# UBS (Lux) Institutional Fund – Euro Bonds
| Three-year comparison |  |
| --- | --- |
|  | ISIN | 31.12.2021 | 31.12.2020 | 31.12.2019 |
| Net assets in EUR |  | 155 473 812.57 | 159 691 924.57 | 165 164 096.36 |
| Class AA | LU0093640489 |  |  |  |
| Units outstanding |  | 9 239.8460 | 10 517.0480 | 14 212.9920 |
| Net asset value per unit in EUR |  | 229.00 | 236.72 | 227.85 |
| Issue and redemption price per unit in EUR 1 |  | 229.00 | 236.72 | 227.85 |
| Class AD-T2 | LU0157015289 |  |  |  |
| Units outstanding |  | 347 428.0110 | 332 396.1430 | 316 685.9890 |
| Net asset value per unit in EUR |  | 113.19 | 118.17 | 115.15 |
| Issue and redemption price per unit in EUR 1 |  | 113.19 | 118.17 | 115.15 |
| Class BA | LU0093640562 |  |  |  |
| Units outstanding |  | 196 269.7750 | 200 512.5380 | 233 175.2670 |
| Net asset value per unit in EUR |  | 250.74 | 258.15 | 247.49 |
| Issue and redemption price per unit in EUR 1 |  | 250.74 | 258.15 | 247.49 |
| Class XA | LU0176375417 |  |  |  |
| Units outstanding |  | 316 069.7240 | 313 560.9240 | 335 141.1460 |
| Net asset value per unit in EUR |  | 205.08 | 211.00 | 202.16 |
| Issue and redemption price per unit in EUR 1 |  | 205.08 | 211.00 | 202.16 |
| 1  See note 1 |  |  |  |  |


## Report of the Portfolio Manager
During the financial year, from 1 January 2021 to
31 December 2021, the ECB maintained its accom- modative monetary policy in order to increase inflation and support economic activity to smoothen the nega- tive impact caused by the Covid-19-virus. The ECB did leave interest rates unchanged even though inflationary pressures increased towards the end of 2021. Ten-year German government bond yields increased from -0.57% to -0.18%.
The subfund had a negative performance over the finan- cial year as yields increased. The overweight of Corporate bonds had a positive impact on the overall performance.

## Structure of the Securities Portfolio
Geographical Breakdown as a % of net assets	
| France | 20.99 |
| --- | --- |
| Italy | 14.59 |
| Germany | 12.67 |
| Belgium | 8.03 |
| Spain | 7.98 |
| The Netherlands | 7.33 |
| United States | 5.75 |
| United Kingdom | 3.83 |
| Australia | 2.25 |
| Ireland | 1.90 |
| Luxembourg | 1.73 |
| Supranationals | 1.57 |
| Sweden | 1.30 |
| Finland | 1.13 |
| Portugal | 1.08 |
| Austria | 0.95 |
| Mexico | 0.80 |
| Japan | 0.64 |
| Switzerland | 0.61 |
| Czech Republic | 0.52 |
| New Zealand | 0.33 |
| Norway | 0.33 |
| Singapore | 0.32 |
| Total | 96.63 |

Economic Breakdown as a % of net assets	
| Countries & central governments | 49.90 |
| --- | --- |
| Banks & credit institutions | 19.72 |
| Supranational organisations | 6.42 |
| Finance & holding companies | 6.35 |
| Telecommunications | 2.00 |
| Energy & water supply | 1.58 |
| Pharmaceuticals, cosmetics & medical products | 1.57 |
| Building industry & materials | 1.17 |
| Real Estate | 1.08 |
| Petroleum | 0.92 |
| Public, non-profit institutions | 0.82 |
| Insurance | 0.69 |
| Vehicles | 0.69 |
| Tobacco & alcohol | 0.67 |
| Electrical devices & components | 0.61 |
| Mortgage & funding institutions | 0.61 |
| Investment funds | 0.53 |
| Traffic & transportation | 0.52 |
| Computer hardware & network equipment providers | 0.45 |
| Food & soft drinks | 0.33 |
| Total | 96.63 |

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

## Statement of Net Assets
Assets	31.12.2021
EUR
Investments in securities, cost	149 268 684.55
| Investments in securities, unrealized appreciation (depreciation) | 	971 914.49	 |
| --- | --- |
| Total investments in securities (Note 1) | 150 240 599.04 |
| Cash at banks, deposits on demand and deposit accounts | 3 430 781.52 |
| Receivable on subscriptions | 890 620.90 |
| Interest receivable on securities | 861 746.26 |
| Other receivables | 10 868.63 |
| Unrealized gain on financial futures (Note 1) | 89 460.00 |
| Total Assets | 155 524 076.35 |
|  |  |
| Liabilities |  |
| Interest payable on bank overdraft | -11 664.20 |
| Payable on redemptions | -11 331.34 |
| Provisions for flat fee (Note 2) | -15 714.80 |
| Provisions for taxe d’abonnement (Note 3) | -3 886.84 |
| Provisions for other commissions and fees (Note 2) | 	-7 666.60	 |
| Total provisions | -27 268.24 |
| Total Liabilities | -50 263.78 |
|  |  |
| Net assets at the end of the financial year | 155 473 812.57 |
| Statement of Operations | EUR |
| Income | 1.1.2021-31.12.2021 |
| Interest on securities | 2 017 708.81 |
| Net income on securities lending (Note 13) | 35 366.98 |
| Other income (Note 2, 4) | 26 113.11 |
| Total income | 2 079 188.90 |
|  |  |
| Expenses |  |
| Flat fee (Note 2) | -186 146.13 |
| Taxe d’abonnement (Note 3) | -16 023.31 |
| Other commissions and fees (Note 2) | -7 458.37 |
| Interest on cash and bank overdraft | -8 550.63 |
| Total expenses | -218 178.44 |
|  |  |
| Net income (loss) on investments | 1 861 010.46 |
|  |  |
| Realized gain (loss) (Note 1) |  |
| Realized gain (loss) on market-priced securities without options | 430 798.95 |
| Realized gain (loss) on yield-evaluated securities and money market instruments | -29 514.82 |
| Realized gain (loss) on financial futures | 3 937.42 |
| Total realized gain (loss) | 405 221.55 |
|  |  |
| Net realized gain (loss) of the financial year | 2 266 232.01 |
|  |  |
| Changes in unrealized appreciation (depreciation) (Note 1) |  |
| Unrealized appreciation (depreciation) on market-priced securities without options | -7 030 591.64 |
| Unrealized appreciation (depreciation) on yield-evaluated securities and money market instruments | -16 506.40 |
| Unrealized appreciation (depreciation) on financial futures | 106 660.00 |
| Total changes in unrealized appreciation (depreciation) | -6 940 438.04 |
|  |  |
| Net increase (decrease) in net assets as a result of operations | -4 674 206.03 |

UBS (Lux) Institutional Fund – Euro 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 |  | 159 691 924.57 |
| Subscriptions |  | 19 306 187.89 |
| Redemptions |  | 	-18 430 398.44	 |
| Total net subscriptions (redemptions) |  | 875 789.45 |
| Dividend paid |  | -419 695.42 |
| Net income (loss) on investments |  | 1 861 010.46 |
| Total realized gain (loss) |  | 405 221.55 |
| Total changes in unrealized appreciation (depreciation) |  | 	-6 940 438.04	 |
| Net increase (decrease) in net assets as a result of operations |  | -4 674 206.03 |
| Net assets at the end of the financial year |  | 155 473 812.57 |
| Development of the outstanding units |  |  |
|  |  | 1.1.2021-31.12.2021 |
| Class |  | AA |
| Number of units outstanding at the beginning of the financial year |  | 10 517.0480 |
| Number of units issued |  | 0.0000 |
| Number of units redeemed |  | -1 277.2020 |
| Number of units outstanding at the end of the financial year |  | 9 239.8460 |
| Class |  | AD-T2 |
| Number of units outstanding at the beginning of the financial year |  | 332 396.1430 |
| Number of units issued |  | 36 716.9940 |
| Number of units redeemed |  | -21 685.1260 |
| Number of units outstanding at the end of the financial year |  | 347 428.0110 |
| Class |  | BA |
| Number of units outstanding at the beginning of the financial year |  | 200 512.5380 |
| Number of units issued |  | 9 755.3390 |
| Number of units redeemed |  | -13 998.1020 |
| Number of units outstanding at the end of the financial year |  | 196 269.7750 |
| Class |  | XA |
| Number of units outstanding at the beginning of the financial year |  | 313 560.9240 |
| Number of units issued |  | 60 905.1090 |
| Number of units redeemed |  | -58 396.3090 |
| Number of units outstanding at the end of the financial year |  | 316 069.7240 |
| Annual Distribution 1 |  |  |
| UBS (Lux) Institutional Fund – Euro Bonds	Ex-Date | Pay-Date | Currency	Amount per unit |
| AD-T2	1.3.2021 | 4.3.2021 | EUR	1.26 |
| 1  See note 5 |  |  |

