NPV | 258 936.00 | 33 510 553.69 | 2.10 |
| EUR	SARTORIUS AG NON VTG PRF NPV | 6 433.00 | 3 967 374.56 | 0.25 |
| EUR	SCOUT24 AG NPV | 22 777.00 | 1 449 549.55 | 0.09 |
| EUR	SIEMENS AG NPV(REGD) | 189 931.00 | 30 047 250.43 | 1.88 |
| EUR	SIEMENS ENERGY AG NPV | 98 929.00 | 2 305 365.58 | 0.14 |
| EUR	SIEMENS HEALTHINEE NPV | 68 804.00 | 4 692 435.33 | 0.29 |
| EUR	SYMRISE AG NPV (BR) | 31 560.00 | 4 260 966.71 | 0.27 |
| EUR	TELEFONICA DEUTSCH NPV | 268 202.00 | 678 354.20 | 0.04 |
| EUR	UNIPER SE NPV | 20 523.00 | 888 881.47 | 0.06 |
| EUR	UNITED INTERNET AG NPV(REGD) | 22 940.00 | 830 506.52 | 0.05 |
| EUR	VOLKSWAGEN AG NON VTG PRF NPV | 45 352.00 | 8 340 125.67 | 0.52 |

UBS (Lux) Institutional Fund – Equities Europe (ex UK ex Switzerland) Passive Rapport annuel et états financiers révisés au 31 décembre 2021
|  | Dénomination | Quantité/ | Evaluation en CHF | en % |
| --- | --- | --- | --- | --- |
|  | Nominal | Plus- (Moins-) value non- | des |
|  |  | réalisée sur Futures/ | actifs |
|  |  | Contrats de | nets |
|  |  | change à terme/ |  |
|  |  | Swaps (note 1) |  |
|  |  |  |  |  |
| EUR | VOLKSWAGEN AG ORD NPV | 8 152.00 | 2 182 646.54 | 0.14 |
| EUR | VONOVIA SE NPV | 183 642.00 | 9 228 699.04 | 0.58 |
| EUR | ZALANDO SE NPV | 54 471.00 | 4 015 188.51 | 0.25 |
| Total Allemagne	342 478 735.54	21.43 |
| Irlande |  |  |  |  |
| EUR | CRH ORD EUR0.32 | 191 556.00 | 9 233 411.61 | 0.58 |
| EUR | FLUTTER ENTERTAINM ORD EUR0.09 | 41 948.00 | 6 041 611.43 | 0.38 |
| EUR | KERRY GROUP ‘A’ORD EUR0.125(DUBLIN LIST) | 40 433.00 | 4 744 614.23 | 0.30 |
| EUR | KINGSPAN GROUP ORD EUR0.13(DUBLIN LISTING) | 38 236.00 | 4 159 953.56 | 0.26 |
| EUR | SMURFIT KAPPA GRP ORD EUR0.001 | 60 337.00 | 3 028 409.35 | 0.19 |
| Total Irlande	27 208 000.18	1.71 |
| Italie |  |  |  |  |
| EUR | AMPLIFON EUR0.02 | 29 810.00 | 1 465 631.95 | 0.09 |
| EUR | ASSIC GENERALI SPA EUR1 | 278 057.00 | 5 367 516.87 | 0.34 |
| EUR | ATLANTIA SPA EUR1 | 118 842.00 | 2 149 396.49 | 0.13 |
| EUR | DAVIDE CAMPARI MIL EUR0.01 | 128 546.00 | 1 712 211.38 | 0.11 |
| EUR | DIASORIN SPA EUR1 | 6 579.00 | 1 141 489.10 | 0.07 |
| EUR | ENEL EUR1 | 2 036 856.00 | 14 870 641.24 | 0.93 |
| EUR | ENI SPA EUR1 | 627 973.00 | 7 951 314.07 | 0.50 |
| EUR | FERRARI NV EUR0.01(NEW) | 31 514.00 | 7 428 680.19 | 0.46 |
| EUR | FINECOBANK SPA EUR0.33 | 152 073.00 | 2 432 122.69 | 0.15 |
| EUR | INFRASTRUTTURE WIR NPV | 85 686.00 | 948 217.25 | 0.06 |
| EUR | INTESA SANPAOLO NPV | 4 092 299.00 | 9 642 386.79 | 0.60 |
| EUR | MEDIOBANCA SPA EUR0.5 | 150 098.00 | 1 572 362.91 | 0.10 |
| EUR | MONCLER SPA NPV | 52 425.00 | 3 477 609.71 | 0.22 |
| EUR | NEXI SPA NPV | 113 036.00 | 1 638 555.76 | 0.10 |
