UBS AG

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	Measurement and analysis of performance





	Results

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	Results

	Global Wealth Management & Business Banking

	Wealth Management International & Switzerland

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	Global Asset Management

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	Balance sheet and off-balance sheet

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	Accounting principles

	Critical accounting policies





	Management's report on internal control over financial reporting

	Financial Statements





	Note 1 Summary of Significant Accounting Policies

	Note 2

	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 Financial Assets Designated at Fair Value

	Note 10

	Note 11 Securities Borrowing, Securities Lending, Repurchase and Reverse Repurchase Agreements

	Note 12 Trading Portfolio

	Note 13 Financial Investments Available-for-Sale

	Note 14 Investments in Associates

	Note 15 Property and Equipment

	Note 16 Goodwill and Other Intangible Assets

	Note 17 Other Assets

	Note 18 Due to Banks and Customers

	Note 19 Financial Liabilities Designated at Fair Value and Debt Issued

	Note 20 Other Liabilities

	Note 21 Provisions

	Note 22 Income Taxes

	Note 23 Derivative Instruments and Hedge Accounting

	Note 24 Pledgeable Off-Balance Sheet Securities

	Note 25 Fiduciary Transactions

	Note 26 Commitments and Contingent Liabilities

	Note 27 Operating Lease Commitments

	Note 28 Pledged Assets

	Note 29 Financial Instruments Risk Position

	Note 30 Fair Value of Financial Instruments and Continued Recognition of Transferred Financial Assets

	Note 31 Pension and Other Post-Retirement Benefit Plans

	Note 32 Equity Participation and Other Compensation Plans

	Note 33 Related Parties

	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 > Relazioni 2006 > Financial Report > Note 12 Trading Portfolio

Note 12 Trading Portfolio

The Group trades in debt instruments (including money market paper and tradable loans), equity instruments, precious metals, other commodities and derivatives to meet the financial needs of its customers and to generate revenue. Note 23 provides a description of the various classes of derivative instruments.

CHF million	31.12.06	31.12.05

Trading portfolio assets
Money market paper	86,790	57,685
thereof pledged as collateral with central banks¹	*20,053*	11,717
thereof pledged as collateral (excluding central banks)¹	*45,356*	16,307
thereof pledged as collateral and can be repledged or resold by counterparty²	*38,173*	11,563
Debt instruments
Swiss government and government agencies	340	589
US Treasury and government agencies	114,714	77,569
Other government agencies	71,170	64,823
Corporate listed	214,129	169,841
Other – unlisted	111,001	74,253
Total	511,354	387,075
thereof pledged as collateral¹	*190,153*	170,917
thereof can be repledged or resold by counterparty²	*158,549*	110,857
Equity instruments
Listed	183,731	139,101
Unlisted	27,938	20,958
Total	211,669	160,059
thereof pledged as collateral¹	*56,760*	33,559
thereof can be repledged or resold by counterparty²	*54,756*	32,339
Traded loans	47,630	36,212
Precious metals and other commodities³	21,071	13,025
Total trading portfolio assets	878,514	654,056

Trading portfolio liabilities
Debt instruments
Swiss government and government agencies	129	407
US Treasury and government agencies	81,385	74,758
Other government agencies	58,538	52,833
Corporate listed	21,788	19,885
Other – unlisted	2,101	1,224
Total	163,941	149,107
Equity instruments	40,832	39,524
Total trading portfolio liabilities	204,773	188,631
1 Financial assets pledged to third parties for liabilities with and without the right of rehypothecation are CHF 312 billion at 31 December 2006 and CHF 233 billion at 31 December 2005. 2 Financial assets pledged to third parties with right of rehypothecation of CHF 251 billion at 31 December 2006 and CHF 155 billion at 31 December 2005 are presented on the balance sheet in the line Trading portfolio assets pledged as collateral. 3 Other commodities predominantly consist of energy.

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