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

## Statement of Investments in Securities and other Net Assets as of 31 December 2021
| Description | Quantity/ | Valuation in EUR | as a % |
| --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |
| Transferable securities and money market instruments listed on an official stock exchange |  |  |  |
| Notes, fixed rate |  |  |  |
| EUR |  |  |  |
| EUR	BP CAPITAL MARKETS PLC-REG-S 2.82200% 20-07.04.32 | 500 000.00 | 590 116.00 | 0.38 |
| EUR	ENEL FINANCE INTERNATIONAL NV-REG-S 1.37500% 16-01.06.26 | 1 100 000.00 | 1 149 957.60 | 0.74 |
| EUR	MEXICO, UNITED STATES OF 1.62500% 19-08.04.26 | 1 200 000.00 | 1 249 725.00 | 0.80 |
| EUR	SPAIN, KINGDOM OF-144A-REG-S 0.80000% 20-30.07.27 | 2 000 000.00 | 2 085 120.80 | 1.34 |
| Total EUR |  | 5 074 919.40 | 3.26 |
| Total Notes, fixed rate |  | 5 074 919.40 | 3.26 |
| Notes, floating rate |  |  |  |
| EUR |  |  |  |
| EUR	AUSTRALIA & NZ BANKING GRP-REG-S-SUB 1.125%/VAR 19-21.11.29 | 1 000 000.00 | 1 016 074.00 | 0.66 |
| EUR	OP CORPORATE BANK PLC-REG-S SUB 1.625%/VAR 20-09.06.30 | 500 000.00 | 511 440.00 | 0.33 |
| EUR	WESTPAC BANKING CORP-REG-SUB 0.766%/VAR 21-13.05.31 | 650 000.00 | 641 454.38 | 0.41 |
| Total EUR |  | 2 168 968.38 | 1.40 |
| Total Notes, floating rate |  | 2 168 968.38 | 1.40 |
| Medium term notes, fixed rate |  |  |  |
| EUR |  |  |  |
| EUR	ABERTIS INFRAESTRUCTURAS SA-REG-S 0.62500% 19-15.07.25 | 800 000.00 | 809 385.60 | 0.52 |
| EUR	ABN AMRO BANK NV-REG-S 1.25000% 18-10.01.33 | 1 000 000.00 | 1 095 714.00 | 0.70 |
| EUR	BANQUE FEDER DU CREDIT MUTUEL-REG-S-SUB 3.00000% 15-11.09.25 | 1 100 000.00 | 1 200 342.00 | 0.77 |
| EUR	BARCLAYS PLC-REG-S 1.87500% 16-08.12.23 | 500 000.00 | 518 876.00 | 0.33 |
| EUR	BAT INTERNATIONAL FINANCE PLC-REG-S 2.37500% 12-19.01.23 | 200 000.00 | 205 106.00 | 0.13 |
| EUR	BAT INTERNATIONAL FINANCE PLC-REG-S 2.25000% 17-16.01.30 | 400 000.00 | 416 320.00 | 0.27 |
| EUR	BMW FINANCE NV-REG-S 0.37500% 20-14.01.27 | 800 000.00 | 810 102.40 | 0.52 |
| EUR	BNP PARIBAS-REG-S-SUB 2.87500% 16-01.10.26 | 1 200 000.00 | 1 322 757.60 | 0.85 |
| EUR	BP CAPITAL MARKETS PLC-REG-S 1.59400% 18-03.07.28 | 1 000 000.00 | 1 063 554.00 | 0.68 |
| EUR	BPCE SA-REG-S 1.37500% 18-23.03.26 | 500 000.00 | 521 346.00 | 0.34 |
| EUR	CAISSE FRANCAISE DE FIN LOCAL-REG-S 3.00000% 13-02.10.28 | 300 000.00 | 358 345.80 | 0.23 |
| EUR	CEZ AS 4.87500% 10-16.04.25 | 700 000.00 | 807 975.00 | 0.52 |
| EUR	CIE DE SAINT-GOBAIN SA-REG-S 1.87500% 19-15.03.31 | 700 000.00 | 773 843.00 | 0.50 |
| EUR	CITIGROUP INC-REG-S 0.75000% 16-26.10.23 | 400 000.00 | 405 664.00 | 0.26 |
| EUR	COCA-COLA HBC FINANCE BV-REG-S 1.87500% 16-11.11.24 | 900 000.00 | 947 113.20 | 0.61 |
| EUR	COMMERZBANK AG-REG-S 0.50000% 18-28.08.23 | 800 000.00 | 808 041.60 | 0.52 |
| EUR	DAIMLER AG-REG-S 1.37500% 16-11.05.28 | 1 000 000.00 | 1 071 292.00 | 0.69 |
| EUR	DEUTSCHE TELEKOM INTL FINANCE BV-REG-S 1.50000% 16-03.04.28 | 900 000.00 | 964 083.60 | 0.62 |
| EUR	DIAGEO FINANCE PLC-REG-S 1.00000% 18-22.04.25 | 1 000 000.00 | 1 030 234.00 | 0.66 |
| EUR	DNB BANK ASA-REG-S 0.60000% 18-25.09.23 | 500 000.00 | 507 115.00 | 0.33 |
| EUR	ELECTRICITE DE FRANCE-REG-S 1.87500% 16-13.10.36 | 500 000.00 | 534 085.00 | 0.34 |
| EUR	EUROPEAN INVESTMENT BANK-REG-S 1.25000% 14-13.11.26 | 500 000.00 | 535 551.00 | 0.34 |
| EUR	EUROPEAN UNION-REG-S 2.50000% 12-04.11.27 | 2 112 000.00 | 2 440 116.10 | 1.57 |
| EUR	EUROPEAN UNION-REG-S 0.25000% 21-22.04.36 | 3 000 000.00 | 2 935 980.00 | 1.89 |
| EUR	GECINA-REG-S 1.62500% 18-14.03.30 | 400 000.00 | 434 046.40 | 0.28 |
| EUR	GOLDMAN SACHS GROUP INC-REG-S 1.25000% 16-01.05.25 | 800 000.00 | 820 568.00 | 0.53 |
| EUR	HEIDELBERGCEMENT AG-REG-S 2.25000% 16-03.06.24 | 1 000 000.00 | 1 048 870.00 | 0.67 |
| EUR	HEINEKEN NV-REG-S 1.00000% 16-04.05.26 | 400 000.00 | 413 258.40 | 0.27 |
| EUR	HEINEKEN NV-REG-S 1.75000% 20-07.05.40 | 400 000.00 | 419 996.00 | 0.27 |
| EUR	IMPERIAL BRANDS FINANCE PLC-REG-S 2.12500% 19-12.02.27 | 500 000.00 | 524 269.00 | 0.34 |
| EUR	INTESA SANPAOLO SPA-REG-S 1.00000% 19-19.11.26 | 1 150 000.00 | 1 169 416.60 | 0.75 |
| EUR	JPMORGAN CHASE & CO-REG-S 1.50000% 15-27.01.25 | 400 000.00 | 417 846.40 | 0.27 |
| EUR	KREDITANSTALT FUER WIEDERAUFBAU-REG-S 0.37500% 15-23.04.30 | 1 800 000.00 | 1 849 705.20 | 1.19 |
| EUR	KREDITANSTALT FUER WIEDERAUFBAU-REG-S 0.05000% 19-29.09.34 | 1 300 000.00 | 1 257 022.00 | 0.81 |
| EUR	LANSFORSAKRINGAR HYPOTEK AB-REG-S 0.62500% 18-27.03.25 | 1 000 000.00 | 1 024 018.00 | 0.66 |
| EUR	MORGAN STANLEY 1.87500% 17-27.04.27 | 800 000.00 | 858 091.20 | 0.55 |
| EUR	NATIONAL AUSTRALIA BANK LTD-REG-S 0.87500% 15-19.02.27 | 1 000 000.00 | 1 040 748.00 | 0.67 |
| EUR	NATIONAL GRID PLC-REG-S 0.55300% 20-18.09.29 | 700 000.00 | 694 101.80 | 0.45 |
| EUR	NATWEST GROUP PLC-REG-S 2.50000% 16-22.03.23 | 400 000.00 | 412 828.00 | 0.27 |
| EUR	OP CORPORATE BANK PLC-REG-S-SUB 5.75000% 12-28.02.22 | 500 000.00 | 504 352.00 | 0.32 |
| EUR	ORANGE SA-REG-S 1.00000% 18-12.09.25 | 800 000.00 | 824 716.80 | 0.53 |
| EUR	ORIGIN ENERGY FINANCE LTD-REG-S 1.00000% 19-17.09.29 | 500 000.00 | 490 389.00 | 0.32 |
| EUR	RABOBANK NEDERLAND NV-REG-S 1.50000% 18-26.04.38 | 1 500 000.00 | 1 724 811.00 | 1.11 |
| EUR	SANOFI-REG-S 1.75000% 14-10.09.26 | 900 000.00 | 969 636.60 | 0.62 |
| EUR	SANTANDER UK PLC-REG-S 0.05000% 20-12.01.27 | 500 000.00 | 499 464.00 | 0.32 |
| EUR	SKANDINAVISKA ENSKILDA BANKEN AB-REG-S 0.25000% 17-20.06.24 | 300 000.00 | 303 579.00 | 0.19 |
| EUR	SUMITOMO MITSUI BANKING CORP-REG-S 0.26700% 19-18.06.26 | 1 000 000.00 | 1 004 548.40 | 0.65 |
| EUR	UBS GROUP AG-REG-S 1.25000% 16-01.09.26 | 949 000.00 | 943 021.30 | 0.61 |
| EUR	UNIBAIL-RODAMCO SE-REG-S 1.37500% 16-09.03.26 | 1 000 000.00 | 1 041 482.00 | 0.67 |
| EUR	UNICREDITO ITALIANO SPA 1.00000% 18-18.01.23 | 1 000 000.00 | 1 010 860.00 | 0.65 |
| EUR	UNITED OVERSEAS BANK LTD-REG-S 0.25000% 18-11.09.23 | 500 000.00 | 504 787.00 | 0.32 |
| EUR	VEOLIA ENVIRONNEMENT SA-REG-S 1.25000% 20-15.04.28 | 400 000.00 | 421 536.80 | 0.27 |
| EUR	VONOVIA FINANCE BV-REG-S 0.87500% 18-03.07.23 | 200 000.00 | 202 326.00 | 0.13 |
| EUR	WESTPAC BANKING CORP-REG-S 0.50000% 18-16.01.25 | 300 000.00 | 305 648.94 | 0.20 |
| Total EUR |  | 45 218 886.74 | 29.08 |
| Total Medium term notes, fixed rate |  | 45 218 886.74 | 29.08 |
| Medium term notes, zero coupon |  |  |  |
| EUR |  |  |  |
| EUR	EUROPEAN COMMUNITY-REG-S 0.00000% 21-04.07.31 | 2 000 000.00 | 1 985 608.00 | 1.28 |
| Total EUR |  | 1 985 608.00 | 1.28 |
| Total Medium term notes, zero coupon |  | 1 985 608.00 | 1.28 |

