UBS AG

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Rapports annuels 2005

Revue de l'année

2005 Financial Report

Handbook 2005




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	Note 1 Summary of Significant Accounting Policies

	Note 2 Segment Reporting by Business Group

	Note 3 Net Interest and Trading Income

	Note 4 Net Fee and Commission Income

	Note 5 Other Income

	Note 6 Personnel Expenses

	Note 7 General and Administrative Expenses

	Note 8 Earnings per Share (EPS) and Shares Outstanding

	Note 9

	Note 10 Securities Borrowing, Securities Lending, Repurchase and Reverse Repurchase Agreements

	Note 11 Trading Portfolio

	Note 12 Financial Investments (available-for-sale)

	Note 13 Investments in Associates

	Note 14 Property and Equipment

	Note 15 Goodwill and Other Intangible Assets

	Note 16 Other Assets

	Note 17 Due to Banks and Customers

	Note 18 Financial Liabilities Designated at Fair Value and Debt Issued

	Note 19 Other Liabilities

	Note 20 Provisions

	Note 21 Income Taxes

	Note 22 Derivative Instruments

	Note 23 Fiduciary Transactions

	Note 24 Commitments and Contingent Liabilities

	Note 25 Operating Lease Commitments

	Note 26 Pledged Assets and Pledgeable Off-Balance Sheet Securities

	Note 27 Litigation

	Note 28 Financial Instruments Risk Position

	Note 29 Fair Value of Financial Instruments

	Note 30 Pension and Other Post-Retirement Benefit Plans

	Note 31 Equity Participation and Other Compensation Plans

	Note 32 Related Parties

	Note 33 Securitizations

	Note 34 Post-Balance Sheet Events

	Note 35 Significant Subsidiaries and Associates

	Note 36 Invested Assets and Net New Money

	Note 37 Business Combinations

	Note 38 Discontinued Operations

	Note 39 Currency Translation Rates

	Note 40 Swiss Banking Law Requirements

	Note 41 Reconciliation of International Financial Reporting Standards (IFRS) to United States Generally Accepted Accounting Principles (US GAAP)

	Note 42 Additional Disclosures Required under US GAAP and SEC Rules





	Parent Bank Review

	Financial Statements

	Accounting Principles

	Additional Income Statement Information

	Additional Balance Sheet Information

	Off-Balance Sheet and Other Information





	A – Introduction

	B – Selected Financial Data

	C – Information on the Company

	D – Information Required by Industry Guide 3

UBS Homepage > Analysts & Investors > Rapports annuels 2005 > Financial Report > Note 11 Trading Portfolio

Note 11 Trading Portfolio

The Group trades in debt instruments (including money market paper and tradeable loans), equity instruments, precious metals, commodities and derivatives to meet the financial needs of its customers and to generate revenue. Note 22 provides a description of the various classes of derivatives together with the related notional amounts.

CHF million	31.12.05	31.12.04

Trading portfolio assets
Money market paper	57,685	44,956
thereof pledged as collateral with central banks	11,717	4,706
thereof pledged as collateral (excluding central banks)	16,307	17,869
thereof pledged as collateral and can be repledged or resold by counterparty	11,563	12,580
Debt instruments
Swiss government and government agencies	589	776
US Treasury and government agencies	77,569	92,330
Other government agencies	64,823	80,539
Corporate listed	169,841	144,684
Other unlisted	74,253	35,650
Total	387,075	353,979
thereof pledged as collateral	146,035	147,525
thereof can be repledged or resold by counterparty	110,857	120,317
Equity instruments
Listed	139,101	103,924
Unlisted	20,958	18,516
Total	160,059	122,440
thereof pledged as collateral	33,559	27,140
thereof can be repledged or resold by counterparty	32,339	26,218
Traded loans	36,212	16,077
Precious metals, commodities ¹	13,025	11,150
Total trading portfolio assets	654,056	548,602

Trading portfolio liabilities
Debt instruments
Swiss government and government agencies	407	511
US Treasury and government agencies	74,758	54,848
Other government agencies	52,833	49,512
Corporate listed	19,885	27,413
Other unlisted	1,224	2,600
Total	149,107	134,884
Equity instruments	39,524	36,149
Total trading portfolio liabilities	188,631	171,033

¹ Commodities predominantly consist of energy.

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