| EUR | POSTE ITALIANE SPA NPV | 125 034.00 | 1 495 067.03 | 0.09 |
| EUR | PRYSMIAN SPA EUR0.10 | 63 570.00 | 2 180 911.90 | 0.14 |
| EUR | RECORDATI EUR0.125 | 26 485.00 | 1 550 512.09 | 0.10 |
| EUR | SNAM EUR1 | 518 772.00 | 2 848 912.61 | 0.18 |
| EUR | TELECOM ITALIA SPA EUR0.55 | 2 421 632.00 | 1 089 493.63 | 0.07 |
| EUR | TERNA SPA ORD EUR0.22 | 367 694.00 | 2 710 360.97 | 0.17 |
| EUR | UNICREDIT SPA NPV (POST REV SPLIT) | 535 019.00 | 7 508 321.86 | 0.47 |
| Total Italie |  | 81 181 716.49 | 5.08 |
| Luxembourg |  |  |  |
| EUR	ARCELORMITTAL NPV(POST STOCK SPLIT) | 170 957.00 | 4 985 570.62 | 0.31 |
| EUR	AROUNDTOWN SA EUR0.01 | 245 198.00 | 1 351 622.11 | 0.09 |
| EUR	EUROFINS SCIENTIFI EUR0.01 | 33 759.00 | 3 805 793.32 | 0.24 |
| EUR	TENARIS S.A. USD1 | 7 676.00 | 73 252.31 | 0.00 |
| EUR	TENARIS S.A. USD1 | 107 969.00 | 1 038 182.70 | 0.07 |
| Total Luxembourg |  | 11 254 421.06 | 0.71 |
| Pays-Bas |  |  |  |
| EUR	ABN AMRO BANK N.V. DR EACH REP SHS | 104 669.00 | 1 400 789.38 | 0.09 |
| EUR	ADYEN NV EUR0.01 | 4 985.00 | 11 939 490.41 | 0.75 |
| EUR	AEGON NV EUR0.12 | 461 618.00 | 2 101 215.85 | 0.13 |
| EUR	AKZO NOBEL NV EUR0.50(POST REV SPLIT) | 47 584.00 | 4 757 896.50 | 0.30 |
| EUR	ARGEN X NV EUR0.10 | 11 719.00 | 3 828 611.11 | 0.24 |
| EUR	ASM INTL NV EUR0.04 | 11 558.00 | 4 655 045.83 | 0.29 |
| EUR	ASML HOLDING NV EUR0.09 | 103 078.00 | 75 479 289.83 | 4.73 |
| EUR	CNH INDUSTRIAL NV COM EUR0.01 | 260 946.00 | 4 615 416.47 | 0.29 |
| EUR	EURONEXT EUR1.60 | 19 622.00 | 1 855 251.86 | 0.12 |
| EUR	EXOR NV EUR0.01 | 25 822.00 | 2 112 631.48 | 0.13 |
| EUR	HEINEKEN HOLDING EUR1.6 | 29 944.00 | 2 517 822.26 | 0.16 |
| EUR	HEINEKEN NV EUR1.60 | 64 278.00 | 6 584 301.24 | 0.41 |
| EUR	IMCD NV EUR0.16 | 14 574.00 | 2 940 163.27 | 0.18 |
| EUR	ING GROEP N.V. EUR0.01 | 973 803.00 | 12 352 367.78 | 0.77 |
| EUR	JDE PEETS N.V. EUR0.01 | 19 834.00 | 556 937.33 | 0.03 |
| EUR	JUST EAT TAKEAWAY EUR0.04 | 44 161.00 | 2 217 883.09 | 0.14 |
| EUR	KON KPN NV EUR0.04 | 892 227.00 | 2 523 856.97 | 0.16 |
| EUR	KONINKLIJKE AHOLD EUR0.01 | 261 300.00 | 8 159 007.57 | 0.51 |
| EUR	KONINKLIJKE DSM NV EUR1.5 | 43 662.00 | 8 957 680.05 | 0.56 |
| EUR	KONINKLIJKE PHILIPS NV EUR0.20 | 230 678.00 | 7 831 466.26 | 0.49 |
| EUR	NN GROUP N.V. EUR0.12 | 67 407.00 | 3 325 292.95 | 0.21 |
| EUR	PROSUS N.V. EUR0.05 | 233 044.00 | 17 755 349.38 | 1.11 |
| EUR	QIAGEN NV EUR0.01 | 54 555.00 | 2 769 291.86 | 0.17 |
| EUR	RANDSTAD N.V. EUR0.10 | 31 005.00 | 1 928 853.08 | 0.12 |
| EUR	STMICROELECTRONICS EUR1.04 | 170 050.00 | 7 641 749.36 | 0.48 |
| EUR	UNIVERSAL MUSIC GR EUR10.00 | 178 303.00 | 4 578 114.85 | 0.29 |
| EUR	WOLTERS KLUWER EUR0.12 | 66 748.00 | 7 165 141.03 | 0.45 |