UBS (Lux) Institutional Fund – Euro 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) |  |

Medium term notes, floating rate
| EUR |  |
| --- | --- |
| EUR | BANK OF AMERICA CO-REG-S 1.379%/3M EURIBOR+103BP 17-07.02.25 | 700 000.00 | 719 460.00 | 0.46 |
| EUR | BANK OF AMERICA CORP-REG-S 3.648%/VAR 20-31.03.29 | 750 000.00 | 883 962.45 | 0.57 |
| EUR | BANK OF IRELAND GROUP PLC-REG-S 0.750%/VAR 19-08.07.24 | 300 000.00 | 303 128.40 | 0.19 |
| EUR | CITIGROUP INC-REG-S 0.500%/VAR 19-08.10.27 | 500 000.00 | 499 736.00 | 0.32 |
| EUR | DANONE SA-REG-S-SUB 1.750%/VAR 17-PRP | 500 000.00 | 507 125.00 | 0.33 |
| EUR | IBERDROLA INTERNATIONAL BV-REG-S-SUB 2.625%/VAR 18-PRP | 900 000.00 | 943 135.20 | 0.61 |
| EUR | ING GROEP NV-SUB 3.000%/VAR 17-11.04.28 | 1 100 000.00 | 1 138 907.00 | 0.73 |
| EUR | JPMORGAN CHASE & CO-REG-S 0.389%/3M EURIBOR+65BP 20-24.02.28 | 500 000.00 | 496 335.08 | 0.32 |
| EUR | TOTAL SE-REG-S-SUB 2.708%/VAR 16-PRP | 700 000.00 | 718 375.00 | 0.46 |
| EUR | TOTAL SE-REG-S-SUB 3.369%/VAR 16-PRP | 200 000.00 | 217 500.00 | 0.14 |
| Total EUR |  |  | 6 427 664.13 | 4.13 |
| Total Medium term notes, floating rate |  | 6 427 664.13 | 4.13 |
| Bonds, fixed rate |  |  |  |
| EUR |  |  |  |
| EUR	ABBVIE INC 1.37500% 16-17.05.24 | 300 000.00 | 308 969.40 | 0.20 |
| EUR	ABBVIE INC 2.12500% 16-17.11.28 | 500 000.00 | 549 569.00 | 0.35 |
| EUR	APPLE INC 1.37500% 17-24.05.29 | 650 000.00 | 698 738.30 | 0.45 |
| EUR	AT&T INC 3.50000% 13-17.12.25 | 1 000 000.00 | 1 123 964.00 | 0.72 |
| EUR	AUSTRIA, REPUBLIC OF-144A 3.80000% 12-26.01.62 | 300 000.00 | 616 188.60 | 0.40 |
| EUR	AUSTRIA, REPUBLIC OF-144A-REG-S 1.50000% 16-20.02.47 | 700 000.00 | 854 851.20 | 0.55 |
| EUR	BELGIUM, KINGDOM OF-144A-REG-S 0.80000% 18-22.06.28 | 1 500 000.00 | 1 599 477.00 | 1.03 |
| EUR	BELGIUM, KINGDOM OF-144A-REG-S 1.70000% 19-22.06.50 | 800 000.00 | 956 000.00 | 0.62 |
| EUR	BNZ INTERNATIONAL FUND LTD/LONDON 0.50000% 17-03.07.24 | 500 000.00 | 508 320.00 | 0.33 |
| EUR	CAISSE D’AMORTIS DE LA DETTE SOCIALE 4.00000% 12-15.12.25 | 1 100 000.00 | 1 284 315.89 | 0.83 |
| EUR	DEUTSCHE BANK AG-REG-S 0.05000% 19-20.11.24 | 1 000 000.00 | 1 001 110.00 | 0.64 |
| EUR	EUROPEAN INVESTMENT BANK 1.00000% 16-14.04.32 | 1 000 000.00 | 1 083 978.00 | 0.70 |
| EUR	FRANCE, REPUBLIC OF-OAT 4.00000% 06-25.10.38 | 1 400 000.00 | 2 194 936.80 | 1.41 |
| EUR	FRANCE, REPUBLIC OF-OAT 4.50000% 09-25.04.41 | 1 468 000.00 | 2 510 617.64 | 1.62 |
| EUR	FRANCE, REPUBLIC OF-OAT 4.00000% 10-25.04.60 | 700 000.00 | 1 383 445.00 | 0.89 |
| EUR	FRANCE, REPUBLIC OF-OAT-REG-S 1.50000% 15-25.05.31 | 3 500 000.00 | 3 949 687.00 | 2.54 |
| EUR	FRANCE, REPUBLIC OF-OAT-144A-REG-S 1.25000% 15-25.05.36 | 1 000 000.00 | 1 108 598.40 | 0.71 |
| EUR	FRANCE, REPUBLIC OF-OAT-REG-S 0.25000% 15-25.11.26 | 4 380 000.00 | 4 501 150.80 | 2.90 |
| EUR	FRANCE, REPUBLIC OF-OAT-144A-REG-S 2.00000% 17-25.05.48 | 200 000.00 | 257 180.80 | 0.17 |
| EUR	FRANCE, REPUBLIC OF-OAT-REG-S 0.75000% 18-25.11.28 | 2 400 000.00 | 2 546 431.68 | 1.64 |
| EUR	FRANCE, REPUBLIC OF-OAT-144A-REG-S 1.50000% 19-25.05.50 | 500 000.00 | 579 938.00 | 0.37 |
| EUR	FRANCE, REPUBLIC OF-OAT-144A-REG-S 0.50000% 20-25.05.40 | 1 000 000.00 | 976 900.00 | 0.63 |
| EUR	GERMANY, REPUBLIC OF 2.50000% 14-15.08.46 | 500 000.00 | 799 488.01 | 0.51 |
| EUR	GERMANY, REPUBLIC OF-REG-S 0.25000% 17-15.02.27 | 2 902 000.00 | 3 007 870.76 | 1.93 |
| EUR	GERMANY, REPUBLIC OF 4.00000% 05-04.01.37 | 500 000.00 | 811 237.00 | 0.52 |
| EUR	GERMANY, REPUBLIC OF 2.50000% 12-04.07.44 | 2 200 000.00 | 3 435 682.80 | 2.21 |
| EUR	IRELAND, REPUBLIC OF-REG-S 1.10000% 19-15.05.29 | 1 000 000.00 | 1 080 205.00 | 0.69 |
| EUR	IRELAND-REG-S 2.40000% 14-15.05.30 | 620 000.00 | 741 867.20 | 0.48 |
| EUR	ITALY, REPUBLIC OF 0.85000% 19-15.01.27 | 2 000 000.00 | 2 038 400.00 | 1.31 |
| EUR	ITALY, REPUBLIC OF-BTP-144A-REG-S 1.65000% 15-01.03.32 | 1 300 000.00 | 1 362 272.47 | 0.88 |
| EUR	ITALY, REPUBLIC OF-BTP-144A-REG-S 2.70000% 16-01.03.47 | 1 100 000.00 | 1 274 984.48 | 0.82 |
| EUR	ITALY, REPUBLIC OF-BTP-144A-REG-S 2.25000% 16-01.09.36 | 921 000.00 | 1 014 009.95 | 0.65 |
| EUR	ITALY, REPUBLIC OF-BTP 1.25000% 16-01.12.26 | 728 000.00 | 757 629.60 | 0.49 |
| EUR	ITALY, REPUBLIC OF-BTP-REG-S 0.65000% 16-15.10.23 | 2 696 000.00 | 2 738 057.60 | 1.76 |
| EUR	ITALY, REPUBLIC OF-BTP-144A-REG-S 2.80000% 16-01.03.67 | 800 000.00 | 903 600.00 | 0.58 |
| EUR	ITALY, REPUBLIC OF-BTP 2.00000% 18-01.02.28 | 2 200 000.00 | 2 382 375.60 | 1.53 |
| EUR	ITALY, REPUBLIC OF-BTP-144A-REG-S 1.45000% 20-01.03.36 | 1 000 000.00 | 1 000 800.00 | 0.64 |
| EUR	ITALY, REPUBLIC OF-REG-S 0.50000% 20-01.02.26 | 6 000 000.00 | 6 044 871.00 | 3.89 |
| EUR	ITALY, REPUBLIC OF-REG-S 0.90000% 20-01.04.31 | 1 000 000.00 | 983 477.48 | 0.63 |
| EUR	OP MORTGAGE BANK-REG-S 0.01000% 20-19.11.30 | 750 000.00 | 736 363.50 | 0.47 |
| EUR	PORTUGAL, REPUBLIC OF-144A-REG-S 2.12500% 18-17.10.28 | 950 000.00 | 1 082 231.45 | 0.70 |
| EUR	PORTUGAL, REPUBLIC OF-144A-REG-S 2.25000% 18-18.04.34 | 500 000.00 | 594 104.00 | 0.38 |
| EUR	RABOBANK NEDERLAND NV 4.12500% 10-14.07.25 | 500 000.00 | 573 225.00 | 0.37 |
| EUR	SPAIN, KINGDOM OF-144A-REG-S 2.90000% 16-31.10.46 | 1 500 000.00 | 2 025 876.00 | 1.30 |
| EUR	SPAIN, KINGDOM OF-144A-REG-S 1.20000% 20-31.10.40 | 1 000 000.00 | 1 010 000.00 | 0.65 |
| EUR	SPAIN, KINGDOM OF-144A-REG-S 0.50000% 20-30.04.30 | 4 500 000.00 | 4 554 675.00 | 2.93 |
| EUR	SVENSKA HANDELSBANKEN AB-REG-S 0.50000% 20-18.02.30 | 700 000.00 | 690 722.20 | 0.44 |
| EUR	VERIZON COMMUNICATIONS INC 2.62500% 14-01.12.31 | 1 000 000.00 | 1 165 030.00 | 0.75 |
| EUR	WINTERSHALL DEA FINANCE BV-REG-S 1.33200% 19-25.09.28 | 1 000 000.00 | 1 018 376.00 | 0.66 |
| Total EUR |  | 74 421 799.61 | 47.87 |
| Total Bonds, fixed rate |  | 74 421 799.61 | 47.87 |
| Bonds, zero coupon |  |  |  |
| EUR |  |  |  |
| EUR	BELGIUM, KINGDOM OF-144A-REG-S 0.00000% 20-22.10.27 | 2 500 000.00 | 2 539 340.00 | 1.63 |
| EUR	BELGIUM, KINGDOM OF-REG-S 0.00000% 21-22.10.31 | 1 500 000.00 | 1 473 360.00 | 0.95 |
| EUR	EUROPEAN UNION-REG-S 0.00000% 20-04.10.30 | 1 000 000.00 | 996 918.00 | 0.64 |
| EUR	FRANCE, REPUBLIC OF-OAT-REG-S 0.00000% 19-25.11.29 | 1 500 000.00 | 1 501 290.00 | 0.97 |
| EUR	GERMANY, REPUBLIC OF 0.00000% 19-15.08.50 | 300 000.00 | 287 155.20 | 0.18 |
| EUR	GERMANY, REPUBLIC OF 0.00000% 20-15.08.30 | 700 000.00 | 716 269.40 | 0.46 |
| EUR	GERMANY, REPUBLIC OF-REG-S 0.00000% 20-15.05.35 | 2 200 000.00 | 2 206 366.80 | 1.42 |
| EUR	GERMANY, REPUBLIC OF-REG-S 0.00000% 21-15.08.52 | 500 000.00 | 473 660.00 | 0.30 |
| EUR	GERMANY, REPUBLIC OF 0.00000% 19-05.04.24 | 300 000.00 | 304 626.60 | 0.20 |
| Total EUR |  | 10 498 986.00 | 6.75 |
| Total Bonds, zero coupon |  | 10 498 986.00 | 6.75 |

UBS (Lux) Institutional Fund – Euro Bonds Annual report and audited financial statements as of 31 December 2021
| Description | Quantity/ | Valuation in EUR | as a % |
| --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |
| Bonds, floating rate |  |  |  |
| EUR |  |  |  |
| EUR	MERCK KGAA-REG-S-SUB 1.625%/VAR 19-25.06.79 | 600 000.00 | 615 660.00 | 0.40 |
| EUR	SWISS RE FINANCE LUX SA-REG-S-SUB 2.534%/VAR 19-30.04.50 | 1 000 000.00 | 1 074 720.20 | 0.69 |
| Total EUR |  | 1 690 380.20 | 1.09 |
| Total Bonds, floating rate |  | 1 690 380.20 | 1.09 |
| Treasury notes, fixed rate |  |  |  |
| EUR |  |  |  |
| EUR	SPAIN, KINGDOM OF-REG-S 0.10000% 21-30.04.31 | 2 000 000.00 | 1 929 200.00 | 1.24 |
| Total EUR |  | 1 929 200.00 | 1.24 |
| Total Treasury notes, fixed rate | 1 929 200.00 | 1.24 |
| Total Transferable securities and money market instruments listed on an official stock exchange | 149 416 412.46 | 96.10 |
| UCITS/Other UCIs in accordance with Article 41 (1) e) of the amended Luxembourg law of 17 December 2010 |  |  |
| Investment funds, open end |  |  |
| Ireland |  |  |
| EUR	UBS (IRL) SELECT MONEY MARKET FUND-EUR-S-DIST	83.83 | 824 186.58 | 0.53 |
| Total Ireland | 824 186.58 | 0.53 |
| Total Investment funds, open end | 824 186.58 | 0.53 |
| Total UCITS/Other UCIs in accordance with Article 41 (1) e) of the amended Luxembourg law of 17 December 2010 | 824 186.58 | 0.53 |
| Total investments in securities | 150 240 599.04 | 96.63 |
| Derivative instruments |  |  |
| Derivative instruments listed on an official stock exchange |  |  |
| Financial Futures on bonds |  |  |
|  |  |  |
| EUR	EURO-BUND FUTURE 08.03.22	-36.00 | 99 360.00 | 0.07 |
| EUR	EURO-SCHATZ FUTURE 08.03.22	60.00 | -9 900.00 | -0.01 |
| Total Financial Futures on bonds | 89 460.00 | 0.06 |
| Total Derivative instruments listed on an official stock exchange | 89 460.00 | 0.06 |
| Total Derivative instruments | 89 460.00 | 0.06 |
|  |  |  |
| Cash at banks, deposits on demand and deposit accounts and other liquid assets | 3 430 781.52 | 2.21 |
| Other assets and liabilities | 1 712 972.01 | 1.10 |
| Total net assets | 155 473 812.57 | 100.00 |