| Total Pays-Bas |  | 212 550 917.05 | 13.31 |
| Norvège |  |  |  |
| NOK	ADEVINTA ASA SER’B’NOK0.2 | 72 278.00 | 876 010.17 | 0.05 |
| NOK	AKER BP ASA NOK1 | 31 524.00 | 884 659.40 | 0.06 |
| NOK	DNB BANK ASA NOK12.50 | 227 839.00 | 4 755 371.44 | 0.30 |
| NOK	EQUINOR ASA NOK2.50 | 241 549.00 | 5 887 598.62 | 0.37 |
| NOK	GJENSIDIGE FORSIKR NOK2 | 55 325.00 | 1 223 320.37 | 0.08 |
| NOK	MOWI ASA NOK7.50 | 110 850.00 | 2 390 359.14 | 0.15 |
| NOK	NORSK HYDRO ASA NOK3.6666 | 344 758.00 | 2 476 447.50 | 0.16 |
| NOK	ORKLA ASA NOK1.25 | 174 989.00 | 1 597 612.56 | 0.10 |
| NOK	SCHIBSTED ASA SER’A’NOK0.50 | 20 293.00 | 713 112.25 | 0.04 |
| NOK	SCHIBSTED ASA SER’B’NOK0.5 | 25 139.00 | 771 452.97 | 0.05 |
| NOK	TELENOR ASA ORD NOK6 | 177 271.00 | 2 538 668.15 | 0.16 |
| NOK	YARA INTERNATIONAL NOK1.7 | 42 325.00 | 1 946 085.82 | 0.12 |
| Total Norvège |  | 26 060 698.39 | 1.64 |
| Pologne |  |  |  |
| EUR	INPOST S.A. EUR0.01 | 54 170.00 | 594 852.76 | 0.04 |
| Total Pologne |  | 594 852.76 | 0.04 |

UBS (Lux) Institutional Fund – Equities Europe (ex UK ex Switzerland) Passive Rapport annuel et états financiers révisés au 31 décembre 2021
|  | Dénomination | Quantité/ | Evaluation en CHF | en % |
| --- | --- | --- | --- | --- |
|  | Nominal | Plus- (Moins-) value non- | des |
|  |  | réalisée sur Futures/ | actifs |
|  |  | Contrats de | nets |
|  |  | change à terme/ |  |
|  |  | Swaps (note 1) |  |
| Portugal |  |  |  |  |
| EUR | EDP ENERGIAS PORTU EUR1(REGD) | 693 064.00 | 3 469 980.20 | 0.22 |
| EUR | GALP ENERGIA EUR1-B | 131 195.00 | 1 158 200.13 | 0.07 |
| EUR | JERONIMO MARTINS EUR5 | 72 281.00 | 1 505 382.77 | 0.09 |
| Total Portugal	6 133 563.10	0.38 |
| Espagne |  |  |  |  |
| EUR | ACS ACTIVIDADES CO EUR0.5 | 59 082.00 | 1 442 917.50 | 0.09 |
| EUR | AENA SME S.A. EUR10 | 19 263.00 | 2 770 384.96 | 0.17 |
| EUR | AMADEUS IT GROUP EUR0.01 | 112 208.00 | 6 934 069.45 | 0.43 |
| EUR | BANCO SANTANDER SA EUR0.50(REGD) | 4 291 385.00 | 13 075 111.26 | 0.82 |
| GBP | BANCO SANTANDER SA EUR0.50(REGD) | 29 158.00 | 89 186.58 | 0.01 |
| EUR | BBVA(BILB-VIZ-ARG) EUR0.49 | 1 647 261.00 | 8 960 834.38 | 0.56 |
| EUR | CAIXABANK SA EUR1 | 1 130 327.00 | 2 827 275.30 | 0.18 |
| EUR | CELLNEX TELECOM SA EUR0.25 | 127 524.00 | 6 762 681.57 | 0.42 |
| EUR | EDP RENOVAVEIS SA EUR5 | 77 644.00 | 1 761 889.82 | 0.11 |
| EUR | ENAGAS SA EUR1.50 | 62 171.00 | 1 314 149.43 | 0.08 |
| EUR | ENDESA SA EUR1.2 | 75 944.00 | 1 589 540.39 | 0.10 |
| EUR | FERROVIAL SA EUR0.2 | 120 405.00 | 3 438 353.03 | 0.22 |
| EUR | GRIFOLS SA EUR0.25 (CLASS A) POST SUBD | 69 905.00 | 1 222 302.66 | 0.08 |
| EUR | IBERDROLA SA EUR0.75 (POST SUBDIVISION) | 1 417 434.00 | 15 289 043.14 | 0.96 |