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

Translation (ENFR, 2021-12-31):
# UBS (Lux) Institutional Fund – Euro Bonds
| Comparaison sur trois ans |  |
| --- | --- |
|  | ISIN | 31.12.2021 | 31.12.2020 | 31.12.2019 |
| Actifs nets en EUR |  | 155 473 812.57 | 159 691 924.57 | 165 164 096.36 |
| Catégorie AA | LU0093640489 |  |  |  |
| Parts en circulation |  | 9 239.8460 | 10 517.0480 | 14 212.9920 |
| Valeur nette d’inventaire par part en EUR |  | 229.00 | 236.72 | 227.85 |
| Prix d’émission et de rachat par part en EUR 1 |  | 229.00 | 236.72 | 227.85 |
| Catégorie AD-T2 | LU0157015289 |  |  |  |
| Parts en circulation |  | 347 428.0110 | 332 396.1430 | 316 685.9890 |
| Valeur nette d’inventaire par part en EUR |  | 113.19 | 118.17 | 115.15 |
| Prix d’émission et de rachat par part en EUR 1 |  | 113.19 | 118.17 | 115.15 |
| Catégorie BA | LU0093640562 |  |  |  |
| Parts en circulation |  | 196 269.7750 | 200 512.5380 | 233 175.2670 |
| Valeur nette d’inventaire par part en EUR |  | 250.74 | 258.15 | 247.49 |
| Prix d’émission et de rachat par part en EUR 1 |  | 250.74 | 258.15 | 247.49 |
| Catégorie XA | LU0176375417 |  |  |  |
| Parts en circulation |  | 316 069.7240 | 313 560.9240 | 335 141.1460 |
| Valeur nette d’inventaire par part en EUR |  | 205.08 | 211.00 | 202.16 |
| Prix d’émission et de rachat par part en EUR 1 |  | 205.08 | 211.00 | 202.16 |
| 1  Voir note 1 |  |  |  |  |


## Rapport du Gestionnaire de portefeuille
Au cours de l’exercice allant du 1
er 
janvier 2021 au
31 décembre 2021, la BCE a maintenu sa politique monétaire accommodante visant à augmenter l’inflation et à soutenir l’activité économique afin de lisser l’impact négatif causé par le virus Covid-19. La BCE a maintenu ses taux d’intérêt inchangés même si les pressions infla- tionnistes se sont accrues vers la fin de 2021. Les rende- ments des obligations d’État allemandes à dix ans sont passés de -0.57% à -0.18%.
Le compartiment a enregistré une performance néga- tive au cours de l’exercice, les rendements s’affichant en hausse. La surpondération des obligations d’entreprises a eu un impact positif sur la performance globale.

## Structure du portefeuille-titres
Répartition géographique en % des actifs nets	
France	20.99
| Italie | 14.59 |
| --- | --- |
| Allemagne | 12.67 |
| Belgique | 8.03 |
| Espagne | 7.98 |
| Pays-Bas | 7.33 |
| Etats-Unis | 5.75 |
| Royaume-Uni | 3.83 |
| Australie | 2.25 |
| Irlande | 1.90 |
| Luxembourg | 1.73 |
| Organismes supranationaux | 1.57 |
| Suède | 1.30 |
| Finlande | 1.13 |
| Portugal | 1.08 |
| Autriche | 0.95 |
| Mexique | 0.80 |
| Japon | 0.64 |
| Suisse | 0.61 |
| République tchèque | 0.52 |
| Nouvelle-Zélande | 0.33 |
| Norvège | 0.33 |
| Singapour | 0.32 |
| Total | 96.63 |

Répartition économique en % des actifs nets	
Pays et gouvernements centraux	49.90
Banques et établissements de crédit	19.72
Organismes supranationaux	6.42
Sociétés financières et holdings	6.35
Télécommunications	2.00
Approvisionnement en énergie et en eau	1.58
Produits pharmaceutiques, cosmétiques et médicaux	1.57
Construction et matériaux	1.17
Immobilier	1.08
Pétrole	0.92
Institutions publiques sans but lucratif	0.82
Assurances	0.69
Véhicules	0.69
Tabac et alcool	0.67
Appareils et composants électriques	0.61
Etablissements de crédit hypothécaire et de financement	0.61
Fonds d’investissement	0.53
Trafic et transport	0.52
Fournisseurs de matériel informatique et d’équipements de réseau	0.45
Aliments et boissons non alcoolisées	0.33
UBS (Lux) Institutional Fund – Euro Bonds
Rapport annuel et états financiers révisés au 31 décembre 2021

## Etat des actifs nets
Actifs	31.12.2021
EUR
Investissements en titres, coûts	149 268 684.55
| Investissements en titres, plus-/(moins-)values non réalisées | 	971 914.49	 |
| --- | --- |
| Total des investissements en titres (note 1) | 150 240 599.04 |
| Avoirs en banque, dépôts à vue et comptes de dépôt | 3 430 781.52 |
| Créances sur souscriptions | 890 620.90 |
| Intérêts à recevoir sur titres | 861 746.26 |
| Autres créances | 10 868.63 |
| Bénéfice non réalisé sur contrats financiers à terme (note 1) | 89 460.00 |
| Total des actifs | 155 524 076.35 |
|  |  |
| Passifs |  |
| Intérêts à payer sur crédit en compte courant | -11 664.20 |
| Montants à payer sur rachats | -11 331.34 |
| Provisions pour commission forfaitaire (note 2) | -15 714.80 |
| Provisions pour taxe d’abonnement (note 3) | -3 886.84 |
| Provisions pour autres commissions et frais (note 2) | 	-7 666.60	 |
| Total des provisions | -27 268.24 |
| Total des passifs | -50 263.78 |
|  |  |
| Actifs nets en fin d’exercice | 155 473 812.57 |
| Etat des opérations | EUR |
| Revenus | 1.1.2021-31.12.2021 |
| Intérêts sur titres | 2 017 708.81 |
| Revenus nets sur prêts de titres (note 13) | 35 366.98 |
| Autres revenus (note 2, 4) | 26 113.11 |
| Total des revenus | 2 079 188.90 |
|  |  |
| Dépenses |  |
| Commission forfaitaire (note 2) | -186 146.13 |
| Taxe d’abonnement (note 3) | -16 023.31 |
| Autres commissions et frais (note 2) | -7 458.37 |
| Intérêts sur liquidités et découvert bancaire | -8 550.63 |
| Total des dépenses | -218 178.44 |
|  |  |
| Revenu/(perte) net(te) des investissements | 1 861 010.46 |
|  |  |
| Bénéfice/(perte) réalisé(e) (note 1) |  |
| Bénéfice/(perte) réalisé(e) sur titres évalués à la valeur de marché hors options | 430 798.95 |
| Bénéfice/(perte) réalisé(e) sur instruments du marché monétaire et titres évalués selon le rendement | -29 514.82 |
| Bénéfice/(perte) réalisé(e) sur contrats financiers à terme | 3 937.42 |
| Total des bénéfices/(pertes) réalisé(e)s | 405 221.55 |
|  |  |
| Bénéfice/(perte) net(te) réalisé(e) au cours de l’exercice | 2 266 232.01 |
|  |  |
| 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 | -7 030 591.64 |
| Plus-/(moins-)value non réalisée sur instruments du marché monétaire et titres évalués selon le rendement | -16 506.40 |
| Plus-/(moins-)value non réalisée sur contrats financiers à terme | 106 660.00 |
| Total des fluctuations de la plus-/(moins-)value non réalisée | -6 940 438.04 |
|  |  |
| Augmentation/(diminution) nette des actifs nets résultant des opérations | -4 674 206.03 |

UBS (Lux) Institutional Fund – Euro 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 |  | 159 691 924.57 |
| Souscriptions |  | 19 306 187.89 |
| Rachats |  | 	-18 430 398.44	 |
| Total des souscriptions nettes (rachats) |  | 875 789.45 |
| Dividendes payés |  | -419 695.42 |
| Revenu/(perte) net(te) des investissements |  | 1 861 010.46 |
| Total des bénéfices/(pertes) réalisé(e)s |  | 405 221.55 |
| Total des fluctuations de la plus-/(moins-)value non réalisée |  | 	-6 940 438.04	 |
| Augmentation/(diminution) nette des actifs nets résultant des opérations |  | -4 674 206.03 |
| Actifs nets en fin d’exercice |  | 155 473 812.57 |
| Evolution des parts en circulation |  |  |
|  |  | 1.1.2021-31.12.2021 |
| Catégorie |  | AA |
| Nombre de parts en circulation au début de l’exercice |  | 10 517.0480 |
| Nombre de parts émises |  | 0.0000 |
| Nombre de parts rachetées |  | -1 277.2020 |
| Nombre de parts en circulation à la fin de l’exercice |  | 9 239.8460 |
| Catégorie |  | AD-T2 |
| Nombre de parts en circulation au début de l’exercice |  | 332 396.1430 |
| Nombre de parts émises |  | 36 716.9940 |
| Nombre de parts rachetées |  | -21 685.1260 |
| Nombre de parts en circulation à la fin de l’exercice |  | 347 428.0110 |
| Catégorie |  | BA |
| Nombre de parts en circulation au début de l’exercice |  | 200 512.5380 |
| Nombre de parts émises |  | 9 755.3390 |
| Nombre de parts rachetées |  | -13 998.1020 |
| Nombre de parts en circulation à la fin de l’exercice |  | 196 269.7750 |
| Catégorie |  | XA |
| Nombre de parts en circulation au début de l’exercice |  | 313 560.9240 |
| Nombre de parts émises |  | 60 905.1090 |
| Nombre de parts rachetées |  | -58 396.3090 |
| Nombre de parts en circulation à la fin de l’exercice |  | 316 069.7240 |
| Distribution annuelle 1 |  |  |
| UBS (Lux) Institutional Fund – Euro Bonds	Date ex-dividende | Date de paiement | Devise	Montant par part |
| AD-T2	1.3.2021 | 4.3.2021 | EUR	1.26 |
| 1  Voir note 5 |  |  |

UBS (Lux) Institutional Fund – Euro 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
Billets, taux fixe
| EUR |  |
| --- | --- |
| EUR | BP CAPITAL MARKETS PLC-REG-S 2.82200% 20-07.04.32 | 500 000.00 | 590 116.00 | 0.38 |
| EUR | ENEL FINANCE INTERNATIONAL NV-REG-S 1.37500% 16-01.06.26 | 1 100 000.00 | 1 149 957.60 | 0.74 |
| EUR | MEXICO, UNITED STATES OF 1.62500% 19-08.04.26 | 1 200 000.00 | 1 249 725.00 | 0.80 |
| EUR | SPAIN, KINGDOM OF-144A-REG-S 0.80000% 20-30.07.27 | 2 000 000.00 | 2 085 120.80 | 1.34 |
| Total EUR |  |  | 5 074 919.40 | 3.26 |
| Total des Billets, taux fixe |  | 5 074 919.40 | 3.26 |
| Billets, taux flottant |  |  |  |
| EUR |  |  |  |
| EUR	AUSTRALIA & NZ BANKING GRP-REG-S-SUB 1.125%/VAR 19-21.11.29 | 1 000 000.00 | 1 016 074.00 | 0.66 |
| EUR	OP CORPORATE BANK PLC-REG-S SUB 1.625%/VAR 20-09.06.30 | 500 000.00 | 511 440.00 | 0.33 |
| EUR	WESTPAC BANKING CORP-REG-SUB 0.766%/VAR 21-13.05.31 | 650 000.00 | 641 454.38 | 0.41 |
| Total EUR |  | 2 168 968.38 | 1.40 |
| Total des Billets, taux flottant |  | 2 168 968.38 | 1.40 |
| Medium-Term Notes, taux fixe |  |  |  |
| EUR |  |  |  |
| EUR	ABERTIS INFRAESTRUCTURAS SA-REG-S 0.62500% 19-15.07.25 | 800 000.00 | 809 385.60 | 0.52 |
| EUR	ABN AMRO BANK NV-REG-S 1.25000% 18-10.01.33 | 1 000 000.00 | 1 095 714.00 | 0.70 |
| EUR	BANQUE FEDER DU CREDIT MUTUEL-REG-S-SUB 3.00000% 15-11.09.25 | 1 100 000.00 | 1 200 342.00 | 0.77 |
| EUR	BARCLAYS PLC-REG-S 1.87500% 16-08.12.23 | 500 000.00 | 518 876.00 | 0.33 |
| EUR	BAT INTERNATIONAL FINANCE PLC-REG-S 2.37500% 12-19.01.23 | 200 000.00 | 205 106.00 | 0.13 |
| EUR	BAT INTERNATIONAL FINANCE PLC-REG-S 2.25000% 17-16.01.30 | 400 000.00 | 416 320.00 | 0.27 |
| EUR	BMW FINANCE NV-REG-S 0.37500% 20-14.01.27 | 800 000.00 | 810 102.40 | 0.52 |
| EUR	BNP PARIBAS-REG-S-SUB 2.87500% 16-01.10.26 | 1 200 000.00 | 1 322 757.60 | 0.85 |
| EUR	BP CAPITAL MARKETS PLC-REG-S 1.59400% 18-03.07.28 | 1 000 000.00 | 1 063 554.00 | 0.68 |
| EUR	BPCE SA-REG-S 1.37500% 18-23.03.26 | 500 000.00 | 521 346.00 | 0.34 |
| EUR	CAISSE FRANCAISE DE FIN LOCAL-REG-S 3.00000% 13-02.10.28 | 300 000.00 | 358 345.80 | 0.23 |
| EUR	CEZ AS 4.87500% 10-16.04.25 | 700 000.00 | 807 975.00 | 0.52 |
| EUR	CIE DE SAINT-GOBAIN SA-REG-S 1.87500% 19-15.03.31 | 700 000.00 | 773 843.00 | 0.50 |
| EUR	CITIGROUP INC-REG-S 0.75000% 16-26.10.23 | 400 000.00 | 405 664.00 | 0.26 |
| EUR	COCA-COLA HBC FINANCE BV-REG-S 1.87500% 16-11.11.24 | 900 000.00 | 947 113.20 | 0.61 |
| EUR	COMMERZBANK AG-REG-S 0.50000% 18-28.08.23 | 800 000.00 | 808 041.60 | 0.52 |
| EUR	DAIMLER AG-REG-S 1.37500% 16-11.05.28 | 1 000 000.00 | 1 071 292.00 | 0.69 |
| EUR	DEUTSCHE TELEKOM INTL FINANCE BV-REG-S 1.50000% 16-03.04.28 | 900 000.00 | 964 083.60 | 0.62 |
| EUR	DIAGEO FINANCE PLC-REG-S 1.00000% 18-22.04.25 | 1 000 000.00 | 1 030 234.00 | 0.66 |
| EUR	DNB BANK ASA-REG-S 0.60000% 18-25.09.23 | 500 000.00 | 507 115.00 | 0.33 |
| EUR	ELECTRICITE DE FRANCE-REG-S 1.87500% 16-13.10.36 | 500 000.00 | 534 085.00 | 0.34 |
| EUR	EUROPEAN INVESTMENT BANK-REG-S 1.25000% 14-13.11.26 | 500 000.00 | 535 551.00 | 0.34 |
| EUR	EUROPEAN UNION-REG-S 2.50000% 12-04.11.27 | 2 112 000.00 | 2 440 116.10 | 1.57 |
| EUR	EUROPEAN UNION-REG-S 0.25000% 21-22.04.36 | 3 000 000.00 | 2 935 980.00 | 1.89 |
| EUR	GECINA-REG-S 1.62500% 18-14.03.30 | 400 000.00 | 434 046.40 | 0.28 |
| EUR	GOLDMAN SACHS GROUP INC-REG-S 1.25000% 16-01.05.25 | 800 000.00 | 820 568.00 | 0.53 |
| EUR	HEIDELBERGCEMENT AG-REG-S 2.25000% 16-03.06.24 | 1 000 000.00 | 1 048 870.00 | 0.67 |
| EUR	HEINEKEN NV-REG-S 1.00000% 16-04.05.26 | 400 000.00 | 413 258.40 | 0.27 |
| EUR	HEINEKEN NV-REG-S 1.75000% 20-07.05.40 | 400 000.00 | 419 996.00 | 0.27 |
| EUR	IMPERIAL BRANDS FINANCE PLC-REG-S 2.12500% 19-12.02.27 | 500 000.00 | 524 269.00 | 0.34 |
| EUR	INTESA SANPAOLO SPA-REG-S 1.00000% 19-19.11.26 | 1 150 000.00 | 1 169 416.60 | 0.75 |
| EUR	JPMORGAN CHASE & CO-REG-S 1.50000% 15-27.01.25 | 400 000.00 | 417 846.40 | 0.27 |
| EUR	KREDITANSTALT FUER WIEDERAUFBAU-REG-S 0.37500% 15-23.04.30 | 1 800 000.00 | 1 849 705.20 | 1.19 |
| EUR	KREDITANSTALT FUER WIEDERAUFBAU-REG-S 0.05000% 19-29.09.34 | 1 300 000.00 | 1 257 022.00 | 0.81 |
| EUR	LANSFORSAKRINGAR HYPOTEK AB-REG-S 0.62500% 18-27.03.25 | 1 000 000.00 | 1 024 018.00 | 0.66 |
| EUR	MORGAN STANLEY 1.87500% 17-27.04.27 | 800 000.00 | 858 091.20 | 0.55 |
| EUR	NATIONAL AUSTRALIA BANK LTD-REG-S 0.87500% 15-19.02.27 | 1 000 000.00 | 1 040 748.00 | 0.67 |
| EUR	NATIONAL GRID PLC-REG-S 0.55300% 20-18.09.29 | 700 000.00 | 694 101.80 | 0.45 |
| EUR	NATWEST GROUP PLC-REG-S 2.50000% 16-22.03.23 | 400 000.00 | 412 828.00 | 0.27 |
| EUR	OP CORPORATE BANK PLC-REG-S-SUB 5.75000% 12-28.02.22 | 500 000.00 | 504 352.00 | 0.32 |
| EUR	ORANGE SA-REG-S 1.00000% 18-12.09.25 | 800 000.00 | 824 716.80 | 0.53 |
| EUR	ORIGIN ENERGY FINANCE LTD-REG-S 1.00000% 19-17.09.29 | 500 000.00 | 490 389.00 | 0.32 |
| EUR	RABOBANK NEDERLAND NV-REG-S 1.50000% 18-26.04.38 | 1 500 000.00 | 1 724 811.00 | 1.11 |
| EUR	SANOFI-REG-S 1.75000% 14-10.09.26 | 900 000.00 | 969 636.60 | 0.62 |
| EUR	SANTANDER UK PLC-REG-S 0.05000% 20-12.01.27 | 500 000.00 | 499 464.00 | 0.32 |
| EUR	SKANDINAVISKA ENSKILDA BANKEN AB-REG-S 0.25000% 17-20.06.24 | 300 000.00 | 303 579.00 | 0.19 |
| EUR	SUMITOMO MITSUI BANKING CORP-REG-S 0.26700% 19-18.06.26 | 1 000 000.00 | 1 004 548.40 | 0.65 |
| EUR	UBS GROUP AG-REG-S 1.25000% 16-01.09.26 | 949 000.00 | 943 021.30 | 0.61 |
| EUR	UNIBAIL-RODAMCO SE-REG-S 1.37500% 16-09.03.26 | 1 000 000.00 | 1 041 482.00 | 0.67 |
| EUR	UNICREDITO ITALIANO SPA 1.00000% 18-18.01.23 | 1 000 000.00 | 1 010 860.00 | 0.65 |
| EUR	UNITED OVERSEAS BANK LTD-REG-S 0.25000% 18-11.09.23 | 500 000.00 | 504 787.00 | 0.32 |
| EUR	VEOLIA ENVIRONNEMENT SA-REG-S 1.25000% 20-15.04.28 | 400 000.00 | 421 536.80 | 0.27 |
| EUR	VONOVIA FINANCE BV-REG-S 0.87500% 18-03.07.23 | 200 000.00 | 202 326.00 | 0.13 |
| EUR	WESTPAC BANKING CORP-REG-S 0.50000% 18-16.01.25 | 300 000.00 | 305 648.94 | 0.20 |
| Total EUR |  | 45 218 886.74 | 29.08 |
| Total des Medium-Term Notes, taux fixe |  | 45 218 886.74 | 29.08 |
| Medium-Term Notes, coupon zéro |  |  |  |
| EUR |  |  |  |
| EUR	EUROPEAN COMMUNITY-REG-S 0.00000% 21-04.07.31 | 2 000 000.00 | 1 985 608.00 | 1.28 |
| Total EUR |  | 1 985 608.00 | 1.28 |
| Total des Medium-Term Notes, coupon zéro |  | 1 985 608.00 | 1.28 |