| EUR | INDITEX EUR0.03 (POST SUBD) | 269 728.00 | 7 973 601.63 | 0.50 |
| EUR | NATURGY ENERGY GRO EUR1 | 42 699.00 | 1 266 676.70 | 0.08 |
| EUR | RED ELECTRICA CORP EUR0.5 | 108 658.00 | 2 141 968.61 | 0.13 |
| EUR | REPSOL SA EUR1 | 356 464.00 | 3 854 574.79 | 0.24 |
| EUR | SIEMENS GAMESA REN EUR0.17 | 60 120.00 | 1 312 533.02 | 0.08 |
| EUR | TELEFONICA SA EUR1 | 1 298 239.00 | 5 181 645.06 | 0.33 |
| Total Espagne	89 208 739.28	5.59 |
| Suède |  |  |  |  |
| SEK | ALFA LAVAL AB NPV | 77 345.00 | 2 836 398.17 | 0.18 |
| SEK | ASSA ABLOY SER’B’NPV (POST SPLIT) | 253 084.00 | 7 034 689.75 | 0.44 |
| SEK | ATLAS COPCO AB SER’A’NPV (POST SPLIT) | 166 563.00 | 10 489 883.81 | 0.66 |
| SEK | ATLAS COPCO AB SER’B’NPV (POST SPLIT) | 96 835.00 | 5 186 373.76 | 0.32 |
| SEK | BOLIDEN AB NPV (POST SPLIT) | 67 845.00 | 2 389 695.00 | 0.15 |
| SEK | ELECTROLUX AB SER’B’NPV (POST SPLIT) | 53 567.00 | 1 183 282.48 | 0.07 |
| SEK | EMBRACER GROUP AB SER’B’NPV (POST SPLIT) | 133 057.00 | 1 292 309.77 | 0.08 |
| SEK | EPIROC AB SER’A’NPV (POST SPLIT) | 165 579.00 | 3 819 235.63 | 0.24 |
| SEK | EPIROC AB SER’B’NPV | 98 898.00 | 1 907 946.56 | 0.12 |
| SEK | EQT AB NPV | 75 293.00 | 3 735 580.55 | 0.23 |
| SEK | ERICSSON SER’B’ NPV | 725 058.00 | 7 281 424.59 | 0.46 |
| SEK | ESSITY AB SER’B’NPV | 150 046.00 | 4 460 581.69 | 0.28 |
| SEK | EVOLUTION AB NPV | 43 138.00 | 5 583 738.82 | 0.35 |
| SEK | FASTIGHETS AB BALD SER’B’NPV | 26 371.00 | 1 729 806.56 | 0.11 |
| SEK | GETINGE AB SER’B’NPV | 56 819.00 | 2 259 213.11 | 0.14 |
| SEK | HENNES & MAURITZ SER’B’NPV | 182 545.00 | 3 271 460.44 | 0.20 |
| SEK | HEXAGON AB SER’B’NPV (POST SPLIT) | 498 067.00 | 7 200 289.91 | 0.45 |
| SEK | HUSQVARNA AB SER’B’NPV | 113 346.00 | 1 652 271.01 | 0.10 |
| SEK | INDUSTRIVARDEN AB SER’A’NPV | 32 103.00 | 931 745.83 | 0.06 |
| SEK | INDUSTRIVARDEN AB SER’C’NPV | 39 425.00 | 1 127 196.21 | 0.07 |
| SEK | INVESTOR AB SER’A’NPV (POST SPLIT) | 123 367.00 | 2 962 279.46 | 0.19 |
| SEK | INVESTOR AB SER’B’NPV (POST SPLIT) | 459 832.00 | 10 539 358.10 | 0.66 |
| SEK | KINNEVIK AB SER’B’NPV (POST SPLIT) | 58 248.00 | 1 891 924.73 | 0.12 |
| SEK | LATOUR INVESTMENT SER’B’NPV (POST SPLIT) | 37 459.00 | 1 389 907.51 | 0.09 |
| SEK | LIFCO AB SER’B’NPV (POST SPLIT) | 53 245.00 | 1 450 519.83 | 0.09 |
| SEK | LUNDBERGFORETAGEN SER’B’NPV | 18 972.00 | 969 914.41 | 0.06 |
| SEK | LUNDIN ENERGY AB NPV | 50 821.00 | 1 659 642.29 | 0.10 |
| SEK | NIBE INDUSTRIER AB SER’B’NPV (POST SPLIT) | 349 937.00 | 4 815 859.23 | 0.30 |
| SEK | SAGAX AB NPV B | 35 795.00 | 1 098 699.16 | 0.07 |
| SEK | SANDVIK AB NPV (POST SPLIT) | 279 465.00 | 7 104 235.60 | 0.44 |
| SEK | SECURITAS SER’B’NPV | 80 079.00 | 1 004 540.63 | 0.06 |