UBS (Lux) Institutional Fund – Euro 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) |  |

Medium-Term Notes, taux flottant
| EUR |  |
| --- | --- |
| EUR | BANK OF AMERICA CO-REG-S 1.379%/3M EURIBOR+103BP 17-07.02.25 | 700 000.00 | 719 460.00 | 0.46 |
| EUR | BANK OF AMERICA CORP-REG-S 3.648%/VAR 20-31.03.29 | 750 000.00 | 883 962.45 | 0.57 |
| EUR | BANK OF IRELAND GROUP PLC-REG-S 0.750%/VAR 19-08.07.24 | 300 000.00 | 303 128.40 | 0.19 |
| EUR | CITIGROUP INC-REG-S 0.500%/VAR 19-08.10.27 | 500 000.00 | 499 736.00 | 0.32 |
| EUR | DANONE SA-REG-S-SUB 1.750%/VAR 17-PRP | 500 000.00 | 507 125.00 | 0.33 |
| EUR | IBERDROLA INTERNATIONAL BV-REG-S-SUB 2.625%/VAR 18-PRP | 900 000.00 | 943 135.20 | 0.61 |
| EUR | ING GROEP NV-SUB 3.000%/VAR 17-11.04.28 | 1 100 000.00 | 1 138 907.00 | 0.73 |
| EUR | JPMORGAN CHASE & CO-REG-S 0.389%/3M EURIBOR+65BP 20-24.02.28 | 500 000.00 | 496 335.08 | 0.32 |
| EUR | TOTAL SE-REG-S-SUB 2.708%/VAR 16-PRP | 700 000.00 | 718 375.00 | 0.46 |
| EUR | TOTAL SE-REG-S-SUB 3.369%/VAR 16-PRP | 200 000.00 | 217 500.00 | 0.14 |
| Total EUR |  |  | 6 427 664.13 | 4.13 |
| Total des Medium-Term Notes, taux flottant |  | 6 427 664.13 | 4.13 |
| Obligations, taux fixe |  |  |  |
| EUR |  |  |  |
| EUR	ABBVIE INC 1.37500% 16-17.05.24 | 300 000.00 | 308 969.40 | 0.20 |
| EUR	ABBVIE INC 2.12500% 16-17.11.28 | 500 000.00 | 549 569.00 | 0.35 |
| EUR	APPLE INC 1.37500% 17-24.05.29 | 650 000.00 | 698 738.30 | 0.45 |
| EUR	AT&T INC 3.50000% 13-17.12.25 | 1 000 000.00 | 1 123 964.00 | 0.72 |
| EUR	AUSTRIA, REPUBLIC OF-144A 3.80000% 12-26.01.62 | 300 000.00 | 616 188.60 | 0.40 |
| EUR	AUSTRIA, REPUBLIC OF-144A-REG-S 1.50000% 16-20.02.47 | 700 000.00 | 854 851.20 | 0.55 |
| EUR	BELGIUM, KINGDOM OF-144A-REG-S 0.80000% 18-22.06.28 | 1 500 000.00 | 1 599 477.00 | 1.03 |
| EUR	BELGIUM, KINGDOM OF-144A-REG-S 1.70000% 19-22.06.50 | 800 000.00 | 956 000.00 | 0.62 |
| EUR	BNZ INTERNATIONAL FUND LTD/LONDON 0.50000% 17-03.07.24 | 500 000.00 | 508 320.00 | 0.33 |
| EUR	CAISSE D’AMORTIS DE LA DETTE SOCIALE 4.00000% 12-15.12.25 | 1 100 000.00 | 1 284 315.89 | 0.83 |
| EUR	DEUTSCHE BANK AG-REG-S 0.05000% 19-20.11.24 | 1 000 000.00 | 1 001 110.00 | 0.64 |
| EUR	EUROPEAN INVESTMENT BANK 1.00000% 16-14.04.32 | 1 000 000.00 | 1 083 978.00 | 0.70 |
| EUR	FRANCE, REPUBLIC OF-OAT 4.00000% 06-25.10.38 | 1 400 000.00 | 2 194 936.80 | 1.41 |
| EUR	FRANCE, REPUBLIC OF-OAT 4.50000% 09-25.04.41 | 1 468 000.00 | 2 510 617.64 | 1.62 |
| EUR	FRANCE, REPUBLIC OF-OAT 4.00000% 10-25.04.60 | 700 000.00 | 1 383 445.00 | 0.89 |
| EUR	FRANCE, REPUBLIC OF-OAT-REG-S 1.50000% 15-25.05.31 | 3 500 000.00 | 3 949 687.00 | 2.54 |
| EUR	FRANCE, REPUBLIC OF-OAT-144A-REG-S 1.25000% 15-25.05.36 | 1 000 000.00 | 1 108 598.40 | 0.71 |
| EUR	FRANCE, REPUBLIC OF-OAT-REG-S 0.25000% 15-25.11.26 | 4 380 000.00 | 4 501 150.80 | 2.90 |
| EUR	FRANCE, REPUBLIC OF-OAT-144A-REG-S 2.00000% 17-25.05.48 | 200 000.00 | 257 180.80 | 0.17 |
| EUR	FRANCE, REPUBLIC OF-OAT-REG-S 0.75000% 18-25.11.28 | 2 400 000.00 | 2 546 431.68 | 1.64 |
| EUR	FRANCE, REPUBLIC OF-OAT-144A-REG-S 1.50000% 19-25.05.50 | 500 000.00 | 579 938.00 | 0.37 |
| EUR	FRANCE, REPUBLIC OF-OAT-144A-REG-S 0.50000% 20-25.05.40 | 1 000 000.00 | 976 900.00 | 0.63 |
| EUR	GERMANY, REPUBLIC OF 2.50000% 14-15.08.46 | 500 000.00 | 799 488.01 | 0.51 |
| EUR	GERMANY, REPUBLIC OF-REG-S 0.25000% 17-15.02.27 | 2 902 000.00 | 3 007 870.76 | 1.93 |
| EUR	GERMANY, REPUBLIC OF 4.00000% 05-04.01.37 | 500 000.00 | 811 237.00 | 0.52 |
| EUR	GERMANY, REPUBLIC OF 2.50000% 12-04.07.44 | 2 200 000.00 | 3 435 682.80 | 2.21 |
| EUR	IRELAND, REPUBLIC OF-REG-S 1.10000% 19-15.05.29 | 1 000 000.00 | 1 080 205.00 | 0.69 |
| EUR	IRELAND-REG-S 2.40000% 14-15.05.30 | 620 000.00 | 741 867.20 | 0.48 |
| EUR	ITALY, REPUBLIC OF 0.85000% 19-15.01.27 | 2 000 000.00 | 2 038 400.00 | 1.31 |
| EUR	ITALY, REPUBLIC OF-BTP-144A-REG-S 1.65000% 15-01.03.32 | 1 300 000.00 | 1 362 272.47 | 0.88 |
| EUR	ITALY, REPUBLIC OF-BTP-144A-REG-S 2.70000% 16-01.03.47 | 1 100 000.00 | 1 274 984.48 | 0.82 |
| EUR	ITALY, REPUBLIC OF-BTP-144A-REG-S 2.25000% 16-01.09.36 | 921 000.00 | 1 014 009.95 | 0.65 |
| EUR	ITALY, REPUBLIC OF-BTP 1.25000% 16-01.12.26 | 728 000.00 | 757 629.60 | 0.49 |
| EUR	ITALY, REPUBLIC OF-BTP-REG-S 0.65000% 16-15.10.23 | 2 696 000.00 | 2 738 057.60 | 1.76 |
| EUR	ITALY, REPUBLIC OF-BTP-144A-REG-S 2.80000% 16-01.03.67 | 800 000.00 | 903 600.00 | 0.58 |
| EUR	ITALY, REPUBLIC OF-BTP 2.00000% 18-01.02.28 | 2 200 000.00 | 2 382 375.60 | 1.53 |
| EUR	ITALY, REPUBLIC OF-BTP-144A-REG-S 1.45000% 20-01.03.36 | 1 000 000.00 | 1 000 800.00 | 0.64 |
| EUR	ITALY, REPUBLIC OF-REG-S 0.50000% 20-01.02.26 | 6 000 000.00 | 6 044 871.00 | 3.89 |
| EUR	ITALY, REPUBLIC OF-REG-S 0.90000% 20-01.04.31 | 1 000 000.00 | 983 477.48 | 0.63 |
| EUR	OP MORTGAGE BANK-REG-S 0.01000% 20-19.11.30 | 750 000.00 | 736 363.50 | 0.47 |
| EUR	PORTUGAL, REPUBLIC OF-144A-REG-S 2.12500% 18-17.10.28 | 950 000.00 | 1 082 231.45 | 0.70 |
| EUR	PORTUGAL, REPUBLIC OF-144A-REG-S 2.25000% 18-18.04.34 | 500 000.00 | 594 104.00 | 0.38 |
| EUR	RABOBANK NEDERLAND NV 4.12500% 10-14.07.25 | 500 000.00 | 573 225.00 | 0.37 |
| EUR	SPAIN, KINGDOM OF-144A-REG-S 2.90000% 16-31.10.46 | 1 500 000.00 | 2 025 876.00 | 1.30 |
| EUR	SPAIN, KINGDOM OF-144A-REG-S 1.20000% 20-31.10.40 | 1 000 000.00 | 1 010 000.00 | 0.65 |
| EUR	SPAIN, KINGDOM OF-144A-REG-S 0.50000% 20-30.04.30 | 4 500 000.00 | 4 554 675.00 | 2.93 |
| EUR	SVENSKA HANDELSBANKEN AB-REG-S 0.50000% 20-18.02.30 | 700 000.00 | 690 722.20 | 0.44 |
| EUR	VERIZON COMMUNICATIONS INC 2.62500% 14-01.12.31 | 1 000 000.00 | 1 165 030.00 | 0.75 |
| EUR	WINTERSHALL DEA FINANCE BV-REG-S 1.33200% 19-25.09.28 | 1 000 000.00 | 1 018 376.00 | 0.66 |
| Total EUR |  | 74 421 799.61 | 47.87 |
| Total des Obligations, taux fixe |  | 74 421 799.61 | 47.87 |
| Obligations, coupon zéro |  |  |  |
| EUR |  |  |  |
| EUR	BELGIUM, KINGDOM OF-144A-REG-S 0.00000% 20-22.10.27 | 2 500 000.00 | 2 539 340.00 | 1.63 |
| EUR	BELGIUM, KINGDOM OF-REG-S 0.00000% 21-22.10.31 | 1 500 000.00 | 1 473 360.00 | 0.95 |
| EUR	EUROPEAN UNION-REG-S 0.00000% 20-04.10.30 | 1 000 000.00 | 996 918.00 | 0.64 |
| EUR	FRANCE, REPUBLIC OF-OAT-REG-S 0.00000% 19-25.11.29 | 1 500 000.00 | 1 501 290.00 | 0.97 |
| EUR	GERMANY, REPUBLIC OF 0.00000% 19-15.08.50 | 300 000.00 | 287 155.20 | 0.18 |
| EUR	GERMANY, REPUBLIC OF 0.00000% 20-15.08.30 | 700 000.00 | 716 269.40 | 0.46 |
| EUR	GERMANY, REPUBLIC OF-REG-S 0.00000% 20-15.05.35 | 2 200 000.00 | 2 206 366.80 | 1.42 |
| EUR	GERMANY, REPUBLIC OF-REG-S 0.00000% 21-15.08.52 | 500 000.00 | 473 660.00 | 0.30 |
| EUR	GERMANY, REPUBLIC OF 0.00000% 19-05.04.24 | 300 000.00 | 304 626.60 | 0.20 |
| Total EUR |  | 10 498 986.00 | 6.75 |
| Total des Obligations, coupon zéro |  | 10 498 986.00 | 6.75 |

UBS (Lux) Institutional Fund – Euro 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, taux flottant
| EUR |  |
| --- | --- |
| EUR | MERCK KGAA-REG-S-SUB 1.625%/VAR 19-25.06.79 | 600 000.00 | 615 660.00 | 0.40 |
| EUR | SWISS RE FINANCE LUX SA-REG-S-SUB 2.534%/VAR 19-30.04.50 | 1 000 000.00 | 1 074 720.20 | 0.69 |
| Total EUR |  |  | 1 690 380.20 | 1.09 |
| Total des Obligations, taux flottant |  | 1 690 380.20 | 1.09 |
| Bons du Trésor à moyen terme, taux fixe |  |  |  |
| EUR |  |  |  |
| EUR	SPAIN, KINGDOM OF-REG-S 0.10000% 21-30.04.31 | 2 000 000.00 | 1 929 200.00 | 1.24 |
| Total EUR |  | 1 929 200.00 | 1.24 |
| Total des Bons du Trésor à moyen terme, taux fixe |  | 1 929 200.00 | 1.24 |
| Total des Valeurs mobilières et instruments du marché monétaire admis à la cote officielle d’une bourse de valeurs |  | 149 416 412.46 | 96.10 |

OPCVM/autres OPC conformément à l’article 41 (1) e) de la loi luxembourgeoise modifiée du 17 décembre 2010
Fonds d’investissement à capital variable
| Irlande |  |
| --- | --- |
| EUR | UBS (IRL) SELECT MONEY MARKET FUND-EUR-S-DIST | 83.83 | 824 186.58 | 0.53 |
| Total Irlande | 824 186.58 | 0.53 |
| Total des Fonds d’investissement à capital variable | 824 186.58 | 0.53 |
| Total des OPCVM/autres OPC conformément à l’article 41 (1) e) de la loi luxembourgeoise modifiée du 17 décembre 2010 | 824 186.58 | 0.53 |
| Total des investissements en titres | 150 240 599.04 | 96.63 |

| Instruments dérivés |  |
| --- | --- |
| Instruments dérivés admis à la cote officielle d’une bourse de valeurs |
| Contrats financiers à terme sur obligations |
|  |  |  |  |
| EUR	EURO-BUND FUTURE 08.03.22 | -36.00 | 99 360.00 | 0.07 |
| EUR	EURO-SCHATZ FUTURE 08.03.22 | 60.00 | -9 900.00 | -0.01 |
| Total des Contrats financiers à terme sur obligations |  | 89 460.00 | 0.06 |
| Total des Instruments dérivés admis à la cote officielle d’une bourse de valeurs |  | 89 460.00 | 0.06 |
| Total des Instruments dérivés |  | 89 460.00 | 0.06 |
|  |  |  |  |
| Avoirs en banque, dépôts à vue et comptes de dépôt et autres liquidités |  | 3 430 781.52 | 2.21 |
| Autres actifs et passifs |  | 1 712 972.01 | 1.10 |
| Total des actifs nets |  | 155 473 812.57 | 100.00 |

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