| SEK | SINCH AB NPV (POST SPLIT) | 124 100.00 | 1 437 486.22 | 0.09 |
| SEK | SKAND ENSKILDA BKN SER’A’NPV | 408 567.00 | 5 174 555.99 | 0.32 |
| SEK | SKANSKA AB SER’B’NPV | 80 555.00 | 1 898 610.93 | 0.12 |
| SEK | SKF AB SER’B’NPV | 97 560.00 | 2 105 986.94 | 0.13 |
| SEK | SVENSKA CELLULOSA SER’B’NPV | 148 362.00 | 2 400 105.02 | 0.15 |
| SEK | SVENSKA HANDELSBKN SER’A’NPV (P/S) | 369 148.00 | 3 635 484.65 | 0.23 |
| SEK | SWEDBANK AB SER’A’NPV | 226 731.00 | 4 155 061.28 | 0.26 |
| SEK | SWEDISH MATCH NPV (POST SPLIT) | 395 653.00 | 2 867 636.93 | 0.18 |
| SEK | TELE2 AB SHS | 133 890.00 | 1 739 526.18 | 0.11 |
| SEK | TELIA COMPANY AB NPV | 678 596.00 | 2 417 867.39 | 0.15 |
| SEK | VOLVO AB SER’A’NPV (POST SPLIT) | 53 499.00 | 1 144 631.01 | 0.07 |
| SEK | VOLVO AB SER’B’NPV (POST SPLIT) | 362 045.00 | 7 638 604.16 | 0.48 |
| Total Suède |  | 146 875 561.30 | 9.18 |
| Royaume-Uni |  |  |  |
| EUR	COCA-COLA EUROPACI COM EUR0.01 | 18 283.00 | 929 776.88 | 0.06 |
| USD	COCA-COLA EUROPACI COM EUR0.01 | 33 446.00 | 1 704 428.88 | 0.11 |
| EUR	STELLANTIS N V COM EUR0.01 | 510 356.00 | 8 823 729.68 | 0.55 |
| Total Royaume-Uni |  | 11 457 935.44 | 0.72 |
| Total Actions |  | 1 591 976 850.25 | 99.66 |
| Total des Valeurs mobilières et instruments du marché monétaire admis à la cote officielle d’une bourse de valeurs |  | 1 591 976 850.25 | 99.66 |
| Total des investissements en titres |  | 1 591 976 850.25 | 99.66 |

UBS (Lux) Institutional Fund – Equities Europe (ex UK ex Switzerland) Passive Rapport annuel et états financiers révisés au 31 décembre 2021
| Dénomination	Quantité/ | Evaluation en CHF | en % |
| --- | --- | --- |
| Nominal | Plus- (Moins-) value non- | des |
|  | réalisée sur Futures/ | actifs |
|  | Contrats de | nets |
|  | change à terme/ |  |
|  | Swaps (note 1) |  |
| Instruments dérivés |  |  |  |
| Instruments dérivés admis à la cote officielle d’une bourse de valeurs |  |  |  |
| Contrats financiers à terme sur indices |  |  |  |
|  |  |  |  |
| EUR	EURO STOXX 50 INDEX FUTURE 18.03.22 | 86.00 | 73 069.99 | 0.00 |
| Total des Contrats financiers à terme sur indices |  | 73 069.99 | 0.00 |
| Total des Instruments dérivés admis à la cote officielle d’une bourse de valeurs |  | 73 069.99 | 0.00 |
| Total des Instruments dérivés |  | 73 069.99 | 0.00 |
|  |  |  |  |
| Avoirs en banque, dépôts à vue et comptes de dépôt et autres liquidités |  | 3 839 437.51 | 0.24 |
| Autres actifs et passifs |  | 1 467 064.27 | 0.10 |
| Total des actifs nets |  | 1 597 356 422.02 | 100.00 |

UBS (Lux) Institutional Fund – Equities Europe (ex UK ex Switzerland) Passive Rapport annuel et états financiers révisés au 31 décembre